Supplemental Indenture, dtd as of March 12, 2004, among Bombardier Recreational



 Exhibit 4.3 
  

SUPPLEMENTAL INDENTURE 
  
 Supplemental Indenture (this “Supplemental Indenture”), dated as of March 12, 2004 among Bombardier Recreational Products Australia Pty
Ltd. (ACN 097 370 100) (the “Guaranteeing Subsidiary”), a subsidiary of Bombardier Recreational Products Inc. (or its permitted successor), a Canadian corporation (the “Company”), the Company, the other Guarantors
(as defined in the Indenture referred to herein) and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of December 18, 2003,
providing for the issuance of an unlimited aggregate principal amount of 8-3/8% Senior Subordinated Notes due 2013 (the “Notes”); 
  
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental
indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Subsidiary
Guarantee”); and 
  
 WHEREAS, pursuant to Section 9.06 of
the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
  
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for
the equal and ratable benefit of the Holders of the Notes as follows: 
  

	1.	Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

  

	2.	Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as follows: 

  

	 	(a)	Along with all Guarantors named in the Indenture, to jointly and severally Guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: 

  

	 	(i)	the principal of and interest on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue
principal of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and
thereof; and 

  

	 	(ii)	in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and
severally obligated to pay the same immediately. 

  










	 	(b)	The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the
same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of a guarantor. 

  

	 	(c)	The following is hereby waived: diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to
require a proceeding first against the Company, protest, notice and all demands whatsoever. 

  

	 	(d)	This Subsidiary Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and the Indenture. 

  

	 	(e)	If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors, or any Custodian, trustee, liquidator or other similar official acting
in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 

  

	 	(f)	The Guaranteeing Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all
obligations guaranteed hereby. 

  

	 	(g)	As between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided
in Article 6 of the Indenture for the purposes of this Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any
declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Subsidiary Guarantee.


  

	 	(h)	The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the
Guarantee. 

  

	 	(i)	Pursuant to Section 11.03 of the Indenture, after giving effect to any maximum amount and any other contingent and fixed liabilities that are relevant under any applicable
Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under
Article 11 of the Indenture shall result in the obligations of such Guarantor under its Subsidiary Guarantee not constituting a fraudulent transfer or conveyance. 

  

	3.	Execution And Delivery. Each Guaranteeing Subsidiary agrees that the Subsidiary Guarantees shall remain in full force and effect notwithstanding any failure to endorse on
each Note a notation of such Subsidiary Guarantee. 

  

 2 









	4.	Guaranteeing Subsidiary May Consolidate, Etc. on Certain Terms. 

  

	 	(a)	A Guaranteeing Subsidiary may not sell or otherwise dispose of all or substantially all of its assets, or consolidate with or merge with or into (whether or not such Guaranteeing
Subsidiary is the surviving Person) another Person unless: 

  

	 	(i)	immediately after giving effect to such transaction, no Default or Event of Default exists; and 

  

	 	(ii)	either: 

  

	 	(A)	the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger assumes all the obligations of such
Guaranteeing Subsidiary, pursuant to a supplemental indenture satisfactory to the Trustee; or 

  

	 	(B)	the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of the Indenture. 

  

	 	(b)	In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and
satisfactory in form to the Trustee, of the Subsidiary Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of the Indenture to be performed by the Guarantor, such successor corporation shall
succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor corporation thereupon may cause to be signed any or all of the Subsidiary Guarantees to be endorsed upon all of the
Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Subsidiary Guarantees so issued shall in all respects have the same legal rank and benefit under the Indenture as the
Subsidiary Guarantees theretofore and thereafter issued in accordance with the terms of the Indenture as though all of such Subsidiary Guarantees had been issued at the date of the execution hereof. 

  

	 	(c)	Except as set forth in Articles 4 and 5 of the Indenture, and notwithstanding clauses (a) and (b) above, nothing contained in the Indenture or in any of the Notes shall prevent any
consolidation or merger of a Guarantor with or into the Company or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor.


  

	5.	Releases. 

  

	 	(a)	The Subsidiary Guarantee of a Guarantor will be released: 

  

	 	(i)	in connection with any sale or other disposition of all or substantially all of the assets of that Guarantor (including by way of merger or consolidation), if the disposition is to
the Company or another Guarantor or if the Company applies the Net Proceeds of that sale or other disposition in accordance with the applicable provisions of the Indenture, including without limitation Section 4.10 thereof; 


 

 3 









	 	(ii)	in connection with any sale of all of the capital stock of a Guarantor, if the Company applies the Net Proceeds of that sale in accordance with the applicable provisions of the
Indenture, including without limitation Section 4.10 thereof; 

  

	 	(iii)	if the Company designates any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary; or 

  

	 	(iv)	upon the release or discharge of all guarantees of such Guarantor, and all pledges of property or assets of such Guarantor securing, all other Indebtedness of the Company and the
other Guarantors. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of the Indenture,
including without limitation Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its Subsidiary Guarantee. 


 

	 	(b)	Any Guarantor not released from its obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other
obligations of any Guarantor under the Indenture as provided in Article 11 of the Indenture. 

  

	6.	No Recourse Against Others. No past, present or future director, officer, employee, incorporator or stockholder of the Guaranteeing Subsidiary, as such, shall have any
liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes, any Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Subsidiary Guarantees. Such waiver may not be effective to waive liabilities
under the U.S. federal securities laws. 

  

	7.	NEW YORK LAW TO GOVERN; WAIVER OF JURY TRIAL. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE. EACH OF THE COMPANY,
THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES, THE SUBSIDIARY GUARANTEES
OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  

	8.	Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. 

  

	9.	Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof. 

  

	10.	The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in
respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company. 

  
 [Signature Pages to Follow] 
  

 4 








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

	
	 Executed by Bombardier Recreational
 Products Australia Pty Limited (ACN
 097 370 100) in accordance with Section 127 of the Corporations Act
2001

	
	  
	 Signature of director

	
	  
	 Name of director (print)


  

			
	 Jurisdiction of Incorporation
	  	Australia
	 Jurisdiction of Registration
	  	New South Wales, Australia
	 Address
	  	 56 Canterbury Road
 BANKSTOWN NSW 2200
 Australia


  










			
	 BOMBARDIER RECREATIONAL
 PRODUCTS
INC.

		
	By:	 	 
	 	 	 Name: Jacques Levesque
 Title: Vice President



  

			
	 4186524 CANADA INC.

		
	By:	 	 
	 	 	 Name: Jacques Levesque
 Title: Vice President



  

			
	 BRP NOVA SCOTIA ULP

		
	By:	 	 
	 	 	 Name: Jacques Levesque
 Title: Vice President



  
 [Signature Page
to Supplemental Indenture] 
  










			
	BRP (USA) INC.
		
	By:	 	 
	 	 	 Name: Roch Lambert
 Title: President



  

			
	 BRP HOLDING LP

		
	By:	 	 Bombardier Recreational
 Products Inc.,
 its General Partner

		
	By:	 	 
	 	 	 Name: Roch Lambert
 Title: Vice President



  

			
	 BRP LLC

		
	By:	 	 
	 	 	 Name: Roch Lambert
 Title: Manager



  

			
	 BRP (BARBADOS) INC.

		
	By:	 	 
	 	 	 Name: Roch Lambert
 Title: President



  
 [Signature Page
to Supplemental Indenture] 
  










			
	 BRP (LUXEMBOURG) 1 S.à r.l.

		
	By:	 	 
	 	 	 Name: Jacques Levesque
 Title: Manager



  

			
	 BRP (LUXEMBOURG) 2 S.à r.l.

		
	By:	 	 
	 	 	 Name: Jacques Levesque
 Title: Manager



  

			
	 BRP (LUXEMBOURG) 3 S.à r.l.

		
	By:	 	 
	 	 	 Name: Jacques Levesque
 Title: Manager



  

			
	 BRP (LUXEMBOURG) 4 S.à r.l.

		
	By:	 	 
	 	 	 Name: Jacques Levesque
 Title: Manager



  

			
	 BRP (LUXEMBOURG) 5 S.à r.l.

		
	By:	 	 
	 	 	 Name: Jacques Levesque
 Title: Manager



  
 [Signature Page
to Supplemental Indenture] 
  










			
	U.S. Bank National Association, as Trustee
		
	By:	 	 
	 	 	 Name:
 Title:


  
 [Signature Page to
Supplemental Indenture]