Document:

Exhibit 10.180

                                 EXECUTION COPY

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                       BXG RECEIVABLES OWNER TRUST 2006-A

                                DEFINITIONS ANNEX

                         Definitions and Interpretations

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                                 March 13, 2006

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                                DEFINITIONS ANNEX

      Accommodation.  As defined in the Club Trust  Agreement with respect to an
Eligible Resort.

      Accountant's  Report. As assigned such term in Section 9.6 of the Sale and
Servicing Agreement.

      Administration  Agreement. The Administration  Agreement,  dated as of the
date hereof, by and among the Trust, the Trust Depositor,  the Indenture Trustee
and the Trust Administrator as the same may be amended, modified,  supplemented,
restated, replaced or renewed in writing from time to time.

      Affected Party. Any Noteholder or any permitted  assignee of a Noteholder,
the  holding  company  of any such  Person  and any  successor  holding  company
thereof;  provided that neither General Electric Capital  Corporation nor any of
its Subsidiaries or Affiliates shall be an Affected Party.

      Affiliate.  With respect to a Person  means any other Person  controlling,
controlled  by or under common  control  with such Person.  For 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" or "controlled" have meanings correlative
to the foregoing.

      Aggregate  Outstandings.  At any time,  an amount  equal to the sum of all
accrued and unpaid principal, interest, interest on interest, fees and all other
amounts owing (whether due or accrued) to the Noteholders  under any Transaction
Document at such time.

      Allonge. As defined in Section 2.2(b) of the Sale and Servicing Agreement;
it being understood that an electronic signature shall be acceptable.

      Aruba Receivables. A Receivable relating to the Eligible Resort commonly
known as La Cabana Beach & Racquet Club.

      Assets. All right, title and interest of the transferring party in, to and
      under the following:

      (i) all  Receivables  (including  Receivables  in  respect  of  Substitute
      Assets)  conveyed or being conveyed to the Trust  Depositor under the Sale
      and  Contribution  Agreement  and all payments of interest and  principal,
      other  Collections  thereon and monies  received,  due or to become due in
      payment of such Receivables after the applicable Cutoff Date;

      (ii) the Mortgages,  if applicable,  and any other instruments,  documents
      and rights securing such Receivables  including,  without limitation,  all
      "Owner  Beneficiary  Rights" under the Club Trust  Agreement in respect of
      such Receivables and all of the transferring party's rights or interest in
      all other  property  (personal  or other),  if any, the sale of which gave
      rise to the Receivables;

      (iii) the related Receivables Files;

      (iv) all payments made or to be made after the applicable Cutoff Date with
      respect to such Receivables or the Obligor  thereunder under any guarantee
      or similar credit enhancement with respect to such Receivables, if any;

      (v) all  Insurance  Proceeds  with  respect  to any such  Receivables,  if
      applicable; and

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      (vi) all income from and proceeds of the foregoing.

      Asset Pool. At any time, all then outstanding Trust Assets which have been
conveyed to the Trust under the Sale and Servicing Agreement.

      Asset  Pool  Portion.  The  pool of  Trust  Assets  relating  to  Eligible
Receivables  purchased on an applicable Transfer Date (and any Substitute Assets
substituted  for such Trust Assets) as identified by the Trust  Depositor in the
related Request Notice.

      Asset Pool Portion Required  Overcollateralization  Amount.  For any Asset
Pool Portion,  at any  Determination  Date, the product of (A) the difference of
(x) 1 minus (y) the  Overcollateralization  Percentage  in respect of such Asset
Pool Portion times (B) the  Receivable  Balance of all Eligible  Receivables  in
such Asset Pool Portion (as of the end of the immediately  preceding  Collection
Period).

      Assignment.  Each  Assignment (i) in the form of Exhibit H to the Sale and
Servicing Agreement relating to the sale, assignment, transfer and conveyance of
Trust  Assets  to the  Trust  and (ii) in the form of  Exhibit A to the Sale and
Contribution Agreement relating to the sale, assignment, transfer and conveyance
of the Assets to the Trust Depositor.

      Audit Fees. With respect to any Collection  Period,  the invoiced fees and
expenses of independent  accountants  engaged by the Servicer in connection with
the Accountant's Report delivered in accordance with Section 9.6 of the Sale and
Servicing Agreement.

      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)  and, so long as the
Administration Agreement is in effect, any Vice President or more senior officer
of the Trust  Administrator who is authorized to act for the Trust Administrator
in  matters  relating  to  the  Issuer  and  to  be  acted  upon  by  the  Trust
Administrator pursuant to the Administration  Agreement and who is identified on
the list of  Authorized  Officers  delivered by the Trust  Administrator  to the
Indenture  Trustee  on the  Closing  Date  (as  such  list  may be  modified  or
supplemented from time to time thereafter).

      Available  Amounts.  As of the end of any  Collection  Period,  the sum of
(without  duplication)  (i) all amounts on deposit in the Collection  Account on
such date relating to the  Receivables,  and Prepayments  received on or before,
the last day of such Collection Period, (ii) Recoveries on account of previously
Defaulted  Receivables  received and on deposit in the Collection  Account as of
such date preceding the Payment Date, (iii) Investment  Earnings credited to the
Collection Account during such Collection Period, (iv) Late Charges received and
on  deposit  in the  Collection  Account  on or  before  the  last  day of  such
Collection  Period  preceding  the Payment  Date,  and (v) any other  amounts on
deposit in the  Collection  Account  (including  proceeds of Servicer  Advances,
proceeds of Insolvency Proceedings, Insurance Proceeds, amounts transferred from
the Reserve Account and amounts relating to purchases of Receivables pursuant to
Section 2.7 of the Sale and Servicing Agreement) which are expressly required by
the terms of the Sale and Servicing Agreement to be treated as Available Amounts
with respect to the Payment Date related to such  Collection  Period;  provided,
however,  any  amounts  therein  which  were  provided  in  error  shall  not be
considered Available Amounts.

      Back-up  Servicer.  Concord  Servicing  Corporation,   together  with  any
permitted successors and assigns.

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      Back-up Servicer Fee. The fee payable monthly to the Back-up Servicer with
respect to each  Collection  Period  pursuant  to  Section  2.11 of the Sale and
Servicing Agreement, as set forth in the Back-up Servicing Agreement.

      Back-up Servicing Agreement. The Back-up Servicing Agreement,  dated as of
the date hereof, among Back-up Servicer, Facility Administrator,  Sellers, Trust
Depositor, the Issuer and Indenture Trustee.

      Bankruptcy Code. Title 11 of the United States Code, 11 U.S.C. Section 101
et seq., as amended from time to time, or any successor thereto.

      Beneficiary. As defined in the Club Trust Agreement.

      Benefit  Plan.  Any  employee  benefit  plan as defined in Section 3(3) of
ERISA in respect of which any Seller or any ERISA  Affiliate  of such Seller is,
or at any time during the immediately  preceding six years was, an "employer" as
defined in Section 3(5) of ERISA.

      Bluegreen. Bluegreen Corporation, a Massachusetts corporation.

      Business Day. A day of the year other than a Saturday or a Sunday on which
banks are not required or  authorized  to be closed in New York City,  New York,
Chicago, Illinois, St. Paul, Minnesota or the State of Florida.

      Cash  Purchase  Price.  As  defined  in  Section  2.1(b)  of the  Sale and
Servicing Agreement.

      Casualty Loss. With respect to any Interval, the loss, theft, damage
beyond repair or governmental condemnation or seizure of an Interval.

      Change  of   Control.   Bluegreen,   directly   or  through  one  or  more
Subsidiaries,  (i)  ceases  to  conduct  the  timeshare  business  conducted  by
Bluegreen and its Subsidiaries on the Closing Date and originate  receivables in
respect thereof or (ii) is acquired by or merges with another  Person;  provided
that a Change of  Control  shall not  include  the  transfer  of the  assets and
liabilities of the business of Bluegreen and its  Subsidiaries  conducted on the
Closing Date  substantially as an entirety to a Person,  or an acquisition by or
merger with  another  Person,  that (x) is  substantially  engaged,  directly or
through one or more  Subsidiaries,  in the  hospitality,  vacation  ownership or
leisure  industries  reasonably  acceptable  to the  Note  Majority  and (y) has
long-term unsecured and noncredit-enhanced senior indebtedness rated equal to or
better  than  "BBB-"  by S&P (or its  equivalent  rating by  Moody's),  and such
transferee  expressly  assumes in writing the  obligations  of Bluegreen and the
other Seller Parties under the Transaction Documents (including, but not limited
to, the  obligations of Bluegreen as the  Servicer);  provided  further,  that a
transfer of the assets and/or  liabilities  of the business of Bluegreen and its
Subsidiaries  to, or any  acquisition by or merger with,  BankAtlantic  Bancorp,
Inc., BFC Financial Corp.,  Levitt  Corporation or any successor or Affiliate of
any of the  foregoing  shall be deemed to satisfy  the  conditions  set forth in
clauses (x) and (y) above.

      Closing Date.  The date on which the  conditions  precedent to the initial
Purchase have been  satisfied  and the initial  Purchase has been made under the
Sale and Servicing Agreement.

      Club. The club formed pursuant to the Club Trust Agreement.

      Club Management Agreement. The Amended and Restated Management Agreement
between Bluegreen Resorts Management, Inc. and Vacation Trust, Inc. dated as of
May 18, 1994.

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      Club Managing Entity. Bluegreen Resorts Management, Inc., a Delaware
corporation, in its capacity as manager of the Club and owner of the Club's
reservation system and its permitted successors and assigns.

      Club Trust Agreement. Collectively, that certain Bluegreen Vacation Club
Amended and Restated Trust Agreement, dated as of May 18, 1994, among Bluegreen
Vacations Unlimited, Inc., the Club Trustee, Bluegreen Resorts Management, Inc.
and Bluegreen Vacation Club, Inc., as amended, restated or otherwise modified
from time to time, set forth on Exhibit E to the Sale and Servicing Agreement
together with all other agreements, documents and instruments governing the
operation of the Club.

      Club Trustee. Vacation Trust, Inc., a Florida corporation, in its capacity
as trustee under the Club Trust Agreement and its permitted successors and
assigns.

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

      Collateral. As defined in the Granting Clause of the Indenture.

      Collection Account. As defined in Section 2.3(b) of the Sale and Servicing
Agreement.

      Collection Period. With respect to any Payment Date, the period commencing
on the  sixteenth  (16th) day of the second  month  preceding  the month of such
Payment  Date and ending on the  fifteenth  (15th) day of the month  immediately
preceding  the month of such Payment Date,  provided  that the first  Collection
Period shall be the period  beginning  on the day after the Initial  Cutoff Date
and ending on, and including,  the fifteenth (15th) day of the month immediately
succeeding the Initial Cutoff Date.

      Collection  Policies.  The  Collection  Policies  attached to the Sale and
Servicing  Agreement as Exhibit J, as amended or supplemented  from time to time
in accordance with Section 6.3(o)(ii) of the Sale and Servicing Agreement.

      Collections.  With respect to any Receivable and related Trust Assets, all
cash collections and other cash proceeds of such Trust Assets received after the
Cutoff Date.

      Contract.  With  respect  to any  Receivable,  any  and  all  instruments,
agreements or other writings  pursuant to which such Receivable  arises or which
evidences such Receivable.

      Compliance Documents.  With respect to sales of Units and Resort Interests
in any  province  or other  jurisdiction:  (i) an  opinion  letter in  substance
satisfactory  to Facility  Administrator  from an  attorney or local  equivalent
thereof,  licensed in such province or jurisdiction addressing the compliance of
Sellers' offering  materials,  sales and financing documents and sales practices
with  the  applicable  law of  such  province  or  jurisdiction,  (ii)  evidence
satisfactory to Facility  Administrator that the governmental  authority of such
province or jurisdiction  having  jurisdiction  over sales and/or  exchanging of
Units or Resort Interests has issued all required approvals of Sellers' offering
materials,  sales and financing  documents and sales practices,  (iii) copies of
Sellers' offering  materials,  sales and financing documents as approved by such
province  or  jurisdiction  (to the extent  such  approval  is  required)  or as
otherwise  finalized  (to the extent such  approval is not  required),  and (iv)
evidence  that the Sellers  are  authorized  to do business in such  province or
jurisdiction  if required by such  province's  or  jurisdiction's  laws to be so
authorized.

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      Completed  Units.  A Unit at an  Eligible  Resort  which  has  been  fully
constructed  and  furnished,  has  received  a valid  permanent  certificate  of
occupancy, is ready for occupancy and is subject to a time share declaration.

      Computer  Disk. The computer disk generated by the Servicer which provides
information  relating  to the Trust  Assets and which was used by the Sellers in
selecting the Receivables  conveyed to the Trust Depositor  pursuant to the Sale
and Contribution Agreement, in an Excel file format as described on Exhibit A of
the Custodial Agreement.

      Confidentiality  Agreement.  The Confidentiality  Agreement dated the date
hereof between General  Electric  Capital  Corporation,  the Trust and Bluegreen
relating to confidential information.

      Consolidated  EBITDA.  For any  period,  Consolidated  Net Income for such
period plus without  duplication and to the extent  reflected as a charge in the
statement of such Consolidated Net Income for such period, the sum of (i) income
tax  expense,  (ii)  Consolidated  Interest  Expense,   (iii)  depreciation  and
amortization expense, and (iv) amortization of intangibles  (including,  but not
limited to, goodwill).

      Consolidated  Interest Expense.  On a consolidated basis for Bluegreen and
its  Subsidiaries,  for any period,  the  consolidated  interest expense (net of
interest  income) of Bluegreen  and its  Subsidiaries,  determined in accordance
with GAAP.

      Consolidated  Net Income.  On a  consolidated  basis for Bluegreen and its
Subsidiaries, for any period, the consolidated net income (or loss) of Bluegreen
and its Subsidiaries, determined in accordance with GAAP.

      Consolidated  Net Worth.  On a  consolidated  basis for  Bluegreen and its
Subsidiaries,  at any date,  (i) the sum of (a)  capital  stock  taken at par or
stated  value plus (b)  capital  of  Bluegreen  Corporation  in excess of par or
stated value relating to capital stock plus (c) retained  earnings (or minus any
retained earning deficit) of Bluegreen  Corporation plus (d) other comprehensive
income,  minus (ii) the sum of treasury stock,  capital stock subscribed for and
unissued and other  contra-equity  accounts,  all determined in accordance  with
GAAP.

      Consumer Laws. The applicable  portions of any federal,  state,  and local
laws and  regulations,  including  Aruban  laws,  relating to  interest,  usury,
consumer  credit,  equal credit  opportunity,  fair credit  reporting,  privacy,
consumer protection,  false or deceptive trade practices and disclosure, and the
sales and marketing of timeshare units, including to the extent applicable,  but
not limited to, the Truth In Lending Act, the Equal Credit  Opportunity Act, the
Fair Credit  Reporting  Act, the Fair  Housing  Act, the Real Estate  Settlement
Procedures  Act, the Federal  Trade  Commission  Act,  the Fair Debt  Collection
Practices Act, the Gramm-Leach-Bliley  Act, the Patriot Act, the Servicemembers'
Civil Relief Act and the Telephone Consumer Protection Act (and the "Do Not Call
Registry" promulgated thereunder).

      Corporate Trust Office.  The principal office of the Indenture  Trustee or
the Owner Trustee, as applicable, at which at any particular time its respective
corporate  trust  business  shall be  administered  or such other address as the
Indenture  Trustee or the Owner Trustee,  as the case may be, may designate from
time to time by notice to the Noteholders,  the Facility  Administrator  and the
Servicer.

      Cost of Funds.  With  respect to any Asset Pool Portion and for any period
and with  respect  to any Note  (or  incremental  funding  in  respect  thereof)
purchased by General Electric Capital Corporation,  the Swap Rate established at
the time of purchase of such Note (or incremental funding in respect thereof)

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and having a principal amortization schedule mutually agreeable to Bluegreen and
General Electric Capital Corporation.

      Costs.  All  reasonable  expenditures  and  expenses  which may be paid or
incurred by or on behalf of the  Noteholders and the Facility  Administrator  in
connection  with  the  documentation,   modification,   workout,  collection  or
enforcement of the  Transaction  Documents.  During the term of the  Transaction
Documents,  Costs shall include reasonable expenditures and expenses as follows:
payments to remove or protect against liens; reasonable fees, costs and expenses
of  outside  counsel  actually  incurred;   receivers'  fees;  engineers'  fees;
accountants'  fees;  independent   consultants'  fees  (including  environmental
consultants);  fees of the Indenture Trustee, the Custodian and the Servicer (if
other than Bluegreen or one of its Affiliates);  all costs and expenses incurred
in connection  with any of the  foregoing;  outlays for  documentary  and expert
evidence;  stenographers'  charges;  stamp taxes;  publication  costs; and costs
(which may be  estimates  as to items to be expended  after entry of an order or
judgment) for procuring all such abstracts of title, title and UCC searches, and
examination,  title  insurance  policies,  and similar data and assurances  with
respect to title as the Facility  Administrator  may deem  reasonably  necessary
either to prosecute any action or to evidence to bidders at any foreclosure sale
a true condition of the title to, or the value of, the Trust Assets.

      Credit Card Fees.  Fees paid by the Servicer to credit card  processors in
respect of any Receivable as to which payments of principal  and/or  interest is
made by debit to the related Obligor's credit card account.

      Credit  Concentration  Limit.  At any Transfer Date, the weighted  average
FICO  Score of the  aggregate  Receivable  Balance of all  Eligible  Receivables
transferred  to the Trust on such Transfer  Date (not  including for any Obligor
that is not a resident of the United States) shall be no less than 645.

      Credit Enhancement Factor. At any Transfer Date, the applicable percentage
for Eligible Receivables  comprising an Asset Pool Portion set forth below based
on the applicable Credit Enhancement Spread:

             Credit Enhancement Spread         Credit Enhancement Factor
             -------------------------         -------------------------
             > 7.25%                                     90.0%
             -
             < 7.25% but > 7.00%                         89.5%
                         -
             < 7.00% but > 6.75%                         89.0%
                         -
             < 6.75% but > 6.50%                         88.5%
                         -
             < 6.50% but > 6.25%                         88.0%
                         -
             < 6.25% but > 6.00%                         87.5%
                         -
             < 6.00% but > 5.75%                         87.0%
                         -
             < 5.75% but > 5.50%                         86.5%
                         -
             < 5.50% but > 5.25%                         86.0%
                         -
             < 5.25% but > 5.00%                         85.5%
                         -
             < 5.00% but > 4.75%                         85.0%
                         -
             < 4.75% but > 4.50%                         84.5%
                         -
             < 4.50% but > 4.25%                         84.0%
                         -
             < 4.25% but > 4.00%                         83.5%
                         -
             < 4.00% but > 3.75%                         83.0%
                         -
             < 3.75% but > 3.50%                         82.5%
                         -
             < 3.50% but > 3.25%                         82.0%
                         -
             < 3.25% but > 3.00%                         81.5%
                         -
             < 3.00%                                  No Purchase

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      ; provided  further that upon the cure of a Trigger  Event as provided for
in the definition of Termination  Event, the then applicable Credit  Enhancement
Factor in respect of such Eligible  Receivables shall be decreased (i) three (3)
percentage  points upon the first such cure and (ii) five (5) percentage  points
upon the second  such cure.  Except as  provided  in the  immediately  preceding
proviso,  the Credit Enhancement Factor for each Asset Pool Portion shall remain
fixed on and after the Transfer Date for each Asset Pool Portion.

      Credit Enhancement Spread. As at any Transfer Date and with respect to any
Asset Pool Portion,  the difference  between (a) the weighted  average  interest
rate of all  Receivables  with respect to an Asset Pool Portion and (b) the Note
Rate for such Asset Pool Portion as of such Transfer Date.

      Custodial Agreement.  An agency and custodial  agreement;  in such form as
shall be reasonably  satisfactory to the Noteholders and the Trust Depositor and
which Agreement shall be by and among Trust Depositor,  the Trust, the Servicer,
the Back-Up Servicer, the Facility Administrator,  the Indenture Trustee and the
Custodian,  providing for the custody and maintenance of the  Receivables  Files
relating to the Receivables as the same may be amended, modified,  supplemented,
restated, replaced or renewed in writing from time to time.

      Custodian.  U.S. Bank National Association or such other Person designated
by the  Noteholders  and  approved  by  Trust  Depositor  to  maintain  physical
possession of the Receivables Files.

      Custodian  Fee. The fee payable  monthly to the Custodian  with respect to
each  Collection  Period  pursuant  to  Section  2.11 of the Sale and  Servicing
Agreement as specified in a separate fee agreement between the Custodian and the
Servicer.

      Custodian's Certificate. As defined in the Custodial Agreement.

      Cutoff  Date.  With  respect  to each  Receivable  (including  Receivables
relating to  Substitute  Assets),  the date  specified  in the  related  List of
Receivables,  after which  Collections on such Receivable are to constitute part
of the Asset Pool. With respect to Replaced  Assets,  the date agreed to between
the Facility Administrator and the Servicer after which such Replaced Assets and
related Collections no longer constitute part of the Asset Pool.

      Declaration.  With  respect  to  each  Eligible  Resort,  the  condominium
declaration  or  similar  instrument  related  thereto  pursuant  to which  such
Eligible  Resort is encumbered and the property  regime  established  thereat is
created as all of the foregoing may be lawfully amended and/or supplemented from
time to time in accordance with the provisions thereof.

      Deeds.  The writing  evidencing title in the Club Trustee on behalf of the
Owner Beneficiaries  referred to in, and subject to the other provisions of, the
Club Trust Agreement, with respect to Intervals relating to Receivables.

      Default.  An event but for the lapse of time or the giving of  notice,  or
both, would constitute an Event of Default under the Indenture.

      Defaulted  Receivable.  A  Receivable  in the  Asset  Pool as to which the
earlier of the following  shall have occurred (i) the Servicer has determined in
its sole discretion,  in accordance with its customary and usual practices, that
such  Receivable  is not  collectible;  provided that amounts in respect of such
Receivable  are at least one (1) day past due or (ii) all or part of any payment
due  thereunder  is more  than 120 days  past due  pursuant  to the terms of the
Contract governing such Receivable.

                                       -7-
<PAGE>

      Definitions Annex. This Definitions Annex.

      Delinquent Receivable. A Receivable in the Asset Pool as to which all or
part of a payment installment due thereunder is more than 30 days delinquent.

      Determination Date. With respect to any Payment Date, the sixth Business
Day prior to such Payment Date relating to the previous Collection Period.

      Document Conventions. With respect to any Transaction Document, each of
the rules of construction and interpretation set forth as follows.

     (i)    The meanings of defined terms are equally applicable to the singular
            and plural forms of the defined terms.

     (ii)   The words "hereof", "herein", "hereunder" and similar words refer to
            applicable Transaction Document as a whole and not to any particular
            provision of such  Transaction  Document;  and subsection,  Section,
            Schedule  and  Exhibit  references  are to those  of the  applicable
            Transaction Document unless otherwise specified.

     (iii)  The term "documents"  includes any and all  instruments,  documents,
            agreements,  certificates,  indentures,  notices and other writings,
            however evidenced.

     (iv)   The term  "including" is not limiting and means  "including  without
            limitation."

     (v)    In the  computation  of periods of time from a  specified  date to a
            later  specified  date, the word "from" means "from and  including";
            the words "to" and  "until"  each mean "to but  excluding",  and the
            word "through" means "to and including."

     (vi)   The term  "property"  includes any kind of property or asset,  real,
            personal or mixed, tangible or intangible.

     (vii)  Unless  otherwise  expressly  provided  herein,  (i)  references  to
            agreements (including the applicable Transaction Document) and other
            contractual  instruments  shall be deemed to include all  subsequent
            amendments and other modifications  thereto,  but only to the extent
            such  amendments and other  modifications  are not prohibited by the
            terms  of any  Transaction  Document,  and  (ii)  references  to any
            statute or regulation are to be construed as including all statutory
            and  regulatory  provisions  consolidating,   amending,   replacing,
            supplementing or interpreting the statute or regulation.

     (viii) The captions and  headings of the  applicable  Transaction  Document
            are for  convenience  of  reference  only and shall not  affect  the
            interpretation of such Transaction Document.

     (ix)   The  Transaction  Documents may use several  different  limitations,
            tests or measurements to regulate the same or similar  matters.  All
            such

                                       -8-
<PAGE>

            limitations, tests and measurements are cumulative and shall each be
            performed in accordance with their terms.

      (x)   Unless otherwise expressly provided,  any reference to any action of
            the  Noteholders  by way of  consent,  approval  or waiver  shall be
            deemed modified by the phrase "in their sole discretion."

      (xi)  The Transaction  Documents are the result of negotiations  among and
            have  been  reviewed  by  counsel  to  the  Noteholders,  the  Trust
            Depositor, Bluegreen, and the other parties thereto, if any, and are
            the  products  of  all  parties.  Accordingly,  they  shall  not  be
            construed   against  any  party  merely   because  of  such  party's
            involvement in their preparation.

      (xii) Unless the context otherwise clearly requires,  all accounting terms
            used  in the  applicable  Transaction  Document  and  not  expressly
            defined  in  the   applicable   Transaction   Document  or  in  this
            Definitions   Annex,   shall  be   construed,   and  all   financial
            computations  required  thereunder shall be made, in accordance with
            GAAP, consistently applied.

      Dollar and $. Lawful currency of the United States of America.

      Eligible  Deposit  Account.  A segregated  trust or direct deposit account
with a Qualified Institution.

      Eligible Receivable. A Receivable under which:

      (a) other than with  respect to a Program  Receivable,  payments due under
the Receivable shall be self-amortizing and payable in monthly installments;

      (b) the weighted  average  remaining  term to maturity of all  Receivables
with respect to an Asset Pool  Portion  purchased  under the Sale and  Servicing
Agreement  from the date when such  Receivable is sold to the Trust  pursuant to
the Sale and Servicing  Agreement is at least thirty-six (36) months at the time
the Receivable is sold under the Sale and Servicing Agreement;

      (c) the Obligor thereunder has made a cash down payment of at least 10% of
the actual purchase price (including  closing costs) of the Interval (which cash
down payment may, in the case of Upgrades or conversions under a Sampler Program
Agreement,  be represented in part or in whole by the principal  payments on, as
applicable,  such  receivable  or the  related  Sampler  Loan  since its date of
origination)  and no part of such  payment has been made or loaned to Obligor by
any Seller Party or any Affiliate thereof;

      (d) the weighted  average interest rate of all Receivables with respect to
an Asset Pool  Portion sold under the Sale and  Servicing  Agreement is not less
than 15.0% per annum at the time of the addition of such Receivable to the Asset
Pool;

      (e) no principal or interest  due with respect to the  Receivable  is more
than  thirty  (30) days past due on a  contractual  basis on the Cutoff Date for
such Receivable ;

      (f) the  Obligor  is not an  Affiliate  of  Bluegreen  or any  Subsidiary;
provided  that  solely for the  purposes  of this  clause  (f), a relative of an
employee of Bluegreen or any Subsidiary (or any of its Affiliates)  shall not be
deemed to be an "Affiliate";

                                       -9-
<PAGE>

      (g) the  Receivable  is free and clear of adverse  claims and Liens (other
than Permitted  Liens) and is not subject to claims of  rescission,  invalidity,
unenforceability,   illegality,   offset,  counterclaim  or  any  other  defense
(including defenses arising out of violations of Consumer Laws);

      (h) the Receivable (other than an Aruba Receivable) is secured directly by
a first priority Mortgage on the purchased Interval;

      (i) if a Mortgage secures a Receivable,  the title to the related Interval
is  insured  (or a  commitment  for title  insurance  has been  issued)  under a
mortgagee  title  insurance  policy  in form  and  substance  acceptable  to the
Facility Administrator (a pro forma mortgagee title insurance policy in the form
of one policy with a schedule attached listing  borrowers,  unit(s) and week(s),
is deemed acceptable);

      (j) the Receivable shall not be in an outstanding  principal amount at the
time of its initial  purchase  in excess of $35,000 and no Obligor  shall be the
payor of aggregate  Receivables herein in an original principal amount in excess
of $50,000;

      (k) payments with respect to the  Receivable  are to be in legal tender of
the United States;

      (l) if the  Obligor on such  Receivable  is not a  resident  of the United
States or Canada, as of the Transfer Date for such Receivable, after taking into
account  the  Purchase  of  such  Receivable,  at  least  90% of  the  aggregate
outstanding  principal  balance of all  Receivables  arise from Obligors who are
either  residents of the United  States or Canada at the time the  Receivable is
originated;  provided that, with respect to Aruba  Receivables,  at least 60% of
the aggregate  outstanding principal balance of all Aruba Receivables arise from
Obligors  who are  residents  of either the United  States or Canada at the time
such Receivable is originated;

      (m) all monthly  payments on the Receivable  have been made by the Obligor
and  not by any  Seller  Party  or any  Affiliate  of any  Seller  Party  on the
Obligor's behalf;

      (n) no less than  97.5% of all  Receivables  shall  relate to an  Eligible
Resort;

      (o)  the  Receivable   constitutes  either  "chattel  paper",  a  "general
intangible"  or an  "instrument"  as  defined  in the  UCC as in  effect  in all
applicable jurisdictions;

      (p) the sale,  transfer and  assignment of the  Receivable and the related
Trust Assets does not contravene or conflict with any  Requirement of Law or any
contractual  or other  restriction,  limitation  or  encumbrance,  and the sale,
transfer and  assignment  of the  Receivable  and related  Trust Assets does not
require the consent of the Obligor;

      (q) the Receivable (i) arises under a Contract in substantially one of the
forms set forth on Exhibit L-1 to the Sale and  Servicing  Agreement  which does
not contain a confidentiality provision that purports to restrict the ability of
the Trust or the Indenture  Trustee to exercise its rights under the Transaction
Documents, (ii) is in full force and effect and constitutes the legal, valid and
binding  obligation of the Obligor thereof  enforceable  against such Obligor in
accordance  with its  terms  subject  to the  effect of  bankruptcy,  fraudulent
conveyance or transfer,  insolvency,  reorganization,  assignment,  liquidation,
conservatorship or moratorium,  and (iii) is not subject to any dispute, offset,
counterclaim or defense whatsoever;

      (r) (i) the Receivable relates to a Completed Unit and (ii) the Receivable
and related Trust Assets were originated and serviced in compliance with, and do
not contravene any Requirement of Law and with respect to which no party thereto
is in violation of any such Requirement of Law, except to the

                                      -10-
<PAGE>

extent  that any  failure  to so comply or any such  violation  (other  than the
failure  to  comply  with  or the  violation  of the  Patriot  Act)  could  not,
individually  or in the  aggregate,  reasonably  be  expected to have a Material
Adverse Effect;

      (s) as of the Transfer Date for such Receivable, the Receivable Balance of
such  Receivable,  when  aggregated  with the  Receivable  Balance  of all other
Eligible  Receivables in the Asset Pool Portion for such  Receivable,  satisfies
the Credit Concentration Limit;

      (t) the  Receivable  has  not  been  modified  in any  respect  due to the
deteriorative credit quality of the Obligor;

      (u) as of the  Cutoff  Date  for such  Receivable,  (i) no  bankruptcy  is
existing  with  respect to the Obligor and (ii) the Obligor is not  insolvent as
determined by a court of competent jurisdiction;

      (v) the Receivable shall not have an initial term to maturity of more than
120 months;

      (w) other than with  respect to a Program  Receivable,  as of the Transfer
Date for such Receivable,  the Receivable shall not have a contractual  interest
rate less than 12.00% per annum;

      (x) except with respect to an Upgrade Receivable or a Program  Receivable,
the  Obligor  has made at least one (1)  required  payment  with  respect to the
Receivable;

      (y)  if  an  Eligible  Resort  is  subject  to a  construction  loan,  the
construction lender shall have signed and delivered a non-disturbance  agreement
(which  may be  contained  in such  lender's  mortgage)  pursuant  to which such
construction  lender  agrees  not to  foreclose  on any  Intervals  relating  to
Receivables or the terms of the construction  loan shall provide a mechanism for
release of the Interval  from the lien created  thereby,  and such release shall
have been  effectuated,  which have been sold pursuant to the Sale and Servicing
Agreement;

      (z) if the Receivable is an Aruba Receivable,  no more than the greater of
(i)  $3,000,000  or  (ii)  5.0%  of  the  Receivable  Balance  of  all  Eligible
Receivables  in Asset Pool (after  giving effect to such  Purchase)  shall arise
from Aruba Receivables;

      (aa) no condemnation  proceedings  have been instituted and are continuing
or  are  threatened  with  respect  to  an  Eligible  Resort  relating  to  such
Receivable;

      (bb) no foreclosure or similar  proceedings  have been  instituted and are
continuing with respect to such Receivable or the related Interval;

      (cc) with respect to Aruba Receivables only, Bluegreen shall own, directly
or  indirectly,  at least 51% of the economic and voting  interests of Bluegreen
Properties, N.V.;

      (dd) the Receivable  Balance of such Receivable,  when aggregated with the
Receivable  Balance of all other Eligible  Receivables  relating to a particular
Eligible Resort, shall not exceed the applicable Resort Concentration Limit;

      (ee) as of the  Transfer  Date for such  Receivable,  none of the Obligors
under the Receivables has its rights under the Club Trust Agreement suspended;

      (ff) the Receivable is not a Defaulted Receivable;

                                      -11-
<PAGE>

      (gg) (i) as of the Transfer Date for such  Receivable,  the original terms
and conditions of any agreement  relating to the Receivable  shall not have been
modified, supplemented, amended or otherwise altered, and (ii) subsequent to the
Transfer Date,  such terms and conditions  shall not be modified,  supplemented,
amended or  otherwise  altered  without the prior  consent of the Note  Majority
(other than as expressly  permitted by Section  6.3(i) of the Sale and Servicing
Agreement), except in the case of clauses (i) and (ii) above, for a reduction or
increase in the  interest  rate not in excess of 1.0% in respect of an Obligor's
election to begin or cease making payments via pre-authorized checking or as may
be required pursuant to the Servicemembers Civil Relief Act;

      (hh)  except  with  respect to Aruba  Receivables  (i) the  Receivable  is
secured  by a first  priority  Mortgage  in  substantially  one of the  forms of
Exhibit L-2 to the Sale and Servicing  Agreement on the related Interval and the
title to the Interval is insured  under a mortgagee  title  insurance  policy in
form  and  substance  acceptable  to the  Facility  Administrator  (a pro  forma
mortgagee  title  insurance  policy in the form of one  policy  with a  schedule
attached listing borrowers, unit(s) and week(s), is deemed acceptable); (ii) the
related  Mortgage  Assignments  executed  and  delivered  in favor of the  Trust
Depositor,  the Trust  and the  Indenture  Trustee  are in  recordable  form and
constitute a legal,  valid and binding  assignment,  sufficient to convey to the
assignee  named therein all of the assignor's  right,  title and interest in, to
and  under  such  Mortgage;  and (iii)  such  Mortgage  has not been  satisfied,
canceled,  released or rescinded and the related  Interval has not been released
from  the lien of such  Mortgage,  in whole  or in  material  part,  nor has any
instrument been executed that would effect any such satisfaction,  cancellation,
release or rescission;

      (ii) as of the Transfer Date for such  Receivable,  no more than 3% of all
Receivables shall be Program Receivables;

      (jj) except (i) as may be required  pursuant to the  Servicemembers  Civil
Relief Act or (ii) for a  reduction  or  increase  in the  interest  rate not in
excess of 1.0% in  respect of an  Obligor's  election  to begin or cease  making
payments via pre-authorized checking, or (iii) as permitted by Section 6.3(i) of
the Sale and  Servicing  Agreement,  the  terms of the  Receivable  and  related
Mortgage  have not been  impaired,  waived,  altered or modified in any respect,
except to correct  typographical  errors in the Mortgage or Contract  related to
the  Receivable,  if any,  or as  otherwise  approved  by the Note  Majority  in
writing, all of which are included in the related Receivable File;

      (kk) the loan  evidenced by the  Receivable  has been fully  disbursed and
there is no obligation for future advances with respect thereto;

      (ll) if the  related  Mortgage  is a deed of trust,  (i) a  trustee,  duly
qualified  under  applicable  law to serve as such,  has  either  been  properly
designated and currently so serves or may be substituted in accordance with such
Mortgage  and  applicable  law and (ii) no fees or expenses  are payable to such
trustee by any Seller Party,  or any  transferee  thereof,  except in connection
with a trustee's sale after default by the related Obligor or in connection with
any full or partial release of the related Interval or related security for such
Receivable;

      (mm) as to which to any Seller Party's knowledge, the improvements located
on or  forming  part of the  Eligible  Resort to which such  Receivable  relates
comply  with  applicable  zoning laws and  ordinances,  or  constitutes  a legal
non-conforming  use or structure or, if any such improvement does not so comply,
such  non-compliance  does not materially and adversely  affect the value of the
related Interval as of the date of origination;

                                      -12-
<PAGE>

      (nn)  to  any  Seller  Party's  knowledge,  the  related  Interval  is not
encumbered  by any Lien  junior  to the Lien of the  Mortgage  encumbering  such
Interval, other than Permitted Liens;

      (oo) [omitted];

      (pp) as of the Transfer Date,  there are no actions,  suits or proceedings
pending or, to any Seller Party's knowledge,  threatened before any Governmental
Authority  concerning  such  Receivable,  the  related  Obligor  or the  related
Interval that would adversely  affect title to the Receivable or the validity or
enforceability  of the related  Mortgage or that would  materially and adversely
affect the value of such Interval as security for the  Receivable or the use for
which such Interval was intended;

      (qq) as to which to any Seller Party's knowledge, as of the Transfer Date,
the Unit in respect of the related Interval is free and clear of any damage that
would  materially and adversely  affect its value as security for the Receivable
(normal wear and tear excepted); and

      (rr) the  Obligor or any  individual  that owns a direct  interest in such
Obligor  is not  listed  in the  "Annex"  to the  Executive  Order on  terrorist
financing issued by George W. Bush, President of the United States, on September
24, 2001 (as amended, supplemented or otherwise modified from time to time).

      (ss) if the  Obligor of the  Receivable  is not a  resident  of the United
States or Canada,  such  Obligor's  payments  shall be made  pursuant  to United
States Bank PAC, a deposit account in Dollars, or a credit card arrangement;

      Eligible  Resorts.  Those certain  timeshare  vacation  resorts  listed on
Exhibit  C to the Sale and  Servicing  Agreement  and any  additional  timeshare
vacation  resorts  which the Note  Majority  may  approve in the future and with
respect  to which  Receivables  may be  purchased  under the Sale and  Servicing
Agreement  and  which  approval  shall  be in  the  Note  Majority's  reasonable
discretion.

      Environmental  Claim. Any  administrative,  regulatory or judicial action,
fee, cause of action,  obligation,  suit, liability,  loss, damage,  proceeding,
decree, judgment,  penalty, fine, demand, demand letter, order, directive, claim
(including  any  claim  involving   liability  in  tort,  strict,   absolute  or
otherwise),  lien,  sanction,  notice of non-compliance or violation,  citation,
warning, complaint, investigation, legal or consultant fee or expense (excluding
cost of dispute  between any parties to the Transaction  Documents),  or cost of
investigation or proceeding, following from the application of any Environmental
Law, or arising from the actual or alleged  presence or release of any Hazardous
Material  (hereinafter  "Liabilities")  including and regardless of the merit of
such  Liability,  any and all  Liabilities  for (i)  investigation,  assessment,
abatement,  correction,  enforcement,  mitigation,  cleanup, removal,  response,
re-mediation or other  activities  related to the actual or alleged  presence or
release of Hazardous  Materials,  (ii) damages,  contribution,  indemnification,
cost  recovery,  compensation  or injunctive or  declaratory  relief  related to
violations of Environmental  Law or the actual or alleged presence or release of
Hazardous  Materials,  or (iii) any alleged or actual injury or threat of injury
to human health, safety, natural resources or the environment in connection with
a violation of Environmental Law or the actual or alleged presence or release of
Hazardous Materials.

      Environmental Laws. Means and includes the following as now in effect or
hereafter amended: the Comprehensive Environmental Response Compensation and
Liability Act, ("CERCLA"), 42 U.S.C. ss.9601 et. seq; the Solid Waste Disposal
Act, as amended by the Resource Conservation and Recovery Act ("RCRA"), 42
U.S.C. ss.6901, et. seq.; the Toxic Substances Control Act ("TSCA"), 15 U.S.C.
ss.2601, et. seq.; the Clean Air Act, 42 U.S.C. ss.7401 et. seq.; the Federal
Water Pollution Control Act ("Clean Water

                                      -13-
<PAGE>

Act"), 33 U.S.C. ss.1251 et. seq.; the Emergency Planning and Community
Right-to-Know Act, 42 U.S.C. ss.11001 et. seq.; the Hazardous Materials
Transportation Act, 49 U.S.C. ss.1801 et. seq.; the Atomic Energy Act, 42 U.S.C.
ss.2011 et. seq.; the Safe Drinking Water Act, 42 U.S.C. ss.300f et. seq.; any
so-called "Superfund" or "Superlien" law; and together with any similar federal,
state or local law (whether imposed by statute, or administrative or judicial
order, or common law), now or hereafter enacted, governing human health and
safety, industrial hygiene, the environment or natural resources, or Hazardous
Materials, including, such laws governing or regulating the use, generation,
storage, removal, recovery, treatment, handling, transport, disposal, control,
discharge of, or exposure to, Hazardous Materials.

      ERISA.  The U.S.  Employee  Retirement  Income  Security  Act of 1974,  as
amended from time to time, and the  regulations  promulgated  and rulings issued
thereunder.

      ERISA  Affiliate.  (a) Any  corporation  which  is a  member  of the  same
controlled  group of  corporations  (within the meaning of Section 414(b) of the
Internal  Revenue Code) as any Seller;  (b) a trade or business  (whether or not
incorporated)  under common control (within the meaning of Section 414(c) of the
Internal  Revenue Code) with any Seller;  or (c) a member of the same affiliated
service  group  (within the meaning of Section  414(m) of the  Internal  Revenue
Code) as any Seller, any corporation  described in clause (a) above or any trade
or business described in clause (b) above.

      Event of Default. As defined in Section 5.1 of the Indenture.

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

      Excluded Claims.  Any litigation,  claim or proceeding that relates solely
to a material breach of a representation,  warranty, covenant or undertaking (or
an allegation of such a material  breach) by any  Noteholder,  the Lockbox Bank,
the Back-Up  Servicer,  the  Indenture  Trustee,  the  Custodian,  the  Facility
Administrator  or any Affiliate or assignee of the foregoing in connection  with
the  transactions  contemplated  by the  Transaction  Documents  which is solely
within the  control of such  Person;  provided  that such  litigation,  claim or
proceeding  (i) does not arise out of or relate to the Trust  Assets,  (ii) does
not involve or relate to any Seller Party,  the Club, the Club Trustee or any of
their  respective  Affiliates  (collectively  "Related  Parties")  or any Person
claiming through any of the foregoing,  (iii) does not arise out of or relate to
any Eligible  Resort,  the Contracts or the Obligors and (iv) is not the subject
of any  representation,  warranty,  covenant or undertaking by any Related Party
under the Transaction Documents.

      Facility Administrator.  General Electric Capital Corporation,  a Delaware
corporation, and its successors and assigns.

      Facility  Termination  Date.  The earlier of (i) the Note Final  Scheduled
Maturity  Date or (ii) any date upon which an Event of Default or a  Termination
Event  (subject  to  rights  of cure  set  forth in the  applicable  Transaction
Document) has occurred and not been waived by the Noteholders.

      Facilities.  As defined in the Club Trust  Agreement and includes,  unless
the context otherwise requires, the Eligible Resorts and the Accommodations.

      FDIC. The Federal Deposit Insurance Corporation, or any successor thereto.

      Federal Reserve Board. The Board of Governors of the Federal Reserve
System.

                                      -14-
<PAGE>

      Fee Letter. The Fee Letter, dated as of the date hereof, between Bluegreen
and General Electric Capital Corporation, as initial Noteholder, as the same may
be modified, amended or restated from time to time.

      Force  Majeure  Delay.  With respect to the  Servicer,  any cause or event
which is beyond the control and not due to the negligence of the Servicer, which
delays,  prevents or prohibits such Person's delivery of the Reports required to
be delivered pursuant to the Sale and Servicing  Agreement or the performance of
any other duty or  obligation  of the  Servicer  thereunder  as the case may be,
including,  without limitation,  computer,  electrical and mechanical  failures,
acts of God or the  elements  and fire;  provided,  that no such  cause or event
shall be deemed to be a Force Majeure Delay unless the Servicer shall have given
the Facility  Administrator written notice thereof as soon as possible after the
beginning of such delay.

      Funding Date  Overcollateralization.  At any Transfer Date, the sum of (i)
the sum of the product  calculated for each Asset Pool Portion in the Asset Pool
of (a) the  Receivable  Balance of all Eligible  Receivables  in each Asset Pool
Portion as of the end of the most recent Collection Period multiplied by (b) the
Credit  Enhancement Factor applicable to each such Asset Pool Portion determined
as of the applicable  Transfer Date for each Asset Pool Portion plus (ii) at any
time  after the end of a  Collection  Period  and  prior to the next  succeeding
Payment Date, an amount equal to the Note Principal  Distributable  Amount to be
made on the next succeeding  Payment Date provided that the corresponding  funds
are in the Collection Account as certified in writing by the Servicer.

      GAAP.  Generally accepted accounting  principles as in effect from time to
time in the United States.

      Governmental  Authority/Authorities.  The United  States of  America,  any
state  or  other  political   subdivision  thereof  and  any  entity  exercising
executive, legislative,  judicial, regulatory or administrative functions of, or
pertaining to, government.

      Grant.  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 the  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.

      Hazardous Materials.  Means (a) petroleum or chemical products, whether in
liquid,  solid,  or gaseous  form,  or any fraction or by product  thereof,  (b)
asbestos  or  asbestos  containing  materials  in any  form  or  condition,  (c)
polychlorinated biphenyls (pcbs), or any substance or compound containing PCB's,
(d) radon gas, (e) underground  storage tanks,  (f) any explosive or radioactive
substances,  including any source,  special nuclear or by-product material,  (g)
lead or lead-based paint, or (h) any other substance, material, waste or mixture
which  is  or  shall  be  listed,   defined,  or  otherwise  determined  by  any
governmental authority to be hazardous, toxic, dangerous or otherwise regulated,
controlled  or  giving  rise to  liability  as all such  terms are used in their
broadest sense under any Environmental Laws.

      Holder.  The  Person  in  whose  name a Note  is  registered  on the  Note
Register.

                                      -15-
<PAGE>

      Increased Costs Event. With respect to any Affected Party any change in
Regulation D of the Board occurring after the date hereof which:

      (A)   shall  impose,  modify  or  deem  applicable  any  material  reserve
            (including,  without limitation, any reserve imposed by the Board of
            Governors of the Federal Reserve System),  but excluding any reserve
            included in the determination of interest rates,  special deposit or
            similar  requirements  against  assets of,  deposits with or for the
            account of, or credit extended by, any Affected Party; or

      (B)   shall materially change the amount of capital maintained or required
            or requested or directed to be maintained by any Affected Party;

      and the result of any of the foregoing is or would be to impose a material
additional cost on an Affected Party acquiring,  funding,  making or maintaining
any assignment,  interest or  participation,  to materially reduce the amount of
any sum  received by an Affected  Party under the Sale and  Servicing  Agreement
with respect thereto, or in the good faith determination of such Affected Party,
to materially reduce the rate of return on the capital of an Affected Party as a
consequence  of  its   obligations  in  connection   with  such   assignment  or
participation  interest or arising in connection therewith to a level below that
which such Affected Party would otherwise have achieved.

      Incremental  Purchase.  Any Purchase that increases the Outstanding Amount
of the Notes, as described in Section 2.1 of the Sale and Servicing Agreement.

      Incremental  Transfer  Date.  Any date a Purchase is made,  other than the
Initial Transfer Date.

      Indebtedness. With respect to any Person at any date, (a) all indebtedness
of such Person for borrowed money or for the deferred purchase price of property
or services (other than current  liabilities  incurred in the ordinary course of
business and payable in accordance with customary  trade  practices) or which is
evidenced by a note, bond, debenture or similar instrument,  (b) all obligations
of such Person  under  capital  leases,  (c) all  obligations  of such Person in
respect of acceptances  issued or created for the account of such Person and (d)
all  liabilities  secured by any Lien on any property  owned by such Person even
though such Person has not assumed or  otherwise  become  liable for the payment
thereof.

      Indemnified Party. As defined in Section 13.9(b) of the Sale and Servicing
Agreement.

      Indenture. The Indenture,  dated as of the date hereof, between the Issuer
and the Indenture Trustee,  as the same may be amended or supplemented from time
to time.

      Indenture  Trustee.  U.S. Bank National  Association,  a national  banking
association,  not in its  individual  capacity but solely as  Indenture  Trustee
under the Indenture, or any successor Indenture Trustee under the Indenture.

      Indenture  Trustee Fees. The fee payable monthly to the Indenture  Trustee
with respect to each Collection  Period pursuant to Section 2.11 of the Sale and
Servicing Agreement, which fee shall not exceed 1/12th of $8500.

      Independent.  When used with respect to any specified Person, means such a
Person who (i) is in fact independent of the Issuer,  the Trust Depositor or the
Servicer,  or any Seller  (ii) is not a  director,  officer or  employee  of any
Affiliate  of the Issuer,  the Trust  Depositor or the  Servicer,  or any Seller
(iii) is not a person  related to any officer or  director  of the  Issuer,  the
Trust Depositor or the Servicer or any

                                      -16-
<PAGE>

Seller or any of their respective Affiliates,  (iv) is not a holder (directly or
indirectly)  of more than 10% of any  voting  securities  of  Issuer,  the Trust
Depositor or the Servicer or any Seller or any of their  respective  Affiliates,
and (v) is not connected with the Issuer, the Trust Depositor or the Servicer or
any Seller as an officer,  employee,  promoter,  underwriter,  trustee, partner,
director or person performing similar functions.

      Ineligible Asset. As defined in Section 2.7(b) of the Sale and Servicing
Agreement.

      Initial Cutoff Date. The Cutoff Date specified in the Request Notice
delivered in respect of the Initial Purchase.

      Initial Purchase. As defined in Section 2.1(a) of the Sale and Servicing
Agreement.

      Initial Transfer Date. As defined in Section 2.1(a) of the Sale and
Servicing Agreement.

      Insolvency  Laws. The Bankruptcy  Code of the United States of America and
all  other  applicable  liquidation,  conservatorship,  bankruptcy,  moratorium,
rearrangement,   receivership,  insolvency,  fraudulent  conveyance,  fraudulent
transfer, reorganization,  suspension of payments, or similar debtor relief laws
from time to time in effect affecting the rights of creditors generally.

      Insolvency Proceeding.  With respect to a specified Person, (a) the filing
of a decree or order for relief by a court having  jurisdiction  in the premises
in  respect  of  such  Person  or any  substantial  part of its  property  in an
involuntary case under any applicable Insolvency Law now or hereafter in effect,
or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official for such Person or for any substantial part of its property,
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 30
consecutive  days; or (b) the  commencement  by such Person of a voluntary  case
under any applicable  Insolvency Law now or hereafter in effect,  or the consent
by such Person 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  of or taking
possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official for such Person or for any substantial part of its property,
or the  making by such  Person of any  general  assignment  for the  benefit  of
creditors,  or the  failure by such  Person  generally  to pay its debts as such
debts become due, or the taking of action by such Person in  furtherance  of any
of the foregoing.

      Instruments. As defined in the UCC.

      Insurance  Policy.  With respect to any  Receivable,  an insurance  policy
covering  physical  damage to or loss of the Eligible  Resort or other resort in
the Club where the related Interval is located.

      Insurance Proceeds.  Depending on the context,  any amounts payable or any
payments  made, to the  Servicer,  any Seller or the Trust  Depositor  under any
Insurance Policy.

      Intangible Asset. A nonphysical,  noncurrent right that gives Bluegreen or
any of its  subsidiaries  an exclusive or preferred  position in the marketplace
including  but  not  limited  to  a  copyright,  patent,  trademark,   goodwill,
organization costs,  capitalized  advertising cost, computer programs,  licenses
for any of the preceding,  government licenses (e.g.,  broadcasting or the right
to sell liquor), leases, franchises,  mailing lists, exploration permits, import
and export permits, construction permits, and marketing quotas.

      Interest  Coverage  Ratio.  For the twelve month period ending on the last
day of each calendar quarter,  the ratio of (i) Consolidated EBITDA of Bluegreen
to (ii) Consolidated Interest Expense.

                                      -17-
<PAGE>

      Interest  Shortfall.  With respect to any Payment Date,  the excess of the
Note Interest  Distributable Amount for the preceding Collection Period over the
amount in respect of interest on the Notes that was actually  disbursed from the
Collection Account on such preceding Payment Date, plus interest on such excess,
to the extent  permitted  by law, at a rate per annum equal to the Note Rate for
the related Interest Period,  from such preceding  Payment Date to but excluding
the related Payment Date.

      Interest  Period means (i) with  respect to the first  Payment  Date,  the
period from and including the Closing Date to but excluding the fifteenth (15th)
day of the month next  preceding  the month of such  Payment  Date and (ii) with
respect to any  subsequent  Payment  Date,  the period  from and  including  the
sixteenth  (16th) day of the second  month  preceding  the month of such Payment
Date and ending on the  fifteenth  (15th) day of the month  next  preceding  the
month of such Payment Date.

      Internal  Revenue Code. The Internal Revenue Code of 1986, as amended from
time to time.

      Interval.  With respect to any Eligible  Resort,  (i) (x) an undivided fee
simple ownership interest as a tenant in common or (y) a Resort Interest that is
an ownership  interest in real  property  substantially  similar to an ownership
interest described in clause (x) above (including Owner Beneficiary  Rights), in
either case with respect to any Unit in such  Eligible  Resort,  with a right to
use such Unit,  or a Unit of such type,  generally  for one week or a portion of
one week  annually  or  biennially,  together  with all  appurtenant  rights and
interests as more  particularly  described in the Time Share Documents (ii) with
respect to Aruba Receivables originated prior to January 26, 2004, shares in the
related  Time Share  Association  at the La Cabana  Beach  Resort & Racquet Club
entitling  the related  Obligor to the use and occupancy of a fixed Unit at such
Resort for a fixed period of time each year or every other year for the duration
of the long-term lease of such Eligible  Resort,  or (iii) with respect to Aruba
Receivables  originated on or after January 26, 2004,  each secured by shares of
the Time Share  Association  at the La Cabana  Beach Resort & Racquet Club which
entitle  the owner  thereof to use and occupy a fixed Unit at such  Resort for a
fixed period of time.

      Investment Earnings. The investment earnings (net of losses and investment
expenses)  on amounts on deposit in the Trust  Accounts,  to be  credited to the
Collection  Account on each Payment Date pursuant to Section 2.8 of the Sale and
Servicing Agreement.

      Issuer. BXG Receivables Owner Trust 2006-A.

      Issuer Order or 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.

      Late Charges.  Any late payment fees paid by Obligors on Receivables after
all sums  received  have been  allocated  first to regular  installments  due or
overdue  and only to the  extent  in excess  of the full  amount of the  related
installment.

      Leverage Ratio. For the twelve month period ending on the last day of each
calendar quarter prior to the Purchase Period Termination Date, the ratio of (i)
the sum of  Indebtedness of Bluegreen  minus  Subordinated  Indebtedness to (ii)
Tangible Net Worth.

      Lien.   Any  mortgage,   deed  of  trust,   pledge,   security   interest,
hypothecation,  assignment, deposit arrangement, encumbrance, lien (statutory or
other),  charge,  claim, equity interest,  participation  interest,  preference,
priority or other security agreement or preferential  arrangement of any kind or
nature whatsoever,  including, without limitation, any conditional sale or other
title retention  agreement or any financing lease having  substantially the same
economic effect as any of the foregoing and the filing of, or

                                      -18-
<PAGE>

agreement to give, any financing statement  perfecting a security interest under
the UCC or comparable law of any jurisdiction.

      Lifetime Cumulative Default Rate. With respect to each Tranche, a fraction
(expressed  as a  percentage)  determined  by  dividing  (a) (i)  the  aggregate
Receivable  Balance of all  Receivables  in the Tranche  which became  Defaulted
Receivables over the course of all preceding  Collection Periods (as measured at
the end of the respective Collection Periods),  less (ii) the Receivable Balance
of all Defaulted  Receivables that subsequently became current with all payments
(excluding  Recoveries) over the course of all preceding  Collection  Periods by
(b) the aggregate  Receivable  Balance of all Receivables  (determined as of the
Transfer Date for such Receivables) in the Tranche.

      Lifetime  Servicer  Cumulative  Default  Threshold.  With  respect to each
Tranche,  the percentage below corresponding to the period below which, in turn,
corresponds to the Weighted Average Tranche Age of the Tranche.

    Weighted Average Tranche Age
              (Months)                                         Percentage
                1 < 12                                           12.0%

             > 12 < 18                                           14.0%
             -
             > 18 < 24                                           17.0%
             -
             > 24 < 30                                           19.5%
             -
             > 30 < 36                                           22.0%
             -
             > 36 < 42                                           24.5%
             -
             > 42 < 48                                           26.5%
             -
             > 48 < 54                                           28.5%
             -
                > 54                                             30.0%
                -

         Lifetime Termination Cumulative Default Threshold. With respect to each
Tranche,  the percentage below corresponding to the period below which, in turn,
corresponds to the Weighted Average Tranche Age of the Tranche.

    Weighted Average Tranche Age
              (Months)                                         Percentage
                1 < 12                                           11.0%

             > 12 < 18                                           12.0%
             -
             > 18 < 24                                           14.5%
             -
             > 24 < 30                                           17.0%
             -
             > 30 < 36                                           19.0%
             -
             > 36 < 42                                           21.0%
             -
             > 42 < 48                                           22.5%
             -
             > 48 < 54                                           24.0%
             -
                > 54                                             25.0%
                -

      List of Receivables.  The list  identifying  each Receivable  constituting
part of the Trust  Assets,  which list  shall  consist  of the  initial  List of
Receivables  reflecting the Receivables  purchased on the Initial Transfer Date,
together with any List of Substitute  Receivables amending the most current List
of  Receivables  reflecting  (a) any  Receivables  purchased  in an  Incremental
Purchase, and (b) Receivables in respect of Substitute Assets transferred to the
Trust on the related  Substitute  Asset  Transfer Date (together with a deletion
from such list of the related Replaced Asset or Receivables identified on the

                                      -19-
<PAGE>

corresponding  Substitution  Notice), and which list in each case (a) identifies
each  Receivable  included in the Asset Pool, and (b) sets forth as to each such
Receivable (i) the Receivable Balance as of the applicable Cutoff Date (and, for
a List of  Substitute  Receivables,  as to  Receivables  previously in the Asset
Pool, the Receivable  Balance for such Receivables as of the date of delivery of
the List of Substitute Receivables),  and (ii) the maturity date for each listed
Receivable.

      List of Substitute Receivables. A list, in the form of the initial List of
Receivables  delivered on the Initial Transfer Date, but which list includes and
separately identifies each Substitute Asset or Upgrade Receivable transferred to
the Trust pursuant to the Sale and Servicing Agreement.

      Lockbox means that certain post office lockbox through which cash, checks,
money orders and other items of value from  Obligors are received and  processed
by the Lockbox Bank for deposit into the Lockbox Account.

      Lockbox Account. The Eligible Deposit Account established with the Lockbox
Bank pursuant to Section  2.3(a) of the Sale and Servicing  Agreement into which
Collections in respect of Purchased  Receivables are to be deposited as the same
may be amended or supplemented.

      Lockbox Agreement. The Lockbox Agreement among the Servicer, the Indenture
Trustee,  the  Facility  Administrator,  the Trust and the  Lockbox  Bank,  with
respect to the  Lockbox  Account,  as the same may be amended,  supplemented  or
restated from time to time.

      Lockbox Bank.  Bank of America,  a national  banking  association,  or any
successors and assigns  thereto as Lockbox Bank permitted in accordance with the
Lockbox Agreement.

      Lockbox Bank Fees. The fee payable monthly with respect to the immediately
preceding  calendar  month  pursuant to Section  2.11 of the Sale and  Servicing
Agreement, which fee shall be set forth in the Lockbox Agreement.

      Margin Stock.  Has the meaning assigned to that term under Regulation U of
the Federal Reserve Board from time to time in effect.

      Material  Adverse Effect.  A material  adverse effect on (i) the financial
condition  or  operations  of any  Seller  Party or the Club  Trustee,  (ii) the
ability  of any Seller  Party,  the Club  Trustee  or the Trust to  perform  its
obligations  under the Transaction  Documents to which it is a party,  (iii) the
legality,  validity or  enforceability  of any  Transaction  Document,  (iv) the
Trust's or the Indenture  Trustee's interest in the Trust Assets generally or in
any significant  portion of the Assets or the Collections  with respect thereto,
or (v)  the  collectibility  of the  Receivables  generally  or of any  material
portion of the Receivables.

      Monthly Report. A report,  in  substantially  the form of Exhibit D to the
Sale  and  Servicing  Agreement,  furnished  by the  Servicer  to  the  Facility
Administrator pursuant to Section 9.4 of the Sale and Servicing Agreement.

      Moody's. Moody's Investors Service, Inc., and any successor thereto.

      Mortgage.  Any mortgage,  deed of trust,  purchase  money deed of trust or
deed to secure  debt  granted by an Obligor or by the Club  Trustee on behalf of
such Obligor to the originator of the Receivable with respect to the purchase of
an  Interval  and/or  the  contribution  of the same to the  Club and  otherwise
encumbering the related Interval to secure payments or other  obligations  under
such Receivable.

                                      -20-
<PAGE>

      Mortgage  Assignments.  Means those  certain  assignments  executed by the
Sellers in favor of the Trust Depositor,  by the Trust Depositor in favor of the
Trust and by the Trust in favor of the Indenture Trustee,  in each case pursuant
to which the transferor  conveys all of its right,  title and interest in and to
the Mortgages  identified therein,  each in recordable form, duly authorized and
executed,  including the originals or copies of any  intervening  assignments of
such  Mortgage  showing  a  complete  chain of  assignment  from a Seller of the
related  Receivable  to the most  recent  assignee  of  record in each case with
evidence of recording indicating thereon.

      Multiemployer   Plan.  A  "multiemployer   plan"  as  defined  in  Section
4001(a)(3)  of ERISA which is or was at any time during the current  year or the
immediately  preceding  five  years  contributed  to by any  Seller or any ERISA
Affiliate on behalf of its employees.

      Nonutilization Fee. Has the meaning set forth in the Fee Letter.

      Note. Any of the Issuer's Notes issued pursuant to the Indenture.

      Note Final  Scheduled  Maturity  Date.  The Payment Date  occurring in the
month which is the eight year anniversary of the Closing Date;  provided that if
no Servicer  Termination  Event or  Termination  Event  exists on the eight year
anniversary of the Closing Date, the Note Final Scheduled Maturity Date shall be
automatically extended at such time to the earliest to occur of (i) the earliest
Payment  Date on which  the Trust  Depositor  is  permitted  to  repurchase  all
outstanding  Trust  Assets  pursuant to Section  11.2 of the Sale and  Servicing
Agreement and (ii) the eleventh  anniversary of the Purchase Period  Termination
Date;  provided,  however  that in the  event  that the  date  set  forth in the
foregoing  clause  (i) is the  earliest  to  occur,  the  failure  of the  Trust
Depositor to repurchase all  outstanding  Trust Assets  pursuant to Section 11.2
shall not constitute an Event of Default.

      Noteholder. Any holder of record of a Note.

      Note Interest  Distributable  Amount. With respect to any Payment Date, an
amount equal to the sum, for each Asset Pool Portion,  of (i) the product of (A)
the Note Rate for such Asset Pool Portion for the related  Interest Period times
(B) the actual number of days in such Interest  Period  divided by 360 times (C)
the daily  weighted  average  Outstanding  Amount  applicable to such Asset Pool
Portion plus (ii) the Interest Shortfall for such Payment Date.

      Note Majority.  The holders of the Notes  evidencing  more than 50% of the
Outstanding Amount of all Notes.

      Note Principal  Distributable Amount. (i) With respect to any Payment Date
prior to the occurrence of an Event of Default or a Termination  Event (or after
a "cure" of a Trigger  Event solely to the extent a particular  Trigger Event is
cured  pursuant to the  definition  thereof),  an amount equal to the sum of the
positive difference (calculated for each Asset Pool Portion), if any, of (1) the
Asset  Pool  Portion  Required   Overcollateralization   Amount  minus  (2)  the
Overcollateralization  Amount for such  Payment Date or (ii) with respect to any
Payment Date following the occurrence and during the  continuance of an Event of
Default or a Termination  Event, the Note Principal  Distributable  Amount shall
equal the amount  necessary to reduce the Outstanding  Amount to zero;  provided
that the failure to reduce the  Outstanding  Amount to zero in  accordance  with
Section  2.11(b) of the Sale and  Servicing  Agreement  shall not  constitute an
Event of  Default  until  the Note  Final  Scheduled  Maturity  Date;  provided,
further,  that in no event shall the Note Principal  Distributable Amount exceed
the  Outstanding  Amount of the Notes and on the Note Final  Scheduled  Maturity
Date, the Note Principal Distributable Amount will equal the amount necessary to
reduce the Outstanding Amount to zero.

                                      -21-
<PAGE>

      Note Purchase Agreement. The Note Purchase Agreement, dated as of the date
hereof,  among  the  Issuer,  the  Trust  Depositor,   the  Servicer,   and  the
Noteholders, as the same may be modified, amended or restated from time to time.

      Note Purchase Limit. $125,000,000.

      Note Rate. Means, with respect to any Asset Pool Portion, for any Interest
Period the Cost of Funds for such  Interest  Period  plus  2.35% (or,  after the
occurrence  and during  the  continuance  of an Event of Default or  Termination
Event, plus 3.85%) per annum.  Unless the context requires  otherwise,  the Note
Rate  shall be deemed to be a  reference  to the Note Rate for each  Asset  Pool
Portion.

      Note Register. As defined in Section 2.4 of the Indenture.

      Note Registrar. As defined in Section 2.4 of the Indenture.

      Obligor.  A Person obligated to make payments with respect to a Receivable
including any guarantor thereof.

      Officer's  Certificate.  A certificate  signed by any officer of the Trust
Depositor or the Servicer and delivered to the Indenture Trustee.

      Operating Contracts. Any resort or club management or marketing contracts,
if any,  entered  into by any  Seller  or its  Affiliates  with  respect  to any
Eligible Resort or the Club.

      Opinion of Counsel.  A written opinion of counsel,  who may be counsel for
the Trust  Depositor or the Servicer and who shall be  reasonably  acceptable to
the Noteholders.

      Outstanding.  As of any date of determination,  with respect to the Notes,
      all of such  Notes  theretofore  authenticated  and  delivered  under  the
      Indenture except:

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

      (ii)  Notes  or  portions  thereof  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  Holders  of such  Notes  (provided,
      however, that if such Notes are to be redeemed,  notice of such redemption
      has been duly given pursuant to the Indenture); and

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

provided,  that in determining whether the Holders of the requisite  Outstanding
Amount have given any request, demand, authorization, direction, notice, consent
or  waiver  hereunder  or under any  Transaction  Document,  Notes  owned by the
Issuer,  any other obligor upon the Notes,  the Sellers,  the Trust Depositor or
any  Affiliate  or  agent  (as  "agent"  is  defined  under  GAAP) of any or the
foregoing  Persons,  or any Person whose  financial  information is consolidated
with  that of any  Seller or any of its  Affiliates,  shall be  disregarded  and
deemed not to be Outstanding,  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  a
Responsible Officer of the Indenture Trustee actually knows to be so owned shall
be so  disregarded.  Notes so owned that have been  pledged in good faith may be
regarded as

                                      -22-
<PAGE>

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 Sellers,  the
Trust  Depositor or any Affiliate or agent (as "agent" is defined under GAAP) of
any of the  foregoing  Persons  or any Person  whose  financial  information  is
consolidated with that of any Seller or any of its Affiliates.

      Outstanding  Amount.  At any date of  determination,  the aggregate of the
Cash Purchase Prices less the aggregate  amount of Note Principal  Distributable
Amounts  applied  thereto  pursuant  to Section  2.11 of the Sale and  Servicing
Agreement  (or such other amounts  properly  applied to reduce the Cash Purchase
Prices). The Facility  Administrator's  determination of Outstanding Amount from
time to time  shall be binding  on all  parties,  absent  manifest  errors.  The
Facility  Administrator  shall use reasonable  efforts to advise the Servicer of
any discrepancy  relating to the Outstanding Amount within 30 days of receipt of
the applicable Monthly Report.

      Overcollateralization  Amount. At any Determination  Date, with respect to
each Asset Pool Portion,  (i) the Receivable Balance of all Eligible Receivables
in  such  Asset  Pool  Portion  (as of the  end  of  the  immediately  preceding
Collection  Period) minus (ii) the Outstanding Amount related to such Asset Pool
Portion (as of the end of the immediately preceding Collection Period).

      Overcollateralization  Percentage.  For  any  Asset  Pool  Portion  at any
Determination  Date, the sum of (i) the Credit Enhancement Factor for such Asset
Pool Portion minus (ii) 3.00%.

      Owner or Trust Owner. GSS Holdings,  Inc., a Delaware corporation,  in its
capacity as owner under the Trust Agreement.

      Owner Beneficiary Rights. As defined in the Club Trust Agreement.

      Owner Trustee.  Wilmington Trust Company, a Delaware banking  corporation,
in its capacity as owner trustee under the Trust Agreement.

      Owner  Trustee  Fees.  The fee payable  monthly to the Owner  Trustee with
respect to each  Collection  Period  pursuant  to  Section  2.11 of the Sale and
Servicing Agreement, which fee is $500 per month.

      Patriot Act. The USA Patriot Act of 2001,  Pub. L. No. 107-56,  as amended
from time to time.

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

      Payment Date. With respect to each Collection  Period, the second Business
Day of the calendar month following the end of such Collection Period.

      Permitted  Investments.  Negotiable  instruments  or  securities  or other
investments  (a)  which,  except  in  the  case  of  demand  or  time  deposits,
investments  in money market funds and  Permitted  Repurchase  Obligations,  are
represented by instruments in bearer or registered form or ownership of which is
represented by book entries by a Clearing Agency or by a Federal Reserve Bank in
favor of depository  institutions  eligible to have an account with such Federal
Reserve Bank who hold such investments on behalf of their customers,  (b) which,
as of any date of determination, mature by their

                                      -23-
<PAGE>

terms  on or  prior to the  Payment  Date  immediately  following  such  date of
determination, and (c) which evidence:

      (i)   marketable obligations of the United States of America, the full and
            timely  payment  of which are backed by the full faith and credit of
            the United States of America;

      (ii)  marketable  obligations,  the full and  timely  payment of which are
            directly  and fully  guaranteed  by the full faith and credit of the
            United States of America;

      (iii) bankers'   acceptances   and   certificates  of  deposit  and  other
            interest-bearing  obligations denominated in U.S. dollars and issued
            by any bank with capital,  surplus and undivided profits aggregating
            at least U.S.  $100,000,000,  the short-term securities of which are
            rated at least A-1+ by S&P and P-1 by Moody's;

      (iv)  Permitted Repurchase Obligations;

      (v)   commercial paper rated at least A-1+ by S&P and P-1 by Moody's;

      (vi)  demand  deposits,  time  deposits  or  certificates  of  deposit  of
            depository  institutions or trust companies  incorporated  under the
            laws of the  United  States  of  America  or any state  thereof  (or
            domestic  branches of any foreign  bank) and subject to  supervision
            and   examination   by  federal  or  state   banking  or  depository
            institution authorities;  provided that at the time such investment,
            or the  commitment to make such  investment,  is entered  into,  the
            short-term  debt  rating  of such  depository  institution  or trust
            company shall be at least A-1+ by S&P and P-1 by Moody's; and

      (vii) investments  in  money  market  funds  having,  at the  time  of the
            investment or contractual  commitment to invest therein, a rating of
            the  highest  category  from  Moody's or S&P or whose  portfolio  is
            limited to the investments  described in clauses (i) or (ii) of this
            definition.

It is understood  that Permitted  Investments may include,  without  limitation,
those  investments  for which  the  Indenture  Trustee  or an  Affiliate  of the
Indenture Trustee is the obligor or depository institution or provides services.

      Permitted Liens:

      (a)   with respect to Receivables in the Asset Pool:

            (i)   Liens for state,  municipal or other local taxes if such taxes
                  shall not at the time be due and payable,  (ii) Liens in favor
                  of the  Trust  Depositor  created  pursuant  to the  Sale  and
                  Contribution Agreement,  and (iii) Liens in favor of the Trust
                  and the Indenture  Trustee  created  pursuant to the Indenture
                  and the Sale and Servicing Agreement;

      (b)   with respect to the related Interval:

                                      -24-
<PAGE>

            (i)   materialmen's,  warehousemen's,  mechanics'  and  other  Liens
                  arising by operation of law in the ordinary course of business
                  for sums not due,  (ii)  Liens for state,  municipal  or other
                  local  taxes if such  taxes  shall  not at the time be due and
                  payable,  (iii) Liens in favor of the Trust Depositor  created
                  pursuant to the Sale and Contribution Agreement, (iv) Liens in
                  favor of the Trust and the Indenture  Trustee created pursuant
                  to the Indenture and the Sale and Servicing Agreement, (v) the
                  Obligor's  interest  in  the  Interval  under  the  Receivable
                  whether pursuant to the Club Trust Agreement or otherwise, and
                  (vi) any other liens not considered a Lien; and

            (c)   with respect to  Receivables  and related  Trust Assets in the
                  Asset Pool, any Owner Beneficiary Rights.

      Permitted Repurchase  Obligations.  Repurchase obligations with respect to
any security that is a direct  obligation of, or fully guaranteed by, the United
States of America or any agency or  instrumentality  thereof the  obligations of
which are backed by the full faith and credit of the United  States of  America,
in either case  entered  into with a  depository  institution  or trust  company
(acting as principal)  described in clause (iii) of the  definition of Permitted
Investments.  Permitted Repurchase  Obligations must qualify to be accounted for
by the Trust as a loan to the repurchase  counterparty for purposes of Statement
of Financial Accounting Standards No. 140.

      Person.  An  individual,  partnership,  corporation  (including a business
trust), joint stock company, trust, unincorporated  association,  joint venture,
government (or any agency or political subdivision thereof) or other entity.

      Pool Asset.  On any day,  any Trust Asset in the Asset Pool.  If any Trust
Asset is a Pool Asset on the day immediately  preceding the Facility Termination
Date,  such  Trust  Asset  shall  continue  to be a  Pool  Asset  at  all  times
thereafter, until the balance in respect of such Trust Asset has been reduced to
zero.

      Predecessor  Note of any Note, means every previous Note evidencing all or
a portion of the same debt as that evidenced by such particular Note.

      Predecessor  Servicer. As defined in Section 8.2 of the Sale and Servicing
Agreement.

      Prepaid Receivable.  Any Receivable that has terminated or been prepaid in
full prior to its scheduled  expiration  date  (including  because of a Casualty
Loss), other than a Defaulted Receivable.

      Prepayments. Any and all partial and full prepayments on a Receivable.

      Pre Tax Income to Total  Revenues  Ratio.  The ratio of (i) income  before
provision for income taxes and minority interest to (ii) total revenues, in each
case  as  such  amounts  are  reported  in   Bluegreen's   annual  or  quarterly
consolidated financial statements prepared in accordance with GAAP.

      Proceeding  means any suit in equity,  action at law or other  judicial or
administrative proceeding.

      Program  Receivable.  A  Receivable  in respect to which the  Obligor  has
elected to make a down payment equal to at least 50% of the total purchase price
of the related Interval or Intervals with the remaining  balance  (together with
interest) due within one year of the  origination  date, such balance to be paid
either in 12 monthly  amortizing  installments  of principal and interest or all
principal and interest due in a lump sum payment on the one year  anniversary of
the origination of such Receivable.

                                      -25-
<PAGE>

      Protective  Advances.  At any  time,  payments  made by the  Servicer  and
reimbursed (or to be reimbursed) in accordance with Section 2.11 of the Sale and
Servicing  Agreement  relating to the payment by the Servicer of any  delinquent
Time Share Association dues, as to which the Servicer has not been reimbursed as
of such time pursuant to Section 2.11 of the Sale and Servicing  Agreement,  and
with respect to which the Servicer has given a written certification of the same
to the Indenture Trustee and the Facility Administrator.

      Purchase.  A purchase by the Trust of Receivables and related Trust Assets
from the  Trust  Depositor  pursuant  to  Article  II of the Sale and  Servicing
Agreement,  as described in Section  2.1(a)  thereof.  A Purchase  shall also be
deemed to have occurred upon a substitution  of Replaced  Assets with Substitute
Assets and in connection with an Upgrade;  provided that no such substitution or
Upgrade shall be deemed usage of the Note Purchase Limit.

      Purchase  Documents.  Any purchase  agreement  and related sale and escrow
documents executed and delivered,  and any Consumer Laws disclosures,  delivered
by an Obligor to a Seller or the  Eligible  Resort  owners  with  respect to the
purchase of an Interval which is the subject of a Receivable.

      Purchase  Period.  The period  beginning on the Closing Date and ending on
the Purchase Period Termination Date.

      Purchase Period  Termination Date. The earliest to occur of (i) the second
anniversary  of the  earlier of (A) sixty (60) days after the date hereof or (B)
the Closing Date, (ii) the last day of any calendar quarter on which the Pre-Tax
Income to Total  Revenues  Ratio for the twelve  month period then ended is less
than 2.0% as of the last day of any calendar quarter,  (iii) the last day of any
calendar  quarter on which the Pre-Tax  Income to Total  Revenues  Ratio for the
eighteen  month period then ended is less than 3.0%,  (iv) the date on which the
Servicer shall not have exercised the Servicer  Purchase  Option pursuant to the
terms of the Sale and  Servicing  Agreement,  provided that the Servicer has not
exercised  the Servicer  Purchase  Option within 10 days of such failure (v) the
date on which the  aggregate  amount  of all  advances  made by the  Noteholders
equals the Note Purchase Limit, and (vi) the Facility Termination Date.

      Purchased  Receivable.  Any Receivable purchased pursuant to Article II of
the Sale and  Contribution  Agreement  or Article  II of the Sale and  Servicing
Agreement.

      Quarterly Minimum Purchase Amount.  For each calendar  quarter,  an amount
equal to the amount by which (a) the lesser of (i) the Note  Purchase  Limit and
(ii) the product of (x)  $15,000,000  times (y) the number of calendar  quarters
that have elapsed from and after March 31, 2006 through the end of such calendar
quarter  exceeds (b) the aggregate  amount of Purchases  made through the end of
the calendar quarter immediately preceding such calendar quarter.

      Qualified  Institution.  Either (a) the corporate trust  department of the
Indenture Trustee, or (b) a depository  institution  organized under the laws of
the United States of America or any one of the states thereof or the District of
Columbia (or any domestic branch of a foreign bank), (i)(A) which has either (1)
a long-term  unsecured debt rating of BBB or better by S&P and Baa2 or better by
Moody's or (2) a  short-term  unsecured  debt rating or  certificate  of deposit
rating of A-2 or better by S&P or P-2 or  better by  Moody's  or (B) the  parent
corporation of which has either (1) a long-term  unsecured debt rating of BBB or
better by S&P and Baa2 or better by Moody's or (2) a short-term  unsecured  debt
rating or  certificate  deposit rating of A-2 or better by S&P and P-2 or better
by Moody's and (ii) whose deposits are insured by the Federal Deposit  Insurance
Corporation.

                                      -26-
<PAGE>

      Receivable Balance. The actual unpaid principal balance of a Receivable.

      Receivables.  All indebtedness and other obligations owed by an Obligor to
a Seller,  the Trust  Depositor  or the Trust,  as the case may be,  (including,
without limitation,  any obligation to pay any Late Charges,  interest,  finance
charges or similar  amounts  arising under a Contract) and including an original
promissory  note,  if  applicable,  endorsed by the  applicable  Seller  without
recourse,  either in blank or to the order of the  Trust  Depositor,  and by the
Trust Depositor to the order of the Trust,  and by the Trust to the order of the
Indenture  Trustee and showing an applicable  complete  chain of title from such
Seller to the Indenture Trustee, or other contract and its related security,  if
any, including but not limited to any Mortgage or other security interest in the
related  Interval  (any  accessions  thereto) and any and all rights to payments
thereunder.

      Receivables  Documents.  With respect to a Receivable,  the Receivable and
all  documents  related  to  such  Receivable,  including  the  original  of all
applicable  promissory  notes  with the  related  allonge  or  other  assignment
attached  as  required  by the Sale and  Servicing  Agreement  or the  Custodial
Agreement,  the original of any related  recorded or  unrecorded  Mortgage (or a
copy of such recorded  Mortgage if the original of the recorded  Mortgage is not
available)  and a copy of any  applicable  recorded or unrecorded  warranty deed
transferring  legal title to the related  Interval to the Obligor or to the Club
Trustee for the benefit of the  Obligor,  payment  records,  the original of any
applicable related assignment,  modification or assumption agreement or, if such
original is  unavailable,  a copy thereof,  current and historical  computerized
data files (including any information  with respect to an Obligor's  election to
use pre-authorized  checking for payment (which information shall be included in
the  monthly  data  distributions  to the  Back-up  Servicer)),  any  applicable
Consumer Laws  disclosures  and all other papers and records of whatever kind or
description,  whether  developed  or  originated  by any Seller Party or another
Person, required to document, service or enforce a Receivable.

      Receivables  File.  With respect to a  Receivable,  such  Receivable;  the
Assignment  of such  Receivable  as  applicable;  the Mortgage or UCC  financing
statement as applicable,  if any,  evidencing that the security interest granted
under such  Receivable,  if any, has been perfected under  applicable state law;
the  original of any  assumption  agreement  or any  modification  extension  or
refinancing  agreement;  the  application  of the related  Obligor to obtain the
financing extended by such Receivable;  the Purchase Documents;  the Receivables
Documents pertaining to a particular  Receivable and any additional  amendments,
supplements, extensions, modifications or waiver agreements required to be added
to the  Receivables  File  pursuant  to the Sale and  Servicing  Agreement,  the
Collection Policy and/or the other Transaction Documents.

      Record Date. With respect to a Payment Date or Redemption  Date, the close
of business on the last Business Day of the immediately preceding month.

      Records.  All Receivables and other  documents,  books,  records and other
electronic media information  (including without limitation,  computer programs,
tapes, disks (including Computer Disks),  punch cards, data processing software,
licenses, sublicenses, contracts, warranties and guarantees and related property
and rights all to the extent assignable  pursuant to any third party arrangement
with the  provider  of any  such  computer  programs,  tapes,  disks  (including
Computer Disks), punch cards, data processing software,  licenses,  sublicenses,
contracts, warranties and guarantees and related property and rights) maintained
with  respect  to Trust  Assets  and the  related  Obligors  which the  Sellers,
Servicer,  Successor  Servicer or the Trust Depositor have themselves  generated
(or in which the Trust Depositor has acquired an interest).

                                      -27-
<PAGE>

      Recoveries.  Any and all recoveries on account of a Defaulted  Receivable,
including,  without  limitation,  any and all cash proceeds from the sale of any
repossessed or foreclosed Interval or other property,  Insurance  Proceeds,  and
amounts related to overdue interest, if any, but in each case net of Remarketing
Fees  (to the  extent  applicable)  as well as any  amounts  received  from  the
Servicer Purchase Option.

      Redemption Date. As defined in Section 10.1 of the Indenture.

      Remarketing Fees. With respect to the Servicer's activities of remarketing
an Interval relating to a Defaulted  Receivable an amount equal to the lesser of
(i) the Servicer's  actual average costs of remarketing or (ii) 58% of the gross
resale proceeds of such Interval.

      Replaced  Asset.  As defined in Section  2.7(a) of the Sale and  Servicing
Agreement.

      Request Notice.  A written notice,  substantially in the form of Exhibit A
to the Sale and Servicing Agreement,  to be delivered in accordance with Article
II thereof in connection with a Purchase.

      Required  Overcollateralization Amount. At any Determination Date, the sum
of all  Asset  Pool  Portion  Required  Overcollateralization  Amounts  at  such
Determination Date.

      Required  Reports.   Collectively,  the  Monthly  Report,  the  Servicer's
Certificate,  the Accountant's  Report,  the annual statement of compliance from
Servicer, the sales and inventory reports, the quarterly financial statements of
Bluegreen,  the Time Share  Association  reports,  the audit reports,  the other
reports and the SEC reports required to be delivered to the Noteholders pursuant
to Article IX of the Sale and Servicing Agreement.

      Requirements of Law. When used with respect to any Person,  shall mean the
certificate of incorporation or formation or articles of association and by-laws
or operating  agreement or other  organizational or governing  documents of such
Person,  and,  when used with  respect to any Person or any Asset (to the extent
applicable or subject thereto or binding  thereupon),  any law, treaty,  rule or
regulation,   or  order  or  determination  of  an  arbitrator  or  Governmental
Authority, whether Federal, state or local (including, without limitation, usury
and  privacy  laws,  fair  credit  billing,  fair  credit  reporting,   consumer
protection,  equal credit opportunity,  fair housing, real estate settlement and
procedures, fair debt collection practices,  truth-in-lending,  and Regulation Z
and Regulation B of the Board of Governors of the Federal Reserve System).

      Reservation  System. The reservation system utilized by the Club and owned
and managed by the Club Managing  Entity or the services  contracted by the Club
Managing Entity with a third party.

      Reserve Account.  The Reserve Account  established and maintained pursuant
to Section 2.3 of the Sale and Servicing Agreement.

      Reserve Account Required  Amount.  For any  Determination  Date, an amount
equal to 3.00% of the  Receivable  Balance of all  Eligible  Receivables  in the
Asset Pool as of the end of the most recent  Collection  Period;  provided  that
prior to the  occurrence of an Event of Default or a Termination  Event,  if the
amount in the Reserve  Account  exceeds such amount as of such date, such excess
amount shall be released directly to the Trust Depositor;  provided,  that in no
event shall the Reserve  Account  Required Amount be less than the lesser of (i)
2.00% of the Receivable  Balance of all Eligible  Receivables  (determined as of
the applicable  Cutoff Date therefor) in the Asset Pool or (ii) the  Outstanding
Amount;

                                      -28-
<PAGE>

provided  further that the Reserve  Account  Required  Amount on the date of the
Initial Purchase shall be $0.

      Resort  Concentration  Limit.  At any Transfer Date, the percentage of the
aggregate  Receivable  Balances of all  Eligible  Receivables  in the Asset Pool
relating to an Eligible Resort set forth below:

              Resort Classification           Resort Concentration Limit
              ---------------------           --------------------------
       any single Eligible Resort                        40.0%
       any  other  Eligible  Resort  (other              20.0%
       than La Cabana Beach & Racquet Club)

      Resort Interest. As defined in the Club Trust Agreement.

      Responsible  Officer.  As to any Person and any  Transaction  Document  in
which such term is used with respect to such Person,  any officer of such Person
with direct responsibility for the administration of the subject matter at issue
in such Transaction  Document 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  Contribution  Agreement.  The Sale and  Contribution  Agreement,
dated as of the date hereof,  by and among the Sellers and the Trust  Depositor,
as the  same may be  amended,  modified,  supplemented,  restated,  replaced  or
renewed in writing from time to time.

      Sale and Servicing Agreement.  The Sale and Servicing Agreement,  dated as
of the date hereof, among the Trust Depositor, the Servicer, the Trust, the Club
Trustee, the Back-up Servicer, the Facility Administrator,  the Noteholders, the
Custodian  and the  Indenture  Trustee,  as the same may be  amended,  modified,
supplemented, restated, replaced or renewed in writing from time to time.

      Sampler Loan. A loan made to a purchaser by a Seller pursuant to the terms
of a Sampler Program Agreement.

      Sampler  Program  Agreement.  A Bluegreen  Vacation  Club Sampler  Program
Agreement,  pursuant  to which a  purchaser  thereunder  obtains  those  certain
benefits set forth therein which comprise the "Sampler  Membership" and, subject
to the terms and conditions thereof, has the opportunity to convert such Sampler
Membership  into  full  ownership  in the  Bluegreen  Vacation  Club  multi-site
timeshare plan.

      SEC. The Securities and Exchange Commission, any successor thereto and any
analogous Governmental Authority.

      Securities Act. The Securities Act of 1933, as amended,  and the rules and
regulations promulgated thereunder.

      Seller Party. Any Seller, the Trust Depositor and/or the Servicer.

      Sellers.  As  defined  in  the  preamble  to  the  Sale  and  Contribution
Agreement.

                                      -29-
<PAGE>

      Servicer.  Collectively,  unless the context otherwise requires, Bluegreen
and its permitted successors and assigns, and following a Servicer Transfer, any
Person  becoming a Successor  Servicer  as  provided  in the Sale and  Servicing
Agreement pursuant to a Servicer Transfer.

      Servicer  Advance.  An advance of any scheduled  principal or interest due
under a Receivable made by the Servicer  pursuant to Section 6.3 of the Sale and
Servicing Agreement.

      Servicer  Purchase  Option.  The  Servicer's  (so long as the  Servicer is
Bluegreen or an Affiliate  thereof) right (but not the obligation) to repurchase
a Defaulted  Receivable for an amount equal to twenty-four  percent (24%) of the
Obligor's  initial  purchase price for the Interval in respect of such Defaulted
Receivable.

      Servicer  Termination  Event.  As defined  in Section  8.1 of the Sale and
Servicing Agreement.

      Servicer Transfer. Has the meaning assigned in Section 8.2 of the Sale and
Servicing Agreement.

      Servicing  Fee. The fee payable  monthly to the  Servicer  with respect to
each  Collection  Period  pursuant  to  Section  2.11 of the Sale and  Servicing
Agreement,  equal to  one-twelfth  of the product of (a) the Servicing Fee Rate,
and (b) the  Receivable  Balance of all  Receivables in the Asset Pool as of the
first day of such  Collection  Period;  provided  that in the event the  Back-up
Servicer becomes the Servicer pursuant to the Sale and Servicing Agreement,  the
Servicing Fee shall be as specified in the Back-Up Servicing Agreement.

      Servicing Fee Rate. 1.50% per annum.

      Servicing  Officer.  Any officer of the Servicer or any Successor Servicer
involved in, or responsible for, the  administration  and servicing of Purchased
Receivables whose name appears on a list of servicing  officers  appearing in an
Officer's Certificate furnished to the Indenture Trustee by the Servicer, as the
same may be amended or  supplemented  from time to time by delivery of a similar
Officer's Certificate to such parties.

      Site  Assessment.  Means  an  environmental  engineering  report  for  the
Facilities  prepared by an engineer engaged by Facility  Administrator  and in a
manner  satisfactory  to  Facility  Administrator,  based upon an  investigation
relating  to and  making  appropriate  inquiries  concerning  the  existence  of
Hazardous  Materials  on or  about  the  Facilities,  and the  past  or  present
discharge,  disposal,  release or escape of any such substances,  all consistent
with good customary and commercial practice.

      S&P.  Standard & Poor's  Ratings  Service,  a division of The  McGraw-Hill
Companies, Inc., and any successor thereto.

      Successor  Servicer.  The successor servicer appointed pursuant to Section
8.2 of the Sale and Servicing Agreement.

      Solvent.  As to any  Person  at any time,  that (a) the fair  value of the
property of such Person is greater than the amount of such Person's  liabilities
(including disputed,  contingent and unliquidated  liabilities) as such value is
established  and  liabilities  evaluated for purposes of Section  101(32) of the
Bankruptcy  Code;  (b) the present  fair  salable  value of the property of such
Person in an orderly liquidation of such Person is not less than the amount that
will be required to pay the  probable  liability  of such Person on its debts as
they become  absolute and  matured;  (c) such Person is able to realize upon its
property and pay its debts and other liabilities (including disputed, contingent
and  unliquidated  liabilities) as they mature in the normal course of business;
(d) such Person does not intend to, and does not believe

                                      -30-
<PAGE>

that it will, incur debts or liabilities  beyond such Person's ability to pay as
such  debts  and  liabilities  mature;  and (e) such  Person is not  engaged  in
business  or a  transaction,  and is not  about to  engage  in a  business  or a
transaction,  for which such Person's  property  would  constitute  unreasonably
small capital.

      Stale Intervals. An Interval which has not been remarketed by the Servicer
which relates to a Receivable which is 330 days delinquent.

      Subordinated Indebtedness.  Indebtedness represented by Bluegreen's junior
subordinated  debentures or such other Indebtedness  incurred by Bluegreen which
is treated as subordinated indebtedness in accordance with GAAP.

      Subsidiary.  Means,  with respect to any Person,  (i) any corporation more
than 50% of the  outstanding  securities  having  ordinary voting power of which
shall at the time be owned or controlled, directly or indirectly, by such Person
or by one or more of its  Subsidiaries  or by such Person and one or more of its
Subsidiaries,  or (ii) any  partnership,  association,  joint  venture,  limited
liability  company  or  similar  business  organization  more  than  50%  of the
ownership  interests  having ordinary voting power of which shall at the time be
so owned or controlled.  Unless  otherwise  expressly  provided,  all references
herein to a "Subsidiary" shall mean a Subsidiary of Bluegreen Corporation but in
no event will the term "Subsidiary" include the Trust.

      Substitute  Asset.  Any Asset  conveyed,  assigned and  transferred by the
Trust  Depositor to the Trust  pursuant to Section 2.7 of the Sale and Servicing
Agreement or in  connection  with an Upgrade (and has been acquired by the Trust
Depositor from a Seller pursuant to the Sale and Contribution Agreement).

      Substitute Asset Qualification Conditions.  With respect to any Substitute
Asset  being  transferred  to the  Trust  pursuant  to the  Sale  and  Servicing
Agreement,  the accuracy of each of the  following  statements as of the related
Substitute Asset Transfer Date with respect to the related Receivable:

      (a)   the sum of (x) the  aggregate  Receivable  Balance  of the  Eligible
            Receivable  related  to  such  Substitute  Asset(s)  plus  (y)  cash
            deposited into the Collection  Account by the Trust Depositor is not
            less  than  that  of  the  related  Replaced  Asset  or  Receivables
            identified on the related Substitution  Notice;  provided that in no
            event  shall  the  amount  of cash so  deposited  exceed  10% of the
            Receivable  Balance of all Eligible  Receivables  transferred to the
            Trust on the related Substitute Asset Transfer Date; and

      (b)   the weighted  average  interest rate on such  Receivables is no more
            than  twenty  (20)  basis  points  less  than the  weighted  average
            interest rate on the Receivables  being  replaced,  and the weighted
            average  remaining  term on such  Receivables is equal to or greater
            than the weighted  average  remaining term on the Receivables  being
            replaced; and

      (c)   the addition of such Receivable to the Asset Pool (and corresponding
            removal of the Receivable  relating to the Replaced Assets) will not
            cause the Outstanding Amount to exceed the Note Purchase Limit; and

      (d)   no selection  procedure  adverse to the Noteholders or their assigns
            shall have been employed in the selection of the  Substitute  Assets
            from any  Seller's  portfolio  and the FICO score of the  Obligor in
            respect of the Receivable relating to such

                                      -31-
<PAGE>

            Substitute  Assets shall conform to the  requirements  of the Credit
            Concentration Limit; and

      (e)   all  actions  or  additional  actions  (if  any)  necessary,  in the
            reasonable  judgment of the Facility  Administrator,  to perfect the
            ownership and/or security interest of the Trust Depositor, the Trust
            and the Indenture Trustee,  as applicable,  in such Substitute Asset
            shall  have  been  taken  as of or  prior  to the  Substitute  Asset
            Transfer Date; and

      (f)   the maturity date for the last installment due under such Receivable
            is not  earlier  than  the  maturity  date of the  Receivable  being
            replaced; and

      (g)   the  conditions  set forth in Section 4.2 of the Sale and  Servicing
            Agreement  shall be satisfied as of such  Substitute  Asset Transfer
            Date.

      Substitute Asset Transfer Condition.  With respect to any Substitute Asset
(other than in respect of Upgrade  Receivables) being conveyed to the Trust, the
condition  that after giving effect to such  transfer,  the  Receivable  Balance
(determined as of the related Substitute Cutoff Date) relating to all Substitute
Assets,  transferred  to the Trust since the Closing Date does not exceed 20% of
the  Receivable  Balance  (determined  as of the  related  Cutoff  Date)  of all
Receivables theretofore purchased by the Trust.

      Substitute  Asset Transfer Date. Any date on which  Substitute  Assets are
transferred  to the Trust  pursuant to the Sale and  Servicing  Agreement  and a
related Substitution Notice.

      Substitute  Cutoff Date. The date specified as such for Substitute  Assets
in the related Substitution Notice.

      Substitution  Notice.  With respect to any conveyance of Substitute Assets
to the  Trust  pursuant  to the  Sale and  Servicing  Agreement  (and the  Trust
Depositor's  corresponding  prior  purchase of such  Substitute  Assets from the
Sellers),  a notice in the form  attached as Exhibit B to the Sale and Servicing
Agreement,  which shall be given at least three (3)  Business  Days prior to the
related Substitute Asset Transfer Date,  identifying the Receivables relating to
the Substitute Assets to be conveyed,  the Receivable Balance of such Substitute
Assets, the Receivable Balance related to the Replaced Asset or Receivables then
in the Asset Pool to which such Substitute Asset relates,  the Substitute Cutoff
Date, and the intended  Substitute  Asset Transfer Date,  with such notice to be
signed by the Trust Depositor.

      Successor  Servicer.  As defined in Section 8.2 of the Sale and  Servicing
Agreement.

      Swap Rate.  The "ask" swap rate (rounded  upward to the nearest  1/1000 of
1%) as  quoted  on  Bloomberg's  applicable  IRSB  page (or as this  page may be
subsequently replaced by Bloomberg),  using linear interpolation if necessary to
match the principal  amortization  schedule mutually  agreeable to Bluegreen and
General  Electric  Capital  Corporation,  decompounded  to reflect  the  payment
frequency and day count  convention under the Sale and Servicing  Agreement,  at
3:00  p.m.  Eastern  Time one  Business  Day  prior  to the  date on  which  the
corresponding  rate will apply.  If Bloomberg  or any  successor of Bloomberg no
longer exists,  or if it ceases to quote such rate, the rate shall be determined
using the methodology set forth above from such substitute  financial  reporting
service  or  source,  as  General  Electric  Capital  Corporation  in  its  sole
discretion  shall determine,  provided such substitute  service or source is the
same substitute service or source generally selected by General Electric Capital
Corporation  for  its  commercial  mortgage  loans.  If a  Swap  Rate  with  the
applicable  maturity is not  specifically  published in Bloomberg,  or any other
source acceptable to General Electric Capital Corporation, then the

                                      -32-
<PAGE>

rate  shall be  calculated  by adding  (1) the  amount  obtained  by (a)  first,
subtracting  (i) the most  recently  issued  5-year swap rate from (ii) the most
recently issued 10-year swap rate, (b) then, dividing the difference obtained in
clause (a) by the number of months  between  the  maturities  of each one of the
above mentioned rates,  and (c) then,  multiplying the result obtained in clause
(b) by the number of months  between the  maturity of the most  recently  issued
5-year swap rate and the Note Final  Scheduled  Maturity  Date,  to (2) the most
recently issued 5-year swap rate.

      Tangible Net Worth.  Consolidated Net Worth minus  Intangible  Assets plus
Subordinated  Indebtedness  plus an  amount  not in excess  of  $600,000,000  of
"Receivables-backed notes payable" as reported on the consolidated balance sheet
of Bluegreen.

      Termination Event. Means any one of the following events:

      (a) as of any  Determination  Date,  with  respect  to  any  Tranche,  the
Lifetime  Cumulative  Default  Rate for such  Tranche  shall exceed the Lifetime
Termination  Cumulative  Default  Threshold for such Tranche and the excess with
respect to such Tranche shall  continue to exist on the  immediately  succeeding
Determination Date;

      (b) as of any  Determination  Date,  the Trailing  Six Month  Default Rate
exceeds  6.00% (or,  solely  during the Purchase  Period,  7.0%) and such excess
shall continue to exist on the immediately succeeding Determination Date;

      (c) at the  time of any  sale of a  Resort  Interest  to a  customer,  the
Vacation  Points  related  thereto  shall be greater  than the  Vacation  Points
required  for a  customer  to utilize  the  Accommodations  appurtenant  to such
Vacation Points;

      (d) as of any Determination Date, the Trailing Three Month (60 to 120) Day
Delinquency  Rate exceeds  6.0% and such excess  shall  continue to exist on the
immediately succeeding Determination Date;

      (e)  as  of  any  Determination  Date,  the  Trailing  Three  Month  Gross
Recoveries are less than 85% and such deficiency  shall continue to exist on the
immediately succeeding Determination Date;

      (f)  Bluegreen  shall  cease to  legally  and  beneficially  own  (whether
directly or indirectly)  100% of the issued and  outstanding  stock of the Trust
Depositor and the Club Managing Entity;

      (g) a  Servicer  Termination  Event  or an  Event of  Default  shall  have
occurred and be continuing;

      (h) (x)  failure  on the part of any  Seller  Party to make or cause to be
made any payment or deposit (or, in the alternative, replace or remove any Trust
Asset  from the Asset  Pool)  required  by the  terms of the Sale and  Servicing
Agreement or any other  Transaction  Document on the day such payment or deposit
(or  replacement  or removal)  was  required to be made by such Seller Party and
such failure shall continue for one (1) Business Day, provided,  however that in
the event of a Force Majeure  Delay,  the Seller Party shall have up to ten (10)
additional  Business  Days to make such payment or deposit as  appropriate,  (y)
failure on the part of the Trust  Depositor to observe or perform the  covenants
or agreements  set forth in the Sale and  Servicing  Agreement or (z) failure on
the part of the Club Trustee to observe or perform its  covenants or  agreements
set forth in Section 6.2 of the Sale and Servicing Agreement;

                                      -33-
<PAGE>

      (i) failure on the part of any Seller Party or the Club Trustee to observe
or perform  any of its  covenants  or  agreements  set forth in any  Transaction
Document  (other  than as  expressly  provided  for in  another  clause  of this
definition),  which failure  continues  unremedied for a period of 30 days after
the  earlier  of (i)  such  Seller  Party  or the Club  Trustee  obtains  actual
knowledge of such failure after due inquiry or (ii) the Facility  Administrator,
the Indenture Trustee or the Custodian provides the Servicer with written notice
of such failure;

      (j) any representation,  warranty,  certification or statement made by any
Seller Party or the Club Trustee in any Transaction  Document or any information
required  to be given by any Seller  Party or the Club  Trustee to the  Facility
Administrator,   the  Indenture  Trustee  or  the  Custodian   pursuant  to  any
Transaction Document, shall prove to have been incorrect in any material respect
when made or when  delivered,  which  continues  to be incorrect in any material
respect for a period of 30 days after the  earlier of (i) such  Seller  Party or
the Club Trustee  obtains actual  knowledge of such failure after due inquiry or
(ii) the Facility Administrator, the Indenture Trustee or the Custodian provides
the Servicer with written notice of such failure; provided, that this clause (j)
shall not apply to any  representation,  warranty,  certification  or  statement
which relates solely to the condition of a Receivable on the date of Purchase or
transfer  and/or for which either a substitution  or repurchase  right under the
Transaction  Documents  applies and for which such remedies are being pursued by
the Trust Depositor and the Sellers consistent therewith;

      (k) any  Seller  Party or the Club  Trustee  shall  become an  "investment
company"  within the meaning of the  Investment  Company Act of 1940, as amended
(the "Act") or the arrangements  contemplated by the Transaction Documents shall
require registration as an "investment company" within the meaning of the Act;

      (l) (i) one or more final  judgments  for the  payment  of money  shall be
entered against the Trust Depositor or the Club Trustee, and such judgment shall
not have been  discharged,  stayed or bonded  pending  appeal within thirty (30)
consecutive days after the entry thereof or (ii) one or more final judgments for
the  payment  of  money  shall  be  entered  against  Bluegreen  or  any  of its
Subsidiaries  (other  than the  Trust  Depositor)  in an  amount in excess of an
amount equal to 2.5% of Bluegreen's  Tangible Net Worth,  individually or in the
aggregate,  and such judgment shall not have been  discharged,  stayed or bonded
pending appeal within thirty (30) consecutive days after the entry thereof;

      (m) (i)  failure  of the Trust  Depositor  or the Club  Trustee to pay any
Indebtedness  when due, (ii) any event or condition  shall occur with respect to
such   Indebtedness   which  results  in  the   acceleration,   or  permits  the
acceleration,  of the maturity with respect to such  Indebtedness,  (iii) or any
such  Indebtedness  is  declared  to be due and  payable,  or is  required to be
prepaid (other than by a regularly  scheduled required  prepayment) prior to the
stated maturity thereof;

      (n) as of any  Determination  Date (in respect of any Asset Pool  Portion)
after the first  date on which the  Overcollateralization  Amount for such Asset
Pool  Portion  equals or exceeds the Required  Overcollateralization  Amount for
such Asset Pool Portion,  the  Overcollateralization  Amount for each Asset Pool
Portion is less than the Required  Overcollateralization  Amount  (after  giving
effect to the Note Principal  Distributable Amount on the immediately succeeding
Payment Date) for such Asset Pool Portion and such deficiency  shall continue to
exist on the immediately succeeding Determination Date; or

      (o) any  material  default  or breach by Seller or its  Affiliates  by any
Seller  Party  or any of its  Affiliates  occurs  and is  continuing  under  any
Operating Contract;

      provided that, and in any such event but subject to the following proviso,
the Indenture  Trustee shall, at the direction of the Note Majority,  by written
notice to the Trust Depositor, declare the Facility

                                      -34-
<PAGE>

Termination Date to have occurred;  provided further,  that, subject to the last
sentence of this paragraph,  a Termination  Event which is a Trigger Event shall
no longer be deemed to be  continuing as of a particular  Determination  Date (a
"cure")  if  the  Trust   Depositor   shall  have   delivered  to  the  Facility
Administrator and the Indenture Trustee written notice that (i) no Trigger Event
shall have occurred or been continuing for three (3)  consecutive  Determination
Dates as  evidenced  by the  Reports  delivered  to the  Facility  Administrator
pursuant to Article IX of the Sale and  Servicing  Agreement  in respect of such
Determination  Dates and (ii) it has elected to "cure" such Trigger  Event.  The
right  of the  Trust  Depositor  to  "cure"  a  Trigger  Event  pursuant  to the
immediately  preceding  proviso may only be exercised  two (2) times and written
notice  thereof,  if any,  shall be delivered  within thirty (30) days after the
date on which the Trust Depositor is permitted to effect such "cure".

      Time  Share  Association.   A  not-for-profit  corporation  or  entity  or
cooperative association under applicable state or other law which is responsible
for  operating and  maintaining  an Eligible  Resort  pursuant to the terms of a
declaration  and/or  time  share  declaration  or  other  applicable   governing
documents.

      Time Share Documents.  With respect to any Eligible  Resort,  the Purchase
Documents,  any  and  all  documents  evidencing  or  relating  to the  sale  of
Intervals, the Declaration, the articles of incorporation and bylaws of the Time
Share Association,  any management  agreement between the Time Share Association
and a manager of the Eligible Resort,  and any rules and regulations of the Time
Share Association.

      Trailing Six Month Default Rate. The fraction  (expressed as a percentage)
determined  by  dividing  (a)  (i)  the  aggregate  Receivable  Balance  of  all
Receivables  in the Asset Pool which  became  Defaulted  Receivables  during the
previous six (6)  Collection  Periods (as measured at the end of the  respective
Collection   Periods)  less  (ii)  the  Receivable   Balance  of  all  Defaulted
Receivables  that  subsequently  became  current  with all  payments  (including
Recoveries)  during the previous six (6)  Collection  Periods by (b) the average
beginning  Receivable  Balance  of the  Asset  Pool  over the  previous  six (6)
Collections  Periods;  the  percentage  shall be  calculated  monthly as of each
Determination Date

      Trailing Three Month (60 to 120) Day Delinquency  Rate. The average during
the  previous  three (3)  Collection  Periods of the  fraction  (expressed  as a
percentage)  determined by dividing (a) the aggregate  Receivable Balance of all
Receivables in the Asset Pool which were 60 to 120 days delinquent at the end of
such  Collection  Period  by  (b)  the  aggregate   Receivable  Balance  of  all
Receivables  in the  Asset  Pool  at the  end of  such  Collection  Period;  the
percentage shall be calculated monthly as of each Determination Date.

      Trailing  Three  Month  Gross  Recoveries.  A  fraction  (expressed  as  a
percentage) determined by dividing (a) the aggregate gross proceeds derived from
remarketing  Intervals  relating to Defaulted  Receivables  during the preceding
three (3) Collection  Periods by (b) the sum of (i) the aggregate original sales
price for such remarketed  Intervals plus (ii) the amount (positive or negative)
by which the aggregate  original sales prices of Stale  Intervals as of the last
day of the preceding  Collection  Period  exceeds the aggregate  original  sales
price of Stale Intervals as of the last day of the fourth  preceding  Collection
Period. Any Receivable which is subject to the Servicer Purchase Option shall be
excluded from the calculation of this definition.

      Tranche. Means, as applicable,  (i) Asset Pool Portions purchased over the
first twelve month period after the Initial  Transfer Date and (ii)  thereafter,
Asset Pool  Portions  purchased  over the  immediately  succeeding  twelve month
period.

                                      -35-
<PAGE>

      Transaction  Documents.  The Sale and  Servicing  Agreement,  the  Lockbox
Agreement,  the Custodial Agreement,  the Sale and Contribution  Agreement,  the
Trust Agreement,  the Indenture, the Note Purchase Agreement, the Notes, the Fee
Letter,  the  Back-Up  Servicing  Agreement,  each  Assignment,   each  Mortgage
Assignment,  any  Lockbox  Agreement  and  all  other  agreements,  indemnities,
instruments,  documents and certificates  executed and delivered to, or in favor
of,  the Trust  Depositor,  the  Trust,  the  Indenture  Trustee,  the  Facility
Administrator  or the  Noteholders  and including all other  pledges,  powers of
attorney,  consents,  assignments,  contracts,  notices,  and all other  written
matter  whether  heretofore,  now or  hereafter  executed by or on behalf of any
Seller  Party  or any of its  Affiliates,  the  Club  Trustee  or the  Trust  in
connection with the transactions  contemplated hereby and thereby. Any reference
in  any  Transaction  Document  to a  Transaction  Document  shall  include  all
appendices,  exhibits or schedules  thereto,  and all amendments,  restatements,
supplements or other modifications  thereto, and shall refer to such Transaction
Document  as the same  may be in  effect  at any and all  times  such  reference
becomes operative.

      Transfer Date. The Initial  Transfer Date, any  Incremental  Transfer Date
thereafter,  any Substitute  Asset Transfer Date or any date on which an Upgrade
Receivable is added to the Asset Pool, as applicable.

      Transfer  Deposit  Amount.  With  respect  to each  Receivable  that is an
Ineligible  Asset  (other  than  a  Defaulted   Receivable),   on  any  date  of
determination,  the  Receivable  Balance of such  Receivable  less the principal
portion of any Unreimbursed Servicer Advance made in respect of such Receivable.

      Trigger Event. A Termination  Event under any of paragraphs (a), (b), (d),
(e) or (n) of the definition thereof.

      Trust. BXG Receivables Owner Trust 2006-A.

      Trust  Account(s).  Collectively,  the  Collection  Account,  the  Lockbox
Account and the Reserve Account, or any of them individually.

      Trust Account  Property.  The Trust Accounts,  all amounts and investments
held from  time to time in any Trust  Account  (whether  in the form of  deposit
accounts,  physical  property,  book-entry  securities  or  otherwise),  and all
proceeds of the foregoing.

      Trust Administrator. Bluegreen Corporation, in its capacity as owner trust
administrator pursuant to the Administration Agreement.

      Trust   Administrator   Fee.   The  fee  payable   monthly  to  the  Trust
Administrator with respect to each Collection Period pursuant to Section 2.11 of
the Sale and Servicing Agreement as specified in the Administration Agreement.

      Trust Assets.  All right, title and interest of the transferring party in,
to and under the following:

      (i) all  Receivables  (including  Receivables  in  respect  of  Substitute
      Assets)  conveyed  or  being  conveyed  to the  Trust  under  the Sale and
      Servicing  Agreement  and all  payments of interest and  principal,  other
      Collections  thereon and monies received,  due or to become due in payment
      of such Receivables after the applicable Cutoff Date;

      (ii) the Mortgages,  if applicable,  and any other instruments,  documents
      and rights securing such Receivables,  including,  without limitation, all
      "Owner  Beneficiary  Rights" under the Club

                                      -36-
<PAGE>

      Trust Agreement in respect of such Receivables and all of the transferring
      party's rights or interest in all other property  (personal or other),  if
      any, the sale of which gave rise to the Receivables;

      (iii) the Receivables Files;

      (iv) all payments made or to be made after the applicable Cutoff Date with
      respect to such Receivables or the Obligor  thereunder under any guarantee
      or similar credit enhancement with respect to such Receivables, if any;

      (v) all  Insurance  Proceeds  with  respect  to any such  Receivables,  if
      applicable;

      (vi) all  rights of the Trust  Depositor  under the Sale and  Contribution
      Agreement  including  but not  limited to all rights  with  respect to the
      Receivables,  including,  without limitation, in respect of the obligation
      of  the  Sellers  to  repurchase  or  replace  Receivables  under  certain
      circumstances as specified therein;

      (vii) the Trust Accounts and all Trust Account Property;

      (viii) each Assignment; and

      (ix) all income from and proceeds of the foregoing.

      Trust  Depositor.  As defined in the  preamble  to the Sale and  Servicing
Agreement.

      Trust  Owner Fee.  The annual fee payable to the Owner for acting as Owner
under the Trust Agreement, which fee shall not exceed $5,000.

      UCC. The Uniform  Commercial Code as in effect on the date hereof and from
time to time in effect in Illinois;  provided,  however,  in the event that,  by
reason of mandatory provisions of law, any and all of the attachment, perfection
or  priority  of the Lien of the Trust  Depositor,  the  Trust or the  Indenture
Trustee in and to the Pool Assets is governed by the Uniform  Commercial Code as
in effect in a jurisdiction other than the State of Illinois, the term UCC shall
mean the Uniform  Commercial  Code as in effect in such other  jurisdiction  for
purposes of the provisions  hereof  relating to such  attachment,  perfection or
priority and for purposes of definitions related to such provisions.

      Uncollectible  Advance.  With  respect to any  Determination  Date and any
Purchased Receivable, the amount, if any, advanced by the Servicer as a Servicer
Advance  with  respect  to such  Receivable  which the  Servicer  has as of such
Determination  Date determined in good faith will not be ultimately  recoverable
by the Servicer or any Servicer Advance related to a Defaulted Receivable.

      Unit(s). One individual air-space  condominium unit, cabin, villa, cottage
or townhome within an Eligible Resort, together with all furniture, fixtures and
furnishings  therein, and together with any and all interests in common elements
appurtenant thereto, as provided in the related  Declaration;  provided that the
definition  of "Unit"  shall not  include  or apply to those  units  relating  a
campground/tent site,  recreational vehicle site or other non-permanent building
or structure.

      United States. The United States of America.

      Unreimbursed  Servicer  Advances.  At any time, the amount of all previous
Servicer  Advances (or  portions  thereof) as to which the Servicer has not been
reimbursed  as of such time  pursuant to Section 2.11 of the Sale and  Servicing
Agreement  and which the  Servicer has  determined  in its sole  discretion  are

                                      -37-
<PAGE>

Uncollectible  Advances,  and with  respect  to which the  Servicer  has given a
written  certification to such effect to the Indenture  Trustee and the Facility
Administrator.

      Upgrade.  An event whereby a Receivable for which (i) the related  Obligor
has elected to terminate  its  interest in an existing  Interval and all related
Owner Beneficiary Rights and Vacation Points (if any) in exchange for purchasing
an upgraded  Interval of higher  value than the  existing  Interval  and related
Owner  Beneficiary  Rights and Vacation Points and (ii) the applicable Seller of
the  existing  Interval  releases the  existing  Interval and all related  Owner
Beneficiary  Rights and Vacation  Points (if any) in exchange for  receiving (in
substantially  all  cases) a new  Receivable  from the  Obligor  secured  by the
upgraded Interval and related Owner Beneficiary Rights and Vacation Points.

      Upgrade  Receivable.  As defined in Section 2.13 of the Sale and Servicing
Agreement.

      Vacation Points. As defined in the Club Trust Agreement.

      Weighted  Average  Note  Rate.  At any date of  determination,  a fraction
(expressed as a  percentage)  determined by dividing (a) the sum of the products
of (i) the Note Rate  applicable  to each Asset Pool Portion  multiplied by (ii)
the  aggregate  outstanding  principal  balance of the Notes  applicable to such
Asset Pool Portion divided by (b) the Outstanding Amount.

      Weighted  Average  Tranche Age. With respect to each  Tranche,  the number
determined by dividing (a) the sum, for each Asset Pool Portion  comprising  the
Tranche,  of the  product of (i) the  aggregate  Receivable  Balance  (as of the
related Cutoff Date) of the Receivables in such Asset Pool Portion multiplied by
(ii) the number of months that have elapsed since the Cutoff Date for such Asset
Pool Portion by (b) the aggregate  Receivable Balance of the Receivables in such
Tranche (as of the related Cutoff Date).

      Workout Receivable. A Receivable in the Asset Pool as to which all or part
of a payment installment due thereunder is one or more days past due pursuant to
the Contract governing such Receivable.

                                      -38-Exhibit 10.181

                                                                  EXECUTION COPY

================================================================================

                                 TRUST AGREEMENT

                                  by and among

                  BLUEGREEN RECEIVABLES FINANCE CORPORATION XI,
                 as Trust Depositor and Residual Interest Owner,

                               GSS HOLDINGS, INC.
                                    as Owner

                                       and

                            WILMINGTON TRUST COMPANY,
                                as Owner Trustee

                           Dated as of March 13, 2006

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>

                                                                                          Page
                                                                                          ----
<S>                                                                                         <C>
ARTICLE I.

DEFINITIONS..................................................................................1
  Section 1.01.   Capitalized Terms..........................................................1
  Section 1.02.   Other Definitional Provisions..............................................3
  Section 1.03.   Usage of Terms.............................................................3
  Section 1.04.   Section References.........................................................3
  Section 1.05.   Accounting Terms...........................................................3

ARTICLE II.

ORGANIZATION.................................................................................3
  Section 2.01.   Name.......................................................................3
  Section 2.02.   Office.....................................................................3
  Section 2.03.   Purposes and Powers........................................................3
  Section 2.04.   Appointment of Owner Trustee...............................................4
  Section 2.05.   Capital Contribution of Owner Trust Estate.................................4
  Section 2.06.   Declaration of Trust.......................................................4
  Section 2.07.   Liability of Trust Depositor...............................................5
  Section 2.08.   Title to Trust Property....................................................5
  Section 2.09.   Situs of Trust.............................................................5
  Section 2.10.   Representations and Warranties.............................................5
  Section 2.11.   Federal Income Tax Treatment...............................................8
  Section 2.12.   Covenants of the Trust Depositor and Owner.................................8

ARTICLE III.

CERTIFICATES AND TRANSFER OF INTERESTS.......................................................9
  Section 3.01.   Ownership (Trust Certificate)..............................................9
  Section 3.02.   The Trust Certificate......................................................9
  Section 3.03.   Authentication and Delivery of Trust Certificate..........................10
  Section 3.04.   Registration of Transfer and Exchange of Trust Certificate................10
  Section 3.05.   Ownership (Residual Interest Certificate).................................10
  Section 3.06.   The Residual Interest Certificate.........................................11
  Section 3.07.   Authentication and Delivery of Residual Interest Certificate..............11
  Section 3.08.   Registration of Transfer and Exchange of Residual Interest Certificate....11
  Section 3.09.   Mutilated, Destroyed, Lost or Stolen Certificates.........................12
  Section 3.10.   Persons Deemed Owners.....................................................12
</TABLE>

                                      -i-
<PAGE>

<TABLE>
<S>                                                                                         <C>
  Section 3.11.   Access to List of Certificateholder's Name and Addresses..................12
  Section 3.12.   Maintenance of Office or Agency...........................................13
  Section 3.13.   Appointment of Paying Agent...............................................13
  Section 3.14.   Ownership by Owner of Trust Certificate...................................13
  Section 3.15.   Ownership by Trust Depositor of Residual Interest Certificate.............13

ARTICLE IV.

ACTIONS BY OWNER TRUSTEE....................................................................13
  Section 4.01.   Prior Notice to Residual Interest Certificateholder
                  with Respect to Certain Matters...........................................13
  Section 4.02.   Action by Residual Interest Owner with Respect to Certain Matters.........14
  Section 4.03.   Action by Residual Interest Owner with Respect to Bankruptcy..............14
  Section 4.04.   Restrictions on Residual Interest Owner's Power...........................15

ARTICLE V.

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES..................................................15
  Section 5.01.   Reserved..................................................................15
  Section 5.02.   Application of Trust Funds................................................15
  Section 5.03.   Method of Payment.........................................................15
  Section 5.04.   No Segregation of Moneys; No Interest.....................................15
  Section 5.05.   Accounting and Reports to the Certificateholder, the Internal
                  Revenue Service and Others................................................16
  Section 5.06.   Signature on Returns; Tax Matters Partner.................................16

ARTICLE VI.

AUTHORITY AND DUTIES OF OWNER TRUSTEE.......................................................16
  Section 6.01.   General Authority.........................................................16
  Section 6.02.   General Duties............................................................16
  Section 6.03.   Action Upon Instruction...................................................17
  Section 6.04.   No Duties Except as Specified in this Agreement or in Instructions........18
  Section 6.05.   No Action Except Under Specified Documents or Instructions................18
  Section 6.06.   Restrictions..............................................................18

ARTICLE VII.

CONCERNING THE OWNER TRUSTEE................................................................18
  Section 7.01.   Acceptance of Trusts and Duties...........................................18
  Section 7.02.   Furnishing of Documents...................................................19
  Section 7.03.   Representations and Warranties of the Owner Trustee.......................19
  Section 7.04.   Reliance; Advice of Counsel...............................................20
  Section 7.05.   Not Acting in Individual Capacity.........................................20
</TABLE>

                                      -ii-
<PAGE>

<TABLE>
<S>                                                                                         <C>
  Section 7.06.   Owner Trustee Not Liable for Trust Certificate, Residual Interest
                  Certificate Notes or Receivables..........................................20
  Section 7.07.   Owner Trustee May Own Certificates and Notes..............................21

ARTICLE VIII.

  COMPENSATION OF OWNER TRUSTEE.............................................................21
  Section 8.01.   Owner Trustee's Fees and Expenses.........................................21
  Section 8.02.   Indemnification...........................................................21
  Section 8.03.   Payments to the Owner Trustee.............................................22

ARTICLE IX.

  TERMINATION OF TRUST AGREEMENT............................................................22
  Section 9.01. Termination of Trust Agreement..............................................22
  Section 9.02. Dissolution upon Bankruptcy of Trust Depositor or Withdrawal or
  Removal of Trust Depositor................................................................23

ARTICLE X.

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES......................................23
  Section 10.01.  Eligibility Requirements for Owner Trustee................................23
  Section 10.02.  Resignation or Removal of Owner Trustee...................................23
  Section 10.03.  Successor Owner Trustee...................................................24
  Section 10.04.  Merger or Consolidation of Owner Trustee..................................24
  Section 10.05.  Appointment of Co-Trustee or Separate Trustee.............................25

ARTICLE XI.

  MISCELLANEOUS.............................................................................26
  Section 11.01.  Supplements and Amendments................................................26
  Section 11.02.  No Legal Title to Trust Estate in Owner...................................27
  Section 11.03.  Limitations on Rights of Others...........................................27
  Section 11.04.  Notices...................................................................27
  GSS Holdings, Inc.........................................................................27
  114 West 47th Street......................................................................27
  Suite 1715................................................................................27
  New York, New York 10036..................................................................27
  Attn:  Kevin Burns........................................................................27
  Telecopier No.:  (212) 302-8767...........................................................27
  Section 11.05.  Severability of Provisions................................................27
  Section 11.06.  Counterparts..............................................................28
  Section 11.07.  Successors and Assigns....................................................28
  Section 11.08.  No Petition...............................................................28
</TABLE>

                                     -iii-
<PAGE>

<TABLE>

<S>                                                                                         <C>
  Section 11.09.  No Recourse...............................................................28
  Section 11.10.  Headings..................................................................28
  Section 11.11.  Governing Law.............................................................28
  Section 11.12.  Trust Certificate Transfer Restrictions...................................28
  Section 11.13.  Trust Depositor Payment Obligation........................................29

                                    EXHIBITS

        Exhibit A  -   Form of Certificate of Trust........................................A-1
        Exhibit B -1 - Form of Trust Certificate...........................................B-1
        Exhibit B -2 - Form of Residual Interest Certificate...............................B-2
</TABLE>

                                      -iv-
<PAGE>

      This TRUST  AGREEMENT  dated as of March 13,  2006,  is between  BLUEGREEN
RECEIVABLES FINANCE CORPORATION XI, a Delaware  corporation,  as Trust Depositor
(the "Trust Depositor" or the "Residual Interest Owner"), GSS HOLDINGS, INC., as
owner (the "Owner" or "Trust Owner"),  and WILMINGTON TRUST COMPANY,  a Delaware
banking corporation, as owner trustee (the "Owner Trustee").

      WHEREAS,  in connection  herewith and with the  provisions of the Sale and
Servicing  Agreement,  the Trust Depositor is willing to convey the Trust Assets
to the Trust;

      WHEREAS,  in connection  herewith and with the  provisions of the Sale and
Servicing  Agreement,  the Trust  Depositor  is willing to purchase the Residual
Interest Certificate (as defined herein) to be issued pursuant to this Agreement
and to assume certain rights and obligations pursuant hereto; and

      WHEREAS, the Owner is willing to purchase the Trust Certificate and assume
certain rights and obligations pursuant hereto:

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

                                   ARTICLE I.

                                   DEFINITIONS

      Section 1.01. Capitalized Terms. Capitalized terms used but not defined in
this  Agreement  shall  have  the  meanings  ascribed  thereto  in the  Sale and
Servicing  Agreement (as defined  below) and the  Definitions  Annex made a part
thereof.  Except as otherwise provided in this Agreement,  whenever used in this
Agreement  the  following  words  and  phrases,  unless  the  context  otherwise
requires, shall have the following meanings:

      "Agreement"  means this Trust  Agreement,  as the same may be amended  and
supplemented from time to time.

      "Benefit Plan" means (i) an employee benefit plan (as such term is defined
in Section 3(3) of 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.

      "Certificate" or "Certificates"  means, the Residual Interest  Certificate
and the Trust Certificate.

      "Certificate  of Trust" means the Certificate of Trust filed for the Trust
pursuant to Section 3810(a) of the Statutory Trust Statute, substantially in the
form of Exhibit A hereto.

      "Certificate  Register"  and  "Certificate  Registrar"  mean the  register
maintained and the registrar (or any successor  thereto)  appointed  pursuant to
Section 3.04.

      "Certificateholder"   or  "Holder"   means  with   respect  to  the  Trust
Certificate the Person in whose name the Trust  Certificate is registered in the
Certificate Register, and with respect to the Residual Interest Certificate, the
person in whose name the Residual  Interest  Certificate  is  registered  in the
Certificate Register.

<PAGE>

      "Expenses" shall have the meaning assigned to such term in Section 8.02.

      "Foreign  Person" means any Person other than (i) a citizen or resident of
the United States, (ii) a corporation,  partnership or other entity organized in
or under the laws of the United  States or any  political  subdivision  thereof,
(iii) an estate the income of which is subject to U.S.  federal income  taxation
regardless of its source, or (iv) a trust whose administration is subject to the
primary  supervision  of a court  within the United  States and which has one or
more U.S. fiduciaries who have authority to control all substantial decisions of
the Trust.

      "Indemnified  Parties"  shall have the  meaning  assigned  to such term in
Section 8.02.

      "Owner" or "Trust Owner" means the holder of the Trust Certificate.

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

      "Owner  Trustee  Corporate  Trust  Office"  means the  office of the Owner
Trustee at which its  corporate  trust  business  shall be  administered,  which
initially shall be 1100 North Market Street,  Wilmington,  Delaware 19890, Attn:
Corporate  Trust  Administration,  or such other office at such other address as
the  Owner  Trustee  may   designate   from  time  to  time  by  notice  to  the
Certificateholder,  the Servicer, the Indenture Trustee, the Trust Depositor and
the Facility Administrator.

      "Residual  Interest  Owner"  means  the  holder of the  Residual  Interest
Certificate.

      "Residual Interest  Certificate"  means the residual interest  certificate
substantially  in the form of Exhibit B-2 hereto,  evidencing the economic,  but
not equity interest in the Trust which economic interest shall be subordinate to
the  rights  of the  Holders  of the Notes in  accordance  with the terms of the
Transaction Documents.

      "Secretary  of  State"  means  the  Secretary  of  State  of the  State of
Delaware.

      "Statutory  Trust  Statute"  means  Chapter 38 of Title 12 of the Delaware
Code,  12 Del.  Code ss. 3801 et seq.,  as the same may be amended  from time to
time.

      "Tax Matters  Partner" shall have the meaning  provided in Section 5.06(b)
hereof.

      "Treasury Regulations" means regulations,  including proposed or temporary
regulations,   promulgated  under  the  Code.   References  herein  to  specific
provisions  of  proposed  or  temporary   regulations  shall  include  analogous
provisions  of  final   Treasury   Regulations  or  other   successor   Treasury
Regulations.

      "Trust Certificate" means the trust certificate  evidencing the beneficial
equity interest of an Owner in the Trust,  substantially  in the form of Exhibit
B-1 hereto.

      "Trust Estate" means all right,  title and interest of the Trust in and to
the property and rights assigned to the Trust pursuant to Article II of the Sale
and  Servicing  Agreement,  all funds on deposit  from time to time in the Trust
Accounts and all other  property of the Trust from time to time,  including  any

                                      -2-
<PAGE>

rights  of the  Owner  Trustee  and the  Trust  all  pursuant  to the  terms and
conditions of the Sale and Servicing Agreement and the Administration Agreement.

      Section 1.02. Other Definitional  Provisions.  Capitalized terms used that
are not otherwise  defined  herein shall have the meanings  ascribed  thereto in
Definitions Annex to the Sale and Servicing Agreement.

      Section 1.03. Usage of Terms. With respect to all terms in this Agreement,
the singular  includes the plural and the plural the singular;  words  importing
any gender include the other genders;  references to "writing" include printing,
typing,  lithography  and other means of  reproducing  words in a visible  form;
references  to  agreements  and  other  contractual   instruments   include  all
amendments, modifications and supplements thereto or any changes therein entered
into in  accordance  with  their  respective  terms and not  prohibited  by this
Agreement; references to Persons include their permitted successors and assigns;
and the term "including" means "including without limitation".

      Section 1.04. Section References. All section references, unless otherwise
indicated, shall be to Sections in this Agreement.

      Section  1.05.  Accounting  Terms.  All  accounting  terms  used  but  not
specifically  defined  herein shall be construed in  accordance  with  generally
accepted accounting principles in the United States.

                                  ARTICLE II.

                                  ORGANIZATION

      Section  2.01.  Name.  The  Trust  created  hereby  shall be known as "BXG
Receivables Owner Trust 2006-A",  in which name the Owner Trustee shall have the
power and  authority and is hereby  authorized  and empowered to and may conduct
the business and activities of the Trust,  make and execute  contracts and other
instruments on behalf of the Trust and sue and be sued.

      Section  2.02.  Office.  The  office of the Trust  shall be in care of the
Owner  Trustee  at the Owner  Trustee  Corporate  Trust  Office or at such other
address in Delaware as the Owner Trustee may designate by written  notice to the
Owner and the Trust Depositor.

      Section 2.03. Purposes and Powers.

      (a) The sole  purpose of the Trust is, and the Trust  shall have the power
and authority,  to manage the Trust Estate and collect and disburse the periodic
income therefrom for the use and benefit of the Residual  Interest Owner, and in
furtherance of such purpose to engage in the following ministerial activities:

            (i)   to issue the Notes  pursuant  to the  Indenture  and the Trust
                  Certificate and Residual Interest Certificate pursuant to this
                  Agreement and to sell the Notes;

            (ii)  with the  proceeds  of the sale of the Notes,  to acquire  the
                  Receivables   and  other   Trust   Assets,   and  to  pay  the
                  organizational,  start-up  and  transactional  expenses of the
                  Trust and to pay the balance to the Trust  Depositor  pursuant
                  to the Sale and Servicing Agreement;

                                      -3-
<PAGE>

            (iii) to assign, grant,  transfer,  pledge,  mortgage and convey the
                  Trust Estate pursuant to the Indenture and to hold, manage and
                  distribute to the Residual Interest Owner pursuant to the Sale
                  and  Servicing  Agreement  any  portion  of the  Trust  Estate
                  released from the Lien of, and remitted to the Trust  pursuant
                  to, the Indenture and the Sale and Servicing Agreement;

            (iv)  to  enter  into  and   perform  its   obligations   under  the
                  Transaction Documents to which it is to be a party;

            (v)   to  engage  in  those  activities,   including  entering  into
                  agreements,  that are  necessary,  suitable or  convenient  to
                  accomplish  the  foregoing  or  are   incidental   thereto  or
                  connected therewith; and

            (vi)  subject  to  compliance  with the  Transaction  Documents,  to
                  engage  in  such  other  activities  as  may  be  required  in
                  connection  with  conservation  of the  Trust  Estate  and the
                  making of distributions to the Residual Interest Owner and the
                  Noteholders.

The Trust shall not engage in any activities  other than in connection  with the
foregoing.  Nothing  contained  herein  shall be deemed to  authorize  the Owner
Trustee to engage in any business  operations or any activities other than those
set forth in the introductory sentence of this Section.  Specifically, the Owner
Trustee shall have no authority to engage in any business operations, or acquire
any assets  other than those  specifically  included in the Trust  Estate  under
Section 1.01,  or otherwise  vary the assets held by the Trust.  Similarly,  the
Owner Trustee shall have no  discretionary  duties other than  performing  those
ministerial  acts set forth above  necessary to  accomplish  the purpose of this
Trust as set forth in the introductory sentence of this Section.

      Section 2.04.  Appointment of Owner Trustee.  The Trust  Depositor  hereby
appoints  the Owner  Trustee as trustee  of the Trust  effective  as of the date
hereof,  to have all the  rights,  powers and duties set forth  herein,  and the
Owner Trustee hereby accepts such appointment.

      Section  2.05.  Capital  Contribution  of Owner  Trust  Estate.  The Trust
Depositor hereby sells, assigns,  transfers,  conveys and sets over to the Owner
Trustee,  as of the  date  hereof,  the  sum of $1.  The  Owner  Trustee  hereby
acknowledges  receipt in trust from the Trust Depositor,  as of the date hereof,
of the foregoing  contribution,  which shall constitute the initial Trust Estate
(prior to giving effect to the  conveyances  described in the Sale and Servicing
Agreement).  The Trust Depositor shall pay organizational  expenses of the Trust
as they may arise or shall,  upon the  request  of the Owner  Trustee,  promptly
reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.

      Section 2.06. Declaration of Trust. The Owner Trustee hereby declares that
it will hold the Trust  Estate in trust upon and subject to the  conditions  set
forth herein for the sole purpose of conserving  the Trust Estate and collecting
and  disbursing  the periodic  income  therefrom  for the use and benefit of the
Residual  Interest  Owner,  subject to the  obligations  of the Trust  under the
Transaction  Documents.  It is the  intention of the parties that the Owner,  as
holder of the Trust Certificate,  be the sole equity owner of the Trust but have
no economic  interest in the Trust.  It is the  intention of the parties  hereto
that the  Residual  Interest  Owner have solely an  economic,  but not an equity
interest  in the  Trust,  and that the  Trust not  constitute  a  Subsidiary  or
Affiliate of the Residual  Interest Owner (or of any of its  Affiliates) for any
purpose.  It is the intention of the parties hereto that the Trust constitutes a
statutory  trust  under the

                                      -4-
<PAGE>

Statutory  Trust  Statute  and that this  Agreement  constitutes  the  governing
instrument of such  statutory  trust.  It is the intention of the parties hereto
that the Trust be  disregarded  as a  separate  entity  for  federal  income tax
purposes  pursuant to Treasury  Regulation  Section  301.7701-3(b)(1)(ii)  as in
effect for periods  after  January 1, 1997.  The  parties  agree not to take any
action  inconsistent with such intended federal income tax treatment.  Effective
as of the date  hereof,  the Owner  Trustee  shall have all  rights,  powers and
duties set forth herein and in the Statutory  Trust Statute for the sole purpose
and to the extent necessary to accomplish the purpose of this Trust as set forth
in the introductory sentence of Section 2.03.

      Section 2.07. Liability of Trust Depositor.

      (a) Pursuant to Section 3803(a) of the Statutory Trust Statute,  the Trust
Depositor  shall be liable  directly to and will  indemnify any injured party or
any other creditor of the Trust for all losses, claims, damages, liabilities and
expenses of the Trust to the extent that the Trust  Depositor would be liable if
the  Trust  were a  partnership  under  the  Delaware  Revised  Uniform  Limited
Partnership  Act in which  Trust  Depositor  were a general  partner;  provided,
however, that neither Trust Depositor nor Owner shall under any circumstances be
liable for any losses incurred by a Noteholder in the capacity of an investor in
the  Notes or for any  losses  in  respect  of the  payment  performance  of the
Receivables.  In addition, any third party creditors of the Trust (other than in
connection with the obligations  described in the immediately preceding sentence
for which the Trust  Depositor  and Owner  shall not be liable)  shall be deemed
third  party  beneficiaries  of the Trust  Depositor's  obligations  under  this
paragraph.  The obligations of the Trust Depositor under this paragraph shall be
evidenced by the Residual Interest Certificate described in Section 3.12.

      (b) The  Owner,  solely by  virtue  of its  being the  Holder of the Trust
Certificate,  shall  not  have  any  personal  liability  for any  liability  or
obligation of the Trust.

      Section  2.08.  Title to Trust  Property.  Legal title to the Trust Estate
shall be  vested at all times in the Trust as a  separate  legal  entity  except
where applicable law in any jurisdiction requires title to any part of the Trust
Estate to be vested in an Owner Trustee or Owner  Trustees,  in which case title
shall be  deemed  to be  vested in the  Owner  Trustee,  a  co-trustee  and/or a
separate trustee, as the case may be.

      Section 2.09.  Situs of Trust.  The Trust will be located and administered
in the State of Delaware.  All bank accounts  maintained by the Owner Trustee on
behalf of the Trust  shall be  located  in the State of  Florida or the State of
Delaware.  The  Trust  shall not have any  employees  in any  state  other  than
Delaware;  provided, however, that nothing herein shall restrict or prohibit the
Owner  Trustee  from having  employees  within or without the State of Delaware.
Payments  will be received by the Trust only in Delaware  and  payments  will be
made by the Trust only from  Delaware.  The only  office of the Trust will be at
the Owner Trustee Corporate Trust Office.

      Section 2.10. Representations and Warranties

      (a)  Representations  and  Warranties  of the Trust  Depositor.  The Trust
Depositor hereby represents and warrants to the Owner Trustee that:

            (i)   The Trust Depositor is duly organized and validly  existing as
                  a  corporation  organized  and existing  and in good  standing
                  under  the  laws of the  State of  Delaware,  with  power  and
                  authority  to own its  properties  and to conduct its

                                      -5-
<PAGE>

                  business  and  had at all  relevant  times,  and  has,  power,
                  authority and legal right to acquire and own the Trust Assets.

            (ii)  The Trust  Depositor  is duly  qualified  to do  business as a
                  foreign  corporation  in good  standing  and has  obtained all
                  necessary licenses and approvals in all jurisdictions in which
                  the  ownership  or lease of  property  or the  conduct  of its
                  business requires such qualifications except where the failure
                  to be so qualified or obtain such licenses or approvals  could
                  not reasonably be expected to have a Material Adverse Effect.

            (iii) The Trust Depositor has the power and authority to execute and
                  deliver this  Agreement and to carry out its terms;  the Trust
                  Depositor  has full power and authority to sell and assign the
                  property  to be sold and  assigned to and  deposited  with the
                  Owner  Trustee  on  behalf  of the  Trust as part of the Trust
                  Estate and has duly  authorized  such sale and  assignment and
                  deposit  with the Owner  Trustee on behalf of the Trust by all
                  necessary  corporate action;  and the execution,  delivery and
                  performance of this Agreement have been duly authorized by the
                  Trust Depositor by all necessary corporate action.

            (iv)  The  consummation  of the  transactions  contemplated  by this
                  Agreement  and the  fulfillment  of the  terms  hereof  do not
                  conflict  with,  result in any  breach of any of the terms and
                  provisions of, nor constitute (with or without notice or lapse
                  of time) a default under,  the certificate of incorporation or
                  bylaws of the Trust Depositor, or any indenture,  agreement or
                  other instrument to which the Trust Depositor is a party or by
                  which it is bound; nor result in the creation or imposition of
                  any Lien upon any of the  properties  of the  Trust  Depositor
                  pursuant  to the  terms of any such  indenture,  agreement  or
                  other  instrument  (other  than  pursuant  to the  Transaction
                  Documents);  nor  violate  any  law  or  any  order,  rule  or
                  regulation  applicable to the Trust  Depositor of any court or
                  of any federal or state regulatory body, administrative agency
                  or other governmental instrumentality having jurisdiction over
                  the Trust Depositor or its properties.

            (v)   All  approvals,  authorizations,  consents,  orders  or  other
                  actions of any person or any  governmental  entity required in
                  connection  with the execution and delivery of this  Agreement
                  and the fulfillment of the terms hereof have been obtained.

            (vi)  There are no proceedings or investigations  pending, or to the
                  Trust Depositor's best knowledge threatened, before any court,
                  regulatory body,  administrative  agency or other governmental
                  instrumentality  having  jurisdiction over the Trust Depositor
                  or its  properties:  (A)  asserting  the  invalidity  of  this
                  Agreement,  any  of the  other  Transaction  Documents  or the
                  Residual  Interest  Certificate,  (B)  seeking to prevent  the
                  issuance  of  the  Residual   Interest   Certificate   or  the
                  consummation of any of the  transactions  contemplated by this
                  Agreement  or any  of the  other  Transaction  Documents,  (C)
                  seeking any  determination or ruling that might materially and
                  adversely affect the performance by the Trust Depositor of its
                  obligations  under, or the validity or enforceability of, this
                  Agreement,  any  of the  other  Transaction  Documents  or the
                  Residual  Interest  Certificate  or (D)  involving

                                      -6-
<PAGE>

                  the Trust  Depositor  and which  might  adversely  affect  the
                  federal  income  tax or other  federal,  state  or  local  tax
                  attributes of the Residual Interest Certificate.

      (b)  Representations  and Warranties of Owner. The Owner hereby represents
and warrants to the Owner Trustee that:

            (i)   The  Owner  is  duly  organized  and  validly  existing  as  a
                  corporation  organized and existing and in good standing under
                  the laws of the State of Delaware, with power and authority to
                  own its properties and to conduct its business.

            (ii)  The  Owner  is duly  qualified  to do  business  as a  foreign
                  corporation  in good  standing and has obtained all  necessary
                  licenses  and  approvals  in all  jurisdictions  in which  the
                  ownership  or lease of property or the conduct of its business
                  requires such qualifications.

            (iii) The Owner has the power and  authority  to execute and deliver
                  this Agreement and to carry out its terms;  and the execution,
                  delivery  and  performance  of this  Agreement  have been duly
                  authorized by the Owner by all necessary corporate action.

            (iv)  The  consummation  of the  transactions  contemplated  by this
                  Agreement  and the  fulfillment  of the  terms  hereof  do not
                  conflict  with,  result in any  breach of any of the terms and
                  provisions of, nor constitute (with or without notice or lapse
                  of time) a default under,  the certificate of incorporation or
                  bylaws of the  Owner,  or any  indenture,  agreement  or other
                  instrument  to  which  the  Owner is a party or by which it is
                  bound;  nor result in the creation or  imposition  of any Lien
                  upon any of the  properties of the Owner pursuant to the terms
                  of any such indenture,  agreement or other  instrument  (other
                  than pursuant to the Transaction  Documents);  nor violate any
                  law or any order,  rule or regulation  applicable to the Owner
                  of any  court  or of any  federal  or state  regulatory  body,
                  administrative  agency or other  governmental  instrumentality
                  having jurisdiction over the Owner or its properties.

            (v)   All  approvals,  authorizations,  consents,  orders  or  other
                  actions of any person or any  governmental  entity required in
                  connection  with the execution and delivery of this  Agreement
                  and the fulfillment of the terms hereof have been obtained.

            (vi)  There are no proceedings or investigations  pending, or to the
                  Owner's   best   knowledge   threatened,   before  any  court,
                  regulatory body,  administrative  agency or other governmental
                  instrumentality  having  jurisdiction  over  the  Owner or its
                  properties:  (A) asserting the  invalidity of this  Agreement,
                  any  of  the  other   Transaction   Documents   or  the  Trust
                  Certificate,  (B) seeking to prevent the issuance of the Trust
                  Certificate  or the  consummation  of any of the  transactions
                  contemplated by this Agreement or any of the other Transaction
                  Documents,  (C) seeking any determination or ruling that might
                  materially and adversely  affect the  performance by the Owner
                  of its obligations  under,  or the validity or  enforceability
                  of, this Agreement,  any of the other Transaction Documents or
                  the

                                      -7-
<PAGE>

                  Trust  Certificate  or (D) involving the Owner and which might
                  adversely  affect the  federal  income  tax or other  federal,
                  state or local tax attributes of the Trust Certificate.

      Section 2.11. Federal Income Tax Treatment.

      (a) It is the  intention  of the Trust  Depositor  and the Owner  that the
Trust be  disregarded  as a separate  entity  for  federal  income tax  purposes
pursuant to Treasury Regulations Section  301.7701-3(b)(1)(ii)  as in effect for
periods after January 1, 1997. The Trust Certificate constitutes the sole equity
interest  in the Trust and must at all times be held by either  the Owner or its
transferee as sole owner.  The Residual  Interest  Certificate  constitutes  the
entire  residual   economic  interest  in  the  Trust  (after  payments  to  the
Noteholders in accordance with the terms of the Transaction  Documents) and must
at all  times  be held by the  Trust  Depositor  or its  transferee.  The  Trust
Depositor  and the Owner  agree not to take any  action  inconsistent  with such
intended  federal income tax treatment.  Because for federal income tax purposes
the Trust will be disregarded as a separate entity, Trust items of income, gain,
loss and deduction for any month as determined  for federal  income tax purposes
shall be allocated  entirely to the Trust Depositor (or subsequent  purchaser of
the Residual  Interest  Certificate) as the sole owner of the residual  economic
interest in the Trust.

      Section  2.12.  Covenants  of the Trust  Depositor  and  Owner.  The Trust
Depositor  and the Owner agree and  covenant  (severally,  as  applicable)  that
during  the term of this  Agreement,  and to the  fullest  extent  permitted  by
applicable law, that:

      (a) in the event that any  litigation  with claims in excess of $50,000 to
which the Trust Depositor is a party which shall be reasonably  likely to result
in a material judgment against the Trust Depositor that the Trust Depositor will
not be  able  to  satisfy  shall  be  commenced,  during  the  period  beginning
immediately  following the  commencement of such litigation and continuing until
such  litigation is dismissed or otherwise  terminated  (and, if such litigation
has resulted in a final judgment against the Trust Depositor,  such judgment has
been  satisfied),  the  Trust  Depositor  shall  not  pay  any  dividend  to its
Affiliates,  or make any  distribution  on or in respect of its capital stock to
its Affiliates,  or repay the principal  amount of any indebtedness of the Trust
Depositor  held by its  Affiliates,  unless after giving effect to such payment,
distribution or repayment, the Trust Depositor's liquid assets shall not be less
than the amount of actual damages claimed in such litigation;

      (b)  neither  the Trust  Depositor  nor the Owner  shall,  for any reason,
institute  proceedings for the Trust to be adjudicated as bankrupt or insolvent,
or consent to the  institution of bankruptcy or insolvency  proceedings  against
the Trust, or file a petition seeking or consenting to  reorganization or relief
under any  applicable  federal or state law  relating to the  bankruptcy  of the
Trust,  or consent  to the  appointment  of a  receiver,  liquidator,  assignee,
trustee,  sequestrator (or other similar official) of the Trust or a substantial
part of the  property  of the  Trust or cause or  permit  the  Trust to make any
assignment  for the benefit of  creditors,  or admit in writing the inability of
the Trust to pay its debts  generally as they become due, or declare or effect a
moratorium  on the debt of the Trust or take any  action in  furtherance  of any
such action;

      (c)  neither the Trust  Depositor  nor the Owner  shall  create,  incur or
suffer to exist any  indebtedness  or engage in any  business,  except,  in each
case,  as  permitted  by its  certificate  of  incorporation,  by-laws  and  the
Transaction Documents;

                                      -8-
<PAGE>

      (d) it shall obtain from each other party to each Transaction  Document to
which it or the Trust is a party and each  other  agreement  entered  into on or
after the date hereof to which it or the Trust is a party,  an agreement by each
such counterparty that prior to the occurrence of the event specified in Section
9.01(e) such counterparty shall not institute against,  or join any other Person
in  instituting  against,  it or  the  Trust,  any  bankruptcy,  reorganization,
arrangement,  insolvency or liquidation proceedings or other similar proceedings
under the laws of the United States or any state of the United States;

      (e) it shall not,  for any reason,  withdraw  or attempt to withdraw  from
this  Agreement,  dissolve,  institute  proceedings  for it to be  adjudicated a
bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency
proceedings   against  it,  or  file  a  petition   seeking  or   consenting  to
reorganization  or relief under any applicable  federal or state law relating to
bankruptcy, or consent to the appointment of a receiver,  liquidator,  assignee,
trustee, sequestrator (or other similar official) of it or a substantial part of
its property,  or make any assignment for the benefit of creditors,  or admit in
writing its inability to pay its debts  generally as they become due, or declare
or effect a moratorium on its debt or take any action in furtherance of any such
action; and

      (f) it shall not transfer the Trust Certificate (in the case of the Owner)
or the Residual Interest Certificate (in the case of the Trust Depositor) unless
the transferee  agrees that it shall comply with the provisions of paragraph (b)
above.

                                  ARTICLE III.

                     CERTIFICATES AND TRANSFER OF INTERESTS

      Section 3.01. Ownership (Trust Certificate).

      (a) Upon the  formation  of the  Trust by the  contribution  by the  Trust
Depositor  pursuant  to  Section  2.05  and  until  the  issuance  of the  Trust
Certificate,  the Owner shall be the sole equity  owner of the Trust.  The Trust
Certificate  must at all times be held by either the Owner or its  transferee as
sole owner.

      (b) No  transfer  of the  Trust  Certificate  shall  be made  unless  such
transfer  is made in a  transaction  which  does  not  require  registration  or
qualification  under the Securities Act of 1933 or qualification under any state
securities  or "Blue Sky" laws.  Neither the Owner  Trustee nor the  Certificate
Registrar shall effect the registration of any transfer of the Trust Certificate
unless,  (i) prior to such  transfer the Owner Trustee shall have received a Tax
Opinion,  and (ii)  following  such  transfer,  there  would be no more than one
holder of the Trust  Certificate and the holder of the Trust  Certificate  would
not be a Foreign  Person,  a  partnership,  Subchapter S corporation  or grantor
trust.

      Section  3.02.  The  Trust  Certificate.  The Trust  Certificate  shall be
substantially in the form of Exhibit B-2 hereto.  The Trust Certificate shall be
executed  by the Owner  Trustee  on  behalf of the Trust by manual or  facsimile
signature of an  authorized  officer of the Owner Trustee and shall be deemed to
have been validly  issued when so executed.  The Trust  Certificate  bearing the
manual or facsimile  signature of  individuals  who were,  at the time when such
signatures were affixed, authorized to sign on behalf of the Owner Trustee shall
be a valid  and  binding  obligation  of the  Trust,  notwithstanding  that such
individuals  or any  of  them  have  ceased  to be so  authorized  prior  to the
authentication  and  delivery  of such  Trust  Certificate  or did not hold such
offices at the date of such Trust  Certificate.  The Trust  Certificate shall be
dated the date of its authentication.

                                      -9-
<PAGE>

      Section 3.03. Authentication and Delivery of Trust Certificate.  The Owner
Trustee  shall cause to be  authenticated  and  delivered  upon the order of the
Trust  Depositor,  in exchange for the  Receivables  and the other Trust Assets,
simultaneously  with the  sale,  assignment  and  transfer  to the  Trust of the
Receivables and other Trust Assets,  and the constructive  delivery to the Owner
Trustee of the Receivable Files and the other Trust Assets, a Trust  Certificate
duly authenticated by the Owner Trustee,  evidencing the entire ownership of the
Trust, and Notes issued by the Trust and  authenticated by the Indenture Trustee
in aggregate principal amounts not to exceed, $125,000,000. No Trust Certificate
shall be  entitled  to any  benefit  under this  Agreement,  or be valid for any
purpose,  unless  there  appears  on such Trust  Certificate  a  certificate  of
authentication  substantially  in the  form  set  forth  in the  form  of  Trust
Certificate attached hereto as Exhibit B-2, executed by the Owner Trustee or its
authenticating  agent, by manual signature,  and such certificate upon any Trust
Certificate shall be conclusive evidence, and the only evidence, that such Trust
Certificate has been duly authenticated and delivered hereunder.  Upon issuance,
authorization and delivery  pursuant to the terms hereof,  the Trust Certificate
will be entitled to the benefits of this Agreement.

      Section 3.04. Registration of Transfer and Exchange of Trust Certificate.

      (a)  The  Certificate  Registrar  shall  keep  or  cause  to  be  kept,  a
Certificate  Register,   subject  to  such  reasonable  regulations  as  it  may
prescribe.  The Certificate Register shall provide for the registration of Trust
Certificate  and transfers and  exchanges of the Trust  Certificate  as provided
herein. The Owner Trustee is hereby initially  appointed  Certificate  Registrar
for the purpose of registering the Trust Certificate and transfers and exchanges
of the Trust  Certificate as herein provided.  In the event that,  subsequent to
the Closing Date,  the Owner Trustee  notifies the Servicer that it is unable to
act as Certificate  Registrar,  the Servicer shall appoint another bank or trust
company,  having an office or agency located in the State of Delaware,  agreeing
to act in accordance with the provisions of this Agreement applicable to it, and
otherwise  acceptable  to the Owner  Trustee,  to act as  successor  Certificate
Registrar hereunder.

      (b) Upon surrender for  registration of transfer of any Trust  Certificate
at the Owner Trustee  Corporate  Trust Office,  the Owner Trustee shall execute,
authenticate   and  deliver  (or  shall  cause  its   authenticating   agent  to
authenticate  and deliver),  in the name of the designated  transferee,  one new
Trust Certificate having the same undivided beneficial equity interests.

      (c) Every Trust  Certificate  presented or surrendered for registration of
transfer  shall be  accompanied  by a written  instrument  of  transfer  in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by
the Holder thereof or his attorney duly authorized in writing.

      (d) No service  charge shall be made for any  registration  of transfer or
exchange of the Trust Certificate,  but the Owner Trustee may require payment of
a sum sufficient to cover any tax or governmental  charge that may be imposed in
connection with any transfer of the Trust Certificate.

      (e) All Trust Certificates  surrendered for registration of transfer shall
be canceled and subsequently destroyed by the Owner Trustee.

      Section 3.05. Ownership (Residual Interest Certificate).

                                      -10-
<PAGE>

      (a) Upon the  formation  of the  Trust by the  contribution  by the  Trust
Depositor  pursuant to Section  2.05 the Owner shall be the sole equity owner of
the Trust. The Residual Interest Certificate must at all times be held by either
the Residual Interest Owner or its transferee.

      (b) No transfer of the Residual Interest  Certificate shall be made unless
such transfer is made in a transaction  which does not require  registration  or
qualification  under the Securities Act of 1933 or qualification under any state
securities  or "Blue Sky" laws.  Neither the Owner  Trustee nor the  Certificate
Registrar shall effect the registration of any transfer of the Residual Interest
Certificate  unless,  (i) prior to such  transfer the Owner  Trustee  shall have
received a Tax Opinion, and (ii) following such transfer, there would be no more
than one  holder of the  Residual  Interest  Certificate  and the  holder of the
Residual  Interest  Certificate  would not be a Foreign  Person,  a partnership,
Subchapter S corporation or grantor trust.

      Section 3.06. The Residual  Interest  Certificate.  The Residual  Interest
Certificate  shall be  substantially  in the form of  Exhibit  B-2  hereto.  The
Residual  Interest  Certificate shall be executed by the Owner Trustee on behalf
of the Trust by manual or facsimile  signature of an  authorized  officer of the
Owner Trustee and shall be deemed to have been validly  issued when so executed.
The Trust Certificate  bearing the manual or facsimile  signature of individuals
who were, at the time when such signatures  were affixed,  authorized to sign on
behalf  of the Owner  Trustee  shall be a valid and  binding  obligation  of the
Trust, notwithstanding that such individuals or any of them have ceased to be so
authorized prior to the  authentication  and delivery of such Residual  Interest
Certificate  or did not hold such offices at the date of such Residual  Interest
Certificate.  The Residual  Interest  Certificate shall be dated the date of its
authentication.

      Section   3.07.   Authentication   and   Delivery  of  Residual   Interest
Certificate.  The Owner Trustee shall cause to be authenticated and delivered to
the   Residual   Interest   Owner  upon  the  order  of  the  Trust   Depositor,
simultaneously  with the  sale,  assignment  and  transfer  to the  Trust of the
Receivables and other Trust Assets,  and the constructive  delivery to the Owner
Trustee of the Receivable Files and the other Trust Assets, a Residual  Interest
Certificate  duly  authenticated  by the Owner  Trustee,  evidencing  the entire
residual  economic (but no equity  ownership) of the Trust,  and Notes issued by
the Trust and  authenticated  by the  Indenture  Trustee in aggregate  principal
amounts not to exceed,  $125,000,000.  No Residual Interest Certificate shall be
entitled  to any  benefit  under this  Agreement,  or be valid for any  purpose,
unless there appears on such  Residual  Interest  Certificate  a certificate  of
authentication  substantially  in the  form set  forth  in the form of  Residual
Interest  Certificate  attached  hereto as Exhibit  B-2,  executed  by the Owner
Trustee or its authenticating  agent, by manual signature,  and such certificate
upon any Residual  Interest  Certificate shall be conclusive  evidence,  and the
only  evidence,   that  such  Residual   Interest   Certificate  has  been  duly
authenticated and delivered hereunder. Upon issuance, authorization and delivery
pursuant to the terms hereof, the Residual Interest Certificate will be entitled
to the benefits of this Agreement.

      Section 3.08.  Registration of Transfer and Exchange of Residual  Interest
Certificate.

      (a)  The  Certificate  Registrar  shall  keep  or  cause  to  be  kept,  a
Certificate  Register,   subject  to  such  reasonable  regulations  as  it  may
prescribe.  The  Certificate  Register  shall  provide for the  registration  of
Residual  Interest  Certificate  and  transfers  and  exchanges  of the Residual
Interest  Certificate as provided herein.  The Owner Trustee is hereby initially
appointed  Certificate  Registrar  for the purpose of  registering  the Residual
Interest  Certificate  and  transfers  and  exchanges of the  Residual  Interest
Certificate  as herein  provided.  In the event that,  subsequent to the Closing
Date,  the  Owner  Trustee

                                      -11-
<PAGE>

notifies the Servicer  that it is unable to act as  Certificate  Registrar,  the
Servicer shall appoint another bank or trust company, having an office or agency
located  in the  State  of  Delaware,  agreeing  to act in  accordance  with the
provisions of this Agreement  applicable to it, and otherwise  acceptable to the
Owner Trustee, to act as successor Certificate Registrar hereunder.

      (b) Upon surrender for  registration of transfer of any Residual  Interest
Certificate at the Owner Trustee Corporate Trust Office, the Owner Trustee shall
execute,  authenticate and deliver (or shall cause its  authenticating  agent to
authenticate  and deliver),  in the name of the designated  transferee,  one new
Residual Interest Certificate having the same residual interest.

      (c) Every  Residual  Interest  Certificate  presented or  surrendered  for
registration  of  transfer  shall be  accompanied  by a  written  instrument  of
transfer in form satisfactory to the Owner Trustee and the Certificate Registrar
duly executed by the Holder thereof or his attorney duly authorized in writing.

      (d) No service  charge shall be made for any  registration  of transfer or
exchange of the Residual Interest Certificate, but the Owner Trustee may require
payment of a sum sufficient to cover any tax or governmental  charge that may be
imposed in connection with any transfer of the Residual Interest Certificate.

      (e) All Residual  Interest  Certificates  surrendered for  registration of
transfer shall be canceled and subsequently destroyed by the Owner Trustee.

      Section 3.09. Mutilated,  Destroyed,  Lost or Stolen Certificates.  If (i)
any mutilated  Certificate is surrendered to the Certificate  Registrar,  or the
Certificate  Registrar receives evidence to its satisfaction of the destruction,
loss or theft of any Certificate, and (ii) there is delivered to the Certificate
Registrar and the Owner Trustee such security or indemnity as may be required by
them to save each of them  harmless,  then,  in the  absence of notice that such
Certificate  has been  acquired by a bona fide  purchaser,  the Owner Trustee on
behalf of the shall  execute and the Owner Trustee or its  authenticating  agent
shall  authenticate  and  deliver,  in  exchange  for or in  lieu  of  any  such
mutilated,  destroyed,  lost or stolen  Certificate,  a new  Certificate of like
tenor and fractional undivided interest.  In connection with the issuance of any
new Certificate under this Section, the Owner Trustee may require the payment by
the Holder of a sum  sufficient  to cover any tax or other  governmental  charge
that may be  imposed in  relation  thereto.  Any  duplicate  Certificate  issued
pursuant to this Section shall constitute complete and indefeasible  evidence of
ownership in the Trust, as if originally issued, whether or not the lost, stolen
or destroyed Certificate shall be found at any time.

      Section  3.10.  Persons  Deemed  Owners.  Prior to due  presentation  of a
Certificate  for  registration of transfer,  the Owner Trustee,  the Certificate
Registrar and any of their respective  agents may treat the Person in whose name
any  Certificate is registered as the owner of such  Certificate for the purpose
of receiving  distributions  pursuant to Section 5.02 and for all other purposes
whatsoever, and none of the Owner Trustee, the Certificate Registrar, any Paying
Agent or any of their  respective  agents shall be affected by any notice of the
contrary.

      Section 3.11.  Access to List of  Certificateholder's  Name and Addresses.
The Owner Trustee shall furnish or cause to be furnished to the Servicer and the
Trust Depositor,  within 15 days after receipt by the Certificate Registrar of a
written request therefor from the Servicer or the Trust Depositor,  the name and
address of the  Certificateholder as of the most recent Record Date in such form
as  the  Servicer  or  the  Trust  Depositor  may  reasonably   require.   Every
Certificateholder,  by  receiving  and  holding a

                                      -12-
<PAGE>

Certificate, agrees with the Servicer, the Trust Depositor and the Owner Trustee
that none of the  Servicer,  the Trust  Depositor or the Owner  Trustee shall be
held  accountable by reason of the disclosure of any such  information as to the
name and address of the  Certificateholder  hereunder,  regardless of the source
from which such information was derived.

      Section  3.12.  Maintenance  of Office or Agency.  The Owner Trustee shall
maintain  in  Delaware,  an office or  offices or agency or  agencies  where the
Certificates  may be surrendered  for  registration  of transfer or exchange and
where  notices  and  demands  to or upon the Owner  Trustee  in  respect  of the
Certificates  and  this  Agreement  may be  served.  The  Owner  Trustee  hereby
designates  the Owner  Trustee  Corporate  Trust  Office as its  office for such
purposes.  The Owner  Trustee  shall  give  prompt  written  notice to the Trust
Depositor,  the  Servicer  and to the  Certificateholder  of any  change  in the
location of the Certificate Register or any such office or agency.

      Section 3.13.  Appointment  of Paying  Agent.  The Paying Agent shall make
distributions  to the Residual  Interest  Certificateholder  pursuant to Section
5.02(a) and shall report the amounts of such distributions to the Owner Trustee.
The Owner Trustee may revoke such power and remove the Paying Agent if the Owner
Trustee  determines  in its sole  discretion  that the Paying  Agent  shall have
failed to perform its obligations  under this Agreement in any material respect.
The Paying Agent  initially  shall be U.S.  Bank National  Association,  and any
co-paying  agent  chosen by the  Paying  Agent that is  acceptable  to the Owner
Trustee.  Each Paying Agent shall be permitted to resign as Paying Agent upon 30
days' written notice to the Owner Trustee.  In the event that U.S. Bank National
Association shall no longer be the Paying Agent, the Owner Trustee shall appoint
a successor to act as Paying Agent (which shall be a bank or trust company). The
Owner Trustee shall cause such successor  Paying Agent or any additional  Paying
Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee
an instrument in which such  successor  Paying Agent or additional  Paying Agent
shall agree with the Owner Trustee that, as Paying Agent,  such successor Paying
Agent or  additional  Paying  Agent will hold all sums,  if any,  held by it for
payment   to  the   Certificateholder   in  trust   for  the   benefit   of  the
Certificateholder  entitled  thereto  until  such  sums  shall  be  paid to such
Certificateholder.  The Paying  Agent shall  return all  unclaimed  funds to the
Owner  Trustee and upon  removal of a Paying  Agent such Paying Agent shall also
return all funds in its  possession  to the Owner  Trustee.  The  provisions  of
Sections 7.01,  7.03, 7.04 and 8.01 shall apply to the Owner Trustee also in its
role as Paying Agent, for so long as the Owner Trustee shall act as Paying Agent
and, to the extent  applicable,  to any other paying agent appointed  hereunder.
Any reference in this  Agreement to the Paying Agent shall include any co-paying
agent unless the context requires otherwise.

      Section 3.14. Ownership by Owner of Trust Certificate.  Owner shall on the
Closing Date purchase from the Trust a Trust Certificate.

      Section  3.15.   Ownership  by  Trust   Depositor  of  Residual   Interest
Certificate. Trust Depositor shall on the Closing Date purchase from the Trust a
Residual Interest Certificate.

                                  ARTICLE IV.

                            ACTIONS BY OWNER TRUSTEE

      Section 4.01.  Prior Notice to Residual  Interest  Certificateholder  with
Respect to Certain Matters. Subject to the provisions and limitations of Section
4.04 with respect to the  following  matters,  the Owner  Trustee shall not take
action unless at least 30 days before the taking of such action, the Owner

                                      -13-
<PAGE>

Trustee shall have notified the Residual Interest  Certificateholder  in writing
of the proposed  action,  the  Indenture  Trustee  shall have  consented to such
action  in the  event  any  Notes  are  outstanding  and the  Residual  Interest
Certificateholder  shall not have notified the Owner Trustee in writing prior to
the 30th day after such notice is given that such Certificateholder has withheld
consent or provided alternative direction:

      (a) the  initiation of any claim or lawsuit by the Trust (except claims or
lawsuits  brought in connection with the collection of the  Receivables) and the
compromise  of any  action,  claim or lawsuit  brought  by or against  the Trust
(except with respect to the aforementioned  claims or lawsuits for collection of
the Receivables);

      (b) the election by the Trust to file an amendment to the  Certificate  of
Trust (unless such  amendment is required to be filed under the Statutory  Trust
Statute);

      (c)  the  amendment  of  the  Indenture  by a  supplemental  indenture  in
circumstances where the consent of any Noteholder is required;

      (d)  the  amendment  of  the  Indenture  by a  supplemental  indenture  in
circumstances  where the  consent of any  Noteholder  is not  required  and such
amendment materially and adversely affects the interest of the Residual Interest
Owner;

      (e) amendment,  change or  modification of the  Administration  Agreement,
except to cure any ambiguity or to amend or supplement any provision in a manner
or add any  provision  that  would  not  materially  and  adversely  affect  the
interests of the Residual Interest Owner; or

      (f)  the  appointment  pursuant  to  the  Indenture  of a  successor  Note
Registrar,  Paying Agent or Indenture Trustee or pursuant to this Agreement of a
successor  Certificate  Registrar,  or the consent to the assignment by the Note
Registrar,  Paying  Agent,  Indenture  Trustee or  Certificate  Registrar of its
obligations under the Indenture or the Agreement, as applicable.

      Section 4.02.  Action by Residual  Interest  Owner with Respect to Certain
Matters.  Subject to the provisions  and  limitations of Section 4.04, the Owner
Trustee  shall not have the power,  except  upon the  written  direction  of the
Residual  Interest  Owner,  to (a) remove the Trust  Administrator  pursuant  to
Section  8 of the  Administration  Agreement,  (b)  appoint  a  successor  Trust
Administrator pursuant to Section 8 of the Administration  Agreement, (c) remove
the Servicer pursuant to Section 8.01 of the Sale and Servicing  Agreement,  (d)
except as expressly provided in the Transaction Documents,  sell the Receivables
or other Trust Assets after the  termination of the Indenture,  (e) initiate any
claim,  suit or  proceeding  by the  Trust  or  compromise  any  claim,  suit or
proceeding  brought  by or  against  the  Trust,  (f)  authorize  the  merger or
consolidation  of the  Trust  with or into any  other  business  trust or entity
(other than in accordance  with Section 3.10 of the  Indenture) or (g) amend the
Certificate  of Trust.  The Owner Trustee shall take the actions  referred to in
the  preceding  sentence only upon written  instructions  signed by the Residual
Interest Owner.

      Section  4.03.   Action  by  Residual   Interest  Owner  with  Respect  to
Bankruptcy.  Subject to Sections  2.12(b) and (f), the Owner  Trustee  shall not
have the power to commence a voluntary  proceeding  in a bankruptcy  relating to
the Trust  without the prior  approval of the  Residual  Interest  Owner and the
delivery to the Owner Trustee by such Residual  Interest  Owner of a certificate
certifying that such Residual Interest Owner reasonably  believes that the Trust
is insolvent.

                                      -14-
<PAGE>

      Section  4.04.  Restrictions  on  Residual  Interest  Owner's  Power.  The
Residual Interest Owner shall not direct the Owner Trustee to take or to refrain
from  taking any action if such  action or  inaction  would be  contrary  to any
obligation of the Trust or the Owner Trustee under this  Agreement or any of the
Transaction  Documents  or would be contrary to the purpose of this Trust as set
forth in Section  2.03,  nor shall the Owner  Trustee be obligated to follow any
such direction, if given.

                                   ARTICLE V.

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

      Section 5.01. Reserved.

      Section 5.02. Application of Trust Funds.

      (a) On each Payment Date, the Paying Agent will distribute to the Residual
Interest Certificateholder amounts received pursuant to Section 2.11 of the Sale
and Servicing Agreement with respect to such Payment Date.

      (b) On each  Payment  Date,  the Paying  Agent shall send to the  Residual
Interest  Certificateholder  the statement or  statements  provided to the Owner
Trustee  by the  Servicer  pursuant  to  Section  9.4 of the Sale and  Servicing
Agreement with respect to such Distribution Date.

      (c) In the  event  that any  withholding  tax is  imposed  on the  Trust's
payment (or  allocation of income) to the Residual  Interest  Certificateholder,
such tax  shall  reduce  the  amount  otherwise  distributable  to the  Residual
Interest  Certificateholder in accordance with this Section. The Paying Agent is
hereby authorized and directed to retain from amounts otherwise distributable to
the Residual  Interest Owner sufficient funds for the payment of any tax that is
legally  owed by the Trust (but such  authorization  shall not prevent the Owner
Trustee from contesting any such tax in appropriate proceedings, and withholding
payment  of  such  tax,  if  permitted  by  law,  pending  the  outcome  of such
proceedings).  The amount of any  withholding  tax imposed  with  respect to the
Residual Interest Certificateholder shall be treated as cash distributed to such
Residual Interest  Certificateholder at the time it is withheld by the Trust and
remitted  to  the  appropriate  taxing  authority.  If  there  is  a  reasonable
possibility that withholding tax is payable with respect to a distribution,  the
Paying Agent may in its sole discretion withhold such amounts in accordance with
this paragraph (c).

      Section 5.03. Method of Payment. Subject to Section 9.01(c) respecting the
final   payment  upon   retirement   of  the  Residual   Interest   Certificate,
distributions required to be made to the Residual Interest  Certificateholder of
record on the related Record Date shall be made by check mailed to such Residual
Interest   Certificateholder   at  the   address  of  such   Residual   Interest
Certificateholder  appearing  in the  Certificate  Register  or, if the Residual
Interest  Certificateholder so elects, via wire transfer to an account specified
by the Residual Interest Certificateholder.

      Section 5.04. No Segregation of Moneys;  No Interest.  Subject to Sections
5.01 and 5.02,  moneys  received  by the  Owner  Trustee  hereunder  need not be
segregated  in any manner  except to the extent  required by law or the Sale and
Servicing Agreement and may be deposited under such general conditions as may be
prescribed  by law, and the Owner  Trustee  shall not be liable for any interest
thereon.

                                      -15-
<PAGE>

      Section  5.05.  Accounting  and  Reports  to  the  Certificateholder,  the
Internal  Revenue  Service and Others.  The Owner Trustee shall (a) maintain (or
cause to be maintained)  the books of the Trust on a calendar year basis and the
accrual method of accounting, (b) deliver to the Residual Interest Owner, as may
be required by the Code and applicable Treasury Regulations, such information as
may be required to enable the Residual Interest Owner to prepare its federal and
state  income tax returns,  (c) file such tax returns  relating to the Trust and
make such  elections as from time to time may be required or  appropriate  under
any applicable state or federal statute or any rule or regulation  thereunder so
as to maintain the federal  income tax  treatment  for the Trust as set forth in
Section 2.11, (d) cause such tax returns to be signed in the manner  required by
law and (e) collect or cause to be collected any withholding tax as described in
and in accordance with Section  5.02(c) with respect to income or  distributions
to Residual  Interest Owner. The Owner Trustee shall elect under Section 1278 of
the Code to include in income  currently  any market  discount that accrues with
respect to the Receivables.  If applicable, the Owner Trustee shall not make the
election provided under Section 754 or Section 761 of the Code.

      Section 5.06. Signature on Returns; Tax Matters Partner.

      (a) The Trust  Depositor shall sign on behalf of the Trust the tax returns
of the Trust.

      (b) If  Subchapter K of the Code should be  applicable  to the Trust,  the
Residual  Interest  Certificateholder  shall  be  designated  the  "tax  matters
partner"  of the  Trust  pursuant  to  Section  6231(a)(7)(A)  of the  Code  and
applicable Treasury Regulations.

                                  ARTICLE VI.

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

      Section 6.01. General Authority. Subject to the provisions and limitations
of Sections  2.03 and 2.06,  the Owner  Trustee is  authorized  and  directed to
execute  and  deliver the  Transaction  Documents  to which the Trust is to be a
party and each  certificate  or other  document  attached  as an  exhibit  to or
contemplated  by the  Transaction  Documents to which the Trust is to be a party
and any amendment or other  agreement,  as evidenced  conclusively  by the Owner
Trustee's execution thereof. In addition to the foregoing,  the Owner Trustee is
authorized,  but shall not be  obligated,  to take all  actions  required of the
Trust  pursuant  to the  Transaction  Documents.  The Owner  Trustee  is further
authorized  from  time to time to take such  action  as the Trust  Administrator
recommends with respect to the Transaction Documents.

      Section 6.02. General Duties. Subject to the provisions and limitations of
Sections  2.03 and 2.06,  it shall be the duty of the Owner Trustee to discharge
(or  cause  to be  discharged  through  the  Trust  Administrator)  all  of  its
responsibilities  pursuant to the terms of this  Agreement  and the  Transaction
Documents  to which  the  Trust is a party  and to  administer  the Trust in the
interest  of  the  Owner  and  the  Residual  Interest  Owner,  subject  to  the
Transaction  Documents and in accordance  with the provisions of this Agreement.
Without  limiting the foregoing,  the Owner Trustee shall on behalf of the Trust
file and  prove  any  claim or  claims  that may  exist  against  the  Seller in
connection  with  any  claims  paying  procedure  as  part of an  insolvency  or
receivership proceeding involving the Seller. Notwithstanding the foregoing, the
Owner Trustee shall be deemed to have discharged its duties and responsibilities
hereunder  and  under  the  Transaction   Documents  to  the  extent  the  Trust
Administrator has agreed in the  Administration  Agreement to perform any act or
to discharge  any duty of the Owner Trustee  hereunder or under any  Transaction
Document,  and the Owner  Trustee  shall not be held  liable for the  default or
failure  of the  Trust  Administrator  to carry  out its  obligations  under the
Administration Agreement.

                                      -16-
<PAGE>

      Section 6.03. Action Upon Instruction.

      (a)  Subject  to  Article  Four,  in  accordance  with  the  terms  of the
Transaction  Documents  the Owner may by  written  instruction  direct the Owner
Trustee in the management of the Trust.

      (b) Owner  Trustee  shall not be required to take any action  hereunder or
under any other Transaction  Document if the Owner Trustee shall have reasonably
determined, or shall have been advised by counsel, that such action is likely to
result in liability on the part of the Owner Trustee or is contrary to the terms
hereof or of any other Transaction Document or is otherwise contrary to law.

      (c) Whenever  the Owner  Trustee is unable to decide  between  alternative
courses of action  permitted or required by the terms of this Agreement or under
any other Transaction Document, the Owner Trustee shall promptly give notice (in
such form as shall be appropriate under the  circumstances) to the Owner and the
Residual Interest Owner requesting  instruction as to the course of action to be
adopted,  and to the extent the Owner  Trustee acts in good faith in  accordance
with any  written  instruction  of the Owner  and the  Residual  Interest  Owner
received, the Owner Trustee shall not be liable on account of such action to any
Person.  If the Owner Trustee shall not have  received  appropriate  instruction
within  ten days of such  notice  (or  within  such  shorter  period  of time as
reasonably  may be  specified  in such  notice  or may be  necessary  under  the
circumstances)  it may,  but  shall be under no duty to,  take or  refrain  from
taking  such  action  not  inconsistent   with  this  Agreement  and  the  other
Transaction Documents, as it shall deem to be in the best interests of the Owner
and the Residual  Interest Owner,  and shall have no liability to any Person for
such action or inaction.

      (d) In the event that the Owner Trustee is unsure as to the  applicability
of any provision of this Agreement or any other Transaction Document or any such
provision  is  ambiguous  as to its  application,  or is, or  appears  to be, in
conflict  with  any  other  applicable  provision,  or in the  event  that  this
Agreement  permits  any  determination  by the  Owner  Trustee  or is  silent or
incomplete as to the course of action that the Owner Trustee is required to take
with respect to a particular set of facts, the Owner Trustee may give notice (in
such form as shall be appropriate under the  circumstances) to the Owner and the
Residual Interest Owner requesting instruction and, to the extent that the Owner
Trustee acts or refrains from acting in good faith in  accordance  with any such
instruction received,  the Owner Trustee shall not be liable, on account of such
action or inaction,  to any Person. If the Owner Trustee shall not have received
appropriate  instruction  within ten days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary
under the  circumstances) it may, but shall be under no duty to, take or refrain
from  taking  such  action not  inconsistent  with this  Agreement  or the other
Transaction Documents, as it shall deem to be in the best interests of the Owner
and the Residual  Interest Owner,  and shall have no liability to any Person for
such action or inaction.

      (e) Notwithstanding  anything contained herein to the contrary,  the Owner
Trustee shall not be required to take any action in any jurisdiction  other than
in the State of  Delaware  if the taking of such  action  will (i)  require  the
registration  with,  licensing by or the taking of any other  similar  action in
respect  of,  any  state  or  other  governmental  authority  or  agency  of any
jurisdiction  other than the State of Delaware  by or with  respect to the Owner
Trustee; (ii) result in any fee, tax or other governmental charge under the laws
of any  jurisdiction or any political  subdivisions  thereof in existence on the
date hereof other than the State of Delaware being payable by the Owner Trustee;
or (iii) subject the Owner Trustee to personal  jurisdiction in any jurisdiction
other  than the  State of  Delaware  for  causes  of  action  arising  from acts
unrelated  to  the  consummation  of  the  transactions  by  the  Owner  Trustee
contemplated  in this  Agreement.  In the  event  that  the  Owner  Trustee  has
determined  that any action set forth in clauses  (i)-

                                      -17-
<PAGE>

(iii) will result in the consequences  stated therein,  the Trust  Administrator
and the Owner  Trustee  shall  appoint one or more Persons to act as  co-trustee
pursuant to Section 10.05.

      Section  6.04.  No Duties  Except as  Specified  in this  Agreement  or in
Instructions. The Owner Trustee shall not have any duty or obligation to manage,
make any  payment  with  respect  to,  register,  record,  sell,  dispose  of or
otherwise  deal with the Trust  Estate,  or to  otherwise  take or refrain  from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee is a party, except as expressly provided by the terms
of this Agreement or any document or written  instruction  received by the Owner
Trustee pursuant to Section 6.03; and no implied duties or obligations  shall be
read into this  Agreement or any other  Transaction  Document  against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing
or  continuation  statement  in any  public  office at any time or to  otherwise
perfect or maintain the  perfection of any security  interest or lien granted to
it  hereunder  or to prepare or file any  Commission  filing for the Trust or to
record this  Agreement  or any other  Transaction  Document.  The Owner  Trustee
nevertheless agrees that it will, at its own cost and expense, promptly take all
action  as may be  necessary  to  discharge  any  Liens on any part of the Trust
Estate that result from actions by, or claims  against,  the Owner  Trustee that
are not related to the ownership or the administration of the Trust Estate.

      Section 6.05. No Action Except Under Specified  Documents or Instructions.
The Owner Trustee shall not manage,  control, use, sell, dispose of or otherwise
deal with any part of the Trust Estate except (i) in accordance  with the powers
granted to and the authority  conferred upon the Owner Trustee  pursuant to this
Agreement,  (ii) in accordance with the other Transaction Documents and (iii) in
accordance  with any  document or  instruction  delivered  to the Owner  Trustee
pursuant to Section 6.03.

      Section  6.06.  Restrictions.  The Owner Trustee shall not take any action
(i) that is  inconsistent  with the  purposes  of the Trust set forth in Section
2.03 or (ii) that, to the actual knowledge of a Responsible Officer of the Owner
Trustee,  would  result in the Trust's  becoming  taxable as a  corporation  for
federal  or state  income  tax  purposes.  Neither  the Owner  nor the  Residual
Interest Owner shall direct the Owner Trustee to take actions that would violate
the provisions of this Section.

                                  ARTICLE VII.

                          CONCERNING THE OWNER TRUSTEE

      Section 7.01.  Acceptance of Trusts and Duties.  The Owner Trustee accepts
the  trusts  hereby  created  and agrees to perform  its duties  hereunder  with
respect  to such  trusts  but only upon the terms of this  Agreement.  The Owner
Trustee also agrees to disburse all moneys actually  received by it constituting
part of the Trust Estate upon the terms of the  Transaction  Documents  and this
Agreement. The Owner Trustee shall not be answerable or accountable hereunder or
under any other Transaction Document under any circumstances, except (i) for its
own willful  misconduct or  negligence or (ii) in the case of the  inaccuracy of
any  representation or warranty  contained in Section 7.03 expressly made by the
Owner Trustee.  In particular,  but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence):

      (a) the Owner  Trustee  shall not be liable for any error of judgment made
by a  responsible  officer of the Owner  Trustee which did not result from gross
negligence on the part of such responsible officer;

                                      -18-
<PAGE>

      (b) the Owner Trustee shall not be liable with respect to any action taken
or omitted to be taken by it in accordance  with the  instructions  of the Trust
Administrator or the Owner and the Residual Interest Owner;

      (c) no provision of this Agreement or any other Transaction Document shall
require  the  Owner  Trustee  to  expend or risk  funds or  otherwise  incur any
financial  liability in the performance of any of its rights or powers hereunder
or under any  Transaction  Document if the Owner Trustee  shall have  reasonable
grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured or provided to it;

      (d)  under  no  circumstances  shall  the  Owner  Trustee  be  liable  for
indebtedness  evidenced by or arising  under any of the  Transaction  Documents,
including the principal of and interest on the Notes;

      (e) the Owner  Trustee shall not be  responsible  for or in respect of the
validity or sufficiency of this Agreement or for the due execution hereof by the
Trust Depositor or for the form, character,  genuineness,  sufficiency, value or
validity  of any of the Trust  Estate,  or for or in respect of the  validity or
sufficiency  of  the  Transaction  Documents,  other  than  the  certificate  of
authentication on the Trust  Certificate and the Residual Interest  Certificate,
and the Owner Trustee shall in no event assume or incur any liability,  duty, or
obligation  to any  Noteholder or to the Owner or the Residual  Interest  Owner,
other  than as  expressly  provided  for  herein or  expressly  agreed to in the
Transaction Documents;

      (f)  Neither  the  Owner  Trustee  nor the Owner  shall be liable  for the
default or  misconduct  of the Trust  Administrator,  the Trust  Depositor,  the
Residual  Interest Owner, the Indenture Trustee or the Servicer under any of the
Transaction  Documents  or  otherwise  and  the  Owner  Trustee  shall  have  no
obligation  or  liability  to perform  the  obligations  of the Trust under this
Agreement or the other  Transaction  Documents that are required to be performed
by the Trust  Administrator  under the Administration  Agreement,  the Indenture
Trustee  under the  Indenture or the Servicer or the Trust  Depositor  under the
Sale and Servicing Agreement; and

      (g) the Owner  Trustee shall be under no obligation to exercise any of the
rights or powers  vested in it by the  Agreement,  or to  institute,  conduct or
defend any  litigation  under this Agreement or otherwise or in relation to this
Agreement or any other Transaction Document, at the request,  order or direction
of the Owner or the  Residual  Interest  Owner unless such Owner or the Residual
Interest  Owner  has  offered  to  the  Owner  Trustee   security  or  indemnity
satisfactory  to it against  the costs,  expenses  and  liabilities  that may be
incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee
to perform any  discretionary  act  enumerated in this Agreement or in any other
Transaction  Document  shall not be construed as a duty,  and the Owner  Trustee
shall not be answerable for other than its  negligence or willful  misconduct in
the performance of any such act.

      Section 7.02. Furnishing of Documents.  The Owner Trustee shall furnish to
the Owner and the Residual  Interest  Owner  promptly  upon receipt of a written
request  therefor,  duplicates  or copies  of all  reports,  notices,  requests,
demands, certificates,  financial statements and any other instruments furnished
to the Owner Trustee under the Transaction Documents.

      Section 7.03.  Representations  and Warranties of the Owner  Trustee.  The
Owner  Trustee  hereby  represents  and warrants to the Trust  Depositor and the
Owner and the Residual Interest Owner that:

                                      -19-
<PAGE>

      (a) It is a banking  corporation  duly  organized and validly  existing in
good  standing  under the laws of the State of  Delaware.  It has all  requisite
corporate  power and authority to execute,  deliver and perform its  obligations
under this Agreement.

      (b) It has taken all corporate action necessary to authorize the execution
and delivery by it of this  Agreement,  and this  Agreement will be executed and
delivered by one of its officers who is duly  authorized  to execute and deliver
this Agreement on its behalf.

      (c) Neither the  execution nor the delivery by it of this  Agreement,  nor
the consummation by it of the transactions contemplated hereby nor compliance by
it with any of the terms or provisions  hereof will  contravene  any  applicable
Requirements of Law,  including,  without  limitation,  federal or Delaware law,
governmental  rule or  regulation  governing  the banking or trust powers of the
Owner Trustee or any judgment or order binding on it, or constitute  any default
under its charter  documents  or bylaws or any  indenture,  mortgage,  contract,
agreement or instrument to which it is a party or by which any of its properties
may be bound or result in the  creation  or  imposition  of any Lien,  charge or
encumbrance on the Trust Estate  resulting from actions by or claims against the
Owner Trustee  individually  which are unrelated to this  Agreement or the other
Transaction Documents.

      Section 7.04. Reliance; Advice of Counsel.

      (a) The Owner  Trustee  shall incur no  liability to anyone in acting upon
any  signature,   instrument,  notice,  resolution,   request,  consent,  order,
certificate,  report, opinion, bond or other document or paper believed by it to
be genuine and believed by it to be signed by the proper  party or parties.  The
Owner  Trustee  may  accept a  certified  copy of a  resolution  of the board of
directors or other governing body of any corporate party as conclusive  evidence
that such  resolution has been duly adopted by such body and that the same is in
full force and effect.  As to any fact or matter the method of  determination of
which is not  specifically  prescribed  herein,  the Owner  Trustee  may for all
purposes  hereof  rely on a  certificate,  signed by the  president  or any vice
president  or by the  treasurer  or other  authorized  officers of the  relevant
party,  as to such fact or matter and such  certificate  shall  constitute  full
protection  to the Owner  Trustee for any action taken or omitted to be taken by
it in good faith in reliance thereon.

      (b) In the exercise or  administration  of the trusts hereunder and in the
performance  of its duties and  obligations  under this  Agreement  or the other
Transaction  Documents,  the Owner  Trustee (i) may act  directly or through its
agents or attorneys  pursuant to agreements entered into by any of them, and the
Owner  Trustee  shall not be liable for the conduct or misconduct of such agents
or attorneys as shall have been  selected by the Owner  Trustee with  reasonable
care, and (ii) may consult with counsel,  accountants  and other skilled persons
to be selected with  reasonable care and employed by it. The Owner Trustee shall
not be liable  for  anything  done,  suffered  or omitted in good faith by it in
accordance with the written  opinion or advice of any such counsel,  accountants
or other such persons.

      Section  7.05.  Not Acting in Individual  Capacity.  Except as provided in
this Article Seven,  in accepting the trusts hereby  created,  Wilmington  Trust
Company  acts  solely  as  Owner  Trustee  hereunder  and not in its  individual
capacity,  and all Persons  having any claim against the Owner Trustee by reason
of the  transactions  contemplated  by this  Agreement or any other  Transaction
Document  shall  look only to the  Trust  Estate  for  payment  or  satisfaction
thereof.

      Section  7.06.  Owner Trustee Not Liable for Trust  Certificate,  Residual
Interest Certificate Notes or Receivables.  The recitals contained herein and in
the Trust  Certificate  and the Residual  Interest

                                      -20-
<PAGE>

Certificate (other than the signature and  countersignature of the Owner Trustee
and the certificate of  authentication on such  Certificates)  shall be taken as
the  statements  of the Trust  Depositor,  and neither the Owner Trustee nor the
Owner assumes  responsibility  for the  correctness  thereof.  The Owner Trustee
makes no  representations  as to the validity or sufficiency of this  Agreement,
any other Transaction Document or the Certificates (other than the signature and
countersignature  of the Owner Trustee and the certificate of  authentication on
the Certificates) or the Notes, or of any Receivable or related  documents.  The
Owner Trustee shall at no time have any  responsibility or liability for or with
respect to the legality,  validity and enforceability of any Receivable,  or the
perfection and priority of any security  interest in any security  relating to a
Receivable or the  maintenance of any such  perfection  and priority,  or for or
with respect to the  sufficiency  of the Trust Estate or its ability to generate
the payments to be distributed to the Residual Interest  Certificateholder under
this  Agreement  or the  Noteholders  under the  Indenture,  including,  without
limitation,  the  existence,  condition  and  ownership of any  Receivable;  the
existence  and  enforceability  of any  insurance  thereon;  the  existence  and
contents of any Receivable on any computer or other record thereof; the validity
of  the  assignment  of  any  Receivable  to the  Trust  or of  any  intervening
assignment;  the completeness of any Receivable;  the performance or enforcement
of any  Receivable;  the compliance by the Trust  Depositor or the Servicer with
any warranty or  representation  made under any  Transaction  Document or in any
related document or the accuracy of any such warranty or representation;  or any
action of the Trust Administrator,  the Indenture Trustee or the Servicer or any
subservicer taken in the name of the Owner Trustee.

      Section 7.07.  Owner  Trustee May Own  Certificates  and Notes.  The Owner
Trustee in its  individual or any other capacity may become the owner or pledgee
of the Certificates or Notes and may deal with the Trust  Depositor,  the Owner,
the Residual Interest Owner, the Trust Administrator,  the Indenture Trustee and
the Servicer in banking transactions with the same rights as it would have if it
were not Owner Trustee.

                                 ARTICLE VIII.

                          COMPENSATION OF OWNER TRUSTEE

      Section 8.01.  Owner Trustee's Fees and Expenses.  The Owner Trustee shall
receive as compensation for its services hereunder such fees as are provided for
and  paid  pursuant  to  Section  2.11  of the  Sale  and  Servicing  Agreement.
Additionally,  the Owner Trustee shall be entitled to be reimbursed by the Trust
Depositor or Servicer for its other reasonable out-of-pocket expenses hereunder,
including  the  reasonable  compensation,  expenses  and  disbursements  of such
agents, representatives,  experts and counsel as the Owner Trustee may employ in
connection  with the  exercise  and  performance  of its  rights  and its duties
hereunder.

      Section  8.02.  Indemnification.  The Trust  Depositor  shall be liable as
primary  obligor for, and shall  indemnify the Owner Trustee and its successors,
assigns and servants (collectively, the "Indemnified Parties") from and against,
any and all liabilities,  obligations,  losses,  damages, taxes, claims, actions
and  suits,  and  any and  all  reasonable  costs,  expenses  and  disbursements
(including reasonable legal fees and expenses) of any kind and nature whatsoever
(collectively,  "Expenses")  which may at any time be imposed on, incurred by or
asserted against the Owner Trustee or any Indemnified  Party in any way relating
to or arising out of this Agreement,  the other Transaction Documents, the Trust
Estate,  the administration of the Trust Estate or the action or inaction of the
Owner  Trustee  hereunder,  except  only that the Trust  Depositor  shall not be
liable for or  required  to  indemnify  an  Indemnified  Party from and  against
Expenses  arising or  resulting  from any of the matters  described in the third
sentence  of  Section

                                      -21-
<PAGE>

7.01  or  in  respect  of  the  payment  performance  of  the  Receivables.  The
indemnities   contained  in  this  Section  shall  survive  the  resignation  or
termination of the Owner Trustee or the  termination of this  Agreement.  In the
event of any claim,  action or  proceeding  for which  indemnity  will be sought
pursuant to this Section,  the Owner Trustee's  choice of legal counsel shall be
subject to the  approval of the Trust  Depositor,  which  approval  shall not be
unreasonably withheld.

      Section 8.03. Payments to the Owner Trustee. Any amounts paid to the Owner
Trustee  pursuant to this Article  shall be deemed not to be a part of the Trust
Estate immediately after such payment.

                                  ARTICLE IX.

                         TERMINATION OF TRUST AGREEMENT

      Section 9.01. Termination of Trust Agreement.

      (a) This Trust shall dissolve upon written notice, which shall be provided
by the Trust  Depositor to the Owner Trustee,  only after the earlier of (i) the
date after the Facility  Termination  Date on which all  Aggregate  Outstandings
have  been paid in full and  final  distribution  of  payments  to the  Residual
Interest Certificates as required hereunder (the "Trust Termination Date"), (ii)
dissolution  of the Trust in accordance  with  applicable law and (iii) the time
provided in Section 9.02. The  bankruptcy,  liquidation,  dissolution,  death or
incapacity of any Owner,  other than the Trust Depositor as described in Section
9.02,  shall not (i) operate to  terminate  this  Agreement  or the Trust,  (ii)
entitle such Owner's legal representatives or heirs to claim an accounting or to
take any action or  proceeding in any court for a partition or winding up of all
or any part of the Trust or Trust Estate or (iii)  otherwise  affect the rights,
obligations and liabilities of the parties hereto.

      (b) Except as provided in Section 9.01(a), neither the Trust Depositor nor
any Holder shall be entitled to revoke or terminate the Trust.

      (c) Notice of any  dissolution  of the Trust,  specifying the Payment Date
upon which the Residual Interest  Certificateholder shall surrender its Residual
Interest  Certificate to the Paying Agent for payment of the final  distribution
and  cancellation,  shall  be  given  by the  Owner  Trustee  by  letter  to the
Certificateholder  mailed  within  five  Business  Days of  receipt of notice of
termination from the Servicer, stating (i) the Payment Date upon or with respect
to which final payment of the Residual  Interest  Certificate shall be made upon
presentation and surrender of the Residual Interest Certificate at the office of
the Paying Agent therein  designated,  (ii) the amount of any such final payment
and (iii) that the Record Date otherwise  applicable to such Payment Date is not
applicable,  payments  being made only upon  presentation  and  surrender of the
Residual  Interest  Certificate  at the  office  of  the  Paying  Agent  therein
specified. The Owner Trustee shall give such notice to the Certificate Registrar
(if other than the Owner  Trustee)  and the Paying Agent at the time such notice
is given to the  Residual  Interest  Certificateholder.  Upon  presentation  and
surrender of the Residual Interest Certificates, the Paying Agent shall cause to
be distributed to the Residual Interest  Certificateholder amounts distributable
on such Payment Date pursuant to Section 5.02.

      (d) In the event that the Residual  Interest  Certificateholder  shall not
surrender its Residual Interest  Certificate for cancellation  within six months
after  the date  specified  in the above  mentioned  written  notice,  the Owner
Trustee  shall  give  a  second  written   notice  to  such  Residual   Interest

                                      -22-
<PAGE>

Certificateholder   to  surrender   its  Residual   Interest   Certificate   for
cancellation and receive the final distribution with respect thereto.  If within
one year after the second  notice the Residual  Interest  Certificate  shall not
have been surrendered for  cancellation,  the Owner Trustee may take appropriate
steps,  or may  appoint  an agent to take  appropriate  steps,  to  contact  the
Residual  Interest  Certificateholder   concerning  surrender  of  its  Residual
Interest  Certificate,  and the cost thereof  shall be paid out of the funds and
other assets that shall remain subject to this Agreement. Any funds remaining in
the Trust after  exhaustion of such remedies  shall be  distributed by the Owner
Trustee to the Trust Depositor.

      (e) Upon the  winding up of the Trust and  payment of all  liabilities  in
accordance with Section 3808 of the Statutory  Trust Statute,  the Owner Trustee
shall cause the  Certificate  of Trust to be canceled by filing a certificate of
cancellation  with the Secretary of State in accordance  with the  provisions of
Section  3810 of the  Statutory  Trust  Statute  at which  time the Trust  shall
terminate. The Trust Administrator shall be the liquidator of the Trust.

      Section 9.02. Dissolution upon Bankruptcy of Trust Depositor or Withdrawal
or Removal of Trust Depositor.  In the event that an Insolvency Proceeding shall
occur with respect to the Trust Depositor or the Trust Depositor shall withdraw,
liquidate or be removed from the Trust,  this  Agreement  shall be terminated in
accordance with Section 9.01 ninety (90) days after the date of such event.  The
Trust Depositor shall not voluntarily withdraw, liquidate or be removed from the
Trust.  Promptly after the occurrence of any Insolvency  Proceeding with respect
to the Trust  Depositor,  the Trust Depositor shall give the Indenture  Trustee,
Owner  Trustee  and  Facility  Administrator  written  notice  thereof,  and the
Indenture  Trustee shall give prompt written notice to the Noteholders  thereof.
Upon a termination  pursuant to this Section, the Owner Trustee shall direct the
Indenture Trustee promptly to sell the Trust Assets in a commercially reasonable
manner and on commercially  reasonable terms. The proceeds of such a sale of the
Trust Assets shall be treated as Available  Amounts under the Sale and Servicing
Agreement.

                                   ARTICLE X.

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

      Section  10.01.  Eligibility  Requirements  for Owner  Trustee.  The Owner
Trustee shall at all times be a corporation satisfying the provisions of Section
3807(a) of the Statutory Trust Statute;  authorized to exercise  corporate trust
powers;  and having a combined  capital and surplus of at least  $50,000,000 and
subject to  supervision  or  examination  by federal or state  authorities;  and
having (or having a parent  that has) a rating of at least Baa3 by  Moody's.  If
such corporation  shall publish reports of condition at least annually  pursuant
to  law  or to  the  requirements  of the  aforesaid  supervising  or  examining
authority,  then for the  purpose of this  Section,  the  combined  capital  and
surplus  of such  corporation  shall be deemed to be its  combined  capital  and
surplus as set forth in its most recent  report of condition so  published.  Any
Person meeting the requirements for an owner trustee under this Section 10.01 is
referred to herein as "Eligible  Owner  Trustee".  In case at any time the Owner
Trustee  shall cease to be eligible in  accordance  with the  provisions of this
Section,  the Owner Trustee shall resign  immediately in the manner and with the
effect specified in Section 10.02.

      Section 10.02.  Resignation or Removal of Owner Trustee. The Owner Trustee
may at any time  resign  and be  discharged  from the trusts  hereby  created by
giving  written notice  thereof 30 days prior to the Trust  Administrator.  Upon
receiving such notice of  resignation,  the Trust  Administrator  shall promptly
appoint a successor  Owner Trustee,  which  successor shall be an Eligible Owner
Trustee, by

                                      -23-
<PAGE>

written  instrument,  in  duplicate,  one  copy of  which  instrument  shall  be
delivered to the resigning  Owner  Trustee and one copy to the  successor  Owner
Trustee.  If no successor  Owner  Trustee  shall have been so appointed and have
accepted  appointment  within  30  days  after  the  giving  of such  notice  of
resignation,  the  resigning  Owner  Trustee may petition any court of competent
jurisdiction  for the appointment of a successor Owner Trustee which shall be an
Eligible Owner Trustee.

      If at any time the Owner  Trustee shall cease to be eligible in accordance
with the  provisions  of Section  10.01 and shall fail to resign  after  written
request therefor by the Trust Administrator, or if at any time the Owner Trustee
shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a
receiver  of the Owner  Trustee or of its  property  shall be  appointed  or any
public  officer  shall take  charge or  control  of the Owner  Trustee or of its
property  or  affairs  for  the  purpose  of  rehabilitation,   conservation  or
liquidation, then the Trust Administrator,  may remove the Owner Trustee. If the
Trust  Administrator  shall remove the Owner  Trustee under the authority of the
immediately preceding sentence, the Trust Administrator shall promptly appoint a
successor  Owner  Trustee  which shall be an Eligible  Owner  Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
outgoing  Owner Trustee so removed and one copy to the successor  Owner Trustee,
and shall pay all fees owed to the outgoing Owner Trustee.

      Any  resignation  or removal of the Owner  Trustee  and  appointment  of a
successor Owner Trustee  pursuant to any of the provisions of this Section shall
not become  effective  until  acceptance of appointment  by the successor  Owner
Trustee  pursuant to Section  10.03 and payment of all fees and expenses owed to
the outgoing Owner Trustee.

      Section  10.03.  Successor  Owner  Trustee.  Any  successor  Owner Trustee
appointed  pursuant to Section 10.02 shall execute,  acknowledge  and deliver to
the Trust  Administrator,  and to its  predecessor  Owner  Trustee an instrument
accepting such appointment  under this Agreement,  and thereupon the resignation
or removal of the  predecessor  Owner Trustee shall become  effective,  and such
successor  Owner  Trustee,  without any further act, deed or  conveyance,  shall
become fully vested with all the rights,  powers,  duties and obligations of its
predecessor  under this  Agreement,  with like effect as if originally  named as
Owner Trustee.  The predecessor Owner Trustee shall upon payment of its fees and
expenses deliver to the successor Owner Trustee all documents and statements and
monies  held by it under this  Agreement;  and the Trust  Administrator  and the
predecessor Owner Trustee shall execute and deliver such instruments and do such
other things as may  reasonably be required for fully and certainly  vesting and
confirming in the successor  Owner Trustee all such rights,  powers,  duties and
obligations.

      No successor  Owner Trustee shall accept  appointment  as provided in this
Section unless at the time of such acceptance such successor Owner Trustee shall
be an Eligible Owner Trustee pursuant to Section 10.01.

      Upon  acceptance of appointment by a successor  Owner Trustee  pursuant to
this  Section,  the  Trust  Administrator  shall  mail  notice  thereof  to  the
Certificateholders,  the Indenture Trustee,  the Facility  Administrator and the
Noteholders.  If the Trust  Administrator  shall fail to mail such notice within
ten Business Days after  acceptance of such  appointment by the successor  Owner
Trustee, the successor Owner Trustee shall cause such notice to be mailed at the
expense of the Trust Administrator.

      Section 10.04.  Merger or Consolidation of Owner Trustee.  Any corporation
into which the Owner  Trustee may be merged or converted or with which it may be
consolidated,  or any  corporation  resulting  from any  merger,  conversion  or
consolidation to which the Owner Trustee shall be a party, or

                                      -24-
<PAGE>

any corporation  succeeding to all or  substantially  all of the corporate trust
business  of the Owner  Trustee,  shall be the  successor  of the Owner  Trustee
hereunder,  without the execution or filing of any instrument or any further act
on the  part of any of the  parties  hereto,  anything  herein  to the  contrary
notwithstanding;  provided,  that such corporation shall be eligible pursuant to
Section 10.01.

      Section   10.05.   Appointment   of   Co-Trustee   or  Separate   Trustee.
Notwithstanding  any other  provisions of this  Agreement,  at any time, for the
purpose of meeting any legal  requirements of any jurisdiction in which any part
of the Trust Estate may at the time be located,  the Trust Administrator and the
Owner Trustee  acting jointly shall have the power and shall execute and deliver
all  instruments  to  appoint  one  or  more  Persons   approved  by  the  Trust
Administrator  and Owner  Trustee to act as  co-trustee,  jointly with the Owner
Trustee, or as separate trustee or separate trustees,  of all or any part of the
Trust Estate,  and to vest in such Person,  in such capacity,  such title to the
Trust or any part thereof and,  subject to the other provisions of this Section,
such powers, duties,  obligations,  rights and trusts as the Trust Administrator
and the  Owner  Trustee  may  consider  necessary  or  desirable.  If the  Trust
Administrator  shall not have joined in such appointment within 15 Business Days
after the  receipt by it of a request so to do, the Owner  Trustee  alone  shall
have the power to make such appointment. No co-trustee or separate trustee under
this Agreement shall be required to meet the terms of eligibility as a successor
Owner Trustee  pursuant to Section 10.01 and no notice of the appointment of any
co-trustee or separate trustee shall be required pursuant to Section 10.03.

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

      (a) all rights,  powers,  duties and obligations conferred or imposed upon
the Owner  Trustee  shall be  conferred  upon and  exercised or performed by the
Owner  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 Owner 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 Owner  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 Trust Estate 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 Owner
Trustee;

      (b) no trustee under this Agreement  shall be personally  liable by reason
of any act or omission of any other trustee under this Agreement; and

      (c) the Trust  Administrator  and the Owner Trustee  acting jointly may at
any time accept the resignation of or remove any separate trustee or co-trustee.

      Any notice,  request or other  writing given to the Owner 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 Agreement and the conditions
of this Article.  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,  either  jointly  with the  Owner  Trustee  or
separately,  as may be provided  therein,  subject to all the provisions of this
Agreement,  specifically including every provision of this Agreement relating to
the conduct of, affecting the liability of or affording protection to, the Owner
Trustee.  Each such instrument  shall be

                                      -25-
<PAGE>

filed with the Owner Trustee and a copy thereof given to the Trust Administrator
and the Facility Administrator.

      Any  separate  trustee or  co-trustee  may at any time  appoint  the Owner
Trustee as 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
Agreement 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
Owner Trustee,  to the extent permitted by law, without the appointment of a new
or successor co-trustee or separate trustee.

                                  ARTICLE XI.

                                  MISCELLANEOUS

      Section 11.01. Supplements and Amendments.

      (a) The  Agreement  may be amended by the Trust  Depositor,  and the Owner
Trustee,   without   the   consent   of   any   of   the   Noteholders   or  the
Certificateholders,  to  cure  any  ambiguity,  to  correct  or  supplement  any
provisions  in this  Agreement  or to add any other  provisions  with respect to
matters or questions arising under this Agreement that shall not be inconsistent
with the provisions of this Agreement;  provided,  however, that any such action
shall  not,  as  evidenced  by an Opinion of  Counsel,  adversely  affect in any
material respect the interests of any Noteholder or the Certificateholders.

      (b) This  Agreement  may also be  amended  from  time to time by the Trust
Depositor, and the Owner Trustee, with the consent of the Note Majority, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement, or of modifying in any manner the rights of
the  Noteholders  or the  Certificateholders;  provided,  however,  that no such
amendment shall increase or reduce in any manner the amount of, or accelerate or
delay the timing of, (i) collections of payments on Receivables or distributions
that shall be  required  to be made for the  benefit of the  Noteholders  or the
Certificateholder,  or (ii) eliminate the  Certificateholders  consent or reduce
the aforesaid  percentage  of the  Outstanding  Amount of the Notes  required to
consent  to any such  amendment,  without  the  consent  of the  Holders  of all
outstanding Notes and the Residual Interest Certificate.

      (c) Prior to the  execution of any such  amendment  or consent,  the Trust
Depositor shall furnish written  notification of the substance of such amendment
or consent,  together with a copy thereof,  to the Indenture Trustee,  the Trust
Administrator and the Facility Administrator.

      (d) Promptly  after the  execution of any such  amendment or consent,  the
Owner  Trustee  shall  furnish  written  notification  of the  substance of such
amendment or consent to each  Certificateholder.  It shall not be necessary  for
the consent of the  Certificateholders,  Noteholders  or the  Indenture  Trustee
pursuant  to this  Section  to  approve  the  particular  form  of any  proposed
amendment or consent,  but it shall be  sufficient if such consent shall approve
the  substance  thereof.  The manner of obtaining  such  consents (and any other
consents of the  Certificateholders  provided  for in this  Agreement  or in any
other Transaction Document) and of evidencing the authorization of the execution
thereof  by  the   Certificateholders   shall  be  subject  to  such  reasonable
requirements as the Owner Trustee may prescribe.

      (e) Promptly  after the execution of any amendment to the  Certificate  of
Trust,  the Owner  Trustee  shall  cause the filing of such  amendment  with the
Secretary of State.

                                      -26-
<PAGE>

      (f) Prior to the  execution  of any  amendment  to this  Agreement  or the
Certificate  of Trust,  the Owner  Trustee shall be entitled to receive and rely
upon an Opinion of Counsel  stating  that the  execution  of such  amendment  is
authorized or permitted by this Agreement.  The Owner Trustee may, but shall not
be obligated to, enter into any such amendment that affects the Owner  Trustee's
own rights, duties or immunities under this Agreement or otherwise.

      Section  11.02.  No Legal Title to Trust Estate in Owner.  The Owner shall
not have legal  title to any part of the Trust  Estate.  The  Residual  Interest
Owner shall be entitled to receive  distributions  with respect to its undivided
residual  economic interest herein only in accordance with Articles V and IX. No
transfer,  by operation of law or otherwise,  of any right, title or interest of
the Owner or the Residual Interest Owner to and in their respective interests in
the Trust  Estate  shall  operate  to  terminate  this  Agreement  or the trusts
hereunder or entitle any transferee to an accounting or to the transfer to it of
legal title to any part of the Trust Estate.

      Section 11.03.  Limitations on Rights of Others.  Except for Section 2.07,
the  provisions  of this  Agreement  are  solely  for the  benefit  of the Owner
Trustee, the Trust Depositor,  the Owner, the Residual Interest Owner, the Trust
Administrator  and,  to the extent  expressly  provided  herein,  the  Indenture
Trustee and the  Noteholders,  and nothing in this Agreement (other than Section
2.07),  whether  express or  implied,  shall be  construed  to give to any other
Person  any legal or  equitable  right,  remedy or claim in the Trust  Estate or
under or in respect of this Agreement or any covenants, conditions or provisions
contained herein.

      Section 11.04. Notices. All notices, demands,  certificates,  requests and
communications  hereunder ("notices") shall be in writing and shall be effective
(a) upon receipt when sent through the U.S. mails, registered or certified mail,
return receipt requested, postage prepaid, with such receipt to be effective the
date of delivery indicated on the return receipt,  or (b) one Business Day after
delivery to an overnight courier, or (c) on the date personally  delivered to an
Authorized Officer of the party to which sent, or (d) on the date transmitted by
legible  telecopier  transmission  with a confirmation of receipt,  in all cases
addressed to the recipient as set forth in the Sale and Servicing  Agreement for
such  party;  provided  that any  notices  to the Owner  shall be  addressed  as
follows:

               GSS Holdings, Inc.
               114 West 47th Street
               Suite 1715
               New York, New York 10036
               Attn:  Kevin Burns
               Telecopier No.:  (212) 302-8767

Each party  hereto may, by notice  given in  accordance  herewith to each of the
other  parties  hereto,  designate  any  further or  different  address to which
subsequent notices shall be sent.

      Section  11.05.  Severability  of  Provisions.  If any  one or more of the
covenants,  agreements,  provisions, or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants,  agreements,  provisions or
terms  shall be  deemed  severable  from the  remaining  covenants,  agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability  of the other provisions of this Agreement or of the Certificates
or the rights of the Holders thereof.

                                      -27-
<PAGE>

      Section  11.06.  Counterparts.  This  Agreement may be executed in several
counterparts,  each  of  which  shall  be an  original  and all of  which  shall
constitute but one and the same instrument.

      Section 11.07.  Successors and Assigns. All Owner covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, each of the
Trust  Depositor,  and the Owner  Trustee and their  respective  successors  and
permitted  assigns  and the  Owner  and the  Residual  Interest  Owner and their
respective  successors  and  permitted  assigns,  all as  herein  provided.  Any
request, notice, direction, consent, waiver or other instrument or action by the
Owner or the Residual  Interest  Owner shall bind the  successors and assigns of
the Owner or the Residual Interest Owner, as the case may be.

      Section  11.08.  No Petition.  The Owner  Trustee,  by entering  into this
Agreement, each Certificateholder, by accepting a Certificate, and the Indenture
Trustee and each Noteholder, by accepting the benefits of this Agreement, hereby
covenant  and agree that they will not at any time  institute  against the Trust
Depositor or the Trust, or join in any institution  against the Trust Depositor,
or the Trust of, any bankruptcy  proceedings  under any United States federal or
state  bankruptcy or similar law in connection with any obligations  relating to
the  Certificates,  the Notes,  this  Agreement or any of the other  Transaction
Documents.

      Section  11.09.  No  Recourse.   Each  Certificateholder  by  accepting  a
Certificate  acknowledges that such  Certificateholder's  Certificate represents
equity (in the case of the Trust  Certificate) or residual economic (in the case
of the  Residual  Interest  Certificate)  interests in the Trust only and do not
represent interests in or obligations of the Trust Depositor,  the Servicer, the
Seller, the Trust Administrator,  the Facility Administrator, the Owner Trustee,
the Indenture Trustee or any of their respective  Affiliates and no recourse may
be had against such  parties or their  assets,  except as may be  expressly  set
forth  or  contemplated  in  this  Agreement,  the  Certificates  or  the  other
Transaction  Documents.  The  Owner  by  accepting  the  Trust  Certificate  (i)
acknowledges that such Trust Certificate represents an equity (but not economic)
interest in the Trust and Trust  Assets only and does not  represent an economic
interest in the Trust or Trust Assets or an interest in or an  obligation of the
Trust Depositor, the Servicer, the Trust Administrator, the Owner Trustee or any
Affiliate of the foregoing, and no recourse may be had against any such party or
their  assets,  except  as may be  expressly  set forth or  contemplated  in the
Transaction  Documents  and (ii) enters  into the  undertakings  and  agreements
provided for such  Certificateholder  set forth in Section 13.10 of the Sale and
Servicing Agreement.

      Section 11.10. Headings. The headings of the various Articles and Sections
herein are for  convenience  of reference only and shall not define or limit any
of the terms or provisions hereof.

      Section  11.11.  Governing  Law.  THIS  AGREEMENT  SHALL BE  CONSTRUED  IN
ACCORDANCE  WITH THE LAWS OF THE STATE OF  DELAWARE,  WITHOUT  REFERENCE  TO ITS
CONFLICT OF LAW  PROVISIONS,  AND THE  OBLIGATIONS,  RIGHTS AND  REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

      Section  11.12.  Trust  Certificate  Transfer   Restrictions.   The  Trust
Certificate  may not be  acquired by or for the  account of a Benefit  Plan.  By
accepting and holding a Trust Certificate, the Holder thereof shall be deemed to
have  represented  and warranted  that it is not a Benefit Plan nor will it hold
such Trust  Certificate  for the account of a Benefit  Plan.  By  accepting  and
holding  a Trust  Certificate,  the  Holder  thereof  shall  be  deemed  to have
represented and warranted that it is not a Benefit Plan.

                                      -28-
<PAGE>

      Section 11.13.  Trust Depositor  Payment  Obligation.  The Trust Depositor
shall be  responsible  for  payment  of the Trust  Administrator's  compensation
pursuant to Section 3 of the  Administration  Agreement and shall  reimburse the
Trust  Administrator for all expenses and liabilities of the Trust Administrator
incurred thereunder.

                            [signature page follows]

                                      -29-
<PAGE>

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

                                    BLUEGREEN RECEIVABLES FINANCE
                                    CORPORATION XI, as Trust Depositor and
                                    Owner of the Residual Interest Certificate

                                    By:
                                       -----------------------------------------
                                       Printed Name: Allan J. Herz
                                       Title:  President and Assistant Treasurer

                                    WILMINGTON TRUST COMPANY,
                                      as Owner Trustee

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

                                    GSS HOLDINGS, INC.,
                                    as Owner of the Trust Certificate

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

                        Signature Page to Trust Agreement
<PAGE>

                                    EXHIBIT A

                         FORM OF CERTIFICATE OF TRUST OF
                       BXG RECEIVABLES OWNER TRUST 2006-A

      This  Certificate  of Trust of BXG  Receivables  Owner  Trust  2006-A (the
"Trust"), dated __________, 2006, is being duly executed and filed by Wilmington
Trust Company,  a Delaware  banking  corporation,  as Owner  Trustee,  to form a
statutory  trust under the Delaware  Statutory Trust Act (12 Del. Code, ss. 3801
et seq.).

      1. Name. The name of the statutory  trust formed hereby is BXG Receivables
Owner Trust 2006-A.

      2. Delaware Trustee. The name and business address of the Owner Trustee of
the Trust in the State of Delaware  is [name],  [street],  Wilmington,  Delaware
19890.

      IN WITNESS WHEREOF,  the undersigned,  being the sole Owner Trustee of the
Trust,  has  executed  this  Certificate  of Trust as of the  date  first  above
written.

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

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

                                      A-1
<PAGE>

                                   EXHIBIT B-1

                            FORM OF TRUST CERTIFICATE

THIS TRUST  CERTIFICATE IS  SUBORDINATED IN RIGHT OF PAYMENT TO THE NOTES TO THE
EXTENT DESCRIBED IN THE SALE AND SERVICING  AGREEMENT AND INDENTURE  REFERRED TO
HEREIN.

THIS TRUST  CERTIFICATE  DOES NOT  REPRESENT AN  OBLIGATION OF OR AN INTEREST IN
BLUEGREEN  RECEIVABLES  FINANCE  CORPORATION  XI,  BLUEGREEN  CORPORATION OR ANY
AFFILIATE THEREOF,  EXCEPT TO THE EXTENT SET FORTH IN THE TRUST AGREEMENT.  THIS
TRUST  CERTIFICATE HAS NOT BEEN  REGISTERED  UNDER THE SECURITIES ACT OF 1933 OR
ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR PLEDGED UNLESS THE
CONDITIONS  SET FORTH IN SECTION 3.04 OF THE TRUST  AGREEMENT HAVE BEEN COMPLIED
WITH.

      THIS CERTIFICATE IS TRANSFERRABLE ONLY IN WHOLE AND NOT IN PART.

THIS  TRUST  CERTIFICATE  (OR  ITS  PREDECESSOR)  WAS  ORIGINALLY  ISSUED  IN  A
TRANSACTION  EXEMPT  FROM  REGISTRATION  UNDER  SECTION 5 OF THE  UNITED  STATES
SECURITIES  ACT OF 1933,  AS  AMENDED  (THE  "SECURITIES  ACT"),  AND THIS TRUST
CERTIFICATE MAY NOT BE OFFERED,  SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.

              BXG RECEIVABLES OWNER TRUST 2006-A TRUST CERTIFICATE

NO. 1

      THIS CERTIFIES THAT GSS Holdings,  Inc. is the registered owner of 100% of
the nonassessable, fully-paid, undivided equity interests in the BXG Receivables
Owner  Trust  2006-A  (the  "Trust")  formed by  Bluegreen  Receivables  Finance
Corporation XI, a Delaware corporation (the "Trust Depositor").

      The Trust was created pursuant to a Trust Agreement, dated as of [ ], 2006
(as  amended,  restated  and/or  supplemented  from  time to  time,  the  "Trust
Agreement"),  among  GSS  Holdings,  Inc.,  as owner  (the  "Owner"),  Bluegreen
Receivables  Finance Corporation XI, as Trust Depositor (the "Trust Depositor"),
and Wilmington Trust Company, as owner trustee (the "Owner Trustee"),  a summary
of certain  of the  pertinent  provisions  of which is set forth  below.  To the
extent not otherwise defined herein,  the capitalized terms used herein have the
meanings  assigned  to  them in (i) the  Trust  Agreement,  (ii)  the  Sale  and
Servicing Agreement, dated as of [ ], 2006 (the "Sale and Servicing Agreement"),
among the Trust, Bluegreen Receivables Finance Corporation XI, as depositor (the
"Trust Depositor"),  Bluegreen  Corporation,  as Servicer (in such capacity, the
"Servicer"), Concord Servicing Corporation, as Back-Up Servicer, Vacation Trust,
Inc., as Club Trustee, the Noteholders, General Electric Capital Corporation, as
Facility Administrator, and U.S. Bank National Association, as Indenture Trustee
(the  "Indenture   Trustee")  and  Custodian  (the  "Custodian")  or  (iii)  the
Indenture,  dated as of [ ], 2006 (the  "Indenture"),  between the Trust and the
Indenture Trustee.

                                      B-1
<PAGE>

      This Trust Certificate is the duly authorized Trust Certificate designated
as  "BXG  Receivables   Owner  Trust  2006-A  Trust   Certificate"  (the  "Trust
Certificate").  Also  issued  under  the  Indenture  are a class of  notes  (the
"Notes").  This Trust  Certificate  is issued under and is subject to the terms,
provisions and conditions of the Trust  Agreement,  to which Trust Agreement the
Holder of this Trust  Certificate by virtue of its acceptance hereof assents and
by which such Holder is bound. The holder of this Trust Certificate acknowledges
and  agrees  that it has no rights to receive  distributions  in respect of this
Trust Certificate.

      It is the intent of the  Servicer,  the Trust  Depositor,  Owner  Trustee,
Indenture  Trustee  and the  Certificateholder  that,  for  purposes  of federal
income,  state and local  income and single  business  tax and any other  income
taxes, the Trust will be disregarded as a separate entity for federal income tax
purposes pursuant to Treasury Regulations Section  301.7701-3(b)(1)(ii) and that
all items of  income,  deduction,  gain,  loss or  credit  of the Trust  will be
treated  as such items of the  Certificateholder.  The Trust  Depositor  and any
other Certificateholder,  by acceptance of a Trust Certificate, agrees to treat,
and to take no action inconsistent with such treatment of, the Trust for federal
income tax purposes.

      Each  Certificateholder,  by its  acceptance  of a  Trust  Certificate  or
beneficial  interest  in a Trust  Certificate,  covenants  and agrees  that such
Certificateholder  will not at any time institute against the Trust or the Trust
Depositor,  or join in any institution  against the Trust or the Trust Depositor
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
Trust  Certificate,  the  Notes,  the  Trust  Agreement  or  any  of  the  other
Transaction Documents.

      Reference  is  hereby  made  to  the  further  provisions  of  this  Trust
Certificate set forth on the reverse hereof,  which further provisions shall for
all purposes have the same effect as if set forth at this place.

      Unless the certificate of  authentication  hereon shall have been executed
by an authorized officer of the Owner Trustee,  by manual signature,  this Trust
Certificate  shall not entitle the holder  hereof to any benefit under the Trust
Agreement or any other Transaction Document or be valid for any purpose.

      THIS TRUST  CERTIFICATE  SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF DELAWARE,  WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND
THE  OBLIGATIONS,  RIGHTS  AND  REMEDIES  OF  THE  PARTIES  HEREUNDER  SHALL  BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                      B-2
<PAGE>

                            [REVERSE OF CERTIFICATE]

      The Trust  Certificate does not represent an obligation of, or an interest
in the Trust Depositor,  the Servicer,  the Owner Trustee, the Indenture Trustee
or any of their  respective  Affiliates  and no recourse may be had against such
parties or their assets, except as expressly set forth or contemplated herein or
in the Trust Agreement or the other  Transaction  Documents.  In addition,  this
Trust  Certificate  has no right of payment to collections  and recoveries  with
respect to the Receivables.  A copy of each of the Sale and Servicing  Agreement
and the Trust  Agreement may be examined by any  Certificateholder  upon written
request  during  normal  business  hours at the  principal  office  of the Trust
Depositor and at such other places, if any, designated by the Trust Depositor.

      The Trust Agreement permits, with certain exceptions therein provided, the
amendment  thereof and the  modification  of the rights and  obligations  of the
Trust  Depositor  and  the  rights  of the  Certificateholder  under  the  Trust
Agreement  at any time by the Trust  Depositor  and the Owner  Trustee  with the
consent of the majority of the outstanding  principal  balance of the Notes. Any
such  consent  shall be  conclusive  and binding on the Holder and on all future
Holders of this Trust Certificate and of any Trust  Certificate  issued upon the
transfer hereof or in exchange hereof or in lieu hereof, whether or not notation
of such consent is made upon this Trust  Certificate.  The Trust  Agreement also
permits the amendment  thereof,  in certain limited  circumstances,  without the
consent of the Holder of the Trust Certificate or any Noteholder.

      As provided  in the Trust  Agreement  and  subject to certain  limitations
therein set forth, the transfer of this Trust Certificate is registerable in the
Certificate  Register upon surrender of this Trust  Certificate for registration
of transfer at the offices or agencies of the Certificate  Registrar  maintained
by  the  Owner  Trustee  in  Wilmington,  Delaware,  accompanied  by  a  written
instrument  of  transfer  in form  satisfactory  to the  Owner  Trustee  and the
Certificate Registrar in [ ], [ ] executed by the Holder hereof or such Holder's
attorney  duly  authorized  in writing,  and  thereupon a new Trust  Certificate
evidencing  the same  aggregate  interest  in the  Trust  will be  issued to the
designated  transferee.  The initial  Certificate  Registrar appointed under the
Trust Agreement is the Owner Trustee.

      Except as  provided  in the Trust  Agreement,  the  Trust  Certificate  is
issuable only as a registered  Trust  Certificate  without  coupons.  No service
charge will be made for any registration of transfer of such Trust  Certificate,
but the Owner Trustee or the Certificate  Registrar may require payment of a sum
sufficient  to  cover  any tax or  governmental  charge  payable  in  connection
therewith.

      The Owner Trustee,  the Certificate  Registrar and any of their respective
agents may treat the Person in whose name this Trust  Certificate  is registered
as the  owner  hereof  for all  purposes,  and none of the  Owner  Trustee,  the
Certificate  Registrar  or any such agent shall be affected by any notice to the
contrary.

      The  obligations and  responsibilities  created by the Trust Agreement and
the Trust created thereby shall terminate upon the payment to  Certificateholder
of all  amounts  required  to be paid  to  such  holder  pursuant  to the  Trust
Agreement  and the  Sale  and  Servicing  Agreement  and the  deposition  of all
property held as part of the Trust Estate. The Trust Depositor may at its option
purchase the Trust  Estate at the times and at the prices  specified in the Sale
and Servicing Agreement.

                                      B-3
<PAGE>

        The  Trust  Certificate  may  not be  acquired  by a  Benefit  Plan.  By
accepting and holding this Trust Certificate, the Holder hereof, shall be deemed
to have  represented  and  warranted  that it is not a  Benefit  Plan and is not
acquiring this Trust  Certificate or an interest therein for the account of such
an entity.

                                      B-4
<PAGE>

      IN WITNESS WHEREOF,  the Owner Trustee,  on behalf of the Trust and not in
its individual capacity, has caused this Trust Certificate to be duly executed.

Dated:        , 2006

                                 BXG RECEIVABLES OWNER TRUST 2006-A

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

                                 By:
                                    --------------------------------------------
                                    Authorized Signatory

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

      This the  Trust  Certificate  referred  to in the  within-mentioned  Trust
Agreement.

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

                                 By:
                                    --------------------------------------------
                                                Authorized Signatory

                                      B-5
<PAGE>

                                   ASSIGNMENT

      FOR VALUE  RECEIVED the  undersigned  hereby sells,  assigns and transfers
unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

(Please print or type name and address, including postal zip code, of assignee)

--------------------------------------------------------------------------------
the within Trust  Certificate,  and all rights  thereunder,  hereby  irrevocably
constituting and appointing

--------------------------------------------------------------------------------
to transfer said Trust  Certificate on the books of the  Certificate  Registrar,
will full power of substitution in the premises.

Dated:
       ---------------

Signature Guaranteed:

----------------------------------      ---------------------------------------
NOTICE:   Signature(s)   must   be      NOTICE:   The  signature  to  this
guaranteed    by    an    eligible      assignment  must  correspond  with
guarantor institution.                  the name of the  registered  owner
                                        as it  appears  on the face of the
                                        within Trust  Certificate in every
                                        particular,  without alteration or
                                        enlargement    or    any    change
                                        whatever.

                                       B-6
<PAGE>

                                   EXHIBIT B-2

                      FORM OF RESIDUAL INTEREST CERTIFICATE

THIS RESIDUAL  INTEREST  CERTIFICATE IS  SUBORDINATED IN RIGHT OF PAYMENT TO THE
NOTES TO THE EXTENT DESCRIBED IN THE SALE AND SERVICING  AGREEMENT AND INDENTURE
REFERRED TO HEREIN.

THIS  RESIDUAL  INTEREST  CERTIFICATE  DOES NOT REPRESENT AN OBLIGATION OF OR AN
INTEREST IN BLUEGREEN  RECEIVABLES FINANCE CORPORATION XI, BLUEGREEN CORPORATION
OR ANY AFFILIATE THEREOF, EXCEPT TO THE EXTENT SET FORTH IN THE TRUST AGREEMENT.
THIS RESIDUAL INTEREST  CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933 OR ANY STATE  SECURITIES  LAWS AND MAY NOT BE SOLD,  TRANSFERRED  OR
PLEDGED UNLESS THE  CONDITIONS SET FORTH IN SECTION 3.04 OF THE TRUST  AGREEMENT
HAVE BEEN COMPLIED WITH.

        THIS CERTIFICATE IS TRANSFERRABLE ONLY IN WHOLE AND NOT IN PART.

THIS RESIDUAL INTEREST CERTIFICATE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN
A  TRANSACTION  EXEMPT FROM  REGISTRATION  UNDER  SECTION 5 OF THE UNITED STATES
SECURITIES  ACT OF 1933, AS AMENDED (THE  "SECURITIES  ACT"),  AND THIS RESIDUAL
INTEREST  CERTIFICATE MAY NOT BE OFFERED,  SOLD OR OTHERWISE  TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.

        BXG RECEIVABLES OWNER TRUST 2006-A RESIDUAL INTEREST CERTIFICATE

NO. 1

      THIS CERTIFIES THAT Bluegreen  Receivables  Finance  Corporation XI is the
registered owner of 100% of the residual  interest in the BXG Receivables  Owner
Trust 2006-A (the "Trust") formed by Bluegreen  Receivables  Finance Corporation
XI, a Delaware corporation (the "Trust Depositor").

      The Trust was created pursuant to a Trust Agreement, dated as of [ ], 2006
(as  amended,  restated  and/or  supplemented  from  time to  time,  the  "Trust
Agreement"),  among  GSS  Holdings,  Inc.,  as owner  (the  "Owner"),  Bluegreen
Receivables  Finance Corporation XI, as Trust Depositor (the "Trust Depositor"),
and Wilmington Trust Company, as owner trustee (the "Owner Trustee"),  a summary
of certain  of the  pertinent  provisions  of which is set forth  below.  To the
extent not otherwise defined herein,  the capitalized terms used herein have the
meanings  assigned  to  them in (i) the  Trust  Agreement,  (ii)  the  Sale  and
Servicing Agreement, dated as of [ ], 2006 (the "Sale and Servicing Agreement"),
among the Trust, Bluegreen Receivables Finance Corporation XI, as depositor (the
"Trust Depositor"),  Bluegreen  Corporation,  as Servicer (in such capacity, the
"Servicer"), Concord Servicing Corporation, as Back-Up Servicer, Vacation Trust,
Inc., as Club Trustee, the Noteholders, General Electric Capital Corporation, as
Facility Administrator, and U.S. Bank National Association, as Indenture Trustee
(the  "Indenture

                                      B-1
<PAGE>

Trustee") and Custodian (the "Custodian") or (iii) the Indenture,  dated as of [
], 2006 (the "Indenture"), between the Trust and the Indenture Trustee.

      This  Residual  Interest  Certificate  is  the  duly  authorized  Residual
Interest Certificate  designated as "BXG Receivables Owner Trust 2006-A Residual
Interest Certificate" (the "Residual Interest  Certificate").  Also issued under
the  Indenture  are a class of  notes  (the  "Notes").  This  Residual  Interest
Certificate  is  issued  under  and is  subject  to the  terms,  provisions  and
conditions of the Trust  Agreement,  to which Trust Agreement the Holder of this
Residual Interest  Certificate by virtue of its acceptance hereof assents and by
which such Holder is bound.  The holder of this  Residual  Interest  Certificate
acknowledges  and agrees that its rights to receive  distributions in respect of
this  Residual  Interest  Certificate  are  subordinated  to the  rights  of the
Noteholders to the extent described in the Sale and Servicing  Agreement and the
Indenture.

      It is the intent of the  Servicer,  the Trust  Depositor,  Owner  Trustee,
Indenture  Trustee  and the  Certificateholder  that,  for  purposes  of federal
income,  state and local  income and single  business  tax and any other  income
taxes, the Trust will be disregarded as a separate entity for federal income tax
purposes pursuant to Treasury Regulations Section  301.7701-3(b)(1)(ii) and that
all items of  income,  deduction,  gain,  loss or  credit  of the Trust  will be
treated  as such items of the  Certificateholder.  The Trust  Depositor  and any
other  Certificateholder,  by  acceptance  of a Residual  Interest  Certificate,
agrees to treat, and to take no action  inconsistent with such treatment of, the
Trust for federal income tax purposes.

      Each   Certificateholder,   by  its  acceptance  of  a  Residual  Interest
Certificate or beneficial interest in a Residual Interest Certificate, covenants
and agrees that such  Certificateholder  will not at any time institute  against
the Trust or the Trust Depositor,  or join in any institution  against the Trust
or the Trust Depositor 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 Residual Interest  Certificate,  the Notes, the Trust Agreement or any of
the other Transaction Documents.

      Distributions  on  this  Residual  Interest  Certificate  will  be made as
provided  in the  Trust  Agreement  by the  Owner  Trustee  or its Agent by wire
transfer or check mailed to the  Certificateholder  of record in the Certificate
Register  without  the  presentation  or  surrender  of this  Residual  Interest
Certificate or the making of any notation hereon.  Except as otherwise  provided
in the Trust Agreement and  notwithstanding the above, the final distribution on
this Residual  Interest  Certificate  will be made after due notice by the Owner
Trustee of the  pendency of such  distribution  and only upon  presentation  and
surrender  of  this  Residual  Interest  Certificate  at the  office  or  agency
maintained  for that  purpose by the Owner  Trustee  in the City of  Wilmington,
State of Delaware.

      Reference  is  hereby  made to the  further  provisions  of this  Residual
Interest  Certificate set forth on the reverse hereof,  which further provisions
shall for all purposes have the same effect as if set forth at this place.

      Unless the certificate of  authentication  hereon shall have been executed
by an  authorized  officer  of the  Owner  Trustee,  by manual  signature,  this
Residual Interest Certificate shall not entitle the holder hereof to any benefit
under the Trust Agreement or any other Transaction  Document or be valid for any
purpose.

      THIS RESIDUAL  INTEREST  CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF  DELAWARE,  WITHOUT

                                      B-2
<PAGE>

REFERENCE TO ITS CONFLICT OF LAW  PROVISIONS,  AND THE  OBLIGATIONS,  RIGHTS AND
REMEDIES OF THE PARTIES  HEREUNDER  SHALL BE DETERMINED IN ACCORDANCE  WITH SUCH
LAWS.

                                      B-3
<PAGE>

                            [REVERSE OF CERTIFICATE]

      The Residual Interest  Certificate does not represent an obligation of, or
an  interest  in the Trust  Depositor,  the  Servicer,  the Owner  Trustee,  the
Indenture  Trustee or any of their respective  Affiliates and no recourse may be
had against  such  parties or their  assets,  except as  expressly  set forth or
contemplated  herein  or  in  the  Trust  Agreement  or  the  other  Transaction
Documents.  In addition, this Residual Interest Certificate is not guaranteed by
any governmental agency or instrumentality and is limited in right of payment to
certain  collections  and recoveries with respect to the Receivables and certain
other  amounts,  in each case as more  specifically  set forth herein and in the
Sale and Servicing Agreement. A copy of each of the Sale and Servicing Agreement
and the Trust  Agreement may be examined by any  Certificateholder  upon written
request  during  normal  business  hours at the  principal  office  of the Trust
Depositor and at such other places, if any, designated by the Trust Depositor.

      The Trust Agreement permits, with certain exceptions therein provided, the
amendment  thereof and the  modification  of the rights and  obligations  of the
Trust  Depositor  and  the  rights  of the  Certificateholder  under  the  Trust
Agreement  at any time by the Trust  Depositor  and the Owner  Trustee  with the
consent of the majority of the outstanding  principal  balance of the Notes. Any
such  consent  shall be  conclusive  and binding on the Holder and on all future
Holders of this  Residual  Interest  Certificate  and of any  Residual  Interest
Certificate  issued upon the  transfer  hereof or in exchange  hereof or in lieu
hereof,  whether or not  notation  of such  consent  is made upon this  Residual
Interest Certificate. The Trust Agreement also permits the amendment thereof, in
certain limited circumstances, without the consent of the Holder of the Residual
Interest Certificate or any Noteholder.

      As provided  in the Trust  Agreement  and  subject to certain  limitations
therein  set forth,  the  transfer  of this  Residual  Interest  Certificate  is
registerable  in the  Certificate  Register  upon  surrender  of  this  Residual
Interest  Certificate for registration of transfer at the offices or agencies of
the  Certificate  Registrar  maintained  by the  Owner  Trustee  in  Wilmington,
Delaware,  accompanied by a written  instrument of transfer in form satisfactory
to the Owner Trustee and the  Certificate  Registrar in [ ], [ ] executed by the
Holder  hereof  or such  Holder's  attorney  duly  authorized  in  writing,  and
thereupon a new Residual  Interest  Certificate  evidencing  the same  aggregate
interest in the Trust will be issued to the designated  transferee.  The initial
Certificate Registrar appointed under the Trust Agreement is the Owner Trustee.

      Except  as  provided  in  the  Trust  Agreement,   the  Residual  Interest
Certificate  is issuable  only as a  registered  Residual  Interest  Certificate
without coupons. No service charge will be made for any registration of transfer
of such Residual Interest Certificate,  but the Owner Trustee or the Certificate
Registrar  may  require  payment  of a  sum  sufficient  to  cover  any  tax  or
governmental charge payable in connection therewith.

      The Owner Trustee,  the Certificate  Registrar and any of their respective
agents may treat the Person in whose name this Residual Interest  Certificate is
registered as the owner hereof for all purposes,  and none of the Owner Trustee,
the  Certificate  Registrar or any such agent shall be affected by any notice to
the contrary.

      The  obligations and  responsibilities  created by the Trust Agreement and
the Trust created thereby shall terminate upon the payment to  Certificateholder
of all  amounts  required  to be paid  to  such  holder  pursuant  to the  Trust
Agreement  and the  Sale  and  Servicing  Agreement  and the

                                      B-4
<PAGE>

deposition of all property held as part of the Trust Estate. The Trust Depositor
may at its  option  purchase  the Trust  Estate  at the times and at the  prices
specified in the Sale and Servicing Agreement.

      The Residual  Interest  Certificate may not be acquired by a Benefit Plan.
By accepting and holding this Residual Interest Certificate,  the Holder hereof,
shall be deemed to have  represented and warranted that it is not a Benefit Plan
and is not acquiring this Residual  Interest  Certificate or an interest therein
for the account of such an entity.

                                      B-5
<PAGE>

      IN WITNESS WHEREOF,  the Owner Trustee,  on behalf of the Trust and not in
its individual  capacity,  has caused this Residual  Interest  Certificate to be
duly executed.

Dated:    , 2006

                              BXG RECEIVABLES OWNER TRUST 2006-A

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

                              By:
                                 -----------------------------------------------
                                 Authorized Signatory

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

      This the Residual Interest Certificate referred to in the within-mentioned
Trust Agreement.

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

                              By:
                                 -----------------------------------------------
                                             Authorized Signatory

                                      B-6
<PAGE>

                                   ASSIGNMENT

      FOR VALUE  RECEIVED the  undersigned  hereby sells,  assigns and transfers
unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

(Please print or type name and address, including postal zip code, of assignee)

--------------------------------------------------------------------------------
the within Residual  Interest  Certificate,  and all rights  thereunder,  hereby
irrevocably constituting and appointing

--------------------------------------------------------------------------------
to transfer said Residual  Interest  Certificate on the books of the Certificate
Registrar, will full power of substitution in the premises.

Dated:
       ---------------

Signature Guaranteed:

----------------------------------      ---------------------------------------
NOTICE:   Signature(s)   must   be      NOTICE:   The  signature  to  this
guaranteed    by    an    eligible      assignment  must  correspond  with
guarantor institution.                  the name of the  registered  owner
                                        as it  appears  on the face of the
                                        within Trust  Certificate in every
                                        particular,  without alteration or
                                        enlargement    or    any    change
                                        whatever.

                                      B-7

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