Document:

EXHIBIT 4.13

 

BLUEGREEN CORPORATION,

as Issuer,

 

CERTAIN OF ITS SUBSIDIARIES SPECIFIED HEREIN,

as Subsidiary Guarantors

 

and

 

SUNTRUST BANK (formerly SUNTRUST BANK,

CENTRAL FLORIDA, NATIONAL ASSOCIATION),

as Notes Trustee

 

 

SIXTH SUPPLEMENTAL INDENTURE

 

Dated as of April 30, 2003

 

 

To

 

The Indenture Dated as of April 1, 1998

Among Bluegreen Corporation,

Certain of its Subsidiaries and SunTrust Bank (formerly SunTrust Bank,

Central Florida, National Association), as Notes Trustee,

Relating to $110 Million Aggregate Principal Amount of

101⁄2% Senior Secured Notes due 2008

 

 

SIXTH SUPPLEMENTAL INDENTURE

 

THIS SIXTH
SUPPLEMENTAL INDENTURE (the “Supplemental Indenture”) is made as of the 30th
day of April, 2003, among Bluegreen Corporation, a Massachusetts corporation
(the “Company”), the Subsidiary Guarantors (as defined in the Indenture defined
below), and SunTrust Bank (formerly SunTrust Bank, Central Florida, National
Association, a national banking association), in its capacity as trustee (the
“Notes Trustee”).

 

WHEREAS, the
Company, the Subsidiary Guarantors and the Notes Trustee heretofore executed
and delivered an Indenture, dated as of April 1, 1998, as amended and
supplemented by a First Supplemental Indenture thereto dated as of March 15,
1999, as further amended and supplemented by a Second Supplemental Indenture
thereto dated as of December 31, 2000, as further amended and supplemented by a
Third Supplemental Indenture thereto dated as of October 31, 2001, as further
amended and supplemented by a Fourth Supplemental Indenture thereto dated as of
December 31, 2001 and as further amended and supplemented by a Fifth
Supplemental Indenture thereto dated as of July 31, 2002 (as so amended and
supplemented, the “Indenture”); and

 

WHEREAS,
pursuant to the Indenture, the Company issued and the Notes Trustee
authenticated and delivered $110 million aggregate principal amount of the
Issuer’s 10 1/2% Senior Secured Notes due 2008 (the “Initial Notes”); and

 

WHEREAS,
pursuant to an exchange offer registered with the Securities and Exchange
Commission on a Registration Statement No. 333-51717 on Form S-4, the Company
offered to, and did, exchange $110 million in aggregate principal amount of its
101⁄2% Senior Secured Notes due 2008 (the “Exchange Notes” and, together with the
Initial Notes, the “Notes”) for $110 million in aggregate principal amount of
the Initial Notes; and

 

WHEREAS, the
Initial Notes were, and the Exchange Notes are, unconditionally guaranteed on a
senior basis by the Subsidiary Guarantors; and

 

WHEREAS,
Section 9.01 of the Indenture provides that the Company and the Subsidiary
Guarantors, when authorized by Board Resolutions of their respective Boards of
Directors, and the Notes Trustee may amend or supplement the Indenture without
the consent of any Noteholder, among other reasons, to add further guarantees
with respect to the Notes and to cure any ambiguity, omission, defect or
inconsistency, provided that such amendment or supplement does not adversely
affect the rights of any Noteholder in any respect; and

 

WHEREAS, the
Company has heretofore delivered or is delivering contemporaneously herewith to
the Notes Trustee (i) a copy of Board Resolutions authorizing the execution,
delivery and performance of this Supplemental Indenture, (ii) an Officers’
Certificate in compliance with and to the effect set forth in Sections 1.01,
7.02, 9.01, 9.06 and 12.04 of the Indenture, and (iii) an Opinion of Counsel in
compliance with and to the effect set forth in Sections 1.01, 7.02, 9.01, 9.06
and 12.04 of the Indenture; and

 

 

WHEREAS, all
conditions necessary to authorize the execution and delivery of this
Supplemental Indenture and to make this Supplemental Indenture valid and
binding have been complied with or have been done or performed;

 

NOW,
THEREFORE, in consideration of the foregoing and notwithstanding any provision
of the Indenture which, absent this Supplemental Indenture, might operate to
limit such action, the Company, the Subsidiary Guarantors and the Notes Trustee
agree as follows for the equal and ratable benefit of the Noteholders.

 

ARTICLE 1

DEFINITIONS

 

SECTION 1.01.  General.  For all purposes of the Indenture and this
Supplemental Indenture, except as otherwise expressly provided or unless the
context otherwise requires:

 

(a)                                  the
words “herein”, “hereof” and “hereunder” and other words of similar import
refer to the Indenture and this Supplemental Indenture as a whole and not to
any particular Article, Section or subdivision; and

 

(b)                                 capitalized
terms used but not defined herein shall have the meaning assigned to them in
the Indenture.

 

ARTICLE 2

ADDITIONAL GUARANTORS

 

SECTION 2.01.  Additional
Guarantors. 
Pursuant to Section 10.07 of the Indenture, each of the Additional
Guarantors hereby expressly assumes the obligations of, and otherwise agrees to
perform all of the duties of, a Subsidiary Guarantor under the Indenture,
subject to the terms and conditions thereof, as of the date set forth opposite
the name of such Additional Guarantor on Schedule A hereto.

 

ARTICLE 3

MISCELLANEOUS

 

SECTION 3.01.  Effectiveness.  This Supplemental Indenture shall become
effective, as of its effective date, upon its execution and delivery by the
Company, the Subsidiary Guarantors and the Notes Trustee.  Upon the execution and delivery of this
Supplemental Indenture by the Company, the Subsidiary Guarantors and the Notes
Trustee, the Indenture shall be supplemented in accordance herewith, and this
Supplemental Indenture shall form a part of the Indenture for all purposes, and
every Note heretofore or hereafter authenticated and delivered under the
Indenture shall be bound thereby.

 

SECTION 3.02.  Indenture
Remains in Full Force and Effect.  All provisions in the Indenture shall remain
in full force and effect, and, except as expressly supplemented and amended hereby,
shall remain unchanged.

 

SECTION 3.03.  Indenture
and Supplemental Indenture Construed Together.  This Supplemental Indenture is an indenture
supplemental to and in implementation of the Indenture

 

2

 

and the Indenture and this
Supplemental Indenture shall henceforth be read and construed together.

 

SECTION 3.04.  Confirmation
and Preservation of Indenture.  The Indenture, as supplemented by this
Supplemental Indenture, is in all respects confirmed and preserved.

 

SECTION 3.05.  Conflict
with Trust Indenture Act.  If any provision of this Supplemental
Indenture limits, qualifies or conflicts with any provision of the Trust
Indenture Act of 1939, as amended (the “Trust Indenture Act”), that is required
under the Trust Indenture Act to be part of and govern any provision of this
Supplemental Indenture, the provision of the Trust Indenture Act shall
control.  If any provision of this
Supplemental Indenture modifies or excludes any provision of the Trust Indenture
Act that may be so modified or excluded, the provision of the Trust Indenture
Act shall be deemed to apply to the Indenture as so modified or to be excluded
by this Supplemental Indenture, as the case may be.

 

SECTION 3.06.  Severability.  In case any provision in this 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.

 

SECTION 3.07.  Headings.  The Article and Section headings of this
Supplemental Indenture have been inserted for convenience of reference only,
are not to be considered a part of this Supplemental Indenture and shall in no
way modify or restrict any of the terms or provisions hereof.

 

SECTION 3.08.  Benefits
of Supplemental Indenture, etc.  Nothing in this Supplemental Indenture or
the Notes, express or implied, shall give to any Person, other than the parties
hereto and thereto and their successors hereunder and thereunder and the
Noteholders, any benefit of any legal or equitable right, remedy or claim under
the Indenture, this Supplemental Indenture or the Notes.

 

SECTION 3.09.  Successors.  All agreements of the Company and the
Subsidiary Guarantors in this Supplemental Indenture shall bind their
respective successors.  All agreements
of the Notes Trustee in this Supplemental Indenture shall bind its successors.

 

SECTION 3.10.  Trustee
Not Responsible for Recitals.  The recitals contained herein shall be taken
as the statements of the Company and the Subsidiary Guarantors, and the Notes
Trustee assumes no responsibility for their correctness.  The Notes Trustee shall not be liable or
responsible for the validity or sufficiency of this Supplemental Indenture.

 

SECTION 3.11.  Certain
Duties and Responsibilities of the Notes Trustee.  In entering into this Supplemental
Indenture, the Notes Trustee shall be entitled to the benefit of every
provision of the Indenture relating to the conduct or affecting the liability
or affording protection to the Notes Trustee, whether or not elsewhere herein
so provided.

 

SECTION 3.12.  Governing
Law. 
The internal law of the State of New York shall govern and be used to
construe this Supplemental Indenture.

 

3

 

SECTION 3.13.  Counterpart
Originals. 
The parties may sign any number of copies of this Supplemental
Indenture.  Each signed copy shall be
original, but all of them together represent the same agreement.

 

4

 

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

 

	
   

  	
  SIGNATURES

  
	
   

  	
   

  
	
   

  	
  BLUEGREEN
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLUEGREEN
  HOLDING CORPORATION

  (TEXAS)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PROPERTIES
  OF THE SOUTHWEST ONE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLUEGREEN
  SOUTHWEST ONE, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLUEGREEN
  ASSET MANAGEMENT

  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  

 

5

 

	
   

  	
  BLUEGREEN
  CORPORATION OF TENNESSEE

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLUEGREEN
  CORPORATION OF THE

  ROCKIES

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLUEGREEN
  PROPERTIES OF VIRGINIA, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLUEGREEN
  RESORTS INTERNATIONAL,

  INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title:
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAROLINA
  NATIONAL GOLF CLUB, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  

 

6

 

	
   

  	
  LEISURE
  CAPITAL CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLUEGREEN
  WEST CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BG/RDI
  ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title:
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLUEGREEN
  VACATIONS UNLIMITED, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JOHN MALONEY

  
	
   

  	
  Name: John
  Maloney

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLUEGREEN
  SOUTHWEST LAND, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLUEGREEN
  CAROLINA LANDS, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  

 

7

 

	
   

  	
  BLUEGREEN
  RESORTS MANAGEMENT, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JORDAN LAKE
  PRESERVE CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LEISURE COMMUNICATION NETWORK, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title:
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MANAGED ASSETS CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TRAVELHEADS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ENCORE REWARDS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title:
  President

  

 

8

 

	
   

  	
  LEISUREPATH, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CATAWBA FALLS, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLUEGREEN
  COMMUNITIES OF GEORGIA,

  LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title:
  Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLUEGREEN PURCHASING & DESIGN, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GREAT VACATION DESTINATIONS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RANDI S. TOMPKINS

  
	
   

  	
  Name: Randi
  S. Tompkins

  
	
   

  	
  Title: Vice
  President

  

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

9

 

	
   

  	
  SUNTRUST BANK, As Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ LISA DERRYBERRY

  
	
   

  	
  Name: Lisa
  Derryberry

  
	
   

  	
  Title: Vice
  President

  

 

10

 

SCHEDULE A

 

ADDITIONAL GUARANTORS

 

 

	
  Name

  	
   

  	
  Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Bluegreen Communities of Georgia, LLC

  	
   

  	
  April 30, 2003

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Bluegreen Purchasing & Design, Inc.

  	
   

  	
  April 30, 2003

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Great Vacation Destinations, Inc.

  	
   

  	
  April 30, 2003

  	
   

  

 

11Exhibit 10.1

AGREEMENT

 

Until 
the earlier of 12:00 p.m. noon Eastern time on August 20, 2003 or the
termination of this letter agreement by Xmark in accordance with the next
sentence, Photogen Technologies, Inc. (“Photogen”) agrees that it will not file
any court actions (including any petition under bankruptcy, insolvency or
debtor’s relief law) directed to prevent Xmark Fund, Ltd. and/or Xmark Fund,
L.P. (collectively, “Xmark”) from exercising their rights or remedies as a
secured creditor nor will Photogen take any action (or omit to take any action)
that is in breach or contravention of the Security Agreement, dated June 18,
2003 (the “General Security Agreement”), by and among Photogen and Xmark or the
Patent and Trademark Security Agreement, dated June 18, 2003 (the “IP Security
Agreement” and together with the General Security Agreement, the “Security
Agreements”), by and among Photogen and Xmark (solely for purposes of this
letter agreement, the existing payment default by Photogen shall not be deemed
to be a breach or contravention of the Security Agreements that would entitle
Xmark to accelerate the expiration of the forbearance period).  Xmark agrees that it will forbear from
foreclosure of its liens or otherwise exercising whatever rights and remedies
it has as a secured creditor of Photogen until the earliest to occur of (i)
12:00 p.m. noon Eastern time on August 20, 2003, (ii) any creditor of Photogen
taking any action to execute on the collateral securing Xmark’s liens, (iii)
Photogen’s failure to comply in all respects with the covenants set forth in
the preceding sentence or (iv) the termination of discussions between Xmark and
Photogen concerning the proposed agreement to cure Photogen’s existing payment
default.  Xmark will not foreclose its liens
or exercise such other remedies prior to 12:00 p.m. noon Eastern time on August
20, 2003 as a result of any event covered by clause (ii) or (iii) of the
preceding sentence unless it gives Photogen written notice of its intention to
do so prior to taking any such action. A copy of any such notice to Photogen
shall be delivered by fax to John Monaghan, Esq., Holland & Knight, Fax
number 617/523-6850.  This letter
agreement shall not be deemed to be a waiver of any defaults or a waiver of any
rights or remedies by Xmark.

 

	
  PHOTOGEN
  TECHNOLOGIES, INC.

  
	
   

  
	
  By:

  	
   

  	
  /s/
  Taffy Williams

  
	
               Taffy Williams

  
	
   

  
	
  XMARK
  FUND, L.P.

  
	
   

  
	
  By:

  	
   

  	
  /s/
  Mitchell Kaye

  
	
                Mitchell D. Kaye, Chief  Investment Officer

  
	
   

  
	
  XMARK
  FUND, LTD.

  
	
   

  
	
  By:

  	
   

  	
  /s/
  Mitchell Kaye

  
	
              
  Mitchell D. Kaye, Chief 
  Investment Officer

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