Document:

EX-10.150

                            REVOLVING PROMISSORY NOTE

$50,000,000.00                                                September 25, 2002

      1. Principal.

      For value received, in installments as herein provided BLUEGREEN
CORPORATION OF THE ROCKIES, a Delaware corporation, BLUEGREEN GOLF CLUBS, INC.,
a Delaware corporation, BLUEGREEN PROPERTIES OF VIRGINIA, INC., a Delaware
corporation, and BLUEGREEN SOUTHWEST ONE, L.P., a Delaware limited partnership,
(collectively and jointly and severally referred to herein as "Maker"), promises
to pay to the order of RESIDENTIAL FUNDING CORPORATION, a Delaware corporation
(the "Holder"), in the manner set forth in Section 2.7 of the Loan Agreement (as
hereinafter defined), the principal sum of Fifty Million Dollars
($50,000,000.00) or so much thereof as shall from time to time be disbursed
hereunder, together with accrued interest from the date of disbursement
hereunder on the unpaid principal at the per annum rate of the Prime Rate plus
1.0% (the "Base Rate"). As used herein, "Prime Rate" shall mean the rate that is
indicated in the Telerate as the prime lending rate announced from time to time
by Bank One, NA, a national banking association ("Bank One"), as in effect from
time to time. The Prime Rate is a reference rate and does not necessarily
represent the lowest or best rate actually charged to any customer. In the event
that such rate is no longer shown in the Telerate, Maker and Holder will agree
on a substitute source for determining the prime lending rate of Bank One.

      2. Definitions.

      As used herein, the term "Holder" shall mean Holder and any subsequent
holder of this Revolving Promissory Note (this "Note"), whichever is applicable
from time to time. Initially capitalized terms used herein without definition
shall have the meanings set forth in that certain Loan Agreement dated of even
date herewith (as the same may be amended, supplemented or otherwise modified
from time to time, including any other instruments executed and delivered in
renewal, extension, rearrangement or otherwise in replacement of such Loan
Agreement, the "Loan Agreement"), by and between Maker, as borrower, and Holder,
as lender.

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      3. Maturity Date.

      The unpaid principal balance hereof, together with all unpaid interest
accrued thereon, and all other amounts payable by Maker under the terms of the
Loan Documents shall be due and payable on the first to occur of (i) September
25, 2006, which is the date four (4) years from the date of the Loan Agreement
(as such date may be extended in writing by Maker and Holder from time to time),
or (ii) the date on which this Note is required to be repaid pursuant to Section
8.2 of the Loan Agreement (the "Maturity Date"). If the Maturity Date should
fall on a day other than a Business Day, payment of the outstanding principal
and all unpaid interest due under the terms hereof shall be made on the next
succeeding Business Day and such extension of time shall be included in
computing any interest in respect of such payment.

      4. Prepayment.

      Maker shall have the right to prepay this Note at any time in full or in
part, at a price equal to the Prepayment Price. Any partial prepayment of this
Note shall be accompanied by a statement wherein the Maker specifies (i) to
which Project such prepayment is to be applied and (ii) the particular
categories within the Budget or the particular Lots and/or Golf Parcels to which
such prepayment is to be applied.

      5. Interest.

      (a) On or before the 5th Business Day of each month, commencing with the
first month after the Holder has made a disbursement pursuant to the terms of
the Loan Agreement, the Holder shall send to Maker a statement setting forth the
amount of interest due for the previous month. Maker shall pay the interest due
for the previous month on or before the 15th calendar day of the month in which
it has received the Holder's statement of interest due.

      (b) Throughout the term of this Note, interest shall be calculated on the
basis of a 360 day year, consisting of 12 months, each month consisting of 30
days. If any payment of interest or principal to be made by Maker shall become
due on a day other than a Business Day, such payment will be made on the next
succeeding Business Day and such extension of time shall be included in
computing any interest with respect to such payment.

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      6. Manner of Payment.

      Principal and interest are payable in lawful money of the United States of
America. Payments shall be made in the manner prescribed in Section 2.9 of the
Loan Agreement or in accordance with such other instructions that Holder may
from time to time designate in writing.

      7. Applications of Payments; Late Charges.

      (a) Payments received by Holder pursuant to the terms hereof shall be
applied in the manner required by Section 2.10 of the Loan Agreement.

      (b) If any installment of interest and/or the payment of principal is not
received by Holder within 5 Business Days after the due date thereof, then in
addition to the remedies conferred upon Holder pursuant to Section 8 hereof and
the other Loan Documents, the Holder may elect to assess a late charge of 4% of
the amount of the installment due and unpaid, which such late charge will be
added to the delinquent amount to compensate Holder for the expense of handling
the delinquency. Maker and Holder agree that such late charge represents a good
faith and fair and reasonable estimate of the probable cost to Holder of such
delinquency. Maker acknowledges that during the time that any such amount shall
be in default, Holder will incur losses which are impracticable, costly and
inconvenient to ascertain and that such late charge represents a reasonable sum
considering all of the circumstances existing on the date of the execution of
this Note and represents a reasonable estimate of the losses Holder will incur
by reason of late payment. Maker further agrees that proof of actual losses
would be costly, inconvenient, impracticable and extremely difficult to fix.
Acceptance of such late charge shall not constitute a waiver of the default with
respect to the overdue installment, and shall not prevent Holder from exercising
any of the other rights and remedies available hereunder.

      8. Remedies.

      Upon the occurrence of an Event of Default and without demand or notice,
Holder shall have the option to declare the entire balance of principal together
with all accrued interest thereon immediately due and payable and to exercise
all rights and remedies available to it under the Loan Agreement and all other
Loan Documents. Upon the occurrence of an Event of Default (and so long as such
Event of Default shall continue), the entire balance of principal together with
all accrued interest thereon shall bear interest

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at the Prime Rate plus 6.25% (the "Default Rate"). No delay or omission on the
part of Holder hereof in exercising any right under this Note or under any of
the Loan Documents shall operate as a waiver of such right. The application of
the Default Rate shall not be interpreted or deemed to extend any cure period
set forth in any Loan Document or otherwise limit in any way any of Holder's
remedies hereunder or thereunder.

      9. Waiver.

      Maker hereby waives diligence, presentment, protest and demand, notice of
protest, dishonor and nonpayment of this Note and expressly agrees that, without
in any way affecting the liability of Maker hereunder, Holder may extend the
Maturity Date or the time for payment of any installment due hereunder, accept
security, release any party liable hereunder and release any security hereafter
securing this Note. Maker further waives, to the full extent permitted by law,
the right to plead any and all statutes of limitations as a defense to any
demand on this Note, any other Loan Document or on any Deed of Trust, security
agreement or other agreement now or hereafter securing this Note.

      10. Attorneys' Fees.

      If this Note is not paid when due or if any Event of Default occurs, Maker
promises to pay all costs of enforcement and collection, including, but not
limited to, Holder's reasonable attorneys' fees, whether or not any action or
proceeding is brought to enforce the provisions hereof.

      11. Severability.

      Every provision of this Note is intended to be severable. In the event any
term or provision hereof is declared by a court of competent jurisdiction to be
illegal or invalid for any reason whatsoever, such illegality or invalidity
shall not affect the balance of the terms and provisions hereof, which terms and
provisions shall remain binding and enforceable.

      12. Interest Rate Limitation.

      The provisions of this Note, the Loan Agreement and the other Loan
Documents are hereby expressly limited so that in no contingency or event
whatever shall the amount paid or agreed to be paid to Holder for the use,
forbearance or detention of the sums

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<PAGE>

evidenced by this Note exceed the maximum amount permissible under applicable
law. If from any circumstance whatever the performance or fulfillment of any
provision of this Note, the Loan Agreement or of any other Loan Document should
involve or purport to require any payment in excess of the limit prescribed by
law, then the obligation to be performed or fulfilled is hereby reduced to the
limit of such validity. In Addition, if, from any circumstance whatever, Holder
should ever receive as interest an amount which would exceed the highest lawful
rate under applicable law, then the amount which would be excessive interest
shall be applied as an optional reduction of principal in accordance with the
terms of Section 3 of this Note and the provisions of the Loan Agreement (or, at
Holder's option, be paid over to Maker), and will not be counted as interest.

      13. Headings.

      Headings at the beginning of each numbered section of this Note are
intended solely for convenience and are not to be deemed or construed to be a
part of this Note.

      14. Governing Law.

      This Note shall be governed by and construed in accordance with the laws
of the Commonwealth of Virginia.

      IN WITNESS WHEREOF, Maker has caused this Note to be duly executed and
delivered on the date first above written.

                                        BLUEGREEN CORPORATION OF THE ROCKIES,
                                        a Delaware corporation

                                        By: /s/ John Chiste
                                           -------------------------------------
                                            John Chiste
                                            Treasurer

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<PAGE>

                                        BLUEGREEN GOLF CLUBS, INC.,
                                        a Delaware corporation

                                        By: /s/ John Chiste
                                           -------------------------------------
                                            John Chiste
                                            Treasurer

                                        BLUEGREEN PROPERTIES OF VIRGINIA, INC.,
                                        a Delaware corporation

                                        By: /s/ John Chiste
                                           -------------------------------------
                                            John Chiste
                                            Treasurer

                                        BLUEGREEN SOUTHWEST ONE, L.P.,
                                        a Delaware limited partnership

                                        By: Bluegreen Southwest Land, Inc.
                                            a Delaware corporation

                                              By: /s/ John Chiste
                                                 -------------------------------
                                                  John Chiste
                                                  Treasurer

                                       6EXHIBIT 10

EXHIBIT 10.1

 

Supplemental Agreement No. 6

to

Purchase Agreement No. 2211

between

The Boeing Company

and

Continental Airlines, Inc.

 

Relating to Boeing Model 767-200ER Aircraft

 

THIS SUPPLEMENTAL AGREEMENT, entered into as of August 

5, 2002, by and between THE BOEING COMPANY, a Delaware corporation with its principal office in Seattle, Washington, (Boeing) and Continental Airlines, Inc., a Delaware corporation with its principal office in Houston, Texas (Customer);

WHEREAS, the parties hereto entered into Purchase Agreement No. 2211 dated November 16, 1998, (the Purchase Agreement) relating to Boeing Model 767-200ER aircraft (Aircraft); and

WHEREAS, Boeing and Customer have mutually agreed to the [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]; and

WHEREAS, Boeing and Customer have mutually agreed to amend the Purchase Agreement to incorporate the effect of these and certain other changes;

NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree to amend the Purchase Agreement as follows:

 

	Table of Contents.

Remove and replace, in its entirety, the "Table of Contents", with the revised "Table of Contents", attached hereto, to reflect the changes made by this Supplemental Agreement No. 6.

 

 

2.Letter Agreements 2211-01R4:

Remove and replace, in its entirety, Letter Agreement 2211-01R3, "Option Aircraft" with revised Letter Agreement 2211-01R4 attached hereto, [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]

 

3.Letter Agreement 6-1162-CHL-048.

Letter Agreement 6-1162-CHL-048, "Rescheduled Aircraft Agreement" executed February 8, 2002 which describes the [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]

 

The Purchase Agreement will be deemed to be supplemented to the extent herein provided as of the date hereof and as so supplemented will continue in full force and effect.

 

EXECUTED IN DUPLICATE as of the day and year first written above.

 

 

THE BOEING COMPANYContinental Airlines, Inc.

 

 

 

By:  /S/ Charles H. Leach   By:  /S/ Gerald Laderman         

 

Its:  Attorney-In-Fact     Its: Senior Vice President - Finance

      and Treasurer

TABLE OF CONTENTS

 

ARTICLESRevised By:

1.Quantity, Model and Description

2.Delivery Schedule

3.Price

4.Payment

5.Miscellaneous

 

TABLE

1.Aircraft Information TableSA No. 3

 

EXHIBIT

A.Aircraft ConfigurationSA No. 2

B.Aircraft Delivery Requirements and Responsibilities

 

SUPPLEMENTAL EXHIBITS

BFE1.BFE Variables

CS1.Customer Support VariablesSA No. 2

EE1.Engine Escalation/Engine Warranty

and Patent Indemnity

SLP1.Service Life Policy Components

TABLE OF CONTENTS

 

 

LETTER AGREEMENTSRevised By:

2211-01R4Option AircraftSA No. 6

2211-02Demonstration Flights

2211-03Spares Initial Provisioning

2211-04Flight Crew Training Spares 

Parts Support

2211-05Escalation Sharing

6-1162-JMG-184Installation of Cabin Systems EquipmentSA No. 1

 

TABLE OF CONTENTS

 

 

CONFIDENTIAL LETTER AGREEMENTSRevised By:

6-1162-JMG-0089Performance Guarantees

6-1162-JMG-0090Promotion Support

6-1162-JMG-0092R2Special MattersSA No. 4

6-1162-CHL-034[CONFIDENTIAL MATERIALSA No. 5

OMITTED AND FILED SEPARATELY 

WITH THE SECURITIES AND 

EXCHANGE COMMISSION PURSUANT 

TO A REQUEST FOR CONFIDENTIAL 

TREATMENT]

6-1162-CHL-048Rescheduled Aircraft AgreementSA No. 6

 

 

SUPPLEMENTAL AGREEMENTSDated as of:

Supplemental Agreement No. 1July 2, 1999

Supplemental Agreement No. 2October 31, 2000

Supplemental Agreement No. 3February 14, 2001

Supplemental Agreement No. 4April 10, 2001

Supplemental Agreement No. 5August 31, 2001

Supplemental Agreement No. 6   August 5, 2002

Attachment to

Letter Agreement No. 2211-01R4

Option Aircraft Delivery, Description, Price and Advance Payments

 

[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]

August 5, 2002

2211-01R4

 

Continental Airlines, Inc.

1600 Smith Street

Houston, TX 77002

 

 

 

Subject:Option Aircraft

Reference:Purchase Agreement 2211 (the Purchase Agreement) between The Boeing Company (Boeing) and Continental Airlines, Inc. (Customer) relating to Model 767-224ER aircraft (the Aircraft)

 

This Letter Agreement amends and supplements the Purchase Agreement.  All terms used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement.  This Letter Agreement supersedes and replaces in its entirety Letter Agreement 2211-01R3, dated April 10, 2001.

Boeing agrees to manufacture and sell to Customer additional Model 767-224ER aircraft as Option Aircraft.  The delivery months, number of aircraft, Advance Payment Base Price per aircraft and advance payment schedule are listed in the Attachment to this Letter Agreement (the Attachment).

1.Aircraft Description and Changes

1.1 Aircraft Description:  The Option Aircraft are described by the Detail Specification listed in the Attachment.

1.2Changes:  The Detail Specification will be revised to include:

(i) Changes applicable to the basic Model 767 aircraft which are developed by Boeing between the date of the Detail Specification and the signing of the definitive agreement to purchase the Option Aircraft;

(ii) Changes required to obtain required regulatory certificates; and

(iii) Changes mutually agreed upon.

 

 

 

2.Price

2.1The pricing elements of the Option Aircraft are listed in the Attachment.

2.2Price Adjustments.

2.2.1Optional Features.  The Optional Features Prices selected for the Option Aircraft will be adjusted to Boeing's current prices as of the date of execution of the definitive agreement for the Option Aircraft.

2.2.2Escalation Adjustments.  The Airframe Price and the Optional Features Prices for Option Aircraft delivering before May, 2006, will be escalated on the same basis as the Aircraft, and will be adjusted to Boeing's then-current escalation provisions as of the date of execution of the definitive agreement for the Option Aircraft.

The engine manufacturer's current escalation provisions are not listed in this Purchase Agreement. The engine escalation provisions will be revised to reflect the engine manufacturer's then current escalation provisions at signing of the definitive agreement for the Option Aircraft. 

2.2.3Base Price Adjustments.  The Airframe Price and the Engine Price of the Option Aircraft delivering before May, 2006, will be adjusted to Boeing's and the engine manufacturer's then current prices as of the date of execution of the definitive agreement for the Option Aircraft.

2.2.4Prices for Long Lead Time Aircraft.  Boeing and the engine manufacturer have not established prices and escalation provisions for Model 767-224ER aircraft and engines for delivery in May 2006 and after.  When prices and the pricing bases are established for the Model 767-224ER aircraft delivering in May 2006 and after, the information listed in the Attachment will be appropriately amended.

3.Payment.

3.1Customer has paid a deposit to Boeing in the amount shown in the Attachment for each Option Aircraft (Deposit), prior to the date of this Letter Agreement.  If Customer exercises an option, the Deposit will be credited against the first advance payment due.  If Customer does not exercise an option, Boeing will retain the Deposit for that Option Aircraft.

3.2Following option exercise, advance payments in the amounts and at the times listed in the Attachment will be payable for the Option Aircraft.  The remainder of the Aircraft Price for the Option Aircraft will be paid at the time of delivery.

4.Option Exercise.

Customer may exercise an option by giving written notice to Boeing on or before the date [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] months prior to the first business day of the applicable delivery month listed in the Attachment (Option Exercise Date).

5.Contract Terms.

Boeing and Customer will use their best efforts to reach a definitive agreement for the purchase of an Option Aircraft, including the terms and conditions contained in this Letter Agreement, in the Purchase Agreement, and other terms and conditions as may be agreed upon to add the Option Aircraft to the Purchase Agreement as an Aircraft.  In the event the parties have not entered into a definitive agreement within 30 days following option exercise, either party may terminate the purchase of such Option Aircraft by giving written notice to the other within 5 days.  [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]

 

 

Very truly yours,

THE BOEING COMPANY

By        /S/ Charles H. Leach    

Its           Attorney-In-Fact           

ACCEPTED AND AGREED TO this

Date:   August    5    , 2002

Continental Airlines, Inc.

 

By      /S/ Gerald Laderman                                  

Its  Senior Vice President - Finance and Treasurer

Attachment

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