Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On
The Amended and Restated Purchase Facility will mature and all outstanding amounts will become due twelve months after the revolving advance period has expired, or earlier under certain circumstances set forth in the Amended and Restated Purchase Facility. The interest rate under the Amended and Restated Purchase Facility until the expiration of the revolving advance period will equal the one-month Term SOFR rate plus 1.75% (a decrease from the one-month LIBOR or commercial paper ("CP") rate plus 2.25% prior to the amendment and restatement) and thereafter will equal the one-month Term SOFR rate plus 2.75% (a decrease from the one-month LIBOR or CP rate plus 3.25% prior to the amendment and restatement). Subject to the terms of the Amended and Restated Purchase Facility, Bluegreen will receive the excess cash flow generated by the receivables sold (excess meaning after payments of customary fees, interest and principal under the facility) until the expiration of the advance period, at which point all of the excess cash flow will be paid to the note holders until the outstanding balance is reduced to zero. While ownership of the VOI receivables is transferred and sold for legal purposes, the transfer of the receivables is accounted for as a secured borrowing for financial reporting purposes. The Amended and Restated Purchase Facility is non-recourse and is not guaranteed by Bluegreen or the Company. As of the date of this Current Report on Form 8-K, there were no outstanding borrowings under the Amended and Restated Purchase Facility.
The foregoing description of the Amended and Restated Purchase Facility is a summary only, does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended and Restated Purchase Facility, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.1 Seventh Amended and Restated Indenture, dated as ofSeptember 30, 2022 , by and among BXG Timeshare Trust I, as issuer, Bluegreen Vacations Corporation, as servicer,Vacation Trust, Inc. , as club trustee,Concord Servicing LLC , as backup servicer,U.S. Bank National Association , as custodian, andU.S. Bank Trust Company, National Association , as indenture trustee as paying agent. 1
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