AGREEMENT AND PLAN OF MERGER

Exhibit 2.1

AGREEMENT AND PLAN OF MERGER

by and among

BFC FINANCIAL CORPORATION,

LEV MERGER SUB, INC.

and

LEVITT CORPORATION

TABLE OF CONTENTS

AGREEMENT AND PLAN OF MERGER

     THIS AGREEMENT AND PLAN OF MERGER (this " Agreement ") is entered into as of the 30 ^th day of January, 2007, by and among BFC FINANCIAL CORPORATION, a Florida corporation (" BFC "), LEV MERGER SUB, INC., a Florida corporation and a wholly-owned subsidiary of BFC (" Merger Sub "), and LEVITT CORPORATION, a Florida corporation (" Levitt ").

W I T N E S S E T H :

     WHEREAS, BFC has proposed a business combination with Levitt pursuant to which Levitt will merge with and into Merger Sub, with Merger Sub to be the surviving corporation in the merger (the " Merger ");

     WHEREAS, the Board of Directors of Levitt has designated a special committee composed of independent members of such Board of Directors (the " Special Committee ") to, among other things, review and evaluate the terms and conditions, and determine the advisability, of the Merger;

     WHEREAS, the Special Committee has negotiated the terms and conditions of this Agreement on behalf of Levitt and has (i) determined that the Merger is consistent with and in furtherance of the long-term business strategy of Levitt and advisable, fair to, and in the best interests of the Minority Shareholders (as hereinafter defined) and (ii) recommended the approval and adoption of this Agreement by the Levitt Board of Directors;

     WHEREAS, the Board of Directors of Levitt has, based upon the recommendation of the Special Committee, (i) determined that the Merger is consistent with and in furtherance of the long-term business strategy of Levitt and advisable, fair to, and in the best interests of the Minority Shareholders, (ii) approved and adopted this Agreement and declared its advisability and approved the Merger and the other transactions contemplated by this Agreement and (iii) recommended the approval and adoption of this Agreement by the shareholders of Levitt in accordance with this Agreement;

     WHEREAS, the Board of Directors of BFC designated a committee composed of independent directors to review and evaluate the terms and conditions and determine the advisability of a possible business combination between BFC and Levitt, and such committee has determined that the Merger is consistent with and in furtherance of the long term business strategy of BFC and fair to and in the best interests of BFC and BFC’s shareholders and has recommended the approval and adoption of this Agreement by the BFC Board of Directors;

     WHEREAS, the Board of Directors of BFC has determined that the Merger is consistent with and in furtherance of the long-term business strategy of BFC and fair to, and in the best interests of, BFC and its shareholders and has approved and adopted this Agreement, the Merger and the other transactions contemplated by this Agreement;

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     WHEREAS, it is intended that the Merger qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the " Code "); and

     WHEREAS, BFC, Merger Sub and Levitt desire to make certain representations, warranties, covenants and agreements in connection with the Merger and to also set forth certain conditions to the Merger;

     NOW, THEREFORE, for and in consideration of the premises and the mutual agreements, representations, warranties and covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for the purpose of prescribing the terms and conditions of the Merger, the parties, intending to be legally bound, hereby agree as follows:

ARTICLE I
DEFINITIONS

     When used in this Agreement, and in addition to the other terms defined herein, the following terms shall have the meanings specified:

     "Acquisition Proposal" shall have the meaning set forth in Section 7.4(a) .

     "Affiliate" shall mean with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with the Person specified. For purposes of this definition, control of a Person means the power, direct or indirect, to direct or cause the direction of the management and policies of such Person whether though the ownership of voting securities, by contract or otherwise; provided, however, that for purposes of this Agreement, Levitt shall not be treated as an Affiliate of BFC, and BFC and BankAtlantic Bancorp, Inc. shall not be treated as Affiliates of Levitt.

     "Affiliate Letter" shall mean an agreement in the form attached hereto as Exhibit A.

     "Agreement" means this Agreement and Plan of Merger as executed on the date hereof and as amended and supplemented in accordance with its terms, including all Schedules and Exhibits.

     "Articles of Merger" shall mean the articles of merger with respect to the Merger to be filed with the Secretary of State of the State of Florida.

     "BFC" shall mean BFC Financial Corporation.

     "BFC Capital Stock" shall have the meaning set forth in Section 4.2(a) .

     "BFC Class B Common Stock" shall mean the Class B Common Stock, par value $0.01 per share, of BFC.

     "BFC Class A Common Stock" shall mean the Class A Common Stock, par value $0.01 per share, of BFC.

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     "BFC Financial Statements" shall mean the audited Consolidated Statements of Financial Condition, Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income, Consolidated Statements of Shareholders’ Equity and Consolidated Statements of Cash Flows of BFC, and the related notes thereto, for each of BFC’s fiscal years ended on December 31, 2003, 2004 and 2005, and the unaudited Consolidated Statements of Financial Condition, Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income, Consolidated Statements of Shareholders’ Equity and Consolidated Statements of Cash Flows of BFC, and the related notes thereto, for the nine-month period ended September 30, 2006, as each of which is included in the BFC SEC Reports.

     "BFC Leased Real Property" shall mean all real property leased by BFC (including all leasehold or subleasehold estates and other rights to use or occupy any land, buildings (including sales kiosks) and improvements thereon).

     "BFC Material Contract" shall mean any "material contract" (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC) to which BFC or any of its Subsidiaries is a party or otherwise relating to or affecting any of their respective assets, properties or operations.

     "BFC Options" shall mean all options or warrants granted by BFC to purchase shares of BFC Class A Common Stock or BFC Class B Common Stock which are outstanding and unexercised immediately prior to the Effective Time.

     "BFC Option Plans" shall mean (i) the BFC Financial Corporation Stock Option Plan and (ii) the BFC Financial Corporation 2005 Stock Incentive Plan.

     "BFC Owned Real Property" shall mean all real property owned by BFC (including all land, interests in buildings, structures, improvements and fixtures located thereon and all easements and other rights and interests appurtenant thereto owned by BFC).

     "BFC Plans" shall mean all employee benefit plans and all bonus, stock option, stock purchase, restricted stock, incentive, deferred compensation, retiree medical or life insurance, supplemental retirement, severance or other benefit plans, programs or arrangements, and all employment, termination, severance or other contracts or agreements, whether legally enforceable or not, to which BFC is a party, with respect to which BFC has any obligation or which are maintained, contributed to or sponsored by BFC for the benefit of any current or former employee, officer or director of BFC.

     "BFC SEC Reports" shall have the meaning set forth in Section 4.5(a) .

     "BFC Special Meeting" shall mean the special meeting of BFC’s shareholders to be held for the purpose of approving the transactions contemplated hereby.

     "BFC Stock Certificate(s)" shall have the meaning set forth in Section 3.2(a) .

     "Business Day" means any day on which banks are not required or authorized by Law or

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executive order to close in the city of Fort Lauderdale, Florida, USA.

     "Claim" shall have the meaning set forth in Section 7.8 .

     "Closing" shall have the meaning set forth in Section 2.2 .

     "Closing Date" shall have the meaning set forth in Section 2.2 .

     "Code" shall have the meaning set forth in the Recitals.

     "Controlled Group" shall mean a controlled group of organizations (within the meaning of Sections 414(b), (c), (m) or (o) of the Code).

     "Dissenting Shares" shall have the meaning set forth in Section 3.5 .

     "Effective Time" shall have the meaning set forth in Section 2.2 .

     "ERISA" shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations thereunder.

     "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated thereunder.

     "Exchange/Paying Agent" shall have the meaning set forth in Section 3.2(a) .

     "Exchange/Payment Fund" shall have the meaning set forth in Section 3.2(a) .

     "Exchange Ratio" shall have the meaning set forth in Section 3.1(c) .

     "FBCA" shall mean the Florida Business Corporation Act.

     "GAAP" shall mean United States generally accepted accounting principles, consistently applied during the periods presented in accordance with past practices.

     "Governmental Entity" shall mean any federal, state, local or foreign court, tribunal, arbitral body, administrative agency or commission or other governmental or regulatory authority or administrative agency or commission.

     "HSR Act" shall mean the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations thereunder.

     "Indemnified Liabilities" shall have the meaning set forth in Section 7.8 .

     "Indemnified Parties" shall have the meaning set forth in Section 7.8 .

     "Joint Proxy Statement/Prospectus" shall have the meaning set forth in Section 4.16 .

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     "Law" shall mean any federal, state or local governmental law, rule, regulation or requirement, including any rules, regulations and Orders promulgated thereunder and any Orders, decrees, consents or judgments of any Governmental Entity and courts having the force of law.

     "Letter of Transmittal" shall have the meaning set forth in Section 3.2(b) .

     "Levitt" shall have the meaning set forth in the Preamble.

     "Levitt Class A Common Stock" shall mean the Class A common stock, par value $0.01 per share, of Levitt.

     "Levitt Class B Common Stock" shall mean the Class B common stock, par value $0.01 per share, of Levitt.

     "Levitt Financial Statements" shall mean the audited Consolidated Statements of Financial Condition, Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Consolidated Statements of Shareholders’ Equity and Consolidated Statements of Cash Flows of Levitt, and the related notes thereto, for each of Levitt’s fiscal years ended on December 31, 2003, 2004 and 2005, and the unaudited Consolidated Statements of Financial Condition, Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income, Consolidated Statements of Shareholders’ Equity and Consolidated Statements of Cash Flows of Levitt, and the related notes thereto, for the nine-month period ended September 30, 2006, as each of which is included in the Levitt SEC Reports.

     "Levitt Material Contract" shall mean any "material contract" (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC) to which Levitt or any of its Subsidiaries is a party or otherwise relating to or affecting any of their respective assets, properties or operations.

     "Levitt Options" shall mean all options or warrants granted by Levitt to purchase shares of Levitt Class A Common Stock which are outstanding and unexercised immediately prior to the Effective Time.

     "Levitt Option Plan" shall mean the Levitt Corporation 2003 Stock Incentive Plan, as amended and restated.

     "Levitt SEC Reports" shall have the meaning set forth in Section 5.5(a) .

     "Levitt Special Meeting" shall mean the special meeting of Levitt’s shareholders to be held for the purpose of voting upon the Merger, this Agreement and the other transactions contemplated by this Agreement, and for no other purpose without the prior written consent of BFC.

     "Levitt Stock Certificate(s)" shall have the meaning set forth in Section 3.2(a) .

     "Lien" shall mean any lien, charge, pledge, security interest, mortgage, claim, encumbrance, option, right of first refusal and other proscription, restriction, condition, covenant or similar right

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whether imposed by law, by contract or otherwise.

     "Material Adverse Effect" shall mean any effect, change, event, state of fact, development, circumstance or condition (including changes in banking, thrift or similar laws, rules or regulations) which when considered individually or in the aggregate with all other effects, changes, events, state of facts, developments, circumstances or conditions has materially and adversely affected or could reasonably be expected to materially and adversely affect (i) the results of operations, financial condition, assets, liabilities, or business of BFC or Levitt, as the case may be, in each case including its respective Subsidiaries together with it taken as a whole, including the ability of the parties to consummate the Merger and/or any of the other transactions contemplated hereby; provided , however , that a "Material Adverse Effect" shall not be deemed to include (x) any changes resulting from general economic or political conditions, (y) circumstances that affect the industries in which Levitt or BFC, as the case may be, operate or (z) force majeure events, acts of terrorism or acts of war; and provided, further , that, notwithstanding the foregoing, the changes or events described in clauses (x) through (z) above shall be regarded in determining whether a Material Adverse Effect has occurred if the effects of such changes or events disproportionately impact or uniquely relate to BFC or Levitt, as applicable.

     "Merger Consideration" shall have the meaning set forth in Section 3.2(c) .

     "Merger Sub" shall have the meaning set forth in the Preamble.

     "Merger" shall have the meaning set forth in the Recitals.

     "Minority Shareholders" shall mean the holders of Levitt Class A Common Stock, other than BFC and the directors of Levitt who are not "independent" within the meaning of the rules and regulations of the NYSE.

     "NYSE" shall mean the New York Stock Exchange.

     "NYSE Arca" shall mean the NYSE Arca Stock Exchange.

     "Order" shall mean any judgment, ruling, order, writ, injunction, decree, consent decree, statute, rule or regulation.

     "OSHA" shall mean the Occupational Safety and Health Act of 1970, as amended from time to time, and the rules and regulations issued thereunder.

     "PBGC" shall mean the Pension Benefit Guaranty Corporation.

     "Permits" shall mean all permits, licenses, variances, registrations, certificates of authority, Orders and approvals of Governmental Entities.

     "Permitted Liens" shall mean (i) statutory Liens imposed by Law for Taxes that are not yet due and payable, or are being contested in good faith by proper proceedings and which have been adequately reserved for in accordance with GAAP on the Levitt Financial Statements or BFC

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Financial Statements, as applicable, (ii) Liens which are purchase money Liens arising in the ordinary course of business for amounts which are not in default; (iii) carriers’, warehousemen’s, mechanics, landlords’, materialmen’s, repairmen’s or other substantially similar Liens arising under Law for amounts not yet due and payable; (iv) easements, rights-of-way and other similar instruments whether or not recorded in the public land records or filed in other public records and which do not, individually or in the aggregate, interfere with the use or marketability of the relevant asset; (v) zoning, subdivision and other applicable Laws; and (vi) amendments, extensions, renewals or replacements of any Lien referred to in clauses (i) through (v) above, to the extent that the scope, duration and effect of the Lien so amended, extended, renewed or replaced remains the same in all material respects.

     "Person" shall mean a natural person, corporation, limited liability company, association, joint stock company, trust, partnership, governmental entity, agency or branch or department thereof, or any other legal entity.

     "Plan" shall mean, with respect to any Person, any employee benefit plan (within the meaning of Section 3(3) of ERISA), stock purchase plan, stock option plan, fringe benefit plan, bonus plan and any other deferred compensation agreement or plan or funding arrangement sponsored, maintained or to which contributions are made by: (i) such Person or any of its Subsidiaries or (ii) any other organization which is a member of a Controlled Group of which such Person or any of its Subsidiaries is a member, or (iii) with respect to which such Person or any of its Subsidiaries or any member of the Controlled Group of which such Person or any of its Subsidiaries has any liability or potential liability.

     "Registration Statement" shall have the meaning set forth in Section 4.16 .

     "SEC" means the United States Securities and Exchange Commission.

     "Securities Act" shall mean the Securities Act of 1933, as amended, together with the rules and regulations promulgated thereunder.

     "Special Committee" shall have the meaning set forth in the Recitals.

     "Subsidiary" or "Subsidiaries" of any Person shall mean any corporation, limited liability company, partnership, joint venture or other legal entity of which such Person, directly or indirectly (either alone or through or together with any other Subsidiary of such Person) owns more than fifty percent (50%) of the stock or other equity interests, the holders of which are generally entitled to vote for the election of the board of directors, other governing body or manager of such corporation or other legal entity; provided, however, that for purposes of this Agreement, Levitt shall not be treated as a Subsidiary of BFC.

     "Superior Proposal" shall have the meaning set forth in Section 7.4(b) .

     "Surviving Corporation" shall have the meaning set forth in Section 2.1 .

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     "Tax" or "Taxes" shall mean any and all taxes, fees, levies, duties, tariffs, imposts, and other charges of any kind (together with any and all interest, penalties, additions to tax and additional amounts imposed with respect thereto) imposed by any government or taxing authority, including, without limitation, taxes or other charges on or with respect to income, franchises, windfall or other profits, gross receipts, property, sales, use, capital stock, payroll, employment, social security, workers’ compensation, unemployment compensation, or net worth, taxes or other charges in the nature of excise, withholding, ad valorem, stamp, transfer, value added, or gains taxes; license, registration and documentation fees; and customs’ duties, tariffs, and similar charges.

     "Third Party" shall have the meaning set forth in Section 7.4(b) .

ARTICLE II
THE MERGER

     2.1 Merger . At the Effective Time, Levitt shall be merged with and into Merger Sub, and Merger Sub will be the surviving corporation of the Merger (the " Surviving Corporation "), in accordance with the terms, conditions and provisions of this Agreement and the Articles of Merger.

     2.2 Consummation of the Merger; Effective Time . The consummation of the transactions contemplated by this Agreement (the " Closing ") shall take place at the offices of Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., 150 West Flagler Street, Miami, Florida 33130, at such time as shall be fixed by mutual agreement of BFC and Levitt as promptly as practicable after the satisfaction or waiver of all of the conditions set forth in this Agreement (the date of Closing is hereinafter sometimes referred to as the " Closing Date "). On or prior to the day before the Closing Date, Levitt and Merger Sub will each execute the Articles of Merger and deliver it to Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. for filing with the Secretary of State of the State of Florida. Subject to the satisfaction or waiver of all conditions precedent to the consummation of the transactions contemplated by this Agreement, the parties shall cause the Merger to become effective on the date of the Closing by (i) causing the filing, in accordance with all applicable regulations, of the Articles of Merger with the Secretary of State of the State of Florida and (ii) causing all other documents which must be recorded or filed as a result of the Merger to be recorded or filed. The Articles of Merger shall provide that the Merger shall be effective as of 5:00 p.m. on the date of Closing (the date and time of such effectiveness being referred to herein as the " Effective Time "). The Closing shall be deemed to occur simultaneously with the Effective Time.

     2.3 Effect of the Merger . At the Effective Time, the effect of the Merger shall be as provided in the applicable provisions of the Articles of Merger and the FBCA. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time all of the property, rights, privileges, powers and franchises of Levitt and Merger Sub shall vest in the Surviving Corporation, and all debts, liabilities and duties of Levitt and Merger Sub shall become the debts, liabilities and duties of the Surviving Corporation.

     2.4 Articles of Incorporation and Bylaws . The Articles of Incorporation of Merger Sub as in effect immediately prior to the Merger shall be the Articles of Incorporation of the Surviving Corporation. The Bylaws of Merger Sub as in effect immediately prior to the Merger shall be the Bylaws of the Surviving Corporation until thereafter altered, amended or repealed in accordance with applicable law.

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     2.5 Board of Directors . As of the Effective Time, the Board of Directors of the Surviving Corporation will consist of the directors of Merger Sub immediately prior to the Effective Time.

     2.6 Officers . As of the Effective Time, the officers of Levitt immediately prior to the Effective Time shall constitute the officers of the Surviving Corporation until such time as their respective successors have been elected and qualified.

     2.7 Additional Actions . If, at any time after the Effective Time, BFC or the Surviving Corporation shall consider or be advised that consistent with the terms of this Agreement any further assignments or assurances in law or any other acts are necessary or desirable (a) to vest, perfect or confirm, of record or otherwise, in the Surviving Corporation, title to and possession of any property or right of either Levitt or Merger Sub acquired or to be acquired by reason of, or as a result of, the Merger, or (b) otherwise to carry out the purposes of this Agreement, then, subject to the terms and conditions of this Agreement, each of Levitt and Merger Sub and their officers and directors shall be deemed to have granted to the Surviving Corporation an irrevocable power of attorney to execute and deliver all such deeds, assignments and assurances in law and to do all acts necessary or proper to vest, perfect or confirm title to and possession of such property or rights in the Surviving Corporation and otherwise to carry out the purposes of this Agreement; and the officers and directors of the Surviving Corporation are fully authorized in the name of either Levitt or Merger Sub to take any and all such action.

ARTICLE III
CONVERSION OF SHARES; CONSIDERATION

     3.1 Merger Consideration . At the Effective Time, by virtue of the Merger and without any action on the part of BFC, Merger Sub, Levitt or the holders of any of the following securities:

          (a) Each issued and outstanding share of common stock, par value $0.01 per share, of Merger Sub outstanding immediately prior to the Effective Time shall remain outstanding and unchanged following the Effective Time as a share of common stock of the Surviving Corporation.

          (b) Each share of Levitt Class A Common Stock and Levitt Class B Common Stock owned by BFC, Merger Sub or Levitt (in each case other than in a fiduciary capacity or as a result of debts previously contracted), immediately prior to the Effective Time shall be canceled and extinguished without any conversion thereof and no stock of BFC, cash or other consideration shall be delivered in exchange therefor; it being understood that BFC is the sole holder of shares of Levitt Class B Common Stock and all of such shares shall be canceled pursuant to this Section 3.1(b) .

          (c) Subject to the other provisions of this Section 3.1 , each share of Levitt Class A Common Stock that is issued and outstanding immediately prior to the Effective Time (excluding any shares of Levitt Class A Common Stock canceled pursuant to Section 3.1(b) and excluding Dissenting Shares) shall by virtue of the Merger and without any action on the part of the holder thereof become and be converted into the right to receive 2.27 shares of BFC Class A Common

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Stock (such ratio of shares of BFC Class A Common Stock to shares of Levitt Class A Common Stock being referred to as the " Exchange Ratio ").

          (d) At the Effective Time, holders of Levitt Class A Common Stock and Levitt Class B Common Stock shall cease to be, and shall have no rights as, shareholders, and Levitt Stock Certificates shall thereafter represent only the right to receive the consideration provided under this Article III .

          (e) If between the date of this Agreement and the Effective Time the outstanding shares of BFC Class A Common Stock or Levitt Class A Common Stock are changed into a different number of shares by reason of a reorganization, reclassification, recapitalization, division, combination or exchange of shares, or any dividend or other distribution payable in stock or other securities is declared with regard to the BFC Class A Common Stock or Levitt Class A Common Stock with a record date between the date of this Agreement and the Effective Time, the Merger Consideration will be adjusted to provide the holders of Levitt Class A Common Stock the same economic effect as that contemplated by this Agreement if the reorganization, reclassification, recapitalization, division, combination, exchange, dividend or other distribution had not taken place.

     3.2 Exchange of Certificates .

          (a) At or prior to the Effective Time, BFC shall deposit, or shall cause to be deposited, with American Stock Transfer and Trust Company, or such other bank or trust company designated by BFC and who is reasonably satisfactory to Levitt (the " Exchange/Paying Agent ") for the benefit of the holders of certificates representing the shares of Levitt Class A Common Stock (" Levitt Stock Certificates ") for exchange in accordance with this Article III through the Exchange/Paying Agent, (1) certificates representing the shares of BFC Class A Common Stock (" BFC Stock Certificates ") issuable pursuant to Section 3.1(c) above and (2) an estimated amount of cash to be paid in lieu of fractional shares (such cash and such BFC Stock Certificates, together with any dividends or distributions with respect thereto (without any interest thereon), being hereinafter referred to as the " Exchange/Payment Fund ") to be paid pursuant to this Article III in exchange for outstanding Levitt Stock Certificates. The Exchange/Payment Fund shall not be used for any other purpose. The Exchange/Paying Agent shall invest any cash included in the Exchange/Payment Fund, as directed by BFC. Any interest and other income resulting from such investments shall be paid to BFC. Any losses resulting from such investments shall be the sole responsibility of BFC and shall not in any way limit BFC’s obligations to holders of Levitt Stock Certificates.

          (b) Promptly, but in any event no later than three (3) Business Days after the Effective Time, BFC will instruct the Exchange/Paying Agent to mail to each holder of record of Levitt Class A Common Stock who has not previously surrendered his, her or its Levitt Stock Certificates (other than holders of any shares of Levitt Class A Common Stock cancelled pursuant to Section 3.1(b) or holders of Dissenting Shares): (1) a letter of transmittal reasonably acceptable to Levitt (which shall specify that delivery shall be effected, and risk of loss and title to such holder’s Levitt Stock Certificates shall pass, only upon proper delivery of the Levitt Stock Certificates to the Exchange/Paying Agent and shall be in such form and have such other provisions as to which BFC and Levitt may agree) and (2) instructions reasonably acceptable to Levitt for use in effecting the surrender of the Levitt Stock Certificates in exchange for BFC Stock Certificates and cash in lieu of

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fractional shares in accordance with this Article III (collectively, the " Letter of Transmittal ").

          (c) From and after the Effective Time and upon the surrender of a Levitt Stock Certificate for cancellation (or affidavits and indemnification regarding the loss or destruction of such certificates reasonably acceptable to BFC and the Exchange/Paying Agent) to the Exchange/Paying Agent together with the Letter of Transmittal, duly executed, and such other customary documents as may be required pursuant thereto, the holder of such Levitt Stock Certificate shall be entitled to receive in exchange therefor, and the Exchange/Paying Agent shall deliver in accordance with the Letter of Transmittal: (1) BFC Stock Certificates representing that number of whole shares of BFC Class A Common Stock which such holder has the right to receive in respect of the shares of Levitt Class A Common Stock formerly evidenced by such Levitt Stock Certificate in accordance with Section 3.1 and (2) cash in lieu of fractional shares of BFC Class A Common Stock to which such holder is entitled pursuant to Section 3.2(d) (the shares of BFC Class A Common Stock and cash described in clauses (1) and (2) being collectively referred to as the " Merger Consideration "), and the Levitt Stock Certificate so surrendered shall forthwith be canceled. In the event of a transfer of ownership of shares of Levitt Class A Common Stock which is not registered in the transfer records of Levitt, a certificate evidencing the proper number of shares of BFC Class A Common Stock and/or cash may be issued and/or paid in accordance with this Article III to a transferee if the Levitt Stock Certificate evidencing such shares is presented to the Exchange/Paying Agent, accompanied by all documents reasonably required to evidence and effect such transfer and by evidence reasonably acceptable to BFC and the Exchange/Paying Agent that any applicable stock transfer taxes have been paid. Until surrendered as contemplated by this Section 3.2 , each Levitt Stock Certificate shall be deemed at any time after the Effective Time to evidence only the right to receive upon such surrender (i) the Merger Consideration and (ii) any dividends or other distributions declared or paid on shares of BFC Class A Common Stock after the Effective Time.

          (d) No certificates or scrip evidencing fractional shares of BFC Class A Common Stock shall be issued upon the surrender for exchange of Levitt Stock Certificates, and such fractional share interests will not entitle the owner thereof to vote or to any rights as a shareholder of BFC. In lieu of any such fractional shares, each holder of shares of Levitt Class A Common Stock, upon surrender of a Levitt Stock Certificate for exchange pursuant to this Section 3.2 , shall be paid an amount in cash (without interest), rounded up to the nearest cent, determined by multiplying (1) the average closing price of the BFC Class A Common Stock as quoted on the NYSE Arca for the twenty (20) consecutive trading days ending on and including the trading day two (2) days prior to the day of the Effective Time by (2) the fractional interest to which such holder would otherwise be entitled (after taking into account all shares of Levitt Class A Common Stock then held of record by such holder). Any payment received by a holder of shares of Levitt Class A Common Stock with respect to fractional share interests is merely intended to provide a mechanical rounding off of, and is not separately bargained for, consideration. Notwithstanding the foregoing, if more than one Levitt Stock Certificate shall be surrendered for the account of the same holder, the number of shares of BFC Class A Common Stock to be issued to such holder in exchange for the Levitt Stock Certificates which have been surrendered shall be computed on the basis of the aggregate number of shares represented by all of the Levitt Stock Certificates surrendered for the account of such holder.

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          (e) All shares of BFC Class A Common Stock issued and cash paid upon the surrender for exchange of Levitt Stock Certificates in accordance with the terms of this Article III shall be deemed to have been issued and paid, respectively, in full satisfaction of all rights pertaining to the shares of Levitt Class A Common Stock theretofore represented by such Levitt Stock Certificates.

          (f) Any portion of the Exchange/Payment Fund which remains undistributed to the holders of the Levitt Stock Certificates upon the date that is nine (9) months after the Effective Time shall be delivered by the Exchange/Paying Agent to BFC and any holders of Levitt Stock Certificates who have not theretofore complied with this Article III shall thereafter look only to BFC for payment of their claim for the Merger Consideration.

          (g) None of BFC, Levitt, Merger Sub or the Exchange/Paying Agent shall be liable to any Person in respect of any shares of BFC Class A Common Stock or cash from the Exchange/Payment Fund in each case delivered to a public official pursuant to any applicable abandoned property, escheat or similar law. If any Levitt Stock Certificate shall not have been surrendered prior to the date that is seven (7) years after the Effective Time (or immediately prior to such earlier date on which any Merger Consideration would otherwise escheat to, or become the property of, any Governmental Entity), any such Merger Consideration shall, to the extent permitted by applicable Law, become the property of BFC, free and clear of all claims or interest of any person previously entitled thereto.

          (h) BFC and Merger Sub shall be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement to any holder of shares of Levitt Class A Common Stock such amounts as BFC or Merger Sub is required to deduct and withhold with respect to the making of such payment under the Code or any provision of Tax Law. To the extent that amounts are so withheld by BFC or Merger Sub, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of the shares of Levitt Class A Common Stock in respect of which such deduction and withholding was made by BFC or Merger Sub.

          (i) If any Levitt Stock Certificate shall have been lost, stolen or destroyed, upon the making of a customary affidavit of that fact by the Person claiming such Levitt Stock Certificate to be lost, stolen or destroyed and, if requested by BFC, the posting by such Person of a bond in such reasonable amount as BFC may direct as indemnity against any claim that may be made with respect to such Levitt Stock Certificate, the Exchange/Paying Agent will issue in exchange for such lost, stolen or destroyed Levitt Stock Certificate the Merger Consideration, pursuant to this Article III .

     3.3 Stock Transfer Books . After the Effective Time, there shall be no further registration of transfers on the stock transfer books of Levitt or the Surviving Corporation of the shares of Levitt Class A Common Stock or Levitt Class B Common Stock which were outstanding immediately prior to the Effective Time. If, after the Effective Time, Levitt Stock Certificates are presented to the Surviving Corporation or the Exchange/Paying Agent for any reason, they shall be canceled and, subject to the provisions of this Article III , exchanged or paid for as provided in this Article III , except as otherwise required by Law.

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     3.4 Levitt Options and Restricted Stock .

          (a) At the Effective Time, the Levitt Option Plan shall be assumed by BFC and each Levitt Option that is outstanding and unexercised immediately prior to the Effective Time shall be assumed by BFC and converted into an option to purchase shares of BFC Class A Common Stock in such number and at such exercise price as provided below and otherwise having the same terms and conditions as in effect immediately prior to the Effective Time (except to the extent that such terms, conditions and restrictions may be altered in accordance with their terms or the terms of the applicable Levitt Option Plan as a result of the Merger contemplated hereby and except that all references to Levitt in each such Levitt Option shall be deemed to refer to BFC). All outstanding restricted stock awards issued under the Levitt Option Plan shall be converted into the right to receive restricted stock awards in the form of shares of BFC Class A Common Stock, to be adjusted as provided in Section 3.4(b) .

          (b) The number of shares of BFC Class A Common Stock to be subject to the new option or award of restricted stock shall be equal to the product of (i) the number of shares of Levitt Class A Common Stock subject to the original Levitt Option or restricted stock award immediately prior to the Effective Time and (ii) the Exchange Ratio.

          (c) The exercise price per share of the BFC Class A Common Stock underlying the new option shall be equal to (i) the exercise price per share of Levitt Class A Common Stock in effect under the original Levitt Option immediately prior to the Effective Time divided by (ii) the Exchange Ratio.

          (d) In effecting such assumption and conversion, the aggregate number of shares of BFC Class A Common Stock to be subject to each assumed Levitt Option or restricted stock award will be rounded up, if necessary, to the next whole share and the aggregate exercise price shall be rounded down, if necessary, to the next whole cent.

          (e) The adjustments provided herein with respect to any options that are " incentive stock options " (as defined in Section 422 of the Code) shall be effected in a manner consistent with the requirements of Section 424(a) of the Code.

          (f) As soon as practicable after the Effective Time, but in no event later than thirty (30) days after the Effective Time, BFC shall file a Registration Statement on Form S-8 (or any successor or other appropriate form) with respect to the shares of BFC Class A Common Stock underlying the assumed Levitt Options and restricted stock awards, and BFC will use its reasonable efforts to maintain the effectiveness of such registration statement (and the current status of the prospectus or prospectuses contained therein) for so long as any such assumed Levitt Options or restricted stock awards remain outstanding under the Levitt Option Plan to be assumed by BFC.

     3.5 Appraisal Rights . Notwithstanding anything in this Agreement to the contrary and unless otherwise provided by applicable law, each share of Levitt Class A Common Stock which is issued and outstanding immediately prior to the Effective Time and which is owned by a shareholder who, pursuant to Section 607.1301, et seq. , of the FBCA duly and validly exercises and perfects his, her or its appraisal rights with respect to his, her or its shares (the " Dissenting Shares "), shall not be

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converted into the right to receive, or be exchangeable for, the Merger Consideration, but, instead, the holder thereof shall be entitled to payment in cash from the Surviving Corporation of the appraised value of such Dissenting Shares in accordance with the provisions of Section 607.1301, et. seq. , of the FBCA. If any such holder shall have failed to duly and validly exercise or perfect or shall have effectively withdrawn or lost such appraisal rights, each share of Levitt Class A Common Stock of such holder shall not be deemed a Dissenting Share and shall automatically be converted into and shall thereafter be exchangeable only for the right to receive the Merger Consideration as provided in this Agreement.

ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF BFC AND MERGER SUB

     BFC and Merger Sub jointly and severally represent and warrant to Levitt as follows:

     4.1 Organization; Good Standing; Power . BFC is a corporation duly organized, validly existing and in good standing under the laws of the State of Florida. Merger Sub is a corporation duly organized, validly existing and in good standing under the laws of the State of Florida. Each of BFC and Merger Sub has all necessary corporate power and authority to execute and deliver this Agreement and, except as contemplated in this Agreement, to consummate the Merger and the other transactions contemplated hereby, to own its properties and assets and to carry on its business as now conducted. BFC has heretofore made available to Levitt a complete and correct copy of its Articles of Incorporation, as amended and restated, and its Bylaws, each as amended to the date hereof. Each of BFC and Merger Sub is duly licensed or qualified to conduct business and is in good standing in each jurisdiction in which the nature of its businesses requires such qualification or license, except where the failure to be duly qualified could not reasonably be expected to have a Material Adverse Effect on BFC.

     4.2 Capitalization .

          (a) BFC’s authorized capital stock consists solely of 70,000,000 shares of BFC Class A Common Stock, 20,000,000 shares of BFC Class B Common Stock and 10,000,000 shares of preferred stock, par value $0.01 per share (collectively, the " BFC Capital Stock "). As of the date hereof, 28,755,882 shares of BFC Class A Common Stock, 7,090,652 shares of BFC Class B Common Stock, no shares of preferred stock designated as Series A Junior Participating Preferred Stock and 15,000 shares of preferred stock designated as 5% Cumulative Convertible Preferred Stock are issued and outstanding. As of the date hereof, 2,947,448 shares of BFC Class A Common Stock and 1,139,087 shares of BFC Class B Common Stock are reserved for issuance upon exercise of outstanding BFC Options, 1,250,000 shares of BFC Class A Common Stock are reserved for issuance upon conversion of the 5% Cumulative Convertible Preferred Stock, 7,090,652 shares of BFC Class A Common Stock are reserved for issuance upon conversion of shares of BFC Class B Common Stock, and no shares of BFC Capital Stock are held in treasury. Merger Sub’s authorized capital stock consists solely of 1,000 shares of common stock, par value $0.01 per share, of which 100 shares are outstanding and owned by BFC.

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          (b) All of the issued and outstanding shares of BFC Capital Stock are duly and validly authorized and issued, fully paid and nonassessable. None of the outstanding shares of BFC Capital Stock have been issued in violation of any statutory preemptive rights. Shares of BFC Class A Common Stock and BFC Class B Common Stock represent the only securities of BFC with the right to vote on the Merger and the other transactions contemplated hereby or for the election of directors of BFC. Except for (i) BFC Options outstanding on the date hereof to acquire not more than 468,000 shares of BFC Class A Common Stock and 1,139,087 shares of BFC Class B Common Stock and (ii) the 5% Cumulative Convertible Preferred Stock, there are no outstanding or existing BFC Options or other agreements, commitments or obligations relating to the issuance of additional shares of any class of capital stock or other equity securities of BFC.

          (c) All outstanding BFC Options were granted under the BFC Option Plans. None of the BFC Options was issued in violation of applicable Law or the terms of the applicable BFC Option Plan. BFC is not a party to or bound by any contract, agreement or arrangement to sell or otherwise dispose of or redeem, purchase or otherwise acquire any of its capital stock. There are no agreements or understandings with respect to the voting of any shares of BFC Capital Stock or which restrict the transfer of such shares to which BFC is a party, nor, except as set forth on Schedule 4.2(c) , does BFC have knowledge of any such agreements or understandings to which BFC is not a party. Since September 30, 2006, BFC has not (i) issued any shares of BFC Capital Stock (or securities exercisable for or convertible into BFC Capital Stock) other than upon the valid exercise of BFC Options previously granted under the BFC Option Plans or the valid conversion of shares of BFC Class B Common Stock to BFC Class A Common Stock or (ii) granted any options under the BFC Option Plans. True and complete copies of the BFC Option Plans have been made available to Levitt and there is no agreement to amend, modify or supplement the BFC Option Plans from the form made available to Levitt.

          (d) The shares of BFC Class A Common Stock to be issued pursuant to the Merger (including shares of BFC Class A Common Stock underlying the assumed Levitt Options, assuming the exercise and payment in full of any exercise price in accordance with the terms of such Levitt Options), will, when issued (i) be duly authorized, validly issued, fully paid and non-assessable and not subject to preemptive rights created by the FBCA, BFC’s Articles of Incorporation or Bylaws, or any agreement to which BFC is a party or is bound; (ii) be registered under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the "Securities Act") and the Exchange Act and registered or exempt from registration under applicable state, local and other applicable securities laws; and (iii) be listed on the NYSE Arca, subject only to official notice of listing.

     4.3 Authorization; No Violation . Except to the extent described herein, the execution and delivery of this Agreement by BFC and Merger Sub and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action on the part of BFC and Merger Sub, and no other corporate action on the part of BFC or Merger Sub is necessary (other than the filing of the Articles of Merger pursuant to the FBCA and the approval by BFC’s shareholders of the transactions contemplated hereby), and, subject to the terms and conditions of this Agreement and assuming due and valid authorization, execution and delivery hereof by the other parties hereto, this Agreement constitutes the legal, valid and binding obligation of BFC and Merger Sub, enforceable against each of them in accordance with its terms, except as

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limited by (x) bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance laws and other similar laws affecting creditors’ rights generally, and (y) general principles of equity, regardless of whether asserted in a proceeding in equity or at law. Neither the execution, delivery and performance of this Agreement by BFC or Merger Sub, nor the consummation of the transactions contemplated hereby, nor the compliance by BFC and Merger Sub with any of the provisions of this Agreement, will: (a) violate, conflict with, or result in a breach of any of the provisions of, or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the termination of, or accelerate the performance required by, or result in a right of termination or acceleration, or the creation of any Lien upon any of the properties or assets of BFC or any Subsidiary of BFC under any of the terms, conditions or provisions of (i) the Articles of Incorporation or Bylaws (or analogous organizational documents) of BFC or any of its Subsidiaries or (ii) any BFC Material Contract, (b) violate any Law or any Order applicable to BFC or any of its Subsidiaries or any of their respective properties or assets or (c) require any filing, declaration or registration by BFC, any Subsidiary of BFC or Merger Sub with, or permission, determination, waiver, authorization, consent or approval of, any Governmental Entity (except for (i) compliance with any applicable requirements of the Securities Act or the Exchange Act (including the filing of (A) the Registration Statement and the Joint Proxy Statement/Prospectus and (B) such reports under Section 13(a) or 13(d) of the Exchange Act with the SEC as may be required in connection with this Agreement and the transactions contemplated hereby), (ii) any filings as may be required under the FBCA in connection with the Merger, including, without limitation, the Articles of Merger, (iii) filings and applications required by NYSE Arca, (iv) any filings as may be required by the HSR Act and (v) such filings and approvals as may be required by any applicable state securities, blue sky or takeover Laws, except in the case of clauses (a)(ii), (b) or (c), where such violation, conflict, breach, default, termination, acceleration, lien, security interest, charge, encumbrance or failure to make such filings or applications could not reasonably be expected to have a Material Adverse Effect on BFC.

     4.4 Subsidiaries . Set forth on Schedule 4.4 hereto is a list of each Subsidiary of BFC (other than Subsidiaries of BankAtlantic Bancorp, Inc.), including its name and jurisdiction of organization. Except as set forth on Schedule 4.4 , BFC is the beneficial owner directly or indirectly of 100% of the outstanding equity interests in each of its Subsidiaries (other than Subsidiaries of BankAtlantic Bancorp, Inc.), and all of the shares of capital stock or other equity interests of BFC’s Subsidiaries (other than Subsidiaries of BankAtlantic Bancorp, Inc.) are beneficially owned, directly or indirectly, by BFC free and clear of any Liens. Each Subsidiary of BFC (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, (ii) is duly licensed or qualified to conduct business and in good standing in each jurisdiction in which the nature of its business reasonably requires such qualification or license and (iii) has all necessary power to own its properties and assets and to carry on its business as presently conducted, except, in each case, where the failure or lack thereof could not reasonably be expected to have a Material Adverse Effect on BFC.

     4.5 Exchange Act Reports; Financial Statements .

          (a) Since January 1, 2004, BFC has filed all reports and other documents required to be filed by it with the SEC under the Exchange Act, including but not limited to proxy statements and reports on Form 10-K, Form 10-Q and Form 8-K (as such documents have been amended since

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the time of their filing, collectively, the " BFC SEC Reports "). As of the respective dates they were filed with the SEC, or if amended prior to the date hereof, as of the date of the last such amendment, the BFC SEC Reports, including all documents incorporated by reference into such reports, complied in all material respects with the rules and regulations of the SEC and did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. As of the date hereof, there are no amendments or modifications to agreements, documents or other instruments which previously had been filed by BFC with the SEC pursuant to the Securities Act or the Exchange Act or any other agreements, documents or other instruments, which have not yet been filed with the SEC but which are or will be required to be filed by BFC.

          (b) The BFC Financial Statements as of the dates thereof and for the periods covered thereby, present fairly, in all material respects, the financial position, results of operations, and cash flows of BFC and its Subsidiaries on a consolidated basis (subject, in the case of unaudited financial statements, to normal recurring year-end audit adjustments which did not and are not expected to have a Material Adverse Effect on BFC). Any supporting schedules included in the BFC SEC Reports present fairly, in all material respects, the information required to be stated therein. Such BFC Financial Statements and supporting schedules were prepared: (i) in accordance with the requirements of Regulation S-X promulgated by the SEC; and (ii) except as otherwise noted in the BFC SEC Reports, in conformity with GAAP applied on a consistent basis. Other than as disclosed in the BFC Financial Statements, neither BFC nor any of its Subsidiaries has any liabilities, commitments or obligations of any nature whatsoever, whether accrued, contingent or otherwise that would be required to be reflected on, or reserved against in, a balance sheet or in notes thereto, prepared in accordance with GAAP, other than liabilities, commitments or obligations incurred since September 30, 2006 in the ordinary course of business to Persons other than Affiliates of BFC that could not reasonably be expected to have a Material Adverse Effect on BFC.

     4.6 Absence of Certain Changes . Except as disclosed in the BFC SEC Reports, since September 30, 2006, (i) BFC and each of its Subsidiaries have conducted their business in the ordinary and usual course, consistent with past practices, and (ii) there has not been any event, occurrence, development or set of circumstances or facts which (A) has had or could reasonably be expected to have a Material Adverse Effect on BFC or any of its Subsidiaries, (B) could reasonably be expected to render any of the representations and warranties of BFC incorrect or untrue as of the Closing Date or (C) would result in a violation of the covenants set forth in Section 6.2 of this Agreement had such events, occurrences, developments or set of circumstances or facts occurred after the date hereof.

     4.7 Taxes . Except for such matters as could not reasonably be expected to have a Material Adverse Effect on BFC, (a) BFC and each of its Subsidiaries have timely filed or shall timely file all returns and reports required to be filed by them with any Taxing authority with respect to Taxes for any period ending on or before the Effective Time, taking into account any extension of time to file granted to or obtained on behalf of BFC and its Subsidiaries, (b) all Taxes shown to be payable on such returns or reports that are due prior to the Effective Time have been paid or shall be paid, (c) no deficiency for any amount of Tax has been asserted or assessed by a Taxing authority against BFC or any of its Subsidiaries, (d) BFC and each of its Subsidiaries have provided adequate

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reserves in their financial statements for any Taxes that have not been paid, whether or not shown as being due on any returns or reports and (e) no audit or other administrative proceedings are presently being conducted or have been threatened in writing against BFC or any of its Subsidiaries by a Taxing authority.

     4.8 BFC Material Contracts . Each BFC Material Contract has been filed as an exhibit to a BFC SEC Report. Except as could not reasonably be expected to have a Material Adverse Effect on BFC: (i) each BFC Material Contract is valid, binding and enforceable against the parties thereto in accordance with its terms, and is in full force and effect on the date hereof; and (ii) BFC and each of its Subsidiaries have performed in all material respects all obligations required to be performed by them to date under, and they are not in material default in respect of, any BFC Material Contract, and no event has occurred which, with due notice or lapse of time or both, would constitute such a material default. No consent of or notice to third parties is required pursuant to the terms of any BFC Material Contract or other material agreement to which BFC or any of its Subsidiaries is a party as a consequence of this Agreement or the transactions contemplated herein, except for such consents or notices which if not obtained or given could not reasonably be expected to have a Material Adverse Effect on BFC or materially impair the ability of BFC to consummate the Merger. To the knowledge of BFC, no other party to any BFC Material Contract is in material default in respect thereof, and no event has occurred which, with due notice or lapse of time or both, would constitute such a material default. BFC has made available to Levitt true, correct and complete copies of all the written BFC Material Contracts and a brief written summary or description of each oral BFC Material Contract, and no BFC Material Contract has been modified in any material respect since the date it was made available.

     4.9 Investigations; Litigation . Except as set forth in the BFC SEC Reports, there is no investigation by any Governmental Entity or any action, suit, proceeding or claim pending or, to the knowledge of BFC, threatened, against BFC or any of its Subsidiaries (including, without limitation, any investigation, action, or proceeding with respect to Taxes), or the assets or business of BFC or any of its Subsidiaries which if determined adversely to BFC or any of its Subsidiaries could reasonably be expected to have a Material Adverse Effect on BFC. Neither BFC nor any of its Subsidiaries nor any director, officer, employee or agent of BFC or any of its Subsidiaries (in their respective capacities as such), is a party to any, and there are no pending or, to the knowledge of BFC, threatened, material legal, administrative, arbitral or other proceedings, claims, suits, actions or governmental investigations of any nature against BFC or any of its Subsidiaries, or any director, officer, employee or agent of BFC or any of its Subsidiaries (in their respective capacities as such), or involving any property or assets of BFC or any of its Subsidiaries, and to the knowledge of BFC, there is no outstanding Order of any Governmental Entity entered specifically against or materially affecting BFC or any of its Subsidiaries, or any of their respective assets, businesses or operations.

     4.10 Insurance . BFC and its Subsidiaries have in effect insurance coverage which, in respect to amounts, types and risks insured, is customary for the businesses in which BFC and its Subsidiaries are engaged. All of the insurance policies, binders, bonds and other similar forms of insurance owned, held or maintained by BFC and each of its Subsidiaries are in full force and effect, and all premiums with respect thereto covering all periods up to and including the date hereof have been paid (other than retrospective premiums which may be payable with respect to worker’s compensation insurance policies). Neither BFC nor any of its Subsidiaries is in material default

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under any such policy, and no notice of cancellation, termination or nonrenewal has been received with respect to any of the foregoing, and all claims thereunder have been filed in due and timely fashion. The insurance policies to which BFC or any of its Subsidiaries is a party are sufficient for compliance with all requirements of Law and, to the extent applicable, of all BFC Material Contracts and provide adequate insurance coverage for the assets and operations of BFC and its Subsidiaries.

     4.11 Compliance