Document:

FIRST COMMITMENT AMENDMENT TO

        LOAN SALE AND SERVICING AGREEMENT

         

        THIS FIRST COMMITMENT AMENDMENT TO LOAN SALE AND SERVICING AGREEMENT (this “First Amendment”), dated as of March 1, 2012, is entered into by and among BRFC-Q 2010 LLC, a Delaware limited liability company, as seller (the “Seller”), Quorum Federal Credit Union, a federally chartered credit union,
        as buyer (the “Buyer”), Vacation Trust, Inc., a Florida Corporation, as Club Trustee (the “Club Trustee”), U.S. Bank National Association, a national banking association, as custodian and paying agent (the “Custodian”), Bluegreen Corporation, a Massachusetts corporation, as servicer (the “Servicer”), and Concord Servicing Corporation, an Arizona corporation, as backup servicer (the “Backup
        Servicer”).

         

        RECITALS

         

        WHEREAS, the Buyer, the Seller, the Servicer and the Backup Servicer have previously entered into that certain Loan Sale and Servicing Agreement, dated as of December 22, 2010, as amended by that certain Omnibus Amendment, dated as of May 3, 2011 (as may be amended, supplemented or restated from time to time, the
        “Loan Sale and Servicing Agreement”).

         

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

         

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

         

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

         

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

          

        1.                  Amendment of Standard Definitions.

          

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

          

        “Commitment Period” and “Commitment Purchase Period” shall mean the period commencing on March 1, 2012 and continuing until March 31, 2013.

         

        “Minimum Required Amount” shall mean, during the Commitment Period, an amount which does not exceed $10,000,000.

         

        “Program Fee Rate” shall mean the rate set forth in, as applicable, the Buyer Commitment Purchase Confirmation, or the Buyer Purchase Confirmation corresponding to the related Buyer Notice. On any date of determination, the Program Fee Rate for the Aggregate Sale Date Loan Pool shall be based on the
        weighted average of the Program Fee Rates of each Sale Date Loan Pool then comprising the Aggregate Sale Date Loan Pool in proportion to the outstanding Loan Balances of each Sale Date Loan Pool to be added to the Aggregate Sale Date Loan Pool.

        (b) The definition of Monthly Buyer Notice is deleted in its entirety and the following definition is added to the Standard Definitions:

        

        
            	 

        

        
            	 

        

        

        

         

        “Buyer Notice” shall have the meaning set forth in Section 2.1(c) of the Agreement.

         

        2.                  Amendment of the Loan Sale and Servicing Agreement.

          

        (a) Section 2.1(c) of the Loan Sale and Servicing Agreement is hereby deleted in its entirety and the following is substituted in its place and stead:

         

        (c) After the Commitment Period. After any Commitment Period, the Buyer may deliver to the Seller thirty (30) days prior written notice of any changes in terms in substantially the form in Exhibit R attached hereto (the “Buyer Notice”) containing the terms satisfactory to Buyer for Sale Date Loan
        Pools to be purchased by the Buyer. If the Seller delivers a Sale Notice to the Buyer based on the terms of the Buyer Notice and if the Buyer intends to enter into such Sale with the Seller upon such terms, then the Buyer shall confirm, by issuing a purchase confirmation in substantially the form in Exhibit F2 attached hereto (a “Buyer Purchase Confirmation”) no later than 12:00 p.m. (New York City time) on the Business Day prior to the proposed Sale Date that
        Buyer shall fund in accordance with the Sale Notice. The Buyer Purchase Confirmation shall specify items including the following (w) the Buyer Purchase Price Percentage, (x) the Initial Purchase Price Installment for such Sale Date Loan Pool, (y) the Program Fee Rate, and (z) any fees and expenses payable by the Seller to the Buyer. If the Seller decides to reject any Buyer Purchase Confirmation, it must provide notice to the Buyer no later than 3:00 p.m. (New York City time) on the
        Business Day prior to the proposed Sale Date. The Buyer shall deposit the Initial Purchase Price Installment in immediately available funds, no later than 12:00 p.m. (New York City time) on the related Sale Date, to the account designated by the Seller in the Sale Notice. It is expressly agreed and understood that until such time that Buyer delivers a Buyer Notice to Seller, the terms of a prior Commitment Purchase Period Terms Letter, as may be amended in accordance with its terms, or
        any existing Buyer Notice, as the case may be, shall remain in effect until the effective date of such subsequent Buyer Notice.

         

        (b) Exhibit E to the Loan Sale and Servicing Agreement is hereby deleted in its entirety and the Exhibit E attached to this First Amendment is substituted in its place and stead.

         

        (c) Exhibit R to the Loan Sale and Servicing Agreement is hereby deleted in its entirety and the Exhibit R attached to this First Amendment is substituted in its place and stead.

         

        3.                  Minimum Required Amount Availability. The amount of the Minimum Required Amount available at any time to the Seller will be determined by the difference between (i) the Minimum Required Amount and the
        total of (ii) (a) the outstanding Net Investment Amount of all Sale Date Loan Pools as of the most recent Distribution Date plus (without duplication) (b) the outstanding Net Investment Amount of all Sale Date Loan Pools with a Sale Date after the most recent Distribution Date. The Minimum Required Amount shall terminate immediately upon the occurrence of a Purchase Termination Event or a Timeshare Portfolio Performance Event.

         

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

         

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

         

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

        

        
            	 

        

        
            	 

        

        

        

         

        7.                  Time is of the Essence. Time is of the essence in the performance of the obligations in this First Amendment.

         

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

         

        [Signatures Appear on Next Page]

        

        
            	 

        

        
            	 

        

        

         

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

          

        	THE BUYER:	
                    QUORUM FEDERAL CREDIT UNION

                    By: /s/                                                     

                           Bruno Sementilli,

                           President and CEO

                     

                
	THE SELLER:	
                    BRFC-Q 2010 LLC

                     

                    By: /s/                                                     

                           Allan J. Herz

                           President and Assistant Treasurer

                     

                
	THE SERVICER:	
                    BLUEGREEN CORPORATION

                    By: /s/                                                     

                           Anthony M. Puleo

                           Senior Vice President, CFO & Treasurer

                     

                
	THE BACKUP SERVICER:	
                    CONCORD SERVICING CORPORATION

                    By: /s/                                                     

                           Mary-Jeanne Fincher

                           Vice President and General Counsel 

                      

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

                    By: /s/                                                     

                    Printed Name:

                    Title: 

                
	
                    THE CLUB TRUSTEE:

                     

                	
                    VACATION TRUST, INC.,

                    as Club Trustee

                     

                    By: /s/                                                     

                           Tonya Wardak

                           Vice President, Treasurer and Secretary

                

         

         

        

        
            	 

        

        
            	 

        

        

        

        Exhibit E

          

        SALE NOTICE

        Date: __________

         

        This Sale Notice is pursuant to the Loan Sale and Servicing Agreement dated as of ______________________, 20__, by and among [insert legal name of seller], as the Seller, Quorum Federal Credit Union, as the Buyer, Bluegreen Corporation, as Servicer, Vacation Trust, Inc., as the Club Trustee, Concord Servicing Corporation, as Back-Up Servicer
        and U.S. Bank National Association, as the Custodian and Paying Agent, as may be amended, modified or supplemented from time to time (“Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Agreement. The Seller proposes to sell to the Buyer the Timeshare Loans described below:

         

        Proposed Sale Date: _________________

         

        Aggregate principal balance of Sale Date Loan Pool: $______________

         

        Number of Timeshare Loans in Sale Date Loan Pool: _______________

         

        Range of balances of Timeshare Loans: $___________ to $____________

         

        Aggregate balance, shown as a percentage, of Timeshare Loans in the Sale Date Loan Pool including, without duplication, non-U.S. domiciled Obligors, or do not have a FICO Score or a FICO Score below 600 to Timeshare Loans in the Sale Date Loan Pool:____%

         

        Range of seasoning of Timeshare Loans: _____________ months to ___________ months 

         

        Aggregate balance, shown as a percentage, of Timeshare Loans in the Sale Date Loan Pool secured by a right-to-use Timeshare Property with a finite use to Timeshare Loans in the Sale Date Loan Pool: ____________% 

         

        Sale Date Loan Pool Number: ____________

         

        An electronic file detailing each Timeshare Loan is hereby delivered to the Buyer with this Sale Notice.

         

        Unless a Buyer’s purchase confirmation is received by the Seller before 12 pm one (1) business day prior to the Sale Date, this offer of sale shall expire; provided, however, that during the Commitment Purchase Period, the Buyer, pursuant to Section 2.1(b) of the Agreement, shall deliver the Buyer Commitment Purchase Confirmation to the
        Seller by such date and time.

         

         

        ___________________________, as Seller

         

        By: _______________________________

         

        Name: _____________________________

         

        Title: ______________________________ 

         

        Address: ___________________________

         

        Attention: __________________________ 

         

        Telephone: _________________________

         

        Facsimile: __________________________

         

          

        

        
            	 

        

        
            	 

        

        

        

        Exhibit R

         

        BUYER NOTICE

        Date: _____________

         

        Subject to the terms and conditions of the Loan Sale and Servicing Agreement, dated as of _____________________, 20__ by and among [insert legal name of seller], as the Seller, Quorum Federal Credit Union, as the Buyer, Bluegreen Corporation, as the Servicer, Concord Servicing Corporation, as the Back-Up Servicer, and the other parties
        thereto, as may be amended, modified or supplemented from time to time (the “Agreement”), the Buyer is willing to purchase timeshare loans, which meet the following criteria:

         

        	
                	A.	Aggregate principal balance of the Sale Date Loan Pool: $___________ 

        	
                	B.	Buyer’s Purchase Price Percentage: _________%

        	
                	C.	Initial Purchase Price Installment: $___________ [insert amount equal to the product of item A and item B above, less item E below]

        	
                	D.	Program Fee Rate: ______________% per annum

        	
                	E.	Loan Purchase Fee: $________ [insert amount equal to the product of (i) [ ]% and (ii) the outstanding principal loan balance of the related Sale Date Loan Pool]

        	
                	F.	Timeshare Portfolio Performance Event triggers:

        Delinquency Level: ___________%

        Default Level: ___________%

         

        Cumulative Default Level (see Table 1 attached hereto)

         

        The effective date of this Buyer Notice shall be thirty (30) days after the date of this Buyer Notice first above written. Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Agreement.

         

        QUORUM FEDERAL CREDIT UNION, as Buyer

         

        By: ____________________________________

        Name: Bruno Sementilli

        Title: President

         

        Address: 2 Manhattanville Road

                          Suite 401

                          Purchase, NY 10577

        Attention: President/CEO

        Telephone: 914-641-3739

        Facsimile: 914-641-3777

         

         

         

        

        
            	 

        

        
            	 

        

        

        

        Table 1 to Buyer Notice

         

        Cumulative Default Levels

         

        [See Attached]QUORUM FEDERAL CREDIT UNION

2 Manhattanville Road

Suite 401

Purchase, NY 10577

 

 

Dated as
of March 1, 2012

 

 

Allan J Herz

President and Assistant Treasurer

BRFC-Q 2010 LLC

4950 Communication Avenue, Suite 900

Boca Raton, Florida 33431

 

		Re:	Commitment Purchase Period Terms Letter; Terms Governing Sale of Timeshare Loans by BRFC-Q 2010
LLC (the "Seller") to Quorum Federal Credit Union (the "Buyer")

 

Dear Mr. Herz:

 

The Buyer agrees to purchase Eligible
Timeshare Loans from the Seller during the Commitment Purchase Period on the terms and conditions set forth in the Loan Sale and
Servicing Agreement dated as of December 22, 2010, by and among the Seller, the Buyer, Bluegreen Corporation, as the Servicer,
Concord Servicing Corporation, as the Back-Up Servicer and the other parties thereto, as amended (the "Agreement") as
supplemented below:

 

		A.	Buyer
                                                                                                                                                                                         Purchase
                                                                                                                                                                                         Price
                                                                                                                                                                                         Percentage:
                                                                                                                                                                                         No
                                                                                                                                                                                         less
                                                                                                                                                                                         than
                                                                                                                                                                                         83%
                                                                                                                                                                                         during
                                                                                                                                                                                         the
                                                                                                                                                                                         Commitment
                                                                                                                                                                                         Period,
                                                                                                                                                                                         subject
                                                                                                                                                                                         to
                                                                                                                                                                                         adjustment
                                                                                                                                                                                         as
                                                                                                                                                                                         provided
                                                                                                                                                                                         herein.

 

		B.	Program
                                                                                                                                                                                         Fee
                                                                                                                                                                                         Rate:
                                                                                                                                                                                         6.5%
                                                                                                                                                                                         per
                                                                                                                                                                                         annum
                                                                                                                                                                                         for
                                                                                                                                                                                         purchases
                                                                                                                                                                                         during
                                                                                                                                                                                         the
                                                                                                                                                                                         Commitment
                                                                                                                                                                                         Period,
                                                                                                                                                                                         subject
                                                                                                                                                                                         to
                                                                                                                                                                                         adjustment
                                                                                                                                                                                         as
                                                                                                                                                                                         provided
                                                                                                                                                                                         herein.

 

		C.	Loan
                                                                                                                                                                                         Purchase
                                                                                                                                                                                         Fee:
                                                                                                                                                                                         the
                                                                                                                                                                                         product
                                                                                                                                                                                         of
                                                                                                                                                                                         (i)
                                                                                                                                                                                         0.50%
                                                                                                                                                                                         and
                                                                                                                                                                                         (ii)
                                                                                                                                                                                         the
                                                                                                                                                                                         outstanding
                                                                                                                                                                                         principal
                                                                                                                                                                                         loan
                                                                                                                                                                                         balance
                                                                                                                                                                                         of
                                                                                                                                                                                         the
                                                                                                                                                                                         related
                                                                                                                                                                                         Sale
                                                                                                                                                                                         Date
                                                                                                                                                                                         Loan
                                                                                                                                                                                         Pool.

 

		D.	Timeshare
                                                                                                                                                                                         Portfolio
                                                                                                                                                                                         Performance
                                                                                                                                                                                         Event
                                                                                                                                                                                         triggers:

 

		a.	Delinquency
                                                                                                                                                                                        Level:
                                                                                                                                                                                        4.00%
                                                                                                                                                                                        during
                                                                                                                                                                                        the
                                                                                                                                                                                        Commitment
                                                                                                                                                                                        Purchase
                                                                                                                                                                                        Period,
                                                                                                                                                                                        subject
                                                                                                                                                                                        to
                                                                                                                                                                                        adjustment
                                                                                                                                                                                        at
                                                                                                                                                                                        any
                                                                                                                                                                                        time
                                                                                                                                                                                        by
                                                                                                                                                                                        the
                                                                                                                                                                                        Buyer.

 

		b.	Default
                                                                                                                                                                                        Level:
                                                                                                                                                                                        2.75%
                                                                                                                                                                                        during
                                                                                                                                                                                        the
                                                                                                                                                                                        Commitment
                                                                                                                                                                                        Purchase
                                                                                                                                                                                        Period,
                                                                                                                                                                                        subject
                                                                                                                                                                                        to
                                                                                                                                                                                        adjustment
                                                                                                                                                                                        at
                                                                                                                                                                                        any
                                                                                                                                                                                        time
                                                                                                                                                                                        by
                                                                                                                                                                                        the
                                                                                                                                                                                        Buyer.

 

		c.	Cumulative
                                                                                                                                                                                        Default
                                                                                                                                                                                        Level:
                                                                                                                                                                                        Table
                                                                                                                                                                                        1
                                                                                                                                                                                        attached
                                                                                                                                                                                        hereto
                                                                                                                                                                                        during
                                                                                                                                                                                        the
                                                                                                                                                                                        Commitment
                                                                                                                                                                                        Purchase
                                                                                                                                                                                        Period,
                                                                                                                                                                                        subject
                                                                                                                                                                                        to
                                                                                                                                                                                        adjustment
                                                                                                                                                                                        at
                                                                                                                                                                                        any
                                                                                                                                                                                        time
                                                                                                                                                                                        by
                                                                                                                                                                                        the
                                                                                                                                                                                        Buyer.
                                                                                                                                                                                        

 

    	 

    	 

    

The Buyer reserves the right to modify
the Buyer Purchase Price Percentage, the Program Fee Rate and the Timeshare Portfolio Performance Event triggers, at any time during
or after the Commitment Period for new fundings. Written notice of any change(s) in the Buyer Purchase Price Percentage and/or
the Program Fee Rate and/or the Timeshare Portfolio Performance Event triggers will be provided by the Buyer to the Seller at least
thirty (30) days in advance of the effective date thereof. Any change in the Delinquency Level, Default Level and/or Cumulative
Default Level will be noted in the Buyer Commitment Purchase Confirmation or the Buyer Purchase Confirmation, as applicable.

 

This letter is provided pursuant to
the provisions of Section 2.1(b) of the Agreement. Capitalized terms not otherwise defined herein shall have the meaning ascribed
thereto in the Agreement.

 

QUORUM FEDERAL CREDIT UNION, as Buyer

 

By: /s/                                                                        

Name: Bruno Sementilli

Title: President & CEO

 

Address: 2 Manhattanville
Road

Suite 401

Purchase, NY 10577

Attention:    President/CEO

Telephone:   914-641-3739

Facsimile:      914-641-3777

 

 

 

ACKNOWLEDGED AND AGREED TO:

 

BRFC-Q 2010 LLC, as Seller

 

By:/s/                                                                      

Name: Anthony M. Puleo

Title: Vice President and Treasurer

 

Address:   4950 Communication Avenue

       Suite
900

       Boca Raton, Florida 33431

Attention: Allan J. Herz

Telephone:   561-912-8210

Facsimile:  561-443-8743

 

 

 

 

    	 

    	 

    

Table I

Cumulative Default

Levels

 

	Month	Cumulative
    Defaults	Month	Cumulative
    Defaults	Month	Cumulative
    Defaults
	1	N/A	41	23.53%	81	33.69%
	2	N/A	42	24.18%	82	33.78%
	3	N/A	43	24.51%	83	33.86%
	4	N/A	44	24.84%	84	33.94%
	5	N/A	45	25.17%	85	34.01%
	6	N/A	46	25.67%	86	34.08%
	7	N/A	47	26.17%	87	34.15%
	8	N/A	48	26.67%	88	34.22%
	9	N/A	49	27.02%	89	34.28%
	10	N/A	50	27.37%	90	34.34%
	11	N/A	51	27.71%	91	34.40%
	12	N/A	52	28.01%	92	34.45%
	13	6.07%	53	28.30%	93	34.50%
	14	6.86%	54	28.60%	94	34.55%
	15	7.65%	55	29.22%	95	34.60%
	16	8.55%	56	29.84%	96	34.65%
	17	9.46%	57	30.46%	97	34.69%
	18	10.36%	58	30.55%	98	34.74%
	19	11.18%	59	30.65%	99	34.78%
	20	12.01%	60	30.74%	100	34.82%
	21	12.83%	61	30.89%	101	34.86%
	22	13.43%	62	31.04%	102	34.89%
	23	14.03%	63	31.19%	103	34.93%
	24	14.64%	64	31.45%	104	34.96%
	25	15.29%	65	31.72%	105	34.99%
	26	15.94%	66	31.98%	106	35.02%
	27	16.59%	67	32.11%	107	35.05%
	28	17.26%	68	32.24%	108	35.08%
	29	17.93%	69	32.37%	109	35.10%
	30	18.60%	70	32.49%	110	35.13%
	31	18.60%	71	32.61%	111	35.15%
	32	18.98%	72	32.73%	112	35.18%
	33	19.55%	73	32.86%	113	35.20%
	34	19.98%	74	32.98%	114	35.22%
	35	20.40%	75	33.10%	115	35.24%
	36	20.82%	76	33.22%	116	35.26%
	37	21.29%	77	33.33%	117	35.28%
	38	21.75%	78	33.43%	118	35.30%
	39	22.22%	79	33.52%	119	35.32%
	40	22.87%	80	33.61%	120	35.33%

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