Document:

Unassociated Document

    
      
        
           Exhibit
4.4

          
            	
                     

                  

          

        

      

    

     

    Wonder
Auto Technology, Inc.

     

    TO

     

    [             ]

                                                           
Trustee

     

    
      
 

    Indenture

     

    Dated
as of  __, 200_

     

    
      
        

      

    

    
      
        
          	
                   

                

        

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    TABLE OF
CONTENTS

     

    
      
        
          
            
              
                
                  	 
      	 
      	
                          Page

                        
	 
	
                          ARTICLE
      I

                        
	 
      
	
                          DEFINITIONS
      AND OTHER PROVISIONS OF GENERAL APPLICATION

                        
	 	 	 
	
                          Section
      101.

                        	
                          Definitions

                        	
                          1

                        
	
                          Section
      102.

                        	
                          Compliance
      Certificates and Opinions

                        	
                          9

                        
	
                          Section
      103.

                        	
                          Form
      of Documents Delivered to Trustee

                        	
                          9

                        
	
                          Section
      104.

                        	
                          Acts
      of Holders

                        	
                          10

                        
	
                          Section
      105.

                        	
                          Notices,
      Etc. to Trustee and Company

                        	
                          11

                        
	
                          Section
      106.

                        	
                          Notice
      to Holders; Waiver

                        	
                          11

                        
	
                          Section
      107.

                        	
                          Conflict
      With Trust Indenture Act

                        	
                          12

                        
	
                          Section
      108.

                        	
                          Effect
      of Headings and Table of Contents

                        	
                          12

                        
	
                          Section
      109.

                        	
                          Successors
      and Assigns

                        	
                          12

                        
	
                          Section
      110.

                        	
                          Separability
      Clause

                        	
                          12

                        
	
                          Section
      111.

                        	
                          Benefits
      of Indenture

                        	
                          12

                        
	
                          Section
      112.

                        	
                          Governing
      Law

                        	
                          13

                        
	
                          Section
      113.

                        	
                          Legal
      Holidays

                        	
                          13

                        
	
                          Section
      114.

                        	
                          Rules
      by Trustee and Agents

                        	
                          13

                        
	
                          Section
      115.

                        	
                          No
      Recourse Against Others

                        	
                          13

                        
	 
      	 
      	 
      
	
                          ARTICLE
      II

                        
	 
      
	
                          SECURITY
      FORMS

                        
	 
      	 
      	 
      
	
                          Section
      201.

                        	
                          Forms
      Generally

                        	
                          13

                        
	
                          Section
      202.

                        	
                          Form
      of Trustee’s Certificate of Authentication

                        	
                          14

                        
	 
      	 
      	 
      
	
                          ARTICLE
      III

                        
	 
      
	
                          THE
      SECURITIES

                        
	 
      	 
      	 
      
	
                          Section
      301.

                        	
                          Amount
      Unlimited; Issuable in Series

                        	
                          14

                        
	
                          Section
      302.

                        	
                          Denominations

                        	
                          19

                        
	
                          Section
      303.

                        	
                          Execution,
      Authentication, Delivery and Dating

                        	
                          19

                        
	
                          Section
      304.

                        	
                          Temporary
      Securities

                        	
                          21

                        

                

              

            

          

        

      

    

    
      
         

      

      
        i

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                	
                        Section
      305.

                      	
                        Registration,
      Registration of Transfer and Exchange

                      	
                        22

                      
	
                        Section
      306.

                      	
                        Mutilated,
      Destroyed, Lost and Stolen Securities

                      	
                        23

                      
	
                        Section
      307.

                      	
                        Payment
      of Interest; Interest Rights Preserved

                      	
                        24

                      
	
                        Section
      308.

                      	
                        Persons
      Deemed Owners

                      	
                        25

                      
	
                        Section
      309.

                      	
                        Cancellation

                      	
                        26

                      
	
                        Section
      310.

                      	
                        Computation
      of Interest

                      	
                        26

                      
	
                        Section
      311.

                      	
                        Global
      Securities; Exchanges; Registration and Registration of
      Transfer

                      	
                        26

                      
	
                        Section
      312.

                      	
                        Extension
      of Interest Payment

                      	
                        28

                      
	 
	
                        ARTICLE
      IV

                      
	 
      
	
                        SATISFACTION
      AND DISCHARGE

                      
	 
      	 
      	 
      
	
                        Section
      401.

                      	
                        Satisfaction
      and Discharge of Indenture

                      	
                        28

                      
	
                        Section
      402.

                      	
                        Application
      of Trust Money

                      	
                        29

                      
	
                        Section
      403.

                      	
                        Satisfaction,
      Discharge and Defeasance of Securities of Any Series

                      	
                        30

                      
	 
	
                        ARTICLE
      V

                      
	 
      
	
                        REMEDIES

                      
	 
      	 
      	 
      
	
                        Section
      501.

                      	
                        Events
      of Default

                      	
                        31

                      
	
                        Section
      502.

                      	
                        Acceleration
      of Maturity; Rescission and Annulment

                      	
                        33

                      
	
                        Section
      503.

                      	
                        Collection
      of Indebtedness and Suits for Enforcement by Trustee

                      	
                        34

                      
	
                        Section
      504.

                      	
                        Trustee
      May File Proofs of Claim

                      	
                        35

                      
	
                        Section
      505.

                      	
                        Trustee
      May Enforce Claims Without Possession of Securities or
    Coupons

                      	
                        35

                      
	
                        Section
      506.

                      	
                        Application
      of Money Collected

                      	
                        36

                      
	
                        Section
      507.

                      	
                        Limitation
      on Suits

                      	
                        36

                      
	
                        Section
      508.

                      	
                        Unconditional
      Right of Holders to Receive Principal, Premium and
Interest

                      	
                        37

                      
	
                        Section
      509.

                      	
                        Restoration
      of Rights and Remedies

                      	
                        37

                      
	
                        Section
      510.

                      	
                        Rights
      and Remedies Cumulative

                      	
                        37

                      
	
                        Section
      511.

                      	
                        Delay
      or Omission Not Waiver

                      	
                        37

                      
	
                        Section
      512.

                      	
                        Control
      by Holders

                      	
                        38

                      
	
                        Section
      513.

                      	
                        Waiver
      of Past Defaults

                      	
                        38

                      
	
                        Section
      514.

                      	
                        Undertaking
      for Costs

                      	
                        38

                      
	
                        Section
      515.

                      	
                        Waiver
      of Stay or Extension Laws

                      	
                        39

                      

              

            

          

        

      

    

    
      
         

      

      
        ii

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              
                
                  
                    	
                            ARTICLE
      VI

                          
	 
      
	
                            THE
      TRUSTEE

                          
	 
      	 
      	 
      
	
                            Section
      601.

                          	
                            Certain
      Duties and Responsibilities

                          	
                            39

                          
	
                            Section
      602.

                          	
                            Notice
      of Defaults

                          	
                            40

                          
	
                            Section
      603.

                          	
                            Certain
      Rights of Trustee

                          	
                            40

                          
	
                            Section
      604.

                          	
                            Not
      Responsible for Recitals or Issuance of Securities

                          	
                            42

                          
	
                            Section
      605.

                          	
                            May
      Hold Securities

                          	
                            42

                          
	
                            Section
      606.

                          	
                            Money
      Held in Trust

                          	
                            42

                          
	
                            Section
      607.

                          	
                            Compensation
      and Reimbursement

                          	
                            42

                          
	
                            Section
      608.

                          	
                            Disqualification;
      Conflicting Interests

                          	
                            43

                          
	
                            Section
      609.

                          	
                            Corporate
      Trustee Required; Eligibility

                          	
                            43

                          
	
                            Section
      610.

                          	
                            Resignation
      and Removal; Appointment of Successor

                          	
                            43

                          
	
                            Section
      611.

                          	
                            Acceptance
      of Appointment by Successor

                          	
                            45

                          
	
                            Section
      612.

                          	
                            Merger,
      Conversion, Consolidation or Succession to Business

                          	
                            46

                          
	
                            Section
      613.

                          	
                            Preferential
      Collection of Claims Against Company

                          	
                            46

                          
	
                            Section
      614.

                          	
                            Appointment
      of Authenticating Agent

                          	
                            46

                          
	 
      	 
      	 
      
	
                            ARTICLE
      VII

                          
	 
      
	
                            HOLDERS’
      LISTS AND REPORTS BY TRUSTEE AND COMPANY

                          
	 
      	 
      	 
      
	
                            Section
      701.

                          	
                            Company
      to Furnish Trustee Names and Addresses of Holders

                          	
                            48

                          
	
                            Section
      702.

                          	
                            Preservation
      of Information; Communications to Holders

                          	
                            49

                          
	
                            Section
      703.

                          	
                            Reports
      by Trustee

                          	
                            50

                          
	
                            Section
      704.

                          	
                            Reports
      by Company

                          	
                            51

                          
	 
      	 
      	 
      
	
                            ARTICLE
      VIII

                          
	 
      
	
                            CONSOLIDATION,
      MERGER, CONVEYANCE OR TRANSFER

                          
	 
      	 
      	 
      
	
                            Section
      801.

                          	
                            Company
      May Consolidate, Etc. Only on Certain Terms

                          	
                            52

                          
	
                            Section
      802.

                          	
                            Successor
      Corporation Substituted

                          	
                            52

                          
	 
	
                            ARTICLE
      IX

                          
	 
      	 
      	 
      
	
                            SUPPLEMENTAL
      INDENTURES

                          
	 
      	 
      	 
      
	
                            Section
      901.

                          	
                            Supplemental
      Indentures Without Consent of Holders

                          	
                            53

                          
	
                            Section
      902.

                          	
                            Supplemental
      Indentures With Consent of Holders

                          	
                            55

                          

                  

                

              

            

          

        

      

    

    
      
         

      

      
        iii

        
          

        

      

      
         

      

    

    

    
      
        	
                Section
      903.

              	
                Execution
      of Supplemental Indentures

              	
                56

              
	
                Section
      904.

              	
                Effect
      of Supplemental Indentures

              	
                57

              
	
                Section
      905.

              	
                Conformity
      With Trust Indenture Act

              	
                57

              
	
                Section
      906.

              	
                Reference
      in Securities to Supplemental Indentures

              	
                57

              
	
                Section
      907.

              	
                Revocation
      and Effect of Consents

              	
                57

              
	
                Section
      908.

              	
                Modification
      Without Supplemental Indenture

              	
                58

              
	 
      	 
      	 
      
	
                ARTICLE
      X

              
	 
      
	
                COVENANTS

              
	 
      	 
      	 
      
	
                Section
      1001.

              	
                Payment
      of Principal, Premium and Interest

              	
                58

              
	
                Section
      1002.

              	
                Maintenance
      of Office or Agency

              	
                59

              
	
                Section
      1003.

              	
                Money
      for Securities Payments to Be Held in Trust

              	
                60

              
	
                Section
      1004.

              	
                Corporate
      Existence

              	
                61

              
	
                Section
      1005.

              	
                Defeasance
      of Certain Obligations

              	
                61

              
	
                Section
      1006.

              	
                Statement
      by Officers as to Default

              	
                63

              
	
                Section
      1007.

              	
                Waiver
      of Certain Covenants

              	
                63

              
	
                Section
      1008.

              	
                Maintenance
      of Properties

              	
                64

              
	 
      	 
      	 
      
	
                ARTICLE
      XI

              
	 
      
	
                REDEMPTION
      OF SECURITIES

              
	 
      	 
      	 
      
	
                Section
      1101.

              	
                Applicability
      of Article

              	
                64

              
	
                Section
      1102.

              	
                Election
      to Redeem; Notice to Trustee

              	
                65

              
	
                Section
      1103.

              	
                Selection
      by Trustee of Securities to Be Redeemed

              	
                65

              
	
                Section
      1104.

              	
                Notice
      of Redemption

              	
                65

              
	
                Section
      1105.

              	
                Securities
      Payable on Redemption Date

              	
                67

              
	
                Section
      1106.

              	
                Securities
      Redeemed in Part

              	
                67

              
	 
      	 
      	 
      
	
                ARTICLE
      XII

              
	 
      
	
                SINKING
      FUNDS

              
	 
      	 
      	 
      
	
                Section
      1201.

              	
                Applicability
      of Article

              	
                67

              
	
                Section
      1202.

              	
                Satisfaction
      of Sinking Fund Payments With Securities

              	
                68

              
	
                Section
      1203.

              	
                Redemption
      of Securities for Sinking Fund

              	
                68

              

      

    

    
      
         

      

      
        iv

        
          

        

      

      
         

      

    

    

    
      
        	
                ARTICLE
      XIII

              
	 
      
	
                REPAYMENT
      OF SECURITIES AT OPTION OF HOLDERS

              
	 
      	 
      	 
      
	
                Section
      1301.

              	
                Applicability
      of Article

              	
                68

              
	
                Section
      1302.

              	
                Notice
      of Repayment Date

              	
                68

              
	
                Section
      1303.

              	
                Securities
      Payable on Repayment Date

              	
                70

              
	
                Section
      1304.

              	
                Securities
      Repaid in Part

              	
                70

              

      

    

     

    
      
         

      

      
        v

        
          

        

      

      
         

      

    

    INDENTURE,
dated as of [          ],
200_, between WONDER AUTO TECHNOLOGY, INC., a corporation duly organized and
existing under the laws of the State of Nevada (herein called the “Company”),
and
[                 ]
(herein called the “Trustee”).

     

    Recitals
Of The Company

     

    The
Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its unsecured debentures, notes or
other evidences of indebtedness (each herein called a “Security”
or collectively the “Securities”),
in an unlimited aggregate principal amount to be issued in one or more series as
in this Indenture provided.

     

    All
things necessary to make this Indenture a valid agreement of the Company, in
accordance with its terms, have been done.

     

    NOW,
THEREFORE, THIS INDENTURE WITNESSETH:

     

    For and
in consideration of the premises and the purchase of the Securities by the
Holders thereof, it is mutually covenanted and agreed, for the equal and
proportionate benefit of all Holders of the Securities or of any series thereof,
as follows:

     

    ARTICLE
I

     

    DEFINITIONS AND OTHER
PROVISIONS OF GENERAL APPLICATION

     

    Section
101.          Definitions.  For
all purposes of this Indenture, except as otherwise expressly provided or unless
the context otherwise requires;

     

    (1)           the
terms defined in this Article have the meanings assigned to them in this Article
and include the plural as well as the singular;

     

    (2)           all
other terms used herein which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them
therein;

     

    (3)           all
accounting terms not otherwise defined herein have the meanings assigned to them
in accordance with generally accepted accounting principles, and, except as
otherwise herein expressly provided, the term “generally
accepted accounting principles” with respect to any computation required
or permitted hereunder shall mean such accounting principles as are generally
accepted in the United States at the date of such computation or, at the
election of the Company from time to time, at the date of the execution and
delivery of this Indenture;

     

    (4)           the
word “or” is not exclusive; and

     

    (5)           the
words “herein”, “hereof” and “hereunder” and other words of similar import refer
to this Indenture as a whole and not to any particular Article, Section or other
subdivision.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Certain
terms, used principally in Article VI, are defined in that Article.

     

    “Act”,
when used with respect to any Holder, has the meaning specified in Section 104.

     

    “Affiliate”
of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person.  For the purposes of this definition, “control”
when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the
foregoing.

     

    “Authenticating
Agent” means any Person authorized by the Trustee to act on behalf of the
Trustee to authenticate Securities.

    “Authorized
Newspaper” means a newspaper of general circulation, in an official
language of the country of publication or in the English language, customarily
published on a daily basis (including newspapers published on a daily basis
except not published on Legal Holidays, as defined in Section 113) in such
country.  Whenever successive weekly publications in an Authorized
Newspaper are required hereunder, they may be made (unless otherwise expressly
provided herein) on the same or different days of the week and in the same or
different Authorized Newspapers.

     

    “Authorized
Officer” means the Chairman of the Board, the Chief Executive Officer,
the Chief Financial Officer, the Secretary, any Assistant Secretary or any other
officer or agent of the Company duly authorized by the Board of Directors to act
in respect of matters relating to this Indenture.

     

    “Board of
Directors” means either the board of directors of the Company or any duly
authorized committee of that board.

     

    “Board
Resolution” means a copy of a resolution certified by the Secretary or an
Assistant Secretary of the Company to have been duly adopted by the Board of
Directors and to be in full force and effect on the date of such certification,
and delivered to the Trustee.

     

    “Business
Day”, when used with respect to any Place of Payment or any other
particular location specified in the Securities or this Indenture, means each
Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which
banking institutions in that Place of Payment such other location, or the city
in which the Corporate Trust Office of the Trustee is located, are authorized or
obligated by law to close, except as may be otherwise specified as contemplated
by Section
301.

     

    “Code”
means the Internal Revenue Code of 1986, as amended.

     

    “Commission”
means the Securities and Exchange Commission, as from time to time constituted,
created under the Securities Exchange Act of 1934, or, if at any time after the
execution of this instrument such Commission is not existing and performing the
duties now assigned to it under the Trust Indenture Act, then the body
performing such duties at such time.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “Company”
means the Person named as the “Company” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter “Company” shall mean
such successor Person.

     

    “Company
Request” or “Company
Order” means a written request or order signed in the name of the Company
by an Authorized Officer and delivered to the Trustee.

     

    “Corporate
Trust Office” means the principal office of the Trustee at which at any
particular time its corporate trust business shall be administered and, with
respect to [       ], shall be located in
[             ].

     

    “Corporation”
includes corporations, associations, joint stock companies, limited liability
companies and business trusts.

     

    “Defaulted
Interest” has the meaning specified in Section 307.

     

    “Depository”
means, with respect to any series of Securities issuable or issued in the form
of a Global Security, an entity named as such in the Indenture, or, if no entity
is so named, an entity, if any, named by the Company as such by Board
Resolution, or its successor.  The Depository is the entity which
holds a Global Security, if any, and operates the computerized book-entry system
through which ownership interests in the Securities are
recorded.  Such entity shall at all times be a registered clearing
agency under the Securities Exchange Act of 1934, as amended, and in good
standing thereunder or, in the case of an entity that holds a Global Security
issued outside of the United States, such entity shall at all times be in
compliance with any applicable registration requirements and in good standing
under application regulations.

     

    “Dollar”
or “$”
means a dollar or other equivalent unit in such coin or currency of the United
States as at the time shall be legal tender for the payment of public and
private debts.

     

    “Eligible
Obligations” means:

     

    (a) with
respect to Securities denominated in Dollars, U.S. Government Obligations;
or

     

    (b) with
respect to Securities denominated in a currency other than Dollars or in a
composite currency, such other obligations or instruments as shall be specified
with respect to such Securities, as contemplated by Section 301(24).

     

    “Event of
Default” has the meaning specified in Section 501.

     

    “Global
Security” means a Security, if any, issued to evidence all or a part of a
series of Securities in accordance with Section 301.

     

    “Holder”
means the bearer of an Unregistered Security or coupon appertaining thereto or a
Person in whose name a Registered Security is registered in the Security
Register or the Person who is the record owner of any ownership interests in a
Global Security.

     

    “Indenture”
means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof and shall include the terms of
particular series of Securities established as contemplated by Section 301.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “Indexed
Security” means a Security the terms of which provide that the principal
amount thereof payable at Stated Maturity may be more or less than the principal
face amount thereof at original issuance.

     

    “Interest”,
when used with respect to an Original Issue Discount Security that by its terms
bears interest only after Maturity, means interest payable after
Maturity.

     

    “Interest
Payment Date”, when used with respect to any Security, means the Stated
Maturity of an installment of interest on such Security.

     

    “Maturity”,
when used with respect to any Security, means the date on which the principal of
such Security or an installment of principal becomes due and payable as therein
or herein provided, whether at the Stated Maturity or by declaration of
acceleration, upon call for redemption, exercise of repayment option or
otherwise.

     

    “Officer’s
Certificate” means a certificate signed by an Authorized Officer and
delivered to the Trustee.

     

    “Opinion
of Counsel” means a written opinion of counsel, who may be an employee
of, or counsel for, the Company or an Affiliate of the Company, and who shall be
acceptable to the Trustee.

     

    “Original
Issue Discount Security” means any Security that provides for an amount
less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 502.

     

    “Outstanding”,
when used with respect to Securities, means, as of the date of determination,
all Securities theretofore authenticated and delivered under this Indenture,
except:

     

    (a)           Securities
theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;

     

    (b)           Securities
or portions thereof for whose payment or redemption (a) money in the necessary
amount has been theretofore deposited with the Trustee or any Paying Agent
(other than the Company) in trust or set aside and segregated in trust by the
Company (if the Company shall act as its own Paying Agent) for the Holders of
such Securities or (b) Eligible Obligations as contemplated by Sections 401 and 403 in the necessary amount
have been theretofore deposited with the Trustee, in trust, for the Holders of
such Securities (whether or not the Company’s indebtedness in respect thereof
shall be satisfied and discharged for purposes of this Indenture or otherwise),
provided that, if such
Securities are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision therefor satisfactory to the Trustee has
been made; and

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (c)           Securities
that have been paid pursuant to Section 306 or in exchange for
or in lieu of which other Securities have been authenticated and delivered
pursuant to this Indenture, other than any such Securities in respect of which
there have been presented to the Trustee proof satisfactory to it and the
Company that such Securities are held by a bona fide purchaser in whose hands
such Securities are valid obligations of the Company;

     

    provided, however, that in determining
whether the Holders of the requisite principal amount of the Outstanding
Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder,

     

    (w)
Securities owned by the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor (unless the Company, such
Affiliate or such obligor owns (i) all Securities Outstanding under this
Indenture or (ii) except for the purposes of actions to be taken by Holders of
more than one series or Tranche voting as a class, all Outstanding Securities of
each such series and each such Tranche, as the case may be, determined without
regard to this clause) shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent or
waiver, only Securities which the Trustee knows to be so owned shall be so
disregarded.  Securities so owned which have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other
obligor;

     

    (x)  in
determining whether the Holders of the requisite principal amount of Securities
of any series or Tranche have concurred in any direction, waiver or consent, the
principal amount of Original Issue Discount Securities that shall be deemed to
be outstanding shall be the amount of the principal thereof that would be due
and payable as of the date of such determination upon acceleration of the
maturity thereof pursuant to Section 502;

     

    (y)  in
the case of any Security the principal of which is payable from time to time
without presentment or surrender, the principal amount of such Security that
shall be deemed to be Outstanding at any time for all purposes of this Indenture
shall be the original principal amount thereof less the aggregate amount of
principal thereof theretofore paid; and

     

    (z)  the
principal amount of any Security which is denominated in a currency other than
Dollars or in a composite currency that shall be deemed to be Outstanding for
such purposes shall be the amount of Dollars that could have been purchased by
the principal amount (or, in the case of an Original Issue Discount Security,
the Dollar equivalent on the date determined as set forth below of the amount
determined as provided in (x) above) of such currency or composite currency
evidenced by such Security, in each such case certified to the Trustee in an
Officer’s Certificate based (i) on the average of the mean of the buying and
selling spot rates quoted by three banks which are members of the New York
Clearing House Association selected by the Company in effect at 11:00 A.M. (New
York time) in The City of New York on the fifteenth Business Day preceding any
such determination or (ii) if on such fifteenth Business Day it is not possible
or practicable to obtain such quotations from such three banks, on such other
quotations or alternative methods of determination that shall be as consistent
as practicable with the method set forth in (i) above.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    “Paying
Agent” means any Person, including the Company, authorized by the Company
to pay the principal of (and premium, if any) or interest on any Securities on
behalf of the Company.

     

    “Periodic
Offering” means an offering of Securities of a series from time to time
any or all of the specific terms of which Securities, including without
limitation the rate or rates of interest, if any, thereon, the Stated Maturity
or Maturities thereof and the redemption provisions, if any, with respect
thereto, are to be determined by the Company or its agents from time to time
subsequent to the initial request for the authentication and delivery of such
Securities by the Trustee, all as contemplated in Section 301 and clause (2) of
Section
303.

     

    “Person”
means any individual, corporation, partnership, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     

    “Place of
Payment”, when used with respect to the Securities of any series, or any
Tranche thereof, means the place or places where the principal of (and premium,
if any) and interest, if any, on the Securities of that series or Tranche are
payable as specified as contemplated by Section 301.

     

    “Predecessor
Security” of any particular Security means every previous Security
evidencing all or a portion of the same debt as that evidenced by such
particular Security, and, for the purposes of this definition, any Security
authenticated and delivered under Section 306 in exchange for or
in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen
Security.

     

    “Redemption
Date”, when used with respect to any Security to be redeemed, means the
date fixed for such redemption by or pursuant to Section 301 of this
Indenture.

     

    “Redemption
Price”, when used with respect to any Security to be redeemed, means the
price at which it is to be redeemed pursuant to this Indenture, exclusive of
accrued and unpaid interest, if any.

     

    “Registered
Security” means any Security issued hereunder and registered by the
Security Registrar or any recorded interest in a Global Security issued
hereunder.

     

    “Regular
Record Date” for the interest payable on any Interest Payment Date on the
Securities of any series means the date specified for that purpose as
contemplated by Section
301.

     

    “Repayment
Date”, when used with respect to any Security of any series to be repaid
or repurchased, means the date, if any, fixed for such repayment or for such
repurchase (whether at the option of the Holders or otherwise) pursuant to Section 301 of this
Indenture.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    “Repayment
Price”, when used with respect to any Security of any series to be
repaid, means the price, if any, at which it is to be repaid pursuant to Section 301.

     

    “Responsible
Officer”, when used with respect to the Trustee, means any officer within
the corporate trust department or any other successor group of the Trustee,
including any vice president, assistant vice president, assistant secretary or
any other officer of the Trustee customarily performing functions similar to
those performed by any of the above designated officers and also means, with
respect to a particular corporate trust matter, any other officer of the Trustee
to whom such matter is referred because of his knowledge of and familiarity with
the particular subject.

     

    “Security”
or “Securities”
has the meaning stated in the first recital of this Indenture and more
particularly means any Security or Securities authenticated and delivered under
this Indenture.

     

    “Security
Register” and “Security
Registrar” have the respective meanings specified in Section 305.

     

    “Senior
Securities” means Securities other than Subordinated
Securities.

     

    “series”
or “series
of Securities” means a series of Securities issued under this Indenture
as determined by Board Resolution or as otherwise determined under this
Indenture, and except as otherwise provided in Section 608.

     

    “Special
Record Date” for the payment of any Defaulted Interest means a date fixed
by the Trustee pursuant to Section 307.

     

    “Stated
Maturity”, when used with respect to any Security or any installment of
principal thereof or interest thereon, means the date specified in such Security
as the fixed date on which the principal of such Security or such installment of
principal or interest is due and payable.

     

    “Subordinated
Securities” means Securities that by the terms established pursuant to
Subsection 301(10) are subordinate to any specified debt of the
Company.

     

    “Subsidiary”
means (i) any corporation, association or other business entity of which more
than 50% of the outstanding total voting stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof is at the time owned or controlled, directly or indirectly, by
the Company or by one or more other Subsidiaries, or by the Company and one or
more other Subsidiaries or (ii) any partnership the sole general partner or the
managing general partner of which is the Company or a Subsidiary of the Company
or the only general partners of which are the Company or of one or more
Subsidiaries of the Company (or any combination thereof).  For the
purposes of this definition, “voting stock” means, in the case of a corporation,
stock which ordinarily has voting power for the election of directors, whether
at all times or only so long as no senior class of capital stock has such voting
power by reason of any contingency, in the case of an association or business
entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock, in the case of a
partnership or limited liability company, partnership or membership interests
(whether general or limited), and any other interest or participation that
confers on a Person the right to receive a share of the profits and losses of,
or distributions of assets of, the issuing Person.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    “Tranche”
means a group of Securities which (a) are of the same series and (b) have
identical terms except as to principal amount or date of issuance.

     

    “Trustee”
means the Person named as the “Trustee” in the first paragraph of this
instrument until a successor Trustee shall have been appointed with respect to
one or more series of Securities pursuant to the applicable provisions of this
Indenture, and thereafter “Trustee” shall mean or include each Person who is
then a Trustee hereunder, and if at any time there is more than one such Person,
“Trustee” as used with respect to the Securities of any series shall mean the
Trustee with respect to Securities of that series.

     

    “Trust
Indenture Act” means the Trust Indenture Act of 1939 as in force at the
date as of which this instrument was executed, except as provided in Section 905.

    “U.S.
Government Obligations” means (a) direct obligations of the United States
for the payment of which its full faith and credit is pledged, or obligations of
a Person controlled or supervised by and acting as an agency or instrumentality
of the United States and the payment of which is unconditionally guaranteed by
the United States and (b) certificates, depositary receipts or other instruments
which evidence a direct ownership interest in obligations described in clause
(a) above or in any specific interest or principal payments due in respect
thereof; provided,
however, that the custodian of such obligations or specific interest or
principal payments shall be a bank or trust company (which may include the
Trustee or any Paying Agent) subject to federal or state supervision or
examination with a combined capital and surplus of at least $50,000,000; and
provided, further, that
except as may be otherwise required by law, such custodian shall be obligated to
pay to the holders of such certificates, depositary receipts or other
instruments the full amount received by such custodian in respect of such
obligations or specific payments and shall not be permitted to make any
deduction therefrom.

     

    “U.S.
Person” means a citizen, national or resident of the United States, a
corporation, partnership, limited liability company, or other entity created or
organized in or under the laws of the United States or any political subdivision
thereof, or an estate or trust whose income from sources without the United
States is includible in gross income for United States federal income tax
purposes regardless of its connection with the conduct of a trade or business
within the United States.

     

    “Unregistered
Security” means any Security issued hereunder which is not a Registered
Security.

     

    “Vice
President”, when used with respect to the Company or the Trustee, means
any vice president, whether or not designated by a number or a word or words
added before or after the title “vice president”.

     

    “Yield to
Maturity” means the yield to maturity, calculated by the Company at the
time of issuance of a series of Securities or, if applicable, at the most recent
determination of interest on such series in accordance with accepted financial
practice.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Section
102.          Compliance Certificates and
Opinions.  Except as otherwise expressly provided in this
Indenture upon any application or request by the Company to the Trustee to take
any action under any provision of this Indenture, the Company shall, if
requested by the Trustee, furnish to the Trustee an Officer’s Certificate
stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with and an Opinion of
Counsel stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with, except that in the case of any such
application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be
furnished.

     

    Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than certificates provided pursuant to
Section 704(4)) shall
include:

     

    (1)           a
statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

     

    (2)           a
brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion
are based;

     

    (3)           a
statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and

     

    (4)           a
statement as to whether, in the opinion of each such individual, such condition
or covenant has been complied with.

     

    Section
103.          Form of Documents Delivered
to Trustee.  In any case where several matters are required to
be certified by, or covered by an opinion of, any specified Person, it is not
necessary that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to
some matters and one or more other such Persons as to other matters, and any
such Person may certify or give an opinion as to such matters in one or several
documents.

     

    Any
certificate or opinion of an officer of the Company may be based, insofar as it
relates to legal matters, upon an Opinion of Counsel.  Any such
Opinion of Counsel may be based, insofar as it relates to factual matters, upon
a certificate or opinion of, or representations by, an officer or officers of
the Company stating that the information with respect to such factual matters is
in the possession of the Company.

     

    Where any
Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this
Indenture, they may, but need not, be consolidated and form one
instrument.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    Section
104.         Acts of
Holders.  (a)  Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to
be made, given or taken by Holders may be embodied in and evidenced by one or
more instruments of substantially similar tenor signed by such Holders in person
or by an agent duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or
instruments are delivered to the Trustee and, where it is hereby expressly
required, to the Company.  Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to
as the “Act”
of the Holders signing such instrument or instruments.  Proof of
execution of any such instrument or of a writing appointing any such agent, or
of the holding by any Person of Unregistered Securities, shall be sufficient for
any purpose of this Indenture and (subject to Section 601) conclusive in
favor of the Trustee and the Company, if made in the manner provided in this
Section.

     

    (b)           The
fact and date of the execution by any Person of any such instrument or writing
may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such instrument
or writing acknowledged to him the execution thereof.  Where such
execution is by a signer acting in a capacity other than his individual
capacity, such certificate or affidavit shall also constitute sufficient proof
of his authority.  The fact and date of the execution of any such
instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner acceptable to the Trustee.

     

    (c)           The
amount of Unregistered Securities held by any Person executing any such
instrument or writings as the Holder thereof, and the numbers of such
Unregistered Securities, and the date of his holding the same, may be proved by
the production of such Unregistered Securities or by a certificate executed, as
depositary, by any trust company, bank, banker or member of a national
securities exchange (wherever situated), if such certificate is in form
satisfactory to the Trustee, showing that at the date therein mentioned such
Person had on deposit with such depositary, or exhibited to it, the Unregistered
Securities therein described; or such facts may be proved by the certificate or
affidavit of the Person executing such instrument or writing as the Holder
thereof, if such certificate or affidavit is in form satisfactory to the
Trustee.  The Trustee and the Company may assume that such ownership
of any Unregistered Securities continues until (1) another certificate bearing a
later date issued in respect of the same Unregistered Securities is produced, or
(2) such Unregistered Securities are produced by some other Person, or (3) such
Unregistered Securities are registered as to principal or are surrendered in
exchange for Unregistered Securities, or (4) such Unregistered Securities are no
longer Outstanding.

     

    (d)           The
fact and date of execution of any such instrument or writing and the amount and
number of Unregistered Securities held by the Person so executing such
instrument or writing may also be proved in any other manner that the Trustee
deems sufficient; and the Trustee may in any instance require further proof with
respect to any of the matters referred to in this Section.

     

    (e)           The
principal amount (except as otherwise contemplated in clause (x) of the proviso
to the definition of “Outstanding”) and serial numbers of Securities held by any
Person, and the date of holding the same, shall be proved by the Security
Register.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (f)           Any
request, demand, authorization, direction, notice, consent, election, waiver or
other Act of the Holder of any Security shall bind every future Holder of the
same Security and the Holder of every Security issued upon the registration of
transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done, omitted or suffered to be done by the Trustee or the Company in
reliance thereon, whether or not notation of such action is made upon such
Security.

     

    (g)           The
Company may set a record date for purposes of determining the identity of
Holders of any Securities of any series entitled to vote or consent to any
action by vote or consent authorized or permitted by Section 512 or 513.  Such record
date shall be the later of 30 days prior to the first solicitation of such
consent or the date of the most recent list of Holders of such Securities
furnished to the Trustee pursuant to Section 701 prior to such
solicitation.

     

    (h)           If
the Company solicits from Holders any request, demand, authorization, direction,
notice, consent, waiver or other Act, the Company may, at its option, fix in
advance a record date for the determination of Holders entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other Act,
but the Company shall have no obligation to do so. If such a record date is
fixed, such request, demand, authorization, direction, notice, consent, waiver
or other Act may be given before or after such record date, but only the Holders
of record at the close of business on the record date shall be deemed to be
Holders for the purposes of determining whether Holders of the requisite
proportion of the Outstanding Securities have authorized or agreed or consented
to such request, demand, authorization, direction, notice, consent, waiver or
other Act, and for that purpose the Outstanding Securities shall be computed as
of the record date.

     

    Section
105.          Notices, Etc. to Trustee and
Company.  Except as otherwise provided herein, any request,
demand, authorization, direction, notice, consent, election, waiver or Act of
Holders or other document provided or permitted by this Indenture to be made
upon, given or furnished to, or filed with,

     

    (1)           the
Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing to or with the Trustee
at its Corporate Trust Office,
Attention:  [               ],
[                 ],
or

    (2)           the
Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to the Company addressed to it at the address of
its principal office specified in the first paragraph of this instrument or at
any other address previously furnished in writing to the Trustee by the
Company.

     

    Section
106.          Notice to Holders;
Waiver.  Except as otherwise expressly provided herein, where
this Indenture provides for notice of any event or reports to Holders, such
notice or report shall be sufficiently given if in writing and mailed,
first-class postage prepaid, to each Holder of Registered Securities affected by
such event, at the address of such Holder as it appears in the Security Register
and to addresses filed with the Trustee or preserved on the Trustee’s list
pursuant to Section
702(a) for other Holders (and to such other addressees as may be required
in the case of such notice or report under Section 313(c) of the Trust Indenture
Act), not later than the latest date, and not earlier than the earliest date,
prescribed for the giving of such notice or report.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    In any
case where notice to Holders is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder shall
affect the sufficiency of such notice with respect to other
Holders.

     

    Notice
shall be sufficiently given to Holders of Unregistered Securities if published
in an Authorized Newspaper in each of The City of New York and, if such
Securities are listed on any stock exchange outside of the United States, in the
city in which such stock exchange is located, or in such other city or cities as
may be specified in the Securities, once in each of two different calendar
weeks, the first publication to be not earlier than the earliest date, and not
later than the last date, if any, prescribed for the giving of such
notice.

     

    Where
this Indenture provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such
notice.  Waivers of notice by Holders shall be filed with the Trustee,
but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.

     

    In case
by reason of the suspension of regular mail service or by reason of any other
cause is impracticable to give such notice by mail, then such notification that
is made with the approval of the Trustee shall constitute a sufficient
notification for every purpose hereunder.

     

    If it is
impractical in the opinion of the Trustee or the Company to make any publication
of any notice required hereby in an Authorized Newspaper, any publication or
other notice in lieu thereof that is made or given with the approval of the
Trustee shall constitute a sufficient publication of such notice.

     

    Section
107.          Conflict With Trust
Indenture Act.  If any provision hereof limits, qualifies or
conflicts with the duties imposed by operation of subsection (c) of Section 318
of the Trust Indenture Act, the imposed duties shall control.

     

    Section
108.          Effect of Headings and Table
of Contents.  The Article and Section headings herein and the
Table of Contents are for convenience only and shall not affect the construction
hereof.

     

    Section
109.          Successors and
Assigns.  All covenants and agreements in this Indenture by the
Company shall bind its successors and assigns, whether so expressed or
not.

     

    Section
110.          Separability
Clause.  In case any provision in this Indenture or in the
Securities is invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

    Section
111.          Benefits of
Indenture.  Nothing in this Indenture or in the Securities,
express or implied, shall give to any Person, other than the parties hereto
(including any Paying Agent appointed pursuant to Section 1002 and
Authenticating Agent appointed pursuant to Section 614 to the extent
provided herein) and their successors hereunder and the Holders, any benefit or
any legal or equitable right, remedy or claim under this Indenture.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    Section
112.           Governing
Law.  This Indenture and the Securities shall be governed by
and construed in accordance with the laws of the State of New York.

     

    Section
113.          Legal
Holidays.  In any case where any Interest Payment Date,
Redemption Date, Repayment Date or Stated Maturity of any Security is not a
Business Day at any Place of Payment or the city in which the Corporate Trust
Office of the Trustee is located, then (notwithstanding any other provision of
this Indenture or of the Securities other than a provision in Securities of any
series, or any Tranche thereof, or in the Board Resolution or Officer’s
Certificate that establishes the terms of such Securities or Tranche, that
specifically states that such provision shall apply in lieu of this Section)
payment of interest or principal (and premium, if any) need not be made at such
Place of Payment on such date, but may be made on the next succeeding Business
Day at such Place of Payment with the same force and effect as if made on the
Interest Payment Date or Redemption Date, Repayment Date, or at the Stated
Maturity, provided that
no interest shall accrue with respect to such payment for the period from and
after such Interest Payment Date, Redemption Date, Repayment Date or Stated
Maturity, as the case may be.

     

    Section
114.          Rules by Trustee and
Agents.  The Trustee may make reasonable rules for action by or
at a meeting of Holders of one or more series.  The Paying Agent or
Security Registrar may make reasonable rules and set reasonable requirements for
its functions.

     

    Section
115.          No Recourse Against
Others.  No past, present or future director, officer,
stockholder or employee, as such, of the Company or any successor corporation
shall have any liability for any obligation of the Company under the Securities
or the Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation.  Each Holder by accepting a Security
waives and releases all such liability.  The waiver and release are
part of the consideration for the execution of this Indenture and the issue of
the Securities.

     

    ARTICLE
II

     

    SECURITY
FORMS

     

    Section
201.          Forms
Generally.  The Securities of each series and related coupons,
if any, shall be in substantially the form as shall be established by or
pursuant to a Board Resolution or in one or more indentures supplemental hereto,
in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture and may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange or as may, consistently herewith, be determined by the
officers executing such Securities, as evidenced by their execution of the
Securities.  When the form of Securities of any series is established
by action taken pursuant to a Board Resolution, a copy of an appropriate record
of such action shall be delivered to the Trustee at or prior to the delivery of
the Company Order contemplated by Section 303 for the
authentication and delivery of such Securities.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    If
required or appropriate under applicable law, Unregistered Securities and their
coupons must have the following statement on their face:  “Any United
States person who holds this obligation will be subject to limitations under the
United States income tax laws, including the limitations provided in Sections
165(j) and 1287(a) of the Internal Revenue Code”.  If required or
appropriate under applicable law, Unregistered Securities and their coupons must
have the following statement on their face:  “By accepting this
obligation, the Holder represents and warrants that it is not a U.S. Person
(other than an exempt recipient described in section 6049(b)(4) of the Internal
Revenue Code and the regulations thereunder) and that it is not acting for or on
behalf of a U.S. Person (other than an exempt recipient described in section
6049(b)(4) of the Internal Revenue Code and the regulations
thereunder).”

     

    The
definitive Securities shall be produced in such manner or combination of
manners, all as determined by the officers executing such Securities, as
evidenced by their execution of such Securities.

     

    Section
202.          Form of Trustee’s
Certificate of Authentication.  The Trustee’s certificate of
authentication shall be in substantially the following form:

     

    This is
one of the Securities of the series designated herein, referred to in the
within-mentioned Indenture.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  [               ]

                                
	
                                  as
      Trustee

                                
	 	 
	
                                  By

                                	 
      
	 
      	
                                  Authorized
      Officer

                                

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    ARTICLE
III

     

    THE
SECURITIES

     

    Section
301.          Amount Unlimited; Issuable
in Series.  The aggregate principal amount of Securities that
may be authenticated and delivered under this Indenture is
unlimited.

     

    The
Securities may be issued in one or more series.  There may be
Registered Securities and Unregistered Securities within a
series.  Registered and Unregistered Securities may be in temporary or
permanent global form.  Unregistered Securities may be issued with or
without coupons attached.  Unregistered Securities may be subject to
such restrictions, and contain such legends, as may be required by United States
laws and regulations.  Subject to the last paragraph of this Section,
there shall be established in or pursuant to a Board Resolution, and set forth
in an Officer’s Certificate, or established in one or more indentures
supplemental hereto, prior to the issuance of Securities of any
series,

     

    (1)           the
title of the Securities of the series (which shall distinguish the Securities of
the series from all other Securities);

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    (2)           any
limit upon the aggregate principal amount of the Securities of the series that
may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906, 1107 or 1305 and except for any
Securities that, pursuant to Section 303, are deemed never
to have been authenticated and delivered hereunder);

     

    (3)           the
price or prices (expressed as a percentage of the principal amount thereof) at
which the securities will be issued and the date or dates on which the principal
(and premium, if any) of the Securities of the series, or any Tranche thereof,
is payable;

     

    (4)           the
date or dates on which the principal of the Securities of such series, or any
Tranche thereof, is payable or any formula or other method or other means by
which such date or dates shall be determined, by reference to an index or other
fact or event ascertainable outside of this Indenture or otherwise (without
regard to any provisions for redemption, prepayment, acceleration, purchase or
extension);

     

    (5)           the
rate or rates at which the Securities of such series, or any Tranche thereof,
shall bear interest, if any (including the rate or rates at which overdue
principal shall bear interest, if different from the rate or rates at which such
Securities shall bear interest prior to Maturity, and, if applicable, the rate
or rates at which overdue premium or interest shall bear interest, if any), or
any formula or other method or other means by which such rate or rates shall be
determined, by reference to an index or other fact or event ascertainable
outside of this Indenture or otherwise; the date or dates from which such
interest shall accrue; the Interest Payment Dates on which such interest shall
be payable and the Regular Record Date, if any, for the interest payable on such
Securities on any Interest Payment Date; the right of the Company, if any, to
extend the interest payment periods and the duration of any such extension as
contemplated by Section
312; and the basis of computation of interest, if other than as provided
in Section
310;

     

    (6)           the
place or places where the principal of (and premium, if any) and interest, if
any, on Securities of the series, or any Tranche thereof, shall be payable, any
Registered Securities of the series, or any Tranche thereof, may be surrendered
for registration of transfer, Securities of the series, or any Tranche thereof,
may be surrendered for exchange, and where notices and demands to or upon the
Company in respect of the Securities of the series, or any Tranche thereof, and
this Indenture may be served and notices to Holders pursuant to Section 106 will be published;
the Security Registrar and any Paying Agent or Agents for such series or
Tranche; and if such is the case, that the principal of such Securities shall be
payable without presentment or surrender thereof;

     

    (7)           if
applicable, the period or periods within which, the price or prices at which and
the terms and conditions upon which Securities of the series, or any Tranche
thereof, may be redeemed, in whole or in part, at the option of the
Company;

     

    (8)           the
obligation, if any, of the Company to redeem or purchase Securities of the
series, or any Tranche thereof, pursuant to any sinking fund or analogous
provisions and the period or periods within which, the price or prices at which
and the terms and conditions upon which Securities of the series, or any Tranche
thereof, shall be redeemed or purchased, in whole or in part, pursuant to such
obligation;

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    (9)           the
obligation, if any, of the Company to offer to repay or repurchase Securities of
the series, or any Tranche thereof, in circumstances described therein, and the
period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of the series, or any Tranche thereof, shall be
repaid or repurchased, in whole or in part, at the option of the
Holders;

     

    (10)          the
terms, if any, on which the Securities of such series will be subordinate in
right and priority of payment to other debt of the Company;

     

    (11)          the
right, if any, of the Company to execute and deliver to the Trustee, and to
direct the Trustee to authenticate and deliver in accordance with a Company
Order, a Security of any series, or any Tranche thereof, in lieu of or in
exchange for any Securities of such series, or any Tranche thereof, cancelled
upon redemption or repayment;

     

    (12)          the
denominations in which any Registered Securities of the series, or any Tranche
thereof, shall be issuable, if other than denominations of $1,000 and any
integral multiple thereof, and the denomination or denominations in which any
Unregistered Securities of the series, or any Tranche thereof, shall be
issuable, if other than the denomination of $5,000;

     

    (13)          if
other than the principal amount thereof, the portion of the principal amount of
Securities of the series, or any Tranche thereof, that shall be payable upon
declaration of acceleration of the Maturity thereof pursuant to Section 502;

     

    (14)          whether
Securities of the series are to be issuable as Registered Securities,
Unregistered Securities, or both, whether Securities of the series are to be
issuable with or without coupons, whether any Securities of the series are to be
issuable initially in temporary global form (and, if so, the identity of the
depositary for such Securities) and the circumstances under which such
Securities in temporary global form may be exchanged for definitive Securities,
and whether any Securities of the series are to be issuable in permanent global
form (and, if so, the identity of the depositary for such Securities) with or
without coupons and, if so, whether beneficial owners of interests in any such
permanent Global Security may exchange such interests for Securities of such
series and of like tenor of any authorized form and denomination and the
circumstances under which any such exchanges may occur, if other than in the
manner provided in Section
311;

     

    (15)         whether
and under what circumstances the Company will pay additional amounts on the
Securities of that series held by a person who is not a U.S. Person in respect
of taxes or similar charges withheld or deducted and, if so, whether the Company
will have the option to redeem such Securities rather than pay such additional
amounts;

     

    (16)         the
currency or currencies, including composite currencies, in which payment of the
principal of (and premium, if any) and interest, if any, on the Securities of
the series, or any Tranche thereof, shall be payable (if other than the currency
of the United States of America) and the
formula or other method or other means by which the equivalent of any such
amount in Dollars is to be determined for any purpose, including for the purpose
of determining the principal amount of such Securities deemed to be Outstanding
at any time;

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    (17)         if
the principal of or premium, if any, or interest, if any, on the Securities of
such series, or any Tranche thereof, are to be payable, at the election of the
Company or a Holder thereof, in a coin or currency other than that in which the
Securities are stated to be payable, the period or periods within which, and the
terms and conditions upon which, such election may be made;

     

    (18)         if
the principal of or premium, if any, or interest, if any, on the Securities of
such series, or any Tranche thereof, are to be payable, or are to be payable at
the election of the Company or a Holder thereof, in securities or other
property, the type and amount of such securities or other property, or the
formula or other method or other means by which such amount shall be determined,
and the period or periods within which, and the terms and conditions upon which,
any such election may be made;

     

    (19)         if
the amount of payments of principal of (and premium, if any) or interest on the
Securities of the series may be determined with reference to an index or other
fact or event ascertainable outside of this Indenture, the manner in which such
amounts shall be determined to the extent not established pursuant to paragraph
(5) of this Section;

     

    (20)         the
form or forms of the Securities, including such legends as may be required by
United States laws or regulations, the form of any coupons or temporary Global
Security, if any, which may be issued and the forms of any certificates which
may be required hereunder or under United States laws or regulations in
connection with the offering, sale, delivery or exchange of Unregistered
Securities, if any;

     

    (21)         the
Person to whom any interest on any Registered Security of the series, or any
Tranche thereof, shall be payable, if other than the Person in whose name that
Security is registered at the close of business on the Regular Record Date for
such interest, and the manner in which, or the Person to whom, any interest on
any Unregistered Security of the series, or any Tranche thereof, shall be
payable, if otherwise than upon presentation and surrender of the coupons
appertaining thereto as they severally mature, and the extent to which, or the
manner in which, any interest payable on a temporary or permanent Global
Security on an interest payment date will be paid;

     

    (22)         any
Events of Default, in addition to those specified in Section 501, with respect to
the Securities of such series, and any covenants of the Company for the benefit
of the Holders of the Securities of such series, or any Tranche thereof, in
addition to those set forth in Article X;

     

    (23)         the
terms, if any, pursuant to which the Securities of such series, or any Tranche
thereof, may be converted into or exchanged for shares of capital stock or other
securities of the Company or any other Person;

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (24)         the
obligations or instruments, if any, that shall be considered to be Eligible
Obligations in respect of the Securities of such series, or any Tranche thereof,
denominated in a currency other than Dollars or in a composite currency, and any
additional or alternative provisions for the reinstatement of the Company’s
indebtedness in respect of such Securities after the satisfaction and discharge
thereof as provided in Section
401;

     

    (25)         any
exceptions to Section
113, or variation in the definition of Business Day, with respect to the
Securities of such series, or any Tranche thereof;

     

    (26)         any
collateral security, assurance or guarantee for the Securities of such
series;

     

    (27)         the
non-applicability of Section
608 to the Securities of such series or any exceptions or modifications
of Section 608 with
respect to the Securities of such series;

     

    (28)         any
rights or duties of another Person to assume the obligations of the Company with
respect to the Securities of such series (whether as joint obligor, primary
obligor, secondary obligor or substitute obligor) and any rights or duties to
discharge and release any obligor with respect to the Securities of such series
or this Indenture to the extent related to such series;

     

    (29)         if
a service charge will be made for the registration of transfer or exchange of
Securities of such series, or any Tranche thereof, the amount or terms thereof;
and

     

    (30)         any
other terms, conditions and rights of the series (which terms, conditions and
rights shall not be inconsistent with the provisions of this Indenture, except
as permitted by Section
901(5)).

     

    All
Securities of any one series and the coupons appertaining to any Unregistered
Securities of such series shall be substantially identical except in the case of
Registered Securities as to denomination and except as may otherwise be provided
in or pursuant to such Board Resolution and set forth in such Officer’s
Certificate or in any such indenture supplemental hereto and as reasonably
acceptable to the Trustee.  Securities of different series may differ
in any respect.

    If the
terms and form or forms of any series of Securities are established by or
pursuant to a Board Resolution, the Company shall deliver a copy of such Board
Resolution to the Trustee at or prior to the issuance of such series with (1)
the form or forms of Security that have been approved attached thereto, or (2)
if such Board Resolution authorizes a specific officer or officers to approve
the terms and form or forms of the Securities, a certificate of such officer or
officers approving the terms and form or forms of Security with such form or
forms of Securities attached thereto.  Such Board Resolution or
certificate may provide general terms or parameters for Securities of any series
and may provide that the specific terms of particular Securities of a series may
be determined in accordance with or pursuant to the Company Order referred to in
Section 303
hereof.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    With
respect to Securities of a series subject to a Periodic Offering, the indenture
supplemental hereto or the Board Resolution that establishes such series, or the
Officer’s Certificate pursuant to such supplemental indenture or Board
Resolution, as the case may be, may provide general terms or parameters for
Securities of such series and provide either that the specific terms of
Securities of such series, or any Tranche thereof, shall be specified in a
Company Order or that such terms shall be determined by the Company or its
agents in accordance with procedures specified in a Company Order as
contemplated by the third paragraph of Section 303.

     

    Unless
otherwise specified with respect to a series of Securities pursuant to paragraph
(2) of this Section, any limit upon the aggregate principal amount of a series
of Securities may be increased without the consent of any Holders and additional
Securities of such series may be authenticated and delivered up to the limit
upon the aggregate principal amount authorized with respect to such series as so
increased.

     

    Section
302.          Denominations.  The
Securities of each series shall be issuable in registered or unregistered form
with or without coupons in such denominations as shall be specified as
contemplated by Section
301.  In the absence of any such provisions with respect to the
Securities of any series, the Registered Securities of such series shall be
issuable in denominations of $1,000 and any integral multiple thereof and the
Unregistered Securities of the series shall be issuable in denominations of
$5,000 and any integral multiple thereof.

     

    Section
303.          Execution, Authentication,
Delivery and Dating.  The Securities shall be executed on
behalf of the Company by its Chairman of the Board and Chief Executive Officer,
its President, its Senior Vice President, Finance, or its Treasurer, under its
corporate seal reproduced thereon attested by its Secretary or one of its
Assistant Secretaries.  The signature of any of these officers on the
Securities may be manual or facsimile. The coupons, if any, of Unregistered
Securities shall bear the manual or facsimile signature of any one of the
officers or assistant officers referred to in the first sentence of this
Section.

     

    Securities
bearing the manual or facsimile signatures of individuals who were at any time
the proper officers of the Company shall bind the Company, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Securities or did not hold such offices at
the date of such Securities.

     

    At any
time and from time to time after the execution and delivery of this Indenture,
the Company may deliver Securities of any series executed by the Company to the
Trustee for authentication, together with a Company Order for the authentication
and delivery of such Securities, and the Trustee in accordance with the Company
Order shall authenticate and deliver such Securities provided, however, that, with
respect to Securities of a series subject to a Periodic Offering, (a) such
Company Order may be delivered by the Company to the Trustee prior to the
delivery to the Trustee of such Securities for authentication and delivery, (b)
the Trustee shall authenticate and deliver Securities of such series for
original issue from time to time, in an aggregate principal amount not exceeding
the aggregate principal amount established for such series, all pursuant to a
Company Order or pursuant to such procedures acceptable to the Trustee as may be
specified from time to time by a Company Order, (c) the maturity date or dates,
original issue date or dates, interest rate or rates and any other terms of
Securities of such series shall be determined by Company Order or pursuant to
such procedures and (d) if provided for in such procedures, such Company Order
may authorize authentication and delivery pursuant to oral or electronic
instructions from the Company or its duly authorized agent or agents, which oral
instructions shall be promptly confirmed in writing.

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

     

    In
authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to Section 601) shall be fully
protected in relying upon, an Opinion of Counsel stating:

     

    (a)           that
such form of Securities has been established in conformity with the provisions
of this Indenture;

     

    (b)           that
such terms have been established in conformity with the provisions of this
Indenture; and

     

    (c)           that
such Securities, when authenticated and delivered by the Trustee and issued by
the Company in the manner and subject to any conditions specified in such
Opinion of Counsel, will constitute valid and legally binding obligations of the
Company, enforceable in accordance with their terms, subject to bankruptcy,
insolvency, reorganization and other laws of general applicability relating to
or affecting creditors’ rights generally and to general equity
principles.

     

    Notwithstanding
the provisions of Section
301 and of the preceding paragraphs, if all Securities of a series are
not to be originally issued at one time, it shall not be necessary to deliver
the Officer’s Certificate otherwise required pursuant to Section 301 or the Company
Order and Opinion of Counsel otherwise required pursuant to such preceding
paragraphs at or prior to the time of authentication of each Security of such
series if such documents are delivered at or prior to the authentication upon
original issuance of the first Security of such series to be
issued.

     

    If such
form or terms have been so established, the Trustee shall not be required to
authenticate such Securities if the issuance of such Securities pursuant to this
Indenture will affect the Trustee’s own rights, duties or immunities under the
Securities and this Indenture or otherwise in a manner which is not reasonably
acceptable to the Trustee.

     

    Each
Registered Security shall be dated the date of its authentication and each
Unregistered Security shall be dated the date of its original
issuance.

     

    No
Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Security a certificate
of authentication substantially in the form provided for herein executed by the
Trustee by manual signature and no coupon shall be valid until the Security to
which it appertains has been so authenticated, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder and is entitled to the
benefits of this Indenture.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    Notwithstanding
the foregoing, until the Company has delivered an Officer’s Certificate to the
Trustee and the Security Registrar stating that, as a result of the action
described, the Company would not suffer adverse consequences under the
provisions of United States law or regulations in effect at the time of the
delivery of Unregistered Securities, the Trustee or the Security Registrar will
(i) deliver Unregistered Securities only outside the United States and its
possessions and (ii) release Unregistered Securities in definitive form to the
person entitled to physical delivery thereof only upon presentation of a
certificate in the form prescribed by the Company.

     

    Section
304.          Temporary
Securities.  Pending the preparation of definitive Registered
Securities of any series (including Global Securities), the Company may execute,
and upon Company Order the Trustee shall authenticate and deliver, temporary
Registered Securities which are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the
tenor of the definitive Registered Securities in lieu of which they are issued
and with such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Securities may determine, as evidenced
by their execution of such Securities. Every temporary Registered Security shall
be executed by the Company and authenticated by the Trustee, and registered by
the Security Registrar, upon the same conditions, and with like effect, as a
definitive Registered Security.

     

    If
temporary Securities of any series are issued, the Company will cause definitive
Registered Securities of that series to be prepared without unreasonable
delay.  After the preparation of definitive Registered Securities of
such series, the temporary Registered Securities of such series shall be
exchangeable for definitive Registered Securities of such series upon surrender
of the temporary Registered Securities of such series at the office or agency of
the Company in a Place of Payment for that series, without charge to the
Holder.  Upon surrender for cancellation of any one or more temporary
Registered Securities of any series the Company shall execute and the Trustee
shall authenticate and deliver in exchange therefor a like principal amount of
definitive Registered Securities of the same series of authorized
denominations.  Until so exchanged the temporary Registered Securities
of any series shall in all respects be entitled to the same benefits under this
Indenture as definitive Registered Securities of such series.

     

    Until
definitive Unregistered Securities of any series (including Global Securities)
are ready for delivery, the Company may prepare and execute and the Trustee
shall authenticate one or more temporary Unregistered Securities, which may have
coupons attached or which may be in the form of one or more temporary Global
Unregistered Securities of that series without coupons.  The temporary
Unregistered Security or Securities of any series shall be substantially in the
form approved by or pursuant to a Board Resolution and shall be delivered to one
of the Paying Agents located outside the United States and its possessions or to
such other person or persons as the Company shall direct against such
certification as the Company may from time to time prescribe by or pursuant to a
Board Resolution.  The temporary Unregistered Security or Securities
of a series shall be executed by the Company and authenticated by the Trustee
upon the same conditions, and with like effect, as a definitive Unregistered
Security of such series, except as provided herein or in the Board Resolution or
supplemental Indenture relating thereto. A temporary Unregistered Security or
Securities shall be exchangeable for definitive Unregistered Securities at the
time and on the conditions, if any, specified in the temporary
Security.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    Upon any
exchange of a part of a temporary Unregistered Security of a series for
definitive Unregistered Securities of such series, the temporary Unregistered
Security shall be endorsed by the Trustee or Paying Agent to reflect the
reduction of its principal amount by an amount equal to the aggregate principal
amount of the definitive Unregistered Securities of such series so exchanged and
endorsed.

    Section
305.          Registration, Registration
of Transfer and Exchange.  The Company shall cause to be kept
at the Corporate Trust Office of the Trustee a register (the register maintained
in such office and in any other office or agency of the Company in a Place of
Payment being herein sometimes collectively referred to as the “Security
Register”) in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Securities and of
transfers of Securities.  The Trustee is hereby appointed “Security
Registrar” for the purpose of registering Securities and transfers of
Securities as herein provided.

     

    Except in
the case of Securities issued in the form of a Global Security, upon surrender
for registration of transfer of any Registered Security of any series at the
office or agency of the Company in a Place of Payment for that series, the
Company shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Registered
Securities of the same series, of any authorized denominations and of a like
aggregate principal amount.

     

    If both
Registered and Unregistered Securities are authorized for a series of Securities
and the terms of such Securities permit, (i) Unregistered Securities may be
exchanged for an equal principal amount of Registered or Unregistered Securities
of the same series and date of maturity in any authorized denominations upon
delivery to the Security Registrar (or a Paying Agent (as herein defined), if
the exchange is for Unregistered Securities) of the Unregistered Security with
all unmatured coupons and all matured coupons in default appertaining thereto
and if all other requirements of the Security Registrar (or such Paying Agent)
and such Securities for such exchange are met, and (ii) Registered Securities,
other than Securities issued in the form of a Global Security (except as
provided in Section
311), may be exchanged for an equal principal amount of Unregistered
Securities of the same series and date of maturity in any authorized
denominations (except that any coupons appertaining to such Unregistered
Securities which have matured and have been paid shall be detached) upon
delivery to the Security Registrar of the Registered Securities and if all other
requirements of the Security Registrar and such Securities for such exchange are
met.

     

    Notwithstanding
the foregoing, the exchange of Unregistered Securities for Registered Securities
or Registered Securities for Unregistered Securities will be subject to the
satisfaction of the provisions of United States law and regulations in effect at
the time of such exchange, and no exchange of Registered Securities for
Unregistered Securities will be made until the Company has notified the Trustee
in an Officer’s Certificate and the Security Registrar that, as a result of such
exchange, the Company would not suffer adverse consequences under such law or
regulations.

     

    All
Securities issued upon any registration of transfer or exchange of Securities
shall be the valid obligations of the Company, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Securities
surrendered upon such registration of transfer or exchange.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    Every
Security presented or surrendered for registration of transfer or for exchange
shall (if so required by the Company or the Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by the Holder thereof or his
attorney duly authorized in writing.

     

    Unless
otherwise provided in a Board Resolution or an Officer’s Certificate pursuant to
a Board Resolution, or in an indenture supplemental hereto, with respect to
Securities of any series, or any Tranche thereof, no service charge shall be
made to the Holder for any registration of transfer or exchange of Securities,
but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 304,
906 or 1106 not involving any
transfer.

     

    The
Company shall not be required (i) to issue, register the transfer of or exchange
Securities of any series during a period beginning at the opening of business 15
days before the day of the mailing of a notice of redemption of Securities of
that series selected for redemption under Section 1103 and ending at the
close of business on the day of such mailing, or (ii) to register the transfer
of or exchange any Security so selected for redemption in whole or in part,
except the unredeemed portion of any Security being redeemed in
part.  Unregistered Securities or any coupons appertaining thereto
shall be transferable by delivery thereof.

     

    Section
306.          Mutilated, Destroyed, Lost
and Stolen Securities.  If any mutilated Security or a Security
with a mutilated coupon or coupons appertaining to it is surrendered to the
Trustee, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a replacement Registered Security, if such
surrendered security was a Registered Security, or a replacement Unregistered
Security with coupons corresponding to the coupons appertaining to the
surrendered Security, if such surrendered Security was an Unregistered Security,
of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding.

     

    If there
shall be delivered to the Company and the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security or any coupon or
coupons appertaining thereto, and (ii) such bond, security or indemnity as may
be required by them to save each of them and any agent of either of them
harmless, then, in the absence of actual notice to the Company or the Trustee
that such Security or any coupon or coupons appertaining thereto has been
acquired by a bona fide purchaser, the Company shall execute and upon its
request the Trustee shall authenticate and deliver, a replacement Registered
Security, if such Holder’s claim pertains to a Registered Security, or a
replacement Unregistered Security with coupons corresponding to the coupons
appertaining to the destroyed, lost or stolen Unregistered Security or the
Unregistered Security to which such destroyed, lost or stolen coupon or coupons
appertains, if such Holder’s claim pertains to an Unregistered Security, of the
same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.

     

    In case
any such mutilated, destroyed, lost or stolen Security or any coupon or coupons
appertaining thereto has become or is about to become due and payable, the
Company in its discretion may, instead of issuing a new Security, pay such
Security or any coupon or coupons appertaining thereto.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    Upon the
issuance of any new Security under this Section or any coupon or coupons
appertaining thereto, the Company may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee)
connected therewith.

     

    Every new
Security or any coupon or coupons appertaining thereto of any series issued
pursuant to this Section in lieu of any destroyed, lost or stolen Security or
any coupon or coupons appertaining thereto shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed,
lost or stolen Security or any coupon or coupons appertaining thereto is at any
time enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities or any
coupon or coupons appertaining thereto of that series duly issued
hereunder.

     

    The
provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities or any coupon or coupons
appertaining thereto.

     

    Section
307.          Payment of Interest;
Interest Rights Preserved.  Unless otherwise provided as
contemplated by Section
301 with respect to the Securities of any series, or any Tranche thereof,
interest on any Registered Security that is payable, and is punctually paid or
duly provided for, on any Interest Payment Date shall be paid to the Person in
whose name that Registered Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest.  In case an Unregistered Security of any series is
surrendered in exchange for a Registered Security of such series after the close
of business (at an office or agency of the Company in a Place of Payment for
such series) on any Regular Record Date and before the opening of business (at
such office or agency) on the next succeeding Interest Payment Date, such
Unregistered Security shall be surrendered without the coupon relating to such
Interest Payment Date and interest will not be payable on such Interest Payment
Date in respect of the Registered Security issued in exchange for such
Unregistered Security, but will be payable only to the Holder of such coupon
when due in accordance with provisions of this Indenture.

     

    Any
interest on any Registered Security of any series that is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date (herein
called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the
relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Company, at its election in each case, as
provided in clause (1) or (2) below:

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    (1)           The
Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Registered Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest, which shall be fixed in
the following manner.  The Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each Registered
Security of such series and the date of the proposed payment, and at the same
time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to
the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Interest as in this
clause provided.  Thereupon the Trustee shall fix a Special Record
Date for the payment of such Defaulted Interest which shall be not more than 15
days and not less than 10 days prior to the date of the proposed payment and not
less than 10 days after the receipt by the Trustee of the notice of the proposed
payment.  The Trustee shall promptly notify the Company of such
Special Record Date and, in the name and at the expense of the Company, shall
cause notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor to be mailed, first-class postage prepaid, to each Holder
of Registered Securities of such series at the address of such Holder as it
appears in the Security Register, not less than 10 days prior to such Special
Record Date.  Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having been so mailed, such
Defaulted Interest shall be paid to the Persons in whose names the Registered
Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following clause (2).  In case an
Unregistered Security of any series is surrendered at the office or agency of
the Company in a Place of Payment for such series in exchange for a Registered
Security of such series after the close of business at such office or agency on
any Special Record Date and before the opening of business at such office or
agency on the related proposed date for payment of Defaulted Interest, such
Unregistered Security shall be surrendered without the coupon relating to such
proposed date of payment and Defaulted Interest will not be payable on such
proposed date of payment in respect of the Registered Security issued in
exchange for such Unregistered Security, but will be payable only to the Holder
of such coupon when due in accordance with the provisions of this
Indenture.

     

    (2)           The
Company may make payment of any Defaulted Interest on the Registered Securities
of any series in any other lawful manner not inconsistent with the requirements
of any securities exchange on which such Securities may be listed, and upon such
notice as may be required by such exchange, if, after notice given by the
Company to the Trustee of the proposed payment pursuant to this clause, such
manner of payment shall be deemed practicable by the Trustee.

     

    Subject
to the foregoing provisions of this Section, each Registered Security delivered
under this Indenture upon registration of transfer of or in exchange for or in
lieu of any other Registered Security shall carry the rights to interest accrued
and unpaid, and to accrue, which were carried by such other Registered
Security.

     

    Subject
to the limitations set forth in Section 1002, the Holder of
any coupon appertaining to an Unregistered Security shall be entitled to receive
the interest payable on such coupon upon presentation and surrender of such
coupon on or after the Interest Payment Date of such coupon at an office or
agency maintained for such purpose pursuant to Section 1002.

     

    Section
308.          Persons Deemed
Owners.  Prior to due presentment of a Registered Security for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name such Registered Security is
registered as the owner of such Registered Security for the purpose of receiving
payment of principal of (and premium, if any) and (subject to Section 301 and Section 307) interest, if any,
on such Registered Security and for all other purposes whatsoever, whether or
not such Registered Security be overdue, and neither the Company, the Trustee
nor any agent of the Company or the Trustee shall be affected by notice to the
contrary.

     

    
      
        
        

      

      
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    Ownership
of Registered Securities of a series shall be proved by the computerized
book-entry system of the Depository in the case of Registered Securities issued
in the form of a Global Security.  Ownership of Unregistered
Securities may be proved by the production of such Unregistered Securities or by
a certificate or affidavit executed by the person holding such Unregistered
Securities or by a depository with whom such Unregistered Securities were
deposited, if the certificate or affidavit is satisfactory to the Trustee and
the Company.  The Company, the Trustee and any agent of the Company
may treat the bearer of any Unregistered Security or coupon and the person in
whose name a Registered Security is registered as the absolute owner thereof for
all purposes.

     

    None of
the Company, the Trustee, any Paying Agent or the Security Registrar will have
any responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests of a Global Security
or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.

    Section
309.          Cancellation.  Except
as otherwise specified as contemplated by Section 301 for Securities of
any series, all Securities and coupons surrendered for payment, redemption,
registration of transfer or exchange or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee, be delivered
to the Trustee and, if not theretofore cancelled, shall be promptly cancelled by
it.  Except as otherwise specified as contemplated by Section 301 for Securities of
any series, the Company may at any time deliver to the Trustee for cancellation
any Securities or coupons previously authenticated and delivered hereunder that
the Company may have acquired in any manner whatsoever or that the Company has
not issued and sold, and all Securities or coupons so delivered shall be
promptly cancelled by the Trustee.  No Securities shall be
authenticated in lieu of or in exchange for any Securities or coupons cancelled
as provided in this Section, except as expressly permitted by this
Indenture.  All cancelled Securities or coupons held by the Trustee
shall be destroyed and the Trustee shall furnish an affidavit to the Company
(setting forth the serial numbers of such Securities) attesting to such
destruction unless by a Company Order the Company shall direct that the
cancelled Securities or coupons be returned to it.

     

    Section
310.          Computation of
Interest.  Except as otherwise specified as contemplated by
Section 301 for
Securities of any series, interest on the Securities of each series shall be
computed on the basis of a year of twelve 30-day months.

     

    Section
311.          Global Securities;
Exchanges; Registration and Registration of
Transfer.  If
specified as contemplated by Section 301, the Securities
may be issued in the form of one or more Global Securities, which shall be
deposited with the Depository, and, unless otherwise specified in the form of
Global Security adopted pursuant to Section 301, be registered in
the name of the Depository’s nominee.

     

    
      
        
        

      

      
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    Except as
otherwise specified as contemplated by Section 301, any permanent
Global Security shall be exchangeable only as provided in this
paragraph.  If the beneficial owners of interests in a permanent
Global Security are entitled to exchange such interests for Securities of such
series of like tenor and principal amount of another authorized form, as
specified as contemplated by Section 301, then without
unnecessary delay but in any event not later than the earliest date on which
such interests may be so exchanged, the Company shall deliver to the Trustee
definitive Securities of that series in aggregate principal amount equal to the
principal amount of such permanent Global Security, executed by the
Company.  On or after the earliest date on which such interests may be
so exchanged, such permanent Global Security shall be surrendered from time to
time in accordance with instructions given to the Trustee and the Depository
(which instructions shall be in writing but need not comply with Section 102 or be accompanied
by an Opinion of Counsel) by the Depository or such other depository as shall be
specified in the Company Order with respect thereto to the Trustee, as the
Company’s agent for such purpose, to be exchanged, in whole or in part, for
definitive Securities of the same series without charge and the Trustee shall
authenticate and deliver, in exchange for each portion of such permanent Global
Security, a like aggregate principal amount of definitive Securities of the same
series of authorized denominations and of like tenor as the portion of such
permanent Global Security to be exchanged which, unless the Securities of the
series are not issuable both as Unregistered Securities and as Registered
Securities, as specified as contemplated by Section 301, shall be in the
form of Unregistered Securities or Registered Securities, or any combination
thereof, as shall be specified by the beneficial owner thereof; provided, however, that no such
exchanges may occur during the periods specified by Section 305; and provided, further, that no Unregistered
Security delivered in exchange for a portion of a permanent Global Security
shall be mailed or otherwise delivered to any location in the United States
unless the Company has complied with the fourth paragraph of Section
305.  Promptly following any such exchange in part, such
permanent Global Security shall be returned by the Trustee, to the Depository or
such other depository referred to above, in accordance with the instructions of
the Company referred to above.

     

    The
Global Security may be transferred to another nominee of the Depository, or to a
successor Depository selected by the Company, and upon surrender for
registration of transfer of the Global Security to the Trustee, the Company
shall execute, and the Trustee shall authenticate and deliver, in the name of
the designated transferee, a new Global Security in the same aggregate principal
amount.  If at any time the Depository notifies the Company that it is
unwilling or unable to continue as Depository and a successor Depository
satisfactory to the Company is not appointed within 90 days after the Company
receives such notice, the Company will execute, and the Trustee will
authenticate and deliver, Securities in definitive form to the Depository in
exchange for the Global Security.  In addition, if at any time the
Company determines that it is not in the best interest of the Company or the
beneficial owners of Securities to continue to have a Global Security
representing all of the Securities held by a Depository, the Company may, at its
option, execute, and the Trustee will authenticate and deliver, Securities in
definitive form to the Depository in exchange for all or a portion of the Global
Security. Promptly after any such exchange of Securities in definitive form for
all or a portion of the Global Security pursuant to this paragraph, the Company
shall promulgate regulations governing registration of transfers and exchanges
of Securities in definitive form, which regulations shall be reasonably
satisfactory to the Trustee and shall thereafter bind every Holder of such
Securities.

     

    
      
        
        

      

      
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    Section
312.          Extension of Interest
Payment.  The Company shall have the right at any time, so long
as the Company is not in default in the payment of interest on the Securities of
any series hereunder, to extend interest payment periods on all Securities of
one or more series, if so specified as contemplated by Section 301 with respect to
such Securities and upon such terms as may be specified as contemplated by Section 301 with respect to
such Securities.  If the Company ever so extends any such interest
payment period, the Company shall promptly notify the Trustee.

     

    ARTICLE
IV

     

    SATISFACTION AND
DISCHARGE

     

    Section
401.          Satisfaction and Discharge
of Indenture.  (a)  This Indenture shall upon Company
Request cease to be of further effect (except as to any surviving rights of
registration of transfer or exchange of Securities herein expressly provided
for), and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture,
when

     

    (1)           either

     

    (A)          all
Securities theretofore authenticated and delivered (other than (i) Securities
which have been destroyed, lost or stolen and which have been replaced or paid
as provided in Section
306 and (ii) Securities that are deemed paid and discharged pursuant to
Section 403) have been
delivered to the Trustee for cancellation; or

     

    (B)           all
such Securities not theretofore delivered to the Trustee for
cancellation

     

    (i)        have
become due and payable, or

     

    (ii)       will
become due and payable at their Stated Maturity within one year, or

     

    (iii)      are
to be called for redemption pursuant to Article XI hereof under
arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company, or

     

    (iv)      are
deemed paid and discharged pursuant to Section 403, as
applicable,

     

    and the
Company, in the case of clause (i), (ii) or (iii) above, has deposited or caused
to be deposited with the Trustee as trust funds in trust for such purpose an
amount of (a) money, or (b) (I) Eligible Obligations which through the payment
of interest and principal in respect thereof in accordance with their terms will
provide on or before the Stated Maturity or Redemption Date, as the case may be,
money in an amount, or (II) a combination of money or Eligible Obligations as
provided in clause (I) above, in each case sufficient, in the opinion of a
nationally recognized firm of independent certified public accountants expressed
in a written certification thereof delivered to the Trustee, to pay and
discharge the entire indebtedness on such Securities not theretofore delivered
to the Trustee for cancellation, for principal (and premium, if any) and
interest, if any, to the date of such deposit (in the case of Securities that
have become due and payable) or to the Stated Maturity or Redemption Date, as
the case may be;

     

    
      
        
        

      

      
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    (2)           the
Company has paid or caused to be paid all other sums payable hereunder by the
Company; and

     

    (3)           the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture have been met.

     

    Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company
to the Trustee under Section
607, the obligations of the Trustee to any Authenticating Agent under
Section 614 and, if
money or Eligible Obligations have been deposited with the Trustee pursuant to
subclause (B) of clause (1) of this Section or if money or Eligible Obligations
shall have been deposited with or received by the Trustee pursuant to Section 403, the obligations
of the Trustee under Section
402 and the last paragraph of Section 1003 shall
survive.

     

    (b)  Upon
satisfaction and discharge of this Indenture as provided in this Section 401, the Trustee shall
assign, transfer and turn over to the Company, subject to the lien provided by
Section 607, any and all
money, securities and other property then held by the Trustee for the benefit of
the Holders of the Securities other than money and Eligible Obligations held by
the Trustee pursuant to Section
402.

     

    Section
402.         Application of Trust
Money.  (a)  Neither the Eligible Obligations nor the
money deposited with the Trustee pursuant to Section 403(e), nor the
principal or interest payments on any such Eligible Obligations, shall be
withdrawn or used for any purpose other than, and shall be held in trust for,
the payment of the principal of and premium, if any, and interest, if any, on
the Securities or portions of principal amount thereof in respect of which such
deposit was made, all subject, however, to the provisions of Section 1003; provided, however, that, so
long as there shall not have occurred and be continuing an Event of Default, any
cash received from such principal or interest payments on such Eligible
Obligations deposited with the Trustee, if not then needed for such purpose,
shall, to the extent practicable, be invested in Eligible Obligations of the
type described in Section
403(e)(2)(A) maturing at such times and in such amounts as shall be
sufficient to pay when due the principal of and premium, if any, and interest,
if any, due and to become due on such Securities or portions thereof on and
prior to the Maturity thereof, and interest earned from such reinvestment shall
be paid over to the Company as received by the Trustee, free and clear of any
trust, lien or pledge under this Indenture except the lien provided by Section 607; and provided, further, that, so
long as there shall not have occurred and be continuing an Event of Default, any
moneys held by the Trustee in accordance with this Section on the Maturity of
all such Securities in excess of the amount required to pay the principal of and
premium, if any, and interest, if any, then due on such Securities shall be paid
over to the Company free and clear of any trust, lien or pledge under this
Indenture except the lien provided by Section 607.

    
      
         

      

      
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    (b)           The
Company shall pay and shall indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against Eligible Obligations deposited pursuant to
Section 401, 403 or 1007 or the interest and
principal received in respect of such obligations other than any payable by or
on behalf of Holders.

     

    Section
403.          Satisfaction, Discharge and
Defeasance of Securities of Any Series.  The Company shall be
deemed to have paid and discharged the entire indebtedness on all the
Outstanding Securities of any series or Tranche, or any portion of the principal
amount thereof, on the 91st day after the date of the deposit referred to in
subparagraph (e) hereof, and the provisions of this Indenture, as it relates to
such Outstanding Securities of such series, shall be satisfied and discharged
and shall no longer be in effect (and the Trustee, at the expense of the
Company, shall at Company Request execute proper instruments acknowledging the
same), except as to:

     

    (a)           the
rights of Holders of Securities of such series to receive, solely from the trust
funds described in subparagraph (e) hereof, (i) payment of the principal of (and
premium, if any) and each installment of principal of (and premium, if any) or
interest, if any, on the Outstanding Securities of such series, or portions
thereof, on the Stated Maturity of such principal or installment of principal or
interest or to and including the Redemption Date irrevocably designated by the
Company pursuant to subparagraph (k) hereof and (ii) the benefit of any
mandatory sinking fund payments applicable to the Securities of such series on
the day on which such payments are due and payable in accordance with the terms
of this Indenture and the Securities of such series;

     

    (b)           the
obligations of the Company and the Trustee with respect to such Securities of
such series under Sections 304,
305, 306, 614, 1002,
1003 and 1203 and, if the Company shall have irrevocably designated a
Redemption Date pursuant to subparagraph (k) hereof, Sections 1104 and 1106; and

     

    (c)           the
Company’s obligations with respect to the Trustee under Section 607;

     

    provided that, the following
conditions shall have been satisfied:

     

    (d)           the
Company has deposited or caused to be irrevocably deposited (except as provided
in Section 402) with the
Trustee as trust funds in trust, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of the Securities of such
series, (i) money in an amount, or (ii) (A) Eligible Obligations which through
the payment of interest and principal in respect thereof in accordance with
their terms will provide on or before the due date of any payment referred to in
clause (x) or (y) of this subparagraph (e) money in an amount or (B) a
combination thereof, sufficient, in the opinion of a nationally recognized firm
of independent certified public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge (x) the principal of (and
premium, if any) and each installment of principal (and premium, if any) and
interest, if any, on such Securities on the Stated Maturity of such principal or
installment of principal or interest or to and including the Redemption Date
irrevocably designated by the Company pursuant to subparagraph (k) hereof and
(y) any mandatory sinking fund payments applicable to the Securities of such
series on the day on which such payments are due and payable in accordance with
the terms of this Indenture and of the Securities of such
series;

    
      
         

      

      
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    (e)           such
deposit will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the Company
is a party or by which it is bound;

     

    (f)           such
provision would not cause any Outstanding Securities of such series then listed
on the New York Stock Exchange or other securities exchange to be delisted as a
result thereof;

     

    (g)           no
Event of Default or event that with notice or lapse of time would become an
Event of Default with respect to the Securities of such series has occurred and
is continuing on the date of such deposit or during the period ending on the
91st day after such date;

     

    (h)           the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel to the effect that (x) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling or (y) there has been a
change in law or regulation occurring after the date hereof, to the effect that
Holders of the Securities of such series will not recognize income, gain or loss
for federal income tax purposes as a result of such deposit, defeasance and
discharge and will be subject to federal income tax on the same amount and in
the same manner and at the same times, as would have been the case if such
deposit, defeasance and discharge had not occurred;

     

    (i)           the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for relating to the
defeasance contemplated by this Section have been complied with;
and

     

    (j)           if
the Company has deposited or caused to be deposited money or Eligible
Obligations to pay or discharge the principal of (and premium, if any) and
interest on the Outstanding Securities of a series to and including a Redemption
Date pursuant to subparagraph (e) hereof, such Redemption Date shall be
irrevocably designated by a Board Resolution delivered to the Trustee on or
prior to the date of deposit of such money or Eligible Obligations, and such
Board Resolution shall be accompanied by an irrevocable Company Request that the
Trustee give notice of such redemption in the name and at the expense of the
Company not less than 30 nor more than 60 days prior to such Redemption Date in
accordance with Section
1104.

     

    ARTICLE
V

     

    REMEDIES

     

    Section
501.           Events of
Default.  “Event of
Default”, wherever used herein with respect to Securities of any series,
means any one of the following events:

     

    
      
        
        

      

      
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    (1)           default
in the payment of any interest upon any Security of that series when it becomes
due and payable, and continuance of such default for a period of 30 days; provided, however, that a
valid extension of the interest payment period by the Company as contemplated in
Section 312 shall not
constitute a failure to pay interest for this purpose; or

     

    (2)           default
in the payment of the principal of (or premium, if any, on) any Security of that
series at its Maturity; or

     

    (3)           default
in the deposit of any sinking fund payment, when and as due by the terms of a
Security of that series; or

     

    (4)           default
in the performance, or breach, of any covenant or warranty of the Company in
this Indenture (other than a covenant or warranty a default in whose performance
or whose breach is elsewhere in this Section specifically dealt with or which
has expressly been included in this Indenture solely for the benefit of one or
more series of Securities other than that series), and continuance of such
default or breach for a period of 60 days after there has been given, by
registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in aggregate principal amount of
the Outstanding Securities of such series a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice
is a “Notice
of Default” hereunder; or

     

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

     

    (6)           the
commencement by the Company 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 it to the entry of a decree or order for relief in
respect of the Company 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 Company or of any substantial part of its property,
or the making by it of an assignment for the benefit of creditors, or the
admission by it in writing of its inability to pay its debts generally as they
become due, or the taking of corporate action by the Company in furtherance of
any such action; or

     

    
      
        
        

      

      
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    (7)           any
other Event of Default provided with respect to Securities of such series as
contemplated by Sections
301 and 901(3).

    Section
502.          Acceleration of Maturity;
Rescission and Annulment.  If an Event of Default with respect
to any series or Tranche of Senior Securities at the time Outstanding occurs and
is continuing, then, unless the principal of and interest on such series or
Tranche of Senior Securities has already become due and payable, either the
Trustee or the Holders of a majority in aggregate principal amount of such
series or Tranche of Senior Securities then outstanding, by notice in writing to
the Company (and to the Trustee if given by such Holders), may declare the
principal of and interest on all the Senior Securities of such series or Tranche
(or if any of the Senior Securities are Original Issue Discount Securities or
Indexed Securities, such portion of the principal amount of such Securities as
may be specified in the terms thereof) to be due and payable immediately and
upon any such declaration the same shall become immediately due and payable,
anything in this Indenture or in the Senior Securities of such series or Tranche
contained to the contrary notwithstanding; provided, however, that if an Event of
Default has occurred and is continuing with respect to more than one series or
Tranche of Senior Securities, the Trustee or the Holders of a majority in
aggregate principal amount of the Outstanding Senior Securities (or if any of
the Senior Securities are Original Issue Discount Securities or Indexed
Securities, such portion of the principal amount of such Securities as may be
specified in the terms thereof) of all such series or Tranches (voting as one
class) may make such declaration of acceleration, and not the Holders of the
Senior Securities of any one of such series or Tranches.

     

    If an
Event of Default with respect to any series or Tranche of Subordinated
Securities at the time Outstanding occurs and is continuing, then, unless the
principal of and interest on such series or Tranche of Subordinated Securities
has already become due and payable, either the Trustee or the Holders of a
majority in aggregate principal amount of the Subordinated Securities of such
series or Tranche then outstanding, by notice in writing to the Company (and to
the Trustee if given by such Holders), may declare the principal of and interest
on all the Subordinated Securities of such series or Tranche (or if any of the
Subordinated Securities are Original Issue Discount Securities or Indexed
Securities, such portion of the principal amount of such Securities as may be
specified in the terms thereof) to be due and payable immediately and upon any
such declaration the same shall become immediately due and payable, anything in
this Indenture or in the Subordinated Securities of such series contained to the
contrary notwithstanding; provided, however, that if an Event of
Default has occurred and is continuing with respect to more than one series or
Tranche of Subordinated Securities, the Trustee or the Holders of a majority in
aggregate principal amount of the Outstanding Subordinated Securities (or if any
of the Subordinated Securities are Original Issue Discount Securities or Indexed
Securities, such portion of the principal amount of such Securities as may be
specified in the terms thereof) of all such series or Tranche (voting as one
class) may make such declaration of acceleration, and not the Holders of the
Subordinated Securities of any one of such series or Tranches.

     

    In the
case of any declaration of acceleration of the Stated Maturity of any Original
Issue Discount Securities or Indexed Securities of a series, the Company shall
furnish the Trustee with an Officer’s Certificate stating the amount of
principal to be paid to a Holder of $1,000 principal amount of such
Securities.

     

    
      
        
        

      

      
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    At any
time after such a declaration of acceleration with respect to Securities of any
series has been made and before a judgment or decree for payment of the money
due has been obtained by the Trustee as hereinafter in this Article provided,
the Event or Events of Default giving rise to such declaration of acceleration
shall, without further act, be deemed to have been waived, and such declaration
and its consequences shall, without further act, be deemed to have been
rescinded and annulled, if

     

    (1)           the
Company has paid or deposited with the Trustee a sum sufficient to
pay

     

    (A)           all
overdue interest on all Securities of any such series,

     

    (B)           the
principal of (and premium, if any, on) any Securities of such series that have
become due otherwise than by such declaration of acceleration and interest
thereon at the rate or rates prescribed therefor in such
Securities,

     

    (C)           to
the extent that payment of such interest is lawful, interest upon overdue
interest at the rate or rates prescribed therefor in such Securities,
and

     

    (D)           all
amounts due to the Trustee under Section 607;

     

    and

     

    (2)           all
Events of Default with respect to Securities of that series, other than the
non-payment of the principal of Securities of that series that have become due
solely by such declaration of acceleration, have been cured or waived as
provided in Section
513.

     

    No such
rescission shall affect any subsequent Event of Default or impair any right
consequent thereon.

     

    Section
503.          Collection of Indebtedness
and Suits for Enforcement by Trustee.  If an Event of Default
described in clause (1) or (2) of Section 501 has occurred and
is continuing, the Company shall, upon demand of the Trustee, pay to it, for the
benefit of the Holders of the Securities of the series with respect to which
such Event of Default has occurred, the whole amount then due and payable on
such Securities for principal (and premium, if any) and interest, if any, and,
to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal (and premium, if any) and on any overdue
interest, at the rate or rates prescribed therefor in such Securities, and, in
addition thereto, such further amount as shall be sufficient to cover any
amounts due to the Trustee under Section 607.

     

    If the
Company fails to pay such amounts forthwith upon such demand, the Trustee, in
its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the sums so due and unpaid, may prosecute such
proceeding to judgment or final decree and may enforce the same against the
Company or any other obligor upon such Securities and collect the moneys
adjudged or decreed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon such Securities, wherever
situated.

     

    
      
        
        

      

      
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    If an
Event of Default with respect to Securities of any series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of the Holders of Securities of such series by such
appropriate judicial proceedings as the Trustee deems most effectual to protect
and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy.

     

    Section
504.          Trustee May File Proofs of
Claim.  In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to the Company or any other
obligor upon the Securities or the property of the Company or of such other
obligor or their creditors, the Trustee (irrespective of whether the principal
of the Securities shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have made
any demand on the Company for the payment of overdue principal or interest)
shall be entitled and empowered, by intervention in such proceeding or
otherwise,

     

    (i)           to
file and prove a claim for the whole amount of principal (and premium, if any)
and interest, if any, owing and unpaid in respect of the Securities and to file
such other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for amounts due to the Trustee
under Section 607 and of
the Holders allowed in such judicial proceeding, and

     

    (ii)           to
collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute the same;

     

    and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee and, if the Trustee consents to the
making of such payments directly to the Holders, to pay to the Trustee any
amount due it under Section
607.

     

    Nothing
herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
or the rights of any Holder thereof or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.

     

    Section
505.          Trustee May Enforce Claims
Without Possession of Securities or Coupons.  All rights of
action and claims under this Indenture or the Securities or coupons may be
prosecuted and enforced by the Trustee without the possession of any of the
Securities or coupons or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the Trustee shall be brought in
its own name as trustee of an express trust, and any recovery of judgment shall,
after provision for the payment of the amounts due to the Trustee under Section 607, be for the
ratable benefit of the Holders of the Securities and coupons in respect of which
such judgment has been recovered.

     

    
      
        
        

      

      
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    Section
506.          Application of Money
Collected.  Any money collected by the Trustee pursuant to this
Article shall be applied in the following order, at the date or dates fixed by
the Trustee, and, in case of the distribution of such money on account of
principal (or premium, if any) or interest, if any, upon presentation of the
Securities in respect of which or for the benefit of which such money shall have
been collected and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid:

     

    FIRST:  To
the payment of all amounts due the Trustee under Section 607;

     

    SECOND:  To
the payment of the amounts then due and unpaid for principal of (and premium, if
any) and interest, if any, on the Securities in respect of which or for the
benefit of which such money has been collected, ratably, without preference or
priority of any kind, according to the amounts due and payable on such
Securities for principal (and premium, if any) and interest, if any,
respectively; and

     

    THIRD:  The
balance, if any, to the Company.

     

    The
Trustee may fix a record date (with respect to Registered Securities) and
payment date for any such payment to Holders of Securities.

     

    Section
507.          Limitation on
Suits.  No Holder of any Security of any series shall have any
right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless

     

    (1)           such
Holder has previously given written notice to the Trustee of a continuing Event
of Default with respect to the Securities of that series;

     

    (2)           the
Holders of not less than a majority in aggregate principal amount of the
Outstanding Securities of all series of Senior Securities in respect of which an
Event of Default has occurred and is continuing, considered as one class, shall
have made written request to the Trustee to institute proceedings in respect of
such Event of Default in its own name as Trustee hereunder if such holder is a
Holder of Senior Securities or the Holders of not less than a majority in
aggregate principal amount of the Outstanding Securities of all series of
Subordinated Securities in respect of which an Event of Default has occurred and
is continuing, considered as one class, shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own
name as Trustee hereunder if such  Holder is a Holder of Subordinated
Securities;

     

    (3)           such
Holder or Holders have offered to the Trustee indemnity against the reasonable
costs, expenses and liabilities to be incurred in compliance with such
request;

     

    (4)           the
Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and

    
      
         

      

      
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    (5)           no
direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in aggregate principal
amount of the Outstanding Securities of all
series;
 

    it being
understood and intended that (subject to Section 508) no one or more of
such Holders shall have any right in any manner whatever by virtue of, or by
availing of, any provision of this Indenture to affect, disturb or prejudice the
rights of any other of such Holders, or to obtain or to seek to obtain priority
or preference over any other of such Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable
benefit of all of such Holders.

     

    Section
508.         Unconditional Right of
Holders to Receive Principal, Premium and Interest. Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the
right, which is absolute and unconditional, to receive payment of the principal
of (and premium, if any) and (subject to Section 307) interest, if any,
on such Security on the Stated Maturity or Maturities expressed in such Security
(or, in the case of redemption, on the Redemption Date, or, in the case of
repayment at the option of the Holder, on the Repayment Date) and to institute
suit for the enforcement of any such payment, and such rights shall not be
impaired without the consent of such Holder.

     

    Section
509.         Restoration of Rights and
Remedies. If the
Trustee or any Holder has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or to
such Holder, then and in every such case, subject to any determination in such
proceeding, the Company, the Trustee and such Holder shall be restored severally
and respectively to their former positions hereunder and thereafter all rights
and remedies of the Trustee and such Holder shall continue as though no such
proceeding had been instituted.

     

    Section
510.         Rights and Remedies
Cumulative. Except as
otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

     

    Section
511.         Delay or Omission Not
Waiver. No delay
or omission of the Trustee or of any Holder of any Securities to exercise any
right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein.  Every right and remedy given by this Article or by law to
the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may
be.

    
      
         

      

      
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    Section
512.          Control by Holders.
If an
Event of Default shall have occurred and be continuing in respect of a series of
Securities, the Holders of a majority in aggregate principal amount of the
Outstanding Securities of such series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred on the Trustee, with respect
to the Securities of such series or Tranche; provided, however, that if an
Event of Default has occurred and is continuing with respect to more than one
series of Senior Securities, the Holders of a majority in aggregate principal
amount of the Outstanding Securities of all such series, considered as one
class, shall have the right to make such direction, an not the Holders of the
Senior Securities of any one of such series, and if an Event of Default has
occurred and is continuing with respect to more than one series of Subordinated
Securities, the Holders of a majority in aggregate principal amount of all such
series, considered as one class, shall have the right to make such direction,
and not the Holders of the Subordinated Securities of any one of such series;
provided, further
that

     

    (1)           such
direction shall not be in conflict with any rule of law or with this Indenture,
and

     

    (2)           the
Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction.

     

    Section
513.          Waiver of Past
Defaults. The
Holders of not less than a majority in aggregate principal amount of the
Outstanding Securities of any series may on behalf of the Holders of all the
Securities of such series waive any past default hereunder with respect to such
series and its consequences; provided that if any such
past default has occurred with respect to more than one series of Senior
Securities, the Holders of a majority in aggregate principal amount of the
Outstanding Securities of all such series, considered as one class, may make
such waiver, and not the Holders of any one of such series; provided further that if any
such past default has occurred with respect to more than one series of
Subordinated Securities, the Holders of a majority in aggregate principal amount
of the Outstanding Securities of all such series, considered as one class, may
make such waiver, and not the Holders of any one of such series, in each case
except a default

     

    (1)           in
the payment of the principal of (or premium, if any) or interest, if any, on any
Security of such series, or

     

    (2)           in
respect of a covenant or provision hereof that under Section 902 cannot be modified
or amended without the consent of the Holder of each Outstanding Security of
such series affected.

     

    Upon any
such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other default or
impair any right consequent thereon.

     

    Section
514.          Undertaking for
Costs. All
parties to this Indenture agree, and each Holder of any Security by his
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in
its discretion assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the
Company, to any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10% in aggregate
principal amount of the Outstanding Securities of all series in respect of which
such suit may be brought, considered as one class, or to any suit instituted by
any Holder for the enforcement of the payment of the principal of (or premium,
if any) or interest, if any, on any Security on or after the Stated Maturity or
Maturities expressed in such Security (or, in the case of redemption, on or
after the Redemption Date, or, in the case of repayment at the option of the
Holder, on or after the Repayment Date).

    
      
         

      

      
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    Section
515.         Waiver of Stay or Extension
Laws. The
Company covenants (to the extent that it may lawfully do so) that it will not at
any time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law wherever enacted, now or at
any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Company (to the extent that it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law and covenants
that it will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted.

     

    ARTICLE
VI

     

    THE
TRUSTEE

     

    Section
601.         Certain Duties and
Responsibilities. (a)  Except
during the continuance of an Event of Default with respect to Securities of any
series,

     

    (1)          the
Trustee undertakes to perform, with respect to Securities of such series, such
duties and only such duties as are specifically set forth in this Indenture, and
no implied covenants or obligations shall be read into this Indenture against
the Trustee; and

     

    (2)          in
the absence of bad faith on its part, the Trustee may, with respect to
Securities of such series, conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or
opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the
Trustee shall be under a duty to examine the same to determine whether or not
they conform to the requirements of this Indenture.

     

    (b)          If
an Event of Default with respect to Securities of any series has occurred and is
continuing, the Trustee shall exercise, with respect to Securities of such
series, such of the rights and powers vested in it by this Indenture, and use
the same degree of care and skill in their exercise, as a prudent man would
exercise or use under the circumstances in the conduct of his own
affairs.

     

    (c)          No
provision of this Indenture shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act, or its
own wilful misconduct, except that

    
      
         

      

      
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    (1)           this
subsection shall not be construed to limit the effect of sub-section (a) of this
Section;

     

    (2)           the
Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it shall be proved that the Trustee was negligent in
ascertaining the pertinent facts;

     

    (3)           the
Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Holders of a
majority in aggregate principal amount of the Outstanding Securities of any one
or more series, as provided herein, relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Indenture with respect
to the Securities of such series; and

     

    (4)           no
provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of
its duties hereunder, or in the exercise of any of its rights or powers, if it
has reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to
it.

     

    (d)           Whether
or not therein expressly so provided, every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the
Trustee shall be subject to the provisions of this Section.

     

    Section
602.         Notice of Defaults.
Within 90
days after the occurrence of any default hereunder with respect to the
Securities of any series, the Trustee shall transmit by mail to all Holders of
Securities of such series entitled to receive reports pursuant to Section 704(3) (and, if
Unregistered Securities of that series are outstanding, shall cause to be
published at least once in an Authorized Newspaper in The City of New York and,
if Securities of that series are listed on any stock exchange outside of the
United States, in the city in which such stock exchange is located) notice of
such default hereunder known to the Trustee, unless such default shall have been
cured or waived; provided, however, that, except in the
case of a default in the payment of the principal of (or premium, if any) or
interest, if any, on any Security of such series or in the payment of any
sinking fund installment with respect to Securities of such series, the Trustee
shall be protected in withholding such notice if and so long as the board of
directors, the executive committee or a trust committee of directors or
Responsible Officers of the Trustee in good faith determine that the withholding
of such notice is in the interest of the Holders of Securities of such series;
and provided, further,
that in the case of any default of the character specified in Section 501(4) with respect to
Securities of such series, no such notice to Holders shall be given until at
least 75 days after the occurrence thereof.  For the purpose of this
Section, the term “default”
means any event that is, or after notice or lapse of time or both would become,
an Event of Default with respect to Securities of such series.

     

    Section
603.          Certain Rights of
Trustee. Subject
to the provisions of Section
601 and to the applicable provisions of the Trust Indenture
Act:

    
      
         

      

      
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    (a)           the
Trustee may rely and shall be protected in acting or refraining from acting upon
any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document reasonably believed by it to be genuine
and to have been signed or presented by the proper party or
parties;

     

    (b)           any
request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order, or as otherwise expressly
provided herein, and any resolution of the Board of Directors may be
sufficiently evidenced by a Board Resolution;

     

    (c)           whenever
in the administration of this Indenture the Trustee shall deem it desirable that
a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s
Certificate or a certificate of an officer or officers delivered pursuant to
Section 301 and such
Officer’s Certificate or certificate of an officer or officers, in the absence
of negligence or bad faith on the part of the Trustee, shall be full warrant to
the Trustee for any action taken, suffered or omitted by it under the provisions
of this Indenture upon the faith thereof;

     

    (d)           the
Trustee may consult with counsel and the written advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection in
respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon;

     

    (e)           the
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders
pursuant to this Indenture, unless such Holders shall have offered to the
Trustee reasonable security or indemnity against the costs, expenses and
liabilities that might be incurred by it in compliance with such request or
direction;

     

    (f)           the
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall (subject to applicable legal
requirements) be entitled to examine, during normal business hours, the books,
records and premises of the Company, personally or by agent or attorney;
and

     

    (g)           the
Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee
shall not be responsible for any misconduct or negligence on the part of any
agent or attorney appointed with due care by it hereunder; no Depository or
Paying Agent shall be deemed an agent of the Trustee and the Trustee shall not
be responsible for any act or omission by any of them.

    
      
         

      

      
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    Section
604.          Not Responsible for Recitals
or Issuance of Securities. The
recitals contained herein and in the Securities, except the Trustee’s
certificate of authentication, shall be taken as the statements of the Company,
and the Trustee or any Authenticating Agent assumes no responsibility for their
correctness.  The Trustee makes no representations as to the validity
or sufficiency of this Indenture or of the Securities of any series or any
coupons.  The Trustee or any Authenticating Agent shall not be
accountable for the use or application by the Company of Securities or the
proceeds thereof.  The Trustee shall not be responsible for and makes
no representations as to the Company’s ability or authority to issue the
Unregistered Securities or the lawfulness thereof.

     

    Section
605.          May Hold Securities.
The
Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or
any other agent of the Company or the Trustee, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with
the Company with the same rights it would have if it were not Trustee,
Authenticating Agent, Paying Agent, Security Registrar or such other
agent.

     

    Section
606.          Money Held in Trust.
Money
held by the Trustee or by any Paying Agent (other than the Company if the
Company shall act as Paying Agent) in trust hereunder need not be segregated
from other funds except to the extent required by law. Neither the Trustee nor
any Paying Agent shall be liable for interest on any money received by it
hereunder except as expressly provided herein or otherwise agreed with the
Company.

     

    Section
607.          Compensation and
Reimbursement. The
Company agrees

     

    (1)           to
pay to the Trustee from time to time reasonable compensation for all services
rendered by it hereunder (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust);

     

    (2)           except
as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made
by the Trustee in accordance with any provision of this Indenture (including the
reasonable compensation and the expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be
attributable to its negligence, wilful misconduct or bad faith; and

     

    (3)           to
indemnify the Trustee for, and to hold it harmless against, any loss, liability
or expense reasonably incurred without negligence, wilful misconduct or bad
faith on its part, arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder or performance of its duties
hereunder, including the costs and expenses of defending itself against any
claim or liability in connection with the exercise or performance of any of its
powers or duties hereunder.

     

    As
security for the performance of the obligations of the Company under this
Section, the Trustee shall have a claim prior to the Securities and any coupons
upon all property and funds held or collected by the Trustee as such, except
property and funds held in trust for the payment of principal of (and premium,
if any) or interest, if any, on particular Securities or any
coupons.

    
      
         

      

      
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    Section
608.          Disqualification;
Conflicting Interests. If the
Trustee has or acquires any conflicting interest within the meaning of the Trust
Indenture Act with respect to the Securities of any series, it shall either
eliminate such conflicting interest or resign to the extent, in the manner and
with the effect, and subject to the conditions, provided in the Trust Indenture
Act and this Indenture. For purposes of Section 310(b)(1) of the Trust Indenture
Act and to the extent permitted thereby, the Trustee, in its capacity as trustee
in respect of the equally ranked and unsecured Securities of any series, shall
not be deemed to have a conflicting interest arising from its capacity as
trustee in respect of the equally ranked and unsecured Securities of any other
series under this Indenture or any securities issued under the Indenture dated
as of [  ] between the Company and the Trustee [specifically describe other
outstanding indentures with the Trustee].

     

    Section
609.          Corporate Trustee Required;
Eligibility. There
shall at all times be a Trustee hereunder that shall be a corporation organized
and doing business under the laws of the United States of America, any State
thereof or the District of Columbia (or such other Person as may be permitted to
act as Trustee by the Commission), authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least
$50,000,000, subject to supervision or examination by federal or state authority
and qualified and eligible under this Article, provided that, neither the
Company nor any Affiliate of the Company may serve as Trustee of any
Securities.  If such corporation publishes reports of condition at
least annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined capital
and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so
published.  If at any time the Trustee ceases to be eligible in
accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect hereinafter specified in this
Article.

     

    Section
610.          Resignation and Removal;
Appointment of Successor. (a)  No
resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable
requirements of Section
611.

     

    (b)           The
Trustee may resign at any time with respect to the Securities of one or more
series by giving written notice thereof to the Company.  If the
instrument of acceptance by a successor Trustee required by Section 611 has not been
delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

     

    (c)           The
Company may at any time by a Board Resolution remove the Trustee with respect to
the Securities of any or all series.

     

    (d)           The
Trustee may be removed at any time with respect to the Securities of any series
by Act of the Holders of a majority in aggregate principal amount of the
Outstanding Securities of such series, delivered to the Trustee and to the
Company.

     

    (e)           If
at any time:

    
      
         

      

      
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    (1)           the
Trustee fails to comply with Section 608 with respect to
the Securities of any series, after written request therefor by the Company or
by any Holder who has been a bona fide Holder of a Security of such series for
at least six months, or

     

    (2)           the
Trustee ceases to be eligible under Section 609 and fails to
resign after written request therefor by the Company or by any such Holder,
or

     

    (3)           the
Trustee becomes incapable of acting or becomes adjudged a bankrupt or insolvent
or a receiver of the Trustee or of its property is appointed or any public
officer takes charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation,

     

    then, in
any such case, subject to Section 514, any Holder who
has been a bona fide Holder of a Security for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and
the appointment of a successor Trustee or Trustees.

     

    (f)           If
the Trustee resigns, is removed or becomes incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause, with respect to the
Securities of one or more series, the Company, by a Board Resolution, shall
promptly appoint a successor Trustee or Trustees with respect to the Securities
of that or those series (it being understood that any such successor Trustee may
be appointed with respect to the Securities of one or more or all of such series
and that at any time there shall be only one Trustee with respect to the
Securities of any particular series) and shall comply with the applicable
requirements of Section
611.  If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee with
respect to the Securities of any series is appointed by Act of the Holders of a
majority in aggregate principal amount of the Outstanding Securities of such
series delivered to the Company and the retiring Trustee, the successor Trustee
so appointed shall, forthwith upon its acceptance of such appointment in
accordance with the applicable requirements of Section 611, become the
successor Trustee with respect to the Securities of such series and to that
extent supersede the successor Trustee appointed by the Company.  If
no successor Trustee with respect to the Securities of any series has been so
appointed by the Company or the Holders and accepted appointment in the manner
required by Section 611,
any Holder who has been a bona fide Holder of a Security of such series for at
least six months may, subject to Section 514, on behalf of
himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

     

    (g)           The
Company shall give notice of each resignation and each removal of the Trustee
with respect to the Securities of any series and each appointment of a successor
Trustee with respect to the Securities of any series by mailing written notice
of such event by first-class mail, postage prepaid, to all Holders of Securities
of such series entitled to receive reports pursuant to Section 704(3) and, if any
Unregistered Securities are outstanding, by publishing notice of such event once
in an Authorized Newspaper in The City of New York and, if any Unregistered
Securities are listed on any stock exchange outside of the United States, in the
city in which such stock exchange is located.  Each notice shall
include the name of the successor Trustee with respect to the Securities of such
series and the address of its Corporate Trust Office.

    
      
         

      

      
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    (h)           All
provisions of this Section except subparagraph (d) and Section 611(b) (except for the
last clause, after omitting the words “after deducting all amounts owed to the
retiring Trustee pursuant to Section 607,” which shall
apply) shall apply also to any Paying Agent located outside the United States
and its possessions.

     

    Section
611.          Acceptance of Appointment by
Successor. (a)  In
case of the appointment hereunder of a successor Trustee with respect to the
Securities of all series, every such successor Trustee so appointed shall
execute, acknowledge and deliver to the Company and to the retiring Trustee an
instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on the request
of the Company or the successor Trustee, such retiring Trustee shall, upon
payment of its charges, execute and deliver an instrument transferring to such
successor Trustee all the rights, powers and trusts of the retiring Trustee and
shall duly assign, transfer and deliver to such successor Trustee all property
and money held by such retiring Trustee hereunder, subject nevertheless to its
lien provided for in Section
607.

     

    (b)           In
case of the appointment hereunder of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more
series shall execute and deliver an indenture supplemental hereto wherein each
successor Trustee shall accept such appointment and which (1) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates, (2) if the retiring Trustee
is not retiring with respect to all Securities, shall contain such provisions as
shall be deemed necessary or desirable to confirm that all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that
or those series as to which the retiring Trustee is not retiring shall continue
to be vested in the retiring Trustee, and (3) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such
Trustee shall be trustee of a trust or trusts hereunder separate and apart from
any trust or trusts hereunder administered by any other such Trustee; and upon
the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided
therein and each such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates; but, on request of
the Company or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee, after deducting all amounts owed
to the retiring Trustee pursuant to Section 607, all property and
money held by such retiring Trustee hereunder with respect to the Securities of
that or those series to which the appointment of such successor Trustee
relates.

     

    (c)           Upon
request of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such
successor Trustee all such rights, powers and trusts referred to in paragraph
(a) or (b) of this Section, as the case may be.

    
      
         

      

      
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    (d)           No
successor Trustee shall accept its appointment unless at the time of such
acceptance such successor Trustee shall be qualified and eligible under this
Article.

     

    Section
612.          Merger, Conversion,
Consolidation or Succession to Business. Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such corporation
shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto.  In case any Securities shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the same effect
as if such successor Trustee had itself authenticated such
Securities.  In case any Securities shall not have been authenticated
by such predecessor Trustee, any such successor Trustee may authenticate and
deliver such Securities, in either its own name or that of its predecessor
Trustee, with the full force and effect which this Indenture provides for the
certificate of authentication of the Trustee.

     

    Section
613.          Preferential Collection of
Claims Against Company. The
Trustee shall comply with TIA § 311(a), excluding any creditor relationship
listed in TIA § 311(b).  A Trustee who has resigned or been
removed shall be subject to TIA § 311(a) to the extent indicated
therein.

     

    Section
614.          Appointment of
Authenticating Agent. At any
time when any of the Securities remain Outstanding the Trustee may appoint an
Authenticating Agent or Agents (which may include any Person that owns, directly
or indirectly, all of the capital stock of the Trustee or a corporation that is
a wholly-owned subsidiary of the Trustee or of such other Person) with respect
to one or more series of Securities, or any Tranche thereof, that shall be
authorized to act on behalf of the Trustee to authenticate Securities of such
series or Tranche issued upon original issuance, exchange, registration of
transfer or partial redemption thereof or pursuant to Section 306, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder.  The Trustee shall mail written notice of such appointment
by first-class mail, postage prepaid, to all Holders of Securities of the series
or Tranche with respect to which such Authenticating Agent will serve, and which
are entitled to receive reports pursuant to Section 704(3) and, if any
Unregistered Securities are outstanding, by publishing notice of such event once
in an Authorized Newspaper in The City of New York and, if any Unregistered
Securities are listed on any stock exchange outside of the United States, in the
city in which such stock exchange is located.  Wherever reference is
made in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee’s certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent.  Each Authenticating Agent
shall be acceptable to the Company and shall at all times be a corporation
organized and doing business under the laws of the United States of America, any
state thereof or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than
$1,000,000 and subject to supervision or examination by federal or state
authority.  If such Authenticating Agent publishes reports of
condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such Authenticating Agent shall be deemed to be
its combined capital and surplus as set forth in its most recent report of
condition so published.  If at any time an Authenticating Agent ceases
to be eligible in accordance with the provisions of this Section, such
Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section.

    
      
         

      

      
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    Any
corporation into which an Authenticating Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which such Authenticating Agent shall be a party,
or any corporation succeeding to the corporate agency or corporate trust
business of an Authenticating Agent, shall continue to be an Authenticating
Agent, provided such
corporation shall be otherwise eligible under this Section, without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

     

    An
Authenticating Agent may resign with respect to one or more series of Securities
at any time by giving written notice thereof to the Trustee and to the
Company.  The Trustee may at any time terminate the agency of an
Authenticating Agent with respect to one or more series of Securities by giving
written notice thereof to such Authenticating Agent and to the Company. Upon
receiving such a notice of resignation or upon such a termination, or in case at
any time such Authenticating Agent ceases to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent that is acceptable to the Company and shall provide notice of such
appointment to all Holders of Securities of the series or Tranche with respect
to which such Authenticating Agent will serve, as provided in paragraph (a) of
this Section.  Any successor Authenticating Agent upon acceptance of
its appointment hereunder shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named as
an Authenticating Agent.  No successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section.  An
Authenticating Agent appointed pursuant to this Section shall be entitled to
rely on Sections 111,
308, 604 and 605 hereunder.

     

    The
Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section, and the Trustee shall be
entitled to be reimbursed for such payments, subject to the provisions of Section 607.

     

    If an
appointment with respect to the Securities of one or more series, or any Tranche
thereof, is made pursuant to this Section, the Securities of such series or
Tranche may have endorsed thereon, in addition to the Trustee’s certificate of
authentication, an alternate certificate of authentication in the following
form:

    
      
         

      

      
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    This is
one of the Securities of the series designated pursuant to and issued under the
within-mentioned Indenture.

     

    
      
        
          
            	
                    [

                  	
                                       ]

                  
	 
      	
                    As
      Trustee

                  
	 
      	 
      
	
                    By

                  	 
      
	 
      	
                    As
      Authenticating Agent on behalf of the Trustee

                  
	 
      	 
      
	
                    By

                  	 
      
	 
      	
                    Authorized
      Officer of Authenticating
Agent

                  

          

        

      

    

    

    Dated:______________

    

    If all of
the  Securities of a series may not be originally issued at one time,
and if the Trustee does not have an office capable of authenticating Securities
upon original issuance located in a Place of Payment where the Company wishes to
have Securities of such series authenticated upon original issuance, the
Trustee, if so requested by the Company in writing (which writing need not
comply with Section 102
and need not be accompanied by an Opinion of Counsel), shall appoint, in
accordance with this Section and in accordance with such procedures as shall be
acceptable to the Trustee, an Authenticating Agent (which, if so requested by
the Company, may be an Affiliate of the Company) having an office in a Place of
Payment designated by the Company with respect to such series of
Securities.

     

    ARTICLE
VII

     

    HOLDERS’ LISTS AND REPORTS
BY TRUSTEE AND COMPANY

     

    Section
701.          Company to Furnish Trustee
Names and Addresses of Holders. The
Company will furnish or cause to be furnished to the Trustee

     

    (a)           semi-annually,
not later than the 15th day after each Regular Record Date for each series of
Registered Securities at the time Outstanding or on June 30 and December 31 of
each year with respect to each series of Securities for which there are no
Regular Record Dates, a list, in such form as the Trustee may reasonably
require, containing all the information in the possession or control of the
Company, or any of its Paying Agents other than the Trustee, of the names and
addresses of the Holders of Registered Securities of such series, including
Holders of interests in Global Securities, as of such preceding Regular Record
Date or on June 15 or December 15, as the case may be, or, in the case of a
series of non-interest bearing Securities, on a date to be determined as
contemplated pursuant to Section 301,
and

    
      
         

      

      
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    (b)           at
such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content
as of a date not more than 15 days prior to the time such list is
furnished;

     

    excluding from any such list
names and addresses received by the Trustee in its capacity as Security
Registrar for Registered Securities other than Global Securities.

     

    Section
702.          Preservation of Information;
Communications to Holders. (a)  The
Trustee shall preserve, in as current a form as is reasonably practicable, the
names and addresses of Holders of Registered Securities contained in the most
recent list furnished to the Trustee as provided in Section 701 and the names and
addresses of Holders of Registered Securities received by the Trustee in its
capacity as Security Registrar or Paying Agent.  The Trustee may
destroy any list furnished to it as provided in Section 701 upon receipt of a
new list so furnished.

     

    (b)           If
three or more Holders (herein referred to as “applicants”) apply in writing to
the Trustee, and furnish to the Trustee reasonable proof that each such
applicant has owned a Security for a period of at least six months preceding the
date of such application, and such application states that the applicants desire
to communicate with other Holders with respect to their rights under this
Indenture or under the Securities and is accompanied by a copy of the form of
proxy or other communication that such applicants propose to transmit, then the
Trustee shall, within five business days after the receipt of such application,
at its election, either

     

               (i)afford such applicants access to the
information preserved at the time by the Trustee in accordance with Section 702(a),
or

     

               (ii)inform such applicants as to the
approximate number of Holders whose names and addresses appear in the
information preserved at the time by the Trustee in accordance with Section 702(a), and as to the
approximate cost of mailing to such Holders the form of proxy or other
communication, if any, specified in such application.

     

    If the
Trustee elects not to afford such applicants access to such information, the
Trustee shall, upon the written request of such applicants, mail to each Holder
whose name and address appear in the information preserved at the time by the
Trustee in accordance with Section 702(a) a copy of the
form of proxy or other communication that is specified in such request, with
reasonable promptness after a tender to the Trustee by the applicants of the
material to be mailed and of payment, or provision for the payment, of the
reasonable expenses of mailing, unless within five days after such tender the
Trustee shall mail to such applicants and file with the Commission, together
with a copy of the material to be mailed, a written statement to the effect
that, in the opinion of the Trustee, such mailing would be contrary to the best
interest of the Holders or would be in violation of applicable
law.  Such written statement shall specify the basis of such
opinion.  If the Commission, after opportunity for a hearing upon the
objections specified in the written statement so filed, enters an order refusing
to sustain any of such objections or if, after the entry of an order sustaining
one or more of such objections, the Commission finds, after notice and
opportunity for hearing, that all the objections so sustained have been met and
enters an order so declaring, the Trustee shall mail copies of such material to
all such Holders with reasonable promptness after the entry of such order and
the renewal of such tender by such applicants; otherwise the Trustee shall be
relieved of any obligation or duty to such applicants respecting their
application.

    
      
         

      

      
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    (c)           Every
Holder of Securities or coupons, by receiving and holding the same, agrees with
the Company and the Trustee that neither the Company nor the Trustee nor any
agent of either of them shall be held accountable by reason of the disclosure of
any such information as to the names and addresses of the Holders in accordance
with Section 702(b),
regardless of the source from which such information was derived, and that the
Trustee shall not be held accountable by reason of mailing any material pursuant
to a request made under Section
702(b).

     

    Section
703.          Reports by Trustee.
(a)  Within
60 days after May 15 of each year commencing with the year 200_, the Trustee
shall transmit by mail to all Holders of Registered Securities of any series, as
their names and addresses appear in the Security Register and to all other
Holders who are entitled to receive reports pursuant to Section 704(3), a brief report
dated as of such May 15 with respect to any of the following events which may
have occurred within the previous 12 months (but if no such event has occurred
within such period no report need be transmitted):

     

    (1)           any
change to its eligibility under Section 609 and its
qualifications under Section
608;

     

    (2)           the
creation of or any material change to a relationship specified in paragraphs (1)
through (10) of Section 310(b)
of the Trust Indenture Act;

     

    (3)           the
character and amount of any advances (and if the Trustee elects so to state, the
circumstances surrounding the making thereof) made by the Trustee (as such)
which remain unpaid on the date of such report, and for the reimbursement of
which it claims or may claim a lien or charge, prior to that of the Securities
of such series or any related coupons, on any property or funds held or
collected by it as Trustee, except that the Trustee shall not be required (but
may elect) to report such advances if such advances so remaining unpaid
aggregate not more than one-half of 1% of the principal amount of the Securities
of such series Outstanding on the date of such report;

     

    (4)           the
amount, interest rate and maturity date of all other indebtedness owing by the
Company (or by any other obligor on the Securities of such series) to the
Trustee in its individual capacity, on the date of such report, with a brief
description of any property held as collateral security therefor, except an
indebtedness based upon a creditor relationship arising in any manner described
in paragraphs (2), (3), (4) or (6) of Section 311(b) of the Trust
Indenture Act;

     

    (5)           any
change to the property and funds, if any, physically in the possession of the
Trustee as such on the date of such report;

     

    (6)           any
additional issue of Securities which the Trustee has not previously reported;
and

     

    (7)           any
action taken by the Trustee in the performance of its duties hereunder which it
has not previously reported and which in its opinion materially affects the
Securities of such series, except action in respect of a default, notice of
which has been or is to be withheld by the Trustee in accordance with Section 602.

    
      
         

      

      
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    (b)           The
Trustee shall transmit by mail to all Holders of Registered Securities of any
series, as their names and addresses appear in the Security Register and to all
Holders who are entitled to receive reports pursuant to Section 704(3), a brief report
with respect to the character and amount of any advances (and if the Trustee
elects so to state, the circumstances surrounding the making thereof) made by
the Trustee (as such) since the date of the last report transmitted pursuant to
subsection (a) of this Section (or if no such report has yet been so
transmitted, since the date of execution of this instrument) for the
reimbursement of which it claims or may claim a lien or charge, prior to that of
the Securities of such series, on property or funds held or collected by it as
Trustee and which it has not previously reported pursuant to this subsection,
except that the Trustee shall not be required (but may elect) to report such
advances if such advances remaining unpaid at any time aggregate 10% or less of
the principal amount of the Securities of such series Outstanding at such time,
such report to be transmitted within 90 days after such time.

     

    (c)           A
copy of each such report shall, at the time of such transmission to Holders, be
filed by the Trustee with each stock exchange upon which any Securities are
listed, with the Commission and with the Company. The Company will notify the
Trustee in writing when any Securities are listed on any stock
exchange.

     

    Section
704.          Reports by Company.
The
Company shall:

     

    (1)           file
with the Trustee, within 45 days after the Company is required to file the same
with the Commission, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing
as the Commission may from time to time by rules and regulations prescribe) that
the Company may be required to file with the Commission pursuant to Section 13
or Section 15(d) of the Securities Exchange Act of 1934; or, if the Company is
not required to file information, documents or reports pursuant to either of
said Sections, then it shall file with the Trustee and the Commission, in
accordance with rules and regulations prescribed from time to time by the
Commission, such of the supplementary and periodic information, documents and
reports that may be required pursuant to Section 13 of the Securities Exchange
Act of 1934 in respect of a security listed and registered on a national
securities exchange as may be prescribed from time to time in such rules and
regulations;

     

    (2)           file
with the Trustee and the Commission, in accordance with rules and regulations
prescribed by the Commission, such additional information, documents and reports
with respect to compliance by the Company with the conditions and covenants of
this Indenture as may be required from time to time by such rules and
regulations; and

    
      
         

      

      
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    (3)           transmit
by mail to all Holders of Registered Securities, as their names and addresses
appear in the Security Register, to such Holders of Unregistered Securities as
have, within the two years preceding such transmission, filed their names and
addresses with the Trustee for that purpose and to each Holder whose name and
address is then preserved on the Trustee’s list pursuant to the first sentence
of Section 702(a),
within 30 days after the filing thereof with the Trustee, such summaries of any
information, documents and reports required to be filed by the Company pursuant
to paragraphs (1) and (2) of this Section as may be required by rules and
regulations prescribed from time to time by the Commission.

     

    ARTICLE
VIII

     

    CONSOLIDATION, MERGER,
CONVEYANCE OR TRANSFER

     

    Section
801.          Company May Consolidate,
Etc. Only on Certain Terms. The
Company shall not consolidate with or merge into any other corporation or
convey, transfer or lease all or substantially all of its properties and assets
to any Person, unless:

     

    (1)           the
corporation formed by such consolidation or into which the Company is merged or
the Person that acquires by conveyance, transfer or lease the properties and
assets of the Company substantially as an entirety shall be a Person organized
and existing under the laws of the United States of America, any State thereof
or the District of Columbia and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form satisfactory
to the Trustee, the due and punctual payment of the principal of (and premium,
if any) and interest, if any, on all the Outstanding Securities and the
performance of every covenant of this Indenture on the part of the Company to be
performed or observed;

     

    (2)           immediately
after giving effect to such transaction, no Event of Default and no event that,
after notice or lapse of time or both, would become an Event of Default, shall
have occurred and be continuing;

     

    (3)           the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, conveyance, transfer or
lease and such supplemental indenture comply with this Article and that all
conditions precedent herein provided for relating to such transaction have been
met.

     

    Section
802.          Successor Corporation
Substituted. Upon any
consolidation or merger or any conveyance, transfer or lease of all or
substantially all the properties and assets of the Company in accordance with
Section 801, the
successor corporation formed by such consolidation or into which the Company is
merged or to which such conveyance, transfer or lease is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Company
under this Indenture with the same effect as if such successor corporation had
been named as the Company herein and thereafter, in the case of  a
conveyance, transfer or lease of properties and assets of the Company
substantially as an entirety, such conveyance, transfer or lease shall have the
effect of releasing the Person named as the “Company” in the first paragraph of
this instrument or any successor corporation which shall theretofore have become
such in the manner prescribed in this Article from its liability as obligor and
maker on any of the Securities.

    
      
         

      

      
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    ARTICLE
IX

     

    SUPPLEMENTAL
INDENTURES

     

    Section
901.          Supplemental Indentures
Without Consent of Holders. Without
the consent of any Holders, the Company and the Trustee, at any time and from
time to time, may enter into one or more indentures supplemental hereto, in form
satisfactory to the Trustee, for any of the following purposes:

     

    (1)           to
evidence the succession of another Person to the Company and the assumption by
any such successor of the covenants of the Company herein and in the Securities;
or

     

    (2)           to
add to the covenants of the Company for the benefit of the Holders of all or any
series of Securities, or any Tranche thereof (and if such covenants are to be
for the benefit of less than all series of Securities, stating that such
covenants are expressly being included solely for the benefit of such series),
or to surrender any right or power herein conferred upon the Company;
or

     

    (3)           to
add any additional Events of Default with respect to all or any series of
Securities Outstanding hereunder; or

     

    (4)           to
add to or change any of the provisions of this Indenture to such extent as shall
be necessary to permit or facilitate the issuance of Securities in bearer form,
registrable or not registrable as to principal, and with or without interest
coupons; or

     

    (5)           to
change or eliminate any of the provisions of this Indenture, or to add any new
provision to this Indenture, in respect of one or more series or Tranches of
Securities; provided,
however, that any such
change, elimination or addition (A) shall neither (i) apply to any Security
Outstanding on the date of such indenture supplemental hereto nor (ii) modify
the rights of the Holder of any such Security with respect to such provision in
effect prior to the date of such indenture supplemental hereto or (B) shall
become effective only when no Security of such series or Tranche remains
Outstanding; or

     

    (6)           to
secure the Securities pursuant to the requirements of any covenant on liens in
respect of such series of Securities or otherwise; or

     

    (7)           to
establish for the issuance of and establish the form or terms and conditions of
Securities of any series or Tranche as permitted by Section 301, and to establish
the form of any certificates required to be furnished pursuant to the terms of
this Indenture or any series of Securities; or

     

    (8)           to
provide for uncertificated Securities in addition to or in place of all, or any
series or Tranche of, certificated Securities; or

    
      
         

      

      
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    (9)           to
evidence and provide for the acceptance of appointment hereunder by a separate
or successor Trustee or co-trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, pursuant to the requirements of Section 611(b);
or

     

    (10)         to
change any place or places where (a) the principal of or premium, if any, or
interest, if any, on all or any series of Securities, or any Tranche thereof,
shall be payable, (b) all or any series of Securities, or any Tranche thereof,
may be surrendered for registration or transfer, (c) all or any series of
Securities, or any Tranche thereof, may be surrendered for exchange and (d)
notices and demands to or upon the Company in respect of all or any series of
Securities, or any Tranche thereof, and this Indenture may be
served;

     

    (11)         to
cure any ambiguity, to correct or supplement any provision herein that may be
defective or inconsistent with any other provision herein, provided such action shall
not adversely affect the interests of the Holders of Securities of any series or
Tranche in any material respect; or

     

    (12)         to
make any other provisions with respect to matters or questions arising under
this Indenture, provided such action shall
not adversely affect the interests of the Holders of any Securities of any
series or Tranche Outstanding on the date of such indenture supplemental
hereto.

     

    Without
limiting the generality of the foregoing, if the Trust Indenture Act as in
effect at the date of the execution and delivery of this Indenture or at any
time thereafter becomes amended and

     

    (x)           if
any such amendment requires one or more changes to any provisions hereof or the
inclusion herein of any additional provisions, or by operation of law is deemed
to effect such changes or incorporate such provisions by reference or otherwise,
this Indenture shall be deemed to have been amended so as to conform to such
amendment to the Trust Indenture Act, and the Company and the Trustee may,
without the consent of any Holders, enter into an indenture supplemental hereto
to effect or evidence such changes or additional provisions; or

     

    (y)           if
any such amendment permits one or more changes to, or the elimination of, any
provisions hereof that, at the date hereof or at any time thereafter, are
required by the Trust Indenture Act to be contained herein (or if it is no
longer required by the TIA for the Indenture to contain one or more provisions),
this Indenture shall be deemed to have been amended to effect such changes or
elimination, and the Company and the Trustee may, without the consent of any
Holders, enter into an indenture supplemental hereto to evidence such amendment
hereof; or

     

    (z)           if,
by reason of any such amendment, it shall be no longer necessary for this
Indenture to contain one or more provisions that, at the date of the execution
and delivery hereof, are required by the Trust Indenture Act to be contained
herein, the Company and the Trustee may, without the consent of any Holders,
enter into an indenture supplemental hereto to effect the elimination of such
provisions.

    
      
         

      

      
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    Section
902.          Supplemental Indentures With
Consent of Holders. (a)  Except
as set forth in paragraph (c) below, with the consent  of the Holders
of not less than a majority in aggregate principal amount of the Senior
Securities of all series then Outstanding (considered as one class), the
Company, when authorized by a resolution of its Board of Directors (which
resolution may provide general terms or parameters for such action and may
provide that the specific terms of such action may be determined in accordance
with or pursuant to a Company Order), and the Trustee may, from time to time and
at any time, enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Indenture or of any supplemental indenture or of
modifying in any manner the rights of the Holders of the Securities of each such
series or Tranche or of the Coupons appertaining to such Securities or of
modifying in any manner the rights of the Holders of Securities of such series
or Tranche under this Indenture; provided, however, that if
there are Senior Securities of more than one series Outstanding hereunder and if
a proposed supplemental indenture shall directly affect the rights of the
Holders of Senior Securities of one or more, but less than all, of such series,
then the consent only of the Holders of a majority in aggregate principal amount
of the Outstanding Securities of all series so directly affected, considered as
one class, shall be required; and provided, further, that if
the Securities of any series have been issued in more than one Tranche and if
the proposed supplemental indenture shall directly affect the rights of the
Holders of Senior Securities of one or more, but less than all, of such
Tranches, then the consent only of the Holders of a majority in aggregate
principal amount of the Outstanding Securities of all Tranches so directly
affected, considered as one class, shall be required.

     

    (b)           Except
as set forth in paragraph (c) below, with the consent of the Holders of not less
than a majority in aggregate principal amount of the Subordinated Securities of
all series then Outstanding (considered as one class), the Company, when
authorized by a resolution of its Board of Directors (which resolution may
provide general terms or parameters for such action and may provide that the
specific terms of such action may be determined in accordance with or pursuant
to a Company Order), and the Trustee may, from time to time and at any time,
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of any supplemental indenture or of modifying in
any manner the rights of the Holders of the Securities of each such series or of
the Coupons appertaining to such Securities or of modifying in any manner the
rights of the Holders of Securities of such series or Tranche under this
Indenture; provided,
however, that if there are Subordinated Securities of more than one
series Outstanding hereunder and if a proposed supplemental indenture shall
directly affect the rights of the Holders of Subordinated Securities of one or
more, but less than all, of such series, then the consent only of the Holders of
a majority in aggregate principal amount of the Outstanding Securities of all
series so directly affected, considered as one class, shall be required; and
provided, further, that
if the Securities of any series have been issued in more than one Tranche and if
the proposed supplemental indenture shall directly affect the rights of the
Holders of Subordinated Securities of one or more, but less than all, of such
Tranches, then the consent only of the Holders of a majority in aggregate
principal amount of the Outstanding Securities of all Tranches so directly
affected, considered as one class, shall be required.

     

    (c)           
No such supplemental indenture or waiver shall, without the consent of the
Holder of each Outstanding Security affected thereby,

    
      
         

      

      
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    (1)           change
the Stated Maturity of the principal of, or any installment of principal of or
interest on, any Security, or reduce the principal amount thereof or the rate of
interest thereon (or the amount of any installment of interest thereon) or any
premium payable upon the redemption thereof, or change the method of calculating
the rate of interest thereon, or reduce the amount of the principal of an
Original Issue Discount Security that would be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 502, or change the
coin or currency (or other property) in which, any Security or any premium or
the interest thereon is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the Stated Maturity thereof (or, in
the case of redemption, on or after the Redemption Date, or, in the case of
repayment at the option of the Holders, on or after the Repayment Date), or
modify any provisions of this Indenture with respect to the conversion or
exchange of the Securities into Securities of another series or into any other
debt or equity securities in a manner adverse to the Holders, or

     

    (2)           reduce
the percentage in principal amount of the Outstanding Securities of any series,
or any Tranche thereof, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any
waiver of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences provided for in this indenture,
or

     

    (3)           modify
any of the provisions of this Section, Section 513 or Section 1007, except to
increase any such percentage or to provide that certain other provisions of this
Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Security affected thereby, provided, however, that this clause
shall not be deemed to require the consent of any Holder with respect to changes
in the references to “the Trustee” and concomitant changes in this Section and
Section 1007, or the
deletion of this proviso, in accordance with the requirements of Sections 611(b) and 901(9).

     

    A
supplemental indenture that changes or eliminates any covenant or other
provision of this Indenture that has expressly been included solely for the
benefit of one or more particular series of Securities, or one or more Tranches
thereof, or that modifies the rights of the Holders of Securities of such series
or Tranches with respect to such covenant or other provision, shall be deemed
not to affect the rights under this Indenture of the Holders of Securities of
any other series or Tranche.

     

    It shall
not be necessary for any Act of Holders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be
sufficient if such Act shall approve the substance thereof.  A waiver
by a Holder of such Holder’s rights to consent under this Section shall be
deemed to be a consent of such Holder.

     

    Section
903.          Execution of Supplemental
Indentures. In
executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and
(subject to Section 601)
shall be fully protected in relying upon, an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this
Indenture.  The Trustee may, but shall not be obligated to, enter into
any such supplemental indenture that affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise.

    
      
         

      

      
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    Section
904.          Effect of Supplemental
Indentures. Upon the
execution of any supplemental indenture under this Article, this Indenture shall
be modified in accordance therewith, and such supplemental indenture shall form
a part of this Indenture for all purposes; and every Holder of Securities
theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby.  Any supplemental indenture permitted by this Article may
restate this Indenture in its entirety, and, upon the execution and delivery
thereof, any such restatement shall supersede this Indenture as theretofore in
effect for all purposes.

     

    Section
905.          Conformity With Trust
Indenture Act. Every
supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act as then in effect.

     

    Section
906.          Reference in Securities to
Supplemental Indentures. Securities
of any series, or any Tranche thereof, authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article may, and shall
if required by the Trustee, bear a notation in form approved by the Trustee as
to any matter provided for in such supplemental indenture.  If the
Company so determines, new Securities of any series, or any Tranche thereof, and
any appertaining coupons so modified as to conform, in the opinion of the
Trustee and the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in
exchange for Outstanding Securities of such series or Tranche and any
appertaining coupons.

     

    Section
907.          Revocation and Effect of
Consents. Until an
amendment or waiver becomes effective, a consent to it by a Holder of a Security
is a continuing consent by the Holder and every subsequent Holder of a Security
or portion of a Security that evidences the same debt as the consenting Holder’s
Security, even if notation of the consent is not made on any
Security.  However, any such Holder or subsequent Holder may revoke
the consent as to his Security or portion of a Security if the Trustee receives
the notice of revocation before the date on which the Trustee receives an
Officer’s Certificate certifying that the Holders of the requisite principal
amount of Securities have consented to the amendment or waiver. After an
amendment or waiver becomes effective, it shall bind every Holder of each series
of Securities affected by such amendment or waiver.

     

    The
Company may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders entitled to consent to any amendment or
waiver.  If a record date is fixed, then notwithstanding the
provisions of the immediately preceding paragraph, those persons who were
Holders at such record date (or their duly designated proxies), and only those
persons, shall be entitled to consent to such amendment or waiver or to revoke
any consent previously given, whether or not such persons continue to be Holders
after such record date.

     

    After an
amendment or waiver becomes effective it shall bind every Holder, unless it is
of the type described in any of clauses (1) through (3) of Section 902(c).  In
such case, the amendment or waiver shall bind each Holder of a Security who has
consented to it and every subsequent Holder of a Security that evidences the
same debt as the consenting Holder’s Security.

    
      
         

      

      
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    Section
908.          Modification Without
Supplemental Indenture. If the
terms of any particular series of Securities have been established in a Board
Resolution or an Officer’s Certificate as contemplated by Section 301, and not in an
indenture supplemental hereto, additions to, changes in or the elimination of
any of such terms may be effected by means of a supplemental Board Resolution or
Officer’s Certificate, as the case may be, delivered to, and accepted by, the
Trustee; provided,
however, that such supplemental Board Resolution or Officer’s Certificate
shall not be accepted by the Trustee or otherwise be effective unless all
conditions set forth in this Indenture that would be required to be satisfied if
such additions, changes or elimination were contained in a supplemental
indenture shall have been appropriately satisfied.  Upon the
acceptance thereof by the Trustee, any such supplemental Board Resolution or
Officer’s Certificate shall be deemed to be a “supplemental indenture” for
purposes of Sections 904
and 906.

     

    ARTICLE
X

     

    COVENANTS

     

    Section
1001.        Payment of Principal,
Premium and Interest. Subject
to the following provisions, the Company will pay to the Trustee the amounts, in
such coin or currency as is at the time legal tender for the payment of public
or private debt, in the manner, at the times and for the purposes set forth
herein and in the text of the Securities for each series, and the Company hereby
authorizes and directs the Trustee from funds so paid to it to make or cause to
be made payment of the principal of and premium, if any, and interest, if any,
on the Securities and coupons of each series as set forth herein and in the text
of such Securities and coupons.  Unless otherwise provided in the
Securities of a series, the Trustee will arrange directly with any Paying Agents
for the payment, or the Trustee will make payment, from funds furnished by the
Company, of the principal of and premium, if any, and interest, if any, on the
Securities and coupons of each series by check or draft.

     

    Unless
otherwise provided in the Securities of a series, interest, if any, on
Registered Securities of a series shall be paid by check or draft on each
Interest Payment Date for such series to the Holder thereof at the close of
business on the relevant record dates specified in the Securities of such
series.  The Company may pay such interest by check or draft mailed to
such Holder’s address as it appears on the register for Securities of such
series.  Unless otherwise provided in the Securities of a series,
principal of Registered Securities shall be payable by check or draft and only
against presentation and surrender of such Registered Securities at the office
of the Paying Agent, unless the Company shall have otherwise instructed the
Trustee in writing.

    
      
         

      

      
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    Unless
otherwise provided in the Securities of a series, (i) interest, if any, on
Unregistered Securities shall be paid by check or draft and only against
presentation and surrender of the coupons for such interest installments as are
evidenced thereby as they mature and (ii) original issue discount (as defined in
Section 1273 of the Code), if any, on Unregistered Securities shall be paid by
check or draft and only against presentation and surrender of such Securities,
in either case at the office of a Paying Agent located outside of the United
States and its possessions, unless the Company has otherwise instructed the
Trustee in an Officer’s Certificate.  Unless otherwise provided in the
Securities of a series, principal of and premium, if any, of Unregistered
Securities shall be paid by check or draft and only against presentation and
surrender of such Securities as provided in the Securities of a
series.  If at the time a payment of principal of and premium, if any,
or interest, if any, or original issue discount, if any, on an Unregistered
Security or coupon becomes due and the payment of the full amount so payable at
the office or offices of all the Paying Agents outside the United States and its
possessions is illegal or effectively precluded because of the imposition of
exchange controls or other similar restrictions on the payment of such amount in
United States currency, then the Company may instruct the Trustee in an
Officer’s Certificate to make such payments at the office of a Paying Agent
located in the United States.  The Company hereby covenants and agrees
that it shall not so instruct the Trustee with respect to payment in the United
States if such payment would cause such Unregistered Security to be treated as a
“registration-required obligation” under United States law and
regulations.

     

    At the
election of the Company, any payments by the Company provided for in this
Indenture or in any of the Securities may be made by electronic funds
transfer.

     

    Section
1002.        Maintenance of Office or
Agency. The
Company will maintain in each Place of Payment for any series of Securities, or
any Tranche thereof, an office or agency where Registered Securities, or any
Tranche thereof, of that series may be surrendered for registration of transfer
or exchange and a Place of Payment where (subject to Sections 305 and 307) Securities may be
presented for payment or exchange and where notices and demands to or upon the
Company in respect of the Securities of that series and this Indenture may be
served.  Unless otherwise specified pursuant to Section 301 with respect to
any such series, the Company shall maintain such offices or agencies in
connection with each series in the Borough of Manhattan, The City of New York,
State of New York.  With respect to any series of Securities issued in
whole or in part as Unregistered Securities, the Company shall maintain one or
more Paying Agents located outside the United States and its possessions and
shall maintain such Paying Agents for a period of one year after the principal
of such Unregistered Securities has become due and payable.  During
any period thereafter for which it is necessary in order to conform to United
States tax law or regulations, the Company will maintain a Paying Agent outside
the United States and its possessions to which the Unregistered Securities or
coupons appertaining thereto may be presented for payment and will provide the
necessary funds therefor to such Paying Agent upon reasonable
notice.  The Security Registrar shall keep a register with respect to
each series of Securities issued in whole or in part as Registered Securities
and to their transfer and exchange.  The Company may appoint one or
more co-Security Registrars acceptable to the Trustee and one or more additional
Paying Agents for each series of Securities, and the Company may terminate the
appointment of any co-Security Registrar or Paying Agent at any time upon
written notice.  The term “Security Registrar” includes any
co-Security Registrar.  The term “Paying Agent” includes any
additional Paying Agent.  The Company shall notify the Trustee of the
name and address of any Agent not a party to this Indenture.  Subject
to Section 305, if the
Company fails to maintain a Security Registrar or Paying Agent, the Trustee
shall act as such.  The Company will give prompt written notice to the
Trustee of the location, and any change in the location, of such office or
agency.  If at any time the Company fails to maintain any such
required office or agency or fails to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Trustee, and the Company hereby
appoints the Trustee as its agent to receive all such presentations, surrenders,
notices and demands.

    
      
         

      

      
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    The
Company may also from time to time designate one or more other offices or
agencies where the Securities of one or more series may be presented or
surrendered for any or all such purposes and may from time to time rescind such
designations; provided,
however, that no such
designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in each Place of Payment for
Securities of any series for such purposes.  The Company will give
prompt written notice to the Trustee of any such designation or rescission and
of any change in the location of any such other office or agency.

     

    In the
case of Original Issue Discount Securities of a series, the Company shall, prior
to any Redemption Date or any Repayment Date applicable thereto, furnish the
Trustee with an Officer’s Certificate stating the amount of principal to be paid
to a Holder of $1,000 principal amount of such Securities.

     

    Anything
herein to the contrary notwithstanding, any office or agency required by this
Section may be maintained at any office of the Company in which event the
Company shall perform all functions to be performed at such office or
agency.

     

    Section
1003.        Money for Securities
Payments to Be Held in Trust. If the
Company at any time acts as its own Paying Agent with respect to any series of
Securities, or any Tranche thereof, it will, on or before each due date of the
principal of (and premium, if any) or interest, if any, on any of such
Securities, segregate and hold in trust for the benefit of the Persons entitled
thereto a sum sufficient to pay the principal (and premium, if any) or interest
so becoming due until such sums are paid to such Persons or otherwise disposed
of as herein provided and will promptly notify the Trustee of its action or
failure so to act.

     

    Whenever
the Company has one or more Paying Agents for any series of Securities, it will,
on or prior to (and if on, then before 11:00 a.m. (New York City time)) each due
date of the principal of (and premium, if any) or interest, if any, on such
Securities, deposit with a Paying Agent a sum sufficient (in immediately
available funds, if payment is made on the due date) to pay the principal (and
premium, if any) or interest so becoming due, such sum to be held in trust for
the benefit of the Persons entitled to such principal, premium or interest, and
(unless such Paying Agent is the Trustee) the Company will promptly notify the
Trustee of its action or failure so to act.

     

    The
Company will cause each Paying Agent for any series of Securities, or any
Tranche thereof, other than the Trustee, to execute and deliver to the Trustee
an instrument in which such Paying Agent shall agree with the Trustee, subject
to the provisions of this Section, that such Paying Agent will:

     

    (1)           hold
all sums held by it for the payment of the principal of (and premium, if any) or
interest, if any, on Securities of such series or Tranche in trust for the
benefit of the Persons entitled thereto until such sums are paid to such Persons
or otherwise disposed of as herein provided;

    
      
         

      

      
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    (2)           give
the Trustee notice of any default by the Company (or any other obligor upon the
Securities of such series or Tranche) in the making of any payment of principal
(and premium, if any) or interest, if any, on the Securities of such series or
Tranche; and

     

    (3)           at
any time during the continuance of any such default, upon the written request of
the Trustee, forthwith pay to the Trustee all sums so held in trust by such
Paying Agent.

     

    The
Company may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Company Order
direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent, such sums to be held by the Trustee upon the same
trusts as those upon which such sums were held by the Company or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying
Agent shall be released from all further liability with respect to such
money.

     

    Any money
deposited with the Trustee or any Paying Agent, or received by the Trustee in
respect of Eligible Obligations deposited with the Trustee pursuant to Section 401, 403 or 1007, or then held by the
Company, in trust for the payment of the principal of (and premium, if any) or
interest, if any, on any Security of any series and remaining unclaimed for two
years (or such shorter period for the return of such moneys to the Company under
applicable abandoned property laws) after such principal (and premium, if any)
or interest has become due and payable shall be paid to the Company on Company
Request, or (if then held by the Company) shall be discharged from such trust;
and the Holder of such Security shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability
of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or
such Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general
circulation in the Borough of Manhattan, The City of New York, notice that such
money remains unclaimed and that, after a date specified therein, which shall
not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to the Company.

     

    Section
1004.        Corporate Existence.
Subject
to Article VIII, the
Company will do or cause to be done all things necessary to preserve and keep in
full force and effect its corporate existence, rights (charter and statutory)
and franchises; provided,
however, that the Company shall not be required to preserve any such
right or franchise if, in the judgment of the Company, the preservation thereof
is no longer desirable in the conduct of the business of the Company and the
loss thereof is not disadvantageous in any material respect to the Holders of
Securities of any series or Tranche in any material respect.

     

    Section
1005.        Defeasance of Certain
Obligations. The
Company may omit to comply with its obligations under the covenants contained in
Sections 1002, 1004
(except with respect to maintaining its corporate existence), 1006, 1008 and Article VIII with respect to
any Security or Securities of any series or Tranche or any portion of the
principal amount thereof (and in respect of any term, provision or condition set
forth in the covenants or restrictions specified for such Securities pursuant to
Section 301, in any
supplemental indenture, Board Resolution or Officer’s Certificate establishing
such Security), provided that the following
conditions shall have been satisfied:

    
      
         

      

      
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    (1)           With
reference to this Section, the Company has deposited or caused to be irrevocably
deposited (except as provided in Section 402) with the Trustee
as trust funds in trust, specifically pledged as security for, and dedicated
solely to, the benefit of the Holders of such Securities or portions thereof,
(i) money in an amount, or (ii) if Securities of such series are not subject to
repayment at the option of Holders, (A) Eligible Obligations which through the
payment of interest and principal in respect thereof in accordance with their
terms will provide not later than one day before the due date of any payment
referred to in clause (x) or (y) of this subparagraph (1) money in an amount, or
(B) a combination thereof, sufficient, in the opinion of a nationally recognized
firm of independent certified public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge (x) the
principal of (and premium, if any) and each installment of principal (and
premium, if any) and interest, if any, on the Outstanding Securities of such
series or portions thereof on the Stated Maturity of such principal or
installment of principal or premium or interest or to and including the
Redemption Date irrevocably designated by the Company pursuant to subparagraph
(7) of this Section and (y) any mandatory sinking fund payments applicable to
the Securities of such series or portions thereof on the day on which such
payments are due and payable in accordance with the terms of the Indenture and
of such Securities or portions thereof;

     

    (2)           Such
deposit shall not, as specified in an Opinion of Counsel, cause the Trustee with
respect to the Securities of such series to have a conflicting interest as
defined in Section 608
and for purposes of the Trust Indenture Act with respect to the Securities of
such series;

     

    (3)           Such
deposit will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the Company
is a party or by which it is bound;

     

    (4)           No
Event of Default or event which with notice or lapse of time would become an
Event of Default with respect to the Securities of such series shall have
occurred and be continuing on the date of such deposit and no Event of Default
specified in Section
501(6) or (7)
shall have occurred at any time from the date of such deposit to the 91st
calendar day thereafter (it being understood that this condition to defeasance
may not be satisfied until such 91st calendar day after the date of
deposit);

     

    (5)           The
Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that Holders of the Securities of such series will not realize income, gain or
loss for federal income tax purposes as a result of such deposit and defeasance
of certain obligations and will be subject to federal income tax on the same
amount and in the same manner and at the same times, as would have been the case
if such deposit and defeasance had not occurred;

    
      
         

      

      
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    (6)           The
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating
to the defeasance contemplated by this Section have been met; and

     

    (7)           If
the Company has deposited or caused to be deposited money or Eligible
Obligations to pay or discharge the principal of (and premium, if any) and
interest, if any, on the Outstanding Securities of such series or portion
thereof to and including a Redemption Date pursuant to subparagraph (1) of this
Section, such Redemption Date shall be irrevocably designated by a Board
Resolution delivered to the Trustee on or prior to the date of deposit of such
money or Eligible Obligations, and such Board Resolution shall be accompanied by
an irrevocable Company Request that the Trustee give notice of such redemption
in the name and at the expense of the Company not less than 30 nor more than 60
days prior to such Redemption Date in accordance with Section 1104.

     

    Section
1006.        Statement by Officers as to
Default. The
Company will deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company ending after the date hereof, a written statement,
which need not comply with Section 102, signed by the
principal executive officer, the principal financial officer or the principal
accounting officer of the Company stating, as to each signer thereof,
that

     

    (1)           a
review of the activities of the Company during such year and of performance
under this Indenture has been made under his supervision, and

     

    (2)           to
the best of his knowledge, based on such review, the Company has fulfilled all
its obligations under this Indenture throughout such year, or, if there has been
a default in the fulfillment of any such obligation, specifying each such
default known to him and the nature and status thereof.

     

    Section
1007.        Waiver of Certain
Covenants. (a)  The
Company may omit in any particular instance to comply with any term, provision
or condition set forth in (i) any additional covenants or restrictions specified
with respect to the Senior Securities of any series, or any Tranche thereof, as
contemplated by Section
301 if before the time for such compliance the Holders of not less than a
majority in aggregate principal amount (or such larger proportion as may be
required in respect of waiving a past default of any such additional covenant or
restriction) of the Outstanding Securities of all series and Tranches with
respect to which such covenant or restriction was so specified, considered as
one class, by Act of such Holders, either waives such compliance in such
instance or generally waive compliance with such term, provision or condition
and (ii) Sections 1002, 1004,
1006 and 1008 and
Article VIII if before
the time for such compliance the Holders of at least a majority in principal
amount of Senior Securities Outstanding under this Indenture by Act of such
Holders, either waives such compliance in such instance or generally waive
compliance with such term, provision or condition; but, in the case of (i) or
(ii) of this paragraph (a), no such waiver shall extend to or affect such term,
provision or condition except to the extent so expressly waived, and, until such waiver
becomes effective, the obligations of the Company and the duties of the Trustee
in respect of any such term, provision or condition shall remain in full force
and effect.

    
      
         

      

      
        63

        
          

        

      

      
         

      

    

     

    (b)          The
Company may omit in any particular instance to comply with any term, provision
or condition set forth in (i) any additional covenants or restrictions specified
with respect to the Subordinated Securities of any series, or any Tranche
thereof, as contemplated by Section 301 if before the time
for such compliance the Holders of not less than a majority in aggregate
principal amount (or such larger proportion as may be required in respect of
waiving a past default of any such additional covenant or restriction) of the
Outstanding Securities of all series and Tranches with respect to which such
covenant or restriction was so specified, considered as one class, by Act of
such Holders, either waives such compliance in such instance or generally waive
compliance with such term, provision or condition and (ii) Sections 1002, 1004, 1006 and 1008 and Article VIII if before the
time for such compliance the Holders of at least a majority in principal amount
of Subordinated Securities Outstanding under this Indenture by Act of such
Holders, either waives such compliance in such instance or generally waive
compliance with such term, provision or condition; but, in the case of (i) or
(ii) of this paragraph (b), no such waiver shall extend to or affect such term,
provision or condition except to the extent so expressly waived, and, until such waiver
becomes effective, the obligations of the Company and the duties of the Trustee
in respect of any such term, provision or condition shall remain in full force
and effect.

     

    Section
1008.        Maintenance of
Properties. The
Company shall cause (or, with respect to property owned in common with others,
make reasonable effort to cause) all its properties used or useful in the
conduct of its business to be maintained and kept in good condition, repair and
working order and shall cause (or, with respect to property owned in common with
others, make reasonable effort to cause) to be made all necessary repairs,
renewals, replacements, betterments and improvements thereof, all as, in the
judgment of the Company, may be necessary so that the business carried on in
connection therewith may be properly conducted; provided, however, that
nothing in this Section shall prevent the Company from discontinuing, or causing
the discontinuance of, the operation and maintenance of any of its properties
if, in the judgment of the Company, such discontinuance (i) is desirable in the
conduct of its business and (ii) will not adversely affect the interests of the
Holders of Securities of any series or Tranche in any material
respect.

     

    ARTICLE
XI

     

    REDEMPTION OF
SECURITIES

     

    Section
1101.        Applicability of
Article. Securities
of any series, or any Tranche thereof, that are redeemable before their Stated
Maturity (or, if the principal of the Securities of any series is payable in
installments, the Stated Maturity of the final installment of the principal
thereof) shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 301 for Securities of
any series or Tranche) in accordance with this Article.

    
      
         

      

      
        64

        
          

        

      

      
         

      

    

     

    Section
1102.        Election to Redeem; Notice
to Trustee. The
election of the Company to redeem any Securities shall be evidenced by a Board
Resolution or an Officer’s Certificate.  In case of any redemption at
the election of the Company of less than all the Securities of any series, the
Company shall, at least 45 days prior to the Redemption Date fixed by the
Company (unless a shorter notice is satisfactory to the Trustee), notify the
Trustee of such Redemption Date and of the principal amount of Securities of
such series or Tranche to be redeemed.  In the case of any redemption
of Securities (a) prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in this
Indenture, or (b) pursuant to an election of the Company that is subject to
a condition specified in the terms of such Securities the Company shall furnish
the Trustee with an Officer’s Certificate evidencing compliance with such
restriction.

     

    Section
1103.        Selection by Trustee of
Securities to Be Redeemed. If less
than all the Securities of any series, or any Tranche thereof, are to be
redeemed, the particular Securities to be redeemed shall be selected by the
Trustee not more than 45 days prior to the Redemption Date by the Trustee, from
the Outstanding Securities of such series or Tranche not previously called for
redemption, by such method as is provided for any particular series, or, in the
absence of any such provision, by such method as the Trustee deems fair and
appropriate and which may provide for the selection for redemption of portions
(equal to the minimum authorized denomination for Securities of that series or
Tranche or any integral multiple thereof) of the principal amount of Securities
of such series or Tranche of a denomination larger than the minimum authorized
denomination for Securities of that series or Tranche; provided, however, that if, as
indicated in an Officer’s Certificate, the Company has offered to purchase all
or any principal amount of the Securities then Outstanding of any series, or any
Tranche thereof, and less than all of such Securities as to which such offer was
made have been tendered to the Company for such purchase, the Trustee, if so
directed by Company Order, shall select for redemption all or any principal
amount of such Securities that have not been so tendered.

     

    The
Trustee shall promptly notify the Company and the Security Registrar in writing
of the Securities selected for redemption and, in the case of any Securities
selected for partial redemption, the principal amount thereof to be
redeemed.

     

    For all
purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Securities shall relate, in the case of
any Securities redeemed or to be redeemed only in part, to the portion of the
principal amount of such Securities that has been or is to be
redeemed.

     

    Section
1104.        Notice of Redemption.
Unless
otherwise specified as contemplated by Section 301 with respect to
any series of Securities, notice of redemption shall be given by first-class
mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to
the Redemption Date, to each Holder of Securities to be redeemed, at his address
appearing in the Security Register.

     

    If
Unregistered Securities are to be redeemed, notice of redemption shall be
published in an Authorized Newspaper in The City of New York and, if such
Securities to be redeemed are listed on any stock exchange outside of the United
States, in the city in which such stock exchange is located, or in such other
city or cities as may be specified in the Securities, once in each of two
different calendar weeks, the first publication to be not less than 30 nor more
than 90 days before the redemption date.

    
      
         

      

      
        65

        
          

        

      

      
         

      

    

     

    All
notices of redemption shall state:

     

    (1)           the
Redemption Date,

     

    (2)           the
Redemption Price, or the formula pursuant to which the Redemption Price is to be
determined if the Redemption Price cannot be determined at the time of notice is
given,

     

    (3)           if
less than all the Outstanding Securities of any series or Tranche are to be
redeemed, the identification (and, in the case of partial redemption, the
principal amounts) of the particular Securities to be redeemed, and the portion
of the principal amount of any Security to be redeemed in part and, in the case
of any such Security of such series to be redeemed in part, that, on and after
the Redemption Date, upon surrender of such Security, a new Security or
Securities of such series in principal amount equal to the remaining unpaid
principal amount thereof will be issued as provided in Section 1106,

     

    (4)           that
on the Redemption Date the Redemption Price will become due and payable upon
each such Security to be redeemed and, if applicable, that interest thereon will
cease to accrue on and after said date,

     

    (5)           the
place or places where such Securities and all unmatured coupons are to be
surrendered for payment of the Redemption Price and accrued interest, if
any,

     

    (6)           that
the redemption is for a sinking fund, if such is the case,

     

    (7)           the
CUSIP numbers, if any, assigned to such Securities; provided however, that such
notice may state that no representation is made as to the correctness of CUSIP
numbers, and the redemption of such Securities shall not be affected by any
defect in or omission of such number, and

     

    (8)           such
other matters as the Company shall deem  desirable or
appropriate.

     

    Unless
otherwise specified with respect to any Securities in accordance with Section 301, with respect to
any notice of redemption of Securities at the election of the Company, unless,
upon the giving of such notice, such Securities are deemed to have been paid in
accordance with Section
401, such notice may state that such redemption shall be conditional upon
the receipt by the Paying Agent or Agents for such Securities, on or prior to
the date fixed for such redemption, of money sufficient to pay the principal of
and premium, if any, and interest, if any, on such Securities and that if such
money has not been so received such notice shall be of no force or effect and
the Company shall not be required to redeem such Securities. In the event that
such notice of redemption contains such a condition and such money is not so
received, the redemption shall not be made and within a reasonable time
thereafter notice shall be given, in the manner in which the notice of
redemption was given, that such money was not so received and such redemption
was not required to be made, and the Paying Agent or Agents for the Securities
otherwise to have been redeemed shall promptly return to the Holders thereof any
of such Securities that had been surrendered for payment upon such
redemption.

    
      
         

      

      
        66

        
          

        

      

      
         

      

    

     

    Notice of
redemption of Securities to be redeemed at the election of the Company, and any
notice of non-satisfaction of a condition for redemption as aforesaid, shall be
given by the Company or, at the Company’s request, by the Security Registrar in
the name and at the expense of the Company. Notice of mandatory redemption of
Securities shall be given by the Security Registrar in the name and at the
expense of the Company.

     

    Section
1105.        Securities Payable on
Redemption Date.  Notice of
redemption having been given as aforesaid, and the conditions, if any, set forth
in such notice having been satisfied, the Securities or portions thereof so to
be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after such date (unless the
Company defaults in the payment of the Redemption Price and accrued interest, if
any) such Securities, or portions thereof, if interest-bearing, shall cease to
bear interest.  Upon surrender of any such Security for redemption in
accordance with said notice, such Security or portion thereof together with all
unmatured coupons, if any, shall be paid by the Company at the Redemption Price,
together with accrued interest, if any, to the Redemption Date but in the case
of Unregistered Securities installments of interest due on or prior to the
Redemption Date will be payable to the bearers of the coupons for such interest
by check or draft upon surrender of such coupons; provided, however, that
installments of interest whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Securities, or one or more
Predecessor Securities, registered as such at the close of business on the
relevant Regular Record Dates according to their terms and the provisions of
Section
307.

     

    If any
Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal (and premium, if any) shall, until paid, bear interest
from the Redemption Date at the rate prescribed therefor in the
Security.

     

    Section
1106.        Securities Redeemed in
Part.  Any
Security that is to be redeemed only in part shall be surrendered at a Place of
Payment therefor (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or his or her
attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Security without
service charge, a new Security or Securities of the same series, of any
authorized denomination as requested by such Holder, and of like tenor and in
aggregate principal amount equal to and in exchange for the unredeemed portion
of the principal of the Security so surrendered.

     

    ARTICLE
XII

     

    SINKING
FUNDS

     

    Section
1201.        Applicability of
Article.  The
provisions of this Article shall be applicable to any sinking fund for the
retirement of Securities of any series, or any Tranche thereof, except as
otherwise specified as contemplated by Section 301 for Securities of
such series or Tranche.

     

    The
minimum amount of any sinking fund payment provided for by the terms of
Securities of any series, or any Tranche thereof, is herein referred to as a
“mandatory sinking fund payment”, and any payment in excess of such minimum
amount provided for by the terms of Securities of any series, or any Tranche
thereof, is herein referred to as an “optional sinking fund
payment”.  If provided for by the terms of Securities of any series,
or any Tranche thereof, the cash amount of any sinking fund payment may be
subject to reduction as provided in Section 1202.  Each
sinking fund payment shall be applied to the redemption of Securities of the
series or Tranche in respect of which it was made as provided for by the terms
of Securities of such series.

    
      
         

      

      
        67

        
          

        

      

      
         

      

    

     

    Section
1202.        Satisfaction of Sinking Fund
Payments With Securities.  The
Company (1) may deliver Outstanding Securities of a series or Tranche (other
than any previously called for redemption) together, in the case of Unregistered
Securities, with all unmatured coupons appertaining thereto, in respect of which
a mandatory sinking fund payment is to be made and (2) may apply as a credit
Securities of such series or Tranche that have been redeemed either at the
election of the Company pursuant to the terms of such Securities or through the
application of permitted optional sinking fund payments pursuant to the terms of
such Securities, in each case in satisfaction of all or any part of any sinking
fund payment with respect to the Securities of such series required to be made
pursuant to the terms of such Securities as provided for by the terms of such
series, provided that
such Securities have not been previously so credited.  Such Securities
shall be received and credited for such purpose by the Trustee at the Redemption
Price specified in such Securities for redemption through operation of the
sinking fund and the amount of such sinking fund payment shall be reduced
accordingly.

     

    Section
1203.        Redemption of Securities for
Sinking Fund.  Not less
than 45 days prior to each sinking fund payment date for any series of
Securities, or any Tranche thereof, the Company will deliver to the Trustee an
Officer’s Certificate specifying the amount of the next ensuing sinking fund
payment for that series or Tranche pursuant to the terms of that series, the
portion thereof, if any, which is to be satisfied by payment of cash and the
portion thereof, if any, which is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 1202 and will also
deliver to the Trustee any Securities to be so delivered. If  the
Company has not delivered such Officer’s Certificate and, to the extent
applicable, all such Securities, the next succeeding sinking fund payment for
such series or Tranche shall be made entirely in cash in the amount of the
mandatory sinking fund payment.  Not less than 30 days before each
such sinking fund payment date the Trustee shall select the Securities to be
redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice
of the redemption thereof to be given in the name of and at the expense of the
Company in the manner provided in Section 1104.  Such
notice having been duly given, the redemption of such Securities shall be made
upon the terms and in the manner stated in Sections 1105 and 1106.

     

    ARTICLE
XIII

     

    REPAYMENT OF SECURITIES AT
OPTION OF HOLDERS

     

    Section
1301.        Applicability of
Article.  Securities
of any series or Tranche that are repayable before their Stated Maturity at the
option of the Holders shall be repayable in accordance with their terms and
(except as otherwise specified as contemplated by Section 301 for Securities of
any series) in accordance with this Article.

     

    Section
1302.        Notice of Repayment
Date.  Notice of
any Repayment Date with respect to Securities of any series or Tranche thereof
shall be given by the Company not less than 45 nor more than 60 days prior to
such Repayment Date (or at such other times as may be specified for such
repayment or repurchase pursuant to Section 301 of this Indenture)
to each Holder of Securities of such series in accordance with Section 106.

    
      
         

      

      
        68

        
          

        

      

      
         

      

    

     

    The
notice as to the Repayment Date shall state (unless otherwise specified for such
repayment or repurchase pursuant to Section 301 of this
Indenture):

     

    (1)           the
Repayment Date, which date shall be no earlier than 30 days and no later than 60
days from the date on which such notice is mailed;

     

    (2)           the
principal amount of the Securities required to be repaid or repurchased and the
Repayment Price (or the formula pursuant to which the Repayment Price is to be
determined if the Repayment Price cannot be determined at the time the notice is
given);

     

    (3)           the
place or places where such Securities are to be surrendered for payment of the
Repayment Price, and accrued interest, if any, and the date by which Securities
must be so surrendered in order to be repaid or repurchased;

     

    (4)           that
any Security not tendered or accepted for payment shall continue to accrue
interest;

     

    (5)           that,
unless the Company defaults in making such payment or the Paying Agent is
prohibited from paying such money to the Holders on that date pursuant to the
terms of this Indenture, Securities accepted for payment pursuant to any such
offer of repayment or repurchase shall cease to accrue interest after the
Repayment Date;

     

    (6)           that
Holders electing to have a Security repaid or purchased pursuant to such offer
may elect to have all or any portion of such Security purchased;

     

    (7)           that
Holders electing to have a Security repaid or repurchased pursuant to any such
offer shall be required to surrender the Security, with such customary documents
of surrender and transfer as the Company may reasonably request, duly completed,
or transfer by book-entry transfer, to the Company or the Paying Agent at the
address specified in the notice at least two Business Days prior to the
Repayment Date;

     

    (8)           that
Holders shall be entitled to withdraw their election if the Company or the
Paying Agent, as the case may be, receives, not later than the expiration of the
offer to repay or repurchase, a telegram, facsimile transmission or letter
setting forth the name of the Holder, the principal amount of the Security the
Holder delivered for purchase and a statement that such Holder is withdrawing
its election to have such Security purchased;

     

    (9)           that,
in the case of a repayment or repurchase of less than all Outstanding Securities
of a series or Tranche thereof, the method of selection of Securities to be
repaid or repurchased to be applied by the Trustee if the principal amount of
properly tendered Securities exceeds the principal amount of the Securities to
be repaid or repurchased;

     

    (10)         that
Holders whose Securities are purchased only in part shall be issued new
Securities of the same series or Tranche thereof equal in principal amount to
the unpurchased portion of the Securities surrendered (or transferred by
book-entry transfer); and

    
      
         

      

      
        69

        
          

        

      

      
         

      

    

     

    (11)         the
CUSIP or other identification number, if any, printed on the Securities being
repurchased and that no representation is made as to the correctness or accuracy
of the CUSIP or other identification number, if any, listed in such notice or
printed on the Securities.

     

    Section
1303.        Securities Payable on
Repayment Date. The form
of option to elect repurchase or repayment having been delivered as specified in
the form of Security for such series, the Securities of such series or Tranche
so to be repaid (after application of the method of selection described pursuant
to clause (9) of Section
1302, if the principal amount of properly tendered Securities exceeds the
principal amount of the Securities to be repaid or repurchased) shall, on the
Repayment Date, become due and payable at the Repayment Price applicable thereto
and from and after such date (unless the Company defaults in the payment of the
Repayment Price and accrued interest) such Securities shall cease to bear
interest.  Upon surrender of any such Security for repayment in
accordance with said notice, such Security shall be paid by the Company at the
Repayment Price together with accrued interest, if any, to the Repayment Date;
provided, however, that
if a Security is repaid or repurchased on or after a Record Date but on or prior
to the Stated Maturity of any installments of interest, then any accrued and
unpaid interest due on such Stated Maturity shall be payable to the Holders of
such Securities, or one or more Predecessor Securities, registered as such at
the close of business on the relevant Record Dates according to their terms and
the provisions of Section
307.

     

    If any
Security is not paid upon surrender thereof for repayment, the principal (and
premium, if any) shall, until paid, bear interest from the Repayment Date at the
rate prescribed therefor in such Security.

     

    Section
1304.        Securities Repaid in
Part. Any
Security that by its terms may be repaid in part at the option of the Holder and
that is to be repaid only in part shall be surrendered at any office or agency
of the Company designated for that purpose pursuant to Section 1002 (with, if the
Company or the Trustee so requires, due endorsement by, or a written instrument
of transfer in form satisfactory to the Company and the Trustee duly executed
by, the Holder thereof or his or her attorney duly authorized in writing), and
the Company shall execute, and the Trustee shall authenticate and deliver to the
Holder of such Security without service charge, a new Security or Securities of
the same series, as provided in Section 305, of any authorized
denomination as requested by such Holder, in aggregate principal amount equal to
and in exchange for the unrepaid portion of the principal of the Security so
surrendered.

    
      
         

      

      
        70

        
          

        

      

      
         

      

    

    
       

        
          

        

      

    

     

    This
instrument may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument.

    
      
         

      

      
        71

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
executed, and their respective corporate seals to be hereunto affixed and
attested, all as of the date first above written.

    

    
      
        
          
            
              
                	 
      	 
      	
                        WONDER
      AUTO TECHNOLOGY, INC.

                      
	 
      	 
      	 
      	 
      
	
                        [CORPORATE
      SEAL]

                      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                        By

                      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                        Chief
      Executive Officer

                      
	 
      	 
      	 
      	 
      
	
                        Attest:

                      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                        Secretary

                      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                        [                       ]

                      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                        By 

                      	 
      

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        
          	
                  STATE
      OF
[         ]

                	
                  )

                
	 
      	
                  )  ss:

                
	
                  CITY
      OF [         ] AND COUNTY OF
      [               ])

                	 
      

        

      

    

     

    On
the            day
of [         ] 200_, before me
personally came _______, to me known, who, being by me duly sworn, did depose
and say that he is Secretary of WONDER AUTO TECHNOLOGY, INC., one of the
corporations described in and which executed the foregoing instrument; that he
knows the seal of said corporation; that the seal affixed to said instruments is
such corporate seal; that it was so affixed by authority of the By-Laws of said
corporation, and that he signed his name thereto by authority of the Board of
Directors of said corporation.

    

    ____________________________________

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Wonder
Auto Technology, Inc.

    Reconciliation
and tie between Trust Indenture Act of 1939 and

    Indenture,
dated as of  __, 200_

    

    
      
        
          
            
              
                
                  
                    
                      	Trust
      Indenture 	Indenture
    Sections
	Act
    Section 	 
	 	 
	
                              §
      310

                            	
                              (a)(1)

                            	
                              609

                            
	 
      	
                              (a)(2)

                            	
                              609

                            
	 
      	
                              (a)(3)

                            	
                              Not
      Applicable

                            
	 
      	
                              (a)(4)

                            	
                              Not
      Applicable

                            
	 
      	
                              (a)(5)

                            	
                              609

                            
	 
      	
                              (b)

                            	
                              608

                            
	 
      	 
      	
                              610

                            
	
                              §
      311

                            	
                              (a)

                            	
                              613(a)

                            
	 
      	
                              (b)

                            	
                              613(b)

                            
	 
      	
                              (b)(2)

                            	
                              703(a)(2)

                            
	 
      	 
      	
                              703(b)

                            
	
                              §
      312

                            	
                              (a)

                            	
                              701

                            
	 
      	 
      	
                              702(a)

                            
	 
      	
                              (b)

                            	
                              702(b)

                            
	 
      	
                              (c)

                            	
                              702(c)

                            
	
                              §
      313

                            	
                              (a)

                            	
                              703(a)

                            
	 
      	
                              (b)

                            	
                              703(b)

                            
	 
      	
                              (c)

                            	
                              703(a),
      703(b)

                            
	 
      	
                              (d)

                            	
                              703(c)

                            
	
                              §
      314

                            	
                              (a)

                            	
                              704

                            
	 
      	
                              (b)

                            	
                              Not
      Applicable

                            
	 
      	
                              (c)(1)

                            	
                              102

                            
	 
      	
                              (c)(2)

                            	
                              102

                            
	 
      	
                              (c)(3)

                            	
                              Not
      Applicable

                            
	 
      	
                              (d)

                            	
                              Not
      Applicable

                            
	 
      	
                              (e)

                            	
                              102

                            
	
                              §
      315

                            	
                              (a)

                            	
                              601(a)

                            
	 
      	
                              (b)

                            	
                              602

                            
	 
      	 
      	
                              703(a)(7)

                            
	 
      	
                              (c)

                            	
                              601(b)

                            
	 
      	
                              (d)

                            	
                              601(c)

                            
	 
      	
                              (d)(l)

                            	
                              601(a)(1)

                            
	 
      	
                              (d)(2)

                            	
                              601(c)(2)

                            
	 
      	
                              (d)(3)

                            	
                              601(c)(3)

                            
	 
      	
                              (e)

                            	
                              514

                            
	
                              § 316

                            	
                              (a)

                            	
                              101

                            
	 
      	
                              (a)(1)(A)

                            	
                              502

                            
	 
      	 
      	
                              512

                            
	 
      	
                              (a)(1)(B)

                            	
                              513

                            

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (a)(2)

            	
              Not
      Applicable

            
	 
      	
              (b)

            	
              508

            
	 
      	
              (c)

            	
              104(g)

            
	
              § 317

            	
              (a)(l)

            	
              503

            
	 
      	
              (a)(2)

            	
              504

            
	 
      	
              (b)

            	
              1003

            
	
              §
      318

            	
              (a)

            	
              107

            

    

    
       

      
        

      

    

     

    Note:
This reconciliation and tie shall not, for any purpose, be deemed to be a part
of the Indenture.

    
      
         

      

      
        3Unassociated Document

    BXG
RECEIVABLES NOTE TRUST 2009 – A,

    as Note
Issuer

     

    STRATSTONE/BLUEGREEN
SECURED INCOME FUND, LLC,

    as
Noteholder

     

    BLUEGREEN
CORPORATION,

    as
Servicer

     

    VACATION
TRUST, INC.,

    as Club
Trustee

     

    [BRFC
2009-A LLC],

    as
Depositor

     

                             ,

    as Backup
Servicer

     

    and

     

                             ,

    as
Collateral Agent, Paying Agent and Custodian

     

    _____________

     

    NOTE
PURCHASE AGREEMENT

     

    Dated as
of ________

    _____________

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE OF
CONTENTS

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	 
      	 	
                                        Page

                                      	 
	 	 	 	 	 
	
                                        ARTICLE
      I. DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

                                      	 	 	1	 
	
                                        SECTION 1.1

                                      	
                                        General
      Definitions and Usage of Terms.

                                      	 	 	1	 
	
                                        SECTION 1.2

                                      	
                                        Compliance
      Certificates and Opinions.

                                      	 	 	2	 
	
                                        SECTION 1.3

                                      	
                                        Form
      of Documents Delivered to Collateral Agent.

                                      	 	 	2	 
	
                                        SECTION 1.4

                                      	
                                        Acts
      of Noteholder, etc.

                                      	 	 	3	 
	
                                        SECTION 1.5

                                      	
                                        [Reserved].

                                      	 	 	4	 
	
                                        SECTION 1.6

                                      	
                                        Effect
      of Headings and Table of Contents.

                                      	 	 	4	 
	
                                        SECTION 1.7

                                      	
                                        Successors
      and Assigns.

                                      	 	 	4	 
	
                                        SECTION 1.8

                                      	
                                        Governing
      Law.

                                      	 	 	4	 
	
                                        SECTION 1.9

                                      	
                                        Legal
      Holidays.

                                      	 	 	4	 
	
                                        SECTION 1.10

                                      	
                                        Execution
      in Counterparts.

                                      	 	 	5	 
	
                                        SECTION 1.11

                                      	
                                        Inspection.

                                      	 	 	5	 
	
                                        SECTION 1.12

                                      	
                                        Survival
      of Representations and Warranties.

                                      	 	 	5	 
	
                                        SECTION 1.13

                                      	
                                        Waiver
      of Jury Trial.

                                      	 	 	5	 
	
                                        SECTION 1.14

                                      	
                                        Release
      of Liability.

                                      	 	 	5	 
	 
      	 	 	 	 
	
                                        ARTICLE
      II. ISSUANCE OF NOTE AND ADVANCES UNDER THE NOTE

                                      	 	 	6	 
	
                                        SECTION 2.1

                                      	
                                        General
      Provisions.

                                      	 	 	6	 
	
                                        SECTION 2.2

                                      	
                                        Advances
      under the Note.

                                      	 	 	7	 
	
                                        SECTION 2.3

                                      	
                                        Collateral
      Measurement Pools

                                      	 	 	10	 
	
                                        SECTION 2.4

                                      	
                                        [Reserved].

                                      	 	 	11	 
	
                                        SECTION 2.5

                                      	
                                        Persons
      Deemed Owners.

                                      	 	 	11	 
	 
      	 	 	 	 
	
                                        ARTICLE
      III. ACCOUNTS; COLLECTION AND APPLICATION OF MONEYS;
    REPORTS

                                      	 	 	11	 
	
                                        SECTION 3.1

                                      	
                                        Accounts:  Investments
      by Collateral Agent.

                                      	 	 	11	 
	
                                        SECTION 3.2

                                      	
                                        Establishment
      and Administration of the Accounts.

                                      	 	 	13	 
	
                                        SECTION 3.3

                                      	
                                        [Reserved.]

                                      	 	 	18	 
	
                                        SECTION 3.4

                                      	
                                        Payments
      from Accounts.

                                      	 	 	18	 
	
                                        SECTION 3.5

                                      	
                                        Reports
      to Noteholder.

                                      	 	 	20	 
	
                                        SECTION 3.6

                                      	
                                        [Reserved.]

                                      	 	 	21	 

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        i

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                
                  
                    	
                            SECTION
      3.7

                          	
                            Withholding
      Taxes.

                          	 	 	21	 
	 
      	 	 	 	 
	
                            ARTICLE
      IV. THE TIMESHARE LOANS COLLATERAL

                          	 	 	21	 
	
                            SECTION
      4.1

                          	
                            Granting
      of Timeshare Loans Collateral; Acceptance by Collateral
    Agent.

                          	 	 	21	 
	
                            SECTION
      4.2

                          	
                            Subsequent
      Timeshare Loans.

                          	 	 	22	 
	
                            SECTION
      4.3

                          	
                            Criteria
      for Timeshare Loans.

                          	 	 	24	 
	
                            SECTION
      4.4

                          	
                            Grant
      of Security Interest; Tax Treatment.

                          	 	 	24	 
	
                            SECTION
      4.5

                          	
                            Further
      Action Evidencing Assignments.

                          	 	 	25	 
	
                            SECTION
      4.6

                          	
                            Substitution
      and Repurchase of Timeshare Loans.

                          	 	 	26	 
	
                            SECTION
      4.7

                          	
                            Release
      of Lien.

                          	 	 	27	 
	
                            SECTION
      4.8

                          	
                            Appointment
      of Custodian and Paying Agent.

                          	 	 	28	 
	
                            SECTION
      4.9

                          	
                            Sale
      of Timeshare Loans.

                          	 	 	28	 
	 
      	 	 	 	 
	
                            ARTICLE
      V. SERVICING OF TIMESHARE LOANS

                          	 	 	28	 
	
                            SECTION
      5.1

                          	
                            Appointment
      of Servicer and Backup Servicer; Servicing Standard.

                          	 	 	28	 
	
                            SECTION
      5.2

                          	
                            Payments
      on the Timeshare Loans.

                          	 	 	29	 
	
                            SECTION
      5.3

                          	
                            Duties
      and Responsibilities of the Servicer.

                          	 	 	29	 
	
                            SECTION
      5.4

                          	
                            Servicer
      Events of Default.

                          	 	 	33	 
	
                            SECTION
      5.5

                          	
                            Accountings:  Statements
      and Reports.

                          	 	 	36	 
	
                            SECTION
      5.6

                          	
                            Records.

                          	 	 	38	 
	
                            SECTION
      5.7

                          	
                            Fidelity
      Bond and Errors and Omissions Insurance.

                          	 	 	38	 
	
                            SECTION
      5.8

                          	
                            Merger
      or Consolidation of the Servicer.

                          	 	 	38	 
	
                            SECTION
      5.9

                          	
                            Sub-Servicing.

                          	 	 	39	 
	
                            SECTION
      5.10

                          	
                            Servicer
      Resignation.

                          	 	 	39	 
	
                            SECTION
      5.11

                          	
                            Fees
      and Expenses.

                          	 	 	40	 
	
                            SECTION
      5.12

                          	
                            Access
      to Certain Documentation.

                          	 	 	40	 
	
                            SECTION
      5.13

                          	
                            No
      Offset.

                          	 	 	40	 
	
                            SECTION
      5.14

                          	
                            Account
      Statements.

                          	 	 	41	 
	
                            SECTION
      5.15

                          	
                            Indemnification:  Third
      Party Claim.

                          	 	 	41	 
	
                            SECTION
      5.16

                          	
                            Backup
      Servicer.

                          	 	 	41	 
	
                            SECTION
      5.17

                          	
                            Aruba
      Notices

                          	 	 	42	 
	
                            SECTION
      5.18

                          	
                            Recordation.

                          	 	 	42	 

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        ii

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                
                  
                    
                      	
                              ARTICLE
      VI. EVENTS OF DEFAULT; REMEDIES

                            	 	 	43	 
	
                              SECTION
      6.1

                            	
                              Events
      of Default.

                            	 	 	43	 
	
                              SECTION
      6.2

                            	
                              Acceleration
      of Maturity; Rescission and Annulment.

                            	 	 	44	 
	
                              SECTION
      6.3

                            	
                              Remedies.

                            	 	 	45	 
	
                              SECTION
      6.4

                            	
                              Collateral
      Agent May File Proofs of Claim.

                            	 	 	46	 
	
                              SECTION
      6.5

                            	
                              Collateral
      Agent May Enforce Claims Without Possession of Note.

                            	 	 	47	 
	
                              SECTION
      6.6

                            	
                              [Reserved.]

                            	 	 	47	 
	
                              SECTION
      6.7

                            	
                              [Reserved.]

                            	 	 	47	 
	
                              SECTION
      6.8

                            	
                              Unconditional
      Right of Noteholder to Receive Principal and Interest.

                            	 	 	47	 
	
                              SECTION
      6.9

                            	
                              Restoration
      of Rights and Remedies.

                            	 	 	48	 
	
                              SECTION
      6.10

                            	
                              Rights
      and Remedies Cumulative.

                            	 	 	48	 
	
                              SECTION
      6.11

                            	
                              Delay
      or Omission Not Waiver.

                            	 	 	48	 
	
                              SECTION
      6.12

                            	
                              Control
      by Noteholder.

                            	 	 	48	 
	
                              SECTION
      6.13

                            	
                              Waiver
      of Events of Default.

                            	 	 	49	 
	
                              SECTION
      6.14

                            	
                              Undertaking
      for Costs.

                            	 	 	49	 
	
                              SECTION
      6.15

                            	
                              Waiver
      of Stay or Extension Laws.

                            	 	 	49	 
	
                              SECTION
      6.16

                            	
                              Sale
      of Timeshare Loans Collateral.

                            	 	 	49	 
	
                              SECTION
      6.17

                            	
                              Action
      on Note.

                            	 	 	50	 
	
                              SECTION
      6.18

                            	
                              Performance
      and Enforcement of Certain Obligations.

                            	 	 	51	 
	 
      	 	 	 	 
	
                              ARTICLE
      VII. THE COLLATERAL AGENT

                            	 	 	51	 
	
                              SECTION
      7.1

                            	
                              Certain
      Duties.

                            	 	 	51	 
	
                              SECTION
      7.2

                            	
                              Notice
      of Events of Default.

                            	 	 	52	 
	
                              SECTION
      7.3

                            	
                              Certain
      Matters Affecting the Collateral Agent.

                            	 	 	52	 
	
                              SECTION
      7.4

                            	
                              Collateral
      Agent Not Liable for Note or Timeshare Loans.

                            	 	 	54	 
	
                              SECTION
      7.5

                            	
                              Collateral
      Agent May Own the Note.

                            	 	 	54	 
	
                              SECTION
      7.6

                            	
                              Collateral
      Agent’s Fees and Expenses.

                            	 	 	54	 
	
                              SECTION
      7.7

                            	
                              Eligibility
      Requirements for Collateral Agent.

                            	 	 	54	 
	
                              SECTION
      7.8

                            	
                              Resignation
      or Removal of Note Purchase Agreement Collateral Agent.

                            	 	 	55	 
	
                              SECTION
      7.9

                            	
                              Successor
      Collateral Agent.

                            	 	 	55	 
	
                              SECTION
      7.10

                            	
                              Merger
      or Consolidation of Collateral Agent.

                            	 	 	57	 

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        iii

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  SECTION
      7.11

                                	
                                  Appointment
      of Co-Collateral Agent or Separate Collateral Agent.

                                	 	 	57	 
	
                                  SECTION
      7.12

                                	
                                  Paying
      Agent Rights.

                                	 	 	58	 
	
                                  SECTION
      7.13

                                	
                                  Authorization.

                                	 	 	59	 
	
                                  SECTION
      7.14

                                	
                                  [Reserved.]

                                	 	 	59	 
	 
      	 	 	 	 
	
                                  ARTICLE
      VIII. COVENANTS OF THE NOTE ISSUER

                                	 	 	59	 
	
                                  SECTION
      8.1

                                	
                                  Payment
      of Principal, Interest and Other Amounts.

                                	 	 	59	 
	
                                  SECTION
      8.2

                                	
                                  Eligible
      Timeshare Loans.

                                	 	 	59	 
	
                                  SECTION
      8.3

                                	
                                  Money
      for Payments to Noteholder to Be Held in Trust.

                                	 	 	59	 
	
                                  SECTION
      8.4

                                	
                                  Existence;
      Merger; Consolidation, etc.

                                	 	 	60	 
	
                                  SECTION
      8.5

                                	
                                  Protection
      of Timeshare Loans Collateral; Further Assurances.

                                	 	 	61	 
	
                                  SECTION
      8.6

                                	
                                  Additional
      Covenants.

                                	 	 	63	 
	
                                  SECTION
      8.7

                                	
                                  Taxes.

                                	 	 	64	 
	
                                  SECTION
      8.8

                                	
                                  Restricted
      Payments.

                                	 	 	64	 
	
                                  SECTION
      8.9

                                	
                                  Treatment
      of Note as Debt for Tax Purposes.

                                	 	 	65	 
	
                                  SECTION
      8.10

                                	
                                  Further
      Instruments and Acts.

                                	 	 	65	 
	 
      	 	 	 	 
	
                                  ARTICLE
      IX. SUPPLEMENTAL NOTE PURCHASE AGREEMENTS

                                	 	 	65	 
	
                                  SECTION
      9.1

                                	
                                  Supplemental
      Note Purchase Agreements.

                                	 	 	65	 
	
                                  SECTION
      9.2

                                	
                                  [Reserved.]

                                	 	 	65	 
	
                                  SECTION
      9.3

                                	
                                  [Reserved.]

                                	 	 	65	 
	
                                  SECTION
      9.4

                                	
                                  Effect
      of Supplemental Note Purchase Agreements.

                                	 	 	65	 
	
                                  SECTION
      9.5

                                	
                                  [Reserved.]

                                	 	 	65	 
	 
      	 	 	 	 
	
                                  ARTICLE
      X. REDEMPTION OF THE NOTE

                                	 	 	65	 
	
                                  SECTION
      10.1

                                	
                                  Optional
      Redemption; Election to Redeem.

                                	 	 	65	 
	
                                  SECTION
      10.2

                                	
                                  Notice
      to Collateral Agent.

                                	 	 	66	 
	
                                  SECTION
      10.3

                                	
                                  Notice
      of Redemption by the Servicer.

                                	 	 	66	 
	
                                  SECTION
      10.4

                                	
                                  Deposit
      of Redemption Price.

                                	 	 	66	 
	
                                  SECTION
      10.5

                                	
                                  Note
      Payable on Redemption Date.

                                	 	 	66	 
	 
      	 	 	 	 
	
                                  ARTICLE
      XI. SATISFACTION AND DISCHARGE

                                	 	 	66	 
	
                                  SECTION
      11.1

                                	
                                  Satisfaction
      and Discharge of Note Purchase Agreement.

                                	 	 	66	 
	
                                  SECTION
      11.2

                                	
                                  Application
      of Trust Money; Repayment of Money Held by Paying Agent.

                                	 	 	67	 

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        iv

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                
                  
                    	
                            SECTION
      11.3

                          	
                            Timeshare
      Loans Collateral Termination Date.

                          	 	 	67	 
	 
      	 	 	 	 
	
                            ARTICLE
      XII. REPRESENTATIONS AND WARRANTIES AND COVENANTS

                          	 	 	68	 
	
                            SECTION
      12.1

                          	
                            Representations
      and Warranties of the Note Issuer.

                          	 	 	68	 
	
                            SECTION
      12.2

                          	
                            Representations
      and Warranties of the Servicer.

                          	 	 	69	 
	
                            SECTION
      12.3

                          	
                            Representations
      and Warranties of the Collateral Agent.

                          	 	 	72	 
	
                            SECTION
      12.4

                          	
                            Multiple
      Roles.

                          	 	 	73	 
	
                            SECTION
      12.5

                          	
                            Representations
      and Warranties of the Noteholder.

                          	 	 	73	 
	
                            SECTION
      12.6

                          	
                            Covenants
      of the Club Trustee.

                          	 	 	75	 
	
                            SECTION
      12.7

                          	
                            Representations
      and Warranties of the Backup Servicer.

                          	 	 	77	 
	 
      	 	 	 	 
	
                            ARTICLE
      XIII. MISCELLANEOUS

                          	 	 	80	 
	
                            SECTION
      13.1

                          	
                            Officer’s
      Certificate and Opinion of Counsel as to Conditions
    Precedent.

                          	 	 	80	 
	
                            SECTION
      13.2

                          	
                            Statements
      Required in Certificate or Opinion.

                          	 	 	80	 
	
                            SECTION
      13.3

                          	
                            Notices.

                          	 	 	80	 
	
                            SECTION
      13.4

                          	
                            No
      Proceedings.

                          	 	 	83	 
	
                            SECTION
      13.5

                          	
                            Limitation
      of Liability of Owner Trustee.

                          	 	 	83	 

                  

                

              

            

          

        

      

    

    

    
      
        
          
            	
                    Exhibit
      A

                  	
                    Form
      of Note

                  	 	 	 	 
	
                    Exhibit
      B

                  	
                    Form
      of Monthly Servicer Report

                  	 	 	 	 
	
                    Exhibit
      C

                  	
                    Servicing
      Officer’s Certificate

                  	 	 	 	 
	
                    Exhibit
      D

                  	
                    Form
      of Investor Certification

                  	 	 	 	 
	
                    Exhibit
      E

                  	
                    Form
      of ROAP Waiver Letter

                  	 	 	 	 
	
                    Exhibit
      F

                  	
                    Form
      of Transfer Notice

                  	 	 	 	 
	
                    Exhibit
      G

                  	
                    Form
      of Subsequent Transfer Notice

                  	 	 	 	 
	
                    Exhibit
      H

                  	
                    Form
      of Aruba Notice

                  	 	 	 	 
	
                    Exhibit
      I

                  	
                    Credit
      Policy

                  	 	 	 	 
	
                    Exhibit
      J

                  	
                    Collection
      Policy

                  	 	 	 	 
	
                    Annex
      A

                  	
                    Standard
      Definitions

                  	 	 	 	 
	
                    Schedule
      I

                  	
                    Schedule
      of Timeshare Loans

                  	 	 	 	 
	
                    Schedule
      II

                  	
                    Litigation
      Schedule

                  	 	 	 	 
	
                    Schedule
      III

                  	
                    Purchase
      Price Matrix

                  	 	 	 	 
	
                    Schedule
      IV

                  	
                    Gross
      Cumulative Default Curve

                  	 	 	 	 

          

        

      

    

    
      
         

      

      
        v

        
          

        

      

      
         

      

    

    NOTE
PURCHASE AGREEMENT

     

    This NOTE
PURCHASE AGREEMENT, dated as of      ,
     
(this “Note Purchase
Agreement”), is
among BXG RECEIVABLES NOTE TRUST 2009 – A, a statutory trust formed under the
laws of the State of Delaware, as note issuer (the “Note Issuer”),
STRATSTONE/BLUEGREEN SECURED INCOME FUND, LLC (the “Noteholder”), BLUEGREEN CORPORATION
(“Bluegreen”), a
Massachusetts corporation, in its capacity as servicer (the “Servicer”), VACATION TRUST,
INC., a Florida corporation, as trustee under the Club Trust Agreement (the
“Club Trustee”), [BRFC
2009-A LLC], a Delaware limited liability company, as depositor (the “Depositor”),                          ,
a            
corporation, as backup servicer (the “Backup Servicer”) and                          ,
a national banking association, as Collateral Agent (the “Collateral Agent”), paying agent (the “Paying Agent”) and as custodian (the
“Custodian”).

     

    RECITALS

     

    WHEREAS,
the Note Issuer has duly authorized the execution and delivery of this Note
Purchase Agreement to provide for the purchase by the Noteholder of its
Timeshare Secured Note (the “Note”) by the
Noteholder;

     

    WHEREAS,
all things necessary to make the Note, when executed by the Note Issuer, the
valid obligation of the Note Issuer enforceable in accordance with its terms,
have been done;

     

    WHEREAS,
the Servicer has agreed to service and administer the Timeshare Loans securing
the Note and the Backup Servicer has agreed to, among other things, service and
administer the Timeshare Loans if the Servicer shall no longer be the Servicer
hereunder; and

     

    WHEREAS,
the Club Trustee is a limited purpose entity which, on behalf of Beneficiaries
of the Club, holds title to the Timeshare Properties related to the Club
Loans.

     

    NOW,
THEREFORE, for and in consideration of the premises, the purchase of the Note by
the Noteholder and of the mutual covenants herein contained, the parties hereto
agree as follows:

     

    ARTICLE
I.

    DEFINITIONS
AND OTHER PROVISIONS OF

    GENERAL
APPLICATION

     

    SECTION
1.1        General Definitions and
Usage of Terms.

     

    (a)           In
addition to the terms defined elsewhere in this Note Purchase Agreement,
capitalized terms shall have the meanings given them in the Standard Definitions
attached hereto as Annex A.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    SECTION
1.2        Compliance Certificates and
Opinions.

     

    Upon any
written application or request (or oral application with prompt written or
telecopied confirmation) by the Note Issuer or the Noteholder, as applicable, to
the Collateral Agent to take action under any provision of this Note Purchase
Agreement, other than any request that (a) the Collateral Agent invest moneys in
any of the Accounts pursuant to the written directions specified in such request
or (b) the Collateral Agent pay moneys due and payable to the Note Issuer or the
Noteholder, as applicable, hereunder to the Noteholder’s assignee specified in
such request, the Collateral Agent shall require the Note Issuer or the
Noteholder, as applicable, to furnish to the Collateral Agent an Officer’s
Certificate stating that all conditions precedent, if any, provided for in this
Note Purchase Agreement relating to the proposed action have been complied with
and that the request otherwise is in accordance with the terms of this Note
Purchase Agreement, and an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent, if any, have been complied with,
except that, in the case of any such requested action as to which other evidence
of satisfaction of the conditions precedent thereto is specifically required by
any provision of this Note Purchase Agreement, no additional certificate or
opinion need be furnished.

     

    SECTION
1.3        Form of Documents Delivered
to Collateral Agent.

     

    In any
case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

     

    Any
certificate or opinion of an officer of the Note Issuer or the Noteholder, as
applicable, delivered to the Collateral Agent may be based, insofar as it
relates to legal matters, upon an Opinion of Counsel, unless such officer knows
that the opinion with respect to the matters upon which his/her certificate or
opinion is based is erroneous.  Any such officer’s certificate or
opinion and any Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Note Issuer or the Noteholder, as applicable, as to
such factual matters unless such officer or counsel knows that the certificate
or opinion or representations with respect to such matters is
erroneous.  Any Opinion of Counsel may be based on the written opinion
of other counsel, in which event such Opinion of Counsel shall be accompanied by
a copy of such other counsel’s opinion and shall include a statement to the
effect that such other counsel believes that such counsel and the Collateral
Agent may reasonably rely upon the opinion of such other counsel.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    Where any
Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this
Note Purchase Agreement, they may, but need not, be consolidated and form one
instrument.

     

    Wherever
in this Note Purchase Agreement, in connection with any application or
certificate or report to the Collateral Agent, it is provided that the
Noteholder or the Note Issuer shall deliver any document as a condition of the
granting of such application, or as evidence of compliance with any term hereof,
it is intended that the truth and accuracy, at the time of the granting of such
application or at the effective date of such certificate or report (as the case
may be), of the facts and opinions stated in such document shall in such case be
conditions precedent to the right of the Noteholder or the Note Issuer to have
such application granted or to the sufficiency of such certificate or
report.  The foregoing shall not, however, be construed to affect the
Collateral Agent’s right to rely upon the truth and accuracy of any statement or
opinion contained in any such document as provided in Section 7.1(b)
hereof.

     

    Whenever
in this Note Purchase Agreement it is provided that the absence of the
occurrence and continuation of a Default, Event of Default or Servicer Event of
Default is a condition precedent to the taking of any action by the Collateral
Agent at the request or direction of the Noteholder or the Note Issuer, then,
notwithstanding that the satisfaction of such condition is a condition precedent
to the Noteholder’s or the Note Issuer’s right to make such request or
direction, the Collateral Agent shall be protected in acting in accordance with
such request or direction if it does not have knowledge of the occurrence and
continuation of such event.  For all purposes of this Note Purchase
Agreement, neither the Noteholder nor the Collateral Agent shall be deemed to
have knowledge of any Default, Event of Default or Servicer Event of Default nor
shall the Noteholder or Collateral Agent have any duty to monitor or investigate
to determine whether a default has occurred (other than an Event of Default of
the kind described in Section 6.1(a)
hereof) or Servicer Event of Default has occurred unless a Responsible Officer
of the Noteholder or Collateral Agent, as applicable, shall have actual
knowledge thereof or shall have been notified in writing thereof by the Note
Issuer, the Servicer or any secured party.

     

    SECTION
1.4        Acts of Noteholder,
etc.

     

    (a)           Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Note Purchase Agreement to be given or taken by the
Noteholder may be embodied in and evidenced by an instrument signed by the
Noteholder in person or by agents duly appointed in writing; and, except as
herein otherwise expressly provided, such action shall become effective when
such instrument or instruments are delivered to the Collateral Agent and, where
it is hereby expressly required, to the Note Issuer.  Such instrument
or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Noteholder
signing such instrument or instruments.  Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Note Purchase Agreement and (subject to Section 7.1
hereof) conclusive in favor of the Collateral Agent and the Note Issuer, if made
in the manner provided in this Section 1.4.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (b)           The
fact and date of the execution by any Person of any such instrument or writing
may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such instrument
or writing acknowledged to him the execution thereof.  Where such
execution is by a signer acting in a capacity other than his individual
capacity, such certificate or affidavit shall also constitute sufficient proof
of his authority.  The fact and date of the execution of any such
instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner which the Collateral Agent deems
sufficient.

     

    (c)           Any
request, demand, authorization, direction, notice, consent, waiver or other Act
of the Noteholder shall bind every future holder of the Note and the holder of
every Note issued upon the registration of transfer thereof or in exchange
therefore or in lieu thereof in respect of anything done, omitted or suffered to
be done by the Collateral Agent or the Note Issuer in reliance thereon, whether
or not notation of such action is made upon the Note.

     

    SECTION
1.5        [Reserved].

     

    SECTION
1.6        Effect of Headings and Table
of Contents.

     

    The
Article and Section headings herein and in the Table of Contents are for
convenience only and shall not affect the construction hereof.

     

    SECTION
1.7        Successors and
Assigns.

     

    All
covenants and agreements in this Note Purchase Agreement by each of the parties
hereto shall bind its respective successors and permitted assigns, whether so
expressed or not.

     

    SECTION
1.8        Governing
Law.

     

    THIS
NOTE PURCHASE AGREEMENT AND THE NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL 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.

     

    SECTION
1.9        Legal
Holidays.

     

    In any
case where any Payment Date or the Stated Maturity or any other date on which
principal of or interest on the Note is proposed to be paid shall not be a
Business Day, then (notwithstanding any other provision of this Note Purchase
Agreement or of the Note) such payment need not be made on such date, but may be
made on the next succeeding Business Day with the same force and effect as if
made on such Payment Date, Stated Maturity or other date on which principal of
or interest on the Note is proposed to be paid; provided, that no
penalty interest shall accrue for the period from and after such Payment Date,
Stated Maturity, or any other date on which principal of or interest on the Note
is proposed to be paid, as the case may be, until such next succeeding Business
Day.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    SECTION
1.10      Execution in
Counterparts.

     

    This Note
Purchase Agreement may be executed in any number of counterparts, each of which
so executed shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument.

     

    SECTION
1.11      Inspection.

     

    The Note
Issuer agrees that, on ten Business Days’ prior notice (or, one Business Day’s
prior notice after the occurrence and during the occurrence of an Event of
Default or a Servicer Event of Default), it will permit the representatives of
the Collateral Agent or the Noteholder, during the Note Issuer’s normal business
hours, to examine all of the books of account, records, reports and other papers
of the Note Issuer, to make copies thereof and extracts therefrom, and to
discuss its affairs, finances and accounts with its designated officers,
employees and independent accountants in the presence of such designated
officers and employees (and by this provision the Note Issuer hereby authorizes
its independent accountants to discuss with such representatives such affairs,
finances and accounts), all at such reasonable times and as often as may be
reasonably requested for the purpose of reviewing or evaluating the financial
condition or affairs of the Note Issuer or the performance of and compliance
with the covenants and undertakings of the Note Issuer and the Servicer in this
Note Purchase Agreement or any of the other documents referred to herein or
therein.  Any reasonable expense incident to the exercise by the
Collateral Agent at any time or the Noteholder during the continuance of any
Default or Event of Default, of any right under this Section 1.11
shall be borne by the Note Issuer and distributed in accordance with Section 3.4.  Nothing
contained herein shall be construed as a duty of the Collateral Agent to perform
such inspection.

     

    SECTION
1.12      Survival of Representations
and Warranties.

     

    The
representations, warranties and certifications of the Note Issuer made in this
Note Purchase Agreement or in any certificate or other writing delivered by the
Note Issuer pursuant hereto shall survive the authentication and delivery of the
Note hereunder.

     

    SECTION
1.13      Waiver of Jury
Trial.

     

    EACH
PARTY HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY
DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENT
EXECUTED AND DELIVERED IN CONNECTION WITH THIS AGREEMENT AND RELATING TO THE
TRANSACTIONS CONTEMPLATED HEREBY.

     

    SECTION
1.14      Release of
Liability.

     

    TO THE
MAXIMUM EXTENT NOT PROHIBITED BY LAW FROM TIME TO TIME IN EFFECT, THE NOTE
ISSUER AND DEPOSITOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY (AND AFTER
IT HAS CONSULTED WITH ITS OWN ATTORNEY) IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT NO CLAIM MAY BE MADE BY THE NOTE ISSUER OR THE DEPOSITOR AGAINST THE
NOTEHOLDER OR ANY OF THE MEMBERS, MANAGERS, OFFICERS, EMPLOYEES, OR MEMBER OF
THE BOARD OF MANAGERS OF THE NOTEHOLDER OR ITS MANAGERS, FOR ANY SPECIAL,
CONSEQUENTIAL OR PUNITIVE DAMAGES IN RESPECT OF ANY BREACH OR WRONGFUL CONDUCT
(WHETHER THE CLAIM IS BASED ON CONTRACT OR TORT OR DUTY IMPOSED BY LAW) ARISING
OUT OF THIS AGREEMENT OR THE NOTE.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    ARTICLE
II.

    ISSUANCE
OF NOTE AND ADVANCES UNDER THE NOTE

     

    SECTION
2.1        General
Provisions.

     

    (a)           Form of
Note.  The Note, together with its certificate of
authentication, shall be in substantially the form set forth in Exhibit A attached
hereto, with such appropriate insertions, omissions, substitutions and other
variations as are required or are permitted by this Note Purchase Agreement, and
may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon, as may consistently herewith, be determined by
the officer executing such Note, as evidenced by such officer’s execution of
such Note.

     

    (b)           Denominations.  The
Outstanding Note Balance of the Note which may be authenticated and delivered
under this Note Purchase Agreement is limited to a minimum principal amount of
$2,000,000 and a maximum principal amount of $750,000,000.  The Note
shall be issuable only as a registered Note, without interest coupons, in the
denominations of at least $50,000 and in integral multiples of
$1,000.

     

    (c)           Execution, Authentication,
Delivery and Dating.  The Note shall be manually executed by an
Authorized Officer of the Owner Trustee on behalf of the Note
Issuer.  The signature on the Note of an individual who was at the
time of execution thereof an Authorized Officer of the Owner Trustee on behalf
of the Note Issuer shall bind the Note Issuer, notwithstanding that such
individual ceases to hold such office prior to the authentication and delivery
of such Note or did not hold such office at the date of such Note.

     

    (d)           Obligation of the Note
Issuer.  The Note represents the sole obligation of the Note
Issuer payable from the Timeshare Loans Collateral and does not represent an
obligation of the Originators, the Servicer, the Depositor, the Backup Servicer,
the Owner Trustee, the Collateral Agent, the Administrator or the
Custodian.

     

    (e)           Interest in the
Note.  The Note Issuer may not, at any time, own an interest in
the Note.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    (f)           Assignment of the
Note.  The Noteholder shall not sell, assign or otherwise
transfer the Note or any interest therein without the written consent of the
Note Issuer and the Depositor (which shall be deemed given by the Note Issuer
and the Depositor if a Responsible Officer of each of the Note Issuer and the
Depositor consents to such sale, assignment or transfer on its behalf), such
consent not to be unreasonably withheld, delayed or conditioned. The foregoing
shall not restrict a sale, assignment or transfer of the Note to the surviving
or successor Person resulting from a merger or consolidation of the Noteholder
with or into another Person (the “Noteholder Surviving
Person”), provided, however, in
connection with any such merger or consolidation, the Note Purchase Agreement
shall be modified on terms reasonably satisfactory to the Noteholder, the Note
Issuer, the Depositor, the Servicer, the Club Trustee, the Backup Servicer, the
Collateral Agent, Paying Agent and the Custodian to address any impact of the
merger or consolidation on any of such Persons, including, without limitation,
to ensure that (i) there will not be any material adverse effect on the rights
or obligations of any of such Persons, directly or indirectly, under the Note
Purchase Agreement or any of the other Transaction Documents (including, without
limitation, as a result of a  decrease in the amount reasonably likely to
be transferred to the Certificate Distribution Account for distribution pursuant
to the Trust Agreement as a result of the sale, transfer or assignment of the
Note to any such Noteholder Surviving Person); (ii) the Noteholder Surviving
Person shall assume all obligations of the Noteholder to be performed or
observed under this Note Purchase Agreement, the Note and the other Transaction
Documents; and (iii) an Opinion of Counsel to the Noteholder in connection
therewith shall be delivered to the other parties to this Note Purchase
Agreement (at no expense to such other parties).

     

    SECTION
2.2        Advances under the
Note.

     

    (a)           Subject
to the terms and conditions of this Note Purchase Agreement and provided no
Event of Default has occurred and is continuing, the Noteholder from time to
time during the period from the date hereof up to and including the Final
Closing Date (or if Timeshare Loans are not sold by the Depositor to the Note
Issuer on the Final Closing Date using all of the remaining gross proceeds from
the Offering, the date the Timeshare Loans are sold to the Note Issuer, but not
later than the Final Loan Date), agrees to make advances to the Note Issuer, and
the Note Issuer agrees to borrow from the Noteholder, simultaneously with each
Closing Date, subject to Section 2.2(c),
in which case the advance shall be made on the date determined pursuant to Section 2.2(c);
provided, that
simultaneously with such advance the Depositor has sold the Timeshare Loans to
the Note Issuer in accordance with Section 2.2(b)
and the other conditions of Section 2.2(b)
are met.  In addition to the purchase of the Timeshare Loans pursuant
to Section 2.2(b),
the deposit of the General Reserve Deposit in the General Reserve Account
pursuant to Section 3.2(b)
and the deposit of the Special Reserve Deposit in the Special Reserve Account
pursuant to Section 3.2(c),
the proceeds of each advance pursuant to the Note shall be applied as
follows:

     

    (i)           15%
of the proceeds of each advance (or the balance, if any, remaining from 15% of
the proceeds if the Noteholder has paid fees and expenses on behalf of the Note
Issuer pursuant to Section 2.2(c)) to be
deposited in the Fee and Expense Account to be applied:

     

    
      	
               
      

            	
              (1)

            	
              to
      pay or reimburse the Noteholder or the Manager for selling commissions,
      dealer manager fees and expenses pursuant to the Dealer Manager Agreement,
      as the same may be amended and any agreement entered into in substitution,
      therefor, and payable pursuant to the LLC Agreement of the Noteholder, in
      each case, in accordance with a statement furnished by the
      Manager;

            

    

     

    
      
         

      

      
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              (2)

            	
              to
      pay other Organization and Offering Expenses (which together with the
      other payments pursuant to Section
      2.2(a)(i) shall not exceed 15% of the aggregate amount of the
      proceeds to be advanced pursuant to the Note), including amounts to be
      reimbursed to the Manager and its Affiliates, payable pursuant to the LLC
      Agreement of the Noteholder, upon furnishing of, and in accordance with, a
      written statement by the Manager;
and

            

    

     

    
      	
               
      

            	
              (3)

            	
              to
      pay acquisition fees and expenses payable pursuant to the LLC Agreement of
      the Noteholder, upon furnishing of, and in accordance with, a written
      statement by the Manager;

            

    

     

    it being understood that, in
each case, the payment will be made strictly in accordance with the written
statement from the Manager and no relevant party shall be under any obligation
to verify any fee or expense set forth in a written statement by the Manager or
the reasonableness thereof; it
being further understood that, in respect of any additional Membership
Interests reinvested pursuant to the Distribution Reinvestment Plan and any
Membership Interests purchased at a volume or other discount which reduces the
amount of selling commissions payable in connection with such sale, the amount
deemed to be advanced by the Noteholder to the Note Issuer with respect to such
Membership Interests shall be an amount equal to the gross proceeds that would
have been realized from the sales of such Membership Interests if such
Membership Interests were purchased at the full price of $10 per unit of
Membership Interests (without deducting the amount by which the purchase price
of the Membership Interests is reduced due to the reduction in the sales
commissions and dealer manager fees from the volume or other discount and, with
respect to the Distribution Reinvestment Plan, without deducting the difference
between the full price of $10 per unit of Membership Interest and the discount
provided to purchasers under the Distribution Reinvestment
Plan).  Notwithstanding the foregoing, with respect to Membership
Interests purchased at a volume or other discount, the amounts paid pursuant to
Section
2.2(a)(i) shall be decreased by the amount of the discount in sales
commissions and dealer manager fees in connection with such sale such that the
amount of the proceeds advanced to the Note Issuer in connection therewith are
increased by the amount of any such discount.

     

    (b)           On
each Transfer Date, subject to Section 2.2(c),
the satisfaction of the following conditions and the requirements of Section 4.3
hereof, and in consideration of the Collateral Agent’s delivery on such Transfer
Date to or upon the order of the Depositor of the Timeshare Loan Acquisition
Price, the Depositor shall sell, transfer, assign, set over and otherwise convey
without recourse to the Note Issuer, all right, title and interest of the
Depositor in and to each Timeshare Loan and the related Timeshare Loans
Collateral pursuant to the Bluegreen Purchase Agreement and the Note Issuer
shall Grant such Timeshare Loans to the Collateral Agent for benefit of the
Noteholder.  Prior to the acceptance by the Collateral Agent of any
Timeshare Loan or the release of any funds therefor, the following conditions
must be satisfied on or prior to the related Transfer Date:

     

    (i)           the
Depositor shall have provided the Note Issuer, the Noteholder and the Collateral
Agent with a notice of a transfer of Timeshare Loans (a “Transfer Notice”), a form of which is attached
hereto as Exhibit
F, which notice shall be given not less than one Business Day prior to
such Transfer Date;

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    (ii)          no
Event of Default has occurred and is continuing and no such event would result
from the conveyance of such Timeshare Loan to the Note Issuer and the Grant of
such Timeshare Loans to the Collateral Agent;

     

    (iii)         the
Custodian shall have received the Timeshare Loan Files related to such Timeshare
Loans and shall have given the Collateral Agent a written certification and
receipt in accordance with the Custodial Agreement;

     

    (iv)         the
Servicer shall have received the Timeshare Loan Servicing Files related to such
Timeshare Loans;

     

    (v)          the
Collateral Agent shall have received the certification required to be delivered
by the Depositor in Section 4.3
hereof;

     

    (vi)         no
Responsible Officer of the Collateral Agent has Knowledge or has actually
received notice that any conditions to such transfer (including the requirements
in Section 4.3
hereof) have not been fulfilled and the Collateral Agent shall have received
such other documents, opinions, certificates and instruments as the Collateral
Agent may request;

     

    (vii)        the
Depositor has not given 30 days prior written notice to the Note Issuer, the
Noteholder and the Collateral Agent that it has elected to cease transferring
Timeshare Loans to the Note Issuer 30 days prior written; and

     

    (viii)       the
Noteholder has not given 30 days prior written notice to the Depositor, the Note
Issuer and the Collateral Agent that it has elected to cease making advances to
the Note Issuer.

     

    (c)           (i)           The
Noteholder shall provide to Bluegreen not less than five Business Days prior
written notice of the next scheduled Closing Date.  In the event that
the Depositor has provided notice to the Collateral Agent and the Noteholder not
less than three Business Days prior to a Closing Date, that it does not have
sufficient Timeshare Loans to transfer to the Depositor for sale to the Note
Issuer by the Closing Date, Bluegreen will promptly notify the Noteholder and
the Collateral Agent and no advance will be made to the Note Issuer out of the
proceeds at the Closing Date until three Business Days after written notice from
Bluegreen that it has sufficient Timeshare Loans to transfer.  In that
event, the Noteholder will retain the gross proceeds received on the Closing
Date and pay the amount payable pursuant to Section 2.2(a)(i)(1)
and (2) on
behalf of the Note Issuer (which shall be deemed to be an advance under the
Note, except that the usage fee set forth in Section 2.2(c)(ii)
below shall be payable by Bluegreen in lieu of the Interest Distribution Amount
which would have been payable by the Note Issuer if the advance had been made on
the Closing Date).  The balance of the proceeds will be used to make
the advance to the Note Issuer. 

     

    (ii)         
In the event that an advance is not made on the Closing Date in accordance with
Section
2.2(c)(i) with respect to all of the gross proceeds received at the
Closing Date, Bluegreen shall pay to the Company, within three Business Days of
written demand from the Company, a usage fee in an amount equal to the Interest
Distribution Amount which would have been payable on the gross proceeds actually
received on such Closing Date and not advanced by the Company to the Note Issuer
on such Closing Date from the date of such Closing Date through the earlier of
(i) the date of the respective advance under the Note or (ii) the Final Loan
Date.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (iii)         If
an advance of any portion of the gross proceeds received on a Closing Date is
not advanced prior to the Final Loan Date, Bluegreen shall also pay the
Noteholder as a usage fee an amount equal to the payments made by the Note
Issuer pursuant to Section 2.2(c)
with respect to the expenses under Section 2.2(a)(i)(1)
and (2)
relating to the portion of such gross proceeds not advanced to the Note Issuer
prior to the Final Loan Date.

     

    (d)           Subject
to the terms and conditions of this Note Purchase Agreement and provided no
Event of Default has occurred and is continuing on each Payment Date during the
Reinvestment Period (unless a Suspension Event has occurred and is continuing),
the Noteholder from time to time agrees to make advances to the Note Issuer, and
the Note Issuer agrees to borrow from the Noteholder, simultaneously with each
Closing Date, an amount equal to the gross proceeds from the Distribution
Reinvestment Plan received on such Payment Date in excess of the amount used by
the Noteholder to repurchase Membership Interests on such Payment
Date.

     

    (e)           Notwithstanding
anything to the contrary contained herein, the Note Issuer will only acquire
Timeshare Loans purchased by the Depositor or its affiliates from unaffiliated
third parties with the written consent of the Company. In addition, if such
Timeshare Loans were purchased for a purchase price less than the outstanding
principal balance thereof and the accrued interest thereon,  the
Timeshare Loan Acquisition Price will not exceed the purchase price paid by the
Depositor or its Affiliates to acquire such Timeshare Loan. In connection
therewith, the Depositor and the Note Issuer (which shall take such action if
consented to by the Noteholder) may agree to modifications of the provisions
relating to the  Special Reserve Account applicable specifically to
the Timeshare Loans acquired in accordance with this Section
2.2(e).

     

    SECTION
2.3        Collateral Measurement
Pools.  Each Timeshare Loan (including Initial Timeshare Loans,
Subsequent Timeshare Loans and Qualified Substitute Timeshare Loans) purchased
or substituted, as applicable, will be grouped into separate Collateral
Measurement Pools (each, a “Collateral Measurement Pool”),
which will (x) open (each such date, a “Pool Open Date”) on the (i)
Initial Closing Date, in respect of the initial Collateral Measurement Pool or
(ii) the date following the Pool Closing Date (as defined below) for the
immediately preceding Collateral Measurement Pool, in respect of subsequent
Collateral Measurement Pools; and (y) close (each such date, a “Pool Close Date”) ____ months
after (i) the Initial Closing Date, in respect of the initial Collateral
Measurement Pool or (ii) the preceding Pool Open Date for such Collateral
Measurement Pool, in respect of subsequent Collateral Measurement Pools; provided, that if the
remaining amount advanced to the Note Issuer under the Note that is allocated to
a Collateral Measurement Pool is less than $_________, such Collateral
Measurement Pool shall close on the earlier to occur of (a) ___ month after the
relevant Pool Open Date and (b) the date on which $_________ that is allocated
to such Collateral Measurement Pool is advanced to the Noteholder under the
Note.  Timeshare Loans will be included in the Collateral Measurement
Pool that is then open on the date they are acquired by the Note Issuer, except
that a Qualified Substitute Timeshare Loan shall be included in the same
Collateral Measurement Pool as the Timeshare Loan for which it was
substituted.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    SECTION
2.4        [Reserved].

     

    SECTION
2.5        Persons Deemed
Owners.

     

    Prior to
due presentment of the Note for registration of transfer, the Note Issuer, the
Collateral Agent, and any agent of the Note Issuer or the Collateral Agent may
treat the registered Noteholder as the owner of the Note for the purpose of
receiving payment of principal of and interest on the Note and for all other
purposes whatsoever, whether or not the Note is overdue, and neither the Note
Issuer, the Collateral Agent, nor any agent of the Note Issuer or the Collateral
Agent shall be affected by notice to the contrary.

     

    ARTICLE
III.

    ACCOUNTS;
COLLECTION AND

    APPLICATION
OF MONEYS; REPORTS

     

    SECTION
3.1        Accounts:  Investments
by Collateral Agent.

     

    (a)           On
or before the initial Closing Date, the Collateral Agent shall establish in the
name of the Collateral Agent for the benefit of the Noteholder or, in the case
of the Lockbox Account and the Credit Card Account, in the name of the Note
Issuer, as provided in this Note Purchase Agreement, the Accounts, which
accounts (other than the Lockbox Account and the Credit Card Account) shall be
Eligible Bank Accounts maintained at the Corporate Trust Office.

     

    Subject
to the further provisions of this Section 3.1(a),
the Collateral Agent shall, upon receipt or upon transfer from another account,
as the case may be, deposit into such Accounts all amounts received by it which
are required to be deposited therein in accordance with the provisions of this
Note Purchase Agreement.  All such amounts and all investments made
with such amounts, including all income and other gain from such investments,
shall be held by the Collateral Agent in such accounts as part of the Timeshare
Loans Collateral as herein provided, subject to withdrawal by the Collateral
Agent in accordance with, and for the purposes specified in the provisions of,
this Note Purchase Agreement.

     

    (b)           The
Collateral Agent shall assume that any amount remitted to it in respect of the
Timeshare Loans Collateral is to be deposited into the Collection Account
pursuant to Section 3.2(a)
hereof unless a Responsible Officer of the Collateral Agent receives written
instructions from the Servicer to the contrary.

     

    (c)           None
of the parties hereto shall have any right of set-off with respect to any
Account or any investment therein.

     

    
      
         

      

      
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    (d)           So
long as no Event of Default shall have occurred and be continuing, all or a
portion of the amounts in any Account (other than the Lockbox Account and the
Credit Card Account) shall be invested and reinvested by the Collateral Agent
pursuant to a Note Issuer Order in one or more Eligible
Investments.  Subject to the restrictions on the maturity of
investments set forth in Section 3.1(f)
hereof, each such Note Issuer Order may authorize the Collateral Agent to make
the specific Eligible Investments set forth therein, to make Eligible
Investments from time to time consistent with the general instructions set forth
therein, in each case, in such amounts as such Note Issuer Order may
specify.  Until a Note Issuer Order to the contrary is delivered, the
Collateral Agent shall make the Eligible Investments set forth in Exhibit A to
the Administration Agreement.

     

    (e)           In
the event that either (i) the Note Issuer shall have failed to give investment
directions to the Collateral Agent by 9:30 A.M., New York City time on any
Business Day on which there may be uninvested cash or (ii) an Event of Default
shall be continuing, the Collateral Agent shall promptly invest and reinvest the
funds then in the designated Account to the fullest extent practicable in those
obligations or securities described in clause (e) of the definition of “Eligible
Investments”.  All investments made by the Collateral Agent shall
mature no later than the maturity date therefor permitted by Section 3.1(f)
hereof.

     

    (f)           No
investment of any amount held in any Account shall mature later than the
Business Day immediately preceding the Payment Date which is scheduled to occur
immediately following the date of investment.  All income or other
gains (net of losses) from the investment of moneys deposited in any Account
shall be deposited by the Collateral Agent in such account immediately upon
receipt.

     

    (g)           Subject
to Section 3.1(d)
hereof, any investment of any funds in any Account shall be made under the
following terms and conditions:

     

    (i)           each
such investment shall be made or transferred in the name of the Collateral
Agent, in each case in such manner as shall be necessary to maintain the
identity of such investments as assets of the Timeshare Loans Collateral;
and

     

    (ii)           any
certificate or other instrument evidencing such investment shall be delivered
directly to the Collateral Agent, and the Collateral Agent shall have sole
possession of such instrument, and all income on such investment.

     

    (h)           The
Collateral Agent shall not in any way be held liable by reason of any
insufficiency in any Account resulting from losses on investments made or
transferred in accordance with the provisions of this Section 3.1
including, but not limited to, losses resulting from the sale or depreciation in
the market value of such investments (but the institution serving as Collateral
Agent shall at all times remain liable for its obligations, if any, constituting
part of such investments).  The Collateral Agent shall not be liable
for any investment or liquidation of an investment made by it in accordance with
this Section 3.1 on
the grounds that it could have made a more favorable investment or a more
favorable selection for sale of an investment.

     

    (i)           The
Collateral Agent shall not be permitted to vote any Eligible Investments unless
it has been advised that such vote is for “protective” (as defined by generally
accepted accounting principles in the United States) purposes.

     

    
      
         

      

      
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    SECTION
3.2        Establishment and
Administration of the Accounts.

     

    (a)           Collection
Account.  The Noteholder and Note Issuer hereby direct and the
Collateral Agent hereby agrees to cause to be established and maintained an
account (the “Collection
Account”) for the benefit of the Noteholder.  The Collection
Account shall be an Eligible Bank Account initially established at the corporate
trust department of the Collateral Agent, bearing the following designation
“Stratstone/Bluegreen Secured Income Fund, LLC – Collection Account,                          ,
as Collateral Agent for the benefit of the Noteholder”.  The
Collateral Agent on behalf of the Noteholder shall possess all right, title and
interest in all funds on deposit from time to time in the Collection Account and
in all proceeds thereof.  The Collection Account shall be under the
sole dominion and control of the Collateral Agent for the benefit of the
Noteholder.  If, at any time, the Collection Account ceases to be an
Eligible Bank Account, the Collateral Agent shall within two Business Days
establish a new Collection Account which shall be an Eligible Bank Account,
transfer any cash and/or any investments to such new Collection Account, and
from the date such new Collection Account is established, it shall be the
“Collection Account”.  The Collateral Agent agrees to immediately
deposit any amounts received by it into the Collection
Account.  Amounts on deposit in the Collection Account shall be
invested in accordance with Section 3.1
hereof.  Withdrawals and payments from the Collection Account will be
made on each Payment Date as provided in Section 3.4
hereof.  The Collateral Agent, at the written direction of the
Servicer, shall withdraw (no more than once per calendar week) from the
Collection Account and return to the Servicer or as directed by the Servicer,
any amounts which (i) were mistakenly deposited in the Collection Account,
including, without limitation, amounts representing Misdirected Payments or
(ii) representing Additional Servicing Compensation.  The
Collateral Agent may conclusively rely on such written direction.

     

    (b)           General Reserve
Account.  The Noteholder and the Note Issuer hereby direct and
the Collateral Agent hereby agrees to cause to be established and maintained an
account (the “General Reserve
Account”) for the benefit of the Noteholder.  On each Transfer
Date, the Collateral Agent shall deposit, from the proceeds of the advance
(other than from proceeds of any advances related to Subsequent Timeshare Loans)
to the Note Issuer pursuant to the Note, an amount equal to the General Reserve
Account Deposit.  The General Reserve Account shall be an Eligible
Bank Account initially established at the corporate trust department of the
Collateral Agent, bearing the following designation “Stratstone/Bluegreen
Secured Income Fund, LLC — General Reserve Account,                          ,
as Collateral Agent for the benefit of the Noteholder”.  The
Collateral Agent on behalf of the Noteholder shall possess all right, title and
interest in all funds on deposit from time to time in the General Reserve
Account and in all proceeds thereof.  The General Reserve Account
shall be under the sole dominion and control of the Collateral Agent for the
benefit of the Noteholder.  If, at any time, the General Reserve
Account ceases to be an Eligible Bank Account, the Collateral Agent shall within
two Business Days establish a new General Reserve Account which shall be an
Eligible Bank Account, transfer any cash and/or any investments to such new
General Reserve Account and from the date such new General Reserve Account is
established, it shall be the “General Reserve Account”.  Amounts on
deposit in the General Reserve Account shall be invested in accordance with
Section 3.1
hereof.  Deposits to the General Reserve Account shall be made in
accordance with Section 3.4
hereof.  Withdrawals and payments from the General Reserve Account
shall be made in the following manner:

     

    
      
         

      

      
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    (i)           Interest
Shortfalls.  Subject to Sections 3.2(b)(iii)
and (iv)
hereof, if on any Payment Date, Available Funds (without giving effect to any
deposit from the General Reserve Account) would be insufficient to pay any
portion of the applicable Interest Distribution Amount on such Payment Date, the
Collateral Agent shall, based on the Monthly Servicer Report, withdraw from the
General Reserve Account an amount equal to the lesser of such insufficiency and
the amount on deposit in the General Reserve Account and deposit such amount in
the Collection Account.

     

    (ii)           Principal
Shortfalls.  Subject to Sections 3.2(b)(iii)
and (iv)
hereof, if on any Payment Date after the Reinvestment Period or during the
continuance of a Suspension Event, the aggregate payments under Section 3.4(a)(i)-(xii) (without giving
effect to any prior payment from the General Reserve Account or the Special
Reserve Account) exceeded the aggregate amount of interest received on the
Timeshare Loans Collateral (after giving effect to the payment to be made on
that Payment Date), the Collateral Agent shall, based on the Monthly Servicer
Report, withdraw from the General Reserve Account an amount equal to the lesser
of the amount of any principal payment on the Timeshare Loans
that  have been applied to make payments under Section
3.4(a)(i)-(xii) and the amount
on deposit in the General Reserve Account and deposit such amount in the
Collection Account, to the extent that any principal proceeds have been applied
to pay expenses or interest on the Note.

     

    (iii)           Partial Amortization Event;
Trigger Event or Event of Default.  Upon the occurrence of a
Partial Amortization Event (following the expiration of the Reinvestment Period
and during the continuance of a Suspension Event), a Trigger Event or an Event
of Default, the Collateral Agent shall withdraw all amounts on deposit in the
General Reserve Account and shall deposit such amounts to the Collection Account
for distribution in accordance with Section 3.4
hereof.

     

    (iv)           Stated Maturity or Payment
in Full.  On the earlier to occur of the Stated Maturity and
the Payment Date on which the Outstanding Note Balance of the Note will be
reduced to zero, the Collateral Agent shall withdraw all amounts on deposit in
the General Reserve Account and shall deposit such amounts in the Collection
Account for distribution in accordance with Section 3.4
hereof.

     

    
      
         

      

      
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    (c)           Special Reserve
Account.  The Noteholder and the Note Issuer hereby direct and
the Collateral Agent hereby agrees to cause to be established and maintained an
account (the “Special Reserve
Account”) for the benefit of the Noteholder.  On each Closing
Date or such other date on which advances under the Note are made if not a
Closing Date, the Collateral Agent shall deposit, from the proceeds of the
advance to the Note Issuer pursuant to the Note, an amount equal to the Special
Reserve Account Deposit; provided, that, no amount shall
be deposited in the Special Reserve Account with respect to Subsequent Timeshare
Loans, except as set forth below; and provided further that, in the
event that the Timeshare Loan Acquisition Price for Timeshare Loans (including,
Subsequent Timeshare Loans) is reduced as set forth in the definition of
“Timeshare Loan Acquisition Price,” an additional amount equal to the amount of
such reduction in the Timeshare Loan Acquisition Price shall be deposited in the
Special Reserve Account out of the advance made under the Note, the proceeds of
which were used to acquire such Timeshare Loans, or the funds available for
reinvestment, as applicable.  The Special Reserve Account shall
include a sub-account corresponding to each Collateral Measurement Pool (each a
“Special Reserve
Sub-Account”) and shall be funded with the Special Reserve Account
Deposit made with respect to Timeshare Loans included in such Collateral
Measurement Pool.  All references herein to the “Special Reserve
Account” shall include each Special Reserve Sub-Account.  The Special
Reserve Account shall be an Eligible Bank Account initially established at the
corporate trust department of the Collateral Agent, bearing the following
designation “Stratstone/Bluegreen Secured Income Fund, LLC — Special Reserve
Account,                          ,
as Collateral Agent for the benefit of the Noteholder”.  The
Collateral Agent on behalf of the Noteholder shall possess all right, title and
interest in all funds on deposit from time to time in the Special Reserve
Account and in all proceeds thereof.  The Special Reserve Account
shall be under the sole dominion and control of the Collateral Agent for the
benefit of the Noteholder.  If, at any time, the Special Reserve
Account ceases to be an Eligible Bank Account, the Collateral Agent shall within
two Business Days establish a new Special Reserve Account which shall be an
Eligible Bank Account, transfer any cash and/or any investments to such new
Special Reserve Account and from the date such new Special Reserve Account is
established, it shall be the “Special Reserve Account”.  Amounts on
deposit in the Special Reserve Account shall be invested in accordance with
Section 3.1
hereof.  Deposits to the Special Reserve Account shall be made in
accordance with Section 3.4
hereof.  Withdrawals and payments from the Special Reserve Account
shall be made in the following manner:

     

    (i)           Withdrawal Upon
Insufficiency of Funds in the General Reserve Account.  Subject
to Sections
3.2(c)(ii) and (iii) hereof, if on
any Payment Date, the funds on deposit in the General Reserve Account would be
insufficient to pay any portion of the applicable Interest Distribution Amount
and principal shortfall payment payable out of the General Reserve Account on
such Payment Date, the Collateral Agent shall, based on the Monthly Servicer
Report, withdraw from the Special Reserve Account an amount equal to the lesser
of such insufficiency and the amount on deposit in the Special Reserve Account
and deposit such amount in the Collection Account.  To the extent the
Special Reserve Account is needed to cover shortfalls pursuant to this
subsection (i), each Special Reserve Sub-Account should be drawn on a pro rata
basis.

     

    (ii)           Scheduled
Releases.  If the aggregate defaults on the Timeshare Loans are
less than the Default Levels determined in accordance with Schedule IV hereto,
the Collateral Agent shall withdraw from each Special Reserve Sub-Account (x) on
the first anniversary of the Pool Closing Date corresponding to such Special
Reserve Sub-Account, an amount no greater than 1/3 of the amount on deposit in
the relevant Special Reserve Sub-Account, (y) on the second anniversary of the
relevant Pool Closing Date, an amount no greater than 2/3 of the amount on
deposit in the relevant Special Reserve Sub-Account (calculated without
reduction for prior withdrawals under this subsection (ii)) and (z) on the
third anniversary of the relevant Pool Closing Date, then all remaining amounts
on deposit in the relevant Special Reserve Sub-Account, in each case to be paid
directly to the Certificate Distribution Account for distribution pursuant to
the Trust Agreement.  If the aggregate defaults on the Timeshare Loans
do not satisfy such gross cumulative default curve, the Collateral Agent shall
not withdraw funds from each Special Reserve Sub-Account.

     

    
      
         

      

      
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    (iii)         Partial Amortization Event;
Trigger Event or Event of Default.  Upon the occurrence of a
Partial Amortization Event (following the expiration of the Reinvestment Period
and during the continuance of a Suspension Event), a Trigger Event or an Event
of Default, the Collateral Agent shall withdraw all amounts on deposit in the
Special Reserve Account and shall deposit such amounts to the Collection Account
for distribution in accordance with Section 3.4
hereof.

     

    (iv)         Stated Maturity or Payment
in Full.  On the earlier to occur of the Stated Maturity and
the Payment Date on which the Outstanding Note Balance of the Note will be
reduced to zero, the Collateral Agent shall withdraw all amounts on deposit in
the Special Reserve Account and shall deposit such amounts in the Collection
Account for distribution in accordance with Section 3.4
hereof.

     

    (d)           Reinvestment
Account.  The Noteholder and the Note Issuer hereby direct and
the Collateral Agent hereby agrees to cause to be established and maintained an
account (the “Reinvestment
Account”) for the benefit of the Noteholder.  Pursuant to Section 2.2(d) and
3.4(xiv), the
Collateral Agent shall transfer funds from the Collection Account into the
Reinvestment Account to be applied to purchase Subsequent Timeshare Loans in
accordance with Section
4.2(a).  The Reinvestment Account shall be an Eligible Bank
Account initially established at the corporate trust department of the
Collateral Agent, bearing the following designation “Stratstone/Bluegreen
Secured Income Fund, LLC — Reinvestment Account,                          ,
as Collateral Agent for the benefit of the Noteholder”.  The
Collateral Agent on behalf of the Noteholder shall possess all right, title and
interest in all funds on deposit from time to time in the Reinvestment Account
and in all proceeds thereof.  The Reinvestment Account shall be under
the sole dominion and control of the Collateral Agent for the benefit of the
Noteholder.  If, at any time, the Reinvestment Account ceases to be an
Eligible Bank Account, the Collateral Agent shall within two Business Days
establish a new Reinvestment Account which shall be an Eligible Bank Account,
transfer any cash and/or any investments to such new Reinvestment Account and
from the date such new Reinvestment Account is established, it shall be the
“Reinvestment Account”.  Amounts on deposit in the Reinvestment
Account shall be invested in accordance with Section 3.1
hereof.  Deposits to the Reinvestment Account shall be made in
accordance with Section 3.4
hereof.  Withdrawals and payments from the Reinvestment Account shall
be made in the following manner:

     

    (i)           Withdrawals.  Subject
to Section 3.2(d)(ii)
hereof, if on any Transfer Date the Note Issuer purchases Subsequent Timeshare
Loans in accordance with Sections 3.4(a)(xiii)
and 4.2(a), the
Collateral Agent shall withdraw from the Reinvestment Account the amounts to be
applied to the purchase of such Subsequent Timeshare Loans and  the
Acquisition Fee payable to the Manager in connection with the acquisition of the
Subsequent Timeshare Loans and the related acquisition expenses.

     

    (ii)          Suspension Event; Withdrawal
from Reinvestment Account.  Upon the occurrence of a Suspension
Event or in the event that any amounts have been held in the Reinvestment
Account for more than 90 days (which date may be extended by 30 days by written
notice from the Depositor to the Noteholder and the Collateral Agent), the
Collateral Agent shall withdraw all amounts or such amount held more than 90
days, as applicable unless otherwise extended, on deposit in the Reinvestment
Account and shall deposit such amounts in the Collection Account for
distribution in accordance with Section 3.4
hereof.

     

    
      
         

      

      
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    (iii)         Stated Maturity or Payment
in Full.  On the earlier to occur of the Stated Maturity and
the Payment Date on which the Outstanding Note Balance of the Note will be
reduced to zero, or following the expiration or termination of the Reinvestment
Period, the Collateral Agent shall withdraw all amounts on deposit in the
Reinvestment Account and shall deposit such amounts in the Collection Account
for distribution in accordance with Section 3.4
hereof.

     

    (e)           Fee and Expense
Account.  The Noteholder and the Note Issuer hereby direct and
the Collateral Agent hereby agrees to cause to be established and maintained an
account (the “Fee and Expense
Account”) for the benefit of the Noteholder.  The Collateral
Agent shall deposit 15% of the proceeds of each advance under the Note (or the
balance, if any, remaining from 15% of the proceeds if the Noteholder has paid
fees and expense pursuant to Section 2.2(c)) to
the Fee and Expense Account to be applied to pay any remaining fees and expenses
set forth in Section
2.2(a)(i).  The Fee and Expense Account shall be an Eligible
Bank Account initially established at the corporate trust department of the
Collateral Agent, bearing the following designation “Stratstone/Bluegreen
Secured Income Fund, LLC Fee and Expense Account,                          ,
as Collateral Agent for the benefit of the Noteholder”.  The
Collateral Agent on behalf of the Noteholder shall possess all right, title and
interest in all funds on deposit from time to time in the Fee and Expense
Account and in all proceeds thereof.  The Fee and Expense Account
shall be under the sole dominion and control of the Collateral Agent for the
benefit of the Noteholder.  If, at any time, the Fee and Expense
Account ceases to be an Eligible Bank Account, the Collateral Agent shall within
two Business Days establish a new Fee and Expense Account which shall be an
Eligible Bank Account, transfer any cash and/or any investments to such new Fee
and Expense Account and from the date such new Fee and Expense Account is
established, it shall be the “Fee and Expense Account”.  Amounts on
deposit in the Fee and Expense Account shall be invested in accordance with
Section 3.1
hereof.  Deposits to the Fee and Expense Account shall be made in
accordance with Section 3.4
hereof.  Withdrawals and payments from the Fee and Expense Account
shall be made in the following manner:

     

    (i)           Withdrawals.  Subject
to Section 3.2(e)(ii)
hereof, on any date of an advance under the Note, the Collateral Agent shall
withdraw from the Fee and Expense Account an amount sufficient to pay fees and
expenses as set forth in Section
2.2(a)(i).  In the event that the funds on deposit in the Fee
and Expense Account are insufficient to pay for such fees and expenses, any
shortfall shall be carried forward and paid at such time as there are sufficient
funds in the Fee and Expense Account.

     

    (ii)          Stated Maturity or Payment
in Full.  Upon the earlier of (1) receipt of a statement
furnished by the Manager that no further payments pursuant to Section 2.2(a)(i)
will be made or (2) 90 days after the Final Closing Date (or if Timeshare Loans
are not sold by the Depositor to the Note Issuer on the Final Closing Date using
all of the remaining gross proceeds from the Offering, 90 days after the earlier
of the date the Timeshare Loans are sold to the Note Issuer or the Final Loan
Date, the Collateral Agent shall withdraw all amounts on deposit in the Fee and
Expense Account and shall deposit such amounts in the Collection Account for
distribution in accordance with Section 3.4
hereof.

     

    
      
         

      

      
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    SECTION
3.3        [Reserved.]

     

    SECTION
3.4        Payments from
Accounts.

     

    (a)           On
each Payment Date, to the extent of Available Funds and based on the Monthly
Servicer Report (which, with respect to in clause (vi) below,
shall be included by the Servicer in the Monthly Servicing Report based solely
on a written statement from the Manager as to the amount due and the Servicer
shall be under no obligation to verify such expenses or the reasonableness
thereof), the Collateral Agent shall withdraw funds from the Collection Account
to make the following payments and distributions to the following parties, and
following an Event of Default any money collected by the Collateral Agent in
respect of the Timeshare Loans Collateral and any other monies that may be held
thereafter by the Collateral Agent as security for the Note, including without
limitation amounts on deposit in the General Reserve Account and the Special
Reserve Account (to the extent required to pay principal and interest pursuant
to Section 3.2(c)
hereof), in the following order of priority:

     

    (i)           to
the Collateral Agent, the Collateral Agent Fee, plus any accrued and unpaid
Collateral Agent Fees with respect to prior Payment Dates, and any extraordinary
out-of-pocket expenses of the Collateral Agent (up to $_____ per Payment Date
and no more than a cumulative total of $____ for Servicer Termination Costs)
incurred and not reimbursed in connection with its obligations and duties under
the Note Purchase Agreement (unless an Event of Default has occurred and all of
the Timeshare Loans Collateral has been sold, in which case all accrued and
unpaid fees due to the Collateral Agent shall be paid to the Collateral
Agent);

     

    (ii)        
 to the Owner Trustee, the Owner Trustee Fee, plus accrued and unpaid Owner
Trustee Fees with respect to prior Payment Dates;

     

    (iii)         to
the Custodian, the Custodian Fee, plus any accrued and unpaid Custodian Fees
with respect to prior Payment Dates and any out-of-pocket expenses incurred by
the Custodian therewith;

     

    (iv)         to
the Lockbox Bank, the Lockbox Fee, plus any accrued and unpaid Lockbox Fees from
prior Payment Dates;

     

    (v)          to
the Manager, the Asset Management Fee, plus any such fees accrued and unpaid
from prior Payment Dates;

     

    (vi)         to
pay or reimburse the Manager for any reasonable operating expenses of the
Noteholder, including, without limitation, expenses of the Manager that are
reimbursable pursuant to the LLC Agreement of the Noteholder, expenses relating
to any obligation to indemnify the Manager and its affiliates;

     

    
      
         

      

      
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    (vii)        to
pay or reimburse Bluegreen for its out-of-pocket expenses in connection with
services performed on behalf of the Company at the Noteholder’s written request
in connection with the administration and operation of the Company; plus any
such expenses accrued and unpaid with respect to prior Payment
Dates;

     

    (viii)       to
the Servicer, the Servicing Fee, plus any accrued and unpaid Servicing Fees with
respect to prior Payment Dates;

     

    (ix)          to
the Backup Servicer, the Backup Servicing Fee, plus any accrued and unpaid
Backup Servicing Fees with respect to prior Payment Dates (less any amounts
received from the Collateral Agent, as successor Servicer);

     

    (x)           to
the Administrator, the Administrator Fee, plus any accrued and unpaid
Administrator Fees with respect to prior Payment Dates;

     

    (xi)          to
the Noteholder, the applicable Interest Distribution Amount;

     

    (xii)         to
the Collateral Agent, any extraordinary out-of-pocket expenses of the Collateral
Agent not paid in accordance with (i) above;

     

    (xiii)        if
a Partial Amortization Event has occurred and is continuing (unless a Suspension
Event has occurred and is continuing), 15% of the proceeds from principal
payments on the Timeshare Loans, to make principal payments on the Note until
the Note is paid in full;

     

    (xiv)        unless
a Suspension Event has occurred and is continuing, through the fifth anniversary
of the Initial Closing Date, to the Reinvestment Account to be applied to
purchase Subsequent Timeshare Loans in accordance with, and subject to, the
conditions of Sections
4.2 and 4.3 and as described
under Subsequent Timeshare Loans and to pay the Acquisition Fee payable to the
Manager in connection with the acquisition of the Subsequent Timeshare
Loans;

     

    (xv)         after
the fifth anniversary of the Initial Closing Date, if a Trigger Event or Event
of Default has occurred and is continuing, or during the occurrence and
continuance of a Suspension Event, or if the conditions for purchase of
Subsequent Timeshare Loans under Sections 4.2 and
4.3 are not
met, to make principal payments to the Noteholder until the Note is paid in
full; and

     

    (xvi)        any
remaining Available Funds, to the Certificate Distribution Account for
distribution pursuant to the Trust Agreement.

     

    (b)           On
and after the Assumption Date, the Collateral Agent, as successor Servicer,
shall pay the Backup Servicing Fee from amounts received in respect of the
Servicing Fee.

     

    (c)           The
Collateral Agent shall make payments under Section 3.4(a)
strictly in accordance with, and in the priorities set forth in, the relevant
Monthly Servicer Report and shall be under no obligation to verify such amounts
or the reasonableness thereof.

     

    
      
        
        

      

      
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        SECTION
3.5        Reports to
Noteholder.

      

    

     

    On each
Payment Date, the Collateral Agent shall account to the Noteholder, the portion
of payments then being made which represents principal and the amount which
represents interest, and shall contemporaneously advise the Note Issuer of all
such payments.  The Collateral Agent may satisfy its obligations under
this Section 3.5 by
making available electronically the Monthly Servicer Report to Bluegreen, the
Noteholder, and the Note Issuer; provided, however, the
Collateral Agent shall have no obligation to provide such information described
in this Section 3.5
until it has received the requisite information from Bluegreen, the Note Issuer
or the Servicer.  On or before the fifth day prior to the final
Payment Date, the Collateral Agent shall send notice of such Payment Date to the
Noteholder.  Such notice shall include a statement that if such Note
is paid in full on the final Payment Date, interest shall cease to accrue as of
the day immediately preceding such final Payment Date.  In addition,
the Collateral Agent shall deliver to the Noteholder, all notices, compliance
reports and other certificates delivered by the Servicer or the Note Issuer
pursuant to this Note Purchase Agreement.  At the Noteholder’s
request, the Collateral Agent agrees to provide the Noteholder an accounting of
balances in the General Reserve Account and Special Reserve Account, if
any.

     

    The
Collateral Agent may make available to the Noteholder, via the Collateral
Agent’s internet website, the Monthly Servicer Report available each month and,
with the consent or at the direction of the Note Issuer, such other information
regarding the Note and/or the Timeshare Loans as the Collateral Agent may have
in its possession, but only with the use of a password provided by the
Collateral Agent or its agent to such Person upon receipt by the Collateral
Agent from such Person of a certification in the form of Exhibit D; provided, however, that the
Collateral Agent or its agent shall provide such password to the parties to this
Note Purchase Agreement without requiring such certification.  The
Collateral Agent will make no representation or warranties as to the accuracy or
completeness of such documents and will assume no responsibility
therefor.

     

    The
Collateral Agent’s internet website shall be specified by the Collateral Agent
from time to time in writing to the Note Issuer, the Servicer and the
Noteholder.  For assistance with this service, the Noteholder may call
the customer service desk at
        .  In connection with
providing access to the Collateral Agent’s internet website, the Collateral
Agent may require registration and the acceptance of a
disclaimer.  The Collateral Agent shall not be liable for the
dissemination of information in accordance with this Note Purchase
Agreement.

     

    The
Collateral Agent shall have the right to change the way Monthly Servicer Reports
are distributed in order to make such distribution more convenient and/or more
accessible to the above parties and the Collateral Agent shall provide timely
and adequate notification to all above parties regarding any such
changes.

     

    Annually
(and more often, if required by applicable law), the Collateral Agent shall
distribute to the Noteholder any Form 1099 or similar information returns
required by applicable tax law to be distributed to the
Noteholder.  The Paying Agent shall prepare or cause to be prepared
all such information for distribution by the Collateral Agent to the
Noteholder.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    
      
        
          SECTION
3.6        [Reserved.]

        

      

    

     

    
      
        
          SECTION
3.7        Withholding
Taxes.

        

      

    

     

    The
Collateral Agent, on behalf of the Note Issuer, shall comply with all
requirements of the Code and applicable Treasury Regulations and applicable
state and local law with respect to the withholding from any payments made by it
to the Noteholder of any applicable withholding taxes imposed thereon and with
respect to any applicable reporting requirements in connection
therewith.

     

    ARTICLE
IV.

    THE
TIMESHARE LOANS COLLATERAL

     

    
      
        
          SECTION
4.1        Granting of Timeshare Loans
Collateral; Acceptance by Collateral
Agent.

        

      

    

     

    (a)           To
secure the payment of the principal of and interest on the Note in accordance
with its terms, the payment of all of the sums payable under this Note Purchase
Agreement and the performance of the covenants contained in this Note Purchase
Agreement, the Note Issuer hereby Grants to the Collateral Agent, for the
benefit of the Noteholder, all of the Note Issuer’s right, title and interest in
and to the following whether now owned or hereafter acquired and any and all
benefits accruing to the Note Issuer from, (i) the Initial Timeshare Loans
transferred on any Closing Date, (ii) any Subsequent Timeshare Loans,
(iii) any Qualified Substitute Timeshare Loans, (iv) the Receivables in
respect of each Timeshare Loan, (v) 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), (vi) all Related Security in respect of each Timeshare Loan, (vii)
all rights and remedies under the Bluegreen Purchase Agreement, the Depository
Agreement, the Sale Agreement, the Backup Servicing Agreement, the Lockbox
Agreement, the Administration Agreement, the Remarketing Agreement and the
Custodial Agreement, (viii) all amounts properly deposited in the Lockbox
Account, the Credit Card Account, the Reinvestment Account, the Collection
Account, the General Reserve Account and the Special Reserve Account and (ix)
proceeds of the foregoing (including, without limitation, all cash proceeds,
accounts, accounts receivable, notes, drafts, acceptances, chattel paper,
checks, deposit accounts, insurance proceeds (as applicable), condemnation
awards, rights to payment of any and every kind, and other forms of obligations
and receivables which at any time constitute all or part or are included in the
proceeds of any of the foregoing) (collectively, the “Timeshare Loans
Collateral”).  Notwithstanding the foregoing, the Timeshare
Loans Collateral shall not include (i) any Timeshare Loan released from the Lien
of this Note Purchase Agreement in accordance with the terms hereof and any
Related Security, Timeshare Loan Documents, income or proceeds related to such
released Timeshare Loan, (ii) any amount distributed pursuant to Section 3.4
hereof or (iii) any Misdirected Deposits.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    (b)           Concurrently
with each advance under the Note, the Collateral Agent shall hereby acknowledge
and accept the conveyance by the Note Issuer of the assets constituting the
Timeshare Loans Collateral.  The parties hereto agree that the
conveyance by the Note Issuer of the Timeshare Loans Collateral to the
Collateral Agent, for the benefit of the Noteholder, is made to secure (i) the
payment of all amounts due on the Note in accordance with its terms, and (ii)
the payment of all other sums payable under the Note and this Note Purchase
Agreement.  In connection with the conveyance of the Timeshare Loans
Collateral to the Collateral Agent, the Note Issuer has delivered or has caused
the Depositor to deliver (i) to the Custodian, the Timeshare Loan Files and (ii)
to the Servicer, the Timeshare Loan Servicing Files, for each Initial Timeshare
Loan conveyed on the related Transfer Date.  With respect to each
Transfer Date and in accordance with the Custodial Agreement, the Note Issuer
will deliver or cause to be delivered (i) to the Custodian, the Timeshare Loan
Files, and (ii) to the Servicer, the Timeshare Loan Servicing Files, for each
Subsequent Timeshare Loan or Qualified Substitute Timeshare Loan to be conveyed
on such Transfer Date.

     

    (c)           The
Collateral Agent shall perform its duties under this Section 4.1 and
hereunder on behalf of the Timeshare Loans Collateral and for the benefit of the
Noteholder in accordance with the terms of this Note Purchase Agreement and
applicable law and, in each case, taking into account its other obligations
hereunder, but without regard to:

     

    (i)           any
relationship that the Collateral Agent or any Affiliate of the Collateral Agent
may have with an Obligor;

     

    (ii)           the
Collateral Agent’s right to receive compensation for its services hereunder or
with respect to any particular transaction; or

     

    (iii)           the
ownership, or holding in trust for others, by the Collateral Agent of any other
assets or property.

     

    
      
        
          SECTION
4.2        Subsequent Timeshare
Loans.

        

      

    

     

    (a)           To
the extent of Available Funds under Section 3.4(a)(xiv),
and subject to Sections 4.2(b) and
(c), on each
Transfer Date during the Reinvestment Period (unless a Suspension Event has
occurred and is continuing), subject to the satisfaction of the following
conditions and the requirements of Section 4.3
hereof, and in consideration of the Collateral Agent’s delivery on such Transfer
Date to or upon the order of the Depositor of the Timeshare Loan Acquisition
Price, (x) the Note Issuer shall apply (A)  100% of the amounts received as
principal and interest payments on the Timeshare Loans Collateral (after the
payment of the Interest Distribution Amount on the Note and other required
payments under Section 3.4(a)
hereof) and deposited in the Reinvestment Account and (B) the amount advanced to
the Note Issuer out of the proceeds from the Distribution Reimbursement Plan,
which will be deposited in the Reinvestment Account, to purchase Eligible
Timeshare Loans to be treated as Subsequent Timeshare Loans at the Timeshare
Loan Acquisition Price, to pay the Acquisition Fee payable to the Manager in
connection with the Acquisition of the Subsequent Timeshare Loans and the
related acquisition expenses and to make the deposit in the Special Reserve
Account of the amount, if any, by which the Timeshare Loan Acquisition Price has
been reduced in accordance with clause (x) of the definition of Timeshare Loan
Acquisition Price and (y) the Depositor shall sell, transfer, assign, set over
and otherwise convey without recourse to the Note Issuer, all right, title and
interest of the Depositor in and to each Subsequent Timeshare Loan and the
related Timeshare Loans Collateral pursuant to the Bluegreen Purchase Agreement
and the Note Issuer shall Grant such Subsequent Timeshare Loans to the
Collateral Agent for benefit of the Noteholder.  Prior to the
acceptance by the Collateral Agent of any Subsequent Timeshare Loan or the
release of any funds therefor, the following conditions must be satisfied on or
prior to the related Transfer Date:

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    (i)           
the Depositor shall have provided the Collateral Agent with a notice of a
subsequent transfer of Subsequent Timeshare Loans (a “Subsequent Transfer
Notice”), a form
of which is attached hereto as Exhibit G which
notice shall be given not less than five Business Days prior to such Transfer
Date;

     

    (ii)           no
Event of Default has occurred and is continuing and no such event would result
from the conveyance of such Subsequent Timeshare Loan to the Collateral
Agent;

     

    (iii)          the
Custodian shall have received the Timeshare Loan Files related to such
Subsequent Timeshare Loans and shall have given the Collateral Agent a written
certification and receipt in accordance with the Custodial
Agreement;

     

    (iv)          the
Servicer shall have received the Timeshare Loan Servicing Files related to such
Subsequent Timeshare Loans;

     

    (v)           the
Collateral Agent shall have received the certification required to be delivered
by the Depositor in Section 4.3
hereof;

     

    (vi)          no
Responsible Officer of the Collateral Agent has Knowledge or has actually
received notice that any conditions to such transfer (including the requirements
in Section 4.3
hereof) have not been fulfilled and the Collateral Agent shall have received
such other documents, opinions, certificates and instruments as the Collateral
Agent may request; and

     

    (vii)         the
Noteholder shall not have provided notice to the Depositor and the Collateral
Agent that the Manager of the Noteholder has terminated or suspended the
acquisition by the Note Issuer of Subsequent Timeshare Loans pursuant to Section   
of this Note Purchase Agreement unless such notice has been rescinded by the
Noteholder.

     

    (b)           Notwithstanding
the foregoing, if a Partial Amortization Event occurs and is continuing, the
amount to be applied under Section 4.2(a)
shall be reduced from 100% to 85% of the principal amount of the Timeshare Loans
otherwise available for reinvestment in Subsequent Timeshare Loans and 100% of
excess interest otherwise available for reinvestment (after the payment of the
Interest Distribution Amount on the Note and other required payments under Section 3.4(a)
hereof) will continue to be available for reinvestment.

     

    (c)           The
Reinvestment Period shall be suspended (i) on the occurrence and during the
continuance of a Trigger Event or an Event of Default; (ii) by the Manager (x)
at any time on not less than 120 days prior written notice or (y) on
20 days prior written notice, if there has been a material adverse change
in (i) the financial condition, results of operations or business prospects of
Bluegreen, (ii) the anticipated recovery value of the Timeshare Loans Collateral
or (iii) the prospects for collecting the Timeshare Loans made by Bluegreen
that, in any of the foregoing cases, individually or in the
aggregate, materially increases the likelihood that the principal
and interest on the Bluegreen note will not be paid in full; and (iii) if the
Depositor provides not less than 60 days prior written notice to the Note Issuer
and the Collateral Agent that it no longer has Timeshare Loans available for
sale until such time as the Depositor provides not less than 30 days prior
written notice that it has Timeshare Loans available for sale; it being
understood that upon the occurrence or continuation of a Suspension Event, no
advances of out of the proceeds under the Distribution Reinvestment Plan will be
made to the Note Issuer.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    (d)           In
connection with the remarketing of Timeshare Loans by the Remarketing Agent
pursuant to the Remarketing Agreement, if the Remarketing Agent receives
consideration in the form of a cash down payment and a Timeshare Loan as
consideration for the Foreclosure Property that is remarketed, the Remarketing
Agent may, at its option, elect to transfer to the Note Issuer the Timeshare
Loan received in connection with the remarketing; provided that such
Timeshare Loan meets the requirements of a Qualified Substitute Timeshare Loan
and shall be deemed to be a Qualified Substitute Timeshare Loan. All
representations and warranties applicable to a Qualified Substitute Timeshare
Loan shall be deemed to apply to such Timeshare Loan.

     

    
      
        
          SECTION
4.3        Criteria for Timeshare
Loans.

        

      

    

     

    No
Timeshare Loan shall be accepted as part of the Timeshare Loans Collateral on
any Transfer Date unless the Collateral Agent shall have received a
certification from the Depositor that (i) the Depositor, as of such Transfer
Date, has restated each of the representations and warranties contained in Section 5(a) of
the Sale Agreement, (ii) each of the conditions in Section 2.2
above has been satisfied, (iii) the Eligibility Criteria have been met; and (iv)
with respect to each Timeshare Loan being conveyed on such Transfer Date (a)
such Timeshare Loan is an Eligible Timeshare Loan as of the Transfer Date, (b)
each Timeshare Loan was not selected by the Depositor in a manner that the
Depositor, in its reasonable business judgment, believes to be materially
adverse to the interests of the Noteholder; provided, that it is
acknowledged by the parties hereto that the certification in this clause (b) is
not intended and shall not be construed as a guaranty of the performance of such
Timeshare Loans, and that such Timeshare Loans may perform differently than
other timeshare loans originated by the related Originator or other Affiliates
of the related Seller, (c) each Timeshare Loan does not have a stated maturity
later than               ,
and (d) except as provided in Section 4.6(b) the
related Obligor has made at least one payment in respect of such Timeshare
Loan.

     

    
      
        
          SECTION
4.4        Grant of Security Interest;
Tax Treatment.

        

      

    

     

    (a)           The
conveyance by the Note Issuer of the Timeshare Loans to the Collateral Agent
shall not constitute and is not intended to result in an assumption by the
Collateral Agent or the Noteholder of any obligation of the Note Issuer or the
Servicer to the Obligors, the insurers under any insurance policies, or any
other Person in connection with the Timeshare Loans.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    (b)           It
is the intention of the parties hereto that, with respect to all taxes, the Note
will be treated as indebtedness of the Note Issuer to the Noteholder secured by
the Timeshare Loans (the “Intended Tax
Characterization”).  The provisions of this Note Purchase
Agreement shall be construed in furtherance of the Intended Tax
Characterization.  Each of the Note Issuer, the Servicer, the
Collateral Agent, the Club Trustee and the Backup Servicer by entering into this
Note Purchase Agreement, and the Noteholder by the purchase of the Note, agree
to report such transactions for purposes of all taxes in a manner consistent
with the Intended Tax Characterization, unless otherwise required by applicable
law.

     

    (c)           None
of the Note Issuer, the Servicer, the Club Trustee or the Backup Servicer shall
take any action inconsistent with the Collateral Agent’s interest in the
Timeshare Loans and shall indicate or shall cause to be indicated in its books
and records held on its behalf that each Timeshare Loan and the other Timeshare
Loans constituting the Timeshare Loans Collateral has been assigned to the
Collateral Agent on behalf of the Noteholder.

     

    
      
        
          SECTION
4.5        Further Action Evidencing
Assignments.

        

      

    

     

    (a)           The
Note Issuer and the Collateral Agent each agrees that, from time to time, it
will promptly execute and deliver all further instruments and documents, and
take all further action, that may be necessary or appropriate, or that the
Noteholder may reasonably request, in order to perfect, protect or more fully
evidence the security interest in the Timeshare Loans or to enable the
Collateral Agent to exercise or enforce any of its rights
hereunder.  Without limiting the generality of the foregoing, the Note
Issuer will, without the necessity of a request and upon the request of the
Noteholder or the Collateral Agent, execute and file or record (or cause to be
executed and filed or recorded) such Assignments of Mortgage, as applicable,
financing or continuation statements, or amendments thereto or assignments
thereof, and such other instruments or notices, as may be necessary or
appropriate to create and maintain in the Collateral Agent a first priority
perfected security interest, at all times, in the Timeshare Loans Collateral,
including, without limitation, recording and filing UCC-1 financing statements,
amendments or continuation statements prior to the effective date of any change
of the name, identity or structure or relocation of its chief executive office
or any change that would or could affect the perfection pursuant to any
financing statement or continuation statement or assignment previously filed or
make any UCC-1 or continuation statement previously filed pursuant to this Note
Purchase Agreement seriously misleading within the meaning of applicable
provisions of the UCC (and the Note Issuer shall give the Noteholder and the
Collateral Agent at least 30 Business Days prior notice of the expected
occurrence of any such circumstance).  The Note Issuer shall deliver
promptly to the Collateral Agent file-stamped copies of any such
filings.

     

    (b)           (i)
The Note Issuer hereby grants to each of the Servicer and the Collateral Agent a
power of attorney to execute, file and record all documents including, but not
limited to, Assignments of Mortgage, UCC-1 financing statements, amendments or
continuation statements, on behalf of the Note Issuer as may be necessary or
desirable to effectuate the foregoing and (ii) the Servicer hereby grants to the
Collateral Agent a power of attorney to execute, file and record all documents
on behalf of the Servicer as may be necessary or desirable to effectuate the
foregoing; provided, however, that such
grant shall not create a duty on the part of the Collateral Agent or the
Servicer to file, prepare, record or monitor, or any responsibility for the
contents or adequacy of, any such documents.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    
      
        
          SECTION
4.6        Substitution and Repurchase
of Timeshare Loans.

        

      

    

     

    (a)           Mandatory Substitution and
Repurchase of Timeshare Loans for Breach of Representation or
Warranty.  If at any time, any party hereto obtains knowledge,
discovers, or is notified by any other party hereto, that any of the
representations and warranties of the Depositor in the Sale Agreement were
incorrect at the time such representations and warranties were made, then the
party discovering such defect, omission, or circumstance shall promptly notify
the other parties to this Note Purchase Agreement, the Depositor and the Club
Originator.  In the event any such representation or warranty of the
Depositor is incorrect and materially and adversely affects the value of a
Timeshare Loan or the interests of the Noteholder therein, then the Note Issuer
and the Collateral Agent shall require the Depositor or, pursuant to its rights
under the Sale Agreement, the Club Originator, within 30 days (or within 60
days, if the Depositor has commenced and is diligently pursuing such elimination
or cure during the 30 day period) after the date it is first notified of, or
otherwise obtains Knowledge of such breach, to eliminate or otherwise cure in
all material respects the circumstance or condition which has caused such
representation or warranty to be incorrect or either (x) if the breach relates
to a particular Timeshare Loan and is not cured in all material respects (such
Timeshare Loan, a “Defective
Timeshare Loan”) repurchase the Note
Issuer’s interest in such Defective Timeshare Loan at its Repurchase Price or
(y) in the case of a Defective Timeshare Loan only, provide one or more
Qualified Substitute Timeshare Loans to the Note Issuer and pay the Substitution
Shortfall Amounts to the Note Issuer if any.  The Collateral Agent is
hereby appointed attorney-in-fact, which appointment is coupled with an interest
and is therefore irrevocable, to act on behalf and in the name of the Note
Issuer to enforce the Depositor’s repurchase or substitution obligations if the
Depositor has not complied with its repurchase or substitution obligations under
the Sale Agreement within 30 days after the end of the aforementioned 30-day
period.

     

    (b)           Optional Purchase or
Substitution of Club Loans.  Pursuant to the Bluegreen Purchase
Agreement, with respect to any Original Club Loan, on any date, the Club
Originator, as designee of the Depositor, will (at its option), if the related
Obligor has elected to effect and the Club Originator has agreed to effect an
Upgrade, (i) pay to the Collection Account the Repurchase Price for such
Original Club Loan or (ii) substitute one or more Qualified Substitute Timeshare
Loans for such Original Club Loan and pay the related Substitution Shortfall
Amounts, if any; provided, however, that the
option to substitute one or more Qualified Substitute Timeshare Loans for an
Original Club Loan is limited on any date to (A) 20% of the Aggregate Closing
Date Collateral Balance, less (B) the Aggregate Loan Balances of Original Club
Loans previously substituted by the Club Originator pursuant to this Section 4.6(b) on
prior Transfer Dates.  The Club Originator, as designee of the
Depositor, shall deposit the related Repurchase Price and Substitution Shortfall
Amounts, if any, in the Collection Account as set forth in Section 4.6(d)
hereof.  The Note Issuer acknowledges that the Club Originator has
agreed to use best efforts to exercise its substitution option with respect to
Original Club Loans prior to exercise of its repurchase option, and to the
extent that the Club Originator shall elect to substitute Qualified Substitute
Timeshare Loans for an Original Club Loan, the Club Originator shall use 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.  In the event that the Club Originator elects to substitute as
provided in clause (i) of the immediately preceding sentence, then Section 4.3(d) shall
not be applicable.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    (c)           Optional Purchase or
Substitution of Defaulted Timeshare Loans.  Pursuant to the
Bluegreen Purchase Agreement, with respect to any Defaulted Timeshare Loans, on
any date, the Club Originator, as designee of the Depositor, shall have the
option, but not the obligation, to either (i) purchase the Defaulted Timeshare
Loan at the Repurchase Price for such Defaulted Timeshare Loan or (ii)
substitute one or more Qualified Substitute Timeshare Loans for such Defaulted
Timeshare Loan and pay the related Substitution Shortfall Amounts, if any; provided, however, that the
option to repurchase a Defaulted Timeshare Loan or to substitute one 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.  The Club Originator, as designee of the Depositor,
shall purchase or substitute Defaulted Timeshare Loans as provided herein and
the Club Originator shall deposit the related Repurchase Price and Substitution
Shortfall Amounts, if any, in the Collection Account as set forth in Section 4.6(d)
hereof.  The Club Originator may irrevocably waive the Club
Originator’s option to purchase or substitute a Defaulted Timeshare Loan by
delivering or causing to be delivered to the Collateral Agent a Waiver Letter in
the form of Exhibit
E attached hereto.

     

    (d)           Payment of Repurchase Prices
and Substitution Shortfall Amounts.  The Note Issuer and the
Collateral Agent shall direct that the Depositor 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 the
Collateral Agent on the Business Day prior to the Payment Date for deposit in
the Collection Account.

     

    (e)           Schedule of Timeshare
Loans.  The Note Issuer and Collateral Agent shall direct the
Depositor to provide or cause to be provided to the Collateral Agent 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)           Officer’s
Certificate.  No substitution of a Timeshare Loan shall be
effective unless the Note Issuer and the Collateral Agent shall have received an
Officer’s Certificate from the Club Originator indicating that (i) the new
Timeshare Loan meets all the criteria of the definition of “Qualified Substitute
Timeshare Loan”, (ii) the Timeshare Loan Files for such Qualified Substitute
Timeshare Loan have been delivered to the Custodian or shall be delivered within
five Business Days, and (iii) the Timeshare Loan Servicing Files for such
Qualified Substitute Timeshare Loan have been delivered to the
Servicer.

     

    (g)           Qualified Substitute
Timeshare Loans.  Within five Business Days after a Transfer
Date, the Note Issuer and the Collateral Agent shall direct the Depositor to
deliver or cause the delivery of the Timeshare Loan Files of the related
Qualified Substitute Timeshare Loans to the Custodian in accordance with the
provisions of this Note Purchase Agreement and the Custodial
Agreement.

     

    
      SECTION
4.7        Release of
Lien.

    

     

    (a)           The
Note Issuer shall be entitled to obtain a release from the Lien of the Note
Purchase Agreement for any Timeshare Loan purchased, repurchased or substituted
under Section 4.6
hereof, upon satisfaction of each of the applicable provisions of Section 4.6
hereof, (ii) in the case of any purchase or repurchase, after a payment by the
Depositor of the Repurchase Price of the related Timeshare Loan, and (iii) in
the case of any substitution, after payment by the Depositor of the applicable
Substitution Shortfall Amounts, if any, pursuant to Section 4.6
hereof.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    (b)           The
Note Issuer shall be entitled to obtain a release from the Lien of the Note
Purchase Agreement for any Timeshare Loan which has been paid in
full.

     

    (c)           In
connection with (a) and (b) above, the Note Issuer and Collateral Agent will
execute and deliver such releases, endorsements and assignments as are provided
to it by the Depositor, in each case, without recourse, representation or
warranty, as shall be necessary to vest in the Depositor or its designee, the
legal and beneficial ownership of each Timeshare Loan being released pursuant to
this Section 4.7.  The
Servicer shall deliver a Request for Release to the Custodian with respect to
the related Timeshare Loan Files and Timeshare Loan Servicing Files being
released pursuant to this Section 4.7, and
such files shall be transferred to the Depositor or its designee.

     

    SECTION
4.8        Appointment of Custodian and
Paying Agent.

     

    (a)           The
Collateral Agent may appoint a Custodian to hold all or a portion of the
Timeshare Loan Files as agent for the Collateral Agent.  Each
Custodian shall be a depository institution supervised and regulated by a
federal or state banking authority, shall have combined capital and surplus of
at least $100,000,000, shall be qualified to do business in the jurisdiction in
which it holds any Timeshare Loan File and shall not be the Note Issuer or an
Affiliate of the Note Issuer.  The initial Custodian shall be
     .  The Collateral Agent shall not be
responsible for paying the Custodian Fee or any other amounts owed to the
Custodian.

     

    (b)           The
Note Issuer hereby appoints the Collateral Agent as a Paying
Agent.  The Note Issuer may appoint other Paying Agents from time to
time.  Any such other Paying Agent shall be appointed by Note Issuer
Order with written notice thereof to the Collateral Agent.  Any Paying
Agent appointed by the Note Issuer shall be a Person who would be eligible to be
Collateral Agent hereunder as provided in Section 7.7
hereof.

     

    SECTION
4.9        Sale of Timeshare
Loans.

     

    The
parties hereto agree that none of the Timeshare Loans in the Timeshare Loans
Collateral may be sold or disposed of in any manner except as expressly provided
for herein.

     

    ARTICLE
V.

    SERVICING
OF TIMESHARE LOANS

     

    SECTION
5.1        Appointment of Servicer and
Backup Servicer; Servicing Standard.

     

    (a)           Subject
to the terms and conditions herein, the Note Issuer and the Collateral Agent
hereby appoint Bluegreen as the initial Servicer hereunder.  The
Servicer shall service and administer the Timeshare Loans and perform all of its
duties hereunder in accordance with the Servicing Standard.

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    

     

    (b)           Subject
to the terms and conditions herein and in the Backup Servicing Agreement, the
Note Issuer hereby appoints                          
to act as the initial Backup Servicer hereunder.  The Backup Servicer
shall service and administer the Timeshare Loans and perform all of its duties
hereunder and under the Backup Servicing Agreement in accordance with the
Servicing Standard.

     

    SECTION
5.2        Payments on the Timeshare
Loans.

     

    (a)           The
Servicer shall, in a manner consistent with the Servicing Standard, collect all
payments made under each Timeshare Loan and direct each applicable Obligor to
timely make all payments in respect of his or her Timeshare Loan to the Lockbox
Account maintained at the Lockbox Bank and, with respect to Credit Card
Timeshare Loans, direct the applicable credit card merchant services provider to
deposit all payments in respect of such Credit Card Timeshare Loans to the
Credit Card Account (net of any Servicer Credit Card Processing
Costs).

     

    (b)           Subject
to subsection (c) below, the Collateral Agent shall direct the Lockbox Bank
to remit all collections in respect of the Timeshare Loans on deposit in the
Lockbox Account (other than an amount equal to $________ that will remain in the
Lockbox Account for administrative purposes) to the Collection Account on each
Business Day via automated repetitive wire.

     

    (c)           Liquidation
Expenses shall be reimbursed as Additional Servicing Compensation to the
Servicer in accordance with Section 3.2(a)
hereof.  To the extent that the Servicer has received any Liquidation
Expenses as Additional Servicing Compensation and shall subsequently recover any
portion of such Liquidation Expenses from the related Obligor, the Servicer
shall deposit such amounts into the Collection Account in accordance with Section 5.3(a)(xiii)
hereof.

     

    (d)           The
Servicer agrees that to the extent it receives any amounts in respect of any
insurance policies which are not payable to the Obligor or otherwise necessary
for the intended use, or any other collections relating to the Timeshare Loans
Collateral, it shall deposit such amounts to the Collection Account within two
Business Days of receipt thereof (unless otherwise expressly provided
herein).

     

    SECTION
5.3        Duties and Responsibilities
of the Servicer.

     

    (a)           In
addition to any other customary services which the Servicer may perform or may
be required to perform hereunder, the Servicer shall perform or cause to be
performed through sub-servicers, the following servicing and collection
activities in accordance with the Servicing Standard:

     

    (i)           perform
standard accounting services and general record keeping services with respect to
the Timeshare Loans;

     

    (ii)           respond
to telephone or written inquiries of Obligors concerning the Timeshare
Loans;

     

    
      
        
        

      

      
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    (iii)           keep
Obligors informed of the proper place and method for making payment with respect
to the Timeshare Loans;

     

    (iv)           contact
Obligors to effect collections and to discourage delinquencies in the payment of
amounts owed under the Timeshare Loans and doing so by any lawful
means;

     

    (v)           report
tax information to Obligors and taxing authorities to the extent required by
law;

     

    (vi)           take
such other action as may be necessary or appropriate in the Servicer’s judgment
(which shall be consistent with the Servicing Standard) for the purpose of
collecting and transferring to the Collateral Agent for deposit into the
Collection Account all payments received by the Servicer or remitted to the
Lockbox Account or the Credit Card Account in respect of the Timeshare Loans
(except as otherwise expressly provided herein), and to carry out the duties and
obligations imposed upon the Servicer pursuant to the terms of this Note
Purchase Agreement;

     

    (vii)           arranging
for Liquidations of Timeshare Properties related to Defaulted Timeshare Loans
and the remarketing of such Timeshare Properties as provided in Section 5.3(a)(xiii)
hereof;

     

    (viii)         use
reasonable best efforts to enforce the purchase and substitution obligations of
the Club Originator under the Bluegreen Purchase Agreement with respect to
breaches of representations and warranties related to the Timeshare
Loans;

     

    (ix)           refrain
from modifying, waiving or amending the terms of any Timeshare Loan; provided, however, the Servicer
may modify, waive or amend a Timeshare Loan for which a default on such
Timeshare Loan has occurred or is imminent and such modification, amendment or
waiver will not (i) materially alter the interest rate on or the principal
balance of such Timeshare Loan, (ii) shorten the final maturity of, lengthen the
timing of payments of either principal or interest, or any other terms of, such
Timeshare Loan in any manner which would have a material adverse affect on the
Noteholder, (iii) adversely affect the Timeshare Property underlying such
Timeshare Loan or (iv) reduce materially the likelihood that payments of
interest and principal on such Timeshare Loan shall be made when due; provided, further, the Servicer
may grant a single extension of the final maturity of a Timeshare Loan if the
Servicer, in its reasonable discretion determines that (A) such Timeshare Loan
is in default or a default on such Timeshare Loan is likely to occur in the
foreseeable future and (B) the value of such Timeshare Loan will be enhanced by
such extension; provided, further, the Servicer
shall not be permitted to modify, waive or amend the terms of any Timeshare Loan
if the Loan Balance of all Timeshare Loans for which the Servicer has modified,
waived or amended the terms thereof at the time of such modification, waiver or
amendment exceeds 1.5% of the then Aggregate Closing Date Collateral
Balance;

     

    
      
        
        

      

      
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    (x)           work
with Obligors in connection with any transfer of ownership of a Timeshare
Property by an Obligor to another Person (to the extent permitted), whereby the
Servicer may, only if required by law, consent to the assumption by such Person
of the Timeshare Loan related to such Timeshare Property (to the extent
permitted); provided, however, in
connection with any such assumption, the rate of interest borne by, the maturity
date of, the principal amount of, the timing of payments of principal and
interest in respect of, and all other material terms of, the related Timeshare
Loan shall not be changed other than as permitted in (ix) above;

     

    (xi)           to
the extent that the Custodian Fees or the Lockbox Fees are, in the Servicer’s
reasonable business judgment, no longer commercially reasonable, use
commercially reasonable efforts to exercise its rights under the Custodial
Agreement or the Lockbox Agreement to replace the Custodian or Lockbox Bank, as
applicable.  Any such successor shall be reasonably acceptable to the
Collateral Agent and the Noteholder;

     

    (xii)           delivery
of such information and data to the Backup Servicer as is required under the
Backup Servicing Agreement;

     

    (xiii)                      in
the event that a Defaulted Timeshare Loan is not or cannot be released from the
Lien of the Note Purchase Agreement pursuant to Section 4.7
hereof, the Servicer shall, in accordance with the Servicing Standard and the
Collection Policy, promptly institute collection procedures, which may include,
but is not limited to, cancellation, termination or foreclosure proceedings or
obtaining a deed-in-lieu of foreclosure (each, a “Foreclosure
Property”).  Upon the Timeshare Property becoming a Foreclosure
Property, the Servicer shall cause the Remarketing Agent to promptly attempt to
remarket such Foreclosure Property in accordance with and pursuant to the
Remarketing Agreement.  The Remarketing Fees due under the Remarketing
Agreement shall constitute Liquidation Expenses and upon reimbursement to the
Servicer shall be paid by the Servicer to the Remarketing Agent. Prior to
taking any action with respect to a Defaulted Timeshare Loan pursuant to this
Section
5.3(a)(xiii) or Section 5.3(a)(vii)
which is not in compliance with the existing Servicing Standard, Credit and
Collection Policy, this Agreement and/or the Remarketing Agreement, the Servicer
shall provide written notice to the Noteholder.  The Servicer shall
not take any action not in compliance with such standards, policies and/or
agreements with respect to any of the Defaulted Timeshare Loans pursuant to
Section
5.3(a)(vii) or (xiii); provided that, if the
Servicer receives reasonable written instructions from the Noteholder as to the
action to be taken with respect to any of the Defaulted Timeshare Loans with
respect to the matters covered by Sections 5.3(a)(vii)
or (xiii), the
Servicer shall act in accordance with such reasonable written instructions;
provided, further, that nothing
herein shall restrict the Servicer from taking any actions permitted to be taken
by the Servicer pursuant to the proviso to Section 5.3(a)(ix).  At
the Noteholder's request, the Servicer shall consult with the Noteholder as to
the proposed course of action to be taken with respect to Defaulted Timeshare
Loans. At the
Noteholder's request, the Servicer shall consult with the Noteholder as to the
proposed course of action to be taken with respect to Defaulted Timeshare
Loans.

     

    (b)           The
Servicer may not sell any of the Foreclosure Property that is an asset of the
Timeshare Loans Collateral except for or as specifically permitted by this Note
Purchase Agreement.

     

    
      
        
        

      

      
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    (c)           The
Servicer shall, at least once each week, for each applicable Credit Card
Timeshare Loan, deposit to the Credit Card Account, the service charge imposed
by the applicable credit card merchant services provider for processing the
payment due from the Obligor (such amount, the “Servicer Credit Card Processing
Cost”) and shall immediately cause all amounts on deposit therein to be
transferred to the Lockbox Account.  With the written consent of the
Noteholder, the Collateral Agent shall cause the Lockbox Bank to restrict the
Servicer’s access and rights to the Credit Card Account, and shall instruct the
Collateral Agent to instruct the Lockbox Bank to sweep all amounts on deposit in
the Credit Card Account to be transferred to the Lockbox Account on a daily
basis.  The Servicer hereby agrees that if such direction is given by
the Noteholder, the Servicer shall not provide any contrary instruction to the
Lockbox Bank with respect to the Credit Card Account.

     

    (d)           For
so long as Bluegreen or any of its Affiliates controls the Resorts, the Servicer
shall use commercially reasonable best efforts to cause the Club Managing Entity
to maintain or cause to maintain the Resorts in good repair, working order and
condition (ordinary wear and tear excepted).

     

    (e)           For
so long as Bluegreen or any of its Affiliates controls the Resorts, the manager,
related management contract and master marketing and sale contract (if
applicable) for each Resort at all times shall be reasonably satisfactory to the
Noteholder.  For so long as Bluegreen or any of its Affiliates
controls the Timeshare Association for a Resort, and Bluegreen or an Affiliate
thereof is the manager, the related management contract and master marketing and
sale contract, if applicable, may be amended or modified in a manner that
reasonably may be determined to have a material adverse effect on the Noteholder
only with the prior written consent of the Noteholder, which consent shall not
be unreasonably withheld or delayed.

     

    (f)           In
the event any Lien (other than a Permitted Lien) attaches to any Timeshare Loan
or related collateral from any Person claiming from and through Bluegreen or one
of its Affiliates which materially adversely affects the Note Issuer’s interest
in such Timeshare Loan, Bluegreen shall, within the earlier to occur of ten
Business Days after such attachment or the respective lienholders’ action to
foreclose on such lien, either (i) cause such Lien to be released of record,
(ii) provide the Collateral Agent with a bond in accordance with the applicable
laws of the state in which the Timeshare Property is located, issued by a
corporate surety acceptable to the Collateral Agent, in an amount and in form
reasonably acceptable to the Collateral Agent or (iii) provide the Collateral
Agent with such other security as the Noteholder or the Collateral Agent may
reasonably require.

     

    (g)           The
Servicer shall:  (i) promptly notify the Noteholder and the Collateral
Agent of (A) any claim, action or proceeding which may be reasonably expected to
have a material adverse effect on the Timeshare Loans Collateral, or any
material part thereof, and (B) any action, suit, proceeding, order or injunction
of which Servicer becomes aware after the date hereof pending or threatened
against or affecting Servicer or any Affiliate which may be reasonably expected
to have a material adverse effect on the Timeshare Loans Collateral or the
Servicer’s ability to service the same; (ii) at the request of the Noteholder or
the Collateral Agent with respect to a claim or action or proceeding which
arises from or through the Servicer or one of its Affiliates, appear in and
defend, at Servicer’s expense, any such claim, action or proceeding which would
have a material adverse effect on the Timeshare Loans or the Servicer’s ability
to service the same; and (iii) comply in all respects, and shall cause all
Affiliates to comply in all respects, with the terms of any orders imposed on
such Person by any governmental authority the failure to comply with which would
have a material adverse effect on the Timeshare Loans or the Servicer’s ability
to service the same.

     

    
      
        
        

      

      
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    (h)           Except
as contemplated by the Transaction Documents, the Servicer shall not, and shall
not permit the Club Managing Entity to, encumber, pledge or otherwise grant a
Lien or security interest (a non-exclusive license to use the Reservation System
shall not be deemed an encumbrance, pledge or Lien or security interest) in and
to the Reservation System (including, without limitation, all hardware, software
and data in respect thereof) and furthermore agrees, and shall cause the Club
Managing Entity, to use commercially reasonable efforts to keep the Reservation
System operational, not to dispose of the same and to allow the Club the use of,
and access to, the Reservation System in accordance with the terms of the Club
Management Agreement.  Notwithstanding the foregoing, should the Club
Managing Entity determine that it is desirable to replace the existing hardware
and software related to the Reservation System, it will be allowed to enter into
a lease or finance arrangement in connection with the lease or purchase of such
hardware and software.

     

    (i)           The
Servicer shall comply in all material respects with the Collection Policy in
effect on the initial Transfer Date (or, as amended from time to time with the
consent of the Noteholder) and with the terms of the Timeshare
Loans.

     

    SECTION
5.4        Servicer Events of
Default.

     

    (a)           A
“Servicer Event of Default”
means, the occurrence and continuance of any of the following
events:

     

    (i)           any
failure by the Servicer to make any required payment, transfer or deposit when
due hereunder and the continuance of such default for a period of two Business
Days; provided,
however, that
the period within which the Servicer shall make any required payment, transfer
or deposit shall be extended to such longer period as is appropriate in the
event of a Force Majeure Delay, provided, further, that such
longer period shall not exceed seven Business Days;

     

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

     

    (iii)           any
failure by the Servicer to observe or perform in any material respect any other
covenant or agreement which has a material adverse effect on the Noteholder and
such failure is not remedied within 30 days (or, if the Servicer shall have
provided evidence satisfactory to the Noteholder that such covenant cannot be
cured in the 30-day period and that it is diligently pursuing a cure, 60 days),
after the earlier of (x) the Servicer first acquiring Knowledge thereof and (y)
the Collateral Agent’s or the Noteholder’s giving written notice thereof to the
Servicer;

     

    
      
        
        

      

      
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    (iv)           any
representation or warranty made by the Servicer in this Note Purchase 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 30 days (or, if the
Servicer shall have provided evidence satisfactory to the Collateral Agent that
such breach cannot be cured in the 30-day period and that it is diligently
pursuing a cure, 60 days) after the earlier of (x) the Servicer first acquiring
Knowledge thereof and (y) the Collateral Agent’s or the Noteholder’s giving
written notice thereof to the Servicer;

     

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

     

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

     

    (vii)           a
Trigger Event that remains uncured for three consecutive Due
Periods.

     

    If any
Servicer Event of Default shall have occurred and not been waived hereunder or
there shall have been a material default by the Servicer of a material
obligation of the Servicer for which (i) the Servicer has received written
notice of such default, (ii) such default has not been cured by the Servicer or
waived in writing and the period for cure has expired and (iii) such default
would result in a liability to the Servicer in excess of 5% of the Servicer’s
Equity at such time, the Collateral Agent may, and upon notice from Noteholder
shall, terminate, on behalf of the Noteholder, by notice in writing to the
Servicer, all of the rights and obligations of the Servicer, as Servicer under
this Note Purchase Agreement.  The Collateral Agent shall immediately
give written notice of such termination to the Backup Servicer.

     

    
      
        
        

      

      
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    Unless
consented to by the Noteholder, the Note Issuer may not waive any Servicer Event
of Default.

     

    (b)           Replacement of
Servicer.  From and after the receipt by the Servicer of such
written termination notice or the resignation of the Servicer pursuant to Section 5.10
hereof, all authority and power of the Servicer under this Note Purchase
Agreement, whether with respect to the Timeshare Loans or otherwise, shall, pass
to and be vested in the Collateral Agent, and the Collateral Agent shall be the
successor Servicer hereunder and the duties and obligations of the Servicer
shall terminate.  The Servicer shall perform such actions as are
reasonably necessary to assist the Collateral Agent and the Backup Servicer in
such transfer.  If the Servicer fails to undertake such action as is
reasonably necessary to effectuate such a transfer, the Collateral Agent is
hereby authorized and empowered to execute and deliver, on behalf of and at the
expense of the Servicer, as attorney-in-fact or otherwise, any and all documents
and other instruments, and to do or accomplish all other acts or things
reasonably necessary to effect the purposes of such notice of
termination.  The Servicer agrees that if it is terminated pursuant to
this Section 5.4, it
shall promptly (and, in any event, no later than five Business Days subsequent
to its receipt of the notice of termination from the Collateral Agent) provide
the Collateral Agent, the Backup Servicer or their respective designees (with
reasonable costs being borne by the Servicer) with all documents and records
(including, without limitation, those in electronic form) reasonably requested
by it to enable the Collateral Agent to assume the Servicer’s functions
hereunder and for the Backup Servicer to assume the functions required by the
Backup Servicing Agreement, and the Servicer shall cooperate with the Collateral
Agent in effecting the termination of the Servicer’s responsibilities and rights
hereunder and the assumption by a successor of the Servicer’s obligations
hereunder, including, without limitation, the transfer within one Business Day
to the Collateral Agent or its designee for administration by it of all cash
amounts which shall at the time or thereafter received by it with respect to the
Timeshare Loans (provided, however, that the
Servicer shall continue to be entitled to receive all amounts accrued or owing
to it under this Note Purchase Agreement on or prior to the date of such
termination).  The Collateral Agent shall be entitled to renegotiate
the Servicing Fee; provided, however, no change to
the Servicing Fee may be made unless the Collateral Agent shall have received
the written consent of the Noteholder.  Notwithstanding anything
herein to the contrary, in no event shall the Collateral Agent or Bluegreen be
liable for any Servicing Fee or for any differential in the amount of the
Servicing Fee paid hereunder and the amount necessary to induce any successor
Servicer to assume the obligations of Servicer under this Note Purchase
Agreement.

     

    The
Collateral Agent shall be entitled to be reimbursed by the Servicer, (or by the
Timeshare Loans Collateral to the extent set forth in Section 3.4(a)(i)
hereof) if the Servicer is unable to fulfill its obligations hereunder for all
Servicer Termination Costs.

     

    The
successor Servicer shall have (i) no liability with respect to any obligation
which was required to be performed by the terminated Servicer prior to the date
that the successor Servicer becomes the Servicer or any claim of a third party
based on any alleged action or inaction of the terminated Servicer, (ii) no
obligation to perform any repurchase obligations, if any, of the Servicer, (iii)
no obligation to pay any taxes required to be paid by the Servicer, (iv) no
obligation to pay any of the fees and expenses of any other party involved in
this transaction that were incurred by the prior Servicer and (v) no liability
or obligation with respect to any Servicer indemnification obligations of any
prior Servicer including the original Servicer.

     

    
      
        
        

      

      
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    Notwithstanding
anything contained in the Note Purchase Agreement to the contrary, any successor
Servicer is authorized to accept and rely on all of the accounting, records
(including computer records) and work of the prior Servicer relating to the
Timeshare Loans (collectively, the “Predecessor Servicer Work
Product”), without any audit or
other examination thereof, and such successor Servicer shall have no duty,
responsibility, obligation or liability for the acts and omissions of the prior
Servicer.  If any error, inaccuracy, omission or incorrect or
nonstandard practice or procedure (collectively, “Errors”) exist in any
Predecessor Servicer Work Product and such Errors make it materially more
difficult to service or should cause or materially contribute to the successor
Servicer making or continuing any Errors (collectively, “Continued Errors”), the
successor Servicer shall have no duty, responsibility, obligation or liability
for such Continued Errors; provided, however, that each successor Servicer shall
agree to use its best efforts to prevent further Continued Errors.  In
the event that the successor Servicer becomes aware of Errors or Continued
Errors, the successor Servicer shall, with the prior consent of the Collateral
Agent, use its best efforts to reconstruct and reconcile such data as is
commercially reasonable to correct such Errors and Continued Errors and to
prevent future Continued Errors and to recover its costs thereby.

     

    The
Collateral Agent may appoint an Affiliate as the successor Servicer and the
provisions of this Section 5.4(b)
related to the Collateral Agent shall apply to such Affiliate.

     

    (c)           Any
successor Servicer, including the Collateral Agent, shall not be deemed to be in
default or to have breached its duties as successor Servicer hereunder if the
predecessor Servicer shall fail to deliver any required deposit to the
Collection Account or otherwise fail to cooperate with, or take any actions
required by such successor Servicer related to the transfer of servicing
hereunder.

     

    SECTION
5.5        Accountings:  Statements
and Reports.

     

    (a)           Monthly Servicer
Report.  Not later than two Business Days prior to the Payment
Date, the Servicer shall deliver to the Note Issuer, the Collateral Agent, and
the Noteholder, a report (the “Monthly Servicer Report”)
substantially in the form of Exhibit B hereto,
detailing certain activity relating to the Timeshare Loans.  The
Monthly Servicer Report shall be completed with the information specified
therein for the related Due Period and shall contain such other information as
may be reasonably requested by the Note Issuer, the Collateral Agent or the
Noteholder in writing at least five Business Days prior to such Determination
Date.  Each such Monthly Servicer Report shall be accompanied by an
Officer’s Certificate of the Servicer in the form of Exhibit C hereto,
certifying the accuracy of the computations reflected in such Monthly Servicer
Report.

     

    
      
        
        

      

      
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    (b)           Certification as to
Compliance.  The Servicer shall deliver to the Note Issuer, the
Collateral Agent and the Noteholder, an Officer’s Certificate on or before June
30 of each year commencing in 2011: (x) to the effect that a review of the
activities of the Servicer during the preceding calendar year, and of its
performance under this Note Purchase Agreement during such period has been made
under the supervision of the officer executing such Officer’s Certificate with a
view to determining whether during such period, to the best of such officer’s
knowledge, the Servicer had performed and observed all of its obligations under
this Note Purchase Agreement, and (y) either (A) stating that based on such
review, no Servicer Event of Default is known to have occurred and is
continuing, or (B) if such a Servicer Event of Default is known to have occurred
and is continuing, specifying such Servicer Event of Default and the nature and
status thereof.

     

    (c)           Annual Accountants’
Reports.  On or before June 30 of each year commencing in 2011,
the Servicer shall (i) cause a firm of independent public accountants to furnish
a certificate or statement (and the Servicer shall provide a copy of such
certificate or statement to the Noteholder, the Note Issuer and the Collateral
Agent, to the effect that (1) such firm has examined and audited the Servicer’s
servicing controls and procedures for the previous calendar year and that such
independent public accountants have examined certain documents and records
(including computer records) and servicing procedures of the Servicer relating
to the Timeshare Loans, (2) they have examined the most recent Monthly Servicer
Report prepared by the Servicer and three other Monthly Servicer Reports chosen
at random by such firm and compared such Monthly Servicer Reports with the
information contained in such documents and records, (3) their examination
included such tests and procedures as they considered necessary in the
circumstances, (4) their examinations and comparisons described under clauses
(1) and (2) above disclosed no exceptions which, in their opinion, were
material, relating to such Timeshare Loans or such Monthly Servicer Reports, or,
if any such exceptions were disclosed thereby, setting forth such exceptions
which, in their opinion, were material and (5) on the basis of such examinations
and comparisons, such firm is of the opinion that the Servicer has, during the
relevant period, serviced the Timeshare Loans in compliance with this Note
Purchase Agreement and the other Transaction Documents in all material respects
and that such documents and records have been maintained in accordance with this
Note Purchase Agreement and the other Transaction Documents in all material
respects, except in each case for (A) such exceptions as such firm shall believe
to be immaterial and (B) such other exceptions as shall be set forth in such
written report.  The report will also indicate that such firm is
independent of the Servicer within the meaning of the Code of Professional
Ethics of the American Institute of Certified Public Accountants.  In
the event such independent public accountants require the Collateral Agent to
agree to the procedures to be performed by such firm in any of the reports
required to be prepared pursuant to this Section 5.5(c),
the Servicer shall direct the Collateral Agent in writing to so agree; it being
understood and agreed that the Collateral Agent will deliver such letter of
agreement in conclusive reliance upon the direction of the Servicer, and the
Collateral Agent has not made any independent inquiry or investigation as to,
and shall have no obligation or liability in respect of, the sufficiency,
validity or correctness of such procedures.

     

    (d)           Report on Proceedings and
Servicer Event of Default.  (i) Promptly upon a Responsible
Officer of the Servicer’s obtaining Knowledge of any proposed or pending
investigation of it by any Governmental Authority or any court or administrative
proceeding which involves or is reasonably likely to have a material and adverse
effect affecting the properties, business, prospects, profits or conditions
(financial or otherwise) of the Servicer and its subsidiaries, as a whole, the
Servicer shall send written notice specifying the nature of such investigation
or proceeding and what action the Servicer is taking or proposes to take with
respect thereto and evaluating its merits, or (ii) immediately upon obtaining
Knowledge of the existence of any condition or event which constitutes a
Servicer Event of Default, the Servicer shall send written notice to the Note
Issuer, the Collateral Agent and the Noteholder describing its nature and period
of existence and what action the Servicer is taking or proposes to take with
respect thereto.  The Note Issuer, the Collateral Agent and the
Noteholder acknowledge that if any condition or event referred to in clause (i)
above has been disclosed in the Servicer’s periodic filings with the Securities
and Exchange Commission on a timely basis, that such disclosure will satisfy the
requirements of clause (i) above.

     

    
      
        
        

      

      
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    SECTION
5.6        Records.

     

    The
Servicer shall maintain all data for which it is responsible (including, without
limitation, computerized tapes or disks) relating directly to or maintained in
connection with the servicing of the Timeshare Loans (which data and records
shall be clearly marked to reflect that the Timeshare Loans have been Granted to
the Collateral Agent on behalf of the Noteholder and constitute property of the
Timeshare Loans Collateral) at the address specified in Section 13.3
hereof or, upon 15 days’ notice to the Note Issuer and the Collateral Agent, at
such other place where any Servicing Officer of the Servicer is located (or upon
24 hours’ written notice if an Event of Default or Servicer Event of Default
shall have occurred).

     

    SECTION
5.7        Fidelity Bond and Errors and
Omissions Insurance.

     

    The
Servicer shall maintain or cause to be maintained fidelity bond and errors and
omissions insurance with respect to the Servicer in such form and in amounts as
is customary for institutions acting as custodian of funds in respect of
timeshare loans or receivables on behalf of institutional investors; provided
that such insurance shall be in a minimum amount of $1,000,000 per policy and
shall name the Collateral Agent as Certificateholder.  No provision of
this Section 5.7
requiring such fidelity bond or errors and omissions insurance shall diminish or
relieve the Servicer from its duties and obligations as set forth in this Note
Purchase Agreement.  The Servicer shall be deemed to have complied
with this provision if one of its respective Affiliates has such fidelity bond
or errors and omissions insurance coverage and, by the terms of such fidelity
bond or errors and omissions insurance policy, the coverage afforded thereunder
extends to the Servicer.  Upon a request of the Collateral Agent, the
Servicer shall deliver to the Collateral Agent, a certification evidencing
coverage under such fidelity bond and the errors and omissions
insurance.  Any such fidelity bond or errors and omissions insurance
policy shall not be canceled or modified in a materially adverse manner without
ten Business Days’ prior written notice to the Collateral Agent, provided, that the
Servicer agrees to use commercially reasonable efforts to require the applicable
insurer to provide (or to endeavor to provide) ten days’ prior written notice of
any cancellation or modification initiated by such insurer.

     

    SECTION
5.8        Merger or Consolidation of
the Servicer.

     

    (a)           The
Servicer shall promptly provide written notice to the Collateral Agent and the
Noteholder of any merger or consolidation of the Servicer.  The
Servicer shall keep in full effect its existence, rights and franchise as a
corporation under the laws of the state of its incorporation except as permitted
herein, and shall obtain and preserve its qualification to do business as a
foreign corporation in each jurisdiction in which such qualification is or shall
be necessary to protect the validity and enforceability of this Note Purchase
Agreement or any of the Timeshare Loans and to perform its duties under this
Note Purchase Agreement.

     

    
      
        
        

      

      
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    (b)           Any
Person into which the Servicer may be merged or consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Servicer
shall be a party, or any Person succeeding to the business of the Servicer,
shall be the successor of the Servicer hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding; provided, however,
that the successor or surviving Person (i) is a company whose business includes
the servicing of assets similar to the Timeshare Loans or is an Affiliate of the
Manager of the Noteholder and shall be authorized to lawfully transact business
in the state or states in which the related Timeshare Properties it is to
service are situated; (ii) is a U.S. Person, and (iii) delivers to the
Collateral Agent (A) an agreement, in form and substance reasonably satisfactory
to the Collateral Agent, which contains an assumption by such successor entity
of the due and punctual performance and observance of each covenant and
condition to be performed or observed by the Servicer under this Note Purchase
Agreement and the other Transaction Documents to which the Servicer is a party
and (B) an opinion of counsel as to the enforceability of such
agreement.

     

    SECTION
5.9        Sub-Servicing.

     

    (a)           The
Servicer may enter into one or more sub-servicing agreements with a sub-servicer
with the consent of the Noteholder not to be unreasonably withheld (it being
acknowledged by the parties hereto that the Noteholder has given its consent to
the Backup Servicing Agreement).  References herein to actions taken
or to be taken by the Servicer in servicing the Timeshare Loans include actions
taken or to be taken by a sub-servicer on behalf of the Servicer.  Any
sub-servicing agreement will be upon such terms and conditions as the Servicer
may reasonably agree and as are not inconsistent with this Note Purchase
Agreement.  The Servicer shall be solely responsible for any
sub-servicing fees due and payable to such sub-servicer.

     

    (b)           Notwithstanding
any sub-servicing agreement, the Servicer shall remain obligated and liable for
the servicing and administering of the Timeshare Loans in accordance with this
Note Purchase Agreement, without diminution of such obligation or liability by
virtue of such sub-servicing agreement, and to the same extent and under the
same terms and conditions as if the Servicer alone were servicing and
administering the Timeshare Loans.

     

    SECTION
5.10      Servicer
Resignation.

     

    The
Servicer shall not resign from the duties and obligations hereby imposed on it
under this Note Purchase Agreement unless and until (i) a successor servicer,
acceptable to the Note Issuer, the Collateral Agent and the Noteholder enters
into an agreement in form and substance satisfactory to the Collateral Agent and
the Noteholder, which contains an assumption by such successor servicer of the
due and punctual performance and observance of each covenant and condition to be
performed or observed by the Servicer under this Note Purchase Agreement from
and after the date of assumption and (ii) the Note Issuer, the Collateral Agent
and Noteholder consents to the assumption of the duties, obligations and
liabilities of this Note Purchase Agreement by such successor
Servicer.  Upon such resignation, the Servicer shall comply with Section 5.4(b)
hereof.

     

    
      
        
        

      

      
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    Except as
provided in the immediately preceding paragraph or elsewhere in this Note
Purchase Agreement, or as provided with respect to the survival of
indemnifications herein, the duties and obligations of a Servicer under this
Note Purchase Agreement shall continue until this Note Purchase Agreement shall
have been terminated as provided herein.  The duties and obligations
of a Servicer hereunder shall survive the exercise by the Collateral Agent of
any right or remedy under this Note Purchase Agreement or the enforcement by the
Collateral Agent of any provision of this Note Purchase Agreement.

     

    SECTION
5.11      Fees and
Expenses.

     

    As
compensation for the performance of its obligations under this Note Purchase
Agreement, the Servicer shall be entitled to receive on each Payment Date, from
amounts on deposit in the Collection Account and in the priorities described in
Section 3.4
hereof, the Servicing Fee and any Additional Servicing
Compensation.  Other than Liquidation Expenses, the Servicer shall pay
all expenses incurred by it in connection with its servicing activities
hereunder.

     

    SECTION
5.12      Access to Certain
Documentation.

     

    Upon ten
Business Days’ prior written notice (or, one Business Day’s prior written notice
after the occurrence and during the continuance of an Event of Default or a
Servicer Event of Default), the Servicer will, from time to time during regular
business hours, as requested by the Note Issuer, the Collateral Agent or the
Noteholder and, prior to the occurrence of a Servicer Event of Default, at the
expense of the Note Issuer and upon the occurrence and continuance of a Servicer
Event of Default, at the expense of the Servicer, permit the Note Issuer, the
Collateral Agent or the Noteholder or its agents or representatives (i) to
examine and make copies of and abstracts from all books, records and documents
(including, without limitation, computer tapes and disks) in the possession or
under the control of the Servicer relating to the servicing of the Timeshare
Loans serviced by it and (ii) to visit the offices and properties of the
Servicer for the purpose of examining such materials described in clause
(i) above, and to discuss matters relating to the Timeshare Loans with any
of the officers, employees or accountants of the Servicer having knowledge of
such matters.  Nothing in this Section 5.12
shall affect the obligation of the Servicer to observe any applicable law
prohibiting disclosure of information regarding the Obligors, and the failure of
the Servicer to provide access to information as a result of such obligation
shall not constitute a breach of this Section 5.12.  The
Servicer may require the Note Issuer, the Collateral Agent or the Noteholder or
its agents or representatives to execute certain agreements in order to comply
with applicable privacy laws.

     

    SECTION
5.13      No
Offset.

     

    Prior to
the termination of this Note Purchase Agreement, the obligations of Servicer
under this Note Purchase Agreement shall not be subject to any defense,
counterclaim or right of offset which the Servicer has or may have against the
Note Issuer, the Collateral Agent or the Noteholder, whether in respect of this
Note Purchase Agreement, any Timeshare Loan or otherwise.

     

    
      
        
        

      

      
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    SECTION
5.14      Account
Statements.

     

    In
connection with the Servicer’s preparation of the Monthly Servicer Reports, the
Collateral Agent agrees to deliver to the Servicer a monthly statement providing
account balances of each of the Accounts.

     

    SECTION
5.15      Indemnification:  Third
Party Claim.

     

    The
Servicer agrees to indemnify the Note Issuer, the Collateral Agent and the
Noteholder from and against any and all actual damages (excluding economic
losses related to the collectibility of any Timeshare Loan), claims, reasonable
attorneys’ fees and related costs, judgments, and any other costs, fees and
expenses that each may sustain because of the failure of the Servicer to service
the Timeshare Loans in accordance with the Servicing Standard or otherwise
perform its obligations and duties hereunder in compliance with the terms of
this Note Purchase Agreement, or because of any act or omission by the Servicer
due to its negligence or willful misconduct in connection with its maintenance
and custody of any funds, documents and records under this Note Purchase
Agreement, or its release thereof except as contemplated by this Note Purchase
Agreement.  The Servicer shall immediately notify the Note Issuer and
the Collateral Agent if it has Knowledge of a claim made by a third party with
respect to the Timeshare Loans, and, if such claim relates to the servicing of
the Timeshare Loans by the Servicer, the Servicer shall assume, with the consent
of the Collateral Agent, the defense of any such claim and pay all expenses in
connection therewith, including reasonable counsel fees, and promptly pay,
discharge and satisfy any judgment or decree which may be entered against
it.  This Section 5.15
shall survive the termination of this Note Purchase Agreement or the resignation
or removal of the Servicer hereunder.

     

    SECTION
5.16      Backup
Servicer.

     

    (a)           Backup Servicing
Agreement.  The Note Issuer, the Noteholder, the Collateral
Agent, the Servicer, the Depositor and the Backup Servicer hereby agree to
execute the Backup Servicing Agreement.  The Backup Servicer shall be
responsible for each of the duties and obligations imposed upon it by the
provisions of the Backup Servicing Agreement and shall have no duties or
obligations under any Transaction Document to which it is not a
party.

     

    (b)           Termination of Servicer;
Cooperation.  In the event that the Servicer is terminated or
resigns in accordance with the terms of this Note Purchase Agreement, the Backup
Servicer agrees to continue to perform its duties and obligations hereunder and
in the Backup Servicing Agreement without interruption.  The Backup
Servicer agrees to cooperate in good faith with any successor Servicer to effect
a transition of the servicing obligations by the Servicer to any successor
Servicer.  The Collateral Agent agrees to provide such information
regarding the Accounts as the Backup Servicer shall require to produce the
Monthly Servicer Report on and after the Assumption Date.

     

    
      
        
        

      

      
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    (c)           Backup Servicer Duties After
Assumption Date.  In the event that the Servicer is terminated
or resigns in accordance with this Note Purchase Agreement, the Backup Servicer
agrees that it shall undertake those servicing duties and obligations as set
forth in and subject to Section 2 and
Schedule V of
the Backup Servicing Agreement.  Notwithstanding Section 5.9
hereof, so long as _________ is the Backup Servicer, the Collateral Agent, as
successor Servicer, will not be obligated or liable for the servicing and
administration activities to the extent that the Backup Servicer is responsible
for such activities under the Backup Servicing Agreement.

     

    (d)           Backup Servicing
Fee.  Prior to the Assumption Date, the Backup Servicer shall
receive its Backup Servicing Fee in accordance with Section 3.4
hereof.  On and after the Assumption Date, the Collateral Agent, as
successor Servicer, will be obligated to distribute the Backup Servicing Fee to
the Backup Servicer from amounts received by the Collateral Agent in respect of
the Servicing Fee.

     

    (e)           Termination of Backup
Servicer.  Notwithstanding anything to the contrary herein, the
Collateral Agent shall have the right to remove the Backup Servicer with or
without cause at any time and replace the Backup Servicer pursuant to the
provisions of the Backup Servicing Agreement.  In the event that the
Collateral Agent shall exercise its rights to remove and replace                          
as Backup Servicer or                          
shall have terminated the Backup Servicing Agreement in accordance with the
terms thereof,                          
shall have no further obligation to perform the duties of the Backup Servicer
under this Note Purchase Agreement.  In the event of a termination of
the Backup Servicing Agreement, the Collateral Agent shall appoint a successor
Backup Servicer reasonably acceptable to the Collateral Agent.  Upon
the termination or resignation of the Backup Servicer, the Collateral Agent
shall be deemed to represent, warrant and covenant that it will service or
engage a subservicer to perform each of the servicing duties and
responsibilities described in this Note Purchase Agreement.

     

    SECTION
5.17      Aruba
Notices.  Within 30 days of each Transfer Date (with respect to
the Initial Timeshare Loans that are Aruba Club Loans) and the related Transfer
Date (with respect to a Subsequent Timeshare Loan or Qualified Substitute
Timeshare Loan that is an Aruba Club Loan), the Servicer shall confirm that
notices have been mailed out to each related Obligor that such Timeshare Loan
has ultimately been transferred and assigned to the Note Issuer and pledged to
the Collateral Agent for the benefit of the Noteholder.  Such notice
may include any notice or notices that the Aruba Originator’s predecessors in
title to the Timeshare Loan may give to the same Obligor with respect to any
transfers and assignments of the Timeshare Loan by such
predecessors.  Such notice shall be in the form attached hereto as
Exhibit H as
the same may be amended, revised or substituted by the Collateral Agent and the
Servicer from time to time.

     

    SECTION
5.18      Recordation.  Other
than with respect to the Aruba Loans, as soon as practicable after each Transfer
Date but in no event later than ten Business Days after receipt by the Servicer
of the original Mortgage, the Servicer shall cause the Assignment of Mortgage in
respect of each Timeshare Loan to be sent for recording to the appropriate
offices.  The Servicer agrees to cause all evidences of recordation to
be delivered to the Custodian to be held as part of the Timeshare Loan
Files.

     

    
      
        
        

      

      
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    ARTICLE
VI.

    EVENTS OF
DEFAULT; REMEDIES

     

    SECTION
6.1        Events of
Default.

     

    “Event of Default” wherever
used herein with respect to Note, means any one of the following
events:

     

    (a)           a
default in the making of Interest Distribution Amounts, principal payments due
on the Note, or any other payments in respect of the Note when such became due
and payable, and continuance of such default for three Business Days;
or

     

    (b)           a
non-monetary default in the performance, or breach, of any covenant of the Note
Issuer in this Note Purchase Agreement (other than a covenant dealing with a
default in the performance of which, or the breach of which, is specifically
dealt with elsewhere in this Section 6.1),
the continuance of such default or breach for a period of 30 days (or, if the
Note Issuer shall have provided evidence satisfactory to the Collateral Agent
that such covenant cannot be cured in the 30-day period and that it is
diligently pursuing a cure, 60 days) after the earlier of (x) the Note Issuer
first acquiring Knowledge thereof, and (y) the Collateral Agent’s or the
Noteholder’s giving written notice thereof to the Note Issuer; provided, however, that if such
default or breach is in respect of the negative covenants contained in Section 8.6(a)(i)
or (ii) hereof,
there shall be no grace period whatsoever; or

     

    (c)           if
any representation or warranty of the Note Issuer made in this Note Purchase
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 30
days (or, if the Note Issuer shall have provided evidence satisfactory to the
Noteholder that such representation or warranty cannot be cured in the 30-day
period and that it is diligently pursuing a cure, 60 days) after the earlier of
(x) the Note Issuer first acquiring Knowledge thereof, and (y) the
Collateral Agent’s or the Noteholder’s giving written notice thereof to the Note
Issuer; or

     

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

     

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

    
      
         

      

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

     

    (g)           the
impairment of the validity of any security interest of the Collateral Agent in
the Timeshare Loans Collateral in any material respect, except as expressly
permitted hereunder, or the creation of any material encumbrance on or with
respect to the Timeshare Loans Collateral or any portion thereof not otherwise
permitted, which is not stayed or released within ten days of the Note Issuer
having Knowledge of its creation; or

     

    (h)           the
failure by the Club Originator to repurchase any Defective Timeshare Loan or
provide a Qualified Substitute Timeshare Loan for a Defective Timeshare Loan to
the extent required under the terms of the Bluegreen Purchase Agreement;
or

     

    (i)           the
occurrence and continuance of a Servicer Event of Default that is uncured for
two consecutive Due Periods.

     

    SECTION
6.2        Acceleration of Maturity;
Rescission and Annulment.

     

    (a)           Upon
the occurrence and continuance of an Event of Default, if (i) such Event of
Default of the kind specified in Section 6.1(d)
or (e) hereof
occurs, (ii) an Event of Default of the kind specified in Section 6.1(a)
hereof occurs and either (x) the Collateral Agent has, in its good faith
judgment, determined that the value of the assets comprising the Timeshare Loans
Collateral is less than the Outstanding Note Balance or (y) such Event of
Default continues for two consecutive Payment Dates, then the Note shall
automatically become due and payable at its Outstanding Note Balance together
with all accrued and unpaid interest thereon.

     

    (b)           Upon
the occurrence and continuance of an Event of Default, if such Event of Default
is of the kind specified in Section 6.1(a)
hereof (other than as described in Section 6.2(a)
above), the Collateral Agent shall, upon notice from the Noteholder declare the
Note to be immediately due and payable at its Outstanding Note Balance plus all
accrued and unpaid interest thereon.

     

    (c)           Upon
the occurrence and continuance of an Event of Default, if such Event of Default
(other than an Event of Default of the kind described in Sections 6.2(a) or
(b) hereof)
shall occur and is continuing, the Collateral Agent shall, upon notice from the
Noteholder declare the Note to be immediately due and payable at its Outstanding
Note Balance plus all accrued and unpaid interest thereon.

     

    (d)           Upon
any such declaration or automatic acceleration, the Outstanding Note Balance of
the Note together with all accrued and unpaid interest thereon shall become
immediately due and payable without presentment, demand, protest or other notice
of any kind, all of which are hereby waived by the Note Issuer.

    
      
         

      

      
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    (e)           At
any time after such a declaration of acceleration has been made but before a
judgment or decree for payment of the money due has been obtained by the
Collateral Agent or the Noteholder as hereinafter in this Article VI provided, the
Noteholder by written notice to the Note Issuer and the Collateral Agent, may
rescind and annul such declaration and its consequences if:

     

    (i)           the
Note Issuer has paid or deposited with the Collateral Agent a sum sufficient to
pay:

     

    
      	
               
      

            	
              (1)

            	
              all
      principal due on the Note which has become due otherwise than by such
      declaration of acceleration and interest thereon from the date when the
      same first became due until the date of payment or
  deposit,

            

    

     

    
      	
               
      

            	
              (2)

            	
              all
      interest due with respect to the Note and, to the extent that payment of
      such interest is lawful, interest upon overdue interest from the date when
      the same first became due until the date of payment or deposit at a rate
      per annum equal to the Note Rate,
and

            

    

     

    
      	
               
      

            	
              (3)

            	
              all
      sums paid or advanced by the Collateral Agent hereunder and the reasonable
      compensation, expenses, disbursements, and advances of each of the
      Collateral Agent and the Servicer, its agents and
  counsel;

            

    

     

    and

     

    (ii)           all
Events of Default with respect to the Note, other than the non-payment of the
Outstanding Note Balance of the Note which became due solely by such declaration
of acceleration, have been cured or waived as provided in Section 6.13
hereof.

     

    (f)           An
automatic acceleration under Section 6.2(a)
hereof may only be rescinded and annulled by the Noteholder.

     

    (g)           Notwithstanding
Section 6.2(d)
and (e) hereof,
no rescission shall affect any subsequent Events of Default or following an
Event of Default impair any rights consequent thereon.

     

    SECTION
6.3        Remedies.

     

    (a)           If
an Event of Default occurs and is continuing of which a Responsible Officer of
the Collateral Agent has Knowledge, the Collateral Agent shall immediately give
notice to the Noteholder as set forth in Section 7.2
hereof and shall solicit the Noteholder for advice.  The Collateral
Agent shall then take such action as so directed by the Noteholder subject to
the provisions of this Note Purchase Agreement.

    
      
         

      

      
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    (b)           Following
any acceleration of the Note, the Collateral Agent shall have all of the rights,
powers and remedies with respect to the Timeshare Loans Collateral as are
available to secured parties under the UCC or other applicable law, subject to
the limitations set forth in subsection (d) below and provided such action
is not inconsistent with any other provision of this Note Purchase
Agreement.  Such rights, powers and remedies may be exercised by the
Collateral Agent in its own name as trustee of an express trust.

     

    (c)           If
an Event of Default specified in Section 6.1(a)
hereof occurs and is continuing, the Collateral Agent is authorized to recover
judgment in its own name and as trustee of an express trust against the Note
Issuer for the Outstanding Note Balance and interest remaining unpaid with
respect to the Note.

     

    (d)           Subject
to the provisions set forth herein, if an Event of Default occurs and is
continuing, the Collateral Agent may, in its discretion, and at the instruction
of the Noteholder shall, proceed to protect and enforce its rights and the
rights of the Noteholder by such appropriate judicial or other proceedings as
the Collateral Agent shall deem most effectual to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in
this Note Purchase Agreement or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy.  The Collateral Agent
shall notify the Note Issuer, the Servicer and the Noteholder of any such
action.

     

    (e)           If
the Collateral Agent shall have received instructions, within 45 days from the
date notice pursuant to Section 6.3(a)
hereof is first given, from the Noteholder that such Persons approve of or
request the liquidation of all of the Timeshare Loans Collateral, the Collateral
Agent shall to the extent lawful, promptly sell, dispose of or otherwise
liquidate all of the Timeshare Loans Collateral in a commercially reasonable
manner and on commercially reasonable terms, which shall include the
solicitation of competitive bids from third parties including the Noteholder
(other than Bluegreen or any Affiliates thereof), such bids to be approved by
the Noteholder.  The Collateral Agent may obtain a prior determination
from any conservator, receiver or liquidator of the Note Issuer that the terms
and manner of any proposed sale, disposition or liquidation are commercially
reasonable.  Notwithstanding anything to the contrary herein, neither
Bluegreen nor any of its Affiliates may make a bid in connection with the
disposition of the Timeshare Loans in accordance with this Section 6.3(e).

     

    SECTION
6.4        Collateral Agent May File
Proofs of Claim.

     

    (a)           In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding related to the Note Issuer, or any other obligor in respect of the
Note, or the property of the Note Issuer, or such other obligor or their
creditors, the Collateral Agent (irrespective of whether the principal of the
Note shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Collateral Agent shall have made any
demand on the Note Issuer for the payment of overdue principal or interest)
shall be entitled and empowered, by intervention in such proceeding or
otherwise:

    
      
         

      

      
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    (i)           to
file and prove a claim for the whole amount of principal and interest owing and
unpaid in respect of the Note and to file such other papers or documents as may
be necessary or advisable in order to have the claims of the Collateral Agent
and any predecessor Collateral Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Collateral Agent and
any predecessor Collateral Agent, their agents and counsel) and of the
Noteholder allowed in such judicial proceeding;

     

    (ii)       
  to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same; and

     

    (iii)         to
participate as a member, voting or otherwise, of any official committee of
creditors appointed in such matter;

     

    and any
custodian, receiver, liquidator, assignee, trustee, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by the
Noteholder to make such payments to the Collateral Agent and to pay to the
Collateral Agent any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Collateral Agent and any predecessor
Collateral Agent, their agents and counsel, and any other amounts due the
Collateral Agent and any predecessor Collateral Agent under Section 7.6
hereof.

     

    (b)           Nothing
herein contained shall be deemed to authorize the Collateral Agent to authorize,
consent to, accept or adopt on behalf of the Noteholder any plan of
reorganization, agreement, adjustment or composition affecting the Note or the
rights of the Noteholder or affecting the Timeshare Loans or the other assets
constituting the Timeshare Loans Collateral or to authorize the Collateral Agent
to vote in respect of the claim of the Noteholder in any such
proceeding.

     

    SECTION
6.5        Collateral Agent May Enforce
Claims Without Possession of Note.

     

    All
rights of action and claims under this Note Purchase Agreement, the Note, the
Timeshare Loans or the other assets constituting the Timeshare Loans Collateral
may be prosecuted and enforced by the Collateral Agent without the possession of
the Note or the production thereof in any proceeding relating thereto, and any
such proceeding instituted by the Collateral Agent shall be brought in its own
name as trustee of an express trust, and any recovery of judgment shall, after
provisions for the payment of reasonable compensation, expenses, disbursements
and advances of the Collateral Agent and any predecessor Collateral Agent, their
agents and counsel, be for the benefit of the Noteholder in respect of which
such judgment has been recovered, and distributed pursuant to the priorities
contemplated by Section 3.4
hereof.

     

    SECTION
6.6        [Reserved.]

     

    SECTION
6.7        [Reserved.]

     

    SECTION
6.8        Unconditional Right of
Noteholder to Receive Principal and Interest.

     

    Notwithstanding
any other provision in this Note Purchase Agreement, other than the provisions
hereof limiting the right to recover amounts due on the Note to recoveries from
the property comprising the Timeshare Loans Collateral, the Noteholder shall
have the absolute and unconditional right to receive payment of the principal
of, and interest on, the Note as such payments of principal and interest become
due, including on the Stated Maturity, and such right shall not be impaired
without the consent of the Noteholder.

    
      
         

      

      
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    SECTION
6.9         Restoration of Rights and
Remedies.

     

    If the
Collateral Agent or the Noteholder has instituted any proceeding to enforce any
right or remedy under this Note Purchase Agreement and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to
the Collateral Agent or to the Noteholder, then and, in every such case, subject
to any determination in such proceeding, the Note Issuer, the Collateral Agent
and the Noteholder shall be restored to its former position hereunder and
thereafter all rights and remedies of the Collateral Agent and the Noteholder
continue as though no such proceeding had been instituted.

     

    SECTION
6.10       Rights and Remedies
Cumulative.

     

    Except as
otherwise set forth herein, no right or remedy herein conferred upon or reserved
to the Collateral Agent or to the Noteholder is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

     

    SECTION
6.11       Delay or Omission Not
Waiver.

     

    No delay
or omission of the Collateral Agent or of the Noteholder to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or
remedy or constitute a waiver of any such Event of Default or an acquiescence
therein.  Every right and remedy given by this Article VI or by law
to the Collateral Agent or to the Noteholder may be exercised from time to time,
and as often as may be deemed expedient, by the Collateral Agent or by the
Noteholder, as the case may be.

     

    SECTION
6.12       Control by
Noteholder.

     

    Except as
may otherwise be provided in this Note Purchase Agreement, until such time as
the conditions specified in Sections 11.1(a)(i)
and (ii) hereof
have been satisfied in full, the Noteholder shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to
the Collateral Agent, or exercising any trust or power conferred on the
Collateral Agent, with respect to the Note.  Notwithstanding the
foregoing:

     

    (i)           no
such direction shall be in conflict with any rule of law or with this Note
Purchase Agreement;

     

    (ii)          the
Collateral Agent shall not be required to follow any such direction which the
Collateral Agent reasonably believes might result in any personal liability on
the part of the Collateral Agent for which the Collateral Agent is not
adequately indemnified; and

    
      
         

      

      
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    (iii)       
 the Collateral Agent may take any other action deemed proper by the
Collateral Agent which is not inconsistent with any such direction; provided
that the Collateral Agent shall give notice of any such action to the
Noteholder.

     

    SECTION
6.13       Waiver of Events of
Default.

     

    (a)           The
Noteholder may, by one or more instruments in writing, waive any Event of
Default hereunder and its consequences.

     

    (b)           A
copy of each waiver pursuant to Section 6.13(a)
hereof shall be furnished by the Note Issuer to the Collateral Agent and the
Noteholder.  Upon any such waiver, such Event of Default shall cease
to exist and shall be deemed to have been cured, for every purpose of this Note
Purchase Agreement; but no such waiver shall extend to any subsequent or other
Event of Default or impair any right consequent thereon.

     

    SECTION
6.14       Undertaking for
Costs.

     

    All
parties to this Note Purchase Agreement agree that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Note Purchase Agreement, or in any suit against the Collateral Agent for
any action taken, suffered or omitted by it as Collateral Agent, the filing by
any party litigant in such suit of an undertaking to pay the costs of such suit,
and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such suit, having due
regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section 6.14
shall not apply to (i) any suit instituted by the Collateral Agent, (ii) to any
suit instituted by the Noteholder, or (iii) to any suit instituted by the
Noteholder for the enforcement of the payment of the principal of or interest on
the Note on or after the maturities for such payments, including the Stated
Maturity, as applicable.

     

    SECTION
6.15       Waiver of Stay or Extension
Laws.

     

    The Note
Issuer covenants (to the extent that it may lawfully do so) that it will not at
any time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law wherever enacted, now or at
any time hereafter in force, which may affect the covenants or the performance
of this Note Purchase Agreement; and the Note Issuer (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law
and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Collateral Agent, but will suffer and permit the
execution of every such power as though no such law had been
enacted.

     

    SECTION
6.16       Sale of Timeshare Loans
Collateral.

     

    (a)           The
power to effect the sale of the Timeshare Loans Collateral pursuant to Section 6.3
hereof shall continue unimpaired until the entire Timeshare Loans Collateral
shall have been sold or all amounts payable on the Note shall have been paid or
losses allocated thereto and borne thereby.  The Collateral Agent may
from time to time, upon directions in accordance with Section 6.12
hereof, postpone any public sale by public announcement made at the time and
place of such sale.

     

    
      
         

      

      
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    (b)           Unless
required by applicable law, the Collateral Agent shall not sell to a third party
the Timeshare Loans Collateral, or any portion thereof except as permitted under
Section 6.3(d)
hereof.

     

    (c)           In
connection with a sale of the Timeshare Loans Collateral:

     

    (i)           the
Noteholder may bid for and purchase the property offered for sale, and upon
compliance with the terms of sale may hold, retain, and possess and dispose of
such property, without further accountability, and the Noteholder may, in paying
the purchase money therefor, deliver in lieu of cash the Note or claims for
interest thereon for credit in the amount that shall, upon distribution of the
net proceeds of such sale, be payable thereon, and the Note, in case the amounts
so payable thereon shall be less than the amount due thereon, shall be returned
to the Noteholder after being appropriately stamped to show such partial
payment;

     

    (ii)          the
Collateral Agent shall execute and deliver an appropriate instrument of
conveyance prepared by the Servicer transferring the Collateral Agent’s interest
in the Timeshare Loans Collateral without recourse, representation or warranty
in any portion of the Timeshare Loans Collateral in connection with a sale
thereof;

     

    (iii)         the
Collateral Agent is hereby irrevocably appointed the agent and attorney-in-fact
of the Note Issuer to transfer and convey the Note Issuer’s interest in any
portion of the Timeshare Loans Collateral in connection with a sale thereof, and
to take all action necessary to effect such sale;

     

    (iv)         no
purchaser or transferee at such a sale shall be bound to ascertain the
Collateral Agent’s authority, inquire into the satisfaction of any conditions
precedent or see to the application of any moneys;

     

    (v)          the
method, manner, time, place and terms of any sale of the Timeshare Loans
Collateral shall be commercially reasonable; and

     

    (vi)         none
of Bluegreen or its Affiliates may bid for and purchase the Timeshare Loans
offered for sale by the Collateral Agent in Section 6.16(c)(i)
hereof.

     

    SECTION
6.17       Action on
Note.

     

    The
Noteholder’s and the Collateral Agent’s right to seek and recover judgment on
the Note or under this Note Purchase Agreement or any other Transaction Document
shall not be affected by the seeking, obtaining or application of any other
relief under or with respect to this Note Purchase Agreement or any other
Transaction Document.  Neither the Lien of this Note Purchase
Agreement nor any rights or remedies of the Collateral Agent or the Noteholder
shall be impaired by the recovery of any judgment by the Collateral Agent
against the Note Issuer or by the levy of any execution under such judgment upon
any portion of the Timeshare Loans Collateral or upon any of the assets of the
Note Issuer.  Any money or property collected by the Collateral Agent
shall be applied in accordance with the provisions of this Note Purchase
Agreement.

    
      
         

      

      
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    SECTION
6.18       Performance and Enforcement
of Certain Obligations.

     

    Promptly
following a request from the Collateral Agent, the Note Issuer shall take all
such lawful action as the Collateral Agent may request to compel or secure the
performance and observance by the Depositor, the Club Originator and the
Servicer, as applicable, of each of its respective obligations to the Note
Issuer under or in connection with the Sale Agreement and any other Transaction
Document and to exercise any and all rights, remedies, powers and privileges
lawfully available to the Note Issuer under or in connection with the Sale
Agreement or any other Transaction Document to the extent and in the manner
directed by the Collateral Agent, including the transmission of notices of
default on the part of the Depositor, the Club Originator or the Servicer
thereunder and the institution of legal or administrative actions or proceedings
to compel or secure performance by the Depositor, the Club Originator or the
Servicer of each of their obligations under the Sale Agreement and the other
Transaction Documents.

     

    ARTICLE
VII.

    THE
COLLATERAL AGENT

     

    SECTION
7.1         Certain
Duties.

     

    (a)           The
Collateral Agent undertakes to perform such duties and only such duties as are
specifically set forth in this Note Purchase Agreement, and no implied covenants
or obligations shall be read into this Note Purchase Agreement against the
Collateral Agent; except as expressly set forth herein, the Collateral Agent
shall have no obligation to monitor the performance of the Servicer under the
Transaction Documents.

     

    (b)           In
the absence of bad faith on its part, the Collateral Agent may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Collateral
Agent and conforming to the requirements of this Note Purchase Agreement; but in
the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Collateral Agent, the Collateral
Agent shall be under a duty to examine the same to determine whether or not they
conform to the requirements of this Note Purchase Agreement; provided, however, the
Collateral Agent shall not be required to verify or recalculate the contents
thereof.

     

    (c)           In
case an Event of Default or a Servicer Event of Default (resulting in the
appointment of the Collateral Agent as successor Servicer) has occurred and is
continuing, the Collateral Agent shall exercise such of the rights and powers
vested in it by this Note Purchase Agreement, and use the same degree of care
and skill in their exercise, as a prudent Person would exercise or use under the
circumstances in the conduct of such Person’s own affairs; provided, however, that no
provision in this Note Purchase Agreement shall be construed to limit the
obligations of the Collateral Agent to provide notices under Section 7.2
hereof.

     

    (d)           The
Collateral Agent shall be under no obligation to exercise any of the rights or
powers vested in it by this Note Purchase Agreement at the request or direction
of the Noteholder pursuant to this Note Purchase Agreement, unless the
Noteholder shall have offered to the Collateral Agent reasonable security or
indemnity acceptable to the Collateral Agent (which may be in the form of
written assurances) against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction.

     

    
      
         

      

      
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    (e)           No
provision of this Note Purchase Agreement shall be construed to relieve the
Collateral Agent from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct except
that:

     

    (i)           this
Section 7.1(e)
shall not be construed to limit the effect of Section 7.1(a)
and (b)
hereof;

     

    (ii)           the
Collateral Agent shall not be liable for any error of judgment made in good
faith by a Responsible Officer unless it shall be proved that the Collateral
Agent shall have been negligent in ascertaining the pertinent facts;
and

     

    (iii)          the
Collateral Agent shall not be liable with respect to any action taken or omitted
to be taken by it in good faith in accordance with the written direction of the
Noteholder, or in accordance with any written direction delivered to it under
Sections
6.2(a), (b) or (c) hereof relating
to the time, method and place of conducting any proceeding for any remedy
available to the Collateral Agent, or exercising any trust or power conferred
upon the Collateral Agent, under this Note Purchase Agreement.

     

    (f)           Whether
or not therein expressly so provided, every provision of this Note Purchase
Agreement relating to the conduct or affecting the liability of or affording
protection to the Collateral Agent shall be subject to the provisions of this
Section 7.1.

     

    (g)           The
Collateral Agent makes no representations or warranties with respect to the
Timeshare Loans or the Note or the validity or sufficiency of any assignment of
the Timeshare Loans to the Note Issuer or to the Timeshare Loans
Collateral.

     

    (h)           Notwithstanding
anything to the contrary herein, the Collateral Agent is not required to expend
or risk its own funds or otherwise incur financial liability in the performance
of any of its duties hereunder or in the exercise of any of its rights or
powers, if it shall have reasonable grounds to believe that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

     

    SECTION
7.2         Notice of Events of
Default.

     

    The
Collateral Agent shall promptly (but, in any event, within three Business Days)
notify the Note Issuer, the Servicer, and the Noteholder upon a Responsible
Officer obtaining actual knowledge of any event which constitutes an Event of
Default or a Servicer Event of Default or would constitute an Event of Default
or a Servicer Event of Default but for the requirement that notice be given or
time elapse or both.

     

    SECTION
7.3         Certain Matters Affecting
the Collateral Agent.

     

    Subject
to the provisions of Section 7.1
hereof:

    
      
         

      

      
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    (a)           The
Collateral Agent may rely and shall be protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or
parties;

     

    (b)           Any
request or direction of the Noteholder, the Note Issuer, or the Servicer
mentioned herein shall be in writing;

     

    (c)           Whenever
in the performance of its duties hereunder the Collateral Agent shall deem it
desirable that a matter be proved or established prior to taking, suffering or
omitting any action hereunder, the Collateral Agent (unless other evidence be
herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officer’s Certificate or an opinion of counsel;

     

    (d)           The
Collateral Agent may consult with counsel, and the advice of such counsel or any
Opinion of Counsel shall be deemed authorization in respect of any action taken,
suffered, or omitted by it hereunder in good faith and in reliance
thereon;

     

    (e)           Prior
to the occurrence of an Event of Default or after the curing of all Events of
Default which may have occurred, the Collateral Agent shall not be bound to make
any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, bond or other paper document, unless requested in writing so to
do by the Noteholder; provided, however, that if the
payment within a reasonable time to the Collateral Agent of the costs, expenses
or liabilities likely to be incurred by it in the making of such investigation
is, in the reasonable opinion of the Collateral Agent, not reasonably assured to
the Collateral Agent by the security afforded to it by the terms of this Note
Purchase Agreement, the Collateral Agent may require reasonable indemnity
against such cost, expense or liability as a condition to so
proceeding.  The reasonable expense of every such examination shall be
paid by the Servicer or, if paid by the Collateral Agent, shall be reimbursed by
the Servicer upon demand;

     

    (f)           The
Collateral Agent may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys or a
custodian (which may be an Affiliate of the Collateral Agent), and the
Collateral Agent shall not be liable for any acts or omissions of such agents,
attorneys or custodians appointed with due care by it hereunder;
and

     

    (g)           Delivery
of any reports, information and documents to the Collateral Agent provided for
herein or any other Transaction Document is for informational purposes only
(unless otherwise expressly stated), and the Collateral Agent’s receipt of such
shall not constitute constructive knowledge of any information contained therein
or determinable from information contained therein, including the Servicer’s or
Note Issuer’s compliance with any of its representations, warranties or
covenants hereunder (as to which the Collateral Agent is entitled to rely
exclusively on Officer’s Certificates).

    
      
         

      

      
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    SECTION
7.4         Collateral Agent Not Liable
for Note or Timeshare Loans.

     

    (a)           The
Collateral Agent makes no representations as to the validity or sufficiency of
this Note Purchase Agreement or any Transaction Document, the Note (other than
the authentication thereof) or of any Timeshare Loan.  The Collateral
Agent shall not be accountable for the use or application by the Note Issuer of
funds paid to the Note Issuer in consideration of conveyance of the Timeshare
Loans and related assets to the Timeshare Loans Collateral.

     

    (b)           The
Collateral Agent (in its capacity as Collateral Agent) shall have no
responsibility or liability for or with respect to the validity of any security
interest in any property securing a Timeshare Loan; the existence or validity of
any Timeshare Loan, the validity of the assignment of any Timeshare Loan to the
Timeshare Loans Collateral or of any intervening assignment; the review of any
Timeshare Loan, any Timeshare Loan File, the completeness of any Timeshare Loan
File, the receipt by the Custodian of any Timeshare Loan, Timeshare Loan File
(it being understood that the Collateral Agent has not reviewed and does not
intend to review such matters); the performance or enforcement of any Timeshare
Loan; the compliance by the Servicer or the Note Issuer with any covenant or the
breach by the Servicer or the Note Issuer of any warranty or representation made
hereunder or in any Transaction Document or the accuracy of any such warranty or
representation; the acts or omissions of the Servicer, the Note Issuer or any
Obligor; or any action of the Servicer or the Note Issuer taken in the name of
the Collateral Agent.

     

    SECTION
7.5         Collateral Agent May Own the
Note.

     

    The
Collateral Agent in its individual or any other capacity may become the owner or
pledgee of the Note with the same rights as it would have if it were not the
Collateral Agent.  Any Paying Agent or co-paying agent may become the
owner or pledgee of the Note with the same rights as it would have if it were
not the Paying Agent or co-paying agent

     

    SECTION
7.6         Collateral Agent’s Fees and
Expenses.

     

    On each
Payment Date, the Collateral Agent shall be entitled to the Collateral Agent Fee
and reimbursement of out-of-pocket expenses incurred by it in connection with
its responsibilities hereunder in the priorities provided in Section 3.4
hereof.

     

    SECTION
7.7         Eligibility Requirements for
Collateral Agent.

     

    Other
than the initial Collateral Agent, the Collateral Agent hereunder shall at all
times (a) be a corporation, depository institution, or trust company organized
and doing business under the laws of the United States of America or any state
thereof authorized under such laws to exercise corporate trust powers, having a
combined capital and surplus of at least $100,000,000, (b) be subject to
supervision or examination by federal or state authority, (c) be capable of
maintaining an Eligible Bank Account, (d) have a long-term unsecured debt rating
of not less than “Baa2” from Moody’s and “BBB” from S&P, and (e) shall be
acceptable to the Noteholder.  If such institution publishes reports
of condition at least annually, pursuant to or to the requirements of the
aforesaid supervising or examining authority, then for the purpose of this Section 7.7, the
combined capital and surplus of such institution shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published.  In case at any time the Collateral Agent shall cease to
be eligible in accordance with the provisions of this Section 7.7, the
Collateral Agent shall resign in the manner and with the effect specified in
Section 7.8
hereof.

    
      
         

      

      
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    SECTION
7.8         Resignation or Removal of
Note Purchase Agreement Collateral Agent.

     

    (a)           The
Collateral Agent may at any time resign and be discharged with respect to the
Note by giving 60 days’ written notice thereof to the Servicer, the Note Issuer,
and the Noteholder.  Upon receiving such notice of resignation, the
Note Issuer shall promptly appoint a successor Collateral Agent not objected to
by the Noteholder within 30 days after prior written notice, by written
instrument, in quintuplicate, one counterpart of which instrument shall be
delivered to each of the Note Issuer, the Servicer, the Noteholder, the
successor Collateral Agent and the predecessor Collateral Agent.  If
no successor Collateral Agent shall have been so appointed and have accepted
appointment within 60 days after the giving of such notice of resignation, the
resigning Collateral Agent may petition any court of competent jurisdiction for
the appointment of a successor Collateral Agent.

     

    (b)           If
at any time the Collateral Agent shall cease to be eligible in accordance with
the provisions of Section 7.7
hereof and shall fail to resign after written request therefor by the Note
Issuer, or if at any time the Collateral Agent shall be legally unable to act,
fails to perform in any material respect its obligations under this Note
Purchase Agreement, or shall be adjudged as bankrupt or insolvent, or a receiver
of the Collateral Agent or of its property shall be appointed, or any public
officer shall take charge or control of the Collateral Agent or of its property
or affairs for the purpose of rehabilitation, conservation or liquidation, then
the Note Issuer or the Noteholder may direct the Note Issuer to remove the
Collateral Agent.  If it removes the Collateral Agent under the
authority of the immediately preceding sentence, the Note Issuer shall promptly
appoint a successor Collateral Agent not objected to by the Noteholder within 30
days after prior written notice, by written instrument, in quintuplicate, one
counterpart of which instrument shall be delivered to each of the Note Issuer,
the Servicer, the Noteholder, the successor Collateral Agent and the predecessor
Collateral Agent.

     

    (c)           Any
resignation or removal of the Collateral Agent and appointment of a successor
Collateral Agent pursuant to any of the provisions of this Section 7.8
shall not become effective until acceptance of appointment by the successor
Collateral Agent as provided in Section 7.9
hereof.

     

    SECTION
7.9         Successor Collateral
Agent.

     

    (a)           Any
successor Collateral Agent appointed as provided in Section 7.8
hereof shall execute, acknowledge and deliver to each of the Servicer, the Note
Issuer, the Noteholder and to its predecessor Collateral Agent an instrument
accepting such appointment hereunder, and thereupon the resignation or removal
of the predecessor Collateral Agent shall become effective and such successor
Collateral Agent, without any further act, deed or conveyance, shall become
fully vested with all the rights, powers, duties and obligations of its
predecessor Collateral Agent hereunder with like effect as if originally named a
Collateral Agent.  The predecessor Collateral Agent shall deliver or
cause to be delivered to the successor Collateral Agent or its custodian any
Transaction Documents and statements held by it or its custodian hereunder; and
the Servicer and the Note Issuer and the predecessor Collateral Agent shall
execute and deliver such instruments and do such other things as may reasonably
be required for the full and certain vesting and confirmation in the successor
Collateral Agent of all such rights, powers, duties and
obligations.

    
      
         

      

      
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    (b)           In
case of the appointment hereunder of a successor Collateral Agent with respect
to the Note, the Note Issuer, the retiring Collateral Agent and each successor
Collateral Agent with respect to the Note shall execute and deliver an Note
Purchase Agreement supplemental hereto wherein each successor Collateral Agent
shall accept such appointment and which (i) shall contain such provisions as
shall be necessary or desirable to transfer and confirm to, and to vest in, each
successor Collateral Agent all the rights, powers, trusts and duties of the
retiring Collateral Agent with respect to the Note to which the appointment of
such successor Collateral Agent relates, (ii) if the retiring Collateral Agent
is not retiring with respect to all Note, shall contain such provisions as shall
be deemed necessary or desirable to confirm that all the rights, powers, trusts
and duties of the retiring Collateral Agent with respect to the Note as to which
the retiring Collateral Agent is not retiring shall continue to be vested in the
retiring Collateral Agent, and (iii) shall add to or change any of the
provisions of this Note Purchase Agreement as shall be necessary to provide for
or facilitate the administration of the Timeshare Loans Collateral hereunder by
more than one Collateral Agent, it being understood that nothing herein or in
such supplemental Note Purchase Agreement shall constitute such Collateral
Agents co-collateral agents of the same allocated collateral and that each such
Collateral Agent shall be a collateral agent hereunder separate and apart from
any collateral hereunder administered by any other such Collateral Agent; and
upon the execution and delivery of such supplemental Note Purchase Agreement the
resignation or removal of the retiring Collateral Agent shall become effective
to the extent provided therein and each such successor Collateral Agent, without
any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Collateral Agent with respect to the
Note; but, on request of the Note Issuer or any successor Collateral Agent, such
retiring Collateral Agent shall duly assign, transfer and deliver to such
successor Collateral Agent all property and money held by such retiring
Collateral Agent hereunder with respect to the Note.

     

    Upon
request of any such successor Collateral Agent, the Note Issuer shall execute
any and all instruments for more fully and certainly vesting in and confirming
to such successor Collateral Agent all such rights, powers and trusts referred
to in the preceding paragraph.

     

    (c)           No
successor Collateral Agent shall accept appointment as provided in this Section 7.9
unless at the time of such acceptance such successor Collateral Agent shall be
eligible under the provisions of Section 7.7
hereof.

     

    (d)           Upon
acceptance of appointment by a successor Collateral Agent as provided in this
Section 7.9, the
Servicer shall mail notice of the succession of such Collateral Agent hereunder
to the Noteholder.  If the Servicer fails to mail such notice within
ten days after acceptance of appointment by the successor Collateral Agent, the
successor Collateral Agent shall cause such notice to be mailed at the expense
of the Note Issuer and the Servicer.

    
      
         

      

      
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    SECTION
7.10       Merger or Consolidation of
Collateral Agent.

     

    Any
corporation into which the Collateral Agent may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Collateral Agent shall be a party, or
any corporation succeeding to the corporate trust business of the Collateral
Agent, shall be the successor of the Collateral Agent hereunder, provided such
corporation shall be eligible under the provisions of Section 7.7
hereof, without the execution or filing of any paper or any further act on the
part of any of the parties hereto, anything herein to the contrary
notwithstanding.

     

    SECTION
7.11       Appointment of Co-Collateral
Agent or Separate Collateral Agent.

     

    (a)           At
any time or times for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Timeshare Loans Collateral may at the time
be located or in which any action of the Collateral Agent may be required to be
performed or taken, the Collateral Agent, the Servicer or the Noteholder, by an
instrument in writing signed by it or them, may appoint, at the reasonable
expense of the Note Issuer and the Servicer, one or more individuals or
corporations to act as separate collateral agent or separate collateral agents
or co-collateral agents, acting jointly with the Collateral Agent, of all or any
part of the Timeshare Loans Collateral, to the full extent that local law makes
it necessary for such separate collateral agent or separate collateral agents or
co-collateral agent acting jointly with the Collateral Agent to
act.  Notwithstanding the appointment of any separate or co-collateral
agent, the Collateral Agent shall remain obligated and liable for the
obligations of the Collateral Agent under this Note Purchase
Agreement.

     

    (b)           The
Collateral Agent and, at the request of the Collateral Agent, the Note Issuer
shall execute, acknowledge and deliver all such instruments as may be required
by the legal requirements of any jurisdiction or by any such separate collateral
agent or collateral agents or co-collateral agent for the purpose of more fully
confirming such title, rights, or duties to such separate collateral agent or
separate collateral agents or co-collateral agent.  Upon the
acceptance in writing of such appointment by any such separate collateral agent
or separate collateral agents or co-collateral agent, it, he, she or they shall
be vested with such title to the Timeshare Loans Collateral or any part thereof,
and with such rights, powers, duties and obligations as shall be specified in
the instrument of appointment, and such rights, powers, duties and obligations
shall be conferred or imposed upon and exercised or performed by the Collateral
Agent, or the Collateral Agent and such separate collateral agent or separate
collateral agents or co-collateral agents jointly with the Collateral Agent
subject to all the terms of this Note Purchase Agreement, except to the extent
that under any law of any jurisdiction in which any particular act or acts are
to be performed the Collateral Agent shall be incompetent or unqualified to
perform such act or acts, in which event such rights, powers, duties and
obligations shall be exercised and performed by such separate collateral agent
or separate collateral agents or co-collateral agent, as the case may
be.  Any separate collateral agent or separate collateral agents or
co-collateral agent may, at any time by an instrument in writing, constitute the
Collateral Agent its attorney-in-fact and agent with full power and authority to
do all acts and things and to exercise all discretion on its behalf and in its
name.  In any case any such separate collateral agent or co-collateral
agent shall die, become incapable of acting, resign or be removed, the title to
the Timeshare Loans Collateral and all assets, property, rights, power duties
and obligations and duties of such separate collateral agent or co-collateral
agent shall, so far as permitted by law, vest in and be exercised by the
Collateral Agent, without the appointment of a successor to such separate
collateral agent or co-collateral agent unless and until a successor is
appointed.

    
      
         

      

      
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    (c)           All
provisions of this Note Purchase Agreement which are for the benefit of the
Collateral Agent shall extend to and apply to each separate collateral agent or
co-collateral agent appointed pursuant to the foregoing provisions of this Section 7.11.

     

    (d)           Every
additional collateral agent and separate collateral agent hereunder shall, to
the extent permitted by law, be appointed and act and the Collateral Agent shall
act, subject to the following provisions and conditions:  (i) all
powers, duties and obligations and rights conferred upon the Collateral Agent in
respect of the receipt, custody, investment and payment of monies shall be
exercised solely by the Collateral Agent; (ii) all other rights, powers, duties
and obligations conferred or imposed upon the Collateral Agent shall be
conferred or imposed and exercised or performed by the Collateral Agent and such
additional collateral agent or collateral agents and separate collateral agent
or collateral agents jointly except to the extent that under any law of any
jurisdiction in which any particular act or acts are to be performed, the
Collateral Agent shall be incompetent or unqualified to perform such act or
acts, in which event such rights, powers, duties and obligations (including the
holding of title to the Timeshare Properties in any such jurisdiction) shall be
exercised and performed by such additional collateral agent or collateral agents
or separate collateral agent or collateral agents; (iii) no power hereby given
to, or exercisable by, any such additional collateral agent or separate
collateral agent shall be exercised hereunder by such collateral agent except
jointly with, or with the consent of, the Collateral Agent; and (iv) no
collateral agent hereunder shall be personally liable by reason of any act or
omission of any other collateral agent hereunder.

     

    If at any
time, the Collateral Agent shall deem it no longer necessary or prudent in order
to conform to such law, the Collateral Agent shall execute and deliver all
instruments and agreements necessary or proper to remove any additional
collateral agent or separate collateral agent.

     

    (e)           Any
request, approval or consent in writing by the Collateral Agent to any
additional collateral agent or separate collateral agent shall be sufficient
warrant to such additional collateral agent or separate collateral agent, as the
case may be, to take such action as may be so requested, approved or consented
to.

     

    (f)           Notwithstanding
any other provision of this Section 7.11,
the powers of any additional collateral agent or separate collateral agent shall
not exceed those of the Collateral Agent hereunder.

     

    SECTION
7.12       Paying Agent
Rights.

     

    So long
as the Collateral Agent is the Paying Agent, the Paying Agent shall be entitled
to the rights, benefits and immunities of the Collateral Agent as set forth in
this Article VII to
the same extent and as fully as though named in place of the Collateral Agent
herein.  The Paying Agent shall be compensated out of the Collateral
Agent Fee.

    
      
         

      

      
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    SECTION
7.13       Authorization.

     

    (a)           The
Note Issuer hereby authorizes and directs the Collateral Agent to enter into the
Lockbox Agreement.  Pursuant to the Lockbox Agreement, the Collateral
Agent agrees to cause to be established and maintained an account (the “Lockbox Account”) for the
benefit of the Noteholder.  The Lockbox Account will be titled as
required by the Lockbox Bank.  The Collateral Agent is authorized and
directed to act as titleholder of the Lockbox Account in accordance with the
terms of the Lockbox Agreement for the benefit of the Noteholder with interests
in the funds on deposit in such account.  In addition, the Collateral
Agent is hereby authorized to enter into, execute, deliver and perform under,
each of the applicable Transaction Documents.  The Lockbox Bank will
be required to transfer and will be permitted to withdraw funds from the Lockbox
Account in accordance with the Lockbox Agreement.

     

    (b)           The
Note Issuer hereby authorizes and directs the Collateral Agent to establish and
maintain a credit card account (the “Credit Card Account”) for the
benefit of the Noteholder.  The Credit Card Account will be titled as
required by the Lockbox Bank.  The Collateral Agent is authorized and
directed to act as titleholder of the Credit Card Account for the benefit of the
Noteholder with interests in the funds on deposit in such account.

     

    SECTION
7.14       [Reserved.]

     

    ARTICLE
VIII.

    COVENANTS
OF THE NOTE ISSUER

     

    SECTION
8.1         Payment of Principal,
Interest and Other Amounts.

     

    The Note
Issuer will cause the due and punctual payment of the principal of, and interest
on, the Note in accordance with the terms of the Note and this Note Purchase
Agreement.

     

    SECTION
8.2         Eligible Timeshare
Loans.

     

    On each
Transfer Date, each Subsequent Timeshare Loan or Qualified Substitute Timeshare
Loan, as the case may be, shall be an Eligible Timeshare Loan.

     

    SECTION
8.3         Money for Payments to
Noteholder to Be Held in Trust.

     

    (a)           All
payments of amounts due and payable with respect to the Note that are to be made
from amounts withdrawn from the Accounts pursuant to Section 3.4 hereof
shall be made on behalf of the Note Issuer by the Collateral Agent, and no
amounts so withdrawn from the Collection Account for payments of the Note shall
be paid over to the Note Issuer under any circumstances, except as provided in
this Section 8.3 or
in Section 3.4
hereof.

     

    (b)           In
making payments hereunder, the Collateral Agent will hold all sums held by it
for the payment of amounts due with respect to the Note in trust for the benefit
of the Persons entitled thereto until such sums shall be paid to such Persons or
otherwise disposed of as herein provided and pay such sums to such Persons as
herein provided.

     

    (c)           [Reserved.]

    
      
         

      

      
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    (d)           The
Note Issuer will cause each Paying Agent to execute and deliver to the
Collateral Agent an instrument in which such Paying Agent shall agree with the
Collateral Agent (and if the Collateral Agent is the Paying Agent, it hereby so
agrees), subject to the provisions of this Section 8.3,
that such Paying Agent will:

     

    (i)          
 give the Collateral Agent notice of any occurrence that is, or with notice
or with the lapse of time or both would become, an Event of Default by the Note
Issuer of which it has actual knowledge in the making of any payment required to
be made with respect to the Note;

     

    (ii)           at
any time during the continuance of any such occurrence described in clause (i)
above, upon the written request of the Collateral Agent, pay to the Collateral
Agent all sums so held in trust by such Paying Agent;

     

    (iii)           immediately
resign as a Paying Agent and forthwith pay to the Collateral Agent all sums held
by it in trust for the payment of the Note if at any time it ceases to meet the
standards required to be met by a Paying Agent at the time of its appointment;
and

     

    (iv)           comply
with all requirements of the Code or any applicable state law with respect to
the withholding from any payments made by it on the Note of any applicable
withholding taxes imposed thereon and with respect to any applicable reporting
requirements in connection therewith.

     

    The Note
Issuer may at any time, for the purpose of obtaining the satisfaction and
discharge of this Note Purchase Agreement or for any other purpose, by Note
Issuer Order direct any Paying Agent to pay to the Collateral Agent all sums
held in trust by such Paying Agent, such sums to be held by the Collateral Agent
upon the same trusts as those upon which the sums were held by such Paying
Agent; and upon such payment by any Paying Agent to the Collateral Agent, such
Paying Agent shall be released from all further liability with respect to such
monies.

     

    SECTION
8.4         Existence; Merger;
Consolidation, etc.

     

    (a)           The
Note Issuer will keep in full effect its existence, rights and franchises as a
statutory trust under the laws of the State of Delaware, and will obtain and
preserve its qualification to do business as a foreign business trust in each
jurisdiction in which such qualification is or shall be necessary to protect the
validity and enforceability of this Note Purchase Agreement, the Note or any of
the Timeshare Loans.

     

    (b)           The
Note Issuer shall at all times observe and comply in all material respects with
(i) all laws applicable to it, (ii) all requirements of law in the declaration
and payment of distributions, and (iii) all requisite and appropriate
formalities in the management of its business and affairs and the conduct of the
transactions contemplated hereby.

     

    (c)           The
Note Issuer shall not (i) consolidate or merge with or into any other Person or
convey or transfer its properties and assets substantially as an entirety to any
other Person or (ii) commingle its assets with those of any other
Person.

    
      
         

      

      
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    (d)           The
Note Issuer shall not become an “investment company” or under the “control” of
an “investment company” as such terms are defined in the Investment Company Act
of 1940, as amended (or any successor or amendatory statute), and the rules and
regulations thereunder (taking into account not only the general definition of
the term “investment company” but also any available exceptions to such general
definition); provided, however, that the
Note Issuer shall be in compliance with this Section 8.4 if
it shall have obtained an order exempting it from regulation as an “investment
company” so long as it is in compliance with the conditions imposed in such
order.

     

    SECTION
8.5         Protection of Timeshare
Loans Collateral; Further Assurances.

     

    (a)           The
Note Issuer will from time to time execute and deliver all such supplements and
amendments hereto and all such financing statements, continuation statements,
instruments of further assurance, and other instruments, and will take such
other action as may be necessary or advisable to:

     

    (ii)           Grant
more effectively the assets comprising all or any portion of the Timeshare Loans
Collateral;

     

    (iii)          maintain
or preserve the Lien of this Note Purchase Agreement or carry out more
effectively the purposes hereof;

     

    (iv)        
 publish notice of, or protect the validity of, any Grant made or to be
made by this Note Purchase Agreement and perfect the security interest
contemplated hereby in favor of the Collateral Agent in each of the Timeshare
Loans and all other property included in the Timeshare Loans Collateral; provided, that the
Note Issuer shall not be required to cause the recordation of the Collateral
Agent’s name as Lien holder on the related title documents for the Timeshare
Properties so long as no Event of Default has occurred and is
continuing;

     

    (v)           enforce
or cause the Servicer to enforce any of the Timeshare Loans in accordance with
the Servicing Standard, provided, however, the Note
Issuer will not cause the Servicer to obtain on behalf of the Collateral Agent
or the Noteholder, any Timeshare Property or to take any actions with respect to
any property the result of which would adversely affect the interests of the
Collateral Agent or the Noteholder (including, but not limited to, actions which
would cause the Collateral Agent or the related Noteholder to be considered a
holder of title, mortgagee-in-possession, or otherwise, or an “owner” or
“operator” of Property not in compliance with applicable environmental
statutes); and

     

    (vi)           preserve
and defend title to the Timeshare Loans (including the right to receive all
payments due or to become due thereunder), the interests in the Timeshare
Properties, or other property included in the Timeshare Loans Collateral and
preserve and defend the rights of the Collateral Agent in the Timeshare Loans
Collateral (including the right to receive all payments due or to become due
thereunder) against the claims of all Persons and parties other than as
permitted hereunder.

    
      
         

      

      
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    (b)           The
Note Issuer will not take any action and will use its commercially reasonable
efforts not to permit any action to be taken by others that would release any
Person from any of such Person’s material covenants or obligations under any
instrument or agreement included in the Timeshare Loans Collateral or that would
result in the amendment, hypothecation, subordination, termination or discharge
of, or impair the validity or effectiveness of, any such instrument or
agreement, except as expressly provided in this Note Purchase Agreement or the
Custodial Agreement or such other instrument or agreement.

     

    (c)           The
Note Issuer may contract with or otherwise obtain the assistance of other
Persons to assist it in performing its duties under this Note Purchase
Agreement, and any performance of such duties by a Person identified to the
Collateral Agent in an Officer’s Certificate of the Note Issuer shall be deemed
to be action taken by the Note Issuer, provided, however, that no
appointment of such Person shall relieve the Note Issuer of its duties and
obligations hereunder.  Initially, the Note Issuer has contracted with
the Servicer, the Collateral Agent and the Custodian pursuant to this Note
Purchase Agreement to assist the Note Issuer in performing its duties under this
Note Purchase Agreement and the other Transaction Documents.

     

    (d)           The
Note Issuer will punctually perform and observe all of its obligations and
agreements contained in this Note Purchase Agreement, the Transaction Documents
and in the instruments and agreements included in the Timeshare Loans
Collateral.

     

    (e)           Without
derogating from the absolute nature of the collateral assignment granted to the
Collateral Agent under this Note Purchase Agreement or the rights of the
Collateral Agent hereunder, the Note Issuer agrees (i) that it will not, without
the prior written consent of the Collateral Agent and the Noteholder, amend,
modify, waive, supplement, terminate or surrender, or agree to any amendment,
modification, supplement, termination, waiver or surrender of, the terms of any
Timeshare Loan (except to the extent otherwise provided in this Note Purchase
Agreement or in the Timeshare Loan Documents) or the Transaction Documents, or
waive timely performance or observance by the Servicer, the Collateral Agent,
the Custodian, the Paying Agent or the Depositor under this Note Purchase
Agreement; and (ii) that any such amendment shall not reduce in any manner the
amount of, or accelerate or delay the timing of, distributions that are required
to be made for the benefit of the Noteholder, without the consent of the
Noteholder.  If any such amendment, modification, supplement or waiver
shall be so consented to by the Collateral Agent and the Noteholder, the Note
Issuer agrees, promptly following a request by the Collateral Agent, to execute
and deliver, at its own expense, such agreements, instruments, consents and
other documents as the Collateral Agent may deem necessary or appropriate in the
circumstances.

     

    The Note
Issuer, upon the Note Issuer’s failure to do so, hereby irrevocably designates
the Collateral Agent and the Servicer, severally, its agents and
attorneys-in-fact to execute any financing statement or continuation statement
or Assignment of Mortgage required pursuant to this Section 8.5;
provided, however, that such
designation shall not be deemed to create a duty of the Collateral Agent to
monitor the compliance of the Note Issuer with the foregoing covenants, and
provided, further, that the
duty of the Collateral Agent or the Servicer to execute any instrument required
pursuant to this Section 8.5
shall arise only if a Responsible Officer of the Collateral Agent or the
Servicer, as applicable, has Knowledge of any failure of the Note Issuer to
comply with the provisions of this Section 8.5.

    
      
         

      

      
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    SECTION
8.6         Additional
Covenants.

     

    (a)           The
Note Issuer will not:

     

    (i)    
       sell, transfer, exchange or otherwise
dispose of any portion of the Timeshare Loans Collateral except as expressly
permitted by this Note Purchase Agreement;

     

    (ii)           claim
any credit on, or make any deduction from, the principal of, or interest on, the
Note (other than amounts properly withheld from such payments under the Code) or
any applicable state law or assert any claim against the Noteholder by reason of
the payment of any taxes levied or assessed upon any portion of the Timeshare
Loans Collateral;

     

    (iii)          engage
in any business or activity other than as permitted by this Note Purchase
Agreement, the Trust Agreement and the other Transaction Documents and any
activities incidental thereto, or amend the Trust Agreement as in effect on the
initial Transfer Date other than in accordance with Article XI
thereof;

     

    (iv)          issue
debt or obligations under any indenture or note purchase agreement other than
this Note Purchase Agreement;

     

    (v)           incur
or assume, directly or indirectly, any indebtedness, except for such
indebtedness as may be incurred by the Note Issuer pursuant to this Note
Purchase Agreement, or guaranty any indebtedness or other obligations of any
Person (other than the Timeshare Loans), or own, purchase, repurchase or acquire
(or agree contingently to do so) any stock, obligations, assets or securities
of, or any other interest in, or make any capital contribution to, any other
Person (other than the Timeshare Loans);

     

    (vi)         dissolve
or liquidate in whole or in part or merge or consolidate with any other
Person;

     

    (vii)         (A)
permit the validity or effectiveness of this Note Purchase Agreement or any
Grant hereby to be impaired, or permit the Lien of this Note Purchase Agreement
to be amended, hypothecated, subordinated, terminated or discharged, or permit
any Person to be released from any covenants or obligations under this Note
Purchase Agreement, except as may be expressly permitted hereby, (B) permit any
lien, charge, security interest, mortgage or other encumbrance to be created on
or to extend to or otherwise arise upon or burden the Timeshare Loans Collateral
or any part thereof or any interest therein or the proceeds thereof (other than
tax liens, mechanics’ liens and other liens that arise by operation of law, in
each case on any of the Resort Interests and arising solely as a result of an
act or omission of the related Obligor) other than the Lien of this Note
Purchase Agreement or (C) except as otherwise contemplated in this Note Purchase
Agreement, permit the Lien of this Note Purchase Agreement (other than with
respect to any Permitted Liens or such tax, mechanic’s or other lien) not to
constitute a valid first priority security interest in the Timeshare Loans
Collateral;

    
      
         

      

      
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    (viii)       take
any other action or fail to take any actions which may cause the Note Issuer to
be (A) taxable as an association pursuant to Section 7701 of the Code and
the corresponding regulations, (B) a publicly traded partnership taxable as a
corporation pursuant to Section 7704 of the Code and the corresponding
regulations or (C) a taxable mortgage pool pursuant to Section 7701(i) of
the Code and the corresponding regulations; or

     

    (ix)          change
the location of its principal place of business without the prior notice to the
Collateral Agent and the Noteholder.

     

    (b)           Notice of Events of
Default.  Immediately upon the Note Issuer having Knowledge of
the existence of any condition or event which constitutes a Default or an Event
of Default or a Servicer Event of Default, the Note Issuer shall deliver to the
Collateral Agent a written notice describing its nature and period of existence
and what action the Note Issuer is taking or proposes to take with respect
thereto.

     

    (c)           Report on
Proceedings.  Promptly upon the Note Issuer’s becoming aware of
(i) any proposed or pending investigation of it by any governmental
authority or agency; or (ii) any pending or proposed court or
administrative proceeding which involves or is reasonably likely to involve the
possibility of materially and adversely affecting the properties, business,
prospects, profits or condition (financial or otherwise) of the Note Issuer, the
Note Issuer shall deliver to the Collateral Agent a written notice specifying
the nature of such investigation or proceeding and what action the Note Issuer
is taking or proposes to take with respect thereto and evaluating its
merits.

     

    SECTION
8.7        Taxes.

     

    The Note
Issuer shall pay all taxes when due and payable or levied against its assets,
properties or income, including any property that is part of the Timeshare Loans
Collateral, except to the extent the Note Issuer is contesting the same in good
faith and has set aside adequate reserves in accordance with GAAP for the
payment thereof.

     

    SECTION
8.8        Restricted
Payments.

     

    The Note
Issuer shall not, directly or indirectly, (i) pay any dividend or make any
distribution (by reduction of capital or otherwise), whether in cash, property,
securities or a combination thereof, to the Owner Trustee or any owner of a
beneficial interest in the Note Issuer or otherwise with respect to any
ownership or equity interest in or of the Note Issuer, the Club Originator, the
Depositor or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire
for value any such ownership or equity interest or security or (iii) set aside
or otherwise segregate any amounts for any such purpose; provided, however, that the
Note Issuer may make, or cause to be made, payments and distributions to or on
behalf of the Servicer, the Backup Servicer, the Lockbox Bank, the Club
Originator, the Depositor, the Collateral Agent, the Owner Trustee, the
Administrator, the Custodian, the Noteholder and the Certificateholders as
contemplated by, and to the extent funds are available for such purpose under,
this Note Purchase Agreement, the Sale Agreement, the Trust Agreement or the
other Transaction Documents.  The Note Issuer will not, directly or
indirectly, make or cause to be made payments to or distributions from the
Collection Account except in accordance with this Note Purchase Agreement and
the other Transaction Documents.

    
      
         

      

      
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    SECTION
8.9         Treatment of Note as Debt
for Tax Purposes.

     

    The Note
Issuer shall treat the Note as indebtedness for all federal, state and local
income and franchise tax purposes.

     

    SECTION
8.10       Further Instruments and
Acts.

     

    Upon
request of the Collateral Agent, the Note Issuer will execute and deliver such
further instruments and do such further acts as may be reasonably necessary or
proper to carry out more effectively the purpose of this Note Purchase
Agreement.

     

    ARTICLE
IX.

    SUPPLEMENTAL
NOTE PURCHASE AGREEMENTS

     

    SECTION
9.1         Supplemental Note Purchase
Agreements.

     

    The Note
Issuer and the Collateral Agent, at any time and from time to time, may enter
into one or more Note Purchase Agreements supplemental hereto with the consent
of the Noteholder.

     

    SECTION
9.2         [Reserved.]

     

    SECTION
9.3         [Reserved.]

     

    SECTION
9.4         Effect of Supplemental Note
Purchase Agreements.

     

    Upon the
execution of any supplemental Note Purchase Agreement under this Article IX, this Note
Purchase Agreement shall be modified in accordance therewith, and such
supplemental Note Purchase Agreement shall form a part of this Note Purchase
Agreement for all purposes; and every holder of a Note theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby.

     

    SECTION
9.5         [Reserved.]

     

    ARTICLE
X.

    REDEMPTION
OF THE NOTE

     

    SECTION
10.1       Optional Redemption;
Election to Redeem.

     

    The
Servicer shall have the option to redeem the Note in whole (but not in part) at
any time on or after the Optional Redemption Date and thereby cause the early
repayment of the Note on any date on or after the Optional Redemption Date by
payment of an amount equal to the Redemption Price and any amounts, fees and
expenses that are required to be paid pursuant to Section 3.4
hereof (unless amounts in the Accounts are sufficient to make such
payments).

    
      
         

      

      
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    SECTION
10.2       Notice to Collateral
Agent.

     

    The
Servicer shall give written notice of its intention to redeem the Note to the
Noteholder and the Collateral Agent at least 15 days prior to the Redemption
Date.

     

    SECTION
10.3       Notice of Redemption by the
Servicer.

     

    Notice of
redemption shall be given, in accordance with Section 13.3,
not less than 15 days prior to the Redemption Date to the Noteholder at the
address listed.  All notices of redemption shall state (a) the
Redemption Date, (b) the Redemption Price, (c) that on the Redemption Date, the
Redemption Price will become due and payable, and that interest thereon shall
cease to accrue if payment is made on the Redemption Date and (d) the office of
the Collateral Agent where the Note is to be surrendered for payment of the
Redemption Price.

     

    SECTION
10.4       Deposit of Redemption
Price.

     

    On or
before the Business Day immediately preceding the Redemption Date, the Servicer
shall deposit with the Collateral Agent an amount equal to the Redemption Price
and any amounts, fees and expenses that are required to be paid hereunder (less
any portion of such payment to be made from funds held in any of the
Accounts).

     

    SECTION
10.5       Note Payable on Redemption
Date.

     

    Notice of
redemption having been given as provided in Section 10.3
hereof and deposit of the Redemption Price with the Collateral Agent having been
made as provided in Section 10.4
hereof, the Note shall on the Redemption Date, become due and payable at the
Redemption Price, and, on such Redemption Date, the Note shall cease to accrue
interest.  The Collateral Agent shall apply all available funds in
accordance with Section 3.4(a) hereof
and the Noteholder shall be paid the Redemption Price by the Collateral Agent on
behalf of the Servicer upon presentment and surrender of their Note at the
office of the Collateral Agent.  If the Servicer shall have failed to
deposit the Redemption Price with the Collateral Agent, the principal and
interest with respect to the Note shall, until paid, continue to accrue interest
at the  Note Rate.  The Servicer’s failure to deposit the
Redemption Price shall not constitute an Event of Default
hereunder.

     

    ARTICLE
XI.

    SATISFACTION
AND DISCHARGE

     

    SECTION
11.1       Satisfaction and Discharge
of Note Purchase Agreement.

     

    (a)           This
Note Purchase Agreement shall cease to be of further effect and the Collateral
Agent, on demand of, and at the expense of, the Note Issuer, shall execute
proper instruments acknowledging satisfaction and discharge of this Note
Purchase Agreement, when:

     

    (i)           the
final installment of principal on the Note (1) has become due and payable,
or (2) will become due and payable at its Stated Maturity, as applicable
within one year, and the Note Issuer has irrevocably deposited or caused to be
deposited (out of Available Funds or amounts received pursuant to Article X hereof)
with the Collateral Agent in trust an amount sufficient to pay and discharge the
entire indebtedness on the Note to the Collateral Agent, for principal and
interest to the date of such deposit (if the Note is then due and payable) or to
the Stated Maturity thereof;

    
      
         

      

      
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     (ii)           the
Note Issuer and the Servicer have paid or caused to be paid (out of Available
Funds or amounts received pursuant to Article X hereof) all
other sums payable hereunder by the Note Issuer and the Servicer for the benefit
of the Noteholder and the Collateral Agent; and

     

    (iii)           the
Note Issuer has delivered to the Collateral Agent an Officer’s Certificate and
an Opinion of Counsel, each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Note Purchase
Agreement have been complied with.

     

    At such
time, the Collateral Agent shall deliver to the Note Issuer or at the Note
Issuer’s direction all cash, securities and other property held by it as part of
the Timeshare Loans Collateral other than funds deposited with the Collateral
Agent pursuant to Section 11.1(a)(i)
hereof, for the payment and discharge of the Note.

     

    (b)           Notwithstanding
the satisfaction and discharge of this Note Purchase Agreement, the obligations
of the Note Issuer to the Collateral Agent under Section 7.6
hereof and, if money shall have been deposited with the Collateral Agent
pursuant to Section 11.1(a)(i)
hereof, the obligations of the Collateral Agent under Section 11.2 hereof
shall survive.

     

    SECTION
11.2      Application of Trust Money;
Repayment of Money Held by Paying Agent.

     

    All money
deposited with the Collateral Agent pursuant to Section 11.1 hereof
shall be held in trust and applied by the Collateral Agent in accordance with
the provisions of the Note, this Note Purchase Agreement and the Trust
Agreement, to the payment, either directly or through the Paying Agent, as the
Collateral Agent may determine, to the Persons entitled thereto, of the
principal and interest for whose payment such money has been deposited with the
Collateral Agent.

     

    In
connection with the satisfaction and discharge of this Note Purchase Agreement,
all moneys then held by any Paying Agent other than the Collateral Agent under
the provisions of this Note Purchase Agreement with respect to the Note shall,
upon demand of the Note Issuer, be paid to the Collateral Agent to be applied
according to Section 3.4
hereof and thereupon such Paying Agent shall be released from all further
liability with respect to such moneys.

     

    SECTION
11.3       Timeshare Loans Collateral
Termination Date.

     

    Upon the
full application of (a) moneys deposited pursuant to Article X or this
Article XI or
(b) proceeds of the Timeshare Loans pursuant to Section 3.4 hereof,
the Timeshare Loans Collateral created by this Note Purchase Agreement shall be
deemed to have terminated and all Liens granted hereunder shall be
released.

    
      
         

      

      
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    ARTICLE
XII.

    REPRESENTATIONS
AND WARRANTIES AND COVENANTS

     

    SECTION
12.1      Representations and
Warranties of the Note Issuer.

     

    The Note
Issuer represents and warrants to the Collateral Agent, the Servicer, the Backup
Servicer and the Noteholder as of the initial Transfer Date, as
follows:

     

    (a)           Organization and Good
Standing.  The Note Issuer has been duly formed and is validly
existing and in good standing under the laws of the State of Delaware, with
power and authority to own its properties and to conduct its business as
presently conducted and has the power and authority to own and convey all of its
properties and to execute and deliver this Note Purchase Agreement and the
Transaction Documents and to perform the transactions contemplated hereby and
thereby.

     

    (b)           Binding
Obligation.  This Note Purchase Agreement and the Transaction
Documents to which it is a party have each been duly executed and delivered on
behalf of the Note Issuer and this Note Purchase Agreement and each Transaction
Document to which it is a party constitutes a legal, valid and binding
obligation of the Note Issuer enforceable in accordance with its terms except as
may be limited by bankruptcy, insolvency, moratorium or other similar laws
affecting creditors’ rights and by general principles of equity.

     

    (c)           No Consents
Required.  No consent of, or other action by, and no notice to
or filing with, any Governmental Authority or any other party, is required for
the due execution, delivery and performance by the Note Issuer of this Note
Purchase Agreement or any of the Transaction Documents or for the perfection of
or the exercise by the Collateral Agent or the Noteholder of any of their rights
or remedies thereunder which have not been duly obtained.

     

    (d)           No
Violation.  The consummation of the transaction contemplated by
this Note Purchase Agreement and the fulfillment of the terms hereof shall not
conflict with, result in any material breach of any of the terms and provisions
of, nor constitute (with or without notice or lapse of time) a default under,
the organizational documents of the Note Issuer, or any indenture, agreement or
other instrument to which the Note Issuer is a party or by which it is bound;
nor result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement or other instrument
(other than this Note Purchase Agreement).

     

    (e)           No
Proceedings.  There is no pending or, to the Note Issuer’s
Knowledge, threatened action, suit or proceeding, nor any injunction, writ,
restraining order or other order of any nature against or affecting the Note
Issuer, its officers or directors, or the property of the Note Issuer, in any
court or tribunal, or before any arbitrator of any kind or before or by any
Governmental Authority (i) asserting the invalidity of this Note Purchase
Agreement or any of the Transaction Documents, (ii) seeking to prevent the
sale and assignment of any Timeshare Loan or the consummation of any of the
transactions contemplated thereby, (iii) seeking any determination or ruling
that might materially and adversely affect (A) the performance by the Note
Issuer of this Note Purchase Agreement or any of the Transaction Documents or
the interests of the Noteholder, (B) the validity or enforceability of this Note
Purchase Agreement or any of the Transaction Documents, (C) any Timeshare Loan,
or (D) the Intended Tax Characterization, or (iv) asserting a claim for payment
of money adverse to the Note Issuer or the conduct of its business or which is
inconsistent with the due consummation of the transactions contemplated by this
Note Purchase Agreement or any of the Transaction Documents.

    
      
         

      

      
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    (f)           Note Issuer Not
Insolvent. The Note Issuer is solvent and will not become insolvent after
giving effect to the transactions contemplated by this Note Purchase Agreement
and each of the Transaction Documents.

     

    (g)           Name.  The
legal name of the Note Issuer is as set forth in the signature page of this Note
Purchase Agreement and the Note Issuer does not have any trade names, fictitious
names, assumed names or “doing business as” names.

     

    (h)           Eligible Timeshare
Loans.  Each Timeshare Loan subject to the Lien of this Note
Purchase Agreement shall be an Eligible Timeshare Loan as of the applicable
Transfer Date.

     

    SECTION
12.2      Representations and
Warranties of the Servicer.

     

    The
Servicer hereby represents and warrants to the Collateral Agent, the Note
Issuer, the Backup Servicer and the Noteholder, as of the initial Transfer Date,
the following:

     

    (a)           Organization and
Authority.  The Servicer:

     

     (i)            is
a corporation duly organized, validly existing and in good standing under the
laws of the Commonwealth of Massachusetts;

     

     (ii)           has
all requisite power and authority to own and operate its properties and to
conduct its business as currently conducted and as proposed to be conducted as
contemplated by the Transaction Documents to which it is a party, to enter into
the Transaction Documents to which it is a party and to perform its obligations
under the Transaction Documents to which it is a party; and

     

     (iii)           has
made all filings and holds all material franchises, licenses, permits and
registrations which are required under the laws of each jurisdiction in which
the properties owned (or held under lease) by it or the nature of its activities
makes such filings, franchises, licenses, permits or registrations necessary,
except where the failure to make such filing will not have a material adverse
effect on the Servicer’s activities or its ability to perform its obligations
under the Transaction Documents.

     

    (b)           Place of
Business.  The address of the principal place of business and
chief executive office of the Servicer is 4960 Conference Way North, Suite 100,
Boca Raton, Florida 33431 and there have been no other such locations during the
immediately preceding four months.

    
      
         

      

      
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    (c)           Compliance with Other
Instruments, etc.  The Servicer is not in violation of any term
of its certificate of incorporation and by-laws.  The execution,
delivery and performance by the Servicer of the Transaction Documents to which
it is a party do not and will not (i) conflict with or violate the
organizational documents of the Servicer, (ii) conflict with or result in a
breach of any of the terms, conditions or provisions of, or constitute a default
under, or result in the creation of any Lien on any of the properties or assets
of the Servicer pursuant to the terms of any instrument or agreement to which
the Servicer is a party or by which it is bound where such conflict would have a
material adverse effect on the Servicer’s activities or its ability to perform
its obligations under the Transaction Documents or (iii) require any consent of
or other action by any trustee, collateral agent or any creditor of, any lessor
to or any investor in the Servicer.

     

    (d)           Compliance with
Law.  The Servicer is in material compliance with all statutes,
laws and ordinances and all governmental rules and regulations to which it is
subject, the violation of which, either individually or in the aggregate, could
materially adversely affect its business, earnings, properties or condition
(financial or other).  The internal policies and procedures employed
by the Servicer are in material compliance with all applicable statutes, laws
and ordinances and all governmental rules and regulations.  The
execution, delivery and performance of the Transaction Documents to which it is
a party do not and will not cause the Servicer to be in violation of any law or
ordinance, or any order, rule or regulation, of any federal, state, municipal or
other governmental or public authority or agency where such violation would,
either individually or in the aggregate, materially adversely affect its
business, earnings, properties or condition (financial or other).

     

    (e)           Pending Litigation or Other
Proceedings.  Except as specified in “RISK FACTORS” in the
Prospectus and on Schedule II hereto,
there is no pending or, to the best of the Servicer’s Knowledge, threatened
action, suit, proceeding or investigation before any court, administrative
agency, arbitrator or governmental body against or affecting the Servicer which,
if decided adversely, would materially and adversely affect (i) the condition
(financial or otherwise), business or operations of the Servicer, (ii) the
ability of the Servicer to perform its obligations under, or the validity or
enforceability of this Note Purchase Agreement or any other documents or
transactions contemplated under this Note Purchase Agreement, (iii) any
Timeshare Loan or title to any Timeshare Property pursuant to the applicable
Owner Beneficiary Agreement or (iv) the Collateral Agent’s ability to foreclose
or otherwise enforce the Liens of the Timeshare Loans.

     

    (f)           Taxes.  Except
as described on Schedule II hereto,
the Servicer has filed all tax returns (federal, state and local) which are
required to be filed and has paid all taxes related thereto, other than those
which are being contested in good faith or where the failure to file or pay
would not have a material adverse effect on the Servicer’s activities or its
ability to perform its obligations under the Transaction Documents.

     

    (g)           Transactions in Ordinary
Course.  The transactions contemplated by this Note Purchase
Agreement are in the ordinary course of business of the Servicer.

     

    (h)           Securities
Laws.  The Servicer 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.

    
      
         

      

      
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    (i)         
  Proceedings.  The
Servicer has taken all action necessary to authorize the execution and delivery
by it of the Transaction Documents to which it is a party and the performance of
all obligations to be performed by it under the Transaction
Documents.

     

    (j)           
Defaults.  The
Servicer 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, which default would have a material adverse
effect on the transactions contemplated hereunder; and to the Servicer’s
Knowledge, 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.

     

    (k)           Insolvency.  The
Servicer is solvent.  Prior to the date hereof, the Servicer did not,
and is not about to, engage in any business or transaction for which any
property remaining with the Servicer would constitute an unreasonably small
amount of capital.  In addition, the Servicer has not incurred debts
that are expected to be beyond the Servicer’s ability to pay as such debts
matured.

     

    (l)          
No
Consents.  No prior consent, approval or authorization of,
registration, qualification, designation, declaration or filing with, or notice
to any federal, state or local governmental or public authority or agency, is,
was or will be required for the valid execution, delivery and performance by the
Servicer of the Transaction Documents to which it is a party.  The
Servicer has obtained all consents, approvals or authorizations of, made all
declarations or filings with, or given all notices to, all federal, state or
local governmental or public authorities or agencies which are necessary for the
continued conduct by the Servicer of its respective businesses as now conducted,
other than such consents, approvals, authorizations, declarations, filings and
notices which, neither individually nor in the aggregate, materially and
adversely affect, or in the future will materially and adversely affect, the
business, earnings, prospects, properties or condition (financial or other) of
the Servicer.

     

    (m)          Name.  The
legal name of the Servicer is as set forth in the signature page of this Note
Purchase Agreement and the Servicer does not have any trade names, fictitious
names, assumed names or “doing business as” names other than “Bluegreen Patten
Corporation” in North Carolina, “Bluegreen Corporation of Massachusetts” in
Louisiana and “BXG California, Inc.” in California.

     

    (n)           Information.  No
document, certificate or report furnished by the Servicer, in writing, pursuant
to this Note Purchase Agreement or in connection with the transactions
contemplated hereby, 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, in light of the
circumstances under which they were made, not misleading.  There are
no facts relating to the Servicer as of the initial Transfer Date which when
taken as a whole, materially adversely affect the financial condition or assets
or business of the Servicer, or which may impair the ability of the Servicer to
perform its obligations under this Note Purchase Agreement, which have not been
disclosed herein or in the certificates, the Prospectus and other documents
furnished by or on behalf of the Servicer pursuant hereto or thereto
specifically for use in connection with the transactions contemplated hereby or
thereby.

    
      
         

      

      
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    (o)           ACH
Form.  The Servicer has delivered a form of the ACH Form
attached to the Sale Agreement to the Backup Servicer for its
review.

     

    SECTION
12.3       Representations and
Warranties of the Collateral Agent.

     

    The
Collateral Agent hereby represents and warrants to the Servicer, the Note
Issuer, the Backup Servicer and the Noteholder as of the Initial Closing Date,
the following:

     

    (a)           The
Collateral Agent is a national banking association duly organized, validly
existing and in good standing under the laws of the United States.

     

    (b)           The
execution and delivery of this Note Purchase Agreement and the other Transaction
Documents to which the Collateral Agent is a party, and the performance and
compliance with the terms of this Note Purchase Agreement and the other
Transaction Documents to which the Collateral Agent is a party by the Collateral
Agent, will not violate the Collateral Agent’s organizational documents or
constitute a default (or an event which, with notice or lapse of time, or both,
would constitute a default) under, or result in a breach of, any material
agreement or other material instrument to which it is a party or by which it is
bound.

     

    (c)           Except
to the extent that the laws of certain jurisdictions in which any part of the
Timeshare Loans Collateral may be located require that a co-collateral agent or
separate collateral agent be appointed to act with respect to such property as
contemplated herein, the Collateral Agent has the full power and authority to
carry on its business as now being conducted and to enter into and consummate
all transactions contemplated by this Note Purchase Agreement and the other
Transaction Documents, has duly authorized the execution, delivery and
performance of this Note Purchase Agreement and the other Transaction Documents
to which it is a party, and has duly executed and delivered this Note Purchase
Agreement and the other Transaction Documents to which it is a
party.

     

    (d)           This
Note Purchase Agreement, assuming due authorization, execution and delivery by
the other parties hereto, constitutes a valid and binding obligation of the
Collateral Agent, enforceable against the Collateral Agent in accordance with
the terms hereof, subject to (i) applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the enforcement of
creditors’ rights generally and the rights of creditors of banks and (ii)
general principles of equity, regardless of whether such enforcement is
considered in a proceeding in equity or at law.

     

    (e)           The
Collateral Agent is not in violation of, and its execution and delivery of this
Note Purchase Agreement and the other Transaction Documents to which it is a
party and its performance and compliance with the terms of this Note Purchase
Agreement and the other Transaction Documents to which it is a party will not
constitute a violation of, any law, any order or decree of any court or arbiter,
or any order, regulation or demand of any federal, state or local governmental
or regulatory authority, which violation, in the Collateral Agent’s good faith
and reasonable judgment, is likely to affect materially and adversely the
ability of the Collateral Agent to perform its obligations under any Transaction
Document to which it is a party.

    
      
         

      

      
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    (f)           No
litigation is pending or, to the best of the Collateral Agent’s knowledge,
threatened against the Collateral Agent that, if determined adversely to the
Collateral Agent, would prohibit the Collateral Agent from entering into any
Transaction Document to which it is a party or, in the Collateral Agent’s good
faith and reasonable judgment, is likely to materially and adversely affect the
ability of the Collateral Agent to perform its obligations under any Transaction
Document to which it is a party.

     

    (g)           Any
consent, approval, authorization or order of any court or governmental agency or
body required for the execution, delivery and performance by the Collateral
Agent of or compliance by the Collateral Agent with the Transaction Documents to
which it is a party or the consummation of the transactions contemplated by the
Transaction Documents has been obtained and is effective.

     

    SECTION
12.4       Multiple
Roles.

     

    The
parties expressly acknowledge and consent to                          ,
acting in the multiple roles of Collateral Agent, the Paying Agent, the
successor Servicer (in the event the Backup Servicer shall not serve as the
successor Servicer) and the Custodian.                           
may, in such capacities, discharge its separate functions fully, without
hindrance or regard to conflict of interest principles, duty of loyalty
principles or other breach of fiduciary duties to the extent that any such
conflict or breach arises from the performance by                          
of express duties set forth in this Note Purchase Agreement in any of such
capacities, all of which defenses, claims or assertions are hereby expressly
waived by the other parties hereto, except in the case of negligence (other than
errors in judgment) and willful misconduct by                          .

     

    SECTION
12.5       Representations and
Warranties of the Noteholder.

     

    The
Noteholder represents and warrants to the Collateral Agent, the Servicer, the
Backup Servicer and the Note Issuer as of the initial Transfer Date, as
follows:

     

    (a)           Organization and Good
Standing.  The Noteholder has been duly formed and is validly
existing and in good standing under the laws of the State of Delaware, with
power and authority to own its properties and to conduct its business as
presently conducted and has the power and authority to own and convey all of its
properties and to execute and deliver this Note Purchase Agreement and the
Transaction Documents and to perform the transactions contemplated hereby and
thereby.  The Noteholder has made all filings and holds all material
franchises, licenses, permits and registrations which are required under the
laws of each jurisdiction in which the assets owned or held by it or the nature
of its activities makes such filings, franchises, licenses, permits or
registrations necessary, except where the failure to make such filing will not
have a material adverse effect on its activities or its ability to perform its
obligations under the Transaction Documents.

     

    (b)           Binding
Obligation.  This Note Purchase Agreement and the Transaction
Documents to which it is a party have each been duly executed and delivered on
behalf of the Noteholder and this Note Purchase Agreement and each Transaction
Document to which it is a party constitutes a legal, valid and binding
obligation of the Noteholder enforceable in accordance with its terms except as
may be limited by bankruptcy, insolvency, moratorium or other similar laws
affecting creditors’ rights and by general principles of
equity.

    
      
         

      

      
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    (c)           No Consents
Required.  No consent of, or other action by, and no notice to
or filing with, any Governmental Authority or any other party, is required for
the due execution, delivery and performance by the Noteholder of this Note
Purchase Agreement or any of the Transaction Documents or for the perfection of
or the exercise by the Collateral Agent of any of their rights or remedies
thereunder which have not been duly obtained.

     

    (d)           No
Violation.  The consummation of the transaction contemplated by
this Note Purchase Agreement and the fulfillment of the terms hereof shall not
conflict with, result in any material breach of any of the terms and provisions
of, nor constitute (with or without notice or lapse of time) a default under,
the organizational documents of the Noteholder, or any indenture, agreement or
other instrument to which the Noteholder is a party or by which it is bound; nor
result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement or other instrument
(other than this Note Purchase Agreement).

     

    (e)           No
Proceedings.  There is no pending or, to the Noteholder’s
Knowledge, threatened action, suit or proceeding, nor any injunction, writ,
restraining order or other order of any nature against or affecting the
Noteholder, its officers or directors, or the property of the Noteholder, in any
court or tribunal, or before any arbitrator of any kind or before or by any
Governmental Authority (i) asserting the invalidity of this Note Purchase
Agreement or any of the Transaction Documents, (ii) seeking to prevent the
sale and assignment of any Timeshare Loan or the consummation of any of the
transactions contemplated thereby, (iii) seeking any determination or ruling
that might materially and adversely affect (A) the performance by the Noteholder
of this Note Purchase Agreement or any of the Transaction Documents, (B) the
validity or enforceability of this Note Purchase Agreement or any of the
Transaction Documents, (C) any Timeshare Loan, or (D) the Intended Tax
Characterization, or (iv) asserting a claim for payment of money adverse to the
Noteholder or the conduct of its business or which is inconsistent with the due
consummation of the transactions contemplated by this Note Purchase Agreement or
any of the Transaction Documents.

     

    (f)           Noteholder Not
Insolvent. The Noteholder is solvent and will not become insolvent after
giving effect to the transactions contemplated by this Note Purchase Agreement
and each of the Transaction Documents.

     

    (g)           Name.  The
legal name of the Noteholder is as set forth in the signature page of this Note
Purchase Agreement and the Noteholder does not have any trade names, fictitious
names, assumed names or “doing business as” names.

     

    (h)           Compliance.  The
Noteholder is in material compliance with all statutes, laws and ordinances and
all governmental rules and regulations to which it is subject, the violation of
which, either individually or in the aggregate, could materially adversely
affect its business, earnings, properties or condition (financial or
other).  The internal policies and procedures employed by the Noteholder
are in material compliance with all applicable statutes, laws and ordinances and
all governmental rules and regulations.  The execution, delivery and
performance of the Transaction Documents to which the Noteholder is a party do
not and will not cause the Noteholder to be in violation of any law or
ordinance, or any order, rule or regulation, of any federal, state, municipal or
other governmental or public authority or agency where such violation would,
either individually or in the aggregate, materially adversely affect its
business, earnings, properties or condition (financial or
other).

    
      
         

      

      
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    SECTION
12.6       Covenants of the Club
Trustee.

     

    Until the
date on which the Note has been paid in full, the Club Trustee hereby covenants
that:

     

    (a)           No
Conveyance.  The Club Trustee agrees not to convey any Resort
Interest (as defined in the Club Trust Agreement) in the Club relating to a
Timeshare Loan unless the Collateral Agent shall have issued an instruction to
the Club Trustee pursuant to Section 8.07(c)
of the Club Trust Agreement in connection with its exercise of its rights as an
Interest Holder Beneficiary (as defined in the Club Trust Agreement) under Section 7.02 of
the Club Trust Agreement.

     

    (b)           Separate Corporate
Existence.  The Club Trustee shall:

     

     (i)       
    maintain its own deposit account or accounts, separate
from those of any Affiliate, with commercial banking
institutions.  The funds of the Club Trustee will not be diverted to
any other Person or for other than trust or corporate uses of the Club Trustee,
as applicable.

     

     (ii)           ensure
that, to the extent that it shares the same officers or other employees as any
of its stockholders, beneficiaries or Affiliates, the salaries of and the
expenses related to providing benefits to such officers and other employees
shall be fairly allocated among such entities, and each such entity shall bear
its fair share of the salary and benefit costs associated with all such common
officers and employees.

     

     (iii)          ensure
that, to the extent that the Club Trustee and the Servicer (together with their
respective stockholders or Affiliates) jointly do business with vendors or
service providers or share overhead expenses, the costs incurred in so doing
shall be allocated fairly among such entities, and each such entity shall bear
its fair share of such costs.  To the extent that the Club Trustee and
the Servicer (together with their respective stockholders or Affiliates) do
business with vendors or service providers when the goods and services provided
are partially for the benefit of any other Person, the costs incurred in so
doing shall be fairly allocated to or among such entities for whose benefit the
goods and services are provided, and each such entity shall bear its fair share
of such costs.  All material transactions between Club Trustee and any
of its Affiliates shall be only on an arms’ length basis.

     

     (iv)          to
the extent that the Club Trustee and any of its stockholders, beneficiaries or
Affiliates have offices in the same location, there shall be a fair and
appropriate allocation of overhead costs among them, and each such entity shall
bear its fair share of such expenses.

    
      
         

      

      
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     (v)           conduct
its affairs strictly in accordance with the Club Trust Agreement or its amended
and restated articles of incorporation, as applicable, and observe all
necessary, appropriate and customary corporate formalities, including, but not
limited to, holding all regular and special stockholders’, trustees’, collateral
agents’ and directors’ meetings appropriate to authorize all trust and corporate
action, keeping separate and accurate minutes of its meetings, passing all
resolutions or consents necessary to authorize actions taken or to be taken, and
maintaining accurate and separate books, records and accounts, including, but
not limited to, payroll and intercompany transaction accounts.

     

    (c)           Merger or
Consolidation.  The Club Trustee shall not consolidate with or
merge into any other corporation or convey, transfer or lease substantially all
of its assets as an entirety to any Person unless the corporation formed by such
consolidation or into which the Club Trustee, as the case may be, has merged or
the Person which acquires by conveyance, transfer or lease substantially all the
assets of the Club Trustee, as the case may be, as an entirety, can lawfully
perform the obligations of the Club Trustee hereunder and executes and delivers
to the Collateral Agent an agreement in form and substance reasonably
satisfactory to the Collateral Agent which contains an assumption by such
successor entity of the due and punctual performance and observance of each
covenant and condition to be performed or observed by the Club Trustee under
this Note Purchase Agreement.

     

    (d)           Corporate
Matters.  Notwithstanding any other provision of this Section 12.6 and
any provision of law, the Club Trustee shall not do any of the
following:

     

     (i)          
 engage in any business or activity other than as set forth herein or in or
as contemplated by the Club Trust Agreement or its amended and restated articles
of incorporation, as applicable;

     

     (ii)           without
the affirmative vote of a majority of the members of the board of directors (or
Persons performing similar functions) of the Club Trustee (which must include
the affirmative vote of at least one duly appointed Independent Director (as
defined in the Club Trust Agreement)), (A) dissolve or liquidate, in whole or in
part, or institute proceedings to be adjudicated bankrupt or insolvent,
(B) consent to the institution of bankruptcy or insolvency proceedings
against it, (C) file a petition seeking or consent to reorganization or
relief under any applicable federal or state law relating to bankruptcy, (D)
consent to the appointment of a receiver, liquidator, assignee, trustee,
collateral agent, sequestrator (or other similar official) of the corporation or
a substantial part of its property, (E) make a general assignment for the
benefit of creditors, (F) admit in writing its inability to pay its debts
generally as they become due, (G) terminate the Club Managing Entity as manager
under the Club Management Agreement or (H) take any corporate action in
furtherance of the actions set forth in clauses (A) through (G) above; provided, however, that no
director may be required by any shareholder or beneficiary of the Club Trustee
to consent to the institution of bankruptcy or insolvency proceedings against
the Club Trustee so long as it is solvent;

     

     (iii)          merge
or consolidate with any other corporation, company or entity or sell all or
substantially all of its assets or acquire all or substantially all of the
assets or capital stock or other ownership interest of any other corporation,
company or entity; or

    
      
         

      

      
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     (iv)           with
respect to the Club Trustee, amend or otherwise modify its amended and restated
articles of incorporation or any definitions contained therein in a manner
adverse to the Collateral Agent or the Noteholder without the prior written
consent of the Collateral Agent.

     

    (e)           The
Club Trustee shall not incur any indebtedness other than (i) trade payables and
operating expenses (including taxes) incurred in the ordinary course of business
or (ii) in connection with servicing Resort Interests included in the Club’s
Timeshare Loans Collateral in the ordinary course of business consistent with
past practices; provided, that in no event shall the Club Trustee incur
indebtedness for borrowed money.

     

    SECTION
12.7       Representations and
Warranties of the Backup Servicer.

     

    The
Backup Servicer hereby represents and warrants to the Collateral Agent, the Note
Issuer, the Servicer and the Noteholder, as of the initial Transfer Date, the
following:

     

    (a)           Corporate
Representations.

     

     (i)  
         is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Arizona;

     

     (ii)           has
all requisite power and authority to own and operate its properties and to
conduct its business as currently conducted and as proposed to be conducted as
contemplated by the Transaction Documents to which it is a party, to enter into
the Transaction Documents to which it is a party and to perform its obligations
under the Transaction Documents to which it is a party; and

     

     (iii)           has
made all filings and holds all material franchises, licenses, permits and
registrations which are required under the laws of each jurisdiction in which
the properties owned (or held under lease) by it or the nature of its activities
makes such filings, franchises, licenses, permits or registrations necessary,
except where the failure to make such filing will not have a material adverse
effect on the Backup Servicer activities or its ability to perform its
obligations under the Transaction Documents.

     

    (b)           Place of
Business.  The address of the principal place of business and
chief executive office of the Backup Servicer is as set forth in Section 13.3
hereof and there have been no other such locations during the immediately
preceding four months.

     

    (c)           Compliance with Other
Instruments, etc.  The Backup Servicer is not in violation of
any term of its certificate of incorporation and by-laws.  The
execution, delivery and performance by the Backup Servicer of the Transaction
Documents to which it is a party do not and will not (i) conflict with or
violate the organizational documents of the Backup Servicer, (ii) conflict
with or result in a breach of any of the terms, conditions or provisions of, or
constitute a default under, or result in the creation of any Lien on any of the
properties or assets of the Backup Servicer pursuant to the terms of any
instrument or agreement to which the Backup Servicer is a party or by which it
is bound where such conflict would have a material adverse effect on the Backup
Servicer’s activities or its ability to perform its obligations under the
Transaction Documents or (iii) require any consent of or other action by any
trustee, collateral agent or any creditor of, any lessor to or any investor in
the Backup Servicer.

    
      
         

      

      
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    (d)           Compliance with
Law.  The Backup Servicer is in material compliance with all
statutes, laws and ordinances and all governmental rules and regulations to
which it is subject, the violation of which, either individually or in the
aggregate, could materially adversely affect its business, earnings, properties
or condition (financial or other).  The internal policies and
procedures employed by the Backup Servicer are in material compliance with all
applicable statutes, laws and ordinances and all governmental rules and
regulations.  The execution, delivery and performance of the
Transaction Documents to which it is a party do not and will not cause the
Backup Servicer to be in violation of any law or ordinance, or any order, rule
or regulation, of any federal, state, municipal or other governmental or public
authority or agency where such violation would, either individually or in the
aggregate, materially adversely affect its business, earnings, properties or
condition (financial or other).

     

    (e)           Pending Litigation or Other
Proceedings.  There is no pending or, to the best of the Backup
Servicer’s Knowledge, threatened action, suit, proceeding or investigation
before any court, administrative agency, arbitrator or governmental body against
or affecting the Backup Servicer which, if decided adversely, would materially
and adversely affect (i) the condition (financial or otherwise), business or
operations of the Backup Servicer, (ii) the ability of the Backup Servicer to
perform its obligations under, or the validity or enforceability of this Note
Purchase Agreement or any other documents or transactions contemplated under
this Note Purchase Agreement, (iii) any property or title of any Obligor to any
Property or (iv) the Collateral Agent’s ability to foreclose or otherwise
enforce the Liens of the Timeshare Loans.

     

    (f)           Taxes.  The
Backup Servicer has filed all tax returns (federal, state and local) which are
required to be filed and has paid all taxes related thereto, other than those
which are being contested in good faith or where the failure to file or pay
would not have a material adverse effect on the Backup Servicer’s activities or
its ability to perform its obligations under the Transaction
Documents.

     

    (g)           Transactions in Ordinary
Course.  The transactions contemplated by this Note Purchase
Agreement are in the ordinary course of business of the Backup
Servicer.

     

    (h)           Securities
Laws.  The Backup Servicer 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.

     

    (i)           Proceedings.  The
Backup Servicer has taken all action necessary to authorize the execution and
delivery by it of the Transaction Documents to which it is a party and the
performance of all obligations to be performed by it under the Transaction
Documents.

     

    (j)           Defaults.  The
Backup Servicer 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, which default would have a material
adverse effect on the transactions contemplated hereunder; and to the Backup
Servicer’s Knowledge, 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.

    
      
         

      

      
        78

        
          

        

      

      
         

      

    

     

    (k)           Insolvency.  The
Backup Servicer is solvent.  Prior to the date hereof, the Backup
Servicer did not, and is not about to, engage in any business or transaction for
which any property remaining with the Backup Servicer would constitute an
unreasonably small amount of capital.  In addition, the Backup
Servicer has not incurred debts that would be beyond the Backup Servicer’s
ability to pay as such debts matured.

     

    (l)         
  No
Consents.  No prior consent, approval or authorization of,
registration, qualification, designation, declaration or filing with, or notice
to any federal, state or local governmental or public authority or agency, is,
was or will be required for the valid execution, delivery and performance by the
Backup Servicer of the Transaction Documents to which it is a
party.  The Backup Servicer has obtained all consents, approvals or
authorizations of, made all declarations or filings with, or given all notices
to, all federal, state or local governmental or public authorities or agencies
which are necessary for the continued conduct by the Backup Servicer of its
respective businesses as now conducted, other than such consents, approvals,
authorizations, declarations, filings and notices which, neither individually
nor in the aggregate, materially and adversely affect, or in the future will
materially and adversely affect, the business, earnings, prospects, properties
or condition (financial or other) of the Backup Servicer.

     

    (m)          Name.  The
legal name of the Backup Servicer is as set forth in the signature page of this
Note Purchase Agreement, and the Backup Servicer does not have any trade names,
fictitious names, assumed names or “doing business as” names.

     

    (n)           Information.  No
document, certificate or report furnished by the Backup Servicer, in writing,
pursuant to this Note Purchase Agreement or in connection with the transactions
contemplated hereby, 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, in light of the
circumstances under which they were made, not misleading.  There are
no facts relating to the Backup Servicer as of the initial Transfer Date which
when taken as a whole, materially adversely affect the financial condition or
assets or business of the Backup Servicer, or which may impair the ability of
the Backup Servicer to perform its obligations under this Note Purchase
Agreement or any other Transaction Document to which it is a party, which have
not been disclosed herein or in the certificates and other documents furnished
by or on behalf of the Backup Servicer pursuant hereto or thereto specifically
for use in connection with the transactions contemplated hereby or
thereby.

    
      
         

      

      
        79

        
          

        

      

      
         

      

    

     

    ARTICLE
XIII.

    MISCELLANEOUS

     

    SECTION
13.1       Officer’s Certificate and
Opinion of Counsel as to Conditions Precedent.

     

    Upon any
request or application by the Note Issuer (or any other obligor in respect of
the Note) to the Collateral Agent to take any action under this Note Purchase
Agreement, the Note Issuer (or such other obligor) shall furnish to the
Collateral Agent:

     

    (a)           an
Officer’s Certificate (which shall include the statements set forth in Section 13.2
hereof) stating that all conditions precedent and covenants, if any, provided
for in this Note Purchase Agreement relating to the proposed action have been
complied with; and

     

    (b)           at
the request of the Collateral Agent, an Opinion of Counsel (which shall include
the statements set forth in Section 13.2
hereof) stating that, in the opinion of such counsel, all such conditions
precedent and covenants have been complied with.

     

    SECTION
13.2       Statements Required in
Certificate or Opinion.

     

    Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Note Purchase Agreement shall include:

     

    (a)           a
statement that the Person making such certificate or opinion has read such
covenant or condition;

     

    (b)           a
brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion
are based;

     

    (c)           a
statement that, in the opinion of such Person, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as to
whether or not such covenant or condition has been complied with;
and

     

    (d)           a
statement as to whether or not, in the opinion of such Person, such condition or
covenant has been complied with.

     

    SECTION
13.3       Notices.

     

    (a)           All
communications, instructions, directions and notices to the parties thereto
shall be given in writing (i) upon personal delivery to the party to be
notified, (ii) when sent by confirmed facsimile if sent during normal business
hours of the recipient, if not, then on the next Business Day following the date
of the confirmed facsimile; or (iii) upon receipt if sent with a nationally
recognized overnight courier at the following address:

    
      
         

      

      
        80

        
          

        

      

      
         

      

    

     

    If to the
Note Issuer:

     

    BXG
Receivables Note Trust 2009 – A

     

    Attention:         

    Fax:         

     

    with a
copy (which shall not constitute notice) to:

     

    Weinstock
& Scavo, P.C.

    3405
Piedmont Road, N.E.

    Suite
300

    Atlanta,
Georgia 30305

    Attention:  Mark
I. Sanders, Esq.

    Fax:  (404)
231-1618

     

    If to the
Club Trustee:

     

    Vacation
Trust, Inc.

    4950
Communication Avenue

    Suite
900

    Boca
Raton, Florida 33431

    Attention:  Michael
Kaminer

    Fax:  (561)
912-7999

     

    If to the
Servicer:

     

    Bluegreen
Corporation

    4960
Conference Way North, Suite 100

    Boca
Raton, Florida 33431

    Attention:  Anthony
M. Puleo, Senior Vice President, CFO and Treasurer

    Fax:  (561)
912-8123

     

    with a
copy (which shall not constitute notice) to:

     

    Weinstock
& Scavo, P.C.

    3405
Piedmont Road, N.E.

    Suite
300

    Atlanta,
Georgia 30305

    Attention:  Mark
I. Sanders, Esq.

    Fax:  (404)
231-1618

    
      
         

      

      
        81

        
          

        

      

      
         

      

    

     

    If to the
Depositor:

     

    [BRFC
2009-A LLC]

           

           

    Attention:         

    Fax:         

     

    If to the
Backup Servicer:

     

                             

           

           

     

    Attention:         

    Fax:         

     

    If to the
Collateral Agent and Paying Agent:

     

                             

           

           

    Attention:         

    Fax:         

    Telephone
Number:         

     

    If to the
Noteholder:

     

    Stratstone/Bluegreen
Secured Income Fund, LLC

           

           

    Attention:         

    Fax:         

     

    with a
copy (which shall not constitute notice) to:

     

    Proskauer
Rose LLP

    1585
Broadway

    New York,
NY 10036

    Attention:
Peter M. Fass, Esq.

    Fax:
(212) 969-2900

    

    or at
such other address as the party may designate by notice to the other parties
hereto, which shall be effective when received.

     

    (b)           The
Collateral Agent agrees to deliver to the Noteholder upon receipt, all notices
and reports that the Collateral Agent may receive hereunder and under any
Transaction Documents.  Unless otherwise provided herein, the
Collateral Agent may consent to any requests received under such documents or,
at its option, follow the directions of the Noteholder within 30 days after
prior written notice to the Noteholder.  Expenses for such
communications and notices shall be borne by the Servicer.

    
      
         

      

      
        82

        
          

        

      

      
         

      

    

     

    SECTION
13.4       No
Proceedings.

     

    The
Noteholder, the Servicer, the Collateral Agent, the Custodian, the Club Trustee
and the Backup Servicer each hereby agrees that it will not, directly or
indirectly institute, or cause to be instituted, against the Note Issuer, the
Timeshare Loans Collateral or the Depositor any proceeding of the type referred
to in Sections
6.1(d) and (e) hereof, so long
as there shall not have elapsed one year plus one day after payment in full of
the Note.

     

    SECTION
13.5       Limitation of Liability of
Owner Trustee.

     

    Notwithstanding
anything contained herein or in any other Transaction Document to the contrary,
it is expressly understood and agreed by the parties hereto that (a) this Note
Purchase Agreement is executed and delivered by                       ,
not individually or personally, but solely as Owner Trustee on behalf of the
Note Issuer, in the exercise of the powers and authority conferred and vested in
it under the Trust Agreement, (b) each of the representations, undertakings and
agreements herein made on the part of the Note Issuer is made and intended not
as a personal representation, undertaking or agreement by                       
but is made and intended for the purpose for binding only the Note Issuer and
the Timeshare Loans Collateral, and (c) under no circumstances shall                       
be personally liable for the payment of any indebtedness or expenses of the Note
Issuer or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Note Issuer under this Note
Purchase Agreement or any other related documents.

    
      
         

      

      
        83

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Note Purchase Agreement to
be duly executed as of the day and year first above written.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    BXG
      RECEIVABLES NOTE TRUST 2009 – A, as

                                    Note
      Issuer

                                  
	 
	
                                    By:

                                  	
                                    _________________________________________,
      as

                                  
	 
      	
                                    Owner
      Trustee

                                  
	 	 
	 
      	
                                    By:

                                  	
                                      

                                  
	 
      	 
      	
                                    Name:

                                  
	 
      	 
      	
                                    Title:

                                  
	 
      	 
      
	
                                    STRATSTONE/BLUEGREEN
      SECURED

                                    INCOME
      FUND, LLC, as Noteholder

                                  
	 
	
                                    By:

                                  	
                                      

                                  
	 
      	
                                    Name:

                                  
	 
      	
                                    Title:

                                  
	 	 
	
                                    BLUEGREEN
      CORPORATION,

                                  
	
                                    as
      Servicer

                                  
	 
      	 
      
	
                                    By:

                                  	
                                      

                                  
	 
      	
                                    Name:  Anthony
      M. Puleo

                                  
	 
      	
                                    Title:  Senior
      Vice President, CFO & Treasurer

                                  
	 	 
	
                                    [BRFC
      2009-A LLC],

                                  
	
                                    as
      Depositor

                                  
	 
      
	
                                    By:

                                  	
                                      

                                  
	 
      	
                                    Name:

                                  
	 
      	
                                    Title:

                                  
	 
      	 
      
	
                                    _____________,

                                  
	
                                    as
      Backup Servicer

                                  
	 
      	 
      
	
                                    By:

                                  	 
      
	 
      	
                                    Name:

                                  
	 
      	
                                    Title:

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    Signature
Page to the Note Purchase Agreement

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      
        	
                VACATION
      TRUST, INC.,

              
	
                as
      Club Trustee

              
	 
      
	
                By:

              	
                  

              
	 
      	
                Name:

              
	 
      	
                Title:

              
	 
      	 
      
	
                _____________,
      as Collateral Agent, Paying Agent

                and
      Custodian

              
	 
      	 
      
	
                By:

              	
                  

              
	 
      	
                Name:

              
	 
      	
                Title:

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    STANDARD
DEFINITIONS

     

    “ACH Form” shall mean
the ACH authorization form executed by Obligors substantially in the form
attached as Exhibit
C to each of the Sale Agreement and the Bluegreen Purchase
Agreement.

     

    “Accounts” shall mean
collectively, the Fee and Expense Account, the Lockbox Account, the Collection
Account, the Credit Card Account, the Reinvestment Account, the General Reserve
Account and the Special Reserve Account.

     

    “Acquisition Fee”
shall mean the acquisition fee payable to the Manager equal to (i) in connection
with the Offering, 2.0% of the gross proceeds of the Offering and (ii) in
connection with the acquisition of the Subsequent Timeshare Loans, 2.0% of the
Timeshare Loan Acquisition Price for any Subsequent Timeshare
Loans.

     

    “Act” shall have the
meaning specified in Section 1.4(a) of the
Note Purchase 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 and any unpaid
out-of-pocket expenses incurred by the Servicer (or incurred by the Remarketing
Agent at the request of the Servicer) during the related Due
Period.

     

    “Advance Amount” shall
mean an amount equal to the amount advanced (or deemed to be advanced) to the
Note Issuer in accordance with Section 2.2 of the
Note Purchase Agreement, but not in excess of $750,000,000.

     

    “Administration
Agreement” shall mean the administration agreement, dated as of ____,
____, by and among the Administrator, the Owner Trustee, the Note Issuer and the
Collateral Agent, as amended, supplemented or otherwise modified from time to
time in accordance with the terms thereof.

     

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

     

    “Administrator Fee”
shall equal on each Payment Date an amount equal to the product of (i)
one-twelfth and (ii) (A) if Bluegreen or an affiliate thereof is the
Administrator, $12,000.00 and (B) if ______________________ is the
Administrator, $_______.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “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 (i) the Owner
Trustee be deemed to be an Affiliate of the Note Issuer, or the Depositor, nor
shall any of such parties be deemed to be an Affiliate of the Owner Trustee,
(ii) Bluegreen be deemed an Affiliate of any 5% or greater shareholder of
Bluegreen or any Affiliate of such shareholder who is not a Direct Affiliate (as
defined herein) of Bluegreen, nor shall any such shareholder be deemed to be an
Affiliate of Bluegreen or (iii) the Noteholder be deemed an Affiliate of
Bluegreen.  The term “control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by
contract or otherwise.  For purposes of this definition, any entity
included in the same GAAP consolidated financial statements as Bluegreen shall
be an Affiliate of Bluegreen (a “Direct
Affiliate”).

     

    “Aggregate Closing Date
Collateral Balance” is the sum of, at any date of determination (i) the
aggregate Transfer Date Loan Balances of the Initial Timeshare Loans and (ii)
the maximum aggregate Transfer Date Loan Balance of Subsequent Timeshare Loans
that have been acquired.

     

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

     

    “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.

     

    “Asset Management Fee”
shall mean an asset management fee paid on each Payment Date to the Manager at
the rate of 0.5% per annum of the outstanding principal amount of the Note as of
such Payment Date.

     

    “Assignment of
Mortgage” shall mean, with respect to a Deeded Club Loan, a written
assignment of one or more Mortgages from the related Originator or Seller to the
Collateral Agent, for the benefit of the Noteholder, 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 Collateral Agent.

     

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

     

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

     

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

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    “Available Funds”
shall mean for any Payment Date, (A) all funds on deposit in the Collection
Account after making all transfers, deposits or payments from (i) the Lockbox
Account pursuant to the Lockbox Agreement, (ii) the General Reserve Account
pursuant to Section
3.2(b) of the Note Purchase Agreement, (iii) the Special Reserve Account
pursuant to Section
3.2(c) of the Note Purchase Agreement, (iv) the Reinvestment Account
pursuant to Section
3.2(d) of the Note Purchase Agreement, (v) the Fee and Expense Account
pursuant to Section
3.2(e) of the Note Purchase Agreement, (vi) the Originator or the
Depositor, as the case may be, pursuant to Section 4.6 of the
Note Purchase Agreement, and (vii) the Servicer pursuant to the Note Purchase
Agreement, plus (B) all investment earnings on funds on deposit in the
Collection Account from the immediately preceding Payment Date through such
Payment Date, if any, less (C) amounts on deposit in the Collection Account
related to collections related to any Due Periods subsequent to the Due Period
related to such Payment Date, less (D) any Additional Servicing Compensation on
deposit in the Collection Account, less (E) Misdirected Deposits, if
any.  Notwithstanding anything in the Transaction Documents to the
contrary, Available Funds shall only include amounts described in the foregoing
sentence and not amounts otherwise deposited voluntarily by Bluegreen or any of
its Affiliates.

     

    “Backup Servicer”
shall mean                ,
a          
corporation, and its permitted successors and assigns.

     

    “Backup Servicing
Agreement” shall mean the backup servicing agreement, dated as of      ,
___, by and among the Note Issuer, the Depositor, the Servicer, the Backup
Servicer and the Collateral Agent, as the same may be amended, supplemented or
otherwise modified from time to time in accordance with the terms
thereof.

     

    “Backup Servicing Fee”
shall on each Payment Date (so long as                
is the Backup Servicer), be equal to:

     

    (A)           prior
to the removal or resignation of Bluegreen, as Servicer,
______________________________

     

    (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).

     

    “Beneficiary” shall be
as defined in the Club Trust Agreement.

     

    “Benefit Plan” shall
mean an “employee benefit plan” as defined in Section 3(3) of ERISA, or any
other “plan” as defined in Section 4975(e)(1) of the Code, that is subject to
the prohibited transaction rules of ERISA or of Section 4975 of the Code or any
plan that is subject to any substantially similar provision of federal, state or
local law.

     

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

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    “Bluegreen Core
Resorts” shall mean a Resort even if Bluegreen no longer owns substantial
vacation ownership interests in the Resort and includes the following
resorts:  Casa del Mar Resort, Daytona SeaBreezeTM, The Fountains
(f/k/a Oasis Lakes Resort), Grande VillasTM at World Golf Village®, The Hammocks
at Marathon ResortTM, Orlando’s Sunshine ResortTM, Solara SurfsideTM Resort,
Bluegreen Club La Pension, Mountain Run at BoyneTM, The Falls VillageTM Resort,
Bluegreen Wilderness Club at Big Cedar, Bluegreen Wilderness Club at Long Creek
Ranch, BG Club 36TM, Bluegreen at Atlantic Palace, The Suites at HersheyTM,
Carolina GrandeTM, Harbour LightsTM Resort, SeaGlass TowerTM, The Lodge Alley InnTM,
Shore Crest Vacation VillasTM, Laurel CrestTM Resort, MountainLoftTM Resort,
Shenandoah CrossingTM, Bluegreen Wilderness Traveler at ShenandoahTM, BG Patrick
Henry Square, Christmas Mountain VillageTM, Bluegreen Odyssey Dells and La Cabana
Resort and any Future Resorts in which Bluegreen acquires or develops a
significant number of the vacation ownership interests associated with the
Resort.

     

    “Bluegreen Non-Core
Resorts” shall mean a Resort that is not a Bluegreen Core Resort within
the Bluegreen Vacation Club in which Bluegreen may have acquired timeshare
interests in such Resort for resale.

     

    “Bluegreen Purchase
Agreement” shall mean the purchase and contribution agreement, dated as
of _____________, between the Club Originator and the Depositor pursuant to
which the Club Originator sells Timeshare Loans from time to time to the
Depositor.

     

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

     

    “Business Day” shall
mean any day other than (i) a Saturday, a Sunday, or (ii) a day on which banking
institutions in New York City, Wilmington, Delaware, the State of Florida, the
city in which the Servicer is located or the city in which the Corporate Trust
Office of the Collateral Agent is located, are authorized or obligated by law or
executive order to be closed.

     

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

     

    “Certificate” shall
mean the Residual Interest Certificate.

     

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

     

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

     

    “Certificateholders”
shall mean the holders of the Certificate.

     

    “Closing Date” shall
mean the Initial Closing Date, each Subsequent Closing Date and the Final
Closing Date.

     

    “Closing Date Resort”
shall mean any Resort relating to a Timeshare Loan included within the Timeshare
Loans Collateral as of the Final Loan Date.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    “Club” shall mean
Bluegreen Vacation Club Trust, formed pursuant to the Club Trust Agreement,
doing business as Bluegreen Vacation Club.

     

    “Club Loans” means,
collectively, the Deeded Club Loans and the Aruba Club Loans.

     

    “Club Management
Agreement” shall mean that certain Amended and Restated Management
Agreement between the Club Managing Entity and the Club Trustee, dated as of May
18, 1994, as amended from time to time.

     

    “Club Managing Entity”
shall mean Bluegreen Resorts Management, Inc., a Delaware corporation, in its
capacity as manager of the Club and owner of the Club’s reservation system, and
its permitted successors and assigns.

     

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

     

    “Club 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 subject to the Lien of the Note
Purchase Agreement.

     

    “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.

     

    “Collateral Agent”
shall mean                       ,
a national banking association, not in its individual capacity but solely as
Collateral Agent under the Note Purchase Agreement, and any successor as set
forth in Section
7.9 of the Note Purchase Agreement.

     

    “Collateral Agent Fee”
shall mean for each Payment Date, __________.

     

    “Collateral Measurement
Pool” shall have the meaning specified in Section 2.3 of the
Note Purchase Agreement.

     

    “Collection Account”
shall mean the account established and maintained by the Collateral Agent
pursuant to Section
3.2(a) of the Note Purchase Agreement.

     

    “Collection Policy”
shall mean the collection policies of the initial servicer in effect on the
initial Transfer Date attached as Exhibit J to the Note
Purchase Agreement, as may be amended from time to time in accordance with the
Servicing Standard.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    “Completed Unit” shall
mean a Resort Unit which has been fully constructed and furnished, has received
a valid permanent certificate of occupancy, is ready for occupancy and is
subject to a time share declaration.

     

    “Continued Errors”
shall have the meaning specified in Section 5.4 of the
Note Purchase Agreement.

     

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

     

    “Corporate Trust
Office” shall mean the office of the Collateral Agent located in the
State of Delaware, which office is at the address set forth in Section 13.3 of the
Note Purchase Agreement.

     

    “Credit Card Account”
shall mean the deposit account (account number ___________) established at the
Lockbox Bank, which shall be a non-interest bearing account.

     

    “Credit Card Timeshare
Loan” shall mean a Timeshare Loan where the Obligor makes its payments
due on such Timeshare Loan with credit card payment arrangements.

     

    “Credit Policy” shall
mean the credit and FICO®
score-based underwriting policies of the Originators in effect on the initial
Transfer Date attached as Exhibit I to the Note
Purchase Agreement, as may be amended from time to time in accordance with the
Servicing Standard.

     

    “Custodial Agreement”
shall mean the custodial agreement, dated as of      ,
by and among the Note Issuer, the Depositor, the Servicer, the Backup Servicer,
and the Collateral Agent 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
                      ,
a national banking association, or its permitted successors and
assigns.

     

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

     

    “Custodian Fees” shall
mean for each Payment Date, the fee payable by the Note Issuer to the Custodian
in accordance with Section ____ of the
Custodial Agreement.

     

    “Deeded Club Loan”
shall mean a Timeshare Loan originated by the Club Originator and evidenced by a
Mortgage Note and secured by a first Mortgage on a fee simple timeshare interest
in a Resort Unit or an undivided interest in a Resort (or a phase thereof)
associated with a Resort Unit.

     

    “Default” shall mean
an event which, but for the passage of time, would constitute an Event of
Default under the Note Purchase Agreement.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    “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 are still subject to the Lien of the Note
Purchase 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 (i) for which the Servicer has
commenced cancellation, termination or similar proceedings in respect of the
Obligor on the related Timeshare Loan after collection efforts have failed in
accordance with its collection policies, (ii) for which all or part of a
scheduled payment under the Timeshare Loan is more than 120 days delinquent from
the due date, provided, that with respect to this clause (ii), if a Timeshare
Loan is not more than 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 (iii) that
otherwise ceases to be an Eligible Timeshare Loan.

     

    “Defective Timeshare
Loan” shall have the meaning specified in Section 4.6 of the
Note Purchase 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 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).

     

    “Depositor” shall mean
[BRFC 2009-A LLC], a Delaware limited liability company, and its permitted
successors and assigns.

     

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

     

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

     

    “Distribution Reinvestment
Plan” shall mean the distribution reinvestment plan adopted by the
Noteholder, a complete copy of which is included as Appendix B to the
Prospectus.

     

    “Due Period” shall
mean with respect to any Payment Date, the period from the 16th day of
the second preceding calendar month to the 15th day of
the preceding calendar month.  The Due Period for the Initial Payment
Date, shall be the period from and including      ,
___ to      ,
___.

     

    “Eligibility Criteria”
shall mean the following criteria that shall be met for each Timeshare Loan
transferred to the Note Issuer as of the day five Business Days before the
related Transfer Date (it being understood that no Timeshare Loan may be
transferred to the Note Issuer if, after such transfer, more than 20% of the
Timeshare Loans would be secured by Timeshare Loans that are not Deeded Club
Loans secured by a Mortgage):

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        	
                                                Range
      of Loan Balances

                                              	
                                                ______-_________

                                              
	
                                                Range
      of Coupon Rates

                                              	
                                                _______-________

                                              
	
                                                Minimum
      Coupon Rate

                                              	
                                                ______%

                                              
	
                                                Weighted
      Average Coupon Rate

                                              	
                                                _______%-_____%

                                              
	
                                                Original
      Term to Stated Maturity

                                              	
                                                less
      than or equal to ______

                                              
	
                                                Down
      payment

                                              	
                                                greater
      than or equal to _______%

                                              
	
                                                Weighted
      average down payment

                                              	
                                                greater
      than or equal to _______%

                                              
	
                                                Number
      of payments made

                                              	
                                                1
      month -___ months, without extension other than with respect to an Upgrade
      Club Loan related to the such Original Club Loan

                                              
	
                                                1
      day or more and less than 31 days past due

                                              	 
      
	
                                                31
      days or more past due

                                              	
                                                ______%

                                              
	
                                                Weighted
      average FICO®
      score

                                              	
                                                greater
      than ____

                                              
	
                                                FICO®
      scores missing

                                              	
                                                less
      than __% overall of U.S. purchasers

                                              
	
                                                FICO®
      scores less than 600

                                              	
                                                less
      than __%

                                              
	
                                                FICO®
      scores less than or equal to 700

                                              	
                                                less
      than __%

                                              
	
                                                U.S.
      (including those currently based in military
      installations outside the United States) and Canadian
      borrowers

                                              	
                                                greater
      than or equal to
__%.

                                              

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    “Eligible Bank
Account” shall mean a segregated account, which may be an account
maintained by the Collateral Agent, which is either (a) maintained with a
depositary institution or trust company whose long-term unsecured debt
obligations are rated at least “A” by Fitch and “A2” by Moody’s and whose
short-term unsecured obligations are rated at least “A-l” by Fitch and “P-l” by
Moody’s; or (b) a trust account or similar account maintained at the corporate
trust department of the Collateral Agent held in the name of and for the benefit
of the Noteholder.

     

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

     

    (a)           obligations
of, or guaranteed as to timely payment of principal and interest by, the United
States or any agency or instrumentality thereof when such obligations are backed
by the full faith and credit of the United States;

     

    (b)           federal
funds, certificates of deposit, time deposits and bankers’ acceptances, each of
which shall not have an original maturity of more than 90 days, of any
depository institution or trust company incorporated under the laws of the
United States or any state; provided that the long-term unsecured debt
obligations of such depository institution or trust company at the date of
acquisition thereof have been rated in one of the three highest rating
categories available from S&P and no lower than A2 by Moody’s; and provided,
further, that the short-term obligations of such depository institution or trust
company shall be rated in the highest rating category by S&P or Moody’s, as
the case may be;

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

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

     

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

     

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

     

    and provided, further, that (i) no
instrument shall be an Eligible Investment if such instrument evidences a right
to receive only interest payments with respect to the obligations underlying
such instrument, and (ii) no Eligible Investment may be purchased at a price in
excess of par.  Eligible Investments may include those Eligible
Investments with respect to which the Collateral Agent or an Affiliate thereof
provides services.

     

    “Eligible Owner
Trustee” shall have the meaning specified in Section 10.01 of the
Trust Agreement.

     

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

     

    “Equity” shall mean
the “Total Shareholder’s Equity” specified in Bluegreen’s Consolidated Balance
Sheet as reported in Bluegreen’s most recent filing with the Securities and
Exchange Commission.

     

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

     

    “Errors” shall have
the meaning specified in Section 5.4 of the
Note Purchase Agreement.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    “Event of Default”
shall have the meaning specified in Section 6.1 of the
Note Purchase Agreement.

     

    “Fee and Expense
Account” shall mean the account established and maintained by the
Collateral Agent pursuant to Section 3.2(e) of the
Note Purchase Agreement.

     

    “Final Closing Date”
shall mean the final closing date of the Offering as determined by the
Noteholder.

     

    “Final Loan Date”
shall mean the date six (6) months after the Final Closing Date.

     

    “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 Note
Purchase 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 Collateral Agent written notice
thereof as soon as practicable after the beginning of such delay.

     

    “Foreclosure Property”
shall have the meaning specified in Section 5.3(a)(xiii)
of the Note Purchase Agreement.

     

    “Future Resort” shall
mean a Resort which is not a Closing Date Resort.

     

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

     

    “General Reserve
Account” shall mean the account maintained by the Collateral Agent
pursuant to Section
3.2(b) of the Note Purchase Agreement.

     

    “General Reserve Account
Deposit” shall mean an amount equal to 2.80% of any advance (including
amounts deemed to be advanced but excluding the proceeds of the Distribution
Reinvestment Plan) under the Note on any Closing Date.

     

    “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.

     

    “Highest Lawful Rate”
shall have the meaning specified in Section 3 of the Sale
Agreement.

     

    “II” shall mean
Interval International, Inc.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    “Initial Closing Date”
shall mean the initial date of the closing of the Offering as determined by the
Noteholder.

     

    “Initial Payment Date”
shall mean the first Payment Date occurring      days after
the Initial Closing Date.

     

    “Initial Timeshare
Loans” shall mean the Timeshare Loans purchased by the Note Issuer and
pledged to the Collateral Agent out of the proceeds of the public offering of
units of the Noteholder (other than the proceeds of its Distribution
Reinvestment Plan).

     

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

     

    “Interest Accrual
Period” shall mean with respect to (i) any Payment Date other than the
Initial Payment Date, the period from the 16th day of
the second preceding calendar month to the 15th day of
the preceding calendar month and (ii) the Initial Payment Date, the period from
and including the Initial Closing Date through ____________.

     

    “Interest Distribution
Amount” shall equal, on any Payment Date, the sum of (i) interest accrued
during the Interest Accrual Period at the Note Rate on the Outstanding Note
Balance immediately prior to such Payment Date and (ii) the amount of unpaid
Interest Distribution Amounts from prior Payment Dates for the Note, plus, to
the extent permitted by applicable law, interest on such unpaid amount at the
Note Rate.  The Interest Distribution Amount shall be calculated on
the basis of a 360-day year consisting of twelve 30-day months.

     

    “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.

     

    “La Cabana Resort”
shall mean the Resort located in Aruba known as the La Cabana Beach Resort and
Racquet Club.

     

    “Lien” shall mean any
mortgage, pledge, hypothecation, assignment for security, security interest,
claim, participation, encumbrance, levy, lien or charge.

     

    “Liquidation” means
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.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    “Liquidation Expenses”
shall mean, with respect to the Foreclosure Property related to a Defaulted
Timeshare Loan, as of any date of determination, any reasonable out-of-pocket
expenses (exclusive of overhead expenses) incurred by the Servicer or the
Remarketing Agent in connection with the performance of its obligations under
Section 5.3(a)(xiii)
in the Note Purchase Agreement or the Remarketing Agreement, as applicable,
including, but not limited to, (i) any foreclosure, deed-in-lieu of foreclosure
or termination and other repossession expenses incurred with respect to such
Foreclosure Property, (ii) 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 (iii) any
other fees and expenses reasonably applied or allocated in the ordinary course
of business with respect to the Liquidation of a Foreclosure Property (including
any assessed and unpaid Association fees and real estate taxes).

     

    “Liquidation Proceeds”
means 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.

     

    “LLC Agreement” shall
mean the amended and restated limited liability company operating agreement,
dated as of      ,
    ,
of the Noteholder.

     

    “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 lockbox deposit account maintained at the Lockbox Bank pursuant
to the Lockbox Agreement, which shall be a non-interest bearing
account.

     

    “Lockbox Agreement”
shall mean the deposit account control agreement, dated as of _______, by and
among the Note Issuer, the Collateral Agent and the Lockbox Bank.

     

    “Lockbox Bank” shall
mean                          .

     

    “Lockbox Fee” shall
mean on each Payment Date, the fee payable by the Note Issuer to the Lockbox
Bank in accordance with the Lockbox Agreement.

     

    “Manager” shall mean
Stratstone Advisors, LLC, a Delaware limited liability company, in its capacity
as manager under the LLC Agreement, and its permitted successors and
assigns.

     

    “Membership Interests”
shall mean the membership interest in the Noteholder.

     

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

     

    “Monthly Servicer
Report” shall have the meaning specified in Section 5.5 of the
Note Purchase Agreement.

     

    “Moody’s” shall mean
Moody’s Investors Service, Inc.

     

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

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

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

     

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

     

    “Note” shall mean the
Timeshare Loan Secured Note defined in the recitals of the Note Purchase
Agreement.

     

    “Note Issuer” shall
mean BXG Receivables Note Trust 2009 – A, a statutory trust formed under the
laws of the State of Delaware pursuant to the Trust Agreement.

     

    “Note Issuer Order”
shall mean a written order or request delivered to the Collateral Agent and
signed in the name of the Note Issuer by an Authorized Officer of the Note
Issuer or Administrator.

     

    “Note Purchase
Agreement” shall mean the Note Purchase Agreement, dated as of
      , ____, by and among the Note Issuer, the
Noteholder, the Servicer, the Backup Servicer, the Club Trustee, the Collateral
Agent, the Paying Agent and the Custodian, as amended, supplemented or otherwise
modified from time to time in accordance with the terms thereof.

     

    “Note Rate” shall mean
8.00% per annum.

     

    “Noteholder” shall
mean BRG/Bluegreen Secured Income Fund, LLC, and its permitted successors and
assigns.

     

    “Noteholder Surviving
Person” shall have the meaning specified in Section 2.1(f) of the
Note Purchase Agreement.

     

    “Obligor” shall mean
the related obligor under a Timeshare Loan.

     

    “Offering” shall mean
the public offering of Units of the Noteholder, (excluding Units issued under
the Distribution Reinvestment Plan) pursuant to the Prospectus.

     

    “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) 15% of the
Aggregate Closing Date Collateral Balance, less (y) the aggregate Loan Balances
(as of the related purchase dates) of all Defaulted Timeshare Loans previously
purchased by the Club Originator pursuant to the Sale Agreement or the Bluegreen
Purchase Agreement.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    “Optional Redemption
Date” shall mean the first date in which the Aggregate Outstanding Note
Balance is less than or equal to 20% of the Advance Amount.

     

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

     

    “Organization and Offering
Expenses” shall have the meaning given to them in the LLC Agreement of
the Note Issuer.

     

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

     

    “Originator” shall
mean either the Club Originator or the Aruba Originator.

     

    “Outstanding” shall
mean, with respect to the Note, as of any date of determination, all Notes
theretofore authenticated and delivered under the Note Purchase Agreement
except:

     

    (a)           Notes
theretofore canceled by the Collateral Agent or delivered to the Collateral
Agent for cancellation;

     

    (b)           Notes
or portions thereof for whose payment money in the necessary amount has been
theretofore irrevocably deposited with the Collateral Agent in trust for the
holders of such Notes; and

     

    (c)           Notes
in exchange for or in lieu of which other Notes have been authenticated and
delivered pursuant to the Note Purchase Agreement unless proof satisfactory to
the Collateral Agent is presented that any such Notes are held by a Person in
whose hands the Note is a valid obligation; provided, however, that in
determining whether the holders of the requisite percentage of the Outstanding
Note Balance of the Notes have given any request, demand, authorization,
direction, notice, consent, or waiver hereunder, Notes owned by the Note Issuer
or any Affiliate of the Note Issuer shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Collateral Agent shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent, or waiver, only Notes that a Responsible Officer of the
Collateral Agent actually has notice are so owned shall be so
disregarded.

     

    “Outstanding Note
Balance” shall mean as of any date of determination, the outstanding
principal balance of the Note advanced or deemed to be advanced under the Note
less amounts actually distributed to the Noteholder under Section 3.4 as
payments of principal on the Note.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

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

     

    “Owner Beneficiary
Agreement” shall mean the purchase agreement entered into by each Obligor
and the Developer with respect to the Club Loans.

     

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

     

    “Owner Trustee” shall
mean _________________, ________________________, or any successor thereof,
acting not in its individual capacity but solely as owner trustee under the
Trust Agreement.

     

    “Owner Trustee Corporate
Trust Office” shall mean _________________.

     

    “Owner Trustee Fee”
shall mean an annual fee equal to _________________

     

    “Partial Amortization
Event” shall occur on a Determination Date if the average of the Default
Levels on the Timeshare Loans (which excludes Timeshare Loans that are
substituted for or repurchased) for the last three Due Periods exceeds 0.60% and
shall continue until the Default Level is equal to or less than 0.60% for three
consecutive Due Periods; provided that such
calculation relating to a Partial Amortization Event shall be determined for
each separate Collateral Measurement Pool and a Partial Amortization Event shall
be deemed to have occurred and will continue unless corrected as provided above
if such Partial Amortization Event exists in respect of any single Collateral
Measurement Pool until six months after the Final Closing Date, at which point
the determination of the existence of the Partial Amortization Event shall be
based on the entire portfolio of Collateral Measurement Pools and not based on a
single Collateral Measurement Pool.

     

    “Paying Agent” shall
mean any Person appointed under 4.8(b) of the Note Purchase Agreement and
authorized under the Note Purchase Agreement to make the distributions required
thereunder, which such Person initially shall be the Collateral
Agent.

     

    “Payment Date” shall
mean the 4th day of
each calendar month, or, if such date is not a Business Day, then the next
succeeding Business Day, commencing on the Initial Payment Date.

     

    “Payment Default
Event” shall have occurred if (i) the Note shall become due and payable
pursuant to Section
6.2(a) of the Note Purchase Agreement or (ii) the Note shall otherwise
become due and payable following an Event of Default under the Note Purchase
Agreement and the Collateral Agent has, in its good faith judgment, determined
that the value of the assets comprising the Timeshare Loans Collateral is less
than the Outstanding Note Balance.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    “Permitted Liens”
shall mean (a) with respect to Timeshare Loans in the Timeshare Loans
Collateral, (i) Liens for state, municipal or other local taxes if such taxes
shall not at the time be due and payable, (ii) Liens in favor of the Depositor
and the Note Issuer created pursuant to the Transaction Documents, and (iii)
Liens in favor of the Trust and the Collateral Agent created pursuant to the
Note Purchase 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 in the
Timeshare Loans Collateral, any and all rights of the Beneficiaries referred to
in the Club Trust Agreement under such Club Trust Agreement.

     

    “Person” means 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.

     

    “Pool Close or Closing
Date” shall have the meaning specified in Section 2.3 of the
Note Purchase Agreement.

     

    “Pool Open Date” shall
have the meaning specified in Section 2.3 of the
Note Purchase Agreement.

     

    “Predecessor Servicer Work
Product” shall have the meaning specified in Section 5.4(b)
of the Note Purchase Agreement.

     

    “Prospectus” shall
mean that certain Prospectus, dated ___, ___, as amended or supplemented,
related to the offering of the membership interests in the
Noteholder.

     

    “Qualified Substitute
Timeshare Loan” shall mean a Timeshare Loan (i) 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 Balances of the Timeshare Loans being substituted on the
related Transfer Date, (ii) that complies, as of the related Transfer Date, with
each of the representations and warranties contained in the Bluegreen Purchase
Agreement, including that such Qualified Substitute Timeshare Loan is an
Eligible Timeshare Loan; provided that there will be
no seasoning requirement if a Qualified Substitute Timeshare Loan is an Upgrade
Club Loan replacing an Original Club Loan with the same Obligor, (iii) the
weighted average coupon rate of such Qualified Substitute Timeshare Loan(s) is
not less than 14.50%, and (iv) that does not have a stated maturity later than
_________.

     

    “RCI” shall mean
Resort Condominiums International, LLC (or one of its wholly owned
subsidiaries).

     

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

     

    “Record Date” shall
mean, with respect to any Payment Date, the close of business on the last day of
the related Interest Accrual Period.

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    “Redemption Date”
shall mean with respect to the redemption of the Note on or after the Optional
Redemption Date, the date fixed pursuant to Section 10.1 of the
Note Purchase Agreement.

     

    “Redemption Price”
shall mean the Outstanding Note Balance, together with interest accrued and
unpaid thereon at the Note Rate up to and including the Redemption
Date.

     

    “Reinvestment Account”
shall mean the account maintained by the Collateral Agent pursuant to Section 3.2(d) of the
Note Purchase Agreement.

     

    “Reinvestment Period”
shall mean the period commencing on the Initial Closing Date and ending (subject
to a Suspension Event) on the fifth anniversary of the Initial Closing
Date.

     

    “Related Security”
shall mean with respect to any Timeshare Loan, (i) all of the Note Issuer’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, (ii) 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,
(iii) all guarantees, insurance and other agreements or arrangements of whatever
character from time to time supporting or securing payment of such Timeshare
Loan, (iv) any assignments of Mortgages and any financing statements, and (v)
all other security and books, records and computer tapes relating to the
foregoing.

     

    “Remarketing Agent”
shall mean Bluegreen.

     

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

     

    “Remarketing Fee”
shall mean a monthly remarketing fee determined in accordance with the
Remarketing Agreement.

     

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

     

    “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 related services contracted by the Club
Managing Entity with a third party.

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    “Residual Interest
Certificate” shall mean the certificate issued under the Trust Agreement,
which represents the economic residual interest of the Trust formed
thereunder.

     

    “Residual Interest
Owner” shall mean the owner of the Residual Interest Certificate issued
by the Note Issuer pursuant to the Trust Agreement, which shall initially be the
Depositor.

     

    “Resort” shall mean,
as the context shall require, the resort at which the Timeshare Property related
to a Timeshare Loan is located and may include any component site resort within
the Bluegreen Vacation Club.

     

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

     

    “Responsible Officer”
shall mean (a) when used with respect to the Owner Trustee or the Collateral
Agent, any officer assigned to the Owner Trustee Corporate Trust Office or the
Corporate Trust Office, respectively, including any Managing Director, Senior
Vice President, Vice President, Assistant Vice President, Secretary, Assistant
Secretary, Assistant Treasurer, any trust officer or any other officer such
Person customarily performing functions similar to those performed by any of the
above designated officers, and also, with respect to a particular matter, any
other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject; (b) when used with
respect to the Servicer, the Chief Financial Officer, a Senior Vice President, a
Vice President, an Assistant Vice President, the Chief Accounting Officer or the
Secretary of the Servicer; and (c) with respect to any other Person, the
chairman of the board, chief financial officer, the president, a vice president,
the treasurer, an assistant treasurer, the secretary, an assistant secretary,
the controller, general partner, trustee or the manager of such Person; and (d)
with respect to the Noteholder, any officer of the Manager.

     

    “S&P” shall mean
Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc.

     

    “Sale Agreement” shall
mean that certain sale agreement, dated as of      ,
____, between the Depositor and the Note Issuer pursuant to which the Depositor
sells the Timeshare Loans, from time to time, to the Note Issuer.

     

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

     

    “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 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.

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

     

    “Schedule of Eligible
Investments” shall mean the list of Eligible Investments delivered
pursuant to the Bluegreen Purchase Agreement and the Sale Agreement, as amended
from time to time to reflect repurchases, which list shall set forth the
following information with respect to each such Eligible Investment in numbered
columns:

     

    
      	
               
      

            	
              1

            	
              Eligible
      Investment

            

    

    
      	
               
      

            	
              2

            	
              Interest
      Rate Per Annum

            

    

    
      	
               
      

            	
              3

            	
              Maturity

            

    

    
      	
               
      

            	
              4

            	
              Par
      Balance

            

    

    
      	
               
      

            	
              5

            	
              Type

            

    

     

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

     

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

     

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

     

    “Seller” shall mean
with respect to (i) the Bluegreen Purchase Agreement, Bluegreen and (ii) the
Sale Agreement, the Depositor.

     

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

     

    “Servicer Credit Card
Processing Cost” shall have the meaning specified in Section 5.3(c) of the
Note Purchase Agreement.

     

    “Servicer Event of
Default” shall have the meaning specified in Section 5.4 of the
Note Purchase Agreement.

     

    “Servicing Fee” shall
mean for any Payment Date, the product of (i) the Aggregate Loan Balance of all
Timeshare Loans as of the first day of the related Due Period and (ii) (A) if
Bluegreen or an affiliate thereof is Servicer, one-twelfth of 1.50% and (B) if
the Collateral Agent is the successor Servicer,
_________________________.

     

    “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 Collateral Agent and the
Noteholder from time to time.

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    “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 (i) any relationship that it or any of its Affiliates
may have with the related Obligor, and (ii) its right to receive compensation
for its services under the Note Purchase Agreement or with respect to any
particular transaction.

     

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

     

    “Similar Law” shall
mean the prohibited transaction rules under ERISA or section 4975 of the Code or
any substantially similar provision of federal, state or local law.

     

    “Special Reserve
Account” shall mean the account maintained by the Collateral Agent
pursuant to Section
3.2(c) of the Note Purchase Agreement.

     

    “Special Reserve Account
Deposit” shall mean an amount equal to 4.38% of any advance (including
amounts deemed to be advanced under the Note, but excluding the proceeds of the
Distribution Reinvestment Plan); provided that no amount shall be deposited in
the Special Reserve Account with respect to Subsequent Timeshare Loans except as
set forth below; and provided further that in the event that the Timeshare Loan
Acquisition Price for Timeshare Loans (including subsequent Timeshare Loans) is
reduced as set forth in the definition of “Timeshare Loan Acquisition Price,” an
additional amount equal to the amount of such reduction shall be deposited in
the Special Reserve Account out of the advances made under the Note or the funds
available for reinvestment, as applicable.

     

    “Special Reserve
Sub-Account” shall mean each sub-account of the Special Reserve Account
maintained by the Collateral Agent pursuant to Section 3.2(c) of the
Note Purchase Agreement.

     

    “Stated Maturity”
shall mean the Payment Date occurring 20 years from the Initial Closing
Date.

     

    “Statutory Trust
Statute” shall mean the Delaware Statutory Trust Act, Chapter 38 of Title
12 of the Delaware Code, 12 Del. C. § 3801, et seq., as the same may be amended
from time to time.

     

    “Subsequent Closing
Date” shall mean any date of closing of the Offering immediately
following the Initial Closing Date through the Final Closing Date, as determined
by the Noteholder.

     

    “Subsequent Timeshare
Loans” shall mean the Timeshare Loans meeting the criteria set forth in
Schedule I of
the Sale Agreement, sold by the Depositor, purchased by the Note Issuer and
pledged to the Collateral Agent on a Transfer Date during the Reinvestment
Period out of the proceeds of the Noteholder’s Distribution Reinvestment Plan or
out of the proceeds of the Reinvestment Account.

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

     

    “Subsequent Transfer
Notice” shall have the meaning specified in Section 4.2(a)(i)
of the Note Purchase Agreement.

     

    “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.

     

    “Suspension Event”
shall mean (i) a suspension or termination by the Manager or the Depositor of
the Reinvestment Period in accordance with Section 4.2(c) of the
Note Purchase Agreement or (ii) the occurrence of a Trigger Event or Event of
Default.

     

    “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, Initial Timeshare Loan, Subsequent Timeshare Loan or a
Qualified Substitute Timeshare Loan, subject to the Lien of the Note Purchase
Agreement.  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 initially mean (i) with respect to any Initial Timeshare
Loan, an amount equal to 71% of the Loan Balance of such Timeshare Loan at the
close of business on the day preceding the Transfer Date and (ii) with respect
to any Subsequent Timeshare Loan, an amount equal to 75% of the Loan Balance of
such Timeshare Loan at the close of business on the day preceding the Transfer
Date, subject to adjustment (x) pursuant to the purchase price matrix set
forth in Schedule
III of the Note Purchase Agreement, if at the time of such acquisition
any of the Collateral Measurement Pools has cumulative defaults which would
result in an adjustment in the Timeshare Loan Acquisition Price pursuant to the
purchase price matrix; provided
that the Timeshare Loan Acquisition Price shall be readjusted upward
prospectively if the cumulative defaults are less than the levels that would
result in an adjustment for three consecutive Due Periods or (y) by written
agreement between the Note Issuer (which shall be agreed to by the Note Issuer
if the Noteholder consents to such agreement) and the Depositor.  The
purchase price matrix may be modified by written agreement between
the  Note Issuer and the Depositor (which shall be agreed to by the
Note Issuer if the Noteholder consents in writing to such modification).
Timeshare Loans in a Collateral Measurement Pool which have been sold by the
Note Issuer or substituted for other Timeshare Loans shall continue to be
treated as part of the Collateral Measurement Pool for purposes of this
determination.

     

    “Timeshare Loan
Documents” shall mean with respect to each Timeshare Loan and each
Obligor, the related (i) Timeshare Loan Files, and (ii) Timeshare Loan Servicing
Files.

     

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

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              1.

            	
              with
      respect to a Club Loan (other than an Aruba Club Loan), the original
      Mortgage Note executed by the Obligor, endorsed either as (i) “Pay to the
      order of___________, without recourse, representation or warranty” (either
      directly on the Mortgage Note or on an allonge placed with such Mortgage
      Note), by an Authorized Officer of the related Seller (such Authorized
      Officer’s signature may be computer generated), or (ii) a chain of
      endorsement as follows:  “Pay to the order of BRFC 2009-A LLC,
      without recourse, representation or warranty”, “Pay to the order of BXG
      Receivables Note Trust 2009 – A, without recourse, representation or
      warranty” and “Pay to the order of                       ,
      as Collateral Agent, without recourse, representation or warranty except
      as provided in the Note Purchase Agreement dated as of
          , 2009” (either directly on the Mortgage Note or
      on an allonge placed with such Mortgage Note), by an Authorized Officer of
      the related Seller, the Depositor and the Note Issuer (such Authorized
      Officer’s signature may be computer generated), respectively (in the case
      of both clauses (i) and (ii) above, together with a complete chain of
      endorsements from the original payee to the related Seller, if
      applicable);

            

    

     

    
      	
               
      

            	
              2.

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

            

    

     

    
      	
               
      

            	
              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, 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 Collateral Agent, 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 Collateral Agent (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 can
      not yet be filed, (A) evidence that such Mortgage has been delivered
      to the appropriate recording office for recordation (the copy of the
      unrecorded Mortgage is evidence that such Mortgage has been sent for
      recording) 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 Collateral Agent (photocopies to be held in the
      related master pool header file shall be
  sufficient).

            

    

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              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 Bluegreen Corporation
      and its successors and/or assigns;

            

    

     

    
      	
               
      

            	
              7.

            	
              the
      original of any related assignment or guarantee or, if such original is
      unavailable, a copy thereof certified by an Authorized Officer of the
      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;
  and

            

    

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              11.

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

            

    

     

    “Timeshare Loan Rate”
shall mean with respect to any Timeshare Loan, the specified coupon rate
thereon.

     

    “Timeshare Loan Servicing
Files” shall mean with respect to each Timeshare Loan and each Obligor,
the portion of the Timeshare Loan Files necessary for the Servicer to service
such Timeshare Loan including but not limited to (i) a copy of the
truth-in-lending disclosure statement executed by such Obligor, as applicable,
(ii) all writings pursuant to which such Timeshare Loan arises or which
evidences such Timeshare Loan and not delivered to the Custodian, (iii) 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 (iv) each Timeshare Program Consumer Document (not
the original), if applicable, related to the applicable Timeshare
Property.

     

    “Timeshare Loans
Collateral” shall have the meaning specified in Section 4.1(a) of the
Note Purchase Agreement.

     

    “Timeshare Program”
shall mean the program under which (1) an Obligor has purchased a Timeshare
Property and (2) 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 Association, the rules and regulations of each
Association, the Timeshare Program management contract between each Association
and a management company, and any subsidy agreement by which an Originator is
obligated to subsidize shortfalls in the budget of a Timeshare Program in lieu
of paying assessments, as they may be from time to time in effect and all
amendments, modifications and restatements of any of the foregoing.

     

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

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    “Transaction
Documents” shall mean the Note Purchase Agreement, the Bluegreen Purchase
Agreement, the Sale Agreement, the Lockbox Agreement, the Backup Servicing
Agreement, the Administration Agreement, the Remarketing Agreement, the
Custodial Agreement, the Note Purchase 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 (i) an Initial Timeshare Loan or a Subsequent Timeshare
Loan, the date on which the Note Issuer purchases such Initial Timeshare Loan or
Subsequent Timeshare Loan from a Seller and pledges such Timeshare Loan to the
Collateral Agent to be included as part of the Timeshare Loans Collateral, and
(ii) a Qualified Substitute Timeshare Loan, the date on which the Originator
substitutes one or more Timeshare Loans in accordance with Section 4.6 of the
Note Purchase Agreement.

     

    “Transfer Date Loan
Balance” shall mean the Aggregate Loan Balance on any Transfer Date
related to the transfer on such date.

     

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

     

    “Trigger Event” shall
occur on any Determination Date if (a) the average of the Delinquency Levels for
the last three Due Periods is equal to or greater than 6% and shall continue
until the Delinquency Levels are less than 6% for three consecutive Due Periods
or (b) the average of the Default Levels on the Timeshare Loans (which excludes
Timeshare Loans that are substituted for or repurchased) for the last three Due
Periods exceeds 1.40% and shall continue until the Default Level is equal to or
less than 1.40% for three consecutive Due Periods; provided that such
calculation relating to a Trigger Event shall be determined for each separate
Collateral Measurement Pool and a Trigger Event shall be deemed to have occurred
and will continue unless corrected as provided above if such Trigger Event
exists in respect of any single Collateral Measurement Pool until six months
after the Final Closing Date, at which point the determination of the existence
of the Trigger Event shall be based on the entire portfolio of Collateral
Measurement Pools and not based on a single Collateral Measurement
Pool.

     

    “Trust Agreement”
shall mean the amended and restated trust agreement, dated as of     ,
___, by and among the Depositor and the Owner Trustee.

     

    “Trust Paying Agent”
shall have the meaning specified in Section 3.09 of the
Trust Agreement.

     

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

     

    “Unit(s)”:  One
individual air-space condominium unit, cabin, villa, cottage, townhome 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.

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

     

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

     

    “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.

    
      
         

      

      
        26

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