QUORUM FEDERAL CREDIT UNION 2 Manhattanville Road Suite 401 Purchase, NY 10577

Contract Categories: Business Finance - Credit Agreements
EX-10.151 21 i00068_ex10-151.htm

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%