Commitment Purchase Period Terms Letter; Terms Governing Sale of Timeshare Loans, effective as of June 30, 2016, by BRFC-Q 2010 LLC as seller to Quorum Federal Credit Union as buyer

EX-10.48 14 c477136_ex10-48.htm EXHIBIT 10.48

Exhibit 10.48

QUORUM FEDERAL CREDIT UNION

2500 Westchester Avenue

Suite 411

Purchase, NY 10577

As of June 30, 2016

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”) dated July 1, 2015 (“Terms Letter”)

Dear Mr. Herz:

This confirms and memorializes our discussions with respect to the following matters relating to the Terms Letter:

1. The Buyer and the Seller have discussed the minimum volume of Timeshare Loans to be sold by the Seller to the Buyer and the Program Fee Rate applicable on and after July 1, 2016, as required by the Terms Letter, and have agreed to defer establishing these business terms until such time as the Seller and the Buyer wish to sell and buy additional Timeshare Loans.

[Signatures on Next Page]

Please indicate your confirmation of the foregoing by signing below and returning a fully executed original copy.

	Very truly yours,

	QUORUM FEDERAL CREDIT UNION, as Buyer

	By:	/s/ Bruno Sementilli
		Name: Bruno Sementilli
		Title: President & CEO

	Address:	2500 Westchester Avenue
		Suite 411
		Purchase, NY 10577
	Attention:	President/CEO
	Telephone:	914 ###-###-####
	Facsimile:	914 ###-###-####

ACKNOWLEDGED AND CONFIRMED BY:

BRFC-Q 2010 LLC, as Seller

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

Address:	4950 Communication Avenue
	Suite 900
	Boca Raton, Florida 33431
Attention:	Allan J. Herz
Telephone:	561 ###-###-####
Facsimile:	561 ###-###-####