Common use of Optional Purchases or Substitutions of Defaulted Timeshare Loans Clause in Contracts

Optional Purchases or Substitutions of Defaulted Timeshare Loans. The Depositor hereby irrevocably grants Bluegreen an option to repurchase or substitute Defaulted Timeshare Loans it has under the Sale Agreement, the Bluegreen Purchase Agreement and as described in the following sentence. With respect to a Defaulted Timeshare Loan, on any date, Bluegreen will have the option, but not the obligation, to either (i) purchase a Defaulted Timeshare Loan at the Repurchase Price for such Defaulted Timeshare Loan or (ii) substitute one or more Qualified Substitute Timeshare Loans for such Defaulted Timeshare Loan and pay the related Substitution Shortfall Amount, if any; provided, however, that Bluegreen’s option to purchase a Defaulted Timeshare Loan or to substitute one or more Qualified Substitute Timeshare Loans for a Defaulted Timeshare Loan is limited on any date to the Optional Purchase Limit and the Optional Substitution Limit, respectively. Bluegreen may irrevocably waive its option to purchase or substitute a Defaulted Timeshare Loan by delivering to the Indenture Trustee a Waiver Letter in the form of Exhibit A attached hereto.

Optional Purchases or Substitutions of Defaulted Timeshare Loans. The Issuer acknowledges that pursuant to the Transfer Agreement and the Bluegreen Purchase Agreement, the Depositor hereby has irrevocably grants Bluegreen granted the Club Originator an option to repurchase or substitute Defaulted Timeshare Loans it has under the Sale Agreement, the Bluegreen Purchase Agreement thereunder and as described in the following sentence. With respect to a Defaulted Timeshare Loan, Loans on any date, Bluegreen the Club Originator will have the option, but not the obligation, to either (i) purchase a such Defaulted Timeshare Loan at the Repurchase Price for of such Defaulted Timeshare Loan or (ii) substitute one or more Qualified Substitute Timeshare Loans for such Defaulted Timeshare Loan and pay the related Substitution Shortfall Amount, if any; provided, however, that Bluegreenthe Club Originator’s option to purchase a Defaulted Timeshare Loan or to substitute one or more Qualified Substitute Timeshare Loans for a Defaulted Timeshare Loan is limited on any date to the Optional Purchase Limit and the Optional Substitution Limit, respectively. Bluegreen The Club Originator may irrevocably waive its option to purchase or substitute a Defaulted Timeshare Loan by delivering or causing to deliver to the Indenture Trustee a Waiver Letter in the form of Exhibit A attached hereto.

Optional Purchases or Substitutions of Defaulted Timeshare Loans. The Depositor hereby irrevocably grants Bluegreen to the Seller an option to repurchase or substitute Defaulted Timeshare Loans it has under the Sale Agreement, the Bluegreen Purchase Transfer Agreement and as described in the following sentence. With respect to a Defaulted Timeshare Loan, Loans on any date, Bluegreen the Seller will have the option, but not the obligation, to either (i) purchase a such Defaulted Timeshare Loan at the Repurchase Price for such Defaulted Timeshare Loan or (ii) substitute one or more Qualified Substitute Timeshare Loans for such Defaulted Timeshare Loan and pay the related Substitution Shortfall Amount, if any; provided, however, that Bluegreenthe Seller’s option to purchase a Defaulted Timeshare Loan or to substitute one or more Qualified Substitute Timeshare Loans for a Defaulted Timeshare Loan is limited on any date to the Optional Purchase Limit and the Optional Substitution Limit, respectively. Bluegreen The Seller may irrevocably waive its option to 12 purchase or substitute a Defaulted Timeshare Loan by delivering or causing to be delivered to the Indenture Trustee a Waiver Letter in the form of Exhibit A attached hereto.

Optional Purchases or Substitutions of Defaulted Timeshare Loans. The Depositor hereby irrevocably grants Bluegreen to the Seller an option to repurchase or substitute Defaulted Timeshare Loans it has under the Sale Agreement, the Bluegreen Purchase Transfer Agreement and as described in the following sentence. With respect to a Defaulted Timeshare Loan, Loans on any date, Bluegreen the Seller will have the option, but not the obligation, to either (i) purchase a such Defaulted Timeshare Loan at the Repurchase Price for such Defaulted Timeshare Loan or (ii) substitute one or more Qualified Substitute Timeshare Loans for such Defaulted Timeshare Loan and pay the related Substitution Shortfall Amount, if any; provided, however, that Bluegreenthe Seller’s option to purchase a Defaulted Timeshare Loan or to substitute one or more Qualified Substitute Timeshare Loans for a Defaulted Timeshare Loan is limited on any date to the Optional Purchase Limit and the Optional Substitution Limit, respectively. Bluegreen The Seller may irrevocably waive its option to purchase or substitute a Defaulted Timeshare Loan by delivering or causing to be delivered to the Indenture Trustee a Waiver Letter in the form of Exhibit A attached hereto.

Optional Purchases or Substitutions of Defaulted Timeshare Loans. The Depositor hereby irrevocably grants Bluegreen to the Seller an option to repurchase or substitute Defaulted Timeshare Loans it has under the Sale Agreement, the Bluegreen Purchase Transfer Agreement and as described in the following sentence. With respect to a Defaulted Timeshare Loan, Loans on any date, Bluegreen the Seller will have the option, but not the obligation, to either (i) purchase a such Defaulted Timeshare Loan at the Repurchase Price for such Defaulted Timeshare Loan or (ii) substitute one or more Qualified Substitute Timeshare Loans for such Defaulted Timeshare Loan and pay the related Substitution Shortfall Amount, if any; provided, however, that Bluegreenthe Seller’s option to purchase a Defaulted Timeshare Loan or to substitute one or more Qualified Substitute Timeshare Loans for a Defaulted Timeshare Loan is limited on any date to the Optional Purchase Limit and the Optional Substitution Limit, respectively. Bluegreen The Seller may irrevocably waive its option to purchase or substitute a Defaulted Timeshare Loan by delivering to the Indenture Trustee a Waiver Letter in the form of Exhibit A attached hereto.

Optional Purchases or Substitutions of Defaulted Timeshare Loans. The Issuer acknowledges that pursuant to the Transfer Agreement and the Bluegreen 15 Purchase Agreement, the Depositor hereby has irrevocably grants Bluegreen granted the Club Originator an option to repurchase or substitute Defaulted Timeshare Loans it has under the Sale Agreement, the Bluegreen Purchase Agreement thereunder and as described in the following sentence. With respect to a Defaulted Timeshare Loan, Loans on any date, Bluegreen the Club Originator will have the option, but not the obligation, to either (i) purchase a such Defaulted Timeshare Loan at the Repurchase Price for of such Defaulted Timeshare Loan or (ii) substitute one or more Qualified Substitute Timeshare Loans for such Defaulted Timeshare Loan and pay the related Substitution Shortfall Amount, if any; provided, however, that Bluegreenthe Club Originator’s option to purchase a Defaulted Timeshare Loan or to substitute one or more Qualified Substitute Timeshare Loans for a Defaulted Timeshare Loan is limited on any date to the Optional Purchase Limit and the Optional Substitution Limit, respectively. Bluegreen The Club Originator may irrevocably waive its option to purchase or substitute a Defaulted Timeshare Loan by delivering or causing to deliver to the Indenture Trustee a Waiver Letter in the form of Exhibit A attached hereto.

Optional Purchases or Substitutions of Defaulted Timeshare Loans. The Depositor hereby irrevocably grants Bluegreen an option to repurchase or substitute Defaulted Timeshare Loans it has under the Sale Agreement, the Bluegreen Purchase Agreement and as described in the following sentence. With respect to a Defaulted Timeshare Loan, on any date, Bluegreen will have the option, but not the obligation, to either (i) purchase a Defaulted Timeshare Loan at the Repurchase Price for such Defaulted Timeshare Loan or (ii) substitute one or more Qualified Substitute Timeshare Loans for such Defaulted Timeshare Loan and pay the related Substitution Shortfall Amount, if any; provided, however, that Bluegreen’s option to 15 purchase a Defaulted Timeshare Loan or to substitute one or more Qualified Substitute Timeshare Loans for a Defaulted Timeshare Loan is limited on any date to the Optional Purchase Limit and the Optional Substitution Limit, respectively. Bluegreen may irrevocably waive its option to purchase or substitute a Defaulted Timeshare Loan by delivering to the Indenture Trustee a Waiver Letter in the form of Exhibit A attached hereto.

Optional Purchases or Substitutions of Defaulted Timeshare Loans. The Depositor hereby irrevocably grants Bluegreen to the Seller an option to repurchase or substitute Defaulted Timeshare Loans it has under the Sale Agreement, the Bluegreen Purchase Agreement and as described in the following sentence. With respect to a Defaulted Timeshare Loan, Loans on any date, Bluegreen the Seller will have the option, but not the obligation, to either (i) purchase a such Defaulted Timeshare Loan at the Repurchase Price for of such Defaulted Timeshare Loan or (ii) substitute one or more Qualified Substitute Timeshare Loans for such Defaulted Timeshare Loan and pay the related Substitution Shortfall Amount, if any; provided, however, that Bluegreenthe Seller’s option to purchase a Defaulted Timeshare Loan or to substitute one or more Qualified Substitute Timeshare Loans for a Defaulted Timeshare Loan is limited on any date to the Optional Purchase Limit and the Optional Substitution Limit, respectively. Bluegreen The Seller may irrevocably waive its option to purchase or substitute a related Defaulted Timeshare Loan by delivering or causing to be delivered to the Indenture Trustee a Waiver Letter in the form of Exhibit A attached hereto.

Optional Purchases or Substitutions of Defaulted Timeshare Loans. The Depositor hereby irrevocably grants Bluegreen an option to repurchase or substitute Defaulted Timeshare Loans it has under the Sale Agreement, the Bluegreen Purchase Agreement and as described in the following sentence. With respect to a Defaulted Timeshare Loan, on any date, Bluegreen will have the option, but not the obligation, to either (i) purchase a Defaulted Timeshare Loan at the Repurchase Price for such Defaulted Timeshare Loan or (ii) substitute one 15 or more Qualified Substitute Timeshare Loans for such Defaulted Timeshare Loan and pay the related Substitution Shortfall Amount, if any; provided, however, that Bluegreen’s option to purchase a Defaulted Timeshare Loan or to substitute one or more Qualified Substitute Timeshare Loans for a Defaulted Timeshare Loan is limited on any date to the Optional Purchase Limit and the Optional Substitution Limit, respectively. Bluegreen may irrevocably waive its option to purchase or substitute a Defaulted Timeshare Loan by delivering to the Indenture Trustee a Waiver Letter in the form of Exhibit A attached hereto.

Optional Purchases or Substitutions of Defaulted Timeshare Loans. The Depositor Loan Seller hereby irrevocably grants Bluegreen to BXG an option to repurchase or substitute Defaulted Timeshare Loans it has under the Sale Agreement, the Bluegreen Purchase Agreement and as described in the following sentence. With respect to a Defaulted Timeshare Loan, Loans on any date, Bluegreen will BXG shall have the option, but not the obligation, to either (i) purchase a such Defaulted Timeshare Loan at the Repurchase Price for such Defaulted Timeshare Loan or (ii) substitute one (1) or more Qualified Substitute Timeshare Loans for such Defaulted Timeshare Loan and pay the related Substitution Shortfall Amount, if any; provided, however, that BluegreenBXG’s option to purchase a Defaulted Timeshare Loan or to substitute one (1) or more Qualified Substitute Timeshare Loans for a Defaulted Timeshare Loan is limited on any date to the Optional Purchase Limit and the Optional Substitution Limit, respectively. Bluegreen BXG may irrevocably waive its option to purchase or substitute a Defaulted Timeshare Loan by delivering to the Indenture Trustee Quorum a Waiver Letter in the form of Exhibit A attached hereto.

Optional Purchases or Substitutions of Defaulted Timeshare Loans. The Depositor hereby irrevocably grants Bluegreen to the Seller an option to repurchase or substitute Defaulted Timeshare Loans it has under the Sale Agreement, the Bluegreen Purchase Agreement and as described in the following sentence. With 13 respect to a Defaulted Timeshare Loan, Loans on any date, Bluegreen the Seller will have the option, but not the obligation, to either (i) purchase a such Defaulted Timeshare Loan at the Repurchase Price for of such Defaulted Timeshare Loan or (ii) substitute one or more Qualified Substitute Timeshare Loans for such Defaulted Timeshare Loan and pay the related Substitution Shortfall Amount, if any; provided, however, that Bluegreenthe Seller’s option to purchase a Defaulted Timeshare Loan or to substitute one or more Qualified Substitute Timeshare Loans for a Defaulted Timeshare Loan is limited on any date to the Optional Purchase Limit and the Optional Substitution Limit, respectively. Bluegreen The Seller may irrevocably waive its option to purchase or substitute a related Defaulted Timeshare Loan by delivering or causing to be delivered to the Indenture Trustee a Waiver Letter in the form of Exhibit A attached hereto.