UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K



CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934



Date of Report (Date of earliest event reported): May 19, 2017









Registrant’s telephone number, including area code: 954-940-4900





Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company    [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.[ ]



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. 

On May 19, 2017, Bluegreen Corporation (“Bluegreen”), a wholly owned subsidiary of BBX Capital Corporation, entered into agreements and other instruments to amend and restate its timeshare notes receivable purchase facility (the “Purchase Facility”), which permits maximum outstanding financings of up to $80.0 million.  The amendments to the Purchase Facility extended the advance period from December 2017 to December 2019 and increased the advance rate with respect to timeshare receivables securing amounts financed from 75% to 80%, subject to eligible collateral and other terms of the Purchase Facility. In connection with the amendment and restatement, KeyBank National Association (“KeyBank”) replaced Branch Banking and Trust Company (“BB&T”) as one of the funding agents. DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt AM Main (“DZ”) remains the other funding agent for the Purchase Facility.  As previously described, (a) the Purchase Facility will mature and all outstanding amounts will become due 36 months after the revolving advance period has expired, or earlier under certain circumstances set forth in the Purchase Facility, and (b) interest on amounts outstanding under the Purchase Facility is tied to an applicable index rate of the LIBOR rate, in the case of amounts funded by KeyBank, and a cost of funds rate or commercial paper rates, in the case of amounts funded by or through DZ. As a result of the amendment and restatement, the interest rate under the Purchase Facility until the expiration of the revolving advance period equals the applicable index rate plus 2.75% (a decrease from 2.9% prior to the amendment and restatement) and thereafter will equal the applicable index rate plus 4.75% (a decrease from 4.9% prior to the amendment and restatement). Subject to the terms of the Purchase Facility, Bluegreen will receive the excess cash flows generated by the receivables sold (excess meaning after payments of customary fees, interest and principal under the Purchase facility) until the expiration of the receivables 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 timeshare receivables included in the Purchase Facility is transferred and sold for legal purposes, the transfer of these timeshare receivables is accounted for as a secured borrowing for financial reporting purposes. The Purchase Facility is nonrecourse and is not guaranteed by Bluegreen.

The foregoing description of the 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 agreements and other instruments relating to the Purchase Facility, which are filed as Exhibits 10.1 through 10.6 to this Current Report on Form 8-K and are incorporated herein by reference. 

Item 9.01  Financial Statements and Exhibits.



(d) Exhibits.



Exhibit 10.1 - Second Amended and Restated Purchase and Contribution Agreement, dated as of May 1, 2017, between Bluegreen Corporation and Bluegreen Timeshare Finance I

Exhibit 10.2 – Second Amended and Restated Sale Agreement, dated as of May 1, 2017, between Bluegreen Timeshare Finance I and BXG Timeshare Trust I

Exhibit 10.3 – Sixth Amended and Restated Indenture, dated as of May 1, 2017, among BXG Timeshare Trust I, Bluegreen Corporation, Vacation Trust, Inc., Concord Servicing Corporation, U.S. Bank National Association, KeyBank National Association and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt AM Main

Exhibit 10.4 – Sixth Amended and Restated Note Funding Agreement, dated as of May 1, 2017, by and among Bluegreen Corporation, BXG Timeshare Trust I, Bluegreen Timeshare Finance Corporation I, the purchasers from time to time parties thereto and KeyBank National Association and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt AM Main

Exhibit 10.5 – Second Amended and Restated Trust Agreement, dated as of May 19, 2017, by and among Bluegreen Timeshare Finance I, GSS Holdings, Inc. and Wilmington Trust Company



Exhibit 10.6 - Seventh Amended and Restated Standard Definitions to the Transaction Documents filed as Exhibit 10.1 through 10.5 of this Current Report on Form 8-K







Signature



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



Date:  May 24, 2017

BBX Capital Corporation











EXHIBIT INDEX