Document:

Execution
            Copy

            AMENDED AND
            RESTATED OPERATING AGREEMENT OF

            BLUEGREEN/BIG CEDAR VACATIONS, LLC

            

            

            

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            Copy

            TABLE OF
            CONTENTS

            	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        ARTICLE
                        1.

                    	
                        
                        ORGANIZATION

                    	
                        
                        1

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Section
                        1.1

                    	
                        Continuation Of The
                        Company

                    	
                        
                        1

                    
	
                         

                    	
                        Section
                        1.2

                    	
                        Name

                    	
                        
                        2

                    
	
                         

                    	
                        Section
                        1.3

                    	
                        Term

                    	
                        
                        2

                    
	
                         

                    	
                        Section
                        1.4

                    	
                        Character of
                        Business; Powers

                    	
                        
                        2

                    
	
                         

                    	
                        Section
                        1.5

                    	
                        Principal Place of
                        Business

                    	
                        
                        2

                    
	
                         

                    	
                        Section
                        1.6

                    	
                        Domestic Registered
                        Agent and Registered Office

                    	
                        
                        2

                    
	
                         

                    	
                        Section
                        1.7

                    	
                        Foreign Agents and
                        Registered Office

                    	
                        
                        2

                    
	
                         

                    	
                        Section
                        1.8

                    	
                        Certain
                        Definitions

                    	
                        
                        3

                    
	
                         

                    	
                        Section
                        1.9

                    	
                        Other Defined
                        Terms

                    	
                        
                        9

                    
	
                         

                    	
                        Section
                        1.10

                    	
                        References;
                        Pronouns; Headings.

                    	
                        
                        10

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        ARTICLE
                        2.

                    	
                        CAPITAL ACCOUNTS AND
                        CONTRIBUTIONS; MEMBER LOANS

                    	
                        
                        11

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Section
                        2.1

                    	
                        Capital
                        Contributions

                    	
                        
                        11

                    
	
                         

                    	
                        Section
                        2.2

                    	
                        Additional Capital
                        Contributions; Additional Membership Interests

                    	
                        
                        11

                    
	
                         

                    	
                        Section
                        2.3

                    	
                        Capital
                        Accounts

                    	
                        
                        12

                    
	
                         

                    	
                        Section
                        2.4

                    	
                        Negative Capital
                        Accounts

                    	
                        
                        12

                    
	
                         

                    	
                        Section
                        2.5

                    	
                        Certain
                        Limitations

                    	
                        
                        13

                    
	
                         

                    	
                        Section
                        2.6

                    	
                        RFC Loan

                    	
                        
                        13

                    
	
                         

                    	
                        Section
                        2.7

                    	
                        Other Loans by
                        Members or Affiliates

                    	
                        
                        14

                    
	
                         

                    	
                        Section
                        2.8

                    	
                        
                        Accounting

                    	
                        
                        15

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        ARTICLE
                        3.

                    	
                        
                        DISTRIBUTIONS

                    	
                        
                        15

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Section
                        3.1

                    	
                        Distributions of
                        Operating Proceeds

                    	
                        
                        15

                    
	
                         

                    	
                        Section
                        3.2

                    	
                        Tax
                        Distributions

                    	
                        
                        15

                    
	
                         

                    	
                        Section
                        3.3

                    	
                        Distributions to be
                        Made in Cash

                    	
                        
                        16

                    
	
                         

                    	
                        Section
                        3.4

                    	
                        Withholding and
                        Offset

                    	
                        
                        16

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        ARTICLE
                        4.

                    	
                        ALLOCATION OF
                        PROFITS AND LOSSES

                    	
                        
                        16

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Section
                        4.1

                    	
                        Profits and
                        Losses

                    	
                        
                        16

                    
	
                         

                    	
                        Section
                        4.2

                    	
                        Regulatory and
                        Curative Allocations

                    	
                        
                        17

                    
	
                         

                    	
                        Section
                        4.3

                    	
                        Tax
                        Allocations

                    	
                        
                        18

                    
	
                         

                    	
                        Section
                        4.4

                    	
                        Other Allocation
                        Rules

                    	
                        
                        19

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        ARTICLE
                        5.

                    	
                        ACCOUNTING AND TAX
                        MATTERS

                    	
                        
                        19

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Section
                        5.1

                    	
                        Accounting Methods;
                        Company Records

                    	
                        
                        19

                    
	
                         

                    	
                        Section
                        5.2

                    	
                        Fiscal
                        Year

                    	
                        
                        20

                    
	
                         

                    	
                        Section
                        5.3

                    	
                        Bank Accounts; Title
                        to Business Property

                    	
                        
                        20

                    
	
                         

                    	
                        Section
                        5.4

                    	
                        Tax
                        Matters

                    	
                        
                        20

                    

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                        ARTICLE
                        6.

                    	
                        MANAGEMENT AND
                        BUSINESS POLICIES

                    	
                        
                        21

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Section
                        6.1

                    	
                        Management by
                        Management Committee

                    	
                        
                        21

                    
	
                         

                    	
                        Section
                        6.2

                    	
                        Meetings of the
                        Management Committee

                    	
                        
                        21

                    
	
                         

                    	
                        Section
                        6.3

                    	
                        Action by Written
                        Consent Without a Meeting

                    	
                        
                        22

                    
	
                         

                    	
                        Section
                        6.4

                    	
                        General
                        Manager

                    	
                        
                        22

                    
	
                         

                    	
                        Section
                        6.5

                    	
                        Specific Authority
                        of Management Committee and General Manager

                    	
                        
                        22

                    
	
                         

                    	
                        Section
                        6.6

                    	
                        
                        Certificate

                    	
                        
                        24

                    
	
                         

                    	
                        Section
                        6.7

                    	
                        Restrictions on
                        Authority of the Management Committee and the General Manager

                    	
                        
                        24

                    
	
                         

                    	
                        Section
                        6.8

                    	
                        Insurance

                    	
                        
                        25

                    
	
                         

                    	
                        Section
                        6.9

                    	
                        Business Plans and
                        Budgets; Amenity Development

                    	
                        
                        27

                    
	
                         

                    	
                        Section
                        6.10

                    	
                        Big Cedar Approval
                        Rights

                    	
                        
                        29

                    
	
                         

                    	
                        Section
                        6.11

                    	
                        Meetings and Voting
                        by Members

                    	
                        
                        29

                    
	
                         

                    	
                        Section
                        6.12

                    	
                        Liability and
                        Indemnification of the Management Committee, Members and
                        Affiliates

                    	
                        
                        30

                    
	
                         

                    	
                         

                    	
                         

                    
	
                        ARTICLE
                        7.

                    	
                        LIMITED LIABILITY;
                        RIGHTS AND OBLIGATIONS OF THE MEMBERS

                    	
                        
                        30

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Section
                        7.1

                    	
                        Limited
                        Liability

                    	
                        
                        30

                    
	
                         

                    	
                        Section
                        7.2

                    	
                        Member Limited
                        Liability

                    	
                        
                        31

                    
	
                         

                    	
                        Section
                        7.3

                    	
                        Conflicts of
                        Interest

                    	
                        
                        31

                    
	
                         

                    	
                        Section
                        7.4

                    	
                        Transactions With
                        Members and Affiliates

                    	
                        
                        31

                    
	
                         

                    	
                        Section
                        7.5

                    	
                        Compensation and
                        Reimbursement of the Members; Management Committee; General
                        Manager

                    	
                        
                        32

                    
	
                         

                    	
                        Section
                        7.6

                    	
                        
                        Non-Competition—Bluegreen

                    	
                        
                        32

                    
	
                         

                    	
                        Section
                        7.7

                    	
                        
                        Non-Competition—BCLLC

                    	
                        
                        34

                    
	
                         

                    	
                        Section
                        7.8

                    	
                        BCLLC’s Right
                        to Participate

                    	
                        
                        34

                    
	
                         

                    	
                        Section
                        7.9

                    	
                        Bluegreen’s
                        Right to Participate

                    	
                        
                        35

                    
	
                         

                    	
                        Section
                        7.10

                    	
                        Specific Rights,
                        Authority and Obligations of the Members

                    	
                        
                        36

                    
	
                         

                    	
                        Section
                        7.11

                    	
                        Records of the
                        Company

                    	
                        
                        37

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        ARTICLE
                        8.

                    	
                        TRANSFERS OF
                        INTERESTS

                    	
                        
                        38

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Section
                        8.1

                    	
                        
                        Restrictions

                    	
                        
                        38

                    
	
                         

                    	
                        Section
                        8.2

                    	
                        Effect of
                        Assignment; Documents

                    	
                        
                        38

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        ARTICLE
                        9.

                    	
                        DISSOLUTION OF THE
                        COMPANY

                    	
                        
                        39

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Section
                        9.1

                    	
                        Liquidation
                        Events

                    	
                        
                        39

                    
	
                         

                    	
                        Section
                        9.2

                    	
                        Right to Continue
                        Business and Affairs of Company

                    	
                        
                        39

                    
	
                         

                    	
                        Section
                        9.3

                    	
                        Distribution of
                        Proceeds on Dissolution; Winding Up; Reserves

                    	
                        
                        40

                    
	
                         

                    	
                        Section
                        9.4

                    	
                        Allocations Upon
                        Dissolution

                    	
                        
                        41

                    

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                        ARTICLE
                        10.

                    	
                        GENERAL

                    	
                        
                        41

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Section
                        10.1

                    	
                        Notices/Approvals to
                        Be In Writing

                    	
                        
                        41

                    
	
                         

                    	
                        Section
                        10.2

                    	
                        Entire
                        Agreement

                    	
                        
                        42

                    
	
                         

                    	
                        Section
                        10.3

                    	
                        
                        Amendments

                    	
                        
                        42

                    
	
                         

                    	
                        Section
                        10.4

                    	
                        
                        Miscellaneous

                    	
                        
                        42

                    
	
                         

                    	
                        Section
                        10.5

                    	
                        GOVERNING
                        LAW

                    	
                        
                        43

                    
	
                         

                    	
                        Section
                        10.6

                    	
                        Submission to
                        Jurisdiction

                    	
                        
                        43

                    
	
                         

                    	
                        Section
                        10.7

                    	
                        Remedies

                    	
                        
                        43

                    
	
                         

                    	
                        Section
                        10.8

                    	
                        Representations and
                        Warranties

                    	
                        
                        44

                    
	
                         

                    	
                        Section
                        10.9

                    	
                        Financial
                        Reporting

                    	
                        
                        45

                    
	
                         

                    	
                        Section
                        10.10

                    	
                        Confidentiality;
                        Public Announcements

                    	
                        
                        45

                    

            INDEX OF
            EXHIBITS

            	
                         

                    	
                         

                    
	
                        
                        Exhibit
                        A

                    	
                        Names, Addresses,
                        Capital Accounts, and Percentage Interests of Members

                    
	
                        
                        Exhibit
                        B

                    	
                        Big Cedar
                        Timeshare Property

                    
	
                        
                        Exhibit
                        C

                    	
                        Red Rock Bluff
                        Property

                    
	
                        
                        Exhibit
                        D

                    	
                        Red Rock Bluff
                        Business Plan

                    
	
                        
                        Exhibit
                        E

                    	
                        Deliberately
                        Omitted

                    
	
                        
                        Exhibit
                        F

                    	
                        Business
                        Plan

                    
	
                        
                        Exhibit
                        G

                    	
                        Annual
                        Budget

                    

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            AMENDED AND
            RESTATED OPERATING AGREEMENT

            
            OF

            BLUEGREEN/BIG
            CEDAR VACATIONS, LLC

            a Delaware
            limited liability company

            
                      
            THIS AMENDED AND RESTATED OPERATING AGREEMENT OF BLUEGREEN/BIG CEDAR VACATIONS, LLC
            (“Agreement”) is made and entered into as of this 31st day of
            December, 2007 (the “Effective Date”) by and among those Persons
            identified on Exhibit A attached hereto (the
            “Members”).

            
            WITNESSETH

            
                      
            WHEREAS, Bluegreen/Big Cedar Vacations, LLC (the “Company”) was
            formed as a Delaware limited liability company on May 1, 2000 pursuant to and under the
            Act, by the filing of a Certificate of Formation with the Secretary of State of the
            State of Delaware;

            
                      
            WHEREAS, the Company is currently governed by that certain Operating Agreement of
            Bluegreen/Big Cedar Vacations, LLC dated as of June 16, 2000 (the “Original
            Operating Agreement”), for the purpose of setting forth the understandings
            and agreements of the Members with respect to the organization and operation of the
            Company and the scope and conduct of its business, including its development of the
            timeshare project Big Cedar Wilderness Club Condominium in Ridgedale, Missouri, which
            is marketed as Wilderness Club at Big Cedar, a Bluegreen Resort (the “Original
            Project”);

            
                      
            WHEREAS, the Company has acquired or will acquire certain real property adjacent to
            the Original Project for purposes of the construction and development of the Building
            3000 Project (as defined herein), and has acquired the Red Rock Bluff Property (as
            defined herein) for purposes of the construction and development of the Red Rock Bluff
            Timeshare Project (as defined herein); and

            
                      
            WHEREAS, in connection with the acquisition of such property and the construction
            and development of the Building 3000 Project and the Red Rock Bluff Timeshare Project,
            the Members now desire to amend and restate the Original Operating Agreement in its
            entirety on the terms and conditions set forth herein.

            
                      
            NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
            which is hereby acknowledged, and the mutual promises contained herein, the Members
            mutually covenant and agree as follows:

            ARTICLE
            1.     ORGANIZATION

            
                      Section
            1.1     Continuation Of The Company. The Members hereby
            agree to continue the existence of the Company as a limited liability company under the
            Act, and all other pertinent Laws of the State of Delaware for the purposes and upon
            the terms and conditions

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            hereinafter set
            forth. The Members agree that the rights, duties and liabilities of the Members shall
            be as provided in the Act, except as provided herein.

            
                      Section
            1.2     Name. The name of the Company shall be
            “Bluegreen/Big Cedar Vacations, LLC,” or such other name as shall be
            determined by the Management Committee from time to time.

            
                      Section
            1.3     Term. The term of the Company commenced as of
            May 1, 2000 and shall continue until the winding up and liquidation of the Company
            following a Liquidation Event, as provided in Article 9.

            
                      Section
            1.4     Character of Business; Powers.

            
                                   (A)     The
            business of the Company (the “Business”) is to (1) acquire, design,
            develop, own, operate, market and sell the Timeshare Projects and such other Resort
            Interest Program(s) as may be mutually agreed upon in writing by the Members, in
            accordance with the provisions of this Agreement; (2) lease, finance, hold, manage,
            sell, exchange or otherwise dispose of all or any part of the timeshare units of the
            Business and the receivables or other assets arising from the sale of timeshare
            interests; (3) borrow money in furtherance of the Business; and (4) exercise all rights
            and powers and engage in all activities related or ancillary to the foregoing, as
            determined by the Management Committee, which a limited liability company may legally
            exercise pursuant to the Act.

            
                                   (B)     The
            Company shall not engage in any activity other than the Business and no Member shall
            have any authority to hold himself or herself out as an agent of the Company in any
            activity other than the Business and then only in conformity with the provisions of
            this Agreement.

            
                      Section
            1.5     Principal Place of Business. The principal
            place of business of the Company shall be at 4960 Conference Way North, Suite 100, Boca
            Raton, Florida, 33431, or such other location as may be hereafter determined by the
            Management Committee.

            
                      Section
            1.6     Domestic Registered Agent and Registered
            Office. The name of the Company’s registered agent for service of process in
            Delaware and its registered office in Delaware shall be The Corporation Services
            Company, at 2711 Centerville Road, Suite 408, Wilmington, DE 19808, on whose records
            shall be shown that notice to the Company is to be sent to (A) Big Cedar, L.L.C., 2500
            East Kearney Street Springfield, Missouri 65898, Attention: General Counsel; and (B)
            Bluegreen Corporation, 4960 Conference Way North, Suite 100, Boca Raton, Florida 33431,
            Attn: General Counsel; provided, however, the Management Committee may
            change such registered agent and/or registered office, at any time, by making all
            appropriate filings.

            
                      Section
            1.7     Foreign Agents and Registered Office. The
            Management Committee shall (A) take or cause to be taken all action necessary to
            register the Company as a foreign limited liability company authorized to transact
            business in other states (collectively, the “Foreign States”) if
            any, as the conduct of the Company’s business so requires; and (B) select and
            cause the Company to maintain resident or registered agents and offices in each of the
            Foreign States

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            where the
            maintenance of the same is required by applicable Law, and may change such agents
            and/or offices, at any time by making all appropriate filings.

            
                      Section
            1.8     Certain Definitions. As used herein, the
            following terms have the following meanings:

            
                                   (A)     “
            Act” means the Delaware Limited Liability Company Act, 6 DEL.C§18-101,
            et. seq., as the same may be supplemented, amended or modified.

            
                                   (B)     “
            Adjusted Capital Account” means, with respect to any Member, the balance in
            such Member’s Capital Account as of the end of the relevant Fiscal Year, after
            giving effect to the following adjustments:

            
                                              (1)       credit
            to such Capital Account any amounts that such Member is obligated to restore to the
            Company pursuant to this Agreement or is deemed obligated to restore pursuant to
            Treasury Regulation § 1.704-1(b)(2)(ii)(c) or the penultimate sentence of each of
            Treasury Regulation §§ 1.704-2(g)(1) and 1.704-2(i)(5); and

            
                                              (2)       debit
            to such Capital Account such Member’s share of the items described in Treasury
            Regulation §§ 1.704-1(b)(2)(ii)(d)(4), (5) and (6)

            
                                The
            foregoing definition of Adjusted Capital Account is intended to comply with the
            provisions of Treasury Regulation § 1.704-1(b)(2)(ii)(d) and shall be interpreted
            and applied consistently therewith.

            
                                   (C)     “
            Affiliate,” as to any Person means (1) any other Person directly or
            indirectly through one or more intermediaries controlling, controlled by or under
            common control with such Person, or (2) a trust which has as its principal income
            beneficiaries or remaindermen such Person and/or a member or members of such
            Person’s Immediate Family. The terms “controlling,”
            “controlled” and “common control with” mean the ability, by
            ownership of voting securities or otherwise, directly or indirectly, to direct the
            managerial and operating policies of a Person. “Affiliated” shall
            have a corresponding meaning. For purposes of Section 7.7, Affiliates of BCLLC
            shall not include Tracker Marine, L.L.C., a Missouri limited liability company, and its
            subsidiaries or Tracker Marine Retail, LLC, a Delaware, LLC, and its subsidiaries.
            Affiliates of Bluegreen shall include any Affiliate of Bluegreen or any entity that is
            controlled directly or indirectly by BFC Financial Corporation, provided,
            however, for purposes of Section 2.6, Section 7.6 and Article
            8, Affiliates of Bluegreen shall only include Bluegreen Corporation and any
            controlled subsidiary of Bluegreen Corporation.

            
                                   (D)     “
            Agreement” means this Agreement, as amended from time to time as herein
            provided.”

            
                                   (E)     “
            Bankruptcy Event” means, with respect to any Person, (i) the commencement by
            such Person of a voluntary case under, or the consent by such Person to the entry of an
            order for relief in an involuntary case under, any bankruptcy, insolvency, fraudulent
            conveyance, reorganization, moratorium or other similar Law now or hereafter in effect,
            or (ii) the consent by such Person to the appointment of, or taking possession by, a
            receiver, custodian, liquidator, assignee, trustee or sequestrator (or other similar
            official) of such Person or

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            of any
            substantial part of its assets, or (iii) the making of a general assignment by such
            Person generally to pay its debts as they benefit creditors, or (iv) the admission in
            writing of such Person of its inability to pay its debts as they become due in the
            ordinary course of business, or (v) the adoption of a resolution by its directors or
            shareholders (or analogous managers or equity owners) in furtherance of any of the
            foregoing, or (vi) the entry by a court of competent jurisdiction of a decree or order
            for relief in respect of such Person in an involuntary case under any bankruptcy,
            insolvency, fraudulent conveyance, reorganization, moratorium or other similar Law now
            or hereafter in effect and the continuance of such decree or order unstayed and in
            effect for a period of ninety (90) days, or (vii) the appointment of a receiver,
            examiner, custodian, liquidator, assignee, trustee or sequestrator (or other similar
            official) of such Person or of any substantial part of its assets, not dismissed within
            ninety (90) days, or (viii) the ordering of the winding up or liquidation of its
            affairs, or conversion of a pending reorganization proceeding into a proceeding under
            Chapter 7 of the Bankruptcy Code or other proceeding to liquidate or otherwise dispose
            of a substantial part of such Person’s properties.

            
                                   (F)     “
            BC” means Bluegreen Corporation, a Massachusetts corporation, and the sole
            shareholder of Bluegreen.

            
                                   (G)     “
            BCLLC” means Big Cedar, L.L.C. a Missouri limited liability company, or its
            permitted assignee.

            
                                   (H)     “
            Big Cedar Lodge” means that certain hotel facility known as the Big Cedar
            Lodge at Ridgedale, located in Taney County, Missouri, which as of the date hereof is
            owned and operated by BCLLC.

            
                                   (I)     “
            Big Cedar Owners’ Association” means Big Cedar Resort Club Owners
            Association, Inc., a Missouri not for profit corporation.

            
                                   (J)     “
            Big Cedar Timeshare Project” means that certain timeshare project developed
            by the Company, inclusive of Original Project and the Building 3000 Project, located
            contiguous to the Big Cedar Lodge in Taney County, Missouri, which timeshare project is
            located on the Big Cedar Timeshare Property.

            
                                   (K)     “
            Big Cedar Timeshare Property” means that certain property described on
            Exhibit B hereto, on which the Big Cedar Timeshare Project is located or to be
            located.

            
                                   (L)     “
            Bluegreen” means Bluegreen Vacations Unlimited, Inc., a Florida corporation,
            or its permitted assignee.

            
                                             “
            Bluegreen Vacation Club” means that certain vacation club operated by
            Bluegreen, which was initially filed pursuant to Florida Statutes Chapter 721 (The
            Florida Vacation Plan and Timesharing Act), and is identified in accordance with such
            registration as the Bluegreen Vacation Club.

            
                                  (M)     “
            Building 3000 Project” means that certain portion of the Big Cedar Timeshare
            Project currently referred to as “Building 3000”, which has been approved
            by the Members and as further described in the Business Plan attached hereto as
            Exhibit F.

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                                   (N)     “
            Business Property” means all property, assets and interests (whether real or
            personal, tangible or intangible) owned or held from time to time by the Company,
            including without limitation the Big Cedar Timeshare Property and the Red Rock Bluff
            Property.

            
                                   (O)     “
            Capital Account” means the separate capital account maintained for each
            Member on the Company’s books and records as provided in Section
            2.3.

            
                                   (P)     “
            Capital Contribution” means with respect to any Member, the amount of money
            and the Gross Asset Value of any property (other than money) contributed by such Member
            to the Company.

            
                                   (Q)     “
            Code” means the Internal Revenue Code of 1986, as amended from time to
            time.

            
                                   (R)     “
            Cumulative Loan Return” means:

            
                                              (1)          with
            respect to a Member’s Unreturned Member Loan for any Member Loan made by a Member
            with the other Member’s consent or pursuant to Section 2.2(B), whereby
            both Members make such Member Loan in proportion to their Percentage Interest, or the
            Member Loan described in Section 6.9(B)(3), a cumulative rate of return equal to
            the average prime rate, as published in the Wall Street Journal, plus 1%, compounded
            annually and taking proper account of the amount and timing of (i) each such Member
            Loan and (ii) any distributions made to such Member under Sections 3.1(A) and
            (B); and

            
                                              (2)          with
            respect to a Member’s Unreturned Member Loan for any Member Loan made by a Member
            as a result of the other Member failing to make an agreed Additional Capital
            Contribution or Member Loan in proportion to its Percentage Interest, a cumulative rate
            of return equal to the average prime rate, as published in the Wall Street Journal,
            plus 5%, compounded annually and taking proper account of the amount and timing of (i)
            each such Member Loan and (ii) any distributions made to such Member under Sections
            3.1(A) and (B).

            
                                   (S)      “
            Depreciation” means, for each Fiscal Year or other period, an amount equal to
            the depreciation, amortization or other cost recovery deduction allowable for federal
            income tax purposes with respect to an asset for such period; provided, if the
            Gross Asset Value of an asset differs from its adjusted basis for federal income tax
            purposes at the beginning of such period, Depreciation shall be (1) an amount that
            bears the same ratio to such beginning Gross Asset Value as the federal income tax
            depreciation, amortization or other cost recovery deduction for such period bears to
            such beginning adjusted tax basis or (2) if the federal income tax depreciation,
            amortization or other cost recovery deduction for such period is zero, an amount with
            reference to such beginning Gross Asset Value using any reasonable method selected by
            the Management Committee ; provided further, if the remedial allocation method
            described in Treasury Regulation § 1.704-3(d) is used to take account of the
            difference between an asset’s Gross Asset Value and its adjusted tax basis,
            Depreciation shall be determined in accordance with Treasury Regulation §
            1.704-3(d)(2).

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                                   (T)     “
            Field Operating Profit” means Net Sales Volume less costs of sales and all
            operating expenses, excluding the Brand Licensing Fee and the Marketing Fee. Field
            Operating Profit is exclusive of income taxes and any financing income or
            expenses.

            
                                   (U)     “
            Fractional Interest Development” shall mean a Resort Interest Program in
            which the interests that are conveyed to purchasers are in increments of time that are
            greater than or equal to six weeks per year.

            
                                   (V)     “
            Governmental Entity” means any government or any governmental agency,
            ministry, authority, bureau, board, commission, department, political subdivision or
            court, whether federal, state, provincial, municipal, or local, domestic or
            foreign.

            
                                   (W)     “
            Gross Asset Value” means, with respect to any asset of the Company, the
            asset’s adjusted basis for federal income tax purposes as of the relevant date,
            except as follows:

            
                                               (1)        The
            initial Gross Asset Value of any asset contributed by a Member to the Company shall be
            the gross fair market value of such asset on the date of contribution, as determined by
            the Management Committee.

            
                                              (2)        The
            Gross Asset Value of all Company assets shall be adjusted (at the election of the
            Management Committee ) to equal their respective gross fair market values, as
            determined by the Management Committee, (a) upon the occurrence of any of the events
            described in Treasury Regulation § 1.704-1(b)(2)(iv)(f)(5) and (b) at such other
            times as the Management Committee may reasonably determine necessary or advisable in
            order to comply with Treasury Regulation §§ 1.704-1(b) and
            1.704-2.

            
                                              (3)        The
            Gross Asset Value of any Company asset distributed to a Member shall be equal to the
            gross fair market value of such asset on the date of distribution as determined by the
            Management Committee.

            
                                              (4)        The
            Gross Asset Value of any Company asset with respect to which an adjustment to tax basis
            has occurred by reason of application of Code Section 734(b) or 743(b) shall be
            increased or decreased only if such adjustment is required to be taken into account in
            determining Capital Accounts pursuant to Treasury Regulation §
            1.704-1(b)(2)(iv)(m); provided, the Gross Asset Value shall not be adjusted
            pursuant to this subsection (4) to the extent that an adjustment pursuant to subsection
            (2) above is made in connection with a transaction that would otherwise result in an
            adjustment pursuant to this subsection (4).

            
                                              (5)        If
            the Gross Asset Value of an asset is not equal to its adjusted tax basis for federal
            income tax purposes, such Gross Asset Value shall be adjusted by the Depreciation taken
            into account with respect to such asset for purposes of computing Profits and Losses
            and other items allocated pursuant to Article 4.

            
                                   (X)     “
            Immediate Family” means, with respect to any Person, the parents, siblings,
            spouse and lineal descendants, spouses of such lineal descendants and any trust for the
            benefit of, or the legal representative of, any of the preceding persons, or any
            partnership substantially all of the partners of which are one or more of such persons
            or the Person or any

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            limited
            liability company substantially all of the members of which are one or more of such
            persons or the Person.

            
                                   (Y)     “
            Law” means any federal, state, provincial, municipal, or local, domestic or
            foreign, constitutional provision, statute, law (including, without limitation, any
            common law), ordinance, by-law, rule, code, guideline, standard, regulation, Permit,
            decree, injunction, judgment, order or legally binding ruling, determination, finding,
            directive or writ of any Governmental Entity.

            
                                   (Z)     “
            Marketing Agreement” shall mean that certain Amended and Restated Marketing
            and Promotions Agreement, dated as of the date hereof, by and among Bass Pro, Inc.,
            BCLLC, Bluegreen and the Company.

            
                                   (AA)     “
            Membership Interest” means the limited liability company interest of a Member
            in the Company, including such Member’s rights to distributions (liquidating or
            otherwise) and allocations, together with the duties and obligations of such Member to
            comply with this Agreement. Membership Interests shall be personal property for all
            purposes.

            
                                   (BB)     “
            Net Sales Volume” shall mean the dollar amount of annual sales of timeshare
            interests at the Timeshare Projects recognizable in accordance with United States
            generally accepted accounting principles, which include among other things, deferrals
            or reductions in sales of timeshare interests for purchaser rescissions, equity trade
            allowance, cancellations and provision for defaults.

            
                                   (CC)     “
            Operating Proceeds” for the applicable period means all gross cash receipts
            from operations of the Company during such period (excluding Dissolution Proceeds but
            including borrowed monies and funds released from reserves by the Management Committee,
            in its discretion, for previously established reasons), less the following costs and
            expenses (to the extent as determined by the Management Committee not paid from
            reserves) and other items paid during such period: (1) operational cash disbursements
            and cash operating expenses; (2) current interest, principal and debt service paid on
            any indebtedness of the Company; (3) cash expenditures for capital improvements and
            other capital items; and (4) a reasonable allowance for reserves, contingencies and
            anticipated obligations as determined by the Management Committee; provided,
            Operating Proceeds shall not include any cash arising from refinancing of
            debt.

            
                                   (DD)     “
            Percentage Interest” means, with respect to a Member, the percentage set
            forth opposite such Member’s name on Exhibit A hereto, as may be updated
            from time to pursuant to Section 2.1.

            
                                   (EE)     “
            Permit” means any license, permit, registration, concession, franchise,
            certificate of authority or order, certificate of occupancy, certificate of approval,
            approval, authorization or any waiver of the foregoing, issued by any Governmental
            Entity.

            
                                   (FF)     “
            Person” means an individual, partnership, corporation, limited liability
            company, trust, governmental entity or other association.

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                                   (GG)     “
            Profits” and “Losses” means, for each Fiscal Year or other
            period, an amount equal to the Company’s taxable income or loss for such period
            determined in accordance with Code Section 703(a) (for this purpose, all items of
            income, gain, loss, deduction or credit required to be stated separately pursuant to
            Code Section 703(a)(1) will be included in taxable income or loss), with the following
            adjustments:

            
                                                 (1)        Any
            income of the Company that is exempt from federal income tax and not otherwise taken
            into account in computing Profits or Losses pursuant to this definition of Profits and
            Losses shall increase the amount of such income or decrease the amount of such
            loss;

            
                                                 (2)        Any
            expenditure of the Company described in Code Section 705(a)(2)(B) or treated as such
            pursuant to Treasury Regulation § 1.704-1(b)(2)(iv)(i), and not otherwise taken
            into account in computing Profits or Losses pursuant to this definition shall decrease
            the amount of such income or increase the amount of such loss;

            
                                                 (3)        Gain
            or loss resulting from any disposition of Company asset with respect to which gain or
            loss is recognized for federal income tax purposes shall be computed with reference to
            the Gross Asset Value of the asset disposed of, rather than the adjusted tax basis of
            such assets;

            
                                                 (4)        In
            lieu of the depreciation, amortization and other cost recovery deductions taken into
            account in computing such income or loss, Depreciation for such period shall be taken
            into account;

            
                                                 (5)        To
            the extent an adjustment to the adjusted tax basis of any asset included in Company
            assets pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to
            Treasury Regulation § 1.704-1(b)(2)(iv)(m) to be taken into account in determining
            Capital Accounts as a result of a distribution other than in liquidation of a
            Membership Interest, the amount of such adjustment will be treated as an item of gain
            (if the adjustment increases the basis of the asset) or loss (if the adjustment
            decreases the basis of the asset) from the disposition of the asset and will be taken
            into account for the purposes of computing Profits and Losses;

            
                                                 (6)        If
            the Gross Asset Value of any Company asset is adjusted in accordance with subsection
            (2) or subsection (3) of the definition of “Gross Asset Value,” the amount
            of such adjustment shall be taken into account in the taxable year of such adjustment
            as gain or loss from the disposition of such asset for purposes of computing Profits or
            Losses; and

            
                                                 (7)        Notwithstanding
            any other provision of this definition, any items that are specially allocated pursuant
            to Section 4.2 shall not be taken into account in computing Profits or
            Losses.

            
                                    The
            amounts of the items of Company income, gain, loss or deduction available to be
            specially allocated pursuant to Section 4.2 hereof will be determined by
            applying rules analogous to those set forth in this definition of Profits and
            Losses.

            
                                    (HH)    “
            Proprietary Information” – means: (a) all confidential or proprietary
            information of the Company, any Affiliate of the Company, a Member or any Affiliate of
            a

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            Member,
            including business plans and strategies, financial information regarding the
            Company’s and its Affiliates’ businesses, customers, assets, contracts,
            accounts, books and relationships disclosed to or otherwise received by any Member or
            any of its Affiliates or representatives; and (b) any portion of any notes, analyses,
            compilations, studies, interpretations or other documents prepared by any Member or any
            of its Affiliates or representatives to the extent the same contain, reflect, are
            derived from, or are based upon, any of the information described in clause
            (a).

            
                                (II)     “
            Red Rock Bluff Property” means that certain property, more particularly
            described in Exhibit C hereto and incorporated herein by this reference,
            purchased by the Company for the development of the Red Rock Bluff Timeshare
            Project.

            
                                (JJ)     “
            Red Rock Bluff Timeshare Project” means that certain timeshare project to be
            developed on the Red Rock Bluff Property by the Company in accordance with the terms
            hereof.

            
                                (KK)    “
            Resort Interest Program” shall mean any form of timeshare, interval interest,
            timeshare exchange, undivided interest program, timeshare club membership, points-based
            program, or occupancy program, whereby the use, occupancy or possession of real
            property or real property improvements has been made subject to a conveyance, use or
            occupancy or possession right, which circulates among purchasers according to a first
            come, first serve reservation system, or a floating or fixed time schedule on a
            periodic, re-occurring basis, over any period of time in excess of one (1) year in
            duration.

            
                                (LL)     “
            Timeshare Projects” shall mean collectively the Big Cedar Timeshare Project
            and the Red Rock Bluff Timeshare Project, together with such other Resort Interest
            Programs as may be owned, developed and sold by the Company as determined by the
            Members from time to time.

            
                                (MM)    “
            Treasury Regulation” means the final or temporary income tax regulation
            promulgated under the Code, as such regulations may be amended from time to
            time.

            
                                (NN)     “
            Unreturned Member Loan” means, with respect to a Member as of any relevant
            determination date, the excess (if any) of (1) the aggregate amount of such
            Member’s Member Loans calculated on a net basis (i.e., net of any liabilities
            assumed by the Company or secured by any property contributed to the Company or secured
            by any property contributed to the Company in connection with any Member Loan) over (2)
            the aggregate amount of distributions previously made to such Member pursuant to
            Section 3.1(B).

            
                      Section
            1.9     Other Defined Terms. Each of the following
            terms shall have the meaning assigned to such term in the Section indicated:

            	
                         

                    	
                         

                    	
                         

                    
	
                        Other
                        Defined Terms

                    
	
                        

                    
	
                        
                        Term

                    	
                         

                    	
                        
                        Section

                    
	
                        

                    	
                        

                    	
                        

                    
	
                        Additional Capital
                        Contributions

                    	
                         

                    	
                        2.2(A)

                    
	
                        Annual
                        Budget

                    	
                         

                    	
                        6.9(C)

                    
	
                        Approved
                        Agreements

                    	
                         

                    	
                        7.4

                    
	
                        Bluegreen
                        CEO

                    	
                         

                    	
                        10.7(C)

                    

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                        BP/Tracker
                        Competitor

                    	
                         

                    	
                        7.6(A)

                    
	
                        Brand Licensing
                        Fee

                    	
                         

                    	
                        7.10(B)

                    
	
                        Business

                    	
                         

                    	
                        1.4(A)

                    
	
                        Business
                        Plan

                    	
                         

                    	
                        6.9(C)

                    
	
                        CEOs

                    	
                         

                    	
                        10.7(C)

                    
	
                        Company

                    	
                         

                    	
                        Recitals

                    
	
                        Company RFC
                        Financing

                    	
                         

                    	
                        2.6

                    
	
                        Debtor
                        Party

                    	
                         

                    	
                        3.4(B)

                    
	
                        Disproportionate
                        Losses

                    	
                         

                    	
                        4.1(B)(2)

                    
	
                        Dissociating
                        Member

                    	
                         

                    	
                        9.2(A)

                    
	
                        Dissociation
                        Event

                    	
                         

                    	
                        9.1(A)(4)

                    
	
                        Dissolution
                        Proceeds

                    	
                         

                    	
                        9.3(B)

                    
	
                        Dissolution
                        Reserves

                    	
                         

                    	
                        9.3(B)(3)

                    
	
                        Effective
                        Date

                    	
                         

                    	
                        Recitals

                    
	
                        Fiscal
                        Year

                    	
                         

                    	
                        5.2

                    
	
                        Foreclosure
                        Conveyance

                    	
                         

                    	
                        2.6(C)

                    
	
                        Foreign
                        States

                    	
                         

                    	
                        1.7(A)

                    
	
                        Future Big Cedar
                        Amenities

                    	
                         

                    	
                        6.9(A)(1)

                    
	
                        General
                        Manager

                    	
                         

                    	
                        6.4

                    
	
                        Liquidation
                        Event

                    	
                         

                    	
                        9.1(A)

                    
	
                        Management
                        Committee

                    	
                         

                    	
                        6.1(A)

                    
	
                        Manager

                    	
                         

                    	
                        6.1(A)

                    
	
                        Marketing
                        Fee

                    	
                         

                    	
                        7.10(B)

                    
	
                        Master Use and
                        Development Plan

                    	
                         

                    	
                        6.9(B)(8)

                    
	
                        Member
                        Party

                    	
                         

                    	
                        6.12(A)

                    
	
                        Member
                        Loan

                    	
                         

                    	
                        2.2(A)

                    
	
                        Members

                    	
                         

                    	
                        Recitals

                    
	
                        Original Operating
                        Agreement

                    	
                         

                    	
                        Recitals

                    
	
                        Original
                        Project

                    	
                         

                    	
                        Recitals

                    
	
                        
                        Participate

                    	
                         

                    	
                        7.8(A)

                    
	
                        Participation Offer
                        Notice

                    	
                         

                    	
                        7.8(C)

                    
	
                        Proposed
                        Project

                    	
                         

                    	
                        7.8(A)

                    
	
                        Red Rock Bluff
                        Business Plan

                    	
                         

                    	
                        6.9(B)(1)

                    
	
                        Regulatory
                        Allocations

                    	
                         

                    	
                        4.2(D)

                    
	
                        Repayment
                        Date

                    	
                         

                    	
                        2.6(E)

                    
	
                        Restricted
                        Area

                    	
                         

                    	
                        7.6(C)(1)

                    
	
                        RFC

                    	
                         

                    	
                        2.6

                    
	
                        RFC Loan

                    	
                         

                    	
                        2.6

                    
	
                        Tax
                        Distributions

                    	
                         

                    	
                        3.2(A)

                    
	
                        Timeshare Owner
                        Use

                    	
                         

                    	
                        
                        7.10(D)(1)

                    
	
                        Transfer

                    	
                         

                    	
                        8.1(A)

                    
	
                        Winding-Up
                        Member

                    	
                         

                    	
                        9.3(B)

                    

            
                      Section
            1.10     References; Pronouns; Headings. Except as
            otherwise specifically indicated, all references to Section, Subsection or Article
            numbers refer to Sections, Subsections

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            and Articles of
            this Agreement and all references to Exhibits refer to the Exhibits attached hereto.
            The words “include,” “includes,” and “including”
            shall be deemed to be followed by the phrase “without limitation.” The
            words “herein,” “hereof,” “hereunder,” and similar
            terms shall refer to this Agreement, unless the context otherwise requires. Captions
            contained in this Agreement in no way define, limit or extend the scope or intent of
            this Agreement. The definitions set forth in Section 1.8 and Section 1.9
            shall apply equally to both the singular and plural forms of the terms defined.
            Whenever the context may require, any pronoun used herein shall include the
            corresponding masculine, feminine, and neuter forms.

            ARTICLE
            2.     CAPITAL ACCOUNTS AND CONTRIBUTIONS; MEMBER
            LOANS

            
                      Section
            2.1     Capital Contributions. On or prior to the
            Effective Date, each of the Members made Capital Contributions to the Company as set
            forth on Exhibit A hereto. The Management Committee shall update Exhibit
            A from time to time to reflect any Additional Capital Contributions and any Member
            Loans made by the Members, any change in the Members’ relative Percentage
            Interests, the admission of any additional Members, the Transfer of any Membership
            Interest and any other relevant events.

            
                      Section
            2.2     Additional Capital Contributions; Additional
            Membership Interests.

            
                                (A)           Notwithstanding
            any other provision in this Agreement, and subject to Section 2.2(B), no
            additional Capital Contributions (“Additional Capital
            Contributions”) shall be permitted or required to be made by any Member
            except as unanimously agreed by the Members. The Members contemplate that any
            Additional Capital Contributions will be made in accordance with the Members’
            then relative Percentage Interests; provided, the Members hereby agree that any
            loans by Member to the Company and/or if any Additional Capital Contribution made by a
            Member exceeds its proportionate share, the amount of such excess or loans shall be a
            “Member Loan” entitled to the preferences and priorities set forth
            in this Agreement.

            
                                (B)           Additional
            Capital Contributions or a Member Loan are permitted to be made without unanimous
            agreement of the Members only to enable the Company to satisfy a then-existing
            contractual obligation that it would otherwise be unable to satisfy. Prior to any
            Additional Capital Contribution or Member Laon being made pursuant to this Section
            2.2(B), the Member proposing to make such Additional Capital Contribution or a
            Member Loan shall deliver written notice to the other Member, and give such Member the
            opportunity to make a portion of such Additional Capital Contribution or a Member Loan
            in accordance with such Member’s relative Percentage Interest. The repayment of
            Member Loans shall be first applied to Cumulative Loan Return, then to principle amount
            of Member Loans. Member Loans shall be repaid as provided in Sections 3.1 and 4.3 and
            to the extent not previously repaid as provided above, shall be repaid in full
            (including any Cumulative Loan Return) upon the later of 12 months after such Member
            Loan is made and demand by the Member to the Company.

            
                                (C)           Additional
            Membership Interests may be created and issued to existing Members or to other Persons,
            and such other Persons may be admitted to the Company as Members, in each case only
            upon approval of all of the Members on such terms and conditions as the Members may
            unanimously determine in their sole discretion. The provisions of this

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            Section
            2.2(C) shall not apply to Transfers of Membership Interests or admissions of
            transferees in connection therewith, such matters being governed by Article 8 of
            this Agreement.

            
                      Section
            2.3     Capital Accounts.

            
                                (A)        The
            Company shall maintain on its books a Capital Account for each Member in accordance
            with this Section 2.3. At any time, each Member’s Capital Account shall be
            equal to (1) such Member’s Capital Contributions, plus (2) such
            Member’s allocable share of Profits and any items in the nature of income or gain
            that are specially allocated to such Member pursuant to Section 4.2, plus
            (3) the amount of any Company liabilities assumed by such Member or that are secured by
            any property distributed to such Member, minus (4) the amount of cash and the
            Gross Asset Value of any Company asset other than cash distributed to such Member,
            minus (5) such Member’s allocable share of Losses and any other items in
            the nature of deductions or losses that are specially allocated to such Member pursuant
            to Section 4.2, and minus (6) the amount of any liabilities of such
            Member assumed by the Company or that are secured by any property contributed by such
            Member to the Company. The Members agree and acknowledge that their respective Capital
            Account balances as of November 30, 2007 are as set forth in Exhibit A
            hereto.

            
                                (B)        If
            any Member transfers all or a portion of its Membership Interest in accordance with the
            terms of this Agreement, the transferee shall succeed to the Capital Account of the
            transferor to the extent such Capital Account relates to the portion of the Membership
            Interest so transferred.

            
                                (C)        In
            determining the amount of any liability for purposes of Section 2.3(A), Code
            Section 752(c) and any other applicable provisions of the Code and Treasury Regulations
            will be taken into account.

            
                                (D)        This
            Section 2.3 and the other provisions of this Agreement relating to the
            maintenance of Capital Accounts are intended to comply with Treasury Regulation
            §§ 1.704-1(b) and 1.704-2 and shall be interpreted and applied consistently
            therewith. In the event that the Management Committee shall unanimously determine that
            it is prudent to modify the manner in which the Capital Accounts, or any credits or
            debits thereto, are computed in order to comply with such Treasury Regulations, the
            Management Committee (consenting or voting unanimously only) may make such
            modification, provided it is not likely to have a material effect on the amounts
            distributable to any Member upon the dissolution of the Company.

            
                                (E)        The
            treatment of Member Loans and interest thereon shall be treated in accordance with
            applicable Laws and the Treasury Regulations, and such treatment shall be reflected in
            the determination of Profits, Losses, and Capital Accounts.

            
                      Section
            2.4     Negative Capital Accounts. Notwithstanding
            anything to the contrary in this Agreement, no Member shall be required to make a
            Capital Contribution to the Company to restore a negative Capital Account on
            dissolution of the Company or otherwise.

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                      Section
            2.5     Certain Limitations.

            
                                (A)        Except
            as provided in the Agreement, no Member shall (1) be entitled to demand or receive the
            return of, all or any portion of such Member’s Capital Contributions or Capital
            Account balance, (2) be entitled to receive any interest or preferred return on its
            Capital Contributions or Capital Account balance, (3) have any priority over other
            Members as to distributions or (4) the right to withdraw any part of its Capital
            Contribution from the Company prior to its liquidation and termination pursuant to
            Article 9 hereof. Any unreturned Capital Contribution is not a liability of the
            Company or of any Member, and no Member is required to contribute or to lend any cash
            or property to the Company to enable the Company to return any Member’s Capital
            Contributions.

            
                                (B)        The
            rights and obligations of the Members under this Article 2 are for the exclusive
            benefit of the Members, and no creditor or other Person having dealings with the
            Company shall have any right or claim hereunder.

            
                                (C)        Each
            Member hereby waives any right of partition and all other rights otherwise available to
            such Member to sever its relationship with the Company or its interest in Company
            assets from the interests of other Members.

            
                                (D)        Each
            Member hereby agrees that no Member shall have any appraisal rights under Section
            18-210 of the Act.

            
                                (E)        Except
            as otherwise provided in this Agreement, or as may be provided in any separate
            agreement between the Company and a Member or an Affiliate of a Member, each Member
            shall bear its own costs and expenses in dealings with the Company.

            
                      Section
            2.6     RFC Loan. The Members acknowledge and agree
            that (i) the Company has obtained financing (the “Company RFC
            Financing”) under a master line of credit (the “RFC Loan”)
            obtained by Bluegreen from Residential Funding Company, LLC (“RFC”);
            (ii) BC has guaranteed the Company’s payment and performance of the Company RFC
            Financing; and (iii) certain provisions of the RFC Loan may permit RFC to foreclose on
            certain Business Property if Bluegreen or its Affiliates default under a portion of the
            RFC Loan other than the Company RFC Financing. In connection with the Company RFC
            Financing, the Members agree that:

            
                                (A)        Bluegreen
            shall have the right to amend or modify the RFC Loan in such manner as it determines in
            its sole and absolute discretion; provided, any modification of the Company RFC
            Financing shall be subject to the prior written approval of BCLLC, and provided
            further that any amendment or modification of the Company RFC Financing that would
            have a material adverse effect on the Company or BCLLC shall require the prior written
            approval of BCLLC recognizing that Bluegreen shall be responsible for all other
            obligations in connection with the RFC Loan other than with respect to the Company RFC
            Financing.

            
                                (B)        In
            the event BC is required to pay any liability of the Company in connection with the
            Company RFC Financing or other financing transaction that has been approved by both
            Members pursuant to BC’s guarantee thereof, if any, then such payment shall be
            treated as a Member Loan and BCLLC shall reimburse BC for a percentage of such
            liability

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            equal to
            BCLLC’s Percentage Interest. Upon delivery of written notice from BC to the
            Company and BCLLC that any amounts due from BCLLC to BC pursuant to this Section
            2.6(B) are more than fifteen (15) days overdue, which notice shall set forth the
            amounts due and include evidence of payment to RFC (or other lender in the case of
            another financing that has been approved by both Members) by BC, the Company shall pay
            any distributions (other than Tax Distributions) otherwise payable to BCLLC, directly
            to BC until the aggregate amount of such distributions equals the amount (principal and
            interest) due from BCLLC to BC pursuant to this Section 2.6(B), and Bluegreen or
            BC shall be entitled to offset against any monies owed to BCLLC or its Affiliates any
            sums owed by BCLLC to BC, Bluegreen or the Company.

            
                                (C)        In
            the event that RFC forecloses on any Business Property for any reason other than a
            Company default under the Company RFC Financing, then Bluegreen and BC shall be
            obligated, jointly and severally, to pay to BCLLC, on the date that as a result of such
            foreclosure the Company Property is sold, foreclosed, or otherwise conveyed by the
            Company (a “Foreclosure Conveyance”), 49% of the greater of: (i) the
            fair market value of such Company Property, as determined at the time of such
            Foreclosure Conveyance; and (ii) the sale price of such Company Property in a
            Foreclosure Conveyance.

            
                                (D)        The
            Company shall use its reasonable best efforts to comply with all terms and provisions
            of the RFC Loan.

            
                                (E)        The
            Members acknowledge and agree that in the event the Company does not for any reason pay
            off the Company RFC Financing on or before such RFC Financing is required to be paid
            off pursuant to its terms (the “Repayment Date”), then the Members
            shall, (i) pro rata and in accordance with their respective Percentage Interests, make
            an Additional Capital Contribution on or before the Repayment Date sufficient to enable
            the Company to pay off the Company RFC Financing and (ii) cause the Company to take
            such other actions as are reasonably required to pay off the Company RFC Financing on
            or before the Repayment Date. If either member fails to make its Additional Capital
            Contribution required pursuant to this Section 2.6(E), the other Member shall be
            entitled to contribute such amount to the Company as an agreed Member Loan.

            
                      Section
            2.7     Other Loans by Members or Affiliates. No Member
            shall be required to make any loans or otherwise lend any funds to the Company;
            provided, subject to obtaining any requisite approvals required under this
            Agreement for the Company to borrow funds, any Member or its Affiliate may (but shall
            not be obligated to) at any time, upon approval of the Management Committee, loan money
            or guarantee a loan to the Company to finance Company operations, to finance or
            refinance any assets of the Company, to pay the debts and obligations of the Company,
            or for any other Company purpose. Notwithstanding the foregoing, the Company may incur
            payables or receivables to or from the Members in connection with transactions in the
            ordinary course of business for any services provided or goods acquired or sold,
            provided, such payables shall not be treated as Member Loans and
            provided, further, that the Member so engaging in transactions with or on behalf
            of the Company shall provide to the other Member a monthly accounting of all such
            transactions. If any Member or its Affiliate lends funds or guarantees a loan of funds
            to the Company as provided in this Section 2.7, such Member or Affiliate shall
            be entitled to receive interest on such loan, and shall be entitled to receive a fee
            for guaranteeing any such loan, as may be agreed upon by the Members on behalf of the
            Company.

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                      Section
            2.8     Accounting. Notwithstanding anything to the
            contrary in this Agreement, the Company shall prepare and maintain its financial
            statements in accordance with generally accepted accounting principles.

            ARTICLE
            3.     DISTRIBUTIONS

            
                      Section
            3.1     Distributions of Operating Proceeds. Except as
            provided in Section 3.2 (regarding Tax Distributions) and Article 9
            (regarding liquidating distributions), Operating Proceeds shall by distributed to the
            Members at such times as the Management Committee shall determine (but not less
            frequently than annually) in accordance with the following priorities:

            
                                (A)        First,
            to the Members having made Member Loans, in proportion and to the extent of each such
            Member’s unpaid Cumulative Loan Return;

            
                                (B)        Second,
            to the Members having made Member Loans, in proportion and to the extent of each such
            Member’s Unreturned Member Loan; and

            
                                (C)        Thereafter,
            to the Members in accordance with their Percentage Interests.

            
                      Section
            3.2     Tax Distributions.

            
                                (A)        Other
            than at liquidation of the Company, if and to the extent there are Operating Proceeds,
            the Management Committee shall cause the Company to make quarterly distributions
            (“Tax Distributions”) to the Members for the purpose of enabling
            them to pay federal, state and local taxes on their respective distributive shares of
            the aggregate net taxable income of the Company. Tax Distributions shall be made by the
            Company at the appropriate times to allow the Members to make their estimated tax
            payments. Subject to Section 3.2(B), the amount of Tax Distributions shall be
            equal to: (i) the cumulative net taxable income of the Company for the Fiscal Year (as
            estimated by the Management Committee), net of previously unrecouped tax losses of the
            Company, multiplied by (ii) a benchmark rate reflecting a composite federal, state and
            local income tax rate for the Members. The initial benchmark rate shall be 41%. The
            Management Committee may adjust the benchmark rate to reflect the then current status
            of the ordinary income and capital gains tax rates of the Code or other applicable
            Law.

            
                                (B)        The
            amount of Tax Distributions made in any fiscal quarter will be reduced to take into
            account any distributions previously made during such fiscal year pursuant to
            Section 3.1. If Operating Proceeds are not sufficient to satisfy the required
            Tax Distributions for a particular quarter, the Company will make up such deficit out
            of Operating Proceeds in future periods. If the total amount of Tax Distributions paid
            to the Members for a Fiscal Year exceeds the benchmark rate multiplied by the actual
            net taxable income of the Company for such Fiscal Year, the Tax Distributions for
            subsequent periods will be reduced by the amount of such overpayment.

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                      Section
            3.3     Distributions to be Made in Cash. All
            distributions (including Tax Distributions) to the Members shall be made in cash, and
            no Member shall have any right to demand and receive property other than cash as
            provided in this Agreement. In no event shall any Member be compelled or permitted to
            accept a distribution of any property other than cash from the Company. If the Members
            unanimously determine that the Company should make an in-kind distribution of Company
            property to one or more Members, such Company property shall be distributed to the
            Members in accordance with this Article 3 and Article 9, based on the
            fair market value of such property as determined by the Members.

            
                      Section
            3.4     Withholding and Offset.

            
                                (A)        The
            Company is authorized to deduct and withhold from distributions to a Member and to pay
            over to the appropriate foreign, federal, state or local government tax authority any
            amounts required to be withheld pursuant to the Code or any provisions of any other
            foreign, federal, state or local Law. Any amounts so deducted and withheld shall be
            treated as, and shall be credited against, Tax Distributions otherwise to be made to
            such Member.

            
                                (B)        The
            Company may, upon notice to the affected Member (the “Debtor
            Party”), withhold from any distribution, other than a Tax Distribution, any
            amount due and payable to the Company by the Debtor Party or its Affiliates and which
            is not paid when due. Any amounts withheld to offset or satisfy any such obligations
            pursuant to this Section 3.4(B) shall be treated for all purposes of this
            Agreement as if such amounts had been distributed to the Debtor Party. The rights and
            remedies provided in this Section 3.4(B) are in addition to, and not in
            limitation of, any other rights and remedies provided under this Agreement or under
            applicable Law.

            ARTICLE
            4.     ALLOCATION OF PROFITS AND LOSSES

            
                      Section
            4.1     Profits and Losses.

            
                                (A)        After
            giving effect to the special allocations set forth in Section 4.2, Profits for
            any Fiscal Year shall be allocated as follows:

            
                                              (1)     First,
            to the Members in proportion and to the extent of any Losses allocated pursuant to
            Section 4.1(B)(4);

            
                                              (2)     Second,
            to the Members in proportion and to the extent of any Losses allocated pursuant to
            Section 4.1(B)(3);

            
                                              (3)     Third,
            to the Members in proportion and to the extent of any Disproportionate Losses allocated
            pursuant to Section 4.1(B)(2);

            
                                              (4)     Fourth,
            to the Members in proportion and to the extent of any Losses other than
            Disproportionate Losses allocated pursuant to Section 4.1(B)(2);

            
                                              (5)     Fifth,
            to the Members with Unreturned Member Loans until the cumulative Profits allocated to
            such Members equal the Cumulative Loan Return; and

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                                            (6)     Sixth,
            to the Members in accordance with their Percentage Interests.

            
                                  (B)     After
            giving effect to the special allocations set forth in Section 4.2, Losses for
            any Fiscal Year shall be allocated as follows:

            
                                             (1)     First,
            to the Members to offset any allocations of Profits pursuant to Sections
            4.1(A)(6), and then to the Members to offset any allocations of Profits pursuant to
            Sections 4.1(A)(5). To the extent any allocations of Profits pursuant to
            Section 4.1(A)(5) are offset by Losses, such Profit allocations shall be
            disregarded for purposes of computing subsequent Profit allocations;

            
                                             (2)     Second,
            to the Members in accordance with their Percentage Interests; provided, if the
            allocation of Loss would cause a Member to have an Adjusted Capital Account deficit
            (calculated without taking into account any Unreturned Member Loan of such Member),
            such Member shall be allocated only that amount of Loss as will reduce its Adjusted
            Capital Account balance (calculated without taking into account any Unreturned Member
            Loan of such Member) to zero. Loss that, absent application of the preceding sentence,
            would otherwise be allocated to such Member shall be allocated to the other Members
            subject to this Section 4.1(B)(2). Losses disproportionately allocated pursuant
            to the preceding sentence of this Section 4.1(B)(2) are
            “Disproportionate Losses;”

            
                                             (3)     Third,
            to the Members with Unreturned Member Loan in proportion and to the extent of their
            Unreturned Member Loan; provided, if the allocation of Loss would cause a Member
            to have an Adjusted Capital Account deficit, such Member shall be allocated only that
            amount of Loss as will reduce its Adjusted Capital Account balance to zero;
            and

            
                                             (4)     Fourth,
            to the Members in accordance with their Percentage Interests.

            
                      Section
            4.2     Regulatory and Curative Allocations.
            Notwithstanding the provisions of Section 4.1:

            	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (A)         In
                        order to comply with Treasury Regulation §§ 1.704-1(b) and
                        1.704-2, the minimum gain chargeback requirements in Treasury Regulation
                        § 1.704-2(f) and 1.704-2(i)(4) are hereby incorporated in this
                        Agreement. In addition, notwithstanding anything else in this Article
                        4, (i) deductions associated with Company nonrecourse liabilities
                        described in Treasury Regulation § 1.704-2(c) shall be allocated in
                        accordance with Percentage Interests, and (ii) deductions associated with
                        Member nonrecourse liabilities described in Treasury Regulation §
                        1.704-2(i)(1) shall be allocated to the Member or Members who bear the
                        economic risk of loss with respect to the Member nonrecourse liability to
                        which such deductions are attributable, in accordance with Treasury
                        Regulation § 1.704-2(i).

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (B)         If
                        any Member unexpectedly receives an adjustment, allocation or distribution
                        of the type contemplated by Treasury Regulation §
                        1.704-1(b)(2)(ii)(d)(4), (5) and (6) that causes such Member to have an
                        Adjusted Capital Account deficit, items

                    

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                        of
                        income and gain shall be allocated to all such Members (in proportion to
                        the amounts of their respective Adjusted Capital Account deficits) in an
                        amount and manner sufficient to eliminate the deficit balances in such
                        Members’ Capital Accounts that are in excess of such Members’
                        respective Adjusted Capital Account deficits, as quickly as possible. It is
                        intended that this Section 4.2(B) qualify and be construed as a
                        “qualified income offset” within the meaning of Treasury
                        Regulation § 1.704-1(b)(2)(ii)(d).

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (C)      To
                        the extent an adjustment to the adjusted tax basis of any Company asset
                        pursuant to Code Section 734(b) is required, pursuant to Treasury
                        Regulation §§ 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4),
                        to be taken into account in determining Capital Accounts as the result of a
                        distribution to a Member in complete liquidation of its Membership
                        Interest, the amount of such adjustment to the Capital Accounts shall be
                        treated as an item of gain (if the adjustment increases the basis of the
                        asset) or loss (if the adjustment decreases such basis) and such gain or
                        loss shall be specially allocated to the Members in accordance with their
                        interests in the Company in the event that Treasury Regulation §
                        1.704-1(b)(2)(iv)(m)(2) applies, or to the Members to whom such
                        distribution was made in the event that Treasury Regulation §
                        1.704-1(b)(2)(iv)(m)(4) applies.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (D)      The
                        allocations set forth in Sections 4.2(A)–(C) (the
                        “Regulatory Allocations”) are intended to comply with
                        certain requirements of Treasury Regulation §§ 1.704-1(b) and
                        1.704-2. The Regulatory Allocations may not be consistent with the manner
                        in which the Members intend to distribute the cash of the Company or
                        allocate Company income or loss. Accordingly, the Management Committee is
                        hereby authorized to allocate items of income, gain, loss and deduction to
                        the Members so as to prevent the Regulatory Allocations from distorting the
                        manner in which Company distributions will be divided among the Members. In
                        general, the Members anticipate that this will be accomplished by specially
                        allocating other items of income, gain, loss and deduction to the Members
                        so that, to the extent possible, the net amount of such allocations and the
                        Regulatory Allocations to the Members shall be equal to the net amount that
                        would have been allocated among the Members if the Regulatory Allocations
                        had not occurred. However, the Management Committee shall have discretion
                        to accomplish this result in any reasonable manner, and in exercising this
                        discretion, the Management Committee shall take into account future
                        Regulatory Allocations under Section 4.2(A) that, although not yet
                        made, are likely to offset other Regulatory Allocations previously made
                        thereunder.

                    

            
                      Section
            4.3     Tax Allocations. To the maximum extent
            possible, all items of Company income, gain, loss and deduction for federal income tax
            purposes shall be allocated among the Members for such purposes in the same manner in
            which the corresponding items computed for Capital Account purposes are allocated
            pursuant to Sections 4.1 and 4.2. Tax items with respect to Company
            property that is contributed to the Company with a Gross Asset Value that varies from
            its federal income tax basis in the hands of the contributing Member immediately
            preceding the contribution shall be allocated among the Members for federal income tax
            purposes pursuant to Treasury Regulations promulgated under Code Section 704(c) so as
            to take into account such variation. The Company shall account for any such variation
            under any method approved under Code Section 704(c) and the applicable Treasury
            Regulations as chosen by the Management

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            Committee. If
            the Gross Asset Value of any Company asset is adjusted as provided in this Agreement,
            subsequent allocations of income, gain, loss and deduction with respect to such asset
            shall take account of any variation between the adjusted basis of such asset for
            federal income tax purposes and its Gross Asset Value in the same manner as under Code
            Section 704(c) and the Treasury Regulations promulgated thereunder. Any elections or
            other decisions relating to the allocations in this Section 4.3 shall be made by
            the Management Committee in a manner that reflects the purpose and intention of this
            Agreement. Allocations pursuant to this Section 4.3 are solely for purposes of
            federal, state and local taxes and shall not affect, or in any way be taken into
            account in computing any Member’s Capital Account or share of Profits, Losses and
            any other items or distributions pursuant to any provision of this
            Agreement.

            
                      Section
            4.4     Other Allocation Rules. For purposes of
            determining the Profits, Losses and any other items of income, gain, loss and deduction
            allocable to any period, Profits, Losses and any such other items will be determined on
            a daily, monthly or other basis, as determined by the Management Committee using any
            permissible method under Code Section 706 and the Treasury Regulations
            thereunder.

            ARTICLE
            5.     ACCOUNTING AND TAX MATTERS

            
                      Section
            5.1     Accounting Methods; Company Records.

            
                                (A)        The
            Company’s books and records shall be prepared in accordance with generally
            accepted accounting principles, consistently applied, except that the Capital Accounts
            of the Members shall be maintained as provided in this Agreement. An annual audit shall
            be conducted by an audit firm unanimously approved by the Management Committee, which
            audit shall be completed at the cost of the Company, no later than ninety (90) days
            after the Company’s Fiscal Year. The Company shall use the accrual method of
            accounting for both tax and accounting purposes.

            
                                (B)        The
            Company will deliver to each Member, (i) within ninety (90) days after the end of each
            Fiscal Year, audited financial statements of the Company, which shall include a balance
            sheet of the Company as of the end of such year, statements of income and expense and
            cash flow of the Company for such Fiscal Year, and a statement of members’
            equity, each prepared in accordance with GAAP and including notes with respect thereto,
            all in reasonable detail, (ii) as soon as practicable after the end of each fiscal
            month and in any event within twenty (20) days thereafter, an unaudited balance sheet
            of the Company as of the end of such month, and statements of income and expense and
            cash flow of the Company for such month and for the year to date, prepared in
            accordance with GAAP and including notes with respect thereto, all in reasonable
            detail, and mortgage receivable portfolio statements and any other reports as may be
            reasonably requested by a Member.

            
                                (C)        The
            Management Committee shall cause the Company to comply with all record keeping
            requirements imposed by the Act, and shall provide each Member with the opportunity to
            inspect and copy such records (at such Member’s expense), at reasonable
            intervals, during ordinary business hours. Except as provided in this Agreement,
            neither the Management Committee nor any Member shall have any obligation to provide to
            any other

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            Member a copy of
            the Certificate of Formation or any other document filed with the Delaware Secretary of
            State or other governmental authority on behalf of the Company.

            
                      Section
            5.2     Fiscal Year. The fiscal year of the Company
            (the “Fiscal Year”) shall be the calendar year or such other year as
            may be determined by the Management Committee or required by the Code.

            
                      Section
            5.3     Bank Accounts; Title to Business Property. The
            funds of the Company shall be deposited in such bank accounts, or invested in such
            interest-bearing or non-interest-bearing investments in the Company’s name, as
            shall be determined by the Management Committee. The funds of the Company shall not be
            commingled with the funds of any other Person and the Management Committee shall not
            employ, or permit or cause any other Person to employ such finds in any manner except
            for the benefit of the Company. Title to the Business Property shall be held, and
            conveyances thereof shall be made, in the name of the Company. Each bank account shall
            have provided thereon signatures of the Company or such parties as designated by the
            Management Committee.

            
                      Section
            5.4     Tax Matters.

            
                                (A)        All
            federal, state and local tax returns of the Company shall be prepared by certified
            public accountants selected by the Management Committee. The Management Committee shall
            furnish to each Member copies of all such returns promptly after their filing. To the
            extent permitted by applicable Law, each Member shall take reporting positions on their
            respective income tax returns consistent with the positions determined for the Company
            by the Management Committee.

            
                                (B)        The
            Management Committee shall make all applicable elections, determinations and other
            decisions for the Company relating to tax matters, including the positions to be taken
            on the tax returns of the Company, the settlement or further contest and litigation of
            any audit matters raised in connection with any tax return, extensions of applicable
            statutes of limitations, filing requests for administrative adjustment for the Company
            and filing suit concerning any tax refund or deficiency relating to any administrative
            adjustment; provided, in the case of a Transfer of a Membership Interest
            permitted under this Agreement, upon the request of the transferee of such Membership
            Interest, the Company shall file an election under Code Section 754 pursuant to the
            Treasury Regulations applicable thereto. Bluegreen shall be the initial “tax
            matters partner” within the meaning of Code Section 6231(a) and shall take any
            action as may be necessary to cause each other Member to become a “notice
            partner” within the meaning of Code Section 6223.

            
                                (C)        Any
            provision of this Agreement to the contrary notwithstanding, solely for federal and
            state income tax purposes, each party hereto recognizes and acknowledges that it is the
            Members’ intention that the Company will be a limited liability company
            classified as a partnership for federal income tax purposes and subject to all
            provisions of Subchapter K of Chapter 1 of Subtitle A of the Code; provided,
            however, the filing of federal and state income tax returns shall not be
            construed to extend the purposes or expand the obligations or liabilities of the
            Company, nor shall it be construed to create a partnership (other than for tax
            purposes) or any other agency relationship between the Members. Any provision of this
            Agreement to the

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            contrary
            notwithstanding, the Company shall not make any election to be treated for federal or
            state income tax purposes as other than a partnership without the unanimous approval of
            the Members.

            ARTICLE 6.
                 MANAGEMENT AND BUSINESS POLICIES

            
                        Section
            6.1      Management by Management Committee.

            
                                (A)
                      Subject to the provisions
            of the Act and the terms of this Agreement, including, without limitation, Section
            6.7 through and including Section 6.12, the business and affairs of the
            Company shall be managed under the direction and control of a management committee (the
            “Management Committee”) which shall consist of three (3) individuals
            (each, a (“Manager”), who need not be Members.

            
                                (B)          
            At all times and for all purposes, Bluegreen shall have the irrevocable power,
            authority and right to appoint two (2) Managers and BCLLC shall have the irrevocable
            power, authority and right to appoint one (1) Manager. Those Members so empowered may
            remove and replace their designated Manager(s) on written notice to all Members. As of
            the Effective Date, the Managers appointed by Bluegreen are David Pontius and Terry
            Dodd and the Manager appointed by BCLLC is James A. Hagale.

            
                                (C)          
            Except as otherwise expressly provided in this Agreement, any action or decision
            permitted or required to be taken by the Management Committee shall require the
            approval of two (2) of the Managers.

            
                                (D)          
            The Management Committee is hereby authorized and directed to do or cause to be done on
            behalf of the Company all such actions (including the payment of fees and expenses) and
            to make, execute, and/or deliver or cause to be made, executed and/or delivered all
            such contracts, instruments, documents, agreements, writings, or communications as the
            Management Committee, in its discretion, deems necessary, advisable or appropriate for
            the Company to carry on the Business.

            
                                (E)          
            The Management Committee (i) may designate one or more of the Managers to act alone in
            respect of any Company matter or determination; or (ii) delegate to one or more
            Persons, including officers, who may or may not be Managers, ministerial authority to
            conduct the day-to-day operations of the Company.

            
                                (F)          Unless
            otherwise so delegated by the Management Committee or set forth herein, no Member shall
            have any right or power to act for or on behalf of the Company or make decisions with
            respect thereto. Decisions of the Management Committee within its scope of authority
            shall be binding upon the Company and each Member.

            
                      Section
            6.2      Meetings of the Management Committee. Unless
            otherwise expressly provided in a written notice, meetings of the Management Committee
            shall be held at the principal place of business of the Company or at any other place
            that a majority of the Managers determines. In the alternative, meetings may be held by
            telephone conference in which each Manager can participate. The presence of a majority
            (by number) of the Managers shall constitute a quorum for the transaction of business.
            Meetings shall be held (i) as determined by

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            the Management
            Committee, or (ii) as requested by any Manager. Meetings shall be held at least twice
            per Fiscal Year. Any meetings of the Management Committee shall be held upon at least
            two (2) business days’ prior written notice delivered by the General Manager to
            all of the Managers. Such notice shall specify the time and place of such meeting and
            the purpose for such meeting. Minutes of each meeting and a record of each decision
            shall be kept by the designee of the Management Committee and shall be given to all of
            the Members promptly after the meeting.

            
                        Section
            6.3      Action by Written Consent Without a Meeting.
            Unless otherwise restricted by this Agreement, any action required or permitted to be
            taken at any meeting of the Management Committee may be taken without a meeting if
            those Managers having not less than the minimum number of votes that would be necessary
            to authorize or take such action at a meeting consent thereto in writing and all
            Managers receive notice of such action proposed to be taken not less than two (2)
            business days prior nor more than thirty (30) days prior to the taking of such action
            (it being agreed that the failure to provide such notice shall not constitute a
            material breach of or default under this Agreement), and the writing or writings are
            filed with the minutes of the Management Committee and given to the Members promptly
            after the meeting.

            
                        Section
            6.4      General Manager. Except as otherwise
            unanimously determined by the Members, the Company shall have a general manager (the
            general manager, or any successor thereto, being hereinafter collectively referred to
            as the “General Manager”) to supervise the day-to-day operations of
            the Company. The General Manager shall be subject to the general supervision and
            control of the Management Committee and shall carry out the policy decisions made by
            the Management Committee. At each regular meeting of the Management Committee (and,
            when requested by any member thereof, at any special meeting of the Management
            Committee), the General Manager shall be present and shall report to the Management
            Committee on the operations of the Company or any other matters as any member of the
            Management Committee may request. The General Manager shall be a full-time employee of
            the Company. The Management Committee shall appoint, remove and replace the General
            Manager at any time and for any reason (or no reason). The General Manager as of the
            Effective Date shall be Howard Kitchen.

            
                      Section
            6.5        Specific Authority of Management
            Committee and General Manager. Subject to such other rights expressly granted to
            the Members, and other limitations hereunder, including as set forth in Section
            6.7 through and including Section 6.12, the Management Committee, or the
            General Manager if the Management Committee expressly empowers the General Manager, is
            hereby specifically authorized for, and in the name of and on behalf of the
            Company:

            
                                (A)          
            To manage and supervise the operations of the Business Property, including supervision
            of the acquisition, storage and processing of inventory, oversight of staffing and
            employment matters and establishing policies for the conduct of the
            Business;

            
                                (B)          
            To execute and deliver all instruments necessary or convenient in connection with the
            management, maintenance and operation of the Business Property;

            
                                (C)          
            To file such fictitious names as the Management Committee, in its discretion, may
            determine;

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                                (D)          
            To engage in business with any Person who provides any services to, sells property to
            or purchases property from, the Company (subject to the other restrictions of this
            Agreement);

            
                                (E)          
            To retain or employ and coordinate the services of employees, supervisors, accountants
            (provided, however, that the audit firm referenced in Section 5.1(A) shall be
            retained or employed only upon unanimous approval of the Management Committee),
            attorneys, and other Persons necessary or appropriate to carry out the
            Business;

            
                                (F)          To
            establish and fund, out of the Company’s gross receipts or otherwise, such
            reserves for anticipated or contingent liabilities and working capital as the
            Management Committee reasonably deems appropriate and to reverse any such reserves not
            required;

            
                                (G)          
            To engage in any kind of activity and to perform and carry out such contracts of any
            kind necessary to, or in connection with, or incidental to the accomplishment of, the
            Business;

            
                                (H)          
            To handle all matters in connection with the construction of improvements to be
            constructed on the Business Property;

            
                                (I)          
            To perform all other duties and functions determined in the discretion of the
            Management Committee from time to time;

            
                                (J)          
            Subject to Section 7.10, to accept instruments of indebtedness from consumer
            purchasers of timeshare interests and to sell or hypothecate such timeshare interests
            under any arrangements as may be established by the Management Committee on behalf of
            the Company, on such terms as may, from time to time, be acceptable to the Management
            Committee and to further pledge or sell collateral related to such timeshare interests
            to such third party financier as may be determined from time to time by the Management
            Committee;

            
                                (K)          
            Subject to Section 7.10(C), to establish sales prices for timeshare interests
            and to sell or hypothecate timeshare receivables under any arrangements as may be
            established by the Management Committee on behalf of the Company, on such terms as may,
            from time to time, be acceptable to the Management Committee and to further pledge or
            sell collateral related to such timeshare interests or receivables to such third party
            financier as may be determined from time to time by the Management
            Committee;

            
                                (L)          
            To execute and deliver, in furtherance of any or all of the purposes of the Company,
            any deed, lease, mortgage, promissory note, bill of sale, contract or other instrument
            effecting the conveyance, exchange or encumbrance of all or any part of the Business
            Property (unless not in the ordinary course of business), or any interest therein,
            either to or from the Company, for the purpose of carrying on the Business and, subject
            to Section 7.4, to agree pursuant to written contract with others so to do,
            particularly by way of example and not limitation, subject to Section 7.4, to
            agree pursuant to written contract with others to convey and transfer timeshare
            interests in the Timeshare Projects, and otherwise, subject to Section 7.4, to
            agree pursuant to written contract with third parties for purposes of carrying out
            receivable financing transactions, including endorsement of consumer notes, assignment
            of consumer

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            mortgages or
            deeds of trust, and related documentation, to effectuate receivable financing as it
            relates to timeshare interest sales; and

            
                                (M)          
            To engage any and all personnel who, from time to time, may be determined by the
            Management Committee necessary or desirable to advance the Company or the Business of
            the Company.

            
                      Section
            6.6         Certificate. Any Person
            dealing with the Company or the Management Committee may rely upon a certificate signed
            by a majority of the Management Committee as to (i) the identity and authority of the
            General Manager; (ii) authorization to conduct any business on behalf of the Company;
            (iii) the identity and authority of any representative or agent of the Company for
            purposes of carrying on the business and affairs of the Company, including but not
            limited to, sales and marketing of timeshare interests and the hypothecation, sale and
            endorsement of evidences of indebtedness as respects the sale of timeshare interests
            and collateral related thereto; or (iv) any matter upon which the Management Committee
            may set forth on such certificate, including any matter in respect to which the
            Management Committee may take action regarding sales and marketing of timeshare
            interests and involvement of third parties for financing respecting such timeshare
            interests, whether by hypothecation or sale.

            
                      Section
            6.7         Restrictions on Authority of the
            Management Committee and the General Manager. In addition to the limitations set
            forth elsewhere herein, neither the Management Committee nor the General Manager shall
            undertake or cause the Company to undertake any of the following without the unanimous
            consent of all Members:

            
                                (A)          
            Do any act in contravention of this Agreement;

            
                                (B)          
            Sell, lease, exchange, transfer, encumber or otherwise dispose of the Big Cedar
            Timeshare Property or the Red Rock Bluff Property (other than in the ordinary course of
            the Business);

            
                                (C)          
            Except as specifically approved herein, borrow any monies, including from a Member,
            refinance any loan, make any modifications to the Company RFC Financing, or assign any
            of the assets of the Company as collateral for a loan, other than in the ordinary
            course of business;

            
                                (D)          
            Assign any assets for the benefit of creditors or cause the Company to file a voluntary
            petition in bankruptcy or take any other similar action;

            
                                (E)          
            Admit additional or substitute Members to the Company except as otherwise provided
            herein;

            
                                (F)          
            Cause the Company to merge or consolidate with or into any other entity, or change or
            reorganize the Company into any other legal form;

            
                                (G)          
            Cause the Company to engage in any business other than the Business or extend the scope
            of the Business, by implication or otherwise;

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                                (H)          
            Acquire any real estate or any interest therein (other than the Big Cedar Timeshare
            Property or the Red Rock Bluff Property), or acquire any other property or assets not
            related to the Business;

            
                                (I)          
            Effect the sale or transfer of all or substantially all of the Business Property other
            than the sale of assets in the ordinary course of the Company’s
            business;

            
                                (J)          
            Make any expenditure not in the ordinary course of business, which expenditure will be
            considered “capital” in nature under generally acceptable accounting
            principles, if such expenditure would be a departure (including, but not limited to, a
            departure in cost or nature of expenditure) from the Annual Budget or the Business
            Plan;

            
                                
            (K)           Except in the ordinary
            course of business, modify the Annual Budget or the Business Plan or incur any expense
            not provided for in the Annual Budget or the Business Plan;

            
                                (L)          
            Except for the Approved Agreements, enter into any agreement with Bluegreen or any
            Affiliate of Bluegreen,

            
                                (M)          
            Authorize any act that would make it impossible to carry on the ordinary business of
            the Company;

            
                                (N)          
            Attempt to dissolve or withdraw from the Company except as provided for in this
            Agreement;

            
                                (O)          
            Confess any judgment against the Company or settle or adjust any claims against the
            Company; provided, without approval of BCLLC, the Management Committee may
            settle or adjust claims against the Company if the out-of-pocket expenses for the
            Company (net of any amounts covered by insurance) with respect to any one claim, or any
            one series of related claims, do not exceed $25,000;

            
                                (P)
                      Except as is already in
            place with any existing Company financing, obligate the Company or any Member as a
            surety, guarantor or accommodation party to any obligation;

            
                                (Q)          
            File or otherwise institute any lawsuit or other proceeding where the amount in
            controversy exceeds $25,000;

            
                                (R)          
            Except for the Approved Agreements, as set forth in the Annual Budget, or as otherwise
            in the ordinary course of business, enter into any contract or agreement pursuant to
            which the aggregate payments expected to be made by the Company thereunder exceed
            $10,000;

            
                      Section
            6.8        Insurance.

            
                                (A)          
            Specific policies of insurance shall be obtained by the Company as approved by the
            Management Committee, and shall include, but not be limited to the
            following.

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            The Management
            Committee shall cause any such insurance policies to name each of the Members as
            additional insureds:

            
                                          (1)
                      Commercial or comprehensive
            general liability insurance in a combined single limit of not less than $5,000,000 for
            bodily injury, contractual liability, broad form property damage, personal injury and
            such other risks as are reasonably determined by the Management Committee;

            
                                          (2)          
            Workers’ compensation insurance, providing statutory limits for coverage A and
            limits of at least $1,000,000 for coverage B (employers’ liability);

            
                                          (3)          
            Business auto, including owned, hired and non-owned coverage, with limits of at lease
            $1,000,000;

            
                                          (4)          
            All risks builders risk/property coverage for construction projects, including
            interests of the Company, contractors and financial parties as their interests may
            appear;

            
                                          (5)          
            Crime coverage, including the management and salespersons of the Company;

            
                                          (6)          
            Directors & officers’ liability insurance;

            
                                          (7)          
            Business interruption insurance; and

            
                                          (8)          
            Umbrella/excess liability, in the name of the Company, with limits of not less than
            $25,000,000 on a pro forma basis.

            
                                (B)
               The Company shall require the following to be in place for any
            independent contractors having any activity regarding the construction of the Timeshare
            Projects:

            
                                          (1)          
            A certificate of insurance indicating minimum limits of $1,000,000 per occurrence for
            commercial or comprehensive general liability (including contractual and completed
            operations liability coverages) and that coverage is on an occurrence form;

            
                                          (2)          
            A certificate of insurance indicating statutory workers’ compensation coverage
            and $1,000,000 minimum of employers’ liability coverage;

            
                                          (3)
                      A certificate of insurance
            indicating a minimum of $1,000,000 per occurrence for business auto liability
            (including owned, hired and non-owned coverage); and

            
                                          (4)
                      A certificate of insurance
            indicating builders all risk coverage (including items in transit), contractors
            equipment coverage (including coverage for owned, leased or rented equipment), and an
            installation floater (with all such coverages insuring full or replacement value of
            materials and equipment at risk).

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                                Each
            certificate referenced in this Section 6.8(B) must show the Company and the
            Members have been endorsed on the policy as additional insureds under the general
            liability and on any umbrella/excess coverage carried and that all policies contain a
            full waiver of subrogation against the Company and the Members, and a copy of policy
            endorsement showing additional insured status, waiver of subrogation, and any other
            special policy provisions which may exclude or limit the Company’s or the
            Members’ additional insured position must be attached to the
            certificate.

            
                                All
            insurance required of an independent contractor hereunder shall be primary and non
            contributory with respect to any other insurance available to the Company and the
            Members. Any and all deductibles and/or self insured retentions shall be assumed by and
            be for the account of and at the sole risk of the independent contractor. All insurance
            costs are for the account of the independent contractor and shall not be passed onto
            the Company or the Members. Higher limits and/or lower deductibles or self insured
            retentions may be required for certain contractors or on certain projects as
            unanimously determined by the Management Committee. Each certificate referenced in this
            Section 6.8(B) must indicate a firm thirty (30) day notice of cancellation or
            change, and shall be mailed to Risk Management Department, 2500 E. Kearney,
            Springfield, MO 65898 annually upon policy renewal and at any time requested by BCLLC.
            Certified copies of all policies shall be furnished to any member upon
            request.

            
                      Section
            6.9      Business Plans and Budgets; Amenity
            Development. The Members shall cooperate in good faith to continue development of
            timeshare units and amenities at the Big Cedar Timeshare Project and the Red Rock Bluff
            Timeshare Project on such budgets and timelines, and to such specifications, as
            provided herein and or as otherwise agreed by the Members (provided that the Management
            Committee shall have the authority to approve the Annual Budget, Business Plan, and
            ordinary course of business deviations from such budget and plan). In furtherance
            thereof, the Members agree as follows:

            
                                (A)
                      Big Cedar Design and
            Amenity Development.

            
                                               (1)          
            Future timeshare units at the Big Cedar Timeshare Project shall be designed and
            constructed so that the quality of any new villa units and cabins are comparable to the
            existing villa units and cabins at the Big Cedar Timeshare Project.

            
                                              (2)          
            The Company shall be required to invest an additional amount of Ten Million Dollars
            ($10,000,000) (or such greater or lesser amount as agreed by all of the Members) for
            the development of additional amenities and facilities for the Big Cedar Timeshare
            Project (the “Future Big Cedar Amenities”). BCLLC shall have
            ultimate approval rights as to design and construction of the Future Big Cedar
            Amenities. The Future Big Cedar Amenities shall be completed within eighteen (18)
            months of the date that both BCLLC and Bluegreen have approved the final design plan of
            such amenities and facilities. The foregoing investment shall be funded without any
            Additional Capital Contributions by the Members (unless otherwise unanimously agreed by
            all Members).

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                                (B)          
            Red Rock Bluff Development.

            
                                               (1)          
            Attached hereto as Exhibit D is a business plan, having upon execution hereof
            been agreed to by the Members, which forecasts the life of the Red Rock Bluff Timeshare
            Project (the “Red Rock Bluff Business Plan”). It is agreed that this
            Red Rock Bluff Business Plan is solely a projection, without representation or
            warranty, express or implied.

            
                                               (2)          
            Notwithstanding any other provision hereof to the contrary, the Red Rock Bluff
            Timeshare Project shall be developed in accordance with the Red Rock Bluff Business
            Plan.

            
                                               (3)          
            All future expenses in respect to the acquisition, development, design construction,
            operation, management, marketing and sale of the Red Rock Bluff Timeshare Project are
            the obligations of and shall be paid by the Company. The amount set forth on
            Schedule 1 hereto for the corresponding incurred expenses set forth on
            Schedule 1 hereto, shall constitute an agreed Member Loan of Bluegreen as of the
            Effective Date, and represents actual amounts previously expended by Bluegreen in
            connection with the Red Rock Bluff Timeshare Project.

            
                                               (4)          
            Except as set forth in Section 2.2(B), no Member shall be entitled to any
            reimbursement of any amounts expended in connection with the acquisition, development,
            design construction, operation, management, marketing and sale of the Red Rock Bluff
            Timeshare Project unless all Members have consented in writing, recognizing that
            Bluegreen may reimburse itself for expenses incurred on behalf of the Company as
            provided in Section 2.7, so long as Blugreen provides to BCLLC a monthly
            accounting of all such reimbursements as required by Section 2.7.

            
                                               (5)          
            The Members and the Management Committee shall cause the Company to develop and
            construct all amenities and facilities necessary to support the full development of the
            Red Rock Bluff Timeshare Project, in a design and on a timeline consistent with the Red
            Rock Bluff Business Plan or as otherwise agreed upon by Bluegreen and BCLLC.

            
                                              (6)          
            The Red Rock Bluff Timeshare Project shall be designed and constructed so that the
            quality of the timeshare units are comparable in quality to the existing villa units
            and cabins at the Big Cedar Timeshare Project.

            
                                               (7)          
            BCLLC shall have ultimate approval rights as to design and construction of the Red Rock
            Bluff Timeshare Project. The Red Rock Bluff Timeshare Project shall be completed as
            expeditiously as possible.

            
                                               (8)          
            Bluegreen and BCLLC shall agree on a “Master Use and Development
            Plan” for the Red Rock Bluff Timeshare Project. The Master Use and
            Development Plan shall initially be prepared by Bluegreen, at the expense of the
            Company within ninety (90) days of the date hereof. Such Master Land Use and
            Development Plan shall provide that the architectural design and product quality of the
            Red Rock Bluff Timeshare Project which shall be consistent with and complementary to
            the architectural and product quality of the existing Big Cedar Timeshare
            Project.

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                                (C)          
            Business Plan and Annual Budget. Bluegreen shall, on an annual basis, and no
            less than thirty (30) days prior to the beginning of the next Fiscal Year, propose a
            business plan to the Management Committee for carrying out the Business both on an
            annual basis and on a rolling three (3) year basis as set forth below (the
            “Business Plan”) and an accompanying annual budget (the
            “Annual Budget”), which shall be itemized in reasonable detail,
            contain a balance sheet, projections (which projections shall include projections on
            financing income for mortgages, including any projection which includes the sale of
            mortgage receivables), income statement and cash flow projections and, in all events,
            account for the Big Cedar Timeshare Project and the Red Rock Bluff Timeshare Project.
            The Management Committee shall consider and make any revisions it deems appropriate to
            the Business Plan and Annual Budget as received from Bluegreen, and present the same
            for approval to the Members within fifteen (15) days of receipt.

            
                      As
            part of the Business Plan, Bluegreen shall formulate and deliver to the Management
            Committee a rolling three (3) year business plan for the Business, containing a balance
            sheet, projections (which projections shall include projections on financing income for
            mortgages, including any projection which includes the sale of mortgage receivables)
            and budgets with respect to revenues, expenses, operating cash flows, capital
            expenditures, financing, market priorities and funding required in each case for the
            Projects for the following Fiscal Year, the life of the Projects, or such other period
            with respect to certain matters as may be set out therein. It is agreed that such
            portion of the Business Plan is solely a projection, without representation or
            warranty, express or implied. The Business Plan will estimate all funding and identify
            proposed funding sources. The current Business Plan, which shall also be effective for
            the fiscal year 2008, is attached hereto as Exhibit F.

            
                                               (1)          
            The Business Plan and Annual Budget shall be adopted by the Company only upon approval
            of the Management Committee. The Business Plan and Annual Budget for the current fiscal
            year, which shall also be effective for the fiscal year 2008, are attached hereto as
            Exhibit F and Exhibit G, respectively, the same having been adopted and
            approved by the Management Committee.

            
                                               (2)          
            Subject to Section 2.2, a Business Plan may propose (but cannot require) that
            the Members make Additional Capital Contributions or Member Loans in such amounts and
            at such times as shall be set forth in the relevant Business Plan.

            
                     Section
            6.10      Big Cedar Approval Rights. Notwithstanding
            the foregoing, BCLLC shall have the ultimate discretion to approve the schematic floor
            plans, building elevation plans and interior design concepts as the same relate to the
            Timeshare Projects.

            
                      Section
            6.11      Meetings and Voting by Members.

            
                                (A)          
            Meetings of Members shall be held at the Company’s principal place of business or
            such other place as designated by the Management Committee. Not less than ten (10) nor
            more than twenty (20) days before each meeting, the Person calling the meeting shall
            give written notice of the meeting to each Member entitled to vote at the meeting. The
            notice shall state the time, place and purpose of the meeting.

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                                (B)     Notwithstanding
            the foregoing provisions, each Member who is entitled to notice waives notice if before
            or after the meeting the Member signs a waiver of the notice which is filed with the
            records of Members’ meetings, or is present at the meeting in person or by proxy.
            The presence in person or by proxy of all of the Members shall be required for the
            transaction of Business at any meeting of the Members. A Member may vote either in
            person or by written proxy signed by the Member or by the Member’s duly
            authorized attorney-in-fact.

            
                                (C)     All
            actions requiring consent of the Members shall be effective only upon agreement by both
            of the Members, which agreement may be formal or informal and by oral or written
            instructions.

            
                      Section
            6.12 Liability and Indemnification of the Management Committee, Members and
            Affiliates.

            
                                (A)     
            Limitation of Liability. The Managers and the Members, and their respective
            officers, partners, members, directors, equity owners, agents, and representatives
            (each, a “Member Party”) shall not be liable, responsible or
            accountable in damages or otherwise to the Company or any Member for any act or
            omission performed or made by any of them in good faith on behalf of the Company and in
            a manner reasonably believed by them to be within the scope of the authority granted by
            this Agreement or otherwise by Law and in the best interests of the Company if such
            Member Party (or Person acting on its behalf) shall not have committed a breach of its
            obligations hereunder, fraud, bad faith, dishonesty, violation of Laws, gross
            negligence or willful misconduct with respect to such act or omission.

            
                                (B)     
            Indemnification. The Company, its receiver or its trustee shall, to the extent of
            Company assets, indemnify, save harmless, and pay all judgments and claims against the
            Member Parties, relating to any liability or damage incurred by reason of any act
            performed or omitted to be performed by the Member Party in connection with the
            Business, including reasonable attorneys’ fees incurred by the Member Party in
            connection with the defense of any action based on any such act or omission; provided,
            however, no party shall be indemnified from any liability for fraud, bad faith,
            dishonesty, violation of Laws, willful misconduct, gross negligence or breach of the
            express terms of this Agreement.

            
                                (C)     
            Capacity. Sections 6.12(A) and (B) are intended to apply to the
            Member Parties in their capacities as, or as officers, partners, members, directors,
            equity owners, agents, and representatives of, the Members or members of the Management
            Committee, only, and shall not include any acts or omissions under or pursuant to any
            other agreement between any such Person or an Affiliate thereof and the
            Company.

            ARTICLE
            7.     LIMITED LIABILITY; RIGHTS AND OBLIGATIONS OF THE
            MEMBERS

            
                      Section
            7.1 Limited Liability. Except as otherwise provided by the Act or this
            Agreement, the debts, obligations and liabilities of the Company, whether arising in
            contract, tort or otherwise, shall be solely the debts, obligations and liabilities of
            the Company, and no Member, Manager, officer or employee shall be obligated personally
            for any such debt,

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            obligation or
            liability of the Company solely by reason of being a Member, Manager, officer or
            employee of the Company.

            
                      Section
            7.2 Member Limited Liability. Except as otherwise expressly required by Law or
            by this Agreement, a Member, in its capacity as such, shall not be obligated to make
            any contribution to the Company in excess of its required Capital Contributions, or
            have any liability for the repayment and discharge of the Company’s debts and
            obligations; provided, however that (a) until the Capital Contribution of a Member
            shall have been paid to the Company, such Member shall be liable to the Company for any
            portion of its Capital Contribution not so paid, and (b) each Member shall be liable
            for (i) its obligations to make other payments expressly provided for in this Agreement
            and (ii) the amount of any distributions wrongfully distributed to it but only to the
            extent provided in Section 18-607 of the Act.

            
                      Section
            7.3  Conflicts of Interest.

            
                                (A)     Neither
            the Members nor the Managers shall be required to devote full time to their duties
            hereunder but shall devote reasonable time and effort thereto.

            
                                (B)     Subject
            to Sections 7.6 and 7.7, the other provisions of this Agreement, and the
            Marketing Agreement, any Member or Affiliate of a Member may engage independently or
            with others in other business ventures of every nature and description. Neither the
            Company nor any Member shall have any right by virtue of this Agreement or the
            relationship created hereby in or to any other ventures or activities in which any
            Member or Affiliate of a Member is involved or to the income or proceeds derived
            therefrom, subject to the terms of this Agreement. The pursuit of other ventures and
            activities by Members or Affiliates of a Member, even if directly competitive with the
            Business, is hereby consented to by the Members and shall not be deemed wrongful or
            improper, subject to the terms of this Agreement. No Member or Affiliate of a Member
            shall be obligated to present any particular business or investment opportunity to the
            Company even if such opportunity is of a character which, if presented to the Company,
            could be taken by the Company, and any Member or Affiliate of a Member shall have the
            right to take for his/her/its own account (individually or as a member or fiduciary),
            or to recommend to others, any such particular opportunity.

            
                      Section
            7.4  Transactions With Members and Affiliates. The Company may enter into
            agreements with one or more Members or Affiliates of a Member to provide leasing,
            management, legal, accounting, architectural, brokerage, development or other services
            or to buy, sell or lease assets to or from the Company, provided that any such
            transactions shall be unanimously approved by all Members and shall be at rates at
            least as favorable to the Company as those available from unaffiliated parties and
            terms for providing such services shall be comparable to terms and services generally
            available in the market. The validity of any transaction, agreement or payment
            involving the Company and any Member or Affiliate of a Member otherwise permitted
            hereunder shall not be affected by reason of the relationship between such Person and
            the Company or any of its Members. Notwithstanding the foregoing, the Members agree
            that the Management Committee has unanimously approved those agreements set forth on
            Schedule 2 hereto, together with those certain agreements as may exist by and
            between Bluegreen or Affiliates of Bluegreen to provide (i) management services to the
            Big Cedar Owners’ Association at the Big Cedar Timeshare Project, (ii) management
            services to

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            the Bluegreen
            Wilderness Club at Long Creek Ranch Condominium Association, Inc. at the Red Rock Bluff
            Timeshare Project, (iii) title services, including title insurance, and (iv) exchange
            and/or reservation services respecting use of the Timeshare Projects (to be at the
            expense of the timeshare user or participant) (“Approved
            Agreements”). The non-interested Member shall have the right to enforce any
            agreement entered into pursuant to this Section 7.4 on behalf of the
            Company.

            
                      Section
            7.5  Compensation and Reimbursement of the Members; Management Committee;
            General Manager.

            
                                (A)     The
            Company shall not pay the Members any salary or other compensation for acting as
            Members hereunder; provided, however that the Company may pay a Member for goods
            received or services provided by that Member to the Company pursuant to any authorized
            agreement by and between the Company and any Member, including, but not limited to the
            Approved Agreements. The General Manager shall receive a salary for serving in such
            capacity in such amounts and on such terms as may be approved by the Management
            Committee.

            
                                (B)     Except
            as set forth in this Agreement or otherwise provided pursuant to any agreement entered
            into by and between the Company and a Member (including the Approved Agreements), each
            Member shall be responsible for paying all expenses necessary to permit such Member to
            carry out such Member’s duties and obligations hereunder and such expenses shall
            not be reimbursed by the Company or treated as a contribution to the capital of the
            Company by such Member. The Company shall reimburse the Managers and the General
            Manager for all reasonable, documented out of pocket expenses incurred by them in
            connection with the discharge of their obligations under this Agreement.

            
                      Section
            7.6  Non-Competition—Bluegreen.

            
                                (A)     
            Conduct of Business with Competitor. Notwithstanding any other provision of this
            Agreement, Bluegreen agrees, on behalf of itself and its Affiliates, that neither
            Bluegreen nor any of its Affiliates shall contract with or conduct any business with,
            or have any interest, either directly or indirectly, with Cabela’s, Inc.,
            Sportsman’s Warehouse, Inc., Gander Mountain Company (or any of their successors)
            or any other Person, whether as shareholder, partner, member, manager, independent
            contractor, consultant, agent, principal, creditor, or otherwise, that primarily (i.e.,
            over 50% of sales) engages in, or is an Affiliate of, Cabela’s, Inc.,
            Sportsman’s Warehouse, Inc., Gander Mountain Company (or any of their successors)
            or any other Person that engages in, the sale of fishing, hunting, camping or marine
            and/or boating products, equipment or services (each, a “BP/Tracker
            Competitor”), provided, however, that this restriction shall
            not prohibit Bluegreen or any of its Affiliates from contracting with or conducting
            business with, or having any interest, either directly or indirectly, in any BP/Tracker
            Competitor (excluding Cabela’s, Inc., Sportsman’s Warehouse, Inc., Gander
            Mountain Company (or any of their successors)) that sells fishing, hunting, camping or
            marine and/or boating products, equipment or services as an incidental part of its
            business. Such sale of fishing, hunting, camping or marine and/or boating products and
            equipment shall be deemed “incidental” to a BP/Tracker Competitor’s
            business if such products and equipment do not exceed 50% of

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            such BP/Tracker
            Competitor’s retail sales, such as Sports Authority, Dick’s Sporting Goods,
            as they are currently constituted, and similar sporting goods companies.

            
                                (B)     
            Termination. The restrictions set forth in Section 7.6(A) shall terminate
            upon the termination of the Marketing Agreement (including any extensions thereof).
            Further, the restrictions set forth in Section 7.6(A) shall
            terminate:

            
                                          (1)     with
            respect to BP/Tracker Competitors who sell outdoor recreational products, equipment or
            services that directly compete with the outdoor recreational products, equipment and
            services of Bass Pro, Inc., upon the occurrence of a Bankruptcy Event with respect to
            Bass Pro, Inc.;

            
                                          (2)     with
            respect to BP/Tracker Competitors who sell outdoor recreational products, equipment or
            services that directly compete with the outdoor recreational products, equipment and
            services of Tracker Marine, L.L.C., upon the occurrence of a Bankruptcy Event with
            respect to Tracker Marine, L.L.C.; and

            
                                          (3)     with
            respect to BP/Tracker Competitors who sell outdoor recreational products, equipment or
            services that directly compete with the outdoor recreational products, equipment and
            services of Tracker Marine Retail, LLC, upon the occurrence of a Bankruptcy Event with
            respect to Tracker Marine Retail, LLC.

            
                                (C)     
            Restriction on Development.

            
                                          (1)     Bluegreen
            agrees, on behalf of itself and its Affiliates, that neither Bluegreen nor any of its
            Affiliates shall participate directly or indirectly in the development, construction,
            ownership, sales, franchise, license, financing, management or operation of, or enter
            into any agreement regarding, any timeshare development, Resort Interest Program,
            Fractional Interest Development or timeshare project that: (A) (i) is similar in design
            to the Big Cedar Timeshare Project or the Red Rock Bluff Timeshare Project; (ii) is
            similar in theme to the Big Cedar Timeshare Project or the Red Rock Bluff Timeshare
            Project; or (iii) contains (or will contain) timeshare estates or interests (or
            portions thereof), units or other interests that are (or will be) marketed or sold at a
            price equal to or greater than the least expensive timeshare estates or interests (or
            portions thereof), units or other interests marketed or sold at the Big Cedar Timeshare
            Property or the Red Rock Bluff Timeshare Property; and (B) which is located or proposed
            to be located within the “Restricted Area.” “Restricted
            Area” shall mean the area located within fifty (50) miles from any point of the
            Big Cedar Timeshare Property or the Red Rock Bluff Timeshare Property.

            
                                          (2)     
            If Bluegreen or any of its Affiliates commits a breach or threatens to commit a breach
            of any of the provisions of this Section 7.6(C), BCLLC, on behalf of itself and
            the Company, shall have the right and remedy, in addition to any others that may be
            available at law or in equity or under this Agreement, to have the provisions of this
            Section 7.6(C) specifically enforced by any court having equity jurisdiction, it
            being acknowledged and agreed that any such breach will cause irreparable injury to
            BCLLC and the Company and that money damages will not provide an adequate remedy. Such
            injunction shall be available without the posting of any bond or other security, and
            Bluegreen, on behalf of itself and its Affiliates

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            consents to the
            issuance of such injunction. The existing activities of Bluegreen and its Affiliates as
            of the date of this Agreement which are described in Schedule 7.6 attached
            hereto are approved exceptions to this Section 7.6(C).

            
                                          (3)     The
            restrictions set forth in this Section 7.6(C) shall terminate on the termination
            of this Agreement (as same may be extended).

            
                      Section
            7.7  Non-Competition—BCLLC.

            
                                (A)     
            Promotion of Resort Interest Program. Notwithstanding any other provision of this
            Agreement, BCLLC agrees, on behalf of itself and its Affiliates, that neither it nor
            any of its Affiliates shall sell, market, advertise, develop or promote any Resort
            Interest Program, excepting, however, the Timeshare Projects, the Bluegreen Vacation
            Club, any Bluegreen Timeshare Facility as offered by Bluegreen, and any Fractional
            Interest Development (regardless of Bluegreen involvement, but subject to Section
            7.9). Notwithstanding the foregoing, it is agreed that BCLLC and its Affiliates may
            continue to operate the projects owned or controlled by BCLLC or its Affiliates at the
            following locations: Valhalla Island, Florida; Floridian Sports Club; Welaka, Florida;
            Frying Pan River Ranch, Colorado; Komaham Lodge, British Columbia; the parcel of land
            known as the “Stonecroft” property, Missouri; or at any property owned now
            or in the future by American Sportsman Holdings Co. BCLLC shall be permitted to sell,
            develop, market, advertise or promote any whole ownership real estate
            development.

            
                                (B)     
            Termination. The restrictions set forth in Section 7.7(A) shall terminate on
            the earlier of (i) the termination of the Marketing Agreement (as same may be extended)
            or (ii) upon the occurrence of a Bankruptcy Event with respect to Bluegreen or
            Bluegreen Corporation.

            
                      Section
            7.8  BCLLC’s Right to Participate.

            
                                (A)    
            General. It is acknowledged by the Members that Bluegreen is in the business of
            developing, marketing and selling Resort Interest Programs, including timeshare
            projects. It is further acknowledged by the parties that there may arise the occasion
            where Bluegreen may consider developing a timeshare project based on the same concept
            as the Big Cedar Timeshare Project or the Red Rock Bluff Timeshare Project at other
            locations, which timeshare project will contain timeshare estates or interests (or
            portions thereof), units or other interests that will be marketed or sold at a price
            equal to or greater than the least expensive timeshare estates or interests (or
            portions thereof), units or other interests marketed or sold at the Big Cedar Timeshare
            Property or the Red Rock Bluff Timeshare Property (any such timeshare project, a
            “Proposed Project”). Bluegreen agrees that, subject to the
            limitations set forth in this Section 7.8, BCLLC shall have the exclusive,
            irrevocable and absolute right to “Participate” (as defined below) with
            Bluegreen in the development of a Proposed Project. A timeshare project shall be deemed
            to be based on the same concept as the Big Cedar Timeshare Project or the Red Rock
            Bluff Timeshare Project if it is founded upon an outdoor/wilderness/rustic theme,
            utilizing lodges and/or cabins, and using similar materials and architectural design.
            The right to “Participate” shall mean the right to co-develop and/or
            provide marketing and promotional services as such co-development or providing of
            services may be mutually agreed to by BCLLC

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            on the one hand,
            and Bluegreen on the other.

            
                                (B)     
            Limitations; Term. BCLLC’s right to Participate set forth in Section
            7.8(A) shall terminate on the earlier of (i) the termination of the Marketing
            Agreement (as same may be extended) or (ii) the occurrence of a Bankruptcy Event with
            respect to BCLLC.

            
                                (C)     
            Procedures for Exercise. If Bluegreen desires to develop a Proposed Project, then
            Bluegreen shall first offer in a written notice for BCLLC to Participate in the
            Proposed Project, specifying the terms and conditions of such Participation (the
            “Participation Offer Notice”). BCLLC shall have sixty (60) days from
            the date written notice was received to accept the offer to Participate, and if BCLLC
            does not accept the offer provided in the Participation Offer Notice within such
            period, BCLLC shall be deemed to have rejected the offer. If BCLLC does not accept such
            offer, then at the expiration of the sixty (60) day notice period (or such earlier date
            as the right to Participate has been expressly rejected in writing by BCLLC during such
            period), Bluegreen may offer the right to Participate to any Person who is not a
            BP/Tracker Competitor, provided that a binding letter of intent or similar agreement is
            entered into between Bluegreen and such Person within one hundred eighty (180) days
            after the expiration of such sixty (60) day notice period and Bluegreen does not elect
            to proceed with such Proposed Project itself without a co-development partner. If a
            binding letter of intent or similar agreement is not entered into between Bluegreen and
            such Person within one hundred eighty (180) days after the expiration of the sixty (60)
            day notice period and Bluegreen does not elect to proceed with such Proposed Project
            itself without a co-development partner, such proposed Participation shall again be
            subject to this Section 7.8 and shall require compliance by Bluegreen with the
            procedures described in this Section 7.8. Any information included in the
            Participation Offer Notice shall be maintained by BCLLC as confidential information
            which may be disclosed by BCLLC only to inform Bass Pro, Inc. and their respective
            advisors, legal counsel, consultants and senior executives who have a need to know such
            information, and otherwise be disclosed only as required by applicable Law. The
            exercise or non-exercise of the rights of BCLLC under this Section 7.8 with
            respect to any Proposed Project shall not adversely affect its rights with respect to
            subsequent Proposed Projects under this Section 7.8.

            
                      Section
            7.9  Bluegreen’s Right to Participate.

            
                                (A) 
             General. If BCLLC and/or its Affiliates develop a Fractional Interest
            Development (or develops any Resort Interest Program as otherwise may be permitted
            under this Agreement), and determines that the same is to be developed through the
            participation of an additional investor, whether by joint venture, limited liability
            company, or otherwise, then BCLLC agrees, on behalf of itself and its Affiliates, that,
            subject to the limitations set forth in this Section 7.9, Bluegreen shall have
            the exclusive, irrevocable and absolute right to Participate (as defined above) with
            BCLLC and/or its Affiliates in such Fractional Interest Development or Resort Interest
            Program, as applicable.

            
                                (B)     
            Procedures for Exercise. Any election by Bluegreen to Participate shall be
            effective only if BCLLC (or its Affiliate) and Bluegreen execute a letter of
            understanding documenting their mutual agreement as to co-development and marketing and
            promotional services as relate to the proposed Fractional Interest Development or
            Resort Interest Program within sixty (60) days after Bluegreen receives written notice
            from BCLLC (or its Affiliate) of

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            its intent to
            develop a Fractional Interest Development or Resort Interest Program. Such notice shall
            include a reasonable description of the Fractional Interest Development or Resort
            Interest Program. Such information as included in the notice shall be maintained by
            Bluegreen as confidential information which may be disclosed by Bluegreen only to its
            advisors, legal counsel, consultants and senior executives who have a need to know such
            information, and otherwise be disclosed only as required by applicable Law. If
            Bluegreen elects not to Participate or fails to execute a letter of understanding
            within sixty (60) days, then BCLLC (or its Affiliate) may proceed with such Fractional
            Interest Development or Resort Interest Program without Participation or involvement of
            Bluegreen.

            
                                (C)     
            Limitations; Term. Bluegreen’s right to Participate set forth in Section
            7.9(A) shall terminate on the earlier of (i) the termination of the Marketing
            Agreement (as same may be extended) or (ii) the occurrence of a Bankruptcy Event with
            respect to Bluegreen or BC.

            
                      Section
            7.10  Specific Rights, Authority and Obligations of the Members.

            
                                (A)     
            Marketing. Notwithstanding the other provisions hereof, Bluegreen and BCLLC shall
            cooperate to develop a mutually acceptable arrangement for the marketing and sales of
            timeshares in the Timeshare Projects. Specifically, BCLLC shall not assume day-to-day
            control of the marketing, sales, or operational aspects, or the back-of-house
            administrative activities of the timeshare business, all of which shall continue to be
            administered by Bluegreen pursuant to the terms of this Agreement and the Marketing
            Agreement; provided, however, BCLLC shall have the right to establish the
            policies, procedures and guidelines applicable to the (i) use of the Bass Pro and Big
            Cedar brands and (ii) timeshare marketing and sales activities at the Timeshare
            Projects, and the Bass Pro retail outlets to the extent such activities affect Bass
            Pro/Big Cedar customers.

            
                                (B)     
            Brand Licensing Fees and Marketing Fees. During the term of this Agreement, the
            Company shall pay to BCLLC, for the promotional, marketing and advertising services
            contemplated by this Agreement and other Approved Agreements, a “Brand
            Licensing Fee” equal to five percent (5%), and a “Marketing
            Fee” equal to four and one-half percent (4.5%), respectively, of the Net
            Sales Volume of timeshare sales of the Company at the Red Rock Bluff Timeshare Project
            and any new units that are constructed on the grounds of the Big Cedar Timeshare
            Project and sold by or on behalf of the Company, excluding however, the Building 3000
            Project; provided, however, the net effect of the Brand Licensing Fee and
            Marketing Fee shall not collectively result in granting BCLLC an effective share
            greater than forty-four percent (44%) of the Field Operating Profit of the Company
            prior to the application of the Brand Licensing Fee and the Marketing Fee.

            
                                (C)     
            Transfer of Property / Club Arrangement. Notwithstanding any other provisions
            contained herein to the contrary, Bluegreen, acting by and through any of its
            authorized representatives, is expressly authorized to transfer and convey timeshare
            interests as may exist in the Timeshare Projects to purchasers thereof and accept
            therefor instruments of indebtedness relating to the sale and transfer of such
            timeshare interests, and is further authorized to sell or pledge such instruments of
            indebtedness, including promissory notes, mortgages or deeds of trust received from
            consumer purchasers of timeshare interests, which sales or pledges

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            may be to such
            third party entities as in the discretion, from time to time, determined by Bluegreen.
            In furtherance thereof, Bluegreen may transfer, whether by sale, pledge or otherwise,
            any and all collateral related to the sale of such timeshare interests as such third
            party may request, including but not limited to consumer transaction documents relating
            to the sale of timeshare interests which accompany the deed of trust and promissory
            note related thereto. In addition, Bluegreen, acting by and through any of its
            authorized representatives, is expressly authorized to arrange and implement the
            involvement or inclusion of the Timeshare Projects in the Bluegreen Vacation Club, and
            to provide for registration, marketing and sale of the timeshare interests in the
            Timeshare Projects as a part of or otherwise affiliated with the Bluegreen Vacation
            Club.

            
                                (D)    
            Shared Expense.

            
                                          (1)     Bluegreen
            acknowledges that (i) pursuant to certain agreements executed in relation to this
            Agreement and the Original Operating Agreement, including, without limitation, that
            certain Easement Agreement dated as of June 15, 2000, by and among BCLLC, Three Johns
            Company, Bluegreen, the Big Cedar Owners’ Association, and the Company, certain
            owners of timeshare interests at the Big Cedar Timeshare Project and the Red Rock Bluff
            Timeshare Project shall have rights to be present on the premises of, and to use
            certain facilities of, the Big Cedar Lodge (the “Timeshare Owner
            Use”); (ii) such Timeshare Owner Use has directly contributed to the success
            of the Big Cedar Timeshare Project, and that the Timeshare Owner Use will continue to
            contribute to the success of the Timeshare Projects; and (iii) BCLLC has incurred and
            may incur future expenses and liabilities from time to time arising from accidents,
            injuries or other losses suffered by owners of timeshare interests at the Timeshare
            Projects as a result of the Timeshare Owner Use. In recognition of the foregoing, the
            Members agree that, in addition to any cost-sharing or indemnification that the Big
            Cedar Owners’ Association may provide to BCLLC, the Company shall, on an annual
            basis, pay to and reimburse BCLLC for 100% of all expenses or liabilities incurred by
            BCLLC as a result of the Timeshare Owner Use (net of any amounts covered by insurance
            or paid by the Big Cedar Owners’ Association).

            
                                          (2)     BCLLC
            shall maintain insurance at least equal to the insurance it presently maintains. BCLLC
            shall submit to the Company an itemized list of expenses owing to BCLLC pursuant to
            Section 7.10(D)(1) no later than thirty (30) days prior to the end of each
            Fiscal Year. The Company shall inform BCLLC of any objections to BCLLC’s itemized
            list within twenty (20) days of receipt, and shall pay, to the extent not paid by the
            Big Cedar Owners’ Association, directly to BCLLC all amounts to which there is no
            objection prior to the end of each Fiscal Year. The parties shall cooperate to come to
            an agreement as to any amounts subject to a Company objection as expeditiously as
            possible.

            
                      Section
            7.11 Records of the Company. The Company will provide the Members complete
            access to and right to audit books and records of the Company, at the sole expense of
            the Member accessing such books and records and/or conducting such audit. Bluegreen
            shall provide BCLLC with a monthly report and certification of all timeshare sales of
            the Timeshare Projects with names of the purchasers, the same being due within twenty
            (20) days of the first of each calendar month.

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            ARTICLE
            8.     TRANSFERS OF INTERESTS

            
                      Section
            8.1    Restrictions.

            
                                (A)     
            Except as provided in this Section 8.1 and each sub-part hereof, no Member may,
            without the prior consent of all of the Members, which consent may be withheld in such
            Member’s sole discretion, effect a Transfer of all or any part of his or her
            Membership Interest, provided, however, either Party may Transfer its Membership
            Interest: (i) to an Affiliate of such Member (after providing reasonable evidence to
            the Company or the other Member that the prospective Transferee is in fact an Affiliate
            to the extent the Company or the other Member requests such evidence) of the other
            Member; and (ii) to the Company in accordance with any agreement with the Company
            unanimously approved by the Management Committee. “Transfer” means
            any voluntary or involuntary transfer, sale, assignment, exchange, encumbrance,
            charging order or hypothecation or other disposition.

            
                                (B)      Voluntary
            Transfers in violation of the provisions hereof shall be void and of no effect for any
            purpose. Members who have effected Transfers of all of their Membership Interests shall
            have no further right, authority, and/or responsibility to participate in the
            management of the business and affairs of the Company.

            
                                (C)      Each
            party hereto acknowledges the reasonableness of the restrictions on Transfer imposed by
            this Agreement in view of the Company purposes and the relationship of the Members.
            Accordingly, the restrictions on Transfer contained herein shall be specifically
            enforceable. Each party hereto hereby further agrees to hold the Company and each
            Member wholly and completely harmless from any cost, liability, or damage (including
            reasonable attorneys’ fees, liabilities for income taxes, and the cost of
            enforcing this indemnity) incurred by any of such indemnified Persons as a result of a
            Transfer or an attempted Transfer by such party in violation of this
            Agreement.

            
                      Section
            8.2    Effect of Assignment; Documents.

            
                                (A)     
            Any Membership Interest transferred pursuant to the provisions of this Article 8
            shall be subject to the restrictions and obligations set forth in this Agreement and no
            Transfer of any Membership Interest otherwise permitted hereunder (except for a pledge
            or collateral assignment to another Person) shall be effective for any purpose unless
            and until the party to whom such Membership Interest is being transferred has executed
            this Agreement (as amended) and agreed to be bound by all of its terms and provisions.
            Unless otherwise expressly agreed by the Members or expressly provided herein, no
            Transfer permitted hereunder shall relieve the assignor from any of its obligations
            under this Agreement accruing prior to such Transfer.

            
                                (B)      In
            the event ownership of any Membership Interest is transferred to any other Person other
            than in accordance with the provisions set forth in this Article 8, such
            transferee shall succeed to such Membership Interest as an assignee only under the Act
            and, except for a successor permitted pursuant to Section 8.1, shall have no
            right to become a substitute Member or to participate in the management of the business
            and affairs of the Company and shall not be considered a “Member” under
            this Agreement or be a “member” as

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            that term is
            used in the Act with respect to such Membership Interest; provided,
            however, such transferee shall (1) be liable for the obligations of his or her
            assignor under this Agreement attributable to such Membership Interest; (2) be subject
            to the continuing obligations attributable to such Membership Interest under this
            Agreement; and (3) be entitled to receive the distributions attributable to such
            Membership Interest under Articles 3 and 9 and allocations of Profits and
            Losses and other items under Article 4.

            
            ARTICLE
            9.     DISSOLUTION OF THE COMPANY

            
                      Section
            9.1     Liquidation Events.

            
                                (A)     
            No act, thing, occurrence, event, or circumstance shall cause or result in the
            dissolution of the Company except that the earliest to occur of any of the following
            events (a “Liquidation Event”) shall work an immediate dissolution
            of the Company:

            
                                            (1)     December
            31, 2057;

            
                                            (2)     The
            sale or other disposition of all or substantially all of the Business
            Property;

            
                                            (3)     A
            decision to do so approved by all Members; or

            
                                            (4)     Subject
            to Section 9.2 below, any event (each a “Dissociation Event”)
            described in Section 18-801 of the Act occurring with respect to a Member;
            provided, however, the Members hereby agree that, upon the occurrence of
            (a) a permitted Transfer in accordance with the provisions of Article 8; or (b)
            a voluntary withdrawal of a Member in violation of the terms of this Agreement, the
            business and affairs of the Company shall be automatically continued by the Company and
            such event shall not constitute a Dissociation Event for purposes of this
            Agreement.

            
                                (B)     Notwithstanding
            any provision of the Act, each Member hereby covenants and agrees that the Members have
            entered into this Agreement based on their mutual expectation that all Members will
            continue as Members and carry out the duties and obligations undertaken by them
            hereunder and that, except as otherwise expressly required or permitted hereby, each
            Member covenants and agrees not to (1) take any action to dissolve the Company; (2)
            take any action that would cause a bankruptcy of such Member; (3) voluntarily withdraw
            or attempt to withdraw from the Company; (4) exercise any power under the Act to
            dissolve the Company; or (5) petition for judicial dissolution of the Company, without
            the unanimous consent of the Members not then in default hereunder.

            
                      Section
            9.2  Right to Continue Business and Affairs of Company.

            
                                (A)     Upon
            the occurrence of a Dissociation Event with respect to a Member (the
            “Dissociating Member”), the Dissociating Member shall give notice
            thereof to the other Members and such remaining Member(s) may, within the ninety (90)
            day period following such occurrence, elect, by agreement of Members collectively
            holding more than fifty percent (50%) of the Percentage Interests then held by
            non-Dissociating Members, to continue the business and affairs of the Company for the
            balance of the term hereof (it being understood that if such an

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            agreement is not
            executed within such ninety (90) day period, the Dissociation Event shall constitute a
            Liquidation Event). In the event any Member acquires knowledge of a Dissociation Event,
            that Member shall promptly give notice thereof, specifying the nature of the
            Dissociation Event and the identity of the Dissociating Member, to the Company and all
            of the other Members (including the Dissociating Member) and such notice shall be
            deemed to be notice from the Dissociating Member for purposes of this Section
            9.2(A).

            
                                (B)     
            If the remaining Member(s) so elect to continue the business and affairs of the
            Company:

            
                                           (1)     The
            Company shall not dissolve and its business and affairs shall be carried on without
            interruption, and without the necessity of the execution of any confirmatory agreement,
            under the same name and under the same terms and provisions as are set forth in this
            Agreement (as the same may be amended by the remaining Members); and

            
                                           (2)     The
            Management Committee shall take such steps and make such filings as may be required to
            reflect such Dissociation Event and the continuation of the business and affairs of the
            Company.

            
                      Section
            9.3  Distribution of Proceeds on Dissolution; Winding Up;
            Reserves.

            
                                (A)     Upon
            the occurrence of a Liquidation Event, the Company shall continue solely for the
            purposes of winding up its affairs in an orderly manner, liquidating its assets, and
            satisfying the claims of its creditors and Members and neither the Management Committee
            nor any General Manager or Member shall take any action that is inconsistent with, or
            not necessary to or appropriate for, winding up the Company’s business and
            affairs. To the extent not inconsistent with the foregoing, all covenants and
            obligations in this Agreement shall continue in full force and effect until such time
            as Dissolution Proceeds have been distributed pursuant to this Section 9.3 and
            the Company has filed a certificate of cancellation.

            
                                (B)     The
            General Manager or, if there is no General Manager, a Member appointed by the Members
            (in either case, the “Winding-Up Member”) shall be responsible for
            overseeing the winding up and liquidation of the Company. As soon as reasonably
            practical after the occurrence of a Liquidation Event, the Winding-Up Member shall file
            a notice of winding up and take such other actions as are required under the Act to
            dispose or make provision for the known and unknown claims against the Company. After
            filing the notice of winding up, the Winding-Up Member shall take full account of the
            Company’s liabilities and the Business Property, cause the Business Property to
            be liquidated as promptly as is consistent with obtaining the fair value thereof, and
            shall cause the proceeds therefrom and any other assets and funds of the Company
            (collectively, the “Dissolution Proceeds”) to the extent sufficient
            therefor, to be applied and distributed in the following order:

            
                                          (1)     First,
            to the payment of all unpaid secured indebtedness of the Company to the extent of the
            lesser of the value of the secured property or the amount of the secured
            indebtedness;

            
                                          (2)     Second,
            to the payment of the Company’s remaining indebtedness, including any Member
            Loan; and

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                                          (3)     Third,
            the balance, if any, less such reserves (“Dissolution Reserves”) as
            the Winding-Up Member reasonably determines are necessary or appropriate for
            anticipated or contingent expenses of the Company, shall be distributed to the Members
            in accordance with Section 3.1.

            
                                (C)     To
            the extent the Winding-Up Member subsequently determines Dissolution Reserves (or any
            part thereof) to be unnecessary for Company expenses, he or she shall cause such
            amounts to be distributed or paid to the Members or other Persons who would have
            received the proceeds comprising such Dissolution Reserves under this Section
            9.3 as if such proceeds had not been used to fund Dissolution Reserves.

            
                                (D)     When
            all of the remaining property and assets of the Company have been applied and
            distributed as provided in this Section 9.3, the Winding-Up Member shall file a
            certificate of cancellation as provided in the Act and take such other actions as may
            be necessary to cause the Company to withdraw from all jurisdictions where the Company
            is then authorized to transact business.

            
                      Section
            9.4  Allocations Upon Dissolution. Profits and Losses from an event causing
            dissolution pursuant to Section 9.1 shall be allocated among the Members so that
            after such allocations and the other allocations under this Agreement, to the maximum
            extent possible the final Capital Account balances of the Members are at levels which
            would permit liquidating distributions, if made in accordance with such final Capital
            Account balances, to be equal to the distributions that will occur under Section
            9.3(B)(3). To the extent that the allocation provisions of this Agreement would not
            produce such target Capital Account balances, the Members agree to take such actions as
            are reasonably necessary to amend such allocation provisions to produce such balances
            so long as such amendments are permissible under the applicable tax Law.

            ARTICLE 10.
            GENERAL

            
                      Section
            10.1  Notices/Approvals to Be In Writing. Any notice, request, approval,
            consent, demand or other communication required or permitted hereunder shall be given
            by hand delivery or sent and paid Federal Express or other overnight delivery, at the
            following addresses or such other addresses as such party hereto shall advise the
            others:

            	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        If
                        to Bluegreen:

                    	
                        4960
                        Conference Way North, Suite 100

                        Boca Raton, Florida 33431

                        Attention: David Pontius, President

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        With
                        a copy to:

                    	
                        
                        Bluegreen
                        Corporation

                        4960 Conference Way North, Suite 100

                        Boca Raton, Florida 33431

                        Attention: General Counsel

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        With
                        a copy to:

                    	
                        
                        James J. Scavo,
                        Esq.

                        Weinstock and Scavo, P.C.

                        3405 Piedmont Rd., N.E. Suite 300

                        Atlanta, Georgia 30305

                        Email: jscavo@wslaw.net

                    

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                        With
                        a copy to:

                    	
                        
                        Barry E. Somerstein,
                        Esq.

                        Ruden McClosky

                        200 East Broward Blvd

                        PO Box 1900

                        Ft. Lauderdale, Florida 33301

                        Email: barry.somerstein@ruden.com

                    

            (Delivery to
            legal counsel, however, shall not be deemed notice to Bluegreen).

            	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        If
                        to BCLLC:

                    	
                        2500
                        East Kearney Street

                        Springfield, Missouri 65898

                        Attention: Toni Miller

                        Attention: General Counsel

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        With
                        a copy to:

                    	
                        
                        Latham & Watkins
                        LLP

                        Sears Tower, Suite 5800

                        233 South Wacker Drive

                        Chicago, IL 60606

                        Attention: Michael A. Pucker

                        Email: michael.pucker@lw.com

                    

            (Delivery to
            legal counsel, however, shall not be deemed notice to BCLLC).

            
                      All
            notices shall be deemed given at the time of hand delivery or the time such is
            deposited with Federal Express or other reputable overnight delivery service for
            transmittal as aforesaid; provided, however, the time at which response
            or action in response to any notice must be given or taken shall run form the time of
            actual receipt of such notice.

            
                      Section
            10.2 Entire Agreement. This Agreement and the other agreements contemplated
            hereby, including the Approved Agreements, among the Company and any of the Members,
            constitute the entire agreement among the parties with respect to the subject matter
            hereof and supersede all prior agreements, (including the Original Operating Agreement)
            understandings and negotiations, both written and oral, between the parties with
            respect to the subject matter hereof or thereof. No representation, inducement,
            promise, understanding, condition or warranty not set forth in this Agreement or the
            Approved Agreements has been made or relied upon by any party to this Agreement. This
            Agreement is not intended to confer upon any Person other than the Members and the
            Company any rights or remedies hereunder.

            
                      Section
            10.3 Amendments. This Agreement may be amended only by agreement executed by all
            the Members.

            
                      Section
            10.4 Miscellaneous. Time is of the essence with respect to this Agreement.
            Except as herein otherwise specifically provided, this Agreement shall be binding upon
            and inure to the benefit of the parties and their legal representatives, successors and
            assigns, and no other Person shall acquire or have any right under or by virtue of this
            Agreement. Captions contained in this Agreement in no way define or limit the scope or
            intent of this Agreement. If any provision of this Agreement, or the application of any
            such provision to any Person or

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            circumstance
            shall be held to be illegal, invalid or unenforceable under present or future Laws
            effective during the term hereof, the remainder of this Agreement, or the application
            of such provision to any other Persons or circumstances, shall not be affected thereby
            and shall be construed and enforced as if such illegal, invalid, or unenforceable
            provision had never comprised a part hereof. In lieu of such illegal, invalid, or
            unenforceable provision, there shall be added automatically as a part hereof a
            provision as similar in terms to such illegal, invalid or unenforceable provision, as
            may be possible and be legal, valid and enforceable. Every exhibit, schedule and other
            appendix attached to this Agreement and referred to herein is incorporated in this
            Agreement by reference. All capitalized terms are defined herein and are used as so
            defined. This Agreement may be executed in several counterparts and all so executed
            shall constitute one Agreement, binding on all the parties hereto, notwithstanding that
            all the parties are not signatories to the original or same counterpart. Should a
            provision of this Agreement require judicial interpretation, it is agreed that the
            judicial body interpreting or construing the same shall not apply the assumption that
            the terms hereof shall be more strictly construed against one party by reason of the
            rule of construction that an instrument is to be more strictly construed against the
            party which itself, or through its agent, prepared the same, it being agreed that the
            agents of all parties have participated or had the opportunity to participate in the
            preparation of this Agreement.

            
                      Section
            10.5      GOVERNING LAW. THIS AGREEMENT SHALL BE
            GOVERNED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT
            REFERENCE TO ITS INTERNAL CONFLICTS OF LAWS PRINCIPALS.

            
                      Section
            10.6      Submission to Jurisdiction. Each of the
            parties hereto irrevocably (A) agree that any legal suit, action or proceeding arising
            out of or based upon this Agreement shall be instituted only in the Federal District
            Court for the Western District of Missouri, (B) waive, to the fullest extent it may
            effectively do so, any objection which it may now or hereafter have to venue of any
            such proceeding and (C) submit to the exclusive jurisdiction of such courts in any such
            suit, action or proceeding.

            
                      Section
            10.7      Remedies.

            
                                (A)
                      If the Company or any party
            obtains a judgment against any other party by reason of breach of this Agreement, a
            reasonable attorneys’ fee as fixed by the court shall be included in such
            judgment. Any Member shall be entitled to maintain, on its own behalf or on behalf of
            the Company, any action or proceeding against any other Member or the Company
            (including, any action for damages, specific performance, or declaratory relief) for or
            by reason of breach by such party of this Agreement, notwithstanding the fact that any
            or all of the parties to such proceeding may then be Members in the Company, and
            without dissolving the Company as a limited liability company; provided,
            however, the liability of any Member or the Company for or by reason of breach
            by such party of this Agreement shall be limited as set forth herein.

            
                                (B)
                      The remedies conferred upon
            the Company or any Member in this Agreement are intended to be exclusive of any other
            remedy herein or by Law provided or permitted. No failure or delay on the part of a
            Member or the Company to exercise any right it may have in the event of an act or
            omission giving rise to a claim hereunder in accordance with

            
            43

            

            

            

            Execution
            Copy

            the terms of
            this Agreement by a Member shall prevent the exercise of such right by such Member or
            the Company at any time such Member defaulting as provided for in this Agreement, may
            continue to be so in default, and no such failure or delay shall operate as a waiver of
            any default. Notwithstanding the limitations of liability as provided for in this
            Agreement, each party to this Agreement agrees that the Members would be irreparably
            damaged if any of the provisions of this Agreement are not performed in accordance with
            their specific terms and that monetary damages would not provide an adequate remedy in
            such event. Accordingly, it is agreed that, in addition to the remedies to which the
            non-breaching Members may be entitled in accordance with the terms hereof the
            non-breaching Members shall be entitled to injunctive relief to prevent breaches of the
            provisions of this Agreement and specifically to enforce the terms and provisions
            hereof in any action instituted in any court of the United States or any state thereof
            having subject matter jurisdiction thereof.

            
                      (C)
                 No waiver by a Member or the Company of any breach of
            this Agreement shall be deemed to be a waiver of any other breach of any kind or nature
            and no acceptance of payment or performance by a Member or the Company after any such
            breach shall be deemed to be a waiver of any breach of this Agreement whether or not
            such Member or the company knows of such breach at the time it accepts such payment or
            performance.

            
                      (D)
                 In the event of any dispute or disagreement between the
            Members, such party shall give written notification of such dispute or disagreement to,
            if such party is BCLLC or any their Affiliates, John M. Maloney, Jr., or the person
            then performing the duties at Bluegreen currently performed by John M. Maloney, Jr.,
            (“Bluegreen CEO”) and if such party is Bluegreen, acting as
            Bluegreen, Bluegreen Affiliates or the Company, to James A. Hagale or the person then
            performing the duties at BCLLC currently performed by James A. Hagale (together with
            the Bluegreen CEO, the “CEOs”); and (iii) the CEOs shall communicate
            with each other promptly with a view to resolving such dispute or disagreement within
            ninety (90) days of commencing any negotiations (or such extended period as the CEOs
            agree is appropriate in any such case). The foregoing shall be a condition precedent to
            applicability of the remedies set forth in this Section 10.7. During any period
            of such communications, all services prior to any claimed default shall continue
            without any alteration or modification, except as acceptable to the party receiving
            such services.

            
                      Section
            10.8      Representations and Warranties. Each Member
            warrants, represents, agrees and acknowledges: (1) that it has adequate means of
            providing for its current needs and foreseeable future contingencies, and anticipates
            no need now or in the foreseeable future to sell its Membership Interest; (2) that it
            acquired its Membership Interest for its own account as a long-term investment and
            without a present view to make any distribution, resale or fractionalization thereof;
            (3) that it and its independent counselors have such knowledge and experience in
            financial and business matters that they are capable of evaluating the merits and risks
            of the investment involved in its acquisition of its Membership Interest and they have
            evaluated the same; (4) that it is able to bear the economic risks of such investment;
            (5) that it and its independent counselors have made such investigation of the Company
            (including its business prospects and financial condition) and the Members have had
            access to all information regarding the Company and the Members, and have had an
            opportunity to ask all of the questions regarding the Company and the Members as they
            deem necessary to fully evaluate its investment therein; (6) that in connection with
            its acquisition of its Membership Interest, it has been fully

            44

            

            

            

            Execution
            Copy

            informed by its
            independent counsel as to the applicability of the requirements of the Securities Act
            of 1933 and all applicable state securities or “blue-sky” laws to its
            Membership Interest; (7) that it understands that (a) its Membership Interest is not
            registered under the Securities Act or any state securities law; (b) there is no market
            for its Membership Interest and that it will be unable to transfer its Membership
            Interest unless such is so registered or unless the transfer complies with an exemption
            from such registration (evidence of which must be satisfactory to counsel for the
            Company); (c) such Membership Interest cannot be expected to be readily transferred or
            liquidated; (d) its acquisition of a Membership Interest in the Company involves a high
            degree of risk; and (e) that no representations are or have been made to it by the
            Management Committee, any Member, or their respective representatives as to any tax
            advantages which may inure to its benefit or as to the Company’s status for tax
            purposes, and that it has relied upon its independent counsel with respect to such
            matters.

            
                      Section
            10.9      Financial Reporting. In addition to the
            requirements set forth in Section 5.1(A), the Management Committee shall
            periodically, and at no time less than quarterly, establish financial reporting in
            respect to the Company, which financial reporting shall be delivered to BCLLC and
            Bluegreen, and which financial reporting shall be a compilation of sales of timeshare
            interests, income arising therefrom, and expenses of the Company, inclusive of
            marketing, sales and operating expenses. Such financial reporting shall include an
            income statement, balance sheet or other information as may be reasonably
            required.

            
                      Section
            10.10      Confidentiality; Public
            Announcements.

            
                                (A)
                        Each Member
            covenants and agrees (i) to receive and hold in strict confidence all Proprietary
            Information received by such Member, its Affiliates and/or representatives and to use
            such Proprietary Information only in connection with the businesses of the Company and
            such Member’s investment therein, and (ii) to cause its representatives and
            Affiliates, including any members of the Management Committee, to comply with the
            preceding clause (i).

            
                                (B)
                        Section
            10.10(A) hereof shall not apply to any Proprietary Information which a Member can
            establish to have: (i) been disclosed by such Member with the Company’s prior
            written consent; (ii) become generally available to the public other than as a result
            of disclosure by such Member in breach of this Section 10.10 or any other
            obligations of confidentiality that a Member may have to the Company; (iii) been
            independently developed by such Member outside the scope of agreements with the Company
            through Persons (including any representatives of such Member) who have not had actual
            knowledge of such Proprietary Information; (iv) been rightfully obtained by such Member
            from a third party without knowledge that such third party is obligated to protect its
            confidentiality; provided that such Member has used all reasonable efforts to determine
            whether such third party has any such obligation; (v) been obligated to be produced or
            disclosed pursuant to applicable law, provided that such Member seeks appropriate
            protective relief from all or part of such disclosure; or (vi) been used in connection
            with litigation between the parties.

            
                                (C)
                        Any publicity
            release, advertisement, filing, public statement or announcement made, regarding this
            Agreement or any of the transactions contemplated hereby, or BCLLC or any of its
            Affiliates is to be first reviewed by, and must be reasonably satisfactory

            45

            

            

            

            Execution
            Copy

            to, BCLLC and
            Bluegreen. The parties agree that, notwithstanding the foregoing, Bluegreen Corporation
            may make public disclosure as required by law, including press releases and SEC
            filings, related to its interest in the Company of the following information: (i) the
            Company’s publicly disclosed development plans, (ii) previously publicly
            disclosed results and comparative information, including revenues on quarterly and
            annual basis, and (iii) financial results on quarterly and annual basis.

            
                                (D)
                        Notwithstanding
            the foregoing, BC or Bluegreen may use information regarding the performance of the
            Company’s receivables portfolio in connection with disclosing its performance as
            a servicer of receivables in related matters.

            [Remainder of
            Page Intentionally Left Blank]

            46

            

            

            

            
                                IN
            WITNESS WHEREOF, the undersigned have executed this Agreement as of the Effective
            Date.

            	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                        BLUEGREEN VACATIONS
                        UNLIMITED, INC.

                    	
                         

                    
	
                         

                    	
                         

                    	
                        a
                        Florida corporation

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                        By: 

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                        

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                        Please Print
                        Name: 

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                        

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                        Its:

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                        

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                        BIG CEDAR,
                        L.L.C.,

                    	
                         

                    
	
                         

                    	
                         

                    	
                        a
                        Missouri limited liability company

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        By:
                        Bass Pro Group, LLC, a Delaware limited

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                        liability company, its
                        Sole Member

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                        
                        By: 

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                        

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                        Toni
                        M. Miller

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                        Vice
                        President, Chief Financial Officer &

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                        
                        Treasurer

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                        Solely with respect to
                        Section 2.6,

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                        BLUEGREEN
                        CORPORATION,

                    	
                         

                    
	
                         

                    	
                         

                    	
                        a
                        Massachusetts corporation

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                        
                        By:

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                        

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                        
                        Please Print
                        Name:

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                         

                    	
                        
                        Its:

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                        

                    	
                         

                    

            

            

            

            

            Schedule
            1

            Expenses of
            Bluegreen

            	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        RED ROCK / MPI
                        PROPERTY

                    
	
                        

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        Invoices paid by
                        Bluegreen Corp with respect to MPI Property Purchase

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        
                        Date

                    	
                         

                    	
                        
                        Payee

                    	
                         

                    	
                        
                        Amt

                    	
                         

                    	
                        
                        Description

                    
	
                        

                    	
                        

                    	
                        

                    	
                        

                    	
                        

                    	
                        

                    	
                        

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        
                        6/29/2007

                    	
                         

                    	
                        Virginia
                        Polinski

                    	
                         

                    	
                        
                        596.87

                    	
                         

                    	
                        Kinco’s Plat
                        Copies

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        
                        7/23/2007

                    	
                         

                    	
                        Ruden
                        McClosky

                    	
                         

                    	
                        
                        15,580.20

                    	
                         

                    	
                        Long Creek
                        Campground Lease Assumption (Boat Slips

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        
                        11/9/2007

                    	
                         

                    	
                        Neale &
                        Newman

                    	
                         

                    	
                        
                        1,095.50

                    	
                         

                    	
                        Opinion Ltr, Zoning,
                        S&M, Land Use

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        
                        11/16/2007

                    	
                         

                    	
                        Weinstock &
                        Scavo

                    	
                         

                    	
                        
                        5,330.00

                    	
                         

                    	
                        Assoc. Articles of
                        Incorp/Bylaws, Plats Declaration

                    
	
                        
                        11/30/2007

                    	
                         

                    	
                        The Conference
                        Group

                    	
                         

                    	
                        
                        34.55

                    	
                         

                    	
                        Teleconference
                        Call

                    
	
                        
                        10/31/2007

                    	
                         

                    	
                        JP Morgan Chase
                        Bank

                    	
                         

                    	
                        
                        17,806.50

                    	
                         

                    	
                        Legal fee with
                        closing of loan

                    
	
                        
                        10/19/2007

                    	
                         

                    	
                        JP Morgan Chase
                        Bank

                    	
                         

                    	
                        
                        38,032.54

                    	
                         

                    	
                        Loan Interest
                        Payment

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                        

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        Amts Pd by
                        Bluegreen

                    	
                         

                    	
                        
                        78,476.16

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                        

                    	
                         

                    	
                         

                    

            

            

            

            

            Schedule
            2

            Approved
            Agreements

            
                      1.          Amended
            and Restated Marketing & Promotions Agreement dated as of December 31, 2007, by and
            among BCLLC, Bluegreen, the Company, and the other parties thereto.

            
                      2.          Amended
            and Restated Operational Services and Integration Agreement, dated as of December 31,
            2007, by and among BCLLC, Bluegreen, and Big Cedar Resort Club Owners Association,
            Inc.

            
                      3.          Amended
            and Restated Servicing Agreement, dated as of December 31, 2007, by and among Bluegreen
            Corporation, the Company and BCLLC.

            
                      4.          Amended
            and Restated Administrative Services Agreement, dated as of December 31, 2007, by and
            among Bluegreen, the Company and BCLLC.

            
                      5.          Easement
            Agreement by and among BCLLC, the Company, and the Big Cedar Resort Club Owners
            Association, Inc., dated as of June 15, 2000.

            
                      6.          Easement
            Agreement by and among BCLLC, the Company and the Big Cedar Resort Club Owners
            Association, Inc., to be executed by the parties within 30 days of the date
            hereof.

            
                      7.          Construction
            Management Agreement, by and among Bass Pro, Inc. and the Company, to be executed by
            the parties within 30 days of the date hereof.

            

            

            

            Schedule
            7.6

            Excepted
            Bluegreen Activities

            Sale of timeshare
            interests at Falls Village Resort, located in Branson, Missouri and Horizons by
            Marriott Vacation Club at Branson, located in Branson, Missouri.

            1

            

            

            

            EXHIBIT
            A

            
            MEMBERS

            	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        
                        Member Name and

                        Address

                    	
                         

                    	
                        
                        November 30, 2007
                        Capital Account

                    	
                         

                    	
                        
                        Member

                        Loans1

                    	
                         

                    	
                        
                        Percentage
                        Interest

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        Bluegreen
                        Vacations

                        Unlimited, Inc.

                    	
                         

                    	
                         

                    	
                         

                    	
                        
                        $22,543,723
                        (Book)

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                        
                        $78,476.16

                    	
                         

                    	
                         

                    	
                        
                        51

                    	
                        %

                    	
                         

                    
	
                        4960 Conference
                        Way

                        North

                        Suite 100

                        Boca Raton, Florida 33431

                    	
                         

                    	
                         

                    	
                         

                    	
                        
                        $26,487,838
                        (Tax)

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        Big Cedar,
                        L.L.C.

                    	
                         

                    	
                         

                    	
                         

                    	
                        
                        $21,786,316
                        (Book)

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                        
                        $0

                    	
                         

                    	
                         

                    	
                        
                        49

                    	
                        %

                    	
                         

                    
	
                        2500 East Kearney
                        Street

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        Springfield, MO
                        65898

                    	
                         

                    	
                         

                    	
                         

                    	
                        
                        $25,575,759
                        (Tax)

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    

            

            	
                         

                    
	
                        

                        

                    
	
                         

                    
	
                        
                        1
                        In accordance with
                        Section 2.2 of this Agreement, Member Loans do not include normal course
                        receivables and payables.

                    

            A-1

            

            

            

            EXHIBIT
            B

            BIG CEDAR
            TIMESHARE PROPERTY

            B-1

            

            

            

            EXHIBIT
            C

            RED ROCK BLUFF
            PROPERTY

            C-1

            

            

            

            EXHIBIT
            D

            RED ROCK BLUFF
            BUSINESS PLAN

            D-1

            

            

            

            EXHIBIT
            E

            MASTER USE AND
            DEVELOPMENT PLAN – RED ROCK BLUFF

            E-1

            

            

            

            EXHIBIT
            F

            BUSINESS
            PLAN

            F-1

            

            

            

            EXHIBIT
            G

            ANNUAL
            BUDGET

            G-1Excution
            Copy

            AMENDED AND
            RESTATED

            MARKETING AND PROMOTIONS AGREEMENT

            

            December 31, 2007

            

            

            

            TABLE OF
            CONTENTS

            	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        
                        ARTICLE I -
                        DEFINITIONS

                    	
                         

                    	
                        
                        2

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        Section 1.1

                    	
                        
                        Definitions

                    	
                         

                    	
                        
                        2

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        
                        ARTICLE II - MARKETING
                        AND PROMOTION OF BLUEGREEN’S TIMESHARE FACILITIES
                                 AND THE TIMESHARE
                        PROJECTS

                    	
                         

                    	
                        
                        7

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        Section 2.1

                    	
                        
                        General

                    	
                         

                    	
                        
                        7

                    
	
                         

                    	
                        
                        Section 2.2

                    	
                        
                        Term

                    	
                         

                    	
                        
                        7

                    
	
                         

                    	
                        
                        Section 2.3

                    	
                        Bass
                        Pro Catalog

                    	
                         

                    	
                        
                        8

                    
	
                         

                    	
                        
                        Section 2.4

                    	
                        Bass
                        Pro Shops

                    	
                         

                    	
                        
                        9

                    
	
                         

                    	
                        
                        Section 2.5

                    	
                        
                        Website
                        Links

                    	
                         

                    	
                        
                        14

                    
	
                         

                    	
                        
                        Section 2.6

                    	
                        
                        Mailing
                        Lists

                    	
                         

                    	
                        
                        17

                    
	
                         

                    	
                        
                        Section 2.7

                    	
                        Big
                        Cedar Lodge

                    	
                         

                    	
                        
                        21

                    
	
                         

                    	
                        
                        Section 2.8

                    	
                        
                        Signage

                    	
                         

                    	
                        
                        22

                    
	
                         

                    	
                        
                        Section 2.9

                    	
                        
                        Tradenames and
                        Marks

                    	
                         

                    	
                        
                        23

                    
	
                         

                    	
                        
                        Section 2.10

                    	
                        
                        Preferential
                        Treatment

                    	
                         

                    	
                        
                        28

                    
	
                         

                    	
                        
                        Section 2.11

                    	
                        
                        Proprietary
                        Information

                    	
                         

                    	
                        
                        28

                    
	
                         

                    	
                        
                        Section 2.12

                    	
                        
                        Other Promotional
                        Agreements and Channels

                    	
                         

                    	
                        
                        28

                    
	
                         

                    	
                        
                        Section 2.13

                    	
                        Lead
                        Generation Programs

                    	
                         

                    	
                        
                        29

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        
                        ARTICLE III -
                        RESTRICTIONS

                    	
                         

                    	
                        
                        30

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        Section 3.1

                    	
                        
                        Restriction on BP/BC
                        Marketing Channels

                    	
                         

                    	
                        
                        30

                    
	
                         

                    	
                        
                        Section 3.2

                    	
                        
                        Restriction on
                        Bluegreen Marketing Channels

                    	
                         

                    	
                        
                        30

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        
                        ARTICLE IV - GENERATION
                        COMMISSION

                    	
                         

                    	
                        
                        31

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        Section 4.1

                    	
                        
                        Generation
                        Commission

                    	
                         

                    	
                        
                        31

                    
	
                         

                    	
                        
                        Section 4.2

                    	
                        
                        Annual
                        Prepayments

                    	
                         

                    	
                        
                        32

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        
                        ARTICLE V - PERMITTED
                        USE; CONTENT; APPROVAL RIGHTS

                    	
                         

                    	
                        
                        33

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        Section 5.1

                    	
                        
                        Permitted
                        Use

                    	
                         

                    	
                        
                        33

                    
	
                         

                    	
                        
                        Section 5.2

                    	
                        
                        Content and Approval
                        Rights

                    	
                         

                    	
                        
                        34

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        
                        ARTICLE VI -
                        INDEMNIFICATION / LIMITATION OF LIABILITY

                    	
                         

                    	
                        
                        35

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        Section 6.1

                    	
                        
                        Indemnification—Bluegreen

                    	
                         

                    	
                        
                        35

                    
	
                         

                    	
                        
                        Section 6.2

                    	
                        
                        Indemnification
                        –The Company

                    	
                         

                    	
                        
                        35

                    
	
                         

                    	
                        
                        Section 6.3

                    	
                        
                        Indemnification –
                        Service Provider

                    	
                         

                    	
                        
                        35

                    
	
                         

                    	
                        
                        Section 6.4

                    	
                        
                        Limitation of
                        Liability

                    	
                         

                    	
                        
                        35

                    

            
            i

            

            

            

            	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        
                        ARTICLE VII -
                        MISCELLANEOUS

                    	
                         

                    	
                        
                        36

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        Section 7.1

                    	
                        
                        GOVERNING
                        LAW

                    	
                         

                    	
                        
                        36

                    
	
                         

                    	
                        
                        Section 7.2

                    	
                        
                        Submission to
                        Jurisdiction

                    	
                         

                    	
                        
                        36

                    
	
                         

                    	
                        
                        Section 7.3

                    	
                        
                        Remedies

                    	
                         

                    	
                        
                        36

                    
	
                         

                    	
                        
                        Section 7.4

                    	
                        
                        Notice/Default

                    	
                         

                    	
                        
                        37

                    
	
                         

                    	
                        
                        Section 7.5

                    	
                        
                        Notices

                    	
                         

                    	
                        
                        37

                    
	
                         

                    	
                        
                        Section 7.6

                    	
                        
                        Assignment

                    	
                         

                    	
                        
                        39

                    
	
                         

                    	
                        
                        Section 7.7

                    	
                        
                        Confidentiality

                    	
                         

                    	
                        
                        39

                    
	
                         

                    	
                        
                        Section 7.8

                    	
                        Good
                        Faith Cooperation, Negotiation, Operation and Performance

                    	
                         

                    	
                        
                        39

                    
	
                         

                    	
                        
                        Section 7.9

                    	
                        
                        Severability

                    	
                         

                    	
                        
                        39

                    
	
                         

                    	
                        
                        Section 7.10

                    	
                        
                        Counterparts

                    	
                         

                    	
                        
                        40

                    
	
                         

                    	
                        
                        Section 7.11

                    	
                        
                        Entire
                        Agreement

                    	
                         

                    	
                        
                        40

                    
	
                         

                    	
                        
                        Section 7.12

                    	
                        
                        Construction

                    	
                         

                    	
                        
                        40

                    
	
                         

                    	
                        
                        Section 7.13

                    	
                        No
                        Condition Precedent

                    	
                         

                    	
                        
                        40

                    
	
                         

                    	
                        
                        Section 7.14

                    	
                        Time
                        is of the Essence

                    	
                         

                    	
                        
                        40

                    
	
                         

                    	
                        
                        Section 7.15

                    	
                        
                        Consideration

                    	
                         

                    	
                        
                        40

                    

            List of
            Exhibits

            	
                         

                    	
                         

                    
	
                        
                        Exhibit A-1

                    	
                        Bass
                        Pro Trademarks, Trade Names, Service Marks, Proprietary Marks, Logos and
                        Unique Signs

                    
	
                        
                        Exhibit A-2

                    	
                        Big
                        Cedar Trademarks, Trade Names, Service Marks, Proprietary Marks, Logos and
                        Unique Signs

                    
	
                        
                        Exhibit B-1

                    	
                        Big
                        Cedar Timeshare Project Property Description

                    
	
                        
                        Exhibit B-2

                    	
                        Red
                        Rock Bluff Property Description

                    
	
                        
                        Exhibit C

                    	
                        
                        Prospect Track (to be
                        revised within 30 days)

                    

            ii

            

            

            

            AMENDED AND
            RESTATED

            MARKETING AND PROMOTIONS AGREEMENT

            
                      
            THIS AMENDED AND RESTATED MARKETING AND PROMOTIONS AGREEMENT (this
            “Agreement”) is made and entered into as of this 31st day of
            December, 2007 by and among Big Cedar, L.L.C., a Missouri limited liability company
            (“Big Cedar”), Bass Pro, Inc., a Delaware corporation
            (“Bass Pro”), Bass Pro Outdoor World, L.L.C., a Missouri limited
            liability company (“BPOW”), Bass Pro Outdoors Online, L.L.C., a
            Missouri limited liability company (“BP Online”), BPS Catalog, L.P.,
            a Missouri limited partnership (“BPS Catalog”), Bass Pro Trademarks,
            L.L.C., a Missouri limited liability company (“BP Trademarks”),
            World Wide Sportsman, Inc., a South Carolina corporation (“WW
            Sportsman”), Bass Pro Shops Canada, Inc., an Ontario corporation
            (“BPS Canada”), Bass Pro Shops Canada (Calgary), Inc., a Canada
            corporation (“BPS Canada Calgary”), BPIP, LLC, a Virginia limited
            liability company, (“BPIP”), Tracker Marine, L.L.C., a Missouri
            limited liability company (“Tracker Marine”), Bluegreen Vacations
            Unlimited, Inc., a Florida corporation (“Bluegreen”), and
            Bluegreen/Big Cedar Vacations, LLC, a Delaware limited liability company (the
            “Company”). Each of Big Cedar, Bass Pro, BPOW, BP Online, BPS
            Catalog, BP Trademarks, WW Sportsman, BPS Canada, BPS Canada Calgary and BPIP are
            sometimes referred to herein as a “Service Provider,” and they are
            sometimes collectively referred to herein as the “Service
            Providers.” Each of Bluegreen and the Company are sometimes referred to
            herein as an “Advertiser,” and they are sometimes collectively
            referred to herein as the “Advertisers.”

            
            WITNESSETH

            
                      
            WHEREAS, Big Cedar, Bass Pro, Bluegreen, and the Company previously entered into
            that certain Marketing and Promotions Agreement dated as of June 16, 2000 (the
            “Original M&P Agreement”), which provided for an arrangement by
            which Big Cedar, Bass Pro and certain Affiliates of Bass Pro provided to Bluegreen and
            certain Affiliates of Bluegreen, promotional, marketing and advertising
            services;

            
                      
            WHEREAS, Big Cedar and Bluegreen are members of the Company, and the Company has
            acquired certain real property adjacent to the Big Cedar Timeshare Project (as defined
            herein) for purposes of the construction and development of the Building 3000 Project
            (as defined herein), and has acquired the Red Rock Bluff Property (as defined herein)
            for purposes of the construction and development of the Red Rock Bluff Timeshare
            Project (as defined herein); and

            
                      
            WHEREAS, in connection with the acquisition of the Red Rock Bluff Property and the
            construction and development of the Building 3000 Project and the Red Rock Bluff
            Timeshare Project, Big Cedar, Bass Pro, Bluegreen, the Company and the other parties
            hereto now desire to amend and restate the Original M&P Agreement in its entirety
            on the terms and conditions set forth herein.

            

            

            

            
                      
            NOW,THEREFORE, for good and valuable consideration, the receipt and
            sufficiency of which is hereby acknowledged, and the mutual promises contained herein,
            the parties hereby agree as follows:

            ARTICLE I -
            DEFINITIONS

            
                      Section
            1.1    Definitions.

            
                                (a)       As
            used herein, the following terms have the following meanings:

            
                                            (i)     
            Affiliate as to any Person means (1) any other Person directly or indirectly
            through one or more intermediaries controlling, controlled by or under common control
            with such Person, or (2) a trust which has as its principal income beneficiaries or
            remaindermen such Person and/or a member or members of such Person’s Immediate
            Family. The terms “controlling,” “controlled” and “common
            control with” mean the ability, by ownership of voting securities or otherwise,
            directly or indirectly, to direct the managerial and operating policies of a Person.
            Except as used in Section 2.11, Affiliates of the Service Providers shall only
            include Bass Pro and any controlled subsidiary of Bass Pro. Affiliates of Bluegreen
            shall only include Bluegreen Corporation and any controlled subsidiary of Bluegreen
            Corporation.

            
                                            (ii)    
            Approved Alternative Marketing Programs shall mean, certain additional marketing
            programs which from time to time may be determined by the Company to be in the best
            interests of the Company. Such programs may include, but not be limited to, sponsorship
            of NASCAR events and/or Drivers.

            
                                            (iii)   
            Bankruptcy Event means, with respect to any Person, (i) the commencement by such
            Person of a voluntary case under, or the consent by such Person to the entry of an
            order for relief in an involuntary case under, any bankruptcy, insolvency, fraudulent
            conveyance, reorganization, moratorium or other similar law now or hereafter in effect,
            or (ii) the consent by such Person to the appointment of, or taking possession by,
            a receiver, custodian, liquidator, assignee, trustee or sequestrator (or other similar
            official) of such Person or of any substantial part of its assets, or (iii) the making
            of a general assignment by such Person generally to pay its debts as they benefit
            creditors, or (iv) the admission in writing of such Person of its inability to pay its
            debts as they become due in the ordinary course of business, or (v) the adoption of a
            resolution by its directors or shareholders (or analogous managers or equity owners) in
            furtherance of any of the foregoing, or (vi) the entry by a court of competent
            jurisdiction of a decree or order for relief in respect of such Person in an
            involuntary case under any bankruptcy, insolvency, fraudulent conveyance,
            reorganization, moratorium or other similar Law now or hereafter in effect and the
            continuance of such decree or order unstayed and in effect for a period of sixty (60)
            days, or (vii) the appointment of a receiver, examiner, custodian, liquidator,
            assignee, trustee or sequestrator (or other similar official) of such Person or of any
            substantial part of its assets, or (viii) the ordering of the winding up or liquidation
            of its affairs, or conversion of a pending reorganization proceeding into a proceeding
            under Chapter 7 of the Bankruptcy Code or other proceeding to liquidate or otherwise
            dispose of a substantial part of such Person’s properties.

            2

            

            

            

            
                                          (iv)     
            Bass Pro Catalog means those certain retail catalogs published seasonally by BPS
            Catalog.

            
                                          (v)      
            Bass Pro Mailing List means the lists of the names and mailing addresses of the
            customers and clients of Bass Pro and its subsidiaries as are customarily kept by BP
            Trademarks; provided, however, the Bass Pro Mailing List shall only
            include such information to the extent it is available and permitted to be shared with
            others pursuant to applicable law. The Bass Pro Mailing List shall include such
            customers and clients as now exist or hereafter may exist subject to such limitations
            as may otherwise be set forth herein.

            
                                          (vi)     
            Bass Pro Marks means those certain trademarks, trade names, service marks,
            proprietary marks, logos and unique signs or marks owned by BP Trademarks and
            identified on Exhibit A-1 hereto.

            
                                          (vii)    
            Bass Pro Shops means those certain retail stores operated by Bass Pro, BPOW, WW
            Sportsman, BPS Canada, BPS Canada (Calgary) or Affiliates of Bass Pro, known as
            “Bass Pro Shops,” “Bass Pro Outdoor World,” Bass Pro
            Sportsman’s Warehouse,” and “Bass Pro Shops White River
            Outpost,” and they are each individually referred to herein as a Bass Pro
            Shop.

            
                                          (viii)   
            Bass Pro Website means that certain internet website owned and operated by BP
            Online, and located at the top level domain name basspro.com.

            
                                          (ix)     
            Big Cedar Lodge means that certain resort facility known as the Big Cedar Lodge
            located in Ridgedale, Taney County, Missouri, which as of the date hereof is owned and
            operated by Big Cedar.

            
                                          (x)      
            Big Cedar Mailing List means the lists of the names and mailing addresses of the
            customers and clients of Big Cedar, including occupants of the Big Cedar Lodge, as are
            customarily kept by Big Cedar; provided, however, the Big Cedar Mailing
            List shall only include such information to the extent it is available and permitted to
            be shared with others pursuant to applicable law. The Big Cedar Mailing List shall
            include such customers and clients as now exist or hereafter may exist subject to such
            limitations as may otherwise be set forth herein.

            
                                          (xi)     
            Big Cedar Marks means those certain trademarks, trade names, service marks,
            proprietary marks, logos and unique signs or marks owned by Big Cedar and identified on
            Exhibit A-2 hereto.

            
                                          (xii)    
            Big Cedar Timeshare Project means that certain timeshare project developed or to be
            developed by the Company, inclusive of the Building 3000 Project, located contiguous to
            the Big Cedar Lodge in Taney County, Missouri, which timeshare project is located or is
            to be located on that certain property described on Exhibit B-1
            hereto.

            
                                          (xiii)   
            Big Cedar Timeshare Website means that certain internet website owned and operated
            by the Company, designed to advertise, market and promote the Timeshare Projects, and
            located at the top-level domain name wildernessclubatbigcedar.com.

            3

            

            

            

            
                                          (xiv)     
            Bluegreen Mailing List means the lists of the names and mailing addresses of the
            customers and clients of Bluegreen and its Affiliates, including (without limitation)
            owners of timeshare interests in Bluegreen’s Timeshare Facilities, as are
            customarily kept by Bluegreen and its Affiliates; provided, however, the
            Bluegreen Mailing List shall only include such information to the extent it is
            available and permitted to be shared with others pursuant to applicable law. The
            Bluegreen Mailing List shall include such customers and clients as now exist or
            hereafter may exist subject to such limitations as may otherwise be set forth
            herein.

            
                                          (xv)     
            Bluegreen Website means that certain internet website owned and operated by
            Bluegreen, and located at the top-level domain name bluegreenvacations.com.

            
                                          (xvi)     
            Bluegreen Timeshare Website means that certain internet website Bluegreen has
            created and developed, which has been designed to advertise, market and promote
            Bluegreen’s Timeshare Facilities, located at the top-level domain name
            bluegreenonline.com.

            
                                          (xvii)    
            Bluegreen Vacation Club means that certain vacation club operated by Bluegreen,
            which was initially filed pursuant to Florida Statutes Chapter 721 (The Florida
            Vacation Plan and Timesharing Act), and is identified in accordance with such
            registration as the Bluegreen Vacation Club.

            
                                          (xviii)   
            Bluegreen’s Timeshare Facilities means the Resort Interest Programs,
            including but not limited to the Bluegreen Vacation Club, designed, developed, marketed
            and/or sold by Bluegreen or its Affiliates, excluding the Timeshare Projects, whether
            such facilities now exist or may from time to time exist in the future.

            
                                          (xix)     
            BP/Tracker Competitor means any Person that engages in, whether as shareholder,
            partner, member, manager, independent contractor, consultant, agent, principal,
            creditor, or otherwise, or is an Affiliate of a Person that engages in, the sale of
            hunting, fishing, camping, marine and/or boating products, equipment or services that
            directly compete with the products, equipment and services sold by Bass Pro, Tracker
            Marine or Tracker Marine Retail, LLC, or their respective subsidiaries,
            provided, however, that a BP/Tracker Competitor shall not include any
            Person that sells hunting, fishing, camping, marine and/or boating products, equipment
            or services as an incidental part of its business. Sales shall be deemed
            “incidental” to a Person’s business if sales of hunting, fishing,
            camping, marine and/or boating products, equipment or services amount to less than 50%
            of such Person’s revenues. Examples of BP/Tracker Competitors include, but are
            not limited to, Cabela’s, Gander Mountain and Sportsman’s Warehouse. For
            purposes of clarity, Sports Authority, Dick’s Sporting Goods, as they are
            currently constituted, and similar sporting goods companies, would not be deemed to be
            a BP/Tracker Competitor.

            
                                          (xx)      
            Building 3000 Project means that certain portion of the Big Cedar Timeshare Project
            currently referred to as “Building 3000” to be developed by the Company in
            accordance with the terms of the Operating Agreement, which is further described on
            Exhibit B-1 hereto.

            4

            

            

            

            
                                          (xxi)     
            Competing Resort shall mean any seller, marketer, developer, exchange company, club
            or lead generator, together with any officer, director, employee, member, shareholder,
            partner, trustee or relative within the third degree of kindred of any of the
            foregoing, or any other person or entity which is controlled by any of the foregoing,
            or any partner, member, shareholder, trustee or beneficiary of any of the foregoing, as
            respects any timeshare resort or resort interest development, together with any party
            or entity that may be in competition with Bluegreen or any Bluegreen Affiliate,
            excepting, however, Bluegreen and any Bluegreen Affiliate. For purposes of this
            Agreement, the Timeshare Projects and any Fractional Interest Development shall not be
            deemed Resort Interest Programs “in direct competition with Bluegreen or its
            Affiliates.”

            
                                          (xxii)    
            Fractional Interest Development means a Resort Interest Program in which the
            interests that are conveyed to purchasers are in increments of time that are greater
            than or equal to six weeks per year.

            
                                          (xxiii)   
            Immediate Family means, with respect to any Person, the parents, siblings, spouse
            and lineal descendants, spouses of such lineal descendants and any trust for the
            benefit of, or the legal representative of, any of the preceding persons, or any
            partnership substantially all of the partners of which are one or more of such persons
            or the Person or any limited liability company substantially all of the members of
            which are one or more of such persons or the Person.

            
                                          (xxiv)   
            Mailing Lists means the Bass Pro Mailing List, the Big Cedar Mailing List and the
            Bluegreen Mailing List, collectively.

            
                                          (xxv)    
            Marks means Big Cedar Marks and Bass Pro Marks.

            
                                          (xxvi)   
            Net Sales Volume means the dollar amount of gross annual sales of timeshare
            interests less the aggregate dollar amount of purchaser cancellations, rescissions,
            equity trade allowances, and defaults.

            
                                          (xxvii)  
            Operating Agreement means that certain Amended and Restated Operating Agreement of
            Company, dated as of the date hereof, by and between Bluegreen and Big
            Cedar.

            
                                          (xxviii) 
            Person means an individual, partnership, corporation, limited liability company,
            trust, governmental entity or other association or entity.

            
                                          (xxix)   
            Preferential Treatment means preferred and preferential pricing on a “most
            favored nation” basis with respect to any and all fees, costs, price reductions,
            rebates, allowances, expenses or charges as might be offered to any other Person, not
            an Affiliate of any of the Service Providers or Tracker Marine or its Affiliates or
            Tracker Marine Retail, LLC or its Affiliates, and at all times at least as favorable to
            the best pricing offered to any other Person, not an Affiliate of any of the Service
            Providers, Tracker Marine or its Affiliates or Tracker Marine Retail, LLC or its
            Affiliates.

            5

            

            

            

            
                                          (xxx)     
            Red Rock Bluff Property means that certain property, more particularly described in
            Exhibit B-2 hereto, purchased by the Company for the development of the Red Rock
            Bluff Timeshare Project.

            
                                          (xxxi)     
            Red Rock Bluff Timeshare Project means that certain timeshare project to be
            developed on the Red Rock Bluff Property by the Company in accordance with the terms of
            the Operating Agreement.

            
                                          (xxxii)   
            Resort Interest Program means any form of timeshare, interval interest, timeshare
            exchange, undivided interest program, timeshare club membership, points-based program,
            or occupancy program, whereby the use, occupancy or possession of real property or real
            property improvements has been made subject to a conveyance, use or occupancy or
            possession right, which circulates among purchasers according to a first come, first
            serve reservation system, or a floating or fixed time schedule on a periodic,
            re-occurring basis, over any period of time in excess of one (1) year in
            duration.

            
                                          (xxxiii)  
            Timeshare Projects means collectively the Big Cedar Timeshare Project and the Red
            Rock Bluff Timeshare Project, together with such other Resort Interest Programs as may
            be owned, developed and sold by the Company from time to time.

            
                                          (xxxiv)  
            Tracker Website means that certain internet website owned and operated by Tracker
            Marine, and located at the top level domain name trackerboats.com.

            
                                (b)     Each
            of the following terms shall have the meaning assigned to such term in the Section
            indicated:

            	
                         

                    	
                         

                    
	
                        
                        Term

                    	
                        
                        Section

                    
	
                        

                    	
                        

                    
	
                        
                        Advertisers

                    	
                        
                        Preamble

                    
	
                        
                        Advertising
                        Space

                    	
                        
                        2.3(a)

                    
	
                        
                        Agreement

                    	
                        
                        Preamble

                    
	
                        
                        Annual
                        Prepayment

                    	
                        
                        4.2(a)

                    
	
                        BG
                        Mailing List Licensee

                    	
                        
                        2.6(c)

                    
	
                        Big
                        Cedar Mailing List License

                    	
                        
                        2.6(b)

                    
	
                        Big
                        Cedar Marks License

                    	
                        
                        2.9(b)

                    
	
                        
                        Bluegreen
                        CEO

                    	
                        
                        7.3(d)

                    
	
                        
                        Bluegreen Hyperlink
                        License

                    	
                        
                        2.5(b)(i)

                    
	
                        
                        Bluegreen Mailing List
                        License

                    	
                        
                        2.6(c)

                    
	
                        BP
                        Hyperlink License

                    	
                        
                        2.5(a)(i)

                    
	
                        
                        BP/BC Marketing
                        Channels

                    	
                        
                        2.1

                    
	
                        BP
                        Icon

                    	
                        
                        2.5(b)(ii)

                    
	
                        BP
                        Marks License

                    	
                        
                        2.9(a)

                    
	
                        BP
                        Mailing List License

                    	
                        
                        2.6(a)

                    
	
                        
                        CEOs

                    	
                        
                        7.3(d)

                    

            
            6

            

            

            

            	
                         

                    	
                         

                    
	
                        
                        Term

                    	
                        
                        Section

                    
	
                        

                    	
                        

                    
	
                        
                        Commission
                        Report

                    	
                        
                        4.1(b)

                    
	
                        
                        Concierge
                        Desk

                    	
                        
                        2.7(c)

                    
	
                        
                        Floor Space
                        License

                    	
                        
                        2.4(a)

                    
	
                        
                        Generation
                        Commission

                    	
                        
                        4.1(a)

                    
	
                        
                        Intellectual
                        Property

                    	
                        
                        2.11

                    
	
                        
                        Licensed
                        Space

                    	
                        
                        2.4(a)

                    
	
                        
                        Mailing List
                        Intermediary

                    	
                        
                        2.6(a)(i)

                    
	
                        
                        Original M&P
                        Agreement

                    	
                        
                        Recitals

                    
	
                        
                        Post-Termination
                        Generation Commissions

                    	
                        
                        4.2(f)

                    
	
                        
                        Resort Icon

                    	
                        
                        2.5(a)(ii)

                    
	
                        
                        Service
                        Provider(s)

                    	
                        
                        Preamble

                    
	
                        Shop
                        Licensor

                    	
                        
                        2.4(a)

                    
	
                        
                        Shortfall

                    	
                        
                        4.2(g)

                    
	
                        
                        Submission
                        Date

                    	
                        
                        2.3(b)

                    
	
                        
                        Tracker Icon

                    	
                        
                        2.5(b)(ii)

                    
	
                        
                        Utility
                        Service

                    	
                        
                        2.4(j)

                    

            ARTICLE II -
            MARKETING AND PROMOTION OF BLUEGREEN’S

            TIMESHARE FACILITIES AND THE TIMESHARE PROJECTS

            
                      Section
            2.1     General. During the term of this Agreement, the
            Service Providers shall provide the promotional, marketing and advertising services
            described in this Article II, including, without limitation, the Advertising
            Space, the Floor Space License, the Big Cedar Mailing List License, the BP Mailing List
            License, the Big Cedar Hyperlink License, the BP Hyperlink License, the Big Cedar Marks
            License, the BP Marks License, use of Big Cedar Lodge as described in Section
            2.7, and placement of signage as described in Section 2.8 (collectively
            referred to herein as the “BP/BC Marketing Channels”), to Bluegreen
            for the benefit of Bluegreen’s Timeshare Facilities, and to the Company for the
            benefit of the Timeshare Projects. The BP/BC Marketing Channels shall be provided in
            the amount and quantities and at such times as specified in this Agreement, subject to
            the restrictions, limitations and conditions set forth in this Agreement.

            
                      Section
            2.2     Term. The initial term of this Agreement shall
            expire on January 1, 2015. This Agreement shall automatically renew for additional one
            (1) year periods on January 1 each subsequent year unless one party delivers written
            notice of intent to terminate this Agreement to the other parties on or before
            September 1 of the preceding year. Notwithstanding the foregoing, if Big Cedar has not
            received the Annual Prepayment (defined below) for the year 2015 or any succeeding year
            on or before January 1 of each such renewal year (or within ten (10) days thereafter),
            any Service Provider may elect to terminate this Agreement for all purposes and with
            respect to all parties at any time upon written notice to the Advertisers.

            7

            

            

            

            
                      Section
            2.3      Bass Pro Catalog.

            
                                (a)
                     Advertising. During the
            term of this Agreement, BPS Catalog agrees to make advertising, marketing and promotion
            copy space within each Bass Pro Catalog (the “Advertising Space”)
            routinely and consistently available to the Advertisers as would be commercially
            reasonable. The Advertising Space shall be used by the Advertisers solely for
            advertising, marketing and promotion relating to or connected with the Timeshare
            Projects and Bluegreen’s Timeshare Facilities; provided, however,
            that the Advertising Space shall be used to give priority to promotion of the Timeshare
            Projects, and the Timeshare Projects’ inclusion in the Bluegreen Vacation Club
            over promotion of Bluegreen’s Timeshare Facilities. The size and placement of the
            Advertising Space shall be as determined by BPS Catalog, but will be sufficient to
            establish prominent marketing support for the Timeshare Projects and Bluegreen’s
            Timeshare Facilities, and at least one full page per Bass Pro Catalog shall be
            available to the Advertisers. While the Advertising Space shall be made available by
            BPS Catalog, nothing herein contained shall require the Advertisers to use the
            Advertising Space on each and every occasion.

            
                                (b)
                     Terms of Advertising. BPS
            Catalog agrees to notify Bluegreen at least ninety (90) days before the date necessary
            for submission of an advertisement for publication (“Submission
            Date”) in each of the Bass Pro Catalogs. Bluegreen agrees to submit a copy of
            its advertising copy, together with all layouts, cuts, mats and electrotypes, intended
            for publication, at least thirty (30) days in advance of the Submission Date. If BPS
            Catalog notifies Bluegreen ninety (90) days before the Submission Date and Bluegreen
            fails to submit a copy of its advertising for publication to BPS Catalog at least
            thirty (30) days in advance of the Submission Date, then BPS Catalog will not be
            obligated to insert the advertisement in the applicable Bass Pro Catalog, unless
            otherwise agreed by the BPS Catalog and Bluegreen. Bluegreen acknowledges that BPS
            Catalog requires significant lead times to plan and paginate Bass Pro Catalogs.
            Therefore, once Bluegreen submits a copy of its advertising for publication, Bluegreen
            shall be responsible for all costs associated with publication of such advertisement as
            described in Section 2.3(c), without refund. Within five (5) days after the
            publication of each Bass Pro Catalog in which Bluegreen or the Company has placed an
            advertisement, BPS Catalog shall furnish Bluegreen with three (3) copies of such Bass
            Pro Catalog. All positions are at the option of BPS Catalog. Under no circumstances can
            any claim for adjustment, refund or re-insertion be allowed because of the position in
            which an advertisement has been published or inserted. It is the sole responsibility of
            the Advertisers to check the correctness of each insertion of an advertisement.
            Advertisements submitted after the deadline for proof service are submitted at the
            Advertiser’s own risk, and Service Providers shall have no liability for errors
            or omissions in such Advertisements. Service Providers assume no responsibility for the
            repetition of errors in advertising ordered for more than one insertion, unless
            notified before the printing closing time on the same day an error occurs.

            
                                (c)
                     Consideration; Expenses.
            The Advertising Space shall be made available to the Advertisers at no further cost or
            expense to the Advertisers, and BPS Catalog agrees that the Advertising Space has been
            paid for in full so long as the Advertisers comply with their obligations set forth in
            this Agreement, including, without limitation, the timely payment by Bluegreen of
            Generation Commissions; provided,however, that the Advertisers agree to
            pay BPS Catalog publication costs in relation to the Advertisers’ use of the
            Advertising Space, which shall include direct cost of postage, printing, paper,
            creative color separation, bind-ins, and

            8

            

            

            

            service bureau
            charges and a fair and reasonable allocation of administrative overhead, at cost, and
            without markup, on a Preferential Treatment Basis, which payments shall be due within
            thirty (30) days after receipt of proof of insertion and publication in the Bass Pro
            Catalog and the invoice for publication costs.

            
                                (d)
                     Restrictions. During the
            term of this Agreement, except as otherwise provided herein, the Service Providers
            shall not allow, accept, publish, print, include or authorize any advertising,
            marketing or promotional material in any of the Bass Pro Catalogs, or other respective
            catalogs or publications published by the Service Providers, which reference, promote
            or relate to any Competing Resort; provided, however, that the Service
            Providers may accept advertisements or promotions in their respective catalogs, which
            advertisements or promotions may include therein the name of an enterprise and its
            respective property, so long as such advertisements or promotions do not promote,
            advertise or market Resort Interest Programs relating to such enterprise or prospects
            respecting the foregoing, nor does such advertisement or promotion constitute a Resort
            Interest Program advertisement, nor do the properties included in such advertisements
            constitute a Resort Interest Program. Nothing herein contained shall limit the right of
            the Service Providers to sell their retail products in stores, via the internet, and
            through catalogs to other purchasers, even though such purchasers may be in competition
            with the Company or Bluegreen (such entities including, but not limited to, Opryland,
            Disney World, John Q. Hammons Industries and other similar enterprises). The Service
            Providers may advertise such companies and other resorts in Bass Pro Shops, on the Bass
            Pro Website and within the Bass Pro Catalogs, so long as the Service Providers do not
            promote or market Resort Interest Programs of such companies, nor do the resorts
            advertised include or contain any Resort Interest Programs nor efforts to market Resort
            Interest Programs.

            
                      Section
            2.4      Bass Pro Shops.

            
                                (a)
                     Grant of License. During
            the term of this Agreement, Bass Pro (on behalf of itself and any Affiliate of Bass Pro
            that may operate a Bass Pro Shop in the future), BPOW, WW Sportsman, BPS Canada and BPS
            Canada Calgary (each, a “Shop Licensor,” and collectively, the
            “Shop Licensors”) hereby grant, bargain and exchange unto the
            Advertisers, during the term of this Agreement, a limited, non-exclusive license (the
            “Floor Space License”) to use floor space, including kiosk space, in
            each Bass Pro Shop (the “Licensed Space”)for marketing and promotion
            of the Timeshare Projects and Bluegreen’s Timeshare Facilities, on the terms and
            conditions set forth herein. The Advertisers hereby accept the Floor Space License. The
            Floor Space License shall apply to existing and future Bass Pro Shops. The Floor Space
            License is granted by Bass Pro for those Bass Pro Shops that are operated by Bass Pro
            or that will be operated by Bass Pro or an Affiliate of Bass Pro in the future; the
            Floor Space License is granted by each other Shop Licensor for those Bass Pro Shops
            that are operated by such Shop Licensor.

            
                                (b)
                     Floor Space.

            
                                              
            (i)          The total amount of Licensed
            Space available in each existing Bass Pro Shop in which floor space was licensed to the
            Advertisers pursuant to the Original M&P Agreement shall be equal to the amount of
            floor space currently used by the Advertisers. The total amount of Licensed Space
            available in all other Bass Pro Shops shall be as mutually agreed

            9

            

            

            

            by the
            Advertisers and the applicable Shop Licensor, provided that the amount of
            Licensed Space available in each Bass Pro Shop shall be no less than one hundred (100)
            square feet and no greater than one thousand (1000) square feet, used singularly or in
            multiple separate areas in and throughout each Bass Pro Shop. The configuration of the
            Licensed Spaces shall be determined by the Advertisers and the Shop Licensors as may
            mutually be agreed from time to time.

            
                                              
            (ii)          All Licensed Spaces shall be
            located to effectively promote, market and advertise the Timeshare Projects and
            Bluegreen’s Timeshare Facilities. Licensed Spaces may be used for establishment
            of kiosks, interactive computers, a stepped marketing track or program through which
            prospective consumers may proceed, or such alternative similar uses as may be
            determined by the Advertisers. The location of the kiosks, computers, marketing tracks
            or similar uses, shall not interfere with the customary and normal retail operations of
            the applicable Bass Pro Shop. Any modifications regarding the location of the floor
            space and the foregoing particulars (i.e., kiosks, interactive computers, marketing
            track, etc.) inconsistent with the schematic plan referenced above shall only occur
            upon approval of the applicable Shop Licensor, whose approval shall not be unreasonably
            withheld or denied. Except as otherwise provided in this Section 2.4, including,
            without limitation, Section 2.4(f), all potential sales prospects who are
            originated from contact at any of such Licensed Spaces shall not be limited to
            marketing or sales for any particular or specific Bluegreen Timeshare Facility or the
            Timeshare Projects.

            
                                (c)
                     Additional Space. In
            addition to the Licensed Space specified in Section 2.4(b)(i), the Shop
            Licensors agree that additional Licensed Spaces in each Bass Pro Shop may be made
            available to the Advertisers on terms to be negotiated on a store-by-store basis, upon
            request by the Advertisers to the applicable Shop Licensor for such additional Licensed
            Spaces; provided, such additional space shall not interfere with the customary
            normal operations of any Bass Pro Shop and shall only be available upon establishment
            that the existing Licensed Space is effectively inducing prospects in respect to
            timeshare sales. Any additional Licensed Space provided pursuant to this Section
            2.4(c) shall be made available in the applicable Store Licensor’s sole
            discretion.

            
                                (d)
                     Purpose of Floor Space
            License. The Floor Space License is limited to the operation of an area from which
            the Advertisers may market, promote and otherwise solicit interest in respect to
            acquisition of timeshare interests in the Timeshare Projects or Bluegreen’s
            Timeshare Facilities, as limited by Section 2.4(f).

            
                                (e)
                     Exclusivity /
            Non-Exclusivity. Except as otherwise specifically provided herein, the Floor Space
            License shall be non-exclusive to the Advertisers, and the Shop Licensors reserve the
            right to use the Bass Pro Shops in respect of any product or service. Nothing in this
            Agreement shall prevent any Shop Licensor from granting any other licenses for the use
            of the floor space in Bass Pro Shops or from permitting others to use floor space
            within Bass Pro Shops in any manner whatsoever, provided, however, that,
            during the term of this Agreement, no floor space in any Bass Pro Shop shall be
            provided, made available or offered to any Competing Resort or any operator or marketer
            thereof for the purpose of marketing, promoting or soliciting timeshare interests or
            prospects therefor.

            10

            

            

            

            
                                (f)
                     Radius Restriction.
            Notwithstanding anything herein to the contrary, beginning at such time as there are
            timeshare units available for sale at the Big Cedar Timeshare Project (including
            Building 3000) or the Red Rock Bluff Timeshare Project, and continuing until such time
            as 90% or more of the timeshare interests in the Big Cedar Timeshare Project (including
            the Building 3000 Project) and 90% or more of the timeshare interests in the Red Rock
            Bluff Timeshare Project have been sold, the Bass Pro Shops located in Springfield,
            Missouri and Branson, Missouri shall not be used to promote or market any Bluegreen
            Timeshare Facility located within 50 miles of the Timeshare Projects, including,
            without limitation, the Falls Village Resort located in Branson, Missouri.

            
                                (g)
                     Use of Licensed Space. The
            Floor Space License shall authorize the Advertisers to operate during the regular
            business hours of each Bass Pro Shop. The Advertisers’ method of conducting
            business shall at all times be in keeping with and not inconsistent with or detrimental
            to the operation of each Bass Pro Shop by the Shop Licensors.

            
                                (h)
                     Personnel. All personnel
            staffing the Licensed Space will be employed by Bluegreen. The business to be conducted
            by the Advertisers under the Floor Space License shall at all times be adequately
            staffed with competent personnel. In no event shall the operators or employees of the
            Advertisers engage in “high pressure salesmanship” in the solicitation or
            marketing to customers. Activities of the Advertisers and their personnel conducted
            pursuant to the Floor Space License shall be in a manner not offensive to the customers
            of the Shop Licensors, and in compliance with all applicable requirements of law.
            Advertisers and their personnel shall not use endorsements or testimonials of any
            Service Provider, any Affiliate of a Service Provider or any Person controlling a
            Service Provider, and shall not represent to potential customers that any Service
            Provider, any Affiliate of a Service Provider or any Person controlling a Service
            Provider recommends the Timeshare Projects or Bluegreen’s Timeshare Facilities.
            The Advertisers shall each indemnify and defend the Service Providers from any losses,
            damages, lawsuits or other claims resulting from the violation by personnel of an
            Advertiser of the requirements set forth in this Section 2.4(h) or violations of
            law by personnel of the Advertisers within a Bass Pro Shop pursuant to the Floor Space
            License.

            
                                (i)
                     Shop Licensors Rights to
            Approve Personnel. Notwithstanding anything to the contrary in this Agreement, the
            Shop Licensors shall have the right to approve decisions by the Advertisers relating to
            personnel working in any Bass Pro Shop pursuant to the Floor Space License, including
            the right, upon written notice to the applicable Advertiser, to direct removal of any
            individual employee, consultant or other agent of the Advertisers from any Bass Pro
            Shop for good cause shown, including, but not limited to, Shop Licensors believing that
            the individual employee’s actions are detrimental to the respective Bass Pro
            Shop.

            
                                (j)
                     Utilities and Services.
            The Shop Licensors agree that each Bass Pro Shop will be made available to the
            Advertisers in a condition that will provide air conditioning, lighting, heating, water
            and toilet facilities and electrical service (“Utility Service”).
            The Shop Licensors shall, during the term of this Agreement, promptly pay all costs and
            expenses accruing or payable in connection with such Utility Service, except in the
            event such costs or expenses relate to improvements made by the Advertisers with
            respect to the Licensed Spaces. The Advertisers shall be responsible for expenses of
            telephone services and computer services to the areas in which the Advertisers exercise
            their business under the Floor Space License.

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                                (k)
                     Telephone Lines. The Shop
            Licensors acknowledge that telephone services are available to each Bass Pro Shop. The
            Advertisers shall bear the expense of extending the telephone service as necessary or
            convenient for the Advertisers’ business, pursuant to the terms of the Floor
            Space License, including acquisition costs of telephones and computers and installation
            of telephones or additional facilities or improvements, including computers.

            
                                (l)
                     Alterations and Additions.
            Neither Advertiser shall make any alterations, decorations, modifications or
            improvements in furtherance of its business under the Floor Space License unless such
            Advertiser has submitted the plans and specifications showing the design, type, style,
            color and materials to the applicable Shop Licensor, and the applicable Shop Licensor
            has given prior written approval. The Shop Licensors will exercise reasonable
            discretion in determining these requirements. Any alterations, decorations, additions,
            installations or improvements made by the Advertisers shall, at the discretion of the
            Shop Licensors become the property of the Shop Licensors upon termination of the Floor
            Space License, provided that the foregoing shall not apply to personal property
            such as telephones, computers, etc. Any equipment or personal property of the
            Advertisers within a Bass Pro Shop shall not become or at any time be considered a
            fixture of a Bass Pro Shop, regardless of the means by which it may be attached to the
            premises. If the applicable Shop Licensor directs the Advertisers to remove any and all
            such alterations, decorations, additions, installations or improvements made at a Bass
            Pro Shop, the Advertisers shall so remove the alterations, decorations, additions,
            installations or improvements at their respective sole cost and expense and make all
            repairs necessary to restore the premises to the original condition at the time of
            commencement of the Floor Space License.

            
                                (m)
                     Insurance / Risk of Loss.
            At all times during the term of the Floor Space License, the Advertisers shall, at
            their sole cost and expense, keep all of the Advertisers’ inventory of product,
            merchandise and contents and all of Advertisers’ improvements, furniture,
            equipment and fixtures within the licensed space insured against loss or damage by fire
            and the hazards covered by broad-form extended coverage clauses as well as coverage
            against loss of the merchandise within the Licensed Space due to theft or embezzlement
            in an amount at least equal to the replacement value thereof. At all times during the
            term of the Floor Space License, the Advertisers shall provide, at Advertisers’
            cost and expense, policies of commercial general liability insurance insuring the Shop
            Licensors and Advertisers against claims for injury and wrongful death occurring within
            the Licensed Space. Advertisers shall indemnify and hold Shop Licensors harmless from
            and against all liabilities, obligations, losses, damages and claims, actions, suits
            and proceedings, charges and expenses, including reasonable attorneys’ fees,
            which may be imposed upon or incurred by or asserted against Shop Licensors in respect
            of any use or condition of the Licensed Space or attributed to Advertisers’ use
            thereof. The Advertisers shall provide the Shop Licensors with certificates of
            insurance on an annual basis verifying the insurance required hereunder and all such
            policies shall name the applicable Shop Licensor as an additional insured thereunder
            and shall waive all rights of subrogation against the Shop Licensor.

            
                                (n)
                     Destruction of Premises.
            In the event that a Bass Pro Shop is damaged or destroyed during the term of this
            Agreement to the extent that it cannot be put into tenantable condition by the
            applicable Shop Licensor within one hundred eighty (180) days after damage or
            destruction, the Advertisers shall have the right to suspend operations under the Floor
            Space

            12

            

            

            

            License for that
            specific Bass Pro Shop. The Shop Licensors shall not be responsible for replacement,
            repairing or restoring any merchandise, fixtures or equipment installed by the
            Advertisers or that are otherwise the property of the Advertisers which may be damaged
            or destroyed in such event.

            
                                (o)
                     Maintenance. The Shop
            Licensors shall be responsible for and furnish normal janitorial services for each Bass
            Pro Shop, including the Licensed Space, on a regular basis, as often as necessary to
            keep the premises in a neat, clean and presentable condition consistent with the
            remainder of the Bass Pro Shop in which the Floor Space License is exercised by the
            Advertisers.

            
                                (p)
                     Eminent Domain. If during
            the term of this Agreement the whole or any part of any Bass Pro Shop is acquired or
            condemned by eminent domain, then the Floor Space License shall terminate and cease as
            to such Bass Pro Shop on the date of the title vesting in such proceeding, and the
            Advertisers shall not have any claim against the applicable Shop Licensor or the owner
            of the property (if other than the applicable Shop Licensor), nor the condemning
            authority for the value of the Floor Space License; provided that if the
            condemnation is partial, then the foregoing shall apply only if the Bass Pro Shop is
            unsuitable for the business of the Advertisers. In the event of the partial taking or
            condemnation that is not extensive enough to render the Bass Pro Shop unsuitable for
            business (which decision shall be determined by the Shop Licensors) then the Floor
            Space License shall continue in full force and effect.

            
                                (q)
                     Interest of the
            Advertisers. The interests, rights and responsibilities of the Advertisers under
            the Floor Space License are solely as nonexclusive licensees. The Shop Licensors and
            their respective designees shall have the unconditional right and privilege to enter
            the Licensed Spaces at any time, and the Shop Licensors retain possession, ownership or
            leasehold interest (as applicable), control, occupancy and use of the Licensed Spaces.
            The Floor Space License is in all respects subordinate to any lease or sublease
            applicable to any of the Bass Pro Shops. No real property is leased or subleased to the
            Advertisers by the Floor Space License, and the Floor Space License shall not create
            any estate, right, title or interest in real property or vest the Advertisers with any
            other property rights to or in the Licensed Space. The Advertisers shall have no rights
            as a tenants or subtenants of the Licensed Space. The rights conferred by the Floor
            Space License are personal to the Advertisers and shall not be construed to run with
            the land.

            
                                (r)
                     Consideration; Expenses.
            The Floor Space License is granted to the Advertisers at no further cost or expense to
            the Advertisers, and the Shop Licensors agree that the Floor Space License has been
            paid for in full so long as the Advertisers comply with their obligations set forth in
            this Agreement, including, without limitation, the timely payment by Bluegreen of
            Generation Commissions; provided, however, that the Company agrees to pay
            the actual expenses incurred by the Advertisers as provided in this Section 2.4
            in relation to the Bass Pro Shop located in Springfield, MO, including for telephones
            (and telephone usage) and/or additional facilities or improvements, including
            computers, installed in or operating from the Licensed Spaces, and staff personnel, and
            provided further, that the Advertisers agree to pay the actual expenses
            incurred by the Advertisers as provided in this Section 2.4 in relation to all
            other Bass Pro Shops, including for telephones (and telephone usage) and/or additional
            facilities or

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            improvements,
            including computers, installed in or operating from the Licensed Spaces, and staff
            personnel.

            
                      Section
            2.5     Website Links.

            
                                (a)
                   Bass Pro Website.

            
                                            
            (i)      Grant of License. During the term of this
            Agreement, BP Online hereby grants to each of the Advertisers, a worldwide, royalty
            free, non-exclusive license to establish hyperlinks from the Bass Pro Website as
            further provided in this Section 2.5(a) (the “BP Hyperlink
            License”), which shall be on the terms and subject to the conditions set
            forth in this Agreement.

            
                                            
            (ii)      Links from Bass Pro Website. Pursuant to the
            BP Hyperlink License, during the Term of this Agreement, BP Online shall maintain an
            icon on the Bass Pro Website identified as “Resorts” (or such other icon as
            is mutually acceptable to Bluegreen, the Company, Bass Pro and BP Online) (hereinafter
            “Resort Icon”). Upon clicking the Resort Icon by an internet
            user:

            
                                                        
            (A)      an additional icon shall exist to provide direct
            access to the Big Cedar Timeshare Website. In addition, if the Bass Pro Website
            contains a search box feature, internet user(s) shall by use of the search box feature
            be given an option to choose the icon for the Big Cedar Timeshare Website. Upon
            accessing the icon for the Big Cedar Timeshare Website, internet user(s) shall be
            directly linked to the Big Cedar Timeshare Website.

            
                                                        
            (B)      an additional icon shall exist to provide direct
            access to the Bluegreen Timeshare Website. In addition, if the Bass Pro Website
            contains a search box feature, internet user(s) shall by use of the search box feature
            be given an option to choose the icon for the Bluegreen Timeshare Website. Upon
            accessing the icon for the Bluegreen Timeshare Website, internet user(s) shall be
            directly linked to the Bluegreen Timeshare Website.

            
                                                        
            (C)      an additional icon shall exist to provide direct
            access to the Bluegreen Website. In addition, if the Bass Pro Website contains a search
            box feature, internet user(s) shall by use of the search box feature be given an option
            to choose the icon for the Bluegreen Website. Upon accessing the icon for the Bluegreen
            Website, internet user(s) shall be directly linked to the Bluegreen Website.

            
                                            
            (iii)      The BP Hyperlink License shall also permit
            Bluegreen to establish on the Bluegreen Website an icon and link to the Bass Pro
            Website and to internet information concerning the Timeshare Projects, inclusive of use
            of the Bass Pro Marks and Big Cedar Marks, subject to the approval of BP Trademarks or
            Big Cedar as provided in Section 2.9(c), to reflect such connection.

            
                                            
            (iv)      Exclusivity / Non-Exclusivity. Except as
            otherwise specifically provided herein, the BP Hyperlink License shall be non-exclusive
            to the Advertisers and BP Online reserves the right to use the Bass Pro Website in
            respect of any product or service. Nothing in this Agreement shall prevent BP Online
            from granting any other licenses for the use of the Bass Pro Website or from utilizing
            the Bass Pro Website or permitting the Bass Pro

            14

            

            

            

            Website to be
            utilized by others in any manner whatsoever; provided, however, BP Online
            agrees that it shall not grant any other licenses for use of the Bass Pro Website for
            the purpose of developing, marketing, promoting or advertising any Competing Resort,
            except as may otherwise be expressly provided for in this Agreement or otherwise agreed
            by the Advertisers.

            
                                            
            (v)      Consideration; Expenses. The BP Hyperlink
            License is granted to the Advertisers at no further cost or expense to the Advertisers,
            and BP Online agrees that the BP Hyperlink License has been paid for in full so long as
            the Advertisers comply with their obligations set forth in this Agreement, including,
            without limitation, the timely payment by Bluegreen of Generation Commissions;
            provided, however, that Bluegreen shall pay the actual expenses
            reasonably incurred by BP Online in the establishment of such hyperlinks and reasonable
            incremental costs associated with future changes in the internet platform.

            
                                
            (b)       Bluegreen Website.

            
                                            
            (i)      During the term of this Agreement, Bluegreen hereby
            grants to BP Online and Tracker Marine, a worldwide, royalty free, non-exclusive
            license to establish hyperlinks from the Bluegreen Website as further provided in this
            Section 2.5(b) (the “Bluegreen Hyperlink License”) which
            shall be on the terms and subject to the conditions set forth in this
            Agreement.

            
                                            
            (ii)      Links from Bluegreen Website. Pursuant to the
            Bluegreen Hyperlink License, Bluegreen shall maintain on the Bluegreen Website an icon
            to identify the Bass Pro Website (“BP Icon”) and an icon to identify
            the Tracker Website (the “Tracker Icon”) as are mutually acceptable
            to BP Online, Tracker Marine and Bluegreen. Upon clicking on the BP Icon or the Tracker
            Icon, internet user(s) will be provided direct access to the Bass Pro Website or the
            Tracker Website, respectively. In addition, if the Bluegreen Website contains a search
            box feature, internet user(s) shall be given an option to link to the Bass Pro Website
            or the Tracker Website through a separate BP Icon or Tracker Icon if they search BASS
            PRO, TRACKER or any similar term through such feature.

            
                                            
            (iii)      Consideration; Expenses. The Bluegreen
            Hyperlink License is granted to BP Online and Tracker Marine at no further cost or
            expense to BP Online or Tracker Marine, and Bluegreen agrees that the Bluegreen
            Hyperlink License has been paid for in full so long as the Service Providers comply
            with their obligations set forth in this Agreement; provided, however,
            that BP Online and Tracker Marine shall pay the actual expenses reasonably incurred by
            Bluegreen in the establishment of such hyperlinks and reasonable incremental costs
            associated with future changes in the internet platform.

            
                                            
            (iv)      Discontinuation. Tracker Marine and BP Online
            may request that the BP Icon and/or the Tracker Icon, and all links to the Bass Pro
            Website and the Tracker Website be removed from the Bluegreen Website at any time. Upon
            receipt of a written request for such removal, Bluegreen shall promptly, but in any
            event not more than three business days after receipt, comply with such request;
            provided, however, that Tracker Marine and BP Online shall pay the actual
            expenses reasonably incurred by Bluegreen in the removal of the BP Icon and Tracker
            Icon and removal of the related hyperlinks.

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                                (c)
                 Insurance. Bluegreen, the Company and BP Online
            shall have obtained within one hundred twenty (120)days after the date hereof, and
            shall maintain at all subsequent times during the term of this Agreement, at their sole
            cost and expense, cyber liability insurance coverage, which shall include, without
            limitation, privacy liability coverage (including for non-electronic security breaches)
            and regulatory liability coverage (including for breaches of state and federal privacy
            statutes and regulations such as the Fair and Accurate Credit Transaction Act of 2003),
            in such amounts and with such specific coverages as shall be commercially reasonable,
            provided that such insurance can be obtained on commercially reasonable terms at a cost
            not to exceed $100,000 per year, and to the extent that such costs would exceed
            $100,000 per year then such insurance shall either be scaled back so that it can be
            obtained within such price parameters or shall not be required to be
            obtained..

            
                                (d)
                 Affirmation Obligations. BP Online and the
            Advertisers agree at all times during the term of this Agreement: (i) the quality of
            their respective websites shall not be less than the quality that exists as of the date
            hereof; (ii) they shall each maintain a technologically capable web site utilizing
            state-of-the-art or legally required internet security protocol and encryption
            technology to secure electronic commerce transactions and to prevent unauthorized
            interception of transmitted data, along with appropriate notices to internet users and
            consumers; (iii) they shall not permit links to pornographic, lewd, immoral or sexually
            suggestive websites from their respective websites; and (iv) BP Online shall not permit
            any links from the Bass Pro Website to websites maintained by or on behalf of any
            Competing Resort, and Bluegreen shall not permit any links from the Bluegreen Website
            or the Bluegreen Timeshare Website to websites maintained by or on behalf of any
            BP/Tracker Competitor.

            
                                (e)
                 Representations and Warranties.

            
                                          (i)
                 BP Online.

            
                                                   (A)
                 BP Online hereby represents and warrants to the
            Advertisers as of the date hereof and through the term of this Agreement that: (i) BP
            Online has the power and authority to enter into and perform its obligations under this
            Agreement; (ii) BP Online owns or has permission to use the Bass Pro Website and all
            intellectual property rights therein; (iii) to its knowledge, the Bass Pro Website does
            not contain any content, materials, data, work, trade or service mark, trade name,
            links, advertising or services that actually or potentially violate any applicable law
            or regulations or infringe or misappropriate any proprietary, intellectual property,
            contract or tort right of any Person; and (iv) BP Online has secured the appropriate
            rights, under applicable state and federal law to grant the BP Hyperlink
            License.

            
                                                   
            (B)      BP Online shall indemnify and hold harmless the
            Advertisers from any and all damages, losses, claims, causes of action, or injury
            arising out of a breach of the representations and warranties set forth in Section
            2.5(e)(i)(A) or of the covenants set forth in Section 2.5(d).

            
                                          (ii)
                 Bluegreen.

            
                                                   
            (A)      Bluegreen hereby represents and warrants to the
            Service Providers as of the date hereof and through the term of this Agreement that:
            (i) Bluegreen has

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            the power and
            authority to enter into and perform its obligations under this Agreement; (ii)
            Bluegreen owns the Bluegreen Website and the Bluegreen Timeshare Website and all
            intellectual property rights therein; (iii) the Bluegreen Website and the Bluegreen
            Timeshare Website do not contain any content, materials, data, work, trade or service
            mark, trade name, links, advertising or services that actually or potentially violate
            any applicable law or regulations or infringe or misappropriate any proprietary,
            intellectual property, contract or tort right of any person; and (iv) Bluegreen has
            secured the appropriate rights, under applicable state and federal law to grant the
            Bluegreen Hyperlink License.

            
                                             
            (B)      Bluegreen shall indemnify and hold harmless the
            Service Providers from any and all damages, losses, claims, causes of action, or injury
            arising out of a breach of the representations and warranties set forth in Section
            2.5(e)(ii)(A) or of the covenants set forth in Section 2.5(d).

            
                                
            (f)         Effect of Termination or
            Expiration. Upon termination or expiration of this Agreement, the BP Hyperlink
            License and Bluegreen Hyperlink License shall immediately and automatically terminate.
            In such event, BP Online and Bluegreen shall terminate all hyperlinks between the Bass
            Pro Website and the Tracker Website on one hand, and the Bluegreen Website, the
            Bluegreen Timeshare Website and the Big Cedar Timeshare Website on the other
            hand.

            
                      Section
            2.6      Mailing Lists.

            
                                (a)
                    Bass Pro Mailing List. During
            the term of this Agreement, BP Trademarks does hereby grant a non-exclusive, limited
            license (the “BP Mailing List License”) to the Advertisers to use
            the Bass Pro Mailing List as is now or hereafter possessed, used, obtained or compiled
            by BP Trademarks solely for the purpose of marketing and promotion of the Timeshare
            Projects and Bluegreen’s Timeshare Facilities; provided, however,
            such use must also be in compliance with all applicable laws governing the use of such
            information, including, but not limited to any privacy laws applicable to such
            information.

            
                                              (i)
                 Access Rights. Use of the Bass Pro Mailing List
            and enjoyment of the BP Mailing List License by the Advertisers shall be administered
            by BP Trademarks or through a third party intermediary (a “Mailing List
            Intermediary”), in the discretion of BP Trademarks. The Advertisers shall
            collectively have the right to access the Bass Pro Mailing List for the purposes
            described herein twelve (12) times each calendar year for the term hereof commencing
            with calendar year 2008. If an Advertiser desires to access the Bass Pro Mailing List,
            such Advertiser shall provide written notice and an example of the proposed
            distribution materials to BP Trademarks, requesting that BP Trademarks distribute such
            materials to the persons on the Bass Pro Mailing List. No Advertiser shall have the
            right to review the Bass Pro Mailing List or any names on the Bass Pro Mailing List.
            Subject to approval of the materials by Bass Pro as provided in Section 5.2, BP
            Trademarks shall, or shall engage a Mailing List Intermediary to, distribute the
            materials received from the Advertiser to the persons on the Bass Pro Mailing List
            within 30days after receipt of written notice and the distribution materials from the
            Advertiser. An Advertiser shall have no rights in the information of any person on the
            Bass Pro Mailing List until such person does business with such Advertiser.

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            (ii)      Representations and Warranties. BP Trademarks
            represents and warrants to the Advertisers that the Bass Pro Mailing List is owned by
            BP Trademarks and that BP Trademarks has the power and authority to enter into and
            perform its obligations under the BP Mailing List License. BP Trademarks agrees to
            indemnify and hold harmless the Advertisers from any and all damages, losses, claims,
            causes of action or injury arising out of a breach of the representations and
            warranties set forth in this Section 2.6(a)(ii).

            
                                               
            (iii)      Exclusivity / Non-Exclusivity. Except as
            otherwise specifically provided herein, the BP Mailing List License shall be
            non-exclusive to the Advertisers and BP Trademarks reserves the right to use the Bass
            Pro Mailing List in respect of any product or service. Nothing in this Agreement shall
            prevent BP Trademarks from granting any other licenses for the use of the Bass Pro
            Mailing List or from utilizing the Bass Pro Mailing List or permitting the Bass Pro
            Mailing List to be utilized by others in any manner whatsoever; provided,
            however, during the term of this Agreement, BP Trademarks shall not make the
            Bass Pro Mailing List available to any Competing Resort or any operator of any
            Competing Resort.

            
                                               
            (iv)     Consideration; Expenses. The BP Mailing List
            License is granted to the Advertisers at no further cost or expense to the Advertisers,
            and BP Trademarks agrees that the BP Mailing List License has been paid for in full so
            long as the Advertisers comply with their obligations set forth in this Agreement,
            including, without limitation, the timely payment by Bluegreen of Generation
            Commissions; provided, however, that the Advertisers shall pay the
            actual, reasonable costs and expense of BP Trademarks or any Mailing List Intermediary
            relating to each distribution, including formatting, media (labels, disks), and actual
            freight/postage.

            
                                (b)
                      Big Cedar Mailing
            List. During the term of this Agreement, Big Cedar does hereby grant a
            non-exclusive, limited license (the “Big Cedar Mailing List
            License”) to the Advertisers to use the Big Cedar Mailing List as is now or
            hereafter possessed, used, obtained or compiled by Big Cedar for the purpose of
            marketing and promotion of the Timeshare Projects and Bluegreen’s Timeshare
            Facilities; provided, however, such use must also be in compliance with
            all applicable laws governing the use of such information, including, but not limited
            to any privacy laws applicable to such information.

            
                                               
            (i)      Access Rights. Use of the Big Cedar Mailing
            List and enjoyment of the Big Cedar Mailing List License by the Advertisers shall be
            administered by Big Cedar or through a Mailing List Intermediary, in the discretion of
            Big Cedar. The Advertisers shall have the right to access the Big Cedar Mailing List
            for the purposes described herein twelve (12) times each calendar year for the term
            hereof commencing with calendar year 2008. If an Advertiser desires to access the Big
            Cedar Mailing List, such Advertiser shall provide written notice and an example of the
            proposed distribution materials to Big Cedar, requesting that Big Cedar distribute such
            materials to the persons on the Big Cedar Mailing List. No Advertiser shall have the
            right to review the Big Cedar Mailing List or any names on the Big Cedar Mailing List.
            Subject to approval of the materials by Big Cedar as provided in Section 5.2,
            Big Cedar shall, or shall engage a Mailing List Intermediary to, distribute the
            materials received from the Advertiser to the persons on the Big Cedar Mailing List
            within 30days after receipt of written notice and the distribution materials from the
            Advertiser. An Advertiser shall have no rights in the information of any person on the
            Big Cedar Mailing List until such person does business with such Advertiser.

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            (ii)      Representations and Warranties. Big Cedar
            represents and warrants to the Advertisers that the Big Cedar Mailing List is owned by
            Big Cedar and that Big Cedar has the power and authority to enter into and perform its
            obligations under the Big Cedar Mailing List License. Big Cedar agrees to indemnify and
            hold harmless the Advertisers from any and all damages, losses, claims, causes of
            action or injury arising out of a breach of the representations and warranties set
            forth in this Section 2.6(b)(ii).

            
                                               
            (iii)      Exclusivity / Non-Exclusivity. Except as
            otherwise specifically provided herein, the Big Cedar Mailing List License shall be
            non-exclusive to the Advertisers and Big Cedar reserves the right to use the Big Cedar
            Mailing List in respect of any product or service. Nothing in this Agreement shall
            prevent Big Cedar from granting any other licenses for the use of the Big Cedar Mailing
            List or from utilizing the Big Cedar Mailing List or permitting the Big Cedar Mailing
            List to be utilized by others in any manner whatsoever; provided,
            however, during the term of this Agreement, Big Cedar shall not make the Big
            Cedar Mailing List available to any Competing Resort or any operator of any Competing
            Resort.

            
                                               
            (iv)      Consideration; Expenses. The Big Cedar
            Mailing List License is granted to the Advertisers at no further cost or expense to the
            Advertisers, and Big Cedar agrees that the Big Cedar Hyperlink License has been paid
            for in full so long as the Advertisers comply with their obligations set forth in this
            Agreement, including, without limitation, the timely payment by Bluegreen of Generation
            Commissions; provided, however, that the Advertisers shall pay the
            actual, reasonable costs and expense of Big Cedar or any Mailing List Intermediary
            relating to each distribution, including formatting, media (labels, disks), and actual
            freight/postage.

            
                                (c)
                      Bluegreen Mailing
            List. During the term of this Agreement, Bluegreen does hereby grant a
            non-exclusive, limited license (the “Bluegreen Mailing List
            License”) to Bass Pro, Affiliates of Bass Pro, Tracker Marine and Big Cedar
            (each, a “BG Mailing List Licensee,” and collectively, the
            “BG Mailing List Licensees”, to use the Bluegreen Mailing List as is
            now or hereafter possessed, used, obtained or compiled by Bluegreen solely for the
            promotional and marketing purposes of the BG Mailing List Licensees; provided,
            however, such use must also be in compliance with all applicable laws governing
            the use of such information, including, but not limited to any privacy laws applicable
            to such information.

            
                                               
            (i)       Access Rights. Use of the Bluegreen
            Mailing List and enjoyment of the Bluegreen Mailing List License by BG Mailing List
            Licensees shall be administered by Bluegreen or through a Mailing List Intermediary, in
            the discretion of Bluegreen. The BG Mailing List Licensees shall collectively have the
            right to access the Bluegreen Mailing List for the purposes described herein twelve
            (12) times each calendar year for the term hereof commencing with calendar year 2008.
            If a BG Mailing List Licensees desires to access the Bluegreen Mailing List, such BG
            Mailing List Licensee shall provide written notice and an example of the distribution
            materials to Bluegreen, requesting that Bluegreen distribute such materials to the
            persons on the Bluegreen Mailing List. No BG Mailing List Licensee shall have the right
            to review the Bluegreen Mailing List or any names on the Bluegreen Mailing List.Subject
            to approval of the materials by Bluegreen as provided in Section 2.6(c)(v),
            Bluegreen shall, or shall engage a Mailing List Intermediary to, distribute the
            materials received from Bass Pro or Big Cedar to the persons on the Bluegreen Mailing
            List within 30days after receipt of

            19

            

            

            

            written notice
            and the distribution materials from a BG Mailing List Licensee. No BG Mailing List
            Licensee shall have any rights in the information of any person on the Bluegreen
            Mailing List until such person does business with one of them.

            
                                               
            (ii)      Consideration; Expenses. The Bluegreen
            Mailing List License is granted at no further cost or expense to the BG Mailing List
            Licensees; provided, however, that the BG Mailing List Licensees shall
            pay the actual, reasonable costs and expense of Bluegreen or any Mailing List
            Intermediary relating to each distribution, including formatting, media (labels,
            disks), and actual freight/postage.

            
                                               
            (iii)      Restrictions. Use of the Bluegreen Mailing
            List shall be limited, however, to offering to such persons identified therefrom,
            outdoor retail products of Bass Pro and its Affiliates and Tracker Marine, or lodging
            opportunities at the Big Cedar Lodge, so long as the same are not offered through or in
            relation to a Competing Resort.

            
                                               
            (iv)      Representations and Warranties. Bluegreen
            represents and warrants to each of the BG Mailing List Licensees that the Bluegreen
            Mailing List is owned by Bluegreen and that Bluegreen has the power and authority to
            enter into and perform its obligations under the Bluegreen Mailing List License.
            Bluegreen agrees to indemnify and hold harmless the BG Mailing List Licensees from any
            and all damages, losses, claims, causes of action or injury arising out of a breach of
            the representations and warranties set forth in this Section
            2.6(c)(iv).

            
                                               
            (v)      Approval. Samples of advertising material
            proposed to be delivered to persons on the Bluegreen Mailing List shall be submitted to
            and subject to the approval of Bluegreen prior to use. In the event of submission of
            any advertising, marketing and promotional program by a BG Mailing List Licensee, the
            same shall be deemed approved within fourteen (14) days of delivery thereof to
            Bluegreen, unless Bluegreen denies the approval or approves the same within an earlier
            period. Upon denial of any such approval, Bluegreen shall deliver to the applicable BG
            Mailing List Licensee specific reasons for such denial, and upon which cure thereof
            Bluegreen shall be deemed to have approved such advertising (it being agreed that any
            proposed cure shall be presented to Bluegreen for its subsequent review, comment and
            approval, whose approval shall not be unreasonably withheld and shall be deemed given
            unless Bluegreen denies that the cure has been successful within five (5) days from
            delivery thereof). Once approved, any such sample of advertising, marketing or
            promotional materials may be reused or incorporated into any advertising, marketing or
            promotional program of the BG Mailing List Licensees offering outdoor retail products
            or lodging opportunities at the Big Cedar Lodge as determined from time to time by the
            BG Mailing List Licensees without the necessity of further approval; provided,
            however, if following approval of any respective advertising, marketing or
            promotional materials, Bluegreen is notified that such approved advertising, marketing
            or promotional material is in violation of any applicable legal principles, then
            Bluegreen may notify the BG Mailing List Licensees that they are not to use such
            approved advertising, marketing or promotional materials until any claimed violation is
            cured; provided, however (i) Bluegreen may later withdraw such approval
            for any or no reason, in its sole discretion; and (ii) no advertising, marketing or
            promotional materials may incorporate the use of any Bluegreen mark unless such use has
            been approved by Bluegreen in its sole and absolute discretion.

            20

            

            

            

            
                                    (d)     
            Effect of Termination or Expiration. Upon termination or expiration of this
            Agreement, the BP Mailing List License, the Big Cedar Mailing List License and the
            Bluegreen Mailing List License shall immediately and automatically terminate, and any
            and all information provided pursuant to such licenses shall be returned to its
            owner.

            
                      Section
            2.7     Big Cedar Lodge.

            
                                    (a)     
            General. During the term of this Agreement, Big Cedar does hereby grant to the
            Advertisers the right to use the Big Cedar Lodge solely for the purpose of promoting,
            advertising, and marketing of the Timeshare Projects, as further described in this
            Section 2.7.

            
                                    (b)     
            Prospect Occupancy. During the term of this Agreement, Big Cedar grants to the
            Advertisers, the right to use on a space available basis, rooms for occupancy and use
            by potential prospects for the marketing of timeshare interests. During the term of
            this Agreement, Big Cedar shall make guest rooms, common areas and facilities available
            to the Advertisers on a space available basis, which rooms may be used for occupancy
            and use by potential prospects for the marketing of timeshare interests. The
            Advertisers shall, as respects the marketing of timeshare interests at the Timeshare
            Projects, when overnight occupancy is needed in relation to such marketing, make every
            reasonable effort to place occupants in the Big Cedar Lodge to the extent that guest
            room space is available. Rates for such guest rooms, common areas and facilities shall
            be negotiated in good faith and charged on a Preferential Treatment basis as
            negotiated, taking into account seasonal rate fluctuation. Use of common areas and
            facilities for advertising and promotional purposes shall be subject to the prior
            approval of Big Cedar, including the content, location and placement of such
            advertising materials and promotional activities.

            
                                    (c)     
            Concierge Desk. During the term of this Agreement, Big Cedar does hereby grant a
            license to the Advertisers to operate a concierge desk (the “Concierge
            Desk”) and sufficient space for use thereof in the Big Cedar Lodge lobby for
            use by the Advertisers. The Concierge Desk and sufficient space for use thereof shall
            be provided to the Advertisers by Big Cedar from and after the date hereof,
            provided, that the Concierge Desk shall be the same size and in the same
            location as the Concierge Desk is located on the date hereof, and any changes thereto
            shall be in Big Cedar’s sole discretion. The Concierge Desk shall be staffed by
            personnel of the Advertisers and shall be utilized solely for the purpose of allowing
            introduction of guests to the opportunity to acquire a timeshare interest at the
            Timeshare Projects. The Concierge Desk and related desk space shall be provided by Big
            Cedar without charge or expense to the Advertisers.

            
                                    (d)     
            Personnel. The Concierge Desk shall be adequately staffed with competent personnel,
            who shall be employed by Bluegreen. In no event shall the Bluegreen personnel staffing
            the Concierge Desk engage in “high pressure salesmanship” in the
            solicitation or marketing to customers. Activities of Bluegreen personnel staffing the
            Concierge Desk shall be in a manner not offensive to the guests of the Big Cedar Lodge,
            and in compliance with all applicable requirements of law. Bluegreen shall indemnify
            and defend Big Cedar from any losses, damages, lawsuits or other claims resulting from
            the violation of the requirements set forth in this Section 2.7(d) or violations
            of law by Bluegreen personnel staffing the Concierge Desk. Notwithstanding anything to
            the contrary in this Agreement, Big Cedar shall have the

            21

            

            

            

            right to approve
            decisions by Bluegreen relating to personnel working in the Big Cedar Lodge and
            staffing the Concierge Desk, including the right, upon written notice to Bluegreen, to
            direct removal of any individual employee, consultant or other agent of the Advertisers
            from the Big Cedar Lodge for good cause shown, including, but not limited to, Big Cedar
            believing that the individual employee’s actions are detrimental to Big Cedar or
            the Big Cedar Lodge.

            
                                    (e)     
            Restriction. Notwithstanding anything herein to the contrary, the activities of the
            Advertisers at the Big Cedar Lodge shall only be used to promote and market the
            Timeshare Projects and their inclusion in the Bluegreen Vacation Club, and shall not
            otherwise be used to promote or market any Bluegreen Timeshare Facility.

            
                                    (f)     
            Occupancy List. Solely upon approval of the general manager of the Big Cedar Lodge,
            which approval shall not be unreasonably withheld, upon request of an Advertiser, Big
            Cedar will (if approved by such general manager) make the list of the names and contact
            information of the past and/or future guests of the Big Cedar Lodge available to the
            Advertisers solely for the purposes of marketing, promoting and selling timeshare
            interests in the Timeshare Projects and their inclusion in the Bluegreen Vacation Club,
            provided, however, that the list provided shall only include such
            information to the extent it is available and permitted to be shared with others
            pursuant to applicable law, and provided, further, that the use by the
            Advertisers shall be in compliance with all applicable laws governing the use of such
            information, including, but not limited to any privacy laws applicable to such
            information.

            
                                    (g)     
            Consideration; Expenses. The rights to use the Big Cedar Lodge set forth in this
            Section 2.7 are granted to the Advertisers at no further cost or expense to the
            Advertisers, and Big Cedar agrees that such rights have been paid for in full so long
            as the Advertisers comply with their obligations set forth in this Agreement,
            including, without limitation, the timely payment by Bluegreen of Generation
            Commissions.

            
                      Section
            2.8     Signage.

            
                                    (a)     By
            execution hereof, the Shop Licensors do hereby grant to the Advertisers a limited,
            non-exclusive license to place advertising, promotional and marketing signage in the
            floor space marketing areas existing in the Bass Pro Shops, solely for the purpose of
            promoting, advertising, and marketing the Timeshare Projects and Bluegreen’s
            Timeshare Facilities. By execution hereof, Big Cedar does hereby grant to the
            Advertisers a limited, non-exclusive license to place advertising, promotional and
            marketing signage in the Big Cedar Lodge in accordance with the terms of this Agreement
            solely for the purpose of promoting, advertising, and marketing the Timeshare Projects
            and their inclusion in the Bluegreen Vacation Club. The specific location, placement,
            creation, design and content of such signage shall be subject to approval of the
            applicable Shop Licensor or Big Cedar, as applicable, which shall not be unreasonably
            withheld or denied. The Advertisers shall promptly comply with the reasonable requests
            of the Shop Licensors or Big Cedar to remove, replace or update the signage. Signage at
            Big Cedar Lodge shall be consistent, architecturally, with the existing signage located
            at the Big Cedar Lodge. Notwithstanding the foregoing, the parties agree that such
            signage is to exist and that the location, placement and content of such signage shall
            be maximized to promote the sale and marketing of timeshare interests at the Timeshare
            Projects and Bluegreen’s Timeshare Facilities. Despite anything contained herein
            to the contrary, no signage may incorporate use of

            22

            

            

            

            the Bass Pro
            Marks or the Big Cedar Marks unless such has been first approved by BP Trademarks with
            respect to the Bass Pro Marks or Big Cedar with respect to the Big Cedar Marks, as
            provided for in Section 2.9(c).

            
                                    (b)     The
            licenses to place signage at Bass Pro Shops and Big Cedar Lodge set forth in this
            Section 2.8 are granted to the Advertisers at no further cost or expense to the
            Advertisers, and the Shop Licensors and Big Cedar agree that such licenses have been
            paid for in full so long as the Advertisers comply with their obligations set forth in
            this Agreement, including, without limitation, the timely payment by Bluegreen of
            Generation Commissions; provided, however, that the Advertisers shall be
            responsible for all expenses incurred relative to the creation, placement and removal
            of such signage.

            
                      Section
            2.9     Tradenames and Marks.

            
                                             (a)     
            Bass Pro Marks. During the term of this Agreement, BP Trademarks hereby grants to
            the Advertisers, and the Advertisers hereby accept, a limited, non-exclusive, license
            (the “BP Marks License”) to use the Bass Pro Marks, on the terms and
            subject to the conditions and restrictions set forth herein. The Advertisers shall have
            no interest in or right to use the Bass Pro Marks except as set forth
            herein.

            
                                             (i)     
            Use of Bass Pro Marks. Permission to use the Bass Pro Marks under the BP Marks
            License shall be limited to use, and the Advertisers agree to use the Bass Pro Marks,
            solely in connection with the advertising, marketing and promoting of the Timeshare
            Projects, the Bluegreen Timeshare Facilities and their inclusion in the Bluegreen
            Vacation Club. Subject to BP Trademarks’ approval right set forth in Section
            2.9(c), the Bass Pro Marks may be used by the Company and Bluegreen in all
            promotional materials, advertisements, and other materials for the promotion, marketing
            and sale of the Timeshare Projects or the Bluegreen Timeshare Facilities.

            
                                             (ii)     
            Exclusivity/Non-Exclusivity of License. Except as otherwise specifically provided
            herein, the BP Marks License shall be non-exclusive to the Advertisers, and BP
            Trademarks reserves the right to use the Bass Pro Marks on, or in respect of, any
            product or service. Nothing in this Agreement shall prevent BP Trademarks from granting
            any other licenses for the use of the Bass Pro Marks or from utilizing the Bass Pro
            Marks or permitting the Bass Pro Marks to be utilized by others in any manner
            whatsoever; provided, however, that, during the term of this Agreement,
            BP Trademarks agrees that it shall not grant any other licenses for use of the Bass Pro
            Marks for the purpose of developing, marketing, promoting or advertising any Competing
            Resort, except as may otherwise be expressly provided for herein.

            
                                             (iii)     BP
            Trademarks represents and warrants to the Advertisers that it owns or has the right to
            use the Bass Pro Marks, and has the power and authority to enter into and perform its
            obligations under the BP Marks License. BP Trademarks agrees to indemnify and hold
            harmless the Advertisers from any and all damages, losses, claims, causes of action or
            injury arising out of a breach of the representations and warranties of this Section
            2.9(a)(iii).

            
                
                         
                     (iv)     Ownership of Bass Pro
                    Marks.

                

            

            23

            

            

            

            
                                                        (A)     The
            Advertisers specifically acknowledge that BP Trademarks is the owner of the Bass Pro
            Marks and all associated goodwill therewith. In connection with the use of the Bass Pro
            Marks, no Advertiser shall in any manner represent that it has any ownership in the
            Bass Pro Marks or any registrations thereof and nothing in this Agreement shall give
            any Advertiser any ownership interest in any of the Bass Pro Marks other than the right
            to use the Bass Pro Marks in accordance with this Agreement. The Advertisers’ use
            of the Bass Pro Marks inures solely to BP Trademark’s benefit.

            
                                                        (B)     No
            Advertiser will, during the term of this Agreement or at any time thereafter, attack
            the validity of any of the Bass Pro Marks or BP Trademarks’ interests therein,
            nor will any Advertiser attack any application for registration of any of the Bass Pro
            Marks, or take any position contrary to that of BP Trademarks in any proceedings
            pertaining to registration of any of the Bass Pro Marks.

            
                                                        (C)     The
            Advertisers shall, whether during or after the term of this Agreement, execute and
            deliver to BP Trademarks such documents as BP Trademarks may reasonably request to
            establish or confirm BP Trademarks’ ownership interest in BP Bass Pro Marks. If,
            at any time, the Advertisers acquire any rights in, or trademark registrations or
            applications for, Bass Pro Marks or any confusingly similar marks by operation of law
            or otherwise in any jurisdiction, Advertisers will immediately upon request by BP
            Trademarks and at no expense to BP Trademarks, assign such rights, registrations, or
            applications to BP Trademarks, along with any and all associated goodwill.

            
                                              (v)     
            Unauthorized Use. The Advertisers will notify BP Trademarks in writing of any
            unauthorized use of any of the Bass Pro Marks which come to the Advertisers’
            attention and BP Trademarks will proceed diligently, at its own expense and under its
            sole control, to prevent any such unauthorized use of the Bass Pro Marks. The
            Advertisers will assist BP Trademarks, as reasonably requested by BP Trademarks, in
            addressing such unauthorized use.

            
                                              (vi)     
            Infringement. The Advertisers will notify BP Trademarks promptly in writing of any
            claim that the use of any of the Bass Pro Marks infringes the rights of others, or of
            the institution of any legal actions or suits predicated upon such claimed
            infringement, and any such suit or action will be diligently defended at the sole
            expense of and under the sole control of BP Trademarks.

            
                                              (vii)    
            Effect of Termination or Expiration. Upon termination or expiration of this
            Agreement, all rights and licenses granted to the Advertisers hereunder shall
            immediately and automatically terminate. In such event, the Advertisers agree to
            discontinue all uses of the Bass Pro Marks and any words confusingly similar thereto
            upon termination or expiration. Each Advertiser agrees that it will at no time adopt or
            use, without BP Trademarks’ prior written consent, a word or mark which is
            reasonably likely to be similar to or confused with any of the Bass Pro Marks. BP
            Trademarks shall retain sole authority and control over the use of the Bass Pro name
            and over all of the Bass Pro Marks, and all rights in the Bass Pro Marks shall remain
            the property of BP Trademarks.

            24

            

            

            

            
                                              (viii)   
            Reservation of Rights in the Bass Pro Marks. Rights in the Bass Pro Marks, other
            than those specifically granted herein, are reserved by BP Trademarks for its own
            use.

            
                                              (ix)     
            Costs. The BP Marks License shall be granted to the Advertisers at no further cost
            or expense to the Advertisers, and BP Trademarks agrees that the BP Marks License has
            been paid for in full so long as the Advertisers comply with their obligations set
            forth in this Agreement, including, without limitation, the timely payment by Bluegreen
            of Generation Commissions.

            
                                    (b)     
            Big Cedar Marks. During the term of this Agreement, Big Cedar hereby grants to the
            Advertisers, and the Advertisers hereby accept, a limited, non-exclusive, license (the
            “Big Cedar Marks License”) to use the Big Cedar Marks, on the terms
            and subject to the conditions and restrictions set forth herein. The Advertisers shall
            have no interest in or right to use the Big Cedar Marks except as set forth
            herein.

            
                                                         (A)     
            Use of Big Cedar Marks. Permission to use the Big Cedar Marks under the Big Cedar
            Marks License shall be limited to use, and the Advertisers agree to use the Big Cedar
            Marks, solely in respect to the identity, location and name of the Timeshare Projects
            or in connection with advertising, marketing and promoting the Timeshare Projects, the
            Bluegreen Timeshare Facilities and their inclusion in the Bluegreen Vacation Club.
            Subject to Big Cedar’s approval right set forth in Section 2.9(c), the Big
            Cedar Marks may be used by the Company and Bluegreen in all promotional materials,
            advertisements, and other materials for the promotion, marketing and sale of the
            Timeshare Projects or the Bluegreen Timeshare Facilities.

            
                                               (ii)     
            Exclusivity/Non-Exclusivity of License. Except as otherwise specifically provided
            herein, the Big Cedar Marks License shall be non-exclusive to the Advertisers, and Big
            Cedar reserves the right to use the Big Cedar Marks on, or in respect of, any product
            or service.Nothing in this Agreement shall prevent Big Cedar from granting any other
            licenses for the use of the Big Cedar Marks or from utilizing the Big Cedar Marks or
            permitting the Big Cedar Marks to be utilized by others in any manner whatsoever;
            provided, however, that, during the term of this Agreement, Big Cedar
            agrees that it shall not grant any other licenses for use of the Big Cedar Marks for
            the purpose of developing, marketing, promoting or advertising any Competing Resort,
            except as may otherwise be expressly provided for herein.

            
                                               (iii)    Big
            Cedar represents and warrants to the Advertisers that it owns or has the right to use
            the Big Cedar Marks, and has the power and authority to enter into and perform its
            obligations under the Big Cedar Marks License. Big Cedar agrees to indemnify and hold
            harmless the Advertisers from any and all damages, losses, claims, causes of action or
            injury arising out of a breach of the representations and warranties of this Section
            2.9(b)(iii).

            
                                               (iv)     
            Ownership of Big Cedar Marks.

            
                                                          (A)     The
            Advertisers specifically acknowledge that Big Cedar is the owner of the Big Cedar Marks
            and all associated goodwill therewith. In connection with the use of the Big Cedar
            Marks, no Advertiser shall in any manner represent that it has any ownership in the Big
            Cedar Marks or any registrations thereof and nothing in this Agreement

            25

            

            

            

            shall give any
            Advertiser any ownership interest in any of the Big Cedar Marks other than the right to
            use the Big Cedar Marks in accordance with this Agreement. The Advertisers’ use
            of the Big Cedar Marks inures solely to Big Cedar’s benefit.

            
                                                          (B)     No
            Advertiser will, during the term of this Agreement or at any time thereafter, attack
            the validity of any of the Big Cedar Marks or Big Cedar’s interests therein, nor
            will any Advertiser attack any application for registration of any of the Big Cedar
            Marks, or take any position contrary to that of Big Cedar in any proceedings pertaining
            to registration of any of the Big Cedar Marks.

            
                                                          (C)     The
            Advertisers shall, whether during or after the term of this Agreement, execute and
            deliver to Big Cedar such documents as Big Cedar may reasonably request to establish or
            confirm Big Cedar’s ownership interest in Big Cedar Marks. If, at any time, the
            Advertisers acquire any rights in, or trademark registrations or applications for, Big
            Cedar Marks or any confusingly similar marks by operation of law or otherwise in any
            jurisdiction, Advertisers will immediately upon request by Big Cedar and at no expense
            to Big Cedar, assign such rights, registrations, or applications to Big Cedar, along
            with any and all associated goodwill.

            
                                                (v)     
            Unauthorized Use. The Advertisers will notify Big Cedar in writing of any
            unauthorized use of any of the Big Cedar Marks which come to the Advertisers’
            attention and Big Cedar will proceed diligently, at its own expense and under its sole
            control, to prevent any such unauthorized use of the Big Cedar Marks. The Advertisers
            will assist Big Cedar, as reasonably requested by Big Cedar, in addressing such
            unauthorized use.

            
                                                (vi)     
            Infringement. The Advertisers will notify Big Cedar promptly in writing of any
            claim that the use of any of the Big Cedar Marks infringes the rights of others, or of
            the institution of any legal actions or suits predicated upon such claimed
            infringement, and any such suit or action will be diligently defended at the sole
            expense of and under the sole control of Big Cedar.

            
                                                (vii)     
            Effect of Termination or Expiration. Upon termination or expiration of this
            Agreement, all rights and licenses granted to the Advertisers hereunder shall
            immediately and automatically terminate. In such event, the Advertisers agree to
            discontinue all uses of the Big Cedar Marks and any words confusingly similar thereto
            upon termination or expiration. Each Advertiser agrees that it will at no time adopt or
            use, without Big Cedar’s prior written consent, a word or mark which is
            reasonably likely to be similar to or confused with any of the Big Cedar Marks. Big
            Cedar shall retain sole authority and control over the use of its name and over all of
            the Big Cedar Marks, and all rights in the Big Cedar Marks shall remain the property of
            Big Cedar.

            
                                                (viii)    
            Reservation of Rights in the Big Cedar Marks. Rights in the Big Cedar Marks, other
            than those specifically granted herein, are reserved by Big Cedar for its own
            use.

            
                                                (ix)      
            Costs. The Big Cedar Marks License shall be granted to the Advertisers at no
            further cost or expense to the Advertisers, and Big Cedar agrees that the
            Big

            26

            

            

            

            Cedar Marks
            License has been paid for in full so long as the Advertisers comply with their
            obligations set forth in this Agreement, including, without limitation, the timely
            payment by Bluegreen of Generation Commissions.

            
                                    (c)     
            Approval Procedure. Authorization for each use by the Advertisers of the Marks
            pursuant to the BP Marks License and the Big Cedar Marks License is subject to the
            prior approval of BP Trademarks (in the case of the Bass Pro Marks) or Big Cedar (in
            the case of the Big Cedar Marks). Samples shall be submitted for approval to BP
            Trademarks or Big Cedar, as applicable, at 2500 East Kearney Street, Springfield,
            Missouri 65898. As respects the Bass Pro Marks, approval of use of a Bass Pro Mark
            shall be deemed given if not granted or denied within thirty (30) calendar days after
            receipt at the above address of the sample, including the proposed use of the Bass Pro
            Mark. As respects the Big Cedar Mark, approval of use of the Big Cedar Mark shall be
            deemed given if not granted or denied within fourteen (14) calendar days after receipt
            at the above address of the sample including the proposed use of the Big Cedar Mark.
            Upon denial of any such proposed use of the Big Cedar Mark, Big Cedar shall deliver to
            the Advertisers its specific reasons for such denial. Upon cure thereof, the
            Advertisers may proceed to use such advertising, marketing and promotional material.
            Any proposed cure in respect to a denial shall be submitted to Big Cedar for further
            approval, whose approval shall not be unreasonably withheld or denied, and whose
            approval shall be deemed given if denial thereof is not delivered within five (5) days
            of delivery of the proposed cure. Once approved, any such sample of advertising,
            marketing and promotional program may be re-used or incorporated into any advertising,
            marketing or promotional program for the foregoing, as determined from time to time by
            Bluegreen or the Company, without necessity of further approval. Notwithstanding the
            foregoing, BP Trademarks and Big Cedar reserve the right to withdraw any approval of a
            Bass Pro Mark or Big Cedar Mark, respectively, at any time.

            
                                    (d)     Subject
            to Section 2.9(c), Big Cedar shall provide and deliver to the Advertisers
            creative materials containing the Big Cedar Mark for the purpose of developing and
            implementing such advertising, promotional and marketing programs and opportunities
            incorporating the Big Cedar Marks. BP Trademarks shall provide and deliver to the
            Advertisers creative materials containing the Bass Pro Marks for the purpose of
            developing and implementing such advertising, promotional and marketing programs and
            opportunities incorporating the Bass Pro Marks. Delivery and use of the creative
            materials shall be without charge or expense (and the licenses hereunder are agreed to
            have been paid for in full), excepting, however, the Company shall pay the actual costs
            incurred by Big Cedar for delivery of the creative materials, and the Advertisers shall
            equally pay the costs of BP Trademarks for delivery of the creative materials.
            Bluegreen shall be entitled, at its sole cost and expense to take pictures, videos and
            other reproductions and depictions of the Big Cedar Lodge and the respective Bass Pro
            Shops, including all facilities, and to utilize such pictures and depictions in its
            promotional materials relating to the Timeshare Projects, Bluegreen Timeshare
            Facilities, Bluegreen Vacation Club and the Timeshare Projects’ inclusion in the
            Bluegreen Vacation Club. Such pictures, videos and other reproductions and depictions
            shall, prior to use, be subject to the approval of BP Trademarks or Big Cedar in
            accordance with the procedures set forth in Section 2.9(c) and the requirements
            of Section 2.11.

            
                                    (e)     Each
            of the BP Marks License and the Big Cedar Marks License shall be non-transferable and
            non-assignable, and in no event shall either Advertiser be entitled to grant

            27

            

            

            

            any liens
            against or sublicenses to use either the BP Marks License and the Big Cedar Marks
            License.

            
                      Section
            2.10     Preferential Treatment. During the term of
            this Agreement, and except as otherwise provided in this Agreement, the BP/BC Marketing
            Channels and any other marketing and promotional advantages and opportunities or any
            other services hereunder for which any of the Advertisers are to pay to any of the
            Service Providers an amount, shall, in all events, be made available to the Company and
            Bluegreen on a Preferential Treatment basis.

            
                      Section
            2.11     Proprietary Information All graphics,
            photographs, videos, any and all trademarks, servicemarks, tradenames, copyrights,
            patents or other intellectual property owned by any Service Provider, Affiliate of any
            Service Provider, Tracker Marine, Bluegreen, the Company or Affiliates of Bluegreen as
            of the date hereof (the “Intellectual Property”) will, at all times,
            remain the owner’s respective property. Each party hereto acknowledges and agrees
            that, at all times, the ownership of the Intellectual Property is vested solely in the
            owner thereof. All parties further acknowledge and agree that nothing in this Agreement
            shall give any other party any right, title or interest in the Intellectual Property of
            another party except as expressly provided herein. Any party’s use of the
            Intellectual Property shall at all times and in every instance be followed by the
            proper Intellectual Property designation (for example, TM, ®, or
            ©).

            
                      Section
            2.12     Other Promotional Agreements and
            Channels

            
                                     (a)     
            Cross Promotional Strategies. During the term of this Agreement, the parties shall
            negotiate, in good faith, promotional advantages or opportunities now existing or as
            may hereafter be identified, including cross-promotional strategies, as well as
            services as may otherwise be available and identified as may be beneficial to the
            Advertisers in the marketing and promotion of timeshares and as may be beneficial to
            the Service Providers and their Affiliates in the marketing and promotion of outdoor
            retail products. The cross-promotional strategies and programs may include by way of
            example and not limitation, radio and television commercials (including infomercials,
            announcements, promotions, advertisements on in-room televisions at Big Cedar Lodge),
            newspaper and magazine advertisements, billboards, card and tent promotions in
            respective accommodations and facilities (such as Big Cedar Lodge and Bass Pro Shops),
            leaflets, postcards and website opportunities. The foregoing shall only be developed on
            mutual agreement of the parties and shall not otherwise reduce or limit the services
            otherwise agreed to herein.

            
                                     (b)     
            Employees. During the term of this Agreement, Big Cedar and the Shop Licensors
            shall make available their respective employees who have customer contact for training
            by Bluegreen respecting the details of the timesharing concept, and instructions and
            directions on how such employees may inform customers of Big Cedar and Bass Pro Shops
            about timeshare opportunities and how such employees are to be supportive of the
            timeshare marketing opportunities at the Timeshare Projects and Bluegreen’s
            Timeshare Facilities, provided, however, that such training shall be at
            Bluegreen’s expense and in the manner, and at such times and places, as the Shop
            Licensors or Big Cedar, as applicable, deem reasonable and appropriate and not
            interfering with normal business operations.

            28

            

            

            

            
                                     (c)     
            Promotional Retail Gift Cards. In the event that the Advertisers elect to use
            retail merchandise or gift cards for retail merchandise as incentives to encourage
            timeshare tours or sales presentations as respects the Timeshare Projects, such
            merchandise and/or gift cards shall be acquired from Bass Pro or BPIP, respectively, so
            long as such merchandise and/or gift cards are readily available, without delay or
            interference with the Company’s or Bluegreen’s routine time framework, at
            prices competitive with what the Advertisers would customarily pay for the same or
            similar merchandise and/or gift cards. The Advertisers shall receive a ten percent
            (10%) price discount off the lowest offered price for all standard full selection
            merchandise. Gift cards obtained from BPIP pursuant to this Section 2.12(c)
            shall be subject to the following terms and conditions: (i) Advertisers shall pay BPIP
            for the gift cards within thirty (30)days after receipt; (ii) the Advertisers shall not
            be entitled to any breakage on the gift cards; (iii) BPIP shall not be responsible for
            lost or stolen cards; (iv) the Advertisers shall not sell, and shall make reasonable
            attempts to prevent other from selling, the gift cards on the internet through ebay or
            similar websites; (v) the gift cards shall become void after two years of non-use
            (except where prohibited by law); and (vi) the Advertisers shall not modify the gift
            cards in any way. The Advertisers shall not be restricted from purchasing
            non-merchandise premiums such as lodging accommodations, travel opportunities or other
            non-merchandise premiums from third parties unrelated to the Service Providers and
            their Affiliates, other than BP/Tracker Competitors. Service Providers acknowledge that
            the agreement of Bluegreen under this Section 2.12(c) is given in partial
            consideration of the obligations of Bluegreen hereunder. Coupons for services offered
            by Big Cedar Lodge shall be subject to review and approval of Big Cedar in its sole
            discretion. In addition to the foregoing, coupons for services will be offered by Big
            Cedar to the Advertisers as incentives to encourage timeshare tours or sales
            presentations as respects the Timeshare Projects. Such coupons will be issued with the
            dollar limitation and honored, provided Big Cedar shall be entitled to reimbursement
            from the Advertisers for the total amount of coupons redeemed on a monthly basis,
            within twenty (20) days of receipt by the Advertisers of invoices from Big
            Cedar.

            
                                     (d)     
            Tracker Boats. From and after the date hereof, if Bluegreen or the Company acquire
            for use at the Timeshare Projects or Bluegreen’s Timeshare Facilities boats
            similar to boats manufactured by Tracker Marine, then Bluegreen or the Company shall
            acquire such boats from Tracker Marine Retail, LLC or an Affiliate of Tracker Marine
            Retail, LLC, so long as the acquisition thereof, including pricing and terms, are at
            least as favorable for similar products as the discount terms available to Big Cedar
            Lodge as of the date of this Agreement (or if such discount terms are more favorable at
            the time of acquisition, are at least as favorable as such terms at that time). The
            parties hereto acknowledge that the agreement of Bluegreen under this Section
            2.12(d) is given in partial consideration of the obligations of the parties
            hereunder. The restrictions contained in this Section 2.12(d) shall terminate in
            the event that Tracker Marine files or has filed against it a bankruptcy
            proceeding.

            
                      Section
            2.13     Lead Generation Programs. No Advertiser
            shall develop any lead generation programs not specifically authorized in this
            Agreement using any BP/BC Marketing Channel without the prior written consent of Bass
            Pro or Big Cedar, which consent may be withheld in Bass Pro’s or Big
            Cedar’s sole discretion.

            29

            

            

            

            ARTICLE III -
            RESTRICTIONS

            
                      Section
            3.1     Restriction on BP/BC Marketing
            Channels.

            
                                
            (a)        During the term of this Agreement
            except as otherwise provided in this Agreement, the Service Providers shall
            not:

            
                                              (i)     provide
            the BP/BC Marketing Channels, nor make them available or offer them to or allow them to
            be taken advantage of, by any Competing Resort or the operator thereof (except as may
            otherwise be provided in accordance with Section 2.3(d)); or

            
                                              (ii)     sell,
            market, advertise, develop or promote any Resort Interest Program, excepting, however,
            the Timeshare Projects, the Bluegreen Vacation Club, any Bluegreen Timeshare Facility
            as offered by Bluegreen, and any Fractional Interest Development. Notwithstanding the
            foregoing, it is agreed that the Service Providers (and their Affiliates) may continue
            to operate the projects owned or controlled by them or their Affiliates at the
            following locations: Valhalla Island, Florida; Floridian Sports Club; Welaka, Florida;
            Frying Pan River Ranch, Colorado; Komaham Lodge, British Columbia; the parcel of land
            known as the “Stonecroft” property, Missouri; or at any property owned now
            or in the future by American Sportsman Holdings Co. The Service Providers shall be
            permitted to sell, develop, market, advertise or promote any whole ownership real
            estate development.

            
                                
            (b)        The restrictions contained in
            Section 3.1(a) shall terminate in the event that Bluegreen or Bluegreen
            Corporation files or has filed against either of them a bankruptcy
            proceeding.

            
                      Section
            3.2     Restriction on Bluegreen Marketing
            Channels.

            
                                (a)
                    During the term of this Agreement, and
            except as otherwise provided in this Agreement, neither Bluegreen nor its Affiliates
            shall (i) provide, sell, license or otherwise make available use of the Bluegreen
            Mailing List to any BP/Tracker Competitor, or (ii) create, maintain, license or allow
            to be present on the Bluegreen Website or the Bluegreen Timeshare Website any icons or
            hyperlinks to any website that is owned or operated by any BP/Tracker
            Competitor.

            
                                (b)        The
            restriction set forth in Section 3.2(a) shall terminate:

            
                                            (i)     
            with respect to BP/Tracker Competitors who sell outdoor recreational products,
            equipment or services that directly compete with the outdoor recreational products,
            equipment and services of Bass Pro, upon the occurrence of a Bankruptcy Event with
            respect to Bass Pro;

            
                                            (ii)     with
            respect to BP/Tracker Competitors who sell outdoor recreational products, equipment or
            services that directly compete with the outdoor recreational products, equipment and
            services of Tracker Marine, upon the occurrence of a Bankruptcy Event with respect to
            Tracker Marine; and

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                                          (iii)     with
            respect to BP/Tracker Competitors who sell outdoor recreational products, equipment or
            services that directly compete with the outdoor recreational products, equipment and
            services of Tracker Marine Retail, LLC, upon the occurrence of a Bankruptcy Event with
            respect to Tracker Marine Retail, LLC.

            
                                (c)        
            Bluegreen’s Realization of Benefits. The Service Providers acknowledge that
            the realization of the benefits under this Marketing Agreement by the Advertisers is
            dependent upon the Advertisers’ ability to market the timeshare interests of the
            Timeshare Projects and Bluegreen’s Timeshare Facilities and maximize the growth
            of sales of such interests and that any form of direct or indirect competition from the
            Service Providers, except as provided herein, is inconsistent with its intended
            purpose. The terms of this Agreement were negotiated giving consideration to the
            concept that competition by Competing Resorts to the sale, marketing and promotion of
            timeshare interests through the BP/BC Marketing Channels will deprive the Advertisers
            of a bargained for consideration.

            ARTICLE IV -
            GENERATION COMMISSION

            
                      Section
            4.1     Generation Commission.

            
                                (a)
                    In consideration for the use of the
            BP/BC Marketing Channels, Bluegreen shall pay to Big Cedar, for Big Cedar and on behalf
            of the other Service Providers, a commission (the “Generation
            Commission”) for each timeshare interest in a Bluegreen Timeshare Facility
            that is sold by Bluegreen or a Bluegreen Affiliate to a buyer that is generated through
            the BP/BC Marketing Channels, whether sold prior to or after the termination of this
            Agreement. A buyer shall be deemed to be generated through a BP/BC Marketing Channel
            (and a sale to such buyer shall give rise to a Generation Commission) if such buyer is
            uniquely identified through a BP/BC Marketing Channel, accepts a promotional marketing
            offer from Bluegreen or a Bluegreen Affiliate, and acquires a timeshare interest in one
            of Bluegreen’s Timeshare Facilities at any time thereafter.

            
                                            (i)     The
            Generation Commission shall be in an amount equal to seven percent (7%) of the Net
            Sales Volume if the buyer (1) is generated through a BP/BC Marketing Channel, (2)
            accepts a promotional marketing offer from Bluegreen or a Bluegreen Affiliate within
            one hundred eighty (180) days of delivery of such promotional marketing offer, (3)
            acquires a timeshare interest in one of Bluegreen’s Timeshare Facilities at any
            time thereafter without additional marketing expense to Bluegreen or a Bluegreen
            Affiliate, other than the expense of fulfillment of the promotional marketing offer so
            made, and (4) generally follows the track as set forth in Exhibit C attached
            hereto and incorporated herein by this reference.

            
                                            (ii)     The
            Generation Commission shall be in an amount equal to three and one half percent (3.5%)
            of the Net Sales Volume if the buyer (1) is generated through a BP/BC Marketing
            Channel, (2) accepts a promotional marketing offer from Bluegreen or a Bluegreen
            Affiliate after one hundred eighty (180) days of delivery of such promotional marketing
            material, and (3) acquires a timeshare interest in one of Bluegreen’s Timeshare
            Facilities at any time thereafter despite additional marketing expense to Bluegreen or
            a Bluegreen Affiliate.

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                                            (iii)
                 For purposes of the foregoing, a prospect may be deemed
            unique through production from one source under this Agreement as well as unique
            through production from another source under this Agreement. In no event, however,
            shall an individual timeshare sale yield more than one (1) Generation Commission
            (either 7% or 3.5%).

            
                                            (iv)     Notwithstanding
            the foregoing, in no event will a Generation Commission be payable for sales of
            timeshare interests in the Timeshare Projects, or sales of timeshare interests in the
            Bluegreen Vacation Club that are predicated upon conveyance of a timeshare interest at
            any of the Timeshare Projects.

            
                                (b)
                   Tracking and Accounting for the Generation
            Commission. Bluegreen shall establish and maintain a system of audit and reporting
            of sales and Generation Commissions, and shall provide to Big Cedar, on a monthly
            basis, an accounting (each, a “Commission Report”) for the
            Generation Commissions that were earned in the preceding month, along with a statement
            of the current amount of the unearned Annual Prepayment (as defined below) for the
            current year. In addition, Bluegreen shall establish a tracking system regarding
            production and generation of sales prospects for purposes of determining whether or not
            a sale is generated as a result of the BP/BC Marketing Channels as provided for in this
            Agreement, and it is agreed that the tracking system set forth on Exhibit C
            attached hereto is an acceptable tracking system.1

            
                                  (c)       Bluegreen
            will provide the Service Providers complete access to and right to audit the books and
            records of Bluegreen with respect to the Generation Commissions and Commission Reports,
            no more than twice per year, at the sole expense of the Service Provider accessing such
            books and records and/or conducting such audit. If such audit by a Service Provider
            demonstrates an underpayment of Generation Commissions greater than 3% in any period,
            the Advertisers shall reimburse the applicable Service Provider for the cost of the
            audit (along with the amount of the underpayment, which shall be payable to Big Cedar
            regardless of the amount of the underpayment).

            
                      Section
            4.2      Annual Prepayments.

            
                                (a)        On
            or before January 1 of each calendar year in which this Agreement is in effect,
            Bluegreen shall pay to Big Cedar, in cash, an advance on the Generation Commissions
            that are estimated to be payable for the upcoming year (each, an “Annual
            Prepayment”). The Annual Prepayment shall be advance payment for Generation
            Commissions to be earned in the upcoming year, and no interest shall accrue on the
            Annual Prepayment.

            
                                  (b)       The
            Annual Prepayment for calendar year 2008 shall be equal to $4,000,000.00. The parties
            acknowledge and agree that Bluegreen has paid the Annual Prepayment for 2008 as of the
            date hereof.

            
                                  (c)       The
            Annual Prepayment for each calendar year after 2008 shall be paid on or before the
            first business day of such calendar year and shall equal to the lesser of (i) 100% of
            the estimated amount of Generation Commissions that will be generated during the
            upcoming

            

            	
                         

                    	
                         

                    
	
                        
                        1

                    	
                        Big
                        Cedar requests a simplified tracking system and new “Exhibit
                        C”

                    

            32

            

            

            

            calendar year,
            as such estimated amount is determined by Big Cedar and Bluegreen; and (ii) $5,000,000.
            As they are earned, the Generation Commissions shall be credited toward the current
            year’s Annual Prepayment.

            
                                (d)       If,
            during the term of this Agreement, the Service Providers or their Affiliates elect to
            make Approved Alternative Marketing Programs available to the Company and/or Bluegreen,
            and the Company and/or Bluegreen elects to participate in such Approved Alternative
            Marketing Programs, the amounts of the agreed costs, fees or commissions payable by the
            Company and/or Bluegreen for use of such Approved Alternative Marketing Programs may
            also be credited toward the outstanding portion of the current year’s Annual
            Prepayment, if any.

            
                                (e)       After
            the aggregate amount of the Generation Commissions earned (and other amounts payable by
            the Company and/or Bluegreen pursuant to Section 4.2(d)) in a year reaches the
            amount of the Annual Prepayment applicable to such year, Bluegreen shall pay to Bass
            Pro in cash, on a monthly basis, within 15 days after the end of each month, the
            Generation Commissions earned during the preceding month.

            
                                (f)       Notwithstanding
            any termination of this Agreement, any Generation Commissions (and other amounts
            payable by the Company and/or Bluegreen pursuant to Section 4.2(d)) arising
            after the termination of this Agreement (“Post-Termination Generation
            Commissions”) shall be credited against any Shortfall pursuant to Section
            4.2(g), or if no such Shortfall exists, shall be paid to Bass Pro in cash, on a
            monthly basis, within 15 days after the end of each month.

            
                                (g)       If
            the aggregate amount of the Generation Commissions earned (and other amounts payable by
            the Company and/or Bluegreen pursuant to Section 4.2(d)) in any year does not
            reach the amount of such year’s Annual Prepayment, then the difference (the
            “Shortfall”) between such year’s Annual Prepayment and the
            amount of the Generation Commissions (and other amounts payable by the Company and/or
            Bluegreen pursuant to Section 4.2(d)) that were earned during that year shall be
            applied to the next year’s Annual Prepayment, such that the amount payable by
            Bluegreen for the year following a year in which there is a Shortfall will be reduced
            by the amount of such Shortfall. If this Agreement is terminated during or at the end
            of a year in which there is a Shortfall, Bass Pro shall pay to Bluegreen fifty percent
            (50%) of the amount of the Shortfall within 60 days after the Agreement is terminated
            and the balance of Shortfall within 120 days after the Agreement is terminated;
            provided, however that the amount of any Post-Termination Generation
            Commissions shall be credited against the Shortfall.

            ARTICLE V -
            PERMITTED USE; CONTENT; APPROVAL RIGHTS

            
                      Section
            5.1      Permitted Use.

            
                                (a)          The
            BP/BC Marketing Channels shall be used by the Company and Bluegreen to promote, market
            and advertise the Timeshare Projects, Bluegreen’s Timeshare Facilities and their
            inclusion in the Bluegreen Vacation Club, and in accordance with the terms of this
            Agreement.

            33

            

            

            

            
                                (b)          The
            Service Providers reserve the right, in their sole discretion, to limit the amount of
            use of the BP/BC Marketing Channels, to edit, revise or reject any marketing and
            promotional materials, and to cancel any use by the Advertisers of the BP/BC Marketing
            Channels, provided, that prior to exercising the foregoing rights, the Service
            Providers shall provide written notice of such intent and the reasons therefor, which
            notice shall provide the Advertisers with a reasonable period of at least 30 days to
            respond and cure. Any timely cure proposed by the Advertisers shall be subject to the
            approval of the applicable Service Provider, which shall not be unreasonably withheld.
            The Service Providers reserve the right to suspend the Advertisers’ use of the
            BP/BC Marketing Channel for purposes of the activity that was the reason for the notice
            of intent to terminate during such cure period.

            
                                (c)          The
            Service Providers reserve the right, in their sole discretion, to discontinue any BP/BC
            Marketing Channel at any time and for any reason, which may include, without
            limitation, closing any Bass Pro Shop and discontinuing publication of any or all of
            the Bass Pro Catalogs. In the event that a Service Provider intends to discontinue a
            BP/BC Marketing Channel, such Service Provider shall make reasonable efforts to provide
            advance notice to the Advertisers.

            
                      Section
            5.2     Content and Approval Rights.

            
                                (a)          Bass
            Pro, on behalf of the Service Providers, shall have the right to review and approve all
            advertising materials to be used in the Bass Pro Shops or Bass Pro Catalogs or that
            involve contact with customers of Bass Pro Shops or identified through the Bass Pro
            Mailing List prior to such use. Big Cedar shall have the right to review and approve
            all advertising materials to be used in the Big Cedar Lodge, that involve contact with
            the guests of Big Cedar Lodge or that involve contact with customers identified through
            the Big Cedar Mailing List prior to such use. Any advertising material so approved
            shall be maintained by Bluegreen in a file designated as approved advertisements. Such
            advertising material proposed to be delivered shall be submitted to Bass Pro or Big
            Cedar, at 2500 East Kearney Street, Springfield, Missouri 65898 prior to
            use.

            
                                (b)          In
            the event of submission of any such sample of advertising, marketing and promotional
            materials by the Advertisers hereunder, the same shall be deemed approved within
            fourteen (14) days after receipt thereof, at the address set forth above, unless Bass
            Pro or Big Cedar denies approval or approves the same within an earlier time period.
            Upon denial of any such approval, Bass Pro or Big Cedar shall deliver to the
            Advertisers (whomsoever shall be the party that has delivered the advertisement to Bass
            Pro or Big Cedar) specific reasons for such denial upon which cure thereof the
            Advertisers may proceed to use such advertising, marketing and promotional material.
            Any proposed cure in respect to a denial shall be submitted by the respective party to
            Bass Pro or Big Cedar for further approval, whose approval shall not be unreasonably
            withheld or denied, and whose approval shall be deemed given if denial thereof is not
            delivered within five (5) days of delivery of the proposed cure.

            
                                (c)          Once
            approved, any advertising, marketing or promotional program approved for use at the Big
            Cedar Lodge may be reused or incorporated into any advertising, marketing or
            promotional program for any or all of the Bluegreen Timeshare Facilities, as determined
            from time to time by Bluegreen without necessity of further approval;
            provided,

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            however,
            that Big Cedar or Bass Pro may later withdraw such approval for any or no reason, in
            their sole discretion.

            
                                (d)          Despite
            anything contained herein to the contrary, no advertising, marketing or promotional
            materials may (i) incorporate use of the Bass Pro Mark unless such use has been first
            approved by BP Trademarks in its sole and absolute discretion; or (ii) incorporate use
            of the Big Cedar Mark unless such use has been first approved by Big Cedar, in its sole
            and absolute discretion.

            ARTICLE VI -
            INDEMNIFICATION / LIMITATION OF LIABILITY

            
                      Section
            6.1     Indemnification—Bluegreen. Bluegreen agrees to
            indemnify and hold the Service Providers harmless from and against any and all
            liability, loss or expense (including reasonable attorneys fees and similar expenses)
            arising from any claims, including but not limited to, libel, unfair competition,
            unfair trade practices, illegal or improper employment practices, plagiarism,
            infringement of trademark, trade names or patents, or copyrights, violation of rights
            of privacy, or violation of securities or blue sky laws, resulting from
            Bluegreen’s use of the BP/BC Marketing Channels and for breach of its obligations
            under this Agreement, except as a result of Service Providers’ willful misconduct
            or gross negligence.

            
                      Section
            6.2      Indemnification –The Company. The
            Company agrees to indemnify and hold the Service Providers harmless from and against
            any and all liability, loss or expense (including reasonable attorneys fees and similar
            expenses) arising from any claims, including but not limited to, libel, unfair
            competition, unfair trade practices, illegal or improper employment practices,
            plagiarism, infringement of trademark, trade names or patents, or copyrights, violation
            of rights of privacy, or violation of securities or blue sky laws, resulting from the
            Company’s use of the BP/BC Marketing Channels and for breach of its obligations
            under this Agreement, except as a result of Service Providers’ willful misconduct
            or gross negligence.

            
                      Section
            6.3      Indemnification – Service Provider. The
            Service Providers agree to indemnify and hold the Company and Bluegreen harmless from
            and against all liability, loss or expense (including reasonable attorneys’ fees
            and similar expenses) arising from any claims resulting from Service Provider’s
            breach of its obligations under this Agreement except as a result of Company’s or
            Bluegreen’s (as applicable) willful misconduct or gross negligence.

            
                      Section
            6.4     Limitation of Liability. The Advertisers agree
            that the aggregate amount of the Service Providers’ liability in relation to any
            and all acts, omissions, failures to publish, mistakes, and/or errors in the printing,
            publishing, display, broadcasting or other related provision of services in relation to
            the BP/BC Marketing Channels set forth in Section 2.3, Section 2.5 and
            Section 2.6 shall not exceed, except for acts of gross negligence or willful
            misconduct, the costs actually reimbursed by the Advertiser to the Service Provider in
            accordance with this Agreement in connection with such acts, omissions, failures to
            publish, mistakes, and/or errors in the printing, publishing, display, broadcasting or
            other provision of services in relation to the BP/BC Marketing Channels giving rise to
            such liability. In addition to the foregoing, under no circumstances shall any party to
            this Agreement be liable to another for any special, incidental, indirect,
            consequential, lost future revenue, income or profits, diminution

            35

            

            

            

            of value or loss
            of business reputation or opportunity, punitive or similar damages in connection with
            this Agreement.

            ARTICLE VII -
            MISCELLANEOUS

            
                      Section
            7.1      GOVERNING LAW. THIS AGREEMENT SHALL BE
            GOVERNED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT
            REFERENCE TO ITS INTERNAL CONFLICTS OF LAWS PRINCIPLES.

            
                      Section
            7.2       Submission to Jurisdiction. Each of
            the parties hereto irrevocably (A) agrees that any legal suit, action or proceeding
            arising out of or based upon this Agreement shall be instituted only in the Federal
            District Court for the Western District of Missouri, (B) waive, to the fullest extent
            it may effectively do so, any objection which it may now or hereafter have to venue of
            any such proceeding and (C) submit to the exclusive jurisdiction of such courts in any
            such suit, action or proceeding.

            
                      Section
            7.3      Remedies.

            
                                (a)       If
            a party hereto obtains a judgment against any other party by reason of breach of this
            Agreement, a reasonable attorneys’ fee as fixed by the court shall be included in
            such judgment. Any party hereto shall be entitled to maintain, on its own behalf, any
            action or proceeding against any other party hereto (including, any action for damages,
            specific performance, or declaratory relief) for or by reason of breach by such party
            of this Agreement; provided, however, the liability of any party for or
            by reason of breach by such party of this Agreement shall be limited as set forth
            herein.

            
                                (b)       The
            remedies conferred upon the parties in this Agreement are intended to be exclusive of
            any other remedy herein or by law provided or permitted. No failure or delay on the
            part of a party to exercise any right it may have in the event of an act or omission
            giving rise to a claim hereunder shall prevent the exercise of such right by such party
            at any time the defaulting party continues to be so in default, and no such failure or
            delay shall operate as a waiver of any default. Each separate party to this Agreement
            shall be entitled to such rights and remedies, independent one from any other party
            hereto. Specifically, by way of example and not limitation, Bluegreen and the Company,
            upon default by any Service Provider shall, independently and severally, and subject to
            the limitations of liability set forth in this Agreement, be entitled to any and all
            damages permitted hereunder as against such Service Provider provable as a consequence
            thereof.

            
                                (c)       No
            waiver by a party of any breach of this Agreement shall be deemed to be a waiver of any
            other breach of any kind or nature and no acceptance of payment or performance by a
            party after any such breach shall be deemed to be a waiver of any breach of this
            Agreement whether or not such party knows of such breach at the time it accepts such
            payment or performance.

            
                                (d)       In
            the event of any dispute or disagreement between the parties, the party asserting the
            dispute shall give written notification of such dispute or disagreement to, if such
            party is a Service Provider or Tracker Marine, John M. Maloney, Jr., or the person
            then

            36

            

            

            

            performing the
            duties at Bluegreen currently performed by John M. Maloney, Jr., (“Bluegreen
            CEO”) and if such party is Bluegreen, acting as Bluegreen, Bluegreen
            Affiliates or the Company, to James A. Hagale or the person then performing the duties
            at Big Cedar currently performed by James A. Hagale (together with the Bluegreen CEO,
            the “CEOs”); and (iii) the CEOs shall communicate with each other
            promptly with a view to resolving such dispute or disagreement within ninety (90) days
            of commencing any negotiations (or such extended period as the CEOs agree is
            appropriate in any such case). The foregoing shall be a condition precedent to
            applicability of the remedies set forth in this Section 7.3. During any period
            of such communications, all services prior to any claimed default shall continue
            without any alteration or modification, except as acceptable to the party receiving
            such services.

            
                      Section
            7.4      Notice/Default. Notwithstanding any provision
            herein otherwise, no default of this Agreement shall be determined to exist until and
            unless any failure to observe or perform any provision of this Agreement continues for
            ninety (90) days after written notice thereof by a party hereunder to a party not so
            performing or observing, or if the violation is corrected with respect to future
            violations within ninety (90) days after written notice of such breach from the
            non-breaching party; provided, however, that if the nature of such failure is such that
            it cannot reasonably be cured within such ninety (90) day period, and such
            non-performing party, within the ninety (90) day period commences to cure, and
            thereafter diligently processes such cure to completion, such cure period shall be
            extended for a period of no more than sixty (60) days, and provided, further, this
            Section 7.4 shall not apply to Section 2.2.

            
                      Section
            7.5      Notices. All notices required or
            permitted by the terms hereof shall be given by hand delivery or by sent and paid
            Federal Express or other overnight delivery, at the following addresses or at such
            other addresses as either party hereto shall, in writing, advise the other:

            	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                          If to
                        Bluegreen:

                    	
                         

                    	
                        4960
                        Conference Way North, Suite 100

                        Boca Raton, Florida 33431

                        Attention: David Pontius, President

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                          With a copy
                        to:

                    	
                         

                    	
                        
                        Bluegreen
                        Corporation

                        4960 Conference Way North, Suite 100

                        Boca Raton, Florida 33431

                        Attention: General Counsel

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                        
                        James J. Scavo,
                        Esq.

                        Weinstock & Scavo, P.C.

                        3405 Piedmont Road, N.E., Suite 300

                        Atlanta, Georgia 30305

                        e-mail address:

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                        
                        Barry E. Somerstein,
                        Esq.

                        Ruden McClosky

                        200 East Broward Blvd

                        P.O. Box 1900

                        Ft. Lauderdale, Florida 33301

                    

            37

            

            

            

            	
                         

                    	
                         

                    	
                         

                    	
                    
	
                        If
                        to a Service Provider or Tracker Marine:

                    	
                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        Big
                        Cedar, L.L.C.

                        2500 East Kearney Street

                        Springfield, Missouri 65898

                        Attn: General Counsel

                        Attn: Toni M. Miller

                    	
                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        With
                        a copy to:

                    	
                         

                    	
                        
                        Latham & Watkins,
                        L.L.P.

                        233 South Wacker Drive

                        Chicago, IL 60606

                        Attn: Michael A. Pucker

                    	
                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        If
                        to the Company:

                    	
                         

                    	
                        
                        Bluegreen/Big Cedar
                        Vacations, LLC

                        Attention: John M. Maloney, Jr. President

                        c/o Bluegreen Corporation

                        4960 Conference Way North, Suite 100

                        Boca Raton, Florida 33431

                        Attention: David Pontius, President

                    	
                    
	
                         

                    	
                         

                    	
                         

                    	
                    
	
                        With
                        a copy to:

                    	
                         

                    	
                        
                        Bluegreen
                        Corporation

                        4960 Conference Way North, Suite 100

                        Boca Raton, Florida 33431

                        Attention: General Counsel

                    	
                    
	
                         

                    	
                         

                    	
                         

                    	
                    
	
                         

                    	
                         

                    	
                        Big
                        Cedar, L.L.C.

                        2500 East Kearney Street

                        Springfield, Missouri 65898

                        Attn: General Counsel

                        Attn: Toni M. Miller

                    	
                    
	
                         

                    	
                         

                    	
                         

                    	
                    
	
                         

                    	
                         

                    	
                        
                        James J. Scavo,
                        Esq.

                        Weinstock & Scavo, P.C.

                        3405 Piedmont Road, N.E.

                        Suite 300

                        Atlanta, Georgia 30305

                    	
                    
	
                         

                    	
                         

                    	
                         

                    	
                    
	
                         

                    	
                         

                    	
                        
                        Barry E. Somerstein,
                        Esq.

                        Ruden McClosky

                        200 East Broward Blvd

                        P.O. Box 1900

                        Ft. Lauderdale, Florida 33301

                    	
                    

            38

            

            

            

            	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                        Latham & Watkins,
                        L.L.P.

                        233 South Wacker Drive

                        Chicago, IL 60606

                        Attn: Michael A. Pucker

                    

            

            All notices
            shall be deemed given at the time of hand delivery or the time such deposited with
            Federal Express or other reputable overnight delivery for transmittal as aforesaid;
            provided, however, that the time at which response or action in response to any notice
            must be given or taken shall run from the time of actual receipt of such
            notice.

            
                      Section
            7.6      Assignment. No party to this Agreement may,
            without the prior consent of all of the parties not then in default hereunder, which
            consent may be withheld in such party’s sole discretion, transfer any rights or
            obligations under this Agreement, provided, however, any party may
            transfer its rights or obligations to an Affiliate of such party upon receipt of
            consent of all of the other parties, which consent shall not be unreasonably
            withheld.

            
                      Section
            7.7      Confidentiality. The parties hereto, on behalf
            of themselves and their respective agents, employees and attorneys each hereby covenant
            and agree to keep confidential all information regarding this transaction and the
            advertising, marketing and promotional services to be provided hereunder (provided,
            however, that they may divulge such information as required and requested by lenders,
            investors and potential investors pursuant to an appropriate confidentiality agreement
            or other investors and potential investors related to receivable purchase transactions
            or governmental authorities, including within such releases or announcements as may be
            required by law, or by the rules or regulations of any securities exchange) and they
            shall keep confidential all information regarding projections concerning marketing and
            sale of the Timeshare Projects or any Bluegreen Timeshare Facility, development of the
            Timeshare Projects and methods of marketing and sale. All notices to third parties and
            all publicity or press releases with respect to the transaction contemplated hereby
            shall be mutually approved by the Company, Bluegreen, Big Cedar and Bass Pro prior to
            release or dissemination. Bluegreen shall present draft copies of all Bluegreen filings
            with the United States Securities and Exchange Commission that relate to this Agreement
            to Bass Pro at least three business days prior to such filing for review.

            
                      Section
            7.8      Good Faith Cooperation, Negotiation, Operation and
            Performance. The parties hereby agree to cooperate, negotiate, operate, and
            perform in good faith to accomplish the intentions and fully effectuate the purposes of
            this Agreement, including but not limited to, in the creation, execution, and delivery
            of any document or service contemplated hereunder. Upon reasonable request, from time
            to time, the parties shall execute and deliver all documents and instruments and do all
            of the acts as may be reasonably necessary or desirable to give effect to the
            performance of this Agreement and all the services hereunder to be provided or to
            exercise by the other parties their respective rights hereunder. The Service Providers
            shall, for each license, right or easement specified in this Agreement deliver to the
            Advertisers appropriate documentation on a form acceptable to the Advertisers to
            identify such right in specific documentation.

            
                      Section
            7.9     Severability. If any provision of this
            Agreement shall be held to be illegal, invalid or unenforceable, that provision will be
            enforced to the maximum extent permissible, so

            39

            

            

            

            as to effect the
            intent of the parties, and the validity, legality and enforceability of the remaining
            provisions shall not in any way be affected or impaired thereby. If necessary to effect
            the intent of the parties, the parties will negotiate in good faith to amend this
            Agreement to replace the unenforceable language with the enforceable language which as
            closely as possible reflects such intent. The provisions of this Agreement to the
            benefit of Bluegreen are severable and distinct from the provision of this Agreement to
            the benefit of the Company, and shall be enforceable one independent from the
            other.

            
                      Section
            7.10     Counterparts. This Agreement may be
            executed in one or more counterparts, all of which shall be considered one and the same
            agreement, and shall become effective when one or more counterparts shall have been
            signed by each party and delivered to each other party.

            
                      Section
            7.11     Entire Agreement. This Agreement
            constitutes the entire agreement between the parties hereto as to the subject matter
            contained herein and supersedes all prior discussions, understandings, and agreements
            between them as to the subject matter contained herein, including, without limitation,
            the Original M&P Agreement and the agreements contemplated thereby. This Agreement
            may not be modified or amended unless such amendment is set forth in writing and signed
            by each party.

            
                      Section
            7.12     Construction. This Agreement has been
            negotiated by the parties and their respective counsel, and shall be fairly interpreted
            in accordance within the terms, and without any strict construction in favor of or
            against any party. In construing this Agreement, the singular sense shall be deemed to
            include the plural, and the male and neuter gender shall mean and comprehend all
            genders, whenever such meaning or interpretation is necessary and appropriate. Headings
            contained in this Agreement are for reference purposes only, and shall not affect in
            any way the meaning or interpretation of this Agreement.

            
                      Section
            7.13     No Condition Precedent. The obligations
            of the parties hereto shall be determined by the terms of this Agreement and shall not
            be subject to any other, additional or extraneous condition precedent occurring. By way
            of example and not limitation, the terms of this Agreement shall be binding amongst and
            between the parties hereto, despite any absence of agreement concerning construction,
            improvement or development of the Red Rock Bluff Timeshare Project.

            
                      Section
            7.14     Time is of the Essence. Time is of the essence
            in the performance of this Agreement.

            
                      Section
            7.15     Consideration. Service Providers acknowledge
            that certain promises of Advertisers herein run to the benefit of Service Providers and
            certain promises of Advertisers herein run to the benefit of Service Providers. In
            exchange for the foregoing, as well as in exchange for other good and valuable
            consideration, the receipt and sufficiency of which is acknowledged by Service
            Providers and Advertisers and each agrees that they are bound to this Agreement and to
            the performance of the obligations hereunder to the benefit of the other.

            [signature
            pages follow]

            40

            

            

            

            	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                    	
                         

                    
	
                         

                    	
                         

                    	
                        BLUEGREEN
                        VACATIONS UNLIMITED,

                        INC., a Florida corporation

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        By:

                    
	
                         

                    	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        Print
                        Name:

                    
	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        Title:

                    
	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        BLUEGREEN/BIG
                        CEDAR VACATIONS,

                        LLC, a Delaware limited liability company:

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        By:

                    	
                        Bluegreen Vacations
                        Unlimited, Inc. a Florida corporation, its Managing Member

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        By:

                    
	
                         

                    	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        Print
                        Name:

                    
	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        Title:

                    
	
                         

                    	
                         

                    	
                        

                    

            [Signature
            Page to Amended and Restated Marketing and Promotions Agreement]

            

            

            

            	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        BIG CEDAR,
                        L.L.C., a Missouri limited liability

                        company

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        By:

                    
	
                         

                    	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        
                                Toni
                        M. Miller

                    
	
                         

                    	
                         

                    	
                        
                                Authorized
                        Signatory

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        BASS PRO,
                        INC., a Delaware corporation

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        By:

                    
	
                         

                    	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        
                                Toni
                        M. Miller

                    
	
                         

                    	
                         

                    	
                        
                                Vice
                        President, Chief Financial Officer, &

                                Treasurer

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        BASS PRO OUTDOORS
                        ONLINE, L.L.C., a

                        Missouri limited liability company

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        By:

                    
	
                         

                    	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        
                                Toni
                        M. Miller

                    
	
                         

                    	
                         

                    	
                        
                                Authorized
                        Signatory

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        BASS PRO OUTDOOR
                        WORLD, L.L.C., a

                        Missouri limited liability company

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        By:

                    
	
                         

                    	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        
                                Toni
                        M. Miller

                    
	
                         

                    	
                         

                    	
                        
                                Authorized
                        Signatory

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        BPS CATALOG,
                        L.P., a Missouri limited

                        partnership

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        By:

                    
	
                         

                    	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        
                                Toni
                        M. Miller

                    
	
                         

                    	
                         

                    	
                        
                                Authorized
                        Signatory

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        BASS PRO
                        TRADEMARKS, L.L.C., a Missouri

                        limited liability company

                    

            [Signature
            Page to Amended and Restated Marketing and Promotions Agreement]

            

            

            

            	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        By:

                    
	
                         

                    	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        
                                 Toni
                        M. Miller

                    
	
                         

                    	
                         

                    	
                        
                                Authorized
                        Signatory

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        WORLD WIDE
                        SPORTSMAN, INC., a South

                        Carolina Corporation

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        By:

                    
	
                         

                    	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        
                                Toni
                        M. Miller

                    
	
                         

                    	
                         

                    	
                        
                                Vice
                        President, Chief Financial Officer and

                                Treasurer

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        BASS PRO SHOPS
                        CANADA, INC., an Ontario

                        corporation

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        By:

                    
	
                         

                    	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        
                               Toni
                        M. Miller

                    
	
                         

                    	
                         

                    	
                        
                                Vice
                        President, Chief Financial Officer &

                                Treasurer

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        BASS PRO SHOPS
                        CANADA (CALGARY),

                        INC., a Canada corporation

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        By:

                    
	
                         

                    	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        
                                Toni
                        M. Miller

                    
	
                         

                    	
                         

                    	
                        
                                Vice
                        President, Chief Financial Officer &

                                Treasurer

                    

            [Signature
            Page to Amended and Restated Marketing and Promotions Agreement]

            

            

            

            	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        BPIP, LLC, a
                        Virginia limited liability company

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        By:

                    
	
                         

                    	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        
                                Toni
                        M. Miller

                    
	
                         

                    	
                         

                    	
                        
                                Authorized
                        Signatory

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        TRACKER MARINE,
                        L.L.C., a Missouri limited

                        liability company

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        By:

                    
	
                         

                    	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        
                                Toni
                        M. Miller

                    
	
                         

                    	
                         

                    	
                        
                                Authorized
                        Signatory

                    

            [Signature
            Page to Amended and Restated Marketing and Promotions Agreement]

            

            

            

            EXHIBIT
            “A-1”

            BASS PRO
            TRADEMARKS, TRADE NAMES, SERVICE MARKS, PROPRIETARY

            MARKS, LOGOS AND UNIQUE SIGNS

            

            

            

            EXHIBIT
            “A-2”

            BIG CEDAR
            TRADEMARKS, TRADE NAMES, SERVICE MARKS, PROPRIETARY

            MARKS, LOGOS AND UNIQUE SIGNS

            

            

            

            EXHIBIT
            “B-1”

            BIG CEDAR
            TIMESHARE PROJECT PROPERTY DESCRIPTION

            

            

            

            EXHIBIT
            “B-2”

            RED ROCK BLUFF
            TIMESHARE PROJECT PROPERTY DESCRIPTION

            

            

            

            EXHIBIT
            “C”

            PROSPECT TRACT
            (TO BE REVISED WITHIN 30 DAYS)

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