Document:

Exhibit 10.71

 

AMENDED AND RESTATED RECEIVABLES LOAN
NOTE

 

	$50,000,000	Middletown, Connecticut
	 	Effective as of December 11, 2012

 

FOR VALUE RECEIVED,
the undersigned, BLUEGREEN CORPORATION, a Massachusetts corporation (the “Borrower”), promises to pay
to the order of LIBERTY BANK, a Connecticut nonstock mutual savings bank (“Lender”) the principal sum
of FIFTY MILLION DOLLARS ($50,000,000) or such greater or lesser amount as may be advanced by Lender as the Receivables
Loan under the Receivables Loan Agreement (as defined below), together with interest on the unpaid principal balance hereof, before
and after maturity, by acceleration or otherwise, at the rate hereinafter provided, and with the principal and interest payments
required below, together with all costs of collecting this Note, including reasonable attorney’s fees.

 

1.           Receivables
Loan Agreement.  This Note has been executed and delivered pursuant to the provisions of an Amended and Restated
Receivables Loan Agreement among Borrower, Liberty Bank, as administrative and collateral agent, Lender, and the financial institutions
which are Lenders and named therein, dated as of the date hereof, as it may from time to time be amended, modified or restated
(as it may from time to time be amended, modified or supplemented, the “Receivables Loan Agreement”).  This
Note is one of the Receivables Loan Notes and evidences the obligation of the Borrower to repay, with interest thereon, Advances
under the Receivables Loan made by Lender to the Borrower pursuant to the Receivables Loan Agreement.  Capitalized terms
not otherwise defined herein shall have the meanings set forth in the Receivables Loan Agreement.  This Note also evidences
Borrower’s obligation to repay with interest all additional moneys advanced or expended from time to time by Lender to or
for the account of Borrower or otherwise added to the principal balance of this Note, as provided in the Receivables Loan Agreement,
whether or not the principal amount shall thereby exceed the principal amount stated above.

 

2.           Payment.

 

2.1           Principal
and Interest.  Borrower shall make payments on the principal balance of this Note and accrued interest
on the principal balance of this Note in accordance with the applicable provisions of the Receivables Loan Agreement.

 

2.2           Final
Payment Date.  If not sooner paid, the entire unpaid principal balance of this Note and all interest thereon
shall be paid on the Receivables Loan Maturity Date.

 

2.3           Place
and Manner of Payment.  The principal balance of this Note and interest accrued on the principal balance
of this Note shall be payable at the place and manner as provided in the Receivables Loan Agreement, or at such other place or
in such other manner as Agent may designate in writing.

 

     

     

    

 

3.          Interest
Rate.  Interest on the unpaid principal balance of this Note will accrue from the date of advance under
the Receivables Loan until final payment thereof in accordance with the applicable provisions  of the Receivables Loan
Agreement.

 

4.          Late
Charge.  If Borrower fails to make any payment required with respect to the principal balance of or accrued
interest on this Note within ten (10) days after the due date, then and in that event Borrower shall pay to Lender a late charge
as provided in the Receivables Loan Agreement.

 

5.          Security.  Payment
of this Note is secured, inter alia, by the Collateral.

 

6.          Default;
Acceleration.  Upon the occurrence and during the continuance of an Event of Default (subject to any applicable
notices and grace periods), Lender may, at its option, declare the entire unpaid principal balance of this Note, all accrued interest
thereon and all other sums due by Borrower under this Note or under the Receivables Loan Agreement to Lender to become immediately
due and payable in advance of its stated maturity.  In addition, upon the occurrence of such an Event of Default (subject
to any applicable notices and grace periods), Lender, through Agent, may exercise its rights and remedies set forth in the Receivables
Loan Agreement, the Loan Documents at law or in equity, all of which are cumulative and concurrent.

 

7.          Prepayment.  Prepayment
of this Note shall be subject to the restrictions and prepayment fees set forth in the Receivables Loan Agreement.

 

8.          Lien
and Right of Set-Off.  Borrower hereby grants to Lender a lien and right of set-off for all Borrower’s
liabilities arising under this Note upon and against Borrower’s deposits, credits and property now or hereafter in the possession
or control of Lender.  Upon the occurrence and during the continuance of an Event of Default (subject to any applicable
notices and grace periods), Lender may, at any time and without notice apply all or any part of said deposits, credits and property
to Borrower’s liabilities and obligations under this Note, even though Borrower’s liabilities and obligations hereunder
be unmatured.

 

9.          Waivers.  Presentment
for payment, notice of nonpayment or dishonor, protest, notice of protest, demand, notice of demand, notice of acceleration or
intent to accelerate and all other notices in connection with the delivery, acceptance, performance, default or enforcement of
this Note are hereby irrevocably waived by Borrower.

 

10.         Severability.  If
any provision of this Note is held to be invalid or unenforceable by a court of competent jurisdiction, the other provisions of
this Note shall remain in full force and effect and shall be liberally construed in favor of Lender in order to effect the provisions
of this Note.

 

11.         Limitation
on Lender’s Waivers.  Lender shall not be deemed, by any act of omission or commission, to have
waived any of its rights or remedies under this Note unless such waiver is in writing and signed by Lender, and then only to the
extent specifically set forth in the writing.  A waiver of one event shall not be construed as continuing or as a bar
to or waiver of any right or remedy in connection with a subsequent event.

 

    	 	-2-	 

     

    

 

12.         Forbearance.  Borrower
agrees that Lender may release, compromise, forbear with respect to, waive, suspend, extend or renew any of the terms of the Receivables
Loan Agreement or any of the Loan Documents (and Borrower hereby waives any notice of any of the foregoing solely to the extent
Borrower’s agreement is not required in connection therewith), and that the Receivables Loan Agreement or any of the Loan
Documents may be amended, supplemented or modified by Lender and Borrower and that Lender may resort to any guaranty or any collateral
in such order and manner as it may think fit, or accept the assignment, substitution, exchange or pledge of any other collateral
or guaranty in place of, or release for such consideration, or none, as it may require, all or any portion of any collateral or
any guaranty, without in any way affecting the validity of the lien over or other security interest in the remainder of any such
collateral (or the priority thereof), or any rights that it may have with respect to any other guaranty.  Any action
taken by Lender pursuant to the foregoing shall in no way be construed as a waiver or release of any right or remedy of Lender,
or of any event of default, or of any liability or obligation of Borrower, under the Receivables Loan Agreement or any of the Loan
Documents.

 

13.         Governing
Law.  This Note shall be governed as to the validity, interpretation, construction, enforcement and in
all other respects by the law of the State of Connecticut, the primary place of business of Lender, without regard to its rules
and principles regarding conflicts of laws or any rule or canon of construction which interprets agreements against the draftsman.

 

14.         Limitation
of Interest to Maximum Lawful Rate.  The interest rate hereunder shall be limited to the maximum rate
of interest permitted to be charged by applicable law in accordance with the provisions of the Receivables Loan Agreement.

 

15.         Miscellaneous.  Time
is of the essence in the performance by Borrower of its obligations under this Note.  This Note shall be binding upon
Borrower and its successors and assigns and shall inure to the benefit of Lender and its successors and assigns.

 

16.         Commercial
Transaction.  BORROWER ACKNOWLEDGES THAT THIS IS A “COMMERCIAL TRANSACTION” AS SUCH IS
DEFINED IN CHAPTER 903a OF THE CONNECTICUT GENERAL STATUTES, AS AMENDED.  BORROWER FURTHER ACKNOWLEDGES THAT, PURSUANT
TO SUCH SECTION, IT HAS A RIGHT TO NOTICE OF AND HEARING PRIOR TO THE ISSUANCE OF ANY “PREJUDGMENT REMEDY”.  NOTWITHSTANDING
THE FOREGOING, BORROWER HEREBY WAIVES ALL RIGHT TO SUCH NOTICE, JUDICIAL HEARING OR PRIOR COURT ORDER IN CONNECTION WITH ANY SUIT
ON THIS NOTE OR ANY EXTENSIONS OR RENEWALS OF THE SAME.

 

17.         No
Novation. This Note shall amend and restate in its entirety that certain Receivables Loan Note by Borrower payable to the
order of Lender dated as of February 11, 2011 in the face amount of $55,000,000 (the “Prior Note”). Nothing
contained herein shall be deemed to constitute a novation or satisfaction of the Prior Note but the terms and conditions of this
Note shall supersede the terms and conditions of the Prior Note in its entirety.

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

    	 	-3-	 

     

    

 

IN WITNESS WHEREOF,
the undersigned Borrower has executed this Note effective as of the day and year first above written.

 

	 	BLUEGREEN CORPORATION, a Massachusetts corporation
	 	 
	 	By:	/s/ Anthony M. Puleo
	 	 	Anthony M. Puleo, Senior Vice President CFO and Treasurer

 

[Signature Page to Amended and Restated Receivables Loan Note (Liberty)]Exhibit 10.72

 

FIRST AMENDMENT TO

AMENDED AND RESTATED

RECEIVABLES LOAN AGREEMENT

 

THIS FIRST AMENDMENT
TO AMENDED AND RESTATED RECEIVABLES LOAN AGREEMENT (this “Amendment”) is made effective as of December 6, 2013,
by and among each of the financial institutions identified under the caption “Lenders” on the signature pages
of this Amendment (including without limitation Liberty Bank in such capacity) (each, a “Lender” and collectively,
“Lenders”), LIBERTY BANK, a Connecticut non-stock mutual savings bank, as administrative and collateral
agent for Lenders (in such capacity, together with its successors in such capacity, “Agent”) and BLUEGREEN
CORPORATION, a Massachusetts corporation (“Borrower”).

 

BACKGROUND

 

A.           Borrower,
Agent and Lenders have previously entered into an Amended and Restated Receivables Loan Agreement dated December 11, 2012 (as it
may be amended, restated or supplemented from time to time the “Loan Agreement”).

 

B.           Borrower
has requested and Agent and Lenders have agreed to amend the terms of the Loan Agreement subject to the terms and conditions set
forth in this Amendment.

 

C.           All
capitalized terms not defined in this Amendment shall have the meanings set forth in the Loan Agreement.

 

NOW, THEREFORE,
intending to be legally bound hereby and for other good and valuable consideration, the parties agree as follows:

 

1.           Definitions.

 

1.1           Section
1.1 of the Loan Agreement shall be and is hereby amended so that the following defined terms read, in their entirety, as
follows:

 

“Receivables Loan Advance
Period means the period of time commencing on the date of this Agreement through and including November 30, 2015.”

 

“Receivables
Loan Interest Rate means until the occurrence of an Event of Default:

 

(a)          From
December 1, 2013 until the first calendar day of the following month, at a yearly rate which is equal to three-quarter percent
(0.75%) per annum in excess of the WSJ Prime Rate in effect on December 1, 2013, provided that, in no event
shall the interest rate on the Receivables Loan be less than 4.25% per annum.

 

     

     

    

 

(b)         On
each WSJ Prime Rate Adjustment Date, the yearly rate at which interest shall be payable on the unpaid principal balance of the
Receivables Loan shall be, as applicable, increased or decreased to a rate which is equal to three-quarter percent (0.75%) per
annum in excess of the WSJ Prime Rate in effect on the WSJ Prime Rate Determination Date, provided that, in no event shall
the interest rate on the Receivables Loan be less than 4.25% per annum.”

 

“Receivables
Loan Maturity Date means November 30, 2018.”

 

1.2          Non-Conforming
Qualified Timeshare Loan. The following defined term shall be added to Section 1.1 of the Loan Agreement
in its proper alphabetical order and shall have the following meaning:

 

“Non-Conforming
Qualified Timeshare Loan means a Timeshare Loan made by Borrower or FBS Developer to a Purchaser or Purchasers in connection
with a Qualified Sale which is evidenced by a Qualified Note, secured by a Qualified Mortgage, and meets all of the criteria for
a “Qualified Timeshare Loan” except that:

 

(a)          The
Purchaser’s FICO Score is less than 600 notwithstanding subsection (p) of the definition of “Qualified
Timeshare Loan”; or

 

(b)          Such
Timeshare Loan, when added to the Qualified Timeshare Loans within the Lender Portfolio Timeshare Loans (excluding No-FICO Score
Timeshare Loans and Non-Resident Timeshare Loans), would cause the weighted average FICO Score for all such Timeshare Loans to
be less than 680 notwithstanding subsection (q) of the definition of “Qualified Timeshare Loan” and Section
2.2(e)(v) of this Agreement; or

 

(c)          Such
Timeshare Loan, when added to the Qualified Timeshare Loans within the Lender Portfolio Timeshare Loans, would cause the weighted
average interest rate for all such Timeshare Loans to be less than 14% per annum notwithstanding subsection (g) of
the definition of “Qualified Timeshare Loan” and Section 2.2(e)(vi) of this Agreement; or

 

(d)          Such
Timeshare Loan, when added to the Qualified Timeshare Loans within the Lender Portfolio Timeshare Loans, would cause the outstanding
principal balance of all such Timeshare Loans which consisted of Non-Resident Timeshare Loans or No-FICO Score Timeshare Loans
to exceed ten percent (10%) of the aggregate outstanding balance of all Qualified Timeshare Loans, notwithstanding Section
2.2(e)(i) or Section 2.2(e)(iii) of this Agreement; or

 

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(e)          Such
Timeshare Loan, when added to the Qualified Timeshare Loans within the Lender Portfolio Timeshare Loans, would cause the outstanding
principal balance of all such Timeshare Loans which consisted of Low FICO Score Timeshare Loans to exceed ten percent (10%) of
the aggregate outstanding balance of all Qualified Timeshare Loans, notwithstanding Section 2.2(e)(ii) of this Agreement.

 

In addition, a “Non-Conforming
Qualified Timeshare Loan” must also meet the following criteria: (i) the minimum weighted average number of payments made
under all such Timeshare Loans shall be at least twenty-four (24); and (ii) the Purchaser under each such Timeshare Loan shall
have made at least twelve (12) payments of principal and interest under such Timeshare Loan.”

 

2.           Qualified
Timeshare Loan References. All references in the Loan Agreement and all other Loan Documents to a “Qualified Timeshare
Loan” shall also include any “Non-Conforming Qualified Timeshare Loan,” mutatis mutandis.

 

3.           Loan
Amount. Section 2.1 of the Loan Agreement is hereby amended and restated to read, in its entirety, as follows:

 

“2.1        Loan
Amount. Subject to the other provisions and conditions of this Agreement, each Lender (severally, but not jointly) agrees,
from time to time during the Receivables Loan Advance Period, to make its Pro Rata Share of Advances under the Receivables Loan
to Borrower in amounts equal to the lesser of: (a) the sum of (i) eighty-five percent (85%) of the unpaid principal balance of
Qualified Timeshare Loans included within the Lender Portfolio Timeshare Loans assigned to Agent, for the benefit of Lenders, in
connection with such requested Advance, plus (ii) fifty percent (50%) of the unpaid principal balance of Non-Conforming Qualified
Timeshare Loans included within the Lender Portfolio Timeshare Loans assigned to Agent, for the benefit of Lenders, in connection
with such requested Advance, or (b) the Maximum Receivables Loan Amount.

 

Notwithstanding anything to the contrary
contained herein, at no time shall Agent or any Lender be required to make additional Advances to Borrower pursuant to the terms
and conditions of this Agreement if, after giving effect to any such Advance, the result is that (i) the aggregate outstanding
principal balance of the Receivables Loan based on Advances supported by Non-Conforming Qualified Timeshare Loans exceeds Ten Million
Dollars ($10,000,000.00), (ii) the aggregate outstanding principal balance of the Receivables Loan exceeds the Maximum Receivables
Loan Amount, or (iii) the aggregate outstanding principal balance of the Receivables Loan owed to any Lender (or its participant),
exceeds such Lender’s Commitment Amount.”

 

    	 	3	 

     

    

 

4.           Advances.
Section 2.2(e)(ii) of the Loan Agreement is hereby amended and restated to read, in its entirety, as follows:

 

“(ii)         Notwithstanding
the limitations set forth in subsection (p) of the definition of Qualified Timeshare Loan, Timeshare Loans which
otherwise satisfy the criteria of a Qualified Timeshare Loan but involve a Purchaser with (A) a FICO Score less than 600 but equal
to or greater than 575, and (B) a downpayment (including (1) cash “at the table”, (2) the aggregate sum of principal
payments paid by a Purchaser under its promissory note for such Unit at the time of such assignment, and (3) paid-in equity) of
at least 20% of the Purchase Price (“Low FICO Score Timeshare Loans”) may be considered Qualified Timeshare
Loans, provided that, at any one time not more than 10% of the then outstanding principal balance of all Qualified
Timeshare Loans included in the Lender Portfolio Timeshare Loans may consist of such Low FICO Score Timeshare Loans. Notwithstanding
anything to the contrary set forth in this Section 2.2(e), the credit of any Purchaser whose Timeshare Loan is submitted
to Agent as security as provided in this Section 2.2(e) may be rejected by Agent if such Purchaser’s Evidence
of FICO Score (as submitted as part of the Consumer Documents for such Purchaser) reflects a bankruptcy filing which has not been
dismissed or discharged as noted therein.”

 

5.           Supplementary
Advances. Section 2.5 of the Loan Agreement is hereby amended and restated to read, in its entirety, as follows:

 

“2.5        Supplementary
Advances. In the event that the outstanding principal balance of the Receivables Loan is less than (a) 85% of the outstanding
principal balance of all Qualified Timeshare Loans included within the Lender Portfolio Timeshare Loans, and/or (b) 50% of the
outstanding principal balance of all Non-Conforming Qualified Timeshare Loans included within the Lender Portfolio Timeshare Loans,
then Borrower may request supplementary Advances in an amount equal to such 85% and/or 50% limitation, as applicable, provided that
(a) Borrower submits to Agent a Request for Supplementary Advance in the form attached hereto as Exhibit G,
and (b) Agent and Lenders shall have no obligation to make such supplementary Advances (i) more often than once every calendar
month, (ii) in an amount less than $100,000, (iii) after the expiration of the Receivables Loan Advance Period, (iv) after the
occurrence but only during the continuance of an Incipient Default or an Event of Default, (v) which would cause the aggregate
balances of all outstanding Advances to exceed the Maximum Receivables Loan Amount, or (vi) which would result in a violation
of any of the limitations set forth in Section 2.2.”

 

    	 	4	 

     

    

 

6.           Non-Utilization
Fee. Section 5.3 of the Loan Agreement shall be and is hereby deleted in its entirety and is null and void
and of no further force or effect.

 

7.           Loan
Balance Fee. Section 5.5 of the Loan Agreement shall be and is hereby amended and restated to read, in its
entirety, as follows:

 

“5.5        Loan
Balance Fee. Borrower agrees to pay to Agent, for the benefit of Lenders, an annual fee at the beginning of each twelve
(12) month period commencing December 1, 2014, in an amount as provided below (the “Loan Balance Fee”):

 

	Average daily balance of Receivables 

Loan for the preceding twelve (12) 

month period:	 	Annual Loan Balance Fee for the 

next twelve (12) month period:	 
	Less than $20,000,000	 	$	250,000	 
	Greater than or equal to $20,000,000, but less than $27,500,000	 	$	200,000	 
	Greater than or equal to $27,500,000, but less than $35,000,000	 	$	75,000	 
	Greater than or equal to $35,000,000	 	$	0	 

 

The Loan Balance
Fee shall be fully earned as of the beginning of each twelve (12) month period and be due and payable on or before the date that
is fifteen (15) days following the commencement of each such twelve (12) month period (for purposes of clarification, the first
payment would be due by December 16, 2014 based on the period commencing December 1, 2013 through and including November 30, 2014).”

 

8.           Additional
Mandatory Payments. Section 6.2 of the Loan Agreement is hereby amended and restated to read, in its entirety, as
follows:

 

    	 	5	 

     

    

 

“6.2        Additional
Mandatory Payments. Notwithstanding the foregoing, if at any time the aggregate outstanding principal amount of the Receivables
Loan outstanding is greater than (a) the sum of: (i) eighty-five percent (85%) multiplied by the remaining principal payments due
under Qualified Timeshare Loans comprising the Lender Portfolio Timeshare Loans, plus (ii) fifty percent (50%) multiplied
by the remaining principal payments due under Non-Conforming Qualified Timeshare Loans comprising the Lender Portfolio Timeshare
Loans or (b) any other restriction or limitation set forth in this Agreement, including without limitation, those set forth in
Section 2.2, then within twenty (20) days after notice to Borrower, Borrower agrees to either (a) at Borrower’s
sole option (i) prepay (without prepayment premium or penalty) an amount equal to such difference together with accrued interest
thereon, or (ii) pledge additional Qualified Timeshare Loans or Non-Conforming Qualified Timeshare Loans as part of the Lender
Portfolio Timeshare Loans in an amount sufficient to cure the deficiency, or (b) if requested by Borrower, at Agent’s sole
option, prepay (without prepayment premium or penalty), in part, and pledge additional Qualified Timeshare Loans or Non-Conforming
Qualified Timeshare Loans, in part, in a total amount sufficient to cure the deficiency. For purposes of calculating required payments
under this section, any Delinquent Loans or Timeshare Loans described in Sections 12.1(a), (b), (c) and (d) shall
not be deemed to be Qualified Timeshare Loans or Non-Conforming Qualified Timeshare Loans.”

 

9.          Permitted
Prepayments. The last paragraph of Section 6.6 of the Loan Agreement shall be and is hereby amended and restated
to read, in its entirety, as follows:

 

“Notwithstanding
the foregoing, Borrower may prepay a portion of the outstanding principal balance of the Receivables Loan by a single prepayment
each calendar year (beginning in 2014 and continuing each year thereafter so long as the Receivables Loan Advance Period has not
expired) for the purpose of a receivables securitization or similar conduit transaction, subject to the following terms and conditions:

 

(i)          at
no time will the unpaid principal balance of the Receivables Loan be less than $10,000,000 after such partial prepayment unless
the Receivables Loan Advance Period has then expired;

 

(ii)         if
the unpaid principal balance of the Receivables Loan is less than $10,000,000 due to subsequent amortization following any such
partial prepayment during the Receivables Loan Advance Period, Borrower will within ninety (90) days request the necessary Advance(s)
under the Receivables Loan to restore such unpaid principal balance of the Receivables Loan to an amount not less than $10,000,000;

 

    	 	6	 

     

    

 

(iii)        the
partial prepayment may occur only one (1) time in each calendar year beginning in calendar year 2014 and after thirty (30) days
prior written notice from Borrower to Agent of Borrower’s intent to make such partial prepayment; and

 

(iv)        the
portfolio characteristics of the remaining pledged Collateral of the Qualified Timeshare Loans (i.e. weighted average FICO score,
average balance, WAC, etc.) must be substantially similar to those characteristics in existence for such Qualified Timeshare Loans
immediately prior to such partial prepayment.

 

Borrower agrees
that Agent will have the right of first refusal with respect to the financing of Timeshare Loans included in the Lender Portfolio
Timeshare Loans that did not qualify for such receivables securitization or similar conduit transaction.”

 

10.         Release.
Section 7.10 of the Loan Agreement shall be and is hereby amended and restated to read, in its entirety, as follows:

 

“7.10 Release.
In the event of (i) a partial prepayment of the Receivables Loan subject to the terms and conditions set forth in Section
6.6 of this Agreement, or (ii) a prepayment in full of the Receivables Loan and termination of this Agreement and the other
Loan Documents, Agent shall release its security interest and assign or deliver to Borrower such Timeshare Loans, Notes, Mortgages
and other related Collateral assigned to Agent, for the benefit of Lenders, under this Agreement or the other Loan Documents, provided
that, if such prepayment is a partial prepayment of the Receivables Loan permitted under Section 6.6 of this
Agreement, Agent and Borrower shall mutually agree as to the collateral pool to be released, so that (i) the quality and nature
of the Timeshare Loans, Notes, Mortgages and other related Collateral from a credit underwriting standard after such release is
materially consistent (other than seasoning) with the quality and nature of the Timeshare Loans, Notes, Mortgages and other related
Collateral from the credit underwriting standard that existed immediately prior to such partial prepayment and release, (ii) Borrower
maintains the borrowing base formula set forth in Section 2.1 of this Agreement equal to the sum of (a) eighty-five
percent (85%) of the unpaid principal balance of Qualified Timeshare Loans included within the Lender Portfolio Timeshare Loans
assigned to Agent in connection with prior Advances, plus (b) fifty percent (50%) of the unpaid principal balance of Non-Conforming
Qualified Timeshare Loans included within the Lender Portfolio Timeshare Loans assigned to Agent in connection with prior Advances,
and (iii) no Default or Event of Default will result from such release. All releases by Agent to Borrower shall be (a) in form
reasonably satisfactory to Agent, and (b) at the Borrower’s cost and expense.”

 

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11.         Pension
Plans. Section 8.16 of the Loan Agreement shall be and is hereby amended and restated to read, in its entirety,
as follows:

 

“8.16     Pension
Plans. Borrower has no obligations with respect to any employee pension benefit plan, as such term is defined in the Employee
Retirement Income Security Act of 1974, as amended, and the regulations thereunder (“ERISA”), with any such
plan referred to herein as a “Plan,” except as described in Schedule 8.16. No “Prohibited Transaction”
with respect to the Borrower within the meaning of Section 406 of ERISA exists or will exist with respect to any Plan upon the
execution and delivery of this Agreement or the performance by the parties hereto of their respective duties and obligations hereunder,
except a prohibited transaction that qualifies for an exemption under ERISA.

 

Neither Borrower
nor any ERISA Affiliate sponsors any pension plan subject to Title IV of ERISA. Neither Borrower nor any ERISA Affiliate is a party
to a collective bargaining agreement that requires it to make contributions to: (a) any pension plan subject to Title IV of ERISA
or (b) any “multi employer plan” as such term is defined in Section 4001(a)(3) of ERISA. Neither Borrower nor any ERISA
Affiliate has incurred withdrawal liability under Section 4201 or 4204 of ERISA. The term “ERISA Affiliates”
means any trade or business (whether or not incorporated) that is treated as a single employer together with Borrower under Section
414 of the Internal Revenue Code of 1986, as amended.”

 

12.         Payment
or Replacement of Timeshare. Section 12.1 of the Loan Agreement shall be and is hereby amended and restated
to read, in its entirety, as follows:

 

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“12.1      Delinquent Loans.  Borrower shall pay to Agent, for the benefit of Lenders to be applied against the outstanding principal
balance on the Receivables Loan, an amount equal to 85% of the then unpaid principal balance of any Timeshare Loan (or 50% of the
then unpaid principal balance of such Timeshare Loan if it is a Non-Conforming Qualified Timeshare Loan) comprising part of the
Lender Portfolio Timeshare Loans (without prepayment penalty or premium) in the event that: (a) such Timeshare Loan becomes a Delinquent
Loan, (b) any applicable representation or warranty set forth at Sections 9 or 10 or elsewhere herein proves false
with respect to such Timeshare Loan, (c) the attorney, Title Company or other approved person fails to comply with the requirements
of Section 23.1 with respect to such Timeshare Loan to the extent applicable, or (d) Borrower shall fail to deliver
a Title Insurance Policy, as required by Section 23.2 with respect to such Timeshare Loan. With respect to a Delinquent
Loan, such payment shall be made on or before the thirtieth (30th) day after such Timeshare Loan has become a Delinquent Loan,
computed without reference to any notice or grace period. With respect to a Timeshare Loan in respect of which a representation
or warranty proves or becomes false or which Borrower is obligated to pay under subsection 12.1(c) or (d), such payment
shall be made within thirty (30) days after Borrower becomes aware of such false representation or warranty, failure to confirm
or failure to deliver, by receipt of notice from Agent or otherwise. Other than in connection with Permitted Modifications, Borrower
may not cure any actual or anticipated delinquency of any Lender Portfolio Timeshare Loan by revising, rewriting or recasting the
payment terms of such Timeshare Loan unless otherwise agreed to by Lender in writing in its sole discretion. If a Qualified Timeshare
Loan or Non-Conforming Qualified Timeshare Loan is amended to cure a delinquency without Lender’s agreement, such Timeshare
Loan shall be deemed a Delinquent Loan. In the event that the then outstanding principal balance of the Receivables Loan is less
than 85% of the aggregate outstanding principal balances of the Timeshare Loans (or 50% of the aggregate outstanding principal
balances of Timeshare Loan constituting Non-Conforming Qualified Timeshare Loans, as applicable) then comprising the Lender Portfolio
Timeshare Loans (after removal of the applicable Delinquent Loans and Timeshare Loans described in subsection 12.1(c) and
(d)), except to the extent Borrower has pledged additional Qualified Timeshare Loans or Non-Conforming Qualified Timeshare
Loans for such Delinquent Loans, Agent, at its sole discretion, may waive the prepayment requirement set forth in the first sentence
of this Section 12.1.”

 

13.          Minimum
Tangible Net Worth. Section 16.1 of the Loan Agreement shall be and is hereby amended and restated to read,
in its entirety, as follows:

 

“16.1      Minimum
Tangible Net Worth. Borrower shall maintain Tangible Net Worth of not less than Two Hundred Sixty-Five Million Dollars
($265,000,000) as of the Closing Date and at all times thereafter through and including December 31, 2013. Borrower shall maintain
Tangible Net Worth for each subsequent fiscal year end (commencing with the fiscal year ending December 31, 2014) equal to the
Tangible Net Worth required to be maintained under this Section 16.1 for the immediately preceding fiscal year end,
plus twenty-five percent (25%) of Borrower’s Net Income (but no reduction for any loss) during the then current fiscal year
end, provided that, in no event will Tangible Net Worth of Borrower as of the end of any fiscal year be less
than Two Hundred Sixty-Five Million Dollars ($265,000,000).”

 

    	 	9	 

     

    

 

14.         Leverage
Ratio. Section 16.2 of the Loan Agreement shall be and is hereby amended and restated to read, in its entirety,
as follows:

 

“16.2      Leverage
Ratio. Borrower shall maintain a Leverage Ratio of not more than 2.5 to 1.0 as of December 31, 2012 and as of each fiscal
year end thereafter. Such covenant will be calculated by Borrower consistent with the past practices of Borrower and utilizing
the appropriate period-end dollar numbers from the consolidated financial statements of Borrower delivered to Agent in accordance
with Section 17.2 or Section 17.4, as applicable, of the Loan Agreement.”

 

15.         Event
of Default under Merger Financing. The following Section 25.14 shall be added after Section 25.13
of the Loan Agreement as a new section thereto:

 

“25.14     Event
of Default under Merger Financing. Should Borrower default in respect of any of its payment obligations under that certain
Note Purchase and Collateral Trust and Security Agreement by and among Borrower, U.S. Bank National Association, AIG Asset Management
(U.S.) LLC and the other parties thereto dated March 26, 2013, and should such default continue uncured beyond all applicable notice
and/or grace periods (a “Merger Agreement Default”), Agent and Lenders may, at their option and in their sole
discretion, terminate the Receivables Loan Advance Period. Notwithstanding the foregoing, nothing contained herein shall be deemed
to impair or constitute a waiver of any right or remedy available to Agent and Lenders under this Agreement or the other Loan Documents
following the occurrence of an Incipient Default, an Event of Default or a Merger Agreement Default.”

 

16.         Amendment
Fee. As consideration for Agent and Lenders entering into this Amendment, Borrower hereby agrees to pay to Agent, for the
benefit of Lenders, an amendment fee equal to $125,000.00 (the “Amendment Fee”). The Amendment Fee is due and
payable in full upon the closing of this Amendment. Borrower agrees that the Amendment Fee has been fully earned by Agent and Lenders
and is non-refundable.

 

17.         Updated
Schedules and Exhibits. Each of the Schedules and Exhibits appended to this Amendment shall replace and supersede the corresponding
Schedule or Exhibit appended to the Loan Agreement.

 

18.         Costs
and Expenses. Borrower agrees to pay all reasonable costs and expenses, including reasonable attorneys’ fees incurred
by Agent and Lenders in connection with the review, preparation, negotiation, documentation and consummation of the transactions
contemplated under this Amendment.

 

    	 	10	 

     

    

 

19.         Further
Agreements and Representations. Borrower hereby:

 

19.1         ratifies,
confirms and acknowledges that the Loan Agreement, as amended hereby, and all other Loan Documents to which Borrower is a party
continue to be valid, binding and in full force and effect as to Borrower as of the date of this Amendment, and enforceable as
to Borrower in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting creditors’ rights generally and subject to general principles of equity (regardless of whether construed in
a proceeding in equity or at law) ;

 

19.2         covenants
and agrees to perform all of its obligations under the Loan Agreement, as amended hereby, and all other Loan Documents;

 

19.3         acknowledges
and agrees that as of the date hereof, it does not have any defense, set-off, counterclaim or challenge against the payment of
any sums owing to Agent or Lenders or the enforcement of any of the terms of the Loan Agreement, as amended hereby, or any of the
other Loan Documents;

 

19.4         ratifies,
confirms and continues all liens, security interests, pledges, rights and remedies granted to Agent, for the benefit of Lenders,
by Borrower in the Loan Documents;

 

19.5         represents
and warrants that all representations and warranties of Borrower as contained in the Loan Agreement and the other Loan Documents
are true, correct and complete as of the date of this Amendment (except to the extent such representations and warranties specifically
relate to an earlier date in which case Borrower hereby reaffirms such representations and warranties as of such earlier date);

 

19.6         represents
and warrants that all schedules and exhibits attached to and made part of the Loan Agreement, as amended hereby, and the other
Loan Documents are true, correct and complete as of the date of this Amendment; and

 

19.7         represents
and warrants that no condition or event exists after taking into account the terms of this Amendment which would constitute an
Incipient Default or an Event of Default.

 

20.         Other
References. All references in the Loan Agreement and all the Loan Documents to the term “Loan Documents” shall
mean the Loan Documents as defined therein, this Amendment and any and all other documents executed and delivered by Borrower pursuant
to and in connection herewith.

 

21.         No
Novation. Nothing contained herein and no actions taken pursuant to the terms hereof are intended to constitute a novation
of any of the Loan Documents and shall not constitute a release, termination or waiver of any of the liens, security interests,
rights or remedies granted to Agent, for the benefit of Lenders, in the Loan Agreement or the other Loan Documents.

 

    	 	11	 

     

    

 

22.         No
Waiver. Nothing contained herein constitutes an agreement or obligation by Agent or any Lender to grant any further amendments
to any of the other Loan Documents. Nothing contained herein constitutes a waiver or release by Agent or any Lender of any rights
or remedies available to Agent or such Lender under the Loan Documents, at law or in equity.

 

23.         Inconsistencies.
To the extent of any inconsistency between the terms and conditions of this Amendment and the terms and conditions of the other
Loan Documents, the terms and conditions of this Amendment shall prevail. All terms and conditions of the Loan Agreement and any
other Loan Documents not inconsistent herewith shall remain in full force and effect.

 

24.         Binding
Effect. This Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns.

 

25.         Governing
Law. THIS AMENDMENT, THE LOAN DOCUMENTS AND ALL TRANSACTIONS CONTEMPLATED HEREUNDER, AND ALL THE RIGHTS OF THE PARTIES SHALL
BE GOVERNED AS TO THE VALIDITY, INTERPRETATION, CONSTRUCTION, ENFORCEMENT AND IN ALL OTHER RESPECTS BY THE LAW OF THE STATE OF
CONNECTICUT, THE PRIMARY PLACE OF BUSINESS OF AGENT, WITHOUT REGARD TO ITS RULES AND PRINCIPLES REGARDING CONFLICTS OF LAWS OR
ANY RULE OR CANON OF CONSTRUCTION WHICH INTERPRETS AGREEMENTS AGAINST THE DRAFTSMAN.

 

26.         Waiver
of Right to Trial by Jury. BORROWER, AGENT AND LENDERS WAIVE ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND, ACTION OR CAUSE
OF ACTION (A) ARISING HEREUNDER OR UNDER ANY OF THE DOCUMENTS COLLATERAL HERETO, OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR
INCIDENTAL TO THE DEALINGS OF BORROWER, AGENT OR ANY LENDER WITH RESPECT HERETO OR TO ANY OF THE DOCUMENTS COLLATERAL HERETO, OR
THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. BORROWER, AGENT AND
LENDERS AGREE AND CONSENT THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY,
AND THAT ANY PARTY TO THIS AMENDMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE
OF THE CONSENT OF EACH OF THE OTHER PARTIES’ TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. BORROWER ACKNOWLEDGES THAT IT
HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS SECTION, THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT,
AND THAT IT VOLUNTARILY AND KNOWINGLY AGREES TO THE TERM OF THIS SECTION.

 

    	 	12	 

     

    

 

The waiver and stipulations
of the Borrower, Agent and Lenders in this Section shall survive the final payment or performance of all of the Obligations.

 

27.         Counterparts;
Facsimile Signatures. This Amendment may be signed in any number of counterparts, each of which when so executed shall
be an original, with the same effect as if the signature thereto and hereto were on the same instrument. This Amendment shall become
effective upon Agent’s receipt of one or more counterparts hereof signed by Borrower, Agent and Lenders. Any signature on
this Amendment delivered by Borrower by facsimile or other electronic transmission shall be deemed to be an original signature
thereto.

 

28.         Time
of the Essence. Time is of the essence in the performance by Borrower of all its obligations hereunder.

 

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    	 	13	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed as of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	BLUEGREEN CORPORATION
	 	 	 
	 	By:	/s/ Anthony M. Puleo
	 	 	Anthony M. Puleo, Senior Vice President, CFO and Treasurer
	 	 	 
	 	AGENT:
	 	 
	 	LIBERTY BANK
	 	 	 
	 	By:	/s/ Denise M. Brewer
	 	 	Denise M. Brewer, Vice President
	 	 	 
	 	LENDERS:
	 	 
	 	LIBERTY BANK
	 	 	 
	 	By:	/s/ Denise M. Brewer
	 	 	Denise M. Brewer, Vice President

 

    	 	14

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