Document:

Exhibit 10.182

                                                                  EXECUTION COPY

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                                    INDENTURE

                                     between

                       BXG RECEIVABLES OWNER TRUST 2006-A,
                                    as Issuer

                                       and

                         U.S. BANK NATIONAL ASSOCIATION,
                              as Indenture Trustee

                           Dated as of March 13, 2006

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ARTICLE I         DEFINITIONS AND INCORPORATION BY REFERENCE.................1
   SECTION 1.1.   Definitions................................................1
   SECTION 1.2.   Rules of Construction......................................1

ARTICLE II        THE NOTES..................................................2
   SECTION 2.1.   Form.......................................................2
   SECTION 2.2.   Execution, Authentication and Delivery.....................2
   SECTION 2.3.   Temporary Notes............................................2
   SECTION 2.4.   Registration: Registration of Transfer and Exchange........3
   SECTION 2.5.   Mutilated, Destroyed, Lost or Stolen Notes.................4
   SECTION 2.6.   Persons Deemed Owner.......................................4
   SECTION 2.7.   Payment of Principal and Interest - Defaulted Interest.....4
   SECTION 2.8.   Cancellation...............................................5
   SECTION 2.9.   Release of Collateral......................................5
   SECTION 2.10.  Definitive Notes...........................................5
   SECTION 2.11.  Transfer Restrictions......................................5
   SECTION 2.12.  CUSIP Numbers..............................................8

ARTICLE III       COVENANTS; REPRESENTATIONS AND WARRANTIES..................8
   SECTION 3.1.   Payment of Principal and Interest..........................8
   SECTION 3.2.   Maintenance of Office or Agency............................9
   SECTION 3.3.   Money for Payments To Be Held in Trust.....................9
   SECTION 3.4.   Existence.................................................10
   SECTION 3.5.   Protection of the Collateral..............................10
   SECTION 3.6.   Intentionally Omitted.....................................11
   SECTION 3.7.   Performance of Obligations; Servicing of Receivables......11
   SECTION 3.8.   Negative Covenants........................................12
   SECTION 3.9.   Issuer May Consolidate, etc., Only on Certain Terms.......13
   SECTION 3.10.  Successor or Transferee...................................14
   SECTION 3.11.  No Other Business.........................................15
   SECTION 3.12.  No Borrowing..............................................15
   SECTION 3.13.  Servicer's Obligations....................................15
   SECTION 3.14.  Guarantees, Loans, Advances and Other Liabilities.........15
   SECTION 3.15.  Capital Expenditures......................................15
   SECTION 3.16.  Notice of Defaults and Events of Default..................15
   SECTION 3.17.  Further Instruments and Acts..............................15
   SECTION 3.18.  Compliance with Laws......................................15
   SECTION 3.19.  Tax Treatment.............................................15
   SECTION 3.20.  Investment Company Act....................................16
   SECTION 3.21.  Conduct of Business.......................................16
   SECTION 3.22.  Annual Statement as to Compliance.........................16
   SECTION 3.23.  Representations and Warranties of the Issuer..............16

ARTICLE IV        SATISFACTION AND DISCHARGE................................17
   SECTION 4.1.   Satisfaction and Discharge of Indenture...................17
   SECTION 4.2.   Application of Trust Money................................18

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   SECTION 4.3.   Repayment of Moneys Held by Paying Agent..................18

ARTICLE V         EVENTS OF DEFAULT; REMEDIES...............................18
   SECTION 5.1.   Events of Default.........................................18
   SECTION 5.2.   Acceleration of Maturity..................................19
   SECTION 5.3.   Rescission and Annulment..................................20
   SECTION 5.4.   Collection of Indebtedness and Suits for Enforcement
                  by Indenture Trustee......................................20
   SECTION 5.5.   Remedies; Priorities......................................22
   SECTION 5.6.   Optional Preservation of the Receivables..................23
   SECTION 5.7.   Limitation of Suits.......................................23
   SECTION 5.8.   Unconditional Rights of Noteholders To Receive Principal
                  and Interest..............................................23
   SECTION 5.9.   Restoration of Rights and Remedies........................24
   SECTION 5.10.  Rights and Remedies Cumulative............................24
   SECTION 5.11.  Delay or Omission Not a Waiver............................24
   SECTION 5.12.  Control by Noteholders....................................24
   SECTION 5.13.  Waiver of Past Defaults...................................25
   SECTION 5.14.  Undertaking for Costs.....................................25
   SECTION 5.15.  Waiver of Stay or Extension Laws..........................25
   SECTION 5.16.  Action on Notes...........................................25
   SECTION 5.17.  Performance and Enforcement of Certain Obligations........25

ARTICLE VI        THE INDENTURE TRUSTEE.....................................26
   SECTION 6.1.   Duties of the Indenture Trustee...........................26
   SECTION 6.2.   Rights of Indenture Trustee...............................27
   SECTION 6.3.   Individual Rights of the Indenture Trustee................28
   SECTION 6.4.   Indenture Trustee's Disclaimer............................28
   SECTION 6.5.   Notice of Defaults........................................28
   SECTION 6.6.   Reports by Indenture Trustee to the Holders...............28
   SECTION 6.7.   Compensation and Indemnity................................29
   SECTION 6.8.   Replacement of the Indenture Trustee......................29
   SECTION 6.9.   Successor Indenture Trustee by Merger.....................30
   SECTION 6.10.  Appointment of Co-Trustee or Separate Trustee.............30
   SECTION 6.11.  Eligibility; Disqualification.............................31
   SECTION 6.12.  Representations and Warranties of Indenture Trustee.......31

ARTICLE VII       NOTEHOLDERS' LISTS AND REPORTS............................32
   SECTION 7.1.   Issuer To Furnish Indenture Trustee Names and Addresses
                  of Noteholders............................................32
   SECTION 7.2.   Preservation of Information: Communications to
                  Noteholders...............................................32

ARTICLE VIII      ACCOUNTS, DISBURSEMENTS AND RELEASES......................33
   SECTION 8.1.   Collection of Money.......................................33
   SECTION 8.2.   Trust Accounts............................................33
   SECTION 8.3.   General Provisions Regarding Accounts.....................33
   SECTION 8.4.   Release of Collateral.....................................33

ARTICLE IX        SUPPLEMENTAL INDENTURES...................................34
   SECTION 9.1.   Supplemental Indentures Without Consent of Noteholders....34

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   SECTION 9.2.   Supplemental Indentures With Consent of Noteholders.......34
   SECTION 9.3.   Execution of Supplemental Indentures......................36
   SECTION 9.4.   Effect of Supplemental Indenture..........................36
   SECTION 9.5.   Reference in Notes to Supplemental Indentures.............36

ARTICLE X         REDEMPTION OF NOTES.......................................36
   SECTION 10.1.  Redemption................................................36
   SECTION 10.2.  Form of Redemption Notice.................................36
   SECTION 10.3.  Notes Payable on Redemption Date..........................37

ARTICLE XI        MISCELLANEOUS.............................................37
   SECTION 11.1.  Compliance Certificates and Opinions, etc.................37
   SECTION 11.2.  Form of Documents Delivered to Indenture Trustee..........37
   SECTION 11.3.  Acts of Noteholders.......................................38
   SECTION 11.4.  Notices, etc., to the Indenture Trustee, Issuer,
                  the Facility Administrator................................39
   SECTION 11.5.  Notices to Noteholders; Waiver............................39
   SECTION 11.6.  Alternate Payment and Notice Provisions...................39
   SECTION 11.7.  Effect of Headings and Table of Contents..................40
   SECTION 11.8.  Successors and Assigns....................................40
   SECTION 11.9.  Severability..............................................40
   SECTION 11.10. Benefits of Indenture.....................................40
   SECTION 11.11. Legal Holiday.............................................40
   SECTION 11.12. Governing Law; Waiver of Jury Trial.......................40
   SECTION 11.13. Counterparts..............................................40
   SECTION 11.14. Recording of Indenture....................................40
   SECTION 11.15. Trust Obligation..........................................41
   SECTION 11.16. No Petition...............................................41
   SECTION 11.17. Inspection................................................41
   SECTION 11.18. Confidentiality...........................................41

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EXHIBITS

EXHIBIT A      Form of Notes
EXHIBIT B      Form of Section 3.22 Officer's Certificate
EXHIBIT C      Form of Purchaser Representation Letter
EXHIBIT D      Form of Seller Representation Letter

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      INDENTURE, dated as of March 13, 2006, between BXG Receivables Owner Trust
2006-A,  a Delaware  statutory  trust (the  "Issuer"),  and U.S.  Bank  National
Association, a national banking association, as indenture trustee and not in its
individual capacity (the "Indenture Trustee").

      Each party  agrees as follows  for the  benefit of the other party and for
the equal and ratable  benefit of the Holders of the  Issuer's  Notes  (each,  a
"Note" and collectively, the "Notes").

                                 GRANTING CLAUSE

      The Issuer hereby Grants to the Indenture  Trustee at the Closing Date, on
behalf of and for the benefit of the  Noteholders,  all of the  Issuer's  right,
title and  interest  in, to and under the  following,  whether  now  existing or
hereafter arising or acquired (collectively, the "Collateral"):

            (a) the Trust Assets;

            (b) all rights of the Issuer under the Sale and Servicing  Agreement
      and the other Transaction Documents;

            (c) all present  and future  claims,  demands,  causes and choses in
      action in respect of any or all of the  foregoing  and all  payments on or
      under and all proceeds of every kind and nature  whatsoever  in respect of
      any or all of the  foregoing,  including  all proceeds of the  conversion,
      voluntary or  involuntary,  into cash or other liquid  property,  all cash
      proceeds,  accounts,  accounts  receivable,  notes,  drafts,  acceptances,
      chattel paper, checks, deposit accounts, insurance proceeds,  condemnation
      awards,  rights  to  payment  of any and  every  kind and  other  forms of
      obligations  and  receivables,  instruments and other property that at any
      time  constitute all or part of or are included in the proceeds of any and
      all of the foregoing.

      The  foregoing  Grant  is made in  trust  to  secure  (x) the  payment  of
principal  of and interest  on, and any other  amounts  owing in respect of, the
Notes, as provided herein and all other  obligations of the Issuer hereunder and
(y) to secure compliance with this Indenture.

      The Indenture Trustee, on behalf of the Noteholders, (1) acknowledges such
Grant,  and (2)  accepts the trusts and the Grant of the  Collateral  under this
Indenture in  accordance  with this  Indenture  and agrees to perform its duties
required  in this  Indenture  to the  best of its  ability  to the end  that the
interests of the Noteholders may be adequately and effectively protected.

                                   ARTICLE I
                   DEFINITIONS AND INCORPORATION BY REFERENCE

      SECTION 1.1. Definitions. Capitalized terms used but not otherwise defined
herein are defined in the Definitions Annex to the Sale and Servicing Agreement.

      SECTION 1.2. Rules of Construction. Unless the context otherwise requires:
(i) a term has the meaning assigned to it; (ii) an accounting term not otherwise
defined has the meaning  assigned to it in accordance  with GAAP as in effect on
the date hereof, (iii) "or" is not exclusive; (iv) "including" means "including,
without limitation";  and (v) words in the singular include the plural and words
in the plural include the singular.

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                                   ARTICLE II
                                    THE NOTES

      SECTION  2.1.  Form.  The Notes,  together  with the  Indenture  Trustee's
certificate of  authentication,  shall be in substantially the form set forth in
Exhibit A, in an  aggregate  face  amount not to exceed  $125,000,000  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,  consistently  herewith,  be determined by the officers  executing  such
Notes, as evidenced by their execution of the Notes.  Any portion of the text of
any Note may be set forth on the reverse thereof,  with an appropriate reference
thereto on the face of the Note.

      The Notes  shall be  typewritten,  printed,  lithographed  or  engraved or
produced by any  combination  of these methods  (with or without steel  engraved
borders),  all as determined by the officers  executing such Notes, as evidenced
by their execution of such Notes.

      Each Note shall be dated the date of its authentication.  The terms of the
Notes set forth in Exhibit A are part of the terms of this Indenture.

      SECTION 2.2.  Execution,  Authentication and Delivery.  The Notes shall be
executed  on  behalf  of the  Issuer  by any of  its  Authorized  Officers.  The
signature  of any  such  Authorized  Officer  on the  Notes  may  be  manual  or
facsimile.

      Notes bearing the manual or facsimile signature of individuals who were at
the time of signature  Authorized  Officers of the Issuer shall bind the Issuer,
notwithstanding  that such  individuals  or any of them have ceased to hold such
offices prior to the  authentication  and delivery of such Notes or did not hold
such offices at the date of such Notes.

      The Indenture Trustee shall upon an Issuer Order  authenticate and deliver
the  Notes  for  original  issue  in  an  aggregate  principal  amount  of up to
$125,000,000.  The  Outstanding  Amount of Notes at any time may not  exceed the
aggregate of such amounts except as provided in Section 2.5.

      The  Notes  shall  be  issuable  as   registered   Notes  in  the  minimum
denomination  of $100,000 and in greater  whole-dollar  denominations  in excess
thereof.

      No Note shall be entitled to any benefit under this  Indenture or be valid
or obligatory for any purpose unless there appears on such Note a certificate of
authentication  substantially  in the form  provided for herein  executed by the
Indenture Trustee by the manual signature of one of its authorized  signatories,
and such certificate of  authentication  shall be conclusive  evidence,  and the
only  evidence,  that  such  Note  has been  duly  authenticated  and  delivered
hereunder.

      SECTION 2.3. Temporary Notes. Pending the preparation of Definitive Notes,
the Issuer may  execute,  and upon  receipt of an Issuer  Order,  the  Indenture
Trustee  shall  authenticate  and  deliver,  temporary  Notes that are  printed,
lithographed,  typewritten,  mimeographed or otherwise produced, of the tenor of
the Definitive  Notes in lieu of which they are issued and with such  variations
not  inconsistent  with this Indenture as the officers  executing such Notes may
determine, as evidenced by their execution of such Notes.

      If temporary Notes are issued,  the Issuer will cause  Definitive Notes to
be prepared  without  unreasonable  delay.  After the  preparation of Definitive
Notes,  the temporary  Notes shall be  exchangeable  for  Definitive  Notes upon
surrender  of the  temporary  Notes at the  office or agency of the Issuer to be

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maintained  as  provided in Section  3.2,  without  charge to the  Holder.  Upon
surrender for  cancellation of any one or more temporary Notes, the Issuer shall
execute and the  Indenture  Trustee shall  authenticate  and deliver in exchange
therefor  a  like   principal   amount  of   Definitive   Notes  of   authorized
denominations.  Until so exchanged, the temporary Notes shall in all respects be
entitled to the same benefits  under this  Indenture as if they were  Definitive
Notes.

      SECTION 2.4.  Registration:  Registration  of Transfer and  Exchange.  The
Issuer shall cause to be kept a register (the "Note Register") in which, subject
to such reasonable regulations as it may prescribe, the Issuer shall provide for
the  registration  of Notes and the  registration  of  transfers  of Notes.  The
Indenture  Trustee shall be the "Note  Registrar" for the purpose of registering
Notes and transfers of Notes as herein  provided.  Upon any  resignation  of any
Note Registrar,  the Issuer shall promptly  appoint a successor or, if it elects
not to make such an appointment, assume the duties of the Note Registrar.

      If a Person other than the Indenture Trustee is appointed by the Issuer as
the Note Registrar,  the Issuer will give the Indenture Trustee and the Facility
Administrator  prompt written  notice of the  appointment of such Note Registrar
and of the location,  and any change in the location, of the Note Register,  and
the  Indenture  Trustee and the Facility  Administrator  shall have the right to
inspect the Note Register at all reasonable  times, to obtain copies thereof and
to rely  upon a  certificate  executed  on  behalf  of the Note  Registrar  by a
Responsible  Officer thereof as to the names and addresses of the Holders of the
Notes and the principal amounts and number of such Notes.

      Subject to the terms and conditions of this Indenture,  upon surrender for
registration of transfer of any Note at the office or agency of the Issuer to be
maintained as provided in Section 3.2, if the  requirements of Section  8-401(1)
of the UCC are met,  the Issuer  shall  execute,  the  Indenture  Trustee  shall
authenticate and the Noteholder shall obtain from the Indenture Trustee,  in the
name of the designated  transferee or transferees,  one or more new Notes in any
authorized denominations of a like aggregate principal amount.

      At the option of the Holder, Notes may be exchanged for other new Notes in
any  authorized  denominations  of  a  like  aggregate  principal  amount,  upon
surrender of the Notes to be exchanged at such office or agency.  Subject to the
terms and  conditions of this  Indenture,  whenever any Notes are so surrendered
for exchange,  if the  requirements of Section  8-401(1) of the UCC are met, the
Issuer  shall  execute,   the  Indenture  Trustee  shall  authenticate  and  the
Noteholder  shall  obtain  from  the  Indenture  Trustee,  the  Notes  that  the
Noteholder making the exchange is entitled to receive.

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

      Every Note  presented  or  surrendered  for  registration  of  transfer or
exchange shall be duly endorsed by, or be accompanied by a written instrument of
transfer in form  satisfactory to the Indenture  Trustee and the Issuer and duly
executed by, the Holder  thereof or such Holder's  attorney  duly  authorized in
writing,  with such signature guaranteed by an "eligible guarantor  institution"
meeting the  requirements  of the Note  Registrar,  which  requirements  include
membership  or  participation  in the  "Securities  Transfer  Agent's  Medallion
Program"  ("STAMP")  or  such  other  "signature  guarantee  program"  as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP.

      No  service  charge  shall be made to a  Holder  for any  registration  of
transfer  or  exchange  of Notes,  but the Issuer 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 Notes,  other than
exchanges pursuant to Section 2.3 or 2.5 not involving any transfer.

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      Notwithstanding  anything  else  to the  contrary  contained  herein,  the
obligation  of the Issuer to pay the  principal  of and interest on the Notes is
not a general  obligation  of the  Issuer or any other  Person,  but is  limited
solely to the Collateral pledged hereunder.

      SECTION  2.5.  Mutilated,  Destroyed,  Lost or  Stolen  Notes.  If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives  evidence to its satisfaction of the destruction,  loss or theft of any
Note,  and (ii) there is delivered  to the  Indenture  Trustee such  security or
indemnity as may be required by the Indenture Trustee and the Issuer to hold the
Indenture Trustee and the Issuer,  respectively,  harmless, then, in the absence
of notice to the Issuer,  the Note Registrar or the Indenture  Trustee that such
Note  has  been  acquired  by a bona  fide  purchaser,  and  provided  that  the
requirements of Section 8-405 of the UCC are met, the Issuer shall execute,  and
upon its written request the Indenture  Trustee shall  authenticate and deliver,
in  exchange  for or in lieu of any such  mutilated,  destroyed,  lost or stolen
Note, a replacement Note; provided, however, that if any such destroyed, lost or
stolen Note, but not a mutilated Note, shall have become, or within fifteen days
shall be, due and payable, or shall have been called for redemption,  instead of
issuing a replacement  Note, the Issuer may pay such  destroyed,  lost or stolen
Note  when so due or  payable  or upon the  Redemption  Date  without  surrender
thereof.  If,  after the  delivery  of such  replacement  Note (or  payment of a
destroyed,  lost  or  stolen  Note  pursuant  to the  proviso  to the  preceding
sentence),  a bona fide  purchaser  of the  original  Note in lieu of which such
replacement  Note was issued presents for payment such original Note, the Issuer
and the Indenture Trustee shall be entitled to recover such replacement Note (or
such payment) from the Person to whom it was delivered or any Person taking such
replacement  Note from such Person to whom such  replacement  Note was delivered
(or payment made) or any assignee of such Person,  except a bona fide purchaser,
and shall be  entitled  to  recover  upon the  security  or  indemnity  provided
therefor  to  the  extent  of any  loss,  damage,  cost  or  expense  (including
reasonable  attorneys'  fees and costs)  incurred by the Issuer or the Indenture
Trustee in connection therewith.

      Every  replacement  Note issued pursuant to this Section in replacement of
any  mutilated,  destroyed,  lost or stolen  Note shall  constitute  an original
additional  contractual  obligation of the Issuer, whether or not the mutilated,
destroyed,  lost or stolen Note shall be 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 Notes 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 Notes.

      SECTION  2.6.   Persons  Deemed  Owner.  Prior  to   due  presentment  for
registration of transfer of any Note, the Issuer,  the Indenture Trustee and any
of their  respective  agents  may  treat the  Person  in whose  name any Note is
registered  (as of the day of  determination)  as the owner of such Note for the
purpose of receiving payments of principal of and interest, if any, on such Note
and for all other purposes whatsoever,  whether or not such Note be overdue, and
neither  the  Issuer,  the  Indenture  Trustee  nor any agent  thereof  shall be
affected by notice to the contrary.

      SECTION 2.7. Payment of Principal and Interest - Defaulted  Interest.  (a)
The Notes shall accrue  interest at the Note Rate,  and such  interest  shall be
payable on each  Payment  Date,  subject  to Section  3.1.  Any  installment  of
interest or principal,  if any,  payable on any Note that is punctually  paid or
duly provided for by or on behalf of the Issuer on the  applicable  Payment Date
shall be paid to the Person in whose name such Note (or one or more  Predecessor
Notes) is  registered  on the  Record  Date,  by wire  transfer  of  immediately
available  funds, or (if such Person has not delivered to the Indenture  Trustee
in writing  instructions  with  respect to  effecting  a wire  transfer  to such
Person) by check mailed  first-class,  postage prepaid, to such Person's address
as it appears on the Note  Register on such  Record  Date.

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Notwithstanding  the above,  the final  installment  of  principal  payable with
respect to the Notes (and  except for the  Redemption  Price for any Note called
for redemption pursuant to Section 10.1) shall be payable as provided in Section
2.7(b)(ii).  The funds represented by any such checks returned undelivered shall
be held in accordance with Section 3.3.

      (b) (i) The  principal  of each Note shall be payable on each Payment Date
as and to the extent provided in this Indenture and Section 2.11 of the Sale and
Servicing  Agreement.  Not  in  limitation  of the  foregoing,  (A)  the  entire
Outstanding  Amount of the Notes shall be due and payable on the date  following
the  occurrence  and during the  continuance of an Event of Default on which the
Notes have been declared due and payable in the manner  provided in Section 5.2;
and (B) the entire  Outstanding  Amount of the Notes,  if any,  shall be due and
payable on and after the Note  Final  Scheduled  Maturity  Date.  All  principal
payments on the Notes shall be made in accordance  with Section 2.11 of the Sale
and Servicing Agreement.

            (ii) The  Indenture  Trustee shall notify the Person in whose name a
      Note is registered  at the close of business on the Record Date  preceding
      the Payment Date on which the Issuer expects that the final installment of
      principal of and interest on such Note will be paid.  Such notice shall be
      mailed no later than five days prior to such final  Payment Date and shall
      specify that such final installment will be payable only upon presentation
      and surrender of such Note and shall specify the place where such Note may
      be presented and surrendered for payment of such  installment.  Notices in
      connection  with  redemptions  of Notes shall be mailed to  Noteholders as
      provided in Section 10.2.

      (c) If the Issuer  defaults  in a payment of  interest  on the Notes,  the
Issuer shall pay, in any lawful  manner,  defaulted  interest  (plus interest on
such defaulted  interest to the extent  lawful) at the applicable  interest rate
from the Payment Date for which such  payment is in default.  The Issuer may pay
such  defaulted  interest  to the Persons who are  Noteholders  on a  subsequent
Payment Date.  The Indenture  Trustee is not  personally  liable for any amounts
payable by the Issuer under this Indenture.

      SECTION 2.8. Cancellation. All Notes surrendered for payment, registration
of transfer,  exchange or redemption shall be delivered to the Indenture Trustee
and shall be promptly canceled by the Indenture  Trustee.  The Issuer may at any
time deliver to the  Indenture  Trustee for  cancellation  any Notes  previously
authenticated  and delivered  hereunder that the Issuer may have acquired in any
manner whatsoever,  and all Notes so delivered shall be promptly canceled by the
Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes canceled as provided in this Section except as expressly  permitted by
this  Indenture.  All canceled Notes may be held or disposed of by the Indenture
Trustee in  accordance  with its  standard  retention  or disposal  policy as in
effect at the time unless the Issuer  shall  direct by an Issuer Order that they
be returned to it; provided, that such Issuer Order is timely and the Notes have
not been previously disposed of by the Indenture Trustee.

      SECTION  2.9.  Release of  Collateral.  Subject  to  Section  11.1 and the
Transaction  Documents,  the Indenture  Trustee shall release  property from the
Lien of this Indenture only (i) upon receipt of an Issuer Request accompanied by
an Officer's Certificate and (ii) with the consent of the Note Majority.

      SECTION 2.10.  Definitive Notes. The Notes, upon original issuance,  shall
be issued in definitive, fully registered form ("Definitive Notes").

      SECTION  2.11.  Transfer  Restrictions.   (a)  Each  Noteholder,   by  its
acceptance of the Notes (or the obligations  evidenced thereby),  will be deemed
to have acknowledged,  represented to and agreed with the Issuer, Bluegreen, the
Trust Depositor and their respective Affiliates as follows:

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      (i) Its Note is being  acquired  for  investment  purposes and without any
view to, or for resale in  connection  with,  the  distribution  thereof (or any
interest  therein) in violation of the Securities Act or any applicable blue sky
laws  (as  defined   below).   Such   Noteholder  is  either  (i)  a  "qualified
institutional  buyer" (as defined in Rule 144A under the Securities Act) or (ii)
an "accredited  investor" (as defined in Regulation D under the Securities Act).
It understands and  acknowledges  that the Notes have not been registered  under
the Securities Act or any other applicable  securities law of any state or other
jurisdiction  ("blue  sky  laws"),  and may not be  offered,  sold or  otherwise
transferred  except in  compliance  with the  registration  requirements  of the
Securities Act or any other  applicable blue sky laws,  pursuant to an exemption
therefrom or in a transaction not subject thereto.  Further,  it understands and
acknowledges  that the Issuer in connection  with the initial sale of the Notes,
is relying on the exemption  from  registration  provided in Section 4(2) of the
Securities Act, the  availability  of which depends on the investment  intent of
the purchaser.

      (ii) It is a sophisticated  investor and has such knowledge and experience
in financial and business  matters so as to be capable of evaluating  the merits
and  risks  of  such  investment,  is  able to  incur  a  complete  loss of such
investment  and is able to bear  the  economic  risk of such  investment  for an
indefinite  period of time.  It  acknowledges  that  neither  the Issuer nor the
Indenture  Trustee nor any person  representing  or  affiliated  with any of the
foregoing  has made any  representation  to it with respect to the Issuer or any
affiliate  thereof or the offering or sale of any Notes; it acknowledges that it
has had access to financial and other  information  concerning the Issuer or any
affiliate thereof, the Collateral and the Notes, including an opportunity to ask
questions  of and request  information  from the Issuer,  the  Servicer  and the
Indenture Trustee.

      (iii) In the case of resale transactions:

      (A) (i) The prospective purchaser is a "qualified  institutional buyer" as
      defined in Rule 144A under the Securities Act (a "QIB"), and is purchasing
      for its own account  (and not for the account of others) or as a fiduciary
      or agent for  others  (which  others  also are QIBs)  and has  executed  a
      certificate  substantially  in the form  attached as Exhibit C. Due to the
      restrictions on transfer, it is aware that it (or any account for which it
      is purchasing)  may be required to bear the economic risk of an investment
      in the Notes for an indefinite period, and it (or such account) is able to
      bear such  risk for an  indefinite  period.  It  acknowledges  that it has
      received the information  specified in paragraph (d)(4) of Rule 144A under
      the Securities  Act; or (ii) the  prospective  purchaser is an "accredited
      investor" within the meaning of Regulation D under the Securities Act, and
      is purchasing the Note for investment purposes and without any view to, or
      for resale in connection  with, the  distribution  thereof in violation of
      the  Securities  Act and has executed a certificate  substantially  in the
      form attached as Exhibit C.

      (B) If  such  transaction  is not  made in  reliance  on  Rule  144A,  the
      transferor has delivered a certificate  substantially in the form attached
      as Exhibit D.

      (iv) No resale,  pledge or other  transfer  of any Note may be made by any
person unless  either (i) so long as the Notes are eligible for resale  pursuant
to Rule 144A under the Securities Act, such resale,  pledge or other transfer is
made to a Person whom the seller reasonably  believes after due inquiry is a QIB
acting for its own account (and not for the account of others) or as a fiduciary
or agent for others  (which  others  also are QIBs) to whom notice is given that
the resale,  pledge or transfer is being made in reliance on Rule 144A under the
Securities  Act and the  transaction  is in  compliance  with  and  exempt  from
registration  under Rule 144A or (ii) such resale,  pledge or other  transfer is
made  in  a  transaction  exempt  from  the

                                       6
<PAGE>

registration requirements of the Securities Act and all applicable blue sky laws
in which case the Indenture  Trustee will require (a) that both the  prospective
transferor and the  prospective  transferee  represent and warrant to the Issuer
and the Indenture Trustee in writing the facts surrounding such transfer,  which
representations  and warranties  shall be in form and substance  satisfactory to
the  Issuer,  and (b) a written  opinion of counsel  (which  shall not be at the
expense of the Issuer,  the Servicer or the Indenture  Trustee)  satisfactory to
the  Indenture  Trustee and the Issuer to the effect that such transfer will not
violate the Securities Act or any applicable blue sky laws.

The foregoing  representations  shall also be applicable to any sale,  pledge or
other transfer of a beneficial or other interest in any Note.

      (b) Each  Noteholder by its  acquisition  of any Notes (or a beneficial or
other interest  therein) shall be deemed to have  represented  and warranted for
the benefit of the Issuer,  the Trust  Depositor,  the  Servicer,  the Indenture
Trustee and the  Noteholders,  that the Notes (or a beneficial or other interest
therein)  are not  being  acquired  by or for the  account  of (i) an  "employee
benefit plan" (as defined in Section 3(3) of ERISA),  that is subject to Title I
of ERISA, (ii) a "plan" as defined in Section 4975(e)(1) of the Internal Revenue
Code or (iii) any entity whose  underlying  assets include plan assets by reason
of a plan's  investment  in the  entity  (each,  a  "Benefit  Plan")  unless the
purchase  and holding of the Notes will not give rise to a nonexempt  prohibited
transaction under ERISA or the Internal Revenue Code.

      (c) The Notes will bear the following legends:

      "THIS NOTE HAS NOT BEEN AND WILL NOT BE  REGISTERED  UNDER THE  SECURITIES
      ACT OF 1933, AS AMENDED (THE  "SECURITIES  ACT"),  OR UNDER THE SECURITIES
      LAWS OF ANY STATE OR OTHER  JURISDICTION  ("BLUE  SKY LAWS") OF THE UNITED
      STATES.  BY ITS  ACCEPTANCE OF THIS NOTE THE HOLDER OF THIS NOTE IS DEEMED
      TO REPRESENT TO THE INDENTURE TRUSTEE, THE ISSUER AND THE SERVICER THAT IT
      (i) IS A "QUALIFIED  INSTITUTIONAL  BUYER" WITHIN THE MEANING OF RULE 144A
      UNDER THE  SECURITIES ACT (A "QIB") AND IS ACQUIRING SUCH NOTE FOR ITS OWN
      ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR
      OTHERS  (WHICH  OTHERS  ALSO ARE QIBS) TO WHOM  NOTICE  IS GIVEN  THAT THE
      TRANSFER  IS BEING  MADE IN  RELIANCE  ON RULE  144A OR (ii) IS  OTHERWISE
      ACQUIRING  THIS NOTE IN A TRANSACTION  EXEMPT FROM THE  SECURITIES ACT AND
      APPLICABLE BLUE SKY LAWS.

      NO RESALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE (OR ANY INTEREST THEREIN)
      MAY BE MADE BY ANY PERSON  UNLESS (i) SO LONG AS THIS NOTE IS ELIGIBLE FOR
      RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH RESALE, PLEDGE
      OR OTHER  TRANSFER  IS MADE TO A PERSON  WHOM  THE  TRANSFEROR  REASONABLY
      BELIEVES  AFTER DUE INQUIRY IS A QIB ACTING FOR ITS OWN  ACCOUNT  (AND NOT
      FOR THE  ACCOUNT OF OTHERS) OR AS A FIDUCIARY  OR AGENT FOR OTHERS  (WHICH
      OTHERS ALSO ARE QIBs) TO WHOM  NOTICE IS GIVEN THAT THE RESALE,  PLEDGE OR
      TRANSFER  IS BEING  MADE IN  RELIANCE  ON RULE 144A AND,  IN ANY CASE,  IN
      TRANSACTIONS  UNDER AND IN COMPLIANCE  WITH RULE 144A OR (ii) SUCH RESALE,
      PLEDGE OR OTHER TRANSFER IS OTHERWISE  MADE IN A TRANSFER  EXEMPT FROM THE
      REGISTRATION  REQUIREMENTS  OF THE SECURITIES ACT AND APPLICABLE

                                       7
<PAGE>

      BLUE SKY LAWS, IN WHICH CASE THE INDENTURE  TRUSTEE SHALL REQUIRE (A) THAT
      BOTH THE PROSPECTIVE  TRANSFEROR AND THE PROSPECTIVE TRANSFEREE REPRESENTS
      AND WARRANTS TO THE ISSUER IN WRITING THE FACTS SURROUNDING SUCH TRANSFER,
      WHICH  REPRESENTATIONS  AND  WARRANTIES  SHALL  BE IN FORM  AND  SUBSTANCE
      SATISFACTORY  TO THE ISSUER,  AND (B) A WRITTEN  OPINION OF COUNSEL (WHICH
      SHALL NOT BE AT THE EXPENSE OF THE ISSUER,  THE SERVICER OR THE  INDENTURE
      TRUSTEE)  SATISFACTORY  TO THE  INDENTURE  TRUSTEE  AND THE  ISSUER TO THE
      EFFECT  THAT  SUCH  TRANSFER  WILL  NOT  VIOLATE  THE  SECURITIES  ACT  OR
      APPLICABLE BLUE SKY LAWS. ANY ATTEMPTED  TRANSFER IN  CONTRAVENTION OF THE
      IMMEDIATELY  PRECEDING  RESTRICTIONS  WILL  BE  VOID  AB  INITIO  AND  THE
      PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE NOTES
      FOR ALL PURPOSES. THE PROSPECTIVE  TRANSFEROR AND PROSPECTIVE  TRANSFEREE,
      JOINTLY  AND  SEVERALLY,  AGREE TO  INDEMNIFY  THE ISSUER,  THE  INDENTURE
      TRUSTEE,  BLUEGREEN CORPORATION,  THE TRUST DEPOSITOR AND THEIR RESPECTIVE
      AFFILIATES  AGAINST ANY LIABILITY  SUCH PERSON MAY SUFFER AS A RESULT OF A
      TRANSFER OF A NOTE NOT IN COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS.

      THIS NOTE (AND ANY  INTEREST  HEREIN)  MAY NOT BE  ACQUIRED  BY OR FOR THE
      ACCOUNT OF (i) AN "EMPLOYEE  BENEFIT  PLAN" (AS DEFINED IN SECTION 3(3) OF
      THE  EMPLOYEE   RETIREMENT  INCOME  SECURITY  ACT  OF  1974,  AS  AMENDED,
      ("ERISA")),  THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (ii) A
      PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE CODE OR (iii) ANY ENTITY WHOSE
      UNDERLYING  ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN'S INVESTMENT IN
      THE ENTITY  UNLESS THE PURCHASE AND HOLDING OF THE NOTE WILL NOT GIVE RISE
      TO A  NONEXEMPT  PROHIBITED  TRANSACTION  UNDER  ERISA  OR  THE  CODE.  BY
      ACCEPTING  AND  HOLDING  THIS NOTE (OR ANY  INTEREST  HEREIN),  THE HOLDER
      HEREOF SHALL BE DEEMED TO HAVE  REPRESENTED  AND WARRANTED THAT EITHER (A)
      IT IS NOT A BENEFIT PLAN OR (B) SUCH  PURCHASE AND HOLDING WILL NOT RESULT
      IN A NONEXEMPT  PROHIBITED  TRANSACTION  UNDER SECTION  406(A) OF ERISA OR
      SECTION 4975 OF THE CODE."

      SECTION  2.12.  CUSIP  Numbers.  The Issuer in  issuing  the Notes may use
"CUSIP" or "private  placement"  numbers (if then generally in use), and, if so,
the Indenture Trustee shall indicate the "CUSIP" or "private  placement" numbers
of the Notes in notices of redemption and related  materials as a convenience to
Holders of Notes; provided that any such notice may state that no representation
is made as to the  correctness of such numbers either as printed on the Notes or
as contained in any notice of redemption and related materials.

                                  ARTICLE III
                    COVENANTS; REPRESENTATIONS AND WARRANTIES

      SECTION 3.1. Payment of Principal and Interest. The Indenture Trustee will
duly and  punctually  pay the principal  and  interest,  if any, on the Notes in
accordance  with the terms of Section 2.11 of the Sale and  Servicing  Agreement
and this Indenture.  Without limiting the foregoing, the Issuer will cause to be
distributed  all  Available  Amounts on deposit in the  Collection  Account on a
Payment  Date

                                       8
<PAGE>

deposited  therein  in  accordance  with the  terms  of the  Sale and  Servicing
Agreement.  Amounts properly withheld under the Code or any applicable state law
by the Issuer, the Indenture Trustee or any other Paying Agent from a payment to
any Noteholder of interest and/or principal shall be paid over to the applicable
Governmental Authority and shall be considered as having been paid by the Issuer
to such Noteholder for all purposes of this Indenture.

      SECTION 3.2.  Maintenance of Office or Agency. The Issuer will maintain an
office or agency where Notes may be surrendered for  registration of transfer or
exchange,  and where notices and demands to or upon the Issuer in respect of the
Notes and this  Indenture may be served which shall  initially be located in St.
Paul,  Minnesota.  The Issuer hereby initially appoints the Indenture Trustee to
serve as its agent for the foregoing  purposes and the Indenture Trustee accepts
such  appointment.  The Issuer will give prompt  written notice to the Indenture
Trustee and the Facility Administrator of the location, and of any change in the
location,  of any such office or agency. If at any time the Issuer shall fail to
maintain  any such  office or  agency or shall  fail to  furnish  the  Indenture
Trustee  and  the  Facility   Administrator  with  the  address  thereof,   such
surrenders,  notices and demands  may be made or served at the  Corporate  Trust
Office,  and the Issuer hereby  appoints the  Indenture  Trustee as its agent to
receive all such  surrenders,  notices and  demands  and the  Indenture  Trustee
accepts such appointment.

      SECTION  3.3.  Money for  Payments  To Be Held in Trust.  As  provided  in
Section  8.2,  all payments of amounts due and payable with respect to any Notes
that are to be made from amounts withdrawn from the Collection  Account pursuant
to Section 8.2 shall be made on behalf of the Issuer by the Indenture Trustee or
by another Paying Agent, and no amounts so withdrawn from the Collection Account
for  payments  of Notes  shall be paid over to the Issuer  except as provided in
this Section and Section 2.11 of the Sale and Servicing Agreement.

      On or before each  Payment  Date and  Redemption  Date,  the Issuer  shall
deposit,  or cause the  Servicer to deposit,  in the  Collection  Account to the
extent of Available Amounts, an aggregate sum sufficient to pay the amounts then
becoming  due under the Notes as and to the extent  required by Section  2.11 of
the Sale and Servicing  Agreement,  such sum to be held in trust for the benefit
of the  Persons  entitled  thereto,  and shall  promptly  notify in writing  the
Facility Administrator and the Indenture Trustee (unless the Paying Agent is the
Indenture Trustee) of its action or failure so to act.

      The Issuer will cause each Paying Agent other than the Indenture  Trustee,
if any, to execute and deliver to the Facility  Administrator  and the Indenture
Trustee an  instrument in which such Paying Agent shall agree with the Indenture
Trustee  (and if the  Indenture  Trustee  acts as  Paying  Agent,  it  hereby so
agrees), subject to the provisions of this Section, that such Paying Agent will:

            (i) hold all sums held by it for the  payment  of  amounts  due with
      respect  to the Notes 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;

            (ii)  give the  Indenture  Trustee  and the  Facility  Administrator
      notice of any  default by the Issuer of which it has actual  knowledge  in
      the making of any payment required to be made with respect to the Notes;

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

                                       9
<PAGE>

            (iv)  immediately  resign as a Paying Agent and forthwith pay to the
      Indenture Trustee all sums held by it in trust for the payment of Notes if
      at any time it ceases to meet the standards required to be met by a Paying
      Agent; and

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

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

      Subject to  applicable  laws with  respect to escheat of funds,  any money
held by the  Indenture  Trustee or any Paying  Agent in trust for the payment of
any amount due with respect to any Note and  remaining  unclaimed  for two years
after such amount has become due and payable shall be discharged from such trust
and be paid to the Issuer on Issuer  Request;  and the Holder of such Note shall
thereafter,  as an  unsecured  general  creditor  and  subject  to all  defenses
available to the Issuer under all applicable  laws,  look only to the Issuer for
payment  thereof  (but only to the extent of the amounts so paid to the Issuer),
and all liability of the Indenture  Trustee or such Paying Agent with respect to
such trust money shall thereupon cease.

      SECTION 3.4. Existence. The Issuer will keep in full effect its existence,
rights and franchises as a statutory trust under the laws of the jurisdiction of
its organization  and will obtain and preserve its  qualification to do business
in each  jurisdiction  in which such  qualification  is or shall be necessary to
protect the validity and  enforceability  of this  Indenture,  the Notes and the
Collateral.

      SECTION 3.5. Protection of the Collateral. The Issuer intends the security
interest granted pursuant to this Indenture in favor of the Indenture Trustee on
behalf of the  Noteholders  to be prior to all other Liens (other than Permitted
Liens) in  respect  of the  Collateral  and the  Issuer  shall  take all  action
necessary  to obtain and maintain  for the benefit of the  Indenture  Trustee on
behalf of the  Noteholders  the  first  Lien on and a first  priority  perfected
security  interest (other than Permitted  Liens) in the  Collateral.  The 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
necessary or advisable to:

            (i) Grant more effectively all or any portion of the Collateral;

            (ii)  maintain or preserve the Lien and security  interest  (and the
      first priority  thereof,  except with respect to Permitted  Liens) of this
      Indenture or carry out more effectively the purposes hereof;

            (iii)  perfect,  publish  notice of or protect  the  validity of any
      Grant made or to be made by this Indenture;

            (iv) enforce any rights under or with respect to the Collateral;

                                       10
<PAGE>

            (v) preserve and defend  title to the  Collateral  and the rights of
      the Indenture  Trustee and the Noteholders in such Collateral  against the
      claims of all Persons; or

            (vi)  pay all  taxes  or  assessment  levied  or  assessed  upon the
      Collateral when due.

The  Issuer  hereby   designates   the  Indenture   Trustee  as  its  agent  and
attorney-in-fact  to execute any financing  statement,  continuation  statement,
instrument of further  assurance or other instrument  required to be executed to
accomplish the foregoing. In no event shall the Indenture Trustee be responsible
for filing or maintaining such financing  statements,  continuation  statements,
instruments of further assurance or other instruments.

      SECTION 3.6. Intentionally Omitted.

      SECTION 3.7. Performance of Obligations; Servicing of Receivables. (a) The
Issuer will not take any action and will use commercially reasonable efforts not
to permit any action to be taken by others  that would  release  any Person from
any material covenants or obligations under any instrument or agreement included
in  the  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  Indenture,  the Sale and Servicing  Agreement or any other  Transaction
Document.

      (b) The Issuer may contract with other Persons (acceptable to the Facility
Administrator)  to assist it in performing its duties under this Indenture,  and
any performance of such duties by a Person  identified to the Indenture  Trustee
and the Facility  Administrator in an Officer's  Certificate of the Issuer shall
be deemed to be action taken by the Issuer. Initially, the Issuer has contracted
with the Servicer and the Trust Administrator to assist the Issuer in performing
its duties under this Indenture.

      (c) The Issuer will punctually  perform and observe all of its obligations
and agreements contained in this Indenture, the Transaction Documents and in the
instruments  and  agreements  included in the  Collateral,  including  filing or
causing to be filed all UCC financing  statements  and  continuation  statements
required to be filed by this  Indenture and the Sale and Servicing  Agreement in
accordance with and within the time periods provided for herein and therein.

      (d) If the Issuer  shall have  knowledge of the  occurrence  of a Servicer
Termination  Event or Termination  Event,  the Issuer shall promptly  notify the
Indenture Trustee and the Facility  Administrator in writing thereof,  and shall
specify in such notice the action,  if any, the Issuer is taking with respect to
such default.

      (e) As promptly as possible  after the giving of notice of  termination to
the Servicer of the Servicer's rights and powers pursuant to Article VIII of the
Sale and  Servicing  Agreement,  the  Back-Up  Servicer  shall be  appointed  in
accordance with Article VIII of the Sale and Servicing  Agreement.  In the event
that the Back-Up Servicer is unable to act as the Successor Servicer at the time
when the previous  Servicer  ceases to act as Servicer,  the  Indenture  Trustee
without further action shall  automatically be appointed the Successor  Servicer
under the Sale and Servicing Agreement.  The Indenture Trustee may resign as the
Servicer  by giving  written  notice of such  resignation  to the Issuer and the
Facility  Administrator  and in such event will be released from such duties and
obligations,  such  release  not to be  effective  until  the  date a  Successor
Servicer  enters into a servicing  agreement with the Issuer as provided  below.
Upon  delivery of any such notice to the Issuer and the Facility  Administrator,
the Issuer shall obtain a new Servicer  acceptable to Holders holding at least a
majority of the Outstanding Amount of the Notes as the Successor  Servicer.  Any
Successor Servicer other than the Indenture Trustee shall: (i) be an established
financial  institution having a net worth of not less than $50,000,000 and whose
regular

                                       11
<PAGE>

business  includes the servicing of receivables  and (ii) enter into a servicing
agreement  with the  Issuer  having  substantially  the same  provisions  as the
provisions of the Sale and Servicing  Agreement  applicable to the Servicer.  If
within 30 days after the  delivery of the notice  referred to above,  the Issuer
shall not have obtained such a Successor  Servicer,  Holders  holding at least a
majority of the Outstanding  Amount of the Notes may appoint,  or may petition a
court of competent  jurisdiction to appoint, a Successor Servicer. In connection
with  any  such  appointment,  Holders  holding  at  least  a  majority  of  the
Outstanding  Amount of the Notes may make such arrangements for the compensation
of such  Successor  Servicer as they and such  Successor  Servicer  shall agree,
subject  to the  limitations  set  forth  below  and in the Sale  and  Servicing
Agreement,  and in  accordance  with  Article  VIII of the  Sale  and  Servicing
Agreement, the Issuer shall enter into an agreement with such Successor Servicer
for the servicing of the Receivables (such agreement to be in form and substance
satisfactory  to the Issuer and the Facility  Administrator).  If the  Indenture
Trustee  shall  succeed to the  previous  Servicer's  duties as  Servicer of the
Receivables as provided  herein,  it shall do so in its individual  capacity and
not in its capacity as Indenture  Trustee and,  accordingly,  the  provisions of
Article VI hereof shall be inapplicable  to the Indenture  Trustee in its duties
as the  Successor  Servicer and the  servicing of the  Receivables.  In case the
Indenture  Trustee  shall  become  the  Successor  Servicer  under  the Sale and
Servicing  Agreement,  the  Indenture  Trustee  shall be  entitled to appoint as
Servicer any one of its Affiliates,  provided, that it shall be fully liable for
the actions and  omissions  of any such  Affiliate  in its capacity as Successor
Servicer unless the Issuer and the Facility  Administrator  shall have consented
in writing to the  appointment  of such  Affiliate,  which  consent shall not be
unreasonably withheld.

      (f) Upon any  termination of the Servicer's  rights and powers pursuant to
the Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture
Trustee  and the  Facility  Administrator  in  writing.  As soon as a  Successor
Servicer is  appointed,  the Issuer shall notify the  Indenture  Trustee and the
Facility  Administrator of such appointment,  specifying in such notice the name
and address of such Successor Servicer.

      (g) Without derogating from the absolute nature of the Grant of Collateral
under this  Indenture  or the rights of the  Indenture  Trustee  hereunder,  the
Issuer agrees that it will not, without the prior written consent of the Holders
holding  at least a majority  of the  Outstanding  Amount of the  Notes,  amend,
modify, waive,  supplement,  terminate or surrender,  or agree to any amendment,
modification,  supplement, termination, waiver or surrender of, the terms of any
Collateral  (except to the extent  otherwise  provided in the Sale and Servicing
Agreement)  or  the  Transaction  Documents,  or  waive  timely  performance  or
observance  by the Servicer,  the Trust  Depositor or the Sellers under the Sale
and Servicing Agreement;  provided,  however,  that no such amendment shall: (i)
increase  or reduce in any  manner the  amount  of, or  accelerate  or delay the
timing of,  distributions  that are  required  to be made for the benefit of the
Noteholders,  or (ii)  reduce  the  aforesaid  percentage  of the Notes that are
required to consent to any such amendment, in either case without the consent of
the Holders of all the Outstanding  Notes. If any such amendment,  modification,
supplement  or waiver  shall be so  consented  to by such  Holders,  the  Issuer
agrees,  promptly following a request by the Facility Administrator to do so, to
execute and deliver,  in its own name and at its own expense,  such  agreements,
instruments, consents and other documents as the Facility Administrator may deem
necessary or appropriate in the circumstances.

      SECTION 3.8. Negative Covenants. So long as any Notes are Outstanding, the
Issuer shall not:

            (i) except as expressly  permitted by this Indenture or the Sale and
      Servicing Agreement, sell, transfer,  exchange or otherwise dispose of any
      of the properties or assets of the Issuer, including those included in the
      Collateral;  it being  understood  that  the  Collection  Policies  do not
      provide for the sale of the Collateral;

                                       12
<PAGE>

            (ii) claim any credit on, or make any  deduction  from the principal
      or interest  payable in respect of, the Notes (other than amounts properly
      withheld  from such payments  under the Code or  applicable  State law) or
      assert any claim against any present or former Noteholder by reason of the
      payment of the taxes levied or assessed  upon any part of the  Collateral;
      or

            (iii) (A) permit the validity or  effectiveness of this Indenture to
      be  impaired,  or  permit  the  Lien  of  this  Indenture  to be  amended,
      hypothecated, subordinated, terminated or discharged, or permit any Person
      to be released from any covenants or obligations with respect to the Notes
      under this Indenture except as may be expressly  permitted  hereby,  or by
      the Sale and Servicing  Agreement or any other Transaction  Document,  (B)
      permit any Lien (other than the Lien of this Indenture or Permitted Liens)
      to be  created  on or  extend to or  otherwise  arise  upon or burden  the
      Collateral  or any part  thereof or any  interest  therein or the proceeds
      thereof or (C) permit the Lien of this Indenture not to constitute a valid
      first  priority  (other than with respect to any Permitted  Lien) security
      interest in the Collateral.

      SECTION 3.9. Issuer May Consolidate,  etc., Only on Certain Terms. (a) The
Issuer shall not consolidate or merge with or into any other Person, unless:

            (i) the  Person (if other than the  Issuer)  formed by or  surviving
      such  consolidation  or merger  shall be a Person  organized  and existing
      under  the laws of the  United  States of  America  or any State and shall
      expressly   assume,   by  an  indenture   supplemental   hereto  (in  form
      satisfactory to the Facility Administrator), executed and delivered to the
      Indenture  Trustee and the  Facility  Administrator,  the due and punctual
      payment of the principal of and interest on all Notes and the  performance
      or  observance of every  agreement  and covenant of this  Indenture on the
      part of the Issuer to be performed or observed, all as provided herein;

            (ii) immediately after giving effect to such transaction, no Default
      or Event of Default shall have occurred and be continuing;

            (iii) the Issuer  shall  have  received  an Opinion of Counsel  (and
      shall have  delivered  copies  thereof to the  Indenture  Trustee  and the
      Facility  Administrator) to the effect that such transaction will not have
      any material  adverse  consequence (tax or otherwise) to the Issuer or any
      Noteholder;

            (iv) any action that is  necessary to maintain the Lien and security
      interest  created by this Indenture  (including the first ranking priority
      thereof, except with respect to Permitted Liens) shall have been taken;

            (v) the Issuer shall have delivered to the Indenture Trustee and the
      Facility  Administrator an Officer's Certificate and an Opinion of Counsel
      each  stating  that such  consolidation  or merger  and such  supplemental
      indenture  comply with this Article III and that all conditions  precedent
      herein provided for relating to such  transaction  have been complied with
      (including, if applicable, any filing required under the Exchange Act);

            (vi) the Person (if other than the  Issuer)  formed by or  surviving
      such  consolidation  or merger  has a net  worth,  immediately  after such
      consolidation  or merger,  that is (A) greater  than zero and (b) not less
      than the net worth of the  Issuer  immediately  prior to giving  effect to
      such consolidation or merger; and

            (vii) the Noteholders shall have consented thereto in writing.

                                       13
<PAGE>

      (b)  Except  as  specifically  contemplated  by  or  permitted  under  the
Transaction  Documents,  the  Issuer  shall not  convey or  transfer  any of its
properties including those included in the Collateral, to any Person, unless:

            (i)  the  Person  that   acquires  by  conveyance  or  transfer  the
      properties and assets of the Issuer the conveyance or transfer of which is
      hereby  restricted  shall:  (A) be a  United  States  citizen  or a Person
      organized  and existing  under the laws of the United States of America or
      any State,  (B) expressly  assume,  by an indenture  supplemental  hereto,
      executed  and  delivered  to  the  Indenture   Trustee  and  the  Facility
      Administrator, in form satisfactory to the Facility Administrator, the due
      and punctual payment of the principal of and interest on all Notes and the
      performance  or  observance  of  every  agreement  and  covenant  of  this
      Indenture on the part of the Issuer to be  performed  or observed,  all as
      provided  herein,  (C)  expressly  agree  by  means  of such  supplemental
      indenture  that all right,  title and interest so conveyed or  transferred
      shall be subject and subordinate to the rights of Holders of the Notes and
      the  Facility  Administrator  as set forth  herein,  (D) unless  otherwise
      provided in such  supplemental  indenture,  expressly  agree to indemnify,
      defend and hold harmless the Issuer  against and from any loss,  liability
      or expense  arising  under or related to this  Indenture and the Notes and
      (E)  if  applicable,  expressly  agrees  by  means  of  such  supplemental
      indenture  that such Person (or if a group of Persons,  then one specified
      Person)  shall  make all  filings  with  the  Commission  (and  any  other
      appropriate  Person)  required by the Exchange Act in connection  with the
      Notes;

            (ii) immediately after giving effect to such transaction, no Default
      or Event of Default shall have occurred and be continuing;

            (iii) the Issuer  shall  have  received  an Opinion of Counsel  (and
      shall have  delivered  copies  thereof to the  Indenture  Trustee  and the
      Facility  Administrator) to the effect that such transaction will not have
      any material  adverse  consequence (tax or otherwise) to the Issuer or any
      Noteholder;

            (iv) any action that is  necessary to maintain the Lien and security
      interest  created by this Indenture  (including the first ranking priority
      thereof, except with respect to Permitted Liens) shall have been taken;

            (v) the Issuer shall have delivered to the Indenture Trustee and the
      Facility  Administrator an Officer's Certificate and an Opinion of Counsel
      each  stating  that such  conveyance  or  transfer  and such  supplemental
      indenture  comply  with this  Article  and that all  conditions  precedent
      herein provided for relating to such  transaction  have been complied with
      (including, if applicable, any filing required under the Exchange Act);

            (vi) the Issuer has a net worth,  immediately  after such conveyance
      or  transfer,  that is (A) greater than zero and (B) not less than the net
      worth of the Issuer  immediately prior to giving effect to such conveyance
      or transfer; and

            (vii) the Noteholders shall have consented thereto in writing.

      SECTION  3.10.  Successor or  Transferee.  (a) Upon any  consolidation  or
merger of the Issuer in accordance with Section 3.9(a),  the Person formed by or
surviving such  consolidation or merger (if other than the Issuer) shall succeed
to, and be  substituted  for,  and may  exercise  every  right and power of, the
Issuer  under this  Indenture  with the same  effect as if such  Person had been
named as the Issuer herein.

                                       14
<PAGE>

      (b) Upon a conveyance or transfer of all the assets and  properties of the
Issuer  pursuant  to Section  3.9(b),  the Issuer  will be  released  from every
covenant and agreement of this Indenture to be observed or performed on the part
of the Issuer with respect to the Notes immediately upon the delivery of written
notice to the Indenture Trustee, the Noteholders and the Facility  Administrator
stating that the Issuer is to be so released.

      SECTION  3.11.  No Other  Business.  The  Issuer  shall not  engage in any
business other than financing,  purchasing,  owning, selling and managing of the
Receivables in the manner  contemplated  by this  Indenture and the  Transaction
Documents and activities incidental thereto.

      SECTION  3.12. No Borrowing.  The Issuer shall not issue,  incur,  assume,
guarantee  or  otherwise  become  liable,   directly  or  indirectly,   for  any
indebtedness secured by the Collateral, except for the Notes.

      SECTION 3.13.  Servicer's  Obligations.  The Issuer shall use commercially
reasonable  efforts to cause the Servicer to comply with its  obligations  under
the Sale and Servicing Agreement.

      SECTION 3.14. Guarantees, Loans, Advances and Other Liabilities. Except as
contemplated by this Indenture and the other Transaction  Documents,  the Issuer
shall not make any loan or  advance  or credit  to, or  guarantee  (directly  or
indirectly or by an instrument  having the effect of assuring  another's payment
or  performance  on any  obligation  or  capability  of so doing or  otherwise),
endorse or otherwise  become  contingently  liable,  directly or indirectly,  in
connection  with the  obligations,  stocks or  dividends  of, 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.

      SECTION  3.15.  Capital  Expenditures.  The  Issuer  shall  not  make  any
expenditure  (by long-term or operating  lease or otherwise)  for capital assets
(either realty or personalty).

      SECTION 3.16.  Notice of Defaults and Events of Default.  The Issuer shall
give the Indenture Trustee and the Facility  Administrator prompt written notice
of each  Default  and  Event  of  Default  (of  which it has  actual  knowledge)
hereunder  and each default of which it has actual  knowledge on the part of the
Servicer  or  the  Seller  of its  obligations  under  the  Sale  and  Servicing
Agreement.

      SECTION 3.17. Further  Instruments and Acts. Upon request of the Indenture
Trustee or the Facility Administrator,  the 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 Indenture.

      SECTION  3.18.  Compliance  with Laws.  The Issuer  shall  comply with the
requirements  of all  applicable  laws,  the  non-compliance  with which  would,
individually or in the aggregate, materially and adversely affect the ability of
the Issuer to perform its  obligations  under the Notes,  this  Indenture or any
other Transaction Document.

      SECTION 3.19. Tax Treatment.  The Issuer has structured this Indenture and
the Notes  with the  intention  that the Notes  will  qualify  under  applicable
federal,  state and local tax law as  indebtedness.  The Issuer and each  Holder
agrees to treat,  and take no action  inconsistent  with the  treatment  of, the
Notes (or any  beneficial  interest  therein) as  indebtedness  for  purposes of
federal,  state and local income or franchise taxes and any other tax imposed on
or measured by income. Each Holder, by acquisition of a beneficial interest in a
Note, agrees to be bound by the provisions of this Section 3.19.

                                       15
<PAGE>

      SECTION  3.20.  Investment  Company  Act.  The Issuer  shall  conduct  its
operations  in a  manner  that  will  not  subject  it  to  registration  as  an
"investment company" under the Investment Company Act of 1940, as amended.

      SECTION  3.21.  Conduct of  Business.  The Issuer  shall (a)  conduct  its
business solely in its own name through its duly  authorized  officers or agents
so as not to mislead  others as to the  identity  of the Issuer with which those
others are concerned,  and particularly  shall use its best efforts to avoid the
appearance  of  conducting  business on behalf of the  Sellers or any  Affiliate
thereof or that the assets of the Issuer are  available to pay the  creditors of
the Sellers or any Affiliate  thereof or any other entity;  (b) maintain records
and books of account separate from those of the Sellers or any Affiliate thereof
or any other  entity;  (c) use its best  efforts  to  maintain  an  arm's-length
relationship with the Sellers or any Affiliate thereof and shall not hold itself
out as being liable for the debts of the Sellers or any Affiliate thereof or any
other  entity;  (d) use its best efforts to keep its assets and its  liabilities
wholly separate from those of all other  entities,  including the Sellers or any
Affiliate thereof, except as otherwise anticipated by the Transaction Documents;
(e) not  maintain  bank  accounts  or other  depository  accounts  to which  any
Affiliate is an account party,  into which any Affiliate  makes deposits or from
which any  Affiliate  has the  power to make  withdrawals,  except as  otherwise
permitted  by  the  Sale  and  Servicing  Agreement;  (f)  shall  obtain  proper
authorization  for all the Issuer's actions  requiring such  authorization;  (g)
shall  obtain  proper  authorization  from the Sellers for all action  requiring
approval of the Sellers;  (h) shall pay operating  expenses and liabilities from
the Issuer's own funds;  (i) shall disclose in its annual  financial  statements
the effects of the  Issuer's  transactions  under the  Transaction  Documents in
accordance  with GAAP and shall  disclose  that the assets of the Issuer are not
available to pay creditors of the Sellers;  and (j) shall continuously  maintain
the resolutions,  agreements and other  instruments  underlying the transactions
described in the Transaction Documents as official records.

      SECTION 3.22.  Annual Statement as to Compliance.  The Issuer will deliver
to the Indenture Trustee and the Facility  Administrator,  within 120 days after
the end of each fiscal year of the Issuer (commencing with the fiscal year ended
December 31,  2006),  an  Officer's  Certificate,  substantially  in the form of
Exhibit B, stating that:

            (i) a review of the activities of the Issuer during such year and of
      performance  under this  Indenture  has been made  under  such  Authorized
      Officers' supervision; and

            (ii) to the best of such Authorized  Officers'  knowledge,  based on
      such review,  the Issuer has complied  with all  conditions  and covenants
      under this Indenture  throughout such year or, if there has been a default
      in the compliance of any such condition or covenant,  specifying each such
      default  known to such  Authorized  Officers  and the  nature  and  status
      thereof.

      SECTION 3.23.  Representations  and  Warranties of the Issuer.  The Issuer
represents and warrants as follows:

      (a) Power and Authority.  It has full power,  authority and legal right to
execute,  deliver and perform its obligations as Issuer under this Indenture and
the  Notes  and the  other  Transaction  Documents  to which it is a party  (the
foregoing documents, the "Issuer Documents").

      (b) Due Authorization.  The execution and delivery of the Issuer Documents
and the  consummation  of the  transactions  provided for therein have been duly
authorized by all necessary action on its part.

      (c) No Conflict.  The execution and delivery of the Issuer Documents,  the
performance of the transactions  contemplated thereby and the fulfillment of the
terms  thereof  will not  conflict  with,  result  in

                                       16
<PAGE>

any breach of any of the material terms and  provisions of, or constitute  (with
or  without  notice or lapse of time or both) a default  under,  any  indenture,
contract,  agreement,  mortgage, deed of trust, or other instrument to which the
Issuer is a party or by which it or any of its property is bound.

      (d) No Violation.  The execution and delivery of the Issuer Documents, the
performance of the transactions  contemplated thereby and the fulfillment of the
terms thereof will not conflict with or violate,  in any material  respect,  any
Requirements of Law applicable to the Issuer.

      (e) All Consents Required. All approvals, authorizations, consents, orders
or other  actions of any Person or any  Governmental  Authority  required  to be
obtained by the Issuer in  connection  with the  execution  and  delivery of the
Issuer Documents,  the performance of the transactions  contemplated thereby and
the fulfillment of the terms thereof have been obtained.

      (f)  Location.  The  Issuer  has its chief  executive  office and place of
business  (as such  terms  are  used in  Article  9 of the  UCC) in  Wilmington,
Delaware.  The Issuer agrees that it will not change the location of such office
to a location  outside of Wilmington,  Delaware,  without at least 30 days prior
written  notice to the Facility  Administrator,  the Servicer and the  Indenture
Trustee, and then only within the United States.

                                   ARTICLE IV
                           SATISFACTION AND DISCHARGE

      SECTION 4.1. Satisfaction and Discharge of Indenture. This Indenture shall
cease to be of further effect with respect to the Notes except as to: (i) rights
of  registration  of transfer and  exchange,  (ii)  substitution  of  mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal  thereof and interest  thereon,  (iv)  Sections 3.3, 3.4, 3.5, 3.8,
3.10, 3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture
Trustee  hereunder  (including the rights of the Indenture Trustee under Section
6.7 and the obligations of the Indenture Trustee under Section 4.2) and (vi) the
rights of  Noteholders as  beneficiaries  hereof with respect to the property so
deposited  with the  Indenture  Trustee  payable to all or any of them,  and the
Indenture Trustee, on demand of and at the expense of the Issuer,  shall execute
proper  instruments  acknowledging  satisfaction and discharge of this Indenture
with respect to the Notes, when:

                  (A) either:

                  (1) all Notes  theretofore  authenticated and delivered (other
            than  Notes that have been  destroyed,  lost or stolen and that have
            been  replaced  or  paid as  provided  in  Section  2.5)  have  been
            delivered to the Indenture Trustee for cancellation; or

                  (2) all Notes not theretofore delivered to the Indenture Trust
            for cancellation have become due and payable in full;

                  (B) the Issuer has paid or caused to be paid  (solely  through
            Available  Amounts  or  pursuant  to  Section  11.2 of the  Sale and
            Servicing  Agreement) all other sums payable hereunder by the Issuer
            in accordance with the provisions of the Transaction Documents; and

                  (C) the Issuer has delivered to the Indenture  Trustee and the
            Facility  Administrator  an Officer's  Certificate and an Opinion of
            Counsel, each meeting the applicable requirements of Section 11.1(a)
            and,  subject to Section  11.2,  each  stating  that

                                       17
<PAGE>

            all  conditions  precedent  herein  provided  for  relating  to  the
            satisfaction  and  discharge of this  Indenture  have been  complied
            with.

      SECTION 4.2.  Application  of Trust Money.  All moneys  deposited with the
Indenture  Trustee pursuant to Section 4.1 shall be held in trust and applied by
it, in accordance with the provisions of the Notes,  this Indenture and the Sale
and Servicing Agreement,  to the payment,  either directly or through any Paying
Agent,  as the Facility  Administrator  shall  determine,  to the Holders of the
particular  Notes for the payment or  redemption  of which such moneys have been
deposited with the Indenture Trustee,  of all sums due and to become due thereon
for principal and  interest;  but such moneys need not be segregated  from other
funds  except  to the  extent  required  herein  or in the  Sale  and  Servicing
Agreement or as required by law.

      SECTION 4.3.  Repayment of Moneys Held by Paying Agent. In connection with
the  satisfaction and discharge of this Indenture with respect to the Notes, all
moneys then held by any Paying Agent other than the Indenture Trustee under this
Indenture with respect to such Notes shall,  upon demand of the Issuer,  be paid
to the  Indenture  Trustee to be held and applied  according to Section 3.3, and
thereupon  such Paying Agent shall be released from all further  liability  with
respect to such moneys.

                                   ARTICLE V
                           EVENTS OF DEFAULT; REMEDIES

      SECTION 5.1. Events of Default. "Event of Default",  wherever used herein,
means any one of the  following  events  (whatever  the reason for such Event of
Default  and  whether it shall be  voluntary  or  involuntary  or be effected by
operation  of law or pursuant to any  judgment,  decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

            (i) default in the payment of any  principal,  interest or any other
      amounts in respect of any Note when the same becomes due and payable,  and
      such  default  shall  continue  for a period of three (3)  Business  Days;
      provided, however, in the event of a Force Majeure Delay, the grace period
      shall be extended up to ten (10)  additional  Business Days as appropriate
      and  provided  further that no grace period shall apply to the payment due
      on the Note  Final  Scheduled  Maturity  Date other than in the event of a
      Force Majeure Delay;

            (ii) default in the  observance  or  performance  of any covenant or
      agreement  of the Issuer made in any  Transaction  Document  (other than a
      covenant or agreement a default in the  observance or performance of which
      is   elsewhere  in  this  Section   specifically   dealt  with),   or  any
      representation  or warranty of the Issuer made in this Indenture or in any
      certificate or other writing  delivered  pursuant  hereto or in connection
      herewith  proving to have been  incorrect  in any material  respect  which
      adversely  affects the Noteholders as of the time when the same shall have
      been  made,  and such  default  shall  continue  or not be  cured,  or the
      circumstance  or condition in respect of which such  misrepresentation  or
      warranty was incorrect shall not have been eliminated or otherwise  cured,
      for a period of 30 days after there shall have been given,  by  registered
      or certified mail, to the Issuer by the Indenture  Trustee or the Facility
      Administrator,  or to the  Issuer,  the  Facility  Administrator,  and the
      Indenture  Trustee  by the  Holders  of more  than 50% of the  Outstanding
      Amount of the Notes, a written notice specifying such default or incorrect
      representation  or warranty  and  requiring  it to be remedied and stating
      that such notice is a "Notice of Default" hereunder;

            (iii) the filing of a decree or order for  relief by a court  having
      jurisdiction in the premises in respect of any of the Issuer,  any Seller,
      the Servicer or the Club Trustee or any substantial  part of such Person's
      property  in an  involuntary  case under any  applicable  Federal or

                                       18
<PAGE>

      State  bankruptcy,  insolvency  or other  similar law now or  hereafter in
      effect,  or  appointing  a  receiver,  liquidator,   assignee,  custodian,
      trustee,  sequestrator  or  similar  official  of such  Person  or for any
      substantial   part  of  its  property,   or  ordering  the  winding-up  or
      liquidation  of such  Person's  affairs,  and such  decree or order  shall
      remain unstayed and in effect for a period of 60 consecutive days;

            (iv) the commencement by any of the Issuer, any Seller, the Servicer
      or the Club Trustee of a voluntary  case under any  applicable  Federal or
      State  bankruptcy,  insolvency  or other  similar law now or  hereafter in
      effect,  or the consent by such Person to the entry of an order for relief
      in an  involuntary  case under any such law, or the consent by such Person
      to  the  appointment  or  taking  possession  by a  receiver,  liquidator,
      assignee,  custodian,  trustee,  sequestrator or similar  official of such
      Person or for any substantial part of its property,  or the making by such
      Person of any  general  assignment  for the benefit of  creditors,  or the
      failure by such  Person  generally  to pay its debts as such debts  become
      due, or the taking of action by such Person in  furtherance  of any of the
      foregoing;

            (v) (A) failure on the part of the Club Trustee, the Servicer or any
      Seller  to make or cause  to be made any  payment  or  deposit  (or in the
      alternative,  Receivable  substitution)  required  by  the  terms  of  any
      Transaction  Document on the day such payment or deposit (or substitution)
      is  required to be made by such Person  (giving  effect to any  applicable
      grace period),  provided that in the event of a Force Majeure  Delay,  the
      period  within  which the Club  Trustee,  the Servicer or any Seller shall
      make such payment or deposit as described in this  subsection (A) shall be
      extended  to such  longer  period  as is  appropriate,  not to  exceed  10
      Business  Days; or (B) failure on the part of the Club  Trustee,  the Club
      Managing  Entity or any  Seller to  observe  or  perform  any of its other
      covenants  or  agreements  set forth in any  Transaction  Document,  which
      failure continues  unremedied for a period of 30 days after written notice
      from the Indenture Trustee, provided, that only a 10 day cure period shall
      apply to this  subsection  (B) in the case of a failure  by any  Seller to
      observe  its  covenant  not to  grant a  security  interest  or  otherwise
      intentionally create a Lien on the Receivables

            (vi) the Issuer  shall  become an  "investment  company"  within the
      meaning of the Investment  Company Act of 1940, as amended (the "Act"), or
      the arrangements  contemplated by the Transaction  Documents shall require
      registration as an "investment company" within the meaning of the Act; or

            (vii) the  occurrence  of a  Termination  Event;  provided  that the
      occurrence  of a  Termination  Event  which is a Trigger  Event  shall not
      constitute an Event of Default  hereunder  until after the Trust Depositor
      has  exercised  its "cure"  rights of any  Trigger  Event  pursuant to the
      definition of Termination Event (to the extent permitted) or has failed to
      do so within the time period set forth in the  definition  of  Termination
      Event.

      The  Issuer  shall  deliver  to the  Indenture  Trustee  and the  Facility
Administrator,  within  five  Business  Days  after the  Issuer  obtains  actual
knowledge thereof, written notice in the form of an Officer's Certificate of any
event that, with the giving of notice or the lapse of time or both, would become
an Event of Default under clause (ii),  its status and what action the Issuer is
taking or proposes to take with respect thereto.

      SECTION 5.2.  Acceleration of Maturity. If an Event of Default (other than
pursuant to clauses (iii) or (iv) of the definition thereof) shall have occurred
and be continuing,  the Indenture  Trustee shall,  if so requested in writing by
the Note  Majority,  declare by written  notice to the Issuer that the  Facility
Termination Date has occurred, whereupon the Notes shall become due and payable,
together

                                       19
<PAGE>

with accrued and unpaid interest thereon, and be paid in accordance with Section
2.11(b) of the Sale and Servicing Agreement.  If an Event of Default pursuant to
clauses  (iii) or (iv) of the  definition  thereof  shall have  occurred  and be
continuing,  the Facility  Termination  Date shall have occurred  automatically,
whereupon  the Notes shall  become due and  payable,  together  with accrued and
unpaid interest  thereon,  and be paid in accordance with Section 2.11(b) of the
Sale and Servicing Agreement.

      SECTION 5.3. Rescission and Annulment.

            At any time after such  declaration of  acceleration of maturity has
been made and before a judgment  or decree for payment of the money due has been
obtained by the Indenture Trustee as hereinafter in this Article V provided, the
Note  Majority by written  notice to the Issuer and the Indenture  Trustee,  may
rescind and annul such declaration and its consequences if:

            (i) the  Issuer  has paid or  deposited  (solely  through  Available
      Amounts or pursuant to Section 11.2 of the Sale and  Servicing  Agreement)
      with the Indenture Trustee amounts sufficient to pay:

                  (A) all payments of principal of and interest on all Notes and
            all other  amounts  that  would then be due  hereunder  or upon such
            Notes if the Event of Default giving rise to such  acceleration  had
            not occurred; and

                  (B) all sums paid or advanced by the Indenture Trustee and the
            reasonable out-of-pocket expenses, disbursements and advances of the
            Indenture  Trustee  and its agents  (including  reasonable  fees and
            disbursements of counsel); and

            (ii)  all  Events  of  Default,  other  than the  nonpayment  of the
      principal  of the Notes that has  become due solely by such  acceleration,
      have been cured or waived as provided in Section 5.13.

      No such  rescission  shall  affect  any  subsequent  default or impair any
consequence thereof.

      SECTION 5.4.  Collection  of  Indebtedness  and Suits for  Enforcement  by
Indenture Trustee. (a) The Issuer covenants that if the Notes are accelerated in
accordance  with  Section  5.2,  the Notes,  together  with  accrued  and unpaid
interest  thereon,  shall  be paid  together  with  interest  upon  the  overdue
principal at the applicable  interest  rate,  and, to the extent payment at such
rate of interest  shall be legally  enforceable,  upon overdue  installments  of
interest,  at the applicable interest rate, and in addition thereto such further
amount as shall be  sufficient  to cover the costs and  expenses of  collection,
including  the  reasonable  fees,  out-of-pocket  expenses,   disbursements  and
advances  of  the  Indenture  Trustee,  the  Facility  Administrator  and  their
respective agents and counsel.

      (b) In case the Issuer  shall fail  forthwith  to pay such  amounts  under
Section 5.4(a) upon such demand, the Indenture  Trustee,  in its own name and as
trustee of an express trust, may (or shall, at the written direction of the Note
Majority) (i) institute a Proceeding  for the  collection of the sums so due and
unpaid,  (ii) prosecute such  Proceeding to judgment or final decree,  and (iii)
enforce the same against the Issuer or other obligor upon such Notes and collect
in the manner provided by law out of the property of the Issuer or other obligor
upon such  Notes,  wherever  situated,  the  moneys  adjudged  or  decreed to be
payable.

      (c) In case an Event of Default  occurs and is  continuing,  the Indenture
Trustee may (or shall at the written  direction of the Note  Majority),  as more
particularly  provided in Section 5.5, proceed to protect and enforce its rights
and the  rights  of the  Noteholders,  by such  appropriate  Proceedings  as the

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<PAGE>

Indenture  Trustee  shall deem most  effective  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  or legal or  equitable  right  vested in the
Indenture Trustee by this Indenture or by law.

      (d) In case there  shall be  pending,  relative to the Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest in
the  Collateral,  Proceedings  under  Title 11 of the United  States Code or any
other applicable  Federal or State bankruptcy,  insolvency or other similar law,
or in case a  receiver,  assignee,  trustee  in  bankruptcy  or  reorganization,
liquidator,  sequestrator  or similar  official shall have been appointed for or
taken  possession of the Issuer or its property or such other obligor or Person,
or in case of any other comparable judicial  Proceedings  relative to the Issuer
or other  obligor upon the Notes,  or to the creditors or property of the Issuer
or such other  obligor,  the  Indenture  Trustee,  irrespective  of whether  the
principal of any Notes shall then be due and payable as therein  expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall
have made any demand pursuant to this Section,  shall be entitled and empowered,
by intervention in such proceedings or otherwise:

            (i) to file and  prove a claim or  claims  for the  whole  amount of
      principal  and  interest  owing and  unpaid in respect of the Notes and to
      file such other  papers or  documents  as may be necessary or advisable in
      order to have the claims of the Indenture Trustee (including any claim for
      reasonable  compensation  to the  Indenture  Trustee and each  predecessor
      Indenture Trustee, and their respective agents, attorneys and counsel, and
      for reimbursement of all out-of-pocket  expenses and liabilities incurred,
      and all  advances  made,  by the  Indenture  Trustee and each  predecessor
      Indenture  Trustee,  except  as a result of the  gross  negligence  or bad
      faith),  the Facility  Administrator  and the Noteholders  allowed in such
      Proceedings;

            (ii) unless prohibited by applicable law or regulations,  to vote on
      behalf of the Holders of the Notes in any election of a trustee, a standby
      trustee  or  any  Person   performing   similar   functions  in  any  such
      Proceedings;

            (iii) to collect and receive any moneys or other property payable or
      deliverable on any such claims and to distribute all amounts received with
      respect to the claims of the Noteholders,  the Facility  Administrator and
      the Indenture Trustee on their behalf; and

            (iv) to file such proofs of claim and other  papers or  documents as
      may be necessary or advisable in order to have the claims of the Indenture
      Trustee, the Facility Administrator or the Holders of Notes allowed in any
      judicial  Proceedings  relative  to the  Issuer,  its  creditors  and  its
      property;

and any trustee,  receiver,  liquidator,  assignee,  custodian,  sequestrator or
other similar  official in any such  Proceeding is hereby  authorized by each of
such  Noteholders to make payments to the Indenture  Trustee,  and, in the event
that the Indenture  Trustee shall consent to the making of payments  directly to
such  Noteholders,  to pay to the  Indenture  Trustee  such  amounts as shall be
sufficient  to cover  reasonable  compensation  to the Indenture  Trustee,  each
predecessor  Indenture  Trustee  and  their  respective  agents,  attorneys  and
counsel, and all other out-of-pocket  expenses and liabilities incurred, and all
advances made, by the Indenture  Trustee and each predecessor  Indenture Trustee
except as a result of negligence or bad faith.

      (e) Nothing  herein  contained  shall be deemed to authorize the Indenture
Trustee to  authorize  or consent to or vote for or accept or adopt on behalf of
any  Noteholder  any  plan  of   reorganization,   arrangement,   adjustment  or
composition  affecting  the Notes or the  rights  of any  Holder  thereof  or to

                                       21
<PAGE>

authorize  the  Indenture  Trustee  to  vote  in  respect  of the  claim  of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election
of a trustee in bankruptcy or similar Person.

      (f) All rights of action and of asserting claims under this Indenture,  or
under any of the Notes,  may be enforced by the  Indenture  Trustee  without the
possession of any of the Notes or the  production  thereof in any trial or other
Proceedings relative thereto,  and any such action or Proceedings  instituted by
the  Indenture  Trustee  shall be  brought  in its own name and as trustee of an
express  trust,  and any  recovery  of  judgment,  subject to the payment of the
expenses,   disbursements  and  compensation  of  the  Indenture  Trustee,  each
predecessor  Indenture Trustee and their respective agents and attorneys,  shall
be for the ratable benefit of the Holders of the Notes.

      (g) In any  Proceedings  brought by the  Indenture  Trustee  (and also any
Proceedings  involving the  interpretation of any provision of this Indenture to
which the Indenture  Trustee shall be a party),  the Indenture  Trustee shall be
held to represent all the Holders of the Notes, and it shall not be necessary to
make any Noteholder a party to any such  Proceedings.

      SECTION 5.5. Remedies;  Priorities.  (a) If an Event of Default shall have
occurred and be continuing,  the Indenture  Trustee may (with the consent of the
Note Majority) (and shall at the written  direction of the Note Majority) do one
or more of the following (subject to Section 5.6):

            (i)  institute  Proceedings  in its own  name and as  trustee  of an
      express trust for the  collection of all amounts then payable on the Notes
      or under this  Indenture with respect  thereto,  whether by declaration or
      otherwise,  enforce any judgment obtained, and collect from the Issuer and
      any other obligor upon such Notes moneys adjudged due;

            (ii)  institute  Proceedings  from time to time for the  complete or
      partial foreclosure of this Indenture with respect to the Collateral;

            (iii)  exercise  any  remedies of a secured  party under the UCC and
      take any other  appropriate  action to protect  and enforce the rights and
      remedies of the Indenture Trustee and the Holders of the Notes; and

            (iv)  sell the  Collateral,  or any  portion  thereof  or  rights or
      interest  therein,  at one or more  public or  private  sales  called  and
      conducted in any manner permitted by law;

provided,  however,  that  the  Indenture  Trustee  may not  sell  or  otherwise
liquidate  the  Collateral  following  an  Event  of  Default  unless:  (A)  all
Noteholders  consent  in  writing  thereto,  (B) the  proceeds  of such  sale or
liquidation distributable to the Noteholders are sufficient to discharge in full
all amounts then due and unpaid upon such Notes for  principal  and interest and
any amounts set forth under Section 2.11 of the Sale and Servicing  Agreement or
(C) the Indenture  Trustee  determines  that the Collateral will not continue to
provide  sufficient  funds for the payment of  principal  of and interest on the
Notes as they would have become due if the Notes had not been  declared  due and
payable,  and,  in the case of clause (B) or (C) above,  the  Indenture  Trustee
obtains the written consent of Holders of 66-2/3% of the  Outstanding  Amount of
the Notes.  In determining  such  sufficiency or  insufficiency  with respect to
clauses (B) and (C), the Indenture  Trustee may, but need not,  obtain (the cost
of which shall be entitled to be reimbursed  in accordance  with Section 2.11 of
the Sale and Servicing  Agreement) and  conclusively  rely upon an opinion of an
Independent  investment banking or accounting firm of national  reputation as to
the  feasibility  of  such  proposed  action  and as to the  sufficiency  of the
Collateral  for such  purpose.  The  Indenture  Trustee  shall not be liable for
acting in reliance on such an opinion.

                                       22
<PAGE>

      (b) If the Indenture  Trustee  collects any money or property  pursuant to
this  Article  V, it shall  pay out  such  money or  property  according  to the
priorities set forth in Section 2.11 of the Sale and Servicing Agreement.

            The  Indenture  Trustee  may fix a special  record  date and special
payment date for any payment to Noteholders  pursuant to this Section.  At least
15  days  before  such  special  record  date,  the  Issuer  shall  mail to each
Noteholder,  the Facility  Administrator and the Indenture Trustee a notice that
states the special  record date,  the special  payment date and the amount to be
paid.

      SECTION 5.6. Optional  Preservation of the Receivables.  If the Notes have
been  declared to be due and payable  under  Section 5.2  following  an Event of
Default,  and such declaration and its consequences  have not been rescinded and
annulled,  the Indenture Trustee shall, at the written direction of the Facility
Administrator  and the Note  Majority,  maintain  possession of the  Collateral,
unless  otherwise  directed in accordance with the provisions of the Transaction
Documents. It is the desire of the parties hereto and the Noteholders that there
be at all times sufficient funds for the payment of principal of and interest on
the Notes,  and the  Indenture  Trustee shall take such desire into account when
determining  whether  or not  to  maintain  possession  of  the  Collateral.  In
determining  whether to maintain  possession  of the  Collateral,  the Indenture
Trustee  may,  but need not,  obtain  (the cost of which  shall be  entitled  to
reimbursement  in  accordance  with  Section  2.11  of the  Sale  and  Servicing
Agreement)  and rely upon an opinion  of an  Independent  investment  banking or
accounting  firm of national  reputation as to the  feasibility of such proposed
action  and as to the  sufficiency  of the  Collateral  for  such  purpose.  The
Indenture Trustee shall not be liable for acting in reliance on such an opinion.

      SECTION  5.7.  Limitation  of Suits.  No Holder of any Note 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:

      (a) such  Holder has  previously  given  written  notice to the  Indenture
Trustee of a continuing Event of Default and such Event of Default  continues to
exist as of the date of the proposed Proceeding;

      (b) the Note Majority has made written request to the Indenture Trustee to
institute such Proceeding in respect of such Event of Default in its own name as
Indenture Trustee hereunder;

      (c)  such  Holder(s)  have  offered  to the  Indenture  Trustee  indemnity
satisfactory to it against the costs, expenses and liabilities to be incurred in
complying with such request;

      (d) the  Indenture  Trustee  for sixty  (60) days  after  receipt  of such
notice, request and offer of indemnity has failed to institute such Proceedings;
and

      (e) no direction  inconsistent with such written request has been given to
the Indenture Trustee during such sixty (60) day period by the Note Majority.

      It being  understood  and intended that no one or more  Holder(s) of Notes
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  Holder(s)  of  Notes  or to  obtain  or to seek  to  obtain  priority  or
preference  over  any  other  Holder(s)  or to  enforce  any  right  under  this
Indenture, except in the manner herein provided.

      SECTION 5.8.  Unconditional Rights of Noteholders To Receive Principal and
Interest.  Notwithstanding any other provisions in this Indenture, the Holder of
any Note shall have the right, which is absolute and  unconditional,  to receive
payment of the principal of and  interest,  if any, on such Note on

                                       23
<PAGE>

or after the  respective  due dates  thereof  expressed  in such Note or in this
Indenture (or, in the case of redemption,  on or after the Redemption  Date) and
to institute suit for the enforcement of any such payment,  and such right shall
not be impaired without the consent of such Holder.

      SECTION 5.9. Restoration of Rights and Remedies.  If the Indenture Trustee
or any  Noteholder  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 Indenture Trustee or to such
Noteholder,  then and in every such case the Issuer, the Indenture Trustee,  the
Facility  Administrator and the Noteholders shall,  subject to any determination
in such  Proceeding,  be restored  severally  and  respectively  to their former
positions  hereunder,  and  thereafter  all rights and remedies of the Indenture
Trustee, the Facility Administrator and the Noteholders shall continue as though
no such Proceeding had been instituted.

      SECTION 5.10.  Rights and Remedies  Cumulative.  No right or remedy herein
conferred upon or reserved to the Indenture Trustee, the Facility  Administrator
or to the  Noteholders 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.  To the extent permitted by
law, 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 5.11. Delay or Omission Not a Waiver.  No delay or omission of the
Indenture Trustee, the Facility Administrator or any Holder of Notes to exercise
any right or remedy  accruing  upon any Default or Event of Default shall impair
any such right or remedy or  constitute a waiver of any such Default or Event of
Default or an acquiescence therein. Every right and remedy given by this Article
or by  law  to the  Indenture  Trustee,  the  Facility  Administrator  or to the
Noteholders  may be exercised  from time to time,  and as often as may be deemed
expedient,  by the  Indenture  Trustee,  the  Facility  Administrator  or by the
Noteholders, as the case may be.

      SECTION 5.12. Control by Noteholders.  Holders holding at least a majority
of the Outstanding  Amount of the Notes shall have the right to direct the time,
method and place of conducting any  Proceeding  for any remedy  available to the
Indenture  Trustee  with respect to the Notes or  exercising  any trust or power
conferred on the Indenture Trustee; provided, that:

      (a) such  direction  shall not be in conflict with any rule of law or with
this Indenture;

      (b) subject to the express  terms of Section  5.5,  any  direction  to the
Indenture  Trustee  to sell or  liquidate  the  Collateral  shall  be by all the
Noteholders;

      (c) if the conditions set forth in Section 5.6 have been satisfied and the
Indenture Trustee elects to retain the Collateral pursuant to such Section, then
any direction to the  Indenture  Trustee by Holders of Notes  representing  less
than  100% of the  Outstanding  Amount  of the  Notes to sell or  liquidate  the
Collateral shall be of no force and effect; and

      (d) the Indenture  Trustee may take any other action deemed prudent by the
Indenture Trustee that is not inconsistent with such direction;

provided,  however, that, subject to Section 6.1, the Indenture Trustee need not
take any  action  that it  determines  might  involve it in  liability  or might
materially  adversely affect the rights of any  Noteholder(s)  not consenting to
such action.

                                       24
<PAGE>

      SECTION  5.13.  Waiver of Past  Defaults.  Prior to the time a judgment or
decree for payment of money due has been  obtained as  described in Section 5.4,
Holders holding at least a majority of the  Outstanding  Amount of the Notes may
waive any Event of Default and its consequences except an Event of Default:  (a)
in payment of  principal of or interest on any of the Notes or (b) in respect of
a covenant or  provision  hereof that cannot be modified or amended  without the
consent of the Holder of each Note. In the case of any such waiver,  the Issuer,
the Indenture Trustee,  the Facility  Administrator and the Holders of the Notes
shall be restored to their former positions and rights hereunder,  respectively;
but no such waiver shall extend to any  subsequent  or other Event of Default or
impair any right consequent thereto.

      Upon any such  waiver,  such Event of Default  shall cease to exist and be
deemed to have been  cured and not to have  occurred  for every  purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default or
Event of Default or impair any right consequent thereto.

      SECTION 5.14.  Undertaking for Costs. All parties to this Indenture agree,
and each Holder of any Note by such Holder's  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 Indenture Trustee for any action taken, suffered or omitted by it as
Indenture  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  attorney's  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: (a) any suit  instituted by the
Indenture Trustee or the Facility Administrator,  (b) any suit instituted by any
Noteholder(s)  holding in the aggregate more than 10% of the Outstanding  Amount
of the Notes or (c) any suit instituted by any Noteholder for the enforcement of
the payment of principal  of or interest on any Note on or after the  respective
due dates  expressed  in such  Note and in this  Indenture  (or,  in the case of
redemption, on or after the Redemption Date).

      SECTION 5.15.  Waiver of Stay or Extension Laws. The 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,  that may affect the covenants or the performance of this Indenture;  and
the 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  Indenture
Trustee or the Facility Administrator,  but will suffer and permit the execution
of every such power as though no such law had been enacted.

      SECTION 5.16.  Action on Notes. The Indenture  Trustee's right to seek and
recover  judgment on the Notes or under this Indenture  shall not be affected by
the seeking,  obtaining or application of any other relief under or with respect
to this Indenture. Neither the Lien of this Indenture nor any rights or remedies
of the Indenture Trustee, the Facility Administrator or the Noteholders shall be
impaired by the recovery of any judgment by the  Indenture  Trustee  against the
Issuer or by the levy of any  execution  under such judgment upon any portion of
the  Collateral  or upon any of the assets of the Issuer.  Any money or property
collected by the Indenture  Trustee shall be applied in accordance  with Section
5.5(b).

      SECTION 5.17.  Performance  and  Enforcement of Certain  Obligations.  (a)
Promptly  following  a request  from the  Indenture  Trustee to do so and at the
Issuer's  expense,  the Issuer  shall  take all such  lawful  action  within its
control  as  the   Indenture   Trustee,   the  Note  Majority  or  the  Facility
Administrator  may request to compel or secure the performance and observance by
the  Trust  Depositor  and  the  Servicer,  as  applicable,  of  each  of  their
obligations  to the Issuer under or in  connection  with the Sale and

                                       25
<PAGE>

Servicing  Agreement in accordance  with the terms thereof,  and to exercise any
and all rights, remedies, powers and privileges lawfully available to the Issuer
under or in connection  with the Sale and Servicing  Agreement to the extent and
in the manner  directed  by the  Indenture  Trustee,  the Note  Majority  or the
Facility  Administrator,  including the transmission of notices of breach on the
part of the Trust  Depositor or the Servicer  thereunder and the  institution of
legal or administrative  actions or proceedings to compel or secure  performance
by the Trust  Depositor or the Servicer of each of their  obligations  under the
Sale and Servicing Agreement.

      (b) If an Event of Default has occurred and is  continuing,  the Indenture
Trustee may, and at the direction  (which  direction shall be in writing) of the
Holders of not less than 66-2/3% of the  Outstanding  Amount of the Notes shall,
exercise  all  rights,  remedies,  powers,  privileges  and claims of the Issuer
against the Trust Depositor or the Servicer under or in connection with the Sale
and  Servicing  Agreement,  including  the right or power to take any  action to
compel  or secure  performance  or  observance  by the  Trust  Depositor  or the
Servicer of each of their  obligations to the Issuer  thereunder and to give any
consent,  request, notice,  direction,  approval,  extension or waiver under the
Sale and  Servicing  Agreement,  and any right of the Issuer to take such action
shall be suspended.

                                   ARTICLE VI
                              THE INDENTURE TRUSTEE

      SECTION 6.1. Duties of the Indenture  Trustee.  (a) If an Event of Default
has occurred and is continuing,  the Indenture Trustee shall exercise the rights
and powers  vested in it by this  Indenture  and use the same degree of care and
skill in its  exercise  as a  prudent  person  would  exercise  or use under the
circumstances in the conduct of such person's own affairs.

      (b) Except during the continuance of an Event of Default actually known to
a Responsible Officer of the Indenture Trustee:

            (i) the Indenture Trustee undertakes to perform 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
      Indenture Trustee; and

            (ii) in the absence of bad faith on its part, the Indenture  Trustee
      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  Indenture  Trustee  and  conforming  to  the
      requirements of this Indenture; provided, however, in the case of any such
      certificates  or opinions  that by any provision  hereof are  specifically
      required to be furnished to the Indenture  Trustee,  the Indenture Trustee
      shall examine the  certificates  and opinions to determine  whether or not
      they conform to the requirements of this Indenture.

      (c) The Indenture  Trustee may not be relieved from  liability for its own
negligent  action,  its  own  negligent  failure  to  act  or  its  own  willful
misconduct, except that:

            (i) this  clause (c) does not limit the effect of clause (b) of this
      Section;

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

            (iii) the Indenture  Trustee shall not be liable with respect to any
      action  it  takes or omits  to take in good  faith  in  accordance  with a
      direction received by it pursuant to the Indenture;

                                       26
<PAGE>

            (iv) the Indenture Trustee shall not be charged with knowledge of an
      Event of Default unless a Responsible  Officer obtains actual knowledge of
      such event or the Indenture  Trustee receives written notice of such event
      from the Seller,  Servicer,  the Facility  Administrator or Holders owning
      Notes aggregating not less than 10% of the Outstanding Amount of the Notes
      (as used  herein  "actual  knowledge"  means the  actual  fact or state of
      knowing, without any duty to investigate); and

            (v)  the  Indenture  Trustee  shall  have no  duty  to  monitor  the
      performance of the Issuer,  the Seller or the Servicer,  nor shall it have
      any liability in connection with malfeasance or nonfeasance by the Issuer,
      the Seller or the Servicer.  The Indenture Trustee shall have no liability
      in connection  with  compliance of the Issuer,  the Seller or the Servicer
      with statutory or regulatory  requirements related to the Collateral.  The
      Indenture   Trustee  shall  not  make  or  be  deemed  to  have  made  any
      representations  or  warranties  with  respect  to the  Collateral  or the
      validity or sufficiency of any assignment of the Collateral.

      (d) Every  provision  of this  Indenture  that in any way  relates  to the
Indenture  Trustee is subject to clauses  (a),  (b), (c) and (f) of this Section
6.1.

      (e) The  Indenture  Trustee  shall not be liable for interest on any money
received except as the Indenture Trustee may agree in writing with the Issuer.

      (f) No provision of this Indenture shall require the Indenture  Trustee 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 repayments
of such funds or  indemnity  satisfactory  to it against any loss,  liability or
expense is not reasonably assured to it.

      (g) Every provision of this Indenture relating to the conduct or affecting
the  liability of or affording  protection  to the  Indenture  Trustee  shall be
subject to this Section.

      (h) The Indenture  Trustee shall,  upon two Business Days' prior notice to
the Indenture Trustee,  permit any representative of the Facility  Administrator
or the Issuer,  during the Indenture Trustee's normal business hours, to examine
all  books  of  account  and  official  records  required  to be  maintained  in
accordance with this Indenture by the Indenture  Trustee  relating to the Notes,
to make copies and extracts  therefrom  and to discuss the  Indenture  Trustee's
affairs  and  actions,  as such  affairs  and  actions  relate to the  Indenture
Trustee's  duties  with  respect  to the  Notes,  with the  Indenture  Trustee's
officers and  employees  responsible  for carrying out the  Indenture  Trustee's
duties with respect to the Notes. All expenses incurred by the Indenture Trustee
in connection with such examination shall be borne by the Issuer.

      SECTION 6.2. Rights of Indenture  Trustee.  (a) The Indenture  Trustee may
conclusively  rely and  shall be  fully  protected  in  acting  on any  document
believed by it to be genuine and to have been signed or  presented by the proper
Person. The Indenture Trustee need not and shall not be bound to investigate any
fact or matter stated in any such document.

      (b) Before the  Indenture  Trustee  acts or  refrains  from  acting at the
request of the Issuer, the Servicer,  the Facility  Administrator or any Holder,
it may require an Officer's  Certificate  or an Opinion of Counsel (the cost and
expense of which shall be entitled to be reimbursed  in accordance  with Section
2.11 of the Sale and Servicing  Agreement).  The Indenture  Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on the
Officer's Certificate or Opinion of Counsel.

                                       27
<PAGE>

      (c)  The  Indenture  Trustee  may  execute  any of the  trusts  or  powers
hereunder  or perform  any duties  hereunder  either  directly  or by or through
agents,  attorneys,  a  custodian  or a  nominee;  provided,  however,  that the
Indenture  Trustee shall not be responsible  for any misconduct or negligence on
the part of, and for the supervision of any such agent,  attorney,  custodian or
nominee appointed with due care by it.

      (d) The  Indenture  Trustee shall not be liable for any action it takes or
omits to take in good  faith that it  believes  to be  authorized  or within its
rights or powers;  provided,  however, that the Indenture Trustee's conduct does
not constitute willful misconduct, negligence or bad faith.

      (e) The  Indenture  Trustee  may (the cost and  expense of which  shall be
entitled  to be  reimbursed  in  accordance  with  Section  2.11 of the Sale and
Servicing Agreement), consult with counsel, and the advice or opinion of counsel
with respect to legal matters  relating to this Indenture and the Notes shall be
full and complete  authorization and protection from liability in respect to any
action  taken,  omitted  or  suffered  by it  hereunder  in  good  faith  and in
accordance with the advice or opinion of such counsel.

      (f) The  Indenture  Trustee  shall not be  required to make any initial or
periodic  examination of any files or records related to the Receivables for the
purpose of  establishing  the presence or absence of defects,  the compliance by
the Issuer with its representations and warranties or for any other purpose.

      (g) In the event that the  Indenture  Trustee is also  acting as  transfer
agent,  Paying Agent or Note  Registrar  hereunder,  the rights and  protections
afforded to the  Indenture  Trustee  pursuant  to this  Article VI shall also be
afforded to the Indenture Trustee in its capacity as such transfer agent, Paying
Agent or Note Registrar.

      SECTION 6.3.  Individual  Rights of the Indenture  Trustee.  The Indenture
Trustee shall not, in its individual capacity,  but may in a fiduciary capacity,
become the owner of Notes.  The Indenture  Trustee may  otherwise  deal with the
Issuer or its  Affiliates  with the same rights it would have if it were not the
Indenture Trustee.  Any Paying Agent, Note Registrar,  co-registrar or co-paying
agent may do the same with like  rights.  However,  the  Indenture  Trustee must
comply with Section 6.11.

      SECTION  6.4.  Indenture  Trustee's  Disclaimer.  Except  as set  forth in
Section 6.12, the Indenture  Trustee shall not be responsible  for, and makes no
representation as to the validity or adequacy of, this Indenture, the Collateral
or the Notes; shall not be accountable for the Issuer's use of the proceeds from
the Notes;  and shall not be responsible for any statement of the Issuer in this
Indenture or in any document  issued in connection with the sale of the Notes or
in the Notes other than the Indenture Trustee's certificate of authentication.

      SECTION  6.5.  Notice of  Defaults.  If a Default  or an Event of  Default
occurs and is continuing  and is actually  known to a Responsible  Officer,  the
Indenture Trustee shall fax, if such fax number is known,  (followed by a notice
sent by mail) to each  Noteholder and the Facility  Administrator  notice of the
Default or Event of Default within 5 Business Days after obtaining  knowledge of
the occurrence thereof.

      SECTION 6.6.  Reports by Indenture  Trustee to the Holders.  The Indenture
Trustee shall deliver to each Noteholder such  information as may be required to
enable such Holder to prepare its  Federal,  State and other income tax returns;
provided the Servicer has provided the Indenture  Trustee with any such required
information in a timely manner.

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<PAGE>

      SECTION 6.7.  Compensation  and Indemnity.  The Issuer shall  (pursuant to
Section 2.11 of the Sale and Servicing  Agreement) pay to the Indenture  Trustee
from  time to  time  reasonable  compensation  for its  services  and any  other
reasonable  fees  incurred  by the  Indenture  Trustee in  accordance  with this
Indenture.  The Indenture Trustee's compensation shall not be limited by any law
on compensation  of a trustee of an express trust.  Subject to the last sentence
of this  paragraph,  the Issuer shall  indemnify the  Indenture  Trustee and its
officers,  directors,  employees  and agents  against any and all loss,  claims,
actions, liability or expense (including reasonable attorneys' fees) incurred by
them in connection with the  administration of this trust and the performance of
its duties hereunder,  the Transaction Documents and any transaction or document
contemplated  herewith or  therewith.  The  Indenture  Trustee  shall notify the
Issuer,  the Facility  Administrator  and the Servicer promptly of any claim for
which it may seek indemnity.  Failure by the Indenture  Trustee to so notify the
Issuer,  the  Facility  Administrator  and the  Servicer  shall not  relieve the
Servicer  or the Issuer of its  obligations.  The Issuer  shall  defend any such
claim and the Indenture  Trustee may have separate  counsel and the Issuer shall
pay the fees and expenses of such  counsel.  The Issuer need not  reimburse  any
expense or  indemnify  against any loss,  liability  or expense  incurred by the
Indenture  Trustee  through the  Indenture  Trustee's  own  willful  misconduct,
negligence or bad faith.

      The Issuer's payment obligations to the Indenture Trustee pursuant to this
Section  shall  survive the  discharge  of this  Indenture.  When the  Indenture
Trustee incurs expenses after the occurrence of an Event of Default specified in
Section  5.1(iii) or (iv),  the expenses are intended to constitute  expenses of
administration  under Title II of the United States Code or any other applicable
Federal or State bankruptcy, insolvency or similar law.

      SECTION 6.8.  Replacement  of the Indenture  Trustee.  No  resignation  or
removal of the Indenture  Trustee and no  appointment  of a successor  Indenture
Trustee  shall  become  effective  until  the  acceptance  of  appointment  by a
successor  Indenture Trustee pursuant to this Section 6.8. The Indenture Trustee
may resign at any time by so notifying the Issuer, the Servicer and the Facility
Administrator in writing.  Holders  constituting not less than a majority of the
Outstanding Amount of the Notes may remove the Indenture Trustee by so notifying
the Indenture Trustee in writing and may appoint a successor  Indenture Trustee.
The Issuer  may,  with the  consent of the  Facility  Administrator,  remove the
Indenture Trustee if:

            (i) the Indenture Trustee fails to comply with Section 6.11;

            (ii) the Indenture Trustee is adjudged as bankrupt or insolvent;

            (iii) a  receiver  or  other  public  officer  takes  charge  of the
      Indenture Trustee or its property; or

            (iv) the Indenture Trustee otherwise becomes incapable of acting.

      If the Indenture  Trustee  resigns or is removed or if a vacancy exists in
the office of Indenture  Trustee for any reason (the  Indenture  Trustee in such
event being referred to herein as the retiring  Indenture  Trustee),  the Issuer
shall  promptly  appoint  a  successor  Indenture  Trustee  which is  reasonably
acceptable to the Facility Administrator and the Trust Depositor.

      A successor  Indenture  Trustee shall deliver a written  acceptance of its
appointment to the retiring Indenture Trustee, the Facility  Administrator,  the
Servicer and to the Issuer. Thereupon the resignation or removal of the retiring
Indenture  Trustee shall become effective,  and the successor  Indenture Trustee
shall have all the rights, powers and duties of the Indenture Trustee under this
Indenture. The successor Indenture Trustee shall mail a notice of its succession
to  Noteholders,  the  Servicer  and the  Facility

                                       29
<PAGE>

Administrator.  The retiring Indenture Trustee shall promptly  transfer,  at the
expense of the  Issuer,  all  property  held by it as  Indenture  Trustee to the
successor Indenture Trustee.

      If a successor Indenture Trustee does not take office within 60 days after
the retiring  Indenture  Trustee resigns or is removed,  the retiring  Indenture
Trustee, the Issuer, the Facility Administrator or Holders constituting not less
than a majority of the Outstanding Amount of the Notes may petition any court of
competent jurisdiction for the appointment of a successor Indenture Trustee.

      If the Indenture Trustee fails to comply with Section 6.11, any Noteholder
or the Facility  Administrator may petition any court of competent  jurisdiction
for the  removal of the  Indenture  Trustee and the  appointment  of a successor
Indenture Trustee.

      Notwithstanding  the replacement of the Indenture Trustee pursuant to this
Section,  the  Issuer's  obligations  under  Section 6.7 shall  continue for the
benefit of the retiring Indenture Trustee.  The retiring Indenture Trustee shall
have no liability for any act or omission by any successor Indenture Trustee.

      SECTION  6.9.  Successor  Indenture  Trustee by Merger.  If the  Indenture
Trustee  consolidates  with,  merges  or  converts  into,  or  transfers  all or
substantially all its corporate trust business or assets to, another corporation
or banking  association,  the  resulting,  surviving or  transferee  corporation
without any further act shall be the successor Indenture Trustee; provided, that
such  corporation  or  banking  association  shall be  otherwise  qualified  and
eligible  under Section 6.11.  The Indenture  Trustee shall provide the Facility
Administrator and the Issuer prior written notice of any such transaction.

      In  case  at  the  time  such   successor(s)  by  merger,   conversion  or
consolidation  to the Indenture  Trustee shall succeed to the trusts  created by
this Indenture any of the Notes shall have been authenticated but not delivered,
any such  successor  to the  Indenture  Trustee  may  adopt the  certificate  of
authentication   of  any  predecessor   trustee,   and  deliver  such  Notes  so
authenticated;  and in case at that  time any of the  Notes  shall not have been
authenticated,  any successor to the  Indenture  Trustee may  authenticate  such
Notes either in the name of any predecessor  trustee hereunder or in the name of
the successor to the Indenture Trustee;  and in all such cases such certificates
of authentication  shall have the full force and effect to the same extent given
to the certificate of  authentication  of the Indenture  Trustee anywhere in the
Notes or in this Indenture.

      SECTION  6.10.   Appointment  of  Co-Trustee  or  Separate  Trustee.   (a)
Notwithstanding  any other  provisions of this  Indenture,  at any time, for the
purpose of meeting any legal  requirement of any  jurisdiction in which any part
of the  Collateral may at the time be located,  the Indenture  Trustee (with the
consent of the Facility  Administrator  (which consent shall not be unreasonably
withheld))  shall have the power and may execute and deliver all  instruments to
appoint one or more Person(s) to act as co-trustee(s),  or separate  trustee(s),
of all or any part of the  Collateral,  and to vest in such  Person(s),  in such
capacity and for the benefit of the  Noteholders,  such title to the Collateral,
or any part thereof,  and, subject to the other provisions of this Section, such
powers,  duties,  obligations,  rights and trusts as the  Indenture  Trustee may
consider  necessary or desirable.  No co-trustee or separate  trustee  hereunder
shall be required to meet the terms of eligibility as a successor  trustee under
Section 6.11 and no notice to Noteholders  of the  appointment of any co-trustee
or separate trustee shall be required under Section 6.8.

      (b) Every separate trustee and co-trustee  shall, to the extent permitted,
be appointed and act subject to the following provisions and conditions:

            (i) all rights,  powers, duties and obligations conferred or imposed
      upon  the  Indenture  Trustee  shall  be  conferred  or  imposed  upon and
      exercised or performed by the Indenture  Trustee and such separate trustee
      or co-trustee  jointly (it being  understood that such

                                       30
<PAGE>

      separate trustee or co-trustee is not authorized to act separately without
      the  Indenture  Trustee  joining in such act),  except to the extent  that
      under any law of any jurisdiction in which any particular act(s) are to be
      performed,  the Indenture  Trustee shall be  incompetent or unqualified to
      perform  such  act(s),  in which  event such  rights,  powers,  duties and
      obligations  (including  the  holding  of title to the  Collateral  or any
      portion thereof in any such jurisdiction) shall be exercised and performed
      singly by such separate trustee or co-trustee, but solely at the direction
      of the Indenture Trustee;

            (ii) no trustee  hereunder  shall be personally  liable by reason of
      any act or omission of any other trustee hereunder; and

            (iii) the Indenture  Trustee may at any time accept the  resignation
      of or remove,  in its sole discretion,  any separate trustee or co-trustee
      (it being  understood  that the Indenture  Trustee shall provide notice of
      such resignation or removal to the Facility Administrator).

      (c) Any notice,  request or other writing  given to the Indenture  Trustee
shall be deemed to have been  given to each of the then  separate  trustees  and
co-trustees,  as  effectively  as if  given to each of  them.  Every  instrument
appointing any separate  trustee or co-trustee shall refer to this Agreement and
the conditions of this Article VI. Each separate  trustee and  co-trustee,  upon
its  acceptance  of the trusts  conferred,  shall be vested  with the estates or
property  specified in its  instrument of  appointment,  either jointly with the
Indenture  Trustee or  separately,  as may be provided  therein,  subject to the
provisions of this  Indenture,  specifically  including  every provision of this
Indenture  relating to the conduct of,  affecting the liability of, or affording
protection to, the Indenture Trustee.  Every such instrument shall be filed with
the Indenture Trustee.

      (d) Any separate  trustee or  co-trustee  may at any time  constitute  the
Indenture  Trustee  as  its  agent  or  attorney-in-fact  with  full  power  and
authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Indenture on its behalf and in its name. If any separate trustee
or co-trustee shall die, cease to exist,  become incapable of acting,  resign or
be removed, all of its estates,  properties,  rights,  remedies and trusts shall
vest in and be exercised by the Indenture  Trustee,  to the extent  permitted by
law, without the appointment of a new or successor trustee.

      (e) The Indenture  Trustee shall have no obligation to determine whether a
co-trustee or separate  trustee is legally required in any jurisdiction in which
any part of the Collateral may be located.

      SECTION 6.11. Eligibility; Disqualification. The Indenture Trustee and any
Paying Agent shall have,  or be a member of a bank  holding  company  having,  a
combined  capital and surplus of at least  $50,000,000  as set forth in its most
recent  published  annual  report  of  condition  and it shall  have a long term
senior,  unsecured  debt rating of "Baa3" or better by Moody's (or, if not rated
by Moody's, a comparable rating by another statistical rating agency) and "BBB-"
or better by Standard & Poor's.

      SECTION  6.12.   Representations  and  Warranties  of  Indenture  Trustee.
Indenture Trustee in its individual capacity and as Indenture Trustee represents
and warrants as follows:

      (a)  Organization  and Corporate Power. It is a duly organized and validly
existing  national  banking  association in good standing under the laws of each
jurisdiction  where its  business  so  requires.  It has full  corporate  power,
authority  and legal right to execute,  deliver and perform its  obligations  as
Indenture Trustee under this Indenture and the Sale and Servicing Agreement (the
foregoing documents,  the "Indenture Trustee Documents") and to authenticate the
Notes.

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<PAGE>

      (b) Due Authorization. The execution and delivery of the Indenture Trustee
Documents,  the  consummation of the  transactions  provided for therein and the
authentication of the Notes have been duly authorized by all necessary corporate
action on its part, either in its individual  capacity or as Indenture  Trustee,
as the case may be.

      (c) No  Conflict.  The  execution  and delivery of the  Indenture  Trustee
Documents,  the  performance of the  transactions  contemplated  thereby and the
fulfillment  of the terms thereof  (including the  authentication  of the Notes)
will not conflict  with,  result in any breach of any of the material  terms and
provisions of, or constitute (with or without notice or lapse of time or both) a
default under any indenture,  contract,  agreement,  mortgage, deed of trust, or
other instrument to which the Indenture Trustee is a party or by which it or any
of its property is bound.

      (d) No Violation.  The  execution  and delivery of the  Indenture  Trustee
Documents,  the  performance of the  transactions  contemplated  thereby and the
fulfillment  of the terms thereof  (including the  authentication  of the Notes)
will not conflict with or violate, in any material respect, any Applicable Law.

      (e) All Consents Required. All approvals, authorizations, consents, orders
or  other  actions  of any  Person  or  Governmental  Entity  applicable  to the
Indenture Trustee, required in connection with the execution and delivery of the
Indenture  Trustee  Documents,  the performance by the Indenture  Trustee of the
transactions  contemplated  thereby and the fulfillment by the Indenture Trustee
of the terms  thereof  (including  the  authentication  of the Notes)  have been
obtained.

      (f) Validity,  Etc. Each Indenture  Trustee Document  constitutes a legal,
valid and binding obligation of the Indenture Trustee,  enforceable  against the
Indenture  Trustee in accordance with its terms,  except as such  enforceability
may be limited by applicable  insolvency laws and except as such  enforceability
may be limited by general  principles  of equity,  concepts of  materiality  and
reasonableness  (whether  considered  in a suit  at law or in  equity)  or by an
implied covenant of good faith and fair dealing.

                                  ARTICLE VII
                         NOTEHOLDERS' LISTS AND REPORTS

      SECTION 7.1.  Issuer To Furnish  Indenture  Trustee Names and Addresses of
Noteholders.  The Issuer will furnish or cause to be furnished to the  Indenture
Trustee:  (a) not more than five days after the earlier of: (i) each Record Date
and (ii) three months  after the last Record  Date, a list,  in such form as the
Indenture  Trustee may  reasonably  require,  of the names and  addresses of the
Holders of Notes as of such  Record  Date,  and (b) at such  other  times as the
Indenture  Trustee may request in writing,  within 30 days after  receipt by the
Issuer of any such request,  a list of similar form and content as of a date not
more than 10 days prior to the time such list is furnished;  provided,  however,
that so long as the Indenture Trustee is the Note Registrar,  no such list shall
be required to be furnished.

      SECTION 7.2.  Preservation of Information:  Communications to Noteholders.
The  Indenture  Trustee  shall  preserve,  in as current a form as is reasonably
practicable,  the names and  addresses of the Holders of Notes  contained in the
most recent list  furnished to the Indenture  Trustee as provided in Section 7.1
and the names and  addresses  of  Holders  of Notes  received  by the  Indenture
Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any
list  furnished  to it as provided in Section 7.1 upon  receipt of a new list so
furnished.

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<PAGE>

                                 ARTICLE VIII.
                      ACCOUNTS, DISBURSEMENTS AND RELEASES

      SECTION 8.1.  Collection of Money.  Except as otherwise expressly provided
herein,  the  Indenture  Trustee may demand  payment or  delivery  of, and shall
receive and collect,  directly and without  intervention  or  assistance  of any
fiscal agent or other  intermediary,  all money and other property payable to or
receivable by the Indenture  Trustee pursuant to this Indenture and the Sale and
Servicing  Agreement.  The Indenture Trustee shall apply all such money received
by it as provided in this Indenture and the Sale and Servicing Agreement. Except
as otherwise expressly provided in this Indenture,  if any default occurs in the
making of any payment or performance  under any agreement or instrument  that is
part of the  Collateral,  the  Indenture  Trustee may cause the Servicer to take
such  action as may be  appropriate  to enforce  such  payment  or  performance,
including the institution and prosecution of appropriate  Proceedings.  Any such
action  shall be  without  prejudice  to any right to claim an Event of  Default
under this Indenture and any right to proceed  thereafter as provided in Article
V.

      SECTION 8.2. Trust  Accounts.  On or prior to the Closing Date, the Issuer
shall cause the Servicer to establish and maintain, in the name of the Indenture
Trustee,  for the benefit of the Noteholders,  the Trust Accounts as provided in
Section  2.3 of the Sale  and  Servicing  Agreement.  Not in  limitation  of the
foregoing, on each Payment Date and Redemption Date, the Indenture Trustee shall
distribute  amounts on deposit in the  Collection  Account to Noteholders to the
extent of amounts due and unpaid on the Notes in the amounts and in the order of
priority set forth in Section 2.11 of the Sale and Servicing Agreement.

      SECTION 8.3.  General  Provisions  Regarding  Accounts.  (a) So long as no
Event of Default shall have occurred and be continuing,  all or a portion of the
funds in the Trust Accounts  (other than the Lockbox  Account) shall be invested
in Permitted Investments and reinvested by the Indenture Trustee pursuant to the
provisions  of Section 2.5 of the Sale and  Servicing  Agreement.  All income or
other gain from  investments of moneys  deposited in the Trust Accounts shall be
deposited  by the  Indenture  Trustee in the  Collection  Account or the Reserve
Account,  and any loss or  expenses  resulting  from such  investments  shall be
charged to such account.

      (b) Subject to Section 6.1(c),  the Indenture Trustee shall not in any way
be held liable for the  selection of Permitted  Investments  or by reason of any
insufficiency  in any of the  Trust  Accounts  resulting  from  any  loss on any
Permitted  Investment  included therein,  except for losses  attributable to the
Indenture  Trustee's  failure to make  payments  on such  Permitted  Investments
issued by the Indenture Trustee, in its commercial capacity as principal obligor
and not as trustee, in accordance with their terms.

      (c) In the absence of timely and  specific  written  investment  direction
from the Servicer and Issuer,  the Indenture  Trustee shall invest any cash held
in Permitted  Investments of a type described in clause (c)(i) of the definition
thereof. In no event shall the Indenture Trustee be liable for investment losses
incurred  thereon.  The Indenture  Trustee shall have no liability in respect of
losses  incurred as a result of the  liquidation of any investment  prior to its
stated  maturity or the  failure of the  Servicer  and Issuer to provide  timely
written investment direction.

      SECTION 8.4. Release of Collateral. (a) Subject to the payment of its fees
and  expenses  pursuant to Section  6.7,  the  Indenture  Trustee  may, and when
required  by this  Indenture,  the Sale and  Servicing  Agreement  or any  other
Transaction  Document shall,  execute  instruments to release  property from the
Lien of this Indenture,  or convey the Indenture Trustee's interest in the same,
in a  manner  and  under  circumstances  that  are not  inconsistent  with  this
Indenture. No party relying upon an instrument executed by the Indenture Trustee
as provided in this Article shall be bound to ascertain the Indenture

                                       33
<PAGE>

Trustee's  authority,  inquire into the satisfaction of any conditions precedent
or see to the application of any moneys.

      (b) The Indenture  Trustee  shall,  at such time as there are no Aggregate
Outstandings  and  all  sums  due  to  the  Indenture   Trustee,   the  Facility
Administrator  and  the  Noteholders  pursuant  to  Section  6.7  or  the  other
Transaction  Documents  have been paid,  release  any  remaining  portion of the
Collateral without  representation,  warranty or recourse that secured the Notes
from the Lien of this  Indenture  and release to the Issuer or any other  Person
entitled thereto any funds then on deposit in the Trust Accounts.  The Indenture
Trustee shall release property from the Lien of this Indenture  pursuant to this
paragraph  only upon receipt of an Issuer  Request  accompanied  by an Officer's
Certificate and an Opinion of Counsel.

                                   ARTICLE IX
                             SUPPLEMENTAL INDENTURES

      SECTION  9.1.  Supplemental  Indentures  Without  Consent of  Noteholders.
Without  the  consent  of the  Holders of Notes,  the  Issuer and the  Indenture
Trustee,  when authorized by an Issuer Order, at any time and from time to time,
may enter into one or more indentures  supplemental  hereto in form satisfactory
to the Indenture Trustee, for any of the following purposes:

            (i) to correct or amplify  the  description  of any  property at any
      time subject to the Lien of this  Indenture,  or better to assure,  convey
      and confirm unto the Indenture Trustee any property subject or required to
      be subjected to the Lien of this  Indenture,  or to subject to the Lien of
      this Indenture additional property;

            (ii) to evidence the  succession,  in compliance with the applicable
      provisions  hereof, of another Person to the Issuer, and the assumption by
      any such successor of the covenants of the Issuer herein and in the Notes;

            (iii) to add to the covenants of the Issuer,  for the benefit of the
      Holders of Notes, or to surrender any right or power herein conferred upon
      the Issuer;

            (iv) to convey, transfer, assign, mortgage or pledge any property to
      or with the Indenture Trustee; or

            (v) to cure any  ambiguity,  to correct or supplement  any provision
      herein or in any supplemental  indenture that may be inconsistent with any
      other  provision  herein or in any  supplemental  indenture or to make any
      other  provisions with respect to matters or questions  arising under this
      Indenture or in any  supplemental  indenture;  provided,  that such action
      shall not  materially  adversely  affect the  interests  of the Holders of
      Notes.

      The Indenture Trustee is hereby authorized to join in the execution of any
such supplemental  indenture and to make any further appropriate  agreements and
stipulations that may be therein contained.  No supplemental  indenture pursuant
to this Section 9.1 shall be entered into which is inconsistent  with the Issuer
being a Qualified  Special  Purpose  Entity  (within  the  meaning of  Financial
Accounting Standards Board Statement No. 140).

      SECTION 9.2.  Supplemental  Indentures  With Consent of  Noteholders.  The
Issuer and the Indenture Trustee,  when authorized by an Issuer Order, may, with
the written  consent of Holders  holding at least a majority of the  Outstanding
Amount of the Notes  affected  thereby,  enter into an indenture  or  indentures
supplemental  hereto for the purpose of adding any  provisions to or changing in
any manner or

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<PAGE>

eliminating  any of the provisions of this Indenture  affecting such Notes or of
modifying in any manner the rights of the Holders of Notes under this Indenture;
provided,  however,  that no such  supplemental  indenture  shall,  without  the
consent of the Holder of each Outstanding Note affected thereby:

            (i) change the date of payment of any installment of principal of or
      interest on any Note, or reduce the principal amount thereof, the interest
      rate  thereon or the  Redemption  Price with respect  thereto,  change the
      provisions of this  Indenture  relating to the  application of collections
      on, or the  proceeds  of the sale of,  the  Collateral  to the  payment of
      principal  of or  interest  on the  Notes,  or change any place of payment
      where, or the coin or currency in which,  any Note or the interest thereon
      is payable,  or impair the right to institute suit for the  enforcement of
      the  provisions  of this  Indenture  requiring  the  application  of funds
      available  therefor,  as provided in Article V, to the payment of any Such
      amount due on or after the  respective  due dates thereof (or, in the case
      of redemption, on or after the Redemption Date);

            (ii) reduce the percentage of the Outstanding Amount, the consent of
      the Holders of which is required for any such supplemental  indenture,  or
      the  consent  of the  Holders  of  which 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;

            (iii)  modify  or  alter  the  provisions  of  the  proviso  to  the
      definition of "Outstanding";

            (iv) reduce the  percentage of the  Outstanding  Amount  required to
      direct the Indenture Trustee to direct the Issuer to sell or liquidate the
      Collateral pursuant to Section 5.4;

            (v) modify any  provision  of this  Section  except to increase  any
      percentage   specified  herein  or  to  provide  that  certain  additional
      provisions  of this  Indenture  or the  Transaction  Documents  cannot  be
      modified or waived  without the consent of the Holder of each  Outstanding
      Note affected thereby;

            (vi) modify any of the  provisions of this  Indenture in such manner
      as to affect the  calculation  of the amount of any payment of interest or
      principal due on any Note on any Payment Date  (including the  calculation
      of any of the individual components of such calculation); or

            (vii)  permit  the  creation  of any Lien  ranking  prior to or on a
      parity  with the Lien of this  Indenture  with  respect to any part of the
      Collateral  or,  except as  otherwise  permitted or  contemplated  herein,
      terminate  the Lien of this  Indenture on any property at any time subject
      hereto or deprive any Holder of Notes of the security provided by the Lien
      of this Indenture.

      Notwithstanding the foregoing,  the Issuer and the Indenture Trustee shall
not enter into an  indenture  or  indenture  supplemental  thereto  without  the
consent of the  Servicer  (so long as the  Servicer is Bluegreen or an Affiliate
thereof), if the effect of such supplemental indenture is to materially increase
the obligations of the Servicer (in its capacity as Trust  Administrator)  under
the Administration Agreement.

      It shall not be necessary  for any Act (as defined in Section 11.3) of the
Noteholders  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. The manner of obtaining such consents (and any other consents
of  Noteholders  provided  for in this  Indenture  or in any  other  Transaction
Document)  and of  evidencing  the  authorization  of the  execution  thereof by
Noteholders  shall be subject to such  reasonable  requirements as the Indenture
Trustee may provide.

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<PAGE>

      Promptly  after the execution by the Issuer and the  Indenture  Trustee of
any supplemental indenture pursuant to this Section, the Indenture Trustee shall
mail to the  Holders  of the  Notes  to which  such  amendment  or  supplemental
indenture  relates a notice setting forth in general terms the substance of such
supplemental  indenture.  Any  failure  of the  Indenture  Trustee  to mail such
notice, or any defect therein,  shall not, however,  in any way impair or affect
the validity of any such supplemental indenture.

      SECTION 9.3.  Execution  of  Supplemental  Indentures.  In  executing,  or
permitting  the  additional  trusts  created  by,  any  supplemental   indenture
permitted by this Article IX or the modifications  thereby of the trusts created
by this  Indenture,  the Indenture  Trustee shall be entitled to receive (with a
copy to the Facility  Administrator) and, subject to Sections 6.1 and 6.2, shall
be fully  protected  in relying  upon,  an Opinion of Counsel  stating  that the
execution of such  supplemental  indenture is  authorized  and permitted by this
Indenture and all  conditions  precedent to the  execution of such  supplemental
indenture  have been met. The Indenture  Trustee may, but shall not be obligated
to,  enter into any such  supplemental  indenture  that  affects  the  Indenture
Trustee's own rights, duties,  liabilities or immunities under this Indenture or
otherwise.

      SECTION 9.4. Effect of Supplemental  Indenture.  Upon the execution of any
supplemental  indenture pursuant to the provisions hereof,  this Indenture shall
be and be deemed to be modified and amended in accordance therewith with respect
to the Notes affected thereby, and the respective rights, limitations of rights,
obligations,  duties,  liabilities  and  immunities  under this Indenture of the
Indenture Trustee, the Issuer, the Facility Administrator and the Holders of the
Notes shall thereafter be determined,  exercised and enforced  hereunder subject
in all  respects to such  modifications  and  amendments,  and all the terms and
conditions of any such supplemental  indenture shall be and be deemed to be part
of the terms and conditions of this Indenture for any and all purposes.

      SECTION  9.5.  Reference  in  Notes  to  Supplemental  Indentures.   Notes
authenticated  and delivered after the execution of any  supplemental  indenture
pursuant to this Article may, and if required by the  Indenture  Trustee  shall,
bear a  notation  in form  approved  by the  Indenture  Trustee as to any matter
provided  for in such  supplemental  indenture.  If the Issuer or the  Indenture
Trustee shall so determine,  new Notes so modified as to conform, in the opinion
of the Indenture Trustee and the Issuer, to any such supplemental  indenture may
be prepared and executed by the Issuer and  authenticated  and  delivered by the
Indenture Trustee in exchange for Outstanding Notes.

                                   ARTICLE X
                               REDEMPTION OF NOTES

      SECTION  10.1.  Redemption.  The Notes are subject to redemption in whole,
but not in part,  at the  direction of the Trust  Depositor  pursuant to Section
11.2 of the Sale and Servicing Agreement, on any Payment Date on which the Trust
Depositor  exercises  its option to  purchase  the  Collateral  pursuant to said
Section  11.2  (the  "Redemption  Date"),  for a  purchase  price  equal  to the
Aggregate  Outstandings  (the  "Redemption  Price").  If  such  Notes  are to be
redeemed pursuant to this Section 10.1, the Servicer or the Issuer shall furnish
notice of such election to the Indenture Trustee and the Facility  Administrator
not later than 20 days prior to the Redemption Date and the Issuer shall deposit
with the Indenture  Trustee in the Collection  Account the Redemption  Price one
(1) Business Day prior to the Redemption Date.

      SECTION  10.2.  Form of  Redemption  Notice.  Notice of  redemption  under
Section  10.1  shall be given by the  Indenture  Trustee  by  first-class  mail,
postage  prepaid,  mailed  not less  than  five  days  prior  to the  applicable
Redemption  Date to each  Holder of Notes,  as of the close of  business  on the
Record Date preceding the applicable  Redemption  Date, at such Holder's address
appearing in the Note Register.

      All notices of redemption shall state:

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<PAGE>

            (i) the Redemption Date;

            (ii) the Redemption Price;

            (iii) the place where such Notes are to be  surrendered  for payment
      of the Redemption Price (which shall be the office or agency of the Issuer
      to be maintained as provided in Section 3.2); and

            (iv) CUSIP numbers, if any.

      Notice of redemption of the Notes shall be given by the Indenture  Trustee
in the  name  and at the  expense  of the  Issuer.  Failure  to give  notice  of
redemption, or any defect therein, to any Holder of any Note shall not impair or
affect the validity of the redemption of any other Note.

      SECTION 10.3.  Notes Payable on Redemption  Date. The Notes to be redeemed
shall,  following notice of redemption pursuant to this Article,  become due and
payable on the Redemption  Date at the  Redemption  Price and (unless the Issuer
shall default in the payment of the  Redemption  Price) no interest shall accrue
on the Redemption  Price for any period after the date to which accrued interest
is calculated for purposes of calculating the Redemption Price.

      If there are not sufficient funds in the Collection Account on the Payment
Date on which the  Notes  are to be  redeemed  available  to pay the  Redemption
Price,  the notice of  redemption  shall be deemed to have been  revoked and the
Notes shall not be redeemed on the  Redemption  Date.  Payments  will be made on
such  Payment  Date in  accordance  with  Section 5.5 of the Sale and  Servicing
Agreement as though no notice of  redemption  had been given and the Notes shall
continue to bear interest at the Note Rate.

                                   ARTICLE XI
                                  MISCELLANEOUS

      SECTION 11.1.  Compliance  Certificates  and  Opinions,  etc. (a) Upon any
application or request by the Issuer to the Indenture Trustee to take any action
under this  Indenture,  the Indenture  Trustee shall be entitled to request that
the Issuer  furnish,  at  Issuer's  expense  and which  shall be  entitled to be
reimbursed in accordance with Section 2.11 of the Sale and Servicing  Agreement,
to the  Indenture  Trustee  and the  Facility  Administrator:  (i) 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 (ii) 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 this Indenture, no additional certificate or opinion
need be furnished.

      (b)  Notwithstanding  Section 2.9 or any other  provision of this Section,
the Issuer may, without compliance with the requirements of the other provisions
of  this  Section:  (A)  collect,   liquidate,  sell  or  otherwise  dispose  of
Receivables or otherwise take action as and to the extent  permitted or required
by the  Transaction  Documents  and (B)  make  cash  payments  out of the  Trust
Accounts  as  and  to the  extent  permitted  or  required  by  the  Transaction
Documents.

      SECTION 11.2.  Form of Documents  Delivered to Indenture  Trustee.  In any
case where several  matters are required to be  represented  or warranted by, or
covered by an opinion of, any specified  Person,  it is not  necessary  that all
such matters be  represented or warranted by, or covered by the opinion of, only
one such Person,  or that they be so  represented,  warranted or covered by only
one document, but

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<PAGE>

one such Person may  represent,  warrant 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  represent,  warrant or give an opinion as to such  matters in one or
several documents.

      Any  certificate or opinion of an Authorized  Officer of the Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the  certificate,  opinion or  representations
with  respect  to the  matters  upon which his  certificate  or opinion is based
is/are  erroneous.  Any such certificate of an Authorized  Officer or 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
Servicer, the Seller, or the Issuer stating that the information with respect to
such factual  matters is in the  possession of the  Servicer,  the Seller or the
Issuer,  as applicable,  unless such Authorized  Officer or counsel knows, or in
the exercise of reasonable  care should know, that the  certificate,  opinion or
representations with respect to such matters is/are erroneous.

      Where any Person is required or permitted 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.

      Whenever  in  this  Indenture,   in  connection   with  any   application,
certificate   or  report  to  the   Indenture   Trustee   and/or  the   Facility
Administrator,  it is provided  that the Issuer shall  deliver any document as a
condition  of the granting of such  application,  or as evidence of the Issuer's
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
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 Indenture Trustee's or the Facility  Administrator's  right to rely upon the
truth and accuracy of any statement or opinion contained in any such document as
provided in Article VI.

      SECTION 11.3. Acts of Noteholders. (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Noteholders may be embodied in and evidenced by one or more
instrument(s)  of  substantially  similar  tenor signed by such  Noteholders  in
person or by agents duly  appointed in writing;  and except as herein  otherwise
expressly  provided,  such action shall become effective when such instrument(s)
are  delivered  to the  Indenture  Trustee  and,  where it is  hereby  expressly
required, to the Issuer. Such instrument(s) (and the action embodied therein and
evidenced  thereby)  are  herein  sometimes  referred  to as  the  "Act"  of the
Noteholders  signing  such  instrument(s).   Proof  of  execution  of  any  such
instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this  Indenture  and (subject to Section 6.1)  conclusive in favor of
the Indenture Trustee, the Facility Administrator and the Issuer, 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 in any manner that the  Indenture  Trustee
and/or the Facility Administrator, as applicable, deems sufficient.

      (c) The ownership of Notes shall be proved by the Note Register.

      (d) Any request, demand, authorization, direction, notice, consent, waiver
or Act by the Holder of any Notes  shall  bind the  Holder of every Note  issued
upon the  registration  thereof,  in exchange  therefor or in lieu  thereof,  in
respect of  anything  done,  omitted  or  suffered  to be done by the  Indenture

                                       38
<PAGE>

Trustee, the Facility  Administrator or the Issuer in reliance thereon,  whether
or not notation of such action is made upon such Note.

      SECTION  11.4.  Notices,  etc.,  to the  Indenture  Trustee,  Issuer,  the
Facility Administrator.  Any request, demand, authorization,  direction, notice,
consent, waiver or Act of Noteholders,  or other documents provided or permitted
by  this  Indenture,   shall  be  in  writing  and,  if  such  request,  demand,
authorization, direction, notice, consent, waiver or Act of Noteholders is to be
made upon, given or furnished to or filed with:

      (a) the Indenture  Trustee by any  Noteholder  or by the Issuer,  shall be
sufficient  for every purpose  hereunder if made,  given,  furnished or filed in
writing to or with the Indenture  Trustee at its Corporate  Trust Office (with a
copy to the Facility Administrator); or

      (b) the Issuer by the  Indenture  Trustee or by any  Noteholder,  shall be
sufficient  for every purpose  hereunder if in writing and mailed,  first-class,
postage  prepaid,  to the Issuer  addressed to: c/o  Wilmington  Trust  Company,
Rodney Square North, 1100 North Market Street, Wilmington,  Delaware 19890-0001,
Attention:  Corporate Trust  Administration  or at any other address  previously
furnished in writing to the  Indenture  Trustee by the Issuer.  The Issuer shall
promptly  transmit  any  notice  received  by it  from  the  Noteholders  to the
Indenture Trustee.

      Notices  required to be given to the Facility  Administrator by the Issuer
or the Indenture Trustee shall be in writing,  personally delivered or mailed by
certified mail,  return receipt  requested,  to their  respective  addresses set
forth in Section 13.3 of the Sale and Servicing Agreement.  So long as Bluegreen
or an Affiliate thereof is the Servicer,  copies of all notices delivered to the
Issuer  shall be  delivered  by the sender of such notice to the Servicer at its
address set forth in the Sale and Servicing Agreement.

      SECTION  11.5.  Notices  to  Noteholders;  Waiver.  Where  this  Indenture
provides  for  notice  to  Noteholders  of  any  event,  such  notice  shall  be
sufficiently  given (unless  otherwise herein expressly  provided) if in writing
and mailed,  first-class,  postage prepaid to each  Noteholder  affected by such
event,  at his  address as it appears on the Note  Register,  not later than the
latest date, and not earlier than the earliest  date,  prescribed for the giving
of such  notice.  In any case  where  notice  to  Noteholders  is given by mail,
neither  the  failure to mail such notice nor any defect in any notice so mailed
to any particular  Noteholder  shall affect the  sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given. Any notice sent
to the Noteholders shall also be sent to the Facility Administrator.

      Where this Indenture provides for notice in any manner, such notice may be
waived in writing by any 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 Noteholders  shall be filed with the Indenture  Trustee but
such filing  shall not be a condition  precedent  to the  validity of any action
taken in reliance upon such a waiver.

      In case, by reason of the suspension of regular mail service,  it shall be
impractical  to mail  notice of any  event to  Noteholders  when such  notice is
required to be given pursuant to this Indenture,  then any manner of giving such
notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a
sufficient giving of such notice.

      SECTION 11.6. Alternate Payment and Notice Provisions. Notwithstanding any
provision of this Indenture or any of the Notes to the contrary,  the Issuer may
enter into any  agreement  with any Holder of a Note  providing  for a method of
payment,  or notice by the Indenture Trustee or any Paying Agent to such Holder,
that is different  from the methods  provided for in this Indenture or the Notes
for

                                       39
<PAGE>

such  payments or notices.  The Issuer will furnish to the  Indenture  Trustee a
copy of each such agreement and the Indenture  Trustee will cause payments to be
made and notices to be given in accordance with such agreements.

      SECTION  11.7.  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 11.8. Successors and Assigns. All covenants and agreements in this
Indenture  and the Notes by the Issuer  shall bind its  successors  and assigns,
whether so expressed or not. All  agreements  of the  Indenture  Trustee in this
Indenture  shall bind its  successors,  co-trustees  and agents of the Indenture
Trustee.

      SECTION 11.9.  Severability.  Any provision of this Indenture or the Notes
that is  prohibited  or  unenforceable  in any  jurisdiction  shall,  as to such
jurisdiction,   be   ineffective   to  the   extent  of  such   prohibition   or
unenforceability  without invalidating the remaining provisions hereof or of the
Notes,  as  applicable,  and any such  prohibition  or  unenforceability  in any
jurisdiction shall not invalidate or render  unenforceable such provision in any
other jurisdiction.

      SECTION 11.10. Benefits of Indenture.  Nothing in this Indenture or in the
Notes,  express or  implied,  shall give to any  Person,  other than the parties
hereto and their successors hereunder,  the Servicer,  the Trust Depositor,  the
Noteholders,  the Facility Administrator,  any other party secured hereunder and
any other Person with an ownership  interest in any part of the Collateral,  any
benefit or any legal or equitable  right,  remedy or claim under this Indenture;
provided,  however,  that the  Facility  Administrator  shall be  considered  an
express  third-party  beneficiary  of this  Indenture and capable of bringing an
action with respect to this Indenture in the same manner as a party hereto.

      SECTION  11.11.  Legal  Holiday.  In any case  where the date on which any
payment  is due shall not be a Business  Day,  then  (notwithstanding  any other
provision of the Notes or this Indenture) payment need not be made on such date,
but may be made on the next  Business  Day with the same  force and effect as if
made on the date on which  nominally  due, and no interest  shall accrue for the
period from and after any such nominal date.

      SECTION 11.12.  Governing Law; Waiver of Jury Trial.  THIS INDENTURE SHALL
BE  CONSTRUED  IN  ACCORDANCE  WITH THE LAWS OF THE STATE OF  ILLINOIS,  WITHOUT
REFERENCE TO ITS CONFLICT OF LAW  PROVISIONS,  AND THE  OBLIGATIONS,  RIGHTS AND
REMEDIES OF THE PARTIES  HEREUNDER  SHALL BE DETERMINED IN ACCORDANCE  WITH SUCH
LAWS.  TO THE EXTENT  PERMITTED  BY  APPLICABLE  LAW,  EACH OF THE  ISSUER,  THE
INDENTURE  TRUSTEE AND EACH NOTEHOLDER (BY ACCEPTING A NOTE) WAIVES ANY RIGHT TO
HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE  SOUNDING IN CONTRACT,  TORT OR
OTHERWISE  BETWEEN THE PARTIES ARISING OUT OF,  CONNECTED  WITH,  RELATED TO, OR
INCIDENTAL  TO THE  RELATIONSHIP  BETWEEN  ANY OF THEM IN  CONNECTION  WITH THIS
INDENTURE OR THE NOTES.  INSTEAD,  ANY SUCH  DISPUTE  RESOLVED IN COURT SHALL BE
RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

      SECTION 11.13. Counterparts.  This Indenture may be executed in any number
of counterparts  (including by facsimile),  each of which when so executed shall
be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument.

      SECTION  11.14.  Recording of Indenture.  If this  Indenture is subject to
recording in any public recording  offices,  such recording is to be effected by
the Issuer and, at its expense,  accompanied by

                                       40
<PAGE>

an Opinion of Counsel (which may be counsel to the Servicer or any other counsel
reasonably  acceptable  to the Facility  Administrator)  to the effect that such
recording is necessary either for the protection of the Noteholders or any other
Person secured  hereunder or for the  enforcement of any right or remedy granted
to the Indenture Trustee under this Indenture.

      SECTION 11.15.  Trust  Obligation.  No recourse may be taken,  directly or
indirectly,  with  respect to the  obligations  of the  Issuer or the  Indenture
Trustee on the Notes or under this Indenture or any certificate or other writing
delivered  in  connection  herewith or  therewith,  against:  (i) the  Indenture
Trustee in its individual  capacity,  (ii) any owner or a beneficial interest in
the Issuer or (iii) any partner, owner, beneficiary, officer, director, employee
or agent of: (a) the Indenture Trustee in its individual capacity, (b) any owner
of a beneficial  interest in the Issuer or the  Indenture  Trustee or (c) of any
successor or assign of the Indenture Trustee in its individual capacity,  except
as any such  Person  may have  expressly  agreed (it being  understood  that the
Indenture Trustee has no such obligations in its individual capacity).

      SECTION 11.16. No Petition.  The Indenture Trustee,  by entering into this
Indenture,  and each Noteholder,  by accepting a Note, hereby covenant and agree
that they will not at any time  institute  against  the  Issuer,  or join in any
institution against the Issuer of, any bankruptcy, reorganization,  arrangement,
insolvency or liquidation  proceedings,  or other  proceedings  under any United
States  Federal  or State  bankruptcy  or  similar  law in  connection  with any
obligations  relating to the Notes,  this  Indenture  or any of the  Transaction
Documents.  The foregoing shall not limit the rights of the Indenture Trustee to
file any claim in or otherwise  take any action with  respect to any  insolvency
proceeding  that was instituted  against the Issuer by any Person other than the
Indenture Trustee.

      SECTION  11.17.  Inspection.  The Issuer agrees that, on reasonable  prior
notice,  it will permit any  representative  of the Indenture  Trustee or of the
Facility  Administrator,  during the Issuer's  normal business hours, to examine
all the books of account,  records,  reports and other papers of the Issuer,  to
make  copies  and  extracts  therefrom,  to cause  such  books to be  audited by
Independent  certified public accountants,  and to discuss the Issuer's affairs,
finances and accounts  with the Issuer's  officers,  employees  and  Independent
certified public  accountants,  all at such reasonable times and as often as may
be reasonably requested.

      SECTION  11.18.  Confidentiality.  The  Indenture  Trustee shall and shall
cause its representatives to hold in confidence all such information;  provided,
however,  that the foregoing shall not be construed to prohibit:  (i) disclosure
of any and all  information  that is or becomes  publicly  known, or information
obtained  by the  Indenture  Trustee  from  sources  other  than the  Issuer  or
Servicer,  (ii) disclosure of any and all information:  (A) if required to do so
by any applicable statute, law, rule or regulation, (B) to any government agency
or regulatory or  self-regulatory  body having or claiming authority to regulate
or  oversee  any  aspects of the  Indenture  Trustee's  business  or that of its
Affiliates,  (C) pursuant to any subpoena, civil investigative demand or similar
demand or request of any court, regulatory authority,  arbitrator or arbitration
to which the  Indenture  Trustee,  or an  Affiliate  or any  officer,  director,
employee  or  shareholder  of  either  is  subject  or is a  party,  (D)  in any
preliminary or final offering  circular,  registration  statement or contract or
other document pertaining to the transactions  contemplated by the Indenture and
approved  in  advance  by the  Issuer or (E) to any  Affiliate,  independent  or
internal auditor,  agent, employee or attorney of the Indenture Trustee having a
need to know  the  same;  provided,  that the  Indenture  Trustee  advises  such
recipient of the confidential nature of the information being disclosed and such
recipient  agrees  to  keep  such  information  confidential,  (iii)  any  other
disclosure  authorized  by the Issuer or the Servicer or (iv)  disclosure to the
other parties to the transactions contemplated by the Transaction Documents.

                            [signature page follows]

                                       41

<PAGE>

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

                                BXG RECEIVABLES OWNER TRUST 2006-A

                                By:  Wilmington Trust Company, not in its
                                individual capacity but solely as Owner
                                Trustee

                                By:
                                   ---------------------------------
                                Name:
                                     -------------------------------
                                Title:
                                      ------------------------------

                                U.S. BANK NATIONAL ASSOCIATION, not in
                                its individual  capacity but solely as
                                Indenture Trustee

                                By:
                                   ---------------------------------
                                Name:  Tamara Schultz-Fugh
                                Title: Vice President

                          Signature Page to Indenture

<PAGE>

                                                                       EXHIBIT A
                                                                    to Indenture

                                  FORM OF NOTE

REGISTERED                                                $__________(1)
No. R-_____

      THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY,  THE OUTSTANDING  PRINCIPAL  AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE  SECURITIES  ACT OF
1933, AS AMENDED (THE  "SECURITIES  ACT"),  OR UNDER THE SECURITIES  LAWS OF ANY
STATE OR OTHER  JURISDICTION  ("BLUE  SKY LAWS") OF THE  UNITED  STATES.  BY ITS
ACCEPTANCE  OF THIS NOTE THE HOLDER OF THIS NOTE IS DEEMED TO  REPRESENT  TO THE
INDENTURE  TRUSTEE,  THE ISSUER  AND THE  SERVICER  THAT IT (i) IS A  "QUALIFIED
INSTITUTIONAL BUYER" WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A
"QIB") AND IS  ACQUIRING  SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT
OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO
WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR
(ii)  IS  OTHERWISE  ACQUIRING  THIS  NOTE  IN A  TRANSACTION  EXEMPT  FROM  THE
SECURITIES ACT AND APPLICABLE BLUE SKY LAWS.

NO RESALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE (OR ANY INTEREST HEREIN) MAY BE
MADE BY ANY  PERSON  UNLESS  (i) SO LONG AS THIS  NOTE IS  ELIGIBLE  FOR  RESALE
PURSUANT TO RULE 144A UNDER THE  SECURITIES  ACT,  SUCH RESALE,  PLEDGE OR OTHER
TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR  REASONABLY  BELIEVES AFTER DUE
INQUIRY IS A QIB ACTING FOR ITS OWN ACCOUNT  (AND NOT FOR THE ACCOUNT OF OTHERS)
OR AS A  FIDUCIARY  OR AGENT FOR  OTHERS  (WHICH  OTHERS  ALSO ARE QIBs) TO WHOM
NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A AND, IN ANY CASE, IN  TRANSACTIONS  UNDER AND IN COMPLIANCE  WITH RULE
144A OR (ii)  SUCH  RESALE,  PLEDGE OR OTHER  TRANSFER  IS  OTHERWISE  MADE IN A
TRANSFER  EXEMPT FROM THE  REGISTRATION  REQUIREMENTS  OF THE SECURITIES ACT AND
APPLICABLE BLUE SKY LAWS, IN WHICH CASE THE INDENTURE  TRUSTEE SHALL REQUIRE (A)
THAT BOTH THE PROSPECTIVE  TRANSFEROR AND THE PROSPECTIVE  TRANSFEREE  REPRESENT
AND WARRANT TO THE ISSUER IN WRITING THE FACTS SURROUNDING SUCH TRANSFER,  WHICH
REPRESENTATIONS  AND WARRANTIES  SHALL BE IN FORM AND SUBSTANCE  SATISFACTORY TO
THE  ISSUER,  AND (B) A WRITTEN  OPINION OF COUNSEL  (WHICH  SHALL NOT BE AT THE
EXPENSE OF THE ISSUER,  THE SERVICER OR THE INDENTURE  TRUSTEE)  SATISFACTORY TO
THE  INDENTURE  TRUSTEE AND THE ISSUER TO THE EFFECT THAT SUCH TRANSFER WILL NOT
VIOLATE THE SECURITIES ACT OR APPLICABLE  BLUE SKY LAWS. ANY ATTEMPTED  TRANSFER
IN  CONTRAVENTION  OF THE  IMMEDIATELY  PRECEDING  RESTRICTIONS  WILL BE VOID AB
INITIO AND THE PURPORTED  TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF
THE  NOTES  FOR  ALL  PURPOSES.   THE  PROSPECTIVE  TRANSFEROR  AND  PROSPECTIVE
TRANSFEREE,  JOINTLY AND SEVERALLY, AGREE TO INDEMNIFY THE ISSUER, THE

-------------
(1)   Denominations  of $100,000 and in greater  whole-dollar  denominations  in
      excess thereof.

<PAGE>

INDENTURE  TRUSTEE,  THE  TRUST  DEPOSITOR,   BLUEGREEN  CORPORATION  AND  THEIR
RESPECTIVE  AFFILIATES  AGAINST ANY LIABILITY SUCH PERSON MAY SUFFER AS A RESULT
OF A TRANSFER OF A NOTE NOT IN COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS.

THIS NOTE (AND ANY INTEREST HEREIN) MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF
(i) AN  "EMPLOYEE  BENEFIT  PLAN" (AS  DEFINED IN SECTION  3(3) OF THE  EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED,  ("ERISA")), THAT IS SUBJECT
TO THE  PROVISIONS  OF  TITLE  I OF  ERISA,  (ii) A PLAN  DESCRIBED  IN  SECTION
4975(e)(1) OF THE CODE OR (iii) ANY ENTITY WHOSE UNDERLYING  ASSETS INCLUDE PLAN
ASSETS BY REASON OF A PLAN'S  INVESTMENT  IN THE ENTITY  UNLESS THE PURCHASE AND
HOLDING  OF THE NOTE WILL NOT GIVE RISE TO A  NONEXEMPT  PROHIBITED  TRANSACTION
UNDER ERISA OR THE CODE.  BY  ACCEPTING  AND HOLDING  THIS NOTE (OR ANY INTEREST
HEREIN),  THE HOLDER  HEREOF SHALL BE DEEMED TO HAVE  REPRESENTED  AND WARRANTED
THAT EITHER (A) IT IS NOT A BENEFIT  PLAN OR (B) SUCH  PURCHASE AND HOLDING WILL
NOT RESULT IN A NONEXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406(A) OF ERISA
OR SECTION 4975 OF THE CODE.

THIS NOTE HAS BEEN  ISSUED  PURSUANT TO THE TERMS OF THE  INDENTURE  (AS DEFINED
BELOW). BY ITS ACCEPTANCE OF THIS NOTE OR ANY INTEREST HEREIN, THE HOLDER AGREES
TO COMPLY WITH THE TERMS OF THE  INDENTURE AND THE OTHER  TRANSACTION  DOCUMENTS
APPLICABLE TO HOLDERS.  COPIES OF SUCH  DOCUMENTS MAY BE OBTAINED FREE OF CHARGE
UPON WRITTEN REQUEST OF THE ISSUER.

                                      -2-

<PAGE>

                       BXG RECEIVABLES OWNER TRUST 2006-A

                                      NOTE

      BXG Receivables Owner Trust 2006-A, a Delaware  statutory trust (including
any successor, the "Issuer"), for value received, hereby promises to pay to U.S.
Bank National Association (as Paying Agent on behalf of  _______________________
(the "Noteholder") and its successors and assigns),  or registered assigns,  the
principal  sum of [ ] DOLLARS  or, if less,  the  aggregate  unpaid  Outstanding
Amount of this Note partially payable on each Payment Date in an amount equal to
the aggregate amount, if any, payable from the Collection  Account in respect of
principal  on the Notes  pursuant to Section  3.1) of the  Indenture;  provided,
however,  that the entire unpaid  principal amount of this Note shall be due and
payable on the earliest to occur of the Facility  Termination  Date and the Note
Final Scheduled  Maturity Date. The Issuer will pay interest on this Note at the
rates,  at the times and in the manner  provided in the  Indenture and the other
Transaction Documents,  on each Payment Date until the principal of this Note is
paid or made available for payment,  subject to certain limitations contained in
Section 3.1 of the Indenture.  Principal and interest on this Note shall be paid
in the manner specified in the Indenture and the Sale and Servicing Agreement.

      The  principal  of and  interest  on this Note are payable in such coin or
currency  of the  United  States of  America  as at the time of payment is legal
tender for payment of public and private debts.  All payments made by the Issuer
with respect to this Note shall be applied  first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

      Reference is made to the further  provisions of this Note set forth on the
reverse  hereof,  which shall have the same effect as though  fully set forth on
the face of this Note.

      Unless the certificate of  authentication  hereon has been executed by the
Indenture  Trustee by manual  signature,  this Note shall not be entitled to any
benefit under the Indenture  referred to on the reverse  hereof,  or be valid or
obligatory for any purpose.

<PAGE>

      IN WITNESS  WHEREOF,  the Issuer has caused this instrument to be manually
facsimile, by its Authorized Officer.

Dated: [_______________]

                                   BXG RECEIVABLES OWNER TRUST 2006-A

                                   By: Wilmington Trust Company, not in its
                                   individual capacity but solely as Owner
                                   Trustee

                                   By:_________________________________

                                   Name:_______________________________

                                   Title:______________________________

                                      -2-
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

      This is one of the Notes designated above and referred to in the mentioned
Indenture.

Dated: [_______________]

                              U.S. BANK NATIONAL ASSOCIATION, not in its
                              individual capacity but solely as Indenture
                              Trustee

                              By:_____________________________________________
                                 Authorized Signatory

<PAGE>

                                [REVERSE OF NOTE]

      This  Note is one of a duly  authorized  issue  of  Notes  of the  Issuer,
designated  as its  Notes  (herein  called  the  Notes"),  all  issued  under an
Indenture  dated as of March  13,  2006  (such  Indenture,  as  supplemented  or
amended,  is herein  called the  "Indenture"),  between the Issuer and U.S. Bank
National Association,  not in its individual capacity but solely as trustee (the
"Indenture  Trustee",  which term includes any successor Indenture Trustee under
the  Indenture),  to which  Indenture and all  indentures  supplemental  thereto
reference  is  hereby  made  for  a  statement  of  the  respective  rights  and
obligations  thereunder of the Issuer,  the Indenture Trustee and the Holders of
the Notes.  The Notes are subject to all terms of the Indenture.  All terms used
in this Note that are not otherwise  defined  herein and that are defined in the
Indenture  shall  have  the  meanings  assigned  to them in or  pursuant  to the
Indenture.

      The Notes are and will be equally and ratably secured by the Collateral as
security therefor as provided in the Indenture.

      As  provided  in the  Indenture,  the Notes may be  redeemed  pursuant  to
Section 10.1 of the Indenture, in whole, but not in part, if the Trust Depositor
exercises its option to purchase the Receivables and the other Collateral on any
Payment Date if the Receivables  Balance of all Receivables in the Asset Pool is
then less than 10% of the Receivables Balance of the Receivables purchased under
the Sale and Servicing Agreement when so purchased.

      Each  Noteholder,  by  acceptance  of a  Note  (or an  interest  therein),
covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the  obligations of the Issuer or the Indenture  Trustee on the Notes
or under  the  Indenture  or any  certificate  or  other  writing  delivered  in
connection  therewith,  against:  (i) the  Indenture  Trustee in its  individual
capacity,  (ii) any owner of a  beneficial  interest  in the Issuer or (iii) any
partner, owner,  beneficiary,  agent, officer,  director or employee of: (a) the
Indenture  Trustee in its  individual  capacity,  (b) any holder of a beneficial
interest in the Issuer,  or the  Indenture  Trustee or of (c) any  successor  or
assign of the Indenture Trustee in its individual  capacity,  except as any such
Person may have expressly agreed.

      It is the intent of the Issuer and the  Noteholders  that, for purposes of
Federal and State  income tax and any other tax  measured in whole or in part by
income,  the Notes will qualify as indebtedness of the Issuer.  Each Noteholder,
by acceptance  of a Note,  agrees to treat,  and to take no action  inconsistent
with the  treatment of, the Notes for such tax purposes as  indebtedness  of the
Issuer.

      Each  Noteholder,  by  acceptance  of a  Note  (or an  interest  therein),
covenants and agrees that by accepting  the benefits of the Indenture  that such
Noteholder  will not at any time  institute  against the Issuer,  or join in any
institution   against  the  Issuer  of,  any   bankruptcy,   reorganization   or
arrangement,  insolvency  or  liquidation  proceedings  under any United  States
Federal or State  bankruptcy or similar law in connection  with any  obligations
relating to the Notes,  the  Indenture  or the  Transaction  Documents  and will
comply with the terms of the Transaction Documents applicable to Noteholders.

      This Note and the Indenture shall be construed in accordance with the laws
of the State of Illinois,  without  reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder
shall be  determined in  accordance  with such laws. To the extent  permitted by
applicable  law, each of the Issuer,  the Indenture  Trustee and the  Noteholder
waives any right to have a jury participate in resolving any dispute sounding in
contract,  tort or otherwise between the parties arising out of, connected with,
related to, or incidental to the relationship  between any of them in connection
with this Note or the  Indenture.  Instead,  any such dispute  resolved in court
will be resolved in a bench trial without a jury.

<PAGE>

      No reference  herein to the  Indenture and no provision of this Note or of
the  Indenture  shall alter or impair the  obligation  of the  Issuer,  which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rates, and in the coin or currency, herein prescribed.

      Anything  herein to the  contrary  notwithstanding,  except  as  expressly
provided in the Transaction  Documents,  neither the Indenture  Trustee,  in its
individual  capacity,  any owner of a beneficial interest in the Issuer, nor any
of  their  respective  partners,  beneficiaries,  agents,  officers,  directors,
employees,  successors  or assigns  shall be  personally  liable for,  nor shall
recourse be had to any of them for,  the payment of principal of or interest on,
or performance of, or omission to perform, any of the covenants,  obligations or
indemnifications  contained in this Note or the  Indenture,  it being  expressly
understood that said covenants,  obligations and indemnifications have been made
by the  Indenture  Trustee for the sole purposes of binding the interests of the
Indenture  Trustee in the assets of the  Issuer.  The Holder of this Note by the
acceptance  hereof,  each  agrees  that,  except as  expressly  provided  in the
Transaction  Documents,  in the case of an Event of Default under the Indenture,
the Holder shall have no claim against any of the foregoing for any  deficiency,
loss or claim therefrom;  provided, however, that nothing contained herein shall
be taken to prevent  recourse  to, and  enforcement  against,  the assets of the
Issuer for any and all liabilities,  obligations and  undertakings  contained in
the Indenture or in this Note.

                                      -2-
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

------------------------------------------------------------------------------

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

------------------------------------------------------------------------------

------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder,  and hereby  irrevocably  constitutes
and appoints _______________,  attorney, to transfer said Note on the books kept
for registration thereof, with full power of substitution in the premises.

Dated:__________                                                          *
                                          ---------------------------------
                                          Signature Guaranteed:

---------------------------------------

                                          Signatures  must be  guaranteed  by an
                                          "eligible    guarantor    institution"
                                          meeting the  requirements  of the Note
                                          Registrar,  which requirements include
                                          membership or  participation  in STAMP
                                          or  such  other  "signature  guarantee
                                          program" as may be  determined  by the
                                          Note  Registrar  in addition to, or in
                                          substitution   for,   STAMP,   all  in
                                          accordance    with   the    Securities
                                          Exchange Act of 1934, as amended.

---------------------
* NOTE: The signature to this  assignment  must  correspond with the name of the
registered  owner  as it  appears  on the  face  of the  within  Note  in  every
particular without alteration, enlargement or any change whatsoever.

<PAGE>

                                                                       EXHIBIT B
                                                                    to Indenture

                   FORM OF SECTION 3.22 OFFICER'S CERTIFICATE

[____________________, _____]

[____________________, _____]

      Pursuant to Section 3.22 of the  Indenture,  dated as of between March 13,
2006  (the  "Indenture"),  between  BXG  Receivables  Owner  Trust  2006-A  (the
"Issuer")  and  U.S.  Bank  National  Association,  as  Indenture  Trustee,  the
undersigned hereby certifies that:

            (a) a review of the  activities  of the Issuer  during the  previous
      fiscal year end of performance under the Indenture has been made under the
      supervision of the undersigned; and

            (b) to the best knowledge of the undersigned,  based on such review,
      the  Issuer has  complied  with all  conditions  and  covenants  under the
      Indenture  throughout  such year.  [or, if there has been a default in the
      compliance  of any such  condition or  covenant,  this  certificate  is to
      specify  each such  default  known to the  undersigned  and the nature and
      status thereof]

                                     BXG RECEIVABLES OWNER TRUST 2006-A

                                     By: Wilmington Trust Company, not in its
                                     individual capacity, but solely as Owner
                                     Trustee

                                     By:_________________________________

                                     Name:_______________________________

                                     Title:______________________________

<PAGE>

                                                                       EXHIBIT C
                                                                    to Indenture

                         PURCHASER REPRESENTATION LETTER

BXG Receivables Owner Trust 2006-A
c/o Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890-0001
Attention: Corporate Trust Administration

U.S. Bank National Association
60 Livingston Avenue
St. Paul, Minnesota 55107
EP-MN-WS3D
Attn:  Structured Finance/BXG Owner Trust 2006-A

Re:  Notes  (such Notes or, for  purposes  hereof,  any  interest  therein,  the
"Notes") issued by BXG Receivables Owner Trust 2006-A

Ladies and Gentlemen:

      _______________  (the "Purchaser") is today purchasing in a private resale
from  ____________________  (the "Seller") $_________ aggregate principal amount
of the above-captioned Note, issued pursuant to the Indenture, dated as of March
13, 2006 (the  "Indenture"),  between BXG  Receivables  Owner Trust  2006-A (the
"Issuer")  and U.S.  Bank  National  Association,  as  trustee  (the  "Indenture
Trustee").  Capitalized  terms used herein that are not otherwise  defined shall
have the meanings ascribed thereto in the Indenture.

      In  connection  with  the  purchase  of the  Note,  the  Purchaser  hereby
represents and warrants to each of you as follows:

1. The  Purchaser's  Note is being acquired for investment  purposes and without
any view to, or for  resale in  connection  with,  the  distribution  thereof in
violation of the  Securities  Act. The Purchaser is [a "qualified  institutional
buyer"  (as  defined  in Rule 144A under the  Securities  Act)] [an  "accredited
investor" (as defined in Regulation D under the Securities  Act)]. The Purchaser
understands  that the Notes have not been registered under the Securities Act of
1933, as amended (the  "Securities  Act"),  or under the securities  laws of any
state or other  jurisdiction  ("blue sky  laws"),  and may not be sold,  resold,
pledged or  otherwise  transferred  except as  permitted  in the  following  two
sentences. The Purchaser agrees, on our own behalf and on behalf of any accounts
for which we are acting as  hereinafter  stated,  that such Notes may be resold,
pledged or  transferred  only (i) so long as such Notes are  eligible for resale
pursuant to Rule 144A under the Securities  Act ("Rule 144A"),  to a person whom
we reasonably believe after due inquiry is a "qualified  institutional buyer" as
defined in Rule 144A  acting  for its own  account  (and not for the  account of
others) or as a fiduciary or agent for others (which others also are  "qualified
institutional  buyers")  to whom  notice  is given  that the  resale,  pledge or
transfer  is  being  made in  reliance  on Rule  144A and in each  case  only in
compliance with Rule 144A or (ii) in a resale,  pledge or other transfer made in
a  transaction  otherwise  exempt  from  the  registration  requirements  of the
Securities Act and applicable blue sky laws, in which case the Indenture Trustee
shall require (except with respect to a sale, assignment,  transfer or pledge to
a  Liquidity  Bank)  (a) both the  prospective  transferor  and the

                                      -i-
<PAGE>

prospective  transferee  to  represent  and warrant to the Issuer in writing the
facts surrounding such transfer,  which  representations and warranties shall be
in form and substance reasonably satisfactory to the Indenture Trustee and (b) a
written  opinion of counsel  (which shall not be at the expense of the Indenture
Trustee)  satisfactory to the Indenture Trustee to the effect that such transfer
will not violate the Securities  Act. The Purchaser will notify any purchaser of
the Notes from us of the above resale restrictions, if then applicable.

2. [The  Purchaser is a "qualified  institutional  buyer" as defined  under Rule
144A under the  Securities  Act and is  acquiring  the Notes for its own account
(and not for the account of others) or as a fiduciary or agent for others (which
others also are  "qualified  institutional  buyers").  The Purchaser is familiar
with Rule 144A  under the  Securities  Act and is aware  that the  Seller of the
Notes and the  addressees of this letter intend to rely on the  statements  made
herein and the exemption from the  registration  requirements  of the Securities
Act provided by Rule 144A. The Purchaser  acknowledges  that it has received the
information specified in paragraph (d)(4) of Rule 144A under the Securities Act.
The Purchaser is aware that it (or any account for which it is  purchasing)  may
be required to bear the economic risk of an investment in the Notes

      [The  Purchaser  is  an  "accredited   investor"  within  the  meaning  of
Regulation D under the  Securities  Act. The  Purchaser is aware that it (or any
account for which it is purchasing) may be required to bear the economic risk of
an investment in the Notes for an indefinite period, and it (or such account) is
able to bear such risk for an  indefinite  period.] The  Purchaser is purchasing
the Notes for  investment  for its own account (or for  accounts as to which the
Purchaser  exercises sole investment  discretion) and not with a view to, or any
intention of sale in connection with, any  distribution  thereof in violation of
the Act;  the  Purchaser is not acting as an  underwriter  within the meaning of
Section 2(11) of the Securities Act. The Purchaser  agrees that it will not make
a distribution of the Notes unless they are registered under the Act and that it
will not resell,  assign or transfer the Notes unless they are registered  under
the Act and all applicable securities laws or an exemption from the Act and such
laws is available  with  respect to such sale or transfer and it complies  fully
therewith.]

3. The Purchaser agrees that if at some time it wishes to dispose of or exchange
any of the Notes,  it will not transfer or exchange any of the Notes unless such
transfer or exchange is in accordance with the provisions of Section 2.11 of the
Indenture and exempt from the  registration  requirements  of the Securities Act
and all applicable securities laws.

4. The Purchaser  represents either (i) the Purchaser will not acquire the Notes
with the assets of any "employee benefit plan" as defined in Section 3(3) of the
Employee  Retirement  Income Security Act of 1974, as amended ("ERISA") which is
subject to Title I of ERISA or any "plan" as defined in Section 4975 of the Code
or (ii) no nonexempt "prohibited  transaction" under Section 406 of the Employee
Retirement Income Security Act of 1974, as amended,  or Section 4975 of the Code
will occur in connection with our acquisition or holding of the Notes.

5.  The  Purchaser  has  consulted  with  its  own  legal  counsel,  independent
accountants and financial  advisors to the extent it deems  necessary  regarding
the tax  consequences to it of ownership of the Notes, is aware that its taxable
income with respect to the Notes in any accounting  period may not correspond to
the cash flow (if any) from the Notes for such period, and is not purchasing the
Notes in  reliance  on any  representations  of the Seller,  the  Servicer,  the
Issuer, the Indenture Trustee, or their counsel with respect to tax matters.

6. The Purchaser  understands that the Notes will bear legends  substantially as
set forth in the form of Note included as Exhibit A to the Indenture.

                                      -ii-
<PAGE>

7.  The  Purchaser  hereby  further  agrees  to be bound  by all the  terms  and
conditions of the Notes as provided in the Indenture.

8. If the Purchaser  sells any of the Notes,  the Purchaser will obtain from any
subsequent purchaser  substantially the same  representations  contained in this
Representation Letter.

9. The  representations,  warranties and agreements set forth herein are for the
benefit of the addresses of this letter and the other Noteholders. The Purchaser
hereby agrees to indemnify  each of you against any liability that may result if
the  transfer  of the Note to the  Purchaser  (and any  subsequent  transfer  or
assignment by us) (a) is not, by reason of our actions or omissions, exempt from
registration  under all applicable  securities  laws or is not, by reason of our
actions or omissions,  made in  accordance  with all such laws or (b) is not, by
reason of our actions or omissions made in accordance with the Indenture.

      You are  entitled  to  rely  upon  this  letter  and  you are  irrevocably
authorized  to produce this letter or a copy hereof to any  interested  party in
any  administrative  or legal proceeding or official inquiry with respect to the
matters covered hereby.

                                      -iii-
<PAGE>

      The representations and warranties  contained herein shall be binding upon
successors of the undersigned.

      Executed at _______________, this _____ day of _______________, ____.

[Purchaser's Name]

By:
   ---------------------------
Name:
     -------------------------
Title:
      ------------------------

Address of Purchaser

Purchaser's Taxpayer Identification Number

                                      -iv-
<PAGE>

                                                                       EXHIBIT D
                                                                    to Indenture

                          SELLER REPRESENTATION LETTER

BXG Receivables Owner Trust 2006-A
c/o Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890-0001
Attention: Corporate Trust Administration

U.S. Bank National Association
60 Livingston Avenue St.
Paul, Minnesota 55107
EP-MN-WS3D
Attn: Structured Finance/BXG Owner Trust 2006-A

Re:  Notes  (such Notes or, for  purposes  hereof,  any  interest  therein,  the
"Notes") issued by BXG Receivables Owner Trust 2006-A

Ladies and Gentlemen:

      _______________  (the  "Seller") is today  selling in a private  resale to
____________________  (the "Purchaser") $_________ aggregate principal amount of
the  above-captioned  Note, issued pursuant to the Indenture,  dated as of March
13, 2006 (the  "Indenture"),  between BXG  Receivables  Owner Trust  2006-A (the
"Issuer")  and U.S.  Bank  National  Association,  as  trustee  (the  "Indenture
Trustee").  Capitalized  terms used herein that are not otherwise  defined shall
have the meanings ascribed thereto in the Indenture.

      In connection with the sale of the Note, the Seller hereby  represents and
warrants to each of you as follows:

      Neither  the  Seller nor  anyone  acting on its  behalf  has (a)  offered,
pledged,  sold, disposed of or otherwise transferred any Note or any interest in
any Note,  (b) solicited any offer to buy or to accept a pledge,  disposition or
other  transfer of any Note or any  interest  in any Note,  (c) made any general
solicitation  by means of general  advertising  or in any other  manner,  or (d)
taken any other action that would constitute a "distribution"  of the Note under
the Securities Act or any applicable state securities laws or that would require
registration or qualification  pursuant thereto. The Seller has not and will not
sell or otherwise transfer the Note except in compliance with the Indenture.

      The representations and warranties  contained herein shall be binding upon
successors of the undersigned.

      Executed at _______________, this _____ day of _______________, ____.

[Seller's Name]

By:
   ---------------------------
Name:
     -------------------------
Title:
      ------------------------

                                      -i-Exhibit 10.183

                                                                  EXECUTION COPY

================================================================================

                          SALE AND SERVICING AGREEMENT

                                      among

                       BXG RECEIVABLES OWNER TRUST 2006-A,
                                   as Issuer,

                  BLUEGREEN RECEIVABLES FINANCE CORPORATION XI,
                               as Trust Depositor,

                             BLUEGREEN CORPORATION,
                          individually and as Servicer,

                         CONCORD SERVICING CORPORATION,
                              as Back-Up Servicer,

                              VACATION TRUST, INC.,
                                as Club Trustee,

                         U.S. BANK NATIONAL ASSOCIATION,
                       as Indenture Trustee and Custodian,

                      GENERAL ELECTRIC CAPITAL CORPORATION,
                           as Facility Administrator,

                                       and

                   AND THE PERSONS FROM TIME TO TIME SIGNATORY
                              HERETO AS NOTEHOLDERS

                           Dated as of March 13, 2006

================================================================================

<PAGE>

<TABLE>
<CAPTION>
                                                                                                Page
                                                                                                ----
                                        Table of Contents
<S>                                                                                               <C>
 ARTICLE I   DEFINITIONS...........................................................................2
       Section 1.1.  Definitions...................................................................2
       Section 1.2.  Usage of Terms................................................................2
       Section 1.3.  Section References............................................................2
       Section 1.4.  Other Interpretive Provisions.................................................2
       Section 1.5.  Accounting Terms..............................................................2
 ARTICLE II  TRANSFER OF RECEIVABLES...............................................................2
       Section 2.1.  Sales.........................................................................2
       Section 2.2.  Procedures for Purchases......................................................4
       Section 2.3.  Establishment of Accounts; Reserve Account....................................5
       Section 2.4.  Deposits to Accounts..........................................................6
       Section 2.5.  Investment of Accounts........................................................6
       Section 2.6.  Payments and Computations; Funding Indemnity for Failed Purchase..............6
       Section 2.7.  Addition/Substitution of Receivables..........................................7
       Section 2.8.  [Reserved]...................................................................10
       Section 2.9.  Acceptance by Trust..........................................................10
       Section 2.10. Monthly Distributions........................................................10
       Section 2.11. Distributions................................................................11
       Section 2.12. Servicer Purchase Option.....................................................13
       Section 2.13. Upgrades.....................................................................14
       Section 2.14. Release of Interest..........................................................14
 ARTICLE III SERVICING OF RECEIVABLES.............................................................15
       Section 3.1.  Responsibility for Receivable Administration.................................15
       Section 3.2.  Standard of Care.............................................................15
       Section 3.3.  Filing.......................................................................15
       Section 3.4.  Records......................................................................16
       Section 3.5.  Inspection...................................................................16
       Section 3.6.  Duties and Responsibilities of Servicer......................................16
       Section 3.7.  Consideration................................................................17
 ARTICLE IV  CONDITIONS OF PURCHASES AND TRANSFERS................................................18
       Section 4.1.  Conditions Precedent to Initial Purchase.....................................18
       Section 4.2.  Conditions Precedent to All Transfers........................................18
 ARTICLE V   REPRESENTATIONS AND WARRANTIES.......................................................19
       Section 5.1.  Representations and Warranties of the Trust Depositor........................19
       Section 5.2.  Representations and Warranties of Trust Depositor Relating to the
                     Receivables..................................................................23
       Section 5.3.  Survival; Knowledge; Notice of Breach........................................25
       Section 5.4.  Representations and Warranties of the Club and the Club Trustee..............25
       Section 5.5.  Representations and Warranties of the Servicer...............................27
</TABLE>

                                       i
<PAGE>

<TABLE>
<S>                                                                                              <C>
 ARTICLE VI  COVENANTS............................................................................29
       Section 6.1.    Covenants of the Trust Depositor...........................................29
       Section 6.2.    General Covenants of the Club Trustee......................................33
       Section 6.3.    General Covenants of the Servicer and Bluegreen............................35
 ARTICLE VII  SUBJECT TO CLUB TRUST AGREEMENT.....................................................42
       Section 7.1.          Rights Subject to Club Trust Agreement...............................42
 ARTICLE VIII SERVICER TERMINATION EVENTS.........................................................42
       Section 8.1.   Servicer Termination Events.................................................42
       Section 8.2.   Service Transfer............................................................44
       Section 8.3.   Successor Servicer to Act; Appointment of Successor Servicer................45
       Section 8.4.   Effect of Transfer..........................................................45
       Section 8.5.   Successor Servicer Indemnification..........................................46
       Section 8.6.   Responsibilities of the Successor Servicer..................................46
       Section 8.7.   Waiver of Servicer Termination Event........................................46
 ARTICLE IX    PERFORMANCE AND DUTIES OF SERVICER.................................................47
       Section 9.1.    General Requirements of Servicer...........................................47
       Section 9.2.    Servicer as Independent Contractor.........................................47
       Section 9.3.    [Omitted]..................................................................47
       Section 9.4.    Description of Reports.....................................................47
       Section 9.5.    Officer's Certificate......................................................49
       Section 9.6.    Annual Report of Accountants...............................................49
       Section 9.7.    Annual Statement of Compliance from Servicer...............................49
       Section 9.8.    Sales and Inventory Reports................................................50
       Section 9.9.    Financial Reports..........................................................50
       Section 9.10.   Time Share Association Reports; Club Reports...............................50
       Section 9.11.   Audit Reports..............................................................51
       Section 9.12.   Other Reports..............................................................51
       Section 9.13.   SEC Reports................................................................51
 ARTICLE X     FACILITY ADMINISTRATOR.............................................................51
       Section 10.1.   Appointment; Nature of Relationship........................................51
       Section 10.2.   Powers.....................................................................51
       Section 10.3.   General Immunity...........................................................52
       Section 10.4.   No Responsibility for Advances, Recitals, etc..............................52
       Section 10.5.   Action on Instructions of Noteholders......................................52
       Section 10.6.   Employment of Agents and Counsel...........................................52
       Section 10.7.   Reliance on Documents; Counsel.............................................52
       Section 10.8.   Facility Administrator's Reimbursement and Indemnification.................53
       Section 10.9.   Notice of Default..........................................................53
       Section 10.10.  Rights as a Noteholder.....................................................53
       Section 10.11.  Noteholder Credit Decision.................................................53
       Section 10.12.  Successor Facility Administrator...........................................54
 ARTICLE XI    ASSIGNMENTS; REPURCHASE OPTION.....................................................55
       Section 11.1.   Assignments; Participations................................................55
       Section 11.2.   Trust Depositor's Repurchase Option........................................55
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>            <C>                                                                               <C>
 ARTICLE XII   TERMINATION........................................................................55
       Section 12.1.   Sale of Trust Assets.......................................................55
 ARTICLE XIII  MISCELLANEOUS......................................................................56
       Section 13.1.   Amendments and Waivers.....................................................56
       Section 13.2.   Protection of Title to Trust...............................................57
       Section 13.3.   Notices, Etc...............................................................58
       Section 13.4.   No Waiver; Remedies........................................................60
       Section 13.5.   Binding Effect.............................................................60
       Section 13.6.   Term of this Agreement.....................................................60
       Section 13.7.   GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE.......60
       Section 13.8.   WAIVER OF JURY TRIAL.......................................................61
       Section 13.9.   Costs, Expenses and Taxes..................................................61
       Section 13.10.  No Bankruptcy Covenant.....................................................62
       Section 13.11.  Protection of Ownership Interests of the Trust; Intent of Parties;
                       Back-up Security Interest..................................................62
       Section 13.12.  Back-up Security Interest..................................................63
       Section 13.13.  Execution in Counterparts; Severability; Integration.......................63
       Section 13.14.  Further Assurances.........................................................64
       Section 13.15.  Savings Clause.............................................................64
       Section 13.16.  Limitation of Liability of Owner Trustee and Indenture Trustee.............64
</TABLE>

                                      iii
<PAGE>

                                    SCHEDULES

 SCHEDULE IA/IB Condition Precedent Documents/List of Deliveries
 SCHEDULE II    Servicer Reports
 SCHEDULE III   Locations and State of Organization
 SCHEDULE IV    Location of Receivables Files

                                    EXHIBITS

 EXHIBIT A      Form of Request Notice For Initial and Incremental Purchases
 EXHIBIT B      Form of Substitution Notice
 EXHIBIT C      List of Eligible Resorts
 EXHIBIT D      Form of Notice of Waiver
 EXHIBIT E      Club Trust Agreement
 EXHIBIT F      Provisions of the Trust Depositor's Certificate of Incorporation
 EXHIBIT G      Form of Servicing Officer's Certificate
 EXHIBIT H      Form of Assignment
 EXHIBIT I      Form of Mortgage Assignment
 EXHIBIT J      Collection Policies
 EXHIBIT K      Reserved
 EXHIBIT L-1    Forms of Contracts
 EXHIBIT L-2    Forms of Mortgages
 EXHIBIT M      Form of Allonge
 EXHIBIT N      Form of Notice (Aruba Receivables)

                                     ANNEXES

 Definitions Annex

                                       iv
<PAGE>

                          SALE AND SERVICING AGREEMENT

      SALE AND  SERVICING  AGREEMENT,  dated as of March  13,  2006,  among  BXG
Receivables  Owner Trust 2006-A  (together with its successors and assigns,  the
"Issuer" or the "Trust"), Bluegreen Receivables Finance Corporation XI (together
with its  successor  and assigns,  the "Trust  Depositor"),  U.S.  Bank National
Association (in its capacity as Indenture Trustee,  together with its successors
and assigns, the "Indenture Trustee" and in its capacity as Custodian,  together
with its successors and assigns, the "Custodian"), Vacation Trust, Inc., as club
trustee under the Club Trust Agreement (in such capacity,  the "Club  Trustee");
Concord  Servicing  Corporation  ("Back-Up  Servicer"),   Bluegreen  Corporation
(individually  to the extent set forth  herein,  together with its successor and
assigns, "Bluegreen", as a Seller or, in its capacity as Servicer, together with
its  successors  and  assigns,   the   "Servicer"),   General  Electric  Capital
Corporation,    in   its   capacity   as   facility   administrator   ("Facility
Administrator"),   and  the  Person  from  time  to  time  signatory  hereto  as
Noteholders ("Noteholders").

      WHEREAS,  the Trust  desires to purchase  from time to time from the Trust
Depositor  the Trust  Assets  including,  but not  limited  to, the  Receivables
related to the  financing  of certain  timeshare  interests  by the  Sellers and
subsequently sold by the Sellers to the Trust Depositor;

      WHEREAS,  the Trust  Depositor  is willing to sell the Trust Assets to the
Trust pursuant to the terms hereof;

      WHEREAS,  General  Electric  Capital  Corporation  is  willing  to  act as
Facility Administrator under the Transaction Documents;

      WHEREAS,  Bluegreen is willing to act as owner trust  administrator  under
the Administration Agreement;

      WHEREAS,  U.S.  Bank National  Association  is willing to act as Indenture
Trustee under the Indenture and as Custodian under the Custodial Agreement;

      WHEREAS,  Concord  Servicing  Corporation  is  willing  to act as  Back-Up
Servicer under the Back-Up Servicing Agreement;

      WHEREAS,  the Club Trustee is a limited purpose entity which, on behalf of
the  Beneficiaries,  holds  title to certain  Intervals  and Deeds  relating  to
Receivables sold pursuant to this Agreement;

      WHEREAS,  Bluegreen  is willing and has agreed  pursuant  hereto to act as
Servicer  for the Trust  Assets and to service the  Receivables  pursuant to the
terms hereof;

      WHEREAS, the Noteholders have agreed to purchase notes issued by the Trust
to facilitate the Trust's purchase of the Trust Assets;

      NOW, THEREFORE,  in consideration of the premises and the mutual covenants
herein contained, the parties hereto agree as follows:

                                      -1-

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

      Section 1.1. Definitions. Capitalized terms used but not otherwise defined
herein shall have the meanings ascribed thereto in the Definitions Annex.

      Section 1.2. Usage of Terms.  With respect to all terms in this Agreement,
the singular  includes the plural and the plural the singular;  words  importing
any gender include the other gender;  references to "writing"  include printing,
typing,  lithography  and other means of  reproducing  words in a visible  form;
references  to  agreements  and  other  contractual   instruments   include  all
amendments, modifications and supplements thereto or any changes therein entered
into in  accordance  with  their  respective  terms and not  prohibited  by this
Agreement; references to Persons include their permitted successors and assigns;
and the term "including" means "including without limitation."

      Section 1.3. Section References. All section references,  unless otherwise
indicated, shall be to Sections in this Agreement.

      Section 1.4. Other Interpretive Provisions. Except to the extent otherwise
specified  in  the  particular  term  or  provision  at  issue,  this  Agreement
(including the  Definitions  Annex hereto) shall be interpreted and construed in
accordance with the Document Conventions.

      Section  1.5.   Accounting  Terms.  All  accounting  terms  used  but  not
specifically  defined  herein shall be construed in  accordance  with  generally
accepted accounting principles in the United States.

                                   ARTICLE II

                             TRANSFER OF RECEIVABLES

      Section 2.1. Sales.

            (a) Subject to the terms and conditions of this Agreement, the Trust
      Depositor shall sell, transfer,  set-over, convey and absolutely assign to
      the Trust the Trust Assets from time to time designated and identified for
      purchase in  accordance  with Section 2.2 hereof,  and the Trust agrees to
      make such  purchases  from time to time (the first such date, the "Initial
      Transfer  Date")  during  the  period  from  the  Closing  Date to but not
      including the Purchase  Period  Termination  Date (the first such sale and
      purchase to be effected hereunder, the "Initial Purchase"; each subsequent
      sale and  purchase,  an  "Incremental  Purchase";  and any  such  sale and
      purchase, a "Purchase"). Under no circumstances,  however, shall the Trust
      be  obligated  to make  any  Purchase  if,  after  giving  effect  to such
      Purchase,  the aggregate Outstanding Amount would exceed the lesser of (i)
      the Note  Purchase  Limit or (ii) the Funding Date  Overcollateralization.
      Upon the payment of the related Cash Purchase Price (as defined below) for
      the Initial  Purchase or any  Incremental  Purchase and on each Substitute
      Asset Transfer Date, the Trust  Depositor  shall have, and shall be deemed
      hereunder to have, irrevocably and absolutely sold, assigned, transferred,
      set-over and conveyed to the Trust,  without  recourse,  representation or
      warranty,  express  or  implied,  except as  provided  in the  Transaction
      Documents,  all right, title and interest of the Trust Depositor in and to
      the  Trust  Assets  relating  to  such  Initial  Purchase  or  Incremental
      Purchase, as the case

                                      -2-
<PAGE>

      may be.  The  aggregate  amount of all  advances  made by the  Noteholders
      during the Purchase Period shall not exceed the Note Purchase Limit.

            Although the Trust  Depositor and the Trust agree that such transfer
      is intended to be a sale of ownership of the Trust Assets, rather than the
      granting of a security interest to secure a borrowing,  and that the Trust
      Assets  shall  not be  property  of the  Trust  Depositor,  in the  event,
      notwithstanding  such intent,  such  transfer is deemed to be a grant of a
      security  interest to secure a  borrowing,  the Trust  Depositor  shall be
      deemed to have granted (and hereby grants to) the Trust a perfected  first
      priority  security  interest in such Trust  Assets  (subject to  Permitted
      Liens) and this  Agreement  shall  constitute a security  agreement  under
      Requirements  of Law  securing the  repayment  of the purchase  price paid
      hereunder  and  the  obligations  and/or  interests  provided  for in this
      Agreement  and  the  other  Transaction  Documents  and in the  order  and
      priorities,  and  subject  to the  other  terms  and  conditions  of  this
      Agreement.  Upon the  addition  or  substitution  of an Asset  pursuant to
      Section 2.7, the Trust Depositor shall have, and shall be deemed hereunder
      to have, irrevocably and absolutely sold, assigned, transferred,  set-over
      and conveyed to the Trust,  without recourse,  representation or warranty,
      except as  provided in the  Transaction  Documents,  all right,  title and
      interest of the Trust  Depositor  in and to the Trust  Assets  relating to
      such addition or substitution, as the case may be.

            (b) The purchase  price for the Purchased  Receivables in each Asset
      Pool  Portion  shall be the  applicable  Cash  Purchase  Price.  The "Cash
      Purchase Price" for any Asset Pool Portion shall be an amount equal to the
      product of (i) the Receivable  Balance as of the applicable Cutoff Date of
      the  Eligible  Receivables  to  be  purchased,   multiplied  by  (ii)  the
      applicable  Credit  Enhancement  Factor in effect on such  Transfer  Date.
      Subject to the  satisfaction  of the conditions and on the terms set forth
      herein, the Trust shall pay to the Trust Depositor the Cash Purchase Price
      for the Purchased Receivable on the related Transfer Date.

            (c) Upon  payment  of the Cash  Purchase  Price by the  Trust in the
      amount  determined in accordance  with Section  2.1(b) with respect to all
      Trust Assets purchased on a Transfer Date, the ownership of all such Trust
      Assets will be solely vested in the Trust. None of the Sellers,  Servicer,
      Trust Depositor nor Club Trustee shall take any action  inconsistent  with
      such  ownership  and shall not claim any  ownership  interest in any Trust
      Asset. The Trust Depositor,  the Sellers,  Servicer and Club Trustee shall
      each indicate in their respective books and records that ownership of each
      Purchased  Receivable  and related Trust Assets is held by the Trust,  but
      subject to the Lien created under the Indenture.  In addition, each of the
      Trust  Depositor,  the  Sellers  and the  Servicer  shall  respond  to any
      inquiries with respect to ownership of the Trust Assets by stating that it
      is no longer the owner of the Trust Assets and that ownership of the Trust
      Assets is held by the  Trust.  Any  documents  relating  to the  Purchased
      Receivables or related Trust Assets retained by the Trust  Depositor,  the
      Sellers, the Servicer, or Club Trustee shall be held in trust by the Trust
      Depositor, the Sellers, the Servicer and the Club Trustee, for the benefit
      of the Trust, and possession of any incident of ownership  relating to the
      Purchased  Receivables so retained is for the sole purpose of facilitating
      the servicing of the Purchased  Receivables  or otherwise at the direction
      and in the  discretion of the Facility  Administrator.  Such retention and
      possession  (other than retention by the Club Trustee of Deeds relating to
      Receivables  as to which the rights of the Trust,  as an  Interest  Holder
      Beneficiary (as defined in the Club Trust Agreement) shall be as set forth
      in the  Club  Trust  Agreement)  is at the  will  of  the  Trust  and in a
      custodial  capacity for the benefit of the Trust and its  assignees  only.
      Subject to the rights of the Beneficiaries and the other provisions of the
      Club Trust

                                      -3-
<PAGE>

      Agreement,  the Facility  Administrator may direct the Club Trustee at any
      time  to  transfer  any  Deed(s)  relating  to  any  Receivable  purchased
      hereunder to the Trust or its  nominee;  provided  that any such  transfer
      will be made subject to the Mortgage relating thereto, if any.

            Section 2.2. Procedures for Purchases.

            (a) During the Purchase Period, no later than five (5) days prior to
      each Transfer Date, the Trust Depositor shall notify the Indenture Trustee
      and the Facility  Administrator of the intent to effect a Purchase and the
      proposed Transfer Date thereof.  During the Purchase Period, no later than
      10:00 a.m.  (Chicago,  Illinois  time) on a date which is at least two (2)
      Business Days before any intended  Transfer Date, the Trust Depositor will
      deliver or cause to be delivered to the Indenture Trustee and the Facility
      Administrator  a Request  Notice  substantially  in the form of  Exhibit A
      hereto.  In the event that the Trust Depositor does not provide a properly
      completed Request Notice (and subject to all other terms and conditions to
      such  Purchase  hereunder),  the Trust will not be  obligated  to purchase
      Eligible  Receivables  on such  intended  Transfer Date until such time as
      such terms and conditions are met. Each such Request Notice shall specify,
      among other things, (i) the aggregate amount of such Purchase, which shall
      be in a minimum amount equal to $10,000,000,  or such lesser amount as may
      be equal to the then unused portion of the Note Purchase  Limit,  (ii) the
      intended  Transfer  Date  for  such  Purchase,  and  (iii)  the  aggregate
      Outstanding  Amount,  Funding  Date  Overcollateralization  and  the  Note
      Purchase Limit, both immediately preceding and after giving effect to such
      Purchase.  During the Purchase  Period,  beginning with the quarter ending
      June 30, 2006,  the  aggregate  amount of Purchases  made in each calendar
      quarter  shall  be in a  minimum  amount  equal to the  Quarterly  Minimum
      Purchase  Amount,  or such  lesser  amount  as may be equal to the  unused
      portion  of the Note  Purchase  Limit.  In the  event  that the  Quarterly
      Minimum  Purchase Amount for any calendar  quarter is a negative number or
      equal to zero, no Purchases are required by this Section 2.2(a) to be made
      in such calendar quarter.

            (b) On each Transfer  Date, and subject to the  satisfaction  of the
      conditions of Article IV hereof and Articles IV and V of the Note Purchase
      Agreement,  the  Servicer  will prepare and deliver an  Assignment  to the
      Trust  Depositor  and the Trust in the form of Exhibit H hereto,  Mortgage
      Assignments,  as applicable, and an Allonge in the form attached hereto as
      Exhibit M (an  "Allonge"),  as  applicable,  which has been stapled to the
      original notes, if any, evidencing each Receivable with respect to each of
      the Trust Assets being transferred on such Transfer Date by the Trust. The
      Trust Depositor and the Trust shall thereupon  execute such Assignment and
      deliver executed unrecorded, originals thereof to the Servicer who will in
      turn cause  executed  copies of such  Assignment,  Allonges  and  Mortgage
      Assignments,  as applicable, to be delivered to the Indenture Trustee, the
      Custodian and the Facility Administrator,  as applicable,  and recorded in
      accordance  with the  provisions  of this  Agreement.  Upon  the  Facility
      Administrator's  receipt of a certification from the Custodian that it has
      received the Receivables Files as set forth in the Custodial Agreement, an
      Assignment  for the  related  Trust  Assets,  an  Allonge  and a  Mortgage
      Assignment,  as applicable,  and for each Receivable listed on the List of
      Receivables  delivered in connection  with the Request  Notice,  the Trust
      shall  thereupon pay to the Trust  Depositor  the Cash Purchase  Price for
      such Trust Assets,  by wire transfer in same day funds in accordance  with
      the wire transfer  instructions  specified in the related  Request Notice.
      The Trust Depositor shall be solely responsible for obtaining ownership of
      the Trust Assets  (including  the  perfection of such  ownership  interest
      pursuant  to  the  UCC)  from  the  Sellers   pursuant  to  the  Sale  and
      Contribution

                                      -4-
<PAGE>

      Agreement  or  otherwise,  prior to  transfer of  ownership  of such Trust
      Assets to the Trust under this Agreement.

            (c) The Facility  Administrator will promptly notify the Noteholders
      of the receipt of a Request Notice.

      Section 2.3. Establishment of Accounts; Reserve Account.

            (a)  On or  prior  to the  Closing  Date,  the  Servicer  shall  (i)
      establish a non-interest  bearing  Eligible Deposit Account in the name of
      the Trust,  titled "BXG Receivables  Owner Trust 2006-A Lockbox Account re
      Bluegreen   Receivables  Sale  and  Servicing   Agreement"  (the  "Lockbox
      Account"),  and (ii) enter into the Lockbox  Agreement  which shall direct
      that all monies  deposited  in the Lockbox  Account  shall be forwarded in
      accordance  with Section 2.4. The Trust  Depositor and the Servicer  shall
      send to the  Lockbox  Bank  for  deposit  into  the  Lockbox  Account  all
      Collections they may receive in respect of Purchased  Receivables no later
      than the next  Business Day  following  the date of receipt  thereof.  Any
      Collections  in  respect  of  Purchased  Receivables  held  by  the  Trust
      Depositor or the Servicer pending transfer to the Lockbox Account shall be
      held in trust for the benefit of the Indenture Trustee and the Noteholders
      until such  amounts are  deposited  into the Lockbox  Account as set forth
      above.  The Servicer  shall  receive  evidence of all deposits made to the
      Lockbox  Account and shall post them, on a daily basis,  to the respective
      Receivables upon receipt.

            (b) On or prior to the Closing Date, the Servicer shall establish an
      Eligible Deposit Account with and in the name of the Indenture Trustee for
      the benefit of the Noteholders  titled "BXG Receivables Owner Trust 2006-A
      Collection Account re Bluegreen  Receivables Sale and Servicing Agreement"
      (the "Collection Account").

            (c) On or prior to the Closing  Date,  the Trust  Depositor  and the
      Indenture  Trustee shall establish an Eligible Deposit Account in the name
      of the Indenture  Trustee for the benefit of the  Noteholders  titled "BXG
      Receivables  Owner Trust 2006-A  Bluegreen  Facility Reserve Account" (the
      "Reserve Account").

            (d)  Prior to the  Facility  Termination  Date,  on or prior to each
      Payment Date (and in anticipation of allocations and  distributions  to be
      made on such Payment  Date  pursuant to Section  2.6),  the  Servicer,  in
      consultation  with the Facility  Administrator  and based upon information
      provided in the Monthly  Report  delivered by the Servicer to the Facility
      Administrator and the Indenture Trustee two (2) Business Days prior to the
      related  Payment  Date,  shall  determine  the  extent to which  Available
      Amounts in the  Collection  Account  (including  proceeds of any  Servicer
      Advance deposited therein in accordance with Section 2.4) are insufficient
      to pay Indenture  Trustee Fees,  Owner Trustee Fees,  Lockbox Fees,  Trust
      Owner Fees,  Protective  Advances,  Back-Up Servicer Fees, Custodian Fees,
      Trust Administrator Fees,  Unreimbursed Servicer Advances,  Servicing Fees
      (if the Servicer is not Bluegreen or an Affiliate of Bluegreen) as well as
      the Note Interest  Distributable  Amount and Note Principal  Distributable
      Amount  required on such Payment  Date.  To the extent of  insufficiencies
      with respect to the payments to be made pursuant to Sections 2.11(a)(vii),
      (a)(viii)  and  (a)(ix),  on or prior to each Payment Date amounts held in
      the  Reserve  Account  shall be  transferred  to the  Collection  Account,
      treated as Available Amounts for such Payment Date and thereafter  applied
      to  cover  such  insufficiencies  in  order  for any of such

                                      -5-
<PAGE>

      payments or  allocations  to be made.  After the occurrence and during the
      continuance of an Event of Default or  Termination  Event all amounts held
      in the Reserve Account shall be transferred to the Collection  Account and
      applied  and  allocated  as  Available  Amounts on the  Payment  Date with
      respect to the related  Collection Period to the extent of insufficiencies
      with respect to the payments to be made pursuant to Sections 2.11(b)(vii),
      (b)(viii) and (b)(x).

            (e) Each Seller Party shall deposit all  Collections  it may receive
      in respect of  Receivables  into the Lockbox  Account  upon the earlier to
      occur of the second  Business Day  following  any date on which any Seller
      Party shall have received such Collections;  provided, that if an Event of
      Termination has occurred and is continuing,  all  Collections  received by
      any Seller  Party shall be  deposited  within one  Business Day of receipt
      thereof.  Each of the Trust  Depositor  and the  Servicer  agree  that any
      Collections  in respect of  Receivables  held by any Seller Party  pending
      transfer to the  Lockbox  Account are held in trust for the benefit of the
      Trust and the Indenture  Trustee until such amounts are deposited into the
      Lockbox Account.

            (f) The Trust  Depositor  and the Servicer  shall,  and the Servicer
      shall cause the Sellers to, instruct all Obligors, as applicable,  to make
      all payments with respect to the Receivables to the Lockbox Account.

      Section 2.4. Deposits to Accounts.

      On each  Business  Day, all  Collections  in the Lockbox  Account shall be
transferred by automated wire by the Lockbox Bank to the Collection  Account. In
addition,  the proceeds of Servicer  Advances made  pursuant to Section  6.3(s),
transfers from the Reserve Account made pursuant to Section 2.3(d), and payments
of any Transfer  Deposit  Amount  received  from the Sellers or Trust  Depositor
shall be deposited to the Collection Account.

      Section 2.5. Investment of Accounts.

      Subject to the provisions of this Section 2.5 and the  Indenture,  amounts
on  deposit in any Trust  Account  (other  than the  Lockbox  Account)  shall be
invested in Permitted  Investments.  Until the Facility  Termination  Date,  the
Indenture  Trustee,  at the written direction of the Servicer,  shall invest all
such amounts in Permitted  Investments  selected by the Servicer  that mature no
later than the immediately succeeding Payment Date and shall hold such Permitted
Investments  until the earlier of (i) such  succeeding  Payment Date or (ii) the
Facility  Termination Date. The Indenture Trustee shall not be permitted to vote
any  Permitted  Investments  unless  it has been  advised  that such vote is for
"protective"  (as  defined  by  GAAP)  purposes.   On  and  after  the  Facility
Termination Date, any investment of such amounts in Permitted  Investments shall
be  solely at the  discretion  of the  Facility  Administrator.  All  Investment
Earnings shall be deposited into the Collection  Account or the Reserve Account,
as the case may be, as and when  received and shall be applied and  disbursed in
the same manner and priority as all other amounts in the Collection Account. The
Servicer  acknowledges that to the extent that regulations of the Comptroller of
the Currency or other applicable  regulatory agency grant the Servicer the right
to receive brokerage  confirmations or security  transactions as they occur, the
Servicer specifically waives receipt of such confirmations.

      Section  2.6.  Payments and  Computations;  Funding  Indemnity  for Failed
Purchase.

                                      -6-
<PAGE>

            (a) All  amounts  to be  paid or  deposited  by the  Sellers,  Trust
      Depositor,  Servicer or any other  applicable  payor referred to hereunder
      shall be paid or  deposited in  accordance  with the terms hereof no later
      than  1:00  p.m.  (Chicago,  Illinois  time) on the day when due in lawful
      money of the United States in immediately  available  funds, and if not so
      timely  deposited,  shall be deemed to have been received on the following
      Business Day.

            (b)  Whenever any payment  hereunder  shall be stated to be due on a
      day other  than a Business  Day,  such  payment  shall be made on the next
      succeeding  Business Day, and such extension of time shall in such case be
      included in the  computation of payment of interest,  interest on interest
      or any fee payable hereunder, as the case may be.

            (c) If any  Purchase  requested by the Trust  Depositor  pursuant to
      Section 2.2 is not for any reason  whatsoever made or effectuated,  as the
      case may be,  on the date  specified  therefor,  the Trust  Depositor  and
      Bluegreen,  jointly and  severally,  shall be obligated  to indemnify  the
      Noteholders  against any loss,  cost or expense  actually  incurred by any
      Noteholder, including, without limitation, any out-of-pocket loss, cost or
      expense  incurred by such  Noteholder  (as  reasonably  determined by such
      Noteholder) as a result of the  liquidation or redeployment of deposits or
      other funds acquired by such Noteholder to fund or maintain such Purchase,
      as the  case  may be;  provided,  that no such  indemnification  shall  be
      required  if any  Purchase is not made or  effectuated  as a result of any
      action or inaction by any Noteholder or any provider of liquidity  support
      for any  Noteholder,  other than a failure by such  Noteholder  to make an
      advance  to allow the Trust to make any  Purchase  due to a failure of any
      condition precedent to such Purchase set forth herein.

            (d) Unless otherwise  expressly  permitted herein,  all payments and
      remittances to be made hereunder by any Seller, the Trust Depositor or the
      Servicer shall be made without set-off,  deduction or withholding.  If any
      Seller, the Trust Depositor or the Servicer is pursuant to Requirements of
      Law required to make any deduction or  withholding  on account of taxes or
      otherwise  from any payment or remittance  to be made by it hereunder,  it
      shall make such deduction or withholding  and forthwith  remit such amount
      to the appropriate  Governmental Authority and thereafter the sum due from
      it in respect of such  payment or  remittance  shall be  increased  to the
      extent  necessary  to ensure  that after the making of such  deduction  or
      withholding, the applicable payee receives a net sum equal to the sum that
      it would have received had no deduction or withholding been made.

      Section 2.7. Addition/Substitution of Receivables.

            (a) On any day prior to the Facility Termination Date provided it is
      done no more than once each  Collection  Period,  and subject to the terms
      and  conditions  hereof,  the Trust  Depositor may at its option replace a
      Defaulted  Receivable and related Trust Assets currently in the Asset Pool
      (a  "Replaced  Asset")  with  one or  more  Substitute  Assets;  provided,
      however,  that if such option is not exercised  prior to the expiration of
      the Trust Depositor's  fiscal quarter during which the related  Receivable
      became  a  Defaulted  Receivable,  then  the  Trust  Depositor's  right to
      exercise such option with respect to such  Defaulted  Receivable  shall be
      irrevocably waived, unless, prior to the expiration of such fiscal quarter
      of the Trust Depositor,  the Trust Depositor gives notice to the Trust and
      the Facility  Administrator  of its intention to exercise such option with
      respect to such  Defaulted  Receivable and does so prior to the expiration
      of the Trust Depositor's

                                      -7-
<PAGE>

      next succeeding fiscal quarter.  If, however, the Trust Depositor fails to
      exercise such option with respect to such  Defaulted  Receivable  prior to
      the expiration of the Trust  Depositor's  next succeeding  fiscal quarter,
      then the Trust  Depositor's  right to exercise such option with respect to
      such  Defaulted  Receivable  shall be irrevocably  waived.  Subject to the
      conditions  set forth in paragraph  (c) below and Section 4.2 hereof,  the
      Trust  Depositor  if  exercising  such  substitution  option,  shall sell,
      transfer,  assign, set over and otherwise  absolutely convey to the Trust,
      without  recourse,  representation  or  warranty  other than as  expressly
      provided in the Transaction  Documents,  all the Trust Depositor's  right,
      title  and  interest  in and  to  the  Substitute  Assets  related  to the
      Receivables  listed  on the  List of  Substitute  Receivables  (including,
      without limitation, all Collections and rights to receive Collections with
      respect   thereto  after  the  related  Cutoff  Date,  but  excluding  any
      collections or rights to receive  payments  which were collected  pursuant
      thereto on or prior to such Cutoff Date),  such Substitute Assets becoming
      Trust Assets and part of the Asset Pool.  Within ten  Business  Days after
      the Facility Administrator's receipt of a certification from the Custodian
      that it has received all of the Receivables  Files, an Assignment for such
      Substitute Assets and a Mortgage Assignment, as applicable,  (which may be
      unrecorded  subject  to the  Servicer's  obligation  to deliver a recorded
      version thereof pursuant to this Agreement) and an Allonge, as applicable,
      for each Receivable relating thereto,  the Indenture Trustee and the Trust
      shall  thereupon  endorse  back and  deliver  to the Trust  Depositor  any
      necessary releases or assignments relating to the Replaced Assets. Without
      limiting the foregoing,  all Collections and rights to receive Collections
      with  respect  to any  Replaced  Asset  after  the  Cutoff  Date  for  the
      Substitute  Asset that  replaces such  Replaced  Asset,  but excluding any
      Collections  or rights to  receive  payments  which  were  collected  with
      respect to such Replaced  Asset on or prior to such Cutoff Date,  shall be
      assigned to the Trust Depositor. Such assignment of the Replaced Assets to
      the Trust Depositor shall be without recourse to the Indenture Trustee and
      the  Trust  and  free  and  clear of any  Lien  created  pursuant  to this
      Agreement, and neither the Indenture Trustee nor the Trust shall be deemed
      to make any representation or warranty, express or implied.

            (b) Upon discovery by the Servicer, any Seller, the Trust Depositor,
      the  Trust,  the  Indenture  Trustee  or  the  Facility  Administrator  (a
      "Notifying Party") of (i) a misrepresentation on the related Transfer Date
      of any matters,  or a breach on the related  Transfer  Date of a warranty,
      set  forth in  Section  5.2 or  Section  3.2 of the Sale and  Contribution
      Agreement  with  respect to a Trust  Asset,  or (ii) if an  exception to a
      Receivable  File is not  rectified in  accordance  with Section  6.3(q) or
      (iii) if a Lien  (other  than a  Permitted  Lien)  exists or  arises  with
      respect to any Interval at any time prior to the time at which the related
      Mortgage  Assignments are recorded and regardless of when such Lien may be
      discovered  (any of the  foregoing,  an  "Ineligible  Asset"),  the  party
      discovering  such  breach  shall give prompt  written  notice to the other
      parties.  Not later than the  Determination  Date which is at most  thirty
      (30)  days  after  the  earlier  to  occur  of  the   discovery   of  such
      misrepresentation or breach by the Trust Depositor or receipt by the Trust
      Depositor of written notice of such misrepresentation or breach given by a
      Notifying Party, the Trust Depositor shall, at its option, either cure the
      misrepresentation  or breach  within the above  described  time  period or
      repurchase such Ineligible Asset, unless such Ineligible Asset is replaced
      with a Substitute  Asset prior to such date;  provided,  however,  if such
      misrepresentation  or breach  relates  solely to paragraph  (r)(ii) of the
      definition of "Eligible  Receivable" or the  representations or warranties
      set forth in Section 5.2(h) of this Agreement or the  representations  and
      warranties  set  forth in  Section  3.2(h)  of the  Sale and  Contribution
      Agreement,  the Trust  Depositor  shall not have the  option of curing the
      breach;  provided  further  that  if the  Ineligible  Asset  relates  to a
      defective  Receivable  File described in clause (ii) above, no cure period
      shall be  permitted.  Upon  the  deposit

                                      -8-
<PAGE>

      by the Trust Depositor of the Transfer  Deposit Amount for such Ineligible
      Asset in the  Collection  Account  (for  allocation  pursuant  to  Section
      2.11(a) or (b), as applicable) in immediately  available  funds, the Trust
      Depositor shall be deemed to have  repurchased  such Ineligible  Asset and
      there shall be deducted from the Receivable Balance of the Asset Pool, the
      Receivable Balance of the Receivable relating to such Ineligible Asset. On
      and  after  the  date  of  such  retransfer,   each  Ineligible  Asset  so
      retransferred  shall not be included in the Asset Pool.  Without  limiting
      the foregoing,  all  Collections  and rights to receive  Collections  with
      respect to such Ineligible  Asset on or after the date of such retransfer,
      but excluding any  Collections  or rights to receive  payments  which were
      collected  with  respect to such  Ineligible  Asset  prior to such date of
      retransfer shall be assigned to the Trust Depositor.  Notwithstanding  the
      foregoing, in lieu of repurchasing an Ineligible Asset described in clause
      (i) of the definition thereof as set forth above, the Trust Depositor may,
      subject to the conditions and  requirements  of Section 2.7(c) (other than
      the  Substitute  Asset Transfer  Condition),  effect a replacement of such
      Asset with a Substitute Asset.

      Upon the deposit of the Transfer Deposit Amount in the Collection  Account
and the  Custodian's  receipt  of a  Request  for  Release  as set  forth in the
Custodial Agreement and the Facility  Administrator's receipt of a certification
from  the  Custodian  that it has  received  all of the  Receivables  Files,  an
Assignment for the related  Assets and a Mortgage  Assignment and an Allonge for
each Receivable  relating to a Substitute  Asset,  as applicable,  the Indenture
Trustee and the Trust shall endorse back and deliver to the Trust  Depositor any
necessary  releases or assignments  for the Ineligible  Asset relating  thereto.
Such release or assignment of the Ineligible  Asset shall be without recourse to
the  Indenture  Trustee  and the Trust  and free and  clear of any Lien  created
pursuant to this  Agreement,  and neither  the  Indenture  Trustee nor the Trust
shall be  deemed  to make any  other  representation  or  warranty,  express  or
implied,  other  than  that the Trust and  Indenture  Trustee  have the trust or
corporate  authority and have taken all necessary  trust or corporate  action to
accomplish  such  release or  assignment.  The  Indenture  Trustee and the Trust
shall,  at the  sole  expense  of  the  Servicer,  execute  such  documents  and
instruments  of transfer  as may be  prepared  by the  Servicer on behalf of the
Trust Depositor and take such other actions as shall  reasonably be requested by
the Trust Depositor to effect the transfer of such Ineligible  Asset pursuant to
this Section 2.7(b).

      The obligation of the Trust Depositor to repurchase and accept  retransfer
of any Ineligible  Asset (or in the alternative,  effect a valid  replacement of
such Asset as described above) shall constitute the sole remedy available to the
Trust  respecting  any  misrepresentation  of any  matters  or any breach of the
warranties  set  forth in  Section  5.2 with  respect  to such  Asset and is not
intended to and does not constitute  "credit  recourse" to the Trust  Depositor.
Notwithstanding  anything to the  contrary  contained  herein,  in the event the
Trust  Depositor,  prior to the  applicable  Determination  Date,  remedies  the
condition which rendered the Asset an "Ineligible Asset" (other than clause (ii)
of the definition  thereof) during the previously  described 30 day period,  the
Trust  Depositor is not  obligated to  repurchase  or replace such Asset.  It is
understood and agreed by the parties hereto that the payment  obligations of the
Obligors' in respect of the Receivables  transferred  hereunder shall not be the
obligation  of any Seller,  the Trust  Depositor  or the  Servicer,  except with
respect to Servicer Advances and remedies associated with misrepresentations and
breaches of warranties.

            (c) The Trust  Depositor  may  transfer to the Trust the  Substitute
      Assets and the other  property  and rights  related  thereto  described in
      Section 2.7(a) or (b) only upon timely  delivery of a Substitution  Notice
      to the Indenture  Trustee,  the  Custodian and the Facility  Administrator
      complying with the definition  thereof and the satisfaction of each of the
      following  conditions on or

                                      -9-
<PAGE>

      prior to the related Substitute Asset Transfer Date (and the delivery of a
      related  Substitution  Notice  by the  Trust  Depositor  shall be deemed a
      representation  and warranty by the Trust  Depositor that such  conditions
      have  been  or  will  be,  as of the  related  Substitute  Transfer  Date,
      satisfied):

            (i) the  Substitute  Assets being  conveyed to the Trust satisfy the
      Substitute Asset Qualification  Conditions and the related Receivables are
      Eligible Receivables;

            (ii) in the case of Section  2.7(a) and after  giving  effect to any
      conveyance pursuant thereto, the Substitute Asset Transfer Condition shall
      remain satisfied;

            (iii) the Trust  Depositor  shall  have  delivered  to the  Facility
      Administrator   and  the  Indenture   Trustee  a  duly  executed   written
      assignment,  substantially  in the form of Exhibit H hereto,  which  shall
      include a List of Substitute  Receivables listing the Receivables relating
      to the Substitute Assets;

            (iv) the  Trust  Depositor  shall  have  deposited  or  caused to be
      deposited in the Collection Account all Collections  received with respect
      to the Substitute Assets after the related Cutoff Date;

            (v) as of each Substitute  Asset Transfer Date, both the Sellers and
      the Trust  Depositor  were Solvent and the  conveyance  would not have the
      effect of rendering either no longer Solvent;

            (vi) with  respect to  Receivables  transferred  on such  Substitute
      Asset  Transfer Date, no selection  procedures  believed by the Sellers or
      the Trust Depositor to be adverse to the interests of the Trust shall have
      been utilized in selecting the Substitute Assets;

            (vii) each of the representations and warranties made by the Sellers
      pursuant to Article III of the Sale and Contribution  Agreement applicable
      to the  Substitute  Assets  shall be true and  correct  as of the  related
      Substitute  Asset  Transfer  Date, and the Sellers shall have performed in
      all material respects all obligations to be performed by them hereunder or
      thereunder on or prior to such Substitute Asset Transfer Date;

            (viii) the Sellers  shall,  at their own expense,  on the Substitute
      Asset  Transfer  Date,  have  indicated in their Computer Disk and Records
      that the Receivables  identified on the List of Substitute  Receivables in
      the related  Substitution  Notice have been sold to the Trust  through the
      Trust Depositor  pursuant to this Agreement and the Sale and  Contribution
      Agreement.

      Section 2.8. [Reserved].

      Section 2.9.  Acceptance by Trust.  On the Closing Date, if the conditions
set forth in Article IV have been satisfied,  the Trust shall execute and issue,
and the Indenture  Trustee shall  authenticate and deliver to, or upon the order
of, the Trust Depositor, the Notes secured by the Collateral.

      Section 2.10.  Monthly  Distributions.  Each  Noteholder as of the related
Record Date shall be paid on the next succeeding Payment Date by check mailed to
such  Noteholder  at the  address  for  such

                                      -10-
<PAGE>

Noteholder appearing on the Note Register or by wire transfer if such Noteholder
provides  written  instructions  to the Paying  Agent at least ten days prior to
such Payment Date.

      Section 2.11. Distributions.

            (a) On each Payment Date (other than after the occurrence and during
      the  continuance of an Event of Default or a Termination  Event,  or after
      the Note Final  Scheduled  Maturity  Date, in which event Section  2.11(b)
      shall apply),  the Servicer will allocate  Available  Amounts and instruct
      the Indenture Trustee to make payments from the Collection  Account in the
      following order of priority:

            (i) pro rata, to the extent of Available  Amounts,  to the Indenture
      Trustee,  the Indenture Trustee Fee including any unpaid Indenture Trustee
      Fees  with  respect  to one or  more  prior  Collection  Periods  and  any
      extraordinary  out-of-pocket  costs and expenses of the Indenture  Trustee
      not in excess of $2,500 per Payment Date; to the Custodian,  the Custodian
      Fee including any unpaid  Custodian Fees with respect to one or more prior
      Collection  Periods;  to the Lockbox Bank,  the Lockbox Bank Fee including
      any unpaid Lockbox Bank Fees with respect to one or more prior  Collection
      Periods; to the Owner Trustee,  the Owner Trustee Fee including any unpaid
      Owner Trustee Fees with respect to one or more prior  Collection  Periods;
      to the Sellers  and/or the  Servicer,  any Credit Card Fees and Audit Fees
      including  any unpaid  Credit Card Fees and Audit Fees with respect to one
      or more  prior  Collection  Periods;  to the  Owner,  the Trust  Owner Fee
      including  any unpaid  Trust Owner Fees with  respect to one or more prior
      Collection  Periods; to the Trust  Administrator,  the Trust Administrator
      Fee including any unpaid Trust  Administrator  Fees with respect to one or
      more prior Collection Periods;

            (ii) to the Back-Up Servicer,  the Back-Up Servicing Fee,  including
      any  unpaid  Back-Up  Servicing  Fees with  respect  to one or more  prior
      Collection Periods;

            (iii)  to the  Servicer,  if the  Servicer  is not  Bluegreen  or an
      Affiliate of Bluegreen,  the Servicing Fee, including any unpaid Servicing
      Fee with respect to one or more prior Collection Periods;

            (iv) to Bluegreen or an  Affiliate  thereof,  but only to the extent
      the  Servicer  Purchase  Option has been  declined  by the  Servicer,  any
      accrued and unpaid Remarketing Fees;

            (v) first, to any Predecessor  Servicer and second, to the Servicer,
      as applicable,  any Unreimbursed  Servicer  Advances (which  reimbursement
      shall be applicable to any Unreimbursed  Servicer Advances previously made
      by any Predecessor Servicer);

            (vi) first, to any Predecessor Servicer and second, to the Servicer,
      as  applicable,  any  Protective  Advances  to the extent  not  previously
      reimbursed;

            (vii) to the Noteholders, the Note Interest Distributable Amount;

            (viii) to the Noteholders, the Note Principal Distributable Amount;

            (ix) to any Affected  Party,  costs  relating to an Increased  Costs
      Event in respect of such Affected Party;

                                      -11-
<PAGE>

            (x) to the Servicer, if the Servicer is Bluegreen or an Affiliate of
      Bluegreen,  the Servicing  Fee,  including  any unpaid  Servicing Fee with
      respect to one or more prior Collection Periods;

            (xi) to the Reserve  Account,  the amount  necessary to increase the
      amount in the Reserve Account to the Reserve Account Required Amount;

            (xii) to the  Indenture  Trustee,  any  extraordinary  out-of-pocket
      costs  and  expenses  of  the  Indenture  Trustee  not  paid  due  to  the
      limitations contained in clause (i) above; and

            (xiii) any remaining amounts to the Trust Depositor.

            (b) On each  Payment  Date  after  the  occurrence  and  during  the
      continuance  of an Event of Default or a Termination  Event,  or after the
      Note Final Scheduled  Maturity Date, the Servicer will allocate  Available
      Amounts and  instruct  the  Indenture  Trustee to make  payments  from the
      Collection Account in the following order of priority:

            (i) pro rata, to the extent of Available  Amounts,  to the Indenture
      Trustee,  the Indenture Trustee Fee including any unpaid Indenture Trustee
      Fees  with  respect  to one or  more  prior  Collection  Periods  and  any
      extraordinary  out-of-pocket  costs and expenses of the Indenture  Trustee
      not in excess of $2,500 per Payment Date; to the Custodian,  the Custodian
      Fee including any unpaid  Custodian Fees with respect to one or more prior
      Collection  Periods;  to the Lockbox Bank,  the Lockbox Bank Fee including
      any unpaid Lockbox Bank Fees with respect to one or more prior  Collection
      Periods; to the Owner Trustee,  the Owner Trustee Fee including any unpaid
      Owner Trustee Fees with respect to one or more prior  Collection  Periods;
      to the Sellers  and/or the  Servicer,  any Credit Card Fees and Audit Fees
      including  any unpaid  Credit Card Fees and Audit Fees with respect to one
      or more  prior  Collection  Periods;  to the  Owner,  the Trust  Owner Fee
      including  any unpaid  Trust Owner Fees with  respect to one or more prior
      Collection  Periods; to the Trust  Administrator,  the Trust Administrator
      Fee including any unpaid Trust  Administrator  Fees with respect to one or
      more prior Collection Periods;

            (ii) to the Back-Up Servicer,  the Back-Up Servicing Fee,  including
      any  unpaid  Back-Up  Servicing  Fee  with  respect  to one or more  prior
      Collection Periods;

            (iii)  to the  Servicer,  if the  Servicer  is not  Bluegreen  or an
      Affiliate of Bluegreen,  the Servicing Fee, including any unpaid Servicing
      Fee with respect to one or more prior Collection Periods;

            (iv) to Bluegreen or an  Affiliate  thereof,  but only to the extent
      the  Servicer  Purchase  Option has been  declined  by the  Servicer,  any
      accrued and unpaid Remarketing Fees;

            (v) first, to any Predecessor  Servicer and second, to the Servicer,
      as applicable,  any Unreimbursed  Servicer  Advances (which  reimbursement
      shall be applicable to any Unreimbursed  Servicer Advances previously made
      by any Predecessor Servicer);

            (vi) first, to any Predecessor Servicer and second, to the Servicer,
      as  applicable,  any  Protective  Advances  to the extent  not  previously
      reimbursed;

                                      -12-
<PAGE>

            (vii) to the Noteholders, the Note Interest Distributable Amount;

            (viii) to the Noteholders,  the Note Principal  Distributable Amount
      (determined in accordance with clause (i) of the definition thereof);

            (ix) to the  Servicer,  if the Servicer is Bluegreen or an Affiliate
      of Bluegreen,  the Servicing Fee,  including any unpaid Servicing Fee with
      respect to one or more prior Collection Periods;

            (x) to the Noteholders, any remaining amounts until such time as the
      Notes are paid in full  (including  amounts owing to any Affected Party in
      respect of an Increased Costs Event);

            (xi) to the Indenture Trustee, any extraordinary out-of-pocket costs
      and  expenses of the  Indenture  Trustee  not paid due to the  limitations
      contained in clause (i) above; and

            (xii) any remaining amounts to the Trust Depositor.

      No  recourse  may  be had  to  Bluegreen,  the  Issuer,  Trust  Depositor,
Indenture  Trustee,  Club Trustee,  Servicer,  Back-Up  Servicer or any of their
respective  Affiliates in the event that amounts  distributed under this Section
2.11 are  insufficient  for payment of any amounts due under Section 2.11 except
to the extent such insufficiency  results from a breach by any such party of its
obligations under any Transaction Document.

      Section  2.12.  Servicer  Purchase  Option.  Upon  written  notice  to the
Indenture  Trustee and the  Facility  Administrator  delivered at least five (5)
days  before the date of  purchase,  the  Servicer  (so long as the  Servicer is
Bluegreen or an Affiliate thereof) shall have the right (but not the obligation)
to purchase  from the Trust a  Defaulted  Receivable  and related  Assets for an
amount (which amount shall be deposited  into the  Collection  Account) equal to
24% of the Obligor's  initial purchase price for the Interval in respect of such
Defaulted Receivable (the "Servicer Purchase Option").  The transfer of title to
such Defaulted Receivable to the Servicer shall be without recourse to the Trust
or the Indenture Trustee and free and clear of any Lien created pursuant to this
Agreement,  and neither the Trust nor the  Indenture  Trustee shall be deemed to
make any  representation or warranty,  express or implied.  In order to perfect,
protect  and more fully  evidence  the  Servicer's  ownership  of the  Defaulted
Receivable and related Assets purchased pursuant to the exercise of the Servicer
Purchase Option,  the Indenture  Trustee and the Trust shall execute or cause to
be  executed  such  instruments,  releases  or  notices as may be  necessary  or
appropriate,  to  perfect,  protect  and  more  fully  evidence  the  respective
interests of the parties to this  Agreement in such Trust  Assets.  The Servicer
Purchase  Option is  exercisable  with  respect to a Defaulted  Receivable  only
before  the  expiration  of the 60 day  period  following  the date on which the
related  Receivable  became a Defaulted  Receivable  unless the  Servicer  gives
written notice of its  irrevocable  waiver of the Servicer  Purchase Option with
respect to such Defaulted  Receivable to the Indenture  Trustee and the Facility
Administrator prior to the expiration of such 60 day period in the form attached
hereto as  Exhibit D.  Notwithstanding  the  foregoing,  the  Servicer  may only
exercise the Servicer Purchase Option to the extent that, after giving effect to
such  purchase,  the  Receivable  Balance of  Receivables  previously  purchased
pursuant to the Servicer  Purchase  Option does not exceed 20% of the Receivable
Balance of all Eligible Receivables (determined as of the applicable Cutoff Date
therefor) theretofore purchased by the Trust.

                                      -13-
<PAGE>

            The right of the Trust  Depositor  to  replace a  Replaced  Asset in
accordance  with  Section  2.7 or the  right of the  Servicer  to  exercise  the
Servicer  Purchase  Option shall be subject and subordinate to the rights of the
Indenture  Trustee  to sell,  dispose  or  otherwise  liquidate  the  applicable
Receivable  and related Trust Assets  following the  occurrence of a Termination
Event or an Event of Default. Such rights of the Trust Depositor or the Servicer
shall not apply to any Trust Asset or Interval  which the Indenture  Trustee has
sold or caused to be sold,  nor shall such  rights  apply to any Trust  Asset or
Interval  as to which the  Indenture  Trustee  has  provided  at least  five (5)
Business  Days prior notice to the Servicer of its intention so to sell (unless,
prior to the expiration of such five (5) Business Days, the Trust  Depositor has
irrevocably  committed  to  replace  such  Replaced  Asset or the  Servicer  has
irrevocably  committed to exercise the Servicer Purchase Option, as the case may
be, in each case during the next succeeding Collection Period).

      Section 2.13.  Upgrades.  Receivables  which are the subject of an Upgrade
shall become part of the Asset Pool in accordance  with the terms and conditions
of this Section 2.13, subject to timely delivery of a Substitution Notice to the
Indenture  Trustee and the Facility  Administrator and satisfying the conditions
set forth in Section  2.7(c)  (other than  (c)(ii)  and with  respect to Upgrade
Receivables in respect of the same Obligor,  other than paragraphs (b), (d), and
(f)  of  the  definition  of  Substitute  Asset  Qualification  Conditions).  In
connection with an Upgrade by an Obligor, the Trust Depositor shall acquire from
the applicable  Seller pursuant to the Sale and  Contribution  Agreement,  a new
Eligible  Receivable  arising  in  connection  with such  Upgrade  or  otherwise
(together with, if necessary,  one or more other Eligible Receivables which were
the  subject of an Upgrade or  otherwise)  (an  "Upgrade  Receivable")  having a
Receivable  Balance  (or  Receivable   Balances)   approximately  equal  to  the
Receivable Balance of the Pre-Upgrade  Receivable (as defined below). Subject to
the definition of Eligible  Receivable,  the Trust  Depositor shall use its best
efforts  to  cause a  Pre-Upgrade  Receivable  to be  replaced  with an  Upgrade
Receivable  in respect of the same Obligor and then, to the extent not possible,
to be replaced with another  Upgrade  Receivable.  To the extent the  Receivable
Balance (or Receivable  Balances) of the Upgrade  Receivable(s) is less than the
Receivable  Balance of the  Pre-Upgrade  Receivable,  the Trust  Depositor shall
deposit cash into the Collection  Account in the amount of such  deficiency.  To
the extent the aggregate Receivable Balance of the Upgrade Receivable(s) on such
date is  greater  than  the  aggregate  Receivable  Balance  of the  Pre-Upgrade
Receivable(s)  on such date,  the  aggregate  Receivable  Balance of the Upgrade
Receivable(s)  on such  date  shall  be  deemed  to be  equal  to the  aggregate
Receivable  Balance of the  Pre-Upgrade  Receivable(s)  on such date.  Upon such
acquisition by the Trust  Depositor and  compliance by the Trust  Depositor with
Section  2.2  including  delivery  to the  Indenture  Trustee  and the  Facility
Administrator of a Substitution  Notice  indicating such Upgrade and identifying
the  existing   Receivable   subject  to  the  Upgrade   (each,  a  "Pre-Upgrade
Receivable"),  the  related  Upgrade  Receivable(s)  and  related  Trust  Assets
(including,  but not limited to, any Collections  thereon after the Cutoff Date)
shall be deemed to be  Substitute  Assets  for all  purposes  of this  Agreement
purchased  by the  Trust  on  the  Transfer  Date  of  the  related  Pre-Upgrade
Receivable  and  shall be deemed to be part of the  Asset  Pool.  In  connection
therewith,  the Indenture  Trustee and the Trust shall release or re-convey,  as
applicable,  to  the  Trust  Depositor  all  of its  interests  in  the  related
Pre-Upgrade  Receivable in  accordance  with Section 2.14. In no event shall the
Trust Depositor be permitted to repurchase for cash any Pre-Upgrade  Receivable.
Upon each conveyance of Upgrade Receivables hereunder, the Trust Depositor shall
be deemed to have  represented  and warranted  that the  conditions set forth in
Section 4.2 have been satisfied.

      Section 2.14. Release of Interest.

                                      -14-
<PAGE>

      At the same time as (i) any Receivable becomes a Prepaid Receivable,  (ii)
any  Receivable  matures,  (iii) any Receivable is the subject of an Upgrade and
the  conditions  set forth in Section 2.13 have been  satisfied,  (iv) the Trust
Depositor  through the  Servicer,  substitutes  or replaces  any  Receivable  as
contemplated in Section 2.7 hereof,  or (v) the Servicer  exercises the Servicer
Purchase Option, the Indenture Trustee and the Trust will release their interest
in the Interval relating to such Receivable and related Trust Assets;  provided,
that such release will not constitute a release of the  respective  interests of
the Indenture  Trustee and the Trust in the proceeds of Trust Assets except with
respect to any proceeds  received by the  Servicer  with respect to a Receivable
and related Trust Assets which were subject to the Servicer  Purchase Option. In
connection  with any of the events  described  in the  preceding  sentence,  the
Indenture  Trustee and the Trust will execute and deliver (at the expense of the
Trust  Depositor) to the Servicer any  assignments,  bills of sale,  termination
statements and any other releases and instruments as the Servicer may reasonably
request in order to effect such release and transfer,  and the Indenture Trustee
and the Trust shall be deemed to have  transferred to the Trust Depositor or the
Servicer,  as the case may be, all of the  Indenture  Trustee's  and the Trust's
right,  title and  interest in such Trust  Assets in respect of such  Receivable
free and clear of any  interest  created by the  Indenture  Trustee or the Trust
hereunder and under the other Transaction Documents, but without any recourse or
other  representation or warranty,  express or implied.  Nothing in this Section
shall  diminish  the  Servicer's  obligations  pursuant to Section  2.11 of this
Agreement with respect to the proceeds of any sale of such Trust Assets.

                                  ARTICLE III

                            SERVICING OF RECEIVABLES

      Section 3.1. Responsibility for Receivable Administration. The Servicer is
hereby appointed the servicer  hereunder until such time as any Service Transfer
may be effected  under  Section 8.2.  The Servicer  will have the sole right and
obligation  to  manage,   administer,   service  and  make  collections  on  the
Receivables  and the Trust  Assets  and  perform  or cause to be  performed  all
contractual  and customary  undertakings of the holder of the Receivables to the
Obligor.

      Section 3.2. Standard of Care. In managing,  administering,  servicing and
making  collections on the  Receivables and the related Trust Assets pursuant to
this  Agreement,  the  Servicer  will  exercise  that  degree  of skill and care
consistent  with the skill and care that the Servicer  exercises with respect to
similar contracts serviced by the Servicer,  and, in any event no less degree of
skill and care  than  would be  exercised  by a prudent  servicer  of  timeshare
receivables.  The Servicer  shall at all times act in good faith and in the best
interests  of the  Trust,  with  respect to the Trust  Assets  and the  proceeds
thereof,  and use  commercially  reasonable  efforts and exercise sound business
judgment in performing its duties under this Agreement.

      Section  3.3.  Filing.  On or  prior  to the  date of the  first  Purchase
hereunder,  the Servicer shall cause the UCC financing  statement(s) to be filed
and from time to time the Servicer shall take and cause to be taken such actions
and execute such documents as are necessary or desirable or as the Owner Trustee
or Indenture  Trustee may reasonably  request to perfect and protect the Trust's
and the Indenture  Trustee's interests in the Trust Assets (subject to Permitted
Liens) against all other persons,  including,  without limitation, the filing of
financing  statements,  amendments  thereto  and  continuation  statements,  the
execution  of  transfer  instruments  and the making of  notations  on or taking
possession of all records or documents of title.

                                      -15-
<PAGE>

      Section 3.4. Records. The Servicer shall, during the period it is servicer
hereunder,  maintain  such books of account and other records as will enable the
Owner Trustee and the Indenture  Trustee to determine the payment status of each
Receivable.

      Section 3.5. Inspection.

            (a) At all times during the term hereof,  the Servicer  shall afford
      the Facility  Administrator and the Indenture Trustee and their respective
      authorized  agents  reasonable  access during normal business hours to the
      Servicer's  records  relating  to the  Trust  Assets  and will  cause  its
      personnel  to assist in any  examination  of such  records by the Facility
      Administrator  or the Indenture  Trustee,  or such  authorized  agents and
      allow copies of the same to be made. The  examination  referred to in this
      Section  will  be  conducted  in a  manner  which  does  not  unreasonably
      interfere  with the Servicer's  normal  operations or customer or employee
      relations.  Without  otherwise  limiting the scope of the  examination the
      Facility  Administrator  or the  Indenture  Trustee  or  their  respective
      authorized agents may, using generally  accepted audit procedures,  verify
      the status of each  Receivable  and review the  Computer  Disk and records
      relating  thereto for conformity to Monthly Reports  prepared  pursuant to
      Section 9.4 and compliance  with the standards  represented to exist as to
      each Receivable in this Agreement.

            (b) At all times  during the term hereof,  the  Servicer  shall keep
      available a copy of the List of  Receivables  at its  principal  executive
      office for inspection by the Facility Administrator and the Noteholders.

      Section 3.6. Duties and Responsibilities of 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, as applicable, the
      following servicing and collection activities in accordance with the terms
      of this Agreement:

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

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

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

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

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

            (vi) take such other action as may be necessary  or  appropriate  in
      the  discretion  of  the  Servicer  for  the  purpose  of  collecting  and
      transferring  to the  Indenture  Trustee for deposit  into the  Collection
      Account all  payments  received by the Servicer or remitted to the Lockbox
      Account in

                                      -16-
<PAGE>

      respect  of  the  Receivables  (except  as  otherwise  expressly  provided
      herein),  and to carry out the duties  and  obligations  imposed  upon the
      Servicer pursuant to the terms of this Agreement;

            (vii)  arrange for  liquidations  of Intervals  related to Defaulted
      Receivables,  as  applicable,  and the  remarketing  of such  Intervals as
      provided  herein;  it being  understood that except as expressly set forth
      herein  or in  the  Indenture,  the  Servicer  shall  not  sell  Defaulted
      Receivables;

            (viii) use  reasonable  best  efforts to enforce  the  purchase  and
      substitution  obligations  of the Sellers under the Sale and  Contribution
      Agreement;

            (ix) 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 (i) obtain reasonable
      fees from the existing  Custodian or Lockbox Bank, as applicable,  or (ii)
      exercise its rights under the Custodial Agreement or the Lockbox Agreement
      to replace the  Custodian or Lockbox Bank,  as  applicable,  in accordance
      with the Custodial Agreement or Lockbox Agreement, as the case may be. Any
      such   successor   shall  be   reasonably   acceptable   to  the  Facility
      Administrator;

            (x)  diligently  pursue  all  exceptions  to the  Receivables  Files
      delivered to the Custodian;

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

            (xii)  provide the  required  annual  Gramm-Leach-Bliley  notices to
      Obligors  in   accordance   with  and  to  the  extent   required  by  the
      Gramm-Leach-Bliley Act, as amended or modified from time to time;

            (xiii)  to  the  extent  applicable,  deliver  any  new  or  amended
      information  contained  in any new or  amended  ACH Forms  executed  by an
      Obligor  to the  Back-up  Servicer  in  computer  file or files  stored on
      diskette,   magnetic  tape  or  provided  electronically  to  the  Back-up
      Servicer;

            (xiv) provide  documents related to the Receivables to the Indenture
      Trustee and Custodian as provided in Section 2.2(b);

            (xv)  process  all  optional  release  activities  pursuant  to  the
      Servicer Purchase Option;

            (xvi) bill, collect and remit moneys payable hereunder and under the
      other Transaction Documents; and

            (xvii)  maintain the same file  identifier for each Receivable as is
      used in  connection  with  the  Purchase  related  thereto.

      Section 3.7. Consideration. As consideration for Servicer's performance of
the  Receivables  servicing  as  described  herein,  Servicer  shall be paid the
Servicing Fee in accordance with Section 2.11.

                                      -17-
<PAGE>

                                   ARTICLE IV

                      CONDITIONS OF PURCHASES AND TRANSFERS

      Section 4.1. Conditions Precedent to Initial Purchase.

      The Initial Purchase hereunder is subject to the condition  precedent that
the  Facility  Administrator  shall have  received on or before the date of such
purchase  the items listed in Schedule  IA, each  (unless  otherwise  indicated)
dated such date, in form and substance  reasonably  satisfactory to the Facility
Administrator.

      Section 4.2. Conditions Precedent to All Transfers.

      The Initial  Purchase,  each Incremental  Purchase and each other Transfer
from the Trust Depositor by the Trust shall be subject to the further conditions
precedent that:

            (a) the Servicer shall have delivered to the Facility  Administrator
      and the Custodian those items listed on Schedule IB on or before the dates
      listed  therein  and  such  additional  information  as may be  reasonably
      requested by the Facility Administrator;

            (b) all actions or additional actions  necessary,  in the reasonable
      judgment of the Facility  Administrator,  to obtain an absolute  ownership
      interest in favor of the Trust in the Trust Assets being transferred shall
      have been  taken (and the  Facility  Administrator  may in its  discretion
      require, as a condition to such determination,  the delivery of an Opinion
      of Counsel to such effect);

            (c) on each Transfer  Date, the following  statements  shall be true
      and correct:

               (i) the representations and warranties contained in Sections 5.1,
      5.4, 5.5 and, solely with respect to the Assets being  transferred on such
      Transfer  Date,  Section 5.2 of this Agreement and Section 3.2 of the Sale
      and Contribution Agreement,  are true and correct on and as of such day as
      though made on and as of such date;

               (ii) all other representations and warranties of any Seller Party
      in any  Transaction  Document  (other  than this  Agreement)  are true and
      correct on and as of such day as though made on and as of such date;

               (iii) no event has  occurred and is  continuing,  or would result
      from such  Purchase  which  constitutes a Servicer  Event of  Termination,
      Termination Event or an Event of Default;

               (iv) after giving effect to such Purchase, the Outstanding Amount
      will not exceed the lesser of (i) Funding Date  Overcollateralization  and
      (ii) the Note Purchase Limit;

               (v) on and as of such day, the Sellers, the Trust Depositor,  the
      Servicer and the Club Trustee each has performed in all material  respects
      all of the agreements, paid all fees, costs and expenses and satisfied all
      conditions contained in this Agreement and the other Transaction Documents
      to be performed by such Person at or prior to such day;

                                      -18-
<PAGE>

            (d) no  law,  rule  or  regulation  shall  prohibit,  and no  order,
      judgment  or decree of any  federal,  state or local  court or  government
      body,  agency or  instrumentality  shall  prohibit  or  enjoin  any of the
      activities contemplated by the Transaction Documents;

            (e) in addition to the other documents set forth on Schedule 1B, the
      Custodian  shall have  received  an original  note/instrument  and related
      Allonge with respect to each such  Receivable  (other than with respect to
      an Aruba Receivable);

            (f) the  Facility  Administrator  shall  have  received  such  other
      approvals,  opinions  or  documents  as  the  Facility  Administrator  may
      reasonably request;

            (g) the Custodian shall have issued its Custodian's Certificate with
      no exceptions  related to the  applicable  Receivables  Files,  except any
      exceptions   indicated   on  Schedule  1  attached  to  such   Custodian's
      Certificate  that  are  expressly  permitted  pursuant  to  the  Custodial
      Agreement.

                                   ARTICLE V

                         REPRESENTATIONS AND WARRANTIES

      Each Seller under the Sale and  Contribution  Agreement has made, and upon
the  transfer  of   Substitute   Assets  is  deemed  to  remake,   each  of  the
representations  and  warranties  set forth  therein  and has  consented  to the
assignment by the Trust Depositor to the Trust of the Trust  Depositor's  rights
with  respect  thereto.  Such  representations  speak  as of the  execution  and
delivery of the Sale and Contribution Agreement and this Agreement and as of the
Initial  Transfer  Date in the case of the  initial  Receivables,  and as of the
applicable  Substitute Asset Transfer Date in the case of the Substitute Assets,
but shall survive the sale,  transfer and  assignment of the  Receivables to the
Trust. Pursuant to Section 2.1 of this Agreement,  the Trust Depositor has sold,
assigned,  transferred,  set-over and conveyed to the Trust as part of the Trust
Assets its rights under the Sale and Contribution  Agreement,  including without
limitation, its rights with respect to the representations and warranties of the
Sellers therein, together with all rights of the Trust Depositor with respect to
any breach thereof  including any right to require the Sellers to repurchase any
Receivables  in  accordance  with  and  subject  to the  terms  of the  Sale and
Contribution Agreement. It is understood and agreed that the representations and
warranties  set forth or referred to in this Section shall  survive  transfer of
the Trust  Assets to the Trust  hereunder  and the  delivery of the  Receivables
Files to the Custodian.

      The Trust Depositor hereby represents and warrants to the Trust, the Owner
Trustee, the Indenture Trustee,  the Facility  Administrator and the Noteholders
that it has entered into the Sale and  Contribution  Agreement with the Sellers,
that each Seller has made the  representations  and  warranties  in the Sale and
Contribution  Agreement  as set forth  therein,  that such  representations  and
warranties  run to and are for the  benefit  of the Trust  Depositor,  the Owner
Trustee, the Facility Administrator,  the Indenture Trustee and the Noteholders,
and that pursuant to Section 2.1 of this Agreement the Trust Depositor has sold,
transferred,  set-over,  conveyed  and  assigned  to the Trust all rights of the
Trust Depositor to cause the Sellers to repurchase Receivables in the event of a
breach of such  representations and warranties in accordance with and subject to
the terms of the Sale and Contribution Agreement.

      Section 5.1. Representations and Warranties of the Trust Depositor.

                                      -19-
<PAGE>

      The Trust  Depositor  represents and warrants,  as of the Closing Date and
each Transfer Date, as follows:

            (a)  Organization  and  Good  Standing.  The  Trust  Depositor  is a
      corporation duly organized and validly existing in good standing under the
      laws  of  the  State  of  Delaware,  and  has  full  power  (corporate  or
      otherwise),  authority and legal right to own its  properties  and conduct
      its business as such  properties are presently  owned and such business is
      presently conducted,  and to execute,  deliver and perform its obligations
      under this Agreement and each other Transaction  Document to which it is a
      party.

            (b) Due  Qualification.  The Trust Depositor is duly qualified to do
      business and is in good  standing as a foreign  corporation  (or is exempt
      from such  requirements),  and has  obtained  all  necessary  licenses and
      approvals,  in each  jurisdiction  in which  failure  to so  qualify or to
      obtain such licenses and approvals would have a Material Adverse Effect.

            (c) Due Authorization.  The execution and delivery of this Agreement
      and each  other  Transaction  Document  to  which  it is a party,  and the
      consummation of the transactions provided for herein and therein have been
      duly authorized by the Trust Depositor by all necessary action on the part
      of the Trust Depositor.

            (d) No Conflict.  The execution  and delivery of this  Agreement and
      each other Transaction Document to which it is a party, the performance of
      the  transactions  contemplated  hereby and thereby and the fulfillment of
      the terms hereof and thereof do not contravene or violate (i) its articles
      or  certificate  of  incorporation  or  by-laws,  (ii)  any  law,  rule or
      regulation  applicable to it, (iii) any restrictions  under any agreement,
      contract or instrument to which it is a party or by which it or any of its
      property is bound, or (iv) any order, writ, judgment, award, injunction or
      decree  binding on or affecting it or its  property,  and do not result in
      the  creation  or  imposition  of any  Lien  on the  assets  of the  Trust
      Depositor, except where any such contravention or violation would not have
      a Material Adverse Effect.

            (e) No Violation.  The execution and delivery of this  Agreement and
      each other Transaction Document to which it is a party, the performance of
      the  transactions  contemplated  hereby and thereby and the fulfillment of
      the terms hereof and thereof (including,  without limitation,  the sale of
      the Trust Assets by the Trust  Depositor or remittance of  Collections  in
      accordance  with the provisions of this  Agreement) will not conflict with
      or violate, in any material respect, any Requirements of Law applicable to
      the Trust Depositor or to the Trust Assets.

            (f) No  Proceedings.  There  are no  proceedings  or  investigations
      pending  or,  to the best  knowledge  of the Trust  Depositor,  threatened
      against  the  Trust   Depositor,   before  any  court,   regulatory  body,
      administrative  agency, or other tribunal or governmental  instrumentality
      (i) asserting the  invalidity of this  Agreement or any other  Transaction
      Document,  (ii)  seeking  to  prevent  the  consummation  of  any  of  the
      transactions  contemplated  by this  Agreement  or any  other  Transaction
      Document  or  (iii)  seeking  any   determination  or  ruling  that  could
      reasonably  be  expected  to be  adversely  determined,  and if  adversely
      determined, would have a Material Adverse Effect.

                                      -20-
<PAGE>

            (g) All Consents Required. All approvals, authorizations,  consents,
      orders or other  actions  of any Person or of any  Governmental  Authority
      required in connection with the Trust  Depositor's  execution and delivery
      of this  Agreement  and the other  Transaction  Documents to which it is a
      party,  the  performance  of  the  transactions  contemplated  hereby  and
      thereby,  and the  fulfillment of the terms hereof and thereof,  have been
      obtained.

            (h) Bulk Sales.  The  execution,  delivery and  performance  of this
      Agreement do not require  compliance with any applicable  "bulk sales" law
      by the Trust Depositor.

            (i)   Solvency.   Both  before  and  after  giving   effect  to  the
      transactions under this Agreement, the Trust Depositor will be Solvent.

            (j) Selection  Procedures.  No selection  procedures  adverse to the
      interests of the Trust were  utilized by the Trust  Depositor in selecting
      the Receivables in the Asset Pool.

            (k) Taxes.  The Trust  Depositor has filed or caused to be filed all
      tax returns which, to its knowledge, are required to be filed and has paid
      when due all taxes shown to be due and  payable on such  returns or on any
      assessments  made  against it or any of its  property and all other taxes,
      fees  or  other  charges  imposed  on it or  any of  its  property  by any
      Governmental  Authority  (other than any amount of tax due the validity of
      which  is  currently   being   contested  in  good  faith  by  appropriate
      proceedings  and  with  respect  to  which  reserves  in  accordance  with
      generally accepted  accounting  principles have been provided on the books
      of the Trust  Depositor);  no tax lien has been  filed  and,  to the Trust
      Depositor's  knowledge,  no claim is being  asserted,  with respect to any
      such tax, fee or other charge.

            (l) Agreements Enforceable. This Agreement and the other Transaction
      Documents to which the Trust  Depositor is a party  constitute  the legal,
      valid and binding  obligation of the Trust Depositor  enforceable  against
      the Trust Depositor in accordance with their respective  terms,  except as
      such enforceability may be limited by applicable  bankruptcy,  insolvency,
      reorganization,  moratorium or similar laws  affecting  creditors'  rights
      generally and by general  principles of equity (regardless of whether such
      enforceability is considered in a proceeding in equity or law).

            (m) Margin Regulation.  The Trust Depositor is not engaged, nor will
      it  engage,  principally  or as one of its  important  activities,  in the
      business of extending credit for the purpose of "purchasing" or "carrying"
      any Margin Stock.  The Trust Depositor does not own any Margin Stock,  and
      none of the proceeds of any Purchase will be used, directly or indirectly,
      for the  purpose of  purchasing  or  carrying  any Margin  Stock,  for the
      purpose of reducing  or retiring  any  Indebtedness  which was  originally
      incurred to purchase  or carry any Margin  Stock or for any other  purpose
      that might  cause any portion of such  proceeds  to be a "purpose  credit"
      within the meaning of Regulations T, U or X of the Federal  Reserve Board.
      The Trust  Depositor  will not take or permit to be taken any action which
      might cause any  Transaction  Document to violate  any  regulation  of the
      Federal Reserve Board.

            (n) No Liens. Each Trust Asset, together with the Receivable related
      thereto,  shall,  immediately prior to its sale hereunder, be owned by the
      Trust Depositor free and clear of any Lien (except Permitted  Liens),  and
      upon each  Purchase,  the  Trust  shall  acquire  an  undivided  ownership
      interest in each Trust Asset and in the Collections  with respect thereto,
      free  and  clear  of any  Lien

                                      -21-
<PAGE>

      (except  Permitted  Liens).  No  effective  financing  statement  or other
      instrument  similar in effect  covering any Trust Asset or the Collections
      with respect thereto shall at any time be on file in any recording  office
      except such as may be filed in favor of the Trust or the Indenture Trustee
      relating to this  Agreement  and the other  Transaction  Documents,  or in
      favor of the Trust Depositor as assignee of the Sellers.

            (o) Note  Purchase  Limit and  Funding  Date  Overcollateralization.
      After giving effect to any current  Purchase or conveyance of Receivables,
      (i) the  aggregate  Outstanding  Amount  does not exceed the lesser of (x)
      Funding Date  Overcollateralization  and (y) the Note  Purchase  Limit and
      (ii) the aggregate  amount of all advances made by the  Noteholders  under
      the Note Purchase Agreement does not exceed the Note Purchase Limit.

            (p) Reports Accurate. No Asset Report, exhibit, financial statement,
      document, book, record or report furnished or to be furnished by the Trust
      Depositor  pursuant to this Agreement is or will be, when  considered as a
      whole, inaccurate in any material respect as of the date it is or shall be
      dated or (except as otherwise  disclosed to the  Noteholders,  as the case
      may be, at such time) as of the date so  furnished,  and no such  document
      contains or will  contain any  material  misstatement  of fact or omits or
      shall omit to state a material fact or any fact  necessary in light of the
      circumstances  under which made, to make the statements  contained therein
      not misleading.

            (q) Location of Offices.  The principal  place of business and chief
      executive  office of the Trust  Depositor  and the Seller,  and the office
      where the Trust Depositor and Seller keep all the Records,  are located at
      the addresses of the Trust Depositor and Seller, respectively, referred to
      on Schedule III hereof (or at such other  locations as to which the notice
      and other  requirements  specified herein shall have been satisfied).  The
      state of incorporation and organizational  identification  number, if any,
      of the  Trust  Depositor  and the  Seller  are set forth on  Schedule  III
      hereto.

            (r) Tradenames.  The Trust Depositor has no trade names,  fictitious
      names,  assumed  names or "doing  business  as" names or other names under
      which it has done or is doing business.

            (s)  Sale and  Contribution  Agreement.  The  Sale and  Contribution
      Agreement, including the other Transaction Documents contemplated thereby,
      is the only  agreement  pursuant  to which  the Trust  Depositor  acquires
      ownership of the Trust Assets.  To the  knowledge of the Trust  Depositor,
      the   representation   and  warranties  of  Sellers  under  the  Sale  and
      Contribution Agreement are true and correct.

            (t) Value Given.  The Trust  Depositor  shall have given  reasonably
      equivalent value to the Sellers in  consideration  for the transfer to the
      Trust Depositor of the Assets under the Sale and  Contribution  Agreement,
      no such  transfer  shall have been made for or on account of an antecedent
      debt owed by any Seller to the Trust Depositor, and no such transfer is or
      may  be  voidable  or  subject  to  avoidance  under  any  section  of the
      Bankruptcy Code.

            (u) Special Purpose Entity.  The Certificate of Incorporation of the
      Trust Depositor includes substantially the provisions set forth on Exhibit
      F hereto,  and each Seller has confirmed in writing to the Trust Depositor
      and has covenanted in the Sale and Contribution Agreement that it

                                      -22-
<PAGE>

      will not cause the Trust Depositor to file a voluntary  petition under the
      Bankruptcy Code or any other bankruptcy or insolvency laws.

            (v) Accounting.  The Trust Depositor  accounts for the transfer from
      the  Sellers of  interests  in Assets and  Collections  under the Sale and
      Contribution Agreement and will account for transfers under this Agreement
      as sales of such Assets in its books, records and financial statements, in
      each case consistent with GAAP and with the requirements set forth herein.

            (w) Separate  Entity.  The Trust  Depositor is operated as an entity
      with  assets and  liabilities  distinct  from those of the Sellers and any
      Affiliates  thereof  (other  than  the  Trust  Depositor),  and the  Trust
      Depositor  hereby  acknowledges  that  the  Trust  is  entering  into  the
      transactions  contemplated  by this  Agreement  and the other  Transaction
      Documents in reliance  upon the Trust  Depositor's  identity as a separate
      legal  entity from the Sellers and from each such other  Affiliate  of the
      Sellers.

            (x) Investment Company and Public Utility Holding Company. The Trust
      Depositor is not an "investment company" within the meaning of and subject
      to regulation under the Investment  Company Act of 1940, as amended,  or a
      "holding company" or a "subsidiary company" of a "holding company," within
      the meaning of the Public Utility Holding Company Act of 1935, as amended.

            (y) Accuracy of Representations and Warranties.  Each representation
      or warranty by the Trust Depositor  contained herein or in any certificate
      or other document  furnished by the Trust Depositor  pursuant hereto or in
      connection  herewith is when  furnished  true and correct in all  material
      respects;  provided,  however,  the Trust and the Noteholders  acknowledge
      that  with  respect  to the  condition  of a  Receivable  as an  "Eligible
      Receivable" as of its date of Purchase or transfer hereunder,  the Trust's
      remedy  for  a  breach  of a  representation  or  warranty  relating  to a
      Receivable's  status as an Eligible  Receivable is provided by and limited
      to Section 2.7 hereof.

      The representations and warranties set forth in this section shall survive
the transfer of the Trust Assets to the Trust, and termination of the rights and
obligations of the Servicer  hereunder.  Upon discovery by the Trust  Depositor,
the  Servicer or the Trust of a breach of any of the  foregoing  representations
and  warranties,  the party  discovering  such breach shall give prompt  written
notice to the others.

      Section 5.2. Representations and Warranties of Trust Depositor Relating to
the Receivables.

      The Trust  Depositor  hereby  represents  and warrants  that,  solely with
respect to the  Receivables  then being sold or transferred as of the applicable
Transfer Date:

            (a) Valid Sale and Transfer of  Ownership.  The Trust  Depositor (i)
      has good and  marketable  title to each Trust  Asset free and clear of any
      Lien (other than  Permitted  Liens) of any Person , (ii) is the sole owner
      thereof and has full right to transfer the Trust Assets to the Trust,  and
      (iii) upon transfer of such Trust Asset to the Trust pursuant to the terms
      of this Agreement,  has validly and effectively  conveyed to the Trust all
      of the Trust  Depositor's  right,  title and  interest in and to the Trust
      Assets free and clear of any Lien (other than Permitted Liens).

                                      -23-
<PAGE>

            (b)  Eligibility of Receivables.  Each  Receivable  relating to each
      Trust Asset is an Eligible Receivable.

            (c) List of Receivables.  As of the related  Transfer Date, the List
      of Receivables and the information delivered in connection therewith is an
      accurate  and  complete  listing  in all  material  respects  of  all  the
      Receivables  in and to become  part of the Asset Pool on such date and the
      information  contained therein  (including with respect to the identity of
      such Receivables,  Obligors thereon,  and the amounts owing thereunder) is
      true and correct in all material respects.

            (d) No  Liens.  Upon  transfer  of such  Trust  Asset  to the  Trust
      pursuant  to the  terms  of this  Agreement,  each  Trust  Asset  has been
      transferred to the Trust in compliance, in all material respects, with all
      Requirements  of Law and each Trust  Asset was,  immediately  prior to its
      sale hereunder, legally and beneficially owned by the Trust Depositor free
      and clear of any Lien (except  Permitted  Liens),  and upon each Purchase,
      the Trust shall  acquire an ownership  interest in each Trust Asset and in
      the Collections with respect  thereto,  free and clear of any Lien (except
      Permitted Liens).

            (e) Consents.  With respect to each  Purchased  Asset,  all material
      consents,  licenses,  approvals or  authorizations  of or registrations or
      declarations  with any  Governmental  Authority  required to be  obtained,
      effected or given by the Sellers or the Trust Depositor in connection with
      the transfer of such Assets to the Trust have been duly obtained, effected
      or given and are in full force and effect.

            (f)  Environmental   Conditions.  To  the  knowledge  of  the  Trust
      Depositor,  the operations of the Seller Parties and the Eligible  Resorts
      are in compliance  with all  Requirements  of Law and none of the Eligible
      Resorts  are the  subject  of any  governmental  investigation  evaluating
      whether any remedial action is needed to respond to a release of any toxic
      or hazardous wastes or substances into the environment.

            (g)  Servicing.  To  the  knowledge  of  the  Trust  Depositor,  the
      servicing and  collection  practices  used by the Seller Parties and their
      Affiliates have complied in all material respects with all Requirements of
      Law and  have  met  customary  industry  standards  for the  servicing  of
      receivables substantially similar to the Receivables.

            (h) Compliance  with Laws. To the knowledge of the Trust  Depositor,
      the Trust  Assets were  originated  and have been  serviced in  compliance
      with, and do not contravene any  Requirements of Law,  including,  without
      limitation,  all Consumer  Laws. To the knowledge of the Trust  Depositor,
      each  Seller  Party  has  complied  in  all  material  respects  with  all
      applicable federal,  state and local laws and regulations in the marketing
      and sales of the related  Intervals,  including  without  limitation,  the
      Securities  Act of  1933,  the  Securities  Exchange  Act of  1934,  state
      securities and blue sky laws, the  Interstate  Land Sales Full  Disclosure
      Act, the mail fraud  statutes,  land use, land sales,  timeshare sales and
      zoning laws.

            (i) Patriot Act Matters. The Trust Depositor (a) is and at all times
      shall be in compliance with applicable OFAC regulations  promulgated under
      the  authority  granted by the  Trading  with the Enemy Act  ("TWEA"),  50
      U.S.C.  App. Section 1 et seq., and the International  Emergency  Economic
      Powers Act ("IEEPA"),  50 U.S.C. Section 1701 et seq., as the TWEA and

                                      -24-
<PAGE>

      the  IEEPA may apply to Trust  Depositor's  activities;  (b) is and at all
      times  shall be in  compliance  with the  Patriot  Act and all  rules  and
      regulations  promulgated  under the  Patriot Act as such act and the rules
      and  regulations  promulgated  thereunder  may be  applicable to the Trust
      Depositor; and (c) (i) is not, to its actual current knowledge,  now, nor,
      to its actual current knowledge,  has ever been under investigation by any
      governmental  authority  for, nor has been charged with or convicted for a
      crime under,  18 U.S.C.  Sections  1956 or 1957 or any  predicate  offense
      thereunder,  or a violation of the Bank  Secrecy Act;  (ii) has never been
      assessed a civil penalty under any anti money laundering laws or predicate
      offenses thereunder;  (iii) has not had any of its funds seized, frozen or
      forfeited  in any action  relating  to any anti money  laundering  laws or
      predicate  offenses   thereunder;   (iv)  has  taken  such  steps  and  is
      implementing,  either directly or indirectly  through third parties,  such
      policies as are reasonably necessary to ensure that the Trust Depositor is
      not promoting,  facilitating or otherwise  intentionally  furthering,  the
      transfer,  deposit or  withdrawal of criminally  derived  property,  or of
      money or monetary instruments which are (or which Trust Depositor suspects
      or has reason to believe  are) the  proceeds  of any  illegal  activity or
      which are intended to be used to promote or further any illegal  activity;
      and  (v) is  taking  such  steps  and  implementing,  either  directly  or
      indirectly  through  third  parties,   such  policies  as  are  reasonably
      necessary  to ensure that the Trust  Depositor is in  compliance  with all
      laws and  regulations  applicable  to its business for the  prevention  of
      money laundering and with anti terrorism laws and  regulations,  including
      with  respect  to the source of funds  from its  operations  and that such
      steps  include  the  development  and  implementation  of  an  anti  money
      laundering  compliance  program  within the  meaning of Section 352 of the
      Patriot Act, to the extent the Trust Depositor is required to develop such
      a program under the rules and regulations  promulgated pursuant to Section
      352 of the Patriot Act.. Nothing in this Section 5.2(i) shall be construed
      to imply that the provisions of the laws and  regulations set forth herein
      are, in fact, applicable to the Trust Depositor.

            (j)  FTC  Holder  Rule  Language.  None of the  related  Receivables
      include language from the Federal Trade Commission's trade regulation rule
      titled  "Preservation of Consumers'  Claims and Defenses" (16 C.F.R.  Part
      433), including any language similar to the following: "Any holder of this
      consumer  contract is subject to all claims and defenses  which the debtor
      could assert against the seller of goods and services  obtained  [pursuant
      hereto or] with the  proceeds  hereof.  Recovery  hereunder  by the debtor
      shall not exceed amounts paid by the debtor hereunder."

      Section 5.3. Survival;  Knowledge;  Notice of Breach. The  representations
and  warranties  set forth in this  Article V shall  survive the transfer of the
Trust Assets to the Trust and  termination of the rights and  obligations of the
Servicer under the Transaction Documents.  Neither the survival or the liability
of the Trust Depositor with respect to the Trust Depositor's representations and
warranties  set forth in this Article V shall be reduced by any due diligence or
other investigation made by the Facility Administrator, the Trust, the Indenture
Trustee  or any  Noteholder  at any time or by the  disclosure  of any  facts or
circumstances to the Facility Administrator, the Trust, the Indenture Trustee or
any  Noteholder  (whether  prior to or after the date of this  Agreement).  Upon
discovery by any Seller Party or the Facility  Administrator  of a breach of any
of the  representations  and warranties in this Article V, the party discovering
such breach shall give prompt written notice to the others.

      Section  5.4.  Representations  and  Warranties  of the  Club and the Club
Trustee.

      The Club Trustee represents and warrants,  as of the Closing Date and each
Transfer Date, as follows:

                                      -25-
<PAGE>

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

            (b) The Club Trustee is a corporation duly formed,  validly existing
      and in good  standing  under the laws of the State of  Florida.  As of the
      date of this  Agreement,  the  Club  Trustee  is  authorized  to  transact
      business in no other  state.  The Club  Trustee is not an affiliate of the
      Servicer  and is in  compliance  with the  requirements  of  Chapter  721,
      Florida Statutes, that it be independent of the Servicer.

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

            (d) A certified copy of the Club Trust  Agreement has been delivered
      to the Facility Administrator together with all amendments and supplements
      in respect thereof.

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

            (f) There are no actions, suits, proceedings,  orders or injunctions
      pending against the Bluegreen Vacation Club Trust or the Club Trustee,  at
      law or in equity,  or before or by any  Governmental  Authority  which, if
      adversely  determined,  could  reasonably  be  expected to have a Material
      Adverse Effect.

            (g) Neither the  Bluegreen  Vacation Club Trust nor the Club Trustee
      has incurred any indebtedness for borrowed money (directly,  by guarantee,
      or otherwise).

            (h) All ad valorem taxes and other taxes and assessments against the
      Bluegreen  Vacation  Club Trust and/or its trust estate have been paid and
      neither  the  Servicer  nor the Club  Trustee  knows of any  basis for any
      additional taxes or assessments  against any such property.  The Bluegreen
      Vacation  Club Trust has filed all  required  tax returns and has paid all
      taxes shown to be

                                      -26-
<PAGE>

      due and payable on such  returns,  including all taxes in respect of sales
      of Owner  Beneficiary  Rights (as defined in the Club Trust Agreement) and
      Vacation Points.

            (i) The  Bluegreen  Vacation  Club Trust and the Club Trustee are in
      compliance  in  all  material   respects  with  all  Requirements  of  Law
      applicable  to  it  and  in  compliance  with  each  material  instrument,
      agreement  or  document  to which  it is a party or by which it is  bound,
      including, without limitation, the Club Trust Agreement.

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

            (k) Upon  purchase  of the  Receivables  and  related  Trust  Assets
      hereunder,  the Trust is an "Interest Holder  Beneficiary"  under the Club
      Trust  Agreement  and each of the  Receivables  constitutes  "Lien  Debt",
      "Purchase Money Lien Debt" and "Owner  Beneficiary  Obligations" under the
      Club Trust Agreement.

            (l) Except as disclosed to the  Facility  Administrator  in writing,
      each Mortgage associated with a Receivable and granted by the Club Trustee
      or the Obligor on the related  Receivable,  as  applicable,  has been duly
      executed, delivered and recorded by or pursuant to the instructions of the
      Club Trustee under the Club Trust Agreement and such Mortgage is valid and
      binding  and  effective  to  create  the lien and  security  interests  it
      purports to create.  Each of such Mortgages was granted in connection with
      the financing of a sale of a Resort Interest.

      Section 5.5. Representations and Warranties of the Servicer.

            The Servicer  represents  and  warrants,  as of the Closing Date and
      each Transfer Date, as follows:

            (a)  Organization  and Good Standing.  The Servicer is a corporation
      duly  organized,  validly  existing and in good standing under the laws of
      the  jurisdiction of its  organization  and has the corporate power to own
      its assets and to transact the business in which it is currently  engaged.
      The Servicer is duly qualified to do business as a foreign corporation and
      is in good  standing in each  jurisdiction  in which the  character of the
      business  transacted  by it or  properties  owned or leased by it requires
      such  qualification  and in which the  failure so to qualify  would have a
      Material  Adverse  Effect.  The  Servicer  is  properly  licensed  in each
      jurisdiction  to the extent  required by the laws of such  jurisdiction to
      service the Trust Assets in accordance  with the terms hereof except where
      the failure to be so licensed  could not  reasonably be expected to have a
      Material Adverse Effect.

            (b) Authorization;  Binding Obligations.  The Servicer has the power
      and authority to make, execute, deliver and perform this Agreement and the
      other  Transaction  Documents  to which the Servicer is a party and all of
      the  transactions   contemplated   under  this  Agreement  and  the  other
      Transaction  Documents to which the Servicer is a party, and has taken all
      necessary  corporate  action to  authorize  the  execution,  delivery  and
      performance of this Agreement and the other Transaction Documents to which
      the  Servicer  is a  party.  This  Agreement  and  the  other  Transaction
      Documents to which the Servicer is a party constitute the legal, valid and
      binding  obligation of the Servicer  enforceable in accordance  with their
      terms,  except  as  such  enforceability

                                      -27-
<PAGE>

      may be  limited  by  applicable  bankruptcy,  insolvency,  reorganization,
      moratorium or similar laws affecting  creditors'  rights  generally and by
      general principles of equity (regardless of whether such enforceability is
      considered in a proceeding in equity or law).

            (c) No Consent Required.  The Servicer is not required to obtain the
      consent  of  any  other  party  or  any  consent,   license,  approval  or
      authorization  from, or registration or declaration with, any Governmental
      Authority  in  connection  with  the  execution,  delivery,   performance,
      validity or  enforceability  of this  Agreement and the other  Transaction
      Documents to which the Servicer is a party.

            (d) No Violations.  The execution,  delivery and performance of this
      Agreement and the other  Transaction  Documents to which the Servicer is a
      party by the Servicer will not violate any  provisions of any existing law
      or  regulation  or any order or decree of any court or of any  Federal  or
      state regulatory body or  administrative  agency having  jurisdiction over
      the Servicer or any of its properties or the Articles of  Organization  or
      Bylaws of the Servicer,  or constitute a material  breach of any mortgage,
      indenture, contract or other agreement to which the Servicer is a party or
      by which the Servicer or any of the Servicer's properties may be bound, or
      result in the creation of or  imposition of any security  interest,  lien,
      pledge,  preference,  equity  or  encumbrance  of any kind upon any of its
      properties pursuant to the terms of any such mortgage, indenture, contract
      or other  agreement,  other than this  Agreement the result of which could
      reasonably be expect to have a Material Adverse Effect.

            (e) No  Proceedings.  There  are no  proceedings  or  investigations
      pending or, to the best knowledge of the Servicer,  threatened against the
      Servicer,  before any court,  regulatory body,  administrative  agency, or
      other  tribunal  or   governmental   instrumentality   (i)  asserting  the
      invalidity  of this  Agreement  or any other  Transaction  Document,  (ii)
      seeking  to  prevent  the   consummation   of  any  of  the   transactions
      contemplated by this Agreement or any other Transaction  Document or (iii)
      seeking any  determination  or ruling that could reasonably be expected to
      be adversely determined, and if adversely determined, would in the opinion
      of the Servicer have a Material Adverse Effect.

            (f) Margin  Regulation.  The  Servicer is not  engaged,  nor will it
      engage, principally or as one of its important activities, in the business
      of extending  credit for the purpose of  "purchasing"  or  "carrying"  any
      Margin Stock.  The Servicer does not own any Margin Stock, and none of the
      proceeds of any Purchase  will be used,  directly or  indirectly,  for the
      purpose of  purchasing  or carrying any Margin  Stock,  for the purpose of
      reducing or retiring any  Indebtedness  which was  originally  incurred to
      purchase  or carry any Margin  Stock or for any other  purpose  that might
      cause any  portion of such  proceeds to be a "purpose  credit"  within the
      meaning  of  Regulations  T,  U or X of the  Federal  Reserve  Board.  The
      Servicer  will not take or permit to be taken any action which might cause
      any Transaction  Document to violate any regulation of the Federal Reserve
      Board.  Notwithstanding the foregoing,  this Agreement shall not limit the
      Servicer's (so long as Bluegreen or any Affiliate thereof is the Servicer)
      ability  to  repurchase  shares  of its  common  stock  so  long  as it is
      otherwise done in compliance with the terms hereof.

            (g)  Collection  Policy.  The  Servicer has complied in all material
      respects with the Collection Policy with regard to each Receivable and the
      related  Contract,   has  notified  the  Facility  Administrator  and  the
      Noteholders,  in  accordance  with Section  6.3(o)(ii)  hereunder,  of any
      change

                                      -28-
<PAGE>

      to the  Collection  Policy,  and has not made any change to the Collection
      Policy  that  would   materially  and  adversely   affect  or  impair  the
      collectibility of any Receivable or that is a material change,  except for
      such changes as to which the Facility  Administrator  and the  Noteholders
      have been notified and as to which the  Noteholders  have  consented.  For
      purposes of this section, any change that would cause the Issuer to not be
      a qualifying  special  purpose  entity,  as  "qualifying  special  purpose
      entity" is defined under GAAP, shall be material.

            (h)  Compliance  with  Laws.  The  Servicer  has  complied  with all
      Requirements of Law relating to or in connection with the servicing of the
      Receivables, except where the failure to so comply could not reasonably be
      expected to have a Material Adverse Effect.

            (i)  Insurance.  The  Servicer  and each  Eligible  Resort  which is
      managed by the Club Managing  Entity  maintain such insurance  coverage as
      may be required by any applicable  Requirements  of Law or pursuant to the
      Declarations for such Eligible Resort.

            (j) Club Ownership.  Bluegreen Vacations Unlimited, Inc. is the sole
      Class B member  of  Bluegreen  Vacation  Club,  Inc.  and has the right to
      elect,  and has elected,  at least a majority of the board of directors of
      Bluegreen Vacation Club, Inc. Bluegreen Vacations Unlimited,  Inc. has not
      pledged or  encumbered  or granted a security  interest in respect of such
      interest.

            (k)  Reservation  System.  Other than with  respect to the  services
      contracted for by the Club Managing Entity or any Affiliate thereof with a
      third party which  rights  under such  contracts  shall be licensed  (on a
      non-exclusive  basis) to the  Indenture  Trustee  for the  benefit  of the
      Noteholders  (which may include  customary  hardware  or software  leases,
      licenses or maintenance fees), the Reservation System is owned by the Club
      Managing Entity free and clear of any Liens, but subject to the provisions
      of the Club  Management  Agreement and the Club Trust  Agreement,  and the
      Club has the right to utilize  such system  under and pursuant to the Club
      Management  Agreement.  The Club Management Agreement is in full force and
      effect and no default on the part of the Club Trustee or the Club Managing
      Entity exists thereunder.  The Servicer owns 100% of the equity capital of
      the Club Managing Entity.

            (l) Club Trust Agreement.  A true and correct copy of the Club Trust
      Agreement is attached hereto as Exhibit E and is in full force and effect.

            (m) Bluegreen Vacation Club, Inc. Bluegreen Vacation Club, Inc. is a
      non-stock  corporation duly formed,  validly existing and in good standing
      under the laws of the State of Florida.

                                   ARTICLE VI

                                    COVENANTS

      Section 6.1. Covenants of the Trust Depositor.

                                      -29-
<PAGE>

      Until  the date  following  the  Facility  Termination  Date on which  all
Aggregate  Outstandings  have been  indefeasibly paid in full and this Agreement
terminates in accordance with its terms,  the Trust Depositor  hereby  covenants
and agrees that:

            (a) Compliance with Laws;  Preservation of Corporate Existence.  The
      Trust Depositor will comply in all material respects with all Requirements
      of  Law  applicable  to the  Trust  Depositor,  the  Receivables  and  the
      Intervals  and  preserve and maintain  its  corporate  existence,  rights,
      franchises,  qualifications  and privileges except where the failure to do
      so could not reasonably be expected to have a Material Adverse Effect.

            (b) Security Interests.  Except as specifically contemplated by this
      Agreement,  the Trust Depositor will not sell, pledge,  assign or transfer
      to any other Person, or grant,  create,  incur,  assume or suffer to exist
      any Lien on any Receivable in the Asset Pool or related Interval,  whether
      now existing or hereafter transferred hereunder,  or any interest therein,
      and the Trust Depositor will not sell,  pledge,  assign or suffer to exist
      any Lien on its interest,  if any,  hereunder.  The Trust  Depositor  will
      immediately  notify  the  Trust of the  existence  of any such Lien on any
      Receivable in the Asset Pool or related Interval;  and the Trust Depositor
      shall  defend the right,  title and interest of the Trust in, to and under
      the  Receivables in the Asset Pool and the related  Interval,  against all
      claims of third parties;  provided,  however, that nothing in this Section
      6.l(b)  shall  prevent or be deemed to prohibit the Trust  Depositor  from
      suffering  to exist  Permitted  Liens upon any of the Trust  Assets or any
      related Interval.

            (c) Activities of Trust  Depositor.  The Trust  Depositor  shall not
      engage  in any  business  or  activity  of any  kind,  or  enter  into any
      transaction or indenture,  mortgage,  instrument,  agreement,  receivable,
      lease  or  other  undertaking,  which  is  not  directly  related  to  the
      transactions  contemplated  and  authorized by this  Agreement,  the other
      Transaction Documents and its Certificate of Incorporation.

            (d) Agreements. Except as contemplated by the Transaction Documents,
      the  Trust  Depositor  shall not amend or  modify  the  provisions  of its
      Certificate of Incorporation, or issue any power of attorney except to the
      Trust or the Servicer.

            (e) Separate Corporate Existence. The Trust Depositor shall:

            (i) Maintain  its own deposit  account or  accounts,  separate  from
      those of any Affiliate,  with commercial banking institutions.  Except for
      payments to its equity  holders in the form of a dividend and for payments
      for the  Trust  Assets  purchased  from  the  Sellers  under  the Sale and
      Contribution  Agreement,  the  funds of the  Trust  Depositor  will not be
      diverted to any other Person or used other than for corporate  uses of the
      Trust Depositor.

            (ii) Ensure that,  to the extent that it shares the same officers or
      other employees as any of its stockholders 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 it and any Seller  (together
      with their respective stockholders or Affiliates) jointly do business with
      vendors  or  service  providers  or share  overhead

                                      -30-
<PAGE>

      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  it  and  any  Seller  (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 Trust Depositor and any of
      its Affiliates shall be only on an arms' length basis.

            (iv) To the extent that Trust Depositor and any of its  stockholders
      or Affiliates have offices at 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.

            (v) Conduct its affairs  strictly in accordance with its Certificate
      of  Incorporation  and observe all  necessary,  appropriate  and customary
      corporate formalities,  including, but not limited to, holding all regular
      and special stockholders' and directors' meetings appropriate to authorize
      all  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.

            (vi)  Otherwise  operate as an entity  with  assets and  liabilities
      distinct from those of the Sellers and any Affiliates thereof.

            (f) Location of Trust  Depositor,  Records;  Instruments.  The Trust
      Depositor (x) shall not change its name or state of  incorporation or move
      the location of its chief  executive  office  outside the State of Florida
      without 30 days' prior written  notice to the Facility  Administrator  and
      the  Indenture  Trustee  and (y) shall not move or permit the  Servicer to
      move the location of the  Receivable  Files,  other than to the Custodian,
      from the locations thereof on the Initial Transfer Date,  without 30 days'
      prior written notice to the Facility Administrator and the Trustee and (z)
      will promptly take all actions  required  (including,  but not limited to,
      all filings and other acts  necessary or  advisable  under the UCC of each
      relevant  jurisdiction in order to evidence the Trust's ownership interest
      (and back-up grant of a first priority  perfected security interest to the
      Trust (subject to Permitted Liens)) in all Trust Assets in the Asset Pool.
      The Trust Depositor will give the Facility Administrator and the Indenture
      Trustee  prompt  notice of a change  within  the State of  Florida  of the
      location of its chief executive office.

            (g) Accounting for Purchases.  The Trust  Depositor will not account
      for  or  treat   (whether  in  financial   statements  or  otherwise)  the
      transactions contemplated hereby or by the Sale and Contribution Agreement
      in any  manner  other than the sale or  contribution  of the Assets by the
      Sellers to the Trust Depositor in accordance with GAAP.

            (h) ERISA  Matters.  The Trust  Depositor will not (a) engage in any
      prohibited  transaction for which an exemption is not available or has not
      previously been obtained from the United States  Department of Labor;  (b)
      permit to exist any accumulated funding deficiency,  as defined in Section
      302(a) of ERISA and Section 412(a) of the Code, or funding deficiency with
      respect to any Benefit Plan other than a  Multiemployer  Plan; (c) fail to
      make any payments to a

                                      -31-
<PAGE>

      Multiemployer  Plan that the Trust Depositor may be required to make under
      the agreement  relating to such  Multiemployer  Plan or any law pertaining
      thereto;  (d) terminate any Benefit Plan so as to result in any liability;
      or (e) permit to exist any occurrence of any reportable event described in
      Title IV of ERISA which  represents a material  risk of a liability of the
      Trust Depositor under ERISA or the Code.

            (i)  Nature of  Business.  The  Trust  Depositor  will  engage in no
      business  other than the purchase of Assets from the Sellers,  the sale of
      Trust  Assets  to the  Trust  and  the  other  transactions  permitted  or
      contemplated by this Agreement and the other Transaction Documents.

            (j) Seller Assets.  With respect to each Asset acquired by the Trust
      Depositor  from the  Sellers,  the Trust  Depositor  will (i) acquire such
      Asset  pursuant  to and in  accordance  with  the  terms  of the  Sale and
      Contribution Agreement, (ii) take all action necessary to perfect, protect
      and more fully  evidence  the Trust  Depositor's  ownership of such Asset,
      including,  without  limitation,  (A)  filing  and  maintaining  effective
      financing  statements (Form UCC-1) against the Sellers in all necessary or
      appropriate filing offices, and filing continuation statements, amendments
      or  assignments  with  respect  thereto in such  filing  offices,  and (B)
      executing or causing to be executed such other  instruments  or notices as
      may be necessary or appropriate, and (iii) take all additional action that
      the Trust may  reasonably  request  to  perfect,  protect  and more  fully
      evidence the respective  interests of the parties to this Agreement in the
      Trust Assets.

            (k) Transactions with Affiliates. The Trust Depositor will not enter
      into, or be a party to, any transaction with any of its Affiliates, except
      (i) the  transactions  permitted or contemplated by this Agreement and the
      other  Transaction  Documents,  and (ii)  other  transactions  (including,
      without  limitation,  the lease of office  space or  computer  hardware or
      software  by the  Trust  Depositor  to or  from an  Affiliate)  (A) in the
      ordinary course of business,  (B) pursuant to the reasonable  requirements
      of the Trust Depositor's business,  and (C) upon fair and reasonable terms
      that are no less  favorable to the Trust  Depositor than could be obtained
      in a comparable arms'-length transaction with a Person not an Affiliate of
      the Trust Depositor.  It is understood that any  compensation  arrangement
      for officers shall be permitted  under clause (ii)(A) through (C) above if
      such arrangement has been expressly  approved by the board of directors of
      the Trust Depositor.

            (l)  Indebtedness;  Investments.  The Trust Depositor will not incur
      any Indebtedness  other than  Indebtedness  arising hereunder or under the
      other  Transaction  Documents.  Except for its  residual  interest  in the
      Trust,  the  Trust  Depositor  will not make any  Investments  other  than
      Permitted Investments.

            (m)  Change  in the  Sale  and  Contribution  Agreement.  The  Trust
      Depositor  will  not  amend,  modify,  waive  or  terminate  any  terms or
      conditions  of the Sale and  Contribution  Agreement  except as  permitted
      hereby.

            (n) Amendment to Bylaws and Certificate of Incorporation.  The Trust
      Depositor  will not  amend,  modify or  otherwise  make any  change to its
      Bylaws or its Certificate of Incorporation to delete or otherwise  nullify
      or circumvent the provisions set forth on Exhibit F hereto.

                                      -32-
<PAGE>

            (o)  Authorized  Signatory.  Any person  signing a Request Notice on
      behalf of Trust Depositor,  as provided in Exhibit A hereto shall have the
      requisite  power  and  authority  to sign the same on  behalf of the Trust
      Depositor.

            (p) Merger or Consolidation.  The Trust Depositor shall not merge or
      consolidate with or into, or convey,  transfer, lease or otherwise dispose
      of (whether in one transaction or in a series of  transactions  and except
      as otherwise  contemplated  herein) all or any material part of its assets
      (whether  now  owned or  hereafter  acquired)  to, or  acquire  all or any
      material part of the assets of, any Person.

            (q) Limited Activities.  Notwithstanding any other provision in this
      Section and any provision of law, the Trust  Depositor shall not do any of
      the following:

            (i) engage in any business or activity other than as set forth in or
      permitted by its Certificate of Incorporation or Bylaws; or

            (ii)  without the  affirmative  vote of a majority of the members of
      the Board of  Directors  of the Trust  Depositor  (which must  include the
      affirmative vote of at least one duly appointed  Independent director) (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 seek to obtain  relief under any
      applicable federal or state law relating to bankruptcy, (D) consent to the
      appointment of a receiver, liquidator, assignee, trustee, 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, or (G) take any corporate  action in  furtherance  of the actions set
      forth in  clauses  (A)  through  (F)  above;  provided,  however,  that no
      director  may be required by any  shareholder  of the Trust  Depositor  to
      consent to the institution of bankruptcy or insolvency proceedings against
      the Trust Depositor so long as it is solvent.

            Section 6.2. General Covenants of the Club Trustee.

      Until  the date  following  the  Facility  Termination  Date on which  all
Aggregate  Outstandings  have been  indefeasibly paid in full and this Agreement
terminates in accordance with its terms,  the Club Trustee hereby  covenants and
agrees that:

            (a) No  Conveyance.  The Club Trustee  agrees not to convey or grant
      any  Lien  upon any  Owner  Beneficiary  Rights  (or any  Vacation  Points
      appurtenant  thereto)  or  Resort  Interest  in  the  Club  relating  to a
      Receivable  which  has been sold and  assigned  to the  Trust  unless  the
      Indenture  Trustee  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

                                      -33-
<PAGE>

      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.

            (v) Conduct its affairs  strictly in accordance  with the Club Trust
      Agreement,  its Amended and  Restated  Articles of  Incorporation  and its
      Bylaws,  as  applicable,  and  observe  all  necessary,   appropriate  and
      customary corporate  formalities,  including,  but not limited to, holding
      all regular and special  stockholders',  trustees' 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 Indenture Trustee
      an  agreement  in  form  and  substance  reasonably  satisfactory  to  the
      Indenture Trustee 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
      Agreement.

            (d) Corporate Matters.  Notwithstanding  any other provision of this
      Section and any provision of law, the Club Trustee shall not do any of the
      following:

                                      -34-
<PAGE>

            (i)  engage in any  business  or  activity  other  than as set forth
      herein or in or as contemplated by the Club Trust  Agreement,  its Amended
      and Restated Articles of Incorporation or its Bylaws, 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, 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

            (iv) with respect to the Club Trustee, amend or otherwise modify its
      Amended  and  Restated   Articles  of   Incorporation  or  Bylaws  or  any
      definitions contained therein in a manner adverse to the Indenture Trustee
      or any  Noteholder  without  the prior  written  consent  of the  Facility
      Administrator.

            (e) Indebtedness.  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  trust  estate in the
      ordinary course of business consistent with past practices; provided, that
      in no event shall the Club Trustee incur Indebtedness for borrowed money.

            (f)  Amendments.  The Club Trustee  agrees not to amend or otherwise
      modify the Club Trust  Agreement  in a manner  which could  reasonably  be
      expected to have an adverse  effect on the Trust  Assets,  the Trust,  the
      Indenture Trustee or the Noteholders, without the prior written consent of
      the Facility Administrator.

      Section 6.3. General Covenants of the Servicer and Bluegreen.

      Until  the date  following  the  Facility  Termination  Date on which  all
Aggregate  Outstandings  have been  indefeasibly paid in full and this Agreement
terminates in accordance  with its terms,  so long as the Servicer is Bluegreen,
the Servicer (and, Bluegreen, as applicable) covenants and agrees that:

            (a) Financial Covenants

                                      -35-
<PAGE>

            (i) Net Worth.  Servicer  agrees to maintain a Tangible Net Worth as
      of the last day of each calendar  quarter equal to or greater than the sum
      of (i) 75% of  Tangible  Net Worth as of the end of the  calendar  quarter
      immediately  prior to the date  hereof plus (ii) 50% of  Consolidated  Net
      Income for each calendar quarter ending since such date.

            (ii)  Leverage  Ratio.  The  Servicer  shall not permit its Leverage
      Ratio as of the last day of any calendar quarter to exceed 2.50:1.

            (iii)  Interest  Coverage  Ratio.  The Servicer shall not permit its
      Interest  Coverage Ratio as of the last day of any calendar  quarter to be
      less than  2.00:1.  For the  avoidance of doubt,  a negative  Consolidated
      Interest Expense number shall be deemed to be zero.

            (iv)  Bluegreen  Points.  The  Servicer  shall not  permit the total
      number  of  Vacation  Points  available  at  any  time  to  be  less  than
      930,661,200,  which number represented at least 90% of all Vacation Points
      as of December 31, 2005.

            (v)  Resorts.  The  Servicer  shall not permit  the total  number of
      resorts  included  in the Club to be less  than  thirty-nine  (39),  which
      number  represented  approximately 90% of all resorts included in the Club
      as of December 31, 2005;  provided that for purposes of this clause (v), a
      resort shall include all phases,  subdivisions  and/or developments at the
      same or substantially the same geographic location.

            (b) Inspections and Audits. Servicer shall, at such reasonable times
      during normal business hours and as often as may be reasonably  requested,
      permit any agents or  representatives  of the  Facility  Administrator  to
      inspect the  Eligible  Resorts  and any of  Servicer's  assets  (including
      financial and accounting books and records) relating  thereto,  to examine
      and make copies of and abstracts  from the records and books of account of
      the Servicer or the Time Share  Association  (to the extent  controlled by
      the Servicer) or serviced under the Servicing Agreement and to discuss its
      affairs,  finances and  accounts  with any of its  officers,  employees or
      independent public  accountants.  Servicer  acknowledges that the Facility
      Administrator  intends to conduct such audits and  inspections on at least
      an  annual  basis.   Servicer   shall  make   available  to  the  Facility
      Administrator  all credit  information  in Servicer's  possession or under
      Servicer's control with respect to Obligors as the Facility  Administrator
      may  reasonably  request.  Upon  the  Facility   Administrator's  request,
      Servicer  shall furnish to Facility  Administrator  evidence of payment of
      all real estate taxes relating to the Eligible  Resorts.  Servicer (to the
      extent Bluegreen or an Affiliate thereof is the Servicer  hereunder) shall
      be required to pay all reasonable fees, costs and expenses incurred by the
      Facility  Administrator  for  any and all  Eligible  Resorts  inspections,
      audits and any other diligence relating to Servicer's finances or books or
      records.

            (c) Maintenance.  For so long as the Time Share  Association for the
      Eligible  Resorts is managed by the Club  Managing  Entity,  the  Servicer
      shall use  commercially  reasonable  best efforts to maintain the Eligible
      Resorts in good repair,  working  order and condition  (ordinary  wear and
      tear excepted).

            (d) Management  Contract.  For so long as the Time Share Association
      for the  Eligible  Resorts  is managed by the Club  Managing  Entity,  the
      manager,  related  management  contract  and  master  marketing  and  sale
      contract (if  applicable)  for each Eligible  Resort shall at all

                                      -36-
<PAGE>

      times be reasonably  satisfactory  to the Facility  Administrator.  For so
      long as the Time Share  Association for the Eligible Resorts is managed by
      the Club  Managing  Entity,  the related  management  contract  and master
      marketing and sale contract (if applicable) may not be amended or modified
      in a manner which could  reasonably be expected to have a Material Adverse
      Effect, without the prior written consent of the Facility Administrator.

            (e) Release and Bonding of Liens.  In the event any Lien (other than
      a Permitted  Lien)  attaches to any Receivable or related Trust Asset from
      any  Person  claiming  from  and  through  the  Servicer  or  one  of  its
      Affiliates,  the Servicer  shall,  within the earlier to occur of ten (10)
      days  after  such  attachment  or the  respective  lienholders  action  to
      foreclose  on such  lien,  either (a) cause  such lien to be  released  of
      record,  or (b) provide the  Indenture  Trustee with a bond in  accordance
      with the  applicable  laws of the state in which the Receivable or related
      Trust Asset is located,  issued by a corporate  surety  acceptable  to the
      Indenture Trustee,  in an amount and in form reasonably  acceptable to the
      Indenture  Trustee,  or (c) provide the Indenture  Trustee with such other
      security as the Indenture Trustee may reasonably require.

            (f)  Claims.  Servicer  shall:  (a)  promptly  notify the  Indenture
      Trustee  and the  Facility  Administrator  of (i)  any  claim,  action  or
      proceeding  which may be  reasonably  expected to have a Material  Adverse
      Effect,  and (ii) 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;  (b) at the request of Trust
      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; and (c) 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.

            (g)  Negative  Pledge.  Except as  contemplated  by the  Transaction
      Documents,  the  Servicer  (i) shall  not,  and shall not  permit the Club
      Managing  Entity  or any  other  Seller  Party  to,  encumber,  pledge  or
      otherwise  grant  a Lien on the  Reservation  System  (including,  without
      limitation,  all  hardware,  software  and data in respect  thereof),  any
      Operating Contract or the Club Management Agreement, (ii) shall, 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 Club Management Agreement and (iii) shall not
      permit Bluegreen  Vacations  Unlimited,  Inc. or any other Seller Party to
      encumber, pledge or otherwise grant a Lien in respect of its interest as a
      Class B member in Bluegreen Vacation Club, Inc.

            (h) Negative  Pledge on  Amenities  and Common  Areas.  The Servicer
      shall (i) not,  and shall not  permit any other  Seller  Party or any Time
      Share Association managed by the Club Managing Entity to, and (ii) use its
      best efforts to not permit any other Time Share  Association to, encumber,
      pledge or  otherwise  grant a Lien on any  amenities  or  common  areas or
      furnishings in respect of the Eligible Resorts.

            (i)  Modifications  of  Receivables.  Except  in  connection  with a
      reduction  or  increase  in the  interest  rate not in  excess  of 1.0% in
      respect of an  Obligor's  election to begin or cease

                                      -37-
<PAGE>

      making payments via pre-authorized  checking,  in connection with Upgrades
      or in  connection  with  modifications  to comply with the  Servicemembers
      Civil Relief Act, the Servicer shall not  reschedule,  revise  downward or
      defer  payments on a Receivable  or modify the terms or  conditions of the
      related  Contract or Mortgage in a manner  adverse to the Trust unless the
      Note Majority shall have  consented in writing to the same;  provided that
      the Servicer shall, without the consent of the Note Majority, be permitted
      to modify,  waive or amend the terms or conditions of the related Contract
      with  respect  to  Receivables  representing  not more  than  1.00% of the
      aggregate  advances made under the Notes in  connection  only with Workout
      Receivables.

            (j) General.  At all times during the term of this  Agreement to the
      extent not  required  to be  retained  by the  Custodian,  Servicer  shall
      maintain  complete  and  accurate  files and  records  pertaining  to each
      Receivable  and related  Trust Assets and of all business  activities  and
      operations  conducted by Servicer in connection with its performance under
      this  Agreement.  All such files and  records  shall,  upon the  Indenture
      Trustee's  request,  be delivered to the Indenture Trustee or its designee
      upon early termination of this Agreement.

            (k) Notices to Obligors.

            (i) Promptly after the Closing Date or applicable Transfer Dates, as
      the case may be, and, in any event,  not later than five (5) Business Days
      thereafter,  the Servicer  will direct or otherwise  cause all Obligors of
      Receivables,  and shall  instruct  or cause all  future  Obligors  of such
      Receivables with respect to such  Receivables,  to remit all payments with
      respect to such Receivables only (x) by check, money order, phone payment,
      or Western  Union Quick  Collect  mailed to, or generated by, an office of
      the Servicer, (y) by check, wire transfer, money order or moneygram to the
      Lockbox or Lockbox  Account or (z) by  pre-authorized  checking  or credit
      card payment for deposit into the Lockbox Account.

            (ii)  Within  30 days of the  related  Transfer  Date  for an  Aruba
      Receivable,  the Servicer shall confirm to the Custodian that notices have
      been mailed out to each Obligor under an Aruba  Receivable that such Aruba
      Receivable  has been  transferred  and  assigned to the Trust and that the
      Trust has in turn, pledged such Aruba Receivable to the Indenture Trustee,
      in trust, for the benefit of the Noteholders.  Such notice may include any
      notice or notices that the Bluegreen  Properties,  N.V.'s  predecessors in
      title to the Aruba Receivable may give to the same Obligor with respect to
      any transfers and assignments of the Receivable by such predecessors. Such
      notice shall be in the form attached  hereto as Exhibit N, as the same may
      be amended,  revised or substituted by the Facility  Administrator and the
      Servicer from time to time.

            (l)  Compliance  with  Agreements  and  Requirements  of  Laws.  The
      Servicer will comply,  and cause its Affiliates to comply, in all respects
      with all applicable  Requirements of Law,  including,  without limitation,
      all  Requirements  of Law that  require the  provision  by the Trust,  the
      Indenture Trustee,  any Noteholder or Servicer of notices,  disclosures or
      other  communications  to  Obligors  or to any  other  Person  that has an
      interest in any property  securing a Receivable,  except where the failure
      to so comply could not  reasonably be expected to have a Material  Adverse
      Effect.  The Servicer will preserve and maintain its corporate  existence,
      rights,  licenses,  franchises and privileges in the  jurisdiction  of its
      organization,  and  qualify  and remain  qualified  in good  standing as a
      foreign  corporation in each jurisdiction where its business is

                                      -38-
<PAGE>

      conducted, except where the failure to so preserve and maintain or qualify
      could not reasonably be expected to have a Material Adverse Effect.

            (m) Real Estate  Taxes.  Servicer  will pay, or cause to be paid (to
      the extent funds are available from the Time Share Association),  when due
      all of  Servicer's  and its  Affiliates'  liabilities  in  respect of real
      estate taxes relating to the Eligible Resorts. Servicer will pay, or cause
      to be paid, when due all of Servicer's and its Affiliates'  liabilities in
      respect  of real  estate  taxes  relating  to any  shortfall  pursuant  to
      keepwell  arrangements  with the  Timeshare  Associations  or otherwise in
      respect  of  unsold   Intervals.   Servicer   shall  notify  the  Facility
      Administrator promptly of the non-payment of real estate taxes relating to
      the Eligible Resorts.

            (n) Taxes.  The  Servicer  will file or cause to be filed all United
      States  federal tax returns and all other material tax returns and reports
      required  by law to be filed by it and will  promptly  pay all  taxes  and
      governmental  charges at any time owing by it except any such taxes  which
      are not yet delinquent or are being diligently  contested in good faith by
      appropriate proceedings and for which adequate reserves in accordance with
      GAAP shall have been set aside on its books.

            (o) Collection Policies.

            (i) The  Servicer  will (and will cause the  Sellers to) (A) perform
      and comply in all material  respects  with all  provisions,  covenants and
      other promises  required to be observed by it under the Contracts  related
      to the  Receivables,  and (B)  comply in all  material  respects  with the
      Collection Policies in regard to each Receivable and the related Contract.

            (ii) At least  thirty  (30) days prior to the  effectiveness  of any
      change in or amendment to any Collection  Policy that would materially and
      adversely affect or impair the collectibility of any Receivable or that is
      a  material   change,   the  Servicer   shall   provide  to  the  Facility
      Administrator  a copy of the  Collection  Policies  then in  effect  and a
      notice  indicating such change or amendment,  requesting the  Noteholders'
      consent  thereto.  The  Servicer  shall  provide  a copy of any  change or
      amendment  to any  Collection  Policy  within  thirty  (30) days after the
      effectiveness of such change in or amendment to any Collection Policy. For
      purposes of this section, any change that would cause the Issuer to not be
      a qualifying  special  purpose  entity,  as  "qualifying  special  purpose
      entity" is defined under GAAP, shall be material.

            (p) Insurance.

            (i) The Servicer shall  maintain,  or cause to be  maintained,  with
      financially  sound  and  reputable  insurance  companies,  such  insurance
      coverage as may be required by any  Requirements of Law or pursuant to any
      Declarations.  The Servicer  shall use its best efforts to cooperate  with
      and assist the Trust and the Indenture Trustee to enable the Trust and the
      Indenture  Trustee  to (x) obtain an  endorsement  showing  the  Indenture
      Trustee as mortgage loss payee with respect to each policy of property and
      casualty  insurance with respect to each Eligible Resort, to the extent of
      its  interest  thereunder  and to the extent that it is  entitled  thereto
      under the  Declarations,  (y) obtain the benefits of a mortgagee under the
      Declarations  with respect to such  insurance  and (z) exercise the rights
      and remedies of a mortgagee under the Declarations.  On or before March 31
      of each  year  commencing  in  2007 or at any  time  upon  request  of the
      Facility

                                      -39-
<PAGE>

      Administrator,  the Servicer shall deliver to the Facility  Administrator,
      certifications  evidencing coverage under all insurance policies described
      above.

            (ii) If (A) the  deductible  with respect to any  all-risk  property
      casualty  insurance policy (excluding in respect of earthquake,  flood and
      windstorm  damage  risk) or any  third-party  liability  insurance  policy
      exceeds  $100,000 per  occurrence  and (B) after the occurrence of a loss,
      the  applicable  Time Share  Association  (x) must pay such  deductible to
      obtain  the  benefits  of such  insurance  and (y) is  unable  to pay such
      deductible,  from the proceeds of  assessments to owners of an Interval or
      cash  reserves or  otherwise,  the Servicer  shall be obligated to advance
      (for  the  purpose  of  satisfying  such  deductible)  to the  Time  Share
      Association the amount of such deductible that is in excess of $100,000 in
      order to obtain the benefits of such insurance policies.

            (q) Exceptions; Recordation. The Servicer shall cause all exceptions
      to a Receivable File to be rectified within sixty (60) days of the related
      Transfer Date for such Receivable  File. As soon as practicable  after the
      related  Transfer  Date (but in no event later than ten (10) Business Days
      after such date (or as soon as practicable with respect to Receivables for
      which the original Mortgages are still at the related recording  office)),
      the  Servicer  shall  deliver in proper form for  recording  all  Mortgage
      Assignments  in  respect  of  the  Trust  Assets  to be  recorded  in  the
      appropriate offices.  Notwithstanding the foregoing sentence, the Servicer
      shall cause all evidences of recordation and all title insurance  policies
      for which title commitments were delivered on the related Transfer Date to
      be delivered to the Custodian to be held as part of the  Receivables  File
      promptly after the Servicer's  receipt of the same and in any event within
      180 days of the related Transfer Date.

            (r)  Remarketing.  Bluegreen shall be obligated to use  commercially
      reasonable   efforts  to  remarket  the  Intervals  related  to  Defaulted
      Receivables.  Bluegreen  shall not, with respect to the remarketing of the
      Intervals  associated  with the  Defaulted  Receivables  and related Trust
      Assets,  make any  "adverse  selection"  with respect to such Trust Assets
      vis-a-vis other receivables serviced by Bluegreen. Bluegreen, on behalf of
      the Trust and at the discretion of the Facility Administrator,  shall take
      all  necessary  steps to have the record  title of the  applicable  Resort
      Interests subject to such Defaulted Receivables continue to be held by the
      Club  Trustee.  In such event,  Bluegreen  shall direct the Club  Trustee,
      directly or through its agents,  (i) to exercise the remedies provided for
      in the Club Trust Agreement, in the Receivables themselves or in the other
      Club documents with respect to such Defaulted Receivables and the Obligors
      thereunder and (ii) to remarket the "Owner Beneficiary Rights" (as defined
      in  the  Club  Trust  Agreement)  of the  Obligors  under  such  Defaulted
      Receivables  with the  purpose  of  effecting  a recovery  of the  maximum
      proceeds in respect of such Defaulted  Receivables or finding replacements
      therefor.  Bluegreen, at the request of the Facility Administrator,  shall
      reserve its rights under the Club Trust  Agreement  and/or the  applicable
      Mortgages  to  obtain,  at any  time,  record  title  and  all  beneficial
      interests in respect of the  Intervals  related to Defaulted  Receivables.
      All actions  taken by  Bluegreen  in respect of any  Defaulted  Receivable
      shall,  at all  times,  be carried  out in a manner  such that none of the
      Trust,  the Facility  Administrator,  the Owner  Trustee or the  Indenture
      Trustee shall, under Requirements of Law, be deemed to be the developer or
      declarant of any Eligible Resort or the Club.  Bluegreen shall deposit the
      proceeds  associated  with the  remarketing  of the Interval  related to a
      Defaulted  Receivable  into the  Collection  Account and shall be paid the
      "Remarketing  Fee"  associated with such Interval from the proceeds of the
      remarketing  thereof  pursuant to Section 2.11 or pursuant to the Servicer
      Purchase  Option.  Bluegreen (in the event the

                                      -40-
<PAGE>

      Servicer  is  Bluegreen  or an  Affiliate  thereof  other  than the  Trust
      Depositor)  shall at all times have the right (but not the  obligation) to
      utilize the Servicer  Purchase Option as set forth in Section 2.12 in lieu
      of performing  the  remarketing  functions  set forth in this Section.  In
      connection  with  Bluegreen's   performance  of  its  remarketing   duties
      hereunder  Bluegreen (i) will undertake such duties in the ordinary course
      in a manner  similar and  consistent  with (or better  than) the manner in
      which  Bluegreen  sells or markets  other  timeshare  properties it or its
      Affiliates owns and (ii) may not sell any Defaulted  Receivables  that are
      Trust Assets except for or as  specifically  permitted by this  Agreement.
      Any proceeds from remarketing  deposited into the Collection Account shall
      be in the form of cash. In no event shall the Trust  originate any loan in
      connection with such remarketing.

            (s)  Servicer  Advances.  The  Servicer is  obligated to make on the
      Business  Day  preceding a Payment Date  advances of  regularly  scheduled
      principal and interest  payments relating to any Receivable the subject of
      a delinquent  payment (other than a Defaulted  Receivable  with respect to
      which there shall be no Servicer  Advances) if it  determines  in its sole
      discretion  that such advances will be recoverable in future periods (each
      a "Servicer  Advance" and  collectively  the  "Servicer  Advances").  Such
      Servicer  Advances are reimbursable  from Collections  pursuant to Section
      2.11.

            (t)  Termination  of Club Managing  Entity.  The Servicer  shall not
      permit the Club Managing Entity to terminate the Club Management Agreement
      without the prior  written  consent of the  Facility  Administrator,  such
      consent not to be unreasonably withheld or delayed.

            (u)  Modifications to Collection  Policy.  Without the prior written
      consent of the Note  Majority,  the Servicer will not, and will not permit
      any Seller Party to, make any change that would  materially  and adversely
      affect  or  impair  the  collectibility  of any  Receivable  or  that is a
      material change, to any Collection  Policy.  For purposes of this section,
      any change  that would  cause the  Issuer to not be a  qualifying  special
      purpose  entity,  as "qualifying  special purpose entity" is defined under
      GAAP, shall be material.

            (v) Fidelity Bond and Errors and Omissions Insurance. On or prior to
      the Closing Date,  the Servicer  shall  maintain or cause to be maintained
      fidelity  bond and  errors and  omissions  insurance  with  respect to the
      Servicer in a minimum  amount of $1,000,000  per policy and shall name the
      Indenture  Trustee as an additional  insured.  No provision of this clause
      (v) 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  Indenture.  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. On or before March 31 of each
      year  commencing  in 2007 or at any  time  upon  request  of the  Facility
      Administrator, the Servicer shall deliver to the Facility Administrator, a
      certification  evidencing coverage under such fidelity bond and the errors
      and  omissions  insurance.  Any such fidelity bond or errors and omissions
      insurance  policy (or endorsement  thereto) shall contain a provision that
      such policy  shall not be canceled or modified  without ten (10)  Business
      Days prior  written  notice to the  Facility  Administrator  or such other
      amendment or cancellation  provisions as may be acceptable to the Facility
      Administrator;   provided  that  Servicer   agrees  to  use   commercially
      reasonable  efforts to

                                      -41-
<PAGE>

      require the applicable  insurer to provide 30 days prior written notice of
      any cancellation or modification.

                                  ARTICLE VII

                         SUBJECT TO CLUB TRUST AGREEMENT

      Section  7.1.  Rights  Subject  to Club Trust  Agreement.  Notwithstanding
anything to the contrary set forth herein or in any other Transaction  Documents
or  otherwise,  all  references  to the  rights of the  Trust and the  Indenture
Trustee  with  respect  to  Receivables  shall be  subject  at all  times to the
provisions of the Club Trust Agreement and the other agreements  executed by the
Beneficiaries in connection therewith.

                                  ARTICLE VIII

                           SERVICER TERMINATION EVENTS

      Section 8.1. Servicer Termination Events.

      Each of the  following  events shall  constitute  a "Servicer  Termination
Event":

            (a) any  failure  by the  Servicer  to make any  payment  or deposit
      required to be made by the Servicer hereunder, under the Lockbox Agreement
      or any other Transaction  Document and the continuance of such failure for
      a period of one (1)  Business  Day after the date on which such payment or
      deposit  was due and not made  provided,  however,  that in the event of a
      Force Majeure Delay,  the period within which the Servicer shall make such
      payment  or  deposit  shall  be  extended  to  such  longer  period  as is
      appropriate, not to exceed 10 Business Days;

            (b)  failure  on the  Servicer's  part to  observe or perform in any
      material respect any covenant or agreement in this Agreement,  the Lockbox
      Agreement  or any other  Transaction  Document  (other  than a covenant or
      agreement, the breach of which is specifically addressed elsewhere in this
      Section) which  continues  unremedied for 30 days after the earlier of (i)
      the date on which  notice of such failure is delivered to Servicer or (ii)
      Servicer otherwise has actual knowledge of such fact;

            (c)  any  assignment  by  the  Servicer  of  its  duties  or  rights
      hereunder, under the Lockbox Agreement, or any other Transaction Document,
      except as specifically  permitted hereunder or thereunder,  or any attempt
      to make such an assignment;

            (d) an involuntary case under any applicable bankruptcy,  insolvency
      or other similar law shall have been  commenced in respect of the Servicer
      and shall  not have  been  dismissed  within  30 days,  or a court  having
      jurisdiction  in the  premises  shall  have  entered a decree or order for
      relief  in  respect  of the  Servicer  in an  involuntary  case  under any
      applicable bankruptcy, insolvency or other similar law now or hereafter in
      effect,  or  appointing  a  receiver,  liquidator,   assignee,  custodian,
      trustee,  sequestrator  (or similar  official)  of the Servicer or for any
      substantial liquidation or winding up of its affairs;

                                      -42-
<PAGE>

            (e) the  Servicer  shall have  commenced a voluntary  case under any
      applicable bankruptcy, insolvency or other similar law now or hereafter in
      effect,  or shall have consented to the entry of an order for relief in an
      involuntary  case  under  any such law,  or shall  have  consented  to the
      appointment of or taking possession by a receiver,  liquidator,  assignee,
      trustee,  custodian or  sequestrator  (or other  similar  official) of the
      Servicer or for any substantial  part of its property,  or shall have made
      any general  assignment  for the benefit of its  creditors,  or shall have
      failed to, or admitted in writing its  inability to, pay its debts as they
      become due, or shall have taken any corporate action in furtherance of the
      foregoing;

            (f) (i) any failure by the  Servicer  to comply  with the  covenants
      contained in Section  6.3(a) which  remains  uncured for 30 days after the
      date on which such failure commences,  (ii) any failure by the Servicer or
      Bluegreen to comply with the covenants  contained in Section 6.3 (b), (g),
      (h),  (i),  (k),  (l),  (n),  (p),  (q) or (v);  (iii) any  failure by the
      Servicer to deliver the reports  described in Article IX of this Agreement
      which  remains  uncured for five (5) Business Days after the date on which
      such failure  commences;  provided,  however that the period  within which
      Servicer  shall  deliver  such  reports  shall be  extended to such longer
      period up to 10 Business  Days as is  appropriate  in the event of a Force
      Majeure  Delay;  or  (iv)  any  failure  on the  part of the  Servicer  or
      Bluegreen  to observe or perform any of its  covenants or  agreements  set
      forth in any Transaction Document (other than as expressly provided for in
      another clause of this Section 8.1),  which failure  continues  unremedied
      for a period of 30 days after the earlier of (i) the Servicer or Bluegreen
      obtains  actual  knowledge of such  failure  after due inquiry or (ii) the
      Facility  Administrator,  the Indenture Trustee or the Custodian  provides
      the Servicer or Bluegreen with written notice of such failure.

            (g) any  representation,  warranty or statement of the Servicer made
      in this Agreement or any  certificate,  report or other writing  delivered
      pursuant hereto shall prove to be incorrect in any material  respect as of
      the time when the same shall have been made and,  within 30 days after the
      earlier  of (i)  written  notice  thereof  shall  have  been  given to the
      Servicer by the Trust, the Indenture Trustee or the Facility Administrator
      or  (ii)  the  Servicer  otherwise  has  actual  knowledge  thereof,   the
      circumstances  or  condition  in  respect  of which  such  representation,
      warranty or statement  was  incorrect  shall not have been  eliminated  or
      otherwise cured;

            (h) a  default  or breach  shall  occur  under any other  agreement,
      document or  instrument  to which the  Servicer is a party or by which the
      Servicer or its property is bound that is not cured within any  applicable
      grace period therefor, and such default or breach (i) involves the failure
      to make  any  payment  when  due in  respect  of any  Indebtedness  of the
      Servicer in excess of five  percent  (5%) of the  Servicer's  Tangible Net
      Worth,  (ii)  causes,  or  permits  any holder of such  Indebtedness  or a
      trustee or agent to cause,  Indebtedness or a portion thereof in excess of
      five percent (5%) of the Servicer's Tangible Net Worth to become due prior
      to its  stated  maturity  or prior  to its  regularly  scheduled  dates of
      payment,  regardless  of whether such default is waived,  or such right is
      exercised, by such holder, trustee or agent; provided that it shall not be
      a Servicer Termination Event solely under this clause (ii) if such default
      or breach is cured or waived within 60 days after the  occurrence  thereof
      so long as such  cure or  waiver  is being  diligently  pursued,  or (iii)
      results in such Indebtedness  becoming due prior to its stated maturity or
      prior to its regularly scheduled dates of payment;

                                      -43-
<PAGE>

            (i) as of any  Determination  Date,  the Trailing Three Month (60 to
      120) Day Delinquency  Rate exceeds 7.0% and such excess shall exist for 30
      days;

            (j) as of any  Determination  Date,  the Trailing Six Month  Default
      Rate exceeds 8.0% and such excess shall exist for 30 days;

            (k) as of any Determination  Date, with respect to any Tranche,  the
      Lifetime  Cumulative  Default  Rate  for such  Tranche  shall  exceed  the
      Lifetime Servicer  Cumulative  Default Threshold for such Tranche and such
      excess with respect to such Tranche shall continue for 30 days;

            (l) any Eligible  Resort  (except for La Cabana Beach & Racquet Club
      and Casa del Mar Beach Resort or other resort approved by the Noteholders)
      shall  fail to be a  Bluegreen  Vacation  Club  Component  Site  Resort or
      otherwise fail to maintain all rights and  privileges  with respect to the
      Club, and such failure shall exist for 30 days;

            (m) any Eligible  Resort  (except for La Cabana Beach & Racquet Club
      and Casa del Mar Beach Resort or other resort approved by the Noteholders)
      shall  cease  to be  managed  and  operated  by  Bluegreen  or  one of its
      Subsidiaries and such condition shall continue for 30 days;  provided that
      it shall not be a Servicer  Termination Event under this clause (m) if any
      successor manager or operator of any Eligible Resort (other than Bluegreen
      or one of its  Subsidiaries)  is  reasonably  acceptable  to the  Facility
      Administrator;  provided  further  that  this  clause  (m)  shall not be a
      Servicer  Termination  Event so long as none of General  Electric  Capital
      Corporation  or any of its Affiliates is the Facility  Administrator  or a
      Noteholder;

            (n) the  operating  budgets and reserve  accounts for the Time Share
      Associations at each Eligible Resort (except for La Cabana Beach & Racquet
      Club  and  Casa del Mar  Beach  Resort)  shall  fail to be  maintained  in
      compliance with all applicable Requirements of Law and the applicable Time
      Share Documents and such failure shall continue for 30 days; or

            (o) a Change of Control shall occur.

In the event that any party hereto becomes aware of a Servicer Termination Event
(or an event which with the passage of time or giving of notice  would  become a
Servicer  Termination  Event) such party shall promptly notify the other parties
hereto.  Additionally,  upon the occurrence of a Servicer  Termination Event and
the Facility  Administrator's giving of notice of a Service Transfer pursuant to
Section  8.2(a)  hereof,  such Servicer  Termination  Event shall be irrevocably
deemed to have "occurred and be continuing" unless otherwise waived by more than
50% of the Outstanding Amount;  provided,  further, that so long as Bluegreen or
an Affiliate of Bluegreen is not the  Servicer,  clauses (h) through (o) of this
Section 8.1 shall not constitute a Servicer Termination Event.

      Section 8.2. Service Transfer.

            (a) If a Servicer  Termination Event has occurred and is continuing,
      the Facility Administrator,  at the direction of the Noteholders shall, by
      written notice delivered to the Servicer, terminate all (but not less than
      all) of the Servicer's management,  administrative,  servicing,  custodial
      and collection  functions (such termination being herein called a "Service
      Transfer"  and such  terminated  Servicer,  being  called  a  "Predecessor
      Servicer");  provided that  notwithstanding

                                      -44-
<PAGE>

      anything  in this  Agreement  to the  contrary,  in the event the  Back-up
      Servicer shall become the Servicer  hereunder,  at any time thereafter the
      Back-up  Servicer may resign from its duties as Servicer  upon ninety (90)
      days   written   notice  to  the   Indenture   Trustee  and  the  Facility
      Administrator.

            (b) Upon  receipt of the notice  required by Section  8.2(a) (or, if
      later,  on  a  date  designated  therein),  all  rights,  benefits,  fees,
      indemnities,  authority  and power of the Servicer  under this  Agreement,
      whether with respect to the Trust Assets or otherwise shall pass to and be
      vested in the Back-up Servicer (the "Successor  Servicer") pursuant to and
      under this Section 8.2; and, without limitation, the Successor Servicer is
      authorized and empowered to execute and deliver on behalf of the Servicer,
      as  attorney-in-fact  or  otherwise,  any  and  all  documents  and  other
      instruments, and to do any and all acts or things necessary or appropriate
      to effect the  purposes of such notice of  termination.  In the event that
      the Back-up Servicer is unable to act as the Successor  Servicer,  subject
      to Section 3.7(e) of the Indenture,  the Indenture Trustee without further
      action shall be appointed as Successor Servicer pursuant to and under this
      Section 8.2. The Servicer agrees to cooperate with the Successor  Servicer
      in effecting the  termination  of the  responsibilities  and rights of the
      Servicer hereunder,  including,  without  limitation,  the transfer to the
      Successor  Servicer for  administration  by it of all cash  amounts  which
      shall  at the  time be held by the  Servicer  for  deposit,  or have  been
      deposited  by the  Servicer,  in the  Collection  Account,  or for its own
      account in connection with its services  hereafter or thereafter  received
      with respect to the Receivables and the related Trust Assets. The Servicer
      shall  transfer to the  Successor  Servicer  (i) all  records  held by the
      Servicer  relating to the Receivables and the related Trust Assets in such
      electronic form as the Successor  Servicer may reasonably request and (ii)
      any  Receivables  Files  in  the  Servicer's  possession  relating  to the
      Receivables and the related Trust Assets. In addition,  the Servicer shall
      permit  access to its  premises  during  normal  business  hours  provided
      reasonable  notice  has  been  provided  to the  Servicer  (including  all
      computer  records and programs to the extent  permitted  under any related
      licensing agreements) to the Successor Servicer or its designee, and shall
      pay the  reasonable  out-of-pocket  transition  expenses of the  Successor
      Servicer.

      Section 8.3. Successor Servicer to Act; Appointment of Successor Servicer.
On or after a Service Transfer  pursuant to Section 8.2, the Successor  Servicer
shall be the  successor  in all  respects  to the  Servicer  in its  capacity as
Servicer  under  this  Agreement  and the other  Transaction  Documents  and the
transactions  set forth or  provided  for herein and shall be subject to all the
responsibilities, duties and liabilities relating thereto placed on the Servicer
by the  terms  and  provisions  hereof,  and the  terminated  Servicer  shall be
relieved of such  responsibilities,  duties and  liabilities  arising after such
Service Transfer;  provided,  however,  that the Successor Servicer shall not be
liable for any acts or omissions of the Servicer occurring prior to such Service
Transfer  or for any breach by the  Servicer of any of its  representations  and
warranties  or  covenants  contained  herein  or  in  any  related  document  or
agreement. On or after a Service Transfer pursuant to Section 8.2, the Successor
Servicer  shall be the successor in all respects to the Trust  Administrator  in
its capacity as Trust Administrator  under the Administration  Agreement and the
transactions set forth or provided for therein.

      Section 8.4. Effect of Transfer.

            (a) After a Service Transfer,  the terminated Servicer shall have no
      further  obligations  with  respect  to  the  management,  administration,
      servicing,  custody or collection of the Receivables and the related Trust
      Assets and the Successor  Servicer appointed pursuant to Section 8.2 shall
      have all of such  obligations,  except that the  terminated  Servicer will
      transmit or cause to

                                      -45-
<PAGE>

      be  transmitted  directly to the  Successor  Servicer for its own account,
      promptly  on receipt and in the same form in which  received,  any amounts
      (properly  endorsed where  required for the Successor  Servicer to collect
      them)  received as  payments  upon or  otherwise  in  connection  with the
      Receivables and the related Trust Assets.

            (b) A Service Transfer shall not affect the rights and duties of the
      parties  hereunder  (including  but not limited to the  indemnities of the
      Servicer)  other than those  relating to the  management,  administration,
      servicing,  custody or collection of the Receivables and the related Trust
      Assets.

      Section  8.5.  Successor  Servicer  Indemnification.  The  Servicer  shall
defend,  indemnify and hold the Successor Servicer and any officers,  directors,
employees  or agents of the  Successor  Servicer  harmless  against  any and all
claims, losses, penalties, fines, forfeitures, reasonable legal fees and related
costs,  judgments  and any other costs,  fees,  and expenses  that the Successor
Servicer may sustain in connection with the claims asserted at any time by third
parties  against the  Successor  Servicer  which  result  from (i) any  illegal,
willful or grossly  negligent  act taken or omission  by the  Servicer or (ii) a
breach of any  representations  or covenants of the Servicer in Sections 5.5 and
6.3 hereof. The  indemnification  provided by this Section 8.5 shall survive the
termination of this Agreement.

      Section 8.6.  Responsibilities  of the Successor  Servicer.  The Successor
Servicer will not be  responsible  for delays  attributable  to the  Predecessor
Servicer's failure to deliver  information,  defects in the information supplied
by the  Predecessor  Servicer or other  circumstances  beyond the control of the
Successor Servicer.

      The Successor  Servicer will make  arrangements  with the Servicer for the
prompt and safe transfer of, and the  Predecessor  Servicer shall provide to the
Successor  Servicer,  all necessary  servicing files and records,  including (as
deemed  necessary by the Successor  Servicer at such time):  (i) microfiche loan
documentation,  (ii) servicing system tapes,  (iii) Receivable  payment history,
(iv) collections history and (v) the trial balances, as of the close of business
on  the  day  immediately   preceding  conversion  to  the  Successor  Servicer,
reflecting all applicable loan information.

      The Successor  Servicer shall have no  responsibility  and shall not be in
default hereunder nor incur any liability for any failure, error, malfunction or
any delay in carrying  out any of its duties  under this  Agreement  if any such
failure or delay results from the Successor  Servicer  acting in accordance with
information  prepared or supplied by a Person other than the Successor  Servicer
or from the failure of any such Person to prepare or provide  such  information.
The Successor Servicer shall have no responsibility, shall not be in default and
shall incur no  liability  (i) for any act or failure to act by any third party,
including  the  Servicer  or for any  inaccuracy  or  omission  in a  notice  or
communication  received by the  Successor  Servicer from any third party or (ii)
which  is  due  to or  results  from  the  invalidity,  unenforceability  of any
Receivable  with  Requirements  of Law or the  breach or the  inaccuracy  of any
representation or warrant made with respect to any Receivable.

      Section   8.7.   Waiver  of  Servicer   Termination   Event.   Noteholders
representing  more than 50% of the  Outstanding  Amount,  may, by written notice
delivered to the parties, waive any Servicer Termination Event.

                                      -46-
<PAGE>

                                   ARTICLE IX

                       PERFORMANCE AND DUTIES OF SERVICER

      Section 9.1.  General  Requirements of Servicer.  Servicer will maintain a
loan  processing  database and will service the  Receivables and the other Trust
Assets in accordance with generally accepted receivables servicing practices for
similar types of receivables. In the performance of its duties, unless otherwise
specifically  provided  herein,  Servicer  shall  comply  with the  terms of the
Receivables  signed by the Obligor.  Servicer shall use commercially  reasonable
efforts  (consistent  with the preceding  sentence) to collect and shall process
all  payments in  accordance  with its  present  practice.  Servicer  shall also
provide  the  Facility  Administrator  with  monthly  reports  of all cash  flow
(including any delinquencies),  together with such other information  reasonably
requested  by the  Facility  Administrator  all in the form  attached  hereto as
Schedule  II as well as the reports  described  in this  Article  IX;  provided,
however, in the event of a Service Transfer,  the Back-up Servicer shall provide
the Facility  Administrator with monthly reports of all cash flow (including any
delinquencies), together with such other information reasonably requested by the
Facility Administrator in the form attached hereto as Schedule II as well as the
reports  described in Sections 9.4 and 9.6 hereof only.  Bluegreen will remarket
Intervals related to Defaulted Receivables pursuant to Section 6.3(r) hereof and
make  Servicer  Advances  pursuant  to Section  6.3(s)  hereof.  Notwithstanding
anything to the contrary contained herein, upon a Service Transfer,  the Back-up
Servicer shall be under no obligation to remarket Intervals related to Defaulted
Receivables  pursuant to Section 6.3(r) hereof,  make Servicer Advances pursuant
to Section 6.3(s) hereof or provide the  information set forth in Section 9.4(h)
or Section 9.12 hereof.

      Section 9.2. Servicer as Independent  Contractor.  Servicer shall have the
status  of  an  independent  contractor.   Nothing  herein  contained  shall  be
considered  to create a  partnership  or joint  venture  between the Trust,  the
Facility  Administrator,  the Servicer or any Noteholder.  Servicer is not to be
considered an agent or employee of the Trust or the Facility  Administrator  for
any  purpose,  and the  employees  of  Servicer  are not  entitled to any of the
benefits that the Trust, the Facility  Administrator or any Noteholder  provides
its employees.

      Section 9.3. [Omitted]

      Section 9.4. Description of Reports. For each Collection Period during the
term of this Agreement,  Servicer will prepare the following  standard  industry
reports and submit them to the Facility  Administrator and the Indenture Trustee
no  later  than the  second  Business  Day  prior to the  related  Payment  Date
(collectively, the "Monthly Report"):

            (a) Title:     Trial/Aging Balance Report
                Purpose:   A  listing   of  all   Receivables   indicating   the
                           outstanding  principal balance of each Receivable and
                           the aggregate outstanding balance of all Receivables.

            (b) Title:     New Receivables Report
                Purpose:   A listing of all Receivables added to the Receivables
                           Pool during such month.

            (c) Title:     Cash Receipts Report
                Purpose:   A listing of all  Receivables  showing the  following
                           with

                                      -47-
<PAGE>

                           respect to each Receivable and totals with respect to
                           all  Receivables:   payments   received,   showing  a
                           breakdown into principal,  interest and other amounts
                           paid.

            (d) Title:     Delinquency/Default/Aging Report
                Purpose:   A listing of all Receivables  showing  delinquencies,
                           broken  down into  columns  indicating  the length of
                           such  delinquencies at 30 days, 60 days, 90 days, and
                           120  days  or  more,  a  listing  of  all   Defaulted
                           Receivables and a computer  diskette or magnetic tape
                           prepared  in the form of  Schedule  II  hereto  which
                           provides the aging history of the Receivables.

            (e) Title:     Cancellation,     Prepayment,     Upgrades,    Aging,
                           Remarketing,  Payoff  and  Servicer  Purchase  Option
                           Report
                Purpose:   A listing of all  Receivables  which were:  canceled,
                           paid  off  in  their  entirety,   the  subject  of  a
                           prepayment  or Upgrade  or  subject  to the  Servicer
                           Purchase  Option.  An aging report of all repossessed
                           Intervals.  A listing of all  Receivables  subject to
                           remarketing  with the sales  price of all  remarketed
                           Intervals compared against the original sales price.

            (f) Title:     Summary Report
                Purpose:   A report in the form of Schedule  II attached  hereto
                           or  such  other  form  as  approved  by the  Facility
                           Administrator  summarizing  changes  from  the  prior
                           month's report.  The Facility  Administrator may from
                           time to time in its reasonable  discretion modify the
                           reporting   requirements   and  add   reports  on  an
                           as-needed  basis,  which Servicer shall complete in a
                           timely    fashion.    Servicer   and   the   Facility
                           Administrator   shall   agree   upon  the  timing  of
                           preparation  and delivery of  additional  reports and
                           the additional cost, if any, of the modification.

            (g) Title:     Cash Flow Report
                Purpose:   A report which delineates total Collections  received
                           for a Collection Period,  Servicer Advances made with
                           respect to the related  Payment  Date as well as fees
                           to third  party  service  providers  (i.e.  Indenture
                           Trustee Fees, Lockbox Fees, etc.).

            (h) Title:     Vacation Points
                Purpose:   A report which lists all outstanding  Vacation Points
                           and the  total  amount  of  available  Accommodations
                           relating thereto.

                                      -48-
<PAGE>

      Section 9.5.  Officer's  Certificate.  The Reports  delivered  pursuant to
Section 9.4 hereof shall be  accompanied  by a certificate  of an Officer of the
Servicer  substantially in the form of Exhibit G, certifying the accuracy of the
Reports  and that no  Servicer  Termination  Event or event that with  notice or
lapse of time or both would become a Servicer Termination Event has occurred, or
if such  event has  occurred  and is  continuing,  specifying  the event and its
status;  provided,  however,  that this  Section  9.5 shall not apply  after the
occurrence of a Service Transfer.

      Section 9.6. Annual Report of Accountants.

            (a)  The  Servicer  shall  cause  a firm  of  nationally  recognized
      independent  certified public accountants (the "Independent  Accountants")
      (provided  that if the Back-up  Servicer  becomes the Servicer  hereunder,
      such accountants shall not be required to be "nationally recognized"),  to
      deliver to the Facility  Administrator and the Indenture Trustee beginning
      on April 30, 2007, with respect to the twelve months ended the immediately
      preceding  December  31 (or  other  applicable  date),  a  statement  (the
      "Accountant's Report") addressed to the Board of Directors of the Servicer
      and Servicer  will promptly  provide a copy to the Facility  Administrator
      and the  Indenture  Trustee to the effect  that such firm has  audited the
      financial  statements  of Servicer and issued its report  thereon and that
      such audit:

            (i)  was  made  in  accordance  with  generally   accepted  auditing
      standards,  and accordingly  included such tests of the accounting records
      and such other auditing  procedures as such firm  considered  necessary in
      the circumstances; and

            (ii) so long as Bluegreen or one of its  Affiliates is the Servicer,
      included an examination of documents and records relating to the servicing
      of the Receivables and the related Trust Assets under this Agreement.

The Accountant's Report shall further state that (so long as Bluegreen or one of
its Affiliates is the Servicer):

                  (1)   a review in accordance  with agreed upon  procedures was
                        made of one randomly selected Monthly Report; and

                  (2)   except as  disclosed  in the Report,  no  exceptions  or
                        errors in the Monthly Report so examined were found.

            (b) The  Accountant's  Report shall also  indicate  that the firm is
      independent of the Servicer within the meaning of the Code of Professional
      Ethics of the American Institute of Certified Public Accountants.

      Section 9.7. Annual  Statement of Compliance  from Servicer.  The Servicer
(in the event the Servicer is Bluegreen or an Affiliate thereof) will deliver to
the Facility  Administrator and the Indenture Trustee,  on or before March 31 of
each year commencing March 31, 2007, an Officer's Certificate stating that (a) a
review of the  activities of the Servicer  during the prior calendar year and of
its  performance  under this  Agreement  was made under the  supervision  of the
officer signing such certificate, (b) to such officer's knowledge, based on such
review,  the  Servicer  has  fully  performed  all its  obligations  under  this

                                      -49-
<PAGE>

Agreement,  or,  if there  has been a  default  in the  performance  of any such
obligation,  specifying  each such default  known to such officer and the nature
and status thereof, and (c) to such officer's  knowledge,  based on such review,
the Servicer has provided all required privacy notices to Obligors in accordance
with and to the extent  required  by the  Gramm-Leach-Bliley  Act, as amended or
modified from time to time.

      Section 9.8. Sales and Inventory  Reports.  A quarterly report showing all
sales and cancellations of sales of Intervals on Eligible Resorts on a resort by
resort  basis,  in form and  content  reasonably  satisfactory  to the  Facility
Administrator; and within thirty (30) Business Days after the end of each fiscal
year  (provided  the Servicer is Bluegreen or an Affiliate  thereof),  an annual
sales and inventory report for the Eligible  Resorts  detailing the sales of all
Intervals on a resort by resort basis during such fiscal year and the  available
inventory  of Units and  Intervals,  certified  by the  Servicer  (provided  the
Servicer is Bluegreen or an Affiliate  thereof) to be true, correct and complete
and otherwise in the form approved by the Trust.

      Section 9.9. Financial Reports.

            (a) Not later than the earlier of (A) 120 days after the end of each
      fiscal year of the Servicer and (B) the public  filing with the SEC of the
      Servicer's  Form 10-K for such fiscal year,  the Servicer shall deliver to
      the Facility  Administrator the audited consolidated  financial statements
      of the  Servicer  (provided  the  Servicer is  Bluegreen  or an  Affiliate
      thereof).

            (b) Not later than the  earlier of (A) 60 days after the end of each
      of the first  three  fiscal  quarterly  periods of each fiscal year of the
      Servicer  and (B) the public  filing with the SEC of the  Servicer's  Form
      10-Q for each such  fiscal  quarter,  the  Servicer  shall  deliver to the
      Facility   Administrator   unaudited  financial   statements  of  Servicer
      (provided the Servicer is Bluegreen or an Affiliate  thereof) certified by
      its chief financial officer as fairly presenting the financial position of
      Bluegreen and its Subsidiaries, as well as, to the extent requested by the
      Facility Administrator and available to Servicer (provided the Servicer is
      Bluegreen  or  an  Affiliate   thereof),   unaudited  bi-annual  financial
      statements of the Time Share Association.

            (c) Each  delivery of  financial  statements  under this Section 9.9
      shall be accompanied by a certificate  of the Servicer's  chief  financial
      officer  certifying as to its compliance  with the covenants  contained in
      Section 6.3(a).

      Section 9.10. Time Share Association Reports; Club Reports.

            (a) To the extent the  Servicer is  Bluegreen  and  Bluegreen or its
      Affiliates  control the Eligible Resort, the Servicer shall deliver to the
      Facility  Administrator the annual unaudited financial  statements of each
      Time  Share  Association  not later than 90 days,  and the annual  audited
      financial  statements  of each Time Share  Association  not later than 180
      days,  after the end of each  fiscal  year of the Time Share  Association,
      and, to the extent the Eligible  Resort is not in the Servicer's or one of
      its Subsidiaries  control,  the Servicer shall make a good faith effort to
      obtain the same from the  respective  Time Share  Association  within such
      time periods.

            (b) Not later than 180 days after the end of each fiscal year of the
      Club, the Servicer shall deliver to the Facility  Administrator the annual
      financial statements of the Club.

                                      -50-
<PAGE>

      Section 9.11. Audit Reports.  Promptly upon receipt thereof,  one (1) copy
of each other report submitted to Servicer by its independent public accountants
in  connection  with any  annual,  interim or special  audit made by them of the
books of the Servicer.

      Section 9.12. Other Reports.  Such other reports,  statements,  notices or
written communications  relating to the Servicer, the Time Share Associations or
the  Eligible  Resorts  as  are  available  to  Servicer  and  as  the  Facility
Administrator may reasonably require.

      Section 9.13. SEC Reports. Promptly upon their becoming publicly available
one (1) copy of each financial statement, report, notice or proxy statement sent
by the Servicer to security holders  generally,  and of each regular or periodic
report and any  registration  statement,  prospectus  or  written  communication
(other than  transmittal  letters) in respect thereof filed by Servicer with, or
received by Servicer in connection  therewith  from, any securities  exchange or
the  Securities  and Exchange  Commission or any successor  agency.  The parties
agree that current reports filed on Form 8-K are not regular or periodic reports
required to be delivered hereunder.

                                   ARTICLE X

                             FACILITY ADMINISTRATOR

      Section  10.1.  Appointment;  Nature  of  Relationship.  General  Electric
Capital  Corporation is hereby  appointed by each  Noteholder as its contractual
representative  (herein referred to as the "Facility  Administrator")  hereunder
and  under  each  other  Transaction  Document,  and  each  of  the  Noteholders
irrevocably  authorizes  the Facility  Administrator  to act as the  contractual
representative of such Noteholder with the rights and duties expressly set forth
herein and in the other Transaction Documents. The Facility Administrator agrees
to act as such contractual  representative upon the express conditions contained
in this  Article  X.  Notwithstanding  the  use of the  defined  term  "Facility
Administrator,"  it  is  expressly  understood  and  agreed  that  the  Facility
Administrator shall not have any fiduciary responsibilities to any Noteholder by
reason of this Agreement or any other Transaction Document and that the Facility
Administrator  is  merely  acting  as  the  contractual  representative  of  the
Noteholders  with only those duties as are expressly set forth in this Agreement
and  the  other  Transaction  Documents.  In its  capacity  as the  Noteholders'
contractual  representative,  the  Facility  Administrator  (i) does not  hereby
assume any fiduciary  duties to any of the  Noteholders and (ii) is acting as an
independent  contractor,  the rights  and  duties of which are  limited to those
expressly set forth in this Agreement and the other Transaction Documents.  Each
of the  Noteholders  hereby  agrees  to  assert no claim  against  the  Facility
Administrator  on any agency  theory or any other theory of liability for breach
of fiduciary duty, all of which claims each Noteholder hereby waives.

      Section  10.2.  Powers.  The  Facility  Administrator  shall  have and may
exercise  such  powers  under  the  Transaction  Documents  as are  specifically
delegated to the Facility Administrator by the terms thereof, together with such
powers as are reasonably  incidental thereto.  The Facility  Administrator shall
have no implied duties to the Noteholders,  or any obligation to the Noteholders
to take any action  thereunder  except any action  specifically  provided by the
Transaction Documents to be taken by the Facility Administrator.

                                      -51-
<PAGE>

      Section 10.3. General Immunity. Neither the Facility Administrator nor any
of  its  directors,  officers,  agents  or  employees  shall  be  liable  to any
Noteholder  for any action taken or omitted to be taken by it or them  hereunder
or under any other Transaction  Document or in connection  herewith or therewith
except  to  the  extent  such  action  or  inaction  is  determined  in a  final
non-appealable judgment by a court of competent jurisdiction to have arisen from
the gross negligence or willful misconduct of such Person.

      Section 10.4. No Responsibility for Advances,  Recitals,  etc. Neither the
Facility Administrator nor any of its directors,  officers,  agents or employees
shall be responsible for or have any duty to ascertain,  inquire into, or verify
(a) any  statement,  warranty  or  representation  made in  connection  with any
Transaction  Document  or  any  advances  hereunder;   (b)  the  performance  or
observance  of any of the  covenants  or  agreements  of any  obligor  under any
Transaction Document, including, without limitation, any agreement by an obligor
to furnish information directly to each Noteholder;  (c) the satisfaction of any
condition  specified  in Article  IV,  except  receipt of items  required  to be
delivered  solely to the Facility  Administrator;  (d) the existence or possible
existence of any Event of Default,  Servicer  Termination  Event or  Termination
Event;  (e)  the  validity,   enforceability,   effectiveness,   sufficiency  or
genuineness  of any  Transaction  Document  or any other  instrument  or writing
furnished  in  connection  therewith;  (f)  the  value,  sufficiency,  creation,
perfection  or  priority  of any  Lien in any  collateral  security;  or (g) the
financial   condition  of  the  Servicer  or  its  Subsidiaries.   The  Facility
Administrator shall have no duty to disclose to the Noteholders information that
is not required to be furnished by the Servicer to the Facility Administrator at
such  time,  but is  voluntarily  furnished  by  the  Servicer  to the  Facility
Administrator  (either  in its  capacity  as  Facility  Administrator  or in its
individual  capacity);  provided that if any such information is provided to any
Noteholder  by the  Facility  Administrator,  the Facility  Administrator  shall
provide such information to all Noteholders.

      Section  10.5.  Action  on  Instructions  of  Noteholders.   The  Facility
Administrator  shall in all cases be fully protected in acting, or in refraining
from acting,  hereunder and under any other  Transaction  Document in accordance
with  written  instructions  signed  by the  Noteholders  holding  the  required
percentage of the Outstanding Amount, and such instructions and any action taken
or failure to act pursuant  thereto shall be binding on all of the  Noteholders.
The Noteholders  hereby  acknowledge  that the Facility  Administrator  shall be
under  no duty to take  any  discretionary  action  permitted  to be taken by it
pursuant to the provisions of this Agreement or any other  Transaction  Document
unless  it  shall be  requested  in  writing  to do so by the  Noteholders.  The
Facility  Administrator  shall be fully justified in failing or refusing to take
any action  hereunder and under any other  Transaction  Document unless it shall
first be indemnified to its satisfaction by the Noteholders pro rata against any
and all  liability,  cost and  expense  that it may incur by reason of taking or
continuing to take any such action.

      Section 10.6. Employment of Agents and Counsel. The Facility Administrator
may execute any of its duties as Facility Administrator  hereunder and under any
other   Transaction   Document   by   or   through   employees,    agents,   and
attorneys-in-fact  and shall not be answerable to the Noteholders,  except as to
money or securities  received by it or its authorized agents, for the default or
misconduct  of  any  such  agents  or  attorneys-in-fact  selected  by  it  with
reasonable  care.  The  Facility  Administrator  shall be  entitled to advice of
counsel   concerning   the   contractual   arrangement   between  the   Facility
Administrator  and the  Noteholders  and all matters  pertaining to the Facility
Administrator's duties hereunder and under any other Transaction Document.

      Section 10.7. Reliance on Documents;  Counsel. The Facility  Administrator
shall be  entitled  to rely upon any notice,  consent,  certificate,  affidavit,
letter,  telegram,  statement,  paper,  data or  document

                                      -52-
<PAGE>

believed  by it to be genuine and correct and to have been signed or sent by the
proper person or persons,  and, in respect to legal matters, upon the opinion of
counsel selected by the Facility  Administrator,  which counsel may be employees
of the Facility Administrator.

      Section 10.8. Facility Administrator's  Reimbursement and Indemnification.
Each  Noteholder  agrees to reimburse and  indemnify the Facility  Administrator
ratably  in  proportion  to  the  aggregate  Outstanding  Amount  held  by  such
Noteholder (i) for any amounts not reimbursed by the Servicer,  any Seller,  the
Trust or the Trust Depositor for which the Facility Administrator is entitled to
reimbursement  by the  Servicer,  any Seller,  the Trust or the Trust  Depositor
under the  Transaction  Documents,  (ii) for any other expenses  incurred by the
Facility  Administrator  on behalf of the  Noteholders,  in connection  with the
preparation,   execution,  delivery,   administration  and  enforcement  of  the
Transaction Documents (including,  without limitation, for any expenses incurred
by the  Facility  Administrator  in  connection  with any  dispute  between  the
Facility  Administrator  and  any  Noteholder  or  between  two or  more  of the
Noteholders)  and  (iii)  for any  liabilities,  obligations,  losses,  damages,
penalties,  actions,  judgments,  suits, costs, expenses or disbursements of any
kind and nature  whatsoever  which may be imposed  on,  incurred  by or asserted
against the Facility  Administrator in any way relating to or arising out of the
Transaction Documents or any other document delivered in connection therewith or
the transactions  contemplated thereby (including,  without limitation,  for any
such  amounts  incurred by or asserted  against the  Facility  Administrator  in
connection  with  any  dispute  between  the  Facility   Administrator  and  any
Noteholder or between two or more of the Noteholders), or the enforcement of any
of the  terms  of the  Transaction  Documents  or of any such  other  documents,
provided  that no  Noteholder  shall be liable for any of the  foregoing  to the
extent any of the  foregoing  is found in a final  non-appealable  judgment by a
court of competent  jurisdiction  to have resulted from the gross  negligence or
willful  misconduct  of  the  Facility  Administrator.  The  obligations  of the
Noteholders  under this  Section  10.8  shall  survive  payment  of all  amounts
hereunder and termination of this Agreement.

      Section 10.9. Notice of Default.  The Facility  Administrator shall not be
deemed to have  knowledge or notice of the  occurrence  of any Event of Default,
Servicer   Termination   Event  or   Termination   Event   unless  the  Facility
Administrator  has received  written  notice from a Noteholder,  the Trust,  the
Trust  Depositor,  the  Indenture  Trustee  or the  Servicer  referring  to this
Agreement  describing  such  Event of  Default,  Servicer  Termination  Event or
Termination Event and stating that such notice is a "notice of default" or words
of similar import. In the event that the Facility  Administrator receives such a
notice,  the  Facility  Administrator  shall give prompt  notice  thereof to the
Indenture Trustee and the Noteholders.

      Section  10.10.  Rights  as  a  Noteholder.  In  the  event  the  Facility
Administrator is a Noteholder,  the Facility  Administrator  shall have the same
rights and powers  hereunder  and under any other  Transaction  Document  as any
Noteholder  and may  exercise  the  same as  though  it  were  not the  Facility
Administrator,  and the term  "Noteholder" or  "Noteholders"  shall, at any time
when the Facility  Administrator is a Noteholder,  unless the context  otherwise
indicates,  include the Facility  Administrator in its individual capacity.  The
Facility  Administrator  and its  Affiliates  may lend money to,  and  generally
engage in any kind of trust, debt, equity or other  transaction,  in addition to
those contemplated by this Agreement or any other Transaction Document, with the
Servicer or any of its  Subsidiaries in which the Servicer or such Subsidiary is
not restricted hereby from engaging with any other Person.

      Section 10.11.  Noteholder Credit Decision.  Except as expressly set forth
in this Section 10.11, each Noteholder  acknowledges that it has,  independently
and without reliance upon the Facility

                                      -53-
<PAGE>

Administrator   or  any  other  Noteholder  and  based  on  such  documents  and
information  as it has  deemed  appropriate,  made its own credit  analysis  and
decision to enter into this Agreement and the other Transaction Documents.  Each
Noteholder also  acknowledges  that it will,  independently and without reliance
upon the  Facility  Administrator  or any  other  Noteholder  and  based on such
documents and information as it shall deem appropriate at the time,  continue to
make its own  credit  decisions  in  taking  or not  taking  action  under  this
Agreement and the other Transaction  Documents.  Notwithstanding  the foregoing,
the  Noteholders  acknowledge  and the  Facility  Administrator  agrees that the
Facility  Administrator  will  perform  certain due  diligence  including  tests
resulting in FICO scores with respect to the Obligors of certain Receivables and
various  file  review  procedures  as  selected  by the  Facility  Administrator
(collectively,  the "Specified Procedures"). The Facility Administrator shall be
under no duty to inquire as to the accuracy or  genuineness  of the  information
provided to it in conducting the Specified Procedures nor shall it have any duty
to review any information  other than such files,  reports and other information
provided to it by Bluegreen.

      Section   10.12.   Successor   Facility   Administrator.    The   Facility
Administrator, with the written consent of the Servicer (so long as Bluegreen or
an Affiliate  thereof is the Servicer),  which consent shall not be unreasonably
withheld or delayed,  may resign at any time by giving written notice thereof to
the  Noteholders  and the Servicer,  such  resignation  to be effective upon the
appointment of a successor  Facility  Administrator or, if no successor Facility
Administrator  has been appointed,  forty-five days after the retiring  Facility
Administrator   gives  notice  of  its   intention   to  resign.   The  Facility
Administrator may be removed at any time with or without cause by written notice
received by the Facility Administrator from all of the Noteholders, such removal
to be  effective  on the  date  specified  by such  Noteholders.  Upon  any such
resignation  or removal,  the  Noteholders  shall have the right to appoint,  on
behalf of the Noteholders,  a successor Facility  Administrator with the written
consent of the  Servicer  (so long as the  Servicer is Bluegreen or an Affiliate
thereof),  which such consent shall not be unreasonably  withheld or delayed. If
no  successor  Facility  Administrator  shall  have  been  so  appointed  by the
Noteholders  within  thirty days after the  resigning  Facility  Administrator's
giving  notice  of  its  intention  to  resign,   then  the  resigning  Facility
Administrator may appoint,  on behalf of the Noteholders,  a successor  Facility
Administrator. Notwithstanding the previous sentence, the Facility Administrator
may at any time without the consent of the Servicer or any  Noteholder,  appoint
any of its Affiliates which is a commercial bank or other financial  institution
as a successor Facility Administrator  hereunder.  If the Facility Administrator
has resigned or been removed and no successor  Facility  Administrator  has been
appointed,   the  Noteholders  may  perform  all  the  duties  of  the  Facility
Administrator  hereunder and for all other purposes shall deal directly with the
parties  hereto.  No  successor  Facility  Administrator  shall be  deemed to be
appointed hereunder until such successor Facility Administrator has accepted the
appointment.  Upon the acceptance of any  appointment as Facility  Administrator
hereunder  by  a  successor  Facility  Administrator,  such  successor  Facility
Administrator  shall thereupon succeed to and become vested with all the rights,
powers,   privileges   and  duties  of  the   resigning   or  removed   Facility
Administrator.  Upon the  effectiveness  of the  resignation  or  removal of the
Facility Administrator, the resigning or removed Facility Administrator shall be
discharged from its duties and  obligations  hereunder and under the Transaction
Documents.  After the  effectiveness of the resignation or removal of a Facility
Administrator, the provisions of this Article X shall continue in effect for the
benefit  of such  Facility  Administrator  in respect  of any  actions  taken or
omitted  to be taken by it while it was  acting  as the  Facility  Administrator
hereunder and under the other Transaction Documents.

                                      -54-
<PAGE>

                                   ARTICLE XI

                         ASSIGNMENTS; REPURCHASE OPTION

      Section 11.1. Assignments; Participations.

            (a) Except as  otherwise  contemplated  by or  permitted  under this
      Agreement,  neither the Trust,  the Trust  Depositor  nor the Servicer may
      assign its rights under this Agreement  without the prior written  consent
      of more than 66 2/3% of the Outstanding Amount.

            (b) Any Noteholder  may, in the ordinary  course of its business and
      in accordance  with  Requirements  of Law, at any time sell to one or more
      banks or other entities  ("Participants")  participating  interests in the
      Notes.  In the event of any such  sale by a  Noteholder  of  participating
      interests  to a  Participant,  such  Noteholder's  obligations  under  the
      Transaction Documents shall remain unchanged, such Noteholder shall remain
      solely responsible to the other parties hereto for the performance of such
      obligations,  all  amounts  payable  under  this  Agreement  or the  other
      Transaction  Documents  shall be determined as if such  Noteholder had not
      sold such participating  interests, and all parties shall continue to deal
      solely  and  directly  with  such   Noteholder  in  connection  with  such
      Noteholder's rights and obligations under the Transaction Documents.

            (c) Except as provided in the  applicable  Note Purchase  Agreement,
      any  Noteholder  may,  in  the  ordinary  course  of its  business  and in
      accordance  with  Requirements  of Law,  at any time assign to one or more
      banks or other  entities  all or any part of its  rights  and  obligations
      under the Transaction Documents.

      Section 11.2. Trust Depositor's Repurchase Option.

      Following Trust  Depositor's  written notice to the Indenture  Trustee and
the Facility Administrator at least twenty (20) days prior to a Payment Date, if
(i) the  Receivable  Balance of all  Receivables  in the Asset Pool is then less
than 10.00% of the aggregate  Receivable  Balances of the Receivables  purchased
hereunder  when so purchased and (ii)  Bluegreen or an Affiliate of Bluegreen is
the Servicer,  then the Trust  Depositor may (but is not required to) repurchase
from the Trust on that  Payment  Date all  outstanding  Trust  Assets at a price
equal  to the  Aggregate  Outstandings.  Such  price is to be  deposited  in the
Collection  Account one  Business  Day before  such  Payment  Date,  against the
Indenture Trustee's  retransfer and release of the Receivables and related Trust
Assets to the Trust Depositor.

                                   ARTICLE XII

                                   TERMINATION

      Section 12.1. Sale of Trust Assets.

      (a) Upon any sale of the assets of the Trust  pursuant to Section  9.02 of
the Trust  Agreement,  the  Servicer  shall  instruct the  Indenture  Trustee to
deposit the proceeds  from such sale after all  payments and reserves  therefrom
have been made (the  "Insolvency  Proceeds") in the Collection  Account.  On the
Payment Date on which the  Insolvency  Proceeds are deposited in the  Collection
Account (or, if such  proceeds are not so  deposited on a Payment  Date,  on the
Payment Date  immediately  following such deposit),  the Servicer shall instruct
the  Indenture  Trustee  to  allocate  such  Insolvency  Proceeds  and any

                                      -55-
<PAGE>

funds remaining on deposit in the Reserve Account (including the proceeds of any
sale of investments therein) in accordance with Section 2.11.

                                  ARTICLE XIII

                                  MISCELLANEOUS

      Section 13.1. Amendments and Waivers.

      (a)  This  Agreement  may be  amended  from  time  to  time  by the  Trust
Depositor,  the Servicer, the Facility Administrator,  the Indenture Trustee and
the Owner Trustee on behalf of the Trust, collectively,  but without the consent
of the Noteholders, to correct manifest error, to cure any ambiguity, to correct
or supplement any provisions in this Agreement which are  inconsistent  with the
provisions  herein  which  may be  ambiguous  or  inconsistent  with  any  other
provisions herein or in any other Transaction  Document,  as the case may be, or
to add any other  provisions with respect to matters or questions  arising under
this  Agreement  that  shall not be  inconsistent  with the  provisions  of this
Agreement.

      (b) Without  limiting  Section  13.1(a) above,  this Agreement may also be
amended from time to time by the Trust  Depositor,  the  Servicer,  the Facility
Administrator,  the  Indenture  Trustee  and the Owner  Trustee on behalf of the
Trust, with the consent of the Note Majority,  provided,  however,  that no such
amendment  shall  (i)  increase  or  reduce  in any  manner  the  amount  of, or
accelerate or delay the timing of, collections of payments on the Receivables or
distributions  which are required to be made on any Note, (ii) amend the Reserve
Account  Required  Amount or the manner in which the Reserve  Account is funded,
(iii) change the interest rate on any Notes or adversely  affect the priority of
payment of  principal  or interest  made to the  Noteholders  or (iv) reduce the
aforesaid  percentage  required to consent to any such  amendment,  in each case
without the consent of all of the Noteholders. Unless otherwise expressly stated
in any  Transaction  Document,  any  provisions  requiring  the  consent  of the
Noteholders  under the  Transaction  Documents  shall require the consent of the
Note Majority.

      (c)  Promptly  after the  execution  of any such  amendment or consent not
requiring  Noteholder consent,  the Indenture Trustee, as the case may be, shall
furnish  written  notification  of the substance of such amendment or consent to
each  Noteholder.  It shall not be  necessary  for the  consent  of  Noteholders
pursuant  to Section  13.1(b) to approve  the  particular  form of any  proposed
amendment or consent,  but it shall be  sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  by Noteholders of the execution  thereof shall be subject to
such reasonable requirements the Indenture Trustee may prescribe.

      (d) Prior to the execution of any amendment to this Agreement, pursuant to
Section 13.1(a) the Indenture Trustee shall be entitled to receive and rely upon
an Opinion of Counsel stating that the execution of such amendment is authorized
or  permitted by this  Agreement.  The  Indenture  Trustee may, but shall not be
obligated  to,  enter  into any  such  amendment  which  affects  the  Indenture
Trustee's own rights, duties or immunities under this Agreement or otherwise.

      (e) Upon the  execution  of any  amendment  or  consent  pursuant  to this
Section 13.1, this Agreement shall be modified in accordance therewith, and such
amendment or consent shall form a part

                                      -56-
<PAGE>

of this Agreement for all purposes,  and every holder of Notes and  Certificates
theretofore or thereafter issued hereunder shall be bound thereby.

      Section 13.2. Protection of Title to Trust.

      (a) The  Servicer  shall file such  financing  statements  and cause to be
filed such continuation statements, all in such manner and in such places as may
be required by law fully to  preserve,  maintain and protect the interest of the
Trust, the Noteholders, the Indenture Trustee and the Owner Trustee in the Trust
Assets and in the proceeds  thereof.  The Servicer shall deliver (or cause to be
delivered) to the Owner Trustee and the Indenture  Trustee  file-stamped  copies
of, or filing  receipts for, any document  filed as provided  above,  as soon as
available following such filing.

      (b) Neither the Trust,  the Trust  Depositor nor the Servicer shall change
its name,  identity or corporate  structure  in any manner that would,  could or
might make any financing  statement or  continuation  statement  filed seriously
misleading  within  the  meaning of ss.  9-506 of the UCC,  unless it shall have
given the Trust, the Owner Trustee, the Facility Administrator and the Indenture
Trustee at least 30 days' prior written  notice  thereof and shall have promptly
filed  appropriate  amendments to all previously  filed financing  statements or
continuation statements.

      (c) The  Trust,  the  Trust  Depositor  and the  Servicer  shall  give the
Facility Administrator,  the Owner Trustee and the Indenture Trustee at least 30
days' prior written notice of any relocation of the principal  executive  office
of the Trust  Depositor and the Servicer (in the case of notice  provided by the
Servicer) if, as a result of such relocation,  the applicable  provisions of the
UCC would require filing of any amendment of any previously  filed  financing or
continuation statement or of any new financing statement and shall promptly file
any such amendment or new financing  statement.  The Servicer shall at all times
maintain each office from which it shall service Receivables,  and its principal
executive office, within the United States.

      (d) The Servicer  shall  maintain or cause to be  maintained  accounts and
records as to each Receivable  accurately and in sufficient detail to permit (i)
the reader thereof to know at any time the status of such Receivable,  including
payments and  recoveries  made and  payments  owing (and the nature of each) and
(ii) reconciliation  between payments or recoveries on (or with respect to) each
Receivable  and the amounts  from time to time  deposited  in or credited to the
Collection Account in respect of each Receivable.

      (e) The Servicer  shall  maintain or cause to be  maintained  its computer
systems so that,  from and after the time of sale under  this  Agreement  of the
Receivables,  the  Servicer's  master  computer  records  (including  any backup
archives) that shall refer to a Receivable  indicate clearly the interest of the
Trust and the Indenture  Trustee in such  Receivable and that such Receivable is
owned by the Trust and has been pledged to the Indenture Trustee.  Indication of
the Trust's  ownership of and the Indenture  Trustee's  interest in a Receivable
shall be deleted from or modified on the Servicer's  computer  systems when, and
only when,  the Indenture  Trustee's Lien on the related  Receivable  shall have
been released in accordance  with the applicable  provisions of the  Transaction
Documents.

      (f) If at any time the Trust  Depositor or the Servicer  shall  propose to
sell,  grant a security  interest  in, or  otherwise  transfer  any  interest in
vacation  timeshare  contracts  to any  prospective  purchaser,  lender or other
transferee,  the  Servicer  shall give or cause to be given to such  prospective
purchaser,

                                      -57-
<PAGE>

lender or other transferee computer tapes, records or print-outs  (including any
restored  from  back-up  archives)  that,  if they  shall  refer  in any  manner
whatsoever to any  Receivable,  shall indicate  clearly that such Receivable has
been  sold and is owned by the  Trust  and has  been  pledged  to the  Indenture
Trustee.

      (g) Upon request, the Servicer shall furnish to the Facility Administrator
and the Indenture Trustee,  within five Business Days, a list of all Receivables
then held as part of the Trust Assets,  together with a  reconciliation  of such
list to the Schedule of Receivables and to each of the Monthly Reports furnished
before such request indicating removal of Receivables from the Trust.

      (h)  The  Servicer  shall  deliver  to the  Owner  Trustee,  the  Facility
Administrator  and the  Indenture  Trustee  promptly  after  the  execution  and
delivery of this Agreement and of each amendment  hereto,  an Opinion of Counsel
either  (A)  stating  that,  in the  opinion  of  such  counsel,  all  financing
statements  and  continuation  statements  have been executed and filed that are
necessary  fully to preserve and protect the  interest of the Owner  Trustee and
the  Indenture  Trustee and reciting the details of each filings or referring to
prior Opinions of Counsel in which such details are given,  or (B) stating that,
in the opinion of such  counsel,  no such action  shall be necessary to preserve
and protect such interest.

      Section 13.3. Notices, Etc.

      All notices, demands, certificates,  requests and communications hereunder
("notices")  shall be in writing and shall be  effective  (a) upon  receipt when
sent through the U.S.  mails,  registered  or  certified  mail,  return  receipt
requested,  postage  prepaid,  with such  receipt  to be  effective  the date of
delivery indicated on the return receipt, or (b) one Business Day after delivery
to an  overnight  courier,  or  (c)  on  the  date  personally  delivered  to an
Authorized Officer of the party to which sent, or (d) on the date transmitted by
legible telefax  transmission with a verbal confirmation of receipt (except that
notices and  communications  pursuant to Article II shall not be effective until
received  with  respect  to any  notice  sent by mail or  telex),  in all  cases
addressed to the recipient as follows:

      If to Bluegreen or the Servicer:          Bluegreen Corporation
                                                4960 Conference Way North,
                                                Suite 100
                                                Boca Raton, Florida 33431
                                                Attn: Anthony Puleo
                                                Telephone No.: (561) 912-8270
                                                Telecopier No.: (561) 912-8123

      If to the Trust Depositor:                Bluegreen Receivables Finance
                                                Corporation XI
                                                4950 Communication Avenue,
                                                Suite 900
                                                Boca Raton, Florida 33431
                                                Attn: Allan Herz
                                                Telephone No.: (561) 912-8210
                                                Telecopier No.: (561) 443-8743

      If to the Trust or the Owner Trustee:     Wilmington Trust Company
                                                Rodney Square North
                                                1100 North Market Street
                                                Wilmington, Delaware 19890-0001
                                                Attention: Corporate Trust
                                                Administration
                                                Telephone No.: (302) 636-6000
                                                Telecopier No.: (302) 636-4141

                                      -58-
<PAGE>

                                        with a copy (for so long as Bluegreen
                                        or an Affiliate thereof is the Servicer)
                                        to:

                                        Bluegreen Corporation
                                        4960 Conference Way North, Suite 100
                                        Boca Raton, Florida 33431
                                        Attn: Anthony Puleo
                                        Telephone No.: (561) 912-8270
                                        Telecopier No.: (561) 912-8123

    If to the Facility Administrator:   General Electric Capital Corporation
                                        500 West Monroe Street
                                        Chicago, Illinois 60661
                                        Attention: Bluegreen Asset Manager
                                        Telecopier No.: (312) 441-7924

                                        with a copy to:

                                        General Electric Capital Corporation
                                        500 West Monroe Street
                                        Chicago, Illinois 60661
                                        Attention: In-House Counsel
                                        Telecopier No.: (312) 441-7872

    If to the Back-Up Servicer:         Concord Servicing Corporation
                                        6560 North Scottsdale Road
                                        Suite G-100
                                        Scottsdale, Arizona 85253
                                        Attn: Frederick G. Pink, Esq.
                                        Telecopier No.: (480) 281-3141

    If to the Indenture Trustee
              or the Custodian:         U.S. Bank National Association
                                        1133 Rankin Street, Suite 100
                                        Attn:  Private Certifications/
                                               Bluegreen 2006-A
                                        St. Paul, Minnesota 55116
                                        Telecopier No.: 651-695-6102
                                        Telephone No.:  651-695-5896

    If to the Club Trustee:             4950 Communication Avenue, Suite 900
                                        Boca Raton, Florida 33431
                                        Attn: Anthony Puleo
                                        Telephone No.:  (561) 912-8270
                                        Telecopier No.: (561) 912-8123

                                      -59-
<PAGE>

      If to the Noteholders:              General Electric Capital Corporation
                                          500 West Monroe Street
                                          Chicago, Illinois 60661
                                          Attention: Bluegreen Asset Manager
                                          Telecopier No.: (312) 441-7924

                                          with a copy to:

                                          General Electric Capital Corporation
                                          500 West Monroe Street
                                          Chicago, Illinois 60661
                                          Attention: In-House Counsel
                                          Telecopier No.: (312) 441-7872

      Each party hereto may, by notice given in  accordance  herewith to each of
the other parties  hereto,  designate any further or different  address to which
subsequent notices shall be sent.

      Section 13.4. No Waiver; Remedies.

      No  failure on the part of the  Facility  Administrator  or the  Indenture
Trustee to  exercise,  and no delay in  exercising,  any right  hereunder  shall
operate as a waiver  thereof;  nor shall any single or partial  exercise  of any
right hereunder  preclude any other or further  exercise thereof or the exercise
of any other right. To the extent permitted by law, the remedies herein provided
are cumulative and not exclusive of any remedies provided by law.

      Section 13.5. Binding Effect.

      This  Agreement  shall be  binding  upon and inure to the  benefit  of the
parties hereto and their respective successors and permitted assigns.

      Section 13.6. Term of this Agreement.

      This Agreement,  including,  without limitation,  the Servicer's, the Club
Trustee's  and the Trust  Depositor's  obligation  to observe  their  respective
covenants  set forth in Article VI,  shall remain in full force and effect until
all  Aggregate  Outstandings  have  been  indefeasibly  paid  in  full  and  all
commitments of the  Noteholders to make any advances in respect of any Purchases
hereunder  shall have  terminated;  provided,  however,  that the  provisions of
Section 13.9 and 13.10 shall be continuing and shall survive any  termination of
this Agreement.

      Section 13.7. GOVERNING LAW; CONSENT TO JURISDICTION;  WAIVER OF OBJECTION
TO VENUE.

      THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF ILLINOIS.  EACH OF THE PARTIES  HERETO HEREBY AGREES TO THE
NON-EXCLUSIVE  JURISDICTION  OF ANY STATE OR FEDERAL  COURT  LOCATED IN CHICAGO,
ILLINOIS.  EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM
NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN
ANY OF THE  AFOREMENTIONED  COURTS AND

                                      -60-
<PAGE>

CONSENTS  TO THE  GRANTING  OF SUCH  LEGAL  OR  EQUITABLE  RELIEF  AS IS  DEEMED
APPROPRIATE BY SUCH COURT.

      Section 13.8. WAIVER OF JURY TRIAL.

      TO THE EXTENT  PERMITTED BY  APPLICABLE  LAW,  EACH OF THE PARTIES  HERETO
WAIVES ANY RIGHT TO HAVE A JURY  PARTICIPATE  IN RESOLVING ANY DISPUTE,  WHETHER
SOUNDING IN CONTRACT,  TORT, OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT
OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF
THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS  CONTEMPLATED HEREBY.
INSTEAD,  ANY SUCH  DISPUTE  RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL
WITHOUT A JURY.

      Section 13.9. Costs, Expenses and Taxes.

            (a)  Bluegreen and the Trust  Depositor  agree to pay or cause to be
      paid on demand all  reasonable  out-of-pocket  costs and  expenses  of the
      Trust, the Indenture Trustee, the Facility Administrator or any Noteholder
      actually incurred in connection with the preparation, execution, delivery,
      administration  (including periodic  auditing),  amendment or modification
      of, or any waiver or consent issued in connection with, this Agreement and
      the other documents to be delivered  hereunder or in connection  herewith,
      including,  without  limitation,  the  reasonable  fees and  out-of-pocket
      expenses of counsel for the Trust,  the  Indenture  Trustee,  the Facility
      Administrator  or any Noteholder  with respect thereto and with respect to
      advising the Trust, the Indenture Trustee,  the Facility  Administrator or
      any  Noteholder  as to its  respective  rights  and  remedies  under  this
      Agreement  and  the  other  documents  to  be  delivered  hereunder  or in
      connection  herewith,  and all costs and  out-of-pocket  expenses,  if any
      (including  reasonable counsel fees and expenses),  incurred by the Trust,
      the Indenture  Trustee,  the Facility  Administrator  or any Noteholder in
      connection  with the enforcement of this Agreement and the other documents
      to be delivered hereunder or in connection herewith.

            (b) Bluegreen and the Trust Depositor,  jointly and severally, agree
      to indemnify and hold the Trust, the Indenture Trustee, the Custodian, the
      Owner Trustee,  the Facility  Administrator,  each  Noteholder and each of
      their  Affiliates,  officers,  directors,  agents and  employees  (each an
      "Indemnified Party") harmless against any and all damages, claims, losses,
      penalties,  fines,  liabilities,   fees,  forfeitures,   amounts  paid  in
      settlement,  judgments,  reasonable attorneys' fees and related litigation
      costs,  fees and  expenses  (collectively,  "Losses")  which  relate to or
      result from this Agreement and the other Transaction  Documents including,
      without  limitation:  (a) any action taken by or on behalf of Bluegreen or
      the Trust  Depositor  relating to any  Receivable  or related  Trust Asset
      which is not  permitted  by or pursuant to the terms of this  Agreement or
      any  other  Transaction  Document,  (b) any  illegal  act or  omission  by
      Bluegreen  or the  Trust  Depositor  or any  officer,  director,  agent or
      employee  of  Bluegreen  or the Trust  Depositor,  (c) any act or omission
      constituting negligence or willful misconduct, or breach of fiduciary duty
      by  Bluegreen,  the Club  Trustee or the Trust  Depositor  or any officer,
      director,  agent or  employee  of  Bluegreen  or the  Trust  Depositor  in
      connection with  Bluegreen's,  the Club Trustee's or the Trust Depositor's
      performance under this Agreement or the other Transaction Documents or any
      breach by Bluegreen, the Club Trustee or the Trust Depositor of any of its
      obligations under this Agreement or the other Transaction  Documents,  (d)
      any representation or warranty made by

                                      -61-
<PAGE>

      Bluegreen,  the Club Trustee or the Trust Depositor under or in connection
      with  this  Agreement,   any  other  Transaction  Document  or  any  other
      information  or report  delivered by or on behalf of the  Bluegreen or the
      Trust Depositor pursuant hereto or thereto, which shall have been false or
      incorrect  when made or deemed  made,  (e) any failure of Bluegreen or the
      Trust  Depositor or any officer,  director,  agent or employee  thereof to
      comply  with  any  applicable  Requirement  of  Law  with  respect  to any
      Receivable  or  Contract  related  thereto  or  the  nonconformity  of any
      Receivable or Contract with any such  Requirement of Law or any failure of
      any Seller to keep or perform any of its  obligations  with respect to any
      Contract,  (f) the commingling by the Servicer or any of its Affiliates of
      Collections of Receivables at any time with other funds of the Servicer or
      its Affiliates,  (g) any  investigation,  litigation or proceeding arising
      out of or relating to this Agreement,  the other Transaction Documents and
      the transactions  contemplated  hereby or thereby or (h) any environmental
      or products  liability or similar  claim  arising out of or in  connection
      with the rights or services  that are the subject of any  Receivable,  the
      related  Trust  Assets or any  Contract;  provided,  however  that neither
      Bluegreen  nor the Trust  Depositor  shall be  required  to  indemnify  an
      Indemnified Party for or be liable for the payment of any Losses resulting
      from the gross negligence or willful misconduct of such Indemnified Party;
      provided further,  however, that nothing contained in this paragraph shall
      be construed to obligate  Bluegreen or the Trust Depositor to indemnify an
      Indemnified  Party  with  respect  to Losses  incurred  as a result of the
      payment  performance  of the  Receivables  and related Trust  Assets,  any
      credit problems of any Obligors or in respect of Excluded Claims.

            (c) The Servicer  agrees to indemnify and hold the Trust,  the Owner
      Trustee,   the  Indenture  Trustee,   the  Noteholders  and  the  Facility
      Administrator and all of their officers,  directors and employees harmless
      against any and all Losses which  result from:  (a) any action taken by or
      on behalf of Bluegreen or its  Affiliates as the Servicer  relating to any
      Receivable or related Trust Asset which is not permitted by or pursuant to
      the terms of this Agreement,  (b) any illegal act or omission by Bluegreen
      or its  Affiliates  as Servicer,  or (c) any act or omission  constituting
      gross negligence or willful misconduct by any officer,  director, agent or
      employee of Bluegreen or its  Affiliates  as Servicer in  connection  with
      such party's performance under this Agreement.

      Section 13.10. No Bankruptcy Covenant.

      The parties hereto hereby  covenant and agree that they will not institute
against, or join any other Person in instituting  against,  the Trust, the Trust
Depositor or the Club Trustee any involuntary Insolvency Proceedings or take any
action in contemplation or furtherance thereof.

      Section 13.11.  Protection of Ownership  Interests of the Trust; Intent of
Parties; Back-up Security Interest.

            (a) The  Trust  Depositor  agrees  that  from  time to time,  at its
      expense,  it will or will  cause the  Servicer  to  promptly  execute  and
      deliver all  instruments  and  documents,  and take all actions,  that may
      reasonably  be necessary or  desirable,  or that the Trust may  reasonably
      request,  to perfect,  protect or more fully evidence its ownership of and
      interest  in the Trust  Assets,  or to enable  the Trust to  exercise  and
      enforce its rights and remedies hereunder.

            (b) If the Trust  Depositor or the Servicer  fails to perform any of
      its obligations  hereunder after ten (10) days' notice from the Trust, the
      Trust may (but shall not be required to)

                                      -62-
<PAGE>

      perform,  or cause performance of, such obligation;  and the Trust's costs
      and  expenses  incurred in  connection  therewith  shall be payable by the
      Trust  Depositor  (if the  Servicer  that fails to so perform is the Trust
      Depositor  or an  Affiliate  thereof)  as  provided  in Section  12.9,  as
      applicable.  The  Trust  Depositor  irrevocably  authorizes  the Trust and
      appoints the Trust as its  attorney-in-fact  to act on behalf of the Trust
      Depositor (i) to execute on behalf of the Trust Depositor as debtor and to
      file  financing  statements  necessary  or  desirable  in the Trust's sole
      discretion to perfect and to maintain the  perfection  and priority of the
      interest  of the  Trust in the  Trust  Assets  and (ii) to file a  carbon,
      photographic  or other  reproduction  of this  Agreement or any  financing
      statement  with  respect to the Trust  Assets as a financing  statement in
      such  offices  as the  Trust in its sole  discretion  deems  necessary  or
      desirable  to perfect and to maintain the  perfection  and priority of the
      interests of the Trust in the Trust Assets.

      Section  13.12.  Back-up  Security  Interest.  It is the  intention of the
Sellers, the Trust Depositor and the Trust that the transactions contemplated by
the Sale and Contribution Agreement and this Agreement constitute an irrevocable
sale,  assignment,  conveyance,  set-off and transfer of ownership of the Assets
transferred thereunder and the Trust Assets transferred hereunder. Nevertheless,
in the event a court of competent  jurisdiction  were to ever determine that the
transactions  contemplated  by the  Sale  and  Contribution  Agreement  and this
Agreement  were secured  financings  rather than "true  sales",  each Seller has
granted the Trust Depositor in the Sale and Contribution Agreement and the Trust
Depositor  has granted  (and hereby  grants to) the Trust a "security  interest"
(the term security  interest,  as used  throughout  this  Agreement,  is used as
defined  in the UCC) in the Trust  Assets  being  conveyed  hereunder,  which is
enforceable  in  accordance  with the UCC upon  execution  and  delivery of this
Agreement  securing the repayment of the purchase  price paid  hereunder and the
obligations and/or interests provided for in this Agreement and in the order and
priorities,  and subject to the other terms and conditions of this Agreement and
the other  Transaction  Documents,  together  with  such  other  obligations  or
interests as may arise  hereunder and  thereunder in favor of the parties hereto
and thereto.  Upon (i) the filing of UCC-1 financing statements naming the Trust
as secured party/buyer, the Trust Depositor, as debtor/seller, and the Indenture
Trustee,  as  assignee,  and (ii) the  Custodian,  for the benefit of the Trust,
taking possession of the Receivables and Receivables Files, the Trust shall have
a  first  priority   perfected   security  interest  in  the  Trust  Assets  and
Collections,  subject only to Permitted Liens. All filings  (including,  without
limitation,  such UCC filings) as are necessary in any  jurisdiction  to perfect
the  interest  of the Trust in the Trust  Assets and  Collections  have been (or
prior to the  applicable  Transfer  Date will be) made.  Upon (i) the  filing of
UCC-1 financing statements naming the Indenture Trustee as secured party and the
Trust as debtor with respect to the Trust Assets and (ii) the Custodian, for the
benefit of the  Indenture  Trustee,  taking  possession of the  Receivables  and
Receivables Files and, in the case of Incremental Purchases or Substitute Assets
on the applicable  Incremental  Transfer Date or Substitute Asset Transfer Date,
as  applicable,  the  Indenture  Trustee shall have a first  priority  perfected
security interest in the Trust Assets,  subject only to Permitted Liens. Neither
the Trust  Depositor nor any Person  claiming  through or under Trust  Depositor
shall have any claim to or  interest in any of the Trust  Assets,  except to the
extent  set  forth  in  Sections  2.11(a)  and  (b),  as  applicable,   and  if,
notwithstanding  the expressed  intention of the parties hereto,  this Agreement
constitutes the grant of a security  interest (for collateral  purposes) in such
property,  except for the  interest  of Trust  Depositor  in such  property as a
debtor for purposes of the UCC.

      Section 13.13. Execution in Counterparts; Severability; Integration.

      This  Agreement  may be  executed  in any  number of  counterparts  and by
different  parties  hereto  in  separate  counterparts,  each of  which

                                      -63-
<PAGE>

when so executed  shall be deemed to be an original  and all of which when taken
together shall  constitute one and the same agreement.  In case any provision in
or obligation under this Agreement shall be invalid, illegal or unenforceable in
any  jurisdiction,  the validity,  legality and  enforceability of the remaining
provisions  or  obligations,  or of such  provision or  obligation  in any other
jurisdiction,  shall  not in any  way be  affected  or  impaired  thereby.  This
Agreement  and the other  Transaction  Documents  contain the final and complete
integration  of all prior  expressions by the parties hereto with respect to the
subject  matter  hereof  and shall  constitute  the entire  agreement  among the
parties hereto with respect to the subject matter hereof,  superseding all prior
oral or written understandings.

      Section 13.14. Further Assurances. The Trust agrees that it will cooperate
with  Bluegreen to facilitate the  remarketing of Intervals and Vacation  Points
relating to a Defaulted Receivable pursuant to Section 6.3(r). Additionally,  in
the event Bluegreen is the "Servicer"  hereunder,  Bluegreen or the Club will be
the exclusive "broker" of the Intervals or Vacation Points, as the case may be.

      Section 13.15.  Savings Clause.  Notwithstanding  anything to the contrary
stated herein, in the event Bluegreen is not acting as servicer  hereunder,  the
covenants  in Section 6.3 shall  remain in full force and effect with respect to
Bluegreen,  and  Bluegreen  shall  remain  obligated  to provide  those  Reports
described in Article IX hereof which it is able to continue to provide.

      Section  13.16.  Limitation  of Liability of Owner  Trustee and  Indenture
Trustee.

      (a)  Notwithstanding  anything  contained  herein  to the  contrary,  this
instrument  has been  countersigned  by  Wilmington  Trust  Company,  not in its
individual  capacity but solely in its  capacity as Owner  Trustee of the Trust,
and in no event shall Wilmington Trust Company in its individual capacity or any
beneficial  owner of the  Trust  have  any  liability  for the  representations,
warranties,  covenants,  agreements or other obligations of the Trust hereunder,
as to all of which recourse shall be had solely to the assets of the Trust.  For
all purposes of this Agreement,  in the performance of any duties or obligations
of the Trust  hereunder,  the Owner Trustee shall be subject to, and entitled to
the  benefits of, the terms and  provisions  of Articles VI, VII and VIII of the
Trust Agreement.

      (b)  Notwithstanding  anything  contained  herein  to the  contrary,  this
Agreement has been countersigned by U.S. Bank National  Association,  not in its
individual capacity but solely as Indenture Trustee,  and in no event shall U.S.
Bank  National   Association   have  any  liability  for  the   representations,
warranties, covenants, agreements or other obligations of the Trust hereunder or
in any of the certificates,  notices or agreements delivered pursuant hereto, as
to all of which recourse shall be had solely to the Trust Assets.

                            [signature pages follow]

                                      -64-
<PAGE>

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

THE TRUST DEPOSITOR:                 BLUEGREEN RECEIVABLES FINANCE
                                     CORPORATION XI

                                     By: ____________________________________
                                     Printed Name: Allan J. Herz
                                     Title:  President and Assistant Treasurer

THE SERVICER
AND BLUEGREEN:                       BLUEGREEN CORPORATION

                                     By: ___________________________________
                                     Printed Name: Anthony M. Puleo
                                     Title:  Senior Vice President, Chief
                                             Financial Officer and Treasurer

THE BACK-UP SERVICER:                CONCORD SERVICING CORPORATION

                                     By: ___________________________________
                                     Printed Name:__________________________
                                     Title: ________________________________

                 Signature Page to Sale and Servicing Agreement
<PAGE>

THE TRUST:                       BXG RECEIVABLES OWNER TRUST 2006-A

                                 By: Wilmington Trust Company, not individually
                                 but solely as Owner Trustee

                                 By: _________________________________
                                 Printed Name:________________________
                                 Title: ______________________________

THE INDENTURE TRUSTEE
AND THE CUSTODIAN:               U.S. BANK NATIONAL
                                 ASSOCIATION

                                 By: _________________________________
                                 Printed Name: Tamara Schultz-Fugh
                                 Title:  Vice President

THE CLUB TRUSTEE:                VACATION TRUST, INC., for itself and as Club
                                 Trustee under the Club Trust Agreement

                                 By: _________________________________
                                 Printed Name:________________________
                                 Title: ______________________________

THE FACILITY ADMINISTRATOR:      GENERAL ELECTRIC CAPITAL
                                 CORPORATION

                                 By: _________________________________
                                 Printed Name:________________________
                                 Title: ______________________________

THE NOTEHOLDER:                  GENERAL ELECTRIC CAPITAL
                                 CORPORATION

                                 By: _________________________________
                                 Printed Name:________________________
                                 Title: ______________________________

                 Signature Page to Sale and Servicing Agreement

<PAGE>

                                   SCHEDULE IA

                          CONDITION PRECEDENT DOCUMENTS

                            See attached closing list

<PAGE>

                                  CLOSING LIST

                                 [see attached]

<PAGE>

                                   SCHEDULE IB

                 LIST OF DELIVERIES FOR ALL PURCHASES/TRANSFERS

            To  the   Indenture   Trustee,   the   Custodian  and  the  Facility
            Administrator  at least two (2) Business Days prior to the requested
            Transfer Date:

      1. A Request  Notice (in the form of  Exhibit A to the Sale and  Servicing
Agreement) listing all Receivables and related Trust Assets to be purchased.

      2. A computer  diskette or magnetic tape which shall  include,  but not be
limited to, the aging report  relating to the  Receivables and the related Trust
Assets to be purchased in connection  with the  requested  purchase and the FICO
scores of the related Obligors from the applicable credit bureau.

      3. Title  Report/Commitment and Mortgage Assignment (other than in respect
of Aruba Receivables) (the form of Assignment  attached as Exhibit I to the Sale
and  Servicing  Agreement  (with  only  such  modifications  to such form as are
necessary to properly  identify the  collateral  and to cause the document to be
properly recorded)).

      4.  Such  additional   information  as  the  Facility   Administrator  may
reasonably require.

            To the  Custodian  at least  five  (5)  Business  Days  prior to the
            requested Transfer Date:

      1.  Originals  of  all  Receivables  and  related  Trust  Assets  and  the
Receivables File relating to each Receivable proposed to be purchased.

            To the  Custodian  at  least  two (2)  Business  Days  prior  to the
            requested Transfer Date:

      1. The  Receivables  Schedule  (in the form of Exhibit A to the  Custodial
Agreement) listing all Receivables and related Trust Assets to be purchased.

      2. The form of Assignment  attached as Exhibit H to the Sale and Servicing
Agreement  (with  only  such  modifications  to such  form as are  necessary  to
properly  identify  the  collateral  and to cause the  document  to be  properly
recorded),  covering  all of the Trust  Assets to be sold in relation  with such
purchase  except that copies of the  recordable  Mortgages and  Assignments,  to
extent  applicable,  shall be satisfactory  provided that recorded originals are
delivered to the Custodian  within sixty (60) days after the Transfer Date or as
soon as  practicable  after  received,  all in forms  approved  by the  Facility
Administrator,  with each  Receivable  endorsed  with (i) an allonge in the form
attached  hereto as Exhibit M in respect of  Receivables  evidenced by notes and
mortgages,   or  (ii)  other   appropriate   form  acceptable  to  the  Facility
Administrator.

<PAGE>

      All documents to be delivered to the Facility Administrator should be sent
to:

      Dawn Sparr
      Associate, VOF
      General Electric Capital Corporation
      500 West Monroe, Suite 1500
      Chicago, Illinois 60661
      Telephone No.: (312) 441-7188
      Telecopy No.:  (312) 441-7924

      All documents to be delivered to the Custodian should be sent to:

      U.S. Bank National Association
      180 East Fifth Street
      St.  Paul, Minnesota 55101
      Attn: Jade Gardner
      Telephone No.: (651) 244-0162
      Telecopy No.: (651) 244-3747

<PAGE>

                                   SCHEDULE II

                                SERVICER REPORTS

<PAGE>

                                  SCHEDULE III

                       LOCATIONS AND STATE OF ORGANIZATION

Bluegreen Corporation

State of Incorporation:                   Massachusetts
Chief Executive Office:                   4960 Conference Way North, Suite 100
                                          Boca Raton, Florida 33431
Organizational ID No.:                    030300793

Bluegreen Receivables Finance Corporation XI

State of Incorporation:                   Delaware
Chief Executive Office:                   4950 Communication Avenue, Suite 900
                                          Boca Raton, Florida 33431
Organizational ID No.:                    4100459

<PAGE>

                                   SCHEDULE IV

                          LOCATION OF RECEIVABLE FILES

                               St. Paul, Minnesota

<PAGE>

                                    EXHIBIT A

                             FORM OF REQUEST NOTICE

      I,   ______________________,   _______________  of  Bluegreen  Receivables
Finance  Corporation  XI (the "Trust  Depositor"),  hereby  certify  that,  with
respect to that certain Sale and Servicing  Agreement among the Trust Depositor,
the Trust,  Bluegreen  Corporation,  the Club Trustee, the Back-up Servicer, the
Facility Administrator, the Noteholders and the Indenture Trustee (the "Sale and
Servicing  Agreement";  all defined  terms  referenced in the Sale and Servicing
Agreement to have the same meaning herein):

      The  Trust   Depositor   hereby   requests  that  an  [Initial   Purchase]
[Incremental Purchase] be made in accordance with the following terms:

            (a) The  aggregate  Cash Purchase  Price of such  Purchase  shall be
_________________.

            (b) The Transfer Date shall be __________________.

            (c) The Cutoff Date shall be __________________.

      The  representations  and  warranties  contained in Section 5.1 and,  with
respect to the  Receivables to be purchased in this Asset Pool Portion,  Section
5.2 of the Sale and Servicing Agreement,  are true and correct as though made on
the date hereof. The Trust Depositor represents and warrants that the conditions
set forth in Sections 2.7 and 4.2 have been  satisfied.  The Trust Depositor has
delivered  or caused  to be  delivered  to the  Facility  Administrator  and the
Indenture  Trustee  and  the  Custodian,  as  applicable,  an  updated  List  of
Receivables,  separately  identifying  thereon the Receivables in the Asset Pool
Portion  requested  to be  Purchased  by  virtue  of this  Request  Notice,  the
Receivables  Files,  the  original  Notes  and such  other  documents  as may be
required by and in accordance  with the  requirements  of the Sale and Servicing
Agreement.

      No event has occurred and is continuing, or would result from any Purchase
occurring on the date hereof,  which constitutes a Termination Event or Event of
Default.

      Prior to giving effect to the Purchase:

      (A)   the aggregate Outstanding Amount is $_______; and

      (B)   Funding Date  Overcollateralization  is $________ (consisting of the
            sum of (i) the sum of the  product  calculated  for each  Asset Pool
            Portion  in the  Asset  Pool of (a) the  Receivable  Balance  of all
            Eligible Receivables in each Asset Pool Portion as of the end of the
            most  recent   Collection   Period  multiplied  by  (b)  the  Credit
            Enhancement  Factor  applicable  to each  such  Asset  Pool  Portion
            determined  as of the  applicable  Transfer Date for each Asset Pool
            Portion plus (ii) at any time after the end of a  Collection  Period
            and prior to the next  succeeding  Payment  Date, an amount equal to
            the  Note  Principal  Distributable  Amount  to be made on the  next
            succeeding Payment Date provided that the corresponding funds are in
            the Collection Account as certified in writing by the Servicer.)

      After giving effect to the Purchase:

<PAGE>

      (C)   the Outstanding Amount will be $_______;

      (D)   Funding Date Overcollateralization is $______________ (determined in
            paragraph  B above  plus the sum of the  product  of  $____________,
            representing the Receivable  Balance of all Eligible  Receivables in
            this  Purchase  multiplied  by  _______________,   representing  the
            applicable Credit Enhancement Factor for this Purchase);

      (E)   the Outstanding Amount will not exceed the Note Purchase Limit; and

      (F)   the    Outstanding    Amount   will   not   exceed    Funding   Date
            Overcollateralization.

      The Cash  Purchase  Price for the  Purchase  should be  delivered  by wire
transfer  to  [insert  appropriate  identifying  account  and  reference  number
information].

      The Trust  Depositor and the Servicer have each  performed in all material
respects all of their  agreements and  obligations  contained in the Transaction
Documents to be performed by such Person at or prior to the date hereof.

      No law, rule or regulation  applicable to the Trust  Depositor  prohibits,
and no  order,  judgment  or  decree  of any  federal,  state or local  court or
governmental body, agency or  instrumentality  applicable to the Trust Depositor
prohibits or enjoins,  the making of any Purchase to occur on the Transfer  Date
specified above.

<PAGE>

      This is the _____ day of ______________.

                              BLUEGREEN RECEIVABLES FINANCE
                              CORPORATION XI

                              By: _______________________________
                              Printed Name: _____________________
                              Title: ____________________________

<PAGE>

                                    EXHIBIT B

                           FORM OF SUBSTITUTION NOTICE

      I,   ______________________,   _______________  of  Bluegreen  Receivables
Finance  Corporation  XI (the "Trust  Depositor"),  hereby  certify  that,  with
respect to that certain Sale and Servicing  Agreement among the Trust Depositor,
the Trust,  Bluegreen  Corporation,  the Club Trustee, the Back-up Servicer, the
Facility Administrator, the Noteholders and the Indenture Trustee (the "Sale and
Servicing  Agreement";  all defined  terms  referenced in the Sale and Servicing
Agreement to have the same meaning herein):

      The Trust Depositor  hereby provides notice of [the  substitution of Trust
Assets][and][the Upgrade of Receivables] as follows:

      [Substitution

            (a)  The  aggregate   Receivable   Balance  of   Receivables   being
      substituted shall be $_________________.

            (b) The aggregate  Receivable Balance of Eligible  Receivables being
      transferred to the Trust shall be $_________________.

            (c) The Transfer Date shall be __________________.

            (d) The Cutoff Date shall be __________________.

            (e) Transfer Deposit Amount shall be $______________.]

      [Upgrade

            (a) The  aggregate  Receivable  Balance of  Pre-Upgrade  Receivables
      shall be $_________________.

            (b) The aggregate  Receivable Balance of Eligible  Receivables which
      are  Upgrade   Receivables   being  transferred  to  the  Trust  shall  be
      $_________________.

            (c) The aggregate  Receivable Balance of Eligible  Receivables which
      are not  Upgrade  Receivables  being  transferred  to the  Trust  shall be
      $_________________.

            (d) The Transfer Date shall be __________________.

            (e) The Cutoff Date shall be __________________.

            (f) Excess of Receivable  Balance of  Pre-Upgrade  Receivables  over
      Receivable Balance of Eligible Receivables  transferred in respect thereof
      $_________________,  which excess shall be deposited  into the  Collection
      Account on the Transfer Date.]

      The  representations  and  warranties  contained in Section 5.1 and,  with
respect to the  Receivables to be transferred on the Transfer Date,  Section 5.2
of the Sale and Servicing Agreement,  are true and correct as though made on the
date hereof. The Trust Depositor represents and warrants that the conditions set
forth in Sections  2.7,  2.13 and 4.2 of the Sale and  Servicing  Agreement,  as
applicable,  have

<PAGE>

been  satisfied.  The Trust Depositor has delivered or caused to be delivered to
the Facility  Administrator  and the  Indenture  Trustee and the  Custodian,  as
applicable,  an updated List of Receivables,  the Receivables File, the original
Note and such other  documents as may be required by and in accordance  with the
requirements of the Sale and Servicing Agreement.

      No event has occurred and is continuing, or would result from any Transfer
occurring  on the date  hereof or on the  Transfer  Date,  which  constitutes  a
Termination  Event or Event of Default.  [The Trust Depositor  hereby  certifies
that the Transfer Deposit Amount in connection with such Substitute  Assets will
be deposited into the Collection  Account in accordance  with Section 2.7 of the
Sale and Servicing  Agreement on the Transfer Date.] [The Trust Depositor hereby
certifies  that  cash  will be  deposited  into the  Collection  Account  on the
Transfer  Date in  accordance  with  Section  2.13  of the  Sale  and  Servicing
Agreement  to the  extent  the  Receivable  Balance(s)  of  Upgrade  Receivables
transferred  on the Transfer  Date are less than the  Receivable  Balance(s)  of
Pre-Upgrade  Receivables.]  With  respect  to  Upgrade  Receivables,  the  Trust
Depositor  represents  and  warrants  that it has used its best efforts to cause
each Pre-Upgrade Receivable to be replaced with an Upgrade Receivable in respect
of the same Obligor and then,  to the extent not  possible,  to be replaced with
another Upgrade Receivable.

      The Trust  Depositor and the Servicer have each  performed in all material
respects all of their  agreements and  obligations  contained in the Transaction
Documents to be performed by such Person at or prior to the date hereof.

      No law, rule or regulation  applicable to the Trust  Depositor  prohibits,
and no  order,  judgment  or  decree  of any  federal,  state or local  court or
governmental body, agency or  instrumentality  applicable to the Trust Depositor
prohibits or enjoins,  the making of any Transfer to occur on the Transfer  Date
specified above.

<PAGE>

      This is the _____ day of ______________.

                            BLUEGREEN RECEIVABLES FINANCE
                            CORPORATION XI

                            By: ________________________________
                            Printed Name: ______________________
                            Title: _____________________________

<PAGE>

                                    EXHIBIT C

                            LIST OF ELIGIBLE RESORTS

1.   Orlando's Sunshine Resort Condominium
2.   Orlando's Sunshine Resort II Condominium
3.   Shenandoah Crossing Farm & Country Club
4.   The Timbers at Christmas Mountain
5.   The Villas at Christmas Mountain
6.   Christmas Mountain Campground
7.   The Resort at World Golf Village Condominium
8.   Shore Crest Vacation Villas II Horizontal Property Regime
9.   Harbour Lights Resort Horizontal Property Regime
10.  Lodge Alley Inn Horizontal Property Regime
11.  The Falls Village Resort , a Condominium
12.  MountainLoft Resort, a Condominium
13.  Laurel Crest Resort, a Condominium
14.  Solara Surfside Condominium
15.  Mountain Run at Boyne
16.  La Cabana Beach & Racquet Club
17.  Grande Villas at World Golf Village Condominium
18.  Casa del Mar Beach Resort, a Condominium
19.  BG Fountains Condominium
20.  BG Daytona Seabreeze Condominium
21.  Hammocks at Marathon Condominium
22.  The Suites at Hershey Condominium

<PAGE>

                                    EXHIBIT D

                            FORM OF NOTICE OF WAIVER

      Bluegreen  Corporation hereby irrevocably waives its right to exercise the
Servicer  Purchaser Option with respect to those certain  Defaulted  Receivables
identified  on  the  list  attached  hereto  and  incorporated  herein  by  this
reference.  The capitalized  terms used herein shall have the meanings  ascribed
thereto in the  Definitions  Annex to that certain Sale and Servicing  Agreement
dated  as of March  13,  2006 by and  among  the  Trust  Depositor,  the  Trust,
Bluegreen  Corporation,  the Club Trustee,  the Back-up  Servicer,  the Facility
Administrator, the Noteholders and the Indenture Trustee.

      IN  WITNESS  WHEREOF,  this  Notice of  Waiver  has been  executed  by the
undersigned and is effective as of the _____ day of __________, 20__.

                                          BLUEGREEN CORPORATION

                                          By: _______________________________
                                          Printed Name: _____________________
                                          Title: ____________________________

<PAGE>

                          LIST OF DEFAULTED RECEIVABLES

                     [Insert list of Defaulted Receivables]

<PAGE>

                                    EXHIBIT E

                              CLUB TRUST AGREEMENT

                                  See attached.

<PAGE>

                                    EXHIBIT F

                 TRUST DEPOSITOR'S CERTIFICATE OF INCORPORATION

                                  See attached.

<PAGE>

                                    EXHIBIT G

                     FORM OF SERVICING OFFICER'S CERTIFICATE

      I, ______________________,  the duly elected and acting _______________ of
Bluegreen  Corporation  (the  "Servicer"),  hereby certify that, with respect to
that certain Sale and Servicing Agreement among the Trust Depositor,  the Trust,
Bluegreen  Corporation,  the Club Trustee,  the Back-up  Servicer,  the Facility
Administrator,  the  Noteholders  and  the  Indenture  Trustee  (the  "Sale  and
Servicing  Agreement";  all defined  terms  referenced in the Sale and Servicing
Agreement to have the same meaning herein):

      (i) Attached hereto are the Reports  required to be delivered  pursuant to
Article IX of the Sale and  Servicing  Agreement  and such  Reports are true and
accurate copies thereof

      (ii) No Servicer  Termination  Event or event that with notice or lapse of
time or both would become a Servicer  Termination Event has occurred [or if such
event has  occurred  and is  continuing,  specifying  the event and its  status:
__________________________________

____________________________________________________________________

_________________________________________].

                             BLUEGREEN CORPORATION

                             By: _________________________

                             Name:________________________

                             Title:_______________________

<PAGE>

                                    EXHIBIT H

                             FORM OF SALE ASSIGNMENT

      In accordance  with the Sale and  Servicing  Agreement  (the  "Agreement")
dated  as of March  13,  2006  made by and  among  the  undersigned,  as  seller
thereunder  ("Trust  Depositor"),  BXG Receivables Owner Trust 2006-A ("Trust"),
and others,  the undersigned does hereby sell,  transfer,  assign,  set over and
otherwise  absolutely  convey to Trust all its right,  title and interest in and
to:

      (i) all Receivables  (including Substitute  Receivables) conveyed or being
      conveyed to the Trust  hereunder and specified on the List of  Receivables
      (or  List  of   Substitute   Receivables)   delivered   to  the   Facility
      Administrator  and  the  Custodian,  and  all  payments  of  interest  and
      principal, other Collections thereon and monies received, due or to become
      due in payment of such Receivables after the Cutoff Date;

      (ii)  the  Mortgages  and any  other  instruments,  documents  and  rights
      securing such Receivables, if applicable,  including,  without limitation,
      all "Owner  Beneficiary  Rights" under the Club Trust Agreement in respect
      of such Receivables and all of the undersigned's rights or interest in all
      other property (personal or other), if any, the sale of which gave rise to
      the Receivables;

      (iii) the Receivables Files;

      (iv) all payments made or to be made after the Cutoff Date with respect to
      such Receivables or the Obligor  thereunder under any guarantee or similar
      credit enhancement with respect to such Receivables, if any;

      (v) all  Insurance  Proceeds  with  respect  to any such  Receivables,  if
      applicable;

      (vi) all  rights of the Trust  Depositor  under the Sale and  Contribution
      Agreement  including  but not  limited to all rights  with  respect to the
      Receivables,  including,  without limitation, in respect of the obligation
      of  the  Sellers  to  repurchase  or  replace  Receivables  under  certain
      circumstances as specified therein;

      (vii) the Trust Accounts and all Trust Account Property;

      (viii) each Assignment; and

      (ix) all income  from and  proceeds  of the  foregoing  (the  property  in
      clauses (i)-(viii), being the "Trust Assets").

      This   Assignment   is  made   pursuant  to  and  in  reliance   upon  the
representation  and  warranties  on the  part of the  undersigned  specified  in
Article  V of the  Agreement  and no  others.  Capitalized  terms  used  in this
Assignment and not defined shall have the same meanings as such terms would have
if used in the Agreement.

<PAGE>

      IN WITNESS WHEREOF,  the undersigned has caused this Assignment to be duly
executed this _____ day of ______, ____.

                                        BLUEGREEN RECEIVABLES FINANCE
                                        CORPORATION XI

                                        By:____________________________________
                                             Printed Name:_____________________
                                             Title:____________________________

                                        Accepted:

                                        BXG RECEIVABLES OWNER TRUST 2006-A

                                        By:____________________________________
                                             Printed Name:_____________________
                                             Title:____________________________

<PAGE>

                                    EXHIBIT I

                          FORM OF MORTGAGE ASSIGNMENTS

<PAGE>

                                    EXHIBIT J

                               COLLECTION POLICIES

                                  See attached.

<PAGE>

                                    EXHIBIT K

                                    RESERVED

<PAGE>

                                   EXHIBIT L-1

                               FORMS OF CONTRACTS

<PAGE>

                                   EXHIBIT L-2

                               FORMS OF MORTGAGES

<PAGE>

                                    EXHIBIT M

                                 FORM OF ALLONGE

      [If purchase and finance agreements are "instruments"] [The foregoing note
or instrument  shall be and is hereby  endorsed as follows with respect to Aruba
Receivables:

      This  Allonge  is  attached  to and made a part of the  following  note or
instrument:

            "Pay  to the  order  of  Bluegreen  Corporation,  without  recourse,
      representation or warranty."

                                    Bluegreen Properties N.V.

                                    By:___________________________
                                    Name:_________________________
                                    Its:__________________________

      The  foregoing  endorsement  shall have the same  effect as though it were
written directly on the note or instrument identified above.]

--------------------------------------------------------------------------------

      The  foregoing  note or  instrument  shall be and is  hereby  endorsed  as
follows with respect to the Sale and Contribution Agreement:

      This  Allonge  is  attached  to and made a part of the  following  note or
instrument:

            "Pay to the order of Bluegreen  Receivables  Finance Corporation XI,
      without  recourse,  representation  or warranty  except as provided in the
      Sale and Contribution Agreement."

                                    Bluegreen Corporation

                                    By:___________________________
                                    Name:_________________________
                                    Its:__________________________

      The  foregoing  endorsement  shall have the same  effect as though it were
written directly on the note or instrument identified above.

<PAGE>

--------------------------------------------------------------------------------

      The  foregoing  note or  instrument  shall be and is  hereby  endorsed  as
follows with respect to the Sale and Servicing Agreement:

            "Pay to the order of BXG  Receivables  Owner Trust  2006-A,  without
      recourse,  representation  or warranty  except as provided in the Sale and
      Servicing Agreement."

                                    Bluegreen Receivables Finance Corporation XI

                                    By:___________________________
                                    Name:_________________________
                                    Its:__________________________

            The  foregoing  endorsement  shall have the same effect as though it
were written directly on the note or instrument identified above.

--------------------------------------------------------------------------------

      The  foregoing  note or  instrument  shall be and is  hereby  endorsed  as
follows with respect to the Indenture:

                     "Pay  to  the   order  of   ____________________,   without
           recourse,  representation  or  warranty  except  as  provided  in the
           Indenture."

                                    BXG Receivables Owner Trust 2006-A

                                    By:___________________________
                                    Name:_________________________
                                    Its:__________________________

            The  foregoing  endorsement  shall have the same effect as though it
were written directly on the note or instrument identified above.

<PAGE>

                                    EXHIBIT N

                       FORM OF NOTICE (ARUBA RECEIVABLES)

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