Document:

Exhibit 10.198

Execution Copy

(BXG Timeshare I to Depositor - Initial Timeshare Loans) 

TRANSFER AGREEMENT

                    This
TRANSFER AGREEMENT (this “Agreement”),
dated as of March 15, 2008, is by and among Bluegreen Corporation, a
Massachusetts corporation (“Bluegreen”),
BXG Timeshare Trust I, a statutory trust formed under the laws of the State of
Delaware (“BXG Timeshare I” or the
“Seller”) and BRFC 2008-A LLC, a
Delaware limited liability company (the “Depositor”),
and their respective permitted successors and assigns. 

W I T N E S S E T H:

                    WHEREAS,
in connection with the transactions contemplated by (i) that certain purchase
and contribution agreement, dated as of May 1, 2006 (the “Warehouse Purchase and Contribution Agreement”)
by and between Bluegreen Timeshare Finance Corporation I, as depositor (the “Warehouse Depositor”) and Bluegreen, as
seller, (ii) that certain sale agreement, dated as of May 1, 2006 (the “Warehouse Sale Agreement”) by and between
the Warehouse Depositor and BXG Timeshare I, (iii) that certain indenture,
dated as of May 1, 2006 (the “Warehouse
Indenture”), by and among BXG Timeshare I, Bluegreen, as servicer
(the “Warehouse Servicer”),
Vacation Trust, Inc., as club trustee, Concord Servicing Corporation, as backup
servicer, U.S. Bank National Association, as indenture trustee, and Branch
Banking and Trust Company, as agent, and (iv) that certain note funding
agreement, dated as of May 1, 2006 (the “Warehouse
Note Funding Agreement”) by and among BXG Timeshare I, as issuer,
Bluegreen, as seller and as servicer, the Warehouse Depositor, Branch Banking
and Trust Company, as agent, and the purchasers named therein, (A) Bluegreen
sold, transferred and conveyed, from time to time, all of its right, title and
interest in, to and under certain timeshare loans, receivables and related
security (the “Warehouse Timeshare Loans”)
to the Warehouse Depositor, (B) the Warehouse Depositor sold the Warehouse
Timeshare Loans to BXG Timeshare I and (C) BXG Timeshare I issued five classes
of notes (the “Warehouse Notes”)
secured by the Warehouse Timeshare Loans; 

                    WHEREAS,
in connection with each sale of the Warehouse Timeshare Loans to the Warehouse
Depositor under the Warehouse Purchase and Contribution Agreement, Bluegreen
made certain representations and warranties with respect to the Warehouse
Timeshare Loans as of the related transfer dates; 

                    WHEREAS,
the Depositor has been established as a bankruptcy-remote entity owned by
Bluegreen for the purpose of acquiring the Warehouse Timeshare Loans and, from
time to time, other Timeshare Loans sold and/or contributed to it by Bluegreen,
as the case may be, in accordance with the provisions of the Bluegreen Purchase
Agreement; 

                    WHEREAS,
on the Closing Date, (i) the Seller wishes to sell all of its right, title and
interest in and to certain of the Warehouse Timeshare Loans (the “Initial Timeshare Loans”) to the Depositor
in accordance with the provisions of this Agreement, (ii) the Depositor intends,
concurrently with the purchase of the Initial Timeshare Loans from the Seller,
to sell, 

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transfer and
otherwise absolutely convey, and BXG Receivables Note Trust 2008-A (the “Issuer”) intends to purchase the Initial
Timeshare Loans and other timeshare loans, and (ii) the Issuer intends to
pledge such Initial Timeshare Loans and other timeshare loans acquired thereby
to U.S. Bank, National Association, as indenture trustee (in such capacity, the
“Indenture Trustee”) and custodian
(in such capacity, the “Custodian”),
pursuant to an indenture, dated as of March 15, 2008 (the “Indenture”), by and among the Issuer,
Bluegreen, as servicer (the “Servicer”),
the Club Trustee, the Backup Servicer and the Indenture Trustee, to secure the
Issuer’s 5.885% Timeshare Loan-Backed Notes, Series 2008-A, Class A, 6.880%
Timeshare Loan-Backed Notes, Series 2008-A, Class B, 7.870% Timeshare
Loan-Backed Notes, Series 2008-A, Class C, 9.100% Timeshare Loan-Backed Notes,
Series 2008-A, Class D, 10.085% Timeshare Loan-Backed Notes, Series 2008-A,
Class E, 10.810% Timeshare Loan-Backed Notes, Series 2008-A, Class F and
11.630% Timeshare Loan-Backed Notes, Series 2008-A, Class G (collectively, the
“Notes”); 

                    WHEREAS,
Bluegreen originated substantially all of the Initial Timeshare Loans, is
familiar with the terms of the Initial Timeshare Loans and is the Warehouse
Servicer and has been servicing each of the Initial Timeshare Loans in
accordance with the Servicing Standard and the applicable provisions of the Warehouse
Indenture and it has not taken or failed to take any action to cause a breach
of the representations and warranties set forth in the Warehouse Purchase and
Contribution Agreement; 

                    WHEREAS,
in consideration for providing the representations and warranties set forth in
Section 5 of this Agreement and having the obligation to cure any material
breaches thereof, or to repurchase or substitute any Defective Timeshare Loans,
and to provide the indemnities set forth hereunder, Bluegreen desires: (i) to
act as the Servicer on behalf of the holders of the Notes, for which Bluegreen
shall be entitled to receive a Servicing Fee and Additional Servicing
Compensation in accordance with the provisions of the Indenture, (ii) to act as
the Administrator on behalf of the Issuer and the Owner Trustee, for which
Bluegreen shall be entitled to an Administrator Fee, (iii) to have the option,
but not the obligation, to purchase or substitute Upgrade Club Loans pursuant
to the terms and conditions set forth in this Agreement and the Transaction
Documents and (iv) to have the option, but not the obligation, to purchase or
substitute Defaulted Timeshare Loans, which such option may be waived with
respect to any Defaulted Timeshare Loan, in each case, pursuant to the terms
and conditions set forth herein; and 

                    WHEREAS,
Bluegreen, as the sole member of the Depositor, who is the residual interest
owner of the Issuer, will derive an economic benefit from the sale hereunder of
the Initial Timeshare Loans to the Depositor. 

                    NOW,
THEREFORE, in consideration of the mutual covenants set forth herein, and for
other valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto covenant and agree as follows: 

                    SECTION
1. Definitions; Interpretation. Capitalized terms used but not defined
herein shall have the meanings specified in “Standard Definitions” attached as Annex
A to the Indenture. 

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                    SECTION
2. Acquisition of Timeshare Loans. 

                    (a)
Initial Timeshare Loans. On the Closing Date, in return for the
Timeshare Loan Acquisition Price for each of the Initial Timeshare Loans, the
Seller does hereby transfer, assign, sell and grant to the Depositor, without
recourse (except as provided in Section 6 and Section 8 hereof), any and all of
the Seller’s right, title and interest in and to (i) the Initial Timeshare
Loans listed on Schedule III hereto, (ii) the Receivables in respect of such
Initial Timeshare Loans due after the related Cut-Off Date, (iii) the related
Timeshare Loan Documents (excluding any rights as developer or declarant under
the Timeshare Declaration, the Timeshare Program Consumer Documents or the
Timeshare Program Governing Documents), (iv) all Related Security in respect of
each such Initial Timeshare Loan and (v) all income, payments, proceeds and
other benefits and rights related to any of the foregoing (the property in
clauses (i)-(v), being the “Assets”).
Upon such sale and transfer, the ownership of each Initial Timeshare Loan and
all collections allocable to principal and interest thereon after the related
Cut-Off Date and all other property interests or rights conveyed pursuant to
and referenced in this Section 2(a) shall immediately vest in the Depositor,
its successors and assigns. The Seller shall not take any action inconsistent
with such ownership nor claim any ownership interest in any Initial Timeshare
Loan for any purpose whatsoever other than for federal and state income tax
reporting, if applicable. The parties to this Agreement hereby acknowledge that
the “credit risk” of the Initial Timeshare Loans conveyed hereunder shall be
borne by the Depositor and its subsequent assignees. 

                    (b)
Delivery of Timeshare Loan Documents. In connection with the sale,
transfer, assignment and conveyance of any Timeshare Loan hereunder, the Seller
hereby agrees to deliver or cause to be delivered, on the Closing Date (with
respect to any Initial Timeshare Loan) and Bluegreen hereby agrees to deliver
or cause to be delivered, on or within five Business Days from each Transfer
Date (with respect to any Qualified Substitute Timeshare Loan), to the
Custodian, all related Timeshare Loan Files and to the Servicer all related
Timeshare Loan Servicing Files. 

                    (c)
Collections. The Seller shall deposit or cause to be deposited all
collections in respect of the Timeshare Loans received by the Seller or its
Affiliates after the related Cut-Off Date in the Lockbox Account and, with
respect to Credit Card Timeshare Loans, direct each applicable credit card
vendor to deposit all payments in respect of such Credit Card Timeshare Loans
to the Credit Card Account (net of the Servicer Credit Card Processing Costs). 

                    (d)
Limitation of Liability. Neither the Depositor nor any subsequent
assignee of the Depositor shall have any obligation or liability with respect
to any Timeshare Loan nor shall the Depositor or any subsequent assignee have
any liability to any Obligor in respect of any Timeshare Loan. No such
obligation or liability is intended to be assumed by the Depositor or any
subsequent assignee herewith and any such liability is hereby expressly
disclaimed. 

                    SECTION
3. Intended Characterization; Grant of Security Interest. It is the
intention of the parties hereto that the transfer of Timeshare Loans to be made
pursuant to the terms hereof shall constitute a sale by the Seller to the
Depositor and not a loan secured by such 

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Timeshare
Loans. In the event, however, that a court of competent jurisdiction were to
hold that any such transfer constitutes a loan and not a sale, it is the
intention of the parties hereto that the Seller shall be deemed to have granted
to the Depositor as of the date hereof a first priority perfected security
interest in all of Seller’s right, title and interest in, to and under the
Assets specified in Section 2 hereof and the proceeds thereof and that with
respect to such transfer, this Agreement shall constitute a security agreement
under applicable law. In the event of the characterization of any such transfer
as a loan, the amount of interest payable or paid with respect to such loan
under the terms of this Agreement shall be limited to an amount which shall not
exceed the maximum non-usurious rate of interest allowed by the applicable
state law or any applicable law of the United States permitting a higher
maximum non-usurious rate that preempts such applicable state law, which could
lawfully be contracted for, charged or received (the “Highest Lawful Rate”). In the event any
payment of interest on any such loan exceeds the Highest Lawful Rate, the
parties hereto stipulate that (a) to the extent possible given the term of such
loan, such excess amount previously paid or to be paid with respect to such
loan be applied to reduce the principal balance of such loan, and the
provisions thereof immediately be deemed reformed and the amounts thereafter
collectible thereunder reduced, without the necessity of the execution of any
new document, so as to comply with the then applicable law, but so as to permit
the recovery of the fullest amount otherwise called for thereunder and (b) to
the extent that the reduction of the principal balance of, and the amounts
collectible under, such loan and the reformation of the provisions thereof
described in the immediately preceding clause (a) is not possible given the
term of such loan, such excess amount will be deemed to have been paid with
respect to such loan as a result of an error and upon discovery of such error
or upon notice thereof by any party hereto such amount shall be refunded by the
recipient thereof. 

                    The
characterization of the Seller as “debtor” and the Depositor as “secured party”
in any such security agreement and any related financing statements required
hereunder is solely for protective purposes and shall in no way be construed as
being contrary to the intent of the parties that this transaction be treated as
a sale to the Depositor of the Seller’s entire right, title and interest in and
to the Assets. 

                    Each
of the Seller, Bluegreen, the Club, the Club Trustee and any of its Affiliates
hereby agrees to make the appropriate entries in its general accounting records
and to indicate that the Timeshare Loans have been transferred to the Depositor
and its subsequent assignees. 

                    SECTION
4. Conditions Precedent to Acquisition of Timeshare Loans by the Depositor.
The obligations of the Depositor to purchase any Timeshare Loans hereunder
shall be subject to the satisfaction of the following conditions: 

                    (a)
On the Closing Date, with respect to the Initial Timeshare Loans, and on each
Transfer Date, with respect to any Qualified Substitute Timeshare Loan
replacing a Timeshare Loan, all representations and warranties of Bluegreen
contained in Section 5(a) hereof shall be true and correct on such date as if
made on such date, and all representations and warranties as to the Timeshare
Loans contained in Section 5(b) hereof and all information provided in the
Schedule of Timeshare Loans in respect of each such Timeshare Loan conveyed on
the Closing Date or such Transfer Date, as applicable, shall be true and
correct on such date. 

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                    (b)
On or prior to the Closing Date (with respect to the Initial Timeshare Loans)
or, as provided for in Section 6(g) hereof (with respect to Qualified
Substitute Timeshare Loans), the Seller shall have delivered or shall have caused
the delivery of (i) the related Timeshare Loan Files to the Custodian and the
Custodian shall have delivered a Custodian’s Certification therefor pursuant to
the Custodial Agreement and (ii) the Timeshare Loan Servicing Files to the
Servicer. 

                    (c)
The Seller shall have delivered or caused to be delivered all other information
theretofore required or reasonably requested by the Depositor to be delivered
by the Seller or performed or caused to be performed all other obligations required
to be performed as of the Closing Date or the Transfer Date, as the case may
be, including all filings, recordings and/or registrations as may be necessary
in the reasonable opinion of the Depositor, the Issuer or the Indenture Trustee
to establish and preserve the right, title and interest of the Depositor, the
Issuer or the Indenture Trustee, as the case may be, in the related Timeshare
Loans. 

                    (d)
On or before the Closing Date and on each Transfer Date, the Indenture shall be
in full force and effect. 

                    (e)
With respect to the Initial Timeshare Loans, the Notes shall be issued and sold
on the Closing Date, and the Issuer and the Depositor shall receive the full
consideration due it upon the issuance of the Notes, and the Issuer and the
Depositor shall have applied their respective consideration to the extent
necessary, to pay the Timeshare Loan Acquisition Price for each Timeshare Loan.

                    (f)
Each Initial Timeshare Loan shall be an Eligible Timeshare Loan and each of the
conditions herein and in the Indenture for the purchases of such Timeshare
Loans shall have been satisfied. 

                    (g)
Each Qualified Substitute Timeshare Loan replacing a Timeshare Loan shall
satisfy each of the criteria specified in the definition of “Qualified
Substitute Timeshare Loan” and each of the conditions herein and in the
Indenture for substitution of Timeshare Loans shall have been satisfied. 

                    (h)
The Depositor shall have received such other certificates and opinions as it
shall reasonably request. 

                    SECTION
5. Representations and Warranties and Certain Covenants of Bluegreen.

                    (a)
Bluegreen represents and warrants to the Depositor and the Indenture Trustee
for the benefit of the Noteholders as follows: 

	
 

	
 

	
 

	
               (i)
 Due Incorporation; Valid Existence; Good Standing. As of the Closing
 Date and as of each Transfer Date, it is a corporation duly organized and
 validly existing in good standing under the laws of the jurisdiction of its
 incorporation; and is duly qualified to do business as a foreign corporation
 and in good standing under the laws of each jurisdiction where the character
 of its property, the nature of its business or the performance of its
 obligations under this Agreement makes such qualification necessary, 

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except where
 the failure to be so qualified will not have a material adverse effect on its
 business or its ability to perform its obligations under this Agreement or
 any other Transaction Document to which it is a party or under the
 transactions contemplated hereunder or thereunder or the validity or
 enforceability of any Timeshare Loans. To Bluegreen’s Knowledge, as of the
 Closing Date, the Seller is a statutory trust duly organized and validly
 existing in good standing under the laws of the jurisdiction of its formation
 and is duly qualified to do business as a foreign entity and in good standing
 under the laws of each jurisdiction where the performance of its obligations
 under this Agreement makes such qualification necessary, except where the
 failure to be so qualified will not have a material adverse effect on its
 ability to perform its obligations under this Agreement or any other
 Transaction Document to which it is a party or under the transactions
 contemplated hereunder or thereunder or the validity or enforceability of any
 Timeshare Loans. 

	
 

	
 

	
 

	
               
 (ii) Possession of Licenses, Certificates, Franchises and Permits. As
 of the Closing Date with respect to the Seller and Bluegreen and as of each
 Transfer Date with respect to Bluegreen, each of Bluegreen and the Seller
 holds all material licenses, certificates, franchises and permits from all
 governmental authorities necessary for the conduct of its business, and has
 received no notice of proceedings relating to the revocation of any such
 license, certificate, franchise or permit, which singly or in the aggregate,
 if the subject of an unfavorable decision, ruling or finding, would
 materially and adversely affect its ability to perform its obligations under
 this Agreement or any other Transaction Document to which it is a party or
 under the transactions contemplated hereunder or thereunder or the validity
 or enforceability of any Timeshare Loans. 

	
 

	
 

	
 

	
               (iii)
 Corporate Authority and Power. As of the Closing Date and as of each
 Transfer Date, it has, and at all times during the term of this Agreement
 will have, all requisite corporate power and authority to own its properties,
 to conduct its business, to execute and deliver this Agreement and all
 documents and transactions contemplated hereunder and to perform all of its
 obligations under this Agreement and any other Transaction Document to which
 it is a party or under the transactions contemplated hereunder or thereunder.
 To Bluegreen’s Knowledge, as of the Closing Date, the Seller has all
 requisite corporate power and authority to own its properties, to conduct its
 business, to execute and deliver this Agreement and all documents and
 transactions contemplated hereunder and to perform all of its obligations
 under this Agreement and any other Transaction Document to which it is a
 party or under the transactions contemplated hereunder or thereunder. To
 Bluegreen’s Knowledge, as of the Closing Date, the Seller has all requisite
 power and authority to acquire, own, transfer and convey Timeshare Loans to
 the Depositor. 

	
 

	
 

	
 

	
               (iv)
 Authorization, Execution and Delivery Valid and Binding. As of the
 Closing Date and as of each Transfer Date, this Agreement and all other
 Transaction Documents and instruments required or contemplated hereby to be
 executed and delivered by Bluegreen have been duly authorized, executed and
 delivered by Bluegreen and, assuming the due execution and delivery by, the
 other party or parties hereto and thereto, constitute legal, valid and
 binding agreements enforceable against Bluegreen in accordance

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with their
 respective terms subject, as to enforceability, to bankruptcy, insolvency,
 reorganization, liquidation, dissolution, moratorium and other similar
 applicable laws affecting the enforceability of creditors’ rights generally
 applicable in the event of the bankruptcy, insolvency, reorganization,
 liquidation or dissolution, as applicable, of Bluegreen and to general
 principles of equity, regardless of whether such enforceability shall be
 considered in a proceeding in equity or at law. To Bluegreen’s Knowledge, as
 of the Closing Date, this Agreement and all other Transaction Documents and
 instruments required or contemplated hereby to be executed and delivered by
 the Seller have been duly authorized, executed and delivered by the Seller
 and, assuming the due execution and delivery by, the other party or parties
 hereto and thereto, constitute legal, valid and binding agreements
 enforceable against the Seller in accordance with their respective terms
 subject, as to enforceability, to bankruptcy, insolvency, reorganization,
 liquidation, dissolution, moratorium and other similar applicable laws
 affecting the enforceability of creditors’ rights generally applicable in the
 event of the bankruptcy, insolvency, reorganization, liquidation or
 dissolution as applicable, of the Seller and to general principles of equity,
 regardless of whether such enforceability shall be considered in a proceeding
 in equity or at law. To Bluegreen’s Knowledge, as of the Closing Date, this
 Agreement constitutes a valid transfer of the Seller’s interest in the
 Timeshare Loans to the Depositor or, in the event of the characterization of
 any such transfer as a loan, the valid creation of a first priority perfected
 security interest in such Timeshare Loans in favor of the Depositor. 

	
 

	
 

	
 

	
               (v)
 No Violation of Law, Rule, Regulation, etc. As of the Closing Date and
 as of each Transfer Date, the execution, delivery and performance by
 Bluegreen of this Agreement and any other Transaction Document to which it is
 a party do not and will not (A) violate any of the provisions of its articles
 of incorporation or bylaws, (B) violate any provision of any law,
 governmental rule or regulation currently in effect applicable to it or its
 properties or by which it or its properties may be bound or affected,
 including, without limitation, any bulk transfer laws, where such violation
 would have a material adverse effect on its ability to perform its
 obligations under this Agreement or any other Transaction Document to which
 it is a party or under the transactions contemplated hereunder or thereunder
 or the validity or enforceability of the Timeshare Loans, (C) violate any
 judgment, decree, writ, injunction, award, determination or order currently
 in effect applicable to it or its properties or by which it or its properties
 are bound or affected, where such violation would have a material adverse
 effect on its ability to perform its obligations under this Agreement or any
 other Transaction Document to which it is a party or under the transactions
 contemplated hereunder or thereunder or the validity or enforceability of any
 Timeshare Loans, (D) conflict with, or result in a breach of, or constitute a
 default under, any of the provisions of any indenture, mortgage, deed of
 trust, contract or other instrument to which it is a party or by which it is
 bound where such violation would have a material adverse effect on its
 ability to perform its obligations under this Agreement or any other
 Transaction Document to which it is a party or under the transactions
 contemplated hereunder or thereunder or the validity or enforceability of any
 Timeshare Loans or (E) result in the creation or imposition of any Lien upon
 any of its properties pursuant to the terms of any such indenture, mortgage,
 deed of trust, contract 

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or other
 instrument. To Bluegreen’s Knowledge, as of the Closing Date, the execution,
 delivery and performance by the Seller of this Agreement and any other
 Transaction Document to which the Seller is a party do not and will not (1)
 violate any of the provisions of its certificate of trust, trust agreement or
 other related organizational document, (2) violate any provision of any law,
 governmental rule or regulation currently in effect applicable to the Seller
 or its properties by which the Seller or its properties may be bound or
 affected, including, without limitation, any bulk transfer laws, where such
 violation would have a material adverse effect on the Seller’s ability to
 perform its obligations under this Agreement or any other Transaction
 Document to which the Seller is a party or under the transactions
 contemplated hereunder or thereunder or the validity or enforceability of any
 Timeshare Loans, (3) violate any judgment, decree, writ, injunction, award,
 determination or order currently in effect applicable to the Seller or its
 properties or by which the Seller or its properties are bound or affected, where
 such violation would have a material adverse effect on the Seller’s ability
 to perform its obligations under this Agreement or any other Transaction
 Document to which the Seller is a party or under the transactions
 contemplated hereunder or thereunder or the validity or enforceability of
 Timeshare Loans or (4) conflict with, or result in a breach of, or constitute
 a default under, any of the provisions of any sale and servicing agreement,
 indenture, mortgage, deed of trust, contract or other instrument to which the
 Seller is a party or by which it is bound where such violation would have a
 material adverse effect on the Seller’s ability to perform its obligations
 under this Agreement or any other Transaction Document to which the Seller is
 a party or under the transactions contemplated hereunder or thereunder or the
 validity or enforceability of Timeshare Loans. 

	
 

	
 

	
 

	
               (vi)
 Governmental Consent. As of the Closing Date and as of each Transfer
 Date, no consent, approval, order or authorization of, and no filing with or
 notice to, any court or other Governmental Authority in respect of Bluegreen
 is required which has not been obtained in connection with the authorization,
 execution, delivery or performance by Bluegreen of this Agreement or any of
 the other Transaction Documents to which Bluegreen is a party or under the
 transactions contemplated hereunder or thereunder, including, without
 limitation, the transfer of the Timeshare Loans and the creation of the
 security interest of the Depositor therein pursuant to Section 3 hereof. To
 Bluegreen’s Knowledge, as of the Closing Date, no consent, approval, order or
 authorization of, and no filing with or notice to, any court or other
 Governmental Authority in respect of the Seller is required which has not
 been obtained in connection with the authorization, execution, delivery or
 performance by the Seller of this Agreement or any of the other Transaction
 Documents to which the Seller is a party or under the transactions
 contemplated hereunder or thereunder, including, without limitation, the
 transfer of Timeshare Loans and the creation of the security interest of the
 Depositor therein pursuant to Section 3 hereof. 

	
 

	
 

	
 

	
               (vii)
 Defaults. As of the Closing Date and as of each Transfer Date, it is
 not in default under any material agreement, contract, instrument or
 indenture to which it is a party or by which it or its properties is or are
 bound, or with respect to any order of any court, administrative agency,
 arbitrator or governmental body, in each case, which would 

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have a
 material adverse effect on the transactions contemplated hereunder or on its
 business, operations, financial condition or assets, and no event has
 occurred which with notice or lapse of time or both would constitute such a
 default with respect to any such agreement, contract, instrument or
 indenture, or with respect to any such order of any court, administrative
 agency, arbitrator or governmental body. To Bluegreen’s Knowledge, as of the
 Closing Date, the Seller is not in default under any material agreement,
 contract, instrument or indenture to which it is a party or by which it or
 its properties is or are bound, or with respect to any order of any court,
 administrative agency, arbitrator or governmental body, in each case, which
 would have a material adverse effect on the transactions contemplated
 hereunder, and no event has occurred which with notice or lapse of time or
 both would constitute such a default with respect to any such agreement,
 contract, instrument or indenture, or with respect to any such order of any
 court, administrative agency, arbitrator or governmental body. 

	
 

	
 

	
 

	
               (viii)
 Insolvency. As of the Closing Date and as of each Transfer Date, it is
 solvent and will not be rendered insolvent by the transfer of any Timeshare
 Loans hereunder. On and after the Closing Date, it will not engage in any
 business or transaction the result of which would cause the property
 remaining with it to constitute an unreasonably small amount of capital. To Bluegreen’s
 Knowledge, as of the Closing Date the Seller is solvent and will not be
 rendered insolvent by the transfer of any Timeshare Loans hereunder. To
 Bluegreen’s Knowledge, on and after the Closing Date, the Seller will not
 engage in any business or transaction, the result of which would cause the
 property remaining with it to constitute an unreasonably small amount of
 capital. 

	
 

	
 

	
 

	
               (ix) Pending
Litigation or Other Proceedings. Other than as described in the Offering
Circular and on Schedule 5 attached hereto, as of the Closing Date, there is
no pending or, to its Knowledge, threatened action, suit, proceeding or
investigation before any court, administrative agency, arbitrator or
governmental body against or affecting it which, if decided adversely, would
materially and adversely affect (A) its condition (financial or otherwise),
business or operations, (B) its ability to perform its obligations under, or
the validity or enforceability of, this Agreement or any other documents or
transactions contemplated under this Agreement, (C) any Timeshare Loan or
title of any Obligor to any related Timeshare Property pursuant to the
applicable Owner Beneficiary Agreement or (D) the Depositor’s or any of its
assigns’ ability to foreclose or otherwise enforce the liens of the related
Mortgage Notes and the rights of the Obligors to use and occupy the related
Timeshare Properties pursuant to the applicable Owner Beneficiary Agreement.
To Bluegreen’s Knowledge, as of the Closing Date, there is no pending or
threatened action, suit, proceeding or investigation before any court,
administrative agency, arbitrator or governmental body against or affecting
the Seller which, if decided adversely, would materially and adversely affect
(A) the Seller’s ability to perform its obligations under, or the validity or
enforceability of, this Agreement or any other documents or transactions
contemplated under this Agreement, (B) any Timeshare Loan or title of any
Obligor to any related Timeshare Property pursuant to the applicable Owner
Beneficiary Agreement or (C) the Depositor’s or any of its assigns’ ability
to foreclose or otherwise enforce the liens of the related Mortgage Notes and
the rights of the Obligors to  

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use and
 occupy the related Timeshare Properties pursuant to the applicable Owner
 Beneficiary Agreement.

	
 

	
 

	
 

	
               (x)
 Information. As of the Closing Date and as of each Transfer Date, no
 document, certificate or report furnished or required to be furnished by or
 on behalf of it or, to Bluegreen’s Knowledge, on behalf of the Seller
 pursuant to this Agreement, contains or will contain when furnished any
 untrue statement of a material fact or fails or will fail to state a material
 fact necessary in order to make the statements contained therein not misleading
 in light of the circumstances in which it was made. As of the Closing Date
 and as of each Transfer Date, as applicable, there are no facts known to it
 which, individually or in the aggregate, materially adversely affect, or
 which (aside from general economic trends) may reasonably be expected to
 materially adversely affect in the future, its financial condition or assets
 or business, or which may impair its or the Seller’s ability to perform its
 respective obligations under this Agreement, which have not been disclosed
 herein or therein or in the certificates and other documents furnished to the
 Depositor by or on its or the Seller’s behalf pursuant hereto or thereto
 specifically for use in connection with the transactions contemplated hereby
 or thereby. 

	
 

	
 

	
 

	
               (xi)
 Foreign Tax Liability. As of the Closing Date and as of each Transfer
 Date, it is not aware of any Obligor under a Timeshare Loan who has withheld
 any portion of payments due under such Timeshare Loan because of the
 requirements of a foreign taxing authority, and no foreign taxing authority
 has contacted it concerning a withholding or other foreign tax liability. 

	
 

	
 

	
 

	
               (xii)
 Employee Benefit Plan Liability. As of the Closing Date and as of each
 Transfer Date, as applicable, (A) no “accumulated funding deficiency” (as
 such term is defined under ERISA and the Code), whether or not waived, exists
 with respect to any “employee pension benefit plan” (as such term is defined
 under ERISA) sponsored, maintained or contributed to by Bluegreen or any of
 its Affiliates, and, to Bluegreen’s Knowledge, no event has occurred or
 circumstance exists that may result in an accumulated funding deficiency as
 of the last day of the current plan year of any such plan; (B) Bluegreen and
 each of its Affiliates has made all contributions required under each
 multiemployer plan (as such term is defined under ERISA) (a “Multiemployer Plan”) to which Bluegreen
 or any of its Affiliates contributes or in which Bluegreen or any of its
 Affiliates participates (a “Bluegreen
 Multiemployer Plan”); and (C) neither Bluegreen nor any of its
 Affiliates has withdrawn from any Multiemployer Plan with respect to which
 there is any outstanding liability and, to Bluegreen’s Knowledge, no event
 has occurred or circumstance exists that presents a risk of the occurrence of
 any withdrawal from, or the partition, termination, reorganization or
 insolvency of, any Bluegreen Multiemployer Plan that could result in any
 liability to Bluegreen. 

	
 

	
 

	
 

	
               (xiii)
 Taxes. Other than as described on Schedule 5 hereto, as of the Closing
 Date, it (A) has filed all tax returns (federal, state and local) which it
 reasonably believes are required to be filed and has paid or made adequate
 provision in its GAAP financial statements for the payment of all taxes,
 assessments and other governmental charges due from it or is contesting any
 such tax, assessment or other governmental charge in good 

10

	
 

	
 

	
 

	
 

	
faith
 through appropriate proceedings or except where the failure to file or pay
 will not have a material adverse effect on the rights and interests of the
 Depositor, (B) knows of no basis for any material additional tax assessment
 for any fiscal year for which adequate reserves in its GAAP financial
 statements have not been established and (C) intends to pay all such taxes,
 assessments and governmental charges, if any, when due. To Bluegreen’s
 Knowledge, the Seller has filed, as of the Closing Date all applicable tax
 returns which it reasonably believes are required to be filed. 

	
 

	
 

	
 

	
               (xiv)
 Place of Business. As of the Closing Date (with respect to Bluegreen
 and the Seller) and as of each Transfer Date (with respect to Bluegreen), the
 principal place of business and chief executive office where Bluegreen and
 the Seller keep their records concerning the Timeshare Loans will be 4960
 Conference Way North, Suite 100, Boca Raton, Florida 33431 (or such other
 place specified by Bluegreen and the Seller by written notice to the
 Depositor and the Indenture Trustee). As of the Closing Date, the Seller is a
 statutory trust formed under the laws of the State of Delaware. As of the
 Closing Date and as of each Transfer Date, Bluegreen is a corporation formed
 under the laws of the Commonwealth of Massachusetts. 

	
 

	
 

	
 

	
               (xv)
 Securities Laws. As of the Closing Date (with respect to Bluegreen and
 the Seller) and as of each Transfer Date (with respect to Bluegreen), neither
 it nor, to Bluegreen’s Knowledge, the Seller is an “investment company” or a
 company “controlled” by an “investment company” within the meaning of the
 Investment Company Act of 1940, as amended. As of the Closing Date, no
 portion of the Timeshare Loan Acquisition Price for each of the Initial
 Timeshare Loans will be used by it or the Seller to acquire any security in
 any transaction which is subject to Section 13 or Section 14 of the
 Securities Exchange Act of 1934, as amended. 

	
 

	
 

	
 

	

               (xvi)
Bluegreen Vacation Club. As of the Closing Date and as of each
Transfer Date, with respect to the Club Loans:  

	
 

	
 

	
 

	
 

	
               (A)
 The Club Trust Agreement, of which a true and correct copy is attached hereto
 as Exhibit B is in full force and effect and a certified copy of the
 Club Trust Agreement has been delivered to the Indenture Trustee together
 with all amendments and supplements in respect thereof; 

	
 

	
 

	
 

	
 

	
 

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

11

	
 

	
 

	
 

	
               (C)
 The Club Trustee is a corporation duly formed, validly existing and in good
 standing under the laws of the State of Florida. As of the Closing Date, the
 Club Trustee is qualified to do business as a foreign corporation and is in
 good standing under the laws of the state of Tennessee. As of each Transfer
 Date, the Club Trustee will be duly qualified to do business as a foreign
 corporation and will be in good standing under the laws of each jurisdiction
 it is required by law to be. The Club Trustee is not an affiliate of the
 Servicer for purposes of Chapter 721, Florida Statutes and is in compliance
 with the requirements of such Chapter 721 requiring that it be independent of
 the Servicer; 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
               (E)
 The Club Trustee holds all right, title and interest in and to all of the
 Timeshare Properties related to the Club Loans solely for the benefit of the
 Beneficiaries referred to in, and subject in each case to the provisions of,
 the Club Trust Agreement and the other documents and agreements related
 thereto. Except with respect to the Mortgages (or a pledge of the Co-op
 Shares in connection with Aruba Club Loans), the Club Trustee has permitted
 none of such Timeshare Properties to be made subject to any lien or
 encumbrance during the time it has been a part of the trust estate under the
 Club Trust Agreement; 

	
 

	
 

	
 

	
               (F)
 There are no actions, suits, proceedings, orders or injunctions pending
 against the Club or the Club Trustee, at law or in equity, or before or by
 any governmental authority which, if adversely determined, could reasonably
 be expected to have a material adverse effect on the Trust Estate or the Club
 Trustee’s ability to perform its obligations under the Transaction Documents;
 

	
 

	
 

	
 

	
               (G)
 Neither the Club nor the Club Trustee has incurred any indebtedness for
 borrowed money (directly, by guarantee, or otherwise); 

	
 

	
 

	
 

	
               (H)
 All ad valorem taxes and other taxes and assessments against the Club and/or
 its trust estate have been paid when due and neither the Servicer nor, to
 Bluegreen’s Knowledge, the Club Trustee knows of any basis for any additional
 taxes or assessments against any such property. The Club has filed all
 required tax returns and has paid all taxes shown to be due and payable on
 such returns, including all taxes in respect of sales of Owner Beneficiary
 Rights (as defined in the Club Trust Agreement) and Vacation Points, if any; 

	
 

	
 

	
 

	
               (I)
 The Club and the Club Trustee are in compliance in all material respects with
 all applicable laws, statutes, rules and governmental regulations 

12

	
 

	
 

	
 

	
 

	
 

	
applicable
 to it and in compliance with each material instrument, agreement or document
 to which it is a party or by which it is bound, including, without
 limitation, the Club Trust Agreement;

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
               (K)
 Bluegreen Vacation Club, Inc. is a not-for-profit corporation duly formed,
 validly existing and in good standing under the laws of the State of Florida;
 

	
 

	
 

	
 

	
 

	
 

	
               (L)
 Upon purchase of the Club Loans and related Trust Estate hereunder, the
 Depositor is an “Interest Holder Beneficiary” under the Club Trust Agreement
 and each of the Club Loans constitutes “Lien Debt”, “Purchase Money Lien
 Debt” and “Owner Beneficiary Obligations” under the Club Trust Agreement; and
 

	
 

	
 

	
 

	
 

	
 

	
               (M)
 Except as disclosed to the Indenture Trustee in writing or noted in the
 Custodian’s Certification, each Mortgage associated with a Deeded Club Loan
 and granted by the Club Trustee or the Obligor on the related Deeded Club
 Loan, as applicable, has been duly executed, delivered and recorded by or
 pursuant to the instructions of the Club Trustee under the Club Trust
 Agreement and such Mortgage is valid and binding and effective to create the
 lien and security interests in favor of the Indenture Trustee (upon
 assignment thereof to the Indenture Trustee). Each of such Mortgages was
 granted in connection with the financing of a sale of a Resort Interest. 

	
 

	
 

	
 

	
 

	
               (xvii)
 As of the Closing Date, Bluegreen is the Warehouse Servicer and has been
 servicing the Warehouse Timeshare Loans in accordance with the Servicing
 Standard and the applicable provisions of the Warehouse Indenture and it has
 not taken or failed to take any action to cause a breach of the
 representations and warranties set forth in Sections 12.2 of the Warehouse
 Indenture. 

                    (b)
Bluegreen hereby makes the representations and warranties relating to the
Timeshare Loans contained in Schedule I hereto for the benefit of the
Depositor, the Issuer and the Indenture Trustee for the benefit of the
Noteholders as of the Closing Date (only with respect to the Initial Timeshare
Loans) and each Transfer Date (only with respect to each Qualified Substitute
Timeshare Loan transferred on such Transfer Date), as applicable. 

                    (c)
It is understood and agreed that the representations and warranties set forth
in this Section 5 shall survive the (i) sale of each Timeshare Loan to the
Depositor and (ii) any assignment of such Timeshare Loans by the Depositor and
shall continue so long as any such Timeshare Loans shall remain outstanding or
until such time as such Timeshare Loans are repurchased, purchased or a
Qualified Substitute Timeshare Loan is provided pursuant to Section 6 hereof.
Each of the Seller and Bluegreen acknowledges that it has been advised that the

13

Depositor
intends to assign all of its right, title and interest in and to each Timeshare
Loan and its rights and remedies under this Agreement to the Issuer. The Seller
and Bluegreen jointly agree that, upon any such assignment, the Depositor and
any of its assignees may enforce directly, without joinder of the Depositor
(but subject to any defense that Bluegreen may have under this Agreement) all
rights and remedies hereunder. 

                    (d)
With respect to any representations and warranties contained in Section 5 which
are made to Bluegreen’s Knowledge, if it is discovered that any representation
and warranty is inaccurate and such inaccuracy materially and adversely affects
the value of a Warehouse Timeshare Loan or the interests of the Depositor or
any subsequent assignee thereof, then notwithstanding such lack of Knowledge of
the accuracy of such representation and warranty at the time such
representation or warranty was made (without regard to any Knowledge
qualifiers), such inaccuracy shall be deemed a breach of such representation or
warranty for purposes of the repurchase or substitution obligations described
in Sections 6(a)(i) or (ii) hereof. 

                    SECTION
6. Repurchases and Substitutions. 

                    (a)
Mandatory Repurchases and Substitutions for Breaches of Representations and
Warranties. Upon the receipt of notice by Bluegreen from the Depositor, the
Issuer or the Indenture Trustee of a breach of any of the representations and
warranties in Section 5 hereof (on the date on which such representation or
warranty was made) which materially and adversely affects the value of a
Timeshare Loan or the interests of the Depositor or any subsequent assignee of
the Depositor (including the Issuer and the Indenture Trustee on behalf of the
Noteholders) therein, Bluegreen shall within 60 days of receipt of such notice,
cure in all material respects the circumstance or condition which has caused
such representation or warranty to be incorrect or either (i) repurchase the
Depositor’s interest in such Defective Timeshare Loan from the Depositor at the
Repurchase Price or (ii) provide one or more Qualified Substitute Timeshare
Loans and pay the related Substitution Shortfall Amounts, if any. Bluegreen and
the Seller acknowledge that the Depositor shall, pursuant to the Sale Agreement
sell Timeshare Loans and rights and remedies acquired hereunder to the Issuer
and that the Issuer shall pledge such Timeshare Loans and rights to the
Indenture Trustee for the benefit of the Noteholders. Bluegreen and the Seller
further acknowledge that the Indenture Trustee will be appointed attorney in
fact under the Indenture and may enforce Bluegreen’s repurchase or substitution
obligations if Bluegreen has not complied with its repurchase and substitution
obligations under this Agreement within the aforementioned 60 day period. 

                    (b)
Optional Purchases or Substitutions of Club Loans. The Depositor hereby
irrevocably grants Bluegreen an option to repurchase or substitute Original Club
Loans it has under the Sale Agreement, the Bluegreen Purchase Agreement and as
described in the following sentence. With respect to any Original Club Loans
for which the related Obligor has elected to effect and Bluegreen has agreed to
effect an Upgrade, Bluegreen will (at its option) either (i) pay the Repurchase
Price for such Original Club Loan or (ii) substitute one or more Qualified
Substitute Timeshare Loans for such Original Club Loan and pay the related
Substitution Shortfall Amounts, if any; provided, however, that
Bluegreen’s option to substitute one or more Qualified Substitute Timeshare
Loans for an Original Club Loan is limited on any date to (x) 20% of the
Aggregate Closing Date Collateral Balance less (y) the aggregate Loan Balances
of all Original 

14

Club Loans
previously substituted by Bluegreen on prior Transfer Dates pursuant to this
Agreement, the Sale Agreement and/or the Bluegreen Purchase Agreement.
Bluegreen shall use its best efforts to exercise its substitution option with
respect to Original Club Loans prior to exercise of its repurchase option. To
the extent that Bluegreen shall elect to substitute Qualified Substitute
Timeshare Loans for an Original Club Loan, Bluegreen shall use its best efforts
to cause each such Qualified Substitute Timeshare Loan to be, in the following
order of priority, (i) the Upgrade Club Loan related to such Original Club Loan
and (ii) an Upgrade Club Loan unrelated to such Original Club Loan. 

                    (c)
Optional Purchases or Substitutions of Defaulted Timeshare Loans. The
Depositor hereby irrevocably grants Bluegreen an option to repurchase or
substitute Defaulted Timeshare Loans it has under the Sale Agreement, the
Bluegreen Purchase Agreement and as described in the following sentence. With
respect to a Defaulted Timeshare Loan, on any date, Bluegreen will have the
option, but not the obligation, to either (i) purchase a Defaulted Timeshare
Loan at the Repurchase Price for such Defaulted Timeshare Loan or (ii)
substitute one or more Qualified Substitute Timeshare Loans for such Defaulted
Timeshare Loan and pay the related Substitution Shortfall Amount, if any; provided,
however, that Bluegreen’s option to purchase a Defaulted Timeshare Loan
or to substitute one or more Qualified Substitute Timeshare Loans for a
Defaulted Timeshare Loan is limited on any date to the Optional Purchase Limit
and the Optional Substitution Limit, respectively. Bluegreen may irrevocably
waive its option to purchase or substitute a Defaulted Timeshare Loan by delivering
to the Indenture Trustee a Waiver Letter in the form of Exhibit A
attached hereto. 

                    (d)
Payment of Repurchase Prices and Substitution Shortfall Amounts.
Bluegreen hereby agrees to remit or cause to be remitted all amounts in respect
of Repurchase Prices and Substitution Shortfall Amounts payable during the
related Due Period in immediately available funds to the Indenture Trustee to
be deposited in the Collection Account on the Business Day immediately
preceding the related Payment Date for such Due Period in accordance with the
provisions of the Indenture. In the event that more than one Timeshare Loan is
replaced pursuant to Sections 6(a), (b) or (c) hereof on any Transfer Date, the
Substitution Shortfall Amounts and the Loan Balances of Qualified Substitute
Timeshare Loans shall be calculated on an aggregate basis for all substitutions
made on such Transfer Date. 

                    (e)
Schedule of Timeshare Loans. Bluegreen hereby agrees, on each date on
which a Timeshare Loan has been repurchased, purchased or substituted, to
provide or cause to be provided to the Depositor, the Issuer and the Indenture
Trustee with a electronic supplement to Schedule III hereto and the
Schedule of Timeshare Loans reflecting the removal and/or substitution of
Timeshare Loans and subjecting any Qualified Substitute Timeshare Loans to the
provisions of this Agreement. 

                    (f)
Qualified Substitute Timeshare Loans. Pursuant to Section 6(g) hereof,
on the related Transfer Date, Bluegreen hereby agrees to deliver or to cause
the delivery of the Timeshare Loan Files relating to the Qualified Substitute
Timeshare Loans to the Indenture Trustee or to the Custodian, at the direction
of the Indenture Trustee, in accordance with the provisions of the Indenture
and the Custodial Agreement. As of such related Transfer Date, Bluegreen does
hereby transfer, assign, sell and grant to the Depositor, without recourse
(except

15

as provided in
Section 6 and Section 8 hereof), any and all of Bluegreen’s right, title and
interest in and to (i) each Qualified Substitute Timeshare Loan conveyed to the
Depositor on such Transfer Date, (ii) the Receivables in respect of the
Qualified Substitute Timeshare Loans due after the related Cut-Off Date, (iii)
the related Timeshare Loan Documents (excluding any rights as developer or
declarant under the Timeshare Declaration, the Timeshare Program Consumer Documents
or the Timeshare Program Governing Documents), (iv) all Related Security in
respect of such Qualified Substitute Timeshare Loans, and (v) all income,
payments, proceeds and other benefits and rights related to any of the
foregoing. Upon such sale, the ownership of each Qualified Substitute Timeshare
Loan and all collections allocable to principal and interest thereon after the
related Cut-Off Date and all other property interests or rights conveyed
pursuant to and referenced in this Section 6(f) shall immediately vest in the
Depositor, its successors and assigns. Bluegreen shall not take any action inconsistent
with such ownership nor claim any ownership interest in any Qualified
Substitute Timeshare Loan for any purpose whatsoever other than consolidated
federal and state income tax reporting. Bluegreen agrees that such Qualified
Substitute Timeshare Loans shall be subject to the provisions of this Agreement
and shall thereafter be deemed a “Timeshare Loan” for the purposes of this
Agreement. 

                    (g)
Officer’s Certificate for Qualified Substitute Timeshare Loans.
Bluegreen shall, on each related Transfer Date, certify or cause to be
certified in writing to the Depositor, the Issuer and the Indenture Trustee
that each new Timeshare Loan meets all the criteria of the definition of
“Qualified Substitute Timeshare Loan” and that (i) the Timeshare Loan Files for
such Qualified Substitute Timeshare Loans have been delivered to the Custodian
or shall be delivered within five Business Days, and (ii) the Timeshare Loan
Servicing Files for such Qualified Substitute Timeshare Loans have been delivered
to the Servicer. 

                    (h)
Release. In connection with any repurchase, purchase or substitution of
one or more Timeshare Loans contemplated by this Section 6, upon satisfaction
of the conditions contained in this Section 6, the Depositor, the Issuer and
the Indenture Trustee shall execute and deliver or shall cause the execution
and delivery of such releases and instruments of transfer or assignment
presented to it by Bluegreen, in each case, without recourse, as shall be
necessary to vest in Bluegreen or its designee the legal and beneficial
ownership of such Timeshare Loans; provided, however, that with
respect to any release of a Timeshare Loan that is substituted by a Qualified
Substitute Timeshare Loan, the Issuer and the Indenture Trustee shall not
execute and deliver or cause the execution and delivery of such releases and
instruments of transfer or assignment until the Indenture Trustee and the
Servicer receive a Custodian’s Certification for such Qualified Substitute
Timeshare Loan. The Depositor, the Issuer and the Indenture Trustee shall cause
the Custodian to release the related Timeshare Loan Files to Bluegreen or its
designee and the Servicer to release the related Timeshare Loan Servicing Files
to Bluegreen or its designee; provided, however, that with
respect to any Timeshare Loan File or Timeshare Loan Servicing File related to
a Timeshare Loan that has been substituted by a Qualified Substitute Timeshare
Loan, the Issuer and the Indenture Trustee shall not cause the Custodian and
the Servicer to release the related Timeshare Loan File and the Timeshare Loan
Servicing File, respectively, until the Indenture Trustee and the Servicer
receive a Custodian’s Certification for such Qualified Substitute Timeshare
Loan. 

16

                    (i)
Sole Remedy. It is understood and agreed that the obligations of
Bluegreen contained in Section 6(a) hereof to cure a breach, or to repurchase
or substitute related Defective Timeshare Loans and the obligation of Bluegreen
to indemnify pursuant to Section 8 hereof shall constitute the sole remedies
available to the Depositor or its subsequent assignees for the breaches of any
representation or warranty contained in Section 5 hereof, and such remedies
are not intended to and do not constitute “credit recourse” to Bluegreen. 

                    SECTION
7. Additional Covenants of Bluegreen and the Seller. 

                    (a)
Bluegreen hereby covenants and agrees with the Depositor as follows: 

	
 

	
 

	
 

	
               (i)
 It shall comply with all laws, rules, regulations and orders applicable to it
 and its business and properties except where the failure to comply will not
 have a material adverse effect on its business or its ability to perform its
 obligations under this Agreement or any other Transaction Document to which
 it is a party or under the transactions contemplated hereunder or thereunder
 or the validity or enforceability of the Timeshare Loans. 

	
 

	
 

	
 

	
               
 (ii) It shall preserve and maintain its existence (corporate or otherwise),
 rights, franchises and privileges in the jurisdiction of its organization and
 except where the failure to so preserve and maintain will not have a material
 adverse effect on its business or its ability to perform its obligations
 under this Agreement or any other Transaction Document to which it is a party
 or under the transactions contemplated hereunder or thereunder or the
 validity or enforceability of the Timeshare Loans. 

	
 

	
 

	
 

	
               
 (iii) On the Closing Date and each Transfer Date, as applicable, it shall
 indicate in its and its Affiliates’ computer files and other records that
 each Timeshare Loan has been sold to the Depositor. 

	
 

	
 

	
 

	
               
 (iv) It shall respond to any inquiries with respect to ownership of a
 Timeshare Loan by stating that such Timeshare Loan has been sold to the
 Depositor and that the Depositor is the owner of such Timeshare Loan. 

	
 

	
 

	
 

	
               
 (v) On or prior to the Closing Date, it shall file or cause to be filed, at
 Bluegreen’s expense, financing statements in favor of the Depositor and, if
 applicable, the Issuer and the Indenture Trustee on behalf of the
 Noteholders, with respect to the Timeshare Loans, in the form and manner
 reasonably requested by the Depositor or its assigns. It shall deliver or cause
 the Seller to deliver file-stamped copies of such financing statements to the
 Depositor, the Issuer and the Indenture Trustee on behalf of the Noteholders.
 

	
 

	
 

	
 

	
               
 (vi) It agrees from time to time to, or cause the Seller to, at Bluegreen’s expense,
 promptly execute and deliver all further instruments and documents, and to
 take all further actions, that may be necessary, or that the Depositor, the
 Issuer or the Indenture Trustee may reasonably request, to perfect, protect
 or more fully evidence the sale of the Timeshare Loans to the Depositor, or
 to enable the Depositor to exercise and

17

	
 

	
 

	
 

	
enforce its
 rights and remedies hereunder or under any Timeshare Loan including, but not
 limited to, powers of attorney, UCC financing statements and assignments of
 mortgage. Bluegreen hereby appoints the Depositor, the Issuer and the
 Indenture Trustee as attorneys in fact, which appointment is coupled with an
 interest and is therefore irrevocable, to act on behalf and in the name of
 Bluegreen under this Section 7(a)(vi). 

	
 

	
 

	
 

	
               
 (vii) On the Closing Date, Bluegreen does not have any tradenames, fictitious
 names, assumed names or “doing business as” names other than “Bluegreen
 Patten Corporation” in North Carolina and “Bluegreen Corporation of
 Massachusetts” in Louisiana. After the Closing Date, any change in the legal
 name of Bluegreen or the use by it of any tradename, fictitious name, assumed
 name or “doing business as” name other than the foregoing shall be promptly
 (but no later than ten Business Days) disclosed to the Depositor and the
 Indenture Trustee in writing. 

	
 

	
 

	
 

	
               
 (viii) Upon the discovery or receipt of notice by a Responsible Officer of
 Bluegreen of a breach of any of its representations or warranties and
 covenants contained herein, Bluegreen shall promptly disclose to the
 Depositor, the Issuer and the Indenture Trustee, in reasonable detail, the
 nature of such breach. 

	
 

	
 

	
 

	
               
 (ix) Except to the extent of any payments received with respect to a Credit
 Card Timeshare Loan, in the event that Bluegreen shall receive any payments
 in respect of a Timeshare Loan after the Closing Date or a Transfer Date, as
 applicable, it shall, within two Business Days of receipt, transfer or cause
 to be transferred, such payments to the Lockbox Account. Payments received by
 Bluegreen with respect to Credit Card Timeshare Loans, without regard to any
 discount fees, shall be transferred to the Lockbox Account within five
 Business Days. 

	
 

	
 

	
 

	
               
 (x) Bluegreen will keep its principal place of business and chief executive
 office and the office where it keeps its records concerning the Timeshare
 Loans at the address of Bluegreen listed herein and shall notify the parties
 hereto of any change to the same at least 30 days prior thereto. 

	
 

	
 

	
 

	
               
 (xi) In the event that Bluegreen, the Seller or the Depositor or any assignee
 of the Depositor receives actual notice of any transfer taxes arising out of
 the transfer, assignment and conveyance of a Timeshare Loan to the Depositor,
 on written demand by the Depositor, or upon Bluegreen or the Seller otherwise
 being given notice thereof, Bluegreen shall cause the Seller to pay, and
 otherwise indemnify and hold the Depositor, or any subsequent assignee
 harmless, on an after-tax basis, from and against any and all such transfer
 taxes. 

                    (b)
The Seller hereby covenants and agrees with the Depositor as follows: 

	
 

	
 

	
 

	
               (i)
 The Seller authorizes the Depositor, the Issuer, and the Indenture Trustee to
 file continuation statements, and amendments thereto, relating to the
 Timeshare Loans and all payments made with regard to the related Timeshare
 Loans without the signature of the Seller where permitted by law. A photocopy
 or other reproduction of this

18

	
 

	
 

	
 

	
Agreement
 shall be sufficient as a financing statement where permitted by law. The
 Depositor confirms that it is not its present intention to file a photocopy
 or other reproduction of this Agreement as a financing statement, but
 reserves the right to do so if, in its good faith determination, there is at
 such time no reasonable alternative remaining to it. 

	
 

	
 

	
 

	
               
 (ii) It shall comply with all applicable laws, rules, regulations and orders
 applicable to it and its business and properties except where the failure to
 comply will not have a material adverse effect on its business or its ability
 to perform its obligations under this Agreement or any other Transaction
 Document to which it is a party or under the transactions contemplated
 hereunder or thereunder or the validity or enforceability of the Timeshare
 Loans. 

	
 

	
 

	
 

	
               
 (iii) So long as the Warehouse Notes are outstanding, it shall preserve and
 maintain for itself its existence (corporate or otherwise), rights, franchises
 and privileges in the jurisdiction of its organization and except where the
 failure to so preserve and maintain will not have a material adverse effect
 on its business or its ability to perform its obligations under this
 Agreement or any other Transaction Document to which it is a party or under
 the transactions contemplated hereunder or thereunder or the validity or
 enforceability of the Timeshare Loans. 

	
 

	
 

	
 

	
               
 (iv) Any change in the legal name of the Seller and any use by it of any tradename,
 fictitious name, assumed name or “doing business as” name occurring after the
 Closing Date shall be promptly, within 10 Business Days, disclosed to the
 Depositor and the Indenture Trustee in writing. 

	
 

	
 

	
 

	
               
 (v) On the Closing Date, it shall indicate in computer files and other
 records to indicate that each Initial Timeshare Loan has been sold to the
 Depositor. 

	
 

	
 

	
 

	
               
 (vi) It shall respond to any inquiries with respect to ownership of an
 Initial Timeshare Loan by stating that such Timeshare Loan has been sold to
 the Depositor and that the Depositor is the owner of such Timeshare Loan. 

	
 

	
 

	
 

	
               
 (vii) Except to the extent of any payments received with respect to a Credit
 Card Timeshare Loan, in the event that the Seller shall receive any payments
 in respect of a Timeshare Loan after the Closing Date, it shall, within two
 Business Days of receipt, transfer or cause to be transferred, such payments
 to the Lockbox Account. Payments received by the Seller with respect to
 Credit Card Timeshare Loans, without regard to any discount fees, shall be
 transferred to the Lockbox Account within five Business Days. 

	
 

	
 

	
 

	
               
 (viii) It agrees and authorizes the filing, at Bluegreen’s expense, of the
 financing statements specified in Section 7(a)(v) and (vi) hereof in favor of
 the Depositor, the Issuer and the Indenture Trustee on behalf of the
 Noteholders, with respect to the Timeshare Loans. 

19

	
 

	
 

	
 

	
               
 (ix) It agrees from time to time to, at Bluegreen’s expense, promptly execute
 and deliver all further instruments and documents, and to take all further
 actions, that may be necessary, or that the Depositor, the Issuer or the
 Indenture Trustee may reasonably request, to perfect, protect or more fully evidence
 the sale of the Timeshare Loans, or to enable the Depositor, the Issuer or
 the Indenture Trustee to exercise and enforce its rights and remedies
 hereunder or under any Timeshare Loan including, but not limited to, powers
 of attorney, UCC financing statements and assignments of mortgage. The Seller
 hereby appoints Bluegreen, the Depositor, the Issuer and the Indenture
 Trustee as attorneys-in-fact, which appointment is coupled with an interest
 and is therefore irrevocable, to act on behalf and in the name of the Seller
 under this Section 7(b)(ix). 

                    SECTION
8. Indemnification. 

                    (a)
Bluegreen hereby agrees to indemnify the Depositor, the Issuer, the Indenture
Trustee, the Noteholders and the Initial Purchaser (collectively, the “Indemnified Parties”) against any and all
claims, losses, liabilities, (including reasonable legal fees and related
costs) that the Depositor, the Issuer, the Indenture Trustee, the Noteholders
or the Initial Purchaser may sustain directly related to any breach of the
representations and warranties of Bluegreen under Section 5 hereof (the “Indemnified Amounts”) excluding, however
(i) Indemnified Amounts to the extent resulting from the gross negligence or
willful misconduct on the part of such Indemnified Party; (ii) any recourse for
any uncollectible Timeshare Loan not related to a breach of representation or
warranty; (iii) recourse to Bluegreen for a related Defective Timeshare Loan so
long as the same is cured, substituted or repurchased pursuant to Section 6
hereof; (iv) income, franchise or similar taxes by such Indemnified Party
arising out of or as a result of this Agreement or the transfer of the
Timeshare Loans; (v) Indemnified Amounts attributable to any violation by an
Indemnified Party of any Requirement of Law related to an Indemnified Party; or
(vi) the operation or administration of the Indemnified Party generally and not
related to the enforcement of this Agreement. The parties hereto shall (A)
promptly notify the other parties hereto, the Issuer and the Indenture Trustee
if a claim is made by a third party with respect to this Agreement or the
Timeshare Loans, and relating to (1) the failure by Bluegreen to perform its
duties in accordance with the terms of this Agreement or (2) a breach of
Bluegreen’s representations, covenants and warranties contained in this
Agreement, (B) assume (with the consent of the Depositor, the Issuer, the
Indenture Trustee, the Noteholders or the Initial Purchaser, as applicable,
which consent shall not be unreasonably withheld) the defense of any such claim
and (C) pay all expenses in connection therewith, including reasonable legal
counsel fees and promptly pay, discharge and satisfy any judgment, order or
decree which may be entered against it or the Depositor, the Issuer, the
Indenture Trustee, the Noteholders or the Initial Purchaser in respect of such
claim. If Bluegreen shall have made any indemnity payment pursuant to this
Section 8 and the recipient thereafter collects from another Person any amount
relating to the matters covered by the foregoing indemnity, the recipient shall
promptly repay such amount to Bluegreen. 

                    (b)
The obligations of Bluegreen under this Section 8 to indemnify the Depositor,
the Issuer, the Indenture Trustee, the Noteholders and the Initial Purchaser
shall survive the termination of this Agreement and continue until the Notes
are paid in full or otherwise released or discharged. 

20

                    SECTION
9. No Proceedings. Each of the Seller and Bluegreen hereby agrees that
it will not, directly or indirectly, institute, or cause to be instituted, or
join any Person in instituting, against the Depositor or any Association, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any federal or state bankruptcy or similar law so
long as there shall not have elapsed one year plus one day since the latest
maturing Notes issued by the Issuer. 

                    SECTION
10. Notices, Etc. All notices and other communications provided for
hereunder shall, unless otherwise stated herein, be in writing and mailed or
telecommunicated, or delivered as to each party hereto, at its address set
forth below or at such other address as shall be designated by such party in a
written notice to the other parties hereto. All such notices and communications
shall not be effective until received by the party to whom such notice or
communication is addressed. 

	
 

	
 

	
 

	
Seller

	
 

	
 

	
 

	
BXG
 Timeshare Trust I 

	
 

	
c/o
 Wilmington Trust Company 

	
 

	
Rodney
 Square North 

	
 

	
1100 North
 Market Street 

	
 

	
Wilmington,
 Delaware 19890-0001 

	
 

	
Attention:
 Corporate Trust Administration 

	
 

	
Fax: (302)
 651-8882 

	
 

	
 

	
 

	
Depositor

	
 

	
 

	
 

	
BRFC 2008-A
 LLC 

	
 

	
4950
 Communication Avenue, Suite 900 

	
 

	
Boca Raton,
 Florida 33431 

	
 

	
Attention:
 Allan J. Herz, President and Assistant Treasurer 

	
 

	
Fax: (561)
 443-8743

	
 

	
 

	
 

	
Bluegreen

	
 

	
 

	
 

	
Bluegreen
 Corporation 

	
 

	
4960
 Conference Way North, Suite 100 

	
 

	
Boca Raton,
 Florida 33431 

	
 

	
Attention:
 Anthony M. Puleo, Senior Vice President, CFO and Treasurer 

	
 

	
Fax: (561)
 912-8123 

                    SECTION
11. No Waiver; Remedies. No failure on the part of Bluegreen, the
Seller, the Depositor or any assignee thereof to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any right hereunder preclude any other or
further exercise thereof or the exercise of any other right. The remedies
herein provided are cumulative and not exclusive of any other remedies provided
by law. 

21

                    SECTION
12. Binding Effect; Assignability. This Agreement shall be binding upon
and inure to the benefit of the Depositor and its respective successors and
assigns. Any assignee of the Depositor shall be an express third party
beneficiary of this Agreement, entitled to directly enforce this Agreement.
Neither the Seller nor Bluegreen may assign any of their rights and obligations
hereunder or any interest herein without the prior written consent of the
Depositor and any assignee thereof. The Depositor may, and intends to, assign
all of its rights hereunder to the Issuer and each of the Seller and Bluegreen
consents to any such assignment. This Agreement shall create and constitute the
continuing obligations of the parties hereto in accordance with its terms, and
shall remain in full force and effect until its termination (or, in the case of
the Seller, so long as the Warehouse Notes are outstanding) provided, however,
that the rights and remedies with respect to any breach of any representation
and warranty made by Bluegreen pursuant to Section 5 hereof, and the repurchase
or substitution and indemnification obligations shall be continuing and shall
survive any termination of this Agreement, but such rights and remedies may be
enforced only by the Depositor, the Issuer and the Indenture Trustee. 

                    SECTION
13. Amendments; Consents and Waivers. No modification, amendment or
waiver of, or with respect to, any provision of this Agreement, and all other
agreements, instruments and documents delivered thereto, nor consent to any
departure by the Seller or Bluegreen from any of the terms or conditions
thereof shall be effective unless it shall be in writing and signed by each of
the parties hereto, the written consent of the Indenture Trustee on behalf of
the Noteholders is given and confirmation from the Rating Agency that such
action will not result in a downgrade, withdrawal or qualification of any
rating assigned to a Class of Notes is received. The Seller and Bluegreen shall
provide to the Indenture Trustee and the Rating Agency with such proposed
modifications, amendments or waivers. Any waiver or consent shall be effective
only in the specific instance and for the purpose for which given. No consent
to or demand by the Seller or Bluegreen in any case shall, in itself, entitle
it to any other consent or further notice or demand in similar or other
circumstances. Each of the Seller and Bluegreen acknowledges that in connection
with the intended assignment by the Depositor of all of its right, title and
interest in and to each Timeshare Loan to the Issuer, the Issuer intends to
issue the Notes, the proceeds of which will be used by the Issuer to purchase
the Timeshare Loans from the Depositor under the terms of the Sale Agreement.
Notwithstanding anything to the contrary in this Section 13, no amendment shall
cause the Issuer to fail to be treated as a “qualified special purpose entity”
as defined in Statement of Financial Accounting Standards No. 140 (or any
successor Statement of Financial Accounting Standard). 

                    SECTION
14. Severability. In case any provision in or obligation under this
Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the
validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation, shall not in any way be
affected or impaired thereby in any other jurisdiction. Without limiting the
generality of the foregoing, in the event that a Governmental Authority
determines that the Depositor may not purchase or acquire Timeshare Loans, the
transactions evidenced hereby shall constitute a loan and not a purchase and
sale, notwithstanding the otherwise applicable intent of the parties hereto,
and the Seller shall be deemed to have granted to the Depositor as of the date
hereof, a first priority perfected security interest in all of the Seller’s
right, title and interest in, to and under such Timeshare Loans and the related
property as described in Section 2 hereof. 

22

                    SECTION
15. GOVERNING LAW; CONSENT TO JURISDICTION. 

	
 

	
 

	
 

	
                    
 (A) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
 THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF
 CONFLICTS OF LAW OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
 OBLIGATIONS LAW OF THE STATE OF NEW YORK. 

	
 

	
 

	
 

	
                    
 (B) THE PARTIES TO THIS AGREEMENT HEREBY SUBMIT TO THE NON-EXCLUSIVE
 JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES
 DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY AND EACH
 PARTY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS
 THAT ALL SUCH SERVICE OF PROCESS BE MADE BY REGISTERED MAIL DIRECTED TO ITS
 ADDRESS SET FORTH IN SECTION 10 HEREOF AND SERVICE SO MADE SHALL BE DEEMED TO
 BE COMPLETED FIVE DAYS AFTER THE SAME SHALL HAVE BEEN DEPOSITED IN THE U.S.
 MAILS, POSTAGE PREPAID. THE PARTIES HERETO EACH WAIVES ANY OBJECTION BASED ON
 FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION
 INSTITUTED HEREUNDER AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE
 RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. NOTHING IN THIS SECTION 15
 SHALL AFFECT THE RIGHT OF THE PARTIES TO THIS AGREEMENT TO SERVE LEGAL
 PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF ANY OF
 THEM TO BRING ANY ACTION OR PROCEEDING IN THE COURTS OF ANY OTHER
 JURISDICTION. 

                    SECTION
16. WAIVERS OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR ANY OTHER DOCUMENT OR INSTRUMENT RELATED
HERETO AND FOR ANY COUNTERCLAIM THEREIN. 

                    SECTION
17. Heading. The headings herein are for purposes of reference only and
shall not otherwise affect the meaning or interpretation of any provision
hereof. 

                    SECTION
18. Execution in Counterparts. This Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed shall
be deemed to be an original and both of which when taken together shall
constitute one and the same agreement. 

23

                    IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above
written. 

	
 

	
 

	
 

	
 

	
 

	
BRFC 2008-A
 LLC, as Depositor 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name: Allan
 J. Herz

	
 

	
 

	
Title:
 President and Assistant Treasurer

	
 

	
 

	
 

	
 

	
BXG
 TIMESHARE TRUST I 

	
 

	
 

	
 

	
By: 

	
Wilmington
 Trust Company, 

	
 

	
as Owner
 Trustee

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
BLUEGREEN
 CORPORATION 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:
 Anthony M. Puleo

	
 

	
 

	
Title:
 Senior Vice President, CFO and Treasurer

	
 

	
 

	
 

	
Agreed and
 acknowledged as to

	
 

	
 

	
the last
 paragraph of Section 3

	
 

	
 

	
herein only:

	
 

	
 

	
 

	
 

	
 

	
BLUEGREEN
 VACATION CLUB TRUST

	
 

	
 

	
 

	
 

	
 

	
By: Vacation
 Trust, Inc., Individually and as Club Trustee

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

	
 

	
 

	
[Signature
 Page to the Transfer Agreement]

24

Schedule I

Representations and Warranties of Bluegreen
Regarding the Timeshare Loans

              With
respect to each Timeshare Loan, as of the Closing Date or the related Transfer
Date, as applicable: 

	
 

	
 

	
(a)

	
other than
  certain 50/50 Loans, payments due under the Timeshare Loan are
  fully-amortizing and payable in level monthly installments;

	
 

	
 

	
(b)

	
the payment
  obligations under the Timeshare Loan bear a fixed rate of interest; 

	
 

	
 

	
(c)

	
the Obligor
  thereunder has made a down payment by cash, check or credit card of at least
  10% of the actual purchase price (including closing costs) of the Timeshare
  Property (which cash down payment may, (i) in the case of Upgrade Club Loans,
  be represented in whole or in part by the down payment made and principal
  payments paid in respect of the related Original Club Loan and (ii) in the
  case of a Sampler Converted Loan, be represented in whole or in part by the
  principal payments and down payment made on the related Sampler Loan since
  its date of origination) and no part of such payment has been made or loaned
  to the Obligor by Bluegreen, the Seller or an Affiliate thereof; 

	
 

	
 

	
(d)

	
as of the
  related Cut-Off Date, no principal or interest due with respect to the
  Timeshare Loan is more than 60 days delinquent; 

	
 

	
 

	
(e)

	
the Obligor
  is not an Affiliate of Bluegreen or any Subsidiary; provided, that solely for
  the purposes of this representation, a relative of an employee and employees
  of Bluegreen or any Subsidiary (or any of its Affiliates) shall not be deemed
  to be an “Affiliate”; 

	
 

	
 

	
(f)

	
immediately
  prior to the conveyance of the Timeshare Loan to the Depositor, the Seller
  will own full legal and equitable title to such Timeshare Loan, and the
  Timeshare Loan (and the related Timeshare Property) is free and clear of
  adverse claims, liens and encumbrances and is not subject to claims of
  rescission, invalidity, unenforceability, illegality, defense, offset,
  abatement, diminution, recoupment, counterclaim or participation or ownership
  interest in favor of any other Person; 

	
 

	
 

	
(g)

	
the
  Timeshare Loan (other than an Aruba Club Loan) is secured directly by a first
  priority Mortgage on the related purchased Timeshare Property; 

	
 

	
 

	
(h)

	
with respect
  to each Deeded Club Loan, the Timeshare Property mortgaged by or at the
  direction of the related Obligor constitutes a fractional fee simple
  timeshare interest in real property at the related Resort or an undivided
  interest in a Resort (or a phase thereof) associated with a Unit that
  entitles the holder of the interest to the use of a specific property for a
  specified number of days each year or every other year, subject to the rules
  of the Bluegreen Vacation Club; the related Mortgage has been delivered for
  filing and recordation with all appropriate governmental authorities in all
  jurisdictions in which such

I-1

	
 

	
 

	
 

	
Mortgage is
  required to be filed and recorded to create a valid, binding and enforceable
  first Lien on the related Timeshare Property and such Mortgage creates a
  valid, binding and enforceable first Lien on the related Timeshare Property,
  subject only to Permitted Liens; and the Seller (or Bluegreen, as the case
  may be) is in compliance with any Permitted Lien respecting the right to the
  use of such Timeshare Property; the Assignment of Mortgage and each related
  endorsement of the related Mortgage Note constitutes a duly executed, legal,
  valid, binding and enforceable assignment or endorsement, as the case may be,
  of such related Mortgage and related Mortgage Note, and all monies due or to
  become due thereunder, and all proceeds thereof;

	
 

	
 

	
(i)

	
with respect
  to the Obligor and a particular Timeshare Property purchased by such Obligor,
  there is only one original Mortgage and Mortgage Note, in the case of a
  Deeded Club Loan, and only one Owner Beneficiary Agreement, in the case of an
  Aruba Club Loan; all parties to the related Mortgage and the related Mortgage
  Note (and, in the case of an Aruba Club Loan, Owner Beneficiary Agreement)
  had legal capacity to enter into such Timeshare Loan Documents and to execute
  and deliver such related Timeshare Loan Documents, and such related Timeshare
  Loan Documents have been duly and properly executed by such parties; any
  amendments to such related Timeshare Loan Documents required as a result of
  any mergers involving the Seller or Bluegreen or any of their predecessors,
  to maintain the rights of the Seller or Bluegreen or their predecessors
  thereunder as a mortgagee (or a Seller, in the case of an Aruba Club Loan)
  have been completed; 

	
 

	
 

	
(j)

	
at the time
  the related Originator originated such Timeshare Loan to the related Obligor,
  such Originator had full power and authority to originate such Timeshare Loan
  and the Obligor or the Club Trustee had good and indefeasible fee title or
  good and marketable fee simple title, or, in the case of an Aruba Club Loan,
  a cooperative interest, as applicable, to the Timeshare Property related to
  such Timeshare Loan, free and clear of all Liens, except for Permitted Liens;
  

	
 

	
 

	
(k)

	
the related
  Mortgage (or, in the case of an Aruba Club Loan, the related Owner Beneficiary
  Agreement) contains customary and enforceable provisions so as to render the
  rights and remedies of the holder thereof adequate for the realization
  against the related Timeshare Property of the benefits of the security
  interests or lender’s contractual rights intended to be provided thereby,
  including (a) if the Mortgage is a deed of trust, by trustee’s sale,
  including power of sale, (b) otherwise by judicial foreclosure or power of
  sale and/or (c) termination of the contract, retention of Obligor deposits
  and payments towards the related Timeshare Loan by the Originator or the
  lender, as the case may be, and expulsion from the Club; in the case of the
  Deeded Club Loans, there is no exemption available to the related Obligor
  which would interfere with the mortgagee’s right to sell at a trustee’s sale
  or power of sale or right to foreclose such related Mortgage, as applicable; 

	
 

	
 

	
(l)

	
the related
  Mortgage Note is not and has not been secured by any collateral except the
  Lien of the related Mortgage; 

I-2

	
 

	
 

	
(m)

	
if a
  Mortgage secures a Timeshare Loan, the title to the related Timeshare
  Property is insured (or a binding commitment, which may be a master
  commitment referencing one or more Mortgages, for title insurance, not
  subject to any conditions other than standard conditions applicable to all
  binding commitments, has been issued) under a mortgagee title insurance
  policy (which may consist of one master policy referencing one or more such
  Mortgages) issued by a title insurer qualified to do business in the
  jurisdiction where the related Timeshare Property is located in a form
  generally acceptable to prudent originators of similar mortgage loans,
  insuring the Seller (or Bluegreen, as the case may be) or its predecessor and
  its successors and assigns, as to the first priority mortgage Lien of the
  related Mortgage in an amount equal to the original outstanding Loan Balance
  of such Timeshare Loan, and otherwise in form and substance acceptable to the
  Indenture Trustee; the Club Originator and its assignees is a named insured
  of such mortgagee’s title insurance policy; such mortgagee’s title insurance
  policy is in full force and effect; no claims have been made under such
  mortgagee’s title insurance policy and no prior holder of such Timeshare Loan
  has done or omitted to do anything which would impair the coverage of such
  mortgagee’s title insurance policy; no premiums for such mortgagee’s title
  insurance policy, endorsements and all special endorsements are past due; 

	
 

	
 

	
(n)

	
the Seller
  or Bluegreen has not taken (or omitted to take), and has no notice that the
  related Obligor has taken (or omitted to take), any action that would impair
  or invalidate the coverage provided by any hazard, title or other insurance
  policy on the related Timeshare Property; 

	
 

	
 

	
(o)

	
all
  applicable intangible taxes and documentary stamp taxes were paid as to the
  related Timeshare Loan; 

	
 

	
 

	
(p)

	
the proceeds
  of the Timeshare Loan have been fully disbursed, there is no obligation to
  make future advances or to lend additional funds under the Originator’s
  commitment or the documents and instruments evidencing or securing the
  Timeshare Loan and no such advances or loans have been made since the
  origination of the Timeshare Loan; 

	
 

	
 

	
(q)

	
the terms of
  each Timeshare Loan Document have not been impaired, waived, altered or
  modified in any respect, except (x) by written instruments which are part of
  the related Timeshare Loan Documents or (y) in accordance with the Credit
  Policy, the Collection Policy or the Servicing Standard (provided that no
  Timeshare Loan has been impaired, waived, altered, or modified in any respect
  more than once). No other instrument has been executed or agreed to which
  would effect any such impairment, waiver, alteration or modification; the
  Obligor has not been released from liability on or with respect to the
  Timeshare Loan, in whole or in part; if required by law or prudent
  originators of similar loans in the jurisdiction where the related Timeshare
  Property is located, all waivers, alterations and modifications have been
  filed and/or recorded in all places necessary to perfect, maintain and
  continue a valid first priority Lien of the related Mortgage subject only to
  Permitted Liens; 

	
 

	
 

	
(r)

	
other than
  if it is an Aruba Club Loan, the Timeshare Loan is principally and directly
  secured by an interest in real property; 

I-3

	
 

	
 

	
(s)

	
the
  Timeshare Loan was originated by Bluegreen or one of its Affiliates in the
  normal course of its business; the Timeshare Loan originated by Bluegreen or
  one of its Affiliates was underwritten in accordance with its underwriting
  guidelines and the Credit Policy; to Bluegreen’s Knowledge, the origination,
  servicing and collection practices used by Bluegreen and its Affiliates with
  respect to the Timeshare Loan have been in all respects, legal, proper,
  prudent and customary; 

	
 

	
 

	
(t)

	
the related
  Timeshare Loan is assignable to and by the obligee and its successors and
  assigns and the related Timeshare Property is assignable upon liquidation of
  the related Timeshare Loan, without the consent of any other Person
  (including any Association, condominium association, homeowners’ or timeshare
  association); 

	
 

	
 

	
(u)

	
the related
  Mortgage is and will be prior to any Lien on, or other interests relating to,
  the related Timeshare Property; 

	
 

	
 

	
(v)

	
to
  Bluegreen’s Knowledge, there are no delinquent or unpaid taxes, ground rents
  (if any), water charges, sewer rents or assessments outstanding with respect
  to any of the Timeshare Properties, nor any other outstanding Liens or
  charges affecting the Timeshare Properties that would result in the
  imposition of a Lien on the Timeshare Property affecting the Lien of the
  related Mortgage or otherwise materially affecting the interests of the
  Indenture Trustee on behalf of the Noteholders in the related Timeshare Loan;
  

	
 

	
 

	
(w)

	
other than
  with respect to delinquent payments of principal or interest 60 or fewer days
  past due as of the Cut-Off Date, there is no default, breach, violation or
  event of acceleration existing under the Mortgage, the related Mortgage Note
  or any other document or instrument evidencing, guaranteeing, insuring or
  otherwise securing the related Timeshare Loan, and no event which, with the
  lapse of time or with notice and the expiration of any grace or cure period,
  would constitute a material default, breach, violation or event of
  acceleration thereunder; and the Seller or Bluegreen has not waived any such
  material default, breach, violation or event of acceleration under the Owner
  Beneficiary Agreement, Mortgage, the Mortgage Note or any such other document
  or instrument, as applicable; 

	
 

	
 

	
(x)

	
neither the
  Obligor nor any other Person has the right, by statute, contract or
  otherwise, to seek the partition of the Timeshare Property; 

	
 

	
 

	
(y)

	
the
  Timeshare Loan has not been satisfied, canceled, rescinded or subordinated,
  in whole or in part; no portion of the Timeshare Property has been released
  from the Lien of the related Mortgage, in whole or in part; no instrument has
  been executed that would effect any such satisfaction, cancellation, rescission,
  subordination or release; the terms of the related Mortgage do not provide
  for a release of any portion of the Timeshare Property from the Lien of the
  related Mortgage except upon the payment of the Timeshare Loan in full; 

	
 

	
 

	
(z)

	
the Seller
  and, to Bluegreen’s Knowledge, each other party which has had an interest in
  the Timeshare Loan is (or, during the period in which such party held and
  disposed of

I-4

	
 

	
 

	
 

	
such
  interest, was) in compliance with any and all applicable filing, licensing
  and “doing business” requirements of the laws of the state wherein the
  Timeshare Property is located to the extent necessary to permit the Seller to
  maintain or defend actions or proceedings with respect to the Timeshare Loan
  in all appropriate forums in such state without any further act on the part
  of any such party;

	
 

	
 

	
(aa)

	
there is no
  current obligation on the part of any other person (including any buy down
  arrangement) to make payments on behalf of the Obligor in respect of the
  Timeshare Loan; 

	
 

	
 

	
(bb)

	
the related
Associations were duly organized and are validly existing; a manager (the
“Manager”) manages such Resort and performs services for the Associations,
pursuant to an agreement between the Manager and the respective Associations,
such contract being in full force and effect; to Bluegreen’s Knowledge, the
Manager and the Associations have performed in all material respects all
obligations under such agreement and are not in default under such agreement; 

	
 

	
 

	
(cc)

	
in the case
  of Bluegreen Owned Resorts (other than La Cabana Resort and Casa del Mar
  Resort) and to Bluegreen’s Knowledge with respect to the Non-Bluegreen Owned
  Resorts, La Cabana Resort and Casa del Mar Resort, (i) the related Resort is
  insured in the event of fire, earthquake, or other casualty for the full
  replacement value thereof, and in the event that the Timeshare Property
  should suffer any loss covered by casualty or other insurance, upon receipt
  of any insurance proceeds, the Associations at the Resorts are required,
  during the time such Resort is covered by such insurance, under the
  applicable governing instruments either to repair or rebuild the portions of
  the Resort in which the Timeshare Property is located or to pay such proceeds
  to the holders of any related Mortgage secured by a Timeshare Property
  located at such Resort; (ii) the related Resort, if located in a designated
  flood plain, maintains flood insurance in an amount not less than the maximum
  level available (without regard to reasonable deductibles) under the National
  Flood Insurance Act of 1968, as amended or any applicable laws; (iii) the
  related Resort has business interruption insurance and general liability
  insurance in such amounts generally acceptable in the industry; and (iv) the
  related Resort’s insurance policies are in full force and effect with a
  generally acceptable insurance carrier; 

	
 

	
 

	
(dd)

	
the obligee
  of each related Mortgage, and its successors and assigns, has the right to
  receive and direct the application of insurance and condemnation proceeds
  received in respect of the related Timeshare Property, except where the
  related condominium declarations, timeshare declarations, the Club Trust
  Agreement or applicable state law provide that insurance and condemnation
  proceeds be applied to restoration or replacement of the improvements or
  acquisition of similar improvements, as the case may be; 

	
 

	
 

	
(ee)

	
each
  rescission period applicable to the related Timeshare Loan has expired; 

I-5

	
 

	
 

	
(ff)

	
no selection
  procedures were intentionally utilized by the Seller in selecting the
  Timeshare Loan, which the Seller knew were materially adverse to the
  Depositor, the Indenture Trustee or the Noteholders; 

	
 

	
 

	
(gg)

	
except as
  set forth in Schedule II hereto, the Units related to the Timeshare Loan in
  the related Resort have been completed in all material respects as required
  by applicable state and local laws, free of all defects that could give rise
  to any claims by the related Obligors under home warranties or applicable
  laws or regulations, whether or not such claims would create valid offset
  rights under the law of the State in which the Resort is located; to the
  extent required by applicable law, valid certificates of occupancy for such
  Units have been issued and are currently outstanding; the Seller or any of
  its Affiliates have complied in all material respects with all obligations
  and duties incumbent upon the developers under the related timeshare
  declaration (each a “Declaration”),
  as applicable, or similar applicable documents for the related Resort; no
  practice, procedure or policy employed by the related Association in the
  conduct of its business violates any law, regulation, judgment or agreement,
  including, without limitation, those relating to zoning, building, use and
  occupancy, fire, health, sanitation, air pollution, ecological, environmental
  and toxic wastes, applicable to such Association which, if enforced, would
  reasonably be expected to (a) have a material adverse impact on such
  Association or the ability of such Association to do business, (b) have a
  material adverse impact on the financial condition of such Association, or
  (c) constitute grounds for the revocation of any license, charter, permit or
  registration which is material to the conduct of the business of such
  Association; the related Resort and the present use thereof does not violate
  any applicable environmental, zoning or building laws, ordinances, rules or
  regulations of any governmental authority, or any covenants or restrictions
  of record, so as to materially adversely affect the value or use of such
  Resort or the performance by the related Association of its obligations
  pursuant to and as contemplated by the terms and provisions of the related
  Declaration; there is no condition presently existing, and, to Bluegreen’s
  Knowledge, no event has occurred or failed to occur prior to the date hereof,
  concerning the related Resort relating to any hazardous or toxic materials or
  condition, asbestos or other environmental or similar matters which would
  reasonably be expected to materially and adversely affect the present use of
  such Resort or the financial condition or business operations of the related
  Association, or the value of the Notes; 

	
 

	
 

	
(hh)

	
except if
  such Timeshare Loan is listed on Schedule II hereto, the original Loan
  Balance of such Timeshare Loan does not exceed $35,000; 

	
 

	
 

	
(ii)

	
payments
  with respect to the Timeshare Loan are to be in legal tender of the United
  States; 

	
 

	
 

	
(jj)

	
all monthly
  payments (as applicable) made on the Timeshare Loan have been made by the
  Obligor and not by the Seller, Bluegreen or any Affiliates thereof on the
  Obligor’s behalf; 

	
 

	
 

	
(kk)

	
the
  Timeshare Loan relates to a Resort; 

I-6

	
 

	
 

	
(ll)

	
the
  Timeshare Loan constitutes either “chattel paper”, a “general intangible” or
  an “instrument” as defined in the UCC as in effect in all applicable
  jurisdictions; 

	
 

	
 

	
(mm)

	
the sale,
  transfer and assignment of the Timeshare Loan and the Related Security does
  not contravene or conflict with any law, rule or regulation or any
  contractual or other restriction, limitation or encumbrance, and the sale,
  transfer and assignment of the Timeshare Loan and Related Security does not
  require the consent of the Obligor; 

	
 

	
 

	
(nn)

	
each of the
  Timeshare Loan, the Related Security, related Assignment of Mortgage, related
  Mortgage, related Mortgage Note, related Owner Beneficiary Agreement (each as
  applicable) and each other related Timeshare Loan Document are in full force
  and effect, constitute the legal, valid and binding obligation of the Obligor
  thereof enforceable against such Obligor in accordance with its terms subject
  to the effect of bankruptcy, fraudulent conveyance or transfer, insolvency,
  reorganization, assignment, liquidation, conservatorship or moratorium, and
  is not subject to any dispute, offset, counterclaim or defense whatsoever; 

	
 

	
 

	
(oo)

	
the
  Timeshare Loan relates to a Completed Unit; the Timeshare Loan and the
  Related Security do not, and the origination of each Timeshare Loan did not,
  contravene in any material respect any laws, rules or regulations applicable
  thereto (including, without limitation, laws, rules and regulations relating
  to usury, retail installment sales, truth in lending, fair credit reporting,
  equal credit opportunity, fair debt collection practices and privacy) and
  with respect to which no party thereto has been or is in violation of any
  such law, rule or regulation in any material respect if such violation would
  impair the collectibility of such Timeshare Loan and the Related Security; no
  Timeshare Loan was originated in, or is subject to the laws of, any jurisdiction
  under which the sale, transfer, conveyance or assignment of such Timeshare
  Loan would be unlawful, void or voidable; 

	
 

	
 

	
(pp)

	
to
  Bluegreen’s Knowledge, (i) no bankruptcy is currently existing with respect
  to the Obligor, (ii) the Obligor is not insolvent and (iii) the Obligor is
  not an Affiliate of Bluegreen; 

	
 

	
 

	
(qq)

	
except if
  such Timeshare Loan is listed on Schedule II hereto, the Timeshare Loan shall
  not have a Timeshare Loan Rate less than 6% per annum; 

	
 

	
 

	
(rr)

	
except in
  the case of certain 50/50 Loans or an Upgrade Club Loan, the Obligor has made
  at least one required payment with respect to the Timeshare Loan (not
  including any down payment); 

	
 

	
 

	
(ss)

	
if a Resort
  (other than La Cabana Resort) is subject to a construction loan, the construction
  lender shall have signed and delivered a non-disturbance agreement (which may
  be contained in such lender’s mortgage) pursuant to which such construction
  lender agrees not to foreclose on any Timeshare Properties relating to a
  Timeshare Loan or by the terms of the construction loan, such Timeshare
  Property has been released from the lien created thereby, which have been
  sold pursuant to this Agreement; 

I-7

	
 

	
 

	
(tt)

	
except as
  set forth in Schedule II hereto, the Timeshare Properties and the related
  Resorts are free of material damage and waste and are in good repair,
  ordinary wear and tear excepted, and fully operational; there is no
  proceeding pending or threatened for the total or partial condemnation of or
  affecting any Timeshare Property or taking of the Timeshare Property by
  eminent domain; the Timeshare Properties and the Resorts in which the
  Timeshare Properties are located are lawfully used and occupied under
  applicable law by the owner thereof;

	
 

	
 

	
(uu)

	
except as
  set forth in Schedule II hereto, the portions of the Resorts in which the
  Timeshare Properties are located which represent the common facilities are
  free of material damage and waste and are in good repair and condition,
  ordinary wear and tear excepted; 

	
 

	
 

	
(vv)

	
no
  foreclosure or similar proceedings have been instituted and are continuing
  with respect to any Timeshare Loan or the related Timeshare Property; 

	
 

	
 

	
(ww)

	
with respect
  to the Aruba Club Loans only, Bluegreen shall own, directly or indirectly,
  100% of the economic and voting interests of the Aruba Originator; 

	
 

	
 

	
(xx)

	
the
  Timeshare Loan does not have an original term to maturity in excess of 120
  months; 

	
 

	
 

	
(yy)

	
to
  Bluegreen’s Knowledge, the capital reserves and maintenance fee levels of the
  Associations related to the Resorts are adequate in light of the operating
  requirements of such Associations; 

	
 

	
 

	
(zz)

	
except as
  required by law, the Timeshare Loan may not be assumed without the consent of
  the obligee; 

	
 

	
 

	
(aaa)

	
for each
  Club Loan, the Obligor under the Timeshare Loan does not have its rights
  under the Club Trust Agreement suspended; 

	
 

	
 

	
(bbb)

	
the payments
  under the Timeshare Loan are not subject to withholding taxes imposed by any
  foreign governments; 

	
 

	
 

	
(ccc)

	
each entry
  with respect to the Timeshare Loan as set forth on Schedule II and Schedule
  III hereof is true and correct. Each entry with respect to a Qualified
  Substitute Timeshare Loan as set forth on Schedule II and Schedule
  III hereof, as revised, is true and correct; 

	
 

	
 

	
(ddd)

	
if the
  Timeshare Loan relates to a Timeshare Property located in Aruba, a notice has
  been mailed or will be mailed within 30 days of the Closing Date or the
  related Transfer Date, as applicable, to the related Obligor indicating that
  such Timeshare Loan has been transferred to the Depositor and has ultimately
  been transferred to the Issuer and pledged to the Indenture Trustee for the
  benefit of the Noteholders; 

	
 

	
 

	
(eee)

	
no broker
  is, or will be, entitled to any commission or compensation in connection with
  the transfer of the Timeshare Loans hereunder. 

I-8

	
 

	
 

	
(fff)

	
if the
  related Obligor is paying its scheduled payments by pre-authorized debit or
  charge, such Obligor has executed an ACH Form substantially in the form
  attached hereto as Exhibit C; 

	
 

	
 

	
(ggg)

	
if such
  Timeshare Loan relates to a Timeshare Property located in the State of
  Michigan and was originated prior to Bluegreen obtaining a license under the
  Michigan Mortgage Brokers, Lenders and Servicers Licensing Act, Bluegreen
  shall have confirmed that the interest rate on such Timeshare Loan is
  enforceable in the manner specified as effective in an opinion by Michigan
  local counsel; 

	
 

	
 

	
(hhh)

	
if such
  Timeshare Loan is a 50/50 Loan, the related Obligor has made a downpayment of
  at least 50%, the balance of the 50/50 Loan is due no later than the one year
  anniversary of the origination date of such 50/50 Loan and the coupon rate is
  at least 8.25% per annum; 

	
 

	
 

	
(iii)

	
all Aruba
  Club Loans were originated on or after January 26, 2004; and 

	
 

	
 

	
(jjj)

	
if such
  Timeshare Loan relates to a Timeshare Property at a Future Resort, a local
  counsel opinion letter has been delivered that is addressed to the Issuer,
  the Indenture Trustee and the Initial Purchaser and is satisfactory to either
  Baker & McKenzie LLP or counsel acceptable to the Indenture Trustee. 

I-9

Schedule II

Exceptions

With respect
to (gg), (tt) and (uu): 

Bluegreen has
initiated litigation against a general contractor alleging the existence of
construction defects at both phases of the Shore Crest Vacation VillasTM, including
deficiencies in exterior insulating and finishing systems that have resulted in
water intrusion. Bluegreen estimates that the total cost of repairs to correct
the defects will range from $4 million to $6 million. Whether the matter is
settled by litigation or by negotiation, it is possible that Bluegreen may need
to participate financially in some way to correct the construction deficiencies
and will continue to incur legal and other costs as the matter is pursued. As
of December 31, 2007, Bluegreen has accrued $1.3 million in expenses related to
this matter. 

With respect
to (hh): 

See attached.

II-1

Schedule III

Schedule of Timeshare Loans

[Electronic Schedule of Timeshare Loans on
file with the Depositor]

III-1

Schedule 5

          In
2005, the State of Tennessee Audit Division (the “Division”) audited certain subsidiaries within Bluegreen
Resorts for the period from December 1, 2001 through December 31, 2004. On
September 23, 2006, the Division issued a notice of assessment for
approximately $652,000 of accommodations tax based on the use of Bluegreen
Vacation Club accommodations by Bluegreen Vacation Club members who became
members through the purchase of non-Tennessee property. Bluegreen believes the
attempt to impose such a tax is contrary to Tennessee law, and intends to
vigorously oppose such assessment by the Division. An informal conference was
held in early December 2007 to discuss this matter with representatives of the
Division. No formal resolution of the issue was reached during the conference
and no further action has been initiated yet by the State of Tennessee. There
is no assurance that Bluegreen will be successful in contesting the current
assessment. 

          In
2007, Bluegreen filed suit in Florida against a software provider for its
failure to deliver software programs in accordance with a Licensing Agreement
between them; styled Bluegreen Corporation v. PC Consulting, Inc. d/b/a
TimeShareWare Case No.: 9:07-cv-80385-KLR. The lawsuit seeks the return of
$1.2 million for various licensing fees and services. After filing of the
lawsuit, the defendant issued to Bluegreen a one-line invoice seeking $1.2
million for alleged additional services provided under the Licensing Agreement.
The defendant has also asserted counterclaims for damages in excess of $1.8M
for the alleged additional services and counterclaims for damages in an
unspecified amount for defamation. The defamation claim contends that Bluegreen
made statements to defendant’s customers that it received no satisfactory performance
from the software and no longer uses the software, resulting in loss of
contracts to the defendant involving millions of dollars. Bluegreen intends to
vigorously defend the counterclaims. 

Schedule 5

Exhibit A

Waiver Letter

Exhibit A

Exhibit B

Club Trust Agreement

Exhibit B

Exhibit C

ACH Form

Exhibit CExhibit 10.199

Execution Copy
(Bluegreen to Depositor – Closing Date
Eligible
Investments,

Initial Timeshare Loans and Subsequent Timeshare Loans) 

PURCHASE AND CONTRIBUTION AGREEMENT

                    This
PURCHASE AND CONTRIBUTION AGREEMENT (this “Agreement”),dated as of March 15, 2008, is by and
among Bluegreen Corporation, a Massachusetts corporation (“Bluegreen” or a “Seller”) and BRFC
2008-A LLC, a Delaware limited liability
company (the “Depositor”) and
their respective permitted successors and assigns. 

W I T N E S S E T H:

                    WHEREAS,
on the Closing Date, the Depositor, as seller, intends to enter into that
certain Sale Agreement dated as of March 15, 2008 (the “Sale Agreement”), by and between the
Depositor and BXG Receivables Note Trust 2008-A, a Delaware statutory trust
(the “Issuer”) pursuant to which
the Depositor intends to sell to the Issuer the timeshare loans and certain
eligible investments acquired pursuant to the terms of this Agreement and
certain other timeshare loans acquired by the Depositor pursuant to a transfer
agreement, dated as of March 15, 2008, by and among the Depositor, Bluegreen
and BXG Timeshare Trust I from time to time pursuant to the terms thereof; 

                    WHEREAS,
on the Closing Date, Bluegreen intends to enter into that certain Indenture
dated as of March 15, 2008 (the “Indenture”),
by and among the Issuer, Bluegreen, as servicer (in such capacity, the “Servicer”), Vacation Trust, Inc., a Florida
corporation, as club trustee (the “Club
Trustee”), Concord Servicing Corporation, as backup servicer, and
U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), paying agent and
custodian, whereby the Issuer will pledge the Trust Estate (as defined in the
Indenture) to the Indenture Trustee to secure the Issuer’s 5.885% Timeshare
Loan-Backed Notes, Series 2008-A, Class A, 6.880% Timeshare Loan-Backed Notes,
Series 2008-A, Class B, 7.870% Timeshare Loan-Backed Notes, Series 2008-A,
Class C, 9.100% Timeshare Loan-Backed Notes, Series 2008-A, Class D, 10.085%
Timeshare Loan-Backed Notes, Series 2008-A, Class E, 10.810% Timeshare
Loan-Backed Notes, Series 2008-A, Class F and 11.630% Timeshare Loan-Backed
Notes, Series 2008-A, Class G (collectively, the “Notes”); 

                    WHEREAS,
(A) on the Closing Date (i) the Seller
desires to sell, and the Depositor desires to purchase Timeshare Loans
originated by the Seller or an Affiliate thereof (the “Initial Timeshare Loans”) and the Closing
Date Eligible Investments and (ii) Bluegreen, as the sole member of the
Depositor, desires to make a contribution of capital pursuant to the terms
hereof and (B) on each Transfer Date during the Prefunding Period (i) the
Seller desires to sell, and the Depositor desires to purchase Timeshare Loans
originated by the Seller or an Affiliate thereof (the “Subsequent Timeshare Loans”) and (ii)
Bluegreen, as the sole member of the Depositor, desires to make a contribution
of capital pursuant to the terms hereof; 

1

                    WHEREAS,
pursuant to the terms of (i) the Sale Agreement, the Depositor shall sell to
the Issuer the Initial Timeshare Loans and the Closing Date Eligible
Investments on the Closing Date and any Subsequent Timeshare Loans acquired
from the Seller and (ii) the Indenture, the Issuer shall pledge the Initial
Timeshare Loans, the Closing Date Eligible Investments and the Subsequent
Timeshare Loans, as part of the Trust Estate, to the Indenture Trustee to
secure the Notes; 

                    WHEREAS,
the Seller may, and in certain circumstances will be required, to cure,
repurchase or substitute and provide one or more Qualified Substitute Timeshare
Loans for a Timeshare Loan that is a Defective Timeshare Loan, previously sold
to the Depositor hereunder and pledged to the Indenture Trustee pursuant to the
Indenture;  

                    WHEREAS,
to the extent the Seller has breached certain representations and warranties
herein, the Seller may, and in certain circumstances will, be required to
repurchase certain Closing Date Eligible Investments previously sold to the
Depositor hereunder and pledged to the Indenture Trustee pursuant to the
Indenture; and  

                    WHEREAS,
the Depositor may, at the direction of the Seller, be required to exercise the
Seller’s option to purchase or replace Timeshare Loans that become subject to
an Upgrade or Defaulted Timeshare Loans previously sold to the Issuer and
pledged to the Indenture Trustee pursuant to the Indenture. 

                    NOW,
THEREFORE, in consideration of the mutual covenants set forth herein, and for
other valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto covenant and agree as follows: 

                         Definitions;
Interpretation.  Capitalized terms
used but not defined herein shall have the meanings specified in “Standard
Definitions” attached as Annex A to the Indenture. 

                         Acquisition
of Timeshare Loans and Closing Date Eligible Investments and Contribution of
Capital to the Depositor. 

                         Timeshare
Loans and Contribution of Capital.
On the Closing Date (with respect to the Initial Timeshare Loans) and on
each Transfer Date during the Prefunding Period (with respect to the Subsequent
Timeshare Loans), the Seller hereby agrees to (x) sell in part and contribute
in part to the Depositor in return for the Timeshare Loan Acquisition Price for
each Timeshare Loan to be sold on the Closing Date or such Transfer Date, as
applicable, to be paid in part in cash and in part as an increase in its equity
ownership of the Depositor and (y) transfer, assign, sell and grant to the
Depositor, without recourse (except as provided in Section 6 and Section 8
hereof), any and all of the Seller’s right, title and interest in and to (i) any
Timeshare Loans listed on Schedule III hereto or the related Subsequent
Transfer Notice, as applicable, (ii) the Receivables in respect of such
Timeshare Loans due after the related Cut-Off Date, (iii) the related Timeshare
Loan Documents (excluding any rights as developer or declarant under the
Timeshare Declaration, the Timeshare Program Consumer Documents or the
Timeshare Program Governing Documents), (iv) all Related Security in respect of
each such Timeshare Loan and (v) all income, payments, proceeds and other
benefits and rights related to any of the foregoing.  

2

Upon such
contribution, sale and transfer, the ownership of each Timeshare Loan and all
collections allocable to principal and interest thereon after the related
Cut-Off Date and all other property interests or rights conveyed pursuant to
and referenced in this Section 2(a) shall immediately vest in the Depositor,
its successors and assigns.  The Seller
shall not take any action inconsistent with such ownership nor claim any
ownership interest in any Timeshare Loan for any purpose whatsoever other than
for federal and state income tax reporting, if applicable.  The parties to this Agreement hereby
acknowledge that the “credit risk” of the Timeshare Loans conveyed hereunder
shall be borne by the Depositor and its subsequent assignees. 

                         Closing
Date Eligible Investments.  On the
Closing Date, in return for an amount equal to the sum of the Prefunding
Account Initial Deposit and the Capitalized Interest Account Initial Deposit,
the Seller does hereby transfer, assign, sell and grant to the Depositor,
without recourse (except as provided in Section 6 and Section 8 hereof), any
and all of the Seller’s right, title and interest in and to the Closing Date
Eligible Investments (the property in Section 2(a) hereof and this Section
2(b), the “Assets”).  The Seller shall not take any action
inconsistent with such ownership nor claim any ownership interest in any
Closing Date Eligible Investment for any purpose whatsoever other than for
federal and state income tax reporting, if applicable. 

                         Delivery
of Timeshare Loan Documents.  In
connection with the contribution, sale, transfer, assignment and conveyance of
any Timeshare Loan hereunder, the Seller hereby agrees to deliver or cause to
be delivered, on the Closing Date (with respect to any Initial Timeshare Loan),
at least five Business Days prior to each Transfer Date during the Prefunding
Period (with respect to any Subsequent Timeshare Loan) and on or within five
Business Days from each Transfer Date (with respect to any Qualified Substitute
Timeshare Loan), as applicable, to the Custodian all related Timeshare Loan
Files and to the Servicer all related Timeshare Loan Servicing Files. 

                         Collections.
The Seller shall deposit or cause to be deposited all collections in
respect of Timeshare Loans received by the Seller or its Affiliates after the
related Cut-Off Date in the Lockbox Account and, with respect to Credit Card
Timeshare Loans, direct each applicable credit card vendor to deposit all
payments in respect of such Credit Card Timeshare Loans to the Credit Card
Account (net of the Servicer Credit Card Processing Costs). 

                         Limitation
of Liability.  Neither the Depositor
nor any subsequent assignee of the Depositor shall have any obligation or
liability with respect to any Timeshare Loan nor shall the Depositor or any
subsequent assignee have any liability to any Obligor in respect of any
Timeshare Loan.  No such obligation or
liability is intended to be assumed by the Depositor or any subsequent assignee
herewith and any such liability is hereby expressly disclaimed. 

                         Intended
Characterization; Grant of Security Interest.  It is the intention of the parties hereto that each transfer of
the Closing Date Eligible Investments and Timeshare Loans to be made pursuant
to the terms hereof shall constitute a sale, in part, and a capital
contribution, in part, by the Seller to the Depositor and not a loan secured by
the Closing Date Eligible Investments and the Timeshare Loans.  In the event, however, that a court of
competent jurisdiction were to hold that any such transfer constitutes a loan
and not a sale and contribution,

3

it is the intention
of the parties hereto that the Seller shall be deemed to have granted to the
Depositor as of the date hereof a first priority perfected security interest in
all of the Seller’s right, title and interest in, to and under the Assets
specified in Section 2 hereof and the proceeds thereof and that with respect to
such transfer, this Agreement shall constitute a security agreement under
applicable law.  In the event of the characterization of any such
transfer as a loan, the amount of interest payable or paid with respect to such
loan under the terms of this Agreement shall be limited to an amount which
shall not exceed the maximum non-usurious rate of interest allowed by the
applicable state law or any applicable law of the United States permitting a higher
maximum non-usurious rate that preempts such applicable state law, which could
lawfully be contracted for, charged or received (the “Highest Lawful Rate”).  In
the event any payment of interest on any such loan exceeds the Highest Lawful
Rate, the parties hereto stipulate that (a) to the extent possible given the
term of such loan, such excess amount previously paid or to be paid with
respect to such loan be applied to reduce the principal balance of such loan,
and the provisions thereof immediately be deemed reformed and the amounts
thereafter collectible thereunder reduced, without the necessity of the
execution of any new document, so as to comply with the then applicable law,
but so as to permit the recovery of the fullest amount otherwise called for
thereunder and (b) to the extent that the reduction of the principal balance
of, and the amounts collectible under, such loan and the reformation of the
provisions thereof described in the immediately preceding clause (a) is not
possible given the term of such loan, such excess amount will be deemed to have
been paid with respect to such loan as a result of an error and upon discovery
of such error or upon notice thereof by any party hereto such amount shall be
refunded by the recipient thereof. 

          The
characterization of the Seller as “debtor” and the Depositor as “secured party”
in any such security agreement and any related financing statements required
hereunder is solely for protective purposes and shall in no way be construed as
being contrary to the intent of the parties that this transaction be treated as
a sale and contribution to the Depositor of the Seller’s entire right, title
and interest in and to the Assets. 

          Each
of the Seller, the Club, the Club Trustee and any of their Affiliates hereby
agrees to make the appropriate entries in its general accounting records to
indicate that the Closing Date Eligible Investments and the Timeshare Loans
have been transferred to the Depositor and its subsequent assignees. 

                         Conditions
Precedent to Acquisition of Timeshare Loans and Closing Date Eligible
Investments by the Depositor.  The
obligations of the Depositor to purchase any Timeshare Loans and Closing Date
Eligible Investments hereunder shall be subject to the satisfaction of the
following conditions: 

                         On
the Closing Date, with respect to the Initial Timeshare Loans,  and on each Transfer Date, with respect to
each Subsequent Timeshare Loan or any Qualified Substitute Timeshare Loan replacing
a Timeshare Loan, all representations and warranties of the Seller contained in
Section 5(a) hereof shall be true and correct on such date as if made on such
date, and all representations and warranties as to the Timeshare Loans
contained in Section 5(b) hereof and all information provided in the Schedule
of Timeshare Loans in respect of each such Timeshare Loan conveyed on the
Closing Date or such Transfer Date, as applicable, shall be true

4

and correct on
such date.  On the Closing Date, with
respect to the Closing Date Eligible Investments, all representations and
warranties of the Seller contained in Section 5(a) hereof  shall be true and correct on such date as if
made on such date, and all representations and warranties as to the Closing
Date Eligible Investments contained in Section 5(b) hereof and all information
provided in the Schedule of Eligible Investments in respect of each such
Closing Date Eligible Investment conveyed on the Closing Date shall be true and
correct on such date. 

                         On
or prior to the Closing Date or a Transfer Date (or, with respect to Qualified
Substitute Timeshare Loans, as provided for in Section 6(g) hereof), as
applicable, the Seller shall have delivered or shall have caused the delivery
of (i) the related Timeshare Loan Files to the Custodian and the Custodian
shall have delivered a Custodian’s Certification therefor pursuant to the
Custodial Agreement and (ii) the Timeshare Loan Servicing Files to the
Servicer.   

                         The
Seller shall have delivered or caused to be delivered all other information
theretofore required or reasonably requested by the Depositor to be delivered
by the Seller or performed or caused to be performed all other obligations
required to be performed as of the Closing Date or Transfer Date, as the case
may be, including all filings, recordings and/or registrations as may be
necessary in the reasonable opinion of the Depositor, the Issuer or the
Indenture Trustee to establish and preserve the right, title and interest of
the Depositor, the Issuer or the Indenture Trustee, as the case may be, in the
related Timeshare Loans and Closing Date Eligible Investments. 

                         On
or before the Closing Date and on each Transfer Date, the Indenture shall be in
full force and effect. 

                         With
respect to the Initial Timeshare Loans, the Notes shall be issued and sold on
the Closing Date, and the Issuer and the Depositor shall receive the full
consideration due it upon the issuance of the Notes, and the Issuer and the
Depositor shall have applied their respective consideration to the extent
necessary, to pay the Timeshare Loan Acquisition Price for each Initial
Timeshare Loan and to pay for the Closing Date Eligible Investments. 

                         With
respect to the Subsequent Timeshare Loans, the Depositor shall apply funds
received from the Issuer withdrawn from the Prefunding Account, to the extent
necessary, to pay the Seller the Timeshare Loan Acquisition Price for each
Subsequent Timeshare Loan.   

                         Each
Timeshare Loan conveyed on the Closing Date or a Transfer Date shall be an
Eligible Timeshare Loan and each of the conditions herein and in the Indenture
for the purchases of Initial Timeshare Loans and Subsequent Timeshare Loans
shall have been satisfied. 

                         Each
Qualified Substitute Timeshare Loan replacing a Timeshare Loan shall satisfy
each of the criteria specified in the definition of “Qualified Substitute
Timeshare Loan” and each of the conditions herein and in the Indenture for
substitution of Timeshare Loans shall have been satisfied. 

                         The
Depositor shall have received such other certificates and opinions as it shall
reasonably request. 

5

                         Representations
and Warranties and Certain Covenants of the Seller. 

                         The
Seller represents and warrants to the Depositor and the Indenture Trustee for
the benefit of the Noteholders, on the Closing Date and on each Transfer Date
(with respect to any Subsequent Timeshare Loans or Qualified Substitute
Timeshare Loans transferred on such Transfer Date) as follows: 

	
 

	
 

	
 

	
               (i)
  Due Incorporation; Valid Existence; Good Standing.  It is a corporation duly organized and
  validly existing in good standing under the laws of the jurisdiction of its
  incorporation; and is duly qualified to do business as a foreign corporation
  and in good standing under the laws of each jurisdiction where the character
  of its property, the nature of its business or the performance of its
  obligations under this Agreement makes such qualification necessary, except
  where the failure to be so qualified will not have a material adverse effect
  on its business or its ability to perform its obligations under this
  Agreement or any other Transaction Document to which it is a party or under
  the transactions contemplated hereunder or thereunder or the validity or
  enforceability of any Timeshare Loans. 

	
 

	
 

	
 

	

               (ii) Possession of Licenses, Certificates, Franchises and Permits. It holds, and
at all times during the term of this Agreement will hold, all material
licenses, certificates, franchises and permits from all governmental
authorities necessary for the conduct of its business, and has received no
notice of proceedings relating to the revocation of any such license,
certificate, franchise or permit, which singly or in the aggregate, if the
subject of an unfavorable decision, ruling or finding, would materially and
adversely affect its ability to perform its obligations under this Agreement
or any other Transaction Document to which it is a party or under the
transactions contemplated hereunder or thereunder or the validity or
enforceability of any Timeshare Loans.  

	
 

	
 

	
 

	

               (iii) Corporate Authority and Power. It
has, and at all times during the term of this Agreement will have, all
requisite corporate power and authority to own its properties, to conduct its
business, to execute and deliver this Agreement and all documents and
transactions contemplated hereunder and to perform all of its obligations
under this Agreement and any other Transaction Document to which it is a
party or under the transactions contemplated hereunder or thereunder. It has all requisite corporate power and
authority to acquire, own, transfer and convey Timeshare Loans to the
Depositor.  

	
 

	
 

	
 

	

               (iv) Authorization, Execution and Delivery Valid and Binding. This Agreement and all other Transaction
Documents and instruments required or contemplated hereby to be executed and
delivered by it have been duly authorized, executed and delivered by it and,
assuming the due execution and delivery by, the other party or parties hereto
and thereto, constitute legal,
valid and binding agreements enforceable against it in accordance with their
respective terms subject, as to enforceability, to bankruptcy, insolvency,
reorganization, liquidation, dissolution, 

6

	
 

	
 

	
 

	
moratorium
  and other similar applicable laws affecting the enforceability of creditors’
  rights generally applicable in the event of the bankruptcy, insolvency,
  reorganization, liquidation or dissolution, as applicable, of it and to
  general principles of equity, regardless of whether such enforceability shall
  be considered in a proceeding in equity or at law.  This Agreement constitutes a valid transfer of its interest in
  the Timeshare Loans to the Depositor or, in the event of the characterization
  of any such transfer as a loan, the valid creation of a first priority
  perfected security interest in such Timeshare Loans in favor of the
  Depositor. 

	
 

	
 

	
 

	
               (v)
  No Violation of Law, Rule, Regulation, etc.  The execution, delivery and performance by it of this Agreement
  and any other Transaction Document to which it is a party do not and will not
  (A) violate any of the provisions of its articles of incorporation or bylaws,
  (B) violate any provision of any law, governmental rule or regulation
  currently in effect applicable to it or its properties or by which the Seller
  or its properties may be bound or affected, including, without limitation,
  any bulk transfer laws, where such violation would have a material adverse
  effect on its ability to perform its obligations under this Agreement or any
  other Transaction Document to which it is a party or under the transactions
  contemplated hereunder or thereunder or the validity or enforceability of the
  Timeshare Loans, (C) violate any judgment, decree, writ, injunction, award,
  determination or order currently in effect applicable to it or its properties
  or by which it or its properties are bound or affected, where such violation
  would have a material adverse effect on its ability to perform its
  obligations under this Agreement or any other Transaction Document to which
  it is a party or under the transactions contemplated hereunder or thereunder
  or the validity or enforceability of any Timeshare Loans, (D) conflict with,
  or result in a breach of, or constitute a default under, any of the
  provisions of any indenture, mortgage, deed of trust, contract or other
  instrument to which it is a party or by which it is bound where such
  violation would have a material adverse effect on its ability to perform its
  obligations under this Agreement or any other Transaction Document to which
  it is a party or under the transactions contemplated hereunder or thereunder
  or the validity or enforceability of Timeshare Loans or (E) result in the
  creation or imposition of any Lien upon any of its properties pursuant to the
  terms of any such indenture, mortgage, deed of trust, contract or other
  instrument. 

	
 

	
 

	
 

	
               (vi)
  Governmental Consent.  No
  consent, approval, order or authorization of, and no filing with or notice
  to, any court or other Governmental Authority in respect of the Seller is
  required which has not been obtained in connection with the authorization,
  execution, delivery or performance by it of this Agreement or any of the
  other Transaction Documents to which it is a party or under the transactions
  contemplated hereunder or thereunder, including, without limitation, the
  transfer of Timeshare Loans and the creation of the security interest of the
  Depositor therein pursuant to Section 3 hereof. 

	
 

	
 

	
 

	
               (vii)
  Defaults.  It is not in default
  under any material agreement, contract, instrument or indenture to which it
  is a party or by which it or its properties is or are bound, or with respect
  to any order of any court, administrative agency, arbitrator or governmental
  body, in each case, which would have a material adverse effect on the
  transactions contemplated hereunder or on its business, operations, financial
  condition or 

7

	
 

	
 

	
 

	
assets, and
  no event has occurred which with notice or lapse of time or both would
  constitute such a default with respect to any such agreement, contract,
  instrument or indenture, or with respect to any such order of any court,
  administrative agency, arbitrator or governmental body. 

	
 

	
 

	
 

	
               (viii)
  Insolvency.  It is solvent and
  will not be rendered insolvent by the transfer of any Timeshare Loans
  hereunder. On and after the Closing Date, it will not engage in any business
  or transaction the result of which would cause the property remaining with it
  to constitute an unreasonably small amount of capital. 

	
 

	
 

	
 

	

               (ix)
Pending Litigation or Other Proceedings. Other than as described in the Offering Circular and on
Schedule 5 attached hereto, as of the Closing Date, there is no pending or,
to its Knowledge, threatened action,
suit, proceeding or investigation before any court, administrative agency,
arbitrator or governmental body against or affecting it which, if decided
adversely, would materially and adversely affect (A) its condition (financial
or otherwise), business or operations, (B) its ability to perform its
obligations under, or the validity or enforceability of, this Agreement or
any other documents or transactions contemplated under this Agreement, (C)
any Timeshare Loan or title of any Obligor to any related Timeshare Property
pursuant to the applicable Owner Beneficiary Agreement or (D) the
Depositor’s or any of its assigns’
ability to foreclose or otherwise enforce the liens of the Mortgage Notes and
the rights of the Obligors to use and occupy the related Timeshare Properties
pursuant to the applicable Owner Beneficiary Agreement.  

	
 

	
 

	
 

	
               (x)
  Information.  No document,
  certificate or report furnished or required to be furnished by or on behalf
  of it pursuant to this Agreement, in its capacity as Seller, contains or will
  contain when furnished any untrue statement of a material fact or fails or
  will fail to state a material fact necessary in order to make the statements
  contained therein not misleading in light of the circumstances in which it
  was made. There are no facts known to it which, individually or in the
  aggregate, materially adversely affect, or which (aside from general economic
  trends) may reasonably be expected to materially adversely affect in the
  future, the financial condition or assets or its business, or which may
  impair the ability of it to perform its obligations under this Agreement,
  which have not been disclosed herein or therein or in the certificates and
  other documents furnished to the Depositor by or on behalf of it specifically
  for use in connection with the transactions contemplated hereby or thereby.

	
 

	
 

	
 

	
               (xi)
  Foreign Tax Liability.  It is
  not aware of any Obligor under a Timeshare Loan who has withheld any portion
  of payments due under such Timeshare Loan because of the requirements of a
  foreign taxing authority, and no foreign taxing authority has contacted it
  concerning a withholding or other foreign tax liability. 

	
 

	
 

	
 

	
               (xii)
  Employee Benefit Plan Liability.
  As of the Closing Date and each Transfer Date, as applicable, (A) no
  “accumulated funding deficiency” (as such term is defined under ERISA and the
  Code), whether or not waived, exists with respect to any “employee pension
  benefit plan” (as such term is defined under ERISA) sponsored, 

8

	
 

	
 

	
 

	
maintained
  or contributed to by it or any of its Affiliates, and, to its Knowledge, no
  event has occurred or circumstance exists that may result in an accumulated
  funding deficiency as of the last day of the current plan year of any such
  plan; (B) it and each of its Affiliates has made all contributions required
  under each multiemployer plan (as such term is defined under ERISA) (a “Multiemployer Plan”) to which it or any
  of its Affiliates contributes or in which it or any of its Affiliates
  participates (a “Seller Multiemployer Plan”);
  and (C) neither it nor any of its Affiliates has withdrawn from any
  Multiemployer Plan with respect to which there is any outstanding liability
  and, to its Knowledge, no event has occurred or circumstance exists that
  presents a risk of the occurrence of any withdrawal from, or the partition, termination,
  reorganization or insolvency of, any Seller Multiemployer Plan that could
  result in any liability to it. 

	
 

	
 

	
 

	
               (xiii)
  Taxes.  Other than as described
  on Schedule 5 hereto, as of the Closing Date, it (i) has filed all tax
  returns (federal, state and local) which it reasonably believes are required
  to be filed and has paid or made adequate provision in its GAAP financial
  statements for the payment of all taxes, assessments and other governmental
  charges due from it or is contesting any such tax, assessment or other
  governmental charge in good faith through appropriate proceedings or except
  where the failure to file or pay will not have a material adverse effect on
  the rights and interests of the Depositor, (ii) knows of no basis for any
  material additional tax assessment for any fiscal year for which adequate
  reserves in its GAAP financial statements have not been established and (iii)
  intends to pay all such taxes, assessments and governmental charges, if any,
  when due. 

	
 

	
 

	
 

	
               (xiv)
  Place of Business.  The
  principal place of business and chief executive office where it keeps its
  records concerning Timeshare Loans will be 4960 Conference Way North, Suite
  100, Boca Raton, Florida 33431 (or such other place specified by it by
  written notice to the Depositor and the Indenture Trustee).  It is a corporation formed under the laws
  of the Commonwealth of Massachusetts. 

	
 

	
 

	
 

	
               (xv)
  Securities Laws.  It is not an
  “investment company” or a company “controlled” by an “investment company”
  within the meaning of the Investment Company Act of 1940, as amended.  No portion of the Timeshare Loan
  Acquisition Price for each of the Timeshare Loans or the price of the Closing
  Date Eligible Investments will be used by it to acquire any security in any
  transaction which is subject to Section 13 or Section 14 of the Securities
  Exchange Act of 1934, as amended. 

	
 

	
 

	
 

	
               (xvi)
  Bluegreen Vacation Club.  With
  respect to the Club Loans: 

	
 

	
 

	
 

	
                    (A)
  The Club Trust Agreement, of which a true and correct copy is attached hereto
  as Exhibit B is in full force and effect; and a certified copy of the
  Club Trust Agreement has been delivered to the Indenture Trustee together
  with all amendments and supplements in respect thereof; 

	
 

	
 

	
 

	
                    (B)
  The arrangement of contractual rights and obligations (duly established in
  accordance with the Club Trust Agreement under the laws of the State of
  Florida) was established for the purpose of holding and preserving certain

9

	
 

	
 

	
 

	
property for
  the benefit of the Beneficiaries referred to in the Club Trust
  Agreement.  The Club Trustee has all
  necessary trust and other authorizations and powers required to carry out its
  obligations under the Club Trust Agreement in the State of Florida and in all
  other states in which it holds Resort Interests.  The Club is not a corporation or business trust under the laws
  of the State of Florida.  The Club is
  not taxable as an association, corporation or business trust under federal law
  or the laws of the State of Florida; 

	
 

	
 

	
 

	
                    (C)
  The Club Trustee is a corporation duly formed, validly existing and in good
  standing under the laws of the State of Florida.  As of the Closing Date, the Club Trustee is qualified to do business
  as a foreign corporation  and is in
  good standing under the laws of the state of Tennessee.  As of each Transfer Date, the Club Trustee
  will be duly qualified to do business as a foreign corporation and will be in
  good standing under the laws of each jurisdiction it is required by law to
  be.  The Club Trustee is not an
  affiliate of the Servicer for purposes of Chapter 721, Florida Statutes and
  is in compliance with the requirements of such Chapter 721 requiring that it
  be independent of the Servicer;  

	
 

	
 

	
 

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

	
 

	
 

	
 

	
                    (E)
  The Club Trustee holds all right, title and interest in and to all of the
  Timeshare Properties related to the Club Loans solely for the benefit of the
  Beneficiaries referred to in, and subject in each case to the provisions of,
  the Club Trust Agreement and the other documents and agreements related
  thereto.  Except with respect to the
  Mortgages (or a pledge of the Co-op Shares in connection with Aruba Club
  Loans), the Club Trustee has permitted none of such Timeshare Properties to
  be made subject to any lien or encumbrance during the time it has been a part
  of the trust estate under the Club Trust Agreement; 

	
 

	
 

	
 

	
                    (F)
  There are no actions, suits, proceedings, orders or injunctions pending against
  the Club or the Club Trustee, at law or in equity, or before or by any
  governmental authority which, if adversely determined, could reasonably be
  expected to have a material adverse effect on the Trust Estate or the Club
  Trustee’s ability to perform its obligations under the Transaction
  Documents;  

	
 

	
 

	
 

	
                    (G)
  Neither the Club nor the Club Trustee has incurred any indebtedness for
  borrowed money (directly, by guarantee, or otherwise);  

	
 

	
 

	
 

	
                    (H)
  All ad valorem taxes and other taxes and assessments against the Club and/or
  its trust estate have been paid when due and neither the Seller nor

10

	
 

	
 

	
 

	
the Club
  Trustee knows of any basis for any additional taxes or assessments against
  any such property.  The Club has filed
  all required tax returns and has paid all taxes shown to be due and payable
  on such returns, including all taxes in respect of sales of Owner Beneficiary
  Rights (as defined in the Club Trust Agreement) and Vacation Points, if any;  

	
 

	
 

	
 

	
                    (I)
  The Club and the Club Trustee are in compliance in all material respects with
  all applicable laws, statutes, rules and governmental regulations applicable
  to it and in compliance with each material instrument, agreement or document
  to which it is a party or by which it is bound, including, without
  limitation, the Club Trust Agreement;
  

	
 

	
 

	
 

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

	
 

	
 

	
 

	
                    (K)
  Bluegreen Vacation Club, Inc. is a not-for-profit corporation duly formed,
  validly existing and in good standing under the laws of the State of
  Florida;  

	
 

	
 

	
 

	
                    (L)
  Upon purchase of the Club Loans and related Trust Estate hereunder, the
  Depositor is an “Interest Holder Beneficiary” under the Club Trust Agreement
  and each of the Club Loans constitutes “Lien Debt”, “Purchase Money Lien
  Debt” and “Owner Beneficiary Obligations” under the Club Trust Agreement; and
  

	
 

	
 

	
 

	
                    (M)
  Except as disclosed to the Indenture Trustee in writing or noted in the
  Custodian’s Certification, each Mortgage associated with a Deeded Club Loan
  and granted by the Club Trustee or the Obligor on the related Deeded Club
  Loan, as applicable, has been duly executed, delivered and recorded by or
  pursuant to the instructions of the Club Trustee under the Club Trust
  Agreement and such Mortgage is valid and binding and effective to create the
  lien and security interests in favor of the Indenture Trustee (upon
  assignment thereof to the Indenture Trustee).  Each of such Mortgages was granted in connection with the
  financing of a sale of a Resort Interest.
  

                         The
Seller hereby makes the representations and warranties relating to the
Timeshare Loans contained in Schedule I hereto for the benefit of the
Depositor, the Issuer and the Indenture Trustee for the benefit of the
Noteholders as of the Closing Date (only with respect to the Initial Timeshare
Loans) and each Transfer Date (only with respect to each Subsequent Timeshare
Loan or Qualified Substitute Timeshare Loan transferred on such Transfer Date),
as applicable.  The Seller hereby
represents and warrants that each Closing Date Eligible Investment is an
Eligible Investment for the benefit of the Depositor, the Issuer and the
Indenture Trustee for the benefit of the Noteholders as of the Closing Date. 

11

                         It
is understood and agreed that the representations and warranties set forth in
this Section 5 shall survive the sale and contribution of each Timeshare Loan
to the Depositor and any assignment of such Timeshare Loans by the Depositor
and shall continue so long as any such Timeshare Loans shall remain outstanding
or until such time as such Timeshare Loans are repurchased, purchased or a
Qualified Substitute Timeshare Loan is provided pursuant to Section 6
hereof.  The Seller acknowledges that it
has been advised that the Depositor intends to assign all of its right, title
and interest in and to each Timeshare Loan and its rights and remedies under
this Agreement to the Issuer.  The
Seller agrees that, upon any such assignment, the Depositor and any of its
assignees may enforce directly, without joinder of the Depositor (but subject
to any defense that the Seller may have under this Agreement) all rights and
remedies hereunder. 

                         With
respect to any representations and warranties contained in Section 5 which are
made to the Seller’s Knowledge, if it is discovered that any representation and
warranty is inaccurate and such inaccuracy materially and adversely affects the
value of a Timeshare Loan or the interests of the Depositor or any subsequent
assignee thereof, then notwithstanding such lack of Knowledge of the accuracy
of such representation and warranty at the time such representation or warranty
was made (without regard to any Knowledge qualifiers), such inaccuracy shall be
deemed a breach of such representation or warranty for purposes of the
repurchase or substitution obligations described in Sections 6(a)(i) or (ii)
hereof. 

                         Repurchases
and Substitutions. 

                         Mandatory
Repurchases and Substitutions for Breaches of Representations and Warranties.  Upon the receipt of notice by the Seller from the
Depositor, the Issuer or
the Indenture Trustee, of a breach of any of the representations and warranties
in Section 5 hereof (on the date on which such representation or warranty was
made) which materially and adversely affects the value of a Timeshare Loan or a
Closing Date Eligible Investment or the interests of the Depositor or any
subsequent assignee of the Depositor (including the Issuer and the Indenture
Trustee on behalf of the Noteholders) therein, the Seller shall, within 60 days
of receipt of such notice, cure in all material respects the circumstance or
condition which has caused such representation or warranty to be incorrect or
either (i) repurchase the Depositor’s interest in such Defective Timeshare Loan
or such Closing Date Eligible Investment from the Depositor at the Repurchase
Price or (ii) in the case of a Defective Timeshare Loan only, provide one or
more Qualified Substitute Timeshare Loans and pay the related Substitution
Shortfall Amounts, if any.  The Seller
acknowledges that the Depositor shall, pursuant to the Sale Agreement sell
Timeshare Loans and the Closing Date Eligible Investments and rights and remedies
acquired hereunder to the Issuer and that the Issuer shall pledge such
Timeshare Loans and the Closing Date Eligible Investments and rights to the
Indenture Trustee for the benefit of the Noteholders.  The Seller further acknowledges that the Indenture Trustee will
be appointed attorney-in-fact under the Indenture and may enforce the Seller’s
repurchase or substitution obligations if the Seller has not complied with its
repurchase or substitution obligations under this Agreement within the
aforementioned 60-day period. 

                         Optional
Purchases or Substitutions of Club Loans.
The Depositor hereby irrevocably grants to the Seller an option to
repurchase or substitute Original Club Loans it has

12

under the Sale
Agreement, the Transfer Agreement and as described in the following
sentence.  With respect to any Original
Club Loans for which the related Obligor has elected to effect and the Seller
has agreed to effect an Upgrade, the Seller will (at its option) either (i) pay
the Repurchase Price for such Original Club Loan or (ii) substitute one or more
Qualified Substitute Timeshare Loans for such Original Club Loan and pay the
related Substitution Shortfall Amounts, if any; provided, however,
that the Seller’s option to substitute one or more Qualified Substitute
Timeshare Loans for an Original Club Loan is limited on any date to (x) 20% of
the Aggregate Closing Date Collateral Balance less (y) the aggregate Loan
Balances of all Original Club Loans previously substituted by the Seller on
prior Transfer Dates pursuant to this Agreement, the Transfer Agreement and/or
the Sale Agreement.  The Seller shall
use its best efforts to exercise its substitution option with respect to
Original Club Loans prior to exercise of its repurchase option.  To the extent that the Seller shall elect to
substitute Qualified Substitute Timeshare Loans for an Original Club Loan, the
Seller shall use its best efforts to cause each such Qualified Substitute
Timeshare Loan to be, in the following order of priority, (i) the Upgrade Club
Loan related to such Original Club Loan and (ii) an Upgrade Club Loan unrelated
to such Original Club Loan.   

                         Optional
Purchases or Substitutions of Defaulted Timeshare Loans.  The Depositor hereby irrevocably grants to
the Seller an option to repurchase or substitute Defaulted Timeshare Loans it
has under the Sale Agreement, the Transfer Agreement and as described in the
following sentence.  With respect to
Defaulted Timeshare Loans on any date, the Seller will have the option, but not
the obligation, to either (i) purchase such Defaulted Timeshare Loan at the
Repurchase Price for such  Defaulted
Timeshare Loan or (ii) substitute one or more Qualified Substitute Timeshare
Loans for such Defaulted Timeshare Loan and pay the related Substitution Shortfall
Amount, if any; provided, however, that the Seller’s option to
purchase a Defaulted Timeshare Loan or to substitute one or more Qualified
Substitute Timeshare Loans for a Defaulted Timeshare Loan is limited on any
date to the Optional Purchase Limit and the Optional Substitution Limit,
respectively.  The Seller may
irrevocably waive its option to purchase or substitute a Defaulted Timeshare
Loan by delivering to the Indenture Trustee a Waiver Letter in the form of Exhibit
A attached hereto. 

                         Payment
of Repurchase Prices and Substitution Shortfall Amounts.  The Seller hereby agrees to remit or cause
to be remitted all amounts in respect of Repurchase Prices and Substitution
Shortfall Amounts payable during the related Due Period in immediately
available funds to the Indenture Trustee to be deposited in the Collection
Account on the Business Day immediately preceding the related Payment Date for
such Due Period in accordance with the provisions of the Indenture.  In the event that more than one Timeshare
Loan is replaced pursuant to Sections 6(a), (b) or (c) hereof on any Transfer
Date, the Substitution Shortfall Amounts and the Loan Balances of Qualified
Substitute Timeshare Loans shall be calculated on an aggregate basis for all
substitutions made on such Transfer Date.

                         Schedule
of Timeshare Loans.  The Seller
hereby agrees, on each date on which a Timeshare Loan has been repurchased,
purchased or substituted, to provide or cause to be provided to the Depositor,
the Issuer and the Indenture Trustee with a electronic supplement to Schedule
III hereto and the Schedule of Timeshare Loans reflecting the removal
and/or substitution of Timeshare Loans and subjecting any Qualified Substitute
Timeshare Loans to the provisions of this Agreement. 

13

                         Qualified
Substitute Timeshare Loans.
Pursuant to Section 6(g) hereof, on the related Transfer Date, the
Seller hereby agrees to deliver or to cause the delivery of the Timeshare Loan
Files relating to the Qualified Substitute Timeshare Loans to the Indenture
Trustee or to the Custodian, at the direction of the Indenture Trustee, in
accordance with the provisions of the Indenture and the Custodial Agreement.  As of such related Transfer Date, the Seller
does hereby transfer, assign, sell and grant to the Depositor, without recourse
(except as provided in Section 6 and Section 8 hereof), any and all of the
Seller’s right, title and interest in and to (i) each Qualified Substitute Timeshare Loan conveyed to the Depositor
on such Transfer Date, (ii) the Receivables in respect of the Qualified
Substitute Timeshare Loans due after the related Cut-Off Date, (iii) the
related Timeshare Loan Documents (excluding any rights as developer or
declarant under the Timeshare Declaration, the Timeshare Program Consumer
Documents or the Timeshare Program Governing Documents), (iv) all Related
Security in respect of such Qualified Substitute Timeshare Loans and (v) all
income, payments, proceeds and other benefits and rights related to any of the
foregoing.  Upon such sale, the
ownership of each Qualified Substitute Timeshare Loan and all collections
allocable to principal and interest thereon after the related Cut-Off Date and
all other property interests or rights conveyed pursuant to and referenced in
this Section 6(f) shall immediately vest in the Depositor, its successors and
assigns.  The Seller shall not take any
action inconsistent with such ownership nor claim any ownership interest in any
Qualified Substitute Timeshare Loan for any purpose whatsoever other than
consolidated federal and state income tax reporting.  The Seller agrees that such Qualified Substitute Timeshare Loans
shall be subject to the provisions of this Agreement and shall thereafter be deemed
a “Timeshare Loan” for the purposes of this Agreement. 

                         Officer’s
Certificate for Qualified Substitute Timeshare Loans.  The Seller shall, on each related Transfer
Date, certify or cause to be certified in writing to the Depositor, the Issuer
and the Indenture Trustee that each new Timeshare Loan meets all the criteria
of the definition of “Qualified Substitute Timeshare Loan” and that (i) the
Timeshare Loan Files for such Qualified Substitute Timeshare Loans have been
delivered to the Custodian or shall be delivered within five Business Days, and
(ii) the Timeshare Loan Servicing Files for such Qualified Substitute Timeshare
Loans have been delivered to the Servicer. 

                         Subsequent
Transfer Notices.  The Seller shall,
on each related Transfer Date, deliver a Subsequent Transfer Notice in the form
attached as Exhibit J to the Indenture, as specified by Section 4.2 of
the Indenture. 

                         Release.
In connection with any repurchase, purchase
or substitution of one or more Timeshare Loans contemplated by this Section 6,
upon satisfaction of the conditions contained in this Section 6, the Depositor,
the Issuer and the Indenture Trustee shall execute and deliver or shall cause
the execution and delivery of such releases and instruments of transfer or
assignment presented to it by the Seller, in each case without recourse, as
shall be necessary to vest in the Seller or its designee the legal and
beneficial ownership of such Timeshare Loans; provided, however,
that with respect to any release of a Timeshare Loan that is substituted by a
Qualified Substitute Timeshare Loan, the Issuer and the Indenture Trustee shall
not execute and deliver or cause the execution and delivery of such releases
and instruments of transfer or assignment until the Indenture Trustee and the
Servicer receive a Custodian’s Certification for such Qualified Substitute
Timeshare Loan.  The Depositor, the
Issuer and the Indenture Trustee

14

shall cause
the Custodian to release the related Timeshare Loan Files to the Seller or its
designee and the Servicer to release the related Timeshare Loan Servicing Files
to the Seller or its designee; provided, however, that with
respect to any Timeshare Loan File or Timeshare Loan Servicing File related to
a Timeshare Loan that has been substituted by a Qualified Substitute Timeshare
Loan, the Issuer and the Indenture Trustee shall not cause the Custodian and
the Servicer to release the related Timeshare Loan File and the Timeshare Loan Servicing
File, respectively, until the Indenture Trustee and the Servicer receive a
Custodian’s Certification for such Qualified Substitute Timeshare Loan. 

                         Sole
Remedy.  It is understood and agreed
that the obligations of the Seller contained in Section 6(a) hereof to cure a
breach, or to repurchase or substitute Defective Timeshare Loans or to
repurchase Closing Date Eligible Investments, and the obligation of the Seller
to indemnify pursuant to Section 8 hereof, shall constitute the sole remedies
available to the Depositor or its subsequent assignees for the breaches of any
representation or warranty contained in Section 5 hereof and such remedies are
not intended to and do not constitute “credit recourse” to the Seller. 

                         Additional
Covenants of the Seller.  The Seller
hereby covenants and agrees with the Depositor as follows: 

                         It
shall comply with all laws, rules, regulations and orders applicable to it and
its business and properties except where the failure to comply will not have a
material adverse effect on its business or its ability to perform its
obligations under this Agreement or any other Transaction Document to which it
is a party or under the transactions contemplated hereunder or thereunder or
the validity or enforceability of the Timeshare Loans or the Closing Date
Eligible Investments. 

                         It
shall preserve and maintain its existence (corporate or otherwise), rights,
franchises and privileges in the jurisdiction of its organization and except
where the failure to so preserve and maintain will not have a material adverse
effect on its business or its ability to perform its obligations under this
Agreement or any other Transaction Document to which it is a party or under the
transactions contemplated hereunder or thereunder or the validity or
enforceability of the Timeshare Loans or the Closing Date Eligible Investments.

                         On
the Closing Date and each Transfer Date, as applicable, it shall indicate in
its and its Affiliates’ computer files and other records that each Timeshare
Loan and each Closing Date Eligible Investment has been sold to the Depositor. 

                         It
shall respond to any inquiries with respect to ownership of a Timeshare Loan or
Closing Date Eligible Investment by stating that such Timeshare Loan or Closing
Date Eligible Investment has been sold to the Depositor and that the Depositor
is the owner of such Timeshare Loan or Closing Date Eligible Investment. 

                         On
or prior to the Closing Date, it shall file or cause to be filed, at its own
expense, financing statements in favor of the Depositor, and, if applicable,
the Issuer and the Indenture Trustee on behalf of the Noteholders, with respect
to the Timeshare Loans and the

15

Closing Date
Eligible Investments, in the form and manner reasonably requested by the
Depositor or its assigns.  The Seller
shall deliver file-stamped copies of such financing statements to the Depositor,
the Issuer and the Indenture Trustee on behalf of the Noteholders. 

                         It
agrees from time to time to, at its expense, promptly execute and deliver all
further instruments and documents, and to take all further actions, that may be
necessary, or that the Depositor, the Issuer or the Indenture Trustee may
reasonably request, to perfect, protect or more fully evidence the sale and
contribution of the Timeshare Loans and the Closing Date Eligible Investments
to the Depositor, or to enable the Depositor to exercise and enforce its rights
and remedies hereunder or under any Timeshare Loan or Closing Date Eligible
Investment including, but not limited to, powers of attorney, UCC financing
statements and assignments of mortgage. It hereby appoints the Depositor, the
Issuer and the Indenture Trustee as attorneys-in-fact, which appointment is
coupled with an interest and is therefore irrevocable, to act on behalf and in
the name of the Seller under this Section 7(f). 

                         On
the Closing Date, the Seller does not have any tradenames, fictitious names,
assumed names or “doing business as” names other than “Bluegreen Patten
Corporation” in North Carolina and “Bluegreen Corporation of Massachusetts” in
Louisiana.  After the Closing Date, any
change in the legal name of the Seller or the use by it of any tradename,
fictitious name, assumed name or “doing business as” name other than the
foregoing shall be promptly (but no later than ten Business Days) disclosed to
the Depositor and the Indenture Trustee in writing. 

                         Upon
the discovery or receipt of notice by a Responsible Officer of the Seller of a
breach of any of its representations or warranties and covenants contained
herein, the Seller shall promptly disclose to the Depositor, the Issuer and the
Indenture Trustee, in reasonable detail, the nature of such breach. 

                         Except
to the extent of any payments received with respect to a Credit Card Timeshare
Loan, in the event that the Seller shall receive any payments in respect of a
Timeshare Loan after the Closing Date or a Transfer Date, as applicable, the
Seller shall, within two Business Days of receipt, transfer or cause to be
transferred, such payments to the Lockbox Account.  Payments received by the Seller with respect to Credit Card
Timeshare Loans, without regard to any discount fees, shall be transferred to
the Lockbox Account within five Business Days. 

                         The
Seller will keep its principal place of business and chief executive office and
the office where it keeps its records concerning the Timeshare Loans at the
address of Bluegreen listed herein and shall notify the parties hereto of any
change to the same at least 30 days prior thereto. 

                         In
the event that the Seller or the Depositor or any assignee of the Depositor
receives actual notice of any transfer taxes arising out of the transfer,
assignment and conveyance of a Timeshare Loan to the Depositor, on written
demand by the Depositor, or upon the Seller otherwise being given notice
thereof, the Seller shall pay, and otherwise indemnify and hold the Depositor,
or any subsequent assignee, harmless, on an after-tax basis, from and against
any and all such transfer taxes. 

16

                         The
Seller authorizes the Depositor, the Issuer and the Indenture Trustee to file
continuation statements, and amendments thereto, relating to the Timeshare
Loans and Closing Date Eligible Investments and all payments made with regard to
the related Timeshare Loans and Closing Date Eligible Investments without the
signature of the Seller where permitted by law. A photocopy or other
reproduction of this Agreement shall be sufficient as a financing statement
where permitted by law. The Depositor confirms that it is not its present
intention to file a photocopy or other reproduction of this Agreement as a
financing statement, but reserves the right to do so if, in its good faith
determination, there is at such time no reasonable alternative remaining to it.

                         Indemnification.

                         The
Seller agrees to indemnify the Depositor, the Issuer, the Indenture Trustee,
the Noteholders and the Initial Purchaser (collectively, the “Indemnified Parties”)against any and all claims,
losses,
liabilities, (including reasonable legal fees and related costs) that the
Depositor, the Issuer, the Indenture Trustee, the Noteholders or the Initial
Purchaser may sustain directly related to any breach of the representations and
warranties of the Seller under Section 5 hereof (the “Indemnified Amounts”) excluding, however(i)
Indemnified Amounts to the extent
resulting from the gross negligence or willful misconduct on the part of such
Indemnified Party; (ii) any recourse for any uncollectible Timeshare Loan not
related to a breach of representation or warranty; (iii) recourse to the Seller
for a Defective Timeshare Loan so long as the same is cured, substituted or
repurchased pursuant to Section 6 hereof, (iv) income, franchise or similar
taxes by such Indemnified Party arising out of or as a result of this Agreement
or the transfer of the Timeshare Loans and the Closing Date Eligible
Investments; (v) Indemnified Amounts attributable to any violation by an
Indemnified Party of any Requirement of Law related to an Indemnified Party; or
(vi) the operation or administration of the Indemnified Party generally and not
related to the enforcement of this Agreement. The Seller shall (A) promptly
notify the Depositor and the Indenture Trustee if a claim is made by a third
party with respect to this Agreement or the Timeshare Loans, and relating to
(i) the failure by the Seller to perform its duties in accordance with the
terms of this Agreement or (ii) a breach of the Seller’s representations,
covenants and warranties contained in this Agreement, (B) assume (with the
consent of the Depositor, the Issuer, the Indenture Trustee, the Noteholders or
the Initial Purchaser, as applicable, which consent shall not be unreasonably
withheld) the defense of any such claim and (C) pay all expenses in connection
therewith, including reasonable legal counsel fees and promptly pay, discharge
and satisfy any judgment, order or decree which may be entered against it or
the Depositor, the Issuer, the Indenture Trustee, the Noteholders or the
Initial Purchaser in respect of such claim. If the Seller shall have made any
indemnity payment pursuant to this Section 8 and the recipient thereafter
collects from another Person any amount relating to the matters covered by the
foregoing indemnity, the recipient shall promptly repay such amount to the
Seller. 

                         The
obligations of the Seller under this Section 8 to indemnify the Depositor, the
Issuer, the Indenture Trustee, the Noteholders and the Initial Purchaser shall
survive the termination of this Agreement and continue until the Notes are paid
in full or otherwise released or discharged. 

17

                         No
Proceedings.  The Seller hereby
agrees that it will not, directly or indirectly, institute, or cause to be
instituted, or join any Person in instituting, against the Depositor or any
Association, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any federal or state
bankruptcy or similar law so long as there shall not have elapsed one year plus
one day since the latest maturing Notes issued by the Issuer. 

                         Notices,
Etc.  All notices and other
communications provided for hereunder shall, unless otherwise stated herein, be
in writing and mailed or telecommunicated, or delivered as to each party
hereto, at its address set forth below or at such other address as shall be
designated by such party in a written notice to the other parties hereto. All
such notices and communications shall not be effective until received by the
party to whom such notice or communication is addressed. 

	
 

	
 

	
 

	
Seller

	
 

	
 

	
 

	
Bluegreen
  Corporation

	
 

	
4960
  Conference Way North, Suite 100

	
 

	
Boca Raton,
  Florida 33431

	
 

	
Attention: Anthony
  M. Puleo, Senior Vice President, CFO & Treasurer

	
 

	
Fax: (561)
  912-8123

	
 

	
 

	
 

	
Depositor

	
 

	
 

	
 

	
BRFC 2008-A
  LLC

	
 

	
4950
  Communication Avenue, Suite 900

	
 

	
Boca Raton,
  Florida 33431

	
 

	
Attention:
  Allan J. Herz, President & Assistant Treasurer

	
 

	
Fax: (561)
  443-8743

                         No
Waiver; Remedies.  No failure on the
part of the Seller, the Depositor or any assignee thereof to exercise, and no
delay in exercising, any right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any right hereunder preclude any other
or further exercise thereof or the exercise of any other right. The remedies
herein provided are cumulative and not exclusive of any other remedies provided
by law. 

                         Binding
Effect; Assignability.  This
Agreement shall be binding upon and inure to the benefit of the Depositor and
its respective successors and assigns. Any assignee of the Depositor shall be
an express third party beneficiary of this Agreement, entitled to directly
enforce this Agreement.  The Seller may
not assign any of its rights and obligations hereunder or any interest herein
without the prior written consent of the Depositor and any assignee thereof.  The Depositor may, and intends to, assign
all of its rights hereunder to the Issuer and the Seller consents to any such
assignment.  This Agreement shall create
and constitute the continuing obligations of the parties hereto in accordance
with its terms, and shall remain in full force and effect until its termination;
provided, however, that the rights and remedies with respect to
any breach of any representation and warranty made by the Seller pursuant to
Section 5 and the

18

repurchase or
substitution and indemnification obligations shall be continuing and shall
survive any termination of this Agreement but such rights and remedies may be
enforced only by the Depositor, the Issuer and the Indenture Trustee. 

                         Amendments;
Consents and Waivers.  No
modification, amendment or waiver of, or with respect to, any provision of this
Agreement, and all other agreements, instruments and documents delivered
thereto, nor consent to any departure by the Seller from any of the terms or
conditions thereof shall be effective unless it shall be in writing and signed
by each of the parties hereto, the written consent of the Indenture Trustee on
behalf of the Noteholders is given and confirmation from the Rating Agency that
such action will not result in a downgrade, withdrawal or qualification of any
rating assigned to a Class of Notes is received.  The Seller shall provide the Indenture Trustee and the Rating
Agency with such proposed modifications, amendments or waivers.  Any waiver or consent shall be effective
only in the specific instance and for the purpose for which given.  No consent to or demand by the Seller in any
case shall, in itself, entitle it to any other consent or further notice or
demand in similar or other circumstances.
The Seller acknowledges that in connection with the intended assignment
by the Depositor of all of its right, title and interest in and to each
Timeshare Loan and Closing Date Eligible Investment to the Issuer, the Issuer
intends to issue the Notes, the proceeds of which will be used by the Issuer to
purchase the Timeshare Loans and the Closing Date Eligible Investments from the
Depositor under the terms of the Sale Agreement. Notwithstanding anything to
the contrary in this Section 13, no amendment shall cause the Issuer to fail to
be treated as a “qualified special purpose entity” as defined in Statement of
Financial Accounting Standards No. 140 (or any successor Statement of Financial
Accounting Standard). 

                         Severability.
In case any provision in or obligation under
this Agreement shall be invalid, illegal or unenforceable in any jurisdiction,
the validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation, shall not in any way be
affected or impaired thereby in any other jurisdiction.  Without limiting the generality of the
foregoing, in the event that a Governmental Authority determines that the
Depositor may not purchase or acquire Timeshare Loans or Closing Date Eligible
Investments, the transactions evidenced hereby shall constitute a loan and not
a purchase and sale and contribution to capital, notwithstanding the otherwise
applicable intent of the parties hereto, and the Seller shall be deemed to have
granted to the Depositor as of the date hereof, a first priority perfected
security interest in all of the Seller’s right, title and interest in, to and
under such Timeshare Loans and the Closing Date Eligible Investments and the
related property as described in Section 2 hereof. 

                         GOVERNING
LAW; CONSENT TO JURISDICTION. 

	
 

	
 

	
 

	
                (A)     THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
  LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF
  CONFLICTS OF LAW OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
  OBLIGATIONS LAW OF THE STATE OF NEW YORK. 

	
 

	
 

	
 

	
                (B)     THE PARTIES TO THIS AGREEMENT HEREBY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION
  OF THE COURTS OF THE STATE OF

19

	
 

	
 

	
 

	
NEW YORK AND
  THE UNITED STATES DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW
  YORK CITY AND EACH PARTY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON
  IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE MADE BY REGISTERED MAIL
  DIRECTED TO ITS ADDRESS SET FORTH IN SECTION 10 HEREOF AND SERVICE SO MADE
  SHALL BE DEEMED TO BE COMPLETED FIVE DAYS AFTER THE SAME SHALL HAVE BEEN
  DEPOSITED IN THE U.S. MAILS, POSTAGE PREPAID. THE PARTIES HERETO EACH WAIVES
  ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO
  VENUE OF ANY ACTION INSTITUTED HEREUNDER AND CONSENTS TO THE GRANTING OF SUCH
  LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. NOTHING IN
  THIS SECTION 15 SHALL AFFECT THE RIGHT OF THE PARTIES TO THIS AGREEMENT TO
  SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT
  OF ANY OF THEM TO BRING ANY ACTION OR PROCEEDING IN THE COURTS OF ANY OTHER
  JURISDICTION. 

                         WAIVERS
OF JURY TRIAL.  EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL ACTION
OR PROCEEDING RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR ANY OTHER
DOCUMENT OR INSTRUMENT RELATED HERETO AND FOR ANY COUNTERCLAIM THEREIN. 

                         Heading.
The headings herein are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of
any provision hereof. 

                         Execution
in Counterparts.  This Agreement may
be executed by the parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and both of which when taken
together shall constitute one and the same agreement. 

20

                         IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above
written. 

	
 

	
 

	
 

	
 

	
BRFC 2008-A
  LLC, as Depositor

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name: Allan
  J. Herz

	
 

	
 

	
Title:
  President and Assistant Treasurer

	
 

	
 

	
 

	
 

	
BLUEGREEN
  CORPORATION, as Seller

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:
  Anthony M. Puleo

	
 

	
 

	
Title:
  Senior Vice President, CFO and Treasurer

	
 

	
 

	
 

	
Agreed and
  acknowledged as to

  the last paragraph of Section 3

  herein only:

	
 

	
 

	
 

	
 

	
BLUEGREEN
  VACATION CLUB TRUST

	
 

	
 

	
 

	
By: Vacation
  Trust, Inc., Individually and as Club Trustee

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

[Signature Page to the Purchase and Contribution
Agreement]

21

Schedule I

Representations and Warranties of the Seller
Regarding the Timeshare Loans

With respect
to each Timeshare Loan, as of the Closing Date or the related Transfer Date, as
applicable: 

	
 

	
 

	
 

	
 

	
(a)

	
other than
 certain 50/50 Loans, payments due under the Timeshare Loan are
 fully-amortizing and payable in level monthly installments; 

	
 

	
 

	
 

	
 

	
(b)

	
the payment
 obligations under the Timeshare Loan bear a fixed rate of interest; 

	
 

	
 

	
 

	
 

	
(c)

	
the Obligor
 thereunder has made a down payment by cash, check or credit card of at least
 10% of the actual purchase price (including closing costs) of the Timeshare
 Property (which cash down payment may, (i) in the case of Upgrade Club Loans,
 be represented in whole or in part by the down payment made and principal
 payments paid in respect of the related Original Club Loan and (ii) in the
 case of a Sampler Converted Loan, be represented in whole or in part by the
 principal payments and down payment made on the related Sampler Loan since
 its date of origination) and no part of such payment has been made or loaned
 to the Obligor by Bluegreen, the Seller or an Affiliate thereof; 

	
 

	
 

	
 

	
 

	
(d)

	
as of the
 related Cut-Off Date, no principal or interest due with respect to the
 Timeshare Loan is more than 60 days delinquent; 

	
 

	
 

	
 

	
 

	
(e)

	
the Obligor
 is not an Affiliate of Bluegreen or any Subsidiary; provided, that
 solely for the purposes of this representation, a relative of an employee and
 employees of Bluegreen or any Subsidiary (or any of its Affiliates) shall not
 be deemed to be an “Affiliate”; 

	
 

	
 

	
 

	
 

	
(f)

	
immediately
 prior to the conveyance of the Timeshare Loan to the Depositor, the Seller
 will own full legal and equitable title to such Timeshare Loan, and the
 Timeshare Loan (and the related Timeshare Property) is free and clear of
 adverse claims, liens and encumbrances and is not subject to claims of
 rescission, invalidity, unenforceability, illegality, defense, offset,
 abatement, diminution, recoupment, counterclaim or participation or ownership
 interest in favor of any other Person; 

	
 

	
 

	
 

	
 

	
(g)

	
the
 Timeshare Loan (other than an Aruba Club Loan) is secured directly by a first
 priority Mortgage on the related purchased Timeshare Property; 

	
 

	
 

	
 

	
 

	
(h)

	
with respect
 to each Deeded Club Loan, the Timeshare Property mortgaged by or at the
 direction of the related Obligor constitutes a fractional fee simple
 timeshare interest in real property at the related Resort or an undivided
 interest in a Resort (or a phase thereof) associated with a Unit that
 entitles the holder of the interest to the use of a specific property for a
 specified number of days each year or every other year, subject to the rules
 of the Bluegreen Vacation Club; the related

I-1

	
 

	
 

	
 

	
 

	
 

	
Mortgage has
 been delivered for filing and recordation with all appropriate governmental
 authorities in all jurisdictions in which such Mortgage is required to be
 filed and recorded to create a valid, binding and enforceable first Lien on
 the related Timeshare Property and such Mortgage creates a valid, binding and
 enforceable first Lien on the related Timeshare Property, subject only to
 Permitted Liens; and the Seller is in compliance with any Permitted Lien
 respecting the right to the use of such Timeshare Property; the Assignment of
 Mortgage and each related endorsement of the related Mortgage Note constitutes
 a duly executed, legal, valid, binding and enforceable assignment or
 endorsement, as the case may be, of such related Mortgage and related
 Mortgage Note, and all monies due or to become due thereunder, and all
 proceeds thereof;

	
 

	
 

	
 

	
 

	
(i)

	
with respect
 to the Obligor and a particular Timeshare Property purchased by such Obligor,
 there is only one original Mortgage and Mortgage Note, in the case of a
 Deeded Club Loan, and, only one Owner Beneficiary Agreement, in the case of
 an Aruba Club Loan; all parties to the related Mortgage and the related
 Mortgage Note (and, in the case of an Aruba Club Loan, Owner Beneficiary
 Agreement) had legal capacity to enter into such Timeshare Loan Documents and
 to execute and deliver such related Timeshare Loan Documents, and such
 related Timeshare Loan Documents have been duly and properly executed by such
 parties; any amendments to such related Timeshare Loan Documents required as
 a result of any mergers involving the Seller or its predecessors, to maintain
 the rights of the Seller or its predecessors thereunder as a mortgagee (or a
 Seller, in the case of an Aruba Club Loan) have been completed; 

	
 

	
 

	
 

	
 

	
(j)

	
at the time
 the related Originator originated such Timeshare Loan to the related Obligor,
 such Originator had full power and authority to originate such Timeshare Loan
 and the Obligor or the Club Trustee had good and indefeasible fee title or
 good and marketable fee simple title, or, in the case of an Aruba Club Loan,
 a cooperative interest, as applicable, to the Timeshare Property related to
 such Timeshare Loan, free and clear of all Liens, except for Permitted Liens;
 

	
 

	
 

	
 

	
 

	
(k)

	
the related
 Mortgage (or, in the case of an Aruba Club Loan, the related Owner
 Beneficiary Agreement) contains customary and enforceable provisions so as to
 render the rights and remedies of the holder thereof adequate for the
 realization against the related Timeshare Property of the benefits of the
 security interests or lender’s contractual rights intended to be provided
 thereby, including (a) if the Mortgage is a deed of trust, by trustee’s sale,
 including power of sale, (b) otherwise by judicial foreclosure or power of
 sale and/or (c) termination of the contract, retention of Obligor deposits
 and payments towards the related Timeshare Loan by the Originator or the
 lender, as the case may be, and expulsion from the Club; in the case of the
 Deeded Club Loans, there is no exemption available to the related Obligor
 which would interfere with the mortgagee’s right to sell at a trustee’s sale
 or power of sale or right to foreclose such related Mortgage, as applicable; 

I-2

	
 

	
 

	
 

	
 

	
(l)

	
the related
 Mortgage Note is not and has not been secured by any collateral except the
 Lien of the related Mortgage; 

	
 

	
 

	
 

	
 

	
(m)

	
if a
 Mortgage secures a Timeshare Loan, the title to the related Timeshare
 Property is insured (or a binding commitment, which may be a master
 commitment referencing one or more Mortgages, for title insurance, not
 subject to any conditions other than standard conditions applicable to all
 binding commitments, has been issued) under a mortgagee title insurance
 policy (which may consist of one master policy referencing one or more such
 Mortgages) issued by a title insurer qualified to do business in the
 jurisdiction where the related Timeshare Property is located in a form
 generally acceptable to prudent originators of similar mortgage loans,
 insuring the Seller or its predecessor and its successors and assigns, as to
 the first priority mortgage Lien of the related Mortgage in an amount equal
 to the original outstanding Loan Balance of such Timeshare Loan, and
 otherwise in form and substance acceptable to the Indenture Trustee; the Club
 Originator and its assignees is a named insured of such mortgagee’s title
 insurance policy; such mortgagee’s title insurance policy is in full force
 and effect; no claims have been made under such mortgagee’s title insurance
 policy and no prior holder of such Timeshare Loan has done or omitted to do
 anything which would impair the coverage of such mortgagee’s title insurance
 policy; no premiums for such mortgagee’s title insurance policy, endorsements
 and all special endorsements are past due; 

	
 

	
 

	
 

	
 

	
(n)

	
the Seller
 has not taken (or omitted to take), and has no notice that the related
 Obligor has taken (or omitted to take), any action that would impair or
 invalidate the coverage provided by any hazard, title or other insurance
 policy on the related Timeshare Property; 

	
 

	
 

	
 

	
 

	
(o)

	
all
 applicable intangible taxes and documentary stamp taxes were paid as to the
 related Timeshare Loan; 

	
 

	
 

	
 

	
 

	
(p)

	
the proceeds
 of the Timeshare Loan have been fully disbursed, there is no obligation to
 make future advances or to lend additional funds under the Originator’s
 commitment or the documents and instruments evidencing or securing the Timeshare
 Loan and no such advances or loans have been made since the origination of
 the Timeshare Loan; 

	
 

	
 

	
 

	
 

	
(q)

	
the terms of
 each Timeshare Loan Document have not been impaired, waived, altered or
 modified in any respect, except (x) by written instruments which are part of
 the related Timeshare Loan Documents or (y) in accordance with the Credit
 Policy, the Collection Policy or the Servicing Standard (provided that no
 Timeshare Loan has been impaired, waived, altered, or modified in any respect
 more than once). No other instrument has been executed or agreed to which
 would effect any such impairment, waiver, alteration or modification; the
 Obligor has not been released from liability on or with respect to the
 Timeshare Loan, in whole or in part; if required by law or prudent
 originators of similar loans in the jurisdiction 

I-3

	
 

	
 

	
 

	
 

	
 

	
where the
 related Timeshare Property is located, all waivers, alterations and
 modifications have been filed and/or recorded in all places necessary to
 perfect, maintain and continue a valid first priority Lien of the related
 Mortgage, subject only to Permitted Liens;

	
 

	
 

	
 

	
 

	
(r)

	
other than
 if it is an Aruba Club Loan, the Timeshare Loan is principally and directly
 secured by an interest in real property; 

	
 

	
 

	
 

	
 

	
(s)

	
the
 Timeshare Loan was originated by one of the Seller’s Affiliates in the normal
 course of its business; the Timeshare Loan originated by the Seller’s
 Affiliates was underwritten in accordance with its underwriting guidelines
 and the Credit Policy; to the Seller’s Knowledge, the origination, servicing
 and collection practices used by the Seller’s Affiliates with respect to the
 Timeshare Loan have been in all respects, legal, proper, prudent and
 customary; 

	
 

	
 

	
 

	
 

	
(t)

	
the related
 Timeshare Loan is assignable to and by the obligee and its successors and
 assigns and the related Timeshare Property is assignable upon liquidation of
 the related Timeshare Loan, without the consent of any other Person
 (including any Association, condominium association, homeowners’ or timeshare
 association); 

	
 

	
 

	
 

	
 

	
(u)

	
the related
 Mortgage is and will be prior to any Lien on, or other interests relating to,
 the related Timeshare Property; 

	
 

	
 

	
 

	
 

	
(v)

	
to the
 Seller’s Knowledge, there are no delinquent or unpaid taxes, ground rents (if
 any), water charges, sewer rents or assessments outstanding with respect to
 any of the Timeshare Properties, nor any other outstanding Liens or charges
 affecting the Timeshare Properties that would result in the imposition of a
 Lien on the Timeshare Property affecting the Lien of the related Mortgage or
 otherwise materially affecting the interests of the Indenture Trustee on
 behalf of the Noteholders in the related Timeshare Loan; 

	
 

	
 

	
 

	
 

	
(w)

	
other than
 with respect to delinquent payments of principal or interest 60 or fewer days
 past due as of the Cut-Off Date, there is no default, breach, violation or
 event of acceleration existing under the Mortgage, the related Mortgage Note
 or any other document or instrument evidencing, guaranteeing, insuring or
 otherwise securing the related Timeshare Loan, and no event which, with the
 lapse of time or with notice and the expiration of any grace or cure period,
 would constitute a material default, breach, violation or event of
 acceleration thereunder; and the Seller has not waived any such material
 default, breach, violation or event of acceleration under the Owner
 Beneficiary Agreement, Mortgage, the Mortgage Note or any such other document
 or instrument, as applicable;

	
 

	
 

	
 

	
 

	
(x)

	
neither the
 Obligor nor any other Person has the right, by statute, contract or
 otherwise, to seek the partition of the Timeshare Property; 

I-4

	
 

	
 

	
 

	
 

	
(y)

	
the
 Timeshare Loan has not been satisfied, canceled, rescinded or subordinated,
 in whole or in part; no portion of the Timeshare Property has been released
 from the Lien of the related Mortgage, in whole or in part; no instrument has
 been executed that would effect any such satisfaction, cancellation,
 rescission, subordination or release; the terms of the related Mortgage do
 not provide for a release of any portion of the Timeshare Property from the
 Lien of the related Mortgage except upon the payment of the Timeshare Loan in
 full; 

	
 

	
 

	
 

	
 

	
(z)

	
the Seller
 and any of its Affiliates and, to the Seller’s Knowledge, each other party
 which has had an interest in the Timeshare Loan is (or, during the period in
 which such party held and disposed of such interest, was) in compliance with
 any and all applicable filing, licensing and “doing business” requirements of
 the laws of the state wherein the Timeshare Property is located to the extent
 necessary to permit the Seller to maintain or defend actions or proceedings
 with respect to the Timeshare Loan in all appropriate forums in such state
 without any further act on the part of any such party; 

	
 

	
 

	
 

	
 

	
(aa)

	
there is no
 current obligation on the part of any other person (including any buy down
 arrangement) to make payments on behalf of the Obligor in respect of the
 Timeshare Loan; 

	
 

	
 

	
 

	
 

	
(bb)

	
the related
Associations were duly organized and are validly existing; a manager (the “Manager”) manages such Resort and
performs services for the Associations, pursuant to an agreement between the
Manager and the respective Associations, such contract being in full force
and effect; to the Seller’s Knowledge the Manager and the Associations have
performed in all material respects all obligations under such agreement and
are not in default under such agreement;  

	
 

	
 

	
 

	
 

	
(cc)

	
in the case
 of Bluegreen Owned Resorts (other than La Cabana Resort and Casa del Mar
 Resort) and to the Seller’s Knowledge with respect to the Non-Bluegreen Owned
 Resorts, La Cabana Resort and Casa del Mar Resort, (i) the related Resort is
 insured in the event of fire, earthquake, or other casualty for the full
 replacement value thereof, and in the event that the Timeshare Property
 should suffer any loss covered by casualty or other insurance, upon receipt
 of any insurance proceeds, the Associations at the Resorts are required,
 during the time such Resort is covered by such insurance, under the
 applicable governing instruments either to repair or rebuild the portions of
 the Resort in which the Timeshare Property is located or to pay such proceeds
 to the holders of any related Mortgage secured by a Timeshare Property
 located at such Resort; (ii) the related Resort, if located in a designated
 flood plain, maintains flood insurance in an amount not less than the maximum
 level available (without regard to reasonable deductibles) under the National
 Flood Insurance Act of 1968, as amended or any applicable laws; (iii) the
 related Resort has business interruption insurance and general liability
 insurance in such amounts generally acceptable in the industry; and (iv) the
 related Resort’s insurance policies are in full force and effect with a
 generally acceptable insurance carrier; 

I-5

	
 

	
 

	
 

	
 

	
(dd)

	
the obligee
 of each related Mortgage, and its successors and assigns, has the right to
 receive and direct the application of insurance and condemnation proceeds
 received in respect of the related Timeshare Property, except where the related
 condominium declarations, timeshare declarations, the Club Trust Agreement or
 applicable state law provide that insurance and condemnation proceeds be
 applied to restoration or replacement of the improvements or acquisition of
 similar improvements, as the case may be; 

	
 

	
 

	
 

	
 

	
(ee)

	
each
 rescission period applicable to the related Timeshare Loan has expired; 

	
 

	
 

	
 

	
 

	
(ff)

	
no selection
 procedures were intentionally utilized by the Seller in selecting the
 Timeshare Loan which the Seller knew were materially adverse to the
 Depositor, the Indenture Trustee or the Noteholders; 

	
 

	
 

	
 

	
 

	
(gg)

	
except as
set forth in Schedule II hereto, the Units related to the Timeshare Loan in
the related Resort have been completed in all material respects as required
by applicable state and local laws, free of all defects that could give rise
to any claims by the related Obligors under home warranties or applicable
laws or regulations, whether or not such claims would create valid offset
rights under the law of the State in which the Resort is located; to the
extent required by applicable law, valid certificates of occupancy for such
Units have been issued and are currently outstanding; the Seller or any of
its Affiliates have complied in all material respects with all obligations
and duties incumbent upon the developers under the related timeshare
declaration (each a “Declaration”),
as applicable, or similar applicable documents for the related Resort; no
practice, procedure or policy employed by the related Association in the
conduct of its business violates any law, regulation, judgment or agreement,
including, without limitation, those relating to zoning, building, use and
occupancy, fire, health, sanitation, air pollution, ecological, environmental
and toxic wastes, applicable to such Association which, if enforced, would
reasonably be expected to (a) have a material adverse impact on such
Association or the ability of such Association to do business, (b) have a
material adverse impact on the financial condition of such Association, or
(c) constitute grounds for the revocation of any license, charter, permit or
registration which is material to the conduct of the business of such
Association; the related Resort and the present use thereof does not violate
any applicable environmental, zoning or building laws, ordinances, rules or
regulations of any governmental authority, or any covenants or restrictions
of record, so as to materially adversely affect the value or use of such
Resort or the performance by the related Association of its obligations
pursuant to and as contemplated by the terms and provisions of the related
Declaration; there is no condition presently existing, and to the Seller’s
Knowledge, no event has occurred or failed to occur prior to the date hereof,
concerning the related Resort relating to any hazardous or toxic materials or
condition, asbestos or other environmental or similar matters which would
reasonably be expected to materially and adversely affect the present use of
such Resort or the financial condition or business operations of the related
Association, or the value of the Notes;  

I-6

	
 

	
 

	
 

	
 

	
(hh)

	
except if
 such Timeshare Loan is listed on Schedule II hereto, the original Loan
 Balance of such Timeshare Loan does not exceed $35,000; 

	
 

	
 

	
 

	
 

	
(ii)

	
payments
 with respect to the Timeshare Loan are to be in legal tender of the United
 States; 

	
 

	
 

	
 

	
 

	
(jj)

	
all monthly
 payments (as applicable) made on the Timeshare Loan have been made by the
 Obligor and not by the Seller or any Affiliate of the Seller on the Obligor’s
 behalf; 

	
 

	
 

	
 

	
 

	
(kk)

	
the
 Timeshare Loan relates to a Resort;

	
 

	
 

	
 

	
 

	
(ll)

	
the
 Timeshare Loan constitutes either “chattel
 paper”, a “general intangible” or
 an “instrument” as defined in
 the UCC as in effect in all applicable jurisdictions; 

	
 

	
 

	
 

	
 

	
(mm)

	
the sale, transfer
 and assignment of the Timeshare Loan and the Related Security does not
 contravene or conflict with any law, rule or regulation or any contractual or
 other restriction, limitation or encumbrance, and the sale, transfer and
 assignment of the Timeshare Loan and Related Security does not require the
 consent of the Obligor; 

	
 

	
 

	
 

	
 

	
(nn)

	
each of the
 Timeshare Loan, the Related Security, related Assignment of Mortgage, related
 Mortgage, related Mortgage Note, related Owner Beneficiary Agreement (each as
 applicable) and each other related Timeshare Loan Document are in full force
 and effect, constitute the legal, valid and binding obligation of the Obligor
 thereof enforceable against such Obligor in accordance with its terms subject
 to the effect of bankruptcy, fraudulent conveyance or transfer, insolvency,
 reorganization, assignment, liquidation, conservatorship or moratorium, and
 is not subject to any dispute, offset, counterclaim or defense whatsoever; 

	
 

	
 

	
 

	
 

	
(oo)

	
the
 Timeshare Loan relates to a Completed Unit; the Timeshare Loan and the
 Related Security do not, and the origination of each Timeshare Loan did not,
 contravene in any material respect any laws, rules or regulations applicable
 thereto (including, without limitation, laws, rules and regulations relating
 to usury, retail installment sales, truth in lending, fair credit reporting,
 equal credit opportunity, fair debt collection practices and privacy) and
 with respect to which no party thereto has been or is in violation of any
 such law, rule or regulation in any material respect if such violation would
 impair the collectibility of such Timeshare Loan and the Related Security; no
 Timeshare Loan was originated in, or is subject to the laws of, any
 jurisdiction under which the sale, transfer, conveyance or assignment of such
 Timeshare Loan would be unlawful, void or voidable; 

	
 

	
 

	
 

	
 

	
(pp)

	
to the
 Seller’s Knowledge, (i) no bankruptcy is currently existing with respect to
 the Obligor, (ii) the Obligor is not insolvent and (iii) the Obligor is not
 an Affiliate of the Seller; 

I-7

	
 

	
 

	
 

	
 

	
(qq)

	
except if
 such Timeshare Loan is listed on Schedule II hereto, the Timeshare Loan shall
 not have a Timeshare Loan Rate less than 6% per annum; 

	
 

	
 

	
 

	
 

	
(rr)

	
except in
 the case of certain 50/50 Loans or an Upgrade Club Loan, the Obligor has made
 at least one required payment with respect to the Timeshare Loan (not
 including any down payment); 

	
 

	
 

	
 

	
 

	
(ss)

	
if a Resort
 (other than La Cabana Resort) is subject to a construction loan, the
 construction lender shall have signed and delivered a non-disturbance
 agreement (which may be contained in such lender’s mortgage) pursuant to
 which such construction lender agrees not to foreclose on any Timeshare
 Properties relating to a Timeshare Loan or by the terms of the construction
 loan, such Timeshare Property has been released from the lien created thereby
 which have been sold pursuant to this Agreement; 

	
 

	
 

	
 

	
 

	
(tt)

	
except as
 set forth in Schedule II hereto, the Timeshare Properties and the related
 Resorts are free of material damage and waste and are in good repair,
 ordinary wear and tear excepted, and fully operational; there is no
 proceeding pending or threatened for the total or partial condemnation of or
 affecting any Timeshare Property or taking of the Timeshare Property by
 eminent domain; the Timeshare Properties and the Resorts in which the
 Timeshare Properties are located are lawfully used and occupied under
 applicable law by the owner thereof; 

	
 

	
 

	
 

	
 

	
(uu)

	
except as
 set forth in Schedule II hereto, the portions of the Resorts in which the
 Timeshare Properties are located which represent the common facilities are
 free of material damage and waste and are in good repair and condition,
 ordinary wear and tear excepted; 

	
 

	
 

	
 

	
 

	
(vv)

	
no
 foreclosure or similar proceedings have been instituted and are continuing
 with respect to any Timeshare Loan or the related Timeshare Property; 

	
 

	
 

	
 

	
 

	
(ww)

	
with respect
 to the Aruba Club Loans only, Bluegreen shall own, directly or indirectly,
 100% of the economic and voting interests of the Aruba Originator.; 

	
 

	
 

	
 

	
 

	
(xx)

	
the
 Timeshare Loan does not have an original term to maturity in excess of 120
 months; 

	
 

	
 

	
 

	
 

	
(yy)

	
to the
 Seller’s Knowledge, the capital reserves and maintenance fee levels of the
 Associations related to the Resorts are adequate in light of the operating
 requirements of such Associations; 

	
 

	
 

	
 

	
 

	
(zz)

	
except as
 required by law, the Timeshare Loan may not be assumed without the consent of
 the obligee; 

	
 

	
 

	
 

	
 

	
(aaa)

	
for each
 Club Loan, the Obligor under the Timeshare Loan does not have its rights
 under the Club Trust Agreement suspended; 

I-8

	
 

	
 

	
 

	
 

	
(bbb)

	
the payments
 under the Timeshare Loan are not subject to withholding taxes imposed by any
 foreign governments; 

	
 

	
 

	
 

	
 

	
(ccc)

	
each entry
 with respect to the Timeshare Loan as set forth on Schedule II and Schedule
 III hereof is true and correct. Each entry with respect to a Qualified
 Substitute Timeshare Loan as set forth on Schedule II and Schedule
 III hereof, as revised, is true and correct; 

	
 

	
 

	
 

	
 

	
(ddd)

	
if the
 Timeshare Loan relates to a Timeshare Property located in Aruba, a notice has
 been mailed or will be mailed within 30 days of the Closing Date or the
 related Transfer Date, as applicable, to the related Obligor indicating that
 such Timeshare Loan has been transferred to the Depositor and has ultimately
 been transferred to the Issuer and pledged to the Indenture Trustee for the
 benefit of the Noteholders; 

	
 

	
 

	
 

	
 

	
(eee)

	
no broker
 is, or will be, entitled to any commission or compensation in connection with
 the transfer of the Timeshare Loans hereunder; 

	
 

	
 

	
 

	
 

	
(fff)

	
if the
 related Obligor is paying its scheduled payments by pre-authorized debit or
 charge, such Obligor has executed an ACH Form substantially in the form
 attached hereto as Exhibit C;

	
 

	
 

	
 

	
 

	
(ggg)

	
the
 Timeshare Loan, if a Subsequent Timeshare Loan, when aggregated with all
 Timeshare Loans sold to the Depositor pursuant to this Agreement, satisfies
 the criteria for Subsequent Timeshare Loans specified in Section 4.3 of the
 Indenture; 

	
 

	
 

	
 

	
 

	
(hhh)

	
if such
 Timeshare Loan is a 50/50 Loan, the related Obligor has made a downpayment of
 at least 50%, the balance of the 50/50 Loan is due no later than the one year
 anniversary of the origination date of such 50/50 Loan and the coupon rate is
 at least 8.25% per annum; 

	
 

	
 

	
 

	
 

	
(iii)

	
if such
 Timeshare Loan relates to a Timeshare Property located in the State of
 Michigan and was originated prior to Bluegreen obtaining a license under the
 Michigan Mortgage Brokers, Lenders and Servicers Licensing Act, Bluegreen
 shall have confirmed that the interest rate on such Timeshare Loan is
 enforceable in the manner specified as effective in an opinion by Michigan
 local counsel; 

	
 

	
 

	
 

	
 

	
(jjj)

	
all Aruba
 Club Loans were originated on or after January 26, 2004; and 

	
 

	
 

	
 

	
 

	
(kkk)

	
if such
 Timeshare Loan relates to a Timeshare Property at a Future Resort, a local
 counsel opinion letter has been delivered that is addressed to the Issuer,
 the Indenture Trustee and the Initial Purchaser and is satisfactory to either
 Baker & McKenzie LLP or counsel acceptable to the Indenture Trustee. 

I-9

Schedule II

Exceptions

With respect
to (gg), (tt) and (uu): 

Bluegreen has
initiated litigation against a general contractor alleging the existence of
construction defects at both phases of the Shore Crest Vacation VillasTM,
including deficiencies in exterior insulating and finishing systems that have
resulted in water intrusion. Bluegreen estimates that the total cost of repairs
to correct the defects will range from $4 million to $6 million. Whether the matter
is settled by litigation or by negotiation, it is possible that Bluegreen may
need to participate financially in some way to correct the construction
deficiencies and will continue to incur legal and other costs as the matter is
pursued. As of December 31, 2007, Bluegreen has accrued $1.3 million in
expenses related to this matter. 

With respect
to (hh): 

See attached.

II-1

Schedule III

Schedule of Timeshare Loans

[Electronic Schedule of Timeshare Loans on
file with the Depositor]

III-1

Schedule IV

Schedule of Eligible Investments

	
 

	
 

	
 •

	
First
 American Prime Obligations Fund (Class D)

IV-1

Schedule 5

          In
2005, the State of Tennessee Audit Division (the “Division”) audited certain subsidiaries within Bluegreen
Resorts for the period from December 1, 2001 through December 31, 2004. On
September 23, 2006, the Division issued a notice of assessment for
approximately $652,000 of accommodations tax based on the use of Bluegreen
Vacation Club accommodations by Bluegreen Vacation Club members who became
members through the purchase of non-Tennessee property. Bluegreen believes the
attempt to impose such a tax is contrary to Tennessee law, and intends to
vigorously oppose such assessment by the Division. An informal conference was
held in early December 2007 to discuss this matter with representatives of the
Division. No formal resolution of the issue was reached during the conference
and no further action has been initiated yet by the State of Tennessee. There
is no assurance that Bluegreen will be successful in contesting the current
assessment.  

           In
2007, Bluegreen filed suit in Florida against a software provider for its
failure to deliver software programs in accordance with a Licensing Agreement
between them; styled Bluegreen Corporation v. PC Consulting, Inc. d/b/a
TimeShareWare Case No.: 9:07-cv-80385-KLR. The lawsuit seeks the return of
$1.2 million for various licensing fees and services. After filing of the
lawsuit, the defendant issued to Bluegreen a one-line invoice seeking $1.2 million
for alleged additional services provided under the Licensing Agreement. The
defendant has also asserted counterclaims for damages in excess of $1.8M for
the alleged additional services and counterclaims for damages in an unspecified
amount for defamation. The defamation claim contends that Bluegreen made
statements to defendant’s customers that it received no satisfactory
performance from the software and no longer uses the software, resulting in
loss of contracts to the defendant involving millions of dollars. Bluegreen
intends to vigorously defend the counterclaims. 

Schedule 5

Exhibit A

Waiver Letter

Exhibit A

Exhibit B

Club Trust Agreement

Exhibit B

Exhibit C

ACH Form

Exhibit C

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