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

On July 19, 2021, Bluegreen Vacations Corporation (“Bluegreen”), a wholly owned subsidiary of Bluegreen Vacations Holding Corporation, amended and restated its revolving timeshare receivables hypothecation facility with Pacific Western Bank (the “Pacific Western Bank Facility”). As a result of the amendment and restatement of the Pacific Western Bank Facility, the revolving credit period, which was scheduled to expire on September 20, 2021, has been extended so that it will now expire on September 20, 2024, and the maturity date has been extended from September 20, 2024 until September 20, 2027. The amendments also decreased the interest rate on borrowings, effective September 21, 2021, and amended certain of the other terms of the facility as described in further detail below. Subject to its terms and conditions, the Pacific Western Bank Facility as amended and restated, provides for advances of (i) 85% of the unpaid principal balance of Eligible A Loans assigned to agent, and (ii) 65% (increased from 53% prior to the amendment and restatement of the facility) of the unpaid principal balance of Eligible B Timeshare Loans assigned to agent, during the revolving credit period. The amendment to the Pacific Western Bank Facility increased the maximum permitted outstanding borrowings from $40.0 million to $50.0 million, in each case, subject to the terms of the facility. Until September 21, 2021, borrowings under the Pacific Western Bank Facility will continue to bear interest at the prevailing rate under the facility, which is the 30-day LIBOR rate plus 2.75%, subject to a 3.00% floor.  Pursuant to the amendment to the Pacific Western Bank Facility, effective September 21, 2021, all borrowings outstanding under the facility will bear interest at an annual rate equal to the 30-day LIBOR rate plus 2.50%, subject to a 2.75% floor. In addition, subject to certain exceptions, Bluegreen’s recourse liability under the amended facility was reduced from $10.0 million to $7.5 million. After giving effect to the amendment of the facility, availability under the Pacific Western Bank Facility was approximately $32.1 million as of July 19, 2021 based on approximately $17.9 million outstanding at that date. Principal and interest under the Pacific Western Bank Facility are paid as cash is collected on the pledged receivables, with the remaining balance being due upon maturity. 

The foregoing description of the Pacific Western Bank Facility, as amended and restated, is a summary only, does not purport to be complete and is qualified in its entirety by reference to the full text of the Second Amended and Restated Loan Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.