Document:

EXECUTION COPY

THIRD AMENDED AND RESTATED STANDARD DEFINITIONS

Rules of Construction. In these Standard Definitions and with respect to the
Transaction Documents (as defined below), (a) the meanings of defined terms are
equally applicable to the singular and plural forms of the defined terms, (b)
in any Transaction Document, the words “hereof,” “herein,” “hereunder” and
similar words refer to such Transaction Document as a whole and not to any
particular provisions of such Transaction Document, (c) any subsection,
Section, Article, Annex, Schedule and Exhibit references in any Transaction
Document are to such Transaction Document unless otherwise specified, (c) the
term “documents” includes any and all documents, instruments, agreements, certificates,
indentures, notices and other writings, however evidenced (including
electronically), (d) the term “including” is not limiting and (except to the
extent specifically provided otherwise) shall mean “including (without
limitation)”, (e) unless otherwise specified, in the computation of periods of
time from a specified date to a later specified date, the word “from” shall
mean “from and including,” the words “to” and “until” each shall mean “to but
excluding,” and the word “through” shall mean “to and including” and (f) the
words “may” and “might” and similar terms used with respect to the taking of an
action by any Person shall reflect that such action is optional and not
required to be taken by such Person.

                    “50/50
Loan” shall mean a Timeshare Loan where the Obligor has elected to make a
down payment equal to at least 50% of the total purchase price of the Timeshare
Property or Timeshare Properties with the remaining balance (together with
interest) due within one year of the origination date, such balance to be paid
either in 12 monthly amortizing installments of principal and interest or all
principal and interest due in a lump sum payment on the one year anniversary of
the origination of the Timeshare Loan.

                    “ACH
Form” shall mean the ACH authorization form executed by Obligors
substantially in the form attached as Exhibit C to each of the Sale Agreement
and the Purchase Agreement.

                    “Act”
shall have the meaning specified in Section 1.4 of the Indenture.

                    “Additional
Approved Opinion Resort” shall mean a Resort (1) for which Bluegreen shall
have provided such due diligence materials as the Agent may reasonably request,
(2) for which the Agent shall have received a favorable written opinion of
local counsel relating to such timeshare and real estate law issues as the
Agent may reasonably request and (3) for which the Agent shall have approved in
writing as a Resort for which the Seller and the Depositor may sell Timeshare Loans
secured by Timeshare Properties at such Resort pursuant to the Purchase
Agreement and Sale Agreement, respectively.

                    “Additional
Approved Non-Opinion Resort” shall mean a Resort (1) for which Bluegreen
shall have provided such due diligence materials as the Agent may reasonably
request and (2) for which the Agent shall have approved in writing as a Resort
for which the Seller and the Depositor may sell Timeshare Loans secured by
Timeshare Properties at such Resort pursuant to the Purchase Agreement and the
Sale Agreement, respectively.

                    “Additional
Servicing Compensation” shall mean any late fees related to late payments
on the Timeshare Loans, any non-sufficient funds fees, any processing fees and
any Liquidation Expenses collected by and due to the Servicer, any refunds paid
by the Servicer as a result of overpayments on payoffs and any unpaid
out-of-pocket expenses incurred by the Servicer during the related Due Period.

                    “Administration
Agreement” shall mean the administration agreement, dated as of May 1,
2006, by and among the Administrator, the Owner Trustee, the Issuer and the
Indenture Trustee, as amended, supplemented or otherwise modified from time to
time in accordance with the terms thereof.

                    “Administrator”
shall mean Bluegreen or any successor under the Administration Agreement.

                    “Administrator
Fee” shall equal on each Payment Date an amount equal to the product of (i)
one-twelfth and (ii) (A) if Bluegreen or an affiliate thereof is the
Administrator, $1,000.00 and (B) if Wilmington Trust Company is the
Administrator, $20,000.00.

                    “Adverse
Claim” shall mean any claim of ownership or any lien, security interest,
title retention, trust or other charge or encumbrance, or other type of
preferential arrangement having the effect or purpose of creating a lien or
security interest, other than the interests created under the Indenture or any
other Transaction Document in favor of the Indenture Trustee and the
Noteholders.

                    “Affiliate”
shall mean any Person: (a) which directly or indirectly controls, or is
controlled by, or is under common control with such Person; (b) which directly
or indirectly beneficially owns or holds five percent (5%) or more of the
voting stock of such Person; or (c) for which five percent (5%) or more of the
voting stock of which is directly or indirectly beneficially owned or held by
such Person; provided, however, that under no circumstances shall
the (i) Owner Trustee be deemed to be an Affiliate of the Issuer, the Depositor
or the Trust Owner, nor shall any of such parties be deemed to be an Affiliate
of the Owner Trustee or (ii) Bluegreen be deemed an Affiliate of any 5% or
greater shareholder of Bluegreen or any Affiliate of such shareholder who is
not a Direct Affiliate (as defined herein) of Bluegreen, nor shall any such
shareholder be deemed to be an Affiliate of Blugreen. The term “control” means
the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise. For purposes of this
definition, any entity included in Bluegreen’s GAAP consolidated financial
statements shall be Affiliates of Bluegreen (a “Direct Affiliate”).

                    “Agent”
shall mean Branch Banking and Trust Company, a North Carolina corporation and
its successors and assigns under the Note Funding Agreement.

                    “Aggregate
Initial Loan Balance” shall mean the sum of all the Cut-Off Date Loan
Balances.

                    “Aggregate
Initial Note Balance” shall mean the sum of all Borrowings on each Funding
Date.

- 2 -

                    “Aggregate
Loan Balance” means the sum of the Loan Balances for all Timeshare Loans.

                    “Aggregate
Outstanding Note Balance” is equal to the sum of the Outstanding Note
Balances for all Classes of Notes.

                    “Aggregate
Principal Distribution Amount” shall equal on each Payment Date, the amount
of principal that must be repaid on all Classes of Notes such that a Borrowing
Base Deficiency will not occur, giving effect to distributions made pursuant to
Section 3.4(a)(xv) – (xix) of the Indenture on each Payment Date; provided,
however, after the Facility Termination Date, upon written notice by the
Agent to the Issuer and the Servicer, the Aggregate Principal Distribution
Amount shall equal the Aggregate Outstanding Note Balance (such notice, a “Facility
Termination Date Notice”).

                    “Amendment
Date” shall mean September 2, 2010.

                    “Approved
Resort” shall mean as the context shall require, an Initial Approved
Opinion Resort, an Initial Approved Non-Opinion Resort, an Additional Approved
Opinion Resort and/or an Additional Approved Non-Opinion Resort.

                    “Aruba
Club Loans” shall mean all timeshare loans originated by the Aruba
Originator on or after January 26, 2004 each secured by Co-op Shares, which entitle
the owner thereof to use and occupy a fixed Unit at La Cabana Resort. 

                    “Aruba
Loans” shall mean collectively, the Aruba Club Loans and the Aruba Non-Club
Loans.

                    
“Aruba Non-Club Loans” shall mean timeshare loans originated by the
Aruba Originator prior to January 26, 2004, each evidenced by a Finance
Agreement for the purchase of Co-op Shares. 

                    “Aruba
Originator” shall mean Bluegreen Properties, N.V., an Aruba corporation.

                    “Assignment
of Mortgage” shall mean, with respect to a Deeded Club Loan, a written
assignment of one or more Mortgages from the related Originator or Seller to
the Indenture Trustee, for the benefit of the Noteholders, relating to one or
more Timeshare Loans in recordable form, and signed by an Authorized Officer of
all necessary parties, sufficient under the laws of the jurisdiction wherein
the related Timeshare Property is located to give record notice of a transfer
of such Mortgage and its proceeds to the Indenture Trustee. 

                    “Association”
shall mean the not-for-profit corporation or cooperative association
responsible for operating a Resort. 

                    “Assumption
Date” shall have the meaning specified in the Backup Servicing Agreement.

- 3 -

                    “Authorized
Officer” shall mean, with respect to any corporation, limited liability
company or partnership, the Chairman of the Board, the President, any Senior
Vice President, any Vice President, the Secretary, the Treasurer, any Assistant
Secretary, any Assistant Treasurer, Managing Member and each other officer of
such corporation or limited liability company or the general partner of such
partnership specifically authorized in resolutions of the Board of Directors of
such corporation or managing member of such limited liability company to sign
agreements, instruments or other documents in connection with the Indenture on
behalf of such corporation, limited liability company or partnership, as the
case may be.

                    “Available
Commitment” shall mean, on any day for a Committed Purchaser, such
Purchaser’s Commitment in effect on such day minus such Purchaser’s pro
rata interest (calculated on the basis of advances made by such Purchaser in
respect of Borrowings,) in the Outstanding Note Balance of each Class of Notes
on such day.

                    “Available
Funds” shall mean for any Payment Date, (A) all funds on deposit in the
Collection Account after making all transfers and deposits required from (i)
the Lockbox Account pursuant to the Lockbox Agreement, (ii) the General Reserve
Account pursuant to Section 3.2(b) of the Indenture, (iii) the Seller or the
Depositor, as the case may be, pursuant to Section 4.6 of the Indenture, (iv)
the Servicer pursuant to the Indenture, (v) any payment received in respect of
any Hedge Agreement, plus (B) all investment earnings on funds on deposit in
the Collection Account from the immediately preceding Payment Date through such
Payment Date, less (C) amounts on deposit in the Collection Account related to
collections related to any Due Periods subsequent to the Due Period related to
such Payment Date, less (D) any Additional Servicing Compensation on deposit in
the Collection Account, less (E) Misdirected Deposits, if any.

                    “Backup
Servicer” shall mean Concord Servicing Corporation, an Arizona corporation,
and its permitted successors and assigns.

                    “Backup
Servicing Agreement” shall mean the backup servicing agreement, dated as of
May 1, 2006, by and among the Issuer, the Depositor, the Servicer, the Backup
Servicer and the Indenture Trustee, as the same may be amended, supplemented or
otherwise modified from time to time in accordance with the terms thereof.

                    “Backup
Servicing Fee” shall on each Payment Date (so long as Concord Servicing
Corporation is the Backup Servicer), be equal to:

                    (A)
prior to the removal or resignation of Bluegreen, as Servicer, the greater of
(i) $1,000.00 and (ii) the product of (1)(x) $0.10 and (y) the number of
Timeshare Loans in the Trust Estate at the end of the related Due Period up to
20,000 and (2)(x) $0.075 and (y) the number of Timeshare Loans in the Trust
Estate at the end of the related Due Period in excess of 20,000, and 

                    (B)
after the removal or resignation of Bluegreen, as Servicer, an amount equal to
the product of (i) one-twelfth of 1.50% and (ii) the Aggregate Loan Balance as
of the first day of the related Due Period.

- 4 -

                    “Bankruptcy
Code” shall mean the federal Bankruptcy Code, as amended (Title 11 of the
United States Code).

                    “Beneficiary” shall be as defined
in the Club Trust Agreement.

                    “Benefit
Plan” shall mean an “employee benefit plan” as defined in Section 3(3) of
ERISA, or any other “plan” as defined in Section 4975(e)(1) of the Code, that
is subject to the prohibited transaction rules of ERISA or of Section 4975 of
the Code or any plan that is subject to any substantially similar provision of
federal, state or local law.

                    “Bluegreen”
shall mean Bluegreen Corporation, a Massachusetts corporation, and its
permitted successors and assigns.

                    “Bluegreen
Club Resort” shall mean a Resort where Bluegreen acquired or developed a
significant number of vacation ownership interests associated with such Resort,
even if substantially all of the vacation ownership interests have been sold to
consumers.

                    “Borrowing”
shall mean a borrowing made by the Issuer pursuant to the terms and conditions
of the Indenture and the Note Funding Agreement.

                    “Borrowing
Base” shall mean, on any Determination Date, an amount equal to the product
of (x) the Borrowing Base Percentage and (y)(1) the Aggregate Loan Balance as
of the close of business on the last day of the related Due Period less (2)
without duplication, (A) the Excluded Loan Balance, (B) the aggregate Loan
Balance of all Defaulted Timeshare Loans, (C) the aggregate Loan Balance of
Timeshare Loans that are determined to be Defective Timeshare Loans as of the
close of business on the last day of the related Due Period and (D) the
aggregate Loan Balance of all Qualified Substitute Timeshare Loans for which a
Custodian’s Certification delivered pursuant to the terms of the Custodial
Agreement by the Determination Date for the related Due Period has not been
received by the Agent and the Servicer.

                    “Borrowing
Base Percentage” shall mean, on the Determination Date, the lower of
(i) the Aggregate Outstanding Note Balance as of the end of the related
Due Period, divided by the sum of (A) (1) the Aggregate Loan Balance as of
the close of business on the day prior to the first day of the related Due
Period less (2) without duplication, (a) the Excluded Loan Balance, (b) the
aggregate Loan Balance of all Defaulted Timeshare Loans, (c) the aggregate Loan
Balance of Timeshare Loans that are determined to be Defective Timeshare Loans
as of the close of business on the last day of the related Due Period and (d)
the aggregate Loan Balance of all Qualified Substitute Timeshare Loans for
which a Custodian’s Certification delivered pursuant to the terms of the
Custodial Agreement by the Determination Date for the related Due Period has
not been received by the Agent and the Servicer and (B) the Aggregate Loan
Balance of Funding Date Timeshare Loans related to all Borrowings that
occurred during the related Due Period; (ii) the Borrowing Base Percentage
calculated for the immediately prior Determination Date, and (iii) 100% less
the percentage credit enhancement required by the Rating Agency to achieve a
rating of “BBB” (or the equivalent) with respect to a securitization of
timeshare loans similar to the Timeshare Loans in the Trust Estate plus, in the
case of clause (iii) only, 2.0%. With respect to clause (iii) of this
definition, the percentage credit enhancement 

- 5 -

shall be determined either by special request to the Rating Agency or
by reference to recent securitization transactions of timeshare loans
originated by Bluegreen and its Affiliates.

                    “Borrowing
Base Deficiency” shall mean on any Determination Date, the excess if any,
of the Aggregate Outstanding Note Balance as of the last day of the
related Due Period over the Borrowing Base as of such Determination Date.

                    “Borrowing
Notice” shall have the meaning specified in Section 2.1(d) of the Note
Funding Agreement.

                    “Boyne
Resort” shall mean the Resort located in Michigan known as Mountain Run at
BoyneTM.

                    “Business
Day” shall mean any day other than (i) a Saturday, a Sunday, (ii) a day on
which banking institutions in New York City, Wilmington, Delaware, the State of
Florida, the city in which the Servicer is located or the city in which the
Corporate Trust Office of the Indenture Trustee is located are authorized or
obligated by law or executive order to be closed or (iii) a day on which the
Bond Market Association recommends to be closed.

                    “Casa
del Mar Resort” shall mean the Resort located in Florida known as Casa del
Mar Beach ResortTM.

                    “Cash
Accumulation Event” shall exist on any Determination Date if (A) for the
last six Due Periods, the average Delinquency Level (Trust Estate) for
Timeshare Loans is greater than 8%, or (B) for the last six Due Periods, the
average Default Level (Trust Estate) is greater than 10%. A Cash Accumulation
Event shall be deemed to be continuing until waived by the Agent in its sole
discretion. 

                    “Certificate”
shall mean a Trust Certificate or a Residual Interest Certificate, as
applicable.

                    “Certificate
Distribution Account” shall have the meaning specified in Section 5.01 of
the Trust Agreement.

                    “Certificate
of Trust” shall mean the Certificate of Trust in the form attached as Exhibit
A to the Trust Agreement.

                    “Certificateholders”
shall mean the holders of the Certificates.

                    “Class”
shall mean, as the context may require, any of the Class A Notes, the Class B
Notes, the Class C Notes, the Class D Notes or the Class E Notes.

                    “Class
A Notes” shall have the meaning specified in the Recitals of the Issuer in
the Indenture. 

                    “Class
B Notes” shall have the meaning specified in the Recitals of the Issuer in
the Indenture.

- 6 -

                    “Class
C Notes” shall have the meaning specified in the Recitals of the Issuer in
the Indenture.

                    “Class
D Notes” shall have the meaning specified in the Recitals of the Issuer in
the Indenture.

                    “Class
E Notes” shall have the meaning specified in the Recitals of the Issuer in
the Indenture.

                    “Clean-up
Call Date” shall mean the first date on which the Aggregate Outstanding
Note Balance is less than or equal to 10% of the then Aggregate Initial Note
Balance.

                    “Closing
Date” shall mean May 25, 2006.

                    “Club”
shall mean Bluegreen Vacation Club Trust, formed pursuant to the Club Trust
Agreement, doing business as Bluegreen Vacation Club.

                    “Club
Loans” means, collectively, the Deeded Club Loans and the Aruba Club Loans.

                    “Club
Management Agreement” shall mean that certain Amended and Restated
Management Agreement between the Club Managing Entity and the Club Trustee,
dated as of May 18, 1994, as amended from time to time.

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

                    “Club
Originator” shall mean Bluegreen, in its capacity as an Originator.

                    “Club
Trust Agreement” shall mean, collectively, that certain Bluegreen Vacation
Club Trust Agreement, dated as of May 18, 1994, by and between the Developer
and the Club Trustee, as amended, restated or otherwise modified from time to
time, together with all other agreements, documents and instruments governing
the operation of the Club. 

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

                    “Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time and
any successor statute, together with the rules and regulations thereunder.

                    “Collection
Account” shall mean the account established and maintained by the Indenture
Trustee pursuant to Section 3.2(a) of the Indenture.

- 7 -

                    “Collection
Policy” shall mean the collection policy of the initial servicer, in effect
on September 2, 2010, attached to the Indenture as Exhibit J, as the same may
be amended from time to time in accordance with the Indenture.

                    “Collections”
shall mean all amounts received in connection with a Timeshare Loan.

                    “Committed
Purchaser” shall mean any Purchaser which has a Commitment as set forth in
its respective Joinder Supplement and any Assignee of such Purchaser to the
extent of the portion of such Commitment assumed by such Assignee pursuant to
its respective Transfer Supplement (so long as the Commitments are in effect).

                    “Commitment”
shall mean with respect to a Committed Purchaser, the maximum amount of such
Purchaser’s commitment to make advances to the Issuer as set forth in the
Joinder Supplement or the Transfer Supplement by which such Purchaser became a
party to the Note Funding Agreement.

                    “Commitment
Expiration Date” shall be August 31, 2011 or such later date as specified
in writing to the Issuer by all Committed Purchasers in their sole discretion.

                    “Commitment
Percentage” shall mean with respect to a Committed Purchaser, such
Purchaser’s Commitment as a percentage of all Commitments.

                    “Completed
Unit” shall mean a Unit at a Resort which has been fully constructed and
furnished, has received a valid permanent certificate of occupancy, is ready
for occupancy and is subject to a time share declaration.

                    “Confidential
Information” means information obtained by any Noteholder including,
without limitation, related to the Notes and the Transaction Documents, that is
proprietary in nature and that was clearly marked or labeled as being
confidential information of the Issuer, the Servicer or their Affiliates, provided that such term does not
include information that (a) was publicly known or otherwise known to the
Noteholder prior to the time of such disclosure, (b) subsequently becomes
publicly known through no act or omission by such Noteholder or any Person
acting on its behalf, (c) otherwise becomes known to the Noteholder other than
through disclosure by the Issuer, the Servicer or their Affiliates or (d) any
other public disclosure authorized by the Issuer or the Servicer.

                    “Consolidated
Net Worth” shall mean on a consolidated basis for Bluegreen
and its subsidiaries, at any date, (i) the sum of (a) capital stock taken at
par or stated value plus (b) capital of Bluegreen in excess of par or stated
value relating to capital stock plus (c) accumulated other comprehensive income
plus (d) retained earnings (or minus any retained earning deficit) of
Bluegreen, determined in accordance with GAAP minus (ii) the sum of
treasury stock, capital stock subscribed for and unissued and other
contra-equity accounts, determined in accordance with GAAP, and adding back
(iii) any reduction of Bluegreen’s and its Subsidiaries’ equity, on a
consolidated basis, as the result of other non-cash charges (including, but not
limited to, asset impairment charges and non-cash loss on sale of assets)
occurring after the Amendment Date 

- 8 -

solely with respect Bluegreen Communities; provided that the amounts
added back in this clause (iii) shall not exceed $20,000,000. 

                    “Continued
Errors” shall have the meaning specified in Section 5.4 of the Indenture. 

                    “Conversion
Loan” shall mean a loan originated to finance the fee related to the
conversion of an Oasis Lakes Loan, a non-Club RDI Loan, an Aruba Non-Club Loan
or other non-Club Loan to a Club Loan.

                    “Co-op
Shares” shall mean a share certificate issued by the timeshare cooperative
association of La Cabana Resort, which entitles the owner thereof the right to
use and occupy a fixed Unit at a fixed period of time each year at La Cabana
Resort.

                    “Corporate
Trust Office” shall mean the office of the Indenture Trustee located in the
State of Minnesota, which office is at the address set forth in Section 13.3 of
the Indenture.

                    “Credit
Card Account” shall mean the deposit account (account number 005566378569)
established at the Lockbox Bank, which shall be a non-interest bearing account.

                    “Credit
Card Timeshare Loan” shall mean a Timeshare Loan where the Obligor makes
its payments due on such Timeshare Loan with credit card payment arrangements.

                    “Credit
Policy” shall mean the credit and underwriting policy of the Originators,
in effect on September 2, 2010, attached to the Indenture as Exhibit K, as the
same may be amended from time to time in accordance with the Indenture. 

                    “Custodial
Agreement” shall mean the custodial agreement, dated as of May 1, 2006 by
and among the Issuer, the Depositor, the Servicer, the Backup Servicer, and the
Indenture Trustee and Custodian, as the same may be amended, supplemented or
otherwise modified from time to time in accordance with the terms thereof
providing for the custody and maintenance of the Timeshare Loan Documents
relating to the Timeshare Loans. 

                    “Custodian”
shall mean U.S. Bank National Association, a national banking association, or
its permitted successors and assigns.

                    “Custodian
Fees” shall mean for each Payment Date, the fee payable by the Issuer to
the Custodian in accordance with the Custodial Agreement.

                    “Cut-Off
Date” shall mean with respect to a Timeshare Loan, the date specified in
the Schedule of Timeshare Loans as the date after which all subsequent
Collections related to such Timeshare Loans are sold by the Seller to the
Depositor and by the Depositor to the Issuer.

                    “Cut-Off
Date Loan Balance” shall mean the Loan Balance of a Timeshare Loan on its
related Cut-Off Date.

- 9 -

                    “Deeded
Club Loan” shall mean a timeshare loan (including a Wilderness Loan)
originated by the Club Originator and evidenced by a Mortgage Note and secured
by a first Mortgage on a fractional fee simple timeshare interest in a Unit or
an undivided interest in a Resort (or a phase thereof) associated with a Unit.

                    “Default”
shall mean an event which, but for the passage of time or the giving of notice
or both, would constitute an Event of Default under the Indenture.

                    “Default
Level (Trust Estate)” shall mean for any Due Period, the product of (i) 12
and (ii) the sum of the Loan Balances of Timeshare Loans in the Trust Estate
that became Defaulted Timeshare Loans during such Due Period less the Loan
Balances of Defaulted Timeshare Loans that subsequently became current during
such Due Period which are still subject to the Lien of the Indenture at such
time, divided by the Aggregate Loan Balance of all Timeshare Loans in the Trust
Estate on the last day of such Due Period (expressed as a percentage).

                    “Default
Level (Portfolio)” shall mean for any Test Date, the product of (i) 12 and
(ii) (A) the sum of the Loan Balances of Portfolio Loans serviced by the
Servicer for which all or a part of a scheduled payment became more than 120
days delinquent (other than if such payment relates to the first or second
payment (which for the avoidance of doubt shall not be used in any manner for
these calculations)) from the related due date as of the end of the related
calendar month less the Loan Balances of such Timeshare Loans that subsequently
became current during such calendar month, divided by (B) the Aggregate Loan
Balance of all Portfolio Loans serviced by the Servicer on the last day of such
calendar month (expressed as a percentage).

                    “Defaulted
Timeshare Loan” is any Timeshare Loan
for which any of the following events may have occurred: (i) the
Servicer has commenced cancellation or termination proceedings on the related
Timeshare Loan after collection efforts have failed in accordance with its
Collection Policy or (ii) as of the last day of any Due Period, all or part of
a scheduled payment under the Timeshare Loan is more than 90 days delinquent
from the related due date.

                    “Defective
Timeshare Loan” shall have the meaning specified in Section 4.6 of the
Indenture.

                    “Delinquency
Level (Trust Estate)” shall mean for any Due Period, an amount equal to the
sum of the Loan Balances of Timeshare Loans (other than Defaulted Timeshare
Loans) in the Trust Estate that are 31 days or more delinquent on the last day
of such Due Period divided by the Aggregate Loan Balance of all Timeshare Loans
in the Trust Estate as of the last day of such Due Period (expressed as a
percentage).

                    “Delinquency
Level (Portfolio)” shall mean for any Test Date, an amount equal to the sum
of the Loan Balances of Portfolio Loans (other than the sum of the Loan
Balances of Portfolio Loans serviced by the Servicer for which all or a part of
a scheduled payment is more than 120 days delinquent from the related due date
as of the end of the related calendar month) at such Test Date serviced by the
Servicer that are 31 days or more delinquent as of such Test Date 

- 10 -

divided by the Aggregate Loan Balance of all Portfolio Loans serviced by
the Servicer as of such Test Date (expressed as a percentage).

                    “Depositor”
shall mean Bluegreen Timeshare Finance Corporation I, a Delaware Corporation,
and its permitted successors and assigns.

                    “Determination
Date” shall mean with respect to any Payment Date, the day that is five
Business Days prior to such Payment Date.

                    “Developer”
shall mean Bluegreen Vacations Unlimited, Inc., a Florida corporation, and its
permitted successors and assigns.

                    “Due
Period” shall mean with respect to any Payment Date, the period from the 16th
day of the second preceding calendar month to the 15th day of the
preceding calendar month. The initial Due Period for the Initial Payment Date,
shall be the period beginning on the day after the initial Cut-Off Date and
ending on, and including, the 15th day of the month immediately
succeeding the initial Cut-Off Date.

                    “Eligible
Bank Account” shall mean a segregated account, which may be an account
maintained by the Indenture Trustee, which is either (a) maintained with a
depository institution or trust company whose long-term unsecured debt
obligations are rated at least “A” by Fitch and “A2” by Moody’s and whose
short-term unsecured obligations are rated at least “A-1” by Fitch and “P-1” by
Moody’s; or (b) a trust account or similar account maintained at the corporate
trust department of the Indenture Trustee held in the name of and for the
benefit of the Noteholders.

                    “Eligible
Investments” shall mean one or more of the following:

	
  

 	
  

 
	
  

 	
           (a)
 obligations of, or guaranteed as to timely payment of principal and interest
 by, the United States or any agency or instrumentality thereof when such
 obligations are backed by the full faith and credit of the United States;

 
	
  

 	
  

 
	
  

 	
           (b)
 federal funds, certificates of deposit, time deposits and bankers’
 acceptances, each of which shall not have an original maturity of more than
 90 days, of any depository institution or trust company incorporated under
 the laws of the United States or any state; provided that the long-term
 unsecured debt obligations of such depository institution or trust company at
 the date of acquisition thereof have been rated by each Rating Agency in one
 of the three highest rating categories available from S&P and no lower
 than A2 by Moody’s; and provided, further, that the short-term obligations of
 such depository institution or trust company shall be rated in the highest
 rating category by such Rating Agency;

 
	
  

 	
  

 
	
  

 	
           (c)
 commercial paper or commercial paper funds (having original maturities of not
 more than 90 days) of any corporation incorporated under the laws of the
 United States or any state thereof; provided that any such commercial 

 

- 11 -

	
  

 	
  

 
	
  

 	
 paper or commercial paper funds shall be rated in the highest
 short-term rating category by each Rating Agency;

 
	
  

 	
  

 
	
  

 	
           (d) any
 no-load money market fund rated (including money market funds managed or
 advised by the Indenture Trustee or an Affiliate thereof) in the highest
 short-term rating category or equivalent highest long-term rating category by
 each Rating Agency; provided that, Eligible Investments purchased from funds
 in the Eligible Bank Accounts shall include only such obligations or
 securities that either may be redeemed daily or mature no later than the
 Business Day next preceding the next Payment Date; and

 
	
  

 	
  

 
	
  

 	
           (e)
 demand and time deposits in, certificates of deposit of, bankers’ acceptances
 issued by, or federal funds sold by any depository institution or trust
 company (including the Indenture Trustee or any Affiliate of the Indenture
 Trustee, acting in its commercial capacity) incorporated under the laws of
 the United States of America or any State thereof and subject to supervision
 and examination by federal and/or state authorities, so long as, at the time
 of such investment, the commercial paper or other short-term deposits of such
 depository institution or trust company are rated at least P-1 by Moody’s and
 at least A-1 by S&P; 

 

and provided, further, that (i) no instrument shall be an
Eligible Investment if such instrument evidences a right to receive only
interest payments with respect to the obligations underlying such instrument,
and (ii) no Eligible Investment may be purchased at a price in excess of par.
Eligible Investments may include those Eligible Investments with respect to
which the Indenture Trustee or an Affiliate thereof provides services; and provided,
further, that the Issuer may not exercise any voting rights affecting
Eligible Investments.

                    “Eligible
Owner Trustee” shall have the meaning specified in Section 10.01 of the
Trust Agreement.

                    “Eligible
Timeshare Loan” shall mean a Timeshare Loan which satisfied the
representations and warranties set forth in Schedule I of the Purchase
Agreement and the Sale Agreement on the date such Timeshare Loan was
transferred by Bluegreen to the Depositor pursuant to the Purchase Agreement
and by the Depositor to the Issuer pursuant to the Sale Agreement; provided,
however, that any Timeshare Loan that becomes a Defaulted Timeshare Loan
shall cease to be an Eligible Timeshare Loan; provided, further,
as of any Determination Date that any Qualified Substitute Timeshare Loan for which
a Custodian’s Certification delivered pursuant to the terms of the Custodial
Agreement is not received by the Agent and the Servicer, shall cease to be an
Eligible Timeshare Loan.

                    “ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended.

                    “Errors”
shall have the meaning specified in Section 5.4 of the Indenture.

                    “Event
of Default” means any one of the following events:

- 12 -

                    (a)
a default in the making of Interest Distribution Amounts, Principal
Distribution Amounts or any other payments in respect of any Note when such
become due and payable, and continuance of such default for three Business
Days, (or, in the case that such default relates to the failure to pay the
Aggregate Outstanding Note Balance following a Facility Termination Date
Notice, the continuance of such default for 90 days);

                    (b)
a non-monetary default in the performance, or breach, of any covenant of the
Issuer, the Servicer, the Depositor or the Club Trustee in the Indenture or
other Transaction Document (other than a covenant dealing with a default in the
performance of which, or the breach of which, is specifically dealt with
elsewhere in this definition or as a Servicer Event of Default) and the
continuance of such default or breach for a period of 30 days (or, if the
defaulting party shall have provided evidence satisfactory to the Agent at its
sole discretion (1) that such breach cannot be cured in the 30-day period, (2)
that such breach can be cured within an additional 30-day period and (3) that
it is diligently pursuing a cure, then 60 days) after the earlier of (x) the
Issuer first acquiring Knowledge thereof, and (y) the Indenture Trustee’s or
Agent’s giving written notice thereof to the Issuer; provided, however,
that if such default or breach is in respect of (1) the negative covenants
contained in Section 8.6(a)(i) or (ii) of the Indenture or (2) a breach that
cannot be cured, there shall be no grace period whatsoever; or

                    (c)
if any representation or warranty of the Issuer, the Servicer, the Depositor or
the Club Trustee made in the Indenture or other Transaction Document shall
prove to be incorrect in any material respect as of the time when the same
shall have been made, and such breach is not remedied within 30 days (or, if
the defaulting party shall have provided evidence satisfactory to the Agent at
its sole discretion (1) that such representation or warranty cannot be cured in
the 30-day period, (2) that such representation or warranty can be cured within
an additional 30-day period and (3) that it is diligently pursuing a cure, then
60 days) after the earlier of (x) the Issuer first acquiring Knowledge thereof,
and (y) the Indenture Trustee’s or Agent’s giving written notice thereof to the
Issuer; provided, however, if such breach is in respect of a
representation or warranty that cannot be cured, there shall be no grace period
whatsoever; or

                    (d)
the entry by a court having jurisdiction over the Issuer of (i) a decree or
order for relief in respect of the Issuer in an involuntary case or proceeding
under any applicable federal or state bankruptcy, insolvency, reorganization,
or other similar law or (ii) a decree or order adjudging the Issuer as a
bankrupt or insolvent, or approving as properly filed a petition seeking
reorganization, arrangement, adjustment, or composition of or in respect of the
Issuer under any applicable federal or state law, or appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator, or other similar
official of the Issuer, or of any substantial part of its property, or ordering
the winding up or liquidation of its affairs, and the continuance of any such
decree or order for relief or any such other decree or order unstayed and in
effect for a period of 60 consecutive days; or

                    (e)
the commencement by the Issuer of a voluntary case or proceeding under any
applicable federal or state bankruptcy, insolvency, reorganization, or other
similar law or of any other case or proceeding to be adjudicated as a bankrupt
or insolvent, or the consent by either to the entry of a decree or order for
relief in respect of the Issuer in an involuntary case or 

- 13 -

proceeding under any applicable federal or state bankruptcy,
insolvency, reorganization, or other similar law or to the commencement of any
bankruptcy or insolvency case or proceeding against it, or the filing by it of
a petition or answer or consent seeking reorganization or relief under any
applicable federal or state law, or the consent by it to the filing of such
petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator, or similar official of
the Issuer or of any substantial part of its property, or the making by it of
an assignment for the benefit of creditors, or the Issuer’s failure to pay its
debts generally as they become due, or the taking of corporate action by the
Issuer in furtherance of any such action; or

                    (f)
the Issuer becoming subject to registration as an “investment company” under
the Investment Company Act of 1940, as amended; or

                    (g)
the impairment of the validity of any security interest of the Indenture
Trustee in the Trust Estate in any material respect, except as expressly
permitted under the Transaction Documents, or the creation of any material
encumbrance on or with respect to the Trust Estate or any portion thereof not
otherwise permitted, which is not stayed or released within ten (10) days of
the Issuer having Knowledge of its creation; or

                    (h)
the failure by the Club Originator to repurchase any Defective Timeshare Loan
or provide a Qualified Substitute Timeshare Loan for a Defective Timeshare Loan
to the extent required under the terms of Purchase Agreement; or

                    (i)
the occurrence and continuance of a Servicer Event of Default.

                    “Exchange
Act” shall mean the United Stated Securities Exchange Act of 1934, as
amended.

                    “Excluded
Loan Balance” shall mean on any date of determination, without duplication,
the sum of the following: 

                    (a)
the amount by which the aggregate Loan Balance of Eligible Timeshare Loans
relating to an Obligor or group of Affiliate Obligors exceeds 0.20% of the
Aggregate Loan Balance of all Eligible Timeshare Loans, plus

                    (b)
the amount by which the aggregate Loan Balance of any Eligible Timeshare Loans
relating to any Obligor or Affiliate Obligors exceeds $100,000, plus

                    (c)
the amount by which the aggregate Loan Balance of Aruba Loans relating to
Obligors that are non-United States resident exceeds 40% of the Aggregate Loan
Balance of all Aruba Loans, plus

                    (d)
the amount by which the aggregate Loan Balance of Eligible Timeshare Loans
relating to Obligors that are non-United States residents exceeds 5% of the
Aggregate Loan Balance of all Eligible Timeshare Loans, plus

- 14 -

                    (e)
the amount by which the aggregate Loan Balance of Eligible Timeshare Loans
relating to Aruba Loans exceeds 5% of the Aggregate Loan Balance of all
Eligible Timeshare Loans, plus

                    (f)
the amount by which the aggregate Loan Balance of Eligible Timeshare Loans
relating to Aruba Loans exceeds 5% of the Maximum Facility Balance, plus

                    (g)
the amount of the aggregate Loan Balance of Eligible Timeshare Loans with a
Timeshare Loan Rate of less than 14.40% necessary to increase the weighted
average Timeshare Loan Rate (weighted on the basis of Loan Balance) of all
Eligible Timeshare Loans to at least 14.40%, plus

                    (h)
the amount by which the aggregate Loan Balance of Eligible Timeshare Loans
relating to any one Resort exceeds 40% of the Aggregate Loan Balance of all
Eligible Timeshare Loans, plus

                    (i)
the amount by which the aggregate Loan Balance of Eligible Timeshare Loans
relating to Obligors with billing addresses in any one state exceeds 20% of the
Aggregate Loan Balance of all Eligible Timeshare Loans, plus

                    (j)
the amount by which the aggregate Loan Balance of all Eligible Timeshare Loans
for which the related Obligor is an employee or a relative of an employee of
Bluegreen or any Subsidiary thereof exceeds 0.5% of the Aggregate Loan Balance
of all Eligible Timeshare Loans, plus

                    (k)
the aggregate Timeshare Loan File Deficiency Excluded Balance; plus

                    (l)
the amount by which the aggregate Loan Balance of Eligible Timeshare Loans
relating to 50/50 Loans exceeds 5% of the Aggregate Loan Balance of all
Eligible Timeshare Loans; plus

                    (m)
the amount by which the aggregate Loan Balance of all Eligible Timeshare Loans
which terms thereof have been modified, waived or amended exceeds the maximum
specified in Section 5.3(a)(ix) of the Indenture; plus

                    (n)
the amount by which the aggregate Loan Balance of all Eligible Timeshare Loans
relating to an Initial Approved Non-Opinion Resort or an Additional Approved
Non-Opinion Resort exceeds 3% of the Aggregate Loan Balance of all Eligible
Timeshare Loans; plus

                    (o)
the amount by which the aggregate Loan Balance of Large Loans exceeds 1% of the
Aggregate Loan Balance of all Eligible Timeshare Loans; plus

                    (p)
with respect to each Large Loan, the amount of the Loan Balance of such Large
Loan in excess of $85,000; plus

- 15 -

                    (q)
the amount by which the aggregate Loan Balance of all Wilderness Loans exceeds
25% of the Aggregate Loan Balance of all Eligible Timeshare Loans; plus

                    (r)
the amount by which the aggregate Loan Balance of all Eligible Timeshare Loans
relating to Credit Card Timeshare Loans exceeds 2% of the Aggregate Loan
Balance of all Eligible Timeshare Loans; plus

                    (s)
the amount by which the aggregate Loan Balance of all Eligible Timeshare Loans
for which the related Obligor does not have a FICO Score exceeds 3.5% of the
Aggregate Loan Balance of all Eligible Timeshare Loans.

                    “Facility
Termination Date” shall mean the earliest of (i) the Commitment Expiration
Date, (ii) the date of any termination of the Note Funding Agreement by the
Issuer pursuant to Section 2.2(a) thereof, (iii) the date the Commitments are
terminated pursuant to Section 2.5 of the Note Funding Agreement (except if
such termination is a result of a Cash Accumulation Event), (iv) the Stated
Maturity, and (v) the occurrence of the Servicer Event of Default set forth in
clause (o) of the definition thereof for which the indebtedness under the
related Material Credit Facility has been accelerated. 

                    “Facility
Termination Date Notice” shall have the meaning ascribed to such term in
the definition of “Aggregate Principal Distribution Amount” herein.

                    “Federal
Funds Rate” will be determined by the Agent for any Payment Date on the
second Business Day prior to the commencement of the related Interest Accrual
Period on the basis of the interest rate at which depository institutions lend
balances at the Federal Reserve to other depository institutions overnight. The
establishment of the Federal Funds Rate by the Agent shall (in the absence of
manifest error) be final and binding.

                    “Fee
Letter” shall mean those letter agreements each designated therein as a Fee
Letter and dated as of September 2, 2010, among the Agent, the Placement Agent,
the Issuer and Bluegreen, as such letter agreement may be amended or otherwise
modified from time to time.

                    “Fees”
shall mean the fees set forth in the Fee Letter.

                    “FICO
Score” shall mean a credit risk score known as a “FICO® Score” and
determined by the Fair Isaac Company system implemented by Experian or a
successor acceptable to the Agent, in its reasonable discretion, for a consumer
borrower through the analysis of individual credit files. In the event that
such credit risk scoring program ceases to exist, the Agent and the Seller may
select a successor credit risk scoring program as mutually agreed.

                    In
the event that an Obligor consists of more than one individual (e.g., husband
and wife) (an “Obligor Group”), with respect to Funding Date Timeshare
Loans, the FICO Score for such Obligor Group shall be based on the simple
average (if the individuals in the group are not jointly and severally liable)
and the highest (if the individuals in the group are jointly and severally
liable) of the FICO Scores for all individuals who have a FICO Score in such
Obligor Group. If all individuals in an Obligor Group have no FICO Score, then
the Obligor Group shall

- 16 -

be considered to have no FICO Score. In each case listed in this
paragraph, such FICO Score is as determined at the point of sale.

                    “Finance
Agreement” shall mean a purchase and finance agreement between an Obligor
and the Aruba Originator pursuant to which such Obligor finances the purchase
of Co-op Shares.

                    “Force
Majeure Delay” shall mean with respect to the Servicer, any cause or event
which is beyond the control and not due to the negligence of the Servicer,
which delays, prevents or prohibits such Person’s delivery of the reports
required to be delivered or the performance of any other duty or obligation of
the Servicer under the Indenture as the case may be, including, without
limitation, computer, electrical and mechanical failures, acts of God or the
elements and fire; provided, that no such cause or event shall be deemed
to be a Force Majeure Delay unless the Servicer shall have given the Agent
written notice thereof as soon as practicable after the beginning of such
delay.

                    “Foreclosure
Properties” shall have the meaning specified in Section 5.3(b) of the
Indenture.

                    “Funding
Date” shall mean the date on which the Issuer shall make a Borrowing
pursuant to the Indenture and the Note Funding Agreement.

                    “Funding
Date Advance Rate” shall mean if (i) the Aggregate Outstanding Note Balance
is less than $100,000,000, then 67.5%, (ii) the Aggregate Outstanding Note
Balance is equal to or greater than $100,000,000 but less than $110,000,000, then
65.0% or (iii) the Aggregate Outstanding Note Balance is greater than
$110,000,000, then 62.5%; provided, however, that if a Takeout Financing is
completed, the Agent and the Issuer agree to discuss potential amendments to
the definition of “Funding Date Advance Rate.”

                    “Funding
Date Timeshare Loans” shall mean, with respect to any Borrowing, the
Eligible Timeshare Loans to be acquired by the Issuer on the related Funding
Date that have a Cut-Off Date of either (a) if such Funding Date occurs on or
before the 15th day of the current calendar month, then the 15th
day of the immediately preceding calendar month or (b) if such Funding Date
occurs after the 15th day of the current calendar month, then the 15th
day of the current calendar month.

                    “Funding
Termination Event” shall mean the occurrence of any of the following
events: (a) an Event of Default shall have occurred, or (b) any representation
or warranty made or deemed made by the Issuer, the Depositor, the Seller or the
Servicer herein or in any other Transaction Document or which is contained in
any certificate, document or financial or other statement furnished by it at
any time under or in connection with the Note Funding Agreement or any such
other Transaction Document shall prove to have been incorrect in any material
and adverse respect on or as of the date made or deemed made (except where such
representation or warranty specifically relates to any earlier date, in which
case such representation and warranty shall have been true and correct in all
material respects as of such earlier date); provided that a breach of the Seller’s representation and
warranty under Section 6(a) of each of the Sale Agreement or the Purchase
Agreement shall be deemed to occur only if the Seller is required to 

- 17 -

and
does not repurchase or provide substitute Timeshare Loans for the Timeshare
Loans causing such violation in accordance with the terms of the Purchase
Agreement or Sale Agreement within the time frame provided for therein; or (c)
the Issuer, the Depositor, the Seller or the Servicer shall fail to
observe or perform any material provision of any other agreement contained in
the Note Funding Agreement or any other Transaction Document (other than as
provided in paragraphs (a) and (b) of this definition), and such failure shall
continue unremedied for a period of five Business Days after the Issuer, the
Depositor, the Seller or the Servicer becomes aware of or is notified of such
failure; or (d)(i) the Indenture shall cease, for any reason, to be in full
force and effect, or the Issuer shall so assert or (ii) the Lien created by the
Indenture shall cease to be enforceable and of the same effect and priority
purported to be created thereby; or (e) a Cash Accumulation Event shall have
occurred. 

                    “GAAP”
shall mean generally accepted accounting principles as in effect from time to
time in the United States of America.

                    “General
Reserve Account” shall mean the account maintained by the Indenture Trustee
pursuant to Section 3.2(b) of the Indenture.

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

                    “Grant”
shall mean to grant, bargain, convey, assign, transfer, mortgage, pledge,
create and grant a security interest in and right of set-off against, deposit,
set over and confirm.

                    “Hedge
Agreement” shall mean the interest rate cap agreement(s) entered into by
the Issuer on each Funding Date in accordance with Section 9.16 of the Note
Funding Agreement.

                    “Highest
Lawful Rate” shall have the meaning specified in Section 3 of the Sale
Agreement.

                    “Holder”
or “Noteholder” shall mean a holder of a Class A Note, Class B Note,
Class C Note, Class D Note or a Class E Note.

                    “II”
shall mean Interval International, Inc.

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

- 18 -

                    “Indenture”
shall mean that certain Third Amended and Restated Indenture, dated as of
August 1, 2010, by and among the Issuer, the Club Trustee, the Servicer, the
Backup Servicer, the Indenture Trustee and the Agent, as the same may be
amended, supplemented or otherwise modified, from time to time in accordance
with the terms thereof.

                    “Indenture
Trustee” shall mean U.S. Bank National Association, a national banking
association, not in its individual capacity but solely as Indenture Trustee
under the Indenture, and any successor as set forth in Section 7.9 of the
Indenture.

                    “Indenture
Trustee Fee” shall mean for each Payment Date, the sum of (A)
$791.67 and (B) until the Indenture Trustee shall become the successor
Servicer, the greater of (i) the product of one-twelfth of 0.0175% and the
Aggregate Loan Balance as of the first day of the related Due Period and (ii)
$1,500.00.

                    “Initial
Approved Opinion Resorts” shall mean the following resorts: MountainLoftTM,
Laurel CrestTM, Shore Crest Vacation Villas I and IITM,
Harbour LightsTM, The Lodge Alley InnTM, The Falls
VillageTM, Christmas Mountain VillageTM, Orlando’s
Sunshine ResortTM I & II, Solara SurfsideTM,
Shenendoah CrossingTM, La Cabana Beach & Racquet Club, Casa del
Mar Beach Resort, Grande Villas at World Golf Village®, Mountain Run at BoyneTM,
The Hammocks at MarathonTM, Daytona SeabreezeTM, The Suites at
HersheyTM, Carolina GrandeTM, The FountainsTM,
Bluegreen Wilderness Traveler at ShenandoahTM, SeaGlass TowerTM, Bluegreen
Odyssey DellsTM, Bluegreen at Atlantic Palace, Bluegreen Club 36TM,
Patrick Henry SquareTM, Bluegreen Club La PensionTM, and
The Yachtsman.

                    “Initial
Approved Non-Opinion Resorts” shall mean the following resorts: Via Roma
Beach Resort, Dolphin Beach Club, Fantasy Island Resort II, Gulfstream Manor,
Resort Sixty-Six, Outrigger Beach Club, Players Club, Mariner’s Boathouse,
Tropical Sands Resort, Windward Passage Resort, Landmark Holiday Beach Resort,
Ocean Towers Beach Club, Panama City Resort & Club, Paradise Isle Resort,
Shoreline Towers, Surfrider Beach Club, Pono Kai Resort and Lake Condominiums
at Big Sky.

                    “Initial
Funding Date” shall mean the initial Funding Date.

                    “Initial
Payment Date” shall mean the Payment Date occurring after the Initial
Funding Date for which there are Available Funds.

                    “Intangible
Assets” shall mean a non-physical, non-current right that gives Bluegreen
or any of its subsidiaries an exclusive or preferred position in the
marketplace including but not limited to a copyright, patent, trademark,
goodwill, organization costs, capitalized advertising cost, computer programs,
licenses for any of the preceding, government licenses (e.g., broadcasting or the
right to sell liquor), leases, franchises, mailing lists, exploration permits,
import and export permits, construction permits, and marketing quotas (all as
determined in accordance with GAAP).

                    “Intended
Tax Characterization” shall have the meaning specified in Section 4.2(b) of
the Indenture.

- 19 -

                    “Interest
Accrual Period” shall mean with respect to (i) any Payment Date other than
the Initial Payment Date, the period from and including the immediately
preceding Payment Date through but not including such Payment Date and (ii) the
Initial Payment Date, the period from and including the Initial Funding Date
through but excluding the Initial Payment Date.

                    “Interest
Distribution Amount”: shall equal, for a Class of Notes and any Payment
Date, the sum of (i) interest accrued during the related Interest Accrual
Period at the Note Rate on the weighted average of the Outstanding Note Balance
of such Class of Notes immediately prior to such Payment Date and (ii) the
amount of unpaid Interest Distribution Amounts from prior Payment Dates for
such Class of Notes, plus, to the extent permitted by applicable law, interest
on such unpaid amount at the Note Rate. The Interest Distribution Amount shall
be calculated on an actual/360 basis.

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

                    “Investing
Office” shall mean initially, the office of any Purchaser (if any)
designated as such, in the case of any initial Purchaser, in its Joinder
Supplement and, in the case of any Assignee, in the related Transfer
Supplement, and thereafter, such other office of such Purchaser or Assignee as
may be designated in writing to the Agent, the Issuer, the Servicer and the
Indenture Trustee by such Purchaser or Assignee.

                    “Issuer”
shall mean BXG Timeshare Trust I, a statutory trust formed under the laws of
the State of Delaware pursuant to the Trust Agreement.

                    “Issuer
Order” shall mean a written order or request delivered to the Indenture
Trustee and signed in the name of the Issuer by an Authorized Officer of the
Issuer or Administrator.

                    “Knowledge”
means:

                    (a)
as to any natural Person (other than the Indenture Trustee), the actual
awareness of the fact, event or circumstance at issue or proper delivery of
notification of such fact, event or circumstance; provided, however,
that each such Person shall be deemed to have Knowledge of any fact, event or
circumstance if such fact, event or circumstance would have been known had such
Person exercised commercially reasonable due diligence; and

                    (b)
as to any Person that is not a natural Person (other than the Indenture Trustee),
that (i) the fact, event or circumstance at issue is brought to the
attention of a Responsible Officer or (ii) notice has been delivered to
such Person in accordance with the provisions of the relevant Transaction
Documents; provided, however,
that each such Person that is not a natural person shall be deemed to have
Knowledge of any fact, event or circumstance if such fact, event or
circumstance would have been brought to the attention of a Responsible

- 20 -

 Officer if the Person or
Responsible Officers of such Person had exercised commercially reasonable due
diligence; and 

                    (c)
with respect to the Indenture Trustee, the actual awareness of the fact, event
or circumstance at issue or proper delivery of notification of such fact, event
or circumstance.

                    “La
Cabana Resort” shall mean the Resort located in Aruba known as the La
Cabana Beach Resort and Racquet Club.

                    “Land
Receivable” shall mean a loan which was originated in connection with a
sale of property by Bluegreen Communities where Bluegreen provided seller
financing for the purchase of such property.

                    “Large
Loan” shall mean a Timeshare Loan with a Loan Balance in excess of $55,000.

                    “Leverage
Ratio” shall mean with respect to any Person as of a date of determination,
the ratio of (i) the Total Liabilities (less Subordinated Indebtedness and
non-recourse receivables backed notes) of such Person on such date to (ii) the
Tangible Net Worth of such Person on such date.

                    “Lien”
shall mean any mortgage, pledge, hypothecation, assignment for security,
security interest, claim, participation, encumbrance, levy, lien or charge.

                    “Liquidation”
means with respect to any Timeshare Loan, the sale or compulsory disposition of
a Foreclosure Property, following foreclosure, termination or other enforcement
action or the taking of a deed-in-lieu of foreclosure, to a Person other than
the Servicer or an Affiliate thereof.

                    “Liquidation
Expenses” shall mean, with respect to the Foreclosure Property related to a
Defaulted Timeshare Loan, as of any date of determination, any reasonable
out-of-pocket expenses (exclusive of overhead expenses) incurred by the
Servicer or the Remarketing Agent in connection with the performance of its
obligations under Section 5.3(a)(xiii) in the Indenture or the Remarketing
Agreement, as applicable, including, but not limited to, (i) any foreclosure,
deed in lieu of foreclosure or termination and other repossession expenses
incurred with respect to such Foreclosure Property, (ii) commissions and
marketing and sales expenses incurred by the Servicer or the Remarketing Agent
with respect to the remarketing of the related Foreclosure Property (including
the Remarketing Fee), and (iii) any other fees and expenses reasonably applied
or allocated in the ordinary course of business with respect to the Liquidation
of a Foreclosure Property (including any assessed and unpaid Association fees
and real estate taxes).

                    “Liquidation
Proceeds” means with respect to the Liquidation of any Foreclosure Property
related to a Defaulted Timeshare Loan, the amounts actually received by the
Servicer or the Remarketing Agent in connection with such Liquidation.

- 21 -

                    “Loan
Balance” shall mean, for any date of determination, the outstanding
principal balance due under or in respect of a Timeshare Loan (including a
Defaulted Timeshare Loan). For purposes of clause (ii) of the definition of
Default Level (Trust Estate) only, Loan Balance shall be net of Net Liquidation
Proceeds from disposition of Timeshare Properties to persons other than the
Servicer during such Due Period. 

                    “Lockbox
Account” shall mean the deposit account maintained at the Lockbox Bank
pursuant to the Lockbox Agreement, which shall be a non-interest bearing
account.

                    “Lockbox
Agreement” shall mean the deposit account control agreement, dated as of
May 1, 2006, by and among the Issuer, the Indenture Trustee and the Lockbox
Bank, as the same may be amended, supplemented or otherwise modified from time
to time in accordance with the terms thereof.

                    “Lockbox
Bank” shall mean Bank of America, a national banking association or such
other provider upon agreement of the Servicer, the Issuer and the Agent.

                    “Lockbox
Fee” shall mean on each Payment Date, the fee payable by the Issuer to the
Lockbox Bank in accordance with the Lockbox Agreement.

                    “Material
Credit Facility” shall mean any credit facility entered into by Bluegreen
and/or any of its Affiliates with an outstanding principal balance or
commitment of $10,000,000 or greater.

                    “Maximum
Borrowing Amount” shall mean, with respect to a Funding Date, an amount
equal to the product of (a) the related Funding Date Advance Rate and (b) the
aggregate Loan Balance of all related Funding Date Timeshare Loans.

                    “Maximum
Facility Balance” shall equal $125,000,000 or such higher or lower amount
as shall be agreed upon by the Issuer, Bluegreen, the Purchasers and the Agent;
provided, that upon the completion of a Takeout Financing, the Maximum Facility
Balance shall not exceed $50,000,000 unless agreed to by the Purchasers and the
Agent. 

                    “Maximum
Outstanding Class A Note Balance” shall equal the product of the Maximum
Facility Balance and 31.3253%. 

                    “Maximum
Outstanding Class B Note Balance” shall equal the product of the Maximum
Facility Balance and 16.8675%.

                    “Maximum
Outstanding Class C Note Balance” shall equal the product of the Maximum
Facility Balance and 24.0964%.

                    “Maximum
Outstanding Class D Note Balance” shall equal the product of the Maximum
Facility Balance and 13.8554%.

                    “Maximum
Outstanding Class E Note Balance” shall equal the product of the Maximum
Facility Balance and 13.8554%.

- 22 -

                    “Misdirected
Deposits” shall mean such payments that have been deposited to the
Collection Account in error.

                    “Monthly
Servicer Report” shall have the meaning specified in Section 5.5 of the
Indenture.

                    “Moody’s”
shall mean Moody’s Investors Service, Inc.

                    “Mortgage”
shall mean, with respect to a Deeded Club Loan, any purchase money mortgage,
deed of trust, purchase money deed of trust or mortgage deed creating a first
lien on a Timeshare Property to secure debt granted by the Club Trustee on
behalf of an Obligor to the Club Originator with respect to the purchase of
such Timeshare Property and/or the contribution of the same to the Club and
otherwise encumbering the related Timeshare Property to secure payments or
other obligations under such Timeshare Loan.

                    “Mortgage
Note” shall mean, with respect to a Deeded Club Loan, the original,
executed promissory note evidencing the indebtedness of an Obligor under a
Deeded Club Loan, together with any rider, addendum or amendment thereto, or
any renewal, substitution or replacement of such note.

                    “Net
Liquidation Proceeds” shall mean with respect to a Liquidation, the
positive difference between Liquidation Proceeds and Liquidation Expenses.

                    “New
Servicing Fee Proposal” shall have the meaning specified in Section 5.4 of
the Indenture.

                    “Non-Bluegreen
Club Resort” shall mean a Resort that is not a Bluegreen Club Resort.

                    “Note
Funding Agreement” shall mean that certain Third Amended and Restated Note
Funding Agreement dated as of August 1, 2010, by and among the Issuer,
Bluegreen, the Depositor, the Agent and the Purchasers named therein, as the
same may be amended, supplemented or otherwise modified from time to time in
accordance with the terms thereof.

                    “Note
Rate” shall mean if (i) the Aggregate Outstanding Note Balance is less than
$100,000,000, then Prime Rate plus 3.50% (ii) the Aggregate Outstanding Note
Balance is equal to or greater than $100,000,000 but less than $110,000,000,
then Prime Rate plus 4.50% or (iii) the Aggregate Outstanding Note Balance is
greater than $110,000,000, then Prime Rate plus 5.50%; provided that if a
Takeout Financing is completed, then the Agent and the Issuer agree to discuss
potential favorable amendments to the definition of “Note Rate”.

                    “Note
Register” shall have the meaning specified in Section 2.4(a) of the
Indenture.

                    “Note
Registrar” shall have the meaning specified in Section 2.4(a) of the
Indenture.

- 23 -

                    “Noteholder”
shall mean any holder of a Note of any Class.

                    “Notes”
shall mean collectively, the Class A Notes, the Class B Notes, the Class C
Notes, the Class D Notes and the Class E Notes. 

                    “Oasis
Lakes Loan” shall mean a loan which was originated in connection with a
sale of timeshare properties at the Oasis Lakes Resort by Lake Eve Development.

                    “Obligor”
shall mean the related obligor under a Timeshare Loan.

                    “Officer’s
Certificate” shall mean a certificate executed by a Responsible Officer of
the applicable party.

                    “Opinion
of Counsel” shall mean a written opinion of counsel, in each case
acceptable to the addressees thereof.

                    “Optional
Purchase Limit” shall mean, on any date, an amount equal to (x) 15% of the
then Aggregate Initial Loan Balance less (y) the aggregate Loan Balances (as of
the related purchase dates or release dates, as applicable) of all Defaulted
Timeshare Loans (a) previously purchased by the Seller pursuant to Section
6(c) of the Sale Agreement or Section 6(c) of the Purchase Agreement and (b)
previously released pursuant to Section 4.7(c) of the Indenture.

                    “Optional
Redemption” shall mean an election by the Issuer to redeem the Notes
pursuant to Section 14.1(b) of the Indenture.

                    “Optional
Substitution Limit” shall mean, on any date, an amount equal to (x) 20%
of the then Aggregate Initial Loan Balance less (y) the aggregate Loan Balances
(as of the related Transfer Dates) of all Defaulted Timeshare Loans
previously substituted by the Club Originator pursuant to Section 6(c) of the
Sale Agreement or Section 6(c) of the Purchase Agreement.

                    “Original
Club Loan” shall mean a Timeshare Loan for which the related Obligor has
elected to effect and the Club Originator has agreed to effect an Upgrade.

                    “Originator”
shall mean either the Club Originator or the Aruba Originator.

                    “Outstanding”
shall mean, with respect to the Notes and Borrowings evidenced thereby, as of
any date of determination, all Notes theretofore authenticated and delivered
under the Indenture except:

                    (a)
Notes theretofore canceled by the Indenture Trustee or delivered to the
Indenture Trustee for cancellation;

                    (b)
Notes or portions thereof for whose payment money in the necessary amount has
been theretofore irrevocably deposited with the Indenture Trustee in trust for
the holders of such Notes or previously paid; and

- 24 -

                    (c)
Notes in exchange for or in lieu of which other Notes have been authenticated
and delivered pursuant to the Indenture unless proof satisfactory to the
Indenture Trustee is presented that any such Notes are held by a Person in
whose hands the Note is a valid obligation; provided, however,
that in determining whether the holders of the requisite percentage of the
Outstanding Note Balance of the Notes have given any request, demand,
authorization, direction, notice, consent, or waiver under the Indenture, Notes
owned by Bluegreen, the Depositor, the Issuer or any Affiliate of the foregoing
shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Indenture Trustee shall be protected in relying upon
any such request, demand, authorization, direction, notice, consent, or waiver,
only Notes that a Responsible Officer of the Indenture Trustee actually has
notice are so owned shall be so disregarded.

                    “Outstanding
Note Balance” shall mean as of any date of determination and Class of
Notes, the aggregate amount of Borrowings Outstanding in respect of such Class;
provided, however, to the extent that for purposes of consents,
approvals, voting or other similar act of the Noteholders under any of the
Transaction Documents, “Outstanding Note Balance” shall exclude Notes which are
held by Bluegreen, the Depositor or any Affiliates thereof.

                    “Owner
Beneficiary” shall have the meaning specified in the Club Trust Agreement.

                    “Owner
Beneficiary Agreement” shall mean the purchase agreement entered into by
each Obligor and the Developer with respect to the Club Loans.

                    “Owner
Beneficiary Rights” shall have the meaning specified in the Club Trust
Agreement.

                    “Owner
Trustee” shall mean Wilmington Trust Company (“WTC”), a Delaware banking
corporation, or any successor thereof, acting not in its individual capacity
but solely as owner trustee under the Trust Agreement.

                    “Owner
Trustee Corporate Trust Office” shall mean Rodney Square North, 1100 North
Market Street, Wilmington, Delaware 19890-0001.

                    “Owner
Trustee Fee” shall mean an annual fee equal to (A) prior to the Owner
Trustee becoming successor Administrator, $6,000.00 or (B) upon the Owner
Trustee becoming successor Administrator, $5,000.00, which fee shall be due and
payable on the first Payment Date of each year during the term hereof occurring
after the Issuer’s receipt of an invoice therefor. 

                    “Paying
Agent” shall mean any Person authorized under the Indenture to make the
distributions required under Sections 3.4 of the Indenture, which such Person
initially shall be the Indenture Trustee.

                    “Payment
Date” shall mean the fifth day of each month, or, if such date is not a
Business Day, then the next succeeding Business Day, commencing on the Initial
Payment Date.

- 25 -

                    “Payment
Default Event” shall have occurred if (i) each Class of Notes shall become
due and payable pursuant to paragraph (a) of the definition of Event of Default
or (ii) each Class of Notes shall otherwise become due and payable following an
Event of Default under the Indenture and the Agent has, in its good faith
judgment, determined that the value of the assets comprising the Trust Estate
is less than the Aggregate Outstanding Note Balance.

                    “Percentage
Interest” shall mean with respect to the Class A Notes, the Class B Notes,
the Class C Notes, the Class D Notes and the Class E Notes, the then
Outstanding Note Balance of such Class divided by the then Aggregate Outstanding
Note Balance expressed as a percentage.

                    “Permitted
Liens” shall mean (a) with respect to Timeshare Loans in the Trust Estate,
Liens for state, municipal or other local taxes if such taxes shall not at the
time be due and payable, or such exceptions as may be set forth in any related
lender’s title insurance policy or in any related lender’s title insurance
commitment as of the applicable Transfer Date, (ii) Liens in favor of the
Depositor and the Issuer created pursuant to the Transaction Documents, and
(iii) Liens in favor of the Trust and the Indenture Trustee created pursuant to
the Indenture; (b) with respect to the related Timeshare Property,
materialmen’s, warehousemen’s, mechanic’s and other Liens arising by operation
of law in the ordinary course of business for sums not due, (ii) Liens for
state, municipal or other local taxes if such taxes shall not at the time be
due and payable, (iii) Liens in favor of the Depositor pursuant to the Purchase
Agreement, and (iv) the Obligor’s interest in the Timeshare Property under the
Timeshare Loan whether pursuant to the Club Trust Agreement or otherwise; and
(c) with respect to Timeshare Loans and Related Security in the Trust Estate,
any and all rights of the Beneficiaries referred to in the Club Trust Agreement
under such Club Trust Agreement.

                    “Person”
means an individual, general partnership, limited partnership, limited
liability partnership, corporation, business trust, joint stock company,
limited liability company, trust, unincorporated association, joint venture,
Governmental Authority, or other entity of whatever nature.

                    “Placement
Agent” shall mean BB&T Capital Markets, a division of Scott &
Stringfellow, LLC.

                    “Portfolio
Loans” shall mean all assets serviced by the Servicer other than Land
Receivables, RDI Loans, Sampler Loans, Conversion Loans and Oasis Lakes Loans.

                    “Predecessor
Servicer Work Product” shall have the meaning specified in Section 5.4(b)
of the Indenture.

                    “Prime
Rate” shall mean the rate of interest per annum publicly announced from
time to time by Branch Banking and Trust Company as its prime rate in effect at
its office located in Winston-Salem, North Carolina; each change to the Prime
Rate shall be effective from and including the date such change is publicly
announced as being effective.

- 26 -

                    “Principal
Distribution Amount” shall equal for any Payment Date and Class of Notes,
the product of (a) such Class’ Percentage Interest and (b) the Aggregate
Principal Distribution Amount. 

                    “Program
Fee” shall have the meaning set forth in the Fee Letter.

                    “Purchase
Agreement” shall mean the purchase and contribution agreement, dated as of
May 1, 2006, between the Seller and the Depositor pursuant to which the Seller
sells, from time to time, Timeshare Loans to the Depositor, as the same may be
amended, supplemented or otherwise modified from time to time in accordance
with the terms thereof.

                    “Purchaser”
shall mean a Committed Purchaser.

                    “Purchaser/Participant
Register” shall have the meaning specified in Section 8.2 of the Note
Funding Agreement.

                    “Qualified
Hedge Counterparty” shall mean (a) Branch Banking and Trust Company or an
Affiliate thereof or (b) any financial institution with a short term rating of
at least “A-1+” from S&P (or “A-1” if such institution has a long term
credit rating of “AA” or higher) and “P-1” from Moody’s or (c) for existing
Hedge Agreements which may be novated with the Agent’s consent, Barclays Bank
plc, Credit Suisse First Boston LLC and ING Capital LLC.

                    “Qualified
Substitute Timeshare Loan” shall mean a timeshare loan (i) that, when
aggregated with other Qualified Substitute Timeshare Loans being substituted on
such Transfer Date, has a Loan Balance, after application of all payments of
principal due and received during or prior to the month of substitution, not in
excess of the Loan Balance of the Timeshare Loan being substituted on the
related Transfer Date, and (ii) that complies, as of the related Transfer Date,
with each of the representations and warranties contained in the Sale Agreement
and the Purchase Agreement, including that such Qualified Substitute Timeshare
Loan is an Eligible Timeshare Loan, (iii) the stated maturity of such Qualified
Substitute Timeshare Loan is not later than the Payment Date in September 2022
and (iv) that complies, as of the related Transfer Date, with the
representations and warranties in Section 3.2(h) of the Note Funding Agreement;
provided that there will be no age requirement if a Qualified Substitute
Timeshare Loan is an Upgrade Club Loan replacing an Original Club Loan with the
same Obligor. 

                    “Rating
Agency” shall mean, in the case of the calculation of clause (ii) of the
definition of Borrowing Base Percentage, each rating agency for which a special
request has been made as to required percentage credit enhancement or each
rating agency which shall have provided a rating in a recent securitization of
timeshare loans originated by Bluegreen or one of its Affiliates. 

                    “RCI”
shall mean Resort Condominiums International, LLC (or one of its wholly owned
subsidiaries).

                    “RDI
Loan” shall mean a timeshare loan originated by RDI Group, Inc. or one of
its Affiliates (other than Bluegreen).

- 27 -

                    “Receivables”
means the payments required to be made pursuant to a Timeshare Loan.

                    “Record
Date” shall mean, with respect to any Payment Date, the close of business
on the last Business Day of the calendar month immediately preceding the month
such Payment Date occurs.

                    “Redemption
Date” shall mean the date on which the Notes shall be redeemed pursuant to
Section 14.1 of the Indenture.

                    “Redemption
Price” shall mean, with respect to each Class of Notes, the sum of the
Outstanding Note Balance of such Class of Notes, together with interest accrued
and unpaid thereon at the applicable Note Rate up to and including the
Redemption Date.

                    “Related
Security” shall mean with respect to any Timeshare Loan, (i) all of the
Issuer’s interest in the Timeshare Property arising under or in connection with
the related Mortgage, Owner Beneficiary Rights, Vacation Points and the related
Timeshare Loan Files, (ii) all other security interests or liens and property
subject thereto from time to time purporting to secure payment of such
Timeshare Loan, together with all mortgages, assignments and financing
statements signed by the Club Trustee on behalf of an Obligor describing any
collateral securing such Timeshare Loan, (iii) all guarantees, insurance and
other agreements or arrangements of whatever character from time to time
supporting or securing payment of such Timeshare Loan, and (iv) all other
security and books, records and computer tapes relating to the foregoing.

                    “Remarketing
Agent” shall mean Bluegreen.

                    “Remarketing
Agreement” shall mean that certain remarketing agreement, dated as of May
1, 2006, by and among, the Servicer, the Issuer, the Remarketing Agent and the
Indenture Trustee, as the same may be amended, modified or supplemented from
time to time in accordance with the terms thereof.

                    “Repurchase
Price” shall mean with respect to any Timeshare Loan to be purchased by the
Seller pursuant to the Sale Agreement or the Purchase Agreement, an amount
equal to the Loan Balance of such Timeshare Loan as of the date of such
purchase or repurchase, together with all accrued and unpaid interest on such
Timeshare Loan at the related Timeshare Loan Rate to, but not including, the
due date in the then current Due Period.

                    “Request
for Release” shall be a request for release of Timeshare Loan Documents in
the form required by the Custodial Agreement.

                    “Required
Hedge Amount” shall mean for any Funding Date, an amount equal to the
product of (x) the Funding Date Advance Rate and (y) the aggregate Loan Balance
of Timeshare Loans related to the Borrowing on such Funding Date.

                    “Required
Payments” shall mean each of the items described in (i) through (xix) of
Section 3.4 of the Indenture.

- 28 -

                    “Required
Purchasers” shall mean, at any time, Purchasers representing a majority of
the Commitments of the Committed Purchasers.

                    “Requirements
of Law” shall mean, as to any Person, the certificate of incorporation and
by-laws or other organizational or governing documents of such Person, and any
law, treaty, rule or regulation, determination or order of an arbitrator or a
court or other Governmental Authority, in each case applicable to or binding
upon such Person or any of its property or to which such Person or any of its
property is subject.

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

                    “Residual
Interest Certificate” shall mean the certificate issued under the Trust
Agreement, which represents the economic residual interest of the Trust formed
thereunder.

                    “Residual
Interest Owner” shall mean the owner of the Residual Interest Certificate
issued by the Issuer pursuant to the Trust Agreement, which shall initially be
the Depositor.

                    “Resort”
shall mean, as the context shall require, the resort at which the Timeshare
Property related to a Timeshare Loan is located.

                    “Resort
Interests” shall mean as defined in the Club Trust Agreement.

                    “Responsible
Officer” shall mean (a) when used with respect to the Owner Trustee or the
Indenture Trustee, any officer assigned to the Owner Trustee Corporate Trust
Office or the Corporate Trust Office, respectively, including any Managing
Director, Vice President, Assistant Vice President, Secretary, Assistant
Secretary, Assistant Treasurer, any trust officer or any other officer such
Person customarily performing functions similar to those performed by any of
the above designated officers, and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject; (b) when used with
respect to the Servicer, the Chief Financial Officer, a Senior Vice President,
a Vice President, an Assistant Vice President, the Chief Accounting Officer or
the Secretary of the Servicer; and (c) with respect to any other Person, the
chairman of the board, chief financial officer, the president, a vice
president, the treasurer, an assistant treasurer, the secretary, an assistant
secretary, the controller, general partner, trustee or the manager of such
Person.

                    “S&P”
shall mean Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc.

                    “Sale
Agreement” shall mean that certain Sale Agreement, dated as of May 1, 2006,
between the Depositor and the Issuer pursuant to which the Depositor sells
Timeshare Loans, from time to time, to the Issuer, as the same may be amended,
modified or supplemented from time to time in accordance with the terms
thereof.

- 29 -

                    “Sampler
Loan” shall mean a loan originated by Bluegreen pursuant to the terms of a
Sampler Program Agreement.

                    “Sampler
Converted Loan” shall mean a Timeshare Loan, the obligor of which,
previously had a Sampler Loan and converted the same to a Timeshare Loan
pursuant to the terms of a Sampler Program Agreement.

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

                    “Schedule
of Timeshare Loans” shall mean the list of Timeshare Loans delivered
pursuant to the Sale Agreement, as amended from time to time to reflect
repurchases, substitutions, and Qualified Substitute Timeshare Loans conveyed
pursuant to the terms of the Indenture, which list shall set forth the
following information with respect to each Timeshare Loan as of the related
Cut-Off Date, as applicable, in numbered columns:

	
  

 	
  

 	
  

 
	
  

 	
 1

 	
 Name of Obligor

 
	
  

 
	
  

 	
 2

 	
 Condo Ref/Loan Number

 
	
  

 
	
  

 	
 3

 	
 Interest Rate Per Annum

 
	
  

 
	
  

 	
 4

 	
 Date of Origin

 
	
  

 
	
  

 	
 5

 	
 Maturity

 
	
  

 
	
  

 	
 6

 	
 Monthly Payment

 
	
  

 
	
  

 	
 7

 	
 Original Loan Balance

 
	
  

 
	
  

 	
 8

 	
 Original Term

 
	
  

 
	
  

 	
 9

 	
 Outstanding Loan Balance

 
	
  

 
	
  

 	
 10

 	
 Down Payment

 
	
  

 
	
  

 	
 11

 	
 First payment date

 
	
  

 
	
  

 	
 12

 	
 Loan Term

 
	
  

 
	
  

 	
 13

 	
 Zip Code

 

                    If
the Schedule of Timeshare Loans is provided in electronic format, it shall be
substantially in the form of Exhibit E to the Custodial Agreement
(which, in any event, shall contain all the information specified above.

                    “Securities
Act” shall mean the Securities Act of 1933, as amended.

                    “Seller”
shall mean Bluegreen.

                    “Sequential
Pay Event” shall mean either a Payment Default Event or a Trust Estate
Liquidation Event.

                    “Servicer”
shall mean Bluegreen in its capacity as servicer under the Indenture, the
Backup Servicing Agreement and the Custodial Agreement, and its permitted
successors and assigns.

- 30 -

                    “Servicer
Credit Card Processing Cost” shall have the meaning specified in Section
5.3(b) of the Indenture.

                    “Servicer
Event of Default” shall mean the occurrence of any of the following:

                    (a)
any failure by the Servicer to make any required payment, transfer or deposit
when due as required by the Indenture and the continuance of such default for a
period of two (2) Business Days; provided, however, that the
period within which the Servicer shall make any required payment, transfer or
deposit shall be extended to such longer period as is appropriate in the event
of a Force Majeure Delay; provided, further, that such longer
period shall not exceed five (5) Business Days

                    (b)
any failure by the Servicer to provide any required report within five (5)
Business Days of when such report is required to be delivered pursuant to the
Indenture; provided, however, that the period within which the
Servicer shall deliver such reports shall be extended to such longer period as
is appropriate in the event of a Force Majeure Delay; provided, further,
that such longer period shall not exceed ten (10) Business Days.

                    (c)
any failure by the Servicer to observe or perform in any material respect any
other covenant or agreement which has a material adverse effect on the
Noteholders and such failure is not remedied within 30 days (or, if the
Servicer shall have provided evidence satisfactory to the Agent, in its sole
discretion, (1) that such breach cannot be cured in the 30-day period, (2) that
such breach can be cured within an additional 30-day period and (3) that it is
diligently pursuing a cure, then 60 days), after the earlier of (x) the
Servicer first acquiring Knowledge thereof and (y) the Indenture Trustee’s or
Agent’s giving written notice thereof to the Servicer; provided, however,
that if such default or breach is in respect of a covenant that cannot be
cured, there shall be no grace period whatsoever; or

                    (d)
any representation or warranty made by the Servicer in the Indenture shall
prove to be incorrect in any material and adverse respect as of the time when
the same shall have been made, and such breach is not remedied within 30 days
(or, if the Servicer shall have provided evidence satisfactory to the Agent, in
its sole discretion, (1) that such breach cannot be cured in the 30-day period,
(2) that such breach can be cured within an additional 30-day period and (3)
that it is diligently pursuing a cure, then 60 days) after the earlier of (x)
the Servicer first acquiring Knowledge thereof and (y) the Indenture Trustee’s
or Agent’s giving written notice thereof to the Servicer; provided, however,
that if such breach is in respect of a representation or warranty that cannot
be cured, there shall be no grace period whatsoever; or

                    (e)
the entry by a court having competent jurisdiction in respect of the Servicer
of (i) a decree or order for relief in respect of the Servicer in an
involuntary case or proceeding under any applicable federal or state bankruptcy,
insolvency, reorganization, or other similar law or (ii) a decree or order
adjudging the Servicer as a bankrupt or insolvent, or approving as properly
filed a petition seeking reorganization, arrangement, adjustment, or
composition of or in respect of the Servicer under any applicable federal or
state law, or appointing a custodian, receiver, liquidator, assignee, trustee,
sequestrator, or other similar official of the Servicer, or of any substantial
part of its property, or ordering the winding up or 

- 31 -

liquidation of its affairs, and the continuance of any such decree or
order for relief or any such other decree or order unstayed and in effect for a
period of 60 consecutive days;

                    (f)
the commencement by the Servicer of a voluntary case or proceeding under any
applicable federal or state bankruptcy, insolvency, reorganization, or other
similar law or of any other case or proceeding to be adjudicated as a bankrupt
or insolvent, or the consent by either to the entry of a decree or order for
relief in respect of the Servicer in an involuntary case or proceeding under
any applicable federal or state bankruptcy, insolvency, reorganization, or
other similar law or to the commencement of any bankruptcy or insolvency case
or proceeding against it, or the filing by it of a petition or answer or
consent seeking reorganization or relief under any applicable federal or state
law, or the consent by it to the filing of such petition or to the appointment
of or taking possession by a custodian, receiver, liquidator, assignee,
trustee, sequestrator, or similar official of the Servicer or of any
substantial part of its property, or the making by it of an assignment for the
benefit of creditors, or the Servicer’s failure to pay its debts generally as
they become due, or the taking of corporate action by the Servicer in
furtherance of any such action; 

                    (g)
a Cash Accumulation Event that remains uncured for three consecutive
Determination Dates;

                    (h)
so long as the Servicer is the Club Originator, any failure of the Club
Originator to comply with its repurchase or substitution obligations specified
in the Sale Agreement within the time periods specified therein;

                    (i)
any default of a payment obligation under any other loan facility, debt
instrument or any similar financing arrangement (such facility, instrument or
financing arrangement to be an obligation in excess of five percent (5%) of the
Servicer’s Tangible Net Worth) of the Servicer or any “event of default”,
“early amortization event” or similar event under any indenture, facility or
agreement (such indenture, facility or agreement to be an obligation in excess
of five percent (5%) of the Servicer’s Tangible Net Worth) to which the Servicer
is a party and the lapse of all relevant grace periods thereunder if the effect
of the default is to cause, or permit the holders of such obligation to cause,
such loan facility, debt instrument or any similar financing arrangement to
become due and payable;

                    (j)
there shall have occurred any material adverse change in the operations of the
Servicer since the Amendment Date, or any other event shall have occurred which
materially adversely affects the Servicer’s ability to either service the
Timeshare Loans or to perform under the Indenture;

                    (k)
a default or breach shall occur under any other agreement, document or
instrument to which the Servicer is a party or by which the Servicer or its
property is bound that is not cured within any applicable grace period
therefor, and such default or breach (i) involves the failure to make any
payment when due in respect of any Indebtedness of the Servicer in excess of
five percent (5%) of the Servicer’s Tangible Net Worth, or (ii) causes, or
permits any holder of such Indebtedness or a trustee or agent to cause,
Indebtedness or a portion thereof in excess of five percent (5%) of the
Servicer’s Tangible Net Worth to become due prior to its 

- 32 -

stated maturity or prior to its regularly scheduled dates of payment,
regardless of whether such default is waived, or such right is exercised, by
such holder, trustee or agent;

                    (l)
the Servicer (excluding the Backup Servicer) ceases to own at least 100% of the
Depositor; or

                    (m)
any failure by the Servicer to satisfy the Servicer Financial Covenants (other
than a failure to satisfy item (d) of the Servicer Financial Covenants); or

                    (n)
any failure by the Servicer to satisfy item (d) of the Servicer Financial
Covenants and such failure remains uncured for (i) five Business Days if the
failure is a result of the Servicer having consolidated unrestricted cash less
than $15,000,000, or (ii) 30 days if the failure is a result of the Servicer
having consolidated unrestricted cash equal to or greater than $15,000,000 but
less than $17,500,000; or

                    (o)
there occurs an event under any Material Credit Facility that is an “Event of
Default” as defined thereunder, or, if such term is not defined thereunder, an
event as defined using a term similar to “Event of Default”; provided, that if
such Material Credit Facility by its original terms and not by way of amendment
or waiver following the event that caused the Event of Default, provides for a
cure period after an “Event of Default” thereunder, then this clause (o) of the
definition of Servicer Event of Default will be subject to such cure period.

                    “Servicer
Financial Covenants” shall be satisfied on any date of determination if
each of following is true: (a) at the end of the most recent quarter, the
Servicer shall have Tangible Net Worth at least equal to 90% of its Tangible
Net Worth at March 31, 2010 plus 90% of any increase in Tangible Net Worth thereafter;
(b) at the end of the most recent quarter, the Servicer shall have a Leverage
Ratio of no greater than 3:1; (c) at the most recent Test Date, the average
Delinquency Level (Portfolio) for the last six Test Dates is less than or equal
to 9% and the average Default Level (Portfolio) for the last 12 Test Dates is
less than or equal to 14%; and (d) at the most recent Test Date, the Servicer
shall have consolidated unrestricted cash equal to at least $17,500,000.

                    “Servicer
Termination Costs” shall mean any extraordinary out-of-pocket expenses
incurred by the Indenture Trustee associated with the transfer of servicing.

                    “Servicing
Fee” shall mean for any Payment Date, the product of (i)(A) if Bluegreen or
an affiliate thereof is Servicer, one-twelfth of 1.50% and (B) if the Indenture
Trustee is the successor Servicer, one-twelfth of 1.55%, and (ii) the Aggregate
Loan Balance as of the first day of the related Due Period; provided that if
the Indenture Trustee is the successor Servicer, it shall, after payment of the
Backup Servicing Fee, be entitled to a minimum monthly payment of $5,500.00.

                    “Servicing
Officer” shall mean those officers of the Servicer involved in, or
responsible for, the administration and servicing of the Timeshare Loans, as
identified on the list of Servicing Officers furnished by the Servicer to the
Indenture Trustee and the Noteholders from time to time.

- 33 -

                    “Servicing
Standard” shall mean, with respect to the Servicer and the Backup Servicer
a servicing standard which complies with applicable law, the terms of the
Transaction Documents, the terms of the respective Timeshare Loans and, to the
extent consistent with the foregoing, to the best knowledge of the Servicer, is
materially consistent with the customary standard of prudent servicers of loans
secured by timeshare interests similar to the Timeshare Properties, but in no
event lower than the standards employed by it when servicing loans for its own
account or other third parties, but, in any case, without regard for (i) any
relationship that it or any of its Affiliates may have with the related
Obligor, and (ii) its right to receive compensation for its services under the
Indenture or with respect to any particular transaction.

                    “Similar
Law” shall mean the prohibited transaction rules under ERISA or section
4975 of the Code or any substantially similar provision of federal, state or
local law.

                    “Stated
Maturity” shall mean the Payment Date occurring in September 2023.

                    “Statutory
Trust Statute” shall mean the Delaware Statutory Trust Act, Chapter 38 of
Title 12 of the Delaware Code, 12 Del. C. § 3801, et seq., as the same may be
amended from time to time.

                    “Subordinated
Indebtedness” shall mean as of any date of determination (A) the current
outstanding balance of indebtedness of Bluegreen which is denoted in
Bluegreen’s audited financial statements in effect on the Amendment Date as any
junior subordinated debentures that are outstanding on the Amendment Date plus
(B) any subordinated indebtedness thereafter approved as such by the Agent for
purposes of the calculation of the Servicer Financial Covenants. 

                    “Subsequent
Cut-Off Date” shall mean with respect to any Transfer Date, (i) the close
of business on the last day of the Due Period immediately preceding such
Transfer Date or (ii) such other date designated by the Servicer.

                    “Subsequent
Funding Date” shall mean any Funding Date other than the Initial Funding
Date.

                    “Subsidiary”
shall mean, with respect to any Person, any corporation, partnership or other
entity of which at least a majority of the securities or other ownership
interests having by the terms of thereof ordinary voting power to elect a
majority of the board of directors or other persons performing similar
functions of such corporation, partnership or other entity (irrespective of
whether or not at the time securities or other ownership interests of any other
class or classes of such corporation, partnership or other entity shall have or
might have voting power by reason of the happening of any contingency) is at
the time directly or indirectly owned or controlled by such Person or one or
more Subsidiaries of such Person or by such Person and one or more Subsidiaries
of such Person. 

                    “Substitution
Shortfall Amount” shall mean with respect to any Transfer Date, an amount
equal to the excess of the aggregate Loan Balances of the substituted Timeshare
Loans over the aggregate Loan Balances of the Qualified Substitute Timeshare
Loans.

- 34 -

                    “Takeout
Financing” shall mean any securitization or other financing of the assets
securing the Notes whereby at least 95% of the Aggregate Outstanding Note
Balance is repaid from the proceeds of such securitization or other financing.

                    “Tangible
Net Worth” shall mean Consolidated Net Worth minus Intangible Assets plus
Subordinated Indebtedness.

                    “Test
Date” shall mean the last Business Day of the second calendar month
preceding a Payment Date.

                    “Timeshare
Declaration” shall mean the declaration or other document recorded in the
real estate records of the applicable municipality or government office where a
Resort is located for the purpose of creating and governing the rights of
owners of Timeshare Properties related thereto, as it may be in effect from
time to time.

                    “Timeshare
Loan” shall mean a Club Loan, an Aruba Non-Club Loan, a Wilderness Loan or
a Qualified Substitute Timeshare Loan, subject to the Lien of the Indenture. As
used in the Transaction Documents, the term “Timeshare Loan” shall include the
related Mortgage Note, Mortgage, the Finance Agreement, if any, the Owner
Beneficiary Agreement and other Related Security contained in the related
Timeshare Loan Documents.

                    “Timeshare
Loan Acquisition Price” shall mean with respect to any Timeshare Loan, an
amount equal to the Loan Balance of such Timeshare Loan plus accrued and unpaid
interest thereon up to and including the related Cut-Off Date.

                    “Timeshare
Loan Documents” shall mean with respect to each Timeshare Loan and each
Obligor, the related (i) Timeshare Loan Files, and (ii) Timeshare Loan
Servicing Files.

                    “Timeshare
Loan File Deficiency” shall mean any Timeshare Loan for which the related
Timeshare Loan File does not contain any of (i) the original recorded Mortgage,
(ii) the original Assignments of Mortgage in recordable form (which may be a
part of a blanket assignment of more than one Club Loan (other than an Aruba
Club Loan)), showing the assignment of such Club Loan (other than an Aruba Club
Loan) from the Club Originator to ___________, or (iii) a final original
lender’s title insurance policy showing only exceptions to coverage that would
be customarily acceptable to a prudent real estate lender; provided, however,
with respect to (i) and (ii) above, no Timeshare Loan File Deficiency shall
exist if the reason for such deficiency is not within the control of the
Servicer. 

                    “Timeshare
Loan File Deficiency Excluded Balance” shall mean for any date of
determination and for all Timeshare Loans related to a Custodian’s
Certification that is 180 or more days old, the aggregate Loan Balance of all
Timeshare Loans related to such Custodian’s Certification that have a Timeshare
Loan File Deficiency, if any.

                    “Timeshare
Loan Files” shall mean, with respect to a Timeshare Loan, all documents
related to such Timeshare Loan, including: 

- 35 -

	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 with respect to a Club Loan (other than an Aruba Club Loan), the
 original Mortgage Note executed by the Obligor, endorsed either as (i) in the
 form “Pay to the order of ________, without recourse, representation or
 warranty” (either directly on the Mortgage Note or on an allonge placed with
 such Mortgage Note), by an Authorized Officer of the Club Originator (such
 Authorized Officer’s signature may be computer generated), or (ii) a chain of
 endorsement as follows: “Pay to the order of Bluegreen Timeshare Finance
 Corporation I, without recourse, representation or warranty”, “Pay to the
 order of BXG Timeshare Trust I, without recourse, representation or warranty”
 and “Pay to the order of U.S. Bank National Association, as Indenture Trustee
 for the holders of the BXG Timeshare Trust I Timeshare Loan-Backed VFN Notes,
 Series I, without recourse, representation or warranty except as provided in
 the related Indenture” (either directly on the Mortgage Note or on an allonge
 placed with such Mortgage Note), by an Authorized Officer of the Club
 Originator, the Depositor and the Issuer (such Authorized Officers’ signature
 may be computer generated), respectively, (in the case of both clauses (i)
 and (ii) above, together with a complete chain of endorsements from the
 original payee to the Club Originator, if applicable);

 
	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 with respect to a Club Loan (other than an Aruba Club Loan), (i) an
 original Mortgage with evidence that such Mortgage has been recorded in the
 appropriate recording office or (ii) if such Mortgage has not yet been
 returned to the Club Originator by such recording office, a photocopy of the
 unrecorded Mortgage that has been delivered to such recording office (with
 evidence that such Mortgage has been delivered to the appropriate recording
 office for recording,);

 
	
  

 	
  

 	
  

 
	
  

 	
 3.

 	
 with respect to a Club Loan (other than an Aruba Club Loan), original
 Assignments of Mortgage in recordable form (which may be a part of a blanket
 assignment of more than one Club Loan in which case a copy thereof, with the
 original blanket Assignment of Mortgage held by the Custodian in the related
 master pool header file), showing the assignment of such Club Loan from the
 Club Originator to ___________;

 
	
  

 	
  

 	
  

 
	
  

 	
 4.

 	
 with respect to a Club Loan (other than an Aruba Club Loan), the UCC
 financing statement, if any, evidencing that the security interest granted
 under such Timeshare Loan, if any, has been perfected under applicable state
 law; 

 
	
  

 	
  

 	
  

 
	
  

 	
 5.

 	
 with respect to a Club Loan (other than an Aruba Club Loan), (i) a
 copy of any recorded warranty deed transferring legal title to the related
 Timeshare Property to the Club Trustee, or (ii) if such recorded warranty
 deed has not yet been returned to the Club Originator, a copy of a warranty
 deed sent for recording; 

 

- 36 -

	
  

 	
  

 	
  

 
	
  

 	
 6.

 	
 with respect
 to a Club Loan (other than an Aruba Club Loan), either (i) a final original
 lender’s title insurance policy showing no exceptions to coverage (other than
 Permitted Liens) or (ii) a binding unconditional commitment to issue a title
 insurance policy showing no exceptions to coverage (other than Permitted
 Liens) (which may be a blanket commitment, the original blanket commitment to
 be held by the Custodian in the related master pool header file), in all
 cases referencing such Timeshare Loan and insuring Bluegreen Corporation and
 its successors and/or assigns;

 
	
  

 	
  

 	
  

 
	
  

 	
 7.

 	
 the original
 of any related assignment or guarantee or, if such original is unavailable, a
 copy thereof certified by an Authorized Officer of the Club Originator to be
 a true and correct copy, current and historical computerized data files; 

 
	
  

 	
  

 	
  

 
	
  

 	
 8.

 	
 the original
 of any assumption agreement or any refinancing agreement; 

 
	
  

 	
  

 	
  

 
	
  

 	
 9.

 	
 all related
 Owner Beneficiary Agreements, finance applications (including related Finance
 Agreements, if applicable), sale and escrow documents executed and delivered
 by the related Obligor with respect to the purchase of a Timeshare Property; 

 
	
  

 	
  

 	
  

 
	
  

 	
 10.

 	
 all other
 papers and records of whatever kind or description, whether developed or
 originated by an Originator or another Person, required to document, service
 or enforce a Timeshare Loan; and 

 
	
  

 	
  

 	
  

 
	
  

 	
 11.

 	
 any
 additional amendments, supplements, extensions, modifications or waiver
 agreements required to be added to the Timeshare Loan Files pursuant to the
 Indenture, the Credit Policy or the other Transaction Documents, if any.

 

                    “Timeshare
Loan Rate” shall mean with respect to any Timeshare Loan, the specified
coupon rate thereon.

                    “Timeshare
Loan Servicing Files” shall mean with respect to each Timeshare Loan and
each Obligor, the portion of the Timeshare Loan Files necessary for the
Servicer to service such Timeshare Loan including but not limited to (i) the
copy of the truth-in-lending disclosure statement executed by such Obligor, as
applicable, (ii) all writings pursuant to which such Timeshare Loan arises or
which evidences such Timeshare Loan and not delivered to the Custodian, (iii)
all papers and computerized records customarily maintained by the Servicer in
servicing timeshare loans comparable to the Timeshare Loans in accordance with
the Servicing Standard and (iv) each Timeshare Program Consumer Document (not
the original), if applicable, related to the applicable Timeshare Property.

                    “Timeshare
Program” shall mean the program under which (1) an Obligor has purchased a
Timeshare Property and (2) an Obligor shares in the expenses associated with
the operation and management of such program.

- 37 -

                    “Timeshare
Program Consumer Documents” shall mean, as applicable, the Owner
Beneficiary Agreement, Finance Agreement, Mortgage Note, Mortgage, rescission
right notices, public offering statements and other documents and disclosures
used or to be used by an Originator in connection with the sale of Timeshare
Properties.

                    “Timeshare
Program Governing Documents” shall mean the articles of organization or
articles of incorporation of each Association, the rules and regulations of
each Association, the Timeshare Program management contract between each
Association and a management company, and any subsidy agreement by which an
Originator is obligated to subsidize shortfalls in the budget of a Timeshare
Program in lieu of paying assessments, as they may be from time to time in
effect and all amendments, modifications and restatements of any of the
foregoing.

                    “Timeshare
Property” shall mean (i) with respect to a Deeded Club Loan, a fractional
fee simple timeshare interest in a Unit in a Resort or an undivided interest in
a Resort (or a phase thereof) associated with a Unit (which pursuant to the
Timeshare Program Consumer Documents entitles the related Obligor to the use
and occupancy of a Unit at such Resort for a specified period of time each year
or every other year in perpetuity) and (ii) with respect to an Aruba Loan,
Co-op Shares in the related Association at La Cabana Resort, which entitle the
owner thereof the right to use and occupy a fixed Unit at La Cabana Resort for
a fixed period of time.

                    “Total
Liabilities” shall mean the Indebtedness of Bluegreen which is denoted in
Bluegreen’s audited financial statements as “Total Liabilities” as filed with
the Securities and Exchange Commission from time to time and in accordance with
GAAP.

                    “Transaction
Documents” shall mean the Indenture, the Purchase Agreement, the Sale
Agreement, the Lockbox Agreement, the Backup Servicing Agreement, the
Administration Agreement, the Remarketing Agreement, the Custodial Agreement,
the Note Funding Agreement, the Fee Letter, and all other agreements, documents
or instruments (other than the Timeshare Loan Documents) delivered in
connection with the transactions contemplated thereby.

                    “Transfer
Date” shall mean with respect to a Qualified Substitute Timeshare Loan, the
date on which the Seller substitutes one or more Timeshare Loan in accordance
with Section 4.6 of the Indenture.

                    “Treasury
Regulations” shall mean the regulations, included proposed or temporary
regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous
provisions of final Treasury Regulations or other successor Treasury
Regulations.

                    “Trust”
shall mean the Issuer.

                    “Trust
Accounts” shall mean collectively, the Lockbox Account, the Collection
Account, the Credit Card Account and the General Reserve Account.

- 38 -

                    “Trust
Agreement” shall mean the Trust Agreement, dated May 5, 2006, by and among Bluegreen Timeshare Finance
Corporation I, GSS Holdings, Inc. and Wilmington Trust Company, as the
same may be amended, modified or supplemented from time to time in accordance
with the terms thereof.

                    “Trust
Certificate” shall mean the certificate issued under the Trust Agreement,
which represents the sole equity interest in the Trust formed thereunder.

                    “Trust
Estate” shall have the meaning specified in the Granting Clause of the
Indenture.

                    “Trust
Estate Liquidation Event” shall have the meaning specified in Section
6.6(b) of the Indenture.

                    “Trust
Owner” shall mean the owner of the non-economic Trust Certificate issued by
the Issuer pursuant to the Trust Agreement, which shall be GSS Holdings, Inc.

                    “Trust
Owner Fee” shall mean an annual fee equal to $3,500.

                    “Trust
Paying Agent” shall have the meaning specified in Section 3.13 of the Trust
Agreement.

                    “UCC”
shall mean the Uniform Commercial Code as from time to time in affect in the
applicable jurisdiction or jurisdictions.

                    “Unit(s)”: One individual air-space condominium
unit, cabin, villa, cottage, townhome or lot within a Resort, together with all
furniture, fixtures and furnishings therein, and together with any and all
interests in common elements appurtenant thereto, as provided in the related
Timeshare Program Governing Documents.

                    “Upgrade”
shall mean the process in which an Obligor of an Original Club Loan elects to
(a)(i) reconvey the existing Club Property for a new Club Property and (ii)
exchanges the Original Club Loan for an Upgrade Club Loan secured by such new
Club Property or (b)(i) acquires additional Club Property and (ii) exchanges
the Original Club Loan for an Upgrade Club Loan from the Club Originator secured
by the existing Club Property and the additional Club Property. 

                    “Upgrade
Club Loan” shall mean the new timeshare loan originated by the Club
Originator in connection with an Upgrade.

                    “Vacation
Points” shall have the meaning specified in the Club Trust Agreement.

                    “Wilderness
Resort” shall mean a Resort designated by Bluegreen as an outdoor,
wilderness experiential resort.

                    “Wilderness
Loan” shall mean a Timeshare Loan at a Wilderness
Resort that is secured by a Unit that is a platform tent, cabin or a campsite
for a recreational vehicle.

- 39 -EXECUTION COPY

        

         

        THIRD AMENDED AND RESTATED NOTE FUNDING AGREEMENT

        Dated as of August 1, 2010

        among

        BXG TIMESHARE TRUST I

        as Issuer,

        BLUEGREEN CORPORATION

        as Seller and Servicer,

        BLUEGREEN TIMESHARE FINANCE CORPORATION I

        as Depositor,

        THE PURCHASERS PARTIES HERETO,

        and

        BRANCH BANKING AND TRUST COMPANY,

        as Agent

        ____________________

        Relating to

        BXG TIMESHARE TRUST I

        Timeshare Loan-Backed VFN Notes, Series I

        ____________________

         

        

        

        

         

        TABLE OF CONTENTS

        	
                     

                	
                     

                	
                     

                	
                    Page

                
	
                    SECTION I. DEFINITIONS

                	
                    1

                
	
                     

                	
                    Section 1.1.

                	
                    Definitions

                	
                    1

                
	
                     

                	
                    Section 1.2.

                	
                    Other Definitional Provisions

                	
                    1

                
	
                    SECTION II. AMOUNT AND TERMS OF COMMITMENTS

                	
                    1

                
	
                     

                	
                    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

                	
                    5

                
	
                     

                	
                    Section 2.5.

                	
                    Funding Termination Event

                	
                    7

                
	
                     

                	
                    Section 2.6.

                	
                    Notification of Note Rate

                	
                    7

                
	
                    SECTION III. CONDITIONS PRECEDENT

                	
                    8

                
	
                     

                	
                    Section 3.1.

                	
                    [Reserved]

                	
                    8

                
	
                     

                	
                    Section 3.2.

                	
                    Condition to Borrowings

                	
                    10

                
	
                     

                	
                    Section 3.3.

                	
                    Transfers Pursuant to Section 2.2(e)

                	
                    11

                
	
                    SECTION IV. REPRESENTATIONS AND WARRANTIES

                	
                    11

                
	
                     

                	
                    Section 4.1.

                	
                    Representations and Warranties of Bluegreen

                	
                    11

                
	
                     

                	
                    Section 4.2.

                	
                    Representations and Warranties of the Issuer

                	
                    14

                
	
                     

                	
                    Section 4.3.

                	
                    Representations and Warranties of the Depositor

                	
                    16

                
	
                    SECTION V. COVENANTS

                	
                    18

                
	
                     

                	
                    Section 5.1.

                	
                    Covenants

                	
                    18

                
	
                    SECTION VI. TAXES, ETC

                	
                    23

                
	
                     

                	
                    Section 6.1.

                	
                    [Reserved]

                	
                    23

                
	
                     

                	
                    Section 6.2.

                	
                    [Reserved]

                	
                    24

                
	
                     

                	
                    Section 6.3.

                	
                    Taxes

                	
                    24

                
	
                     

                	
                    Section 6.4.

                	
                    Nonrecourse Obligations; Limited Recourse

                	
                    26

                
	
                    SECTION VII. THE AGENT

                	
                    26

                
	
                     

                	
                    Section 7.1.

                	
                    Appointment

                	
                    26

                
	
                     

                	
                    Section 7.2.

                	
                    Delegation of Duties

                	
                    27

                
	
                     

                	
                    Section 7.3.

                	
                    Exculpatory Provisions

                	
                    27

                
	
                     

                	
                    Section 7.4.

                	
                    Reliance by Agent

                	
                    27

                
	
                     

                	
                    Section 7.5.

                	
                    Notices

                	
                    28

                
	
                     

                	
                    Section 7.6.

                	
                    Non-Reliance on Agent and Other Purchasers

                	
                    28

                
	
                     

                	
                    Section 7.7.

                	
                    Indemnification

                	
                    28

                
	
                     

                	
                    Section 7.8.

                	
                    Agent in Its Individual Capacities

                	
                    29

                
	
                     

                	
                    Section 7.9.

                	
                    Successor Agent

                	
                    29

                
	
                     

                	
                    Section 7.10.

                	
                    Communications

                	
                    29

                
	
                     

                	
                    Section 7.11.

                	
                    Control by Purchasers

                	
                    29

                
	
                    SECTION VIII. SECURITIES LAWS; TRANSFERS

                	
                    30

                

         

        i

        

        

        

        	
                     

                	
                    Section 8.1.

                	
                    Transfers of Notes

                	
                    30

                
	
                     

                	
                    Section 8.2.

                	
                    Register of Purchasers

                	
                    33

                
	
                    SECTION IX. MISCELLANEOUS

                	
                    34

                
	
                     

                	
                    Section 9.1.

                	
                    Amendments and Waivers

                	
                    34

                
	
                     

                	
                    Section 9.2.

                	
                    Notices

                	
                    34

                
	
                     

                	
                    Section 9.3.

                	
                    No Waiver; Cumulative Remedies

                	
                    35

                
	
                     

                	
                    Section 9.4.

                	
                    Successors and Assigns

                	
                    36

                
	
                     

                	
                    Section 9.5.

                	
                    Counterparts

                	
                    36

                
	
                     

                	
                    Section 9.6.

                	
                    Severability

                	
                    36

                
	
                     

                	
                    Section 9.7.

                	
                    Integration

                	
                    36

                
	
                     

                	
                    Section 9.8.

                	
                    Governing Law

                	
                    36

                
	
                     

                	
                    Section 9.9.

                	
                    Termination

                	
                    36

                
	
                     

                	
                    Section 9.10.

                	
                    Limited Recourse; No Proceedings

                	
                    36

                
	
                     

                	
                    Section 9.11.

                	
                    Survival of Representations and Warranties

                	
                    37

                
	
                     

                	
                    Section 9.12.

                	
                    Submission to Jurisdiction; Waivers

                	
                    37

                
	
                     

                	
                    Section 9.13.

                	
                    WAIVERS OF JURY TRIAL

                	
                    38

                
	
                     

                	
                    Section 9.14.

                	
                    Limitation of Liability of Owner Trustee

                	
                    38

                
	
                     

                	
                    Section 9.15.

                	
                    [RESERVED]

                	
                    38

                
	
                     

                	
                    Section 9.16.

                	
                    Hedging Requirements

                	
                    39

                

         

        LIST OF EXHIBITS

        	
                    EXHIBIT A

                	
                    Form of Investment Letter

                
	
                    EXHIBIT B

                	
                    Form of Joinder Supplement

                
	
                    EXHIBIT C

                	
                    Form of Transfer Supplement

                
	
                    EXHIBIT D

                	
                    Form of Borrowing Notice

                
	
                     

                	
                     

                
	
                    Schedule A

                	
                    Exceptions

                
	
                    Schedule B

                	
                    Material Transactions

                
	
                    Schedule 4.1(k)

                	
                    Tax Schedule

                

         

        ii

        

        

        

        This THIRD AMENDED AND RESTATED NOTE FUNDING AGREEMENT (this “Agreement”), dated as of August 1, 2010, by and among BXG TIMESHARE TRUST I, a Delaware statutory trust (the “Issuer”), BLUEGREEN CORPORATION, a Massachusetts corporation (“Bluegreen”), BLUEGREEN TIMESHARE FINANCE CORPORATION I, a Delaware corporation (the
        “Depositor”), the PURCHASERS from time to time parties hereto (collectively, the “Purchasers”) and BRANCH BANKING AND TRUST COMPANY (“BB&T”), a North Carolina corporation, as agent for the Purchasers (together with its successors in such capacity, the “Agent”) hereby amends and restates in its entirety that certain Second Amended and Restated Note Funding Agreement, dated as of June 1, 2009, as amended by
        Omnibus Amendment No. 4, dated as of June 30, 2009, Omnibus Amendment No. 5, dated as of June 29, 2010, and Omnibus Amendment No. 6, dated as of August 30, 2010, in each case, by and among the parties hereto and the other parties named therein (the “Amended Agreement”), by and among the parties hereto.

        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 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 Third Amended and Restated Indenture, dated as of August 1, 2010 (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, Class A (the “Class A Notes”), Timeshare Loan-Backed VFN Notes, Series I, Class B (the “Class B Notes”), Timeshare Loan-Backed VFN Notes, Series I, Class C (the “Class C Notes”), Timeshare Loan-Backed VFN Notes, Series I, Class D (the “Class D Notes”), Timeshare Loan-Backed VFN Notes, Series I,
        Class E (the “Class E Notes”, and together with the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, 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

        Section 1.1.      Definitions. Capitalized terms used but not defined herein shall have the meanings set forth in the “Third Amended and Restated Standard Definitions” attached hereto as Annex A.

         

         

         

        

        

        

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

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

        SECTION II.    AMOUNT AND TERMS OF COMMITMENTS

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

        (b)       On and subject to the terms and conditions of this Agreement from the Amendment Date and prior to the Facility Termination Date, each Committed Purchaser severally, agrees to advance its Commitment Percentage of each Borrowing requested; provided that in no event shall a Committed Purchaser be required on any date to make an advance
        exceeding its aggregate Available Commitment, (determined prior to giving effect to such advance 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 Agent. 

        (c)       Such advance shall be made available to the Issuer, subject to the satisfaction of the conditions specified in Section 3.2 hereof, at or prior to 2:00 p.m. New York City time on the applicable Funding Date by deposit of immediately available funds to an account designated by the Issuer to the Agent.

        (d)       Each Borrowing on the applicable Funding Date shall be made on prior notice from the Issuer received by the Agent (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 specify (i) the
        aggregate amount of the Borrowing, which may not exceed the Maximum Borrowing Amount, and (ii) the applicable Funding Date (which shall be a Business Day) and shall be in substantially in the form attached hereto as Exhibit D. Borrowings may occur on any Business Day. The Agent shall promptly forward a copy of all Borrowing Notices to each Purchaser no later than Noon on the same day received. 

        (e)       Pursuant to the Indenture, the Issuer shall issue five Classes of Notes – the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes. Each Borrowing shall be evidenced by a corresponding increase in the Outstanding Note Balance of each Class of Notes. A Class of Notes will have its Outstanding
        Note Balance increased on each Funding Date by an amount equal to the product of (A) the amount of such Borrowing and (B) such Class’ Percentage Interest. 

         

        -2-

        

        

        

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

        (g)       The Agent shall keep 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.

        (h)       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.

        Section 2.2.      Reductions, Increases and Extensions of Commitments. (a) At any time the Issuer may, acting at the direction of the Residual Interest Owner, upon at least three Business Days’ prior written notice to the Agent, terminate the Commitments or reduce the aggregate Commitments; provided, however,
        such Commitments may not be reduced to an amount less than $50,000,000. 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 Committed Purchasers consent). Reductions of the aggregate Commitments pursuant to this subsection 2.2(a) shall be allocated pro rata among the Committed Purchasers in accordance with each Committed Purchaser’s
        Commitment Percentage. At any time, the Agent may upon the request of the Residual Interest Owner and the consent of all the Committed Purchasers (which consent may be withheld in their sole discretion), increase the Commitments of the Committed Purchasers.

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

        (c)       On the Amendment Date, Branch Banking and Trust Company has executed an amended and restated Joinder Supplement (as defined below) and on the Amendment Date is a Committed Purchaser hereunder. 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 Agent 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 Agent and the Issuer, acknowledged by the Servicer, which shall specify (A) the name and address of such Person for purposes of Section 9.2 hereof, (B) its Commitment, if any, and (C) the other information provided for in such form
        of Joinder Supplement. Upon its receipt of a duly executed Joinder Supplement, the Agent shall on the effective date determined pursuant thereto give notice of such effectiveness to the Issuer, the Servicer and the Indenture Trustee. 

        (d)       A Joinder Supplement may provide for a reduction in the Commitment of a Committed Purchaser if, in accordance with the terms thereof, proper notice is delivered to the Agent, the Issuer and the Servicer. At any time such notice is received from a Committed Purchaser, the Commitment of such Committed Purchaser shall be reduced as provided
        for therein.

         

        -3-

        

        

        

        (e)       So long as no Event of Default has occurred and is continuing (unless otherwise agreed by the Agent), no more than 75 and no less than 45 days prior to the Commitment Expiration Date, the Issuer may request, through the Agent, 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, the Agent shall promptly notify each Purchaser thereof. Within 10 Business Days of notice from the Agent, each Purchaser shall notify the Agent of its willingness or refusal to so extend the Commitment Expiration Date (the “Extension Notice Deadline”). The Agent shall notify the Issuer of such willingness or refusal by the Purchasers
        within five Business Days of the Extension Notice Deadline. If any Purchaser notifies the Agent of its refusal to extend or does not expressly notify the Agent that it is willing to extend the Commitment Expiration Date by the applicable Extension Notice Deadline (each a “Non-Extending Purchaser”), the Commitment Expiration Date shall not be so extended.

        (f)        On the Amendment Date, the aggregate Commitments and the Maximum Facility Balance shall each be $125,000,000. 

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

        (b)       Bluegreen further agrees to pay on the Amendment Date or, if later, within 10 days of such costs and expenses being invoiced to Bluegreen, to the Agent 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 the reasonable fees for the Agent’s counsel and out-of-pocket expenses of counsel for the Agent with respect thereto.

        (c)       Bluegreen agrees to pay to the Agent 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.

        (d)       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 the Agent harmless from and against any liabilities with respect to or resulting from any delay in paying or any omission to pay such taxes and fees.

         

        -4-

        

        

        

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

        (f)        All payments to be made hereunder or under the Indenture, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 1:00 p.m. New York City time on the due date thereof to the Agent’s account specified in subsection 9.2(b) hereof or directly to the
        Purchasers’ accounts if the 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, the Agent shall forward or instruct the Indenture Trustee to forward to the Purchasers 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 the Agent or a Purchaser or (ii) the Agent or a Purchaser receives or is deemed to have received any
        payment or proceeds for application to an obligation, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a Indenture Trustee, receiver or any other party under any bankruptcy or insolvency law, state or Federal law, common law, or for equitable cause, then, to the extent such payment or proceeds are set aside, the obligation or part thereof intended to be satisfied shall be revived
        and continue in full force and effect, as if such payment or proceeds had not been received or deemed received by the Agent or the Purchasers, as the case may be.

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

         

        -5-

        

        

        

        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 expressly for inclusion therein) or arising out of, or based upon, the omission or the alleged omission to state a material fact necessary to make the statements therein or any amendment thereof or supplement thereto, in light
        of the circumstances in which they were made, not misleading (other than with respect to statements provided by the Indemnitee expressly for inclusion therein).

        (b)       Promptly after the receipt by an Indemnitee of a notice of the commencement of any action against an Indemnitee, such Indemnitee will notify the Agent and the Agent will, if a claim in respect thereof is to be made against an Indemnitor pursuant to subsection 2.4(a) 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 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 

         

        -6-

        

        

        

        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.

        (c)       The obligations of Bluegreen under this Agreement shall be absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement. Without limiting the foregoing, neither the lack of validity or enforceability of, or any modification to, any 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 the 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.

        Section 2.5.      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 Committed
        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 Agent may, or upon the request of the Required Purchasers, the Agent shall, by notice to the Issuer, reduce the Commitments of each Committed Purchaser to zero, whereupon the Commitments shall immediately be reduced to zero.

        Section 2.6.      Notification of Note Rate. On the third Business Day immediately preceding each Determination Date, the Agent shall calculate the Note Rate and the Interest Distribution Amount applicable to all Notes for the applicable Interest Accrual Period and shall notify the Indenture Trustee and the Servicer of such rate
        and amount by written notice. 

        SECTION III.  CONDITIONS PRECEDENT

        Section 3.1.      Conditions to Amendment Date. The following shall be conditions precedent to the Amendment Date:

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

        (b)       All of the terms, covenants, agreements and conditions of this Agreement, the Fee Letter and the other Transaction Documents to be complied with and performed by Bluegreen, the Seller, the Servicer, the Issuer, the Depositor, the Owner Trustee or 

         

        -7-

        

        

        

        the Indenture Trustee, as the case may be, by the Amendment Date shall have been complied with in all material respects or otherwise waived by the Agent.

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

        (d)       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.

        (e)       The Agent shall have received (and, to the extent requested, made available to each Purchaser): 

        (i)        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;

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

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

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

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

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

         

        -8-

        

        

        

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

        (viii)    A favorable opinion of counsel to Bluegreen, dated the Amendment Date, in form and substance satisfactory to the Agent, such opinion to permit reliance by the Purchasers;

        (ix)      A favorable opinion of counsel to Vacation Trust, Inc., dated the Amendment Date, in form and substance satisfactory to the Agent related to corporate, regulatory and insolvency matters, such opinion to permit reliance by the Purchasers;

        (x)       A favorable written opinion of counsel to the Owner Trustee and special Delaware counsel to the Issuer, dated the Amendment Date, in form and substance satisfactory to the Agent, such opinion to permit reliance by the Purchasers;

        (xi)      A favorable written opinion of counsel to the Issuer, dated the Amendment Date, in form and substance satisfactory to the Agent, such opinion to permit reliance by the Purchasers; 

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

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

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

        (xv)     Executed copies of each of the Transaction Documents; and

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

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

        Section 3.2.      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):

         

        -9-

        

        

        

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

        (b)       The representations and warranties of Bluegreen, the Issuer and the Depositor set forth or referred to in Section 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;

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

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

        (e)       With respect to the initial Funding Date after the Amendment Date, 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 Agent regarding local
        law matters, such opinion to permit reliance by the Purchasers;

        (f)        If the Agent waives any of the conditions set forth in Section 3.1 hereof on the Amendment Date, each such condition shall be satisfied on or before the first Borrowing; 

        (g)       The weighted average FICO Scores of the Obligors (who have FICO Scores) of the Funding Date Timeshare Loans is equal to or greater than 690. The weighted average Timeshare Loan Rates of the Funding Date Timeshare Loans is equal to or greater than 15.50%.

        (h)       The following representations and warranties with respect to each Funding Date Timeshare Loan, as of the related Funding Date, are true and correct:

        (i)        the Funding Date Timeshare Loan complies with the Credit Policy in effect at the time of origination;

        (ii)       the related Obligor thereunder has a FICO Score of 575 or greater, unless the Obligor has no FICO Score;

        (iii)      if the related Obligor thereunder either (A) has a FICO Score less than 600 or (B) is a United States resident and does not have a FICO Score, such Obligor has made a down payment by cash, check or credit card of at least 20% of the actual purchase price (including closing costs) of the Timeshare Property (which cash down payment may, (i) in the
        case of an Upgraded Club Loan, be represented by principal payments on such 

         

        -10-

        

        

        

        Timeshare Loan since its date of origination, and (ii) in the case of a Sampler Converted Loan, be represented in whole or in part by payments made on the related Sampler Loan) and no part of such payment has been made or loaned to Obligor by Bluegreen or an Affiliate thereof; and

                              (iv)      the Funding Date Timeshare Loan shall not have a Timeshare Loan Rate less than 15.90%, provided, however, that if such Funding Date Timeshare Loan is a 50/50 Loan, it may have a Timeshare Loan Rate less than
        15.90%, but not less than 9.99%.

        (i)        On such Funding Date, the aggregate Loan Balance of the Funding Date Timeshare Loans with Obligors that have no FICO Score and Obligors that are non-United States residents (without duplication) does not exceed 5% of the aggregate Loan Balance of all Funding Date Timeshare Loans acquired by the Issuer on such date.

        (j)        Unless previously received on a Funding Date, the Agent 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 Agent approve as an Additional Approved Opinion Resort, such opinion
        to permit reliance by the Purchasers.

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

        SECTION IV.  REPRESENTATIONS AND WARRANTIES

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

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

        (b)       It has the power, authority and right to make, execute, deliver and perform this Agreement and the 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 

         

        -11-

        

        

        

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

        (c)       No consent, license, approval or authorization of, or registration with, any Governmental Authority is required to be obtained in connection with the execution, delivery or performance of each of this Agreement and the 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 Amendment Date, except such that may be required by applicable securities laws or UCC-1 Financing Statements as have been prepared for filing.

        (d)       The execution, delivery and performance of each of this Agreement and the 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).

        (e)       Other than as disclosed on Schedule 12.2(e) of the Indenture, 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.

        (f)        It has delivered to the Agent complete and correct copies of its audited financial statements for the fiscal year ended on or about December 31, 2009; 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.

        (g)       No report, statement, exhibit or other written information required to be furnished by Bluegreen or any of its Affiliates, agents or representatives to the Agent or any Purchaser pursuant to this Agreement or the 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.

        (h)       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 

         

        -12-

        

        

        

        termination of any such agreement or any other interruption of the ongoing performance by the parties to each such agreement of their respective obligations thereunder.

        (i)        Except as set forth on Schedule A hereto, Bluegreen repeats and reaffirms to the Agent 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 in all material respects (except where such representation or warranty specifically relates to any earlier date, in which case such representation and warranty is repeated and affirmed as of such earlier date).

        (j)        Based upon the Investment Letters of the Purchasers 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.

        (k)       All tax returns (federal, state and local) required to be filed with respect to Bluegreen have been filed (which filings may be made by an Affiliate of Bluegreen on a consolidated basis covering Bluegreen and other Persons) and there has been paid or adequate provision made 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.

        (l)        Based upon the Investment Letters of the Purchasers, the representation letter from GSS Holdings, Inc. and compliance with the terms of this Agreement and the 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.

        (m)      There has not been any material adverse change in the business, operations, financial condition, properties or assets of Bluegreen since the year ended December 31, 2009.

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

        (o)       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. 

        (p)       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), except as disclosed in Schedule B to this Agreement.

         

        -13-

        

        

        

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

        (r)        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 Agent). All applicable Obligors will be instructed to make payment to the
        Lockbox Account in accordance with the Indenture.

        (s)        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.

        (t)        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.

        (u)       As of the Amendment Date and as of each Funding Date, as applicable, (A), 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; (B) 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; (C) Bluegreen and each of its Commonly Controlled Affiliates has no outstanding liability for any undisputed contribution required under any Bluegreen Multiemployer Plan (as defined below) that either individually or in the aggregate could Cause a Material Adverse Effect; and (D) 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 Amendment Date and as of each Funding Date, as applicable, to Bluegreen’s Knowledge (1) neither Bluegreen nor any of its Commonly Controlled Affiliates has incurred any Withdrawal Liability (as defined below) that either 

         

        -14-

        

        

        

        individually or in the aggregate could Cause a Material Adverse Effect, and (2) 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 Amendment 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 (a)(xii), “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.

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

        (a)       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.

        (b)       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.

         

        -15-

        

        

        

        (c)       No consent, license, approval or authorization of, or registration with, any Governmental Authority is required to be obtained in connection with the execution, delivery or performance of each of this Agreement and the 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 Amendment Date, except such that may be required by applicable securities laws or UCC-1 Financing Statements as have been prepared for filing.

        (d)       The execution, delivery and performance of each of this Agreement and the 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.

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

        (f)        No report, statement, exhibit or other written information required to be furnished by it or any of its Affiliates, agents or representatives to the Agent or any Purchaser pursuant to this Agreement or the 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.

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

        (h)       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.

        (i)        Except as set forth Schedule A hereto, the Issuer repeats and reaffirms to the Agent and the Purchasers each of the representations and warranties of the Issuer 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 in all material respects (except where such representation or warranty specifically relates to any earlier date, in which case such representation and warranty is repeated and affirmed as of such earlier date).

         

        -16-

        

        

        

        (j)        Any taxes, fees and other charges of Governmental Authorities applicable to it, except for franchise or income taxes, in connection with the execution, delivery and performance by it of this Agreement and the 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 Amendment Date to the extent then due.

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

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

        (b)       It has the power, authority and right to make, execute, deliver and perform this Agreement and the 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.

        (c)       No consent, license, approval or authorization of, or registration with, any Governmental Authority is required to be obtained in connection with the execution, delivery or performance of each of this Agreement and the 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 Amendment 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.

        (d)       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.

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

         

        -17-

        

        

        

        (f)        No report, statement, exhibit or other written information required to be furnished by it or any of its Affiliates, agents or representatives to the Agent or any Purchaser pursuant to this Agreement or the 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.

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

        (h)       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.

        (i)        Except as set forth on Schedule A hereto, the Depositor repeats and reaffirms to the Agent 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 in all material respects (except where such representation or warranty specifically relates to any earlier date, in which case such representation and warranty are repeated and affirmed as of such earlier date).

        (j)        Any taxes, fees and other charges of Governmental Authorities applicable to it, except for franchise or income taxes, in connection with the execution, delivery and performance by it of this Agreement and the 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 Amendment Date to the extent then due.

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

        SECTION V.    COVENANTS

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

        (a)       it shall perform in all material respects each of the respective agreements and indemnities applicable to it and comply in all material respects with each of the 

         

        -18-

        

        

        

        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;

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

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

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

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

        (f)        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;

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

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

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

        (h)       the Issuer and the Servicer shall furnish to the Agent, promptly after the occurrence of any event which is, or upon the giving of notice, the lapse of time or both would be, an Funding Termination Event, a certificate of an appropriate officer of the Issuer or 

         

        -19-

        

        

        

        the Servicer, as the case may be, setting forth the circumstances of such event and any action taken or proposed to be taken by the Issuer or the Servicer with respect thereto;

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

        (j)        it shall execute and deliver to the Agent or the Indenture Trustee all such documents and instruments and do all such other acts and things as may be necessary or reasonably required by the Agent or the Indenture Trustee to enable the Agent or the Indenture Trustee to exercise and enforce their respective rights under the 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 Agent to validate, preserve, perfect and protect the position of the Indenture Trustee under the Indenture provided no such action shall be inconsistent with the Indenture or contrary to instructions of the Indenture Trustee;

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

        (l)        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) at least 66-2/3% of the Purchasers
        shall have consented thereto;

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

        (i)        (A) for so long as Bluegreen is a reporting company under the Exchange Act, each report on Form 8-K, Form 10-K or Form 10-Q required to be filed with the Securities and Exchange Commission by Bluegreen and (B) if Bluegreen is no longer a reporting company under the Exchange Act, (1) as soon as available and in any event within 45 days
        after the end of each fiscal quarter (or, if later, that date which Bluegreen is required to file financial statements 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 chief financial officer of Bluegreen
        and (2) as soon as available and in any event within 90 days after the end of each fiscal year of Bluegreen (or, if later, that date which Bluegreen is required to file financial statements 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 Agent) which report shall be unqualified as to going concern and scope of audit (if such scope limitation would be 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 

         

        -20-

        

        

        

        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 Section 5.1(m)(i) to the extent the documents required to be filed pursuant to this
        Section 5.1(m)(i) are publicly filed within the time periods required by this Section 5.1(m)(i).

        (ii)       A copy of each certificate, opinion, report, notice or other communication (other than investment instructions) furnished by or on behalf of Bluegreen or the Issuer to the Indenture Trustee under the 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; and

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

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

        (o)       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 Agent ten days prior to any material amendment of or change in the Credit Policy or the Collection Policy and (ii) obtain the Agent’s prior written consent (which consent will
        not be unreasonably withheld or delayed) if such amendment or change has a material and adverse affect on the Noteholders; provided, that Bluegreen may immediately implement any changes (and provide notice to the Agent 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 a copy of any non-material amendments or changes to the Collection Policy
        or the Credit Policy to the Agent with the Monthly Report to be delivered subsequent to the effective date of such amendments or changes.

        (p)       at the request of the Agent, the Seller shall cause to be delivered to the Agent, within 30 days following the end of each fiscal quarter of the Seller, the written report of a review conducted as of the last day of such fiscal quarter by an independent auditor acceptable to the Agent of a random sampling of Timeshare Loans that are held by
        the Custodian, together with all related Timeshare Loans Documents held by the Custodian; provided, however, in addition to the quarterly reports described above, each calendar year (so long as no Event of Default has occurred), the Agent, in its 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 Agent no later than the later of (i) thirty days after such request by the
        Agent or (ii) the fifth Business Day after the completion of the related audit procedures; it being understood, however, that if the Agent 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 

         

        -21-

        

        

        

        the expense of the Agent; it being further understood, however, that upon the occurrence of an Event of Default, the Agent shall not be limited to the number of written reports that it may request and the expense of such written reports shall be borne by the Seller.

        (q)       to the extent it has not previously done so, Bluegreen shall instruct all applicable Obligors to cause all Collections to be deposited directly to 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;

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

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

        (t)        except as otherwise provided herein, neither Bluegreen, the Depositor nor the Issuer will sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon (or the filing of any financing statement) or with respect to, any 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;

        (u)       except as otherwise permitted in the Indenture or with the prior written consent of the Agent, Bluegreen will not extend, amend or otherwise modify the terms of any Timeshare Loan, or amend, modify or waive any term or condition of any contract related thereto;

        (v)       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 Agent;

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

        (x)       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;

        (y)       the Depositor and the Issuer each shall, unless the Agent shall otherwise consent in writing: 

        (i)        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 

         

        -22-

        

        

        

        such persons are concerned, and shall avoid the appearance that it is conducting business on behalf of any Affiliate thereof or that its assets are available to pay the creditors of Bluegreen or any Affiliate thereof (other than as expressly provided herein); 

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

        (iii)      obtain proper authorization for all action requiring such authorization; 

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

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

        (vi)      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); 

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

        (viii)    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;

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

        (x)       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;

        (xi)      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; 

        (xii)     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 

         

        -23-

        

        

        

        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

        (xiii)    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

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

        (aa)      in the event that after the Amendment Date and at any time this Agreement is in effect or any Note remains unpaid, any of Bluegreen, the Depositor, the Issuer or any of its Affiliates shall enter into any agreement, guarantee, indenture or other instrument governing, relating to, providing for commitments to advance or guaranteeing any financing
        or enter into any amendment or other modification of the terms and conditions of any Material Credit Facility, which includes financial covenants similar to or in addition to those provided in this Agreement or any other Transaction Document which are more favorable to the lender or other counterparty thereunder than those provided in this Agreement or any other Transaction Document, such party(ies) shall promptly so notify the Agent and the Purchasers in writing. Within 30 days of
        receipt of such notice, the Agent shall either (i) indicate which financial covenants the Agent (after consultation with the Required Purchasers) has determined to be more favorable than the ones set forth herein or in the Transaction Documents, in which case, the Transaction Documents shall be deemed amended to provide for substantially the same financial covenants as those provided for in such agreement, guarantee, indenture or other instrument, and the parties agree to cooperate to
        memorialize such amendment in writing or (ii) indicate that no changes are necessary to the Transaction Documents; provided, that the Agent shall be granted a one time additional 30 day extension if it shall so request. To the extent the Agent has not provided written notice to the applicable party within 30 days (or 60 days, if the Agent has requested an extension) of notice from such applicable party, the Agent will be deemed to have agreed that no amendments to the financial
        covenants will be necessary. For the avoidance of doubt, for purposes of this Section 5.1(aa), notice by Bluegreen, the Depositor, the Issuer or any of their Affiliates must be made in writing and the filing of notice of a Material Credit Facility with the Securities and Exchange Commission shall not constitute sufficient notice to the Agent.

        SECTION VI.  TAXES, ETC.

        Section 6.1.      Increased Costs. Subject to the provisions of Section 6.4 hereof, if, due to the introduction of or any change (including any change by way of imposition or increase of reserve requirements) in or in the Interpretation of any law or regulation or the imposition of any guideline or request from any central
        bank or other Governmental Authority after the 

         

        -24-

        

        

        

        Amendment Date, there shall be an increase in the cost to a Purchaser of making, funding or maintaining any investment in the Notes or any interest therein or of agreeing to purchase or invest in the Notes or any interest therein, as the case may be (other than by reason of any Interpretation of or change in laws or regulations relating to Taxes or Excluded Taxes), the Issuer shall,
        upon written demand by such Purchaser (with a copy to the Agent), direct the Indenture Trustee in writing to pay to the Agent for the benefit of such Purchaser that portion of such increased costs incurred which such Purchaser 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, as the case may be. In determining such amount, such Purchaser may
        use any reasonable averaging and attribution methods, consistent with the averaging and attribution methods generally used by such Purchaser in determining amounts of this type. A certificate as to such increased costs incurred submitted to the Issuer and the Agent, setting forth the calculation thereof in reasonable detail, shall be prima facie evidence as to the amount of such increased costs. Any Purchaser 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 Purchaser, such steps would be materially disadvantageous to such Purchaser. The Agent agrees to use reasonable efforts to give notice to the Issuer and Bluegreen
        of any change in or in the Interpretation of any law or regulation or the imposition of any guideline or request from any central bank or other Governmental Authority after the Amendment Date, that would increase the cost to a Purchaser for which the Agent has actual knowledge.

        Section 6.2.      Increased Capital. Subject to the provisions of Section 6.4 hereof, if the introduction of or any change in or in the Interpretation of any law or regulation or the imposition of any guideline or request from any central bank or other Governmental Authority after the Amendment Date, affects or would affect
        the amount of capital required or expected to be maintained by any Purchaser after the Amendment Date, and such Purchaser determines that the amount of such capital is increased as a result of (i) the existence of such Purchaser’s agreement to make or maintain an investment in the Notes or any interest therein or (ii) the existence of any agreement by such Purchaser to make or maintain an investment in the Notes or any interest therein or to fund any such investment
        after the Amendment Date, then, upon written demand by such Purchaser (with a copy to the Agent), the Issuer shall direct the Indenture Trustee in writing to pay to the Agent for the benefit of such Purchaser, additional amounts, as specified by such Purchaser, sufficient to compensate such Purchaser in light of such circumstances, to the extent that such Purchaser reasonably determines such increase in capital to be allocated to the existence of such Purchaser’s agreement
        described in clause (i) above or the commitments of such Purchaser described in clause (ii) above. In determining such amounts, such Purchaser may use any reasonable averaging and attribution methods, consistent with the averaging and distribution methods generally used by such Purchaser in determining amounts of this type. A certificate as to such amounts submitted to the Issuer and the Agent by such Purchaser setting forth the calculation thereof in reasonable detail, shall
        be prima facie evidence of the amounts so owed. Any Purchaser 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 Purchaser,
        such steps would be materially disadvantageous to such Purchaser. 

         

        -25-

        

        

        

        The Agent agrees to use reasonable efforts to give notice of any change in or in the Interpretation of any law or regulation or the imposition of any guideline or request from any central bank or other Governmental Authority after the Amendment Date, affects or would affect the amount of capital required or expected to be maintained by an Purchaser for which the Agent has actual
        knowledge.

        Section 6.3.      Taxes. (a) 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 of such Purchaser, franchise taxes imposed on such Purchaser, and taxes (other than withholding taxes), levies, imposts, deductions, charges or withholdings imposed on the receipt or gross receipts of such Purchaser by any of (i) the United States or any State thereof, (ii) the state or
        foreign jurisdiction under the laws of which such Purchaser is organized, with which it has a present or former connection (other than solely by reason of this Agreement), or in which it is otherwise doing business or (iii) any political subdivision thereof (all such excluded items being referred to as “Excluded Taxes” and all such taxes, levies, imposts, deductions, charges, withholdings and liabilities other than Excluded Taxes being referred to as
        “Taxes”). If the Indenture Trustee, as directed by the Agent, shall be required by law to deduct any Taxes from or in respect of any sum required to be paid or deposited hereunder or under any instrument delivered hereunder to or for the benefit of a Purchaser (A) subject to Section 6.4 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 the Agent, shall make such deductions and (C) the Indenture Trustee, as directed by the Agent, shall pay the full amount of such deductions to the relevant taxation authority or other authority
        in accordance with applicable laws.

        (b)       Subject to the limitations set forth in subsection 6.3(d) and Section 6.4 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 Amendment Date (including penalties, interest and expenses) arising therefrom or required to be paid with respect thereto. Each Purchaser agrees to promptly notify the Agent and the Issuer of any payment of such Taxes made by it and, if practicable, any request, demand or notice
        received in respect thereof prior to such payment. Each Purchaser shall be entitled to payment of this indemnification within 30 days from the date such Purchaser makes written demand therefor to the Agent and the Issuer. A certificate as to the amount of such indemnification submitted to the Issuer and the Agent by such Purchaser setting forth in reasonable detail the basis for and the calculation thereof, shall be prima facie evidence of the amounts so owed.

         

        -26-

        

        

        

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

        (d)       Each Purchaser that is organized under the laws of a jurisdiction other than the United States or a state thereof hereby agrees to complete, execute and deliver to the Indenture Trustee from time to time prior to the date on which such Purchaser will be entitled to receive distributions pursuant to the Indenture or this Agreement, Internal
        Revenue Service W-8ECI or W-8BEN (or any successor form), 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 hereunder and under the Indenture and this Agreement without any deduction or withholding for or on account of any tax. Each Purchaser agrees to provide, to the extent permitted by law, like
        additional subsequent duly executed forms on or before the date that any such form expires or becomes obsolete, or upon the occurrence of any event requiring an amendment, resubmission or change in the most recent form previously delivered by it and to provide such extensions or renewals as may be reasonably requested by the Issuer. Each Purchaser 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.

        (e)       Each Purchaser, as of the Amendment 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, hereby represents and warrants to the Issuer that it is not subject to gross-up or indemnity of Taxes under
        subsection 6.3(a) or (b) hereof from or in any 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 any Purchaser.

        (f)        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.

        Section 6.4.      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 Agent 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. 

        SECTION VII.        THE AGENT

        Section 7.1.      Appointment. Each Purchaser hereby designates and appoints the Agent as the agent of such Purchaser under this Agreement, and each such Purchaser authorizes the Agent, as the agent for such Purchaser, to take such action on its behalf under the provisions 

         

        -27-

        

        

        

        of the Transaction Documents and to exercise such powers and perform such duties thereunder as are expressly delegated to the 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 Agent shall not have any duties or responsibilities, except
        those expressly set forth herein, or any fiduciary relationship with any Purchaser, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against the Agent. The Required Purchasers may replace the Agent at any time with ten Business Days’ notice; provided, that a replacement agent is named prior to dismissal of the Agent.

        Section 7.2.      Delegation of Duties. The Agent may execute any of its 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 Agent shall not be responsible for the negligence or misconduct of any
        agents or attorneys-in-fact selected by it with due care.

        Section 7.3.      Exculpatory Provisions. Neither the Agent nor its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (a) liable to any of the Purchasers for any action lawfully taken or omitted to be taken by it or such Person under or in connection with any of the other 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 the 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 Seller, the Depositor, the Issuer, the Servicer or the Indenture Trustee to perform its obligations thereunder. The Agent shall not be under any obligation to any Purchaser to ascertain or to inquire as to the observance or performance of any of the agreements
        contained in, or conditions of, any of the other Transaction Documents, or to inspect the properties, books or records of the Seller, the Depositor, the Issuer, the Servicer or the Indenture Trustee.

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

         

        -28-

        

        

        

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

        Section 7.6.      Non-Reliance on Agent and Other Purchasers. Each Purchaser expressly acknowledges that neither the Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Agent hereafter taken, including any review of
        the affairs of the Seller, the Depositor, the Issuer, the Servicer or the Indenture Trustee shall be deemed to constitute any representation or warranty by the Agent to any Purchaser. Each Purchaser represents to the Agent that it has, independently and without reliance upon the Agent or any other Purchaser, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other
        condition and creditworthiness of the Indenture Trustee, the Seller, the Depositor, the Issuer and the Servicer and made its own decision to purchase its interest in the Notes hereunder and enter into this Agreement. Each Purchaser also represents that it will, independently and without reliance upon the Agent or any other Purchaser, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis, appraisals and decisions in taking
        or not taking action under any of the 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 the Agent, for notices, reports and other documents received by the Agent under Section 5 hereof, the Agent shall not have any duty or responsibility to provide
        any Purchaser with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of the Indenture Trustee, the Seller, the Depositor, the Issuer or the Servicer which may come into the possession of the Agent or any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates.

        Section 7.7.      Indemnification. The Purchasers agree to indemnify the Agent in its capacity as such (without limiting the obligation (if any) of the Seller, the Depositor, the Issuer or the Servicer to reimburse the Agent for any such amounts), ratably according to their respective 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 the Agent in any way relating to or arising out of this Agreement, or any documents contemplated by or referred to herein or
        the transactions contemplated hereby or any action taken or omitted by the Agent under or in connection with any of the foregoing; provided that no Purchaser shall be liable for the payment of any portion of such 

         

        -29-

        

        

        

        liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of the Agent resulting from the 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.

        Section 7.8.      Agent in Its Individual Capacities. The Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Indenture Trustee, the Seller, the Servicer, the Owner Trustee, the Depositor and the Issuer as though the Agent was not the agent hereunder. Each
        Purchaser acknowledges that Branch Banking and Trust Company is a Purchaser hereunder. Branch Banking and Trust Company, in its capacity as the Agent shall not, by virtue of its acting in any such other capacities, be deemed to have duties or responsibilities hereunder or be held to a standard of care in connection with the performance of its duties as the Agent other than as expressly provided in this Agreement. Branch Banking and Trust Company may act as the Agent without regard to
        and without additional duties or liabilities arising from its role as such administrator or agent or arising from its acting in any such other capacity.

        Section 7.9.      Successor Agent. The Agent may resign as Agent upon 30 days’ notice to the Purchasers, the Indenture Trustee, the Issuer, the Depositor, the Seller and the Servicer with such resignation becoming effective upon a successor agent succeeding to the rights, powers and duties of the Agent pursuant to this
        Section 7.9. If the Agent shall resign as Agent under this Agreement, a successor agent for the Purchasers shall be appointed by at least 66-2/3% of the Purchasers. The successor agent shall succeed to the rights, powers and duties of the Agent, and the term “Agent” shall mean such successor agent effective upon its appointment, and the former Agent’s rights, powers and duties as Agent shall be terminated, without any other or further act or deed on the part of such
        former Agent or any of the parties to this Agreement. After the retiring Agent’s resignation as Agent, the provisions of this Section VII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement. Unless waived by the Required Purchasers, the Agent shall be required to have a combined capital and surplus of at least $100,000,000.

        Section 7.10.    Communications. The Agent shall promptly forward to the Purchasers, 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, the Agent shall also make available or provide copies to the Purchasers of all other relevant
        communications, documents or information obtained or prepared by the Agent in connection with the Transaction Documents.

        Section 7.11.    Control by Purchasers. The Required Purchasers 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 Agent, the Indenture Trustee or the 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) the Agent shall not be required to follow any such direction which the Agent reasonably believes might result in any personal liability on the part of the Agent for which the Agent is not adequately indemnified; and (iii) the Agent may take any other action deemed proper by the Agent which is not inconsistent with any such direction; provided that the Agent
        shall give notice of any such action to the Purchasers. The Agent, as the Noteholder, shall cast any vote or give any direction 

         

        -30-

        

        

        

        under the Indenture on behalf of the Purchasers if it has been directed to do so by the Required Purchasers, provided, that with respect to Sections 5.4(b), 5.10, 5.16(e), 6.2(b), 6.2(f), 6.3(a), 6.3(d), 6.13(a) and 8.5(e)(ii) of the Indenture, the Agent, as the Noteholder, shall cast any vote or give any direction under the Indenture on behalf of the Purchasers only with the
        consent of at least 66-2/3% of the Purchasers. The Agent agrees that it shall not effect any material action under this Agreement, the Indenture or any other Transaction Documents without the direction of the Required Purchasers and the Agent further agrees that it shall notify all Purchasers with respect to any action or consent requested of the Agent that requires direction of a majority of the Purchasers at least five days before taking such action or providing such consent.
        

        SECTION VIII.      SECURITIES LAWS; TRANSFERS

        Section 8.1.      Transfers of Notes. (a) Each of the Agent and the Purchasers agrees that any interest in the Notes purchased or otherwise acquired by it will be acquired for investment only and not with a view to any distribution thereof, and that it will not offer to sell or otherwise dispose of any Note acquired by it (or
        any interest therein) in violation of any of the registration requirements of the Securities Act or the registration or qualification requirements of any applicable state or other securities laws. Each of the Agent and the 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 Agent 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. 

        (b)       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 Agent 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 Agent that it is either (A)(i) a citizen or resident of the United States, (ii) a corporation or partnership (or any other entity
        treated as a corporation or a partnership for federal income tax purposes) organized in or under the laws of the United States or any political subdivision thereof which, if such entity is a tax-exempt entity, recognizes that payments with respect to the Notes may constitute unrelated business taxable income or (iii) a person not described in (i) or (ii) whose income from the Notes is and will be effectively connected with the conduct of a trade or business within the United States
        (within the meaning of the Code) and whose ownership of any interest in a Note will not result in any withholding obligation with respect to any payments with respect to the Notes by any Person and who will furnish to the Agent, the Seller, the Servicer and the Indenture Trustee, and to the Owner making the Transfer a properly executed U.S. Internal Revenue Service Form W-8ECI or W-8BEN (or any successor form) (and to agree (to the extent legally able) to provide a new Form W-8ECI or
        W-8BEN (or any successor form) upon the expiration or obsolescence of any previously delivered form and 

         

        -31-

        

        

        

        comparable statements in accordance with applicable United States laws), (B) an estate the income of which is includible in gross income for United States federal income tax purposes or (C) a trust if a court within the United States is able to exercise primary supervision over the administration of such trust and one or more United States fiduciaries have the authority to control all substantial
        decisions of the trust. 

        (c)       Any sale, transfer, assignment, participation, pledge, hypothecation or other disposition (a “Transfer”) of a Note or any interest therein may be made only in accordance with this Section 8.1. Any Transfer of a Note, an interest in a Note, or any Commitment Percentage 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 Participation (each as defined below) to any Person (each, a “Transferee”) unless such transfer complies with the transfer
        restrictions specified in the Indenture and prior to the transfer the Transferee shall have executed and delivered to the Agent and the Issuer an Investment Letter.

        (d)       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 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.

        (e)       The Agent and each Purchaser, severally and with respect to itself only, covenants and agrees that any information obtained by the Agent or such Purchaser pursuant to, or otherwise in connection with, this Agreement or the other Transaction Documents shall be held in confidence (it being understood that documents provided to the Agent
        hereunder may in all cases be distributed by the Agent to the Purchasers) except that the Agent or such Purchaser may disclose such information (i) to its officers, directors, 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 the Agent or such
        Purchaser, (iii) to the extent such information was available to the Agent or such Purchaser on a nonconfidential basis prior to its disclosure to the Agent or such Purchaser in connection with this transaction, (iv) with the consent of the Servicer, (v) to the extent permitted by the preceding paragraph, or (vi) to the extent the Agent or such Purchaser should be (A) required in connection with any legal or regulatory proceeding or (B) requested by any Governmental Authority to
        disclose such information; provided, that, in the case of clause (vi), the Agent or such Purchaser, as the case may be, will (unless otherwise prohibited by law or in connection with regular regulatory reviews) notify the Issuer of its intention to make any such disclosure as early as 

         

        -32-

        

        

        

        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.

        (f)        Each Purchaser may, in accordance with applicable law (which includes applicable securities laws), at any time grant participations in all or part of its Commitment or its interest in the Notes, including the payments due to it under this Agreement and the Indenture (each, a “Participation”), to any Person (each, a
        “Participant”); provided, however, that no Participation shall be granted to any Person unless and until the Agent shall have consented thereto (which consent shall not be unreasonably withheld) and the conditions to Transfer specified in this Agreement, including in subsection 8.1(c) hereof, shall have been satisfied and that such Participation consists of a pro rata percentage interest in all 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 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 Agent. Each Participant shall be entitled to receive indemnification pursuant to Section 2.4 hereof as if such Participant were a Purchaser and such Section applied to its Participation. Each Purchaser shall give the Agent notice of
        the consummation of any sale by it of a Participation, and the Agent (upon receipt of notice from the related Purchaser) shall promptly notify the Issuer, the Servicer and the Indenture Trustee. 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.

        (g)       Each Purchaser may, with the consent of the Agent and the Servicer (which shall not unreasonably be withheld) and in accordance with applicable law (which includes applicable securities laws), sell or assign (each, an “Assignment”), to any Person (each, an “Assignee”) all or any part of its Commitment
        or its interest in the Notes and its rights and obligations under this Agreement and the Indenture pursuant to an agreement substantially in the form attached hereto as Exhibit C hereto (a “Transfer Supplement”), executed by such Assignee and the Purchaser and delivered to the Agent and the Servicer for their acceptance and consent; provided, however, that no such assignment or sale shall be effective unless and until the conditions to Transfer specified
        in this Agreement, including in subsection 8.1(c) hereof, shall have been satisfied; and provided, further, however, that neither the consent of the Servicer nor the Agent 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 the 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 and other obligations under this Agreement; provided, however, that after giving effect to each such Assignment, the obligations released by any such Purchaser shall have been assumed by an Assignee or
        Assignees. Such Transfer 

         

        -33-

        

        

        

        Supplement shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Percentage Interests, Commitment Percentages arising from the Assignment. Upon its receipt and acceptance of a duly executed Transfer Supplement, the Agent shall on the effective date determined pursuant thereto give notice of such
        acceptance to the Issuer, the Servicer and the Indenture Trustee.

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

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

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

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

        Section 8.2.      Register of Purchasers and Participants. The Agent shall maintain a register (the “Purchaser/Participant Register”) for the registration, transfer and exchange of interests in the Notes and the granting of Participations of interests in the 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 Register.

        SECTION IX.  MISCELLANEOUS

        Section 9.1.      Amendments and Waivers. This Agreement may not be amended, supplemented or modified nor may any provision hereof be waived except in accordance with the provisions of this Section 9.1. With the written consent of the Required Purchasers, the Agent, the Seller, the Servicer, the Depositor and the Issuer may,
        from time to time, enter into written amendments, supplements, waivers or modifications hereto for the purpose of adding any provisions to this Agreement or changing in any manner the rights of any party hereto or waiving, on such terms and conditions as may be specified in such instrument, any of the requirements of this Agreement; provided, however, that no such amendment, supplement, waiver or modification 

         

        -34-

        

        

        

        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 Agent. Any waiver of any provision of this Agreement shall be limited to the provisions specifically set forth therein for the period of time set forth therein and shall not be construed to be a waiver of any other provision of this
        Agreement.

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

        
            	
                        The Issuer:

                    	
                        BXG 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

                    
	
                         

                    	
                         

                    
	
                        The Indenture Trustee:

                    	
                        U.S. BANK NATIONAL ASSOCIATION

                        60 Livingston Avenue

                        EP-MN-WS3D

                        St. Paul, MN  55107-2292 

                        Phone: (651) 495-3880

                        Fax: (651) 495-8093

                        Attention: BXG Timeshare Trust I

                    

        

         

         

        -35-

        

        

        

         

        
            	
                         

                    	
                         

                         

                    
	
                        The Agent:

                    	
                        BB&T Capital Markets

                        1133 Avenue of the Americas, 27th Floor

                        New York, New York 10036

                        Attention: Paul Richardson

                        Fax: (212) 822-8151

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        and

                    
	
                         

                    	
                         

                         

                    
	
                         

                    	
                        Branch Banking and Trust Company

                        200 West Second Street, 16th Floor

                        Winston-Salem, North Carolina 27101

                        Attention: Cory Boyte

                        Fax: (336) 733-2740

                    
	
                         

                    	
                         

                    

        

        (b)       Unless otherwise directed by the Agent, all payments to it shall be made by federal wire (ABA #053101121), to account number 4990024249, bank name: BB&T, account name: BXG Timeshare Trust. To the extent necessary, any communications regarding any wires should be directed to Beth Cook of Branch Banking and Trust Company; Fax: (336)
        733-2740 and Phone: (336) 733-2726.

        Section 9.3.      No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Agent or any Purchaser, any right, remedy, power or privilege under any of the 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 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.

        Section 9.4.      Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Seller, the Servicer, the Depositor, the Issuer, the Agent, the Purchasers, any Assignee, any Participant, 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 66-2/3% of the Purchasers and the Purchasers, the Agent, Assignees and Participants may not assign or transfer any of their respective rights or obligations except as provided herein.

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

         

        -36-

        

        

        

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

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

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

        Section 9.9.      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 Agent hereunder and the termination of all Commitments; provided, however, that the provisions of
        Sections 2.3, 2.4, 6.1, 6.2, 7.7, 9.11, 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 Agent, Purchasers or any Affected Party thereunder shall remain payable thereto.

        Section 9.10.    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 the Agent nor any Purchaser shall look to any property or assets of the Issuer, other than to the Trust Estate. Each Purchaser and the Agent hereby
        agrees that to the extent such funds are insufficient or unavailable to pay any amounts owing to it by the Issuer pursuant to this Agreement, prior to the commencement of a bankruptcy or insolvency proceeding by or against the Issuer, it shall not constitute a claim against the Issuer. Each of the Issuer, the Depositor, the Seller, the Servicer, the Agent and each Purchaser agrees that it shall not institute or join against the Depositor or the Issuer any bankruptcy, reorganization,
        arrangement, insolvency or liquidation proceeding, or similar proceeding under any federal or state bankruptcy law, for one year and a day after the termination of the Indenture. Nothing in this paragraph shall limit or otherwise affect the liability of the Servicer and the Seller with respect to any amounts owing by the Servicer or the Seller, respectively, hereunder or the right of the Agent or any Purchaser to enforce such liability against the Servicer or the Seller, respectively,
        or any of its respective assets. For clarity, it is understood that the Timeshare Loans, related Timeshare Loan Documents 

         

        -37-

        

        

        

        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.

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

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

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

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

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

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

         

        -38-

        

        

        

        Section 9.13.    WAIVERS OF JURY TRIAL. EACH OF THE SELLER, THE SERVICER, THE ISSUER, THE DEPOSITOR, THE AGENT AND THE PURCHASERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING DIRECTLY OR INDIRECTLY TO
        THIS AGREEMENT OR ANY OTHER DOCUMENT OR INSTRUMENT RELATED HERETO AND FOR ANY COUNTERCLAIM THEREIN.

        Section 9.14.    Limitation of Liability of Owner Trustee. Notwithstanding anything contained herein or in any other 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.

        Section 9.15.    Effective Date. This Agreement shall be effective as of the Amendment Date. 

        Section 9.16.    Hedging Requirements. Upon prior written notice from the Agent 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 Agent on behalf of the Purchasers pursuant to Section 2.3 hereof and the Indenture. Each Hedge Agreement shall be in form and substance satisfactory to the Agent, including, without limitation, having a notional amount based on the Required Hedge Amount.

         

        -39-

        

        

        

        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
	 	 	 
	
                     

                	
                    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	 
	 	 	 	 
	 	BRANCH BANKING AND TRUST COMPANY,

                  as Agent
	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

        

         

        -40-

        

        

        

        EXHIBIT A

         

        FORM OF INVESTMENT LETTER

        [Date]

         

        BXG TIMESHARE TRUST I

        c/o___________, as Owner Trustee Attention: 

        Bluegreen Corporation

         

        Bluegreen Timeshare Finance Corporation I

         

         

        
            	
                        Re

                    	
                        BXG 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 Third Amended and Restated Note Funding Agreement dated as of August 1, 2010 (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 and Branch Banking and Trust Company, as 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 the Agent or any other Purchaser, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Issuer, the Depositor, the Seller and the Servicer and made its own
        decision to purchase its interest in the Notes, and will, independently and without 

         

        

        

        

        reliance upon the Agent or any other Purchaser, and based on such documents and information as 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”) or 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 Purchaser Interest or any interest or participation therein, as contemplated in the following sentence. The Purchaser will not resell or otherwise transfer any interest or participation in the
        Purchaser Interest, except in accordance with Section 8.1 of the Note 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.

        (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 Article VIII thereof.

         

        -2-

        

        

        

        Very truly yours,

        [NAME OF PURCHASER]

        By ________________________________

             Name:

               Title:

         

        -3-

        

        

        

        EXHIBIT B

        FORM OF JOINDER SUPPLEMENT

        JOINDER SUPPLEMENT, dated as of the date set forth in Item 1 of Schedule I hereto, 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 Branch Banking and Trust Company, as Agent for the Purchasers under, and as defined in, the Note Funding Agreement described below (in such capacity, the “Agent”).

        W I T N E S S E T H

        WHEREAS, this Supplement is being executed and delivered in accordance with subsection 2.2(c) of the Third Amended and Restated Note Funding Agreement, dated as of August 1, 2010, 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 Agent (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 Agent of five counterparts of this Supplement, to each of which is attached a fully completed Schedule I and Schedule II, each of which has been executed by the Additional Purchaser, the Issuer and the Agent, the Agent will transmit to the Servicer, the Issuer, the Indenture Trustee and the Additional Purchaser a Joinder Effective Notice, substantially in the form
        of Schedule III to this Supplement (a “Joinder Effective Notice”). Such Joinder Effective Notice shall be executed by the Agent and shall set forth, inter alia, the date on which the transfer effected by this Supplement shall become effective (the “Joinder Effective Date”). From and after the Joinder Effective Date, the Additional Purchaser shall be a Purchaser party to the Note Funding Agreement for all purposes thereof having an
        initial Commitment 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 Issuer and the Indenture Trustee an executed Investment Letter in the form of Exhibit A to 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 documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Supplement.

         

        -1-

        

        

        

        By executing and delivering this Supplement, the Additional Purchaser confirms to and agrees with the Agent and the Purchaser as follows: (i) neither the Agent nor any other Purchaser makes any representation or warranty or assumes any responsibility with respect to any statements, warranties or representations made in or in connection with the Note 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 the Agent or any other Purchaser and based on such
        documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Note Funding Agreement; (iv) each Purchasing Purchaser appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under the Note Funding Agreement and the Indenture as are delegated to the Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in
        accordance with Section 7 of the Note Funding Agreement; and (vi) the Additional Purchaser agrees (for the benefit of the Agent, the other Purchasers, the Indenture Trustee, the Seller, the Servicer, the Depositor and the Issuer) that 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, 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.

        (i)        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 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.

         

        -2-

        

        

        

         

        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:

                    	
                        Third Amended and Restated Note Funding Agreement, dated as of August 1, 2010, 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 Branch Banking and Trust Company, as Agent.

                    

        

        
            	
                        Item 1:

                    	
                        Date of Joinder Supplement:

                    

        

        
            	
                        Item 2:

                    	
                        Additional Purchaser:

                    

        

        
            	
                        Item 3:

                    	
                        Signatures of Parties to Agreement:

                    

        

          

        
            	
                         

                    	
                         

                    	 	 
	 	 	as Additional Purchaser	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	[By:	 	 
	 	 	Name:	 
	 	 	Title:]	 
	 	 	 	 
	 	 	BXG TIMESHARE TRUST I	 
	 	 	as Issuer	 
	 	 	 	 
	 	By _______________, not in its individual capacity, but solely as Owner Trustee	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	BRANCH BANKING AND TRUST 

                    COMPANY, as Agent	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

        

         

        -1-

        

        

        

        	 	 	BLUEGREEN CORPORATION,	 
	 	 	as Seller and Servicer	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	BLUEGREEN TIMESHARE FINANCE	 
	 	 	CORPORATION I, as Depositor	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

         

        -2-

        

        

        

        SCHEDULE II TO

        JOINDER SUPPLEMENT

        LIST OF INVESTING OFFICES, ADDRESSES

        FOR NOTICES AND COMMITMENT

        
            	
                        [Additional Purchaser]

                    	
                         

                    
	
                         

                    	
                         

                    
	
                        Initial Commitment Percentage:

                        (if applicable)

                    	
                        _______%

                    
	
                        Class of Notes

                    	
                        _________

                    
	
                        Initial Commitment:

                    	
                        $____________

                    
	
                        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

        Agent and Additional Purchaser]

        The undersigned, as Agent under the Third Amended and Restated Note Funding Agreement, dated as of August 1, 2010, 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 Branch Banking and Trust Company, as Agent for the Purchasers thereunder, acknowledges receipt
        of five executed counterparts of a completed Joinder Supplement. [Note: attach copies of Schedules I and II from such Agreement.] Terms defined in such Supplement are used herein as therein defined.

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

        Very truly yours,

         

        BRANCH BANKING AND TRUST COMPANY, as Agent

         

        	By:	 	 
	 	Name:	 
	 	Title:	 

         

        -1-

        

        

        

        EXHIBIT C

        FORM OF TRANSFER SUPPLEMENT

        TRANSFER SUPPLEMENT, dated as of the date set forth in Item 1 of Schedule I hereto, among the transferor Purchaser set forth in Item 2 of Schedule I hereto (the “Transferor Purchaser”), the Purchasing Purchaser set forth in Item 3 of Schedule I hereto (the “Purchasing Purchaser”), and Branch Banking and Trust Company, as Agent for the Purchasers
        under, and as defined in, the Note Funding Agreement described below (in such capacity, the “Agent”).

        W I T N E S S E T H:

        WHEREAS, this Supplement is being executed and delivered in accordance with subsection 8.1(e) of the Third Amended and Restated Note Funding Agreement, dated as of August 1, 2010, 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 Agent (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 Agent of five counterparts of this Supplement, to each of which is attached a fully completed Schedule I and Schedule II, each of which has been executed by the Transferor Purchaser, the Purchasing Purchaser [,the Issuer]1 and the Agent, the Agent will transmit to the Servicer, the Seller, the Issuer, the
        Depositor, the Indenture Trustee, the Transferor Purchaser and the Purchasing Purchaser a Transfer Effective Notice, substantially in the form of Schedule III to this Supplement (a “Transfer Effective Notice”). Such Transfer Effective Notice shall be executed by the Agent and shall set forth, inter alia, the date on which the transfer effected by this Supplement shall become effective (the “Transfer Effective Date”). From and after the
        Transfer Effective Date the Purchasing Purchaser shall be a Purchaser party to the Note 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 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

        _________________________

        1  required by the Note Funding Agreement. 

        -1-

        

        

        

        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 Commitment 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 amount of the Outstanding Note Balance of the Notes is $                           and its Percentage Interest thereof is ___%, which
        equals $                           as of              , 200_. Upon and after the Transfer Effective Date (until further modified in accordance with the Note Funding Agreement), the Commitment 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 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 

         

        -2-

        

        

        

        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 Agent, the Issuer and the Indenture Trustee an executed Investment Letter in the form of Exhibit A to 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 Agent shall apply each payment made to it under the Note Funding Agreement, whether in its individual capacity or as 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 Agent and the Purchaser as follows: (i) other than the representation and warranty that it is the legal and beneficial owner of the interest being assigned hereby free and clear of any adverse claim
        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 the Agent, the Transferor Purchaser or any other Purchaser and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Note Funding Agreement or the Indenture; (v)
        each Purchasing Purchaser appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under the Note Funding Agreement and the Indenture as are delegated to the Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with Section 7 of the Note Funding Agreement; and (vi) each Purchasing Purchaser agrees (for the benefit of the Transferor Purchaser, the Issuer, the Agent, the Purchasers,
        the Indenture Trustee, the Depositor, 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.

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

         

        -3-

        

        

        

        (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.

         

        -4-

        

        

        

        SCHEDULE I TO

        TRANSFER SUPPLEMENT

        COMPLETION OF INFORMATION AND

        SIGNATURES FOR TRANSFER SUPPLEMENT

        
            	
                         

                    	
                        Re:

                    	
                        Third Amended and Restated Note Funding Agreement, dated as of August 1, 2010, among BXG TIMESHARE TRUST I, BLUEGREEN CORPORATION, as Seller and Servicer, BLUEGREEN TIMESHARE FINANCE CORPORATION I, as Depositor, the Purchasers party thereto and Branch Banking and Trust Company, as Agent.

                    

        

        
            	
                        Item 1:

                    	
                        Date of Transfer Supplement:

                    

        

        
            	
                        Item 2:

                    	
                        Transferor Purchaser:

                    

        

        
            	
                        Item 3:

                    	
                        Purchasing Purchaser:

                    

        

        
            	
                        Item 4:

                    	
                        Signatures of Parties to Agreement:

                    

        

         

        	 	 	as Transferor Purchaser	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	as Purchasing Purchaser	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

         

        -1-

        

        

        

        CONSENTED TO AND ACCEPTED BY:

        BRANCH BANKING AND TRUST COMPANY, as Agent

         

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

         

        BXG TIMESHARE TRUST I

         

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

         

        	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 

         

        BLUEGREEN CORPORATION,

        
            	
                         

                    	
                        as Seller and Servicer

                    

        

        	By:	 	 
	 	Name:	 
	 	Title:	 

         

        BLUEGREEN TIMESHARE FINANCE CORPORATION I, as Depositor

        	By:	 	 
	 	Name:	 
	 	Title:	 

         

        -2-

        

        

        

        SCHEDULE II TO

        TRANSFER SUPPLEMENT

        LIST OF INVESTING OFFICES, ADDRESSES

        FOR NOTICES, ASSIGNED INTERESTS, PURCHASE

        AND COMMITMENT PERCENTAGES AND PURCHASE PRICE

        
            	
                        [Transferor Purchaser]

                    	
                         

                    
	
                         

                    	
                         

                    
	
                        Commitment Percentage:

                    	
                         

                    
	
                        Transferor Purchaser Commitment Percentage

                        Prior to Sale:

                    	
                        _______%

                    
	
                        Commitment Percentage Sold:

                    	
                        _______%

                    
	
                        Commitment Percentage Retained:

                    	
                        _______%

                    
	
                        Commitment:

                    	
                         

                    
	
                        Transferor Purchaser Commitment

                        Prior to Sale:

                    	
                        $________

                    
	
                        Commitment Sold:

                    	
                        $________

                    
	
                        Commitment Retained

                    	
                        $________

                    
	
                        Class of Notes

                    	
                        _________

                    
	
                        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]

                    	
                         

                    
	
                        Commitment Percentage:

                    	
                        _______%

                    
	
                        Commitment:

                    	
                        $________

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

                    	
                        $________

                    
	
                        Address for Notices:

                    	
                         

                    
	
                         

                    	
                         

                    
	
                        Investing Office:

                    	
                         

                    
	
                    	
                    	
                    

        

         

        -1-

        

        

        

        SCHEDULE III TO

        TRANSFER SUPPLEMENT

        Form of

        Transfer Effective Notice

        
            	
                         

                    	
                        To:

                    	
                        [Name and address of

                    

        

        Issuer, Servicer, Indenture Trustee, the Transferor 

        Purchaser and the Purchasing Purchaser]

        The undersigned, as Agent under the Third Amended and Restated Note Funding Agreement, dated as of August 1, 2010, 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 Branch Banking and Trust Company, as Agent for the Purchasers thereunder, acknowledges receipt
        of five executed counterparts of a completed Transfer Supplement. [Note: attach copies of Schedules I and II from such Agreement.] Terms defined in such Supplement are used herein as therein defined.

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

        Very truly yours,

         

        BRANCH BANKING AND TRUST COMPANY, as Agent

         

        	By:	 	 
	 	Name:	 
	 	Title:	 

         

        1

        

        

        

         

         

         

        EXHIBIT D

         

        FORM OF BORROWING NOTICE

         

        THIRD AMENDED AND RESTATED NOTE FUNDING AGREEMENT (the “Agreement”), dated as of August 1, 2010, by and among BXG TIMESHARE TRUST I, a Delaware statutory trust (the “Issuer”), BLUEGREEN CORPORATION, a Massachusetts corporation (“Bluegreen”), BLUEGREEN TIMESHARE FINANCE CORPORATION I, a Delaware corporation (the
        “Depositor”), the PURCHASERS from time to time parties hereto (collectively, the “Purchasers”) and BRANCH BANKING AND TRUST COMPANY (“BB&T”), a North Carolina corporation, as agent for the Purchasers (together with its successors in such capacity, the “Agent”).

         

        
            	
                        Purchaser:

                    	
                        _______________________________________________

                    

        

        
            	
                        Issuer:

                    	
                        BXG Timeshare Trust I

                    

        

        
            	
                        Requested Funding Date:

                    	
                        _______________________________________________

                    

        

        
            	
                        Transmission Date:

                    	
                        _______________________________________________

                    

        

         

         

        
            	
                        Timeshare Loans to be Pledged:

                    	
                        See attachment

                    

        

        
            	
                        Borrowing Base Prior to Funding:

                    	
                        $________________

                    

        

        
            	
                        Borrowing Base After Funding:

                    	
                        $________________

                    

        

        
            	
                        Available Commitment Prior to Funding:

                    	
                        $________________

                    

        

        
            	
                        Available Commitment After Funding:

                    	
                        $________________

                    

        

        
            	
                        Requested Wire Amount

                    	
                        $________________

                    

        

        Wire Instructions:

         

         

        2

        

        

        

         

         

         

        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:

        BLUEGREEN TIMESHARE FINANCE CORPORATION I

        
            	
                        By:

                    	
                        ____________________________________

                    

        

        Name:

        Title:

         

        2

        

        

        

        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.

         

        1

        

        

        

        Schedule A

         

        La Pension Summary  

         

        Recent site visits determined that certain structural repairs to the La Pension Resort in New Orleans, Louisiana are necessary.  Remediation is required due to moisture intrusion into the project via roof, wall and window entries, and into certain structural and load-bearing components. Further, the project’s A/C system is beyond its original intended useful life and needs to be replaced. 
        Therefore, the repairs will include (i) a complete roof replacement, replacement of certain windows, and new painting of walls and caulking of windows, and (ii) most major parts of the A/C system being removed and replaced with present day materials and parts. 

         

        The present estimated cost of the repairs is $3.5 million, which is subject to further evaluation. Some additional remodeling of the project may simultaneously be undertaken but is not directly related to the above described matters and are primarily cosmetic in nature. The property owners’ associations for the resort, along with Bluegreen and the Bluegreen Vacation Club as significant property owners,
        will determine the extent of such additional remodeling and how the repairs/remodeling will be funded. The anticipated start date for the work is March of 2011, immediately following the conclusion of the 2011 Mardi Gras Festival.  It is estimated the repairs/remodeling will take eleven months to complete and therefore be completed by before the commencement of the 2012 Mardi Gras Festival.  It is possible that the project as a whole, including all
        resort rooms and common areas, will be closed to occupancy and use during the repair work. 

         

        Shore Crest Summary

         

        Bluegreen brought litigation against a general contractor alleging the existence of construction defects at the Shore Crest Vacation VillasTM I and II, including deficiencies in exterior insulating and finishing systems that resulted in water intrusion.  In January of 2009 the parties reached settlement and the general contractor and various subcontractors and engineers involved in the project
        collectively agreed to pay $4,578,000 towards the total cost of repairs to correct the defects.  Bluegreen accrued an additional $1.3 million in expenses related to this matter.  Payment in full of the settlement amount has been made and Bluegreen has entered into construction agreements with a general contractor for exterior cladding repairs and other repair work to each of Shorecrest I and II.  Repair work is presently under way on both Shorecrest I and II with an
        estimated completion date of early 2011. Bluegreen believes the settlement amount and amounts accrued by Bluegreen will be sufficient to pay for the total cost of the repairs to both Shorecrest I and II.

         

         

        1

        

        

        

         

         

         

        SCHEDULE B

        Material Transactions

         

        None.

         

         

        1

        

        

        

        SCHEDULE 4.1(k)

        Tax Schedule

         

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

           

         

        1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00178-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00178-of-00352.parquet"}]]