Quorum Federal Credit Union

 

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: 914-641-3739
  Facsimile: 914-641-3777

 

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: 561-912-8210
Facsimile: 561-443-8743

 

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