AMENDMENT NUMBER FOUR TO LOAN AND SECURITY AGREEMENT
This Amendment Number Four to Loan and Security Agreement ("Amendment") is entered into as of March 26,
2003, by and between BLUEGREEN CORPORATION, f/k/a Patten Corporation, a Massachusetts
corporation ("Borrower"), and FOOTHILL CAPITAL CORPORATION, a California corporation ("Foothill"),
in light of the following:
FACT ONE: Borrower and Foothill have previously entered into that certain Amended and Restated Loan and
Security Agreement, dated as of September 23, 1997, as Amended by that certain Amendment Number One to
Loan and Security Agreement dated as of December 1, 2000, as further amended by that certain Amendment
Number Two to Loan and Security Agreement dated as of November 9, 2001 and that certain Amendment
Number Three to Loan and Security Agreement dated as of August 28, 2002 (as amended, the" Agreement").
FACT TWO: Borrower and Foothill desire to amend the Agreement as provided for and on the conditions
NOW, THEREFORE, Borrower and Foothill hereby amend and supplement the Agreement as follows:
1. DEFINITIONS. All initially capitalized terms used in this Amendment shall have the meanings given to them in
the Agreement unless specifically defined herein.
(a) The following new definitions are added to Section 1.1 of the Agreement:
""Bluegreen Communities" means BLUEGREEN COMMUNITIES OF GEORGIA, LLC, a Georgia limited
""Fourth Amendment" means that certain Amendment Number Four to Loan and Security Agreement dated as of
March 26, 2003, executed by Borrower and Foothill."
""Land Inventory Borrowing Base" means an amount equal to the lesser of (a) Eight Million Five Hundred
Thousand Dollars ($8,500,000.00),
(b) seventy-five percent (75%) of the sum of acquisition costs of real property plus sixty-five percent (65%) of
Borrower's actual costs of improvements to be erected thereon, or (c) Foothill's in-house appraisal of the Real
Property. The foregoing provision o