Document:

Exhibit 10.56

 

THIRD COMMITMENT AMENDMENT TO

LOAN SALE AND SERVICING AGREEMENT

 

THIS THIRD COMMITMENT
AMENDMENT TO LOAN SALE AND SERVICING AGREEMENT (this “Third Amendment”), dated as of April 1, 2014, is entered
into by and among BBCV Receivables-Q 2010 LLC, a Delaware limited liability company, as seller (the “Seller”),
Quorum Federal Credit Union, a federally chartered credit union, as buyer (the “Buyer”), Vacation Trust, Inc.,
a Florida Corporation, as Club Trustee (the “Club Trustee”), U.S. Bank National Association, a national banking
association, as custodian and paying agent (the “Custodian”), Bluegreen Corporation, a Florida corporation (formerly
a Massachusetts corporation), as servicer (the “Servicer”), and Concord Servicing Corporation, an Arizona corporation,
as backup servicer (the “Backup Servicer”).

 

RECITALS

 

WHEREAS, the
Buyer, the Seller, the Servicer and the Backup Servicer have previously entered into that certain Loan Sale and Servicing Agreement,
dated as of December 22, 2010, as amended by that certain Omnibus Amendment, dated as of May 3, 2011 and that certain Omnibus Amendment
No. 2, dated as of February 7, 2012 and as further amended by that certain First Commitment Amendment, dated as of March 1, 2012
and that certain Second Commitment Amendment, dated as of January 31, 2013 (as may be amended, supplemented or restated from time
to time, the “Loan Sale and Servicing Agreement”).

 

WHEREAS, Standard
Definitions are attached to the Loan Sale and Servicing Agreement at Annex A (the “Standard Definitions”).

 

WHEREAS, the
parties hereto desire to modify the Loan Sale and Servicing Agreement as set forth in this Third Amendment.

 

WHEREAS, capitalized
terms used herein not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Sale and Servicing Agreement.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

1.          Amendment
of Standard Definitions.

 

(a)         The
following definitions shall replace the corresponding definition in the Standard Definitions:

 

“Buyer Loan
Pool Repayment Amount” shall mean, on any Distribution Date, the amount actually distributed to the Buyer under Section
4.3(a)(vi) and (vii) of the Agreement.

 

“Commitment
Period” and “Commitment Purchase Period” shall mean the period commencing on April 1, 2014 and continuing
until October 31, 2014.

 

“Reacquisition
Date” shall mean, with respect to the reacquisition of the First Aggregate Sale Date Loan Pool or the Second Aggregate
Sale Date Loan Pool or the Third Aggregate Sale Date Loan Pool, on or after the First Optional Reacquisition Date or the Second
Optional Reacquisition Date or the Third Optional Reacquisition Date, respectively, the date fixed pursuant to Section 11.3 of
this Agreement.

 

    	 		 

     

    

  

 “Reacquisition
Price” shall mean, with respect to the First Aggregate Sale Date Loan Pool or the Second Aggregate Sale Date Loan Pool
or the Third Aggregate Sale Date Loan Pool, the sum of the Net Investment Amounts of all Sale Date Loan Pools comprising the First
Aggregate Sale Date Loan Pool or the Second Aggregate Sale Date Loan Pool or the Third Aggregate Sale Date Loan Pool, together
with the Program Fee accrued and unpaid thereat at the applicable Program Fee Rate up to and including the Reacquisition Date.

 

“Second Aggregate
Sale Date Loan Pool” shall mean, on any date of determination, all Timeshare Loans sold to the Buyer on each Sale Date
occurring after January 31, 2013 but prior to April 1, 2014.

 

(b)         The
following definitions shall be added to the Standard Definitions:

 

“Third Aggregate
Sale Date Loan Pool” shall mean, on any date of determination, all Timeshare Loans sold to the Buyer on each Sale Date
occurring after April 1, 2014.

 

“Third Optional
Reacquisition Date” shall mean the first date on which the then current aggregate Net Investment Amounts in respect of
all Timeshare Loans in the Third Aggregate Sale Date Loan Pool is less than or equal to fifteen percent (15%) of all of the original
aggregate Net Investment Amounts in respect of all of the Timeshare Loans sold in each Sale Date Loan Pool corresponding to the
Third Aggregate Sale Date Loan Pool on the related Sale Date.

 

2.          Section
11.1 of the Loan Sale and Servicing Agreement is hereby deleted in its entirety and replaced with the following:

 

SECTION 11.1. Clean-up Call;
Optional Reacquisition; Election to Reacquire.

 

The initial Servicer
shall have the option to reacquire not less than all of the Timeshare Loans in the First Aggregate Sale Date Loan Pool or the Second
Aggregate Sale Date Loan Pool or the Third Aggregate Sale Date Loan Pool any date after the First Optional Reacquisition Date or
the Second Optional Reacquisition Date or the Third Optional Reacquisition Date, respectively, by payment of an amount equal to
the Reacquisition Price (unless amounts in the Trust Accounts are sufficient to make such payments).

 

3.          Section
11.2 of the Loan Sale and Servicing Agreement is hereby deleted in its entirety and replaced with the following:

 

SECTION 11.2. Notice
to Buyer.

 

The Servicer shall give
written notice of its intention to reacquire the First Aggregate Sale Date Loan Pool or the Second Aggregate Sale Date Loan Pool
or the Third Aggregate Sale Date Loan Pool to the Buyer at least fifteen (15) days prior to the Reacquisition Date (unless a shorter
period shall be satisfactory to the Buyer).

 

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4.          Section
11.3 of the Loan Sale and Servicing Agreement is hereby deleted in its entirety and replaced with the following:  

 

SECTION
11.3. Notice of Reacquisition by the Servicer.

 

Notices of reacquisition
shall be given by electronic transmission and by first class mail, postage prepaid, mailed not less than fifteen (15) days prior
to the Reacquisition Date, to the Buyer. All notices of reacquisition shall state (a) the Reacquisition Date, (b) the Reacquisition
Price, (c) that the First Aggregate Sale Date Loan Pool or the Second Aggregate Sale Date Loan Pool or the Third Aggregate Sale
Date Loan Pool is being reacquired, (d) the Timeshare Loans comprising the First Aggregate Sale Date Loan Pool or the Second Aggregate
Sale Date Loan Pool or the Third Aggregate Sale Date Loan Pool and (e) that on the Reacquisition Date, the Reacquisition Price
shall become due and payable in respect of the reacquisition of the First Aggregate Sale Date Loan Pool or the Second Aggregate
Sale Date Loan Pool or the Third Aggregate Sale Date Loan Pool, as applicable, and that the Program Fee shall cease to accrue if
payment is made on the Reacquisition Date.

 

5.          Section
11.5 of the Loan Sale and Servicing Agreement is hereby deleted in its entirety and replaced with the following:

 

SECTION
11.5. Timeshare Loans on Reacquisition Date.

 

Notice of reacquisition
having been given as provided in Section 11.2 hereof and deposit of the Reacquisition Price with the Buyer having been made as
provided in Section 11.4 hereof, the First Aggregate Sale Date Loan Pool or the Second Aggregate Sale Date Loan Pool or the Third
Aggregate Sale Date Loan Pool being reacquired shall on the Reacquisition Date, become due and payable at the Reacquisition Price,
and, on such Reacquisition Date, the First Aggregate Sale Date Loan Pool or the Second Aggregate Sale Date Loan Pool or the Third
Aggregate Sale Date Loan Pool, as applicable, shall cease to accrue the Program Fee. The Buyer shall apply all available funds
in the Trust Accounts and the Buyer shall be paid any remaining portion of the Reacquisition Price by the Servicer upon transfer
of the First Aggregate Sale Date Loan Pool or the Second Aggregate Sale Date Loan Pool or the Third Aggregate Sale Date Loan Pool
being purchased by the Servicer or its designee. If the Servicer shall have failed to deposit the Reacquisition Price with the
Buyer, the principal and the Program Fee with respect to the First Aggregate Sale Date Loan Pool or the Second Aggregate Sale Date
Loan Pool or the Third Aggregate Sale Date Loan Pool, as applicable, shall, until paid, continue to accrue at the applicable Program
Fee Rate. The Servicer’s failure to deposit the Reacquisition Price shall not constitute a Purchase Termination Event hereunder.

 

6.          Choice
of Law and Venue. This Third Amendment shall be construed in accordance with the internal laws of the State of New York.

 

7.          Binding
Effect. This Third Amendment shall inure to the benefit of and be binding upon the parties to this Third Amendment and
their successors and assigns.

 

8.          Counterpart
Execution. This Third Amendment may be executed in counterpart, and any number of copies of this Third Amendment which
in the aggregate have been executed by all parties to this Third Amendment shall constitute one original.

 

9.          Time
is of the Essence. Time is of the essence in the performance of the obligations in this Third Amendment.

 

10.        No
Third Party Beneficiary. No third party shall be a beneficiary hereof.

 

[Signatures
Appear on Next Page]

 

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IN WITNESS WHEREOF,
the parties hereto have executed this Third Amendment as of the date set forth above. 

 

	THE BUYER:	 	QUORUM FEDERAL CREDIT UNION

 

	 	 	By: 	/s/ Bruno Sementilli
	 	 	 	Bruno Sementilli,
	 	 	 	President and CEO

 

	THE SELLER:	 	BBCV Receivables-Q 2010 LLC

 

	 	 	By:	/s/ Allan J. Herz
	 	 	 	Allan J. Herz
	 	 	 	President and Assistant Treasurer

 

	THE SERVICER: 	 	BLUEGREEN CORPORATION

 

	 	 	By:	/s/ Anthony M. Puleo
	 	 	 	Anthony M. Puleo
	 	 	  	Senior Vice President, CFO & Treasurer

 

	THE BACKUP SERVICER: 	 	CONCORD SERVICING CORPORATION

 

	 	 	By:	/s/ Mary-Jeanne Fincher
	 	 	 	Mary-Jeanne Fincher
	 	 	 	Vice President and General Counsel

 

	THE CUSTODIAN: 	 	U.S. BANK NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Custodian and Paying Agent hereunder 

 

	 	 	By:	/s/ Michelle Moeller
	 	 	Printed Name:  Michelle Moeller
	 	 	Title: Vice President

 

	THE CLUB TRUSTEE:	 	VACATION TRUST, INC.,
	 	 	as Club Trustee

 

	 	 	By:	/s/ Constance G. Dodd
	 	 	 	Constance G. Dodd
	 	 	 	President, Treasurer and Secretary

  

    	 	4Exhibit 10.57

 

FIRST GENERAL AMENDMENT TO

LOAN SALE AND SERVICING AGREEMENT

 

THIS FIRST GENERAL AMENDMENT TO LOAN
SALE AND SERVICING AGREEMENT (this “First General Amendment”), dated as of April 1, 2014, is entered into
by and among BBCV Receivables-Q 2010 LLC, a Delaware limited liability company, as seller (the “Seller”), Quorum
Federal Credit Union, a federally chartered credit union, as buyer (the “Buyer”), Vacation Trust, Inc., a Florida
Corporation, as Club Trustee (the “Club Trustee”), U.S. Bank National Association, a national banking association,
as custodian and paying agent (the “Custodian”), Bluegreen Corporation, a Florida corporation (formerly a Massachusetts
corporation), as servicer (the “Servicer”), and Concord Servicing Corporation, an Arizona corporation, as backup
servicer (the “Backup Servicer”).

 

RECITALS

 

WHEREAS, the
Buyer, the Seller, the Servicer, the Club Trustee, the Custodian and the Backup Servicer have previously entered into that certain
Loan Sale and Servicing Agreement, dated as of December 22, 2010, as amended by that certain Omnibus Amendment, dated as of May
3, 2011, and that certain Omnibus Amendment No.2, dated as of February 7, 2012, and as further amended by that certain First Commitment
Amendment, dated as of March 1, 2012, that Second Commitment Amendment, dated as of January 31, 2013, and that Third Commitment
Amendment, dated as of April 1, 2014 (as may be amended, supplemented or restated from time to time, the “Loan Sale and
Servicing Agreement”).

 

WHEREAS, the
parties hereto desire to modify the Loan Sale and Servicing Agreement as set forth in this First General Amendment.

 

WHEREAS, capitalized
terms used herein not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Sale and Servicing Agreement.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

1.            Section
4.4 (g) of the Loan Sale and Servicing Agreement is hereby deleted in its entirety and replaced with the following:

 

The Seller shall furnish, or cause
to be furnished to the Buyer, no later than one hundred eighty (180) days after the end of each fiscal year of the Club Association,
audited financial statements for the Club Association for each fiscal year from the Closing Date through the Agreement Termination
Date. The Seller shall furnish to the Buyer, promptly upon its receipt, the report, if any, prepared by the independent accounting
firm set forth in Section 8.01(k) of the Club Trust Agreement, until the Agreement Termination Date.

 

2.            Section
7.5(c) of the Loan Sale and Servicing Agreement is hereby deleted in its entirety and replaced with the following:

 

On or before March 31st of each
year commencing in 2015, the Servicer shall deliver to the Buyer a current SSAE16/SOC 1 Report (or equivalent) dated no earlier
than six months prior to the date such report is delivered by the Servicer to the Buyer. In the event the Servicer fails to deliver
such SSAE16/SOC 1 Report, the Buyer shall have the right, at the Servicer’s sole expense, to engage a third party to perform
an audit of the Servicer’s operations and practices relating to Timeshare Loans covered by this Agreement,.

 

    			 

     

    

  

3.            Except
as specifically set forth herein, this First General Amendment shall not modify, alter, change, or affect any of the other terms
or conditions of the Loan Sale and Servicing Agreement. All capitalized terms herein shall have the meaning given to them in the
Loan Sale and Servicing Agreement, unless otherwise provided herein.

 

(Signature Page Follows)

 

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IN WITNESS WHEREOF,
the parties hereto have executed this First General Amendment as of the date set forth above.

 

	THE BUYER:	QUORUM FEDERAL CREDIT UNION

 

	 	By: 	/s/ Bruno Sementilli
	 	 	Bruno Sementilli,
	 	 	President and CEO

 

	THE SELLER:	BBCV RECEIVABLES-Q 2010 LLC

 

	 	By: 	/s/ Allan J. Herz
	 	 	Allan J. Herz
	 	 	President and Assistant Treasurer

 

	THE SERVICER: 	BLUEGREEN CORPORATION

 

	 	By: 	/s/ Anthony M. Puleo
	 	 	Anthony M. Puleo
	 	 	Senior Vice President, CFO & Treasurer

 

	THE BACKUP SERVICER: 	CONCORD SERVICING CORPORATION

 

	 	By:   	/s/ Mary-Jeanne Fincher
	 	 	Mary-Jeanne Fincher
	 	 	Vice President and General Counsel

 

	THE CUSTODIAN: 	U.S. BANK NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Custodian and Paying Agent hereunder 

 

	 	By:   	/s/ Michelle Moeller
	 	Printed Name:  Michelle Moeller
	 	Title: Vice President

 

	THE CLUB TRUSTEE:	VACATION TRUST, INC.,
	 	as Club Trustee

 

	 	By: 	/s/ Constance G. Dodd
	 	 	Constance G. Dodd
	 	 	President, Treasurer and Secretary

 

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