FIFTH COMMITMENT AMENDMENT TO
THIS FIFTH COMMITMENT AMENDMENT TO LOAN SALE AND SERVICING AGREEMENT (this “Fifth Amendment”), dated as of December 23, 2014, is entered into by and among BRFC-Q 2010 LLC, a Delaware limited liability company, as seller (the “Seller”), Quorum Federal Credit Union, a federally chartered credit union, as buyer (the “Buyer”), Vacation Trust, Inc., a Florida Corporation, as Club Trustee (the “Club Trustee”), U.S. Bank National Association, a national banking association, as custodian and paying agent (the “Custodian”), Bluegreen Corporation, a Florida corporation, as servicer (the “Servicer”), and Concord Servicing Corporation, an Arizona corporation, as backup servicer (the “Backup Servicer”).
WHEREAS, the Buyer, the Seller, the Servicer and the Backup Servicer have previously entered into that certain Loan Sale and Servicing Agreement, dated as of December 22, 2010, as amended by that certain Omnibus Amendment, dated as of May 3, 2011 and that certain Omnibus Amendment No. 2, dated as of February 7, 2012 and as further amended by that certain First Commitment Amendment, dated as of March 1, 2012, that certain Second Commitment Amendment, dated as of January 31, 2013, that Third Commitment Amendment, dated as of April 1, 2014, that First General Amendment to Loan Sale and Servicing Agreement, dated as of April 1, 2014, and that Fourth Commitment Amendment dated as of November 1, 2014 (as may be amended, supplemented or restated from time to time, the “Loan Sale and Servicing Agreement”).
WHEREAS, Standard Definitions are attached to the Loan Sale and Servicing Agreement at Annex A (the “Standard Definitions”).
WHEREAS, the parties hereto desire to modify the Loan Sale and Servicing Agreement as set forth in this Fifth Amendment.
WHEREAS, capitalized terms used herein not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Sale and Servicing Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:
1. Amendment of Standard Definitions.
(a) The following definitions shall replace the corresponding definition in the Standard Definitions:
“Commitment Period” and “Commitment Purchase Period” shall mean the period commencing on January 1, 2015, and continuing until June 30, 2015.
2. Choice of Law and Venue. This Fifth Amendment shall be construed in accordance with the internal laws of the State of New York.
3. Binding Effect. This Fifth Amendment shall inure to the benefit of and be binding upon the parties to this Fifth Amendment and their successors and assigns.
4. Counterpart Execution. This Fifth Amendment may be executed in counterpart, and any number of copies of this Fifth Amendment which in the aggregate have been executed by all parties to this Fifth Amendment shall constitute one original.
5. Time is of the Essence. Time is of the essence in the performance of the obligations in this Fifth Amendment.
6. No Third Party Beneficiary. No third party shall be a beneficiary hereof.
[Signatures Appear on Next Page]
IN WITNESS WHEREOF, the parties hereto have executed this Fifth Amendment as of the date set forth above.
|THE BUYER:||QUORUM FEDERAL CREDIT UNION|
|By:||/s/ Bruno Sementilli|
|President and CEO|
|THE SELLER:||BRFC-Q 2010 LLC|
|By:||/s/ Allan J. Herz|
|Allan J. Herz|
|President and Assistant Treasurer|
|THE SERVICER:||BLUEGREEN CORPORATION|
|By:||/s/ Anthony M. Puleo|
|Anthony M. Puleo|
|Senior Vice President, CFO & Treasurer|
|THE BACKUP SERVICER:||CONCORD SERVICING CORPORATION|
|By:||/s/ Mary-Jeanne Fincher|
|Vice President and General Counsel|
|THE CUSTODIAN:||U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Custodian and Paying Agent hereunder|
|By:||/s/ Michelle Moeller|
|THE CLUB TRUSTEE:||VACATION TRUST, INC.,|
|as Club Trustee|
|By:||/s/ Constance G. Dodd|
|Constance G. Dodd|
|President, Treasurer and Secretary|