Document:

Execution Copy

                                                                  EXHIBIT 10.112

                              AMENDED AND RESTATED

                             NOTE PURCHASE AGREEMENT

                           Dated as of April 17, 2002

                                      among

                        BXG RECEIVABLES NOTE TRUST 2001-A
                                   as Issuer,

                              BLUEGREEN CORPORATION
                             as Seller and Servicer,

                   BLUEGREEN RECEIVABLES FINANCE CORPORATION V
                                  as Depositor,

                         THE PURCHASERS PARTIES HERETO,
                                       and

                                ING CAPITAL LLC,
                                    as Agent

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

                                   Relating to
                        BXG RECEIVABLES NOTE TRUST 2001-A
                        Asset Backed Notes, Series 2001-A

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

<PAGE>

                                TABLE OF CONTENTS
                                                                            Page

SECTION I. DEFINITIONS........................................................1
         Section 1.1.     Definitions.........................................1
         Section 1.2.     Other Definitional Provisions.......................9

SECTION II. AMOUNT AND TERMS OF COMMITMENTS...................................9
         Section 2.1.     Purchases...........................................9
         Section 2.2.     Reductions and Extensions of Commitments...........11
         Section 2.3.     Fees, Expenses, Payments, Etc......................12
         Section 2.4.     Indemnification....................................13
         Section 2.5.     Amortization Events................................15
         Section 2.6.     Notification of Note Interest Rate.................15

SECTION III. CONDITIONS PRECEDENT............................................16
         Section 3.1.     Condition to Initial Purchase......................16
         Section 3.2.     Condition to Borrowings............................18

SECTION IV. REPRESENTATIONS AND WARRANTIES...................................18
         Section 4.1.     Representations and Warranties of Bluegreen........18
         Section 4.2.     Representations and Warranties of the Issuer.......21
         Section 4.3.     Representations and Warranties of the Depositor....23

SECTION V. COVENANTS.........................................................25
         Section 5.1.     Covenants..........................................25

SECTION VI. INCREASED COSTS, INCREASED CAPITAL, ETC..........................30
         Section 6.1.     Increased Costs....................................30
         Section 6.2.     Increased Capital..................................31
         Section 6.3.     Taxes..............................................31
         Section 6.4.     Nonrecourse Obligations; Limited Recourse..........33

SECTION VII. THE AGENT.......................................................34
         Section 7.1.     Appointment........................................34
         Section 7.2.     Delegation of Duties...............................34
         Section 7.3.     Exculpatory Provisions.............................35
         Section 7.4.     Reliance by Agent..................................35
         Section 7.5.     Notices............................................35
         Section 7.6.     Non-Reliance on Agent and Other Purchasers.........35
         Section 7.7.     Indemnification....................................36
         Section 7.8.     Agent in Its Individual Capacities.................36
         Section 7.9.     Successor Agent....................................37

SECTION VIII. SECURITIES LAWS; TRANSFERS.....................................37
         Section 8.1.     Transfers of Notes.................................37

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SECTION IX MISCELLANEOUS.....................................................41
         Section 9.1.     Amendments and Waivers.............................41
         Section 9.2.     Notices............................................41
         Section 9.3.     No Waiver; Cumulative Remedies.....................42
         Section 9.4.     Successors and Assigns.............................43
         Section 9.5.     Counterparts.......................................43
         Section 9.6.     Severability.......................................43
         Section 9.7.     Integration........................................43
         Section 9.8.     Governing Law......................................43
         Section 9.9.     Termination........................................43
         Section 9.10.    Limited Recourse; No Proceedings...................43
         Section 9.11.    Survival of Representations and Warranties.........44
         Section 9.12.    Submission to Jurisdiction; Waivers................44
         Section 9.13.    Waivers Of Jury Trial..............................45
         Section 9.14.    Limitation of Liability of Owner Trustee...........45

                                LIST OF EXHIBITS

EXHIBIT A         .........Form of Investment Letter
EXHIBIT B         .........Form of Joinder Supplement
EXHIBIT C         .........Form of Transfer Supplement

                                      -ii-
<PAGE>

     This AMENDED AND RESTATED NOTE PURCHASE AGREEMENT, dated as of April 17,
2002, by and among BXG RECEIVABLES NOTE TRUST 2001-A, a Delaware business trust
(the "Issuer"), BLUEGREEN CORPORATION, a Massachusetts corporation
("Bluegreen"), BLUEGREEN RECEIVABLES FINANCE CORPORATION V, a Delaware
corporation (the "Depositor"), the PURCHASERS from time to time parties hereto
(collectively, the "Purchasers") and ING CAPITAL LLC ("ING"), a Delaware limited
liability company, as agent for the Purchasers (together with its successors in
such capacity, the "Agent") amends and restates in its entirety, the Note
Purchase Agreement (the "CSFB Note Purchase Agreement"), dated as of June 29,
2001 by and among the Issuer, Bluegreen, the Depositor, the purchasers thereto
and Credit Suisse First Boston, New York Branch, as agent ("CSFB").

                              W I T N E S S E T H:

     WHEREAS, the Issuer, and U.S. Bank National Association (formerly known as
U.S. Bank Trust National Association), a national banking association, as
Indenture Trustee (together with its successors in such capacity, the "Indenture
Trustee"), are parties to a certain Indenture, dated as of June 29, 2001 (as
amended and restated pursuant to that certain Amended and Restated Indenture,
dated as of April 17, 2002, by and between the Issuer and the Indenture Trustee
and as the same may from time to time be amended or otherwise modified, the
"Indenture"), pursuant to which the Issuer has issued its Notes; and

     WHEREAS, ING has acquired CSFB's Notes from CSFB pursuant to and in
accordance with the terms of the CSFB Note Purchase Agreement and upon the
resignation of CSFB as agent, has replaced CSFB as agent under the CSFB Note
Purchase Agreement and the other Related Documents;

     WHEREAS, the Purchasers are willing to have ING, as Agent make Borrowings
(as defined in the Indenture) available thereunder on the terms and conditions
provided for herein;

     NOW THEREFORE, in consideration of the mutual covenants herein contained,
and other good and valuable consideration, the receipt and adequacy of which are
hereby expressly acknowledged, the parties hereto agree as follows:

                             SECTION I. DEFINITIONS

     Section 1.1. Definitions. All capitalized terms used herein as defined
terms and not defined herein shall have the meanings given to them in the
Indenture or the Sale and Servicing Agreement, as applicable. If a term used
herein is defined in both the Indenture and the Sale and Servicing Agreement, it
shall have the meaning set forth in the Indenture. Additionally, the terms
defined in the preamble to this Agreement shall have the meanings set forth
therein and the following terms shall have the following meanings (such meanings
to be equally applicable to both the singular and plural forms of the terms
defined):

     "'34 Act" shall mean the Securities Exchange Act of 1934, as amended,

     "Affected Party" shall mean, with respect to any Structured Purchaser, any
Support Party of such Structured Purchaser.

<PAGE>

     "Agent" has the meaning specified in the preamble to this Agreement.

     "Agreement" shall mean this Note Purchase Agreement, as amended,
supplemented or otherwise modified from time to time.

     "Alternate Rate" shall mean, for any Interest Period and any Purchaser, a
rate per annum equal to the LIBO Rate plus 2.0% for such period; provided,
however, that

          (a) if the Alternate Rate becomes applicable with respect to any part
of a Purchaser's interest in the Notes without at least three LIBO Business
Days' prior notice by the Issuer to the Agent, then the Alternate Rate for such
part of such interests for each day prior to the expiration of such notice
period shall be the Base Rate;

          (b) if such Purchaser shall notify the Agent that a LIBO Rate
Disruption Event has occurred and is continuing, then the Alternate Rate for
such Interest Period shall be a rate per annum equal to the Base Rate in effect
from time to time during such Interest Period; and

          (c) without limiting the foregoing, if with respect to such Interest
Period such Purchaser shall have notified the Agent that the rate at which
deposits of United States dollars are being offered to such Purchaser in the
London interbank market does not accurately reflect the cost to such Purchaser
of funding its interest in the Notes for such Interest Period, then the
Alternate Rate for such Interest Period shall be a rate per annum equal to the
Base Rate in effect from time to time during such Interest Period.

     "Amortization Event (NPA)" shall mean any of the following events:

          (a) An "Amortization Event" shall occur under, and as defined in, the
Indenture; or

          (b) Any representation or warranty made or deemed made by the Issuer,
the Depositor, the Seller or the Servicer herein or in any other Related
Document or which is contained in any certificate, document or financial or
other statement furnished by it at any time under or in connection with this
Agreement or any such other Related Document shall prove to have been incorrect
in any material respect on or as of the date made or deemed made (except where
such representation or warranty specifically relates to any earlier date, in
which case such representation and warranty shall have been true and correct in
all material respects as of such earlier date); provided that a breach of the
Seller's representation and warranty under Section 2.2 of the Sale and Servicing
Agreement shall be deemed to occur only if the Seller is required to and does
not repurchase or provide substitute Receivables for the Receivables causing
such violation in accordance with the terms of the Sale and Servicing Agreement
within the time frame provided for therein;

          (c) The Issuer, the Depositor, the Seller or the Servicer shall fail
to observe or perform any material provision of any other agreement contained in
this Agreement or any other Related Document (other than as

                                      -2-
<PAGE>

provided in paragraphs (a) and (b) of this definition), and such failure shall
continue unremedied for a period of 5 Business Days after the Issuer, the
Depositor, the Seller or the Servicer becomes aware of or is notified of such
failure; or

          (d) (i) The Indenture shall cease, for any reason, to be in full force
and effect, or the Issuer shall so assert or (ii) the Lien created by the
Indenture shall cease to be enforceable and of the same effect and priority
purported to be created thereby.

     "Assignee" and "Assignment" have the respective meanings specified in
subsection 8.1(e) of this Agreement.

     "Available Commitment" shall mean, on any day for a Committed Purchaser,
such Purchaser's Commitment in effect on such day minus the sum of (i) such
Purchaser's Percentage Interest of the Outstanding Amount of the Notes on such
day and (ii) if such Purchaser is a Liquidity Provider for a Noncommitted
Purchaser, such Purchaser's Liquidity Percentage multiplied by such Noncommitted
Purchaser's Percentage Interest of the Outstanding Amount of the Notes on such
day.

     "Base Rate" means, for any day, a rate per annum (in no event higher than
the maximum rate permitted by applicable law) equal to the higher of (a) the
rate of interest publicly announced or, if not publicly announced, quoted
internally from time to time by the Agent at its principal office in New York,
New York as its prime commercial lending rate in effect in the United States of
America, such prime rate not intended to be the lowest rate of interest charged
by the Agent to any class of debtors and (b) the rate quoted to the Agent at
approximately 11:00 A.M., New York City time, by dealers in the New York Federal
Funds Market for the overnight offering of dollars to the Agent for deposit,
from time to time in effect, plus 0.50%, calculated based on the actual days
elapsed in a year of 365 or 366 days, as applicable.

     "Bluegreen" has the meaning specified in the preamble to this Agreement.

     "Breakage Costs" means, for each Purchaser for each period for which it is
funding an interest in the Notes, to the extent that a Purchaser is funding the
maintenance of its investment in the Note during such funding period through the
issuance of commercial paper or at the LIBO Rate, during which such investment
is reduced (in whole or in part) prior to the end of the period for which it was
originally scheduled to remain outstanding (the amount of such reduction in such
investment being referred to as the "Allocated Amount"), the excess of (a) the
discount or interest that would have accrued on the Allocated Amount during the
remainder of such funding period if such reduction had not occurred over (b) the
income, if any, scheduled to be received by such Purchaser from investing the
Allocated Amount for the remainder of such funding period in a commercially
reasonable manner.

     "Closing Date" shall mean June 29, 2001.

     "Commitment" shall mean, for any Committed Purchaser, the maximum amount of
such Committed Purchaser's commitment to make advances to the Issuer, as set
forth in the Joinder Supplement or the Transfer Supplement by which such
Committed Purchaser became a

                                      -3-
<PAGE>

party to this Agreement or assumed the Commitment (or a portion thereof) of
another Committed Purchaser, as such amount may be adjusted from time to time
pursuant to Transfer Supplement(s) executed by such Committed Purchaser and its
Assignee(s) and delivered pursuant to Section 8.1 of this Agreement or pursuant
to Section 2.2 of this Agreement. In the event that a Committed Purchaser
maintains a portion of its Commitment hereunder in its capacity as a Liquidity
Provider for one or more Noncommitted Purchaser, such Committed Purchaser shall
be deemed to hold separate Commitments hereunder (i) in each such capacity and
(ii) if applicable, to the extent its Commitment does not relate to any
Noncommitted Purchaser.

     "Commitment Expiration Date" shall mean April 16, 2003.

     "Commitment Percentage" shall mean, for a Committed Purchaser, such
Purchaser's Commitment as a percentage of the aggregate Commitments of all
Committed Purchasers.

     "Committed Purchaser" shall mean any Purchaser which has a Commitment, as
set forth in its respective Joinder Supplement, and any Assignee of such
Purchaser to the extent of the portion of such Commitment assumed by such
Assignee pursuant to its respective Transfer Supplement.

     "Committed Purchaser Percentage" shall mean, with respect to a Committed
Purchaser, its Commitment (exclusive of any portion thereof held by it in its
capacity as a Liquidity Provider), as a percentage of the aggregate Commitments
of all Committed Purchasers.

     "CP Rate" means, with respect to any Interest Period and any Purchaser, a
rate per annum (expressed as a percentage and an interest yield equivalent and
calculated on the basis of a year of 360 days and actual days elapsed) equal to
the rate of interest (or, if more than one rate, the weighted average of the
rates), inclusive of the fees and commissions of dealers and placement agents in
respect of such Purchaser's issuance of commercial paper (up to an amount equal
to 0.05% of the Outstanding Amount of Notes), at which funds are borrowed, drawn
down or otherwise obtained during such Interest Period, in connection with the
issuance of such commercial paper; provided that (a) if any rate in connection
with the issuance of commercial paper is a discount rate, then such rate shall
be the rate resulting from converting such discount rate to an interest-bearing
equivalent rate per annum and (b) such rate or weighted average rate, as the
case may be, shall be adjusted to yield, when applied to the outstanding
principal balance of the Notes, an amount sufficient to pay interest on the
incremental effective principal balance of any funding resulting from the
capitalization of interest, if any, during the applicable Interest Period. The
CP Rate shall be adjusted to take account of all Breakage Costs incurred by such
Purchaser during such Interest Period.

     "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time.

     "Excluded Taxes" has the meaning assigned to such term in subsection 6.3(a)
of this Agreement.

                                      -4-
<PAGE>

     "Extension Notice Deadline" has the meaning specified in subsection 2.2(d)
of this Agreement.

     "Facility Termination Date" shall mean, the first to occur of (i) the
Commitment Expiration Date, (ii) the date of any termination by the Issuer of
the Commitments pursuant to Section 2.2, and (iii) the date the Commitments are
terminated pursuant to Section 2.5 hereof.

     "Fees" shall mean the fees payable to the Agent or the Purchasers in the
amounts and on the dates set forth in the Fee Letter.

     "Fee Letter" shall mean that certain letter agreement, designated therein
as the Fee Letter and dated as of the date hereof, among the Agent, the Issuer
and Bluegreen, as such letter agreement may be amended or otherwise modified
from time to time.

     "Funding Rate" means, with respect to any Interest Period and any
Purchaser's interest in the Notes, the weighted average during such Interest
Period of (a) except when and to the extent that an Amortization Event (NPA)
shall have occurred and be continuing, (i) if such Purchaser funded all or part
of its interest in the Notes through the issuance of commercial paper, the CP
Rate, and (ii) if such Purchaser funded all or part of its interest in the Notes
other than through its issuance of commercial paper, then with respect to such
interest in the Notes or part thereof a rate per annum equal to the greater of
(A) the Alternate Rate and (B) the Base Rate and (b) during any period when an
Amortization Event (NPA) shall have occurred and be continuing, the Base Rate
plus 4.0%.

     "Governmental Authority" shall mean any nation or government, any state or
other political subdivision thereof and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government.

     "Indemnitee" has the meaning specified in subsection 2.4(a) of this
Agreement.

     "Indemnitor" has the meaning specified in subsection 2.4(a) of this
Agreement.

     "Indenture" has the meaning specified in the recitals to this Agreement.

     "Indenture Trustee" has the meaning specified in the recitals to this
Agreement.

     "Interest Period" means, with respect to a Payment Date, the period from
and including the preceding Payment Date (or the Closing Date, in the case of
the first Payment Date) to but excluding such Payment Date.

     "Interpretation" as used in Sections 6.1 and 6.2 hereof with respect to any
law or regulation means the interpretation or application of such law or
regulation by any Governmental Authority (including, without limitation, any
entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government), central bank, accounting standards
board or any comparable entity.

     "Investing Office" shall mean initially, the office of any Purchaser (if
any) designated as such, in the case of any initial Purchaser, in its Joinder
Supplement and, in the case

                                      -5-
<PAGE>

of any Assignee, in the related Transfer Supplement, and thereafter, such other
office of such Purchaser or such Assignee as may be designated in writing to the
Agent, the Issuer, the Servicer and the Indenture Trustee by such Purchaser or
Assignee.

     "Investment Letter" has the meaning specified in subsection 8.1(a) of this
Agreement.

     "Joinder Supplement" has the meaning specified in subsection 2.2(d) of this
Agreement.

     "LIBO Business Day" means any day (a) other than (i) a Saturday, Sunday or
(ii) other day on which banks are required or authorized to close in London or
New York City and (b) on which dealings in foreign currency and exchange are
carried on in the London interbank market

     "LIBO Rate" means, for any Interest Period, a rate per annum equal to the
London interbank offered rate for United States dollar deposits (rounded upward,
if necessary, to the nearest whole multiple of 1/16 of one percent), for the
time funded as determined by the Agent, that appears on the display page of the
Bridge Telerate Capital Markets Report currently designated as Telerate Page
3750 (or such other page as may replace that page on that service for the
purpose of displaying comparable rates or prices), as of 11:00 a.m., London
time, on the second LIBO Business Day preceding the commencement of such
Interest Period (or portion thereof). The establishment of the LIBO Rate
hereunder shall (in the absence of manifest error) be conclusive. The LIBO Rate
shall be adjusted to take account of all Breakage Costs incurred by the
applicable Purchaser during such Interest Period.

     "LIBO Rate Disruption Event" means, for any Interest Period and any
Purchaser, any of the following: (a) a determination by such Purchaser that it
would be contrary to law applicable to such Purchaser or to the directive of any
central bank or other Governmental Authority having jurisdiction over such
Purchaser to obtain United States dollars in the London interbank market to fund
its investment in its interest in the Notes for such Interest Period or (b) the
inability of such Purchaser by reason of circumstances affecting the London
interbank market generally, to obtain United States dollars in such market to
fund its investment in its interest in the Notes for such Interest Period.

     "Lien" means any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge or other security
interest or any preference, priority or other security agreement of any kind or
nature whatsoever (including, without limitation, any conditional sale or other
title retention agreement and any capital lease having substantially the same
economic effect as any of the foregoing).

     "Liquidity Percentage" shall mean, for a Committed Purchaser which is a
Liquidity Provider for a Noncommitted Purchaser, such Purchaser's Commitment
held in such capacity as a percentage of the aggregate Commitments of all
Liquidity Providers (held in their capacities as such) for such Noncommitted
Purchaser.

     "Liquidity Provider" shall mean, with respect to a Noncommitted Purchaser,
each Committed Purchaser identified as a Liquidity Provider for such
Noncommitted Purchaser

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<PAGE>

in the Joinder Supplement or Transfer Supplement pursuant to which such
Noncommitted Purchaser became a party hereto, and any Assignee of such Committed
Purchaser to the extent such Assignee has assumed, pursuant to a Transfer
Supplement, the Commitment of such Committed Purchaser held in its capacity as a
Liquidity Provider. In the event that a Liquidity Provider acquires a portion of
the Outstanding Amount of Notes from its Noncommitted Purchaser by Assignment, a
corresponding portion of its Commitment shall thereupon cease to be held by it
in its capacity as a Liquidity Provider for such Noncommitted Purchaser (but
shall otherwise remain in effect, subject to the terms and conditions of this
Agreement, as a portion of the Commitment of such Committed Purchaser).

     "Non-Extending Purchaser" shall have the meaning set forth in Section
2.2(d) of this Agreement.

     "Noncommitted Purchaser" shall mean a Purchaser which is not a Committed
Purchaser.

     "Noncommitted Purchaser Percentage" shall mean for each Noncommitted
Purchaser, the aggregate Commitments of its Liquidity Providers from time to
time as a percentage of the aggregate Commitments of all Committed Purchasers.

     "Notes" has the meaning specified in the recitals to this Agreement.

     "Note Interest Rate" means, with respect to an Interest Period, a per annum
rate equal to the Funding Rate; provided that (i) on the first through sixth
Interest Periods after the Facility Termination Date shall have occurred and be
continuing, the Note Interest Rate shall equal the Funding Rate plus 0.50%, (ii)
on the 7th through 12th Interest Periods after the Facility Termination Date
shall have occurred and be continuing, the Note Interest Rate shall equal the
Funding Rate plus 1.0%, (iii) on the 13th through 18th Interest Periods after
the Facility Termination Date shall have occurred and be continuing, the Note
Interest Rate shall equal the Funding Rate plus 1.5% and (iv) for each Interest
Period thereafter, the Note Interest Rate shall equal the Funding Rate plus
2.0%.

     "Note Monthly Interest" means, with respect to a Payment Date, the amount
of interest payable with respect to the Notes on such Payment Date calculated at
the Note Interest Rate.

     "Noteholders" shall mean the Purchasers that are owners of record of the
Notes or, with respect to any Note held by the Agent hereunder as nominee on
behalf of Purchasers, the Purchasers that are owners of the Outstanding Amount
represented by such Note as reflected on the books of the Agent in accordance
with this Agreement.

     "Other Parties" has the meaning assigned to such term in subsection 6.4(b).

     "Owner Trustee" means Wilmington Trust Company, a Delaware banking company,
not in its individual capacity but solely as owner trustee under the Trust
Agreement, and any successor thereto.

     "Participant" has the meaning specified in subsection 8.1(d) of this
Agreement.

                                      -7-
<PAGE>

     "Participation" has the meaning specified in subsection 8.1(d) of the
Agreement.

     "Percentage Interest" shall mean, for a Purchaser on any day, the
percentage equivalent of (a) the sum of (i) the aggregate of the portions of
each Borrowing (if any) made by such Purchaser prior to such day pursuant to
Section 10.1 of the Indenture, plus (ii) any portion of the Outstanding Amount
of the Notes acquired by such Purchaser as an Assignee from another Purchaser
pursuant to a Transfer Supplement executed and delivered pursuant to Section 8.1
of this Agreement, minus (iii) the aggregate amount of principal payments made
to such Purchaser prior to such day, minus (iv) any portion of the Outstanding
Amount of the Notes assigned by such Purchaser to an Assignee pursuant to a
Transfer Supplement executed and delivered pursuant to Section 8.1 of this
Agreement, divided by (b) the Outstanding Amount of the Notes on such day.

     "Purchase Limit" shall mean for any date the aggregate Commitments of the
Purchasers on such date.

     "Purchaser" has the meaning specified in the preamble to this Agreement.

     "Related Documents" shall mean, collectively, this Agreement (including the
Fee Letter and all Joinder Supplements and Transfer Supplements), the Indenture,
the Custodial Agreement, the Notes, the Trust Agreement, the Backup Servicing
Agreement, the Certificates, the Lock-Box Agreement and the Sale and Servicing
Agreement.

     "Required Noteholders" shall mean, at any time, Noteholders having
Percentage Interests aggregating greater than 50%.

     "Required Purchasers" shall mean, at any time, Committed Purchasers having
Commitments aggregating greater than 50% of the aggregate Commitments of all
Committed Purchasers.

     "Requirement of Law" shall mean, as to any Person, any law, treaty, rule or
regulation, or determination of an arbitrator or Governmental Authority, in each
case applicable to or binding upon such Person or to which such Person is
subject, whether federal, state or local (including usury laws, the Federal
Truth in Lending Act and Regulation Z and Regulation B of the Board of Governors
of the Federal Reserve System).

     "Sale and Servicing Agreement" means the amended and restated sale and
servicing agreement, dated as of April 17, 2002, among the Issuer, Bluegreen,
the Depositor, the Backup Servicer, the Custodian, the Club Trustee and the
Indenture Trustee.

     "Securities Act" shall mean the Securities Act of 1933, as amended.

     "Structured Purchaser" shall mean any Purchaser which is a special purpose
corporation, the principal business of which consists of issuing commercial
paper, medium term notes or other securities to fund its acquisition and
maintenance of receivables, accounts, instruments, chattel paper, general
intangibles and other similar assets or interests therein, and which is
identified as a Structured Purchaser in the Joinder Agreement or Transfer
Supplement by which such Committed Purchaser became a party to this Agreement.

                                      -8-
<PAGE>

     "Support Facility" shall mean any liquidity or credit support agreement
with a Structured Purchaser which relates to this Agreement (including any
agreement to purchase an assignment of or participation in Notes).

     "Support Party" shall mean any bank or other financial institution
extending or having a commitment to extend funds to or for the account of a
Structured Purchaser (including by agreement to purchase an assignment of or
participation in Notes) under a Support Facility. Each Liquidity Provider for a
Noncommitted Purchaser which is a Structured Purchaser shall be deemed to be a
Support Party for such Structured Purchaser.

     "Takeout Financing" shall mean any securitization or other financing of the
assets securing the Notes effected through the Agent or an Affiliate of the
Agent.

     "Taxes" has the meaning assigned to such term in subsection 6.3(a).

     "Transfer" has the meaning specified in subsection 8.1(c) of this
Agreement.

     "Transferee" has the meaning specified in subsection 8.1(c) of this
Agreement.

     "Transfer Supplement" has the meaning specified in subsection 8.1(e) of
this Agreement.

     "Trust Agreement" means the amended and restated trust agreement, dated as
of April 17, 2002, between the Depositor, GSS Holdings, Inc. and the Owner
Trustee.

     "written" or "in writing" (and other variations thereof) shall mean any
form of written communication or a communication by means of telex, telecopier
device, telegraph or cable.

     Section 1.2. Other Definitional Provisions. (a) Unless otherwise specified
therein, all terms defined in this Agreement shall have the defined meanings
when used in any certificate or other document made or delivered pursuant
hereto.

          (b) The words "hereof", "herein", and "hereunder" and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement; and Section, subsection and
Exhibit references are to this Agreement, unless otherwise specified. The words
"including" and "include" shall be deemed to be followed by the words "without
limitation".

                  SECTION II. AMOUNT AND TERMS OF COMMITMENTS

     Section 2.1. Purchases. (a) The Purchasers hereby direct that the Notes be
registered in the name of the Agent, as nominee on behalf of the Purchasers from
time to time hereunder.

          (b) On and subject to the terms and conditions of this Agreement and
prior to the Facility Termination Date, (i) each Noncommitted Purchaser may
advance its Noncommitted Purchaser Percentage of any Borrowing made pursuant to
Section 10.1 of the

                                      -9-
<PAGE>

Indenture, (ii) each Liquidity Provider, severally, agrees to advance its
respective Liquidity Percentage of each Borrowing not so advanced by its related
Noncommitted Purchaser, and (iii) each Committed Purchaser, severally, agrees to
advance its Committed Purchaser Percentage of each Borrowing so made; provided
that in no event shall a Committed Purchaser be required on any date to make an
advance exceeding its aggregate Available Commitment, determined prior to giving
effect to such advance; provided, further that in no event shall Borrowings
occur more frequently than once every week. Such advance shall be made available
to the Issuer, subject to the satisfaction of the conditions specified in
Section 3.2 hereof, at or prior to 2:00 p.m. New York City time on the
applicable Borrowing Date by deposit of immediately available funds to an
account designated by the Issuer to the Agent.

          (c) Each Borrowing on the applicable Borrowing Date shall be made on
prior notice from the Issuer received by the Agent not later than 10:00 a.m. New
York City time on the fifth Business Day preceding such Borrowing Date. Each
such notice shall be irrevocable and shall specify (i) the aggregate amount of
the Borrowing, and (ii) the applicable Borrowing Date (which shall be a Business
Day). The Agent shall promptly forward a copy of such notice to each Purchaser.
Each Noncommitted Purchaser shall notify the Agent by 9:30 a.m., New York City
time, on the applicable Borrowing Date whether it has determined to make the
advance requested pursuant to this subsection 2.1. In the event that a
Noncommitted Purchaser shall not have timely provided such notice such
Noncommitted Purchaser shall be deemed to have determined not to make such
purchase. The Agent shall notify the Issuer, the Servicer and each Liquidity
Provider for such Noncommitted Purchaser on or prior to 10:00 a.m., New York
City time, on the applicable Borrowing Date of whether such Noncommitted
Purchaser has so determined to advance its share of the Borrowing, and, in the
event that Noncommitted Purchasers have not determined to advance the Borrowing,
the Agent shall specify in such notice (i) the portion of the Borrowing to be
advanced by each Liquidity Provider, and (ii) the applicable Borrowing Date
(which shall be a Business Day). The Agent shall notify the Issuer, the
Depositor, the Seller, the Servicer, the Indenture Trustee and each Purchaser
not later than the Business Day following the applicable Borrowing Date of the
identity of each Purchaser which advanced any portion of the Borrowing on such
day, whether such Purchaser was a Noncommitted Purchaser or a Committed
Purchaser and the portion of the Borrowing advanced by such Purchaser.

          (d) In no event may any Borrowing be made hereunder or under Section
10.1 of the Indenture, nor shall any Committed Purchaser be obligated to advance
any portion of any Borrowing, to the extent that such Borrowing would exceed the
aggregate Available Commitments.

          (e) The Notes shall be paid as provided in the Indenture, and the
Agent shall allocate to the Noteholders each payment in respect of the Notes
received by the Agent in its capacity as Noteholder as provided therein. Except
as otherwise provided in the Indenture, payments in reduction of the Outstanding
Amount of the Notes shall be applied (i) prior to Facility Termination Date,
first to Noteholders which are Committed Purchasers (which does not include
Non-Extending Purchasers), pro rata based on their respective Percentage
Interests of the Outstanding Amount of Notes; and, second, to Noteholders which
are Noncommitted Purchasers, pro rata based on their respective Percentage
Interests of the Outstanding Amount of Notes; and (ii) from and after Facility
Termination Date, to Noteholders

                                      -10-
<PAGE>

pro rata based on their respective Percentage Interests of the Outstanding
Amount of Notes, or in any such case in such other proportions as each affected
Purchaser may agree upon in writing from time to time with the Agent and
Bluegreen.

          (f) The Agent shall keep records of each Borrowing, each Interest
Period applicable thereto, the interest rate(s) applicable to the Notes and each
payment of principal and interest thereon. Such records shall be rebuttably
presumptive evidence of the subject matter thereof absent manifest error.

          (g) Notwithstanding any Joinder Supplement or Transfer Supplement, the
maximum aggregate of all Commitments shall equal the then current Facility
Limit.

     Section 2.2. Reductions and Extensions of Commitments. (a) At any time the
Issuer may, acting at the direction of the Residual Interest Owner, upon at
least three Business Days' prior written notice to the Agent, terminate the
Commitments or reduce the aggregate Commitments. Each such partial reduction
shall be in an aggregate amount of $5,000,000 or integral multiples of
$1,000,000 in excess thereof (or such other amount requested by the Issuer to
which the Agent consents). Reductions of the aggregate Commitments pursuant to
this subsection 2.2(a) shall be allocated (i) to the Commitment of each
Committed Purchaser, other than a Commitment held as a Liquidity Provider, pro
rata based on the Commitment Percentage represented by such Commitment, and (ii)
to the aggregate Commitments of Liquidity Providers for each Noncommitted
Purchaser pro rata based on the Noncommitted Purchaser Percentage of such
Noncommitted Purchaser, and the portion of such reduction which is so allocated
to the aggregate Commitments of Liquidity Providers for a Noncommitted Purchaser
shall be allocated to the Commitment of each such Liquidity Provider pro rata
based on its respective Liquidity Percentage.

          (b) On the Facility Termination Date, the Commitment of each Committed
Purchaser shall be automatically reduced to zero.

          (c) Subject to the provisions of subsections 8.1(a) and 8.1(b), any
Person may from time to time with the consent of the Agent and the Issuer become
a party to this Agreement as an initial Noncommitted Purchasers or an initial
Committed Purchasers by (i) delivering to the Issuer an Investment Letter and
(ii) entering into an agreement substantially in the form attached hereto as
Exhibit B hereto (a "Joinder Supplement"), with the Agent and the Issuer,
acknowledged by the Servicer, which shall specify (A) the name and address of
such Person for purposes of Section 9.2 hereof, (B) whether such Person will be
a Noncommitted Purchaser or Committed Purchaser and, if such Person will be a
Committed Purchaser, its Commitment and Commitment Expiration Date, (C) if such
Person is a Noncommitted Purchaser, the identity of its Liquidity Providers and
their respective Liquidity Percentages, (D) if such Person is a Liquidity
Provider, the Noncommitted Purchaser for which it is acting as such and the
portion of such Person's Commitment which is held by it in its capacity as
Liquidity Provider, and (E) the other information provided for in such form of
Joinder Supplement. Upon its receipt of a duly executed Joinder Supplement, the
Agent shall on the effective date determined pursuant thereto give notice of
such effectiveness to the Issuer, the Servicer and the Indenture Trustee.

                                      -11-
<PAGE>

          (d) So long as no Amortization Event (NPA) has occurred and is
continuing (unless otherwise agreed by the Agent), no more than 60 and no less
than 30 days prior to the applicable Commitment Expiration Date, the Issuer may
request, through the Agent, that each Committed Purchaser extend the Commitment
Expiration Date to a date which is up to 364 days after the Commitment
Expiration Date then in effect, which decision will be made by each Committed
Purchaser in its sole discretion. Upon receipt of any such request, the Agent
shall promptly notify each Committed Purchaser thereof. At least 35 but not more
than 50 days prior to the applicable Commitment Expiration Date, each Committed
Purchaser shall notify the Agent of its willingness or refusal to so extend the
Commitment Expiration Date, and the Agent shall notify the Issuer of such
willingness or refusal by the Committed Purchasers on such 30th day (such day,
the "Extension Notice Deadline"). If any Committed Purchaser notifies the Agent
of its refusal to extend or does not expressly notify the Agent that it is
willing to extend the Commitment Expiration Date by the applicable Extension
Notice Deadline (each a "Non-Extending Purchaser"), the Commitment Expiration
Date shall not be so extended.

     Section 2.3. Fees, Expenses, Payments, Etc. (a) Bluegreen agrees to pay to
the Agent for the account of the Purchasers, the Fees and other amounts set
forth in the Fee Letter at the times specified therein.

          (b) Bluegreen further agrees to pay within 30 days following receipt
of an invoice therefor to the Agent and the initial Purchasers all reasonable
costs and expenses in connection with the preparation, execution, delivery,
administration (including any requested amendments, waivers or consents of any
of the Related Documents) of this Agreement and each related Support Facility,
and the other documents to be delivered hereunder or in connection herewith,
including the reasonable fees up to $75,000 (unless the Agent shall have
provided Bluegreen prior notice of extraordinary circumstance why such fees may
be in excess thereof) and out-of-pocket expenses of counsel for the Agent and
each of the initial Purchasers with respect thereto

          (c) Bluegreen agrees to pay to the Agent and, following the occurrence
and during the continuance of an Amortization Event (NPA) other than one arising
from the failure of the Obligors to make payments on the Receivables, each
Purchaser, promptly following presentation of an invoice therefor, all
reasonable costs and expenses (including reasonable fees and expenses of
counsel), if any, in connection with the enforcement of any of the Related
Documents, and the other documents delivered thereunder or in connection
therewith.

          (d) Bluegreen further agrees to pay on demand any and all stamp,
transfer and other taxes and governmental fees payable in connection with the
execution, delivery, filing and recording of any of the Related Documents and
each related Support Facility or the other documents and agreements to be
delivered hereunder and thereunder or otherwise in connection with the issuance
of the Notes, and agrees to save each Purchaser and the Agent harmless from and
against any liabilities with respect to or resulting from any delay in paying or
any omission to pay such taxes and fees.

                                      -12-
<PAGE>

          (e) Periodic fees or other periodic amounts payable hereunder shall be
calculated, unless otherwise specified in the Fee Letter, on the basis of a
360-day year and for the actual days elapsed.

          (f) All payments to be made hereunder or under the Indenture, whether
on account of principal, interest, fees or otherwise, shall be made without
setoff or counterclaim and shall be made prior to 2:30 p.m., New York City time,
on the due date thereof to the Agent's account specified in subsection 9.2(b)
hereof, in United States dollars and in immediately available funds. Payments
received by the Agent after 2:30 p.m. New York City time shall be deemed to have
been made on the next Business Day. Notwithstanding anything herein to the
contrary, if any payment due hereunder becomes due and payable on a day other
than a Business Day, the payment date thereof shall be extended to the next
succeeding Business Day and in the case of principal, interest shall accrue
thereon at the applicable rate during such extension. To the extent that (i) the
Indenture Trustee, the Depositor, the Seller, the Issuer or the Servicer makes a
payment to the Agent or a Purchaser or (ii) the Agent or a Purchaser receives or
is deemed to have received any payment or proceeds for application to an
obligation, which payment or proceeds or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside or required to
be repaid to a Indenture Trustee, receiver or any other party under any
bankruptcy or insolvency law, state or Federal law, common law, or for equitable
cause, then, to the extent such payment or proceeds are set aside, the
obligation or part thereof intended to be satisfied shall be revived and
continue in full force and effect, as if such payment or proceeds had not been
received or deemed received by the Agent or the Purchasers, as the case may be.

     Section 2.4. Indemnification. (a) Bluegreen (the "Indemnitor") agrees to
indemnify and hold harmless the Agent and each Purchaser and any directors,
officers, employees or agents, of the Agent or Purchasers (each such Person
being referred to as an "Indemnitee") from and against any and all claims,
damages, losses, liabilities, costs or expenses whatsoever (including reasonable
fees and expenses of legal counsel) which such Indemnitee may incur (or which
may be claimed against such Indemnitee) arising out of, by reason of or in
connection with the execution and delivery of, or payment or other performance
under, or the failure to make payments or perform under, any Related Document or
the issuance of the Notes (including in connection with the preparation for
defense of any investigation, litigation or proceeding arising out of, related
to or in connection with such execution, delivery, payment, performance or
issuance), except (i) to the extent that any such claim, damage, loss,
liability, cost or expense shall be caused by the willful misconduct, bad faith,
recklessness or gross negligence of, or breach of any representation or warranty
in any Related Document by, any Indemnitee, (ii) to the extent that any such
claim, damage, loss, liability, cost or expense is covered or addressed by
subsection 2.3(c) or (d) hereof, (iii) to the extent that any such claim,
damage, loss, liability, cost or expense relates to disclosure made by the Agent
or a Purchaser in connection with an Assignment or Participation pursuant to
Section 8.1 of this Agreement which disclosure is not based on information given
to the Agent or such Purchaser by or on behalf of Bluegreen, or any affiliate
thereof or by or on behalf of the Indenture Trustee or (iv) to the extent that
such claim, damage, loss, liability, cost or expense shall be caused by any
default in payment of any Receivable. The foregoing indemnity shall include any
claims, damages, losses, liabilities, costs or expenses to which any such
Indemnitee may become subject under Securities Act, the Securities Exchange Act
of 1934, as amended, the Investment Company Act of 1940, as

                                      -13-
<PAGE>

amended, or other federal or state law or regulation arising out of or based
upon any untrue statement or alleged untrue statement of a material fact in any
disclosure document relating to the Notes or any amendments thereof or
supplements thereto, in any case, provided or approved by the Issuer (other than
statements provided by the Indemnitee expressly for inclusion therein) or
arising out of, or based upon, the omission or the alleged omission to state a
material fact necessary to make the statements therein or any amendment thereof
or supplement thereto, in light of the circumstances in which they were made,
not misleading (other than with respect to statements provided by the Indemnitee
expressly for inclusion therein).

          (b) Promptly after the receipt by an Indemnitee of a notice of the
commencement of any action against an Indemnitee, such Indemnitee will notify
the Agent and the Agent will, if a claim in respect thereof is to be made
against an Indemnitor pursuant to subsection 2.4(a), notify such Indemnitor in
writing of the commencement thereof; but the omission so to notify such party
will not relieve such party from any liability which it may have to such
Indemnitee pursuant to the preceding paragraph except to the extent the
Indemnitor is prejudiced by such failure. If any such action is brought against
an Indemnitee and it notifies an Indemnitor of its commencement, such Indemnitor
will be entitled to participate in and, to the extent that it so elects by
delivering written notice to the Indemnitee promptly after receiving notice of
the commencement of the action from the Indemnitee to assume the defense of any
such action, with a single counsel mutually satisfactory to such Indemnitor and
each affected Indemnitee. After receipt of such notice by an Indemnitor from an
Indemnitee, such Indemnitor will not be liable to such Indemnitee for any legal
or other expenses except as provided below and except for the reasonable costs
of investigation incurred by the Indemnitee in connection with the defense of
such action. Each Indemnitee will have the right to employ its own counsel in
any such action, but the fees, expenses and other charges of such counsel will
be at the expense of the such Indemnitee unless (i) the employment of such
counsel by such Indemnitee has been authorized in writing by such Indemnitor,
(ii) such Indemnitor shall have failed to assume the defense and employ counsel,
(iii) the named parties to any such action or proceeding (including any
impleaded parties) include both such Indemnitee and either an Indemnitor or
another person or entity that may be entitled to indemnification from an
Indemnitor (by virtue of this Section 2.4 or otherwise) and such Indemnitee
shall have been advised by counsel that there may be one or more legal defenses
available to such Indemnitee which are different from or additional to those
available to an Indemnitor or such other party or shall otherwise have
reasonably determined that the co-representation would present such counsel with
a conflict of interest (in which case the Indemnitor will not have the right to
direct the defense of such action on behalf of the Indemnitee). In any such case
described in clauses (i) through (iii) of the preceding sentence, the reasonable
fees, disbursements and other charges of counsel will be at the expense of the
Indemnitor; it being understood that in no event shall the Indemnitors be liable
for the fees, disbursements and other charges of more than one counsel (in
addition to any local counsel) for all Indemnitees in connection with any one
action or separate but similar or related actions arising out of the same
general allegations or circumstances. An Indemnitor shall not be liable for any
settlement of any such action, suit or proceeding effected without its written
consent, which shall not be unreasonably withheld, but if settled with the
written consent of an Indemnitor or if there shall be a final judgment for the
plaintiff in any such action, suit or proceeding, such Indemnitor agrees to
indemnify and hold harmless any Indemnitee to the extent set forth in this
letter from and against any loss, claim, damage, liability or reasonable expense
by reason of such settlement or judgment. No Indemnitor shall, without the prior
written consent

                                      -14-
<PAGE>

of an Indemnitee (not to be unreasonably withheld), settle or compromise or
consent to the entry of any judgment in any pending or threatened claim, action,
suit or proceeding in respect of which indemnification may be sought hereunder,
if such settlement, compromise or consent includes an admission of culpability
or wrong-doing on the part of such Indemnitee or the entry or an order,
injunction or other equitable or nonmonetary relief (including any
administrative or other sanctions or disqualifications) against such Indemnitee
or if such settlement, compromise or consent does not include an unconditional
release of such Indemnitee from all liability arising out of such claim, action,
suit or proceeding.

          (c) The obligations of Bluegreen under this Agreement shall be
absolute, unconditional and irrevocable and shall be performed strictly in
accordance with the terms of this Agreement. Without limiting the foregoing,
neither the lack of validity or enforceability of, or any modification to, any
Related Document nor the existence of any claim, setoff, defense (other than a
defense of payment) or other right which Bluegreen may have at any time against
the Agent, any Purchaser, any Support Party or any other Person, whether in
connection with any Related Document or any unrelated transactions, shall
constitute a defense to such obligations.

     Section 2.5. Amortization Events. If any Amortization Event (NPA) shall
occur and be continuing, (A) if such event is an Amortization Event (NPA)
specified in clause (i) or (ii) of paragraph (d) of the definition thereof, the
Commitment of each Committed Purchaser shall automatically be reduced to zero,
and (B) if such event is any other Amortization Event (NPA), with the consent of
the Required Purchasers and the Required Noteholders, the Agent may, or upon the
request of the Required Purchasers and the Required Noteholders, the Agent
shall, by notice to the Issuer, reduce the Commitments of each Committed
Purchaser to zero, whereupon the Commitments shall immediately be reduced to
zero.

     Section 2.6. Notification of Note Interest Rate. (a) On the third Business
Day immediately preceding each Determination Date, the Agent shall calculate the
Note Interest Rate and the Note Monthly Interest applicable to all Notes for the
applicable Interest Period and shall notify the Indenture Trustee and the
Servicer of such rate and amount by written notice. Such rate and amount shall
be calculated using an estimate of the Note Interest Rate, if necessary, for the
remaining days in such Interest Period.

          (b) On or before the third Business Day immediately preceding each
Determination Date, if the Agent shall have used an estimate of the Note
Interest Rate and Note Monthly Interest with respect to the preceding Interest
Period, the Agent shall compute the actual Note Interest Rate and Note Monthly
Interest applicable to the Notes for such Interest Period, and if the actual
Note Monthly Interest so computed (i) is greater than the estimated Note Monthly
Interest for such preceding Interest Period, the Note Monthly Interest so
calculated for the current Interest Period shall be increased by the amount of
such difference and (ii) is less than the estimated Note Monthly Interest for
such preceding Interest Period, the Note Monthly Interest so calculated for the
current Interest Period shall be decreased by the amount of such difference.

                                      -15-
<PAGE>

                       SECTION III. CONDITIONS PRECEDENT

     Section 3.1. Condition to Initial Purchase. The following shall be
conditions precedent to the initial purchase by any Purchaser of the Notes:

          (a) This Agreement and the Related Documents shall have become
effective in accordance with their respective terms.

          (b) All of the terms, covenants, agreements and conditions of this
Agreement, the Fee Letter and the Related Documents to be complied with and
performed by Bluegreen, the Seller, the Servicer, the Issuer, the Depositor, the
Owner Trustee or the Indenture Trustee, as the case may be, by the Closing Date
shall have been complied with in all material respects or otherwise waived by
the Agent.

          (c) Each of the representations and warranties of each of Bluegreen,
the Seller, the Servicer, the Issuer, the Depositor, the Owner Trustee or the
Indenture Trustee, as the case may be, made in this Agreement and in the Related
Documents shall be true and correct in all material respects as of the time of
the Closing Date as though made as of such time (except to the extent that they
expressly relate to an earlier or later time).

          (d) No amortization event or other termination event under any Related
Documents or event that with the giving of notice or lapse of time or both would
constitute such an amortization event or other termination event shall have
occurred and be continuing.

          (e) The Agent shall have received:

              (i) Certified copies of the resolutions of the Board of Directors
of each of Bluegreen and the Depositor approving this Agreement and the Related
Documents to which it is a party and any other documents contemplated thereby
and certified copies of all documents evidencing other necessary corporate
action and governmental approvals, if any, with respect to this Agreement and
the Related Documents to which it is a party and any other documents
contemplated thereby;

              (ii) An officer's certificate of each of Bluegreen, the Depositor
and the Owner Trustee, certifying the names and true signatures of the officers
authorized to sign this Agreement and the Related Documents and any other
documents to be delivered by it hereunder or thereunder;

              (iii) A copy of the bylaws of each of Bluegreen and the Depositor,
certified by an officer thereof;

              (iv) A certified copy of the charter of each of Bluegreen and the
Depositor, a certificate as to the good standing of Bluegreen from the Secretary
of State of the State of Massachusetts and a certificate as to the good standing
of the Depositor from the Secretary of State of the State of Delaware, in each
case dated as of a recent date;

                                      -16-
<PAGE>

              (v) Proper financing statements under the UCC of all jurisdictions
that the Agent may deem necessary or desirable in order to perfect the ownership
and security interests contemplated by the Sale and Servicing Agreement, the
Indenture and this Agreement;

              (vi) Acknowledgment copies of proper financing statements, if any,
necessary to release all security interests and other rights of any Person in
the Trust Estate previously granted by the Seller, the Depositor or the Issuer;

              (vii) Completed requests for information, dated on or before the
Closing Date, in all jurisdictions referred to in subsection (vi) above that
name the Issuer, the Depositor or Bluegreen as debtor, together with copies of
such other financing statements;

              (viii) A favorable opinion of counsel to Bluegreen, dated the
Closing Date, in form and substance satisfactory to the Agent;

              (ix) A favorable opinion of counsel to Vacation Trust, Inc., dated
the Closing Date, in form and substance satisfactory to the Agent re: corporate,
regulatory and insolvency matters;

              (x) A favorable written opinion of counsel to the Owner Trustee
and special Delaware counsel to the Issuer, dated the Closing Date, in form and
substance satisfactory to the Agent;

              (xi) A favorable written opinion of counsel to the Issuer, dated
the Closing Date, in form and substance satisfactory to the Agent;

              (xii) A favorable written opinion of internal counsel for the
Indenture Trustee, the Custodian and the Backup Servicer each dated the Closing
Date, as to general corporate matters and such other matters with respect to the
Indenture Trustee as the Agent may reasonably request,

              (xiii) A favorable written opinion of internal counsel for the
Backup Servicer dated the Closing Date as to general corporate matters and such
other matters with respect to the Backup Servicer as the Agent may reasonably
request,

              (xiv) A favorable written opinion of local counsels for the
Seller, dated as of the Closing Date regarding certain state timeshare law
matters, in form and substance satisfactory to the Agent regarding local law
matters;

              (xv) A copy of the documentation evidencing the release of all
liens attaching to the Receivables pursuant to previous financings;

              (xvi) Executed copies of each of the Related Documents; and

              (xvii) Such other documents, instruments, certificates and
opinions as the Agent may reasonably request including those set forth as the
closing list delivered to the Seller in connection with this transaction.

                                      -17-
<PAGE>

          (f) No action, suit, proceeding or investigation by or before any
Governmental Authority shall have been instituted to restrain or prohibit the
consummation by the Agent or the Purchasers of, or to invalidate, the
transactions contemplated by this Agreement or the Related Documents in any
material respect.

          (g) Each Noncommitted Purchaser shall have received the proceeds from
the issuance of its commercial paper sufficient to permit it to fund the
purchase of its interest in the Notes.

          (h) Each Noncommitted Purchaser shall have entered into total return
swaps with a swap counterparty in form and substance satisfactory to such
Structured Purchaser.

          (i) The Agent shall have received a report, satisfactory to the Agent
in its sole discretion, from an independent review company selected by the
Agent, confirming the accuracy of the information in the Operative Documents
with respect to the Receivables and the ability of the Servicer to perform its
obligations thereunder.

     Section 3.2. Condition to Borrowings. The following shall be conditions
precedent to each Borrowing hereunder:

          (a) The Issuer shall have timely delivered a notice of Borrowing
pursuant to subsection 2.1(c) of this Agreement;

          (b) The representations and warranties of Bluegreen, the Issuer and
the Depositor set forth or referred to in Section 4.1 and 4.2 hereof shall be
true and correct in all material respects on the date of such Borrowing as
though made on and as of such date (except where such representation or warranty
specifically relates to any earlier date, in which case such representation and
warranty shall have been true and correct in all material respects as of such
earlier date); no event which is, or upon the giving of notice, the lapse of
time or both would be, an Amortization Event (NPA) shall have occurred and be
continuing on such date;

          (c) Both immediately prior to and after giving effect to such
Borrowing and the application of the proceeds thereof as provided herein and in
the Indenture, the Outstanding Amount of the Notes shall not exceed the
Borrowing Base;

          (d) The conditions set forth in Section 10.1 of the Indenture with
respect to such Borrowing shall have been satisfied.

          (e) If the Agent waives any of the conditions set forth in Section 3.1
on the Closing Date, each such condition shall be satisfied on or before the
first Borrowing.

                   SECTION IV. REPRESENTATIONS AND WARRANTIES

     Section 4.1. Representations and Warranties of Bluegreen. Bluegreen hereby
represents and warrants to the Agent and the Purchasers that as of the date
hereof and the Closing Date and each Borrowing Date:

                                      -18-
<PAGE>

          (a) It is a corporation validly existing and in good standing under
the laws of the State of Massachusetts, with full power and authority under such
laws to own its properties and conduct its business as such properties are
currently owned and such business is currently conducted and to execute, deliver
and perform its obligations under this Agreement and the Related Documents to
which it is a party.

          (b) It has the power, authority and right to make, execute, deliver
and perform this Agreement and the Related Documents to which it is a party and
all the transactions contemplated hereby and thereby and has taken all necessary
action to authorize the execution, delivery and performance of this Agreement
and the Related Documents to which it is a party. When executed and delivered,
each of this Agreement and the Related Documents to which it is a party will
constitute its legal, valid and binding obligations, enforceable in accordance
with their respective terms, subject, as to such enforceability, to applicable
bankruptcy, reorganization, insolvency, moratorium and other laws relating to or
affecting creditors' rights generally from time to time in effect. The
enforceability of its obligations under such agreements may also be limited by
general principles of equity, regardless of whether such enforceability is
considered in a proceeding in equity or at law, and no representation or
warranty is made with respect to the enforceability of its obligations under any
indemnification provisions in such agreements to the extent that indemnification
is sought in connection with securities laws violations.

          (c) No consent, license, approval or authorization of, or registration
with, any Governmental Authority is required to be obtained in connection with
the execution, delivery or performance of each of this Agreement and the Related
Documents to which it is a party that has not been duly obtained and that is not
and will not be in full force and effect on the Closing Date, except such that
may be required by applicable securities laws or UCC-1 Financing Statements as
have been prepared for filing.

          (d) The execution, delivery and performance of each of this Agreement
and the Related Documents to which it is a party do not violate any provision of
any existing law or regulation applicable to it, any order or decree of any
court to which it is subject, its charter or By-laws, or any mortgage,
indenture, contract or other agreement to which it is a party or by which it or
any significant portion of its properties is bound (other than violations of
such laws, regulations, orders, decrees, mortgages, indentures, contracts and
other agreements that, individually or in the aggregate, would not have a
material adverse effect on its ability to perform its obligations under this
Agreement or the Related Documents to which it is a party).

          (e) There is no litigation or administrative proceeding before any
court, tribunal or governmental body pending or, to its knowledge, threatened
against it, with respect to this Agreement, the Related Documents to which it is
a party, the transactions contemplated hereby or thereby or the issuance of the
Notes, and there is no such litigation or proceeding against it or any
significant portion of its properties that would have a material adverse effect
on the transactions contemplated by, or its ability to perform its obligations
under, this Agreement or the Related Documents to which it is a party.

          (f) It has delivered to the Agent complete and correct copies of its
audited financial statements for the years ended on or about March 31, 2001,
March 31, 2000

                                      -19-
<PAGE>

and March 31, 1999 and unaudited financial statements for the period ended on or
about December 31, 2001.

          (g) No report, statement, exhibit or other written information
required to be furnished by Bluegreen or any of its Affiliates, agents or
representatives to the Agent or any Purchaser pursuant to this Agreement or the
Related Documents is or shall be inaccurate in any material respect, or contains
or shall contain any material misstatement of fact, or omits or shall omit to
state a material fact or any fact necessary to make the statements contained
therein not misleading, in each case, as of the date it is or shall be dated or
(except as otherwise disclosed to the Agent or any Purchaser, as the case may
be, at such time) as of the date so furnished.

          (h) Each of the Related Documents to which it is a party is in full
force and effect and no amortization, termination or other event or circumstance
has occurred thereunder or in connection therewith that could reasonably be
expected to result in the termination of any such agreement or any other
interruption of the ongoing performance by the parties to each such agreement of
their respective obligations thereunder.

          (i) Bluegreen repeats and reaffirms to the Agent and the Noteholders
each of the representations and warranties of Bluegreen in the Related Documents
to which it is a party and each other document delivered in connection therewith
or herewith, and represents that such representations and warranties are true
and correct in all material respects (except where such representation or
warranty specifically relates to any earlier date, in which case such
representation and warranty is repeated and affirmed as of such earlier date).

          (j) Based upon the Investment Letters of the Purchasers, the
representation letter from GSS Holdings, Inc. and compliance with the terms of
this Agreement and the Related Documents, the sale of the Notes pursuant to the
terms of this Agreement and the Indenture will not require the registration of
such Notes under the Securities Act.

          (k) All tax returns (federal, state and local) required to be filed
with respect to Bluegreen have been filed (which filings may be made by an
Affiliate of Bluegreen on a consolidated basis covering Bluegreen and other
Persons) and there has been paid or adequate provision made for the payment of
all taxes, assessments and other governmental charges in respect of Bluegreen
(or in the event consolidated returns have been filed, with respect to the
Persons subject to such returns) and any taxes for which adequate provision has
not been made would not have a material effect on Bluegreen's ability to perform
its obligations hereunder.

          (l) Based upon the Investment Letters of the Purchasers, the
representation letter from GSS Holdings, Inc. and compliance with the terms of
this Agreement and the Related Documents, the Indenture is not required to be
qualified under the Trust Indenture Act of 1939, as amended and none of
Bluegreen, the Depositor or the Issuer is required to be registered under the
Investment Company Act of 1940, as amended.

          (m) There has not been any material adverse change in the business,
operations, financial condition, properties or assets of Bluegreen since the
fiscal year ended March 31, 2001.

                                      -20-
<PAGE>

          (n) The chief executive office of Bluegreen is at the address
indicated on the signature page hereof.

          (o) Since December 31, 2001 (except as approved by the Agent in
writing), there have been no material changes in the Credit and Collection
Policy.

          (p) As of the date hereof: (i) Bluegreen has only the subsidiaries and
divisions listed on Schedule IV to the Sale and Servicing Agreement; and (ii)
Bluegreen has, within the last five (5) years, operated only under the
tradenames identified in Schedule IV to the Sale and Servicing Agreement, and,
within the last five (5) years, has not changed its name, merged with or into or
consolidated with any other corporation or been the subject of any proceeding
under Title 11, United States Code (Bankruptcy), except as disclosed in such
Schedule IV.

          (q) Bluegreen and each Affiliate thereof is in compliance in all
material respects with ERISA and no lien in favor of the Pension Benefit
Guaranty Corporation on any of the Receivables shall exist.

          (r) The names and addresses of all the Lock-Box Banks, together with
the account numbers of the Lock-Box Accounts at such Lock-Box Banks, are
specified in Schedule III to the Sale and Servicing Agreement (or at such other
Lock-Box Banks and/or with such other Lock-Box Accounts as have been notified to
the Administrative Agent). All Obligors will be instructed to make payment to a
Lock-Box Account in accordance with the Sale and Servicing Agreement.

          (s) For clarity, it is understood that the Receivables, related
Receivables Documents and other Assets will be conveyed by the Seller to the
Depositor and by the Depositor to the Issuer pursuant to the Sale and Servicing
Agreement without recourse, representation on warranty except as expressly
provided therein. Without limiting the foregoing, none of the Seller, the
Depositor or any of their respective subsidiaries shall be responsible for
payments on the Receivables, and any other credit risks associated therewith
shall be borne by the Issuer and the holders of any obligations of the Issuer.

     Section 4.2. Representations and Warranties of the Issuer. The Issuer
hereby represents and warrants to the Agent and the Purchasers that as of the
date hereof and the Closing Date and each Borrowing Date:

          (a) It is a business trust validly existing and in good standing under
the laws of the State of Delaware, with full power and authority under such laws
to own its properties and conduct its business as such properties are currently
owned and such business is currently conducted and to execute, deliver and
perform its obligations under this Agreement and the Related Documents to which
it is a party.

          (b) It has the power, authority and right to make, execute, deliver
and perform this Agreement and the Related Documents to which it is a party and
all the transactions contemplated hereby and thereby and has taken all necessary
action to authorize the execution, delivery and performance of this Agreement
and the Related Documents to which it is a party. When executed and delivered,
each of this Agreement and the Related Documents to which it is

                                      -21-
<PAGE>

a party will constitute its legal, valid and binding obligations, enforceable in
accordance with their respective terms, subject, as to such enforceability, to
applicable bankruptcy, reorganization, insolvency, moratorium and other laws
relating to or affecting creditors' rights generally from time to time in
effect. The enforceability of its obligations under such agreements may also be
limited by general principles of equity, regardless of whether such
enforceability is considered in a proceeding in equity or at law, and no
representation or warranty is made with respect to the enforceability of its
obligations under any indemnification provisions in such agreements to the
extent that indemnification is sought in connection with securities laws
violations.

          (c) No consent, license, approval or authorization of, or registration
with, any Governmental Authority is required to be obtained in connection with
the execution, delivery or performance of each of this Agreement and the Related
Documents to which it is a party that has not been duly obtained and that is not
and will not be in full force and effect on the Closing Date, except such that
may be required by applicable securities laws or UCC-1 Financing Statements as
have been prepared for filing.

          (d) The execution, delivery and performance of each of this Agreement
and the Related Documents to which it is a party do not violate any provision of
any existing law or regulation applicable to it, any order or decree of any
court to which it is subject, the Trust Agreement, or any mortgage, indenture,
contract or other agreement to which it is a party or by which it or any
significant portion of its properties is bound (other than violations of such
laws, regulations, orders, decrees, mortgages, indentures, contracts and other
agreements that, individually or in the aggregate, would not have a material
adverse effect on its ability to perform its obligations under this Agreement or
the Related Documents to which it is a party).

          (e) There is no litigation or administrative proceeding before any
court, tribunal or governmental body pending or, to its knowledge, threatened
against it, with respect to this Agreement the Related Documents to which it is
a party, the transactions contemplated hereby or thereby or the issuance of the
Notes, and there is no such litigation or proceeding against it or any
significant portion of its properties that would have a material adverse effect
on the transactions contemplated by, or its ability to perform its obligations
under, this Agreement or the Related Documents to which it is a party.

          (f) No report, statement, exhibit or other written information
required to be furnished by it or any of its Affiliates, agents or
representatives to the Agent or any Purchaser pursuant to this Agreement or the
Related Documents is or shall be inaccurate in any material respect, or contains
or shall contain any material misstatement of fact, or omits or shall omit to
state a material fact or any fact necessary to make the statements contained
therein not misleading, in each case, as of the date it is or shall be dated or
(except as otherwise disclosed to the Agent or any Purchaser, as the case may
be, at such time) as of the date so furnished.

          (g) The Notes have been duly and validly authorized, and, when
executed and authenticated in accordance with the terms of the Indenture and
delivered to and paid for in accordance with this Agreement, will be duly and
validly issued and outstanding, and will be entitled to the benefits of the
Indenture, this Agreement and the other Related Documents.

                                      -22-
<PAGE>

          (h) Each of the Related Documents to which it is a party is in full
force and effect and no amortization, termination or other event or circumstance
has occurred thereunder or in connection therewith that could reasonably be
expected to result in the termination of any such agreement or any other
interruption of the ongoing performance by the parties to each such agreement of
their respective obligations thereunder.

          (i) The Issuer repeats and reaffirms to the Agent and the Noteholders
each of the representations and warranties of the Issuer in the Related
Documents to which it is a party and each other document delivered in connection
therewith or herewith, and represents that such representations and warranties
are true and correct in all material respects (except where such representation
or warranty specifically relates to any earlier date, in which case such
representation and warranty is repeated and affirmed as of such earlier date).

          (j) Any taxes, fees and other charges of Governmental Authorities
applicable to it, except for franchise or income taxes, in connection with the
execution, delivery and performance by it of this Agreement and the Related
Documents to which it is a party or otherwise applicable to it in connection
with the transactions contemplated hereby or thereby have been paid or will be
paid at or prior to the Closing Date to the extent then due.

          (k) Any taxes, fees and other charges of Governmental Authorities
applicable to it, except for franchise or income taxes, in connection with the
execution, delivery and performance by it of this Agreement and the other
Related Documents to which it is a party or otherwise applicable to it in
connection with the transactions contemplated hereby or thereby have been paid
or will be paid at or prior to the Closing Date to the extent then due.

     Section 4.3. Representations and Warranties of the Depositor. The
Depositor hereby represents and warrants, that as of the date hereof and the
Closing Date:

          (a) It is a corporation validly existing and in good standing under
the laws of the State of Delaware, with full power and authority under such laws
to own its properties and conduct its business as such properties are currently
owned and such business is currently conducted and to execute, deliver and
perform its obligations under this Agreement and the Related Agreements to which
it is a party.

          (b) It has the power, authority and right to make, execute, deliver
and perform this Agreement and the Related Agreements to which it is a party and
all the transactions contemplated hereby and thereby and has taken all necessary
action to authorize the execution, delivery and performance of this Agreement
and the Related Agreements to which it is a party. When executed and delivered,
each of this Agreement and the Related Agreements to which it is a party will
constitute its legal, valid and binding obligations, enforceable in accordance
with their respective terms, subject, as to such enforceability, to applicable
bankruptcy, reorganization, insolvency, moratorium and other laws relating to or
affecting creditors' rights generally from time to time in effect. The
enforceability of its obligations under such agreements may also be limited by
general principles of equity, regardless of whether such enforceability is
considered in a proceeding in equity or at law, and no representation or
warranty is made with respect to the enforceability of its obligations under any
indemnification provisions

                                      -23-
<PAGE>

in such agreements to the extent that indemnification is sought in connection
with securities laws violations.

          (c) No consent, license, approval or authorization of, or registration
with, any Governmental Authority is required to be obtained in connection with
the execution, delivery or performance of each of this Agreement and the Related
Documents to which it is a party that has not been duly obtained and that is not
and will not be in full force and effect on the Closing Date, except such that
may be required by applicable securities laws or UCC-1 Financing Statements as
have been prepared for filing.

          (d) The execution, delivery and performance of each of this Agreement
and the Related Agreements to which it is a party do not violate any provision
of any existing law or regulation applicable to it, any order or decree of any
court to which it is subject, its charter or By-laws, or any mortgage,
indenture, contract or other agreement to which it is a party or by which it or
any significant portion of its properties is bound (other than violations of
such laws, regulations, orders, decrees, mortgages, indentures, contracts and
other agreements that, individually or in the aggregate, would not have a
material adverse effect on its ability to perform its obligations under this
Agreement or the Related Agreements to which it is a party).

          (e) There is no litigation or administrative proceeding before any
court, tribunal or governmental body pending or, to its knowledge, threatened
against it, with respect to this Agreement, the Related Agreements to which it
is a party, the transactions contemplated hereby or thereby or the issuance of
the Notes, and there is no such litigation or proceeding against it or any
significant portion of its properties that would have a material adverse effect
on the transactions contemplated by, or its ability to perform its obligations
under, this Agreement or the Related Agreements to which it is a party.

          (f) No report, statement, exhibit or other written information
required to be furnished by it or any of its Affiliates, agents or
representatives to the gent or any Purchaser pursuant to this Agreement or the
Related Agreements is or shall be inaccurate in any material respect, or
contains or shall contain any material misstatement of fact, or omits or shall
omit to state a material fact or any fact necessary to make the statements
contained therein not misleading, in each case, as of the date it is or shall be
dated or (except as otherwise disclosed to the gent or any Purchaser, as the
case may be, at such time) as of the date so furnished.

          (g) The Notes have been duly and validly authorized, and, when
executed and authenticated in accordance with the terms of the Indenture and
delivered to and paid for in accordance with this Agreement, will be duly and
validly issued and outstanding, and will be entitled to the benefits of the
Indenture, this Agreement and the other Related Agreements.

          (h) Each of the Related Agreements to which it is a party is in full
force and effect and no default or other event or circumstance has occurred
thereunder or in connection therewith that could reasonably be expected to
result in the termination of any such agreement or any other interruption of the
ongoing performance by the parties to each such agreement of their respective
obligations thereunder.

                                      -24-
<PAGE>

          (i) The Depositor repeats and reaffirms to the Agent and the
Noteholders each of the representations and warranties of the Depositor in the
Related Documents to which it is a party and each other document delivered in
connection therewith or herewith, and represents that such representations and
warranties are true and correct in all material respects (except where such
representation or warranty specifically relates to any earlier date, in which
case such representation and warranty are repeated and affirmed as of such
earlier date).

          (j) Any taxes, fees and other charges of Governmental Authorities
applicable to it, except for franchise or income taxes, in connection with the
execution, delivery and performance by it of this Agreement and the Related
Agreements to which it is a party or otherwise applicable to it in connection
with the transactions contemplated hereby or thereby have been paid or will be
paid at or prior to the Closing Date to the extent then due.

          (k) The chief executive office of the Depositor is at the address
indicated in Section 9 hereof.

                              SECTION V. COVENANTS

     Section 5.1. Covenants. Each of the Seller, the Servicer, the Depositor and
the Issuer, each solely as to itself, covenants and agrees with the Agent and
the Purchasers, through the Facility Termination Date and thereafter so long as
any amount of the Notes shall remain outstanding or any monetary obligation
arising hereunder shall remain unpaid, unless the Required Noteholders and the
Required Purchasers shall otherwise consent in writing, that:

          (a) it shall perform in all material respects each of the respective
agreements and indemnities applicable to it and comply in all material respects
with each of the respective terms and provisions applicable to it under the
other Related Documents to which it is party, which agreements and indemnities
are hereby incorporated by reference into this Agreement as if set forth herein
in full; it shall, to the extent any other party shall fail to perform any of
its obligations in the Related Documents, take all reasonable action to enforce
the obligations of each of the other parties to such Related Documents which are
contained therein;

          (b) the Issuer and the Servicer shall furnish to the Agent a copy of
each opinion, certificate, report, statement, notice or other communication
(other than investment instructions) relating to the Notes which is furnished by
or on behalf of it to the other or to the Indenture Trustee and furnish to the
Agent after receipt thereof, a copy of each notice, demand or other
communication relating to the Notes, this Agreement or the Indenture received by
the Issuer or the Servicer from the Indenture Trustee, the Depositor or the
Seller; and (ii) such other information, documents records or reports respecting
the Collateral, the Seller, the Depositor, the Issuer or the Servicer as the
Agent may from time to time reasonably request;

          (c) the Issuer shall furnish to the Agent on or before the date such
reports are due under the Indenture copies of each of the reports and
certificates required by Sections 3.9 and 3.14 of the Indenture;

                                      -25-
<PAGE>

          (d) the Issuer shall promptly furnish to the Agent a copy, addressed
to the Agent, of each opinion of counsel delivered to the Indenture Trustee
pursuant to Section 3.6 of the Indenture;

          (e) Bluegreen shall not permit a Servicer Termination Event under
Section 6.1(a)(x) of the Sale and Servicing Agreement to occur;

          (f) Bluegreen shall continue to engage in business of the same general
type as now conducted with respect to the Receivables by it and preserve, renew
and keep in full force and effect its existence and take all reasonable action
to maintain all rights, privileges and franchises necessary or desirable in the
normal conduct of its business; and comply with all Requirements of Law except
where the failure to be so qualified could reasonably be expected to have a
material adverse affect on Bluegreen;

          (g) the Issuer, the Depositor, the Seller and the Servicer shall at
the expense of the Seller and at any time from time to time during regular
business hours, on reasonable notice to the Issuer, the Depositor, the Seller or
the Servicer, as the case may be, permit the Agent, or its agents or
representatives to:

              (i) examine all books, records and documents (including computer
tapes and disks) in its possession or under its control; and

              (ii) visit its offices and property for the purpose of examining
such materials described in clause (i) above.

          (h) the Issuer and the Servicer shall furnish to the Agent, promptly
after the occurrence of any event which is, or upon the giving of notice, the
lapse of time or both would be, an Amortization Event (NPA), a certificate of an
appropriate officer of the Issuer or the Servicer, as the case may be, setting
forth the circumstances of such event and any action taken or proposed to be
taken by the Issuer or the Servicer with respect thereto;

          (i) it shall timely make all payments, deposits or transfers and give
all instructions to transfer required by this Agreement and the Indenture;

          (j) it shall execute and deliver to the Agent or the Indenture Trustee
all such documents and instruments and do all such other acts and things as may
be necessary or reasonably required by the Agent or the Indenture Trustee to
enable the Agent or the Indenture Trustee to exercise and enforce their
respective rights under the Related Documents and to realize thereon, and record
and file and rerecord and refile all such documents and instruments, at such
time or times, in such manner and at such place or places, all as may be
necessary or required by the Indenture Trustee or the Agent to validate,
preserve, perfect and protect the position of the Indenture Trustee under the
Indenture provided no such action shall be inconsistent with the Indenture or
contrary to Instructions of the Indenture Trustee;

          (k) neither the Depositor nor the Issuer will consolidate with or
merge into any other Person or convey or transfer its properties and assets
substantially as an entirety to any Person, except (i) in accordance with the
Indenture and (ii) with the prior written consent of the Required Noteholders
and the Required Purchasers;

                                      -26-
<PAGE>

          (l) Bluegreen will not resign as Servicer, unless (A) the performance
of its duties under the Sale and Servicing Agreement is no longer permissible
pursuant to Requirements of Law and there is no reasonable action which it could
take to make the performance of such duties permissible under such Requirements
of Law, or (B) the Required Noteholders and the Required Purchasers shall have
consented thereto;

          (m) Bluegreen shall furnish to each Purchaser and the Agent:

              (i) (A) for so long as Bluegreen is a reporting company under the
`34 Act, each report on Form 8-K, Form 10-K or Form 10-Q required to be filed
with the Securities and Exchange Commission by Bluegreen and (B) if Bluegreen is
no longer a reporting company under the `34 Act, (1) as soon as available and in
any event within 45 days after the end of each fiscal quarter, the balance sheet
of Bluegreen and its subsidiaries as of the end of such quarter and statements
of income and retained earnings of Bluegreen and its subsidiaries for the period
commencing at the end of the previous fiscal year and ending with the end of
such quarter, certified by the chief financial officer of Bluegreen and (2) as
soon as available and in any event within 90 days after the end of each fiscal
year of Bluegreen, a copy of the financial statements of Bluegreen and its
subsidiaries for such year accompanied by an audit report of a nationally
recognized firm of independent certified public accountants (or such other firm
of independent certified public accountants acceptable to the Agent) which
report shall be unqualified as to going concern and scope of audit and shall
state that such consolidated financial statements present fairly the financial
position of Bluegreen and each of its subsidiaries at the dates indicated and
the results of their operations and their cash flow for the periods indicated is
in conformity with generally accepted accounting principles and that the
examination had been made in accordance with generally accepted auditing
standards;

              (ii) A copy of each certificate, opinion, report, notice or other
communication (other than investment instructions) furnished by or on behalf of
Bluegreen or the Issuer to the Indenture Trustee under the Related Documents,
concurrently therewith, and promptly after receipt thereof, a copy of each
notice, demand or other communication received by or on behalf of Bluegreen, the
Depositor or the Issuer under the Related Documents; and

              (iii) Such other information (including financial information),
documents, records or reports respecting the Notes, the Trust Estate, Bluegreen,
the Depositor or the Issuer as the Agent may from time to time reasonably
request.

          (n) Bluegreen shall not make, or permit any Person within its control
to make, any material amendment, modification or change to, or provide any
material waiver under, the Indenture or the other Related Documents without the
prior written consent of the Agent.

          (o) Bluegreen will comply in all material respects with the Credit and
Collection Policy in regard to each Receivable. Bluegreen shall (i) notify the
Agent ten (10) days prior to any amendment of or change in the Credit and
Collection Policy and (ii) obtain the Agent's written consent prior to any such
amendment or change (which consent will not be unreasonably withheld or
delayed); provided that Bluegreen may immediately implement any changes (and
provide notice to the Agent subsequent thereto) as may be required under

                                      -27-
<PAGE>

applicable law from time to time upon the reasonable determination of Bluegreen.
The underwriting, credit scoring, approval, servicing and collection policies
and procedures applied to Receivables originated by independent third parties
shall be in accordance with the Credit and Collection Policy and in no event
shall such Receivables be underwritten, credit scored, approved, serviced and
collected more leniently or less stringently than those procedures applied to
Receivables originated by Bluegreen or an Affiliate.

          (p) The Seller shall cause to be delivered to the Agent, within thirty
(30) days following the end of each fiscal quarter of the Seller, the written
report of a review conducted pursuant to Section 7 of the Custodial Agreement as
of the last day of such fiscal quarter by an independent auditor acceptable to
the Agent of a random sampling of Receivables that are held by the Custodian,
together with all related Receivables Documents held by the Custodian; provided,
however, that the Agent, in its sole discretion, can request that such written
report be conducted other than quarterly and that the Seller shall cause such
written report to be delivered to the Agent no later than the later of (i)
thirty days after such request by the Agent or (ii) the fifth Business Day after
the completion of the related audit procedures.

          (q) To the extent it has not previously done so, Bluegreen shall
instruct all Obligors to cause all Collections to be deposited directly to a
Lock-Box Account. Bluegreen shall hold in trust, and deposit, immediately, but
in any event not later than two (2) Business Days of its receipt thereof, to a
Lock-Box Account all Collections received from time to time by it.

          (r) Bluegreen shall deliver all the Receivables and the Related
Security to the Custodian pursuant to the terms of the Custodial Agreement.

          (s) Bluegreen shall notify the Agent within five (5) Business Days of
obtaining knowledge thereof, of any fraudulent activity or theft in the
origination or servicing of Receivables that results or may result in a loss of
at least $250,000.

          (t) Except as otherwise provided herein, neither Bluegreen, the
Depositor nor the Issuer will sell, assign (by operation of law or otherwise) or
otherwise dispose of, or create or suffer to exist any Adverse Claim upon (or
the filing of any financing statement) or with respect to, any Receivable, or
upon or with respect to any account which concentrates in a Lock-Box Bank to
which any Collections of any Receivable are sent, or assign any right to receive
income in respect thereof.

          (u) Except as otherwise permitted in the Sale and Servicing Agreement
or with the prior written consent of the Agent, Bluegreen will not extend, amend
or otherwise modify the terms of any Receivable, or amend, modify or waive any
term or condition of any contract related thereto.

          (v) Neither Bluegreen nor the Servicer will add or terminate any bank
as a Lock-Box Bank or any account as a Lock-Box Account to or from those listed
in Schedule III to the Sale and Servicing Agreement or make any change in its
instructions to Obligors regarding payments to be made to any Lock-Box Account,
unless (i) such instructions are to

                                      -28-
<PAGE>

deposit such payments to another existing Lock-Box Account or (ii) the Agent
shall have received written notice of such addition, termination or change at
least 30 days prior thereto.

          (w) None of the Seller, the Depositor or the Issuer will change its
name, identity or structure or its chief executive office, unless at least 30
days prior to the effective date of any such change such person delivers to the
Indenture Trustee and the Agent UCC financing statements, executed by such
Person necessary to reflect such change and to continue the perfection of the
Indenture Trustee's interest in the Receivables.

          (x) The Depositor covenants and agrees with the Agent and the
Purchasers that, unless the Agent shall otherwise consent in writing:

              (i) It shall conduct its business solely in its own name through
its duly authorized officers or agents so as not to mislead others as to the
identity of the entity with which such persons are concerned, and shall avoid
the appearance that it is conducting business on behalf of any Affiliate thereof
or that its assets are available to pay the creditors of Bluegreen or any
Affiliate thereof (other than as expressly provided herein).

              (ii) It shall maintain corporate records and books of account
separate from those of Bluegreen and any Affiliate (other than, in the case of
the Depositor, itself) thereof.

              (iii) It shall obtain proper authorization for all action
requiring such authorization.

              (iv) It shall pay its own operating expenses and liabilities from
its own funds and shall conduct its business from an office or designated area
separate from Bluegreen or any Affiliate thereof.

              (v) In the case of the Depositor, the annual financial statements
of Bluegreen shall disclose the effects of the transactions contemplated hereby
in accordance with generally accepted accounting principles.

              (vi) Its resolutions, agreements and other instruments underlying
the transactions described in this Agreement shall be continuously maintained by
it as part of its official records.

              (vii) It shall maintain an arm's-length relationship with
Bluegreen and its Affiliates (other than, in the case of the Depositor, itself),
and shall not hold itself out as being liable for the debts of Bluegreen or any
of its Affiliates (other than, in the case of the Depositor, itself).

              (viii) It shall keep its assets and liabilities separate from
those of all other entities other than as permitted herein.

              (ix) It shall not maintain bank accounts or other depository
accounts to which any Affiliate is an account party or from which any Affiliate
has the power to make withdrawals.

                                      -29-
<PAGE>

              (x) It shall not amend, supplement or otherwise modify its
organizational documents, except in accordance therewith and with the prior
written consent of the Agent.

              (xi) It shall not create, incur, assume or suffer to exist any
indebtedness on which it is obligated, except as contemplated by this Agreement
and the other Related Documents. It shall not assume, guarantee, endorse or
otherwise be or become directly or contingently liable for the obligations of
any Person by, among other things, agreeing to purchase any obligation of
another Person (other than the Receivables), agreeing to advance funds to such
Person or causing or assisting such Person to maintain any amount of capital. It
shall not be party to any indenture, agreement, mortgage, deed of trust or other
instrument other than this Agreement and the other Related Documents.

              (xii) It shall not enter into, or be a party to any transaction
with any of its Affiliates, except as contemplated by this Agreement and the
other Related Documents.

              (xiii) It shall observe all procedures required by its
organizational documents and preserve and maintain its existence, rights,
franchises and privileges in the jurisdiction of its formation and qualify and
remain qualified in good standing in each jurisdiction where the failure to
preserve and maintain such existence, rights, franchises, privileges and
qualifications would materially adversely affect the interests hereunder of the
Purchasers or the Agent or its ability to perform its obligations hereunder.

              (xiv) It shall not form, or cause to be formed, any subsidiaries;
or make or suffer to exist any loans or advances to, or extend any credit to, or
make any investments (by way of transfer of property, contributions to capital,
purchase of stock or securities or evidences of indebtedness (other than the
Receivables), acquisition of the business or assets, or otherwise) in, any
Affiliate or any other Person except as otherwise permitted herein.

              SECTION VI. INCREASED COSTS, INCREASED CAPITAL, ETC.

     Section 6.1. Increased Costs. Subject to the provisions of Section 6.4, if,
due to the introduction of or any change (including any change by way of
imposition or increase of reserve requirements) in or in the Interpretation of
any law or regulation or the imposition of any guideline or request from any
central bank or other Governmental Authority after the date hereof, there shall
be an increase in the cost to an Affected Party of making, funding or
maintaining any investment in the Notes or any interest therein or of agreeing
to purchase or invest in the Notes or any interest therein, as the case may be
(other than by reason of any Interpretation of or change in laws or regulations
relating to Taxes or Excluded Taxes), the Issuer shall, upon written demand by
such Affected Party (or, if such Affected Party is not a Purchaser, by the
Purchaser from whom such Affected Party derives its rights) (with a copy to the
Agent), direct the Indenture Trustee in writing to pay to the Agent for the
benefit of such Affected Party (as a third party beneficiary, in the case of an
Affected Party that is not also a Purchaser hereunder) that portion of such
increased costs incurred which such Affected Party reasonably determines is
attributable to making, funding or maintaining any investment in the Notes or
any

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<PAGE>

interest therein or agreeing to purchase or invest in the Notes or any interest
therein, as the case may be. In determining such amount, such Affected Party may
use any reasonable averaging and attribution methods, consistent with the
averaging and attribution methods generally used by such Affected Party in
determining amounts of this type. A certificate as to such increased costs
incurred submitted to the Issuer and the Agent, setting forth the calculation
thereof in reasonable detail, shall be prima facie evidence as to the amount of
such increased costs. Any Affected Party that incurs such increased costs as
described in this Section 6.1 (or, if such Affected Party is not a Purchaser,
the Purchaser from whom such Affected Party derives its rights) shall use its
best efforts (consistent with its internal policy and legal and regulatory
restrictions) to take such steps as would eliminate or reduce the amount of such
increased costs; provided that no such steps shall be required to be taken if,
in the reasonable judgment of such Affected Party, such steps would be
materially disadvantageous to such Affected Party.

     Section 6.2. Increased Capital. Subject to the provisions of Section 6.4,
if the introduction of or any change in or in the Interpretation of any law or
regulation or the imposition of any guideline or request from any central bank
or other Governmental Authority after the date hereof, affects or would affect
the amount of capital required or expected to be maintained by any Affected
Party after the date hereof, and such Affected Party determines that the amount
of such capital is increased as a result of (i) the existence of such Affected
Party's agreement to make or maintain an investment in the Notes or any interest
therein or (ii) the existence of any agreement by such Affected Party to make or
maintain an investment in the Notes or any interest therein or to fund any such
investment after the date hereof, then, upon written demand by such Affected
Party (or, if such Affected Party is not a Purchaser, by the Purchaser from whom
such Affected Party derives its rights) (with a copy to the Agent), the Issuer
shall direct the Indenture Trustee in writing to pay to the Agent for the
benefit of such Affected Party (as a third party beneficiary, in the case of an
Affected Party that is not also a Purchaser hereunder), additional amounts, as
specified by such Affected Party, sufficient to compensate such Affected Party
in light of such circumstances, to the extent that such Affected Party
reasonably determines such increase in capital to be allocated to the existence
of such Affected Party's agreement described in clause (i) above or the
commitments of such Affected Party described in clause (ii) above. In
determining such amounts, such Affected Party may use any reasonable averaging
and attribution methods, consistent with the averaging and distribution methods
generally used by such Affected Party in determining amounts of this type. A
certificate as to such amounts submitted to the Issuer and the Agent by such
Affected Party (or, if such Affected Party is not a Purchaser, by the Purchaser
from whom such Affected Party derives its rights), setting forth the calculation
thereof in reasonable detail, shall be prima facie evidence of the amounts so
owed. Any Affected Party that is entitled to compensation for increases in
capital as described in this Section 6.2 shall use its best efforts (consistent
with its internal policy and legal and regulatory restrictions) to take such
steps as would eliminate or reduce the amount of such compensation; provided
that no such steps shall be required to be taken if, in the reasonable judgment
of such Affected Party, such steps would be materially disadvantageous to such
Affected Party.

     Section 6.3. Taxes. (a) Any and all payments and deposits required to be
made hereunder or under the Indenture or the Sale and Servicing Agreement to or
for the benefit of a Purchaser shall be made, to the extent allowed by law, free
and clear of and without deduction for any and all present or future taxes,
levies, imposts, deductions, charges or withholdings, and

                                      -31-
<PAGE>

all liabilities with respect thereto, excluding taxes, levies, imposts,
deductions, charges or withholdings imposed on, or measured by reference to, the
net income of such Purchaser, franchise taxes imposed on such Purchaser, and
taxes (other than withholding taxes), levies, imposts, deductions, charges or
withholdings imposed on the receipt or gross receipts of such Purchaser by any
of (i) the United States or any State thereof, (ii) the state or foreign
jurisdiction under the laws of which such Purchaser is organized, with which it
has a present or former connection (other than solely by reason of this
Agreement), or in which it is otherwise doing business or (iii) any political
subdivision thereof (all such excluded items being referred to as "Excluded
Taxes" and all such taxes, levies, imposts, deductions, charges, withholdings
and liabilities other than Excluded Taxes being referred to as "Taxes"). If the
Indenture Trustee, as directed by the Agent, shall be required by law to deduct
any Taxes from or in respect of any sum required to be paid or deposited
hereunder or under any instrument delivered hereunder to or for the benefit of a
Purchaser (A) subject to Section 6.4 below, such sum shall be increased as may
be necessary so that after making all required deductions (including deductions
applicable to additional sums required to be paid or deposited under this
Section 6.3) the amount received by such Purchaser, or otherwise deposited
hereunder or under such instrument, shall be equal to the sum which would have
been so received or deposited had no such deductions been made, (B) the
Indenture Trustee, as directed by the Agent, shall make such deductions and (C)
the Indenture Trustee, as directed by the Agent, shall pay the full amount of
such deductions to the relevant taxation authority or other authority in
accordance with applicable laws.

          (b) Subject to the limitations set forth in subsection 6.3(d) and
Section 6.4 below, the Issuer shall direct the Indenture Trustee to indemnify
each Noteholder for the full amount of Taxes (including any Taxes imposed by any
jurisdiction on amounts payable under this Section 6.3) paid by such Noteholder
due to the modification of or any change in or in the interpretation or
administration by any governmental or regulatory agency or body charged with the
interpretation or administration of any law or regulation relating to Taxes
after the date hereof (including penalties, interest and expenses) arising
therefrom or required to be paid with respect thereto. Each Noteholder (or, if
such Noteholder is not a Purchaser, the Purchaser from whom such Noteholder
derives its rights) agrees to promptly notify the Agent and the Issuer of any
payment of such Taxes made by it and, if practicable, any request, demand or
notice received in respect thereof prior to such payment. Each Noteholder shall
be entitled to payment of this indemnification within 30 days from the date such
Noteholder (or, if such Noteholder is not a Purchaser, the Purchaser from whom
such Noteholder derives its rights) makes written demand therefor to the Agent
and the Issuer. A certificate as to the amount of such indemnification submitted
to the Issuer and the Agent by such Noteholder setting forth in reasonable
detail the basis for and the calculation thereof, shall be prima facie evidence
of the amounts so owed.

          (c) Within 30 days after the date of any payment of Taxes, the Issuer
will furnish to the Agent the original or a certified copy of a receipt
evidencing payment thereof.

          (d) Each Noteholder that is organized under the laws of a jurisdiction
other than the United States or a state thereof hereby agrees to complete,
execute and deliver to the Indenture Trustee from time to time prior to the date
on which such Noteholder will be entitled to receive distributions pursuant to
the Indenture, the Sale and Servicing Agreement or this Agreement, Internal
Revenue Service W-8ECI or W-8BEN (or any successor form), as

                                      -32-
<PAGE>

applicable, or such other forms or certificates as may be required under the
laws of any applicable jurisdiction in order to permit the Indenture Trustee to
make payments to, and deposit funds to or for the account of, such Noteholder
hereunder and under the Indenture, the Sale and Servicing Agreement and this
Agreement without any deduction or withholding for or on account of any tax.
Each Noteholder agrees to provide, to the extent permitted by law, like
additional subsequent duly executed forms on or before the date that any such
form expires or becomes obsolete, or upon the occurrence of any event requiring
an amendment, resubmission or change in the most recent form previously
delivered by it and to provide such extensions or renewals as may be reasonably
requested by the Issuer. Each Noteholder further agrees that compliance with
this subsection 6.3(d) (including by reason of Section 8.1 in the case of any
assignment, sale or other transfer of any interest in the Notes) is a condition
to the payment of any amount otherwise due pursuant to subsections 6.3(a) and
(b) hereof.

          (e) Each Purchaser, as of the date hereof, and each other Noteholder,
as of the date such Person becomes an Noteholder entitled to receive
distributions pursuant to this Agreement, the Sale and Servicing Agreement or
the Indenture, hereby represents and warrants to the Issuer that it is not
subject to gross-up or indemnity of Taxes under subsection 6.3(a) or (b) from or
in any respect of any sum required to be paid or deposited under this Agreement,
the Indenture, the Sale and Servicing Agreement or under any instrument
delivered pursuant to any of them to or for the benefit of any Noteholder.

          (f) Any Noteholder entitled to the payment of any additional amount
pursuant to this Section 6.3 (or, if such Noteholder is not a Purchaser, the
Purchaser from whom such Noteholder derives its rights) shall use its best
efforts (consistent with its internal policy and legal and regulatory
restrictions) to take such steps as would eliminate or reduce the amount of such
payment; provided that no such steps shall be required to be taken if, in the
reasonable judgment of such Noteholder, such steps would be materially
disadvantageous to such Noteholder.

     Section 6.4. Nonrecourse Obligations; Limited Recourse. (a) Notwithstanding
any provision in any other Section of this Agreement or the Related Documents to
the contrary, the obligation of the Issuer to pay any amounts payable to the
Purchasers or any Noteholder pursuant to this Agreement shall be without
recourse to the Issuer (or its assignee, if applicable), the Indenture Trustee
or any Affiliate, officer or director of any of them and the obligation to pay
any amounts hereunder shall be limited solely to the application of the Trust
Estate, to the extent that such amounts are available for distribution.

          (b) Other than in respect of the payment of the Purchase Price,
notwithstanding any provision in any other Section of this Agreement to the
contrary, all payments to be made by a Structured Purchaser under this Agreement
shall be made by such Structured Purchaser solely from available cash, which
shall be limited to collections and other amounts payable to such Structured
Purchaser pursuant to this Agreement and the Indenture and other cash of such
Structured Purchaser that, in each case, is not designated to pay any other
amount. The parties to this Agreement other than each Structured Purchaser (the
"Other Parties") hereby acknowledge that, pursuant to the terms of this
Agreement, each Structured Purchaser is or may be required from time to time to
make certain payments to one or more of the Other Parties, either as
compensation for services rendered, reimbursement for out-of-pocket

                                      -33-
<PAGE>

expenses, indemnification or otherwise. The Other Parties hereby agree that,
notwithstanding any provision in any other Section of this Agreement to the
contrary, (i) no Structured Purchaser shall make any such payment to any Other
Party, (ii) no Structured Purchaser shall have any duty, liability or obligation
to make any such payment to any Other Party, (iii) no such payment shall be due
from any Structured Purchaser and (iv) no Other Party shall have any right to
enforce any claim against any Structured Purchaser in respect of any such
payment, in each case at any time that any commercial paper notes issued by such
Structured Purchaser are outstanding and no Bankruptcy Event (as defined below)
has occurred and is continuing, in each case, unless and to the extent that (x)
the making of such payment by such Structured Purchaser would not render such
Structured Purchaser insolvent and (y) such Structured Purchaser has received
funds with respect to such obligations which may be used to make such payment
and such funds are not required to pay commercial paper notes of such Purchaser
when due. As used in this subsection 6.4(b), "Bankruptcy Event" means the entry
against a Structured Purchaser of a decree or order by a court or agency or
supervisory authority having jurisdiction in the premises for the appointment of
a trustee, conservator, receiver or liquidator in any insolvency, readjustment
of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding up or liquidation of its affairs, or the institution of any proceeding
against such Structured Purchaser seeking any of the foregoing, and the
continuance of any such decree or order, or any such proceeding, in each case
unstayed and in effect for a period of 60 consecutive days, or the consent by
such Structured Purchaser to the appointment of a trustee, conservator, receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and
liabilities or similar proceedings of or relating to such Structured Purchaser
or the filing by such Structured Purchaser of a petition seeking to adjudicate
it a bankrupt or insolvent or seeking liquidation, winding up, reorganization or
relief of debtors or seeking the entry of any order for relief or the
appointment of a trustee, conservator, receiver or liquidator in any insolvency,
readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding up or liquidation of its affairs.

                             SECTION VII. THE AGENT

     Section 7.1. Appointment. Each Purchaser hereby irrevocably designates and
appoints the Agent as the agent of such Purchaser under this Agreement, and each
such Purchaser irrevocably authorizes the Agent, as the agent for such
Purchaser, to take such action on its behalf under the provisions of the Related
Documents and to exercise such powers and perform such duties thereunder as are
expressly delegated to the Agent by the terms of the Related Documents, together
with such other powers as are reasonably incidental thereto. Notwithstanding any
provision to the contrary elsewhere in this Agreement, the Agent shall not have
any duties or responsibilities, except those expressly set forth herein, or any
fiduciary relationship with any Purchaser, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this
Agreement or otherwise exist against the Agent.

     Section 7.2. Delegation of Duties. The Agent may execute any of its duties
under any of the Related Documents by or through agents or attorneys-in-fact and
shall be entitled to advice of counsel concerning all matters pertaining to such
duties. The Agent shall not be responsible for the negligence or misconduct of
any agents or attorneys-in-fact selected by it with reasonable care.

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<PAGE>

     Section 7.3. Exculpatory Provisions. Neither the Agent nor its officers,
directors, employees, agents, attorneys-in-fact or Affiliates shall be (a)
liable to any of the Purchasers for any action lawfully taken or omitted to be
taken by it or such Person under or in connection with any of the other Related
Documents (except for its or such Person's own gross negligence or willful
misconduct) or (b) responsible in any manner to any of the Purchasers for any
recitals, statements, representations or warranties made by the Seller, the
Depositor, the Issuer, the Servicer or the Indenture Trustee or any officer
thereof contained in any of the other Related Documents or in any certificate,
report, statement or other document referred to or provided for in, or received
by the Agent under or in connection with, any of the other Related Documents or
for the value, validity, effectiveness, genuineness, enforceability or
sufficiency of this Agreement or any of the other Related Documents or for any
failure of the Seller, the Depositor, the Issuer, the Servicer or the Indenture
Trustee to perform its obligations thereunder. The Agent shall not be under any
obligation to any Purchaser to ascertain or to inquire as to the observance or
performance of any of the agreements contained in, or conditions of, any of the
other Related Documents, or to inspect the properties, books or records of the
Seller, the Depositor, the Issuer, the Servicer, or the Indenture Trustee.

     Section 7.4. Reliance by Agent. The Agent shall be entitled to rely, and
shall be fully protected in relying, upon any writing, resolution, notice,
consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or
teletype message, written statement, order or other document or conversation
believed by it to be genuine and correct and to have been signed, sent or made
by the proper Person or Persons and upon advice and statements of legal counsel
(including counsel to the Agent), independent accountants and other experts
selected by the Agent. The Agent shall be fully justified in failing or refusing
to take any action under any of the Related Documents unless it shall first
receive such advice or concurrence of the Required Noteholders and the Required
Purchasers as it deems appropriate or it shall first be indemnified to its
satisfaction by the Purchasers or by the Committed Purchasers against any and
all liability and expense which may be incurred by it by reason of taking or
continuing to take any such action. The Agent shall in all cases be fully
protected in acting, or in refraining from acting, under any of the Related
Documents in accordance with a request of the Required Noteholders and the
Required Purchasers and such request and any action taken or failure to act
pursuant thereto shall be binding upon all present and future Purchasers.

     Section 7.5. Notices. The Agent shall not be deemed to have knowledge or
notice of the occurrence of any breach of this Agreement or the occurrence of
any event which is, or upon the giving of notice, the lapse of time or both
would be, an Amortization Event (NPA) unless the Agent has received written
notice from the Issuer, the Depositor, the Seller, the Servicer, the Indenture
Trustee or any Purchaser referring to this Agreement, describing such event. In
the event that the Agent receives such a notice, the Agent promptly shall give
notice thereof to the Purchasers. The Agent shall take such action with respect
to such event as shall be reasonably directed by the Required Noteholders and
the Required Purchasers; provided that unless and until the Agent shall have
received such directions, the Agent may (but shall not be obligated to) take
such action, or refrain from taking such action, with respect to such event as
it shall deem advisable in the best interests of the Purchasers.

     Section 7.6. Non-Reliance on Agent and Other Purchasers. Each Purchaser
expressly acknowledges that neither the Agent nor any of its officers,
directors, employees,

                                      -35-
<PAGE>

agents, attorneys-in-fact or Affiliates has made any representations or
warranties to it and that no act by the Agent hereafter taken, including any
review of the affairs of the Seller, the Depositor, the Issuer, the Servicer or
the Indenture Trustee shall be deemed to constitute any representation or
warranty by the Agent to any Purchaser. Each Purchaser represents to the Agent
that it has, independently and without reliance upon the Agent or any other
Purchaser, and based on such documents and information as it has deemed
appropriate, made its own appraisal of and investigation into the business,
operations, property, financial and other condition and creditworthiness of the
Indenture Trustee, the Seller, the Depositor, the Issuer and the Servicer and
made its own decision to purchase its interest in the Notes hereunder and enter
into this Agreement. Each Purchaser also represents that it will, independently
and without reliance upon the Agent or any other Purchaser, and based on such
documents and information as it shall deem appropriate at the time, continue to
make its own analysis, appraisals and decisions in taking or not taking action
under any of the Related Documents, and to make such investigation as it deems
necessary to inform itself as to the business, operations, property, financial
and other condition and creditworthiness of the Indenture Trustee, the Seller,
the Depositor, the Issuer and the Servicer. Except, in the case of the Agent,
for notices, reports and other documents received by the Agent under Section 5
hereof, the Agent shall not have any duty or responsibility to provide any
Purchaser with any credit or other information concerning the business,
operations, property, condition (financial or otherwise), prospects or
creditworthiness of the Indenture Trustee, the Seller, the Depositor, the Issuer
or the Servicer which may come into the possession of the Agent or any of its
officers, directors, employees, agents, attorneys-in-fact or Affiliates.

     Section 7.7. Indemnification. The Committed Purchasers agree to indemnify
the Agent in its capacity as such (without limiting the obligation (if any) of
the Seller, the Depositor, the Issuer or the Servicer to reimburse the Agent for
any such amounts), ratably according to their respective Commitment Percentages
(or, if the Commitments have terminated, Percentage Interests), from and against
any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind whatsoever which
may at any time (including at any time following the payment of the obligations
under this Agreement, including the Outstanding Amount of the Notes) be imposed
on, incurred by or asserted against the Agent in any way relating to or arising
out of this Agreement, or any documents contemplated by or referred to herein or
the transactions contemplated hereby or any action taken or omitted by the Agent
under or in connection with any of the foregoing; provided that no Purchaser
shall be liable for the payment of any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of the Agent resulting from its own gross negligence or willful
misconduct. The agreements in this subsection shall survive the payment of the
obligations under this Agreement, including the principal of the Notes.

     Section 7.8. Agent in Its Individual Capacities. The Agent and its
Affiliates may make loans to, accept deposits from and generally engage in any
kind of business with the Indenture Trustee, the Seller, the Servicer, the Owner
Trustee, the Depositor and the Issuer as though the Agent was not the agent
hereunder. Each Purchaser acknowledges that ING Capital LLC may act (i) as
administrator and agent for one or more Structured Purchasers and in such
capacity acts and may continue to act on behalf of each such Structured
Purchaser in connection with its business and (ii) as the agent for certain
financial institutions under the liquidity and credit enhancement agreements
relating to this Agreement to which any such Structured

                                      -36-
<PAGE>

Purchaser is party and in various other capacities relating to the business of
any such Structured Purchaser under various agreements. ING Capital LLC, in its
capacity as the Agent shall not, by virtue of its acting in any such other
capacities, be deemed to have duties or responsibilities hereunder or be held to
a standard of care in connection with the performance of its duties as the Agent
other than as expressly provided in this Agreement. ING Capital LLC may act as
the Agent without regard to and without additional duties or liabilities arising
from its role as such administrator or agent or arising from its acting in any
such other capacity.

     Section 7.9. Successor Agent. The Agent may resign as Agent upon ten days'
notice to the Purchasers, the Indenture Trustee, the Issuer, the Depositor, the
Seller and the Servicer with such resignation becoming effective upon a
successor agent succeeding to the rights, powers and duties of the Agent
pursuant to this subsection 7.9. If the Agent shall resign as Agent under this
Agreement, then the Required Purchasers and the Required Noteholders shall
appoint from among the Committed Purchasers a successor agent for the
Purchasers. The successor agent shall succeed to the rights, powers and duties
of the Agent, and the term "Agent" shall mean such successor agent effective
upon its appointment, and the former Agent's rights, powers and duties as Agent
shall be terminated, without any other or further act or deed on the part of
such former Agent or any of the parties to this Agreement. After the retiring
Agent's resignation as Agent, the provisions of this Section 7 shall inure to
its benefit as to any actions taken or omitted to be taken by it while it was
Agent under this Agreement.

                    SECTION VIII. SECURITIES LAWS; TRANSFERS

     Section 8.1. Transfers of Notes. (a) Each of the Agent and the Noteholders
agrees that any interest in the Notes purchased or otherwise acquired by it will
be acquired for investment only and not with a view to any distribution thereof,
and that it will not offer to sell or otherwise dispose of any Note acquired by
it (or any interest therein) in violation of any of the registration
requirements of the Securities Act or the registration or qualification
requirements of any applicable state or other securities laws. Each of the Agent
and the Noteholders acknowledges that it has no right to require the Issuer to
register, under the Securities Act or any other securities law, the Notes (or
any interest therein) acquired by it pursuant to this Agreement, any Joinder
Supplement or any Transfer Supplement. Each of the Agent and the Noteholders
hereby confirms and agrees that in connection with any transfer or syndication
by it of an interest in the Notes, it has not engaged and will not engage in a
general solicitation or general advertising including advertisements, articles,
notices or other communications published in any newspaper, magazine or similar
media or broadcast over radio or television, or any seminar or meeting whose
attendees have been invited by any general solicitation or general advertising.
Each Purchaser which executes a Joinder Agreement agrees that it will execute
and deliver to the Issuer, the Seller, the Servicer, the Depositor, the
Indenture Trustee and the Agent on or before the effective date of its Joinder
Agreement a letter in the form attached hereto as Exhibit A (an "Investment
Letter") with respect to the purchase by such Purchaser of an interest in the
Notes.

          (b) Each initial purchaser of a Note or any interest therein and any
Assignee thereof or Participant therein shall certify to the Issuer, the Seller,
the Servicer, the Depositor, the Indenture Trustee and the Agent that it is
either (A)(i) a citizen or resident of the United States, (ii) a corporation or
partnership (or any other entity treated as a corporation or a partnership for
federal income tax purposes) organized in or under the laws of the United States

                                      -37-
<PAGE>

or any political subdivision thereof which, if such entity is a tax-exempt
entity, recognizes that payments with respect to the Notes may constitute
unrelated business taxable income or (iii) a person not described in (i) or (ii)
whose income from the Notes is and will be effectively connected with the
conduct of a trade or business within the United States (within the meaning of
the Code) and whose ownership of any interest in a Note will not result in any
withholding obligation with respect to any payments with respect to the Notes by
any Person and who will furnish to the Agent, the Seller, the Servicer and the
Indenture Trustee, and to the Owner making the Transfer a properly executed U.S.
Internal Revenue Service Form W-8ECI or W-8BEN (or any successor form) (and to
agree (to the extent legally able) to provide a new Form W-8ECI or W-8BEN (or
any successor form) upon the expiration or obsolescence of any previously
delivered form and comparable statements in accordance with applicable United
States laws), (B) an estate the income of which is includible in gross income
for United States federal income tax purposes or (C) a trust if a court within
the United States is able to exercise primary supervision over the
administration of such trust and one or more United States fiduciaries have the
authority to control all substantial decisions of the trust.

          (c) Any sale, transfer, assignment, participation, pledge,
hypothecation or other disposition (a "Transfer") of a Note or any interest
therein may be made only in accordance with this Section 8.1. Any Transfer of a
Note, an interest in a Note, a Commitment or any Noncommitted Purchaser
Percentage shall be in respect of (i) in the case of a Committed Purchaser, at
least $10,000,000 in the aggregate, which may be composed of (A) outstanding
principal under the Notes or (B) to the extent in excess of the outstanding
principal subject to such Transfer, its Commitment hereunder, or (ii) in the
case of a Noncommitted Purchaser, at least $10,000,000 in the aggregate, which
may be composed of (A) outstanding principal under the Notes or (B) to the
extent in excess of the outstanding principal subject to such Transfer, the
product of the Noncommitted Purchaser Percentage subject to such Transfer times
the aggregate Commitments hereunder. Any Transfer of an interest in a Note
otherwise permitted by this Section 8.1 will be permitted only if it consists of
a pro rata percentage interest in all payments made with respect to the
Purchaser's beneficial interest in such Note. No Note or any interest therein
may be Transferred by Assignment or Participation to any Person (each, a
"Transferee") unless prior to the transfer the Transferee shall have executed
and delivered to the Agent and the Issuer an Investment Letter.

          Each of the Issuer, the Depositor, the Seller and the Servicer
authorizes each Purchaser to disclose to any Transferee and Support Party and
any prospective Transferee or Support Party any and all financial information in
the Purchaser's possession concerning the Seller, the Servicer, the Depositor
and the Issuer which has been delivered to the Agent or such Purchaser pursuant
to the Related Documents (including information obtained pursuant to rights of
inspection granted hereunder) or which has been delivered to such Purchaser by
or on behalf of the Seller, the Issuer, the Depositor or the Servicer in
connection with such Purchaser's credit evaluation of the Seller, the Issuer,
the Depositor or the Servicer prior to becoming a party to, or purchasing an
interest in this Agreement or the Notes, provided that each such Transferee,
prospective Transferee and Support Party agrees in writing to maintain the
confidentiality of such information pursuant to the following paragraph.

          The Agent and each Purchaser, severally and with respect to itself
only, covenants and agrees that any information obtained by the Agent or such
Purchaser pursuant to,

                                      -38-
<PAGE>

or otherwise in connection with, this Agreement or the other Related Documents
shall be held in confidence (it being understood that documents provided to the
Agent hereunder may in all cases be distributed by the Agent to the Purchasers)
except that the Agent or such Purchaser may disclose such information (i) to its
officers, directors, employees, agents, counsel, accountants, auditors, advisors
or representatives who have an obligation to maintain the confidentiality of
such information, (ii) to the extent such information has become available to
the public other than as a result of a disclosure by or through the Agent or
such Purchaser, (iii) to the extent such information was available to the Agent
or such Purchaser on a nonconfidential basis prior to its disclosure to the
Agent or such Purchaser in connection with this transaction, (iv) with the
consent of the Servicer, (v) to the extent permitted by the preceding paragraph,
(vi) to the extent the Agent or such Purchaser should be (A) required in
connection with any legal or regulatory proceeding or (B) requested by any
Governmental Authority to disclose such information or (vii) in the case of any
Purchaser that is a Structured Purchaser, to rating agencies, placement agents
and providers of liquidity and credit support who agree to hold such information
in confidence; provided, that, in the case of clause (vi), the Agent or such
Purchaser, as the case may be, will (unless otherwise prohibited by law or in
connection with regular regulatory reviews) notify the Servicer of its intention
to make any such disclosure as early as practicable prior to making such
disclosure and cooperate with the Servicer in connection with any action to
obtain a protective order with respect to such disclosure.

          (d) Each Purchaser may, in accordance with applicable law (which
includes applicable securities laws), at any time grant participations in all or
part of its Commitment or its interest in the Notes, including the payments due
to it under this Agreement and the Indenture (each, a "Participation"), to any
Person (each, a "Participant"); provided, however, that no Participation shall
be granted to any Person unless and until the Agent shall have consented thereto
and the conditions to Transfer specified in this Agreement, including in
subsection 8.1(c) hereof, shall have been satisfied and that such Participation
consists of a pro rata percentage interest in all payments made with respect to
such Purchaser's beneficial interest (if any) in the Notes. In connection with
any such Participation, the Agent shall maintain a register of each Participant
and the amount of each Participation. Each Purchaser hereby acknowledges and
agrees that (A) any such Participation will not alter or affect such Purchaser's
direct obligations hereunder, and (B) none of the Indenture Trustee, the Issuer,
the Depositor, the Seller nor the Servicer shall have any obligation to have any
communication or relationship with any Participant. No Participant shall be
entitled to transfer all or any portion of its Participation, without the prior
written consent of the Agent. Each Participant shall be entitled to receive
indemnification pursuant to Sections 2.4 as if such Participant were a Purchaser
and such Sections applied to its Participation. Each Purchaser shall give the
Agent notice of the consummation of any sale by it of a Participation and the
Agent (upon receipt of notice from the related Purchaser) shall promptly notify
the Issuer, the Servicer and the Indenture Trustee. No Participant shall have
the right to approve any amendment or waiver of the terms of this Agreement
except with respect to those matters set forth in clauses (i) and (ii) of the
proviso to Section 9.1.

          (e) Each Purchaser may, with the consent of the Agent and the Servicer
(which shall not unreasonably be withheld) and in accordance with applicable law
(which includes applicable securities laws), sell or assign (each, an
"Assignment"), to any Person (each, an "Assignee") all or any part of its
Commitment or its interest in the Notes and its

                                      -39-
<PAGE>

rights and obligations under this Agreement and the Indenture pursuant to an
agreement substantially in the form attached hereto as Exhibit C hereto (a
"Transfer Supplement"), executed by such Assignee and the Purchaser and
delivered to the Agent and the Servicer for their acceptance and consent;
provided, however, that no such assignment or sale shall be effective unless and
until the conditions to Transfer specified in this Agreement, including in
subsection 8.1(c) hereof, shall have been satisfied; and provided further,
however, that the consent of the Servicer shall not be required (i) in the case
of an assignment by a Noncommitted Purchaser of its interest in the Notes and
its rights and obligations under this Agreement and the Indenture to any one or
more of its Support Parties, (ii) in the case of an assignment by a Liquidity
Provider to another Liquidity Provider pursuant to the terms of the related
Support Agreement, (iii) in the case of an assignment by any Purchaser to
another Purchaser, (iv) in the case of any assignment to any Affiliates of the
Agent, or (v) in the case of an assignment by the initial Noncommitted Purchaser
of its interest in the Notes and its rights and obligations under this Agreement
and the Indenture to any Structured Purchaser (A) which is administered by the
same Person as such Noncommitted Purchaser, (B) which becomes a party to the
Agreement and (C) which expects to have a cost of funds reasonably similar to
the cost of funds of such Noncommitted Purchaser. From and after the effective
date determined pursuant to such Transfer Supplement, (x) the Assignee
thereunder shall be a party hereto and, to the extent provided in such Transfer
Supplement, have the rights and obligations of a Purchaser hereunder as set
forth therein and (y) the transferor Purchaser shall, to the extent provided in
such Transfer Supplement, be released from its Commitment and other obligations
under this Agreement; provided, however, that after giving effect to each such
Assignment, the obligations released by any such Purchaser shall have been
assumed by an Assignee or Assignees. Such Transfer Supplement shall be deemed to
amend this Agreement to the extent, and only to the extent, necessary to reflect
the addition of such Assignee and the resulting adjustment of Percentage
Interests, Committed Purchaser Percentages, Noncommitted Purchaser Percentages,
Liquidity Percentages or Commitment Percentages arising from the Assignment.
Upon its receipt and acceptance of a duly executed Transfer Supplement, the
Agent shall on the effective date determined pursuant thereto give notice of
such acceptance to the Issuer, the Servicer and the Indenture Trustee and the
Servicer will provide notice thereof to each Rating Agency (if required).

          Upon instruction to register a transfer of a Purchaser's beneficial
interest in the Notes (or portion thereof) and surrender for registration of
transfer such Purchaser's Note(s) (if applicable) and delivery to the Issuer and
the Indenture Trustee of an Investment Letter, executed by the registered owner
(and the beneficial owner if it is a Person other than the registered owner),
and receipt by the Indenture Trustee of a copy of the duly executed related
Transfer Supplement and such other documents as may be required under this
Agreement, such beneficial interest in the Notes (or portion thereof) shall be
transferred in the records of the Indenture Trustee and the Agent and, if
requested by the Assignee, new Notes shall be issued to the Assignee and, if
applicable, the transferor Purchaser in amounts reflecting such Transfer as
provided in the Indenture. Such Transfers of Notes (and interests therein) shall
be subject to this Section 8.1 in lieu of any regulations which may be
prescribed under Section 6.3 of the Indenture. Successive registrations of
Transfers as aforesaid may be made from time to time as desired, and each such
registration of a transfer to a new registered owner shall be noted on the Note
Register.

                                      -40-
<PAGE>

          (f) Each Purchaser may pledge its interest in the Notes to any Federal
Reserve Bank as collateral in accordance with applicable law.

          (g) Any Purchaser shall have the option to change its Investing
Office.

          (h) Each Affected Party shall be entitled to receive indemnification
pursuant to Section 2.4 hereof as though it were a Purchaser and such Section
applied to its interest in or commitment to acquire an interest in the Notes.

                           SECTION IX. MISCELLANEOUS

     Section 9.1. Amendments and Waivers. This Agreement may not be amended,
supplemented or modified nor may any provision hereof be waived except in
accordance with the provisions of this Section 9.1. With the written consent of
the Required Noteholders and the Required Purchasers, the Agent, the Seller, the
Servicer, the Depositor and the Issuer may, from time to time, enter into
written amendments, supplements, waivers or modifications hereto for the purpose
of adding any provisions to this Agreement or changing in any manner the rights
of any party hereto or waiving, on such terms and conditions as may be specified
in such instrument, any of the requirements of this Agreement; provided,
however, that no such amendment, supplement, waiver or modification shall (i)
reduce the amount of or extend the maturity of any Note or reduce the rate or
extend the time of payment of interest thereon, or reduce or alter the timing of
any other amount payable to any Purchaser hereunder or under the Indenture, in
each case without the consent of the Purchasers affected thereby, (ii) amend,
modify or waive any provision of this Section 9.1, or reduce the percentage
specified in the definition of Required Noteholders or Required Purchasers, in
each case without the written consent of all Purchasers or (iii) amend, modify
or waive any provision of Section 7 of this Agreement without the written
consent of the Agent. Any waiver of any provision of this Agreement shall be
limited to the provisions specifically set forth therein for the period of time
set forth therein and shall not be construed to be a waiver of any other
provision of this Agreement.

     The Agent may cast any vote or give any direction under the Indenture on
behalf of the Noteholders if it has been directed to do so by (i) the Required
Noteholders and (ii) the Required Purchasers.

     Section 9.2. Notices. (a) All notices, requests and demands to or upon the
respective parties hereto to be effective shall be in writing (including by
telecopy), and, unless otherwise expressly provided herein, shall be deemed to
have been duly given or made when delivered by hand, or, in the case of mail or
telecopy notice, when received, addressed as follows or, with respect to a
Purchaser, as set forth in its respective Joinder Supplement or Transfer
Supplement, or to such other address as may be hereafter notified by the
respective parties hereto:

         The Issuer:             BXG RECEIVABLES NOTE TRUST 2001-A
                                 c/o Wilmington Trust Company
                                 Rodney Square North
                                 1100 N. Market Street
                                 Wilmington, DE 19890

                                 Attention: Corporate Trust Administration/
                                 BXG RECEIVABLES NOTE TRUST 2001-A
                                 Telecopier No.:  (302) 651-8882

                                      -41-
<PAGE>

         Bluegreen:              BLUEGREEN CORPORATION
                                 4960 Conference Way North, Suite 100
                                 Boca Raton, Florida 33431
                                 Attention: John F. Chiste
                                 Telecopy:  (561) 912-8123

         The Depositor:          BLUEGREEN RECEIVABLES FINANCE CORPORATION V
                                 4960 Conference Way North, Suite 100
                                 Boca Raton, Florida 33431
                                 Attention: John F. Chiste
                                 Telecopy:  (561) 912-8123

         The Indenture Trustee:  U.S. BANK NATIONAL ASSOCIATION
                                 180 East Fifth Street
                                 St. Paul, MN  55101
                                 Phone: (651) 244-0011
                                 Fax: (651) 244-0089
                                 tammara.schultz-fugh@usbank.com
                                 Attention:  BXG RECEIVABLES NOTE TRUST 2001-A

         The Agent:              ING Capital LLC
                                 Agent:  1325 Avenue of the Americas
                                 New York, New York  10019
                                 Attention:  Michelle LoVuolo
                                 Telephone:  (646) 424-6827
                                 Telefax:  (646) 424-6251

          (b) All payments to be made to the Agent or any Purchaser hereunder
shall be made in United States dollars and in immediately available funds not
later than 2:30 p.m. New York City time on the date payment is due, and, unless
otherwise specifically provided herein, shall be made to the Agent, for the
account of one or more of the Purchasers or for its own account, as the case may
be. Unless otherwise directed by the Agent, all payments to it shall be made by
federal wire (ABA #[__]), to account number [ACCT], account name: [NAME],
reference: Bluegreen, with telephone notice (including federal wire number) to
Michelle LoVuolo of ING Capital LLC ((646) 424-6827).

     Section 9.3. No Waiver; Cumulative Remedies. No failure to exercise and no
delay in exercising, on the part of the Agent or any Purchaser, any right,
remedy, power or privilege under any of the Related Documents shall operate as a
waiver thereof; nor shall any

                                      -42-
<PAGE>

single or partial exercise of any right, remedy, power or privilege under any of
the Related Documents preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges provided in the Related Documents are cumulative and not
exclusive of any rights, remedies, powers and privileges provided by law.

     Section 9.4. Successors and Assigns. This Agreement shall be binding upon
and inure to the benefit of the Seller, the Servicer, the Depositor, the Issuer,
the Agent, the Purchasers, any Assignee, any Participant and their respective
successors and assigns, except that the Seller, the Servicer, the Depositor and
the Issuer may not assign or transfer any of their respective rights or
obligations under this Agreement except as provided herein and in the Indenture,
without the prior written consent of the Required Noteholders and the Required
Purchasers and the Purchasers, Agent, Assignee and Participants may not assign
or transfer any of their respective rights or obligations except as provided
herein.

     Section 9.5. Counterparts. This Agreement may be executed by one or more of
the parties to this Agreement on any number of separate counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same
instrument.

     Section 9.6. Severability. Any provisions of this Agreement which are
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provisions in any other jurisdiction.

     Section 9.7. Integration. This Agreement and the Fee Letter represent the
agreement of the Agent, the Seller, the Depositor, the Issuer, the Servicer and
the Purchasers with respect to the subject matter hereof, and there are no
promises, undertakings, representations or warranties by the Purchasers or the
Agent relative to subject matter hereof not expressly set forth or referred to
herein or therein.

     Section 9.8. Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD
TO CONFLICT OF LAWS PRINCIPLES.

     Section 9.9. Termination. This Agreement shall remain in full force and
effect until the earlier to occur of (a) payment in full of the principal of and
interest on the Notes and all other amounts payable to the Purchasers or the
Agent hereunder and the termination of all Commitments and (b) the Facility
Termination Date; provided, however, that the provisions of Sections 2.4, 6.1,
6.2, 7.7, 9.11, 9.13 and 9.14 shall survive termination of this Agreement and
any amounts payable to the Agent, Purchasers or any Affected Party thereunder
shall remain payable thereto.

     Section 9.10. Limited Recourse; No Proceedings. (a) The obligations of the
Issuer and the Depositor under this Agreement are solely the obligations of the
Issuer and the

                                      -43-
<PAGE>

Depositor, as applicable. No recourse shall be had for the payment of any fee or
other obligation or claim arising out of or relating to this Agreement or any
other agreement, instrument, document or certificate executed and delivered or
issued by the Issuer and the Depositor, or any officer of any of them in
connection therewith, against any partner, member, stockholder, employee,
officer, director or incorporator of the Issuer and the Depositor. With respect
to obligations of the Issuer, neither the Agent nor any Purchaser shall look to
any property or assets of the Issuer, other than to the Trust Estate. Each
Purchaser and the Agent hereby agrees that to the extent such funds are
insufficient or unavailable to pay any amounts owing to it by the Issuer
pursuant to this Agreement, prior to the commencement of a bankruptcy or
insolvency proceeding by or against the Issuer, it shall not constitute a claim
against the Issuer. Each of the Issuer, the Depositor, the Seller, the Servicer,
the Agent and each Purchaser agrees that it shall not institute or join against
the Depositor or the Issuer any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding, or similar proceeding under any federal or
state bankruptcy law, for one year and a day after the termination of the
Indenture. Nothing in this paragraph shall limit or otherwise affect the
liability of the Servicer and the Seller with respect to any amounts owing by
the Servicer or the Seller, respectively, hereunder or the right of the Agent or
any Purchaser to enforce such liability against the Servicer or the Seller,
respectively, or any of its respective assets. For clarity, it is understood
that the Receivables, related Receivables Documents and other Assets will be
conveyed by the Seller to the Depositor and by the Depositor to the Issuer
pursuant to the terms of the Sale and Servicing Agreement without recourse,
representation on warranty except as expressly provided therein. Without
limiting the foregoing, none of the Seller, the Depositor or any of their
respective subsidiaries shall be responsible for payments on the Receivables,
and any other credit risks associated therewith shall be borne by the Issuer and
the holders of any obligations of the Issuer.

          (b) Each of the Issuer, the Depositor, the Seller, the Servicer, the
Agent and each Purchaser hereby agrees that it shall not institute or join
against any Structured Purchaser any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding, or other proceeding under any federal or
state bankruptcy or similar law, for one year and a day after the latest
maturing commercial paper note, medium term note or other debt security issued
by such Structured Purchaser is paid.

     Section 9.11. Survival of Representations and Warranties. All
representations and warranties made hereunder and in any document, certificate
or statement delivered pursuant hereto or in connection herewith shall survive
the execution and delivery of this Agreement, the purchase of the Notes
hereunder and the termination of this Agreement.

     Section 9.12. Submission to Jurisdiction; Waivers. EACH OF THE SELLER, THE
ISSUER, THE DEPOSITOR, THE SERVICER, THE AGENT AND EACH PURCHASER HEREBY
IRREVOCABLY AND UNCONDITIONALLY:

     (1)   SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING
     RELATING TO THIS AGREEMENT TO WHICH IT IS A PARTY, OR FOR RECOGNITION AND
     ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE
     GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN
     MANHATTAN

                                      -44-
<PAGE>

     AND THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK,
     AND APPELLATE COURTS FROM ANY THEREOF;

     (2)   CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH
     COURTS AND WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE
     VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH
     ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO
     PLEAD OR CLAIM THE SAME;

     (3)   AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY
     BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR
     ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO SUCH PARTY AT
     ITS ADDRESS SET FORTH IN SECTION 9.2 OR AT SUCH OTHER ADDRESS OF WHICH THE
     AGENT SHALL HAVE BEEN NOTIFIED PURSUANT THERETO; AND

     (4)   AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE
     OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO
     SUE IN ANY OTHER JURISDICTION.

     Section 9.13. WAIVERS OF JURY TRIAL. EACH OF THE SELLER, THE SERVICER, THE
ISSUER, THE DEPOSITOR, THE AGENT AND THE PURCHASERS 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 9.14. Limitation of Liability of Owner Trustee. Notwithstanding
anything contained herein or in any other Related Document to the contrary, it
is expressly understood and agreed by the parties hereto that (a) this Agreement
is executed and delivered by Wilmington Trust Company, not individually or
personally but solely as Owner Trustee, in the exercise of the powers and
authority conferred and vested in it under the Trust Agreement, (b) each of the
representations, undertakings and agreements herein made on the part of the
Issuer is made and intended not as a personal representation, undertaking or
agreement by Wilmington Trust Company but is made and intended for the purpose
for binding only the Issuer and the Trust Estate, and (c) under no circumstances
shall Wilmington Trust Company be personally liable for the payment of any
indebtedness or expenses of the Issuer or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the
Issuer under this Agreement or any other related documents.

                                      -45-
<PAGE>

     Section 9.15. Call Option. The Agent may, at its option and after delivery
of notice to the Issuer, for the purpose of effecting a Takeout Financing,
acquire from the Issuer or direct the Issuer to sell to the Agent, an Affiliate
of the Agent or the Agent's designee, the Eligible Receivables specified in such
notice and related security therefor securing the Notes. Notwithstanding the
delivery of such notice of a Takeout Financing to the Issuer, none of the Agent,
its Affiliates or its designee shall have any obligation to effect such an
acquisition if (i) the terms of the Takeout Financing are not satisfactory to
the Agent, its Affiliates and/or its designee (in their sole discretion) or (ii)
the net proceeds of the Takeout Financing to the Agent, its Affiliates and/or
its designee is less than all amounts due under the Notes, the Indenture and
Related Documents on the date of acquisition and Fees agreed upon in respect of
such Takeout Financing.

     Section 9.16. Amendments - Authorization and Consent. The Agent hereby
requests that each of the parties to the Related Documents agree to amend such
documents as necessary to replace CSFB with ING as Agent thereunder, to increase
the authorized amount of Notes and aggregate Commitments to $125,000,000 and to
extend the Commitment Expiration Date to the date specified herein. By execution
of this Agreement, the Agent hereby authorizes and consents to the amendment and
restatement of any of the Related Documents necessary to effect the foregoing.

                                      -46-
<PAGE>

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

                        BXG RECEIVABLES NOTE TRUST 2001-A

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

                        By:      /s/ Patricia A. Evans
                                 ------------------------------------
                                 Name:  Patricia A. Evans
                                 Title: Assistant Vice Presidnet

                        BLUEGREEN CORPORATION,
                        as Seller and Servicer

                        By:      /s/ John F. Chiste
                                 ------------------------------------
                                 Name:  John F. Chiste
                                 Title: Senior V.P., Treasurer & CFO

                        BLUEGREEN RECEIVABLES FINANCE CORPORATION V,
                        as Depositor

                        By:      /s/ Allan J. Herz
                                 ------------------------------------
                                 Name:  Allan J. Herz
                                 Title: President, Secretary

                        ING CAPITAL LLC, as Agent

                        By:      /s/ Andrew Yuder
                                 ------------------------------------
                                 Name:  Andrew Yuder
                                 Title: Managing Director

                                      -47-
<PAGE>

                                                                       EXHIBIT A

                            FORM OF INVESTMENT LETTER
                                     [Date]

BXG RECEIVABLES NOTE TRUST 2001-A
c/o___________, as Owner Trustee

----------------------------------
Attention:
Bluegreen Corporation

Bluegreen Receivables Finance Corporation V

         Re       BXG RECEIVABLES NOTE TRUST 2001-A
                  Asset Backed Notes, Series 2001-A

Ladies and Gentlemen:

     This letter (the "Investment Letter") is delivered by the undersigned (the
"Purchaser") pursuant to subsection 8.1(a) of the Amended and Restated Note
Purchase Agreement dated as of April 17, 2002 (as in effect, the "Note Purchase
Agreement"), among BXG RECEIVABLES NOTE TRUST 2001-A, as Issuer, BLUEGREEN
CORPORATION, as Seller and Servicer, BLUEGREEN RECEIVABLES FINANCE CORPORATION
V, as Depositor, the Purchasers parties thereto and ING Capital LLC, as Agent.
Capitalized terms used herein without definition shall have the meanings set
forth in the Note Purchase Agreement. The Purchaser represents to and agrees
with the Issuer as follows:

          (a) The Purchaser is authorized [to enter into the Note Purchase
Agreement and to perform its obligations thereunder and to consummate the
transactions contemplated thereby] [to purchase a participation or other
interest in obligations under the Note Purchase Agreement].

          (b) The Purchaser has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of its
investment in the Notes and is able to bear the economic risk of such
investment. The Purchaser has been afforded the opportunity to ask such
questions as it deems necessary to make an investment decision, and has received
all information it has requested in connection with making such investment
decision. The Purchaser has, independently and without reliance upon the Agent
or any other Purchaser, and based on such documents and information as it has
deemed appropriate, made its own appraisal of and investigation into the
business, operations, property, financial and other condition and
creditworthiness of the Issuer, the Depositor, the Seller and the Servicer and
made its own decision to purchase its interest in the Notes, and will,
independently and without reliance upon the Agent or any other Purchaser, and
based on such documents and information as

<PAGE>

it shall deem appropriate at the time, continue to make its own analysis,
appraisals and decisions in taking or not taking action under the Note Purchase
Agreement, and to make such investigation as it deems necessary to inform itself
as to the business, operations, property, financial and other condition and
creditworthiness of the Issuer, the Seller, the Depositor and the Servicer.

          (c) The Purchaser is an "accredited investor ,"as defined in Rule 501,
promulgated by the Securities and Exchange Commission (the "Commission") under
the Securities Act of 1933, as amended (the "Securities Act") and (except as
otherwise agreed to by the Issuer in its sole discretion) is a "qualified
institutional buyer" (within the meaning of Rule 144A thereunder) and is
acquiring the Notes (or an interest in the Notes) for its own account for
investment purposes. The Purchaser understands that the offering and sale of the
Notes (or any interest in therein) has not been and will not be registered under
the Securities Act and has not and will not be registered or qualified under any
applicable "Blue Sky" law, and that the offering and sale of the Note (or any
interest in therein) has not been reviewed by, passed on or submitted to any
federal or state agency or commission, securities exchange or other regulatory
body.

          (d) The Purchaser is "a qualified purchaser" (as defined in the
Investment Company Act of 1940, as amended (the "Investment Company Act")), a
company each of whose beneficial owners is a qualified purchaser, a
"knowledgeable employee" with respect to the Issuer (within the meaning of Rule
3c-5 and the Investment Company Act) or a company owned exclusively by
knowledgeable employees.

          (e) The Purchaser is not an employee benefit plan subject to Title I
of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or
section 4975 of the Internal Revenue Code of 1986, as amended (the "Code") (each
such plan, an "Employee Plan"), an entity whose underlying assets include the
assets of any Employee Plan, or a governmental plan that is subject to any
federal, state or local law which is substantially similar to the provisions of
Section 406 of ERISA or Section 4975 of the Code and the Purchaser's purchase,
holding and disposition of the Notes will not result in a prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code (or, in the case of a
governmental plan, any substantially similar federal, state or local law) for
which an exemption is not available.

          (f) The Purchaser is acquiring an interest in Notes without a view to
any distribution, resale or other transfer thereof except, with respect to any
Purchaser Interest or any interest or participation therein, as contemplated in
the following sentence. The Purchaser will not resell or otherwise transfer any
interest or participation in the Purchaser Interest, except in accordance with
Section 8.1 of the Note Purchase Agreement and in a transaction exempt from the
registration requirements of the Securities Act of 1933, as amended, and
applicable state securities or "blue sky" laws. In connection therewith, the
Purchaser hereby agrees that it will not resell or otherwise transfer the Notes
or any interest therein unless the purchaser thereof provides to the addressee
hereof a letter substantially in the form hereof.

          (g) This Investment Letter has been duly executed and delivered and
constitutes the legal, valid and binding obligation of the Purchaser,
enforceable against the Purchaser in accordance with its terms, except as such
enforceability may be limited by

                                      -2-
<PAGE>

bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable
principles affecting the enforcement of creditors' rights generally and general
principles of equity.

          (h) The Purchaser expressly agrees to be bound by the terms of the
Note Purchase Agreement, including but not limited to the confidentiality
provision and the restrictions on transfer set forth in Article VIII thereof.

                             Very truly yours,
                             [NAME OF PURCHASER]
                             By:
                                  ------------------------------------------
                                  Name:
                                  Title:

                                      -3-
<PAGE>

                                                                       EXHIBIT B

                           FORM OF JOINDER SUPPLEMENT

     JOINDER SUPPLEMENT, dated as of the date set forth in Item 1 of Schedule I
hereto, among BXG RECEIVABLES NOTE TRUST 2001-A (the "Issuer"), BLUEGREEN
CORPORATION, as Seller and Servicer (the "Servicer"), BLUEGREEN RECEIVABLES
FINANCE CORPORATION V, as Depositor, the Purchaser set forth in Item 2 of
Schedule I hereto (the "Additional Purchaser"), and ING Capital LLC, as Agent
for the Purchasers under, and as defined in, the Note Purchase Agreement
described below (in such capacity, the "Agent").

                               W I T N E S S E T H

     WHEREAS, this Supplement is being executed and delivered in accordance with
subsection 2.2(d) of the Amended and Restated Note Purchase Agreement, dated as
of April 17, 2002, among BXG RECEIVABLES NOTE TRUST 2001-A, as Issuer, BLUEGREEN
CORPORATION, as Seller and Servicer, BLUEGREEN RECEIVABLES FINANCE CORPORATION
V, as Depositor, the Purchasers parties thereto, and the Agent (as from time to
time amended, supplemented or otherwise modified in accordance with the terms
thereof, the "Note Purchase Agreement"; unless otherwise defined herein, terms
defined in the Note Purchase Agreement are used herein as therein defined); and

     WHEREAS, the Additional Purchaser (if it is not already a Purchaser party
to the Note Purchase Agreement) wishes to become a Purchaser party to the Note
Purchase Agreement;

     NOW, THEREFORE, the parties hereto hereby agree as follows:

          (a) Upon receipt by the Agent of five counterparts of this Supplement,
to each of which is attached a fully completed Schedule I and Schedule II, each
of which has been executed by the Additional Purchaser, the Issuer and the
Agent, the Agent will transmit to the Servicer, the Issuer, the Indenture
Trustee and the Additional Purchaser a Joinder Effective Notice, substantially
in the form of Schedule III to this Supplement (a "Joinder Effective Notice").
Such Joinder Effective Notice shall be executed by the Agent and shall set
forth, inter alia, the date on which the transfer effected by this Supplement
shall become effective (the "Joinder Effective Date"). From and after the
Joinder Effective Date, the Additional Purchaser shall be a Purchaser party to
the Note Purchase Agreement for all purposes thereof and shall be a Noncommitted
Purchaser or Committed Purchaser, as specified on such Schedule II, and, if
applicable, a Liquidity Provider as set forth in Schedule II hereto, having an
initial Noncommitted Purchaser Percentage or Commitment Percentage, as
applicable, and a Liquidity Percentage, if applicable, and a Commitment, if
applicable, as set forth in such Schedule II. If the Additional Purchaser is a
Noncommitted Purchaser, then (i) such Schedule II identifies its Liquidity
Providers and (ii) each such Liquidity Provider has executed and delivered (or
is concurrently herewith executing and delivering) its own Joinder Supplement
with respect to such Additional Purchaser.

                                      -1-
<PAGE>

          (b) Concurrently with the execution and delivery hereof, the
Additional Purchaser will deliver to the Issuer and the Indenture Trustee an
executed Investment Letter in the form of Exhibit A to the Note Purchase
Agreement.

          (c) Each of the parties to this Supplement agrees and acknowledges
that at any time and from time to time upon the written request of any other
party, it will execute and deliver such further documents and do such further
acts and things as such other party may reasonably request in order to effect
the purposes of this Supplement.

          (d) By executing and delivering this Supplement, the Additional
Purchaser confirms to and agrees with the Agent and the Purchaser as follows:
(i) neither the Agent nor any other Purchaser makes any representation or
warranty or assumes any responsibility with respect to any statements,
warranties or representations made in or in connection with the Note Purchase
Agreement (other then representations or warranties made by such respective
parties) or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Note Purchase Agreement or any other instrument or
document furnished pursuant thereto, or with respect to the financial condition
of the Seller, the Servicer, the Depositor, the Issuer or the Indenture Trustee,
or the performance or observance by the Seller, the Servicer, the Depositor, the
Issuer or the Indenture Trustee of any of their respective obligations under the
Note Purchase Agreement or the Indenture or any other instrument or document
furnished pursuant hereto; (ii) the Additional Purchaser confirms that it has
received a copy of such documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Supplement;
(iii) the Additional Purchaser will, independently and without reliance upon the
Agent or any other Purchaser and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Note Purchase Agreement; (iv) each
Purchasing Purchaser appoints and authorizes the Agent to take such action as
agent on its behalf and to exercise such powers under the Note Purchase
Agreement and the Indenture as are delegated to the Agent by the terms thereof,
together with such powers as are reasonably incidental thereto, all in
accordance with Section 7 of the Note Purchase Agreement; and (vi) the
Additional Purchaser agrees (for the benefit of the Agent, the other Purchasers,
the Indenture Trustee, the Seller, the Servicer, the Depositor and the Issuer)
that (x) if it is a Noncommitted Purchaser, it will perform in accordance with
their terms all of the obligations which by the terms of the Note Purchase
Agreement are required to be performed by it as a Purchaser which is a
Noncommitted Purchaser, or (y) if it is a Committed Purchaser, it will perform
in accordance with their terms all of the obligations which by the terms of the
Note Purchase Agreement are required to be performed by it as a Purchaser which
is a Committed Purchaser and, if specified in Schedule II hereto, as a Liquidity
Provider.

          (e) Schedule II hereto sets forth the Commitment and the Commitment
Expiration Date, if applicable, and the initial Investing Office of the
Additional Purchaser, as well as administrative information with respect to the
Additional Purchaser.

          (f) THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

                                      -2-
<PAGE>

              (i) Notwithstanding anything contained herein or in any other
Related Document to the contrary, it is expressly understood and agreed by the
parties hereto that (a) this Supplement is executed and delivered by Wilmington
Trust Company, not individually or personally but solely as Owner Trustee, in
the exercise of the powers and authority conferred and vested in it under the
Trust Agreement, (b) each of the representations, undertakings and agreements
herein made on the part of the Issuer is made and intended not as a personal
representation, undertaking or agreement by Wilmington Trust Company but is made
and intended for the purpose for binding only the Issuer and the Trust Estate,
and (c) under no circumstances shall Wilmington Trust Company be personally
liable for the payment of any indebtedness or expenses of the Issuer or be
liable for the breach or failure of any obligation, representation, warranty or
covenant made or undertaken by the Issuer under this Supplement or any other
related documents.

     IN WITNESS WHEREOF, the parties hereto have caused this Supplement to be
executed by their respective duly authorized officers on Schedule I hereto as of
the date set forth in Item 1 of Schedule I hereto.

                                      -3-
<PAGE>

                                                                   SCHEDULE I TO
                                                              JOINDER SUPPLEMENT

                          COMPLETION OF INFORMATION AND
                        SIGNATURES FOR JOINDER SUPPLEMENT

         Re:      Amended and Restated Note Purchase Agreement, dated as of
                  April 17, 2002, among BXG RECEIVABLES NOTE TRUST 2001-A, as
                  Issuer, BLUEGREEN CORPORATION, as Seller and Servicer,
                  BLUEGREEN RECEIVABLES FINANCE CORPORATION V, as Depositor, the
                  Purchasers party thereto and ING Capital LLC, as Agent.

Item 1:           Date of Joinder Supplement:

Item 2:           Additional Purchaser:

Item 3:           Signatures of Parties to Agreement:

                                 -----------------------------------------------
                                 as Additional Purchaser
                        By:
                                 -----------------------------------------------
                                 Name:
                                 Title:
                        [By:
                                 -----------------------------------------------
                                 Name:
                                 Title:]

                        BXG RECEIVABLES NOTE TRUST 2001-A
                        as Issuer

                        By _______________, not in its individual capacity, but
                        solely as Owner Trustee

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

                        ING Capital LLC, as Agent

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

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

                                      -1-
<PAGE>

                                                                  SCHEDULE II TO
                                                              JOINDER SUPPLEMENT

                      LIST OF INVESTING OFFICES, ADDRESSES
                           FOR NOTICES AND COMMITMENT

[Additional Purchaser]
----------------------

     Noncommitted Purchaser:       Yes/No
                                -----------
          Initial Noncommitted Purchaser Percentage:
          (if applicable)                                              -------%

          Liquidity Providers and Initial Liquidity Percentage:
          (if applicable)                                              -------%

          ----------------------                                       -------%

          ----------------------                                       -------%

          ----------------------                                       -------%

     Committed Purchaser:          Yes/No                              -------%
                                -----------

          Initial Commitment Percentage:
          (if applicable)                                              -------%

          Commitment:                                             $------------

     Liquidity Provider (if applicable):

          Related Noncommitted Purchaser:                          ------------

          Liquidity Percentage:                                        -------%

Address for Notices:
-------------------

Investing Office:
----------------

                                      -1-
<PAGE>

                                                                 SCHEDULE III TO
                                                              JOINDER SUPPLEMENT

                                     FORM OF
                            JOINDER EFFECTIVE NOTICE

To:      [Names and addresses of
         Issuer, Seller, Servicer, Indenture Trustee, Depositor
         Agent and Additional Purchaser]

     The undersigned, as Agent under the Amended and Restated Note Purchase
Agreement, dated as of April 17, 2002, among BXG RECEIVABLES NOTE TRUST 2001-A,
as Issuer, BLUEGREEN CORPORATION, as Seller and Servicer, BLUEGREEN RECEIVABLES
FINANCE CORPORATION V, as Depositor, the Purchasers parties thereto and ING
Capital LLC, as Agent for the Purchasers thereunder, acknowledges receipt of
five executed counterparts of a completed Joinder Supplement. [Note: attach
copies of Schedules I and II from such Agreement.] Terms defined in such
Supplement are used herein as therein defined.

     Pursuant to such Supplement, you are advised that the Joinder Effective
Date will be _____________, .

Very truly yours,

ING CAPITAL LLC, as Agent

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

                                      -1-
<PAGE>

                                                                       EXHIBIT C

                           FORM OF TRANSFER SUPPLEMENT

     TRANSFER SUPPLEMENT, dated as of the date set forth in Item 1 of Schedule I
hereto, among the transferor Purchaser set forth in Item 2 of Schedule I hereto
(the "Transferor Purchaser"), the Purchasing Purchaser set forth in Item 3 of
Schedule I hereto (the "Purchasing Purchaser"), and ING Capital LLC, as Agent
for the Purchasers under, and as defined in, the Note Purchase Agreement
described below (in such capacity, the "Agent").

                              W I T N E S S E T H:

         WHEREAS, this Supplement is being executed and delivered in accordance
with subsection 8.1(e) of the Amended and Restated Note Purchase Agreement,
dated as of April 17, 2002, among BXG RECEIVABLES NOTE TRUST 2001-A, as Issuer,
BLUEGREEN CORPORATION, as Seller and Servicer, BLUEGREEN RECEIVABLES FINANCE
CORPORATION V, as Depositor, the Purchasers parties thereto and the Agent (as
from time to time amended, supplemented or otherwise modified in accordance with
the terms thereof, the "Note Purchase Agreement"; unless otherwise defined
herein, terms defined in the Note Purchase Agreement are used herein as therein
defined);

         WHEREAS, the Purchasing Purchaser (if it is not already a Purchaser
party to the Note Purchase Agreement) wishes to become a Purchaser party to the
Note Purchase Agreement and the Purchasing Purchaser wishes to acquire and
assume from the Transferor Purchaser, certain of the rights, obligations and
commitments under the Note Purchase Agreement; and

         WHEREAS, the Transferor Purchaser wishes to sell and assign to the
Purchasing Purchaser, certain of its rights, obligations and commitments under
the Note Purchase Agreement.

         NOW, THEREFORE, the parties hereto hereby agree as follows:

     (g) Upon receipt by the Agent of five counterparts of this Supplement, to
each of which is attached a fully completed Schedule I and Schedule II, each of
which has been executed by the Transferor Purchaser, the Purchasing Purchaser
[,the Issuer](1) and the Agent, the Agent will transmit to the Servicer, the
Seller, the Issuer, the Depositor, the Indenture Trustee, the Transferor
Purchaser and the Purchasing Purchaser a Transfer Effective Notice,
substantially in the form of Schedule III to this Supplement (a "Transfer
Effective Notice"). Such Transfer Effective Notice shall be executed by the
Agent and shall set forth, inter alia, the date on which the transfer effected
by this Supplement shall become effective (the "Transfer Effective Date"). From
and after the Transfer Effective Date the Purchasing Purchaser shall be a
Purchaser party to the Note Purchase Agreement for all purposes thereof as a
Noncommitted Purchaser or Committed Purchaser and, if applicable, a Liquidity
Provider, as specified on Schedule II to this Supplement.

     (h) At or before 12:00 Noon, local time of the Transferor Purchaser, on the
Transfer Effective Date, the Purchasing Purchaser shall pay to the Transferor
Purchaser, in immediately

-------------------------
(1) If required by the Note Purchase Agreement.

                                      -1-
<PAGE>

available funds, an amount equal to the purchase price, as agreed between the
Transferor Purchaser and such Purchasing Purchaser (the "Purchase Price"), of
the portion set forth on Schedule II hereto being purchased by such Purchasing
Purchaser of the outstanding advances under the Note owned by the Transferor
Purchaser (such Purchasing Purchaser's "Purchase Percentage") and other amounts
owing to the Transferor Purchaser under the Note Purchase Agreement or otherwise
in respect of the Notes. Effective upon receipt by the Transferor Purchaser of
the Purchase Price from the Purchasing Purchaser, the Transferor Purchaser
hereby irrevocably sells, assigns and transfers to the Purchasing Purchaser,
without recourse, representation or warranty, and the Purchasing Purchaser
hereby irrevocably purchases, takes and assumes from the Transferor Purchaser,
the Purchasing Purchaser's Purchase Percentage of (i) the presently outstanding
Invested Amount under the Notes owned by the Transferor Purchaser and other
amounts owing to the Transferor Purchaser in respect of the Notes, together with
all instruments, documents and collateral security pertaining thereto, and (ii)
the Purchasing Purchaser's Purchase Percentage of (A) if the Transferor
Purchaser is a Noncommitted Purchaser, the Noncommitted Purchaser Percentage of
the Transferor Purchaser and the other rights and duties of the Transferor
Purchaser under the Note Purchase Agreement, or (B) if the Transferor Purchaser
is a Committed Purchaser, the Commitment Percentage, the Liquidity Percentage,
if applicable, and the Commitment of the Transferor Purchaser and other rights,
duties and obligations of the Transferor Purchaser under the Note Purchase
Agreement. This Supplement is intended by the parties hereto to effect a
purchase by the Purchasing Purchaser and sale by the Transferor Purchaser of
interests in the Notes, and it is not to be construed as a loan or a commitment
to make a loan by the Purchasing Purchaser to the Transferor Purchaser. The
Transferor Purchaser hereby confirms that the amount of the Outstanding Amount
of the Notes is $ and its Percentage Interest thereof is ___%, which equals
$___________ as of ________, 200__. Upon and after the Transfer Effective Date
(until further modified in accordance with the Note Purchase Agreement), the
Noncommitted Purchaser Percentage or Commitment Percentage, as applicable of the
Transferor Purchaser and the Purchasing Purchaser and the Commitment and the
Liquidity Percentage, if applicable, if any, of the Transferor Purchaser and the
Purchasing Purchaser shall be as set forth in Schedule II to this Supplement.

     (i) The Transferor Purchaser has made arrangements with the Purchasing
Purchaser with respect to (i) the portion, if any, to be paid, and the date or
dates for payment, by the Transferor Purchaser to the Purchasing Purchaser of
any fees heretofore received by the Transferor Purchaser pursuant to the Note
Purchase Agreement prior to the Transfer Effective Date and (ii) the portion, if
any, to be paid, and the date or dates for payment, by the Purchasing Purchaser
to the Transferor Purchaser of fees or interest received by the Purchasing
Purchaser pursuant to the Note Purchase Agreement or otherwise in respect of the
Notes from and after the Transfer Effective Date.

     (j) All principal payments that would otherwise be payable from and after
the Transfer Effective Date to or for the account of the Transferor Purchaser in
respect of the Notes shall, instead, be payable to or for the account of the
Transferor Purchaser and the Purchasing Purchaser, as the case may be, in
accordance with their respective interests as reflected in this Supplement.

                                      -2-
<PAGE>

              (ii) All interest, fees and other amounts that would otherwise
accrue for the account of the Transferor Purchaser from and after the Transfer
Effective Date pursuant to the Note Purchase Agreement or in respect of the
Notes shall, instead, accrue for the account of, and be payable to or for the
account of, the Transferor Purchaser and the Purchasing Purchaser, as the case
may be, in accordance with their respective interests as reflected in this
Supplement. In the event that any amount of interest, fees or other amounts
accruing prior to the Transfer Effective Date was included in the Purchase Price
paid by the Purchasing Purchaser, the Transferor Purchaser and the Purchasing
Purchaser will make appropriate arrangements for payment by the Transferor
Purchaser to the Purchasing Purchaser of such amount upon receipt thereof from
the Agent.

     (k) Concurrently with the execution and delivery hereof, the Purchasing
Purchaser will deliver to Agent, the Issuer and the Indenture Trustee an
executed Investment Letter in the form of Exhibit A to the Note Purchase
Agreement.

     (l) Each of the parties to this Supplement agrees and acknowledges that (i)
at any time and from time to time upon the written request of any other party,
it will execute and deliver such further documents and do such further acts and
things as such other party may reasonably request in order to effect the
purposes of this Supplement, and (ii) the Agent shall apply each payment made to
it under the Note Purchase Agreement, whether in its individual capacity or as
Agent, in accordance with the provisions of the Note Purchase Agreement, as
appropriate.

     (m) By executing and delivering this Supplement, the Transferor Purchaser
and the Purchasing Purchaser confirm to and agree with each other and the Agent
and the Purchaser as follows: (i) other than the representation and warranty
that it is the legal and beneficial owner of the interest being assigned hereby
free and clear of any adverse claim, the Transferor Purchaser makes no
representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with the Note
Purchase Agreement or the Indenture or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Note Purchase Agreement
or any other instrument or document furnished pursuant thereto; (ii) the
Transferor Purchaser makes no representation or warranty and assumes no
responsibility with respect to the financial condition of the Seller, the
Servicer, the Depositor, the Issuer or the Indenture Trustee, or the performance
or observance by the Seller, the Servicer, the Depositor, the Issuer or the
Indenture Trustee of any of their respective obligations under the Note Purchase
Agreement, the Indenture or any other instrument or document furnished pursuant
hereto; (iii) each Purchasing Purchaser confirms that it has received a copy of
such documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into this Supplement; (iv) each Purchasing
Purchaser will, independently and without reliance upon the Agent, the
Transferor Purchaser or any other Purchaser and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under the Note Purchase
Agreement or the Indenture; (v) each Purchasing Purchaser appoints and
authorizes the Agent to take such action as agent on its behalf and to exercise
such powers under the Note Purchase Agreement and the Indenture as are delegated
to the Agent by the terms thereof, together with such powers as are reasonably
incidental thereto, all in accordance with Section 7 of the Note Purchase
Agreement; and (vi) each Purchasing Purchaser agrees (for the benefit of the
Transferor Purchaser, the Issuer, the Agent, the Purchasers, the Indenture
Trustee, the Depositor,

                                      -3-
<PAGE>

the Seller, the Servicer and the Issuer) that it will perform in accordance with
their terms all of the obligations which by the terms of the Note Purchase
Agreement are required to be performed by it as a Purchaser.

     (n) Schedule II hereto sets forth the revised Noncommitted Purchaser
Percentage or the revised Commitment Percentage, the revised Liquidity
Percentage, if applicable, and Commitment of the Transferor Purchaser, as
applicable, the Noncommitted Purchaser Percentage or the Commitment Percentage,
the Liquidity Percentage, if applicable, Commitment and Commitment Expiration
Date of the Purchasing Purchaser, as applicable, and the initial Investing
Office of the Purchasing Purchaser, as well as administrative information with
respect to the Purchasing Purchaser.

     (o) THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK.

         IN WITNESS WHEREOF, the parties hereto have caused this Supplement to
be executed by their respective duly authorized officers on Schedule I hereto as
of the date set forth in Item 1 of Schedule I hereto.

                                      -4-
<PAGE>

                                                                   SCHEDULE I TO
                                                             TRANSFER SUPPLEMENT

                          COMPLETION OF INFORMATION AND
                       SIGNATURES FOR TRANSFER SUPPLEMENT

                  Re:      Amended and Restated Note Purchase Agreement, dated
                           as of April 17, 2002, among BXG RECEIVABLES NOTE
                           TRUST 2001-A, BLUEGREEN CORPORATION, as Seller and
                           Servicer, BLUEGREEN RECEIVABLES FINANCE CORPORATION
                           V, as Depositor, the Purchasers party thereto and ING
                           Capital LLC, as Agent.

Item 1:       Date of Transfer Supplement:

Item 2:       Transferor Purchaser:

Item 3:       Purchasing Purchaser:

Item 4:       Signatures of Parties to Agreement:

                                   ---------------------------------------------
                                   as Transferor Purchaser

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

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

                                   ---------------------------------------------
                                   as Purchasing Purchaser

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

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

                                      -1-
<PAGE>

CONSENTED TO AND ACCEPTED BY:
ING CAPITAL LLC, as Agent

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

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

BXG RECEIVABLES NOTE TRUST 2001-A

By __________, not in its individual capacity,
         but solely as Owner Trustee

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

                                      -2-
<PAGE>

                                                                  SCHEDULE II TO
                                                             TRANSFER SUPPLEMENT

                      LIST OF INVESTING OFFICES, ADDRESSES
                    FOR NOTICES, ASSIGNED INTERESTS, PURCHASE
                  AND COMMITMENT PERCENTAGES AND PURCHASE PRICE

[Transferor Purchaser]

A.   Noncommitted Purchaser:    Yes/No
                                ------

     If applicable:

         Noncommitted Purchaser Percentage:                            _______%
         ---------------------------------

         Transferor Purchaser

         Noncommitted Purchaser Percentage
         Prior to Sale:                                                _______%

         Noncommitted Purchaser Percentage Sold:                       _______%

         Noncommitted Purchaser Percentage Retained:                   _______%

         Liquidity Providers and Liquidity Percentages after Sale:

         ----------------------                                        _______%

         ----------------------                                        _______%

         ----------------------                                        _______%

B.   Committed Purchaser:         Yes/No
                                  ------
     If applicable:

         Commitment Percentage:
         ---------------------

         Transferor Purchaser Commitment Percentage
         Prior to Sale:                                                _______%

         Commitment Percentage Sold:                                   _______%

         Commitment Percentage Retained:                               _______%

         Commitment:
         ----------
         Transferor Purchaser Commitment
         Prior to Sale:                                               $________

                                      -1-
<PAGE>

         Commitment Sold:                                             $________

         Commitment Retained                                          $________

C.   Liquidity Commitment:                                             _______%
     --------------------

     Related Noncommitted Purchaser:                                ____________

     Liquidity Percentage Prior to Sale:                                _______%

     Liquidity Percentage Sold:

     Liquidity Percentage Retained:                                     _______%

D.   Outstanding Amount of Notes:
     ---------------------------

     Transferor Purchaser
     Outstanding Amount of Notes Prior to Sale:                        $________

     Outstanding Amount of Notes Sold:                                 $________

     Outstanding Amount of Notes Retained:                             $________

E.   Purchase Percentage:                                               _______%
     -------------------

[Purchasing Purchaser]

A.   Noncommitted Purchaser:  Yes/No
                              ------
     If applicable:

         Initial Noncommitted Purchaser Percentage:                    _______%

         Liquidity Providers and Liquidity Percentages after Sale:

         ----------------------                                        _______%

         ----------------------                                        _______%

         ----------------------                                        _______%

B.   Committed Purchaser:  Yes/No
                           ------

     If applicable:

         Committed Percentage:                                         _______%

         Commitment:                                                  $________

                                      -2-
<PAGE>

         Related Noncommitted Purchaser:                               ________

         Liquidity Percentage:                                         _______%

C.   Outstanding Amount of Notes Owned Immediately After Sale:        $________

Address for Notices:
-------------------

Investing Office:
----------------

                                      -3-
<PAGE>

                                                                 SCHEDULE III TO
                                                             TRANSFER SUPPLEMENT

                                     Form of
                            Transfer Effective Notice

         To:      [Name and address of
                  Issuer, Servicer, Indenture Trustee, the Transferor
                  Purchaser and the Purchasing Purchaser]

         The undersigned, as Agent under the Amended and Restated Note Purchase
Agreement, dated as of April 17, 2002, among BXG RECEIVABLES NOTE TRUST 2001-A,
as Issuer, BLUEGREEN CORPORATION, as Seller and Servicer, BLUEGREEN RECEIVABLES
FINANCE CORPORATION V, as Depositor, the Purchasers parties thereto and ING
Capital LLC, as Agent for the Purchasers thereunder, acknowledges receipt of
five executed counterparts of a completed Transfer Supplement. [Note: attach
copies of Schedules I and II from such Agreement.] Terms defined in such
Supplement are used herein as therein defined.

         Pursuant to such Transfer Supplement, you are advised that the Transfer
Effective Date will be _____________, 200_.

Very truly yours,

ING CAPITAL LLC, as Agent

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

                                      -1-EXHIBIT 10.113

                              AMENDED AND RESTATED

                                    INDENTURE

                                     between

                       BXG RECEIVABLES NOTE TRUST 2001-A,

                                    as Issuer

                                       and

                         U.S. BANK NATIONAL ASSOCIATION
            (formerly known as U.S. Bank Trust National Association),

                              as Indenture Trustee

                           Dated as of April 17, 2002

                        BXG RECEIVABLES NOTE TRUST 2001-A
                        Asset Backed Notes, Series 2001-A

<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                               Page
         <S>                  <C>                                                                                <C>
ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE.............................................................2
         SECTION 1.1.         Definitions.........................................................................2
         SECTION 1.2.         Rules of Construction...............................................................7

ARTICLE II. THE NOTES.............................................................................................8
         SECTION 2.1.         Form; Authorized Amount.............................................................8
         SECTION 2.2.         Execution, Authentication, Delivery and Dating......................................9
         SECTION 2.3.         Registration; Registration of Transfer and Exchange.................................9
         SECTION 2.4.         Mutilated, Destroyed, Lost or Stolen Notes.........................................10
         SECTION 2.5.         Persons Deemed Registered Noteholders..............................................11
         SECTION 2.6.         Payment of Principal and Interest..................................................11
         SECTION 2.7.         Cancellation.......................................................................12
         SECTION 2.8.         Release of Collateral..............................................................12
         SECTION 2.9.         Restriction on Transfers of Notes..................................................13
         SECTION 2.10.        Tax Treatment......................................................................13

ARTICLE III. COVENANTS...........................................................................................13
         SECTION 3.1.         Payment of Principal and Interest..................................................13
         SECTION 3.2.         Money for Payments To Be Held in Trust.............................................13
         SECTION 3.3.         Existence..........................................................................15
         SECTION 3.4.         Protection of Collateral...........................................................15
         SECTION 3.5.         Opinions as to Collateral..........................................................15
         SECTION 3.6.         Performance of Obligations; Servicing of Receivables...............................16
         SECTION 3.7.         Negative Covenants.................................................................17
         SECTION 3.8.         Annual Statement as to Compliance..................................................18
         SECTION 3.9.         Covenants of the Issuer............................................................18
         SECTION 3.10.        Investment Company Act.............................................................18
         SECTION 3.11.        Restricted Payments................................................................18
         SECTION 3.12.        Treatment of Notes as Debt for Tax Purposes........................................19
         SECTION 3.13.        Notice of Amortization Events......................................................19
         SECTION 3.14.        Further Instruments and Acts.......................................................19
         SECTION 3.15.        Capital Expenditures...............................................................19

ARTICLE IV. SATISFACTION AND DISCHARGE...........................................................................19
         SECTION 4.1.         Satisfaction and Discharge of Indenture............................................19
         SECTION 4.2.         Application of Trust Money.........................................................20
         SECTION 4.3.         Repayment of Moneys Held by Paying Agent...........................................20

ARTICLE V. REMEDIES..............................................................................................21
         SECTION 5.1.         Amortization Events................................................................21
         SECTION 5.2.         Acceleration of Maturity; Rescission and Annulment.................................22
         SECTION 5.3.         Collection of Indebtedness and Suits for Enforcement by Indenture Trustee..........23
</TABLE>

                                      -i-
<PAGE>

<TABLE>

         <S>                  <C>                                                                                <C>
         SECTION 5.4.         Remedies; Priorities...............................................................25
         SECTION 5.5.         Optional Preservation of the Collateral............................................26
         SECTION 5.6.         Limitation of Suits................................................................26
         SECTION 5.7.         Unconditional Rights of Registered Noteholders To Receive Principal and
                              Interest...........................................................................27
         SECTION 5.8.         Restoration of Rights and Remedies.................................................27
         SECTION 5.9.         Rights and Remedies Cumulative.....................................................28
         SECTION 5.10.        Delay or Omission Not a Waiver.....................................................28
         SECTION 5.11.        Control by Registered Noteholders..................................................28
         SECTION 5.12.        Waiver of Past Amortization Events.................................................29
         SECTION 5.13.        Undertaking for Costs..............................................................29
         SECTION 5.14.        Waiver of Stay or Extension Laws...................................................29
         SECTION 5.15.        Action on Notes....................................................................29
         SECTION 5.16.        Performance and Enforcement of Certain Obligations.................................30

ARTICLE VI. THE INDENTURE TRUSTEE................................................................................30
         SECTION 6.1.         Duties of Indenture Trustee........................................................30
         SECTION 6.2.         Rights of Indenture Trustee........................................................32
         SECTION 6.3.         Individual Rights of Indenture Trustee.............................................32
         SECTION 6.4.         Indenture Trustee's Disclaimer.....................................................33
         SECTION 6.5.         Notice of Amortization Events......................................................33
         SECTION 6.6.         Reports by Indenture Trustee to Registered Noteholders.............................33
         SECTION 6.7.         Compensation and Indemnity.........................................................33
         SECTION 6.8.         Replacement of Indenture Trustee...................................................33
         SECTION 6.9.         Successor Indenture Trustee by Merger..............................................34
         SECTION 6.10.        Appointment of Co-Indenture Trustee or Separate-Indenture Trustee..................35
         SECTION 6.11.        Eligibility; Disqualification......................................................36
         SECTION 6.12.        Maintenance of Office or Agency....................................................36

ARTICLE VII. NOTEHOLDERS' LISTS AND REPORTS......................................................................37
         SECTION 7.1.         Preservation of Information; Communications to Registered Noteholders..............37

ARTICLE VIII. ACCOUNTS, DISBURSEMENTS AND RELEASES...............................................................37
         SECTION 8.1.         Collection of Money................................................................37
         SECTION 8.2.         Accounts; Distributions............................................................37
         SECTION 8.3.         General Provisions Regarding Accounts..............................................37
         SECTION 8.4.         Release of Collateral..............................................................37

ARTICLE IX. SUPPLEMENTAL INDENTURE...............................................................................38
         SECTION 9.1.         Reserved...........................................................................38
         SECTION 9.2.         Supplemental Indentures............................................................38
         SECTION 9.3.         Execution of Supplemental Indenture................................................39
         SECTION 9.4.         Effect of Supplemental Indenture...................................................39
         SECTION 9.5.         Reference in Notes to Supplemental Indenture.......................................40
</TABLE>

                                      -ii-
<PAGE>

<TABLE>

         <S>                  <C>                                                                                <C>
ARTICLE X. BORROWINGS............................................................................................40
         SECTION 10.1.        Optional Borrowing.................................................................40

ARTICLE XI. MISCELLANEOUS........................................................................................41
         SECTION 11.1.        Compliance Certificates and Opinions, etc..........................................41
         SECTION 11.2.        Form of Documents Delivered to Indenture Trustee...................................41
         SECTION 11.3.        Acts of Registered Noteholders.....................................................42
         SECTION 11.4.        Notices, etc., to Indenture Trustee and Issuer.....................................43
         SECTION 11.5.        Notices to Registered Noteholders; Waiver..........................................43
         SECTION 11.6.        Effect of Headings and Table of Contents...........................................44
         SECTION 11.7.        Successors and Assigns.............................................................44
         SECTION 11.8.        Separability.......................................................................44
         SECTION 11.9.        Benefits of Indenture..............................................................44
         SECTION 11.10.       Legal Holidays.....................................................................44
         SECTION 11.11.       Governing Law......................................................................44
         SECTION 11.12.       Counterparts.......................................................................44
         SECTION 11.13.       Recording of Indenture.............................................................44
         SECTION 11.14.       Trust Obligation...................................................................44
         SECTION 11.15.       No Petition........................................................................45
         SECTION 11.16.       Inspection.........................................................................45
         SECTION 11.17.       Limitation of Liability of Owner Trustee...........................................45
</TABLE>

EXHIBITS

EXHIBIT A     -    Form of Note
EXHIBIT B-1   -    Form of Certificate Regarding Transfer (Accredited Investor)
EXHIBIT B-2   -    Form of Certificate Regarding Transfer (Rule 144A)
EXHIBIT B-2   -    Form of Borrowing Certification

                                      -iii-
<PAGE>

     This AMENDED AND RESTATED INDENTURE (this "Indenture" or this "Agreement")
dated as of April 17, 2002, between BXG RECEIVABLES NOTE TRUST 2001-A, a
Delaware business trust (the "Issuer"), and U.S. BANK NATIONAL ASSOCIATION
(formerly known as U.S. Bank Trust National Association), a national banking
association, as indenture trustee and not in its individual capacity (the
"Indenture Trustee") amends and restates in its entirety, the Indenture dated as
of June 29, 2001 (the "Old Indenture") by and among the parties hereto.

     Each party agrees as follows for the benefit of the other party and for the
equal and ratable benefit of the Registered Noteholders of the BXG Receivables
Note Trust 2001-A Asset-Backed Notes, Series 2001-A.

                                 GRANTING CLAUSE

     Subject to the terms of the Old Indenture and this Indenture, the Issuer
has Granted, hereby Grants and shall continue to Grant to the Indenture Trustee
on the Closing Date, as Indenture Trustee for the benefit of the Registered
Noteholders, (i) all of the Issuer's right, title and interest in and to each
Receivable identified on the Schedule of Receivables, including the related
Receivables Documents, from time to time existing (x) at the close of business
on the Cut-Off Date, in the case of the Initial Receivables and (y) at the close
of business on each Additional Cut-Off Date, in the case of Additional
Receivables, (ii) any other property which secured such Receivable and which has
been acquired by foreclosure or deed in lieu of foreclosure or otherwise, (iii)
the portion of the Issuer's interest in any Insurance Policies relating to such
Receivables, (iv) the Issuer's interest in the Operative Documents, (v) all
funds on deposit from time to time in the Note Account, (vi) all payments on and
proceeds of any of the foregoing after the Cut-Off Date or the Additional
Cut-Off Date, as applicable, and (vii) all rights and remedies under each of the
Lock-Box Agreement, the Custodial Agreement, the Backup Servicing Agreement, the
Sale and Servicing Agreement, each Addition Agreement, each Substitution
Agreement and each Hedge Agreement (collectively, the "Trust Estate" or the
"Collateral"), excluding, in each case, monies and other property which have
been properly paid or released in accordance with the terms of this Indenture
and the other Operative Documents.

     The foregoing Grants are made in trust to secure (i) the payment of
principal of and interest on, and any other amounts owing in respect of, the
Notes, equally and ratably without prejudice, priority or distinction, (ii) the
payment of all other amounts payable under this Indenture and (iii) compliance
with the provisions of this Indenture, all as provided in this Indenture.

     The Indenture Trustee, as indenture trustee on behalf of the Registered
Noteholders, acknowledges such Grants, accepts the trusts hereunder and agrees
to perform its duties required in this Indenture in accordance with its terms.

     The Indenture Trustee (or the Custodian, on behalf of the Indenture
Trustee) shall hold the Receivables Documents in trust, for the use and benefit
of the Issuer and all present and future Registered Noteholders, and shall
retain possession thereof. The Indenture Trustee further agrees and acknowledges
that each other item of Collateral that is physically delivered to the

<PAGE>

Indenture Trustee or the Custodian on its behalf will be held by the Indenture
Trustee, or by a Custodian, on behalf of the Indenture Trustee, in the State of
Minnesota or in any other location acceptable to the Indenture Trustee and the
Servicer.

     The Indenture Trustee further acknowledges that in the event the conveyance
of the Receivables by the Depositor to the Issuer pursuant to the Sale and
Servicing Agreement is determined to constitute a financing, the Indenture
Trustee (or the Servicer as its agent) holds the Receivables as the assignee of
the Issuer.

                                   ARTICLE I.

                   DEFINITIONS AND INCORPORATION BY REFERENCE

     SECTION 1.1. Definitions. Except as otherwise specified herein or as the
context may otherwise require, the following terms have the respective meanings
set forth below for all purposes of this Indenture. Capitalized terms used but
not otherwise defined herein have the respective meanings set forth in the Sale
and Servicing Agreement.

     "Act": The meaning specified in Section 11.3(a) hereof.

     "Additional Borrowing Test": with respect to any Borrowing, a test
satisfied if, after giving effect to such Borrowing, the Borrowing Base exceeds
the sum of the Note Principal Balance plus the amount of interest which will
accrue on the Notes through the next Payment Date.

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

     "Agent": ING Capital LLC, in its capacity as agent for the purchasers
parties to the Note Purchase Agreement and its successors and assigns in such
capacity.

     "Aggregate Undrawn Amount": At any time, the excess, if any, of (i) the
aggregate amount of the Commitments over (ii) the Outstanding Amount at such
time.

     "Amortization Event": The meaning specified in Section 5.1 hereof.

     "Authorized Officer": With respect to the Issuer, any officer of the Owner
Trustee who is authorized to act for the Owner Trustee in matters relating to
the Issuer and who is identified on the list of Authorized Officers delivered by
the Owner Trustee to the Indenture Trustee on the Closing Date (as such list may
be modified or supplemented from time to time thereafter).

     "Borrowing": The meaning specified in Section 10.1 hereof.

                                      -2-
<PAGE>

     "Borrowing Base": On each Determination Date, the sum of (i) the product of
(x) the Borrowing Base Percentage and (y) the Aggregate Outstanding Receivable
Balance of Eligible Receivables as of the close of business on the last day of
the related Collection Period minus the Excluded Receivables Balance as of the
close of business on the last day of the related Collection Period plus (ii) the
amount, if any, on deposit in the Note Account as of the close of business on
the last day of the related Collection Period.

     "Borrowing Base Percentage": On any day, the lower of (i) 85% and (ii) (x)
100% minus (y) the percentage credit enhancement required by Moody's and Fitch
to achieve a rating of Baa2 and BBB, respectively, from such Rating Agencies
with respect to a securitization by the Seller or its Affiliates of Eligible
Receivables similar to those included in the Trust Estate. Such percentage
credit enhancement shall be evidenced by the credit enhancement required with
respect to the most recent such securitization or pursuant to special request of
the Agent or the Servicer to such Rating Agencies.

     "Borrowing Base Deficiency": On any date, the excess, if any, of the sum of
the Note Principal Balance as of such date plus the amount of interest accrued
on the Notes as of such date over the Borrowing Base as of such date.

     "Borrowing Certification": The Borrowing Certification attached hereto,
substantially in the form of Exhibit C.

     "Borrowing Date": The meaning specified in Section 10.1 hereof.

     "Business Day": Any day other than (i) a Saturday or a Sunday or (ii) a day
on which commercial banking institutions in the states of New York,
Massachusetts, Minnesota or the state in which the Corporate Trust Office is
located are authorized or obligated by law or executive to be closed.

     "Certificate of Trust": The certificate of trust of the Issuer
substantially in the form of Exhibit A to the Trust Agreement.

     "Closing Date": June 29, 2001.

     "Commitment": "Commitment" as defined in the Note Purchase Agreement.

     "Code": The Internal Revenue Code of 1986, as amended.

     "Collateral": The meaning specified in the Granting Clause of this
Indenture.

     "Corporate Trust Office": The principal office of the Indenture Trustee at
180 East Fifth Street, St. Paul, MN 55101, Attn: Ms. Tammy Schultz-Fugh, or the
principal office of any successor Indenture Trustee hereunder.

     "Custodian's Receipt": The meaning set forth in the Custodial Agreement.

                                      -3-
<PAGE>

     "Default Ratio (Pledged)": For any Determination Date, the ratio (expressed
as a percentage) the numerator of which is the product of (i) 12 and (ii) the
Aggregate Outstanding Receivables Balance of all Receivables that became
Defaulted Receivables during the related Collection Period (less any reinstated
Receivables) and the denominator of which is the Aggregate Outstanding
Receivables Balance of all Receivables in the Trust Estate, in each case as of
the last day of the related Collection Period (expressed as a percentage).

     "Delinquency Ratio (Pledged)": With respect to any date of determination,
the ratio (expressed as a percentage) of (i) the Aggregate Outstanding
Receivables Balance of all Delinquent Receivables in the Trust Estate divided by
the Aggregate Outstanding Receivables Balance of all Receivables in the Trust
Estate, in each case as of the last day of the related Collection Period
(expressed as a percentage).

     "Depositor": Bluegreen Receivables Finance Corporation V, a Delaware
corporation, or any successor thereto.

     "Designated Depository Institution": A federal or state chartered
depository institution acceptable to the Indenture Trustee, acting in its
fiduciary capacity, having combined capital and surplus of at least $50,000,000.

     "Exchange Act": The Securities Exchange Act of 1934, as amended.

     "Final Payment Date": the Payment Date in March 2006.

     "Grant": To mortgage, pledge, bargain, sell, warrant, alienate, remise,
release, convey, assign, transfer, create, and grant a lien upon and a security
interest in and right of set-off against, deposit, set over and confirm pursuant
to this Indenture. A Grant of the Collateral or of any other agreement or
instrument shall include all rights, powers and options (but none of the
obligations) of the granting party thereunder, including the immediate and
continuing right to claim for, collect, receive and give receipt for principal
and interest payments in respect of the Collateral and all other moneys payable
thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring
Proceedings in the name of the granting party or otherwise, and generally to do
and receive anything that the granting party is or may be entitled to do or
receive thereunder or with respect thereto.

     "Indenture Trustee": U.S. Bank National Association (formerly known as U.S.
Bank Trust National Association), a national banking association, as Indenture
Trustee under this Indenture, or any successor Indenture Trustee under this
Indenture.

     "Independent": When used with respect to any specified Person, that the
Person (a) is in fact independent of the Issuer, any other obligor on the Notes,
the Depositor, the Servicer, the Seller and any Affiliate of any of the
foregoing Persons, (b) does not have any direct financial interest or any
material indirect financial interest in the Issuer, any such other obligor, the
Depositor, the Servicer, the Seller or any Affiliate of any of the foregoing
Persons and (c) is not connected with the Issuer, any such other obligor, the
Depositor, the Servicer, the Seller or any Affiliate of any of the foregoing
Persons as an officer, employee, promoter, underwriter, trustee,

                                      -4-
<PAGE>

partner, director or person performing similar functions; provided, however,
that a Person shall not be excluded from the definition of "Independent" solely
because such Person is a director of Bluegreen Receivables Finance Corporation
IV and/or Bluegreen Receivables Finance Corporation V, each, a Delaware
Corporation.

     "Independent Certificate": A certificate or opinion to be delivered to the
Indenture Trustee under the circumstances described in, and otherwise complying
with, the applicable requirements of Section 11.1, made by an Independent
appraiser or other expert appointed by an Issuer Order and approved by the Agent
in the exercise of reasonable care, and such opinion or certificate shall state
that the signer has read the definition of "Independent" in this Indenture and
that the signer is Independent within the meaning thereof.

     "Initial Borrowing Date": The date on which the initial Borrowing takes
place.

     "Issuer": BXG Receivables Note Trust 2001-A, until a successor replaces it
and, thereafter, the successor.

     "Issuer Order" and "Issuer Request": A written order or request signed in
the name of the Issuer by any one of its Authorized Officers and delivered to
the Indenture Trustee.

     "Note": A BXG Receivables Note Trust 2001-A, Asset Backed Note, Series
2001-A, substantially in the Form of Exhibit A hereto.

     "Note Principal Balance": As of any time of determination, the Original
Note Principal Balance plus the aggregate principal amount of all additional
Borrowings pursuant to Section 10.1 hereof less the aggregate of all amounts
actually distributed to the holders of the Notes on account of principal
pursuant to Section 3.2 or 3.8 of the Sale and Servicing Agreement prior to such
date.

     "Note Purchase Agreement": The Amended and Restated Note Purchase Agreement
dated as of April 17, 2002, among the Trust, the Depositor, the Seller, the
Servicer, the Purchasers parties thereto and the Agent.

     "Note Register" and "Note Registrar": The respective meanings specified in
Section 2.3.

     "Officer's Certificate": A certificate signed by any Authorized Officer of
the Issuer, under the circumstances described in, and otherwise complying with,
the applicable requirements of Section 11.1, and delivered to the Indenture
Trustee.

     "Opinion of Counsel": One or more written opinions of counsel who may,
except as otherwise expressly provided in this Indenture, be counsel to the
Issuer or an Affiliate of the Issuer and who shall be satisfactory to the
Indenture Trustee, and which opinion or opinions shall be addressed to the
Indenture Trustee, as Indenture Trustee, and shall comply with any applicable
requirements of Section 11.1 and shall be in form and substance reasonably
satisfactory to the Indenture Trustee.

                                      -5-
<PAGE>

     "Outstanding": With respect to any Note and as of the date of
determination, any Note theretofore authenticated and delivered under this
Indenture except:

     (i) Notes theretofore canceled by the Note Registrar or delivered to the
Note Registrar for cancellation;

     (ii) Notes the payment for which money in the necessary amount has been
theretofore deposited with the Indenture Trustee or any Paying Agent in trust
for the Registered Noteholders of such Notes;

     (iii) Notes in exchange for or in lieu of which other Notes have been
authenticated and delivered pursuant to this Indenture unless proof satisfactory
to the Indenture Trustee is presented that any such Notes are held by a bona
fide purchaser; and

     (iv) Notes as to which the Indenture Trustee has made final payment,
whether or not such Notes are ever surrendered or otherwise returned to the
Indenture Trustee;

     provided, that in determining whether the Registered Noteholders of the
requisite Outstanding Amount of the Notes have given any request, demand,
authorization, direction, notice, consent, or waiver hereunder or under any
Operative Document, Notes owned by the Issuer, any other obligor upon the Notes,
the Depositor, the Seller, the Servicer, or any Affiliate of any of the
foregoing Persons shall be disregarded and deemed not to be Outstanding (unless
such person owns 100% of the Notes), except that, in determining whether the
Indenture Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent, or waiver, only Notes that the
Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned
that have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Indenture Trustee the pledgee's
right so to act with respect to such Notes and that the pledgee is not the
Issuer, any other obligor upon the Notes, the Depositor, the Seller, the
Servicer or any Affiliate of any of the foregoing Persons.

     "Outstanding Amount": The aggregate principal amount of all Notes that are
Outstanding at the date of determination. The Outstanding Amount shall not
include the Aggregate Undrawn Amount.

     "Owner Trustee": Wilmington Trust Company, not in its individual capacity
but solely as Owner Trustee under the Trust Agreement, or any successor Owner
Trustee under the Trust Agreement.

     "Paying Agent": The Indenture Trustee or any other Person that meets the
eligibility standards for the Indenture Trustee specified in Section 6.11 and is
authorized by the Issuer to make payments to and distributions from the Note
Account, including payment of principal of or interest on the Notes on behalf of
the Issuer.

     "Payment Date": The first Business Day of each month, commencing in August
2001.

                                      -6-
<PAGE>

     "Principal Distribution Amount" With respect to each Payment Date before a
Facility Termination Date, the principal amount of Notes which are required to
be repaid to prevent the existence of a Borrowing Base Deficiency after giving
effect to all distributions of principal on such Payment Date and for each
Payment Date on or after a Facility Termination Date, an amount equal to the
Note Principal Balance.

     "Proceeding": Any suit in equity, action at law or other judicial or
administrative proceeding.

     "Record Date": With respect to any Payment Date, the close of business on
the Business Day immediately preceding a Payment Date.

     "Registered Noteholder": The Person in whose name a Note is registered on
the Note Register on the applicable Record Date.

     "Responsible Officer": With respect to the Indenture Trustee, any officer
within the Corporate Trust Office of the Indenture Trustee, including any Vice
President, Assistant Vice President, Assistant Treasurer, Assistant Secretary or
any other officer of the Indenture Trustee customarily performing functions
similar to those performed by any of the above designated officers and also,
with respect to a particular matter, any other officer to whom such matter is
referred because of such officer's knowledge of and familiarity with the
particular subject.

     "Sale and Servicing Agreement": The Amended and Restated Sale and Servicing
Agreement dated as of April 17, 2002, among the Issuer, the Depositor, the
Seller, the Servicer, Concord Servicing Corporation, as Backup Servicer,
Vacation Trust, Inc., as Club Trustee, U.S. Bank National Association, as
Custodian, and the Indenture Trustee.

     "Securities Act": The Securities Act of 1933, as amended.

     "Seller": Bluegreen Corporation, a Massachusetts corporation in its
capacity as Seller under the Sale and Servicing Agreement, and its permitted
successors and assigns.

     "Servicer": Bluegreen Corporation, a Massachusetts corporation in its
capacity as Servicer under the Sale and Servicing Agreement, and its permitted
successors and assigns.

     "State": Any one of the 50 States of the United States of America or the
District of Columbia.

     "Successor Servicer": The meaning specified in Section 3.5(e).

     "Trust Estate": The meaning specified in the granting clause.

     "UCC": Unless the context otherwise requires, the Uniform Commercial Code,
as in effect in the relevant jurisdiction, as amended from time to time.

     SECTION 1.2. Rules of Construction. Unless the context otherwise requires:

                                      -7-
<PAGE>

          (i) a term has the meaning assigned to it;

          (ii) an accounting term not otherwise defined has the meaning assigned
to it in accordance with generally accepted accounting principles as in effect
from time to time;

          (iii) "or" is not exclusive;

          (iv) "including" means including without limitation;

          (v) words in the singular include the plural and words in the plural
include the singular; and

          (vi) any agreement, instrument or statute defined or referred to
herein or in any instrument or certificate delivered in connection herewith
means such agreement, instrument or statute as from time to time amended,
modified or supplemented (as provided in such agreements) and includes (in the
case of agreements or instruments) references to all attachments thereto and
instruments incorporated therein; references to a Person are also to its
permitted successors and assigns.

                                   ARTICLE II.

                                    THE NOTES

     SECTION 2.1. Form; Authorized Amount. The Notes shall be designated as the
"BXG Receivables Note Trust 2001-A, Asset Backed Notes, Series 2001-A". The
aggregate maximum principal amount of Notes which may be issued under this
Indenture shall not exceed $125,000,000. The Notes, together with the Indenture
Trustee's certificate of authentication, shall be in substantially the form set
forth in Exhibit A hereto, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may, consistently herewith,
be determined by the officer or officers executing such Notes, as evidenced by
their execution thereof. Any portion of the text of any Note may be set forth on
the reverse thereof, with an appropriate reference thereto on the face of the
Note.

     The Notes will be issued and registered in certificated form and will be
typewritten, printed, lithographed or engraved or produced by any combination of
these methods, all as determined by the officer or officers executing such
Notes, as evidenced by the execution of such Notes.

     The terms of the Notes set forth in Exhibit A are part of the terms of this
Indenture. The Notes are revolving notes -- additional borrowings may be made
under the Notes pursuant to Section 10.1 and the principal of the Notes may be
repaid and reborrowed without penalty pursuant to the terms hereof.

     The Notes may be marked as temporary, and any Note being so marked may be
cancelled and destroyed for substitution by a replacement Note, subject to the
provisions of Section 2.2.

                                      -8-
<PAGE>

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

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

     Upon Issuer Request, receipt of the Notes registered in the name of Credit
Suisse First Boston, New York Branch (the "CSFB Note") and cancellation of the
CSFB Note, the Indenture Trustee shall authenticate the Notes for original issue
in the form of a single, fully registered Note in the name of ING Capital LLC,
as Agent and in the principal amount of $125,000,000 and deliver such Note to
the Agent against payment of the principal amount of the initial Borrowing
pursuant to Section 10.1 hereof by wire transfer of immediately available funds
to the Issuer.

     The Notes that are authenticated and delivered by the Indenture Trustee to
or upon the order of the Issuer on the Initial Borrowing Date shall be dated the
Initial Borrowing Date. All other Notes that are authenticated after the Closing
Date for any other purpose under this Indenture shall be dated the date of their
authentication. The Notes shall be issuable as registered Notes in the minimum
denomination of $10,000,000 and integral multiples of $1,000 in excess thereof,
but will evidence only the pro rata portion of the Outstanding Amount of
advances made in respect thereof pursuant hereto.

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

     SECTION 2.3. Registration; Registration of Transfer and Exchange. The
Indenture Trustee shall cause to be kept a register (the "Note Register") in
which, subject to such reasonable regulations as it may prescribe, the Indenture
Trustee shall provide for the registration of Notes and the registration of
transfers of Notes. The Indenture Trustee initially shall be the "Note
Registrar" for the purpose of registering Notes and transfers of Notes as herein
provided. Upon any resignation of any Note Registrar, the Indenture Trustee
shall promptly appoint a successor or, if it elects not to make such an
appointment, assume the duties of Note Registrar.

     If a Person other than the Indenture Trustee is appointed by the Indenture
Trustee as Note Registrar, the Indenture Trustee will give the Issuer and the
Agent prompt written notice of the appointment of such Note Registrar and of the
location, and any change in the location, of the Note Register. The Issuer, the
Servicer and their respective designees shall have the right to inspect the Note
Register at all reasonable times and to obtain copies thereof, and the Issuer
and the Servicer shall have the right to obtain from time to time and to rely
upon a certificate

                                      -9-
<PAGE>

executed on behalf of the Note Registrar by an Authorized Officer thereof as to
the names and addresses of the Registered Noteholders and the principal amounts
and number of such Notes.

     Subject to the terms and conditions of this Indenture, upon surrender for
registration of transfer of any Note in compliance with the requirements of this
Section 2.3 and Section 2.9 at the office or agency of the Indenture Trustee to
be maintained as provided in Section 6.12, the Issuer shall execute, and the
Indenture Trustee shall authenticate and the Registered Noteholder shall obtain
from the Indenture Trustee, in the name of the designated transferee or
transferees, one or more new Notes in any authorized denominations, of a like
aggregate principal amount.

     At the option of any Registered Noteholder, Notes owned by such Registered
Noteholder may be exchanged for other Notes in any authorized denominations, of
a like aggregate principal amount, upon surrender of the Notes to be exchanged
at such office or agency. Subject to the terms and conditions of this Indenture,
whenever any Notes are so surrendered for exchange, the Issuer shall execute,
and the Indenture Trustee shall authenticate and the Registered Noteholder shall
obtain from the Indenture Trustee, the Notes which the Registered Noteholder
making the exchange is entitled to receive.

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

     Every Note presented or surrendered for registration of transfer or
exchange shall be duly endorsed by, and be accompanied by a written instrument
of transfer in form satisfactory to the Indenture Trustee duly executed by, the
Registered Noteholder thereof or such Registered Noteholder's attorney duly
authorized in writing.

     The Notes represent the sole obligation of the Issuer payable from the
Collateral and do not represent the obligations of the Seller, the Servicer, the
Depositor, the Backup Servicer, the Owner Trustee, the Indenture Trustee or the
Custodian.

     No service charge shall be made to a Registered Noteholder for any
registration of transfer or exchange of Notes, but the Issuer may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any registration of transfer or exchange of
Notes, other than exchanges pursuant to Section 2.4 not involving any transfer.

     SECTION 2.4. Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or (ii) the Indenture
Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Note, and there is delivered to the Indenture Trustee such security or
indemnity as may be required by it to hold the Issuer, the Seller, the Servicer,
the Depositor and the Indenture Trustee harmless (the unsecured indemnity of the
Agent, in its individual capacity and not as Agent, being sufficient for such
purpose), then, in the absence of notice to the Issuer, the Note Registrar or
the Indenture Trustee that the destroyed, lost or stolen Note has been acquired
by a bona fide purchaser, and provided that the requirements of Section 8-405 of
the UCC are met as to such destroyed, lost or stolen Note, the Issuer shall
execute, and upon its request the Indenture Trustee shall authenticate and
deliver, in

                                      -10-
<PAGE>

exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a
replacement Note; provided, however, that if any such destroyed, lost or stolen
Note, but not a mutilated Note, shall have become or within seven days shall be
due and payable, instead of issuing a replacement Note, the Issuer may pay such
destroyed, lost or stolen Note when so due or payable without surrender thereof.
If, after the delivery of such replacement Note or payment of a destroyed, lost
or stolen Note pursuant to the proviso to the preceding sentence, a bona fide
purchaser of the original Note in lieu of which such replacement Note was issued
presents for payment such original Note, the Issuer and the Indenture Trustee
shall be entitled to recover such replacement Note (or such payment) from the
Person to whom it was delivered or any Person taking such replacement Note from
such Person to whom such replacement Note was delivered or any assignee of such
Person, except a bona fide purchaser, and each of the Issuer, Indenture Trustee,
Seller, Servicer and Depositor shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by it in connection therewith.

     Upon the issuance of any replacement Note under this Section, the Indenture
Trustee may require the payment by the Registered Noteholder of such Note, of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other reasonable fees and expenses of the Issuer and
the Indenture Trustee connected therewith.

     SECTION 2.5. Persons Deemed Registered Noteholders. Prior to due
presentment for registration of transfer of any Note, the Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee may treat the
Person in whose name any Note is registered (as of the day of determination) as
the owner of such Note for the purpose of receiving payments of principal of and
interest, if any, on such Note and for all other purposes whatsoever, whether or
not such Note be overdue, and none of the Issuer, the Indenture Trustee or any
agent of the Issuer or the Indenture Trustee shall be affected by notice to the
contrary.

     SECTION 2.6. Payment of Principal and Interest. The Note Principal Balance
shall accrue interest on each day the Notes are outstanding as follows: (i) the
Note Principal Balance outstanding after giving effect to all payments on a
Payment Date shall accrue interest at the "Note Interest Rate", determined as
provided in the Note Purchase Agreement, for the Interest Period beginning on
such Payment Date, and (ii) the principal amount of each Borrowing during an
Interest Period shall accrue interest for the period from the related Borrowing
Date to the end of such Interest Period at the "Note Interest Rate", determined
as provided in the Note Purchase Agreement, with respect to such period and such
Borrowing, determined as provided in the Note Purchase Agreement. The amount of
interest payable in respect of the Notes on each Payment Date shall be equal to
the aggregate amount of interest determined pursuant to the preceding sentence,
provided that if any principal amount described in clause (i) or (ii) of the
preceding sentence together with interest accrued thereon to the date of payment
is paid prior to the end of such Interest Period pursuant to Section 3.8 of the
Sale and Servicing Agreement, then (x) Note Monthly Interest with respect to
such Interest Period shall not include the amount of interest so prepaid and (y)
such principal amount shall cease accruing interest as of the date of such
prepayment.

                                      -11-
<PAGE>

     (a) The principal of each Note shall be payable as provided in the Sale and
Servicing Agreement and the form of the Notes set forth in Exhibit A.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable, if not previously paid, on the earlier of (i) the
Final Payment Date and (ii) the date on which an Amortization Event shall have
occurred and be continuing, if the Indenture Trustee or the Registered
Noteholders representing not less than a majority of the Outstanding Amount of
the Notes have declared the Notes to be immediately due and payable in the
manner provided in Section 5.2 (unless such declaration has been rescinded
pursuant to the terms hereof).

     (b) Any installment of interest or principal payable on any Note that is
punctually paid or duly provided for by the Issuer on the applicable Payment
Date shall be paid to the Person in whose name such Note is registered on the
related Record Date by wire transfer in immediately available funds to the
account designated by such Person prior to such Record Date, or, in the absence
of any such designation, by check mailed to such Person at the address of such
Person appearing in the Note Register; except that the final installment of
principal and interest payable with respect to such Note on a Payment Date or on
the applicable Final Payment Date shall be payable as provided in paragraph (c)
below. The funds represented by any such checks returned undelivered shall be
held in accordance with Section 3.2.

     (c) All principal and interest payments on the Notes shall be made pro rata
to the Registered Noteholders. The Indenture Trustee shall notify the Person in
whose name a Note is registered at the close of business on the Record Date
preceding the Payment Date on which it expects that the final installment of
principal of and interest on such Note will be paid. Such notice shall be mailed
or transmitted by facsimile prior to such final Payment Date and shall specify
that such final installment will be payable only upon presentation and surrender
of such Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment. Such final installment shall be
paid only upon presentation and surrender of such Note to the Indenture Trustee.

     SECTION 2.7. Cancellation. All Notes surrendered for payment, registration
of transfer, exchange or redemption shall be delivered to the Indenture Trustee
and shall be promptly canceled by the Indenture Trustee. The Issuer may at any
time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Issuer may have acquired in any
manner whatsoever, and all Notes so delivered shall be promptly canceled by the
Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes canceled as provided in this Section, except as expressly permitted by
this Indenture. All canceled Notes may be held or disposed of by the Indenture
Trustee in accordance with its standard retention or disposal policy as in
effect at the time, unless the Issuer shall direct by an Issuer Order that they
be destroyed or returned to it; provided, that such Issuer Order is timely and
the Notes have not been previously disposed of by the Indenture Trustee.

     SECTION 2.8. Release of Collateral. The Indenture Trustee shall not release
property from the lien of this Indenture except in accordance with the terms of
this Indenture, the Sale and Servicing Agreement and the Custodial Agreement.

                                      -12-
<PAGE>

     SECTION 2.9. Restriction on Transfers of Notes. No sale, pledge or other
transfer of record or beneficial ownership of a Note or any interest therein
shall be made unless such transfer is exempt from the registration requirements
of the Securities Act, and any applicable state securities laws or is made in
accordance with said Securities Act and laws, this Indenture and the Note
Purchase Agreement. The Issuer and the Indenture Trustee shall require the
transferee to execute an investment letter in the form of Exhibit B-1 or B-2
hereto certifying to the Issuer, the Indenture Trustee, the Servicer, the
Depositor and the Seller the facts surrounding such transfer, which investment
letter shall not be an expense of any such Person. The Registered Noteholder of
a Note desiring to effect such transfer shall, and does hereby agree to,
indemnify the Issuer, the Indenture Trustee, the Servicer, the Depositor and the
Seller against any liability that may result if the transfer is not so exempt or
is not made in accordance with such federal and state laws.

     SECTION 2.10. Tax Treatment. The Issuer has entered into this Indenture,
and the Notes will be issued, with the intention that, for federal, state and
local income, single business and franchise tax purposes, the Notes will qualify
as indebtedness of the Issuer secured by the Collateral. The Issuer, by entering
into this Indenture, and each Registered Noteholder, by its acceptance of a
Note, agrees to treat the Notes for federal, state and local income, single
business and franchise tax purposes as indebtedness of the Issuer.

                                  ARTICLE III.

                                    COVENANTS

     SECTION 3.1. Payment of Principal and Interest. The Issuer will duly and
punctually pay (or will cause to be duly and punctually paid) the principal of
and interest, if any, on the Notes in accordance with the terms of the Notes,
this Indenture and the other Operative Documents. Without limiting the
foregoing, subject to and in accordance with Section 8.2(b), on each Payment
Date the Issuer will cause to be distributed to the Registered Noteholders from
Available Funds on deposit in the Note Account all amounts required to be so
distributed pursuant to the Sale and Servicing Agreement. Amounts properly
withheld under the Code or any applicable state law by any Person from a payment
to any Registered Noteholder of interest and/or principal shall be considered as
having been paid by the Issuer to such Registered Noteholder for all purposes of
this Indenture.

     SECTION 3.2. Money for Payments To Be Held in Trust. All payments of
amounts due and payable with respect to any Notes pursuant to Section 8.2 shall
be made on behalf of the Issuer by the Indenture Trustee or by the Paying Agent,
and no such amounts shall be paid over to the Issuer except as provided in this
Section 3.2.

     The Issuer hereby appoints the Indenture Trustee as a Paying Agent. The
Issuer may appoint other Paying Agents from time to time. Any such other Paying
Agent shall be appointed by Issuer Order with written notice thereof to the
Indenture Trustee. Any Paying Agent appointed by the Issuer shall be a Person
who would be eligible to be Indenture Trustee hereunder as provided in Section
6.11. The Issuer shall not appoint any Paying Agent (other

                                      -13-
<PAGE>

than the Indenture Trustee) which is not, at the time of such appointment, a
Designated Depository Institution.

     The Issuer will cause each Paying Agent to execute and deliver to the
Indenture Trustee an instrument in which such Paying Agent shall agree with the
Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby
so agrees), subject to the provisions of this Section 3.2, that such Paying
Agent will:

          (i) hold all sums held by it for the payment of amounts due with
respect to the Notes in trust for the benefit of the Registered Noteholders
entitled thereto until such sums shall be paid to such Registered Noteholders or
otherwise disposed of as herein provided and pay such sums to such Registered
Noteholders as herein provided;

          (ii) give the Indenture Trustee notice of any occurrence that is, or
with notice or with the lapse of time or both would become, an Amortization
Event by the Issuer of which it has actual knowledge in the making of any
payment required to be made with respect to the Notes;

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

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

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

          (vi) not commence a bankruptcy proceeding against the Issuer in
connection with this Indenture.

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

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

                                      -14-
<PAGE>

paid to the Issuer), and all liability of the Indenture Trustee or such Paying
Agent with respect to such trust money shall thereupon cease; provided, however,
that the Indenture Trustee or such Paying Agent, before being required to make
any such repayment, shall at the expense and direction of the Issuer cause to be
published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in The City of New
York, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication,
any unclaimed balance of such money then remaining will be repaid to the Issuer.
The Indenture Trustee shall also adopt and employ, at the expense and direction
of the Issuer, any other reasonable means of notification of such repayment
(including, but not limited to, mailing notice of such repayment to Registered
Noteholders whose Notes have been called but have not been surrendered for
redemption or whose right to or interest in moneys due and payable but not
claimed is determinable from the records of the Indenture Trustee or of any
Paying Agent, at the last address of record for each such Registered
Noteholder).

     SECTION 3.3. Existence. The Issuer will keep in full effect its existence,
rights and franchises as a business trust under the laws of the State of
Delaware (unless it becomes, or any successor Issuer hereunder is or becomes,
organized under the laws of any other State or of the United States of America,
in which case the Issuer will keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and will obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes and the Collateral.

     SECTION 3.4. Protection of Collateral. The Issuer will, from time to time,
execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance
and other instruments, and will take such other action necessary or advisable
to:

          (i) provide further assurance with respect to the Grant of all or any
portion of the Collateral;

          (ii) maintain or preserve the lien and security interest (and the
priority thereof) of this Indenture or carry out more effectively the purposes
hereof;

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

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

          (v) preserve and defend title to the Collateral and the rights of the
Indenture Trustee in such Collateral against the claims of all persons and
parties.

     SECTION 3.5. Opinions as to Collateral. Once each year commencing on May 1,
2003, the Issuer shall furnish, to the Indenture Trustee an Opinion of Counsel
either stating that, in the opinion of such counsel, such action has been taken
with respect to the recording, filing, re-recording and refiling of this
Indenture, any indentures supplemental hereto and any other requisite documents
and with respect to the execution and filing of any financing statements and

                                      -15-
<PAGE>

continuation statements as is necessary to maintain the lien and security
interest created by this Indenture and reciting the details of such action or
stating that in the opinion of such counsel no such action is necessary to
maintain such lien and security interest. Such Opinion of Counsel shall also
describe the recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents and the
execution and filing of any financing statements and continuation statements
that will, in the opinion of such counsel, be required to maintain the lien and
security interest of this Indenture during the following 12-month period.

     SECTION 3.6. Performance of Obligations; Servicing of Receivables.

     (a) The Issuer will not take any action and will use its commercially
reasonable efforts not to permit any action to be taken by others that would
release any Person from any of such Person's material covenants or obligations
under any instrument or agreement included in the Collateral or that would
result in the amendment, hypothecation, subordination, termination or discharge
of, or impair the validity or effectiveness of, any such instrument or
agreement, except as expressly provided in this Indenture, the Sale and
Servicing Agreement, the Custodial Agreement or such other instrument or
agreement.

     (b) The Issuer may contract with or otherwise obtain the assistance of
other Persons to assist it in performing its duties under this Indenture, and
any performance of such duties by a Person identified to the Indenture Trustee
in an Officer's Certificate of the Issuer shall be deemed to be action taken by
the Issuer. Initially, the Issuer has contracted with the Servicer pursuant to
the Sale and Servicing Agreement to assist the Issuer in performing its duties
under this Indenture and the other Operative Documents.

     (c) The Issuer will punctually perform and observe all of its obligations
and agreements contained in this Indenture, the Operative Documents and in the
instruments and agreements included in the Collateral, including but not limited
to filing or causing to be filed all UCC financing statements and continuation
statements required to be filed by the terms of this Indenture and the Sale and
Servicing Agreement, in accordance with and within the time periods provided for
in this Indenture and/or the Sale and Servicing Agreement, as applicable.

     (d) If the Issuer shall have knowledge of the occurrence of a Servicer
Termination Event under the Sale and Servicing Agreement, the Issuer shall
promptly notify the Indenture Trustee in writing thereof, and shall specify in
such notice the action, if any, the Issuer is taking with respect of such
Servicer Termination Event.

     (e) Without derogating from the absolute nature of the assignment granted
to the Indenture Trustee under this Indenture or the rights of the Indenture
Trustee hereunder, the Issuer agrees (i) that it will not, without the prior
written consent of the Indenture Trustee and the Registered Noteholders of at
least a majority of the Outstanding Amount of the Notes, amend, modify, waive,
supplement, terminate or surrender, or agree to any amendment, modification,
supplement, termination, waiver or surrender of, the terms of any Collateral
(except to the extent otherwise provided in the Sale and Servicing Agreement or
in the Receivables Documents) or the Operative Documents, or waive timely
performance or observance by the Servicer or the Seller

                                      -16-
<PAGE>

under the Sale and Servicing Agreement; and (ii) that any such amendment shall
not (A) reduce in any manner the amount of, or accelerate or delay the timing
of, distributions that are required to be made for the benefit of the Registered
Noteholders or (B) reduce the aforesaid percentage of the Notes that is required
to consent to any such amendment, without the consent of the Registered
Noteholders of all the outstanding Notes. If any such amendment, modification,
supplement or waiver shall be so consented to by the Indenture Trustee and the
Registered Noteholders, the Issuer agrees, promptly following a request by the
Indenture Trustee to do so, to execute and deliver, in its own name and at its
own expense, such agreements, instruments, consents and other documents as the
Indenture Trustee may deem necessary or appropriate in the circumstances.

     SECTION 3.7. Negative Covenants. So long as any Notes are Outstanding, the
Issuer shall not:

          (i) except as expressly permitted by this Indenture, the Custodial
Agreement or the Sale and Servicing Agreement, sell, transfer, exchange or
otherwise dispose of any of the properties or assets of the Issuer, including
those included in the Collateral;

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

          (iii) engage in any business or activity other than as permitted by
this Indenture, Trust Agreement and the other Operative Documents and any
activities incidental thereto, or amend the Trust Agreement as in effect on the
Closing Date other than in accordance with Article XI thereof;

          (iv) issue debt obligations under any indenture other than this
Indenture;

          (v) incur or assume, directly or indirectly, any indebtedness, except
for such indebtedness as may be incurred by the Issuer pursuant to this
Indenture, or guaranty any indebtedness or other obligations of any Person
(other than the Receivables), or own, purchase, repurchase or acquire (or agree
contingently to do so) any stock, obligations, assets or securities of, or any
other interest in, or make any capital contribution to, any other Person (other
than the Receivables);

          (vi) dissolve or liquidate in whole or in part or merge or consolidate
with any other Person;

          (vii) (A) permit the validity or effectiveness of this Indenture to be
impaired, or permit the lien of this Indenture to be subordinated, terminated or
discharged, (B) permit any lien, charge, excise, claim, security interest,
mortgage or other encumbrance (other than the lien of this Indenture) to be
created on or extend to or otherwise arise upon or burden the Collateral or any
part thereof or any interest therein (other than tax liens, mechanics' liens and
other liens that arise by operation of law, in each case on any of the Intervals
or Units and arising solely as a

                                      -17-
<PAGE>

result of an action or omission of the related Obligor) or (C) permit the lien
of this Indenture not to constitute a valid first priority (other than with
respect to any Permitted Lien or such tax, mechanics' or other lien) security
interest in the Collateral;

          (viii) take any other action or fail to take any action which may
cause the Issuer to be taxable as (a) an association pursuant to Section 7701 of
the Code and the corresponding regulations, (b) a publicly traded partnership
taxable as a corporation pursuant to Section 7704 of the Code and the
corresponding regulations, or (c) a taxable mortgage pool pursuant to Section
7701(i) of the Code and the corresponding regulations; and

          (ix) change the location of its principal place of business without
prior notice to the Indenture Trustee and the Registered Noteholders.

     SECTION 3.8. Annual Statement as to Compliance. The Issuer will deliver to
the Indenture Trustee, within 120 days after the end of each fiscal year of the
Issuer (commencing with the fiscal year ended on or about March 31, 2002), an
Officer's Certificate stating, as to the Authorized Officer signing such
Officer's Certificate, that:

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

          (ii) to the best of such Authorized Officer's knowledge, based on such
review, the Issuer has complied with all conditions and covenants under the
Indenture throughout such year, or, if it has failed to comply with any such
condition or covenant, specifying each such failure to comply known to such
Authorized Officer and the nature and status thereof.

     SECTION 3.9. Covenants of the Issuer. All covenants of the Issuer in this
Indenture are covenants of the Issuer and are not covenants of the Owner
Trustee. The Owner Trustee is, and any successor Owner Trustee under the Trust
Agreement will be, entering into this Indenture solely as Owner Trustee under
the Trust Agreement and not in its respective individual capacity, and in no
case whatsoever shall the Owner Trustee or any such successor Owner Trustee be
personally liable on, or for any loss in respect of, any of the statements,
representations, warranties or obligations of the Issuer hereunder, as to all of
which the parties hereto agree to look solely to the property of the Issuer.

     SECTION 3.10. Investment Company Act. The Issuer shall not become an
"investment company" or under the "control" of an "investment company" as such
terms are defined in the Investment Company Act of 1940, as amended (or any
successor or amendatory statute), and the rules and regulations thereunder
(taking into account not only the general definition of the term "investment
company" but also any available exceptions to such general definition);
provided, however, that the Issuer shall be in compliance with this Section 3.10
if it shall have obtained an order exempting it from regulation as an
"investment company" so long as it is in compliance with the conditions imposed
in such order.

     SECTION 3.11. Restricted Payments. The Issuer shall not, directly or
indirectly, (i) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in

                                      -18-
<PAGE>

cash, property, securities or a combination thereof, to the Owner Trustee or any
owner of a beneficial interest in the Issuer or otherwise with respect to any
ownership or equity interest or security in or of the Issuer, the Seller, the
Depositor or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire
for value any such ownership or equity interest or security or (iii) set aside
or otherwise segregate any amounts for any such purpose; provided, however, that
the Issuer may make, or cause to be made, payments and distributions to or on
behalf of the Servicer, the Seller, the Depositor, the Indenture Trustee, the
Owner Trustee, the Registered Noteholders and the Certificateholders as
contemplated by, and to the extent funds are available for such purpose under,
this Indenture, the Sale and Servicing Agreement, the Trust Agreement or the
other Operative Documents. The Issuer will not, directly or indirectly, make or
cause to be made payments to or distributions from the Note Account except in
accordance with this Indenture and the other Operative Documents.

     SECTION 3.12. Treatment of Notes as Debt for Tax Purposes. The Issuer shall
treat the Notes as indebtedness for all federal, state and local income and
franchise tax purposes.

     SECTION 3.13. Notice of Amortization Events. The Issuer shall give the
Indenture Trustee written notice within five Business Days of when it obtains
actual knowledge of each occurrence that is, or with notice or with the lapse of
time or both would become, an Amortization Event. Each such notice shall
describe what action the Issuer is taking or proposes to take with respect
thereto.

     SECTION 3.14. Further Instruments and Acts. Upon request of the Indenture
Trustee, the Issuer will execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

     SECTION 3.15. Capital Expenditures. The Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty) except as contemplated by the Sale and Servicing
Agreement.

                                  ARTICLE IV.

                           SATISFACTION AND DISCHARGE

     SECTION 4.1. Satisfaction and Discharge of Indenture. This Indenture shall
cease to be of further effect with respect to the Notes (except as to (i) rights
of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Registered Noteholders to
receive payments of principal thereof and interest thereon, (iv) Sections 3.2,
3.3 and 3.4 hereof, (v) the rights, obligations and immunities of the Indenture
Trustee hereunder (including the rights of the Indenture Trustee under Section
6.7 and the obligations of the Indenture Trustee under Section 4.2) and (vi) the
rights of Registered Noteholders as beneficiaries hereof with respect to the
property so deposited with the Indenture Trustee payable to all or any of them),
and the Indenture Trustee, on demand of and at the expense of the Issuer, shall
execute proper instruments acknowledging satisfaction and discharge of this
Indenture with respect to the Notes, when all of the following have occurred:

                                      -19-
<PAGE>

          (A)  either

               (1) all Notes theretofore authenticated and delivered (other than
          (i) Notes that have been destroyed, lost or stolen and that have been
          replaced or paid as provided in Section 2.4 and (ii) Notes for whose
          payment money has theretofore been deposited in trust or segregated
          and held in trust by the Issuer and thereafter repaid to the Issuer or
          discharged from such trust, as provided in Section 3.2) have been
          delivered to the Indenture Trustee for cancellation; or

               (2) all Notes not theretofore delivered to the Indenture Trustee
          for cancellation, either:

                    (a) have become due and payable, or

                    (b) are to be called for redemption within one year under
               arrangements satisfactory to the Indenture Trustee for the giving
               of notice of redemption by the Indenture Trustee in the name, and
               at the expense, of the Issuer, and the Issuer, in the case of
               (a.) above, has irrevocably deposited or caused to be irrevocably
               deposited with the Indenture Trustee cash or direct obligations
               of or obligations guaranteed by the United States of America
               (which will mature prior to the date such amounts are payable),
               in trust for such purpose, in an amount sufficient to pay and
               discharge the entire indebtedness on such Notes not theretofore
               delivered to the Indenture Trustee for cancellation when due to
               the Final Payment Date;

          (B) the date on which the Issuer has paid or caused to be paid all
     other sums payable hereunder and the other Operative Documents by the
     Issuer; and

          (C) the Issuer has delivered to the Indenture Trustee an Officer's
     Certificate and an Opinion of Counsel, each meeting the applicable
     requirements of Section 11.1 and, subject to Section 11.2, each stating
     that all conditions precedent herein provided for relating to the
     satisfaction and discharge of this Indenture have been complied with.

     SECTION 4.2. Application of Trust Money. All moneys deposited with the
Indenture Trustee pursuant to Sections 3.2 and 4.3 hereof shall be held in trust
and applied by it, in accordance with the provisions of the Notes, this
Indenture, the Sale and Servicing Agreement and the Trust Agreement, to the
payment, either directly or through any Paying Agent, as the Indenture Trustee
may determine, to the Registered Noteholders for the payment of which such
moneys have been deposited with the Indenture Trustee, of all sums due and to
become due thereon for principal and interest; but such moneys need not be
segregated from other funds except to the extent required herein or in the Sale
and Servicing Agreement or required by law.

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

                                      -20-
<PAGE>

Section 3.2 and thereupon such Paying Agent shall be released from all further
liability with respect to such moneys.

                                   ARTICLE V.

                                    REMEDIES

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

     (a) failure to pay any Current Interest on any Note which continues
unremedied for a period of two Business Day after the date when the same becomes
due and payable; or

     (b) failure to pay the principal of or any installment of the principal of
any Note (other than due to a Borrowing Base Deficiency resulting from a
reduction in the Borrowing Base Percentage) which continues unremedied for a
period of two Business Day after the date when the same becomes due and payable;
or

     (c) failure to observe or perform any covenant or agreement of the Issuer
made in this Indenture (other than a covenant or agreement, a failure in the
observance or performance of which is elsewhere in this Section 5.1 specifically
dealt with) or the Issuer, the Seller, the Servicer, the Depositor or the Club
Trustee in the Sale and Servicing Agreement or the other Operative Documents, or
any representation or warranty of the Issuer, the Seller, the Servicer, the
Depositor or the Club Trustee made in this Indenture, the Sale and Servicing
Agreement or the other Operative Documents or in any certificate or other
writing delivered pursuant hereto or in connection herewith proving to have been
incorrect in any material respect as of the time when the same shall have been
made, and shall continue or not be cured, or the circumstance or condition in
respect of which such misrepresentation or warranty was incorrect shall not have
been eliminated or otherwise cured, for a period of 10 days after there shall
have been given, by registered or certified mail, to the Issuer and the Servicer
by the Indenture Trustee or to the Issuer, the Servicer and the Indenture
Trustee by the Registered Noteholders of a majority of the Outstanding Amount of
the Notes or the Agent on behalf of the Registered Noteholders, a written notice
specifying such failure to observe or perform covenants or incorrect
representation or warranty and requiring it to be remedied and stating that such
notice is a notice of Amortization Event hereunder; or

     (d) the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect any of the Issuer, the Seller, the
Servicer, the Depositor or the Club Trustee or any substantial part of the

                                      -21-
<PAGE>

Collateral in an involuntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official of any of the Issuer, the Seller, the Servicer, the Depositor
or the Club Trustee or for any substantial part of the Collateral, or ordering
the winding-up or liquidation of such Person's affairs, and such decree or order
shall remain unstayed and in effect for a period of 60 consecutive days; or

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

     (f) the Issuer becomes subject to regulation under the Investment Company
Act of 1940, as amended; or

     (g) a Servicer Termination Event shall have occurred and be continuing
(other than pursuant to Section 6.1(a)(x) of the Sale and Servicing Agreement);
or

     (h) a Borrowing Base Deficiency (other than a Borrowing Base Deficiency due
to a reduction in the Borrowing Base Percentage) shall exist for more than two
Business Days after any Determination Date; or

     (i) on any Determination Date, (A) the 6 month rolling average Delinquency
Ratio (Pledged) exceeds 8.0% or (B) the 6 month rolling average Default Ratio
(Pledged) exceeds 10.0%; or

     (j) the Indenture Trustee shall fail to have a first priority perfected
security interest in the Trust Estate subject to Permitted Liens.

     SECTION 5.2. Acceleration of Maturity; Rescission and Annulment. If an
Amortization Event should occur and be continuing, the Indenture Trustee shall,
at the direction of the Registered Noteholders representing not less than a
majority of the Outstanding Amount, declare all the Notes to be immediately due
and payable and the Commitments terminated, by a notice in writing to the Issuer
and to the Servicer (and to the Indenture Trustee if given by Registered
Noteholders), and upon any such declaration the unpaid principal amount of such
Notes, together with accrued and unpaid interest thereon through the date of
acceleration, shall become immediately due and payable.

     At any time after such declaration of acceleration of maturity (and the
termination of the Commitments) with respect to an Amortization Event has been
made and before a judgment or decree for payment of the money due has been
obtained by the Indenture Trustee as hereinafter provided in this Article V
provided, the Registered Noteholders representing a majority of the Outstanding
Amount by written notice to the Issuer, the Servicer and the Indenture Trustee,
may

                                      -22-
<PAGE>

waive the related Amortization Event and rescind and annul such declaration and
its consequences if:

     (a)  the Issuer has paid or deposited with the Indenture Trustee a sum
sufficient to pay:

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

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

     (b)  all Amortization Events, other than the nonpayment of the principal of
the Notes that has become due solely by such acceleration, have been cured or
waived as provided in Section 5.12.

     No such rescission shall affect any subsequent occurrence that would
constitute an Amortization Event hereunder or impair any right consequent
thereto.

     SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee.

     (a) The Issuer covenants that if (i) it has failed to pay any interest on
any Note when the same becomes due and payable, and such failure to pay
continues for beyond any applicable grace period, or (ii) it has failed to pay
the principal of or any installment of the principal of any Note when the same
becomes due and payable, the Issuer will, upon demand of the Indenture Trustee,
pay to the Indenture Trustee, for the benefit of the Registered Noteholders, the
whole amount then due and payable on such Notes for principal and interest, with
interest upon the overdue principal and, to the extent payment at such rate of
interest shall be legally enforceable, upon overdue installments of interest at
the rate borne by the Notes and in addition thereto such further amount as shall
be sufficient to cover the costs and expenses of collection, including the
reasonable out-of-pocket, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel.

     (b) In case the Issuer shall fail forthwith to pay such amounts upon such
demand, the Indenture Trustee, in own name and as trustee of an express trust,
may, in its discretion, and shall at the direction of the Registered Noteholders
representing a majority of the Outstanding Amount, institute a Proceeding for
the collection of the sums so due and unpaid, and may prosecute such Proceeding
to judgment or final decree, and may enforce the same against the Issuer upon
such Notes and collect in the manner provided by law out of the property of the
Issuer upon such Notes, wherever situated, the moneys adjudged or decreed to be
payable.

     Anything herein to the contrary notwithstanding, except as expressly
provided in the Operative Documents, none of the Issuer in its individual
capacity, the Owner Trustee in its individual capacity, the Indenture Trustee,
any owner of a beneficial interest in the Issuer, or any

                                      -23-
<PAGE>

of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal of or interest on
any Note or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Indenture. Each Registered
Noteholder of a Note by its acceptance thereof agrees that, except as expressly
provided in the Operative Documents, in the case of an Amortization Event under
this Indenture, such Registered Noteholder shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in this Indenture or in any Note.

     (c)  If an Amortization Event occurs and is continuing, the Indenture
Trustee may, in its discretion, and shall at the direction of the Registered
Noteholders representing a majority of the Outstanding Amount, as more
particularly provided in Section 5.4, proceed to protect and enforce its rights
and the rights of the Registered Noteholders, by such appropriate Proceedings as
the Indenture Trustee shall deem most effective to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or any other Operative Document or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy or legal or
equitable right vested in the Indenture Trustee by this Indenture or any other
Operative Document or by law.

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

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

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

                                      -24-
<PAGE>

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

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

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

     (e) Nothing herein contained shall be deemed to authorize the Indenture
Trustee to authorize or consent to or vote for or accept or adopt on behalf of
any Registered Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Registered Noteholder
thereof or to authorize the Indenture Trustee to vote in respect of the claim of
any Registered Noteholder in any such proceeding except, as aforesaid, to vote
for the election of a trustee in bankruptcy or similar Person.

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

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

     SECTION 5.4. Remedies; Priorities.

     (a) If an Amortization Event shall have occurred and be continuing, the
Indenture Trustee may, and at the direction of the Registered Noteholders
representing a majority of the Outstanding Amount shall, upon receipt of
satisfactory indemnity and assurances (an unsecured indemnity of the initial
Registered Noteholder being sufficient for such purpose), do one or more of the
following (subject to Section 5.5):

                                      -25-
<PAGE>

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

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

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

          (iv) sell, securitize or otherwise dispose of the Collateral or any
portion thereof or rights or interests therein in a commercially reasonable
manner, at one or more public or private sales called and conducted in any
manner permitted by law.

     (b) If the Indenture Trustee collects any money or property pursuant to
this Article V, it shall pay out the money or property in the order of priority
set forth in Section 3.2 of the Sale and Servicing Agreement.

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

     SECTION 5.5. Optional Preservation of the Collateral. If the Notes have
been declared to be due and payable under Section 5.2 following an Amortization
Event and such declaration and its consequences have not been rescinded and
annulled, the Indenture Trustee may, but need not, elect to maintain possession
of the Collateral. It is the desire of the parties hereto and the Registered
Noteholders that there be at all times sufficient funds for the payment of
principal of and interest on the Notes, and the Indenture Trustee shall take
such desire into account when determining whether or not to maintain possession
of the Collateral. In determining whether to maintain possession of the
Collateral, the Indenture Trustee may, but need not, obtain and rely upon an
opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the
sufficiency of the Collateral for such purpose.

     SECTION 5.6. Limitation of Suits. No Registered Noteholder of any Note
shall have any right to institute any Proceeding, judicial or otherwise, with
respect to this Indenture, the Sale or Servicing Agreement or any other
Operative Document (other than the Note Purchase Agreement) or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless:

     (a) such Registered Noteholder has previously given written notice to the
Indenture Trustee of a continuing Amortization Event;

                                      -26-
<PAGE>

     (b) the Registered Noteholders of a majority of the Outstanding Amount have
made written request to the Indenture Trustee to institute such Proceeding in
respect of such Amortization Event in its own name as Indenture Trustee
hereunder;

     (c) such Registered Noteholder or Registered Noteholders have offered to
the Indenture Trustee reasonable indemnity against the costs, expenses and
liabilities to be incurred in complying with such request (an unsecured
indemnity of the initial Registered Noteholder being sufficient for such
request);

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

     (e) no direction inconsistent with such written request has been given to
the Indenture Trustee during such 60-day period by the Registered Noteholders of
a majority of the Outstanding Amount.

     It is understood and intended that no one or more Registered Noteholders
shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture or any other Operative Document to affect, disturb
or prejudice the rights of any other Registered Noteholders or to obtain or to
seek to obtain priority or preference over any other Registered Noteholders or
to enforce any right under this Indenture or any other Operative Document,
except in the manner herein provided.

     In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Registered
Noteholders, each representing less than a majority of the Outstanding Amount,
the Indenture Trustee in its sole discretion may determine what action, if any,
shall be taken, notwithstanding any other provisions of this Indenture or any
other Operative Document.

     SECTION 5.7. Unconditional Rights of Registered Noteholders To Receive
Principal and Interest. Notwithstanding any other provisions in this Indenture,
the Registered Noteholder of any Note shall have the right, which is absolute
and unconditional, to receive payment of the principal of and interest, if any,
on such Note on or after the Final Payment Date and following an Amortization
Event and to institute suit for the enforcement of any such payment, and such
right shall not be impaired without the consent of such Registered Noteholder.

     SECTION 5.8. Restoration of Rights and Remedies. If the Indenture Trustee
or any Registered Noteholder has instituted any Proceeding to enforce any right
or remedy under this Indenture and such Proceeding has been discontinued or
abandoned for any reason or has been determined adversely to the Indenture
Trustee or to such Registered Noteholder, then and in every such case the
Issuer, the Indenture Trustee and the Registered Noteholders shall, subject to
any determination in such Proceeding, be restored severally and respectively to
their former positions hereunder, and thereafter all rights and remedies of the
Indenture Trustee and the Registered Noteholders shall continue as though no
such Proceeding had been instituted.

                                      -27-
<PAGE>

     SECTION 5.9. Rights and Remedies Cumulative. No right or remedy herein or
in any other Operative Document conferred upon or reserved to the Indenture
Trustee or to the Registered Noteholders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, thereunder or
otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

     SECTION 5.10. Delay or Omission Not a Waiver. No delay or omission of the
Indenture Trustee or any Registered Noteholder of any Note to exercise any right
or remedy accruing upon any occurrence that is, or with notice or with the lapse
of time or both would become, an Amortization Event shall impair any such right
or remedy or constitute a waiver of any such occurrence that is, or with notice
or with the lapse of time or both would become, an Amortization Event or an
acquiescence therein. Every right and remedy given by this Indenture or any
other Operative Document or by law to the Indenture Trustee or to the Registered
Noteholders may be exercised from time to time, and as often as may be deemed
expedient, by the Indenture Trustee or by the Registered Noteholders, as the
case may be.

     SECTION 5.11. Control by Registered Noteholders. The Registered Noteholders
of a majority of the Outstanding Amount shall have the right to direct the time,
method and place of conducting any Proceeding for any remedy available to the
Indenture Trustee with respect to the Notes or exercising any trust or power
conferred on the Indenture Trustee; provided that:

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

     (b) any direction to the Indenture Trustee to sell or liquidate the
Collateral shall be by Registered Noteholders representing not less than 100% of
the Outstanding Amount;

     (c) if the conditions set forth in Section 5.5 have been satisfied and the
Indenture Trustee elects to retain the Collateral pursuant to such Section, then
any direction to the Indenture Trustee by Registered Noteholders representing
less than 100% of the Outstanding Amount to sell or liquidate the Collateral
shall be of no force and effect; and

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

     Notwithstanding the rights of the Registered Noteholders set forth in this
Section, subject to Section 6.1, the Indenture Trustee need not take any action
that it determines might involve it in liability or might materially adversely
affect the rights of any Registered Noteholders not consenting to such action.

     Notwithstanding anything contained herein to the contrary, the Indenture
Trustee shall not be bound to, obligated or required to take any action at the
request or direction of any Registered Noteholder pursuant to this Indenture if
such Registered Noteholder shall not have made available to the Indenture
Trustee, security or indemnity reasonably acceptable to the Indenture Trustee
against the costs, expenses and liabilities (including fee and expenses of its

                                      -28-
<PAGE>

agents and counsel) which might be incurred by it in compliance with the written
request or direction.

     SECTION 5.12. Waiver of Past Amortization Events. The Registered
Noteholders representing 100% of the Outstanding Amount may waive any past
occurrence that is, or with notice or with the lapse of time or both would
become, an Amortization Event and its consequences. In the case of any such
waiver, the Issuer, the Indenture Trustee and the Registered Noteholders shall
be restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other Amortization Event or impair
any right consequent thereto.

     Upon any such waiver, such occurrence that is, or with notice or with the
lapse of time or both would become, an Amortization Event shall cease to exist
and be deemed to have been cured and not to have occurred, and any Amortization
Event arising therefrom shall be deemed to have been cured and not to have
occurred, for every purpose of this Indenture and each other Operative Document;
but no such waiver shall extend to any subsequent or other occurrence that is,
or with notice or with the lapse of time or both would become, an Amortization
Event or impair any right consequent thereto.

     SECTION 5.13. Undertaking for Costs. All parties to this Indenture agree,
and each Registered Noteholder of any Note by such Registered Noteholder's
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Indenture Trustee for any action
taken, suffered or omitted by it as Indenture Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that
such court may in its discretion assess reasonable costs, including reasonable
attorneys' fees, against any party litigant in such suit, having due regard to
the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to (a) any suit instituted by
the Indenture Trustee, (b) any suit instituted by any Registered Noteholder, or
group of Registered Noteholders, in each case holding in the aggregate more than
10% of the Outstanding Amount or (c) any suit instituted by any Registered
Noteholder for the enforcement of the payment of principal of or interest on any
Note on or after the respective due dates expressed in such Note and in this
Indenture.

     SECTION 5.14. Waiver of Stay or Extension Laws. The Issuer covenants (to
the extent that it may lawfully do so) that it will not at any time insist upon,
or plead or in any manner whatsoever, claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in
force, that may affect the covenants or the performance of this Indenture; and
the Issuer (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law, and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the Indenture
Trustee, but will suffer and permit the execution of every such power as though
no such law had been enacted.

     SECTION 5.15. Action on Notes. The Indenture Trustee's right to seek and
recover judgment on the Notes or under this Indenture or any other Operative
Document shall not be affected by the seeking, obtaining or application of any
other relief under or with respect

                                      -29-
<PAGE>

to this Indenture or any other Operative Document. Neither the lien of this
Indenture nor any rights or remedies of the Indenture Trustee or the Registered
Noteholders shall be impaired by the recovery of any judgment by the Indenture
Trustee against the Issuer or by the levy of any execution under such judgment
upon any portion of the Collateral or upon any of the assets of the Issuer. Any
money or property collected by the Indenture Trustee shall be applied in
accordance with Section 5.4(b).

     SECTION 5.16. Performance and Enforcement of Certain Obligations.

     (a) Promptly following a request from the Indenture Trustee to do so, the
Issuer shall take all such lawful action as the Indenture Trustee may request to
compel or secure the performance and observance by the Depositor, the Seller and
the Servicer, as applicable, of each of their obligations to the Issuer under or
in connection with the Sale and Servicing Agreement and to exercise any and all
rights, remedies, powers and privileges lawfully available to the Issuer under
or in connection with the Sale and Servicing Agreement or any other Operative
Document to the extent and in the manner directed by the Indenture Trustee,
including the transmission of notices of default on the part of the Depositor,
the Seller or the Servicer thereunder and the institution of legal or
administrative actions or proceedings to compel or secure performance by the
Depositor, the Seller or the Servicer of each of their obligations under the
Sale and Servicing Agreement and the other Operative Documents.

     (b) If an Amortization Event has occurred and is continuing, the Indenture
Trustee may, and at the written direction of the Registered Noteholders of
66-2/3% of the Outstanding Amount shall, exercise all rights, remedies, powers,
privileges and claims of the Issuer against the Depositor, the Seller or the
Servicer under or in connection with the Sale and Servicing Agreement and the
other Operative Documents including the right or power to take any action to
compel or secure performance or observance by the Depositor, the Seller or the
Servicer, as the case may be, of each of their obligations to the Issuer
thereunder and to give any consent, request, notice, direction, approval,
extension, or waiver under the Sale and Servicing Agreement or any other
Operative Document and any right of the Issuer to take such action shall be
suspended.

                                  ARTICLE VI.

                              THE INDENTURE TRUSTEE

     SECTION 6.1. Duties of Indenture Trustee.

     (a) If an Amortization Event of which a Responsible Officer of the
Indenture Trustee shall have actual knowledge has occurred and is continuing,
the Indenture Trustee shall exercise the rights and powers vested in it by this
Indenture and use the same degree of care and skill in their exercise as a
prudent person would exercise or use under the circumstances in the conduct of
such person's own affairs.

     (b) Except during the continuance of an Amortization Event:

                                      -30-
<PAGE>

          (i) the Indenture Trustee undertakes to perform such duties and only
such duties as are specifically set forth in this Indenture and no implied
covenants or obligations shall be read into this Indenture against the Indenture
Trustee; and

          (ii) in the absence of bad faith on its part, the Indenture Trustee
may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates (or similar documents) or
opinions furnished to the Indenture Trustee and conforming to the requirements
of this Indenture; however, the Indenture Trustee shall examine the certificates
(or similar documents) and opinions to determine whether or not they conform to
the requirements of this Indenture; provided that the Indenture Trustee shall
not be responsible for the accuracy or content of any certificate (or similar
document) or opinion furnished to it pursuant to the terms of this Indenture.

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

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

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

          (iii) the Indenture Trustee shall not be liable with respect to any
action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 5.11 or for exercising or omitting to
exercise any trust or power conferred upon the Indenture Trustee under this
Indenture.

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

     (e) The Indenture Trustee shall not be liable for interest on any money
received by it except to the extent of income or other gain on investments which
are deposits in or certificates of deposit of the Indenture Trustee in its
commercial capacity. In no event shall the Indenture Trustee be liable for the
selection of investments or for investment losses incurred thereon.

     (f) Money held in trust by the Indenture Trustee shall be segregated from
other funds except to the extent permitted by law or the terms of this Indenture
or the Sale and Servicing Agreement.

     (g) No provision of this Indenture shall require the Indenture Trustee to
expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder or in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayment
of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it. In determining that such repayment or indemnity is not
reasonably assured to it, the Indenture Trustee must consider not only the
likelihood of repayment or indemnity by or on behalf of the Issuer but also the
likelihood of repayment or indemnity from amounts payable to it from the
Collateral pursuant to Section 5.4.

                                      -31-
<PAGE>

     (h) The Indenture Trustee is authorized and directed to enter into that
certain lockbox agreement (the "Lock-Box Agreement"), among the Indenture
Trustee, Bluegreen and Fleet Bank with respect to Lock-Box Account No. specified
therein (the "Lock-Box Account"). Pursuant to the Lock-Box Agreement, the
Lock-Box Account will be titled as follows "U.S. Bank National Association, as
Indenture Trustee, of BXG Receivables Note Trust 2001-A". The Indenture Trustee
is authorized and directed to act as titleholder of the Lock-Box Account in
accordance with the terms of the Lock-Box Agreement for the benefit of the
Noteholders with interests in the funds on deposit in such accounts.

     SECTION 6.2. Rights of Indenture Trustee.

     (a) The Indenture Trustee may conclusively rely on any document believed by
it to be genuine and to have been signed or presented by the proper Person. The
Indenture Trustee need not investigate any fact or matter stated in the
document.

     (b) Before the Indenture Trustee acts or refrains from acting, it may
require an Officer's Certificate or an Opinion of Counsel, which shall not be at
the expense of the Indenture Trustee. The Indenture Trustee shall not be liable
for any action it takes or omits to take in good faith in reliance on an
Officer's Certificate or Opinion of Counsel.

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

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

     (e) The Indenture Trustee may consult with counsel, and the advice or any
opinion of counsel shall be full and complete authorization and protection in
respect of any action taken or omitted by it hereunder in good faith and in
accordance with such advice or opinion of counsel.

     (f) The Indenture Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, entitlement order,
approval or other paper or document.

     SECTION 6.3. Individual Rights of Indenture Trustee. The Indenture Trustee
in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuer or its Affiliates with the same rights it
would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar,
co-registrar or co-paying agent may do the same with like rights. However, the
Indenture Trustee must comply with Sections 6.11 and 6.12.

                                      -32-
<PAGE>

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

     SECTION 6.5. Notice of Amortization Events. If an occurrence that is, or
with notice or with the lapse of time or both would become an Amortization Event
occurs and is continuing and if it is known to a Responsible Officer of the
Indenture Trustee, the Indenture Trustee shall mail to each Registered
Noteholder notice of the occurrence that is, or with notice or with the lapse of
time or both would become an Amortization Event within 10 days after it occurs.
Except in the case of an occurrence that is, or with notice or with the lapse of
time or both would become an Amortization Event in payment of principal of or
interest on any Note, the Indenture Trustee may withhold the notice if and so
long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Registered Noteholders.

     SECTION 6.6. Reports by Indenture Trustee to Registered Noteholders. The
Indenture Trustee shall deliver to each Registered Noteholder such information
as may be required to enable such Registered Noteholder to prepare its federal
and state income tax returns.

     SECTION 6.7. Compensation and Indemnity. The Indenture Trustee shall
receive compensation for fees and reimbursement for expenses pursuant to Section
3.2 of the Sale and Servicing Agreement, subject to Section 6.1(g) of this
Indenture. The Indenture Trustee and any director, officer, employee or agent of
the Indenture Trustee shall be indemnified pursuant to Section 3.4 of the Sale
and Servicing Agreement and held harmless against any loss, liability, or
unanticipated out-of-pocket expense incurred or paid to third parties, including
reasonable attorneys' fees and expenses (which expenses shall not include
salaries paid to employees, or allocable overhead, of the Indenture Trustee) in
connection with the acceptance or administration of its trusts hereunder or the
Notes, or by reason of its participation in the transaction contemplated hereby,
other than any loss, liability or expense incurred by reason of willful
misfeasance, bad faith or negligence in the performance of duties hereunder or
by reason of reckless disregard of obligations and duties hereunder. The
provisions of this Section 6.7 shall survive the termination of this Indenture.

     This Section shall survive the discharge of this Indenture and the
replacement of the Indenture Trustee. When the Indenture Trustee incurs expenses
after the occurrence of an Amortization Event specified in Section 5.1(e) or (f)
with respect to the Issuer or the Servicer, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code
or any other applicable federal or state bankruptcy, insolvency or similar law.

     SECTION 6.8. Replacement of Indenture Trustee. No resignation or removal of
the Indenture Trustee and no appointment of a successor Indenture Trustee shall
become effective until the acceptance of appointment by the successor Indenture
Trustee pursuant to this Section. The Indenture Trustee may resign at any time
upon 30 day prior notice by so notifying

                                      -33-
<PAGE>

the Issuer, the Servicer and the Agent. The Registered Noteholders of a majority
of the Outstanding Amount may remove the Indenture Trustee by so notifying the
Indenture Trustee, the Issuer and the Servicer and may appoint a successor
Indenture Trustee. The Issuer shall remove the Indenture Trustee if:

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

     (b) the Indenture Trustee is adjudged a bankrupt or insolvent;

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

     (d) the Indenture Trustee otherwise becomes incapable of acting; or

     (e) the Indenture Trustee breaches its obligations hereunder in a material
respect.

     If the Indenture Trustee resigns or is removed, or if a vacancy exists in
the office of Indenture Trustee for any reason (the Indenture Trustee in such
event being referred to herein as the retiring Indenture Trustee), the Issuer
shall promptly appoint a successor Indenture Trustee reasonably acceptable to
the Registered Noteholders of a majority of the Outstanding Amount. A successor
Indenture Trustee shall deliver a written acceptance of its appointment to the
retiring Indenture Trustee, the Servicer and the Issuer. Thereupon the
resignation or removal of the retiring Indenture Trustee shall become effective,
and the successor Indenture Trustee shall have all the rights, powers and duties
of the Indenture Trustee under this Indenture. The successor Indenture Trustee
shall mail a notice of its succession to the Registered Noteholders. The
retiring Indenture Trustee shall promptly transfer all property held by it as
Indenture Trustee at the Issuer's expense to the successor Indenture Trustee.

     If a successor Indenture Trustee does not take office within 60 days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuer, the Servicer or the Registered Noteholders of a majority of
the Outstanding Amount may petition any court of competent jurisdiction for the
appointment of a successor Indenture Trustee.

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

     Notwithstanding the replacement of the Indenture Trustee pursuant to this
Section, the Issuer's obligations under Section 6.7 shall continue for the
benefit of the retiring Indenture Trustee.

     SECTION 6.9. Successor Indenture Trustee by Merger. If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation
or banking association, the resulting, surviving or transferee corporation
without any further act (other than the execution and delivery to the Issuer and
the Servicer of an assignment and assumption of this Indenture, to the extent
that such succession is not effected by operation of law) shall be the successor
Indenture Trustee;

                                      -34-
<PAGE>

provided, that such corporation or banking association shall be otherwise
qualified and eligible under Section 6.11.

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

     SECTION 6.10. Appointment of Co-Indenture Trustee or Separate-Indenture
Trustee.

     (a) Notwithstanding any other provisions of this Indenture, at any time,
for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Collateral may at the time be located, the Indenture Trustee
shall have the power and may execute and deliver all instruments to appoint one
or more Persons to act as a co-trustee or co-trustees, or separate trustee or
separate trustees, of all or any part of the Trust, and to vest in such Person
or Persons, in such capacity and for the benefit of the Registered Noteholders,
such title to the Collateral, or any part hereof, and, subject to the other
provisions of this Section, such powers, duties, obligations, rights and trusts
as the Indenture Trustee may consider necessary or desirable. No co-trustee or
separate trustee hereunder shall be required to meet the terms of eligibility as
a successor trustee under Section 6.11 and no notice to Registered Noteholders
of the appointment of any co-trustee or separate trustee shall be required under
Section 6.8 hereof; provided that the Indenture Trustee shall deliver notice of
any such co-trustee or separate trustee to the Servicer.

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

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

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

                                      -35-
<PAGE>

          (iii) the Indenture Trustee may at any time accept the resignation of
or remove any separate trustee or co-trustee.

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

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

     SECTION 6.11. Eligibility; Disqualification. The Indenture Trustee shall at
all times be authorized to exercise corporate trust powers. The Indenture
Trustee shall have or be a member of a bank holding company that has a combined
capital and surplus of at least $50,000,000 as set forth in its most recent
published annual report of condition and it or its parent shall have a long-term
debt rating of A3 or better by Moody's or shall otherwise be acceptable to
Moody's. If at any time the Indenture Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect specified in Section 6.8 hereof.

     SECTION 6.12. Maintenance of Office or Agency. The Indenture Trustee will
maintain in the Borough of Manhattan, The City of New York, an office or agency
where Notes may be surrendered for registration of transfer or exchange, and
where notices and demands to or upon the Indenture Trustee in respect of the
Notes and this Indenture may be served. The Indenture Trustee will give prompt
written notice to the Issuer, the Servicer and the Agent of the location, and of
any change in the location, of any such office or agency. If at any time the
Indenture Trustee shall fail to maintain any such office or agency or shall fail
to furnish the Issuer or the Servicer with the address thereof, such surrenders,
notices and demands may be made or served at the Corporate Trust Office, and the
Issuer hereby appoints the Indenture Trustee as its agent to receive all such
surrenders, notices and demands.

                                      -36-
<PAGE>

                                  ARTICLE VII.

                         NOTEHOLDERS' LISTS AND REPORTS

     SECTION 7.1. Preservation of Information; Communications to Registered
Noteholders. Registered Noteholders may communicate with other Registered
Noteholders with respect to their rights under this Indenture or under the
Notes.

                                 ARTICLE VIII.

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

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

     SECTION 8.2. Accounts; Distributions.

     (a) On or prior to the Closing Date, the Indenture Trustee shall establish
and maintain, in the name of the Indenture Trustee for the benefit of the
Registered Noteholders, the Note Account, as provided in the Sale and Servicing
Agreement. The Indenture Trustee shall make the allocations and disbursements
from the Available Funds held in the Note Account in accordance with the terms
hereof and the Sale and Servicing Agreement.

     (b) On each Payment Date, to the extent of Available Funds on deposit in
the Note Account, the Indenture Trustee or the Paying Agent shall make
distributions from Available Funds withdrawn from the Note Account in the order
of priority set forth in Section 3.2 of the Sale and Servicing Agreement.

     SECTION 8.3. General Provisions Regarding Accounts. The funds in the
Accounts shall be invested in accordance with the provisions of Section 3.3 of
the Sale and Servicing Agreement

     SECTION 8.4. Release of Collateral.

     (a) Subject to the payment of its fees and expenses pursuant to Section
6.7, the Indenture Trustee may, and when required by the provisions of this
Indenture, the Sale and Servicing Agreement or the Custodial Agreement shall,
execute instruments to release property

                                      -37-
<PAGE>

from the lien of this Indenture, or convey the Indenture Trustee's interest in
the same, in a manner and under circumstances that are not inconsistent with the
provisions of this Indenture and the other Operative Documents. No party relying
upon an instrument executed by the Indenture Trustee as provided in this Article
VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into
the satisfaction of any conditions precedent or see to the application of any
moneys.

     (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due to the Indenture Trustee and the Owner Trustee in
respect of the Notes have been paid and the Commitments terminated, release any
remaining portion of the Collateral that secured the Notes from the lien of this
Indenture and release to the Issuer or any other Person entitled thereto any
funds then on deposit in the Accounts. The Indenture Trustee shall release
property from the lien of this Indenture pursuant to this Subsection (b) only
upon receipt of an Issuer Request accompanied by an Officer's Certificate and an
Opinion of Counsel meeting the applicable requirements of Section 11.1.

                                  ARTICLE IX.

                             SUPPLEMENTAL INDENTURE

     SECTION 9.1. Reserved.

     SECTION 9.2. Supplemental Indentures. The Issuer and the Indenture Trustee,
when authorized by an Issuer Order, may, with the consent of the Registered
Noteholders of not less than a majority of the Outstanding Amount, enter into an
indenture or indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions
of, this Indenture or of modifying in any manner the rights of the Registered
Noteholders under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Registered Noteholder of each Note
affected thereby:

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

     (b) reduce the percentage of the Outstanding Amount, the consent of the
Registered Noteholders of which is required for any such supplemental indenture,
or the consent of the Registered Noteholders of which is required for any waiver
of compliance with certain provisions of this Indenture or certain failures to
comply with the terms hereof and their consequences provided for in this
Indenture;

     (c) reduce the percentage of the Outstanding Amount required to direct the
Indenture Trustee to direct the Issuer to sell or liquidate the Collateral
pursuant to Section 5.11;

                                      -38-
<PAGE>

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

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

     (f) permit the creation of any lien ranking prior to or on a parity with
the lien of this Indenture with respect to any part of the Collateral or, except
as otherwise permitted or contemplated herein or any other Operative Document,
terminate the lien of this Indenture on any property at any time subject hereto
or deprive the Registered Noteholder of any Note of the security provided by the
lien of this Indenture.

     The Indenture Trustee may in its discretion determine whether or not any
Notes would be affected by any supplemental indenture and any such determination
shall be conclusive upon the Registered Noteholders of all Notes, whether
theretofore or thereafter authenticated and delivered hereunder. The Indenture
Trustee shall not be liable for any such determination made in good faith.

     In connection with requesting the consent of the Registered Noteholders
pursuant to this Section, the Indenture Trustee shall mail to the Registered
Noteholders to which such amendment or supplemental indenture relates a notice
setting forth in general terms the substance of such supplemental indenture. It
shall not be necessary for any Act of Registered Noteholders under this Section
to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.

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

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

                                      -39-
<PAGE>

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

                                   ARTICLE X.

                                   BORROWINGS

     SECTION 10.1. Optional Borrowing. (a) On any Business Day prior to the
Facility Termination Date (each a "Borrowing Date"), and subject to satisfaction
of the following conditions, additional amounts may be borrowed or reborrowed by
the Issuer under the Notes (a "Borrowing"):

          (i) the Custodian shall have delivered to the Indenture Trustee and
the Agent the Custodian's Certificate pursuant to the Custodial Agreement with
respect to the Receivables and related Receivables Documents being purchased by
the Depositor and the Issuer on such Borrowing Date;

          (ii) no Amortization Event has occurred and is continuing and no such
event would result from the conveyance of such Receivables under the Sale and
Servicing Agreement or hereunder;

          (iii) after giving effect to the purchase and transfer of Receivables
by the Depositor and the Issuer on such Borrowing Date, the Outstanding Note
Balance shall not exceed either the Facility Limit or the Borrowing Base;

          (iv) after giving effect to the purchase and transfer of Receivables
by the Depositor and the Issuer on such Borrowing Date, any Hedge Agreements
with a Qualified Hedge Counterparties and meeting the Required Hedge Amount
shall be in full force and effect;

          (v) no Authorized Officer of the Indenture Trustee has actual
knowledge or has received notice that any conditions to such transfer have not
been fulfilled and the Indenture Trustee shall have received such other
documents, opinions, certificates and instruments as the Indenture Trustee may
request;

          (vi) the Servicer shall deliver to the Agent and the Indenture
Trustee, a Borrowing Certification; and

                                      -40-
<PAGE>

          (vii) each of the conditions set forth in the Note Purchase Agreement
and Section 2.5 of the Sale and Servicing Agreement shall have been satisfied.

     (b) Borrowing Dates shall not occur more frequently than once every
calendar week unless otherwise approved by the Agent. Notice of any Borrowing
shall be given by the Issuer to the Indenture Trustee, and the Indenture Trustee
shall give notice of any such Borrowing to each Registered Noteholder of the
Notes. Each Borrowing shall be made pro rata according to the unused Commitments
pursuant to the Note Purchase Agreement.

     (c) For clarity, it is understood that the Receivables, related Receivables
Documents and other Assets will be conveyed by the Seller to the Depositor and
by the Depositor to the Issuer pursuant to the Sale and Servicing Agreement
without recourse, representation on warranty except as expressly provided
therein. Without limiting the foregoing, none of the Seller, the Depositor or
any of their respective subsidiaries shall be responsible for payments on the
Receivables, and any other credit risks associated therewith shall be borne by
the Issuer and the holders of any obligations of the Issuer.

                                  ARTICLE XI.

                                  MISCELLANEOUS

     SECTION 11.1. Compliance Certificates and Opinions, etc. Upon any
application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture as to which an Officer's Certificate or an
Opinion of Counsel is required, the Issuer shall furnish to the Indenture
Trustee an Officer's Certificate or an Opinion of Counsel, as the case may be,
stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with.

     Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture shall include:

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

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

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

     SECTION 11.2. Form of Documents Delivered to Indenture Trustee. In any case
where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or
give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such

                                      -41-
<PAGE>

Person may certify or give an opinion as to such matters in one or several
documents.

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

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

     Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be
construed to affect the Indenture Trustee's right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Article VI.

     SECTION 11.3. Acts of Registered Noteholders.

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

                                      -42-
<PAGE>

     (b) The fact and date of the execution by any person of any such instrument
or writing may be proved in any manner that the Indenture Trustee deems
sufficient.

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

     (d) Any request, demand, authorization, direction, notice, consent, waiver
or other action by the Registered Noteholder of any Notes shall bind the
Registered Noteholder of every Note issued upon the registration thereof or in
exchange therefor or in lieu thereof, in respect of anything done, omitted or
suffered to be done by the Indenture Trustee, the Issuer or any other Person in
reliance thereon, whether or not notation of such action is made upon such Note.

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

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

     (b) in the case of the Issuer or any other Person, as provided in Section
8.10 of the Sale and Servicing Agreement.

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

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

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

                                      -43-
<PAGE>

     SECTION 11.6. Effect of Headings and Table of Contents. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

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

     SECTION 11.8. Separability. In case any provision in this Indenture or in
the Notes shall be invalid, illegal or unenforceable, the validity, legality,
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

     SECTION 11.9. Benefits of Indenture. Nothing in this Indenture or in the
Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Registered Noteholders, and any
other party secured hereunder, any benefit or any legal or equitable right,
remedy or claim under this Indenture.

     SECTION 11.10. Legal Holidays. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and
effect as if made on the date on which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

     SECTION 11.11. Governing Law. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS.

     SECTION 11.12. Counterparts. This Indenture may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same
instrument.

     SECTION 11.13. Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by the Issuer at its expense upon certification by the Agent or the
Indenture Trustee to the effect that such recording is necessary or advisable
either for the protection of the Indenture Trustee or the Registered Noteholders
or for the enforcement of any right or remedy granted to the Indenture Trustee
under this Indenture.

     SECTION 11.14. Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Depositor, the
Seller, the Servicer, the Owner Trustee or the Indenture Trustee on the Notes or
under this Indenture or any certificate or other writing delivered in connection
herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in
its individual capacity, (ii) any owner of a beneficial interest in the Issuer
or (iii) any partner, owner, beneficiary, agent, officer, director, employee or
agent of the Indenture Trustee or the Owner Trustee in its individual capacity,
any Registered Noteholder of a

                                      -44-
<PAGE>

beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or
of any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. By its acceptance
of a Note, each Registered Noteholder covenants and agrees to the foregoing. For
all purposes of this Indenture, in the performance of any duties or obligations
of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to
the benefits of, the terms and provisions of Article VI, VII and VIII of the
Trust Agreement.

     SECTION 11.15. No Petition. The Indenture Trustee, by entering into this
Indenture, and each Registered Noteholder, by accepting a Note, hereby covenant
and agree that they will not institute against the Depositor or the Issuer, or
join in any institution against the Depositor or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law
in connection with any obligations relating to the Notes, this Indenture or any
of the Operative Documents for one year and one day after payment of the Notes.

     SECTION 11.16. Inspection. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Indenture Trustee, during the
Issuer's normal business hours, to examine all the books of account, records,
reports and other papers of the Issuer, to make copies and extracts therefrom,
to cause such books to be audited by Independent certified public accountants,
and to discuss the Issuer's affairs, finances and accounts with the Issuer's
officers, employees, and Independent certified public accountants, all at such
reasonable times and as often as may be reasonably requested. The Indenture
Trustee shall and shall cause its representatives to hold in confidence all such
information except to the extent disclosure may be required by law (and all
reasonable applications for confidential treatment are unavailing) and except to
the extent that the Indenture Trustee may reasonably determine that such
disclosure is consistent with its obligations hereunder.

     SECTION 11.17. Limitation of Liability of Owner Trustee. Notwithstanding
anything contained herein or in any other Operative Document to the contrary, it
is expressly understood and agreed by the parties hereto that (a) this Indenture
is executed and delivered by Wilmington Trust Company, not individually or
personally but solely as Owner Trustee, in the exercise of the powers and
authority conferred and vested in it under the Trust Agreement, (b) each of the
representations, undertakings and agreements herein made on the part of the
Issuer is made and intended not as a personal representation, undertaking or
agreement by Wilmington Trust Company but is made and intended for the purpose
for binding only the Issuer and the Trust Estate, and (c) under no circumstances
shall Wilmington Trust Company be personally liable for the payment of any
indebtedness or expenses of the Issuer or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the
Issuer under this Indenture or any other related documents.

                                      -45-
<PAGE>

     IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this
Indenture to be duly executed by their respective officers, thereunto duly
authorized and duly attested, all as of the day and year first above written.

                                BXG RECEIVABLES NOTE TRUST 2001-A

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

                                By:   /s/ Patricia A. Evans
                                      ------------------------------------------
                                      Name:      Patricia A. Evans
                                                 -------------------------------
                                      Title:     Assistant Vice President
                                                 -------------------------------

                                U.S. BANK NATIONAL ASSOCIATION
                                     (formerly known as U.S. Bank Trust National
                                     Association), as Indenture Trustee

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

                         [SIGNATURE PAGE TO INDENTURE]
<PAGE>

STATE OF                                             )
         ---------------------------------------------
                                                     )  ss.:
COUNTY OF                                            )
          --------------------------------------------

     BEFORE ME, the undersigned authority, a Notary Public in and for said
county and state, on this day personally appeared ______________________, known
to me to be the person and officer whose name is subscribed to the foregoing
instrument and acknowledged to me that the same was the act of the said
Wilmington Trust Company, not in its individual capacity, but solely as Owner
Trustee on behalf of BXG Receivables Note Trust 2001-A, a Delaware business
trust, and that such person executed the same as the act of said business trust
for the purpose and consideration therein expressed, and in the capacities
therein stated.

GIVEN UNDER MY HAND AND SEAL OF OFFICE, this ___ day of April, 2002.

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

Notary Public in and for the State of
                                      ------------------------
(Seal)

My commission expires:

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

                                        1

<PAGE>

STATE OF                                             )
         ---------------------------------------------
                                                     )  ss.:
COUNTY OF                                            )
          --------------------------------------------

     BEFORE ME, the undersigned authority, a Notary Public in and for said
county and state, on this day personally appeared _____________, known to me to
be the person and officer whose name is subscribed to the foregoing instrument
and acknowledged to me that the same was the act of U.S. Bank National
Association, not in its individual capacity, but solely as Indenture Trustee,
and that such person executed the same as the act of said corporation for the
purpose and consideration therein stated.

          GIVEN UNDER MY HAND AND SEAL OF OFFICE, this ___ day of April, 2002.

Notary Public in and for the State of
                                      ------------------------
(Seal)

My commission expires:

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

                                        1

<PAGE>

                                    EXHIBIT A

                                  Form of Note

NEITHER THIS NOTE NOR ANY INTEREST HEREIN HAS BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") OR ANY APPLICABLE STATE
SECURITIES LAW. ANY RESALE OR TRANSFER OF THIS NOTE (OR ANY INTEREST HEREIN)
WITHOUT REGISTRATION THEREOF UNDER THE ACT OR ANY APPLICABLE STATE SECURITIES
LAW MAY BE MADE ONLY IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS
OF THE ACT OR ANY APPLICABLE STATE SECURITIES LAW IN ACCORDANCE WITH THE
PROVISIONS OF SECTION 2.9 OF THE INDENTURE REFERRED TO HEREIN.

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

THIS IS A REVOLVING NOTE. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS
NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO COMPLY WITH THE TERMS
OF THE INDENTURE AND OTHER OPERATIVE DOCUMENTS (AS DEFINED IN THE INDENTURE)
APPLICABLE TO REGISTERED HOLDERS OF THE NOTES.

Date of Indenture: As of April 17, 2002
First Payment Date: ____________________
Denomination:  $_________________
Initial Note Principal Balance:  $[ ]
Maximum Note Principal Amount:  $125,000,000
                                    Note No: 0001

                                   A-1
<PAGE>

                        BXG RECEIVABLES NOTE TRUST 2001-A
                        ASSET BACKED NOTES, SERIES 2001-A

     BXG RECEIVABLES NOTE TRUST 2001-A, a business trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to __________, or registered assigns,
the lesser of (a) the principal sum of _______________________ ($_____________)
and (b) the aggregate outstanding amount of advances hereunder made pursuant to
Section 10.1 of the Amended and Restated Indenture dated as of April 17, 2002,
between the Issuer and U.S. Bank National Association (formerly known as U.S.
Bank Trust National Association), a national banking association, as Indenture
Trustee (the "Indenture Trustee"); provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the earlier of (i) the
Payment Date occurring in March 2006 (the "Final Payment Date") and (ii) the
date on which an Amortization Event shall have occurred and be continuing, if
the Indenture Trustee, at the direction of the Registered Noteholders
representing not less than a majority of the Outstanding Amount, has declared
the Notes to be immediately due and payable in the manner provided in Section
5.2 of the Indenture (unless such declaration has been rescinded in accordance
with the terms of the Indenture). Capitalized terms used but not defined herein
are defined in Article I of the Indenture.

     Pursuant to the terms of the Indenture, payments will be made on the 1st
day of each month or, if such day is not a Business Day, on the Business Day
immediately following such day (the "Payment Date"), commencing on the first
Payment Date specified above, to the Person in whose name this Note is
registered at the close of business on the applicable Record Date, in such
amounts as are determined pursuant to the Indenture and the Sale and Servicing
Agreement.

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

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

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

                               [Signatures follow]

<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer, as of the date set forth
below.

Date:  ________________________

                         BXG RECEIVABLES NOTE TRUST 2001-A

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

                         By:
                                  _____________________________________________
                                  Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

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

Date:  ______________________________

________________________ ,
as Indenture Trustee

By:      ______________________________
Authorized Signatory

                                       2
<PAGE>

                                [Reverse of Note]

     This Note is one of a Series of a duly authorized issue of Notes of the
Issuer, designated as the BXG Receivables Note Trust 2001-A, Asset Backed Notes,
Series 2001-A (herein called the "Notes"), issued under the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Registered Noteholders. To the extent that any
provision of this Note contradicts or is inconsistent with the provisions of the
Indenture, the provisions of the Indenture shall control and supersede such
contradictory or inconsistent provision herein. Terms not defined herein will
have the definitions as provided in the Indenture. The Notes are subject to all
terms of the Indenture.

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

     The Notes are revolving notes, the principal of which may be repaid and
reborrowed without penalty pursuant to the terms of the Indenture.

     As described on the face hereof, the entire unpaid principal amount of this
Note shall be due and payable on the Final Payment Date. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and
payable on the date on which an Amortization Event shall have occurred and be
continuing and the Indenture Trustee, at the direction of the Registered
Noteholders representing not less than a majority of the Outstanding Amount, has
declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 of the Indenture (unless such declaration has been rescinded in
accordance with the terms of the Indenture). All principal payments on the Notes
shall be made pro rata to the Registered Noteholders entitled thereto on the
basis of their Note Principal Balance.

     Payments of interest on this Note are due and payable on each Payment Date,
together with the installment of principal, if any, and to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Registered Noteholder of the Note on the Note Register as of
the close of business on each Record Date, or by wire transfer in immediately
available funds to the account designated by such Person. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note effected by any payments made on any Payment Date
shall be binding upon all future Registered Noteholders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Noteholder hereof as of the Record Date preceding such Payment Date
by notice mailed or transmitted by facsimile prior to such Payment Date, and the
amount then due and payable shall be payable only upon presentation and
surrender of this

                                        3
<PAGE>

Note at the Indenture Trustee's principal Corporate Trust Office or at the
office of the Indenture Trustee's agent appointed for such purposes located in
The City of New York.

     As provided in the Indenture and subject to certain limitations and
restrictions on transfer set forth therein, the transfer of this Note may be
registered on the Note Register upon surrender of this Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by or accompanied by a written instrument of transfer
in form satisfactory to the Indenture Trustee duly executed by the Registered
Noteholder hereof or such Registered Noteholder's attorney duly authorized in
writing and thereupon one or more new Notes of authorized denominations and in
the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note but the transferor may be required to pay a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange, other than for
exchanges as provided under Sections 2.4 of the Indenture.

     Each Registered Noteholder, by acceptance of a Note (or any interest
therein), covenants and agrees that the Trust Estate is the sole source of
payment for the obligations evidenced hereby and that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer, the
Depositor, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee
on the Notes or under the Indenture or any certificate or other writing
delivered in connection therewith, against (i) the Indenture Trustee or the
Owner Trustee in its individual capacity, (ii) any owner of a beneficial or
other interest in the Issuer or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of the Indenture Trustee or the Owner Trustee in
its individual capacity, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee in its individual capacity, except as any
such person may have expressly agreed in writing.

     Each Registered Noteholder, by acceptance of a Note, covenants and agrees
by accepting the benefits of the Indenture that such Registered Noteholder will
not institute against the Seller, the Servicer, the Depositor or the Issuer, or
join in any institution against the Seller, the Servicer, the Depositor or the
Issuer of, any bankruptcy, reorganization, arrangement, insolvency or similar
law in connection with any obligations relating to the Notes, the Indenture or
any of the Operative Documents for one year and one day after payment of the
Notes.

     The Issuer has entered into the Indenture and this Note is issued with the
intention that, for federal, state and local income, single business and
franchise tax purposes, the Note will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Registered Noteholder, by acceptance of a
Note, agrees to treat the Notes for federal, state and local income, single
business and franchise tax purposes as indebtedness of the Issuer.

     Prior to the due presentment for registration of transfer of this Note, the
Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this

                                        4
<PAGE>

Note be overdue, and none of the Issuer, the Indenture Trustee or any such agent
shall be affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Registered Noteholders under the Indenture at any
time by the Issuer with the consent of the Registered Noteholder of Notes
representing a majority of the Outstanding Amount. The Indenture also contains
provisions permitting the Registered Noteholders representing not less than a
majority of the Outstanding Amount on behalf of the Registered Noteholders of
all the Notes to waive compliance by the Issuer with certain provisions of the
Indenture and certain past failures to comply with the terms of the Indenture
and their consequences. Any such consent or waiver by the Registered Noteholder
of this Note shall be conclusive and binding upon such Registered Noteholder and
upon all future Registered Noteholders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note.

     The term "Issuer" as used in this Note includes any successor to the Issuer
under the Indenture.

     The Notes are issuable only in registered form in denominations as provided
in the Indenture, subject to certain limitations therein set forth.

     This Note and the Indenture shall be construed in accordance with the laws
of the State of New York without reference to conflicts of laws principles, and
the obligations, rights and remedies of the parties hereunder and thereunder
shall be determined in accordance with such laws.

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

     Anything herein to the contrary notwithstanding, except as expressly
provided in the Operative Documents, none of the Issuer in its individual
capacity, the Owner Trustee in its individual capacity, any owner of a
beneficial or other interest in the Issuer, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Registered Noteholder of this Note by its
acceptance hereof agrees that, except as expressly provided in the Operative
Documents, in the case of an Amortization Event under the Indenture, the
Registered Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note.

                                       5
<PAGE>

                                   ASSIGNMENT

     Social Security or Taxpayer I.D. or other identifying number of assignee:

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

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

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

Dated: __________________*/

Signature Guaranteed:

________________________*/

     */ NOTICE: The signature to this assignment must correspond with the name
of the Registered Noteholder as it appears on the face of the within Note in
every particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

                                       6
<PAGE>

                                   EXHIBIT B-1

                     FORM OF CERTIFICATE REGARDING TRANSFER
                              (ACCREDITED INVESTOR)

                                     [DATE]

[Indenture Trustee/Seller/Servicer//Depositor]

[addresses]

     Re: BXG Receivables Note Trust 2001-A, Asset Backed Notes, Series 2001-A
Ladies and Gentlemen:

     In connection with our purchase on the date hereof of are or more of the
above-referenced Notes or any interest in the Notes ("Notes") from
______________________ ("Seller"), [PURCHASER] (the "Purchaser") hereby
certifies that:

     1. The Purchaser is an "accredited investor" as defined in Rule 501,
promulgated by the Securities and Exchange Commission (the "Commission") under
the U.S. Securities Act of 1933, as amended (the "Act"), acquiring the Notes for
investment purposes only for the Purchaser's own account and not with a view to
or for sale or transfer in connection with any distribution thereof in any
manner which would violate Section 5 of the Act or any applicable state
securities law, provided that, subject to compliance with applicable securities
laws, the disposition of its property shall at all times be and remain within
its control. We understand that the Seller and other addressees of this letter
may rely on the accuracy and truth of the foregoing representations, and we
hereby consent to such reliance;

     2. The Purchaser understands that the Notes have not been and will not be
registered under the Act or any applicable state securities laws and may not be
resold, pledged or transferred unless they are (a) registered pursuant to the
Act and any applicable state securities laws, or (b) sold or transferred in
transactions which are exempt from registration;

     3. The Purchaser has received a copy of the Amended and Restated Indenture
dated as of April 17, 2002 (the "Indenture") pursuant to which the Notes are
being sold, and such other documents and information concerning the Notes and
the Receivables in which the Notes represent interests which it has requested
and has had the opportunity to ask such questions of the Issuer and its agents
as it deems appropriate;

     4. The Purchaser has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of an
investment in the Notes and is able to bear the economic risks of such an
investment;

     5. [The Purchaser is not, and it is not acquiring the Notes with the assets
of an "employee benefit plan," within the meaning of Section 3(3) of the
Employment Retirement Income Security Act of 1974, as amended ("ERISA") that is
subject to the provisions of Title I of ERISA or a "plan" described in Section
4975(e)(1) of the Internal Revenue Code of 1986] OR

                                      B-1-1
<PAGE>

[The source of funds to be used by the Purchaser to purchase the Notes is a
general account and either (i) no part of the assets of such account constitutes
assets of an "employee benefit plan," within the meaning of Section 3(3) of
"ERISA" that is subject to the provisions of Title I of ERISA or a "plan"
described in Section 4975(e)(l) of the Internal Revenue Code of 1986, or (ii) to
the extent that such assets constitute assets of an "employee benefit plan"
within the meaning of Section 3(3) of ERISA that is subject to the provisions of
Title I of ERISA, or a "plan" within the meaning of Section 4975(e)(1) of the
Code, it acknowledges that in the discharge of its duty as a plan fiduciary in
connection with the purchase of the Notes it has concluded that such purchase
will not constitute a violation of Section 404(a) of ERISA or result in a
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code.]

     6. If the Purchaser sells any of the Notes at its option, it will (i)
comply with the terms of the Indenture, (ii) obtain from any investor that
purchases any Note from it a letter substantially in the form of Exhibit B-1 or
B-2 to the Indenture and (iii) to the extent required by the Indenture, cause an
opinion of counsel to be delivered, addressed and satisfactory to the Seller,
the Servicer, the Issuer and the Indenture Trustee, to the effect that such sale
is in compliance with all applicable federal and state securities laws; and

     7. The Purchaser certifies that for purposes of the Note Register, its
address, including telecopier number and telephone number, is as follows:

        telecopier:
        telephone:

     8. The purchase of the Notes by the Purchaser does not violate the
provisions of the first sentence of Section 2.9 of the Indenture, and the
Purchaser agrees to comply with the Indenture.

     IN WITNESS WHEREOF, the Purchaser has caused this letter to be executed by
its signatory, duly authorized, as of the date first above written.

                               [PURCHASER]

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

                                      B-1-2
<PAGE>

                                   EXHIBIT B-2

                     FORM OF CERTIFICATE REGARDING TRANSFER
                                   (RULE 144A)

                                     [DATE]

[Indenture Trustee/Seller/Servicer/Depositor]

[addresses]

     Re: BXG Receivables Note Trust 2001-A, Asset Backed Notes, Series 2001-A

Ladies and Gentlemen:

     In connection with our purchase on the date hereof of the above-referenced
Notes or any interest in the Notes ("Notes") from _______________ ("Seller") we
hereby certify that:

     1. We are a "qualified institutional buyer" within the meaning of Rule 144A
under the U.S. Securities Act of 1933, as amended (the "Act"), acquiring the
Notes for our own account for investment and not with a view to or for sale or
transfer in connection with any distribution thereof in any manner which would
violate the Act or any applicable state securities law, provided that, subject
to compliance with applicable securities laws, the disposition of our property
shall at all times be and remain within our control. We understand that the
Seller may rely on the accuracy and truth of the foregoing representations, and
we hereby consent to such reliance;

     2. We understand that the Notes have not been and will not be registered
under the Act and may not be resold, pledged or transferred unless they are (a)
registered pursuant to the Act and any applicable state securities laws or (b)
sold or transferred in transactions which are exempt from registration;

     3. We have received a copy of the Amended and Restated Indenture dated as
of April 17, 2002 (the "Indenture") pursuant to which the Notes are being sold,
and such other documents and information concerning the Notes and the
Receivables in which the Notes represent interests which we have requested;

     4. We have such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of an investment in the
Notes and are able to bear the economic risks of such an investment;

     5. If we sell any of the Notes, we will (i) obtain from any investor that
purchases any Note from us a letter substantially in the form of Exhibit B-1 or
B-2 to the Indenture and (ii) to the extent required by the Indenture, cause an
opinion of counsel to be delivered, addressed and satisfactory to the Seller,
the Issuer and the Indenture Trustee, to the effect that such sale is in
compliance with all applicable federal and state securities laws;

                                      B-2-1
<PAGE>

     6. [The Purchaser is not, and it is not acquiring the Notes with the assets
of an "employee benefit plan," within the meaning of Section 3(3) of the
Employment Retirement Income Security Act of 1974, as amended ("ERISA") that is
subject to the provisions of Title I of ERISA or a "plan" described in Section
4975(e)(1) of the Internal Revenue Code of 1986] OR [The source of funds to be
used by the Purchaser to purchase the Notes is a general account and either (i)
no part of the assets of such account constitutes assets of an "employee benefit
plan," within the meaning of Section 3(3) of "ERISA" that is subject to the
provisions of Title I of ERISA or a "plan" described in Section 4975(e)(l) of
the Internal Revenue Code of 1986, or (ii) to the extent that such assets
constitute assets of an "employee benefit plan" within the meaning of Section
3(3) of ERISA that is subject to the provisions of Title I of ERISA, or a "plan"
within the meaning of Section 4975(e)(1) of the Code, it acknowledges that in
the discharge of its duty as a plan fiduciary in connection with the purchase of
the Notes it has concluded that such purchase will not constitute a violation of
Section 404(a) of ERISA or result in a prohibited transaction under Section 406
of ERISA or Section 4975 of the Code.]

     7. We certify that for purposes of the Note Register, our address,
including telecopier number and telephone number, is as follows:

        telecopier:
        telephone:

     8. Our purchase of the Notes does not violate the provisions of the first
sentence of Section 2.9 of the Indenture.

     9. We have received the information specified in paragraph (d)(4) of Rule
144A under the Securities Act with respect to the Notes. We are familiar with
Rule 144A under the Act and are aware that the addressees of this letter intend
to rely on the certifications made herein and the exemption from the
registration requirements of the Act provided by Rule 144A.

     IN WITNESS WHEREOF, we have signed this certificate as of the date first
written above.

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

                                      B-2-2

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