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Exhibit 10.4
 

BEAZER HOMES USA, INC. AND THE SUBSIDIARY GUARANTORS SIGNATORY HERETO
 
 
4-5/8% Convertible Senior Notes Due 2024
 

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Third Supplemental Indenture
 
Dated as of October 26, 2007
 

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U.S. BANK NATIONAL ASSOCIATION,
(as successor in interest to SunTrust Bank)
 

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THIS THIRD SUPPLEMENTAL INDENTURE, dated as of October 26, 2007, by and among
BEAZER HOMES USA, INC., a corporation duly incorporated and existing under the
laws of the State of Delaware (the “Company”), having its principal office at
1000 Abernathy Road, Suite 1200, Atlanta, Georgia 30328, the Subsidiary
Guarantors signatory hereto, each having its principal office at 1000 Abernathy
Road, Suite 1200, Atlanta, Georgia 30328, and U.S. BANK NATIONAL ASSOCIATION (as
successor in interest to SunTrust Bank) a national banking association, having
an office at U.S. Bank Corporate Trust Center, 180 East 5th Street, Suite 200,
St. Paul, Minnesota 55101 (the “Trustee”), as Trustee under the Indenture, dated
as of June 8, 2004 (the “Original Indenture”), which Original Indenture was
executed and delivered by the Company to the Trustee to secure the payment of
convertible senior debt securities issued or to be issued under and in
accordance with the provisions of the Original Indenture, reference to which
Original Indenture is hereby made, this instrument (hereinafter called the
“First Supplemental Indenture”) being supplemental thereto;
 
RECITALS
 
WHEREAS, the Company, the Trustee and the Subsidiary Guarantors party hereto are
parties to the Original Indenture, as amended and supplemented by the First
Supplemental Indenture, dated as of February 18, 2005 (the “First Supplemental
Indenture”) and the Second Supplemental Indenture, dated as of November 9, 2005
(the “Second Supplemental Indenture”) (the Original Indenture, as so amended,
and together with this Third Supplemental Indenture, the “Indenture”), among the
Company, the Trustee and the Subsidiary Guarantors signatory thereto, providing
for the issuance by the Company from time to time of its unsecured debt
securities to be issued in one or more series (in the Original Indenture and
herein called the “Securities”);
 
WHEREAS, pursuant to the Original Indenture, the Company issued $180,000,000
aggregate principal amount of its 4-5/8% Convertible Senior Notes due 2024 (the
“2024 Notes”);
 
WHEREAS, pursuant to the First Supplemental Indenture, certain additional
subsidiaries of the Company became Guarantors of the 2024 Notes;
 
WHEREAS, pursuant to the Second Supplemental Indenture, certain additional
subsidiaries of the Company became Guarantors of the 2024 Notes;
 
WHEREAS, as of the date of this Third Supplemental Indenture, there are
$180,000,000 aggregate principal amount of 2024 Notes outstanding;
 
WHEREAS, the Company has commenced a solicitation of consents (the
“Solicitation”) from the holders of the Securities (the “Holders”) to certain
amendments to the Original Indenture as set forth in the Consent Solicitation
Statement, dated as of October 15, 2007 (the “Statement”) and the Supplemental
Consent Solicitation Statement, dated October 23, 2007;
 
WHEREAS, pursuant to the Solicitation, the Holders of at least a majority in
aggregate principal amount of the Securities outstanding have consented to the
amendments effected by this Third Supplemental Indenture in accordance with the
provisions of Section 13.01 of the Indenture;
 

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WHEREAS, the amendments are consistent with the action of a majority in
principal amount of the Holders of the Securities as of October 26, 2007, and
the amendments are made without in any way affecting the interpretation or
application of any provision of the Indenture for any reason other than the
matter specifically addressed herein;
 
WHEREAS, pursuant to Sections 13.06 and 14.04 of the Indenture, there has been
delivered to the Trustee on the date hereof an Officer’s Certificate and an
Opinion of Counsel certifying, among other things, that this Third Supplemental
Indenture is authorized or permitted by the Indenture.
 
NOW THEREFORE, in consideration of the foregoing and the mutual premises and
covenants contained herein and for other good and valuable consideration, the
parties hereto agree as follows:
 
Section 1.  Definitions.  Capitalized terms used but not defined in this Third
Supplemental Indenture shall have the specified meanings set forth in the
Original Indenture.
 
Section 2.  Amendments to the Indenture.
 
(a)  The amendments set forth below will become effective upon the execution and
delivery of this Third Supplemental Indenture by the Company, the Trustee and
the Subsidiary Guarantors signatory hereto.
 
(b)  The Indenture is hereby amended such that, on and prior to May 15, 2008,
any failure by the Company to file any SEC Reports by the applicable SEC filing
deadlines or to deliver any SEC Reports to the Trustee or the Holders shall not
constitute a Default or Event of Default.
 
        “SEC Filing Deadlines” means the applicable deadline under the Exchange
Act (including any permitted extensions) on or prior to which the Company is
required to file any SEC Report under the Exchange Act.
 
        “SEC Reports” means any reports or other information the Company would
be required to file with the Commission under Section 13(a) or 15(d) of the
Exchange Act or any report or other information required pursuant to Section 314
of the TIA or any related notices or reports.
 
Section 3.  Ratification of Indenture; Supplemental Indenture Part of
Indenture.  The Original Indenture, as heretofore supplemented and amended by
the First Supplemental Indenture, the Second Supplemental Indenture, and this
Third Supplemental Indenture, is in all respects ratified and confirmed, and the
Original Indenture, the First Supplemental Indenture, the Second Supplemental
Indenture, and this Third Supplemental Indenture and all indentures supplemental
thereto shall be read, taken and construed as one and the same instrument.
 
Section 4.  Governing Law.  This Third Supplemental Indenture shall be governed
by, and construed in accordance with, the laws of the state of New York, but
without giving effect to applicable principles of conflicts of law to the extent
that the application of the laws of another jurisdiction would be required
thereby.
 
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Section 5.  Trustee Makes No Representations.  The Trustee makes no
representation as to the validity or sufficiency of this Third Supplemental
Indenture. The recitals of fact contained herein shall be taken as the
statements solely of the Company, and the Trustee assumes no responsibility for
the correctness thereof.
 
Section 6.  Counterparts.  The parties may sign any number of copies of this
Third Supplemental Indenture.  Each signed copy shall be an original, but all of
them together represent the same agreement.
 
Section 7.  Effect of Headings.  The section headings herein are for convenience
only and shall not effect the construction thereof.
 
Section 8.  Successors and Assigns.  All covenants and agreements in this Third
Supplemental Indenture by the Company shall bind its successors and assigns,
whether so expressed or not.
 
Section 9.  Separability Clause.  In case any provision in this Third
Supplemental Indenture shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.
 
[The remainder of this page is intentionally left blank]
 

 

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IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental
Indenture to be duly executed, all as of the day and year first above written.
 
 

    BEAZER HOMES USA, INC.                               By: /s/Allan P.
Merrill                                                      Name: Allan P.
Merrill         Title:   Executive Vice President                              
SUBSIDIARY GUARANTORS:
                  APRIL CORPORATION      BEAZER ALLIED COMPANIES HOLDINGS, INC. 
    BEAZER GENERAL SERVICES, INC.      BEAZER HOMES CORP.      BEAZER HOMES
HOLDINGS CORP.      BEAZER HOMES INDIANA HOLDINGS CORP.      BEAZER HOMES SALES,
INC.      BEAZER HOMES TEXAS HOLDINGS, INC.      BEAZER MORTGAGE CORP.     
BEAZER REALTY CORP.      BEAZER REALTY, INC.      BEAZER REALTY LOS ANGELES,
INC.      BEAZER REALTY SACRAMENTO, INC.      BEAZER/SQUIRES REALTY, INC.     
HOMEBUILDERS TITLE SERVICES OF VIRGINIA, INC.      HOMEBUILDERS TITLE SERVICES,
INC.                                          By: /s/Allan P.
Merrill                                                      Name: Allan P.
Merrill        Title:   Executive Vice President                              
ARDEN PARK VENTURES, LLC
     
BEAZER HOMES MICHIGAN, LLC
                              By:  BEAZER HOMES CORP., its managing member     
                        By:
/s/Allan P. Merrill                                               
     
Name: Allan P. Merrill
       
Title:   Executive Vice President
 

 
S- 1
 
[Signature Page - Supplemental Indenture to Indenture, dated as of June 8, 2004]

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BH PROCUREMENT SERVICES, LLC
                              By: BEAZER HOMES TEXAS, L.P., itsmanaging member  
                            By: BEAZER HOMES TEXAS HOLDINGS, INC., its general
partner                               By:
/s/Allan P. Merrill                                               
     
Name: Allan P. Merrill
       
Title:   Executive Vice President
                         
BH BUILDING PRODUCTS, LP
                          By: BH PROCUREMENT SERVICES, LLC, its general partner 
                        By: BEAZER HOMES TEXAS, L.P., its managing member       
                  By: BEAZER HOMES TEXAS HOLDINGS, INC., its general partner   
                      By: /s/Allan P.
Merrill                                                     
Name: Allan P. Merrill
       
Title:  Executive Vice President
                         
BEAZER CLARKSBURG, LLC
     
BEAZER COMMERCIAL HOLDINGS, LLC
     
BEAZER HOMES INVESTMENTS, LLC
                          By: BEAZER HOMES CORP., its managing member          
                By: /s/Allan P.
Merrill                                                      Name: Allan P.
Merrill         Title:  Executive Vice President  

 
S- 2
 
[Signature Page - Supplemental Indenture to Indenture, dated as of June 8, 2004]

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    BEAZER SPE, LLC                           By: BEAZER HOMES HOLDINGS CORP.,
its member                          By: /s/Allan P.
Merrill                                                      Name: Allan P.
Merrill         Title:  Executive Vice President                          
BEAZER HOMES INDIANA, LLP
     
BEAZER REALTY SERVICES, LLC
     
PARAGON TITLE, LLC
     
TRINITY HOMES, LLC
                          By: BEAZER HOMES INVESTMENTS, LLC, its managing member
or managing partner                          By:  BEAZER HOMES CORP., its
managing member                           By: /s/Allan P.
Merrill                                                      Name: Allan P.
Merrill        
Title:    Executive Vice President
                          BEAZER HOMES TEXAS, L.P.    
TEXAS LONE STAR TITLE, L.P.
                          By:  BEAZER HOMES TEXAS HOLDINGS, INC., its managing
partner                          By:  /s/Allan P.
Merrill                                                     
Name: Allan P. Merrill
       
Title:  Executive Vice President
 

 
S- 3
 
[Signature Page - Supplemental Indenture to Indenture, dated as of June 8, 2004]

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U.S. BANK NATIONAL ASSOCIATION, as Trustee 
                        By: /s/Charles S.
Hodges                                                       
Name: Charles S. Hodges
       
Title:   Vice President
     

 
 
 
 
 
                                                                         

S- 4
 
[Signature Page - Supplemental Indenture to Indenture, dated as of June 8, 2004]