QUORUM FEDERAL CREDIT UNION 2 Manhattanville Road Suite 401 Purchase, NY 10577
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:   ###-###-####
Facsimile:   ###-###-####
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:   ###-###-####
Facsimile:   ###-###-####
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% |