Document:

BBXT Ex 104

		

			Exhibit 10.4

		

		

			Execution Copy

		

		
			SIXTH AMENDED AND RESTATED NOTE FUNDING AGREEMENT
		

		
			Dated as of May 1, 2017
		

		
			among
		

		
			BXG TIMESHARE TRUST I
as Issuer,
		

		
			BLUEGREEN CORPORATION
as Seller and Servicer,
		

		
			BLUEGREEN TIMESHARE FINANCE CORPORATION I
as Depositor,
		

		
			THE PURCHASERS PARTIES HERETO,
		

		
			KEYBANK NATIONAL ASSOCIATION, 
		

		
			as a Funding Agent
		

		
			and
		

		
			DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK,
		

		
			FRANKFURT AM MAIN,
		

		
			as a Funding Agent
		

		
			____________________
		

		
			Relating to
BXG TIMESHARE TRUST I
Timeshare Loan-Backed VFN Notes, Series I
		

		
			____________________
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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			TABLE OF CONTENTS
		

		
			Page
		

		
			SECTION I............................................................................................DEFINITIONS1
		

		
			Section 1.1.Definitions...................................................................................................1
		

		
			Section 1.2.Other Definitional Provisions.............................................................................1
		

		
			SECTION II........AMOUNT AND TERMS OF COMMITMENTS2
		

		
			Section 2.1.Purchases...................................................................................................2
		

		
			Section 2.2.Reductions, Increases and Extensions of Commitments.............................................3
		

		
			Section 2.3.Fees, Expenses, Payments, Etc.........................................................................4
		

		
			Section 2.4.Indemnification.............................................................................................6
		

		
			Section 2.5.Funding Termination Event...............................................................................8
		

		
			Section 2.6.Notification of Note Rate.................................................................................8
		

		
			SECTION III......................................................CONDITIONS PRECEDENT8
		

		
			Section 3.1.Conditions to Effectiveness...............................................................................9
		

		
			Section 3.2.Condition to Borrowings...............................................................................11
		

		
			SECTION IV..................REPRESENTATIONS AND WARRANTIES12
		

		
			Section 4.1.Representations and Warranties of Bluegreen.....................................................12
		

		
			Section 4.2.Representations and Warranties of the Issuer.......................................................16
		

		
			Section 4.3.Representations and Warranties of the Depositor.................................................17
		

		
			SECTION V............................................................................................COVENANTS19
		

		
			Section 5.1.Covenants...............................................................................................19
		

		
			SECTION VI.INCREASED COSTS, INCREASED CAPITAL, TAXES, ETC25
		

		
			Section 6.1.Increased Costs.........................................................................................25
		

		
			Section 6.2.Increased Capital.......................................................................................26
		

		
			Section 6.3.Taxes.......................................................................................................27
		

		
			Section 6.4.Nonrecourse Obligations; Limited Recourse.......................................................29
		

		
			Section 6.5.Breakage.................................................................................................29
		

		
			SECTION VII..............................................................THE FUNDING AGENTS29
		

		
			Section 7.1.Appointment.............................................................................................30
		

		
			Section 7.2.Delegation of Duties...................................................................................30
		

		
			Section 7.3.Exculpatory Provisions.................................................................................30
		

		
			Section 7.4.Reliance by Funding Agents...........................................................................30
		

		
			Section 7.5.Notices.....................................................................................................31
		

		
			Section 7.6.Non-Reliance on Funding Agents and Other Purchasers.........................................31
		

		
			Section 7.7.Indemnification.........................................................................................32
		

		
			Section 7.8.Funding Agents in Their Individual Capacities.....................................................32
		

		
			Section 7.9.Successor Funding Agents.............................................................................32
		

		
			Section 7.10.Communications.........................................................................................33
		

		
			Section 7.11.Control by Purchasers.................................................................................33
		

		
			SECTION VIII....................................SECURITIES LAWS; TRANSFERS33
		

		

		

		 

		

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		Section 8.1.Transfers of Notes.....................................................................................33
		

		
			Section 8.2.Register of Purchasers and Participants.............................................................37
		

		
			SECTION IX..............................................................................MISCELLANEOUS37
		

		
			Section 9.1.Amendments and Waivers.............................................................................37
		

		
			Section 9.2.Notices.....................................................................................................38
		

		
			Section 9.3.No Waiver; Cumulative Remedies...................................................................39
		

		
			Section 9.4.Successors and Assigns...............................................................................39
		

		
			Section 9.5.Counterparts.............................................................................................39
		

		
			Section 9.6.Severability...............................................................................................40
		

		
			Section 9.7.Integration...............................................................................................40
		

		
			Section 9.8.Governing Law.........................................................................................40
		

		
			Section 9.9.Termination...............................................................................................40
		

		
			Section 9.10.Limited Recourse; No Proceedings.................................................................40
		

		
			Section 9.11.Survival of Representations and Warranties.........................................................41
		

		
			Section 9.12.Submission to Jurisdiction; Waivers.................................................................41
		

		
			Section 9.13.WAIVERS OF JURY TRIAL.......................................................................42
		

		
			Section 9.14.Limitation of Liability of Owner Trustee.............................................................42
		

		
			Section 9.15.Hedging Requirements.................................................................................42
		

		
			Section 9.16.Recourse Against Conduit Purchaser ......................................................42
		

		
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			LIST OF EXHIBITS
		

		
			EXHIBIT AForm of Investment Letter
EXHIBIT B
Form of Joinder Supplement
EXHIBIT CForm of Transfer Supplement
		

		
			EXHIBIT DForm of Borrowing Notice
		

		
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			Schedule 4.1(k)Tax Schedule
		

		

		

		 

		

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		This SIXTH AMENDED AND RESTATED NOTE FUNDING AGREEMENT (this “Agreement”), dated as of May 1, 2017, by and among BXG TIMESHARE TRUST I, a Delaware statutory trust (the “Issuer”), BLUEGREEN CORPORATION, a Florida corporation (“Bluegreen”), BLUEGREEN TIMESHARE FINANCE CORPORATION I, a Delaware corporation (the “Depositor”), the PURCHASERS from time to time parties hereto (collectively, the “Purchasers”), KEYBANK NATIONAL ASSOCIATION (“KeyBank”), a national banking association, as a funding agent and DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN (“DZ BANK”), as a funding agent (each of KeyBank and DZ BANK in such capacity, a “Funding Agent”, and together the “Funding Agents”) hereby amends and restates in its entirety that certain Fifth Amended and Restated Note Funding Agreement, dated as of December 1, 2013, as amended by Omnibus Amendment No. 1, dated as of October 23, 2014 and Omnibus Amendment No. 2, dated as of December 18, 2015, in each case, by and among certain parties hereto and the other parties named therein (the “Amended Agreement”).
		

		
			W I T N E S S E T H:

		

		
			WHEREAS, the parties hereto desire to amend and restate in its entirety the Amended Agreement as provided herein, and all actions required to do so under the Amended Agreement have been taken; 
		

		
			WHEREAS, the Issuer, Bluegreen, the Club Trustee, the Backup Servicer, the Funding Agents and U.S. Bank National Association, a national banking association, as Indenture Trustee (together with its successors in such capacity, the “Indenture Trustee”), are parties to a certain Sixth Amended and Restated Indenture, dated as of May 1, 2017 (as the same may from time to time be amended or otherwise modified, the “Indenture”), pursuant to which the Issuer has issued its Timeshare Loan-Backed VFN Notes, Series I (the “Notes”); and
		

		
			WHEREAS, the Issuer may, from time to time, subject to and in accordance with the terms of the Indenture and this Agreement, request Borrowings, such Borrowings to be evidenced by the Notes.
		

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

			
	
			
				 SECTION I.
			DEFINITIONS

		
			Definitions.  Capitalized terms used but not defined herein shall have the meanings set forth in the “Seventh Amended and Restated Standard Definitions” attached hereto as Annex A.
		

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

		
			The words “hereof”, “herein”, and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to 
		

		 

		

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		any particular provision of this Agreement; and Section, subsection and Exhibit references are to this Agreement, unless otherwise specified.  The words “including” and “include” shall be deemed to be followed by the words “without limitation”.
		

		
			Section 1.3.Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Transaction Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
		

			
	
			
				 (a)
			the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

			
	
			
				 (b)
			the effects of any Bail-In Action on any such liability, including, if applicable:

			
	
			
				 (i)
			a reduction in full or in part or cancellation of any such liability;

			
	
			
				 (ii)
			a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Transaction Document; or

			
	
			
				 (iii)
			the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.

			
	
			
				 SECTION II.
			AMOUNT AND TERMS OF COMMITMENTS

		
			Purchases.   The Notes shall be delivered by the Issuer to and registered in the name of each Funding Agent for its Purchaser Group, as agent and nominee for the members of such Purchaser Group, and in each case shall be for an aggregate principal amount equal to the Commitment of the Bank Purchaser in such Purchaser Group.
		

		
			On and subject to the terms and conditions of this Agreement from the Closing Date and prior to the Facility Termination Date, the Conduit Purchaser in each Purchaser Group may, and if the Conduit Purchaser in a Purchaser Group does not (or if there is no Conduit Purchaser in a Purchaser Group), the Bank Purchaser in the such Purchaser Group shall, advance its Funding Percentage of each Borrowing requested; provided that in no event shall a Bank Purchaser be required on any date to make an advance exceeding its aggregate Available Commitment, (determined prior to giving effect to such advance or the Maximum Borrowing Amount); provided,  further that in no event shall Borrowings occur more frequently than twice every calendar month unless otherwise approved by the Funding Agents.  
		

		

		

		 

		

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		Such advance shall be made available to the Issuer, subject to the satisfaction of the conditions specified in Section 3.2 hereof, at or prior to 4:00 p.m.  New York City time on the applicable Funding Date by deposit of immediately available funds into an account designated by the Issuer to the Funding Agents.
		

		
			Each Borrowing on the applicable Funding Date shall be made on prior notice from the Issuer received by the Funding Agents (such notice, a “Borrowing Notice”) not later than 10:00 a.m. New York City time on the second Business Day preceding such Funding Date.  Each Borrowing Notice shall be irrevocable and shall (i) specify the aggregate amount of the Borrowing, which may not exceed the Maximum Borrowing Amount, (ii) specify the applicable Funding Date (which shall be a Business Day), (iii) provide a detailed calculation of the Borrowing Base as of such Funding Date and (iv) certify that no Borrowing Base Deficiency exists before such Borrowing and, after giving effect to such Borrowing, no Borrowing Base Deficiency shall exist and shall be in substantially in the form attached hereto as Exhibit D.  Borrowings may occur on any Business Day.  Each Borrowing Notice will be accompanied by a current Schedule of Timeshare Loans in an electronic format acceptable to the Funding Agents.  Each Funding Agent shall promptly forward a copy of all Borrowing Notices and related Schedules of Timeshare Loans to each Purchaser in its Purchaser Group no later than Noon on the same day received.      
		

		
			Pursuant to the Indenture, the Issuer shall issue the Notes.  Each Borrowing shall be evidenced by a corresponding increase in the Outstanding Note Balance of each Note.  Each Note will have its Outstanding Note Balance increased on each Funding Date by its allocable share of such Borrowing. 
		

		
			Payments on the Notes shall be made as provided in the Indenture and each Funding Agent shall allocate to the Purchasers in its Purchaser Group each payment in respect of the Notes received by the Funding Agent in its capacity as nominee of the Purchasers in its Purchaser Group.
		

		
			Each Funding Agent shall keep, with respect to its Purchaser Group, records of each Borrowing, each Interest Accrual Period applicable thereto, the interest rate(s) applicable to the Notes and each payment of principal and interest thereon.  Such records shall be rebuttably presumptive evidence of the subject matter thereof absent manifest error.
		

		
			The aggregate minimum advance for a Funding Date shall be $2,000,000; provided,  however, that if the Available Commitment shall be less than $2,000,000, the minimum advance shall be equal to the Available Commitment.
		

		
			Reductions, Increases and Extensions of Commitments.   At any time the Issuer may, acting at the direction of the Residual Interest Owner, upon at least three Business Days’ prior written notice to the Funding Agents, terminate the Commitments or reduce the aggregate Commitments; provided,  however, such aggregate Commitments may not be reduced to an amount less than $20,000,000.  Each such partial reduction shall be in an aggregate amount of $5,000,000 or integral multiples of $1,000,000 in excess thereof (or such other amount requested by the Issuer to which the Funding Agents consent).  Reductions of the aggregate Commitments pursuant to this subsection 2.2(a) shall be allocated pro rata among the Bank 
		

		 

		

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		Purchasers in accordance with each Bank Purchaser’s Funding Percentage.  At any time, any Funding Agent may upon the request of the Residual Interest Owner and the consent of all of the other Funding Agents (which consent may be withheld in their sole discretion), increase the Commitments of the Bank Purchasers.
		

		
			On the Facility Termination Date, the Commitment of each Bank Purchaser shall be automatically reduced to zero.
		

		
			On the Closing Date, KeyBank National Association has executed a Joinder Supplement (as defined below) and on the Closing Date is a LIBOR Bank Purchaser hereunder and the sole member of the Purchaser Group for which KeyBank National Association is the related Funding Agent.  On the Closing Date, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main has executed an amended and restated Joinder Supplement and on the Closing Date is a Cost of Funds Bank Purchaser hereunder and a member of the Purchaser Group for which Autobahn Funding Company LLC is also member and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main is the related Funding Agent.  Also on the Closing Date, Autobahn Funding Company LLC executed an amended and restated Joinder Supplement as a Conduit Purchaser.  Subject to the provisions of subsections 8.1(a) and 8.1(b), any other Person may from time to time with the consent of the Funding Agents and the Issuer become a party to this Agreement as a Purchaser by (i) delivering to the Issuer an Investment Letter and (ii) entering into an agreement substantially in the form attached hereto as Exhibit B hereto (a “Joinder Supplement”), with the Funding Agents and the Issuer, acknowledged by the Servicer, which shall specify (A) the name and address of such Person for purposes of Section 9.2 hereof, (B) its Commitment, if any, (C) whether they are a LIBOR Bank Purchaser, a Cost of Funds Bank Purchaser or a Conduit Purchaser, (D) the other members of its Purchaser Group and its Funding Agent and (E) the other information provided for in such form of Joinder Supplement.  Upon its receipt of a duly executed Joinder Supplement, the Funding Agents shall on the effective date determined pursuant thereto give notice of such effectiveness to the Issuer, the Servicer and the Indenture Trustee.  
		

		
			A Joinder Supplement may provide for a reduction in the Commitment of a Bank Purchaser if, in accordance with the terms thereof, proper notice is delivered to the Funding Agents, the Issuer and the Servicer and consent of the Funding Agents is obtained.  At any time such notice is received from a Bank Purchaser after the requisite consent is obtained, the Commitment of such Bank Purchaser shall be reduced as provided for therein.
		

		
			So long as no Event of Default has occurred and is continuing (unless otherwise agreed by the Funding Agents), no more than 75 and no less than 45 days prior to the Commitment Expiration Date, the Issuer may request, through the Funding Agents, that each Purchaser extend the Commitment Expiration Date to a date which is up to 364 days after the Commitment Expiration Date then in effect, which decision will be made by each Purchaser in its sole discretion.  Upon receipt of any such request, each Funding Agent shall promptly notify each Purchaser in its Purchaser Group thereof.  Within 10 Business Days of notice from its Funding Agent, each Purchaser shall notify the Funding Agent of its willingness or refusal to so extend the Commitment Expiration Date (the “Extension Notice Deadline”).  Each Funding Agent shall notify the Issuer of such willingness or refusal by the Purchasers within five 
		

		 

		

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		Business Days of the Extension Notice Deadline.  If any Purchaser notifies its Funding Agent of its refusal to extend or does not expressly notify its Funding Agent that it is willing to extend the Commitment Expiration Date by the applicable Extension Notice Deadline (each a “Non-Extending Purchaser”), the Commitment Expiration Date shall not be so extended.
		

		
			From and after the Closing Date, the Maximum Facility Balance (the “Maximum Facility Balance”) and the Commitment of each Bank Purchaser shall be as follows:
		

			
					
						﻿

					
						 

					
						 

					
						 

					
						Time Period

					
					
						 

					
						 

					
						 

					
						Maximum Facility Balance

					
					
						 

					
						 

					
						KeyBank National Association Commitment

					
					
						DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main Commitment

				
	
					
						Closing Date - thereafter

					
					
						$80,000,000

					
					
						$40,000,000*

					
					
						$40,000,000*

				

		
			* Or such lower amount as reduced in accordance with the terms of this Agreement.  
		

		
			Fees, Expenses, Payments, Etc.   Bluegreen agrees to pay to the Funding Agents, the Fees and other amounts set forth in the Fee Letter at the times specified therein.
		

		
			Bluegreen further agrees to pay on the Closing Date or, if later, within 10 days of such costs and expenses being invoiced to Bluegreen, to the Funding Agents all reasonable costs and expenses in connection with the preparation, execution, delivery, administration (including any requested amendments, waivers or consents of any of the Transaction Documents) of this Agreement, the Transaction Documents, and the other documents to be delivered hereunder or in connection herewith, including, without limitation, the reasonable fees for each Funding Agent’s counsel and out-of-pocket expenses of each counsel for each Funding Agent with respect thereto, any costs incurred in connection with subsection 5.1(g) and with respect to a Conduit Purchaser, the costs and expenses of rating such Conduit Purchaser’s commercial paper by independent financial rating agencies which is allocable to commercial paper issued to fund advances hereunder.
		

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

		
			The Issuer agrees to pay to the Funding Agents, and following the occurrence and during the continuance of an Event of Default, each Purchaser, promptly following presentation of an invoice therefor, all reasonable costs and expenses (including reasonable fees and expenses of counsel), if any, in connection with the enforcement of any of 
		

		 

		

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		the Transaction Documents, and the other documents delivered thereunder or in connection therewith.
		

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

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

		
			All payments to be made hereunder or under the Indenture, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 1:00 p.m. New York City time on the due date thereof to the Funding Agents’ accounts specified in subsection 9.2(b) hereof or directly to the Purchasers’ accounts if a Funding Agent so instructs the Indenture Trustee.  Payments received after 1:00 p.m. New York City time shall be deemed to have been made on the next Business Day.  In any event, each Funding Agent shall forward or instruct the Indenture Trustee to forward to the Purchasers in its Purchaser Group their respective portion of such payments in immediately available funds for receipt no later than 3:00 p.m. New York City time on the date received.  Notwithstanding anything herein to the contrary, if any payment due hereunder becomes due and payable on a day other than a Business Day, the payment date thereof shall be extended to the next succeeding Business Day and in the case of principal, interest shall accrue thereon at the applicable rate during such extension.  To the extent that (i) the Indenture Trustee, the Depositor, the Seller, the Issuer or the Servicer makes a payment to a Funding Agent or a Purchaser or (ii) a Funding Agent or a Purchaser receives or is deemed to have received any payment or proceeds for application to an obligation, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a Indenture Trustee, receiver or any other party under any bankruptcy or insolvency law, state or Federal law, common law, or for equitable cause, then, to the extent such payment or proceeds are set aside, the obligation or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received or deemed received by the Funding Agents or the Purchasers, as the case may be.
		

		
			Indemnification.    Bluegreen (the “Indemnitor”) agrees to indemnify and hold harmless each Funding Agent and each Purchaser and any shareholders, members, directors, officers, employees, agents or Affiliates thereof, of the Funding Agents or Purchasers (each such Person being referred to as an “Indemnitee”) from and against any and all claims, damages, losses, liabilities, costs or expenses whatsoever (including reasonable fees and expenses of legal counsel) which such Indemnitee may incur (or which may be claimed against such Indemnitee) arising out of, by reason of or in connection with the execution and delivery of, or payment or other performance under, or the failure to make payments or perform under, any Transaction Document or the issuance of the Notes (including in connection with the preparation 
		

		 

		

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		for defense of any investigation, litigation or proceeding arising out of, related to or in connection with such execution, delivery, payment, performance or issuance), except (i) to the extent that any such claim, damage, loss, liability, cost or expense shall be caused by the willful misconduct, bad faith, recklessness or gross negligence of, or breach of any representation or warranty in any Transaction Document by, the Indemnitee requesting indemnification, (ii) to the extent that any such claim, damage, loss, liability, cost or expense is covered  or addressed by subsection 2.3(c) or (d) hereof, (iii) to the extent that any such claim, damage, loss, liability, cost or expense relates to disclosure made by a Funding Agent requesting indemnification or a Purchaser requesting indemnification in connection with an Assignment or Participation pursuant to Section 8.1 hereof which disclosure is not based on information given to such Funding Agent or such Purchaser by or on behalf of Bluegreen, or any affiliate thereof or by or on behalf of the Indenture Trustee or (iv) to the extent that such claim, damage, loss, liability, cost or expense shall be caused by any default in payment of any Timeshare Loan.  The foregoing indemnity shall include any claims, damages, losses, liabilities, costs or expenses to which any such Indemnitee may become subject under the Securities Act, the Securities Exchange Act of 1934, as amended, the Investment Company Act of 1940, as amended, or other federal or state law or regulation arising out of or based upon any untrue statement or alleged untrue statement of a material fact in any disclosure document relating to the Notes or any amendments thereof or supplements thereto, in any case, provided or approved by the Issuer (other than statements provided by the Indemnitee requesting indemnification expressly for inclusion therein) or arising out of, or based upon, the omission or the alleged omission to state a material fact necessary to make the statements therein or any amendment thereof or supplement thereto, in light of the circumstances in which they were made, not misleading (other than with respect to statements provided by the Indemnitee expressly for inclusion therein).  For the avoidance of doubt, no Person shall be entitled to indemnification under this Section 2.4 in respect of any Taxes or Excluded Taxes (each as defined in Section 6.3 hereof), the indemnification of which is addressed exclusively in Section 6.3 hereof.
		

		
			Promptly after the receipt by an Indemnitee of a notice of the commencement of any action against an Indemnitee, such Indemnitee will notify the Funding Agents and the Funding Agents will, if a claim in respect thereof is to be made against an Indemnitor pursuant to subsection 2.4(a) hereof, notify such Indemnitor in writing of the commencement thereof; but the omission so to notify such party will not relieve such party from any liability which it may have to such Indemnitee pursuant to the preceding paragraph except to the extent the Indemnitor is prejudiced by such failure.  If any such action is brought against an Indemnitee and it notifies an Indemnitor of its commencement, such Indemnitor will be entitled to participate in and, to the extent that it so elects by delivering written notice to the Indemnitee promptly after receiving notice of the commencement of the action from the Indemnitee to assume the defense of any such action, with a single counsel mutually satisfactory to such Indemnitor and each affected Indemnitee.  After receipt of such notice by an Indemnitor from an Indemnitee, such Indemnitor will not be liable to such Indemnitee for any legal or other expenses except as provided below and except for the reasonable costs of investigation incurred by the Indemnitee in connection with the defense of such action.  Each Indemnitee will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of the such Indemnitee unless (i) the employment of such counsel by such Indemnitee has been authorized in writing by such Indemnitor, (ii) such Indemnitor shall have failed to assume the defense and employ counsel, (iii) the named parties to any such action or proceeding (including any impleaded parties) include both such Indemnitee and either an 
		

		 

		

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		Indemnitor or another person or entity that may be entitled to indemnification from an Indemnitor (by virtue of this Section 2.4 or otherwise) and such Indemnitee shall have been advised by counsel that there may be one or more legal defenses available to such Indemnitee which are different from or additional to those available to an Indemnitor or such other party or shall otherwise have reasonably determined that the co-representation would present such counsel with a conflict of interest (in which case the Indemnitor will not have the right to direct the defense of such action on behalf of the Indemnitee).  In any such case described in clauses (i) through (iii) of the preceding sentence, the reasonable fees, disbursements and other charges of counsel will be at the expense of the Indemnitor; it being understood that in no event shall the Indemnitors be liable for the fees, disbursements and other charges of more than one counsel (in addition to any local counsel) for all Indemnitees in connection with any one action or separate but similar or related actions arising out of the same general allegations or circumstances.  An Indemnitor shall not be liable for any settlement of any such action, suit or proceeding effected without its written consent, which shall not be unreasonably withheld, but if settled with the written consent of an Indemnitor or if there shall be a final judgment for the plaintiff in any such action, suit or proceeding, such Indemnitor agrees to indemnify and hold harmless any Indemnitee to the extent set forth in this Agreement from and against any loss, claim, damage, liability or reasonable expense by reason of such settlement or judgment.  No Indemnitor shall, without the prior written consent of an Indemnitee (not to be unreasonably withheld), settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder, if such settlement, compromise or consent includes an admission of culpability or wrong-doing on the part of such Indemnitee or the entry or an order, injunction or other equitable or nonmonetary relief (including any administrative or other sanctions or disqualifications) against such Indemnitee or if such settlement, compromise or consent does not include an unconditional release of such Indemnitee from all liability arising out of such claim, action, suit or proceeding.
		

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

		
			Funding Termination Event.  If any Funding Termination Event shall occur and be continuing, (a) if such event is a Funding Termination Event specified in clause (i) or (ii) of paragraph (d) of the definition thereof or paragraphs (d) and (e) of the definition of Event of Default, the Commitment of each Bank Purchaser shall automatically be reduced to zero, and (b) if such event is any other Funding Termination Event, with the consent of the Required Purchasers, the Funding Agents may, or upon the request of the Required Purchasers, the Funding Agents shall, by notice to the Issuer, reduce the Commitments of each Bank Purchaser to zero, whereupon the Commitments shall immediately be reduced to zero. 
		

		
			Notification of Note Rate.  
		

		 

		

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				 (a)
			On the third Business Day immediately preceding each Determination Date, each Funding Agent shall calculate the related Note Rate in order to estimate the allocable portion of the Interest Distribution Amount for the related upcoming Payment Date applicable to its Notes for the applicable Interest Accrual Period and shall notify the Indenture Trustee and the Servicer of such rate and amount by written notice.  Such rate and amount shall be calculated using an estimate of the applicable Note Rate, if necessary, for the remaining days in such Interest Accrual Period.  The Funding Agents shall consult with the Conduit Purchasers in the determination of the CP Note Rate.

			
	
			
				 (c)
			On or before the third Business Day immediately preceding each Determination Date, if a Funding Agent shall have used an estimate of the applicable Note Rate in order to calculate the Interest Distribution Amount with respect to the immediately preceding Payment Date, such Funding Agent shall compute the actual related Note Rate and Interest Distribution Amount applicable to the Notes for the Interest Accrual Period related to such immediately preceding Payment Date, and if the actual Interest Distribution Amount so computed (i) is greater than the estimated Interest Distribution Amount for such preceding Interest Accrual Period, the Interest Distribution Amount so calculated for the upcoming Payment Date shall be increased by the amount of such difference (such difference, the “Conduit Component Shortfall”) and (ii) is less than the estimated Interest Distribution Amount for such preceding Interest Accrual Period, the Interest Distribution Amount so calculated for the upcoming Payment Date shall be decreased by the amount of such difference.  

			
	
			
				 SECTION III.
			CONDITIONS PRECEDENT

		
			Conditions to Effectiveness.  The following shall be conditions precedent to this Agreement becoming effective:
		

		
			The other Transaction Documents shall have become effective in accordance with their respective terms.
		

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

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

		
			No Funding Termination Event, Event of Default, Servicer Event of Default under any Transaction Document or event that with the giving of notice or lapse of time or both would constitute such an amortization event or other termination event shall have occurred and be continuing.
		

		

		

		 

		

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		Each Funding Agent shall have received (and, to the extent requested, made available to each Purchaser in its Purchaser Group):  
		

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

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

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

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

		
			Proper financing statements under the UCC of all jurisdictions that the Funding Agents may deem necessary or desirable in order to perfect the ownership and security interests contemplated by the Purchase Agreement, the Sale Agreement, the Indenture and this Agreement;
		

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

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

		
			A favorable opinion of counsel to Bluegreen, dated the Closing Date, in form and substance satisfactory to the Funding Agents, such opinion to permit reliance by the Purchasers;
		

		
			A favorable opinion of counsel to Vacation Trust, Inc., dated the Closing Date, in form and substance satisfactory to the Funding Agents related to corporate, regulatory and insolvency matters, such opinion to permit reliance by the Purchasers;
		

		
			A favorable written opinion of counsel to the Owner Trustee and special Delaware counsel to the Issuer, dated the Closing Date, in form and substance satisfactory to the Funding Agents, such opinion to permit reliance by the Purchasers;
		

		

		

		 

		

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		A favorable written opinion of counsel to the Issuer, dated the Closing Date, in form and substance satisfactory to the Funding Agents, such opinion to permit reliance by the Purchasers;  
		

		
			A favorable written opinion of internal counsel for the Indenture Trustee and the Custodian each dated the Closing Date, as to general corporate matters and such other matters with respect to the Indenture Trustee and Custodian as the Funding Agents may reasonably request, such opinion to permit reliance by the Purchasers,
		

		
			A favorable written opinion of counsel for the Backup Servicer dated the Closing Date as to general corporate matters and such other matters with respect to the Backup Servicer as the Funding Agents may reasonably request, such opinion to permit reliance by the Purchasers,
		

		
			Favorable written opinion letters of local counsels for the Seller regarding certain state timeshare and real estate legal matters related to each Initial Approved Opinion Resort and the related Timeshare Loans, in form and substance satisfactory to the Funding Agents regarding local law matters, such opinion to permit reliance by the Purchasers;
		

		
			A copy of the documentation evidencing the release of all liens attaching to the Timeshare Loans pursuant to previous financings;
		

		
			Executed copies of each of the Transaction Documents; and
		

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

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

		
			S&P shall have delivered written confirmation to DZ BANK to the effect that the consummation of the transactions contemplated by this Agreement will not result in the reduction or withdrawal of their respective ratings of the Conduit Purchaser’s commercial paper.
		

		
			Condition to Borrowings.  The following shall be conditions precedent to any funding by a Purchaser on each Funding Date (unless otherwise indicated) (which conditions must be satisfied no later than 2:00 p.m. New York City time on the Business Day immediately preceding such Funding Date):
		

		
			The Issuer shall have timely delivered a Borrowing Notice pursuant to subsection 2.1(d) hereof;
		

		

		

		 

		

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		The representations and warranties of Bluegreen, the Issuer and the Depositor set forth or referred to in Sections 4.1, 4.2 and 4.3 hereof shall be true and correct in all material respects on the date of such Borrowing as though made on and as of such date (except where such representation or warranty specifically relates to any earlier date, in which case such representation and warranty shall have been true and correct in all material respects as of such earlier date); no event which is, or upon the giving of notice, the lapse of time or both would be, a Funding Termination Event shall have occurred and be continuing on such date;
		

		
			Both immediately prior to and after giving effect to such Borrowing and the application of the proceeds thereof as provided herein and in the Indenture, the Aggregate Outstanding Note Balance shall not exceed the Maximum Facility Balance and there shall not be a Borrowing Base Deficiency;
		

		
			All conditions specified in the Indenture with respect to such Borrowing shall have been satisfied;
		

		
			If the Funding Agents waive any of the conditions set forth in Section 3.1 hereof on the Closing Date, each such condition shall be satisfied on or before the first Borrowing; 
		

		
			Unless previously received on a Funding Date, the Funding Agents shall have received a favorable written opinion on timeshare and real estate law matters for the Timeshare Loans to be included on such Funding Date related to the Resort for which Bluegreen is seeking to have the Funding Agents approve as an Additional Approved Opinion Resort, such opinion to permit reliance by the Purchasers.
		

		
			(g)The Borrowing does not exceed the Maximum Borrowing Amount.
		

			
	
			
				 SECTION IV.
			REPRESENTATIONS AND WARRANTIES

		
			Representations and Warranties of Bluegreen.  Bluegreen hereby represents and warrants to the Funding Agents and the Purchasers that as of the date hereof, the Closing Date and each Funding Date:
		

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

		
			It has the power, authority and right to make, execute, deliver and perform this Agreement and the Transaction Documents to which it is a party and all the transactions contemplated hereby and thereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the Transaction Documents to which it is a party.  When executed and delivered, each of this Agreement and the Transaction Documents to which it is a party will constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms, subject, as to such enforceability, to 
		

		 

		

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

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

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

		
			Other than as disclosed on Schedule 12.2(e) of the Indenture and other than as disclosed in the most recent SEC filings related to Bluegreen, there is no litigation or administrative proceeding before any court, tribunal or governmental body pending or, to its knowledge, threatened against it, with respect to this Agreement, the Transaction Documents to which it is a party, the transactions contemplated hereby or thereby or the issuance of the Notes, and there is no such litigation or proceeding against it or any significant portion of its properties that would have a material adverse effect on the transactions contemplated by, or its ability to perform its obligations under, this Agreement or the Transaction Documents to which it is a party.
		

		
			It has delivered to the Funding Agents complete and correct copies of its audited financial statements for the fiscal year ended on or about December 31, 2016; provided that Bluegreen shall be deemed to be in compliance with this Section 4.1(f) to the extent such financial statements have been publicly filed.
		

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

		 

		

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		otherwise disclosed to any Funding Agent or any Purchaser, as the case may be, at such time) as of the date so furnished.
		

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

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

		
			Based upon the Investment Letters of the Purchasers and compliance with the terms of this Agreement and the Transaction Documents, the sale of the Notes pursuant to the terms of this Agreement and the Indenture will not require the registration of such Notes under the Securities Act.
		

		
			All tax returns (federal, state and local) required to be filed with respect to Bluegreen have been filed (which filings may be made by an affiliate of Bluegreen on a consolidated basis covering Bluegreen and other Persons) and there has been paid or adequate provision made in its GAAP financial statements for the payment of all taxes, assessments and other governmental charges in respect of Bluegreen (or in the event consolidated returns have been filed, with respect to the Persons subject to such returns), other than as on Schedule 4.1(k) hereto.
		

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

		
			There has not been any material adverse change in the business, operations, financial condition, properties or assets of Bluegreen since December 31, 2016.
		

		
			The chief executive office of Bluegreen is at the address indicated in Section 9.2 hereof.
		

		
			The Credit Policy and the Collection Policy attached as Exhibits J and K to the Indenture, respectively (as the same may be amended from time to time in accordance with the provisions of the Indenture and this Agreement), fairly represent the policies of the Servicer and, to the best knowledge of the Servicer, the Collection Policy is materially consistent with the customary standard of prudent servicers of loans secured by timeshare interests.  
		

		

		

		 

		

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		Other than the Bluegreen Merger, described below, as of the date hereof and, within the last five years, Bluegreen has not changed its name, merged with or into or consolidated with any other corporation or been the subject of any proceeding under Title 11, United States Code (Bankruptcy).  The “Bluegreen Merger” shall mean that certain cash merger transaction on April 2, 2013 whereby Bluegreen became a direct wholly-owned subsidiary of Woodbridge Holdings LLC and ceased to be a publicly traded entity.
		

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

		
			The name and address of the Lockbox Bank, together with the account numbers of the Lockbox Accounts at the Lockbox Bank, are specified in the Lockbox Agreement (or at such other Lockbox Bank and/or with such other Lockbox Accounts as have been notified to the Funding Agents).  All applicable Obligors will be instructed to make payment to the Lockbox Account in accordance with the Indenture.
		

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

		
			Bluegreen and each of its Affiliates has and intends to in the future to properly disclose and account for the transactions contemplated by the Transaction Documents as an on balance sheet transaction in accordance with GAAP.  The transaction contemplated by the Transaction Documents is a financing for tax purposes.
		

		
			As of the Closing Date and as of each Funding Date, as applicable, (i), neither Bluegreen nor any of its Commonly Controlled Affiliates has or has incurred any “accumulated funding deficiency” (as such term is defined under ERISA and the Code), whether or not waived, with respect to any “Employee Pension Benefit Plan” (as defined below) that either individually or in the aggregate could Cause a Material Adverse Effect (as defined below), and, to Bluegreen’s Knowledge, no event has occurred or circumstance exists that may result in any accumulated funding deficiency of any such plan that either individually or in the aggregate could Cause a Material Adverse Effect; (ii) neither Bluegreen nor any of its Commonly Controlled Affiliates has any unpaid “minimum required contribution” (as such term is defined under ERISA and the Code) with respect to any Employee Pension Benefit Plan, whether or not such unpaid minimum required contribution is waived, that either individually or in the aggregate could Cause a Material Adverse Effect, and, to Bluegreen’s Knowledge, no event has occurred or circumstance exists that may result in any unpaid minimum required contribution as of the last day of the current plan year of any such plan that either individually or in the aggregate could Cause a Material Adverse Effect; (iii) Bluegreen and each of its Commonly Controlled Affiliates has no outstanding liability for any undisputed contribution required under 
		

		 

		

			-  15  -

		

 

		

			 

		

		any Bluegreen Multiemployer Plan (as defined below) that either individually or in the aggregate could Cause a Material Adverse Effect; and (iv) Bluegreen and each of its Commonly Controlled Affiliates has no outstanding liability for any disputed contribution required under any Bluegreen Multiemployer Plan that either individually or in the aggregate could Cause a Material Adverse Effect.  As of the Closing Date and as of each Funding Date, as applicable, to Bluegreen’s Knowledge (A) neither Bluegreen nor any of its Commonly Controlled Affiliates has incurred any Withdrawal Liability (as defined below) that either individually or in the aggregate could Cause a Material Adverse Effect, and (B) no event has occurred or circumstance exists that could result in any Withdrawal Liability that either individually or in the aggregate could Cause a Material Adverse Effect.  As of the Closing Date and as of each Funding Date, as applicable, to Bluegreen’s Knowledge, neither Bluegreen nor any of its Commonly Controlled Affiliates has received notification of the reorganization, termination, partition, or insolvency of any Multiemployer Plan that could either individually or in the aggregate Cause a Material Adverse Effect.  For purposes of this subsection 4.1(u), “Cause a Material Adverse Effect” means reasonably be expected to result in a material adverse effect on Bluegreen or any of its Commonly Controlled Affiliates; “Commonly Controlled Affiliates” means those direct or indirect affiliates of Bluegreen that would be considered a single employer with Bluegreen under Section 414(b), (c), (m), or (o) of the Code; “Employee Pension Benefit Plan” means an employee pension benefit plan as such term is defined in Section 3(2) of ERISA that is sponsored, maintained or contributed to by Bluegreen or any of its Commonly Controlled Affiliates (other than a Bluegreen Multiemployer Plan); “Multiemployer Plan” means a multiemployer plan as such term is defined in Section 3(37) of ERISA; “Bluegreen Multiemployer Plan” means a Multiemployer Plan to which Bluegreen or any of its Commonly Controlled Affiliates contributes or in which Bluegreen or any of its Commonly Controlled Affiliates participates; and “Withdrawal Liability” means liability as determined under ERISA for the complete or partial withdrawal of Bluegreen or any of its Commonly Controlled Affiliates from a Multiemployer Plan.
		

		
			Representations and Warranties of the Issuer.  The Issuer hereby represents and warrants to the Funding Agents and the Purchasers that as of the date hereof, the Closing Date and each Funding Date:
		

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

		
			It has the power, authority and right to make, execute, deliver and perform this Agreement and the Transaction Documents to which it is a party and all the transactions contemplated hereby and thereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the Transaction Documents to which it is a party.  When executed and delivered, each of this Agreement and the Transaction Documents to which it is a party will constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms, subject, as to such enforceability, to applicable bankruptcy, reorganization, insolvency, moratorium and other laws relating to or affecting creditors’ rights generally from time to time in effect.  The enforceability of its 
		

		 

		

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		obligations under such agreements may also be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law, and no representation or warranty is made with respect to the enforceability of its obligations under any indemnification provisions in such agreements to the extent that indemnification is sought in connection with securities laws violations.
		

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

		
			The execution, delivery and performance of each of this Agreement and the Transaction Documents to which it is a party do not violate any provision of any existing law or regulation applicable to it, any order or decree of any court to which it is subject, the Trust Agreement, or any mortgage, indenture, contract or other agreement to which it is a party or by which it or any significant portion of its properties is bound.
		

		
			There is no litigation or administrative proceeding before any court, tribunal or governmental body pending or, to its Knowledge, threatened against it, with respect to this Agreement the Transaction Documents to which it is a party, the transactions contemplated hereby or thereby or the issuance of the Notes.
		

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

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

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

		
			The Issuer repeats and reaffirms to the Funding Agents and the Purchasers each of the representations and warranties of the Issuer in the Transaction Documents 
		

		 

		

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		to which it is a party and each other document delivered in connection therewith or herewith, and represents that such representations and warranties are true and correct (except where such representation or warranty specifically relates to any earlier date, in which case such representation and warranty is repeated and affirmed as of such earlier date).
		

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

		
			(k)No election has been or will be made to treat the Issuer as an association pursuant to Treas. Reg. § 301.7701-3.
		

		
			Representations and Warranties of the Depositor.  The Depositor hereby represents and warrants to the Funding Agents and the Purchasers, that as of the date hereof, the Closing Date and each Funding Date:  
		

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

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

		
			No consent, license, approval or authorization of, or registration with, any Governmental Authority is required to be obtained in connection with the execution, delivery or performance of each of this Agreement and the Transaction Documents to which it is a party that has not been duly obtained and that is not and will not be in full force and effect on the Closing Date, except such that may be required by applicable securities laws or UCC-1 or UCC-3 Financing Statements as have been prepared for filing.
		

		

		

		 

		

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		The execution, delivery and performance of each of this Agreement and the Transaction Documents to which it is a party do not violate any provision of any existing law or regulation applicable to it, any order or decree of any court to which it is subject, its charter or By‐laws, or any mortgage, indenture, contract or other agreement to which it is a party or by which it or any significant portion of its properties is bound.
		

		
			There is no litigation or administrative proceeding before any court, tribunal or governmental body pending or, to its knowledge, threatened against it, with respect to this Agreement, the Transaction Documents to which it is a party, the transactions contemplated hereby or thereby or the issuance of the Notes.
		

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

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

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

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

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

		
			The chief executive office of the Depositor is at the address indicated in Section 9.2 hereof.
		

		 

		

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				 SECTION V.
			COVENANTS

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

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

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

		
			the Issuer shall furnish to the Funding Agents on or before the date such reports are due under the Indenture copies of each of the reports, notices and certificates required by Section 7.2 of the Indenture;
		

		
			the Issuer shall promptly furnish to the Funding Agents a copy, addressed to the Funding Agents, of each opinion of counsel delivered to the Indenture Trustee pursuant to Section 7.3(d) of the Indenture;
		

		
			Bluegreen shall not permit a Servicer Event of Default under the Indenture to occur;
		

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

		
			the Issuer, the Depositor, the Seller and the Servicer shall at any time from time to time during regular business hours, on reasonable notice to the Issuer, the 
		

		 

		

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		Depositor, the Seller or the Servicer, as the case may be, permit either or both Funding Agent(s), or its/their agents or representatives to:
		

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

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

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

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

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

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

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

		
			Bluegreen shall furnish to each Purchaser and each Funding Agent:
		

		
			(A) as soon as available and in any event within 45 days after the end of each fiscal quarter (or, if later, that date which financial statements relating to Bluegreen are required to be filed with the Securities and Exchange Commission), the consolidated balance sheet of Bluegreen and its subsidiaries as of the end of such quarter and consolidated statements of income of Bluegreen and its subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, certified by the 
		

		 

		

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		chief financial officer of Bluegreen and (B) as soon as available and in any event within 90 days after the end of each fiscal year of Bluegreen (or, if later, that date which financial statements relating to Bluegreen are required to be filed with the Securities and Exchange Commission), a copy of the consolidated financial statements of Bluegreen and its subsidiaries for such year accompanied by an audit report of a nationally recognized firm of independent certified public accountants (or such other firm of independent certified public accountants acceptable to the Funding Agents) which report shall be unqualified as to going concern and scope of audit (if such scope limitation would be reasonably deemed to have an adverse impact on the financial statements taken as a whole) and shall state that such consolidated financial statements present fairly the consolidated financial position of Bluegreen and each of its subsidiaries at the dates indicated and the results of their operations and their cash flow for the periods indicated is in conformity with GAAP and that the examination had been made in accordance with GAAP; provided, however, Bluegreen shall be deemed to be in compliance with this subsection 5.1(m)(i) to the extent the documents required to be filed pursuant to this subsection 5.1(m)(i) are publicly filed within the time periods required by this subsection 5.1(m)(i).
		

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

		
			as soon as available and in any event within 90 days after the end of each fiscal year of the Issuer, a copy of the financial statements of the Issuer for such year, which financial statements need not be accompanied by an audit report of a nationally recognized firm of independent certified public accountants and may be internal financial statements of the Issuer; and
		

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

		
			Bluegreen shall not make, or permit any Person within its control to make, any material amendment, modification or change to, or provide any material waiver under, the Indenture or the other Transaction Documents without the prior written consent of the Funding Agents and in any case in compliance with Section 9.1 hereof;
		

		
			Bluegreen will comply in all material respects with the Credit Policy and the Collection Policy in regard to each Timeshare Loan.    Bluegreen shall (i) notify the Funding Agents ten days prior to any material amendment of or change in the Credit Policy or the Collection Policy and (ii) obtain the Funding Agents’ prior written consent (which consent will not be unreasonably withheld or delayed) to any material amendment of or change in the Credit Policy or the Collection Policy that will affect any Timeshare Loan in the Trust Estate; provided, that Bluegreen may immediately implement any changes (and provide notice to the Funding Agents subsequent thereto) as may be required under applicable law from time to time upon the reasonable determination of Bluegreen; and provided, further that Bluegreen shall deliver to the Funding Agents a copy of any amendments or changes to the Collection Policy or 
		

		 

		

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		the Credit Policy for which prior notice to the Funding Agents was not given with the Monthly Report to be delivered subsequent to the effective date of such amendments or changes.
		

		
			at the request of any Funding Agent, the Seller shall cause to be delivered to the Funding Agents the written report of a review conducted as of the last day of a fiscal quarter of the Seller by an independent auditor acceptable to the Funding Agents of a random sampling of Timeshare Loans that are held by the Custodian, together with all related Timeshare Loans Documents held by the Custodian, within the later of (i) 30 days following the end of such fiscal quarter of the Seller and (ii) 30 days following such request of any Funding Agent; provided,  however, in addition to the quarterly reports described above, each calendar year (so long as no Event of Default has occurred), the Funding Agents, in their sole discretion, can request one written report to be conducted other than quarterly and the Seller shall cause such written report to be delivered to the Funding Agents no later than the later of (i) thirty days after such request by the Funding Agents or (ii) the fifth Business Day after the completion of the related audit procedures; it being understood, however, that if the Funding Agents shall request more than two written reports during a calendar year (excluding any written reports requested during the occurrence of an Event of Default), the third request and all other requests thereafter during such calendar year shall be at the expense of the Funding Agents; it being further understood, however, that upon the occurrence of an Event of Default, the Funding Agents shall not be limited to the number of written reports that may be requested and the expense of such written reports shall be borne by the Seller;
		

		
			to the extent it has not previously done so, Bluegreen shall instruct all applicable Obligors to cause all Collections to be deposited directly into the Lockbox Account.  Bluegreen shall hold in trust, and deposit, immediately, but in any event not later than two Business Days of its receipt thereof, to the Lockbox Account all Collections received from time to time by it from the related Obligors;
		

		
			Bluegreen shall deliver all the Timeshare Loan Files to the Custodian pursuant to the terms of the Custodial Agreement;
		

		
			Bluegreen shall notify the Funding Agents within 12 Business Days of obtaining knowledge thereof, of (i) any fraudulent activity or theft in the origination or servicing of the Timeshare Loans that results or may result in a loss of at least $1,000 and (ii) any fraudulent activity or theft in the origination or servicing of timeshare loans not subject to the Lien of the Indenture that results or may result in a loss of at least $100,000;
		

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

		
			except as otherwise permitted in the Indenture or with the prior written consent of the Funding Agents, Bluegreen will not extend, amend or otherwise modify 
		

		 

		

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		the terms of any Timeshare Loan, or amend, modify or waive any term or condition of any contract related thereto;
		

		
			neither Bluegreen nor the Servicer will make any change in its instructions to Obligors regarding payments to be made to the Lockbox Account, unless such instructions are to deposit such payments to another lockbox account approved by the Funding Agents;
		

		
			none of the Seller, the Depositor or the Issuer will change its name, identity or structure or its chief executive office, unless at least 30 days prior to the effective date of any such change such person  delivers to the Indenture Trustee and the Funding Agents UCC financing statements to continue the perfection of the Indenture Trustee’s interest in the Timeshare Loans and written authority to file the same;
		

		
			each of the Issuer, Bluegreen and the Depositor shall properly disclose and account for the transactions contemplated by the Transaction Documents as an on balance sheet transaction under and in accordance with GAAP;
		

		
			the Depositor and the Issuer each shall, unless the Funding Agents shall otherwise consent in writing: 
		

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

		
			maintain corporate records and books of account separate from those of Bluegreen and any Affiliate (other than itself) thereof;  
		

		
			obtain proper authorization for all action requiring such authorization; 
		

		
			pay its own operating expenses and liabilities from its own funds and shall conduct its business from an office or designated area separate from Bluegreen or any Affiliate thereof; 
		

		
			continuously maintain its resolutions, agreements and other instruments underlying the transactions described in this Agreement as part of its official records; 
		

		
			maintain an arm’s-length relationship with Bluegreen and its Affiliates (other than itself), and shall not hold itself out as being liable for the debts of Bluegreen or any of its Affiliates (other than itself); 
		

		
			keep its assets and liabilities separate from those of all other entities other than as permitted herein; 
		

		

		

		 

		

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		not maintain bank accounts or other depository accounts to which any Affiliate is an account party or from which any Affiliate has the power to make withdrawals;
		

		
			not amend, supplement or otherwise modify its organizational documents, except in accordance therewith and with the prior written consent of the Funding Agents;
		

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

		
			not enter into, or be a party to any transaction with any of its Affiliates, except as contemplated by this Agreement and the other Transaction Documents; 
		

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

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

		
			if requested by the Funding Agents (which is expected to be no more than once during each annual period following the Closing Date), Bluegreen and the Issuer shall provide the Funding Agents with a report, satisfactory to the Funding Agents in their sole discretion, from an independent review company selected by the Funding Agents, confirming the accuracy of the information in the Transaction Documents with respect to the Timeshare Loans and the ability of the Servicer to perform its obligations thereunder; and
		

		
			the Issuer will not request any Borrowing, and shall not use the proceeds of any Borrowing (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, or (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person or in any Sanctioned Country.
		

			
	
			
				 SECTION VI.
			INCREASED COSTS, INCREASED CAPITAL, TAXES, ETC.

		
			
		

		 

		

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		Increased Costs.  Subject to the provisions of Section 6.4 hereof, if, due to either (a) the introduction of or any change (including any change by way of imposition or increase of reserve requirements) in or in the interpretation of any Law or regulation or the imposition of any guideline of any accounting board or authority (whether or not part of government) which is responsible for the establishment or interpretation of national or international accounting principles, in each case whether foreign or domestic, including, without limitation, any Change in Law or (b) the compliance with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), after the Closing Date, there shall be an increase in the cost to the Funding Agent or any Purchaser (each of which shall be an “Affected Party”) of agreeing to make or making, funding or maintaining any investment in the Notes or any interest therein or of agreeing to purchase or invest in the Notes or any interest therein, or to provide liquidity or credit support to a Conduit Purchaser, as the case may be (other than by reason of any interpretation of or change in laws or regulations relating to Taxes (as defined in Section 6.3 below) or Excluded Taxes (as defined in Section 6.3 below)), the Issuer shall, upon written demand by such Affected Party (with a copy to the Funding Agents), direct the Indenture Trustee in writing to pay to such Affected Party that portion of such increased costs incurred which such Affected Party reasonably determines is attributable to making, funding or maintaining any investment in the Notes or any interest therein or agreeing to purchase or invest in the Notes or any interest therein or to provide liquidity or credit support to a Conduit Purchaser, as the case may be.  In determining such amount, such Affected Party may use any reasonable averaging and attribution methods, consistent with the averaging and attribution methods generally used by such Affected Party in determining amounts of this type.  A certificate as to such increased costs incurred submitted to the Issuer and the Funding Agents, setting forth the calculation thereof in reasonable detail, shall be prima facie evidence as to the amount of such increased costs.  Any Affected Party that incurs such increased costs as described in this Section 6.1 shall use its commercially reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to take such steps as would eliminate or reduce the amount of such increased costs; provided that no such steps shall be required to be taken if, in the reasonable judgment of such Affected Party, such steps would be disadvantageous to such Affected Party.  Each Funding Agent agrees to use reasonable efforts to give notice to the Issuer and Bluegreen of any Change in Law or the imposition of any guideline or request from any central bank or other Governmental Authority after the Closing Date, that would increase the costs to a Purchaser for which the Funding Agent has actual knowledge.   
		

		
			Increased Capital.  Subject to the provisions of Section 6.4 hereof, if either (a) the introduction of or any change in or in the interpretation of any law or regulation, directive or request, including, without limitation, any Change in Law or (b) the compliance by any Affected Party with any law, guideline, rule, regulation, directive or request from any central bank or other Governmental Authority or agency (whether or not having the force of law) or any guideline of any accounting board or authority (whether or not part of government) which is responsible for the establishment or interpretation of national or international accounting principles, in each case whether foreign or domestic, including, without limitation, compliance by an Affected Party with any request or directive regarding capital adequacy, but excluding, in all cases, any interpretation, application or change in law relating to Taxes (as defined in Section 6.3 below) or Excluded Taxes (as defined in Section 6.3 below), has or would have the effect of reducing the rate of return on the capital of any Affected Party after the Closing Date, as a consequence of (i) the existence of such Affected Party’s agreement to make or maintain an 
		

		 

		

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		investment in the Notes or any interest therein or to provide liquidity or credit support to a Conduit Purchaser or (ii) the existence of any agreement by such Affected Party to make or maintain an investment in the Notes or any interest therein or to fund any such investment or arising in connection herewith to a level below that which any such Affected Party could have achieved but for such introduction, change or compliance (taking into consideration the policies of such Affected Party with respect to capital adequacy), by an amount deemed by such Affected Party to be material, then, from time to time, upon written demand by such Affected Party (with a copy to the Funding Agents), the Issuer shall direct the Indenture Trustee in writing to pay to the Affected Party, such additional amounts as specified by such Affected Party, sufficient to compensate such Affected Party in the light of such circumstances, to the extent that such Affected Party reasonably determines such increase in capital to be allocated to the existence of such Affected Party’s agreements described in clause (i) or (ii) above.  In determining such amounts, such Affected Party may use any reasonable averaging and attribution methods, consistent with the averaging and distribution methods generally used by such Affected Party in determining amounts of this type.  A certificate as to such amounts submitted to the Issuer by such Affected Party setting forth the calculation thereof in reasonable detail, shall be prima facie evidence of the amounts so owed.  Any Affected Party that is entitled to compensation for increases in capital as described in this Section 6.2 shall use its commercially reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to take such steps as would eliminate or reduce the amount of such compensation; provided that no such steps shall be required to be taken if, in the reasonable judgment of such Affected Party, such steps would be  disadvantageous to such Affected Party.  Each Funding Agent agrees to use reasonable efforts to give notice to the Issuer and Bluegreen of any Change in Law or the imposition of any guidance or request from any central bank or other Governmental Authority after the Closing Date, that would affect the amount of capital required or expected to be maintained by a Purchaser for which the Funding Agent has actual knowledge.   
		

		
			Taxes.    Any and all payments and deposits required to be made hereunder or under the Indenture to or for the benefit of a Purchaser shall be made, to the extent allowed by law, free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding taxes, levies, imposts, deductions, charges or withholdings imposed on, or measured by reference to, the net income or gross receipts of such Purchaser and franchise taxes imposed on such Purchaser, in each case by the jurisdiction under the laws of which such Purchaser is organized, with which it has a present or former connection, or in which it is otherwise doing business (other than solely by reason of this Agreement) (all such excluded items being referred to as “Excluded Taxes” and all such taxes, levies, imposts, deductions, charges, withholdings and liabilities other than Excluded Taxes being referred to as “Taxes”).  If the Indenture Trustee, as directed by  a Funding Agent, shall be required by law to deduct any Taxes from or in respect of any sum required to be paid or deposited hereunder or under any instrument delivered hereunder to or for the benefit of a Purchaser (A) subject to the limitations set forth in this Section 6.3 and Section 6.4 hereof, such sum shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums required to be paid or deposited under this Section 6.3) the amount received by such Purchaser, or otherwise deposited hereunder or under such instrument, shall be equal to the sum which would have been so received or deposited had no such deductions been made, (B) the Indenture Trustee, as directed by a Funding Agent, shall make such deductions and (C) the Indenture Trustee, as directed by a 
		

		 

		

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		Funding Agent, shall pay the full amount of such deductions to the relevant taxation authority or other authority in accordance with applicable laws.
		

		
			Subject to the limitations set forth in this Section 6.3 and Section 6.4 hereof, the Issuer shall direct the Indenture Trustee to indemnify each Purchaser for the full amount of Taxes (including any Taxes imposed by any jurisdiction on amounts payable under this Section 6.3) paid by such Purchaser due to the modification of or any change in or in the interpretation or administration by any governmental or regulatory agency or body charged with the interpretation or administration of any law or regulation relating to Taxes after the Closing Date (including penalties, interest and expenses) and arising therefrom or required to be paid with respect thereto.  Each Purchaser agrees to promptly notify its Funding Agent and the Issuer of any payment of such Taxes made by it for which it is entitled to indemnification hereunder and, if practicable, any request, demand or notice received in respect thereof prior to such payment.  Each Purchaser shall be entitled to payment of this indemnification within 30 days from the date such Purchaser makes written demand therefor to its Funding Agent and the Issuer.  A certificate as to the amount of such indemnification submitted to its Funding Agent and the Issuer by such Purchaser setting forth in reasonable detail the basis for and the calculation thereof, shall be prima facie evidence of the amounts so owed.
		

		
			Within 30 days after the date of any payment of Taxes, the Indenture Trustee will furnish to the Funding Agents the original or a certified copy of a receipt evidencing payment thereof. 
		

		
			﻿
		

		
			Each Purchaser and each Funding Agent that is a United States person as defined in Section 7701(a)(30) of the Code shall, on or prior to the Closing Date, or, in the case of an Assignee, the effective date of the applicable Assignment, deliver to the Issuer, each Funding Agent and the Indenture Trustee (in the case of a Purchaser) and to the Issuer and the Indenture Trustee (in the case each Funding Agent) executed originals of IRS Form W-9 (or any successor form thereto).  
		

		
			Each Purchaser (including, for the avoidance of doubt, each Assignee thereof) and each Funding Agent, in each case, that is organized under the laws of a jurisdiction other than the United States or a state thereof hereby agrees to complete, execute and deliver to the Issuer, each Funding Agent and the Indenture Trustee (in the case of a Purchaser or Assignee) and to the Issuer and the Indenture Trustee (in the case of each Funding Agent) from time to time prior to the date on which such Purchaser or Funding Agent will be entitled to receive distributions pursuant to the Indenture or this Agreement, executed Internal Revenue Service W-8ECI, W-8BEN or W-8IMY (with all required associated documentation) (or any successor forms), as applicable, or such other forms or certificates as may be required under the laws of any applicable jurisdiction in order to permit the Indenture Trustee to make payments to, and deposit funds to or for the account of, such Purchaser or Funding Agent hereunder and under the Indenture and this Agreement without any deduction or withholding for or on account of any tax or to otherwise establish the applicable rate of deduction or withholding.  
		

		

		

		 

		

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		Each Purchaser and Funding Agent agrees to provide, to the extent permitted by law, like additional subsequent duly executed forms on or before the date that any such form expires or becomes obsolete, or upon the occurrence of any event requiring an amendment, resubmission or change in the most recent form previously delivered by it, as may be reasonably requested by the Issuer.  Each Purchaser and Funding Agent further agrees that compliance with this subsection 6.3(d) (including by reason of Section 8.1 hereof in the case of any assignment, sale or other transfer of any interest in the Notes) is a condition to the payment of any amount otherwise due pursuant to subsections 6.3(a) and (b) hereof.
		

		
			Each Purchaser, as of the Closing Date, and each other Purchaser, as of the date such Person becomes a Purchaser entitled to receive distributions pursuant to this Agreement, the Purchase Agreement or the Indenture (such date, its “Assignment Date”), hereby represents and warrants to the Issuer that it is not subject to Taxes in respect of any sum required to be paid or deposited under this Agreement, the Indenture or under any instrument delivered pursuant to any of them to or for the benefit of such Purchaser, and notwithstanding anything to the contrary herein or in any Transaction Document, no Purchaser shall be entitled to any gross up or indemnity under this Section 6.3 or under any other Transaction Document in respect of Taxes imposed on amounts payable to or for the account of such Purchaser which are imposed pursuant to a law in effect on the Closing Date or its Assignment Date, as the case may be, or if any Purchaser changes its Investing Office, on the date of such change in its Investing Office, except to the extent (i) the assignor was entitled to a gross-up or indemnity prior to the Assignment Date or (ii) the Purchaser was entitled to a gross-up or indemnity prior to the date such Purchaser changed its Investing Office, as applicable.  Further, no Purchaser shall be entitled to any gross up or indemnity under this Section 6.3 or under any other Transaction Document in respect of any U.S. federal withholding Taxes imposed under Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code.
		

		
			Any Purchaser entitled to the payment of any additional amount pursuant to this Section 6.3 shall use its best efforts (consistent with its internal policy and legal and regulatory restrictions) to take such steps as would eliminate or reduce the amount of such payment; provided that no such steps shall be required to be taken if, in the reasonable judgment of such Purchaser, such steps would be materially disadvantageous to such Purchaser.
		

		
			Nonrecourse Obligations; Limited Recourse.  Notwithstanding any provision in any other Section of this Agreement or the Transaction Documents to the contrary, the obligation of the Issuer to pay any amounts payable to the Purchasers or the Funding Agents pursuant to this Agreement shall be without recourse to Bluegreen, the Indenture Trustee or any Affiliate, officer or director of any of them and the obligation to pay any amounts hereunder shall be limited solely to the application of the Trust Estate, to the extent that such amounts are available for distribution.    
		

		
			Breakage.  Subject to Section 6.4 hereof, if for any reason (other than a default by a Conduit Purchaser in failing to advance proceeds of commercial paper actually raised for such Borrowing) a Borrowing does not take place on the Funding Date specified in a 
		

		 

		

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		Borrowing Notice (a “Defaulted Borrowing Date”), the Issuer shall direct the Indenture Trustee in writing to pay such Conduit Purchaser’s Funding Agent for the benefit of such Conduit Purchaser, an amount equal to all interest (at the applicable CP Rate) that would have accrued had the Borrowing occurred hereunder on, through and including the day on which the aggregate principal component of Allocated Commercial Paper for such Conduit Purchaser will mature on or after the Defaulted Borrowing Date (such date, the “Funding Maturity Date”); provided, that, if the Issuer is in compliance with the foregoing requirements, such Conduit Purchaser shall, on the applicable Funding Maturity Date, make a payment to the Issuer in an amount equal to the income (less the reasonable costs and expenses of obtaining such income), if any, actually received by such Conduit Purchaser from investing the aggregate component of Allocated Commercial Paper for the period from the Defaulted Borrowing Date until such Funding Maturity Date.
		

			
	
			
				 SECTION VII.
			THE FUNDING AGENTS

		
			Appointment.  Each Purchaser hereby designates and appoints the Funding Agent indicated as such in its Joinder Supplement as the agent of such Purchaser under this Agreement, and each such Purchaser authorizes such Funding Agent, as the agent for such Purchaser, to take such action on its behalf under the provisions of the Transaction Documents and to exercise such powers and perform such duties thereunder as are expressly delegated to the Funding Agent by the terms of the Transaction Documents, together with such other powers as are reasonably incidental thereto.  Notwithstanding any provision to the contrary elsewhere in this Agreement, the Funding Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Purchaser, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against the Funding Agent.  A Purchaser may replace its Funding Agent with the prior written consent of all other Funding Agents hereunder and ten Business Days’ notice to the parties hereto; provided, that a replacement Funding Agent is named prior to dismissal of the Funding Agent.
		

		
			Delegation of Duties.  The Funding Agents may execute any of their duties under any of the Transaction Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.  The Funding Agents shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with due care.
		

		
			Exculpatory Provisions.  Neither the Funding Agents nor their officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (a) liable to any of the Purchasers for any action lawfully taken or omitted to be taken by it or such Person under or in connection with any of the other Transaction Documents (except for its or such Person’s own gross negligence or willful misconduct) or (b) responsible in any manner to any of the Purchasers for any recitals, statements, representations or warranties made by the Seller, the Depositor, the Issuer, the Servicer or the Indenture Trustee or any officer thereof contained in any of the other Transaction Documents or in any certificate, report, statement or other document referred to or provided for in, or received by such Funding Agent under or in connection with, any of the other Transaction Documents or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any of the other Transaction Documents or for any failure of the 
		

		 

		

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		Seller, the Depositor, the Issuer, the Servicer or the Indenture Trustee to perform its obligations thereunder.  No Funding Agent shall be under any obligation to any Purchaser to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, any of the other Transaction Documents, or to inspect the properties, books or records of the Seller, the Depositor, the Issuer, the Servicer or the Indenture Trustee.
		

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

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

		
			Non-Reliance on Funding Agent and Other Purchasers.  Each Purchaser expressly acknowledges that neither its Funding Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by such Funding Agent hereafter taken, including any review of the affairs of the Seller, the Depositor, the Issuer, the Servicer or the Indenture Trustee shall be deemed to constitute any representation or warranty by such Funding Agent to such Purchaser.  Each Purchaser represents to its Funding Agent that it has, independently and without reliance upon such Funding Agent or any other Purchaser or any other Funding Agent, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Indenture Trustee, the Seller, the Depositor, the Issuer and the Servicer and made its own decision to purchase its interest in the Notes hereunder and enter into this 
		

		 

		

			-  31  -

		

 

		

			 

		

		Agreement.  Each Purchaser also represents that it will, independently and without reliance upon its Funding Agent or any other Purchaser or other Funding Agent, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis, appraisals and decisions in taking or not taking action under any of the Transaction Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Indenture Trustee, the Seller, the Depositor, the Issuer and the Servicer.  Except, in the case of each Funding Agent, for notices, reports and other documents received by such Funding Agent under Section 5 hereof, such Funding Agent shall not have any duty or responsibility to provide the Purchasers in its Purchaser Group with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of the Indenture Trustee, the Seller, the Depositor, the Issuer or the Servicer which may come into the possession of such Funding Agent or any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates.
		

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

		
			Funding Agents in Their Individual Capacities.  The Funding Agents and their Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Indenture Trustee, the Seller, the Servicer, the Owner Trustee, the Depositor and the Issuer as though a Funding Agent was not a funding agent hereunder.  Each Purchaser acknowledges that KeyBank National Association is a Purchaser hereunder.  KeyBank National Association, in its capacity as a Funding Agent shall not, by virtue of its acting in any such other capacities, be deemed to have duties or responsibilities hereunder or be held to a standard of care in connection with the performance of its duties as a Funding Agent other than as expressly provided in this Agreement.  KeyBank National Association may act as a Funding Agent without regard to and without additional duties or liabilities arising from its role as such administrator or agent or arising from its acting in any such other capacity.  Each Purchaser acknowledges that DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main is a Purchaser hereunder.  DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, in its capacity as a Funding Agent shall not, by virtue of its acting in any such other capacities, be deemed to have duties or responsibilities hereunder or be held to a standard of care in connection 
		

		 

		

			-  32  -

		

 

		

			 

		

		with the performance of its duties as a Funding Agent other than as expressly provided in this Agreement.  DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main may act as a Funding Agent without regard to and without additional duties or liabilities arising from its role as such administrator or agent or arising from its acting in any such other capacity.
		

		
			Successor Funding Agents.  A Funding Agent may not resign as a Funding Agent unless it has received the prior written consent of the other Funding Agents hereunder and only then, upon 30 days’ notice to the Purchasers in its Purchaser Group, the Indenture Trustee, the Issuer, the Depositor, the Seller and the Servicer with such resignation becoming effective upon a successor agent succeeding to the rights, powers and duties of such Funding Agent pursuant to this Section 7.9.  If a Funding Agent shall resign as Funding Agent under this Agreement, a successor agent for the Purchasers in its Purchaser Group shall be appointed by at least 66-2/3% of the Purchasers in its Purchaser Group.  The successor Funding Agent shall succeed to the rights, powers and duties of such Funding Agent, and the term “Funding Agent” shall mean such successor agent effective upon its appointment, and the former Funding Agent’s rights, powers and duties as a Funding Agent shall be terminated, without any other or further act or deed on the part of such former Funding Agent or any of the parties to this Agreement.  After the retiring Funding Agent’s resignation as a Funding Agent, the provisions of this Section VII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was a Funding Agent under this Agreement.  Unless waived by the Required Purchasers, a Funding Agent shall be required to have a combined capital and surplus of at least $100,000,000.
		

		
			Communications.  Each Funding Agent shall promptly forward to the Purchasers in its Purchaser Group, copies of all communications received by it under Sections 5.1(c), (d), (h) and (m) hereof and Section 5.5 of the Indenture.  Upon reasonable notice, each Funding Agent shall also make available or provide copies to the Purchasers in its Purchaser Group of all other relevant communications, documents or information obtained or prepared by such Funding Agent in connection with the Transaction Documents.
		

		
			Control by Purchasers.  The Purchasers of each Purchaser Group shall have the right to direct the time, method and place of conducting any action, non-action, the granting or withholding of consent, proceeding for any remedy available to the related Funding Agent or the related Noteholder under any of the Transaction Documents.   Notwithstanding the foregoing, (i) no such direction shall be in conflict with any rule of law or with this Agreement; (ii) a Funding Agent shall not be required to follow any such direction which such Funding Agent reasonably believes might result in any personal liability on the part of such Funding Agent for which such Funding Agent is not adequately indemnified; and (iii) each Funding Agent may take any other action deemed proper by such Funding Agent which is not inconsistent with any such direction; provided that such Funding Agent shall give notice of any such action to the Purchasers in its Purchaser Group.  Each Funding Agent, as a Noteholder, shall cast any vote or give any direction under the Indenture on behalf of the Purchasers in its Purchaser Group if it has been directed to do so by all of the Purchasers therein.
		

			
	
			
				 SECTION VIII.
			SECURITIES LAWS; TRANSFERS

		
			Transfers of Notes.    Each of Funding Agents and the Purchasers agrees that any interest in the Notes purchased or otherwise acquired by it will be 
		

		 

		

			-  33  -

		

 

		

			 

		

		acquired for investment only and not with a view to any distribution thereof, and that it will not offer to sell or otherwise dispose of any Note acquired by it (or any interest therein) in violation of any of the registration requirements of the Securities Act or the registration or qualification requirements of any applicable state or other securities laws.  Each of the Funding Agents and the Purchasers acknowledges that it has no right to require the Issuer to register, under the Securities Act or any other securities law, the Notes (or any interest therein) acquired by it pursuant to this Agreement, any Joinder Supplement or any Transfer Supplement.  Each of the Funding Agents and the Purchasers hereby confirms and agrees that in connection with any transfer or syndication by it of an interest in the Notes, it has not engaged and will not engage in a general solicitation or general advertising including advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or broadcast over radio or television, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.  
		

		
			Each Purchaser which executes a Joinder Supplement agrees that it will comply with all transfer restrictions specified in the Indenture and will execute and deliver to the Issuer, the Seller, the Servicer, the Depositor, the Indenture Trustee and the Funding Agents on or before the effective date of its Joinder Supplement a letter in the form attached hereto as Exhibit A (an “Investment Letter”) with respect to the purchase by such Purchaser of an interest in the Notes.  Each initial purchaser of a Note or any interest therein and any Assignee thereof or Participant therein shall certify to the Issuer, the Seller, the Servicer, the Depositor, the Indenture Trustee and the Funding Agents that it is either (A)(i) a citizen or resident of the United States, (ii) a corporation or partnership (or any other entity treated as a corporation or a partnership for federal income tax purposes) organized in or under the laws of the United States or any political subdivision thereof which, if such entity is a tax-exempt entity, recognizes that payments with respect to the Notes may constitute unrelated business taxable income or (iii) a person not described in (i) or (ii) whose income from the Notes is and will be effectively connected with the conduct of a trade or business within the United States (within the meaning of the Code) and whose ownership of any interest in a Note will not result in any withholding obligation with respect to any payments with respect to the Notes by any Person and who will, prior to the applicable Transfer of a Note, furnish to the Issuer, the Funding Agents, the Seller, the Servicer and the Indenture Trustee, and to the Person making the Transfer a properly executed U.S. Internal Revenue Service Form W-8ECI (or any successor forms) (and agrees (to the extent legally able) to provide a new Form W-8ECI (or any successor form) upon the expiration or obsolescence of any previously delivered form and comparable statements in accordance with applicable United States laws), (B) an estate the income of which is includible in gross income for United States federal income tax purposes or (C) a trust if a court within the United States is able to exercise primary supervision over the administration of such trust and one or more United States fiduciaries have the authority to control all substantial decisions of the trust. 
		

		
			Any sale, transfer, assignment, participation, pledge, hypothecation or other disposition (a “Transfer”) of a Note or any interest therein may be made only in accordance with this Section 8.1.  Any Transfer of a Note or an interest in a Note shall be in respect of at least $1,000,000 of the outstanding principal under the Notes.  Any Transfer of an interest in a Note otherwise permitted by this Section 8.1 will be permitted only if it consists of a pro rata percentage interest in all payments made with respect to the Purchaser’s beneficial interest in such Note.  No Note or any interest therein may be Transferred by Assignment or 
		

		 

		

			-  34  -

		

 

		

			 

		

		Participation (each as defined below) to any Person (each, a “Transferee”) unless such transfer complies with the transfer restrictions specified in the Indenture, prior to the transfer the Transferee shall have executed and delivered to the Issuer an Investment Letter and the Funding Agents have provided their prior written consent to such Transfer.  Notwithstanding the foregoing, the Conduit Purchaser (if the Conduit Purchaser is Autobahn Funding Company LLC) may, in its sole discretion at any time, assign its rights, obligations (if any) and interests under this Agreement to the Cost of Funds Bank Purchaser in its Purchaser Group so long as such Cost of Funds Bank Purchaser then assumes all obligations (if any) of such Conduit Purchaser under this Agreement and, at or after such time, the Conduit Purchaser may, in its sole discretion, cease to be a Conduit Purchaser and a Purchaser under this Agreement upon providing notice of such cessation to the Issuer and the Servicer.
		

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

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

		

		

		 

		

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

		
			Each Purchaser may, with the consent of the Funding Agents (in their sole discretion) and the Servicer (which shall not unreasonably be withheld) and in accordance with applicable law (which includes applicable securities laws), sell or assign (each, an “Assignment”), to any Person (each, an “Assignee”) all or any part of its Commitment or its interest in the Notes and its rights and obligations under this Agreement and the Indenture pursuant to an agreement substantially in the form attached hereto as Exhibit C hereto (a “Transfer Supplement”), executed by such Assignee and the Purchaser and delivered to the Funding Agents and the Servicer for their acceptance and consent; provided,  however, that no such assignment or sale shall be effective unless and until the conditions to Transfer specified in this Agreement, including in subsections 8.1(b) and (c) hereof, shall have been satisfied; provided,  further,  however, that neither the consent of the Servicer nor the Funding Agents shall be required in the case of an assignment by any existing Purchaser to another existing Purchaser in its Purchaser Group; and provided,  further,  however, that neither the consent of the Servicer nor the Funding Agents shall be required in the case of an assignment by any existing Purchaser to another existing Purchaser, or in the case of any assignment to any Affiliates of a Funding Agent.  From and after the effective date determined pursuant to such Transfer Supplement, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Transfer Supplement, have the rights and obligations of a Purchaser hereunder as set forth therein and (y) the transferor Purchaser shall, to the extent provided in such Transfer Supplement, be released from its Commitment, if any, and other obligations under this Agreement; provided,  however,  
		

		 

		

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		that after giving effect to each such Assignment, the obligations released by any such Purchaser shall have been assumed by an Assignee or Assignees.  Such Transfer Supplement shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Funding Percentages arising from the Assignment.  Upon its receipt and acceptance of a duly executed Transfer Supplement, the related Funding Agent shall on the effective date determined pursuant thereto give notice of such acceptance to the Issuer, the Servicer and the Indenture Trustee.
		

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

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

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

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

		
			Register of Purchasers and Participants.  Each Funding Agent shall maintain a register (each a “Purchaser/Participant Register”) for the registration, transfer and exchange of interests in its Notes and the granting of Participations of interests in its Notes.  The names and addresses of all Purchasers and Participants and the names and addresses of the transferees of any interests in Notes shall be registered in the Purchaser/Participant Registers.
		

			
	
			
				 SECTION IX.
			MISCELLANEOUS

		
			Amendments and Waivers.  This Agreement may not be amended, supplemented or modified nor may any provision hereof be waived except in accordance with the provisions of this Section 9.1.  With the written consent of the Required Purchasers, the Funding Agents, the Seller, the Servicer, the Depositor and the Issuer may, from time to time, enter into written amendments, supplements, waivers or modifications hereto for the purpose of adding any provisions to this Agreement or changing in any manner the rights of any party hereto or waiving, on such terms and conditions as may be specified in such instrument, any of the requirements of 
		

		 

		

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		this Agreement; provided,  however, that no such amendment, supplement, waiver or modification shall (i) reduce the amount of or extend the maturity of any Note or reduce the rate or extend the time of payment of interest thereon, or reduce or alter the timing of any other amount payable to any Purchaser hereunder or under the Indenture, in each case without the consent of the Purchasers affected thereby, (ii) amend, modify or waive any provision of this Section 9.1, or reduce the percentage specified in the definition of the Required Purchasers, in each case without the written consent of all Purchasers, or (iii) amend, modify or waive any provision of Section VII hereof without the written consent of the Funding Agents.  Any waiver of any provision of this Agreement shall be limited to the provisions specifically set forth therein for the period of time set forth therein and shall not be construed to be a waiver of any other provision of this Agreement.
		

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

			
					
						The Issuer:

					
					
						BXG TIMESHARE TRUST I
c/o Wilmington Trust Company
Rodney Square North
1100 N. Market Street
Wilmington, DE 19890-0001

				
	
					
						﻿

					
					
						 

				
	
					
						﻿

					
					
						Attention: Corporate Trust Administration/

					
						BXG TIMESHARE TRUST I

					
						Fax:  (302) 651‐8882

				
	
					
						﻿

					
					
						 

				
	
					
						Bluegreen:

					
					
						BLUEGREEN CORPORATION
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431
Attention: Anthony M. Puleo
Fax:  (561) 912-8123

				
	
					
						﻿

					
					
						 

				
	
					
						The Depositor:

					
					
						BLUEGREEN TIMESHARE FINANCE CORPORATION I
4950 Communication Avenue, Suite 900
Boca Raton, Florida 33431
Attention: Allan J. Herz
Fax:  (561) 443-8743

				
	
					
						﻿

					
					
						 

				

		 

		

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						The Indenture Trustee:

					
					
						U.S. BANK NATIONAL ASSOCIATION
60 Livingston Avenue

					
						EP-MN-WS3D
St. Paul, MN  55107-2292 
Phone: (651) 466-5359
Email: timothy.matyi@usbank.com
Attention:  Global Structured Finance – BXG Timeshare Trust I

				
	
					
						﻿

					
					
						 

				
	
					
						The Funding Agents:

					
					
						KeyBank National Association

					
						1000 South McCaslin Boulevard

					
						Superior, Colorado 80027

					
						Attention: Richard Andersen

					
						Fax :  (216) 370-6396

				
	
					
						﻿

					
					
						 

				
	
					
						﻿

					
					
						and

				
	
					
						﻿

					
					
						 

				
	
					
						﻿

					
					
						KeyBanc Capital Markets Inc.

					
						1301 Avenue of the Americas

					
						New York, New York 10019

					
						Attention: Paul B. Richardson

					
						E-mail: paul.richardson@key.com 

					
						 

					
						DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main

					
						609 Fifth Avenue

					
						New York, New York 10017

					
						Attention: Jayan Krishnan

					
						E-mail: jayan.krishnan@dzbank.de 

					
						Fax: (212) 745-1651

				
	
					
						﻿

					
					
						 

				

		
			Unless otherwise directed by the respective Funding Agents, all payments to KeyBank shall be made by federal wire (ABA #021300077), to account number 329953020917, bank name: KeyBank, account name: BXG Timeshare Trust and all payments to DZ BANK shall be made by federal wire ABA #021 000 018, to account number 8900 433 876, bank name: Bank of New York, account name: DZ BANK, reference #AUTBXGNY.  To the extent necessary, any communications regarding any wires to KeyBank should be directed to Richard Andersen of KeyBank National Association; Fax: (216) 370-6396 and Phone: (720) 304-1247  and to DZ BANK should be directed to Cedric Probst of DZ BANK; Fax: (212)745-1651 and Phone: (212) 745-1557. 
		

		
			No Waiver; Cumulative Remedies.  No failure to exercise and no delay in exercising, on the part of the Funding Agents or any Purchaser, any right, remedy, power or privilege under any of the Transaction Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege under any of the Transaction Documents preclude any other or further exercise thereof or the exercise of any other 
		

		 

		

			-  39  -

		

 

		

			 

		

		right, remedy, power or privilege.  The rights, remedies, powers and privileges provided in the Transaction Documents are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.
		

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

		
			Counterparts.  This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of this Agreement by facsimile or other electronic transmission (i.e., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof and deemed an original.
		

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

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

		
			Governing Law.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK.
		

		
			Termination.  This Agreement shall remain in full force and effect until the payment in full of the principal of and interest on the Notes and all other amounts payable to the Purchasers or the Funding Agents hereunder and the termination of all Commitments; provided,  however, that the provisions of Sections 2.3, 2.4, 6.1, 6.2, 7.7, 9.10, 9.11, 9.13 and 9.14 hereof shall survive termination of this Agreement, the transfer by a Purchaser of any Note or any interest therein and any amounts payable to the Funding Agents, Purchasers or any Affected Party thereunder shall remain payable thereto.
		

		
			
		

		 

		

			-  40  -

		

 

		

			 

		

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

		
			Each of the Issuer, the Depositor, the Seller, the Servicer, each Funding Agent and each Bank Purchaser agrees that it shall not institute or join against a Conduit Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or similar proceeding under any federal or state bankruptcy law, for one year and a day after the termination of the Indenture.
		

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

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

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

		 

		

			-  41  -

		

 

		

			 

		

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

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

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

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

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

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

		
			
		

		 

		

			-  42  -

		

 

		

			 

		

		Hedging Requirements.  Upon the earlier of (a) the date on which the Excess Spread is less than or equal to 8.0% and the Aggregate Outstanding Note Balance is greater than zero and (b) prior written notice from the Funding Agents to the Issuer and the Servicer, the Issuer shall enter into a Hedge Agreement with a Qualified Hedge Counterparty and upon execution thereof shall pledge all of the Issuer’s right, title and interest under such Hedge Agreement to the Indenture Trustee for the benefit of the Funding Agents on behalf of the Purchaser Groups pursuant to the Indenture; provided, that if the Issuer is required to enter into a Hedge Agreement as a result of clause (b) above, then the Issuer shall have 15 calendar days from the date of such written notice is received to enter into a Hedge Agreement.  Each Hedge Agreement shall be in form and substance satisfactory to the Funding Agents, including, without limitation, having a notional amount based on the Required Hedge Amount.
		

		
			Recourse Against Conduit Purchaser.  No recourse under or with respect to any obligation, covenant or agreement (including, without limitation, any obligation or agreement to pay fees or any other amount) of a Conduit Purchaser contained in this Agreement or any other agreement, instrument or document entered into by such Conduit Purchaser pursuant hereto or in connection herewith shall be had against its administrator or against any incorporator, affiliate, stockholder, authorized person, officer, member, manager, partner, employee or director of such Conduit Purchaser or of its administrator, as such, by the enforcement of any assessment, by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of such Conduit Purchaser contained in this Agreement and all of the other agreements, instruments and documents entered into by such Conduit Purchaser pursuant thereto or in connection herewith are, in each case, solely the limited liability company obligations of such Conduit Purchaser, and that no personal liability whatsoever shall attach to or be incurred by its administrator or any incorporator, stockholder, affiliate, officer, authorized person, member, manager, partner, employee or director of such Conduit Purchaser or of its administrator, as such, or any of them, under or by reason of any of the obligations, covenants or agreements of such Conduit Purchaser contained in this Agreement or in any other  such instruments, documents, or agreements, or which are implied therefrom, and that any and all personal liability of its administrator and every such incorporator, stockholder, affiliate, authorized person, officer, member, manager, partner, employee or director of such Conduit Purchaser or of its administrator for breaches by such Conduit Purchaser of any such obligations, covenants or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement.  The provisions of this Section 9.16 shall survive the termination of this Agreement.
		

		
			 
		

		
			﻿
		

		

		

		 

		

			 

		

		

			[Signature Page to Sixth Amended and Restated Note Funding Agreement]

		

 

		

			 

		

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

		
			﻿
		

		
			BXG TIMESHARE TRUST I, as Issuer
		

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

		
			By:__________________________________
Name:
Title:
		

		
			
		

		
			BLUEGREEN CORPORATION,
as Seller and Servicer
		

		
			By:_______________________________________
Name: Anthony M. Puleo
Title: Senior Vice President, CFO & Treasurer
		

		
			
		

		
			BLUEGREEN TIMESHARE FINANCE
CORPORATION I, as Depositor
		

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

		
			
		

		

		

		 

		

			 

		

		

			[Signature Page to Sixth Amended and Restated Note Funding Agreement]

		

 

		

			 

		

		KEYBANK NATIONAL ASSOCIATION,
as a Funding Agent
		

		
			By:_______________________________________
Name:  
Title:  
		

		
			

		

		
			DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN,
as a Funding Agent
		

		
			﻿
		

		
			By:_______________________________________
Name:  Jayan Krishnan
Title:  Senior Vice President
		

		
			By:_______________________________________
Name:  Cedric Probst
Title:  Senior Vice President
		

		
			 
		

		
			 
		

		
			EXHIBIT A
		

		
			﻿
		

		
			FORM OF INVESTMENT LETTER
[Date]
		

		
			﻿
		

		
			BXG TIMESHARE TRUST I
		

		
			c/o___________, as Owner Trustee
		

		
			
		

		
			Attention: 
		

		
			Bluegreen Corporation
		

		
			﻿
		

		
			﻿
		

		
			Bluegreen Timeshare Finance Corporation I
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			ReBXG TIMESHARE TRUST I
Timeshare Loan-Backed VFN Notes, Series I
		

		
			Ladies and Gentlemen:
		

		
			This letter (the “Investment Letter”) is delivered by the undersigned (the “Purchaser”) pursuant to subsection 8.1(b) of the Sixth Amended and Restated Note Funding Agreement dated as of May 1, 2017 (as in effect, the “Note Funding Agreement”), among BXG TIMESHARE TRUST I, as Issuer, BLUEGREEN CORPORATION, as Seller and Servicer, BLUEGREEN TIMESHARE FINANCE CORPORATION I, as Depositor, the Purchasers parties thereto, KeyBank National Association, as a Funding Agent, and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, as a Funding Agent.  Capitalized terms used herein without definition shall have the meanings set forth in the Note Funding Agreement.  The Purchaser represents to and agrees with the Issuer as follows:
		

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

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

		 

		

			-1-

		

 

		

			 

		

			its own decision to purchase its interest in the Notes, and will, independently and without reliance upon any Funding Agent or any other Purchaser, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis, appraisals and decisions in taking or not taking action under the Note Funding Agreement, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Issuer, the Seller, the Depositor and the Servicer.

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

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

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

			
	
			
				 (f)
			This Investment Letter has been duly executed and delivered and constitutes the legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles affecting the enforcement of creditors’ rights generally and general principles of equity.

		 

		

			-2-

		

 

		

			 

		

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

		
			Very truly yours,
[NAME OF PURCHASER]
By  
		

		
			Name:
Title:
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

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		﻿
		

		
			EXHIBIT B
		

		
			FORM OF JOINDER SUPPLEMENT
		

		
			JOINDER SUPPLEMENT, dated as of the date set forth in Item 1 of Schedule I hereto (this “Supplement”), among BXG TIMESHARE TRUST I (the “Issuer”), BLUEGREEN CORPORATION, as Seller and Servicer (the “Servicer”), BLUEGREEN TIMESHARE FINANCE CORPORATION I, as Depositor, the Purchaser set forth in Item 2 of Schedule I hereto (the “Additional Purchaser”), and KeyBank National Association, as a Funding Agent, and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, as a Funding Agent (in such capacity, each a  “Funding Agent”, together the “Funding Agents”).
		

		
			W I T N E S S E T H
		

		
			WHEREAS, this Supplement is being executed and delivered in accordance with subsection 2.2(c) of the Sixth Amended and Restated Note Funding Agreement, dated as of May 1, 2017, among BXG TIMESHARE TRUST I, as Issuer, BLUEGREEN CORPORATION, as Seller and Servicer, BLUEGREEN TIMESHARE FINANCE CORPORATION I, as Depositor, the Purchasers parties thereto, and the Funding Agents (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the “Note Funding Agreement”; unless otherwise defined herein, terms defined in the Note Funding Agreement are used herein as therein defined); and
		

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

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

		
			Upon receipt by the Funding Agents of five counterparts of this Supplement, to each of which is attached a fully completed Schedule I and Schedule II, each of which has been executed by the Additional Purchaser, the Issuer and the Funding Agents, the Funding Agents will transmit to the Servicer, the Issuer, the Indenture Trustee, the other Funding Agent(s) and the Additional Purchaser a Joinder Effective Notice, substantially in the form of Schedule III to this Supplement (a “Joinder Effective Notice”).  Such Joinder Effective Notice shall be executed by the related Funding Agent and shall set forth, inter alia, the date on which the transfer effected by this Supplement shall become effective (the “Joinder Effective Date”).   From and after the Joinder Effective Date, the Additional Purchaser shall be a [Bank][Conduit] Purchaser party to the Note Funding Agreement for all purposes thereof having an initial Funding Percentage and a Commitment, if applicable, as set forth in such Schedule II.  
		

		
			Concurrently with the execution and delivery hereof, the Additional Purchaser will deliver to the Funding Agents, the Issuer and the Indenture Trustee an executed Investment Letter in the form of Exhibit A to the Note Funding Agreement, the tax documentation required under Section 6.3(d) of the Note Funding Agreement, and the certification required by Section 8.1(b) of the Note Funding Agreement.
		

		
			Each of the parties to this Supplement agrees and acknowledges that at any time and from time to time upon the written request of any other party, it will execute and deliver such further 
		

		 

		

			-1-

		

 

		

			 

		

		documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Supplement.
		

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

		
			Schedule II hereto sets forth the Commitment and the Commitment Expiration Date, if applicable, the Funding Agent, the other Purchasers in its Purchaser Group and the initial Investing Office of the Additional Purchaser, as well as administrative information with respect to the Additional Purchaser. 
		

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

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

		 

		

			-2-

		

 

		

			 

		

		be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Supplement or any other Transaction Documents.
		

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

		
			 
		

		

		

		 

		

			-3-

		

 

		

			 

		

		SCHEDULE I TO
JOINDER SUPPLEMENT
		

		
			COMPLETION OF INFORMATION AND
SIGNATURES FOR JOINDER SUPPLEMENT
		

		
			Re:Sixth Amended and Restated Note Funding Agreement, dated as of May 1, 2017, among BXG TIMESHARE TRUST I, as Issuer, BLUEGREEN CORPORATION, as Seller and Servicer, BLUEGREEN TIMESHARE FINANCE CORPORATION I, as Depositor, the Purchasers party thereto and KeyBank National Association and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, as Funding Agents.
		

		
			Item 1:Date of Joinder Supplement:
		

		
			Item 2:Additional Purchaser:
		

		
			Item 3:Signatures of Parties to Agreement:
		

		
			
as Additional Purchaser
		

		
			By:
Name:
Title:
		

		
			[By:
Name:
Title:]
		

		
			﻿
		

		
			BXG TIMESHARE TRUST I
as Issuer
		

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

		
			By:
Name:
Title:
		

		
			﻿
		

		
			KEYBANK NATIONAL ASSOCIATION, as a Funding Agent
		

		
			By:
Name:
Title:
		

		
			﻿
		

		

		

		 

		

			-1-

		

 

		

			 

		

		DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN, as a Funding Agent
		

		
			﻿
		

		
			By:
Name:
Title:
		

		
			﻿
		

		
			By:
Name:
Title:
		

		
			
		

		
			BLUEGREEN CORPORATION,

as Seller and Servicer
		

		
			By:
Name:
Title:
		

		
			﻿
		

		
			BLUEGREEN TIMESHARE FINANCECORPORATION I, as Depositor
		

		
			By:
Name:
Title:
		

		
			﻿
		

		
			 
		

		
			 
		

		

		

		 

		

			-2-

		

 

		

			 

		

		SCHEDULE II TO
JOINDER SUPPLEMENT
		

		
			LIST OF INVESTING OFFICES, ADDRESSES
FOR NOTICES AND COMMITMENT
		

			
					
						[Additional Purchaser]

					
					
						 

				
	
					
						﻿

					
					
						 

				
	
					
						Initial Funding Percentage:
(if applicable)

					
					
						_______%

				
	
					
						﻿

					
					
						 

				
	
					
						Commitment (if applicable):$_______________

					
					
						from [__] to [__]

				
	
					
						$ _______________

					
					
						from [__] to [__]

				
	
					
						Maximum Commitment (if applicable)

					
						 

					
						 

					
						Type of Purchaser:

					
						[Conduit Purchaser][Cost of Funds Bank Purchaser]

					
						[LIBOR Bank Purchaser]

					
						 

					
						Funding Agent:

					
						[_______________]

					
						 

					
						Other Purchasers in Purchaser Group:

					
						[_______________]

					
						 

					
						Office and Address for Notices:

					
					
						 

					
						$ _______________

				
	
					
						[_______________]

					
					
						 

				
	
					
						﻿

					
					
						 

				

		
			 
		

		

		

		 

		

			-1-

		

 

		

			 

		

		SCHEDULE III TO
JOINDER SUPPLEMENT
		

		
			FORM OF
JOINDER EFFECTIVE NOTICE
		

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

		
			The undersigned, as Funding Agents under the Sixth Amended and Restated Note Funding Agreement, dated as of May 1, 2017, among BXG TIMESHARE TRUST I, as Issuer, BLUEGREEN CORPORATION, as Seller and Servicer, BLUEGREEN TIMESHARE FINANCE CORPORATION I, as Depositor, the Purchasers parties thereto and KeyBank National Association and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, as Funding Agent for the related Purchaser Groups thereunder, acknowledges receipt of five executed counterparts of a completed Joinder Supplement. [Note: attach copies of Schedules I and II from such Agreement.]  Terms defined in such Supplement are used herein as therein defined.
		

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

		
			Very truly yours,
		

		
			﻿
		

		
			KEYBANK NATIONAL ASSOCIATION, as a Funding Agent
		

		
			﻿
		

		
			By:
Name:
Title:
		

		
			﻿
		

		
			DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN, as a Funding Agent
		

		
			﻿
		

		
			By:
Name:
Title:
		

		
			﻿
		

		
			By:
Name:
Title:
		

		
			 
		

		

		

		 

		

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		EXHIBIT C
		

		
			FORM OF TRANSFER SUPPLEMENT
		

		
			TRANSFER SUPPLEMENT, dated as of the date set forth in Item 1 of Schedule I hereto (this “Supplement”), among the transferor Purchaser set forth in Item 2 of Schedule I hereto (the “Transferor Purchaser”), the Purchasing Purchaser set forth in Item 3 of Schedule I hereto (the “Purchasing Purchaser”), and KeyBank National Association, as a Funding Agent, and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, as a Funding Agent (in such capacity, each a  “Funding Agent”, together the “Funding Agents”).
		

		
			W I T N E S S E T H:
		

		
			WHEREAS, this Supplement is being executed and delivered in accordance with subsection 8.1(g) of the Sixth Amended and Restated Note Funding Agreement, dated as of May 1, 2017, among BXG TIMESHARE TRUST I, as Issuer, BLUEGREEN CORPORATION, as Seller and Servicer, BLUEGREEN TIMESHARE FINANCE CORPORATION I, as Depositor, the Purchasers parties thereto and the Funding Agents (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the “Note Funding Agreement”; unless otherwise defined herein, terms defined in the Note Funding Agreement are used herein as therein defined);
		

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

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

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

		
			(a)Upon receipt by the Funding Agents of five counterparts of this Supplement, to each of which is attached a fully completed Schedule I and Schedule II, each of which has been executed by the Transferor Purchaser, the Purchasing Purchaser [,the Issuer] and the Funding Agents, the Funding Agents will transmit to the Servicer, the Seller, the Issuer, the Depositor, the Indenture Trustee, the Transferor Purchaser and the Purchasing Purchaser a Transfer Effective Notice, substantially in the form of Schedule III to this Supplement (a “Transfer Effective Notice”).  Such Transfer Effective Notice shall be executed by the Funding Agents and shall set forth, inter alia, the date on which the transfer effected by this Supplement shall become effective (the “Transfer Effective Date”).  From and after the Transfer Effective Date the Purchasing Purchaser shall be a Purchaser party to the Note Funding Agreement for all purposes thereof.
		

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

		 

		

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		available funds, an amount equal to the purchase price, as agreed between the Transferor Purchaser and such Purchasing Purchaser (the “Purchase Price”), of the portion set forth on Schedule II hereto being purchased by such Purchasing Purchaser of the outstanding advances under the Note owned by the Transferor Purchaser (such Purchasing Purchaser’s “Purchase Percentage”) and other amounts owing to the Transferor Purchaser under the Note Funding Agreement or otherwise in respect of the Notes.  Effective upon receipt by the Transferor Purchaser of the Purchase Price from the Purchasing Purchaser, the Transferor Purchaser hereby irrevocably sells, assigns and transfers to the Purchasing Purchaser, without recourse, representation or warranty, and the Purchasing Purchaser hereby irrevocably purchases, takes and assumes from the Transferor Purchaser, the Purchasing Purchaser’s Purchase Percentage of [(i)] the presently Outstanding Note Balance under the Notes owned by the Transferor Purchaser and other amounts owing to the Transferor Purchaser in respect of the Notes, together with all instruments, documents and collateral security pertaining thereto, [and (ii) the Purchasing Purchaser’s Purchase Percentage of the Funding Percentage and the Commitment of the Transferor Purchaser and other rights, duties and obligations of the Transferor Purchaser under the Note Funding Agreement.]  This Supplement is intended by the parties hereto to effect a purchase by the Purchasing Purchaser and sale by the Transferor Purchaser of interests in the Notes, and it is not to be construed as a loan or a commitment to make a loan by the Purchasing Purchaser to the Transferor Purchaser.  The Transferor Purchaser hereby confirms that the Aggregate Outstanding Note Balance equals $                           and the Outstanding Note Balance of its Notes equals $                           as of             , 20__.  Upon and after the Transfer Effective Date (until further modified in accordance with the Note Funding Agreement), the Funding Percentage of the Transferor Purchaser and the Purchasing Purchaser and the Commitment of the Transferor Purchaser and the Purchasing Purchaser shall be as set forth in Schedule II to this Supplement. 
		

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

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

		
			(e)All interest, fees and other amounts that would otherwise accrue for the account of the Transferor Purchaser from and after the Transfer Effective Date pursuant to the Note Funding Agreement or in respect of the Notes shall, instead, accrue for the account of, and be payable to or for the account of, the Transferor Purchaser and the Purchasing Purchaser, as the case may be, in accordance with their respective interests as reflected in this Supplement.  In the event that any amount of interest, fees or other amounts accruing prior to the Transfer Effective 
		

		 

		

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		Date was included in the Purchase Price paid by the Purchasing Purchaser, the Transferor Purchaser and the Purchasing Purchaser will make appropriate arrangements for payment by the Transferor Purchaser to the Purchasing Purchaser of such amount upon receipt thereof from the Agent.
		

		
			(f)Concurrently with the execution and delivery hereof, the Purchasing Purchaser will deliver to the Funding Agents, the Issuer and the Indenture Trustee an executed Investment Letter in the form of Exhibit A to the Note Funding Agreement, the tax documentation required by Section 6.3(d) of the Note Funding Agreement and the certification required by Section 8.1(b) of the Note Funding Agreement.
		

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

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

		

		

		 

		

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		(i)[Schedule II hereto sets forth the revised Funding Percentage and Commitment of the Transferor Purchaser, the Funding Percentage, the Commitment of the Purchasing Purchaser, as applicable, the Funding Agent of the Purchasing Purchaser, the other Purchasers in the Purchasing Purchaser’s Purchaser Group and the initial Investing Office of the Purchasing  Purchaser, as well as administrative information with respect to the Purchasing Purchaser.]
		

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

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

		
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		SCHEDULE I TO
TRANSFER SUPPLEMENT
		

		
			COMPLETION OF INFORMATION AND
SIGNATURES FOR TRANSFER SUPPLEMENT
		

		
			Re:Sixth Amended and Restated Note Funding Agreement, dated as of May 1, 2017, among BXG TIMESHARE TRUST I, BLUEGREEN CORPORATION, as Seller and Servicer, BLUEGREEN TIMESHARE FINANCE CORPORATION I, as Depositor, the Purchasers party thereto and KeyBank National Association and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, as Funding Agents.
		

		
			Item 1:Date of Transfer Supplement:
		

		
			Item 2:Transferor Purchaser:
		

		
			Item 3:Purchasing Purchaser:
		

		
			Item 4:Signatures of Parties to Agreement:
		

		
			
as Transferor Purchaser
		

		
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			By:
Name:
Title:
		

		
			By:
Name:
Title:
		

		
			
as Purchasing Purchaser
		

		
			By:
Name:
Title:
		

		
			By:
Name:
Title:
		

		

		

		 

		

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		CONSENTED TO AND ACCEPTED BY:
		

		
			KEYBANK NATIONAL ASSOCIATION, as a Funding Agent
		

		
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			By:
Name:
Title:
		

		
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			DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, 
		

		
			FRANKFURT AM MAIN, as a Funding Agent
		

		
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			By:
Name:
Title:
		

		
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			By:
Name:
Title:
		

		
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			BXG TIMESHARE TRUST I
		

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

		
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			By:
Name:
Title:
		

		
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			BLUEGREEN CORPORATION,
as Seller and Servicer
		

		
			By:
Name:
Title:
		

		

		

		 

		

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			BLUEGREEN TIMESHARE FINANCE CORPORATION I, as Depositor
		

		
			By:
Name:
Title:
		

		
			 
		

		

		

		 

		

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		SCHEDULE II TO
TRANSFER SUPPLEMENT
		

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

			
					
						[Transferor Purchaser]

					
					
						 

				
	
					
						﻿

					
					
						 

				
	
					
						Funding Percentage:

					
					
						 

				
	
					
						Transferor Purchaser Funding Percentage
Prior to Sale:

					
					
						_______%

				
	
					
						Funding Percentage Sold:

					
					
						_______%

				
	
					
						Funding Percentage Retained:

					
					
						_______%

				
	
					
						Commitment:

					
					
						 

				
	
					
						Transferor Purchaser Commitment
Prior to Sale:

					
					
						$________

				
	
					
						Commitment Sold:

					
					
						$________

				
	
					
						Commitment Retained

					
					
						$________

				
	
					
						﻿

					
					
						 

				
	
					
						D.Outstanding Note Balance of Notes:

					
					
						 

				
	
					
						Transferor Purchaser
Outstanding Note Balance of Notes Prior to Sale:

					
					
						$________

				
	
					
						Outstanding Note Balance of Notes Sold:

					
					
						$________

				
	
					
						Outstanding Note Balance of Notes Retained:

					
					
						$________

				
	
					
						E.Purchase Percentage:

					
					
						_______%

				
	
					
						[Purchasing Purchaser]

					
					
						 

				
	
					
						Funding Percentage:

					
					
						_______%

				
	
					
						Commitment:

					
					
						$________

				
	
					
						C.Outstanding Note Balance of Notes Owned Immediately After Sale:

					
					
						$________

				

		 

		

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						Type of Purchaser:

					
						[Conduit Purchaser][Cost of Funds Bank Purchaser]

					
						[LIBOR Bank Purchaser]

					
						 

					
						Funding Agent:

					
						[________________]

					
						 

					
						Other Purchasers in Purchaser Group:

					
						[_________________]

					
						 

					
						Address for Notices:

					
					
						 

				
	
					
						[____________]

					
						 

					
						 

					
					
						 

				
	
					
						Investing Office:

					
					
						 

				

		
			[_____________]
		

		

		

		 

		

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		SCHEDULE III TO
TRANSFER SUPPLEMENT
		

		
			Form of
Transfer Effective Notice
		

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

		
			The undersigned, as Funding Agents under the Sixth Amended and Restated Note Funding Agreement, dated as of May 1, 2017, among BXG TIMESHARE TRUST I, as Issuer, BLUEGREEN CORPORATION, as Seller and Servicer, BLUEGREEN TIMESHARE FINANCE CORPORATION I, as Depositor, the Purchasers parties thereto and KeyBank National Association and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, as Funding Agent for their respective Purchaser Groups thereunder, acknowledges receipt of five executed counterparts of a completed Transfer Supplement. [Note: attach copies of Schedules I and II from such Agreement.]  Terms defined in such Supplement are used herein as therein defined.
		

		
			Pursuant to such Transfer Supplement, you are advised that the Transfer Effective Date will be _____________, 20__.
		

		
			Very truly yours,
		

		
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			KEYBANK NATIONAL ASSOCIATION, as a Funding Agent
		

		
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			By:
Name:
Title:
		

		
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			DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN, as a Funding Agent
		

		
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			By:
Name:
Title:
		

		
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			By:
Name:
Title:
		

		
			 
		

		

		

		 

		

			 

		

		

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		EXHIBIT D
		

		
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			FORM OF BORROWING NOTICE
		

		
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			SIXTH AMENDED AND RESTATED NOTE FUNDING AGREEMENT (the “Agreement”), dated as of May 1, 2017, by and among BXG TIMESHARE TRUST I, a Delaware statutory trust (the “Issuer”), BLUEGREEN CORPORATION, a Florida corporation (“Bluegreen”), BLUEGREEN TIMESHARE FINANCE CORPORATION I, a Delaware corporation (the “Depositor”), the PURCHASERS from time to time parties hereto (collectively, the “Purchasers”), KEYBANK NATIONAL ASSOCIATION (“KeyBank”), a national banking association, as a funding agent for a Purchaser Group (together with its successors in such capacity, a “Funding Agent”) and DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN (“DZ BANK”), as a funding agent for a Purchaser Group (together with its successors in such capacity, a “Funding Agent” and together with KeyBank, the “Funding Agents”).
		

		
			﻿
		

		
			Purchasers:_______________________________________________
		

		
			Issuer:BXG Timeshare Trust I
		

		
			Requested Funding Date:_______________________________________________
		

		
			Transmission Date:_______________________________________________
		

		
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			Timeshare Loans to be Pledged:See attachment
		

		
			Borrowing Base Prior to Funding:$________________
		

		
			Borrowing Base After Funding*:$________________
		

		
			Available Commitment of KeyBank
		

		
			Prior to Funding:$________________
		

		
			Available Commitment of KeyBank
		

		
			After Funding:$________________
		

		
			Requested Wire Amount from KeyBank
		

		
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		$________________
		

		
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			Available Commitment of DZ Bank/Autobahn
		

		
			Prior to Funding:$________________
		

		
			Available Commitment of DZ Bank/Autobahn
		

		
			After Funding:$________________
		

		
			Requested Wire Amount from DZ Bank/Autobahn               
		

		
			$________________
		

		
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			Wire Instructions:
		

		
			Bank Name: Fifth Third Bank
		

		
			Account Name: BXG Timeshare FIN Corp I Inv 19 TR I
		

		
			ABA Routing Number: 042000314
		

		
			ACH: 67091719
		

		
			Account Number: 7433586687
		

		
			﻿
		

		
			Requested by:
		

		
			BXG TIMESHARE TRUST I
		

		
			﻿
		

		
			By:Wilmington Trust Company,
		

		
			not in its individual capacity, but solely as Owner Trustee
		

		
			By:    ____________________________________
		

		
			Name:
		

		
			Title:
		

		
			BLUEGREEN CORPORATION
		

		
			By:____________________________________
Name:
Title:
		

		

		

		 

		

			 

		

		

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		BLUEGREEN TIMESHARE FINANCE CORPORATION I
		

		
			By:____________________________________
Name:
Title:
		

		
			 
		

		

		

		 

		

			 

		

		

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		Attachment 
		

		
			SCHEDULE OF TIMESHARE LOANS PROPOSED TO BE PLEDGED
		

		
			This schedule will be supplemented from time to time by the Schedule of Timeshare Loans attached to a borrowing notice dated subsequent to the date hereof.  Each such Schedule of Timeshare Loans shall be deemed to be incorporated herein and made a part hereof for all purposes.
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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			SCHEDULE 4.1(k)
		

		
			Tax Schedule
		

		
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			None.
		

		
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			﻿BBXT Ex 105

		

			Exhibit 10.5

		

		

			Execution Copy

		

		
			 
		

		
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			SECOND AMENDED AND RESTATED TRUST AGREEMENT
		

		
			by and among
		

		
			BLUEGREEN TIMESHARE FINANCE CORPORATION I,
as Depositor and Residual Interest Owner,
		

		
			GSS HOLDINGS, INC.
as Trust Owner
		

		
			and
		

		
			WILMINGTON TRUST COMPANY,
as Owner Trustee
		

		
			Dated as of May 19, 2017
		

		
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		TABLE OF CONTENTS
		

		
			Page
		

		
			ARTICLE I. DEFINITIONS2
		

		
			Section 1.01.Capitalized Terms..........................................................................................2
		

		
			Section 1.02.Usage of Terms..............................................................................................2
		

		
			Section 1.03.Section References..........................................................................................2
		

		
			Section 1.04.Accounting Terms..........................................................................................2
		

		
			ARTICLE II. ORGANIZATION2
		

		
			Section 2.01.Name..........................................................................................................2
		

		
			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 initial Trust Estate..............................................................4
		

		
			Section 2.06.Declaration of Trust........................................................................................4
		

		
			Section 2.07.Liability of Depositor........................................................................................5
		

		
			Section 2.08.Title to Trust Property......................................................................................5
		

		
			Section 2.09.Situs of Trust................................................................................................6
		

		
			Section 2.10.Representations and Warranties..........................................................................6
		

		
			Section 2.11.Income Tax Treatment......................................................................................8
		

		
			Section 2.12.Covenants of the Depositor and Trust Owner..........................................................9
		

		
			Section 2.13.Separateness of Trust....................................................................................10
		

		
			ARTICLE III. CERTIFICATES AND TRANSFER OF INTERESTS11
		

		
			Section 3.01.Trust Certificate Ownership..............................................................................11
		

		
			Section 3.02.The Trust Certificate....................................................................................12
		

		
			Section 3.03.Authentication and Delivery of Trust Certificate......................................................12
		

		
			Section 3.04.Registration of Transfer and Exchange of Trust Certificate........................................12
		

		
			Section 3.05.Residual Interest Certificate Ownership..............................................................13
		

		
			Section 3.06.The Residual Interest Certificate......................................................................14
		

		
			Section 3.07.Authentication and Delivery of Residual Interest Certificate........................................14
		

		
			Section 3.08.Registration of Transfer and Exchange of Residual Interest Certificate..........................15
		

		
			Section 3.09.Mutilated, Destroyed, Lost or Stolen Certificates..................................................15
		

		
			Section 3.10.Persons Deemed Owners..............................................................................16
		

		
			Section 3.11.Access to List of Certificateholder’s Name and Addresses........................................16
		

		
			Section 3.12.Maintenance of Office or Agency......................................................................16
		

		
			Section 3.13.Appointment of Trust Paying Agent....................................................................16
		

		
			ARTICLE IV. ACTIONS BY OWNER TRUSTEE17
		

		
			Section 4.01.Prior Notice to Residual Interest Owner with Respect to Certain Matters......................17
		

		
			Section 4.02.Action by Residual Interest Owner with Respect to Certain Matters............................17
		

		
			Section 4.03.Action by Residual Interest Owner with Respect to Bankruptcy..................................18
		

		

		

		 

		

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		Section 4.04.Restrictions on Residual Interest Owner’s Power..................................................18
		

		
			ARTICLE V. APPLICATION OF TRUST FUNDS; CERTAIN DUTIES18
		

		
			Section 5.01.Establishment of Certificate Distribution Account....................................................18
		

		
			Section 5.02.Application of Trust Funds..............................................................................18
		

		
			Section 5.03.Method of Payment......................................................................................19
		

		
			Section 5.04.No Segregation of Moneys; No Interest..............................................................19
		

		
			Section 5.05.Accounting and Reports to the Certificateholder, the Internal Revenue Service and Others..19
		

		
			Section 5.06.Signature on Returns; Tax Matters Partner..........................................................19
		

		
			ARTICLE VI. AUTHORITY AND DUTIES OF OWNER TRUSTEE19
		

		
			Section 6.01.General Authority........................................................................................19
		

		
			Section 6.02.General Duties............................................................................................20
		

		
			Section 6.03.Action Upon Instruction................................................................................21
		

		
			Section 6.04.No Duties Except as Specified in this Agreement or in Instructions..............................22
		

		
			Section 6.05.No Action Except Under Specified Documents or Instructions..................................22
		

		
			Section 6.06.Restrictions................................................................................................22
		

		
			ARTICLE VII. CONCERNING THE OWNER TRUSTEE23
		

		
			Section 7.01.Acceptance of Trusts and Duties......................................................................23
		

		
			Section 7.02.Furnishing of Documents................................................................................24
		

		
			Section 7.03.Representations and Warranties of the Trust Company............................................24
		

		
			Section 7.04.Reliance; Advice of Counsel............................................................................24
		

		
			Section 7.05.Not Acting in Individual Capacity......................................................................25
		

		
			Section 7.06.Owner Trustee Not Liable for Trust Certificate, Residual Interest Certificate, Notes or Timeshare Loans.25
		

		
			Section 7.07.Owner Trustee May Own Certificates and Notes..................................................25
		

		
			ARTICLE VIII. COMPENSATION OF OWNER TRUSTEE26
		

		
			Section 8.01.Owner Trustee’s Fees and Expenses..................................................................26
		

		
			Section 8.02.Indemnification............................................................................................26
		

		
			Section 8.03.Payments to the Owner Trustee........................................................................26
		

		
			ARTICLE IX. TERMINATION OF TRUST AGREEMENT26
		

		
			Section 9.01.Termination of Trust Agreement........................................................................26
		

		
			ARTICLE X. SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES28
		

		
			Section 10.01.Eligibility Requirements for Owner Trustee..........................................................28
		

		
			Section 10.02.Resignation or Removal of Owner Trustee..........................................................28
		

		
			Section 10.03.Successor Owner Trustee..............................................................................29
		

		
			Section 10.04.Merger or Consolidation of Owner Trustee..........................................................29
		

		
			Section 10.05.Appointment of Co-Trustee or Separate Trustee....................................................29
		

		
			ARTICLE XI. MISCELLANEOUS30
		

		
			Section 11.01.Supplements and Amendments........................................................................30
		

		

		

		 

		

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		Section 11.02.No Legal Title to Trust Estate in Trust Owner........................................................32
		

		
			Section 11.03.Limitations on Rights of Others........................................................................32
		

		
			Section 11.04.Notices......................................................................................................32
		

		
			Section 11.05.Severability of Provisions................................................................................34
		

		
			Section 11.06.Counterparts..............................................................................................34
		

		
			Section 11.07.Successors and Assigns................................................................................34
		

		
			Section 11.08.No Petition................................................................................................34
		

		
			Section 11.09.No Recourse..............................................................................................34
		

		
			Section 11.10.Headings..................................................................................................35
		

		
			Section 11.11.Entire Agreement/Governing Law......................................................................35
		

		
			Section 11.12.Trust Certificate Transfer Restrictions................................................................35
		

		
			Section 11.13.Extraordinary Transactions..............................................................................35
		

		
			
		

		
			EXHIBITS
		

		
			Exhibit A Form of Certificate of Trust...................................................A-1
Exhibit B-1 Form of Trust CertificateB-1
Exhibit B-2 Form of Residual Interest CertificateB-2
		

		
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		This SECOND AMENDED AND RESTATED TRUST AGREEMENT dated as of May 19, 2017 (this “Agreement”), is entered into by and among BLUEGREEN TIMESHARE FINANCE CORPORATION I, a Delaware corporation, as Depositor (the “Depositor” or the “Residual Interest Owner”),  GSS Holdings, Inc., as trust owner (the “Trust Owner”), and WILMINGTON TRUST COMPANY, a Delaware banking corporation (the “Trust Company”), as owner trustee (the “Owner Trustee” and together with the Depositor and the Trust Owner, the “Original Parties”).
		

		
			 WHEREAS, the trust known as “BXG Timeshare Trust I”  was created pursuant to that certain Trust Agreement dated May 5, 2006, as amended and restated by the Original Parties on December 17, 2013 (and as further amended, restated or otherwise modified from time to time, the “Previously Amended Trust Agreement”);
		

		
			WHEREAS, in connection with the Previously Amended Trust Agreement, BXG Timeshare Trust I entered into that certain Fifth Amended and Restated Indenture, dated as of December 1, 2013 (and as further amended, restated or otherwise modified from time to time, the “Previously Amended Indenture”), by and among BXG Timeshare Trust I, Bluegreen Corporation, as servicer, Vacation Trust, Inc., as club trustee, Concord Servicing Corporation, as backup servicer, Branch Banking and Trust Company, as a funding agent, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, as a funding agent, and U.S. Bank National Association, as indenture trustee, paying agent and custodian;
		

		
			WHEREAS, immediately prior to the Closing Date, Branch Banking and Trust Company transferred its right title and interest in and to its note issued under the Previously Amended Indenture to KeyBank National Association;
		

		
			WHEREAS, simultaneously herewith, BXG Timeshare Trust I is entering into that certain Sixth Amended and Restated Indenture, dated as of May 1, 2017 (and as further amended, restated or otherwise modified from time to time, the “Indenture”), by and among BXG Timeshare Trust I, Bluegreen Corporation, as servicer, Vacation Trust, Inc., as club trustee, Concord Servicing Corporation, as backup servicer, KeyBank National Association, as a funding agent, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, as a funding agent, and U.S. Bank National Association, as indenture trustee, paying agent and custodian and the notes issued under the Previously Amended Indenture shall be exchanged for new variable funding notes issued under the Indenture, designated as the Timeshare Loan-Backed VFN Notes, Series I (the “Notes”); and
		

		
			WHEREAS, the Original Parties now desire to amend and restate in its entirety the Previously Amended Trust Agreement as provided herein, and all actions required to do so under the Previously Amended Trust Agreement have been taken, including, without limitation, obtaining the consent of the Indenture Trustee and all holders of the  notes issued under the Previously Amended Indenture in accordance with Article XI of the Previously Amended Trust Agreement.
		

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

		 

		

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				ARTICLE I.
			

DEFINITIONS

Capitalized Terms.
		
			  Except as otherwise provided in this Agreement, capitalized terms used but not defined herein shall have the meanings specified in the “Seventh Amended and Restated Standard Definitions” attached hereto as Annex A. 
		
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 successors and assigns; and the term “including” means “including without limitation”.
		
Section References.
		
			    All section references, unless otherwise indicated, shall be to Sections in this Agreement.
		
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

Name.
		
			    The Trust created by the Previously Amended Trust Agreement is known as “BXG Timeshare Trust I” in which name the Owner Trustee shall have power and authority and is hereby authorized and empowered to and may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued.
		

		

		

		 

		

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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 Trust Owner and the Depositor.
		

			
	
			
				 Section 2.01.  
			Purposes and Powers.

			
	
			
				 (a)
			The purpose of the Trust is to engage exclusively in the activities set forth in this Section 2.03.  The Trust shall have the power and authority and is hereby authorized and empowered, without the need for further action on the part of the Trust, and the Owner Trustee shall have power and authority, and is hereby authorized and empowered, in the name and on behalf of the Trust, to do or cause to be done all acts and things necessary, appropriate or convenient to cause the Trust, to engage in the activities set forth in this Section 2.03 as follows:

			
	
			
				 (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 Borrowings made pursuant to the Note Funding Agreement, acquire the Timeshare Loans and to pay the organizational, start-up and transactional expenses of the Trust and to pay the balance to the Depositor pursuant to the Sale Agreement;

			
	
			
				 (iii)
			

			
	
			
			to assign, grant, transfer, pledge, mortgage and convey the assets constituting the Trust Estate pursuant to the Indenture;

			
	
			
				 (iv)
			

			
	
			
			 to distribute to the Residual Interest Owner any portion of the Trust Estate released from the Lien of the Indenture simultaneously with the release of such property in accordance with the Indenture;

			
	
			
				 (v)
			

			
	
			
			to enter into and perform the Trust’s obligations under the Transaction Documents to which it is to be a party;

			
	
			
				 (vi)
			

			
	
			
			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; 

			
	
			
				 (vii)
			

			
	
			
			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; and

		
			(viii)to file with the Delaware Secretary of State pursuant to Section 3810 of the Statutory Trust Statute, (a) a certificate of trust, and any amendments thereto or restatements thereof which may become necessary or advisable, and (b) upon the dissolution and winding up of the affairs of the Trust, a certificate of cancellation.
		

		

		

		 

		

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		(b)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 Section 2.03(a) hereof.  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, or otherwise vary the assets held by the Trust.  Similarly, the Owner Trustee shall have no discretionary duties other than performing those acts set forth above necessary to accomplish the purpose of the Trust as set forth in Section 2.03(a) hereof.
		
Appointment of Owner Trustee.
		
			  The Depositor hereby reconfirms the appointment of the Trust Company as trustee of the Trust effective as of May 5, 2006, to have all the rights, powers and duties set forth herein, and the Trust Company hereby reconfirms the acceptance of such appointment as of such date.
		
Capital Contribution of Initial Trust Estate.
		
			  The Depositor previously sold, assigned, transferred, conveyed and set over to the Owner Trustee, as of May 5, 2006, the sum of $1.  The Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of May 5, 2006, of the foregoing contribution, which constituted the initial Trust Estate (prior to giving effect to the conveyances described in the Sale Agreement, dated as of May 1, 2006, by and between BXG Timeshare Trust I and the Depositor, as amended from time to time) and was deposited in the Certificate Distribution Account.  The Depositor paid and shall pay organizational expenses of the Trust as they arose or 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.  The Depositor may, but is not required to, make further cash contributions to BXG Timeshare Trust I in furtherance of expenses of BXG Timeshare Trust I (including, without limitation, purchasing cap agreements and depositing funds sufficient to cover the Post-Redemption Monthly Fee).  
		
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 Trust Owner, as holder of the Trust Certificate shall have no economic interest in the Trust.  It is the intention of the parties hereto that the Residual Interest Owner have only an economic 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, other than for tax purposes.  It is the intention of the parties hereto that the Trust constitutes a statutory trust under the 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 an entity separate from the sole Residual Interest Owner for federal and applicable state and local income tax purposes pursuant to Treasury Regulation Section 301.7701-3(b)(1)(ii).  The parties agree not to take any action inconsistent with such intended federal and applicable state and local income tax treatment.  Effective as of the date hereof, the Owner Trustee shall have all rights, 
		

		 

		

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		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 the Trust as set forth in the introductory sentence of Section 2.03(a) hereof.
		

			
	
			
				 Section 2.02.  
			Liability of Depositor.

			
	
			
				 (a)
			Pursuant to Section 3803(a) of the Statutory Trust Statute, the 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 Depositor would be liable if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership Act in which the Depositor were a general partner; provided,  however, that neither the Depositor nor the Trust Owner shall under any circumstances be liable for any losses incurred by a Noteholder in the capacity of an investor in the Notes.  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 Depositor and the Trust Owner shall not be liable) shall be deemed third party beneficiaries of the Depositor’s obligations under this paragraph.  The obligations of the Depositor under this paragraph shall be evidenced by the Residual Interest Certificate described in Section 3.05 hereof.

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

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.
		

		
			Neither the Trust Owner nor the Residual Interest Owner shall have legal title to any part of the Trust Estate or any interest in specific property comprising the Trust Estate.  No transfer by operation of law or otherwise of any interest of the Trust Owner or the Residual Interest Owner shall operate to terminate this Agreement or the Trust hereunder or entitle any transferee to any accounting or to the transfer to it of any part of the Trust Estate.  No creditor of the Trust Owner or the Residual Interest Owner shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to any property of the Trust.  The Trust Owner’s beneficial non‐economic interest in the Trust shall be personal property notwithstanding the nature of any property of the Trust.
		

		

		

		 

		

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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 2.03.  
			Representations and Warranties.

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

			
	
			
				 (i)
			

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

			
	
			
				 (ii)
			

			
	
			
			The 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.

			
	
			
				 (iii)
			

			
	
			
			The Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms; the 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 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 Depositor, or any indenture, agreement or other instrument to which the 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 Depositor pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Transaction 
		

		 

		

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			Documents); nor violate any law or any order, role or regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the 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 Depositor’s Knowledge, threatened, before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the 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 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 the Depositor and which might adversely affect the federal income tax or other federal, state or local tax attributes of the Residual Interest Certificate, or the treatment of the Trust for U.S. federal, state and local income tax purposes.

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

			
	
			
				 (i)
			

			
	
			
			The Trust 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 Trust 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 Trust 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 Trust 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 
		

		 

		

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			without notice or lapse of time) a default under, the certificate of incorporation or bylaws of the Trust Owner, or any indenture, agreement or other instrument to which the Trust 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 Trust 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 Trust Owner of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Trust 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 Trust Owner’s  Knowledge threatened, before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Trust 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 Trust Owner of its obligations under, or the validity or enforceability of, this Agreement, any of the other Transaction Documents or the Trust Certificate or (D) involving the Trust Owner and which might adversely affect the federal income tax or other federal, state or local tax attributes of the Trust Certificate, or the treatment of the Trust for U.S. federal, state and local income tax purposes.

			
	
			
				 Section 2.04.  
			Income Tax Treatment.

			
	
			
				 (a)
			It is the intention of the parties hereto that, for U.S. federal and applicable state and local income tax purposes, the Trust will not be treated as a taxable mortgage pool or an association or publicly traded partnership taxable as a corporation.  It is the intention of the parties hereto that the Trust be disregarded as an entity separate from the sole Residual Interest Owner for federal income tax purposes pursuant to Treasury Regulation Section 301.7701-3(b)(1)(ii).  The Trust Certificate must at all times be held by either the Trust Owner or its transferee as sole owner and does not represent an economic interest in the Trust.  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 Depositor or its transferee.  The parties hereto agree not to take any action inconsistent with such intended federal and applicable state and local income tax treatment.  Because for federal income tax purposes, the Trust will be disregarded as an entity separate from the Residual Interest Owner, items of income, gain, loss and deduction of the Trust for any 
		

		 

		

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			month as determined for federal income tax purposes shall be allocated entirely to the Depositor (or, if the Residual Interest Certificate is transferred, the subsequent holder of the Residual Interest Certificate) as the sole owner of the residual economic interest in the Trust.  

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

			
	
			
				 (b)
			in the event that any litigation with claims in excess of $25,000 to which the Depositor is a party which shall be reasonably likely to result in a material judgment against the Depositor that the 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 Depositor, such judgment has been satisfied), the 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 Depositor held by its Affiliates, unless after giving effect to such payment, distribution or repayment, the Depositor’s liquid assets shall not be less than the amount of actual damages claimed in such litigation;

			
	
			
				 (c)
			neither the Depositor nor the Trust 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;

			
	
			
				 (d)
			neither the Depositor nor the Trust 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;

			
	
			
				 (e)
			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) hereof 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;

			
	
			
				 (f)
			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 
		

		 

		

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			(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

			
	
			
				 (g)
			it shall not transfer the Trust Certificate (in the case of the Trust Owner) or the Residual Interest Certificate (in the case of the Depositor) unless the transferee agrees that it shall comply with the provisions of this Agreement, including, but not limited to, paragraph (b) above, and, in the case of the Trust Owner, shall only transfer the Trust Certificate in accordance with the provisions of Section 3.01, and, in the case of the Depositor, shall only transfer the Residual Interest Certificate in accordance with Section 3.05.

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

			
	
			
				 (h)
			The Trust shall maintain its chief executive office and a telephone number separate from that of any Controlling Entity (as hereinafter defined) and shall conspicuously identify such office as its office.

			
	
			
				 (i)
			The Trust shall maintain its financial statements, accounting records and other organization documents separate from those of any Controlling Entity or any other person or entity.

			
	
			
				 (j)
			The Trust shall prepare unaudited annual financial statements, and the Trust’s financial statements shall comply with generally accepted accounting principles (except as noted in such financial statements).

			
	
			
				 (k)
			The Trust shall maintain its own separate bank accounts and correct, complete and separate books of account.

			
	
			
				 (l)
			The Trust shall hold itself out to the public (including any Controlling Entity’s creditors) under the Trust’s own name and as a separate and distinct corporate entity.  The Trust’s name may not be used by any other Controlling Entity in the conduct of its business, nor may the Trust use the name of any other Controlling Entity in the conduct of its business.  The Trust must have a separate telephone number, stationery and other business forms.

			
	
			
				 (m)
			All customary formalities regarding the existence of the Trust shall be observed.

			
	
			
				 (n)
			All business transactions entered into by the Trust with any Controlling Entity shall be on such terms and conditions (including terms relating to amounts paid under such transactions) as would be generally available in comparable transactions if such business transactions were with an entity that was not a Controlling Entity and shall be approved by the Indenture Trustee.

		 

		

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				 (o)
			Except as provided in Section 2.03 hereof, the Trust shall not guarantee or assume or hold itself out or permit itself to be held out as having guaranteed or assumed any liabilities or obligations of a Controlling Entity or any other person or entity.

			
	
			
				 (p)
			Other than organizational expenses, the Trust shall pay its own liabilities, indebtedness and obligations of any kind, including all administrative expenses, from its own separate assets in accordance with the provisions hereunder and in the Indenture.

			
	
			
				 (q)
			Assets of the Trust shall be separately identified, maintained and segregated.  The Trust’s assets shall at all times be held by or on behalf of the Trust and, if held on behalf of the Trust by another entity (including any Controlling Entity), shall be kept identifiable (in accordance with customary usages) as assets owned by the Trust.

		
			As defined herein, “Controlling Entity” means any entity (A) which beneficially owns, directly or indirectly, 10% or more of the outstanding Certificates of Trust, (B) of which 10% or more of the outstanding voting securities are beneficially owned, directly or indirectly, by any entity described in clause (A) above, or (C) which otherwise controls or otherwise is controlled by or otherwise is under common control with any person or entity described in clause (A) above; provided,  however, for purposes of this definition, the terms “control,” “controlled by” and “under common control with” shall have the meanings assigned to them in Rule 405 under the Securities Act.
		

			
	
			
				ARTICLE III.
			

CERTIFICATES AND TRANSFER OF INTERESTS

			
	
			
				 Section 3.01.  
			Trust Certificate Ownership.

			
	
			
				 (a)
			Since the formation of the Trust by the contribution by the Depositor as set forth in Section 2.05 hereof and the issuance of the Trust Certificate (as “Trust Certificate” is defined in the Previously Amended Trust Agreement, the “Original Trust Certificate”) to the Trust Owner, the Trust Owner has been the sole owner of the Trust Certificate.  The Trust Certificate must at all times be held by either the Trust Owner or its transferee as sole owner.

			
	
			
				 (b)
			No transfer of the Trust Certificate or beneficial interest therein shall be made unless such transfer is made in a transaction which does not require registration or qualification under the Securities Act 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 or beneficial interest therein unless (i) prior to such transfer, the Owner Trustee shall have received a tax opinion, substantially similar to, and covering the same issues as, the tax opinion rendered on the Closing Date and that there will be no adverse federal income tax consequences to the Trust or the Noteholders as a result of the transfer, and (ii) the transferee, by its acceptance of a Trust Certificate or beneficial interest in a Trust Certificate, covenants and agrees that such transferee will not at any time institute against the Trust or the Depositor, or join in any institution against the Trust or the 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 
		

		 

		

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			Certificate, the Notes, the Trust Agreement or any of the other Transaction Documents and (iii) following such transfer, there would be no more than one holder of the Trust Certificate or beneficial interest therein and the holder of the Trust Certificate or beneficial interest therein would not be a Foreign Person, a partnership, S corporation or grantor trust for U.S. federal income tax purposes.

The Trust Certificate.
		
			  The Trust Certificate, which shall represent only legal ownership of the Trust and shall not represent any economic interest in the Trust, shall be substantially in the form of Exhibit B-1 hereto.  The Original Trust Certificate was previously executed by the Owner Trustee on behalf of the Trust by manual or facsimile signature of an authorized officer of the Owner Trustee and was deemed to have been validly issued when so executed.  On the Closing Date, the Trust Owner shall exchange the Original Trust Certificate for the Trust Certificate.  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 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.
		
Authentication and Delivery of Trust Certificate.
		
			  The Owner Trustee previously, on December 17, 2013, caused to be authenticated and delivered upon the order of the Depositor, in exchange for the assets constituting the Trust Estate, the Original Trust Certificate duly authenticated by the Owner Trustee, evidencing the entire ownership of the Trust.  As indicated above in Section 3.02, on the Closing Date, the Trust Owner shall exchange the Original Trust Certificate for the Trust Certificate.  No Trust Certificate shall be entitled to any benefit under this Agreement, or be vacated 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-1, 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 (a) the issuance, authorization and delivery of the Trust Certificate as provided herein, and (b) the exchange of the Original Trust Certificate for the Trust Certificate as provided herein, the Trust Certificate will be entitled to the benefits of this Agreement.
		

			
	
			
				 Section 3.02.  
			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 appointed “Certificate Registrar” for the purpose of registering the Trust Certificate and transfers and exchanges of the Original Trust Certificate 
		

		 

		

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			and 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 percentage non-economic interest in the Trust.

			
	
			
				 (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 Certificateholder thereof or his attorney duly authorized in writing.

			
	
			
				 (d)
			No service charge shall be made for any registration of transfer or exchange of the Original Trust Certificate or 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)
			The Original Trust Certificate and all Trust Certificates surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed by the Owner Trustee.

			
	
			
				 Section 3.03.  
			Residual Interest Certificate Ownership.

			
	
			
				 (a)
			Since the formation of the Trust by the contribution by the Depositor as set forth in Section 2.05 hereof, the Residual Interest Owner has been the sole economic owner of the Trust and the Residual Interest Certificate (as “Residual Interest Certificate” is defined in the Previously Amended Trust Agreement, the “Original Residual Interest Certificate”).  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 or beneficial interest therein shall be made unless such transfer is made in a transaction which does not require registration or qualification under the Securities Act, 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 or a beneficial interest therein unless (i) prior to such transfer, the Owner Trustee shall have received a tax opinion, substantially similar to, and covering the same issues as, the tax opinion rendered on the Closing Date and that there will be no adverse federal income tax consequences to the Trust or the Noteholders as a result of the transfer,  (ii)   the transferee, by its acceptance of a Residual Interest Certificate or beneficial interest in a Residual Interest Certificate, covenants and agrees that such transferee will not at any time institute against the Trust or the Depositor, or join in any institution against the Trust or 
		

		 

		

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			the 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 and (iii) following such transfer, there would be no more than one holder or beneficial owner of the Residual Interest Certificate and the holder or beneficial owner of the Residual Interest Certificate would not be a Foreign Person, a partnership, S corporation or grantor trust for U.S. federal income tax purposes.  Notwithstanding the foregoing, the Residual Interest Certificate shall at no time be pledged, collaterally assigned, or otherwise made available, whether directly or indirectly, by the Residual Interest Owner or its transferee as collateral, security or the source of payment for a loan or any other obligation under an arrangement in which the terms of such loan or obligation (or the underlying arrangement) provide for the timing and amount of payments on such loan or obligation to be determined in whole or in part by the timing and amount of payments or projected payments on the Timeshare Loans or other assets of the Trust Estate. 

The Residual Interest Certificate.
		
			  The Residual Interest Certificate shall be substantially in the form of Exhibit B-2  hereto.  The Original Residual Interest Certificate was previously executed by the Owner Trustee on behalf of the Trust by manual or facsimile signature of an authorized officer of the Owner Trustee and deemed to have been validly issued when so executed.  On the Closing Date, the Depositor shall exchange the Original Residual Interest Certificate for the Residual Interest Certificate.  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 Residual Interest 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 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.
		
Authentication and Delivery of Residual Interest Certificate.
		
			    The Owner Trustee previously, on December 17, 2013, caused to be authenticated and delivered to the Residual Interest Owner upon the order of the Depositor, in exchange for the assets constituting the Trust Estate, the Original Residual Interest Certificate duly authenticated by the Owner Trustee, evidencing the entire residual economic ownership of the Trust.  As indicated above in Section 3.06, on the Closing Date, the Residual Interest Owner shall exchange the Original Residual Interest Certificate for the Residual Interest Certificate.  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 (a) the issuance, authorization and delivery of the Residual Interest Certificate 
		

		 

		

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		as provided herein, and (b) the exchange of the Original Residual Interest Certificate for the Residual Interest Certificate as provided herein, the Residual Interest Certificate will be entitled to the benefits of this Agreement.
		

			
	
			
				 Section 3.04.  
			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 the Residual Interest Certificate and transfers and exchanges of the Residual Interest Certificate as provided herein.  The Owner Trustee is hereby appointed as Certificate Registrar for the purpose of registering the Residual Interest Certificate and transfers and exchanges of the Original Residual Interest Certificate and Residual Interest 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 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 percentage economic residual interest in the Trust.

			
	
			
				 (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 Certificateholder thereof or his attorney duly authorized in writing.

			
	
			
				 (d)
			No service charge shall be made for any registration of transfer or exchange of the Original Residual Interest Certificate or 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)
			The Original Residual Interest Certificate and all Residual Interest Certificates surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed by the Owner Trustee.

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 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 or 
		

		 

		

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		any new Certificate under this Section 3.09, the Owner Trustee may require the payment by the Certificateholder 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 3.09 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.
		
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 hereof and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar, and Trust Paying Agent or any of their respective agents shall be affected by any notice of the contrary.
		
Access to List of Certificateholder’s Name and Addresses.
		
			    The Owner Trustee shall furnish or cause to be furnished to the Servicer and the Depositor, within 15 days after receipt by the Certificate Registrar of a written request therefor from the Servicer or the Depositor, the name and address of the Certificateholder as of the most recent Record Date in such form as the Servicer or the Depositor may reasonably require.  Every Certificateholder, by receiving and holding a Certificate, agrees with the Servicer, the Depositor and the Owner Trustee that none of the Servicer, the 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.
		
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 Depositor, the Servicer and to the Certificateholder of any change in the location of the Certificate Register or any such office or agency.
		
Appointment of Trust Paying Agent.
		
			  The Trust Paying Agent shall make distributions to the Residual Interest Owner pursuant to Section 5.02(a) hereof and shall report the amounts of such distributions to the Owner Trustee.  The Owner Trustee may revoke such power and remove the Trust Paying Agent if the Owner Trustee determines, in its sole discretion, that the Trust Paying Agent shall have failed to perform its obligations under this Agreement in any material respect.  The “Trust Paying Agent” initially shall be U.S. Bank National Association, and any co-Trust Paying Agent chosen by the Trust Paying Agent that is acceptable to the Owner Trustee.  Each Trust Paying Agent shall be permitted to resign as Trust 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 Trust 
		

		 

		

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		Paying Agent, the Owner Trustee shall appoint a successor to act as Trust Paying Agent (which shall be a bank or trust company of similar size and credit rating).  The Owner Trustee shall cause such successor Trust Paying Agent or any additional Trust Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Trust Paying Agent or additional Trust Paying Agent shall agree with the Owner Trustee that, as Trust Paying Agent, such successor Trust Paying Agent or additional Trust Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders.  The Trust Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Trust Paying Agent, such Trust 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 hereof shall apply to the Owner Trustee also in its role as Trust Paying Agent, for so long as the Owner Trustee shall act as Trust Paying Agent and, to the extent applicable, to any other Trust Paying Agent appointed hereunder.  Any reference in this Agreement to the Trust Paying Agent shall include any co-Trust Paying Agent unless the context requires otherwise.
		

			
	
			
				ARTICLE IV.
			

ACTIONS BY OWNER TRUSTEE

Prior Notice to Residual Interest Owner with Respect to Certain Matters.
		
			  Subject to the provisions and limitations contained in the Indenture and other Transaction Documents, with respect to the following matters, unless otherwise instructed in writing by the Trust Owner, the Trust shall not take action unless at least 30 days before the taking of such action the Owner Trustee shall have notified the Trust Owner that such action will be taken:
		

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

			
	
			
				 (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; or

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

Action by Residual Interest Owner with Respect to Certain Matters.
		
			  Subject to the provisions and limitations of Section 4.04 hereof, the Owner Trustee shall not have the power, except upon the written direction of the Residual Interest Owner, to (a) 
		

		 

		

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		initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, (b) authorize the merger or consolidation of the Trust with or into any other business trust or entity (subject to Section 8.4 of the Indenture) or (c) 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.
		
Action by Residual Interest Owner with Respect to Bankruptcy.
		
			  Subject to Sections 2.12(b) and (f) hereof, 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.
		
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(a) hereof, nor shall the Owner Trustee be obligated to follow any such direction, if given.
		

			
	
			
				ARTICLE V.
			

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

Establishment of Certificate Distribution Account.
		
			  The Owner Trustee has previously caused the Servicer, for the benefit of the Certificateholders, to establish and maintain with U.S. Bank National Association for the benefit of the Owner Trustee, a trust account (the “Certificate Distribution Account”) which, while the Trust Paying Agent holds such account, shall be entitled “CERTIFICATE DISTRIBUTION ACCOUNT, U.S. BANK NATIONAL ASSOCIATION, AS TRUST PAYING AGENT, IN TRUST FOR THE BXG TIMESHARE TRUST I, RESIDUAL INTEREST CERTIFICATE.”  Funds shall be deposited in the Certificate Distribution Account as required by the Indenture, or following satisfaction or release of the Indenture.    
		

			
	
			
				 Section 5.01.  
			Application of Trust Funds.

			
	
			
				 (a)
			On each Payment Date, the Trust Paying Agent shall distribute amounts on deposit in the Certificate Distribution Account to the holder of the Residual Interest Certificate.  

			
	
			
				 (b)
			On each Payment Date, the Trust Paying Agent shall send to the Residual Interest Owner the statement or statements provided to the Owner Trustee by the Servicer pursuant to Section 5.5 of the Indenture with respect to such Payment Date.

			
	
			
				 (c)
			In the event that any withholding tax is imposed on the Trust’s payment (or allocation of income) to the Residual Interest Owner, such tax shall reduce the amount otherwise 
		

		 

		

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			distributable to the Residual Interest Owner in accordance with this Section.  The Trust Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Residual Interest Owner sufficient funds for the payment of 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 Owner shall be treated as cash distributed to such Residual Interest Owner at the time it is withheld by the Trust and remitted to the appropriate taxing authority.  If there is a possibility that withholding tax is payable with respect to a distribution, the Trust Paying Agent may in its sole discretion withhold such amounts in accordance with this paragraph (c).

Method of Payment.
		
			  Subject to Section 9.01(c) hereof respecting the final payment upon retirement of the Residual Interest Certificate, distributions required to be made to the Residual Interest Owner of record on the related Record Date shall be made by check mailed to such Residual Interest Owner at the address of such Residual Interest Owner appearing in the Certificate Register.  Alternatively, the Residual Interest Owner may elect to have such amounts remitted via wire transfer.
		
No Segregation of Moneys; No Interest.
		
			    Subject to Sections 5.01 and 5.02 hereof, moneys received by the Trust Paying Agent hereunder and deposited into the Certificate Distribution Account will be segregated except to the extent required otherwise by law and shall be invested in Eligible Investments maturing no later than one Business Day prior to the related Payment Date at the direction of the Depositor.  The Trust Paying Agent shall not be liable for payment of any interest or losses in respect of such moneys.  Investment gains shall be for the account of and paid to the Residual Interest Owner.
		
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, state and local income tax returns, (c) file such tax returns, if necessary, relating to the Trust and make such elections as from time to time may be required or appropriate under any applicable federal,  state or local statute or any rule or regulation thereunder so as to maintain the U.S. federal, state and local income tax treatment for the Trust as set forth in Section 2.11 hereof, (d) cause such tax returns to be prepared and signed in the manner required by law and (e) collect and remit or cause to be collected or remitted any withholding tax as described in and in accordance with Section 5.02(c) hereof with respect to income or distributions to the Residual Interest Owner.  
		

		 

		

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				 Section 5.02.  
			Signature on Returns; Tax Matters Partner.

			
	
			
				 (a)
			The Residual Interest Owner shall sign on behalf of the Trust the tax returns of the Trust, if any.

			
	
			
				 (b)
			If Subchapter K of the Code should be applicable to the Trust, the Residual Interest Owner shall be designated the “tax matters partner” or “partnership representative” of the Trust pursuant to the Code and applicable Treasury Regulations.

			
	
			
				ARTICLE VI.
			

AUTHORITY AND DUTIES OF OWNER TRUSTEE

General Authority.
		
			  Subject to the provisions and limitations of Sections 2.03 and 2.06 hereof, 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.    
		
General Duties.    
		
			It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other Transaction Documents to which the Trust is a party and to administer the Trust in the interest of the Trust Owner and the Residual Interest Owner, subject to the Transaction Documents and in accordance with the provisions of this Agreement.  Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the other Transaction Documents to the extent the Administrator has agreed in the Administration Agreement or another Transaction Document to perform any act or to discharge any duty of the Owner Trustee or the Trust under any Transaction Document, and the Owner Trustee shall not be personally liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement. 
		

		

		

		 

		

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				 Section 6.01.  
			Action Upon Instruction.

			
	
			
				 (a)
			Subject to Article IV hereof, in accordance with the terms of the Transaction Documents, the Trust 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 Documents 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 Trust 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 Trust 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 Trust 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 Residual Interest Owner requesting instruction and, to the extent that the Owner Trustee, in good faith, acts or refrains from acting 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 Trust 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 
		

		 

		

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

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 hereof; 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.
		
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 hereof.
		
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 hereof 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 taxable mortgage pool or an association or publicly traded partnership taxable as a corporation for U.S. federal, or applicable state or local income tax purposes.  Neither the Trust Owner nor the Residual Interest Owner shall direct the Owner Trustee to take actions that would violate the provisions of this Section.
		

		 

		

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				ARTICLE VII.
			

CONCERNING THE OWNER TRUSTEE

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 hereof 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 negligence on the part of such responsible officer;

			
	
			
				 (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 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 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 Trust Owner or the Residual Interest Owner, other than as expressly provided for herein or expressly agreed to in the Transaction Documents; and

			
	
			
				 (f)
			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 Trust Owner or the Residual Interest Owner unless such Trust Owner or the Residual Interest Owner has offered to the Owner Trustee security or 
		

		 

		

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			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.

Furnishing of Documents.
		
			  The Owner Trustee shall furnish to the Trust 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.
		
Representations and Warranties of the Trust Company.
		
			  The Trust Company hereby represents and warrants to the Depositor and the Trust Owner and the Residual Interest Owner that:
		

			
	
			
				 (g)
			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.

			
	
			
				 (h)
			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.

			
	
			
				 (i)
			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 federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Trust Company 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 Trust Company individually which are unrelated to this Agreement or the other Transaction Documents.

			
	
			
				 Section 7.02.  
			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 
		

		 

		

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			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.

Not Acting in Individual Capacity.
		
			  Except as provided in this Article VII, 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.
		
Owner Trustee Not Liable for Trust Certificate, Residual Interest Certificate, Notes or Timeshare Loans.
		
			  The recitals contained herein and in the Trust Certificate and the Residual Interest 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 Depositor, and neither the Owner Trustee nor the Trust 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 Timeshare Loan 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 Timeshare Loan, or the perfection and priority of any security interest in any security relating to a Timeshare Loan 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 Owner under this Agreement or the Noteholders under the Indenture, including, without limitation, the existence, condition and ownership of any Timeshare Loan; the existence and enforceability of any insurance thereon; the existence and contents of any Timeshare Loan on any computer or other record thereof; the validity of the assignment of any Timeshare Loan to the Trust or of any intervening assignment; the completeness of any Timeshare Loan; the performance or enforcement of any Timeshare Loan; the compliance by the 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 Servicer or any subservicer taken in the name of the Owner Trustee.
		

		 

		

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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 Depositor, the Trust Owner, the Residual Interest Owner, 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

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 3.4 of the Indenture.  Additionally, in accordance with Section 3.4 of the Indenture, the Owner Trustee shall be entitled to be reimbursed 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.  The Owner Trustee’s right to enforce such obligations shall be subject to the provisions of Section 11.08 hereof.
		
Indemnification.
		
			  The Depositor shall be liable as primary obligor for, and shall indemnify the Trust Company 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 Depositor shall not be liable for or required to indemnify an Indemnified Party from and against Expenses arising or resulting from the Owner Trustee’s own willful misconduct or negligence or any inaccuracy of any representation or warranty contained in Section 7.03 hereof expressly made by the Owner Trustee.  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 8.02, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the Depositor, which approval shall not be unreasonably withheld.
		
Payments to the Owner Trustee.
		
			  Any amounts paid to the Owner Trustee or the Trust Company pursuant to this Article VIII shall be deemed not to be a part of the Trust Estate immediately after such payment.
		

		 

		

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				ARTICLE IX.
			

TERMINATION OF TRUST AGREEMENT

			
	
			
				 Section 9.01.  
			Termination of Trust Agreement.

			
	
			
				 (a)
			The Trust shall dissolve upon written notice, which shall be provided by the Trust Owner to the Owner Trustee, only after the earlier of (i) the day on which the rights of all Notes to receive payments from the Issuer have terminated in accordance with the Indenture and final distribution of payments to the Residual Interest Certificates as required hereunder (the “Trust Termination Date”) and (ii) dissolution of the Trust in accordance with applicable laws.  After satisfaction of liabilities of the Trust as provided by applicable law, any money or other property held as part of the Trust Estate following such distribution shall be distributed to the Trust Owner.  The bankruptcy, liquidation, dissolution, termination, death or incapacity of the Trust Owner shall not (x) operate to terminate this Agreement or annul, dissolve or terminate the Trust, or (y) entitle the Trust 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 (z) otherwise affect the rights, obligations and liabilities of the parties hereto.

			
	
			
				 (b)
			Except as provided in Section 9.0l(a) hereof, neither the Depositor nor any Certificateholder 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 Owner shall surrender its Residual Interest Certificate to the Trust 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 Trust 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 Trust Paying Agent therein specified.  The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Trust Paying Agent at the time such notice is given to the Residual Interest Owner.  Upon presentation and surrender of the Residual Interest Certificates, the Trust Paying Agent shall cause to be distributed to the Residual Interest Owner amounts distributable on such Payment Date pursuant to Section 5.02 hereof.

			
	
			
				 (d)
			In the event that the Residual Interest Owner 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 Owner 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 Owner 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 
		

		 

		

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			remaining in the Trust after exhaustion of such remedies shall be distributed by the Owner Trustee to the 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.  

			
	
			
				ARTICLE X.
			

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

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 10.01, 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 hereof.
		
Resignation or Removal of Owner Trustee.
		
			  The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving 30 days prior written notice thereof to the Depositor and the Servicer and the Indenture Trustee.  Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Owner Trustee, which successor shall be an Eligible Owner Trustee, by 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 shall 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 hereof and shall fail to resign after written request therefor by the Trust Owner, 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 
		

		 

		

			28

		

 

		

			 

		

		property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Indenture Trustee, may remove the Owner Trustee.  If the Indenture Trustee shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Depositor 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 hereof and payment of all fees and expenses owed to the outgoing Owner Trustee.
		
Successor Owner Trustee.
		
			  Any successor Owner Trustee appointed pursuant to Section 10.02 hereof shall execute, acknowledge and deliver to the Indenture Trustee and the Depositor, 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 Depositor, Indenture Trustee 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 hereof.
		

		
			Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Depositor shall mail notice thereof to the Certificateholders, the Indenture Trustee, the Funding Agents and the Noteholders.  If the Depositor 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 Depositor.
		
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 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 hereof.
		

		 

		

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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 Owner Trustee shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the 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 Owner Trustee may consider necessary or desirable.  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 hereof and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.03 hereof.
		

		
			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 such act or omission of any other trustee under this Agreement; and

			
	
			
				 (c)
			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 X.  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 filed with the Owner Trustee and a copy thereof given to the Depositor, the Indenture Trustee and the Funding Agents.  
		

		
			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 
		

		 

		

			30

		

 

		

			 

		

		trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts hall 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

Supplements and Amendments.    
		
			This Agreement may be amended from time to time, by a written amendment duly executed and delivered by the Trust Owner, Residual Interest Owner and the Owner Trustee, with the written consent of the Indenture Trustee, but without the consent of any of the Noteholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or modifying in any manner the rights of the Noteholders; provided,  however, that such amendment will not (i) as evidenced by an Opinion of Counsel addressed and delivered to the Owner Trustee and the Indenture Trustee, materially and adversely affect the interest of any Noteholder or the Trust Owner or Residual Interest Owner and (ii) as evidenced by an Opinion of Counsel addressed and delivered to the Owner Trustee and the Indenture Trustee, cause the Trust to be classified as a taxable mortgage pool or an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes; provided, further, that Section 2.03 hereof may be amended only with the consent of the Holders of Notes representing a majority of the then Aggregate Outstanding Note Balance.  Additionally, notwithstanding the preceding sentence, this Agreement may be amended by the Trust Owner, Residual Interest Owner and the Owner Trustee without the consent of the Indenture Trustee or any of the Noteholders to add, modify or eliminate such provisions as may be necessary or advisable in order to enable all or a portion of the Trust to avoid the imposition of state or local income or franchise taxes imposed on the Trust Estate or its income; provided, however, that (i) the Trust Owner must deliver to the Indenture Trustee and the Owner Trustee an Officer’s Certificate to the effect that the proposed amendments meet the requirements set forth in this subsection and (ii)  such amendment does not affect the rights, benefits, protections, privileges, immunities, duties or obligations of the Owner Trustee hereunder.  
		

		
			This Agreement may also be amended from time to time by a written amendment duly executed and delivered by the Trust Owner, Residual Interest Owner and the Owner Trustee, with the consent of the Indenture Trustee and Holders representing a majority of the then Aggregate Outstanding Note Balance, 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; provided,  however, that without the consent of all Noteholders, no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of distributions that are required to be made for the benefit of the Noteholders or (b) reduce the aforesaid percentage of the Outstanding amount of the Notes, the Holders of which are required to consent to any such amendment; provided,  further, that such amendment will not, as evidenced by an Opinion of Counsel addressed and delivered to the Owner Trustee and the Indenture Trustee, cause the Trust to be classified as a taxable mortgage 
		

		 

		

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		pool or an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.
		

		
			Prior to the execution of any such amendment or consent, the Depositor shall furnish written notification of the substance of such amendment or consent, together with a copy thereof, to the Indenture Trustee, the Depositor and the Funding Agents.
		

		
			Promptly after the execution of any such amendment or consent, the Trust Owner shall furnish written notification of the substance of such amendment or consent to the Indenture Trustee.
		

		
			It shall not be necessary for the consent of the Noteholders pursuant to this Section 11.01 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.
		

		
			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.
		

		
			The Owner Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Officer’s Certificate of the Trust Owner to the effect that the conditions to amendment have been satisfied.
		

		
			The Owner Trustee may, but shall not be obligated to, enter into, and unless it has consented thereto in writing shall not be bound by, any amendment which affects the Owner Trustee’s own rights, duties, benefits, protections, privileges or immunities (as such or in its individual capacity) under this Agreement or otherwise.
		
No Legal Title to Trust Estate in Trust Owner.
		
			  The Trust 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 hereof.  No transfer, by operation of law or otherwise, of any right, title or interest of the Trust 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.
		
Limitations on Rights of Others.
		
			  Except for Section 2.07 hereof, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Trust Owner, the Residual Interest Owner and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement (other than Section 2.07 hereof), 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.
		
Notices.
		

		

		 

		

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		  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 facsimile transmission with a confirmation of receipt, in all cases addressed to the recipient as follows:
		

			
					
						If to the Servicer:

					
					
						Bluegreen Corporation

					
						4960 Conference Way North, Suite 100

					
						Boca Raton, Florida  33431

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

					
						Fax:  (561) 912-8123

				
	
					
						If to the Depositor
or Residual Interest Owner:

					
					
						Bluegreen Timeshare Finance Corporation I

					
						4950 Communication Avenue, Suite 900

					
						Boca Raton, Florida  33431

					
						Attn:  Allan J. Herz, President & Assistant Treasurer

					
						Fax:  (561) 443-8743

				
	
					
						If to the Owner Trustee:

					
					
						Wilmington Trust Company

					
						1100 North Market Street

					
						Wilmington, Delaware  19890-0001

					
						Attn: Corporate Trust Administration

					
						Fax: (302) 636-4140

					
						 

				
	
					
						If to the Indenture Trustee:

					
					
						U.S. Bank National Association

					
						60 Livingston Avenue

					
						St. Paul, Minnesota  55107

					
						Attn:  Structured Finance

					
						Fax: (651) 466-7363

				
	
					
						If to the Trust Owner:

					
					
						GSS Holdings, Inc.

					
						114 West 47th Street

					
						Suite 1715

					
						New York, New York  10036

					
						Attn:  Kevin P. Burns

					
						Fax:  (212) 302-8767

					
						 

				

		 

		

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						If to the Funding Agents:

					
					
						KeyBank National Association

					
						1000 McCaslin Boulevard

					
						Superior, Colorado 80027

					
						Attention: Richard Andersen

					
						Email: richard_s_andersen@key.com 

					
						Fax:  216-370-6396

					
						 

					
						and 

					
						 

					
						KeyBanc Capital Markets Inc.

					
						1301 Avenue of the Americas, 37th Floor

					
						New York, New York 10019

					
						Attention: Paul B. Richardson

					
						E-mail: paul.richardson@key.com 

					
						 

					
						DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main

					
						609 Fifth Avenue

					
						New York, New York 10017

					
						Attn: Jayan Krishnan

					
						Email: jayan.krishnan@dzbank.de 

					
						Fax: (212) 745-1651

					
						 

				
	
					
						﻿

					
					
						 

				

		
			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.
		
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 Certificateholders thereof.
		
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.  Delivery of an executed counterpart of this Agreement by facsimile or other electronic transmission (i.e., a “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof.
		
Successors and Assigns.
		
			  All Trust Owner covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the Depositor, and the Owner Trustee and their respective successors and permitted assigns and the Trust Owner and the Residual Interest Owner and their 
		

		 

		

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		respective successors and permitted assigns, all as herein provided.  Any request, notice, direction, consent, waiver or other instrument or action by the Trust Owner or the Residual Interest Owner shall bind the successors and assigns of the Trust Owner or the Residual Interest Owner, as the case may be.
		
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 Depositor or the Trust, or join in any institution against the Depositor, or the Trust of, any bankruptcy proceedings under any United Sates 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.
		
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 Depositor, the Servicer, the Originators, the Seller, the Owner Trustee, the Indenture Trustee or any of the 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 Trust Owner by accepting the Trust Certificate acknowledges that such Trust Certificate represents an equity (but not economic) interest in the Trust and the Trust Estate only and does not represent an economic interest in the Trust or the Trust Estate or an interest in or an obligation of the Depositor, the Servicer, the Originators, the Seller, 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.
		

			
	
			
				 Section 11.01.  
			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.
		
Entire Agreement/Governing Law.
		
			  THIS AGREEMENT CONSTITUTES THE ENTIRE AGREEMENT AMONG THE PARTIES AND SUPERSEDES AND REPLACES IN ITS ENTIRETY ANY PRIOR AGREEMENTS REGARDING THE SUBJECT MATTER HEREOF AMONG THE PARTIES, INCLUDING, WITHOUT LIMITATION, THE SECOND AMENDED TRUST AGREEMENT (AS DEFINED IN THE RECITALS TO THIS AGREEMENT).  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.
		

		 

		

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Trust Certificate Transfer Restrictions.
		
			  The Trust Certificate may not be acquired by or for the account of or with assets of a Benefit Plan.  By accepting and holding a Trust Certificate, the Certificateholder thereof shall be deemed to have represented and warranted that it is not a Benefit Plan and is not acquiring such Trust Certificate for the account of or with assets of a Benefit Plan.  
		
Extraordinary Transactions.
		
			  Notwithstanding any other provision of this Agreement and any provision of law that otherwise so empowers the Trust, the Trust shall not without the affirmative vote of 100% of the Trust Owner and the Owner Trustee:
		

			
	
			
				 (a)
			engage in any business or activity other than in accordance with Article II hereof;

			
	
			
				 (b)
			incur any indebtedness, or assume or guarantee any indebtedness of any other person or entity, other than in connection with the activities described in Article II hereof;

			
	
			
				 (c)
			dissolve or liquidate, in whole or in part;

			
	
			
				 (d)
			consolidate with or merge into any other person or entity or sell, convey or transfer all or substantially all of its properties and assets to any other person or entity or acquire all or substantially all of the assets or capital stock or other ownership interest of any other person or entity;

			
	
			
				 (e)
			institute proceedings to be adjudicated bankrupt or insolvent; or consent to the institution of bankruptcy, insolvency or similar proceedings against it; or file a petition seeking, or consent to, reorganization or relief under any applicable federal or state law relating to bankruptcy, insolvency or readjustment of debts; or consent to the appointment of a receiver, conservator, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust 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 take any corporate action in furtherance of any such action; or

			
	
			
				 (f)
			authorize any amendment to this Section 11.13 or Articles II or IV hereof.

		
			When voting on whether the Trust will take any action described in paragraph (e) of this Section 11.13, each controlling person of the Residual Interest Owner shall owe its primary fiduciary duty or other obligation to the Trust (including, without limitation, the Trust’s creditors) and not to its sole shareholder (except as may be specifically required by applicable law).  The Trust shall be deemed to have consented to the foregoing by virtue of such Residual Interest Owner’s consent to this Agreement.
		

		
			 
		

		

		

		 

		

			36

		

 

		

			 

		

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

		
			﻿
		

		
			BLUEGREEN TIMESHARE FINANCE
		

		
			CORPORATION I, as Depositor and
		

		
			Residual Interest Owner
		

		
			By: 
		

		
			Printed Name: Allan J. Herz
		

		
			Title: President and Assistant Treasurer
		

		
			WILMINGTON TRUST COMPANY,
		

		
			  as Owner Trustee
		

		
			By:_
		

		
			Printed Name: Jeanne M. Oller
		

		
			Title: Vice President
		

		
			﻿
		

		
			GSS Holdings, Inc.,
		

		
			  as Trust Owner
		

		
			By:_
		

		
			Printed Name: Bernard J. Angelo
		

		
			Title: Vice President
		

		
			﻿
		

		
			[Signature Page to Second Amended and Restated Trust Agreement]
		

		

		

		 

		

			 

		

 

		

			 

		

		The foregoing Second Amended and Restated Trust Agreement is consented to by:
		

		
			KeyBank National Association, in its capacity as a Funding Agent

		

		
			By:_______________________________________
Name:  
Title:  
		

		
			﻿
		

		
			DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, in its capacity as a Funding Agent

		

		
			By:_______________________________________
Name:  
Title:  
		

		
			﻿
		

		
			By:_______________________________________
Name:  
Title:  
		

		
			﻿
		

		
			U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee 
		

		
			﻿
		

		
			﻿
		

		
			By:____________________________________
		

		
			Name: 
		

		
			Title: 
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			[Consent Page to Second Amended and Restated Trust Agreement]
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		ANNEX A 
		

		
			STANDARD DEFINITIONS
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			Annex A

		

 

		

			 

		

		EXHIBIT A
		

		
			FORM OF CERTIFICATE OF TRUST OF
		

		
			BXG TIMESHARE TRUST I
		

		
			This Certificate of Trust of BXG Timeshare Trust I (the “Trust”), dated [DATE], 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, § 3801, et seq.).
		

			
	
			
				 1.
			Name.  The name of the trust formed hereby is BXG Timeshare Trust I.

			
	
			
				 2.
			Delaware Trustee.  The name and business address of the Owner Trustee of the Trust in the State of Delaware is Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001.

		
			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

		

 

		

			 

		

		EXHIBIT B-1
		

		
			FORM 
		

		
			SECOND AMENDED AND RESTATED TRUST CERTIFICATE
		

		
			THIS SECOND AMENDED AND RESTATED TRUST CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE NOTES TO THE EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.
		

		
			THIS SECOND AMENDED AND RESTATED TRUST CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN BLUEGREEN TIMESHARE FINANCE CORPORATION I, BLUEGREEN CORPORATION OR ANY AFFILIATE THEREOF, EXCEPT TO THE EXTENT SET FORTH IN THE TRUST AGREEMENT (AS DEFINED BELOW).  THIS SECOND AMENDED AND RESTATED TRUST CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), 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 SECOND AMENDED AND RESTATED TRUST CERTIFICATE IS TRANSFERABLE ONLY IN WHOLE AND NOT IN PART.
		

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

		
			BXG TIMESHARE TRUST I SECOND AMENDED AND RESTATED TRUST CERTIFICATE
		

		
			NO. 1
		

		
			THIS CERTIFIES THAT GSS HOLDINGS, INC. is the registered owner of 100% of the nonassessable, fully-paid, fractional undivided non-economic interest in the BXG Timeshare Trust I (the “Trust”) formed by BLUEGREEN TIMESHARE FINANCE CORPORATION I, a Delaware corporation (the “Depositor”).
		

		
			The Trust was created pursuant to a Trust Agreement, dated May 5, 2006, among the Depositor, GSS Holdings, Inc., as trust owner (the “Trust Owner”) and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), as amended and restated by the Amended and Restated Trust Agreement, dated as of December 17, 2013, and as further amended and restated by the Second Amended and Restated Trust Agreement, dated as of May 19, 2017, among the Depositor, the Trust Owner and the Owner Trustee (as amended, restated and/or supplemented from time to time, the “Trust Agreement”), a summary of certain of the pertinent 
		

		 

		

			B-1-1

		

 

		

			 

		

		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 Second Amended and Restated Sale Agreement, dated as of May 1, 2017 (as amended, restated and/or supplemented from time to time, the “Sale Agreement”), by and between the Trust and the Depositor, or (iii) the Sixth Amended and Restated Indenture, dated as of May 1, 2017 (as amended, restated and/or supplemented from time to time, the “Indenture”), by and among BXG Timeshare Trust I, as Issuer, Bluegreen Corporation, as Servicer, Vacation Trust, Inc., as Club Trustee, Concord Servicing Corporation, as Backup Servicer, KeyBank National Association, as a Funding Agent, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, as a Funding Agent and U.S. Bank National Association, as Indenture Trustee, Paying Agent and Custodian.
		

		
			This Second Amended and Restated Trust Certificate is the duly authorized Trust Certificate designated as “BXG Timeshare Trust I Second Amended and Restated Trust Certificate” (this “Trust Certificate”).  Also issued under the Indenture are the Timeshare Loan-Backed VFN Notes, Series I (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 Certificateholder of this Trust Certificate by virtue of its acceptance hereof assents and by which such Certificateholder is bound.  The Certificateholder of this Trust Certificate acknowledges and agrees that its rights, if any, to receive distributions in respect of this Trust Certificate are subordinated to the rights of the Noteholders to the extent described in the Indenture.
		

		
			It is the intent of the Servicer, the Depositor, Owner Trustee, Indenture Trustee and the Certificateholder that, for purposes of U.S. federal income tax and any other income taxes, the Trust will be disregarded as an entity separate from the sole Residual Interest Owner for U.S. federal income tax purposes pursuant to Treasury Regulations Section 301.7701-3(b)(1)(ii) and will not be treated as a taxable mortgage pool or an association or publicly traded partnership taxable as a corporation.  The Depositor and any Certificateholder, by acceptance of this Trust Certificate, agrees to such treatment, and to take no action inconsistent with such treatment of, the Trust for U.S. federal income tax and other income tax purposes.
		

		
			The Certificateholder, by its acceptance of this 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 Depositor, or join in any institution against the Trust or the 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 this Trust Certificate, the Notes, the Trust Agreement or any of the other Transaction Documents.
		

		
			Distributions, if any, on this Trust 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 Trust Certificate or the making of any notation hereon.  Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution, if any, on this Trust 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 Trust Certificate at the office or 
		

		 

		

			B-1-2

		

 

		

			 

		

		agency maintained for that purposes by the Owner Trustee in the City of Wilmington, State of Delaware. 
		

		
			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-1-3

		

 

		

			 

		

		[REVERSE OF CERTIFICATE]
		

		
			This Trust Certificate does not represent an obligation of, or an interest in the Depositor, the Servicer, the Originators, the Seller, 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 is not guaranteed by any governmental agency or instrumentality and is limited in right, if any, of payment to certain collections and recoveries with respect to the Timeshare Loans and certain other amounts, in each case as more specifically set forth herein and in the Indenture.  A copy of each of the Indenture and the Trust Agreement may be examined by any Certificateholder upon written request during normal business hours at the principal office of the Depositor and at such other places, if any, designated by the Depositor.
		

		
			The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the rights of the Certificateholder under the Trust Agreement at any time by the Depositor and the Owner Trustee with the consent of the Holders representing a majority of the Aggregate Outstanding Note Balance.  Any such consent shall be conclusive and binding on the Certificateholder and on all future Certificateholders 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 Certificateholder of this 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 resignation 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, executed by the Certificateholder hereof or such Certificateholder’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, this 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 
		

		 

		

			B-1-4

		

 

		

			 

		

		to such Certificateholder pursuant to the Trust Agreement and the Indenture and the deposition of all property held as part of the Trust Estate.  The Servicer may at its option purchase the Trust Estate at the times and at the prices specified in the Indenture.
		

		
			This Trust Certificate may not be acquired by a Benefit Plan.  By accepting and holding this Trust Certificate, the Certificateholder 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, or with assets of, such an entity.
		

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

		
			Dated:  
		

		
			BXG TIMESHARE TRUST I
		

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

		
			By:________________________________
Authorized Signatory
		

		
			﻿
		

		
			OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION
		

		
			This Second Amended and Restated Trust Certificate is 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-1-5

		

 

		

			 

		

		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 Second Amended and Restated Trust Certificate, and all rights thereunder, hereby irrevocably constituting and appointing
		

		
			______________________________________________________________________________
to transfer said Second Amended and Restated Trust Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.
		

		
			Dated:____________
		

		
			Signature Guaranteed:
		

			
					
						_____________________________________
NOTICE:  Signature(s) must be guaranteed 
by an eligible guarantor institution.

					
					
						______________________________________
NOTICE:  The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Second Amended and Restated Trust Certificate in every particular, without alteration or enlargement or any change whatever.

				

		
			﻿
		

		
			 
		

		

		

		 

		

			B-1-6

		

 

		

			 

		

		EXHIBIT B-2
		

		
			FORM  
		

		
			SECOND AMENDED AND RESTATED RESIDUAL INTEREST CERTIFICATE
		

		
			THIS SECOND AMENDED AND RESTATED RESIDUAL INTEREST CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE NOTES TO THE EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.
		

		
			THIS SECOND AMENDED AND RESTATED RESIDUAL INTEREST CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN BLUEGREEN TIMESHARE FINANCE CORPORATION I, BLUEGREEN CORPORATION OR ANY AFFILIATE THEREOF, EXCEPT TO THE EXTENT SET FORTH IN THE TRUST AGREEMENT (AS DEFINED BELOW).  THIS SECOND AMENDED AND RESTATED RESIDUAL INTEREST CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 , AS AMENDED (THE “SECURITIES ACT”), 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 SECOND AMENDED AND RESTATED RESIDUAL INTEREST CERTIFICATE IS TRANSFERRABLE ONLY IN WHOLE AND NOT IN PART.
		

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

		
			BXG TIMESHARE TRUST I SECOND AMENDED AND RESTATED RESIDUAL INTEREST CERTIFICATE
		

		
			NO. 1
		

		
			THIS CERTIFIES THAT BLUEGREEN TIMESHARE FINANCE CORPORATION I is the registered owner of 100% of the residual economic interest in the BXG Timeshare Trust I (the “Trust”) formed by BLUEGREEN TIMESHARE FINANCE CORPORATION I, a Delaware corporation (the “Depositor”).
		

		
			The Trust was created pursuant to a Trust Agreement, dated May 5, 2006, among the Depositor, GSS Holdings, Inc., as trust owner (the “Trust Owner”) and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), as amended and restated by the Amended and Restated Trust Agreement, dated as of December 17, 2013, and as further amended and restated by the Second Amended and Restated Trust Agreement, dated as of May 19, 2017, among the Depositor, the Trust Owner and the Owner Trustee (as amended, restated and/or 
		

		 

		

			B-2-1

		

 

		

			 

		

		supplemented from time to time, the “Trust Agreement”), 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 Second Amended and Restated Sale Agreement, dated as of May 1, 2017 (as amended, restated and/or supplemented from time to time, the “Sale Agreement”), by and between the Trust and the Depositor, or (iii) the Sixth Amended and Restated Indenture, dated as of May 1, 2017 (as amended, restated and/or supplemented from time to time, the “Indenture”), by and among BXG Timeshare Trust I, as Issuer, Bluegreen Corporation, as Servicer, Vacation Trust, Inc., as Club Trustee, Concord Servicing Corporation, as Backup Servicer, KeyBank National Association, as a Funding Agent, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, as a Funding Agent and U.S. Bank National Association, as Indenture Trustee, Paying Agent and Custodian.
		

		
			This Second Amended and Restated Residual Interest Certificate is the duly authorized Residual Interest Certificate designated as “BXG Timeshare Trust I Second Amended and Restated Residual Interest Certificate” (this “Residual Interest Certificate”).  Also issued under the Indenture are the Timeshare Loan-Backed VFN Notes, Series I (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 Certificateholder of this Residual Interest Certificate by virtue of its acceptance hereof assents and by which such Certificateholder is bound.  The Certificateholder 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 Agreement and the Indenture.
		

		
			It is the intent of the Servicer, the Depositor, Owner Trustee, Indenture Trustee and the Certificateholder that, for purposes of U.S. federal income tax and any other income taxes, the Trust will be disregarded as an entity separate from the sole Residual Interest Owner for U.S. federal income tax purposes pursuant to Treasury Regulations Section 301.7701-3(b)(1)(ii) and will not be treated as a taxable mortgage pool or an association or publicly traded partnership taxable as a corporation.    The Depositor and any other Certificateholder, by acceptance of this Residual Interest Certificate, agrees to such treatment, and to take no action inconsistent with such treatment of, the Trust for U.S. federal income tax and any other income tax purposes.
		

		
			The Certificateholder, by its acceptance of this Residual Interest Certificate or beneficial interest in this Residual Interest Certificate, covenants and agrees that such Certificateholder will not at any time institute against the Trust or the Depositor, or join in any institution against the Trust or the 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 this 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 Registrar 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 
		

		 

		

			B-2-2

		

 

		

			 

		

		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 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-2-3

		

 

		

			 

		

		[REVERSE OF CERTIFICATE]
		

		
			This Residual Interest Certificate does not represent an obligation of, or an interest in the Depositor, the Servicer, the Originators, the Seller, the Owner Trustee, the Indenture Trustee or any of the respective Affiliates and no recourse may be had against such parties of 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 Timeshare Loans and certain other amounts, in each case as more specifically set forth herein and in the Indenture.  A copy of each of the Indenture and the Trust Agreement may be examined by any Certificateholder upon written request during normal business hours at the principal office of the Depositor and at such other places, if any, designated by the Depositor.
		

		
			The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the rights of the Certificateholder under the Trust Agreement at any time by the Depositor and the Owner Trustee with the consent of the Holders representing a majority of the Aggregate Outstanding Note Balance.  Any such consent shall be conclusive and binding on the Certificateholder and on all future Certificateholders 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 Certificateholder of this 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, executed by the Certificateholder hereof or such Certificateholder’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, this 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 this 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.
		

		

		

		 

		

			B-2-4

		

 

		

			 

		

		The obligations and responsibilities created by the Trust Agreement and the Trust crated 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 Indenture and the deposition of all property held as part of the Trust Estate.  The Servicer may at its option purchase the Trust Estate at the times and at the prices specified in the Indenture.
		

		
			This Residual Interest Certificate may not be acquired by a Benefit Plan.  By accepting and holding this Residual Interest Certificate, the Certificateholder 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, or with assets of, such an entity.
		

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

		
			Dated:  
		

		
			BXG TIMESHARE TRUST I
		

		
			By:Wilmington Trust Company, not in its

individual capacity but solely as Owner
Trustee
		

		
			By:__________________________________

Authorized Signatory
		

		
			﻿
		

		
			OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION
		

		
			This Second Amended and Restated Residual Interest Certificate is 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-2-5

		

 

		

			 

		

		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 Second Amended and Restated Residual Interest Certificate, and all rights thereunder, hereby irrevocably constituting and appointing
		

		
			______________________________________________________________________________
to transfer said Second Amended and Restated Residual Interest Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.
		

		
			Dated:____________
		

		
			Signature Guaranteed:
		

			
					
						_______________________________________
NOTICE:  Signature(s) must be guaranteed
 by an eligible guarantor institution.

					
					
						______________________________________
NOTICE:  The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Second Amended and Restated Residual Interest Certificate in every particular, without alteration or enlargement or any change whatever.

				

		
			﻿
		

		 

		

			B-2-6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00271-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00271-of-00352.parquet"}]]