Debt | 13. Debt Notes Payable and Other Borrowings Contractual minimum principal payments of debt outstanding, net of unamortized discount, for each of the five years subsequent to December 31, 20 15 and thereafter are shown below (in thousands): Notes and Recourse Non-recourse Junior Mortgage Notes Payable Receivable Backed Receivable Backed Subordinated and Lines of Credit Notes Payable Notes Payable Debentures Total 2016 $ 33,503 - - - 33,503 2017 15,793 - - - 15,793 2018 23,755 - - - 23,755 2019 37,305 3,729 - - 41,034 2020 7,694 52,887 38,228 - 98,809 Thereafter 4,955 33,272 280,701 195,879 514,807 123,005 89,888 318,929 195,879 727,701 Purchase Accounting - - - (43,572) (43,572) Total Debt $ 123,005 89,888 318,929 152,307 684,129 The minimum contractual payments set forth in the table above may differ from actual payments due to timing of principal payments required upon (1) the sale of real estate assets that serve as collateral on certain debt (release payments) and (2) cash collections of pledged or transferred notes receivable. BFC Financial During July 2015, BFC entered into a Loan and Security Agreement and related agreements, including a Pledge Agreement, with Stifel Bank & Trust, which allows for borrowings by BFC of up to $10.0 million on a revolving basis. Amounts borrowed under the f acility will accrue interest at the Lender’s prime rate plus 5.0% or one-month LIBOR plus 7.5% , at the option of BFC upon a drawdown of the f acility. Payments of interest for prime rate loans are payable quarterly in arrears and for LIBOR loans are payable at the end of each one-month LIBOR interest period. Additional fees include an annual 0.5% fee on any unused portion of the facility. Borrowings under the facility will be secured by shares of Class A Common Stock of BBX Capital held by BFC in an amount such that the principal balance outstanding under the facility will not exceed 33.33% of the fair market value of the pledged BBX Capital shares based on the closing price of BBX Capital’s Class A Common Stock on the New York Stock Exchange. As of December 31, 2015, BFC had not drawn down any borrowings under the Loan and Security Agreement. The table below sets forth information regarding the lines-of-credit and notes payable facilities of Bluegreen (other than receivable-backed notes payable) and notes payable of BBX Capital as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 December 31, 2014 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: 2013 Notes Payable $ 58,500 8.05% $ 30,411 $ 64,500 8.05% $ 43,903 Foundation Capital - - - 7,010 8.00% 10,596 Pacific Western Term Loan 3,791 5.68% 10,868 2,945 5.91% 11,882 Fifth Third Bank Note 4,572 3.50% 9,336 4,817 3.25% 9,366 NBA Line of Credit 9,721 5.50% 24,246 789 5.50% 7,601 Fifth Third Syndicated Line of Credit 25,000 3.11% 54,312 10,000 3.01% 52,453 Total Bluegreen $ 101,584 $ 129,173 $ 90,061 $ 135,801 BBX Capital: Wells Fargo Capital Finance $ 8,071 (1) (2) $ 8,028 (1) (2) Anastasia Note 5,330 5.00% (2) 7,214 5.00% (2) Iberia Line of Credit 4,997 3.18% (2) - - - Centennial Bank - Hoffman's 1,613 5.25% 2,094 1,645 5.25% 2,145 Centennial Bank - Kencraft 995 2.35% 995 - - - Other 415 5.82% - 1,036 Various - Total BBX Capital $ 21,421 $ 17,923 Total Notes Payable $ 123,005 $ 107,984 (1) The term loan and revolving advance facility bear interest at the Bank Prime Interest Rate or the daily three month LIBOR interest rate plus a margin specified in the credit agreement ranging from 0.5% to 3.25% per annum. (2) The collateral is a blanket lien on the respective companies’ assets. Bluegreen 2013 Notes Payable - In March 2013, Bluegreen issued $75.0 million of senior secured notes (the “2013 Notes Payable”) in a private financing transaction. The 2013 Notes Payable are secured by certain of Bluegreen’s assets, including primarily the cash flows from the residual interests relating to term securitizations and the VOI inventory in the BG Club 36 resort in Las Vegas, Nevada. Pursuant to the terms of the 2013 Notes Payable, Bluegreen is required to periodically pledge reacquired VOI inventory in the BG Club 36 resort. Bluegreen may also pledge additional residual interests from its future term securitizations. The 2013 Notes Payable accrue interest at a fixed rate of 8.05% . The 2013 Notes Payable mature in March 2020, with certain required amortization during the seven -year term. The terms of the 2013 Notes Payable include certain covenants and events of default, which Bluegreen’s management considers to be customary for transactions of this type. The proceeds from the 2013 Notes Payable were used to fund a portion of the merger consideration paid to Bluegreen’s former shareholders in connection with the closing of Woodbridge’s April 2013 acquisition of Bluegreen. Foundation Capital - In 2010, Bluegreen acquired a 109 -acre development parcel, located in close proximity to the existing Wilderness Club at Big Cedar. A portion of the acquisition was financed with a note payable to Foundation Capital Resources, Inc. (“Foundation Capital”), totaling $13.2 million. The note payable to Foundation Capital was scheduled to mature in October 2015 and bore interest at a rate of 8% . Repayments of the note were based upon release payments from sales of VOIs located on the underlying property that served as collateral for the note payable, subject to minimum payments stipulated in the agreement. In Febru ary 2015, Bluegreen repaid in full the Foundation Capital note payab le. Pacific Western Term Loan - Bluegreen has a non-revolving term loan (the “Pacific Western Term Loan”) with Pacific Western Bank, as successor by merger to CapitalSource Bank, secured by unsold inventory and undeveloped land at the Bluegreen Odyssey Dells Resort. On June 25, 2015, the Pacific Western Term Loan was amended to increase its then outstanding balance from $2.4 million to $4.8 million, extend the maturity date from July 2016 to June 2019, and reduce the interest rate from 30-day LIBOR plus 5.75% to 30 -day LIBOR plus 5.25% ( 5.68% at December 31, 2015). Interest payments are paid monthly. Principal payments are effected through release payments upon sales of the timeshare interests in the Bluegreen Odyssey Dells Resort that serve as collateral for the Pacific Western Term Loan, subject to mandatory principal reductions pursuant to the terms of the loan agreement. The Pacific Western Term Loan is cross-collateralized and is subject to cross-default with the Pacific Western Facility described below under “Receivable-Backed Notes Payable.” Fifth Third Bank Note Payable - In April 2008, Bluegreen entered into a note payable with Fifth Third Bank to finance an acquisition of real estate. In August 2014, the Fifth Third Bank Note Payable was amended to increase its then outstanding balance from $2.3 million to $4.9 million, and change the maturity date from April 2023 to August 2021. Principal and interest on amounts outstanding under the Fifth Third Bank Note Payable are payable monthly through maturity. The interest rate under the note equals the 30-day LIBOR plus 3.00% , with a 0.125% roundup provision, ( 3.50% as of December 31, 2015). NBA Line of Credi t - Since December 2013, Bluegreen/Big Cedar Vacations has had a revolving line of credit with National Bank of Arizona (the “NBA Line of Credit”). The NBA Line of Credit is secured by unsold inventory and VOIs under construction at Bluegreen/Big Cedar Vacation’s Paradise Point Resort. Pursuant to an amendment to the NBA Line of Credit on June 30, 2015, the NBA Line of Credit was increased to $15.0 million, the revolving advance period was extended from to June 2018 and the maturity date was extended to June 2020. In addition, the interest rate on borrowings under the NBA Line of Credit will be reduced from 30-day LIBOR plus 4.50% (with an interest rate floor of 5.50%) to 30-day LIBOR plus 3.50% (with an interest rate floor of 5.00%) upon completion of construction of the building where the VOIs are located. Interest payments are paid monthly. Principal payments are effected through release payments upon sales of the timeshare interests in the Paradise Point Resort that serve as collateral for the NBA Line of Credit, subject to mandatory principal reductions. The NBA Line of Credit is cross-collateralized and is subject to cross-default with the NBA Receivables Facility described below under “Receivable-Backed Notes Payable.” Fifth Third Syndicated Line-of-Credit - In November 2014, Bluegreen entered into a $25.0 million revolving credit facility with Fifth Third Bank as administrative agent and lead arranger and Fifth Third Bank, Bank of America, N. A. and Branch Banking and Trust Company as initial lenders. The facility is secured by certain of Bluegreen’s sales centers, certain VOI inventory and specified non-consumer receivables and is guaranteed by certain of Bluegreen’s subsidiaries. Amounts borrowed under the facility generally bear interest at LIBOR plus 2.75% (with other borrower elections). The facility matures in November 2016 subject to an annual clean up provision for at least 30 consecutive days, which occurred in July 2015, in accordance with the terms and conditions of the agreement. The facility contains covenants and conditions which Bluegreen considers to be customary for transactions of this type. Borrowings are used by Bluegreen for general corporate purposes. As of December 31, 2015, the interest rate under the note was 3.11% and $25.0 million was outstanding. BBX Capital Wells Fargo Capital Finance - On June 11, 2014, Renin entered into a credit agreement (the “WF Credit Agreement”) with Wells Fargo Capital Finance Corporation (“Wells Fargo”). Under the terms and conditions of the WF Credit Agreement, Wells Fargo made a $1.5 million term loan to Renin. The WF Credit Agreement also includes a revolving advance facility pursuant to which Wells Fargo agreed to make loans to Renin on a revolving basis up to a maximum of approximately $18 million or, if lower, the Borrowing Base (as defined in the WF Credit Agreement), subject to Renin’s compliance with the terms and conditions of the WF Credit Agreement, including certain specific financial covenants as discussed below. Amounts outstanding under the term loan and loans made under the revolving advance facility bear interest at the Canadian Prime Rate or the daily three month LIBOR rate plus a margin specified in the WF Credit Agreement at various rates between 0.5% per annum and 3.25% per annum. The revolving advance facility also includes a 0.25% per annum fee charged on the amount of unused commitment. The term loan and borrowings under the revolving advance facility require monthly interest payments. In addition, beginning on October 1, 2014, the term loan requires quarterly principal repayments of $75,000 . The maturity date under the WF Credit Agreement with respect to the term loan and all loans made pursuant to the revolving advance facility is June 11, 2019. The amount outstanding under the term loan and revolving advance facility were $1.1 million and $7.0 million as of December 31, 2015. The amounts outstanding under the term loan and revolving advance facility were $1.4 million and $6.6 million as of December 31, 2014. Under the terms and conditions of the WF Credit Agreement, Renin was originally required to comply with certain financial covenants from June 30, 2014 to November 30, 2014, including limits on monthly capital expenditures and the achievement of monthly EBITDA (as defined in the WF Credit Agreement) in amounts equal to or greater than specific amounts set forth in the WF Credit Agreement. However, the WF Credit Agreement was amended in October 2014 replacing the EBITDA financial covenants requirements for each month ended during the period from September 2014 through November 2014 with a Fixed Charge Coverage Ratio (as defined in the amended WF Credit Agreement). In addition, beginning on December 1, 2014, Renin is required to maintain as of the end of each month a certain specified Fixed Charge Coverage Ratio (as defined in the WF Credit Agreement) measured on a trailing twelve-month basis. The WF Credit Agreement also contains customary affirmative and negative covenants, including those that, among other things, limit the ability of Renin to incur liens or engage in certain asset dispositions, mergers or consolidations, dissolutions, liquidations or winding up of its businesses. The loans are collateralized by all of Renin’s assets. Renin was in compliance with the WF Credit Agreement financial covenants as of December 31, 2015. Anastasia Note - In October 2014, a wholly-owned subsidiary of BBX Capital, BBX Sweet Holdings, acquired the outstanding common shares of Anastasia. A portion of the purchase consideration was a $7.5 million promissory note. The promissory note bears interest at 5% per annum and $2.0 million of the promissory note plus accrued interest was repaid on October 1, 2015. The remaining balance of the promissory note is payable in three annual payments of principal and accrued interest as follows: $2.0 million plus accrued interest on October 1, 2016, $2.0 million plus accrued interest on October 1, 2017 and the final payment of $1.5 million plus accrued interest on October 1, 2018. The repayment of the promissory note is guaranteed by BBX Capital Corporation and secured by the common stock of Anastasia. The Anastasia note payable was recorded at a $0.3 million discount to reflect the fair value of the note payable at the acquisition date. Iberia Line of Credit - On August 7, 2015, the wholly-owned subsidiary of BBX Capital, BBX Sweet Holdings entered into a Loan and Security Agreement and related agreements, with Iberiabank, which provides for borrowings by BBX Sweet Holdings of up to $5.0 million on a revolving basis. Amounts borrowed under this facility accrue interest at a floating rate of thirty day LIBOR plus 2.75% or 3.18% as of December 31, 2015. Payments of interest only are payable monthly. The facility matures, and all outstanding principal and interest will be payable, on July 31, 2017, with one twelve month renewal option at BBX Sweet Holdings’ request, subject to satisfaction of certain conditions. The loan documents include a number of covenants, including financial covenants relating to BBX Sweet Holdings’ debt service coverage ratio. The facility is secured by the assets of BBX Sweet Holdings and its subsidiaries and is guaranteed by BBX Capital. BBX Sweet Holdings is using the proceeds of the facility for general corporate purposes. BBX Sweet Holdings was not in compliance with the Iberiabank loan financial covenants as of December 31, 2015. Centennial Bank – Hoffman’s - In October 2014, a wholly-owned subsidiary of BBX Sweet Holdings borrowed $1.7 million from a Centennial Bank in the form of a ten year promissory note for working capital. The note bears interest at a fixed rate of 5.25% per annum for the first five years and adjusts to the 5 -year US Treasury SWAP Rate in effect on the change date plus 345 basis points for the remaining five year term of the note. The note requires monthly principal and interest payments based upon a 25 year amortization schedule and is due and payable in October 2024 . BBX Sweet Holdings and BBX Capital are guarantors of the note and the note is collateralized by land and buildings with a carrying value of $2.1 million as of December 31, 2015. Centennial Bank – Kencraft - In April 2015, a wholly-owned subsidiary of BBX Sweet Holdings borrowed $995,000 from a Centennial Bank in the form of a promissory note in order to partially fund the Kencraft asset acquisition. The promissory note bears interest at 2.35% per annum and the principal balance is payable on April 1, 2017 or sooner upon demand. Interest is payable monthly. The promissory note is secured by a $995,000 certificate of deposit and a blanket lien on the Kencraft assets acquired. The $ 995,000 time deposit account is included in restricted cash in the consolidated statement of financial condition as of December 31, 2015. BBX Sweet Holdings was in compliance with the debt financial covenants of the loan as of December 31, 2015. Other Notes Payable – Other notes payable consisted of purchase consideration payable in connection with BBX Sweet Holdings acquisitions. Receivable-Backed Notes Payable The table below sets forth information regarding Bluegreen’s receivable-backed notes payable facilities (dollars in thousands): December 31, 2015 December 31, 2014 Principal Principal Balance of Balance of Pledged/ Pledged/ Debt Interest Secured Debt Interest Secured Balance Rate Receivables Balance Rate Receivables Recourse receivable-backed notes payable: Liberty Bank Facility $ 46,547 4.00% $ 56,815 $ 38,088 4.25% $ 49,976 NBA Receivables Facility 24,860 4.00 - 4.50% 29,947 29,058 4.00 - 4.50% 35,296 Pacific Western Facility 18,481 4.93% 23,596 24,983 4.67% 32,397 Total $ 89,888 $ 110,358 $ 92,129 $ 117,669 Non-recourse receivable-backed notes payable: BB&T/DZ Purchase Facility $ 38,228 3.33% $ 50,224 $ 42,818 3.88% $ 56,406 Quorum Purchase Facility 28,500 4.75 -6.90% 32,303 26,447 5.00 -6.90% 30,158 GE 2006 Facility - - - 18,008 7.35% 19,881 2006 Term Securitization - - - 12,366 6.16% 12,881 2007 Term Securitization 17,642 7.32% 18,720 30,126 7.32% 33,094 2008 Term Securitization 7,227 7.88% 7,726 11,846 7.88% 13,089 2010 Term Securitization 24,074 5.54% 28,159 37,048 5.54% 44,092 2012 Term Securitization 44,603 2.94% 49,091 59,377 2.94% 65,827 2013 Term Securitization 62,670 3.20% 66,020 82,239 3.20% 86,503 2015-A Term Securitization 95,985 3.02% 100,142 - - - Total $ 318,929 $ 352,385 $ 320,275 $ 361,931 Total receivable-backed debt $ 408,817 $ 462,743 $ 412,404 $ 479,600 Liberty Bank Facility - Since 2008, Bluegreen has maintained a revolving timeshare receivables hypothecation facility (the “Liberty Bank Facility”) with Liberty Bank which provides for advances on eligible receivables pledged under the Liberty Bank Facility, subject to specified terms and conditions, during a revolving credit period. Pursuant to the terms of the agreement, as amended in November 2015, the aggregate maximum outstanding borrowings are $50.0 million and the revolving credit period will expire in November 2017. The Liberty Bank Facility allows future advances of (i) 85% of the unpaid principal balance of Qualified Timeshare Loans assigned to agent, and (ii) 60% of the unpaid principal balance of Non-Conforming Qualified Timeshare Loans assigned to agent, all of which bear interest at the WSJ Prime Rate plus 0.50% per annum subject to a 4.00% floor. Principal and interest are required to be paid as cash is collected on the pledged receivables, with all outstanding amounts being due in November 2020. In January 2015, Bluegreen repaid $22.3 million under the facility in connection with the issuance of the 2015 Term Securitization described below. NBA Receivables Facility - Bluegreen/Big Cedar Vacations has a revolving timeshare hypothecation facility with National Bank of Arizona (the “NBA Receivables Facility”). On June 30, 2015, the NBA Receivables Facility was amended to extend the revolving advance period and the maturity date, and to reduce the interest rate on future borrowings. The NBA Receivables Facility provides for advances at a rate of 85% on eligible receivables pledged under the facility up to a maximum of $45.0 million of outstanding borrowings (inclusive of outstanding borrowings under the NBA Line of Credit discussed above), subject to eligible collateral and specified terms and conditions, during a revolving credit period. Pursuant to the terms of the amendment to the NBA Receivables Facility, the revolving advance period expiration date was extended to June 2018. In addition, post-amendment borrowings under the NBA Receivables Facility will accrue interest at a rate equal to the 30-day LIBOR plus 3.25% (with an interest rate floor of 4.00%). Amounts outstanding under the NBA Receivables Facility for borrowings made prior to the amendment accrue interest at the previously prevailing rates, which for certain of such borrowings is 30-day LIBOR plus 3.25% (with an interest rate floor of 4.00%) and for the remainder of such borrowings is 30-day LIBOR plus 3.50% (with an interest rate floor of 4.50%) . Principal repayments and interest on borrowings under the NBA Receivables Facility are paid as cash is collected on the pledged receivables, subject to future required decreases in the advance rates after the expiration of the revolving advance period, with the remaining outstanding balance maturing in December 2022. As of December 31, 2015, $17.2 million of the outstanding balance bears interest at 4.00% and $7.6 million of the outstanding balance bears interest at 4.50% . All principal and interest payments received on pledged receivables are applied to principal and interest due under the facility. The NBA Receivables Facility is cross-collateralized and is subject to cross-default with the NBA Line of Credit described above. Pacific Western Facility - Bluegreen has a revolving timeshare receivables hypothecation facility (the “Pacific Western Facility”) with Pacific Western Bank, as successor-by-merger to CapitalSource Bank, which provides for advances on eligible receivables pledged under the facility, subject to specified terms and conditions, during a revolving credit period. On June 25, 2015, Bluegreen amended the Pacific Western Facility to extend the revolving advance period and the maturity date, increase the advance rate for certain eligible receivables, and reduce the interest rate on portions of certain future borrowings. Maximum outstanding borrowings under the Pacific Western Facility are $40.0 million (inclusive of outstanding borrowings under the Pacific Western Term Loan discussed above), subject to eligible collateral and customary terms and conditions. Pursuant to the terms of the amendment to the Pacific Western Facility, the revolving advance period expiration date was extended to September 2018, subject to an additional 12 month extension at the option of Pacific Western Bank. Eligible “A” receivables that meet certain eligibility and FICO® score requirements, which Bluegreen’s management believes are typically consistent with loans originated under Bluegreen’s current credit underwriting standards, are subject to an 85% advance rate. The Pacific Western Facility also allows for certain eligible “B” receivables (which have less stringent FICO® score requirements) to be funded at a 53% advance rate as a result of the amendment, compared to a 45% advance rate prior to the amendment. Borrowings under the Pacific Western Facility accrue interest at 30-day LIBOR plus 4.50% , except that, pursuant to the amendment, the interest rate on a portion of borrowings under the Pacific Western Facility, advanced after the date of the amendment to the extent such borrowings are in excess of established debt minimums, accrue interest at 30-day LIBOR plus 4.00% . Principal repayments and interest on borrowings under the Pacific Western Facility are paid as cash is collected on the pledged receivables, subject to future required decreases in the advance rates after the end of the revolving advance period, with the remaining outstanding balance maturing in September 2021, subject to an additional 12 month extension at the option of Pacific Western Bank. The Pacific Western Facility is cross-collateralized and is subject to cross-default with the Pacific Western Term Loan described above. BB&T/DZ Purchase Facility - Bluegreen has a timeshare notes receivable purchase facility (the “BB&T/DZ Purchase Facility”) with Branch Banking and Trust Company (“BB&T”) and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt AM Main (“DZ”), which permits maximum outstanding financings of $80.0 million. In December 2015, Bluegreen amended the BB&T/DZ Purchase Facility to extend the revolving advance period and the maturity date, and reduce the interest rate on portions of certain borrowings. Availability under the BB&T/DZ Purchase Facility is on a revolving basis through December 2017, and amounts financed are secured by timeshare receivables at an advance rate of 75% , subject to eligible collateral and other terms of the facility, which Bluegreen believes to be customary for financing arrangements of this type. The facility will mature and all outstanding amounts will become due thirty-six months after the expiration of the revolving advance period, or earlier under certain circumstances set forth in the facility. Interest on amounts outstanding under the facility is tied to an applicable index rate of the LIBOR rate, in the case of amounts funded by BB&T, and a cost of funds rate or commercial paper rates, in the case of amounts funded by or through DZ. The interest rate under the facility equals the applicable index rate plus 2.90% until the expiration of the revolving advance period and thereafter will equal the applicable index rate plus 4.9% . Subject to the terms of the 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 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 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 facility is nonrecourse and is not guaranteed by Bluegreen. In January 2015, Bluegreen used a portion of the proceeds from the issuance of the 2015 Term Securitization described below to repay $42.3 million under the facility. Quorum Purchase Facility - Bluegreen and Bluegreen/Big Cedar Vacations have a timeshare notes receivable purchase facility (the “Quorum Purchase Facility”) with Quorum Federal Credit Union (“Quorum”). In October 2015, the Quorum Purchase Facility was amended. Pursuant to the amendment, which was effective as of July 1, 2015, Quorum agreed to purchase, on a revolving basis through June 30, 2017, eligible timeshare receivables in an amount of up to an aggregate outstanding $ 50.0 million purchase price, subject to certain conditions precedent and other terms of the facility. In addition, the amendment decreased the interest rate on advances made under the Quorum Purchase Facility from the July 1, 2015 effective date of the amendment until June 30, 2016 to 4.75% per annum, subject to specified terms and conditions. All amounts outstanding under the Quorum Purchase Facility prior to July 1, 2015 accrue interest at the previously prevailing rates (from 5.00% to 6.90% per annum). The Quorum Purchase Facility continues to provide for an 85% advance rate on eligible receivables sold under the facility and a program fee rate of 5.00% per annum with respect to any future advances after June 30, 2016. Future advances are also subject to a loan purchase fee of 0.50% . The Quorum Purchase Facility becomes due in December 2030. Eligibility requirements for receivables sold include, among others, that the obligors under the timeshare notes receivable sold be members of Quorum at the time of the note sale. Subject to performance of the collateral, Bluegreen or Bluegreen/Big Cedar Vacations, as applicable, will receive any excess cash flows generated by the receivables transferred to Quorum under the facility (excess meaning after payments of customary fees, interest, and principal under the facility) on a pro-rata basis as borrowers make payments on their timeshare loans. While ownership of the timeshare receivables included in the Quorum 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 facility is nonrecourse and is not guaranteed by Bluegreen. 2015 Term Securitization - On January 29, 2015, Bluegreen completed a private offering and sale of $117.8 million of investment-grade, timeshare receivable-backed notes (the " 2015 Term Securitization"). The 2015 Term Securitization consisted of the issuance of two tranches of timeshare receivable-backed notes (the “Notes”): $89.4 million of A rated and $28.4 million of BBB/BBB- rated notes with note interest rates of 2.88% and 3.47% , respectively, which blended to an overall weighted average note interest rate of 3.02% . The gross advance rate for this transaction was 94.25% . The Notes mature in May 2030. The amount of the timeshare receivables sold to BXG Receivables Note Trust 2015-A (the “2015 Trust”) was $125.0 million, $100.2 million of which was sold to the 2015 Trust at closing and $24.8 million of which was subsequently sold to the 2015 Trust during 2015. The gross proceeds of such sales to the 2015 Trust were $117.8 million. A portion of the proceeds were used to: repay the BB&T/DZ Purchase Facility a total of $42.3 million, representing all amounts then outstanding (including accrued interest); repay $22.3 million under the Liberty Bank Facility plus accrued interest; capitalize a reserve fund; and pay fees and expenses associated with the transaction. Prior to the closing of the 2015 Term Securitization, Bluegreen, as servicer, funded $9.5 million in connection with the servicer redemption of the notes related to BXG Receivables Note Trust 2006-B, and certain of the timeshare loans in such trust were sold to the 2015 Trust in connection with the 2015 Term Securitization. The remaining $40 million of proceeds from the 2015 Term Securitization were used by Bluegreen for general corporate purposes. While ownership of the timeshare receivables included in the 2015 Term Securitization is transferred and sold for legal purposes, the transfer of these timeshare receivables is accounted for as a secured borrowing for financial reporting purposes. Accordingly, no gain or loss was recognized as a result of this transaction. Subject to performance of the collateral, Bluegreen will receive any excess cash flows generated by the receivables transferred under the 2015 Term Securitization (excess meaning after payments of customary fees, interest, and principal under the 2015 Term Securitization) on a pro-rata basis as borrowers make payments on their timeshare loans. Other Non-Recourse Receivable-Backed Notes Payable - In addition to the above described facilities, Bluegreen has a number of other nonrecourse receivable-backed notes payable facilities, as set forth in the table above. During 2015, Bluegreen repaid $75.2 million under these additional receivable-backed notes payable facilities, including the payment in full of the GE 2006 Facility and the notes payable issued in connection with the 2006 Term Securitization. During 2015, Bluegreen wrote off the related unamortized GE 2006 Facility and 2006 Term Securitization debt issuance costs totaling approximately $0.2 million. As of December 31, 2015 , Bluegreen was in compliance with all financial debt covenants under its debt instruments. Junior Subordinated Debentures Junior subordinated debentures outstanding at December 31, 2015 and 2014 were as follows (in thousands): December 31, Beginning 2015 2014 Optional Issue Outstanding Outstanding Interest Maturity Redemption Junior Subordinated Debentures Date Amount Amount Rate (1) Date Date Levitt Capital Trust I ("LCT I") 03/15/2005 $ 23,196 23,196 LIBOR + 3.85% 03/01/2035 03/15/2010 Levitt Capital Trust II ("LCT II") 05/04/2005 30,928 30,928 LIBOR + 3.80% 06/30/2035 06/30/2010 Levitt Capital Trust III ("LCT III") 06/01/2006 15,464 15,464 LIBOR + 3.80% 06/30/2036 06/30/2011 Levitt Capital Trust IV ("LCTIV") 07/18/2006 15,464 15,464 LIBOR + 3.80% 09/30/2036 09/30/2011 Total Woodbridge Holdings 85,052 85,052 Bluegreen Statutory Trust I 03/15/2005 23,196 23,196 LIBOR + 4.90% 3/30/2035 03/30/2010 Bluegreen Statutory Trust II 05/04/2005 25,774 25,774 LIBOR + 4.85% 7/30/2035 07/30/2010 Bluegreen Statutory Trust III 05/10/2005 10,310 10,310 LIBOR + 4.85% 7/30/2035 07/30/2010 Bluegreen Statutory Trust IV 04/24/2006 15,464 15,464 LIBOR + 4.85% 6/30/2036 06/30/2011 Bluegreen Statutory Trust V 07/21/2006 15,464 15,464 LIBOR + 4.85% 9/30/2036 09/30/2011 Bluegreen Statutory Trust VI 02/26/2007 20,619 20,619 LIBOR + 4.80% 4/30/2037 04/30/2012 Total Bluegreen Corporation 110,827 110,827 Purchase accounting adjustment (43,572) (45,841) To |