Execution Version
 
WAIVER AND AMENDMENT NUMBER THREE
TO LOAN AGREEMENT

This WAIVER AND AMENDMENT NUMBER THREE TO LOAN AGREEMENT (this “Agreement”),
dated as of November 30, 2007, among ATLANTIC AVIATION FBO INC., a Delaware
corporation (the “Borrower”); the several banks and other financial institutions
signatories hereto (the “Lender Parties”); and DEPFA BANK plc, as Administrative
Agent (in such capacity, the “Administrative Agent”).

RECITALS

A. The parties hereto are parties to the Loan Agreement dated as of September
27, 2007 by and among the Borrower, the several banks and other financial
institutions from time to time parties thereto as lenders (the “Lenders”),
issuing bank or hedging banks and the Administrative Agent (as amended, the
“Loan Agreement”), pursuant to which the Lenders have agreed to provide certain
loans to the Borrower for the purposes and upon the terms and conditions set
forth therein.
 
B. The Borrower contemplates the acquisition, pursuant to that certain
Membership Purchase Agreement dated as of November __, 2007, by and among the
Borrower and the sellers named therein (the “Rifle Air Purchase Agreement”), of
100% of the Equity Securities of Rifle Air, LLC, a Colorado limited liability
company (“Rifle Air”), which in turn owns 100% of the Equity Securities of Rifle
Air Jet Center, LLC, a Colorado limited liability company, and Rifle Air Jet
Center Maintenance, LLC, a Colorado limited liability company, all of which
entities own and operate a Fixed Based Operations business at Garfield County
Regional Airport in Rifle, Colorado (the “Rifle Air Acquisition”).
 
C. The Borrower has requested that the Required Lenders (a) approve an amendment
to Section 7.1 of the Loan Agreement to permit certain indebtedness related to
the Rifle Air Acquisition, (b) waive the provisions of Section 7.4 to permit the
Rifle Air Acquisition, and (c) approve certain supplements to the Schedules to
the Loan Agreement.
 
D.  The Lender Parties are willing to provide the requested approvals and
waiver, all subject to and upon the terms as set forth herein.
 
NOW THEREFORE, the parties hereto hereby agree as follows:
 
Section 1. Definitions and Rules of Interpretation. All capitalized terms used
but not defined in this Agreement shall have the respective meanings specified
in the Loan Agreement. The rules of interpretation set forth in Appendix A to
the Loan Agreement shall apply to this Agreement, mutatis mutandis, as if set
forth herein.
 
Section 2. Amendment to Loan Agreement. The Loan Agreement is hereby amended as
follows:
 
(a) Section 7.1 (Indebtedness and Guarantee Obligations).
 

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(i) The following new clause shall be inserted as new clause (g) immediately
following the currently existing clause (f) of Section 7.1 of the Loan
Agreement:
 
“(g) Indebtedness of up to $700,000.00 incurred in connection with the
acquisition by the Borrower of all of the Equity Securities of Rifle Air, LLC
pursuant to that certain Membership Purchase Agreement dated November 30, 2007,
by and among the Borrower and the sellers named therein, the principal amount of
which Indebtedness shall be included in the calculation of the cap set forth in
the proviso to the preceding clause (f).”
 
(ii)  Currently existing clause (g) of Section 7.1 of the Loan Agreement shall
be renumbered as clause (h).
 
(b) Appendix A (Definitions and Rules of Interpretation).
 
(i) The definition of “Loan Documents” is hereby amended by inserting the words
“the Investor Contribution Agreement, ” immediately after the words “each Letter
of Credit, “ in the third line thereof.
 
(ii) The following definition is hereby inserted immediately following the
definition of “Investor”:
 
“Investor Contribution Agreement” means the letter agreement by the Investor and
acknowledged by the Borrower and the Administrative Agent dated as of November
30, 2007.”
 
Section 3. Waiver Relating to Rifle Air Acquisition. The Lender Parties hereby
waive any non-compliance with Section 7.4 of the Loan Agreement resulting from
the Borrower’s consummation of the Rifle Air Purchase Agreement.
 
Section 4. Approval of Amendments to Schedules. The Lender Parties hereby
approve the supplements to the Schedules to the Loan Agreement set forth in
Attachment 1 hereto.
 
Section 5. No Further Waiver or Amendment. Except to the extent that provisions
of the Loan Agreement or its Schedules are amended, waived or supplemented as
expressly set forth in Sections 2,3 and 4 hereof, the execution and delivery
hereof shall not (a) operate as a modification or waiver of any right, power or
remedy of the Financing Parties or the Collateral Agent under any of the Loan
Documents, (b) cause a novation with respect to any of the Loan Documents, or
(c) extinguish or terminate any obligations of the Borrower under the Loan
Documents.
 
Section 6. Effectiveness. This Agreement shall become effective on the first
date on which the Administrative Agent shall have received all of the following:
 
(a) Duly executed counterparts of this Agreement (which may be by telecopy) from
each of the Borrower and the Required Lenders and an acknowledgement thereof
duly executed by the Administrative Agent;
 
(b) The Investor Contribution Agreement in the form of Exhibit A hereto, duly
executed by the Investor and acknowledged by each of the Borrower and the
Administrative Agent; and
 
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(c) Evidence reasonably satisfactory to the Administrative Agent that (i) the
purchase price (as such term is defined in the Rifle Air Purchase Agreement) has
been paid in accordance with the Rifle Air Purchase Agreement, other than any
adjustment thereto in accordance with the Rifle Air Purchase Agreement that is
not yet due and payable; (ii) all existing Indebtedness of Rifle Air and its
Subsidiaries has been paid off, except for any Indebtedness which, after giving
effect to this Agreement, will constitute Permitted Indebtedness; and (iii) The
Flight Department, LLC, shall no longer be an Affiliate of Rifle Air or any of
its Subsidiaries.
 
Section 7. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.
 
Section 8. Severability. If any provision of this Agreement is held to be
illegal, invalid or unenforceable, the legality, validity and enforceability of
the remaining provisions of this Agreement shall not be affected or impaired
thereby. The invalidity of a provision in a particular jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.
 
Section 9. Headings. The headings in this Agreement have been included herein
for convenience of reference only, are not part of this Agreement, and shall not
be taken into consideration in interpreting this Agreement.
 
Section 10. Entire Agreement. This Agreement comprises the complete and
integrated agreement of the parties hereto on the subject matter hereof and
supersedes all prior agreements, written or oral, on such subject matter.
 
Section 11. Counterparts. This Agreement may be executed by one or more of the
parties hereto on any number of separate counterparts, and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument. A set of the copies of this Agreement signed by all the parties
shall be maintained by the Borrower and the Administrative Agent.
 
[Signature pages follow.]
 
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N WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective officers thereunto duly authorized as of the day
and year first above written.
 
ATLANTIC AVIATION FBO INC.
 
By:
       /s/ Louis T. Pepper
  Name:   Louis T. Pepper
Title:     Chief Executive Officer

 

AMENDMENT NO. 3 TO ATLANTIC AVIATION LOAN AGREEMENT

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Acknowledged by:
 
DEPFA BANK plc, as Administrative Agent
 
By:
       /s/ Maria Kang
    Name:   Maria Kang
Title:     Director
 
By:
       /s/ Ruth McMorrow
    Name:   Ruth McMorrow
Title:     Managing Director

 
 
AMENDMENT NO. 3 TO ATLANTIC AVIATION LOAN AGREEMENT

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DEPFA BANK plc, as Term Loan Lender
  By:
       /s/ Maria Kang
    Name:   Maria Kang
Title:     Director
   
By:
       /s/ Ruth McMorrow
    Name:   Ruth McMorrow
Title:     Managing Director

 
AMENDMENT NO. 3 TO ATLANTIC AVIATION LOAN AGREEMENT

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THE GOVERNOR AND COMPANY
OF THE BANK OF IRELAND,
as Term Loan Lender
  By:
       /s/ Peter St. John [Illegible]
  Name:   Peter St. John [Illegible]
Title:     Director
   
By:
       /s/ Anthony Rourke
    Name:   Anthony Rourke
Title:     Manager

AMENDMENT NO. 3 TO ATLANTIC AVIATION LOAN AGREEMENT

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DEKA BANK
DEUTSCHE GIROZENTRALE,
as Term Loan Lender
 
By:
       /s/ Jurgen Schoneberg
    Name:   Jurgen Schoneberg
Title:     Vice President
   
By:
       /s/ Peter Bahn
    Name:   Peter Bahn
Title:     Executive Director

AMENDMENT NO. 3 TO ATLANTIC AVIATION LOAN AGREEMENT

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WESTLB AG, NEW YORK BRANCH
as Term Loan Lender
 
By:
       /s/ Caryn Suffredini
    Name:   Caryn Suffredini
Title:     Director
     
By:
       /s/ Amir Oren
    Name:   Amir Oren
Title:     Associate Director

AMENDMENT NO. 3 TO ATLANTIC AVIATION LOAN AGREEMENT

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DEPFA BANK plc, as Capex Loan Lender
 
By:
       /s/ Maria Kang
    Name:   Maria Kang
Title:     Director
 
By:
       /s/ Ruth McMorrow
    Name:   Ruth McMorrow
Title:     Managing Director

AMENDMENT NO. 3 TO ATLANTIC AVIATION LOAN AGREEMENT

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THE GOVERNOR AND COMPANY
OF THE BANK OF IRELAND,
as Capex Loan Lender
 
By:
       /s/ Peter St. John [Illegible]
    Name:   Peter St. John [Illegible]
Title:     Director
 
By:
       /s/ Anthony Roucke
    Name:   Anthony Roucke
Title:     Manager

AMENDMENT NO. 3 TO ATLANTIC AVIATION LOAN AGREEMENT

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DEKA BANK
DEUTSCHE GIROZENTRALE,
as Capex Loan Lender
 
By:
       /s/ Jurgen Schoneberg
    Name:   Jurgen Schoneberg
Title:     Vice President
 
By:
       /s/ Peter Bahn
 
By:
       /s/ Jurgen Schoneberg

 

AMENDMENT NO. 3 TO ATLANTIC AVIATION LOAN AGREEMENT

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DEPFA BANK plc,
as Revolving Loan Lender and Issuing Bank
 
By:
       /s/ Maria Kang
    Name:   Maria Kang
Title:     Director
 
By:
       /s/ Ruth McMorrow
    Name:   Ruth McMorrow
Title:     Managing Director

AMENDMENT NO. 3 TO ATLANTIC AVIATION LOAN AGREEMENT

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ATTACHMENT 1

SUPPLEMENTAL DISCLOSURE SCHEDULES

(See attached)

AMENDMENT NO. 3 TO ATLANTIC AVIATION LOAN AGREEMENT

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EXHIBIT A

FORM OF INVESTOR CONTRIBUTION AGREEMENT

(See attached)
 
Exh. A - 1

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MACQUARIE FBO HOLDINGS LLC
 
November [__], 2007
 
DEPFA BANK plc,
   as Administrative Agent
1 Commons Street
Dublin 1
Ireland
Attention: Brian Price
 
Atlantic Aviation FBO Inc.
6504 International Parkway, Suite 2400
Plano, Texas 75093
Attention: Calvin Miller
 
Dear Sir or Madam,
 
RE: Investor Contribution Agreement
 
We refer to (i) the Loan Agreement dated as of September 27, 2007 by and among
Atlantic Aviation FBO Inc. (the “Borrower”), the several banks and other
financial institutions from time to time parties thereto as lenders (the
“Lenders”), issuing bank or hedging banks, and DEPFA BANK plc as administrative
agent (in that capacity, the “Administrative Agent”) (as amended, the “Loan
Agreement”), (ii) the Membership Purchase Agreement dated as of November [__],
2007 by and among the sellers named therein (the “Rifle Sellers”) and the
Borrower, as buyer (the “MPA”), and (iii) Amendment Number Three to Loan
Agreement, dated as of the date hereof, by and among the Borrower, the Lenders
party thereto and the Administrative Agent (“Amendment No. 3”). All capitalized
terms used but not otherwise defined herein shall have the meanings set forth in
Appendix A to the Loan Agreement, and the rules of interpretation set forth in
Appendix A to the Loan Agreement shall apply to this letter agreement. We hereby
acknowledge that it is a condition precedent to the effectiveness of Amendment
No. 3 that the Investor, the Borrower and the Administrative Agent shall have
executed and delivered this letter agreement.
 
1. Equity Contribution. The Investor hereby covenants to the Borrower and the
Administrative Agent as follows:
 
(a) Promptly, but in any event within five (5) Business Days, after receiving
notice from the Borrower or the Administrative Agent that the Borrower is
required to make any payments to the Rifle Sellers pursuant to the MPA,
including pursuant to Sections 2.3 (Working Capital Adjustments) or 12.2
(Indemnification by Buyer) thereof, or pursuant to the promissory note issued
pursuant to Section 2.2(a)(ii) thereof, the Investor shall make additional
equity contributions to the Borrower in an amount equal to any such required
payments.;
 
Exh. A - 2

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(b) The Investor shall pay all reasonable out-of-pocket expenses incurred by the
Administrative Agent or the Borrower, including the fees, charges and
disbursements of any counsel for the Administrative Agent or the Borrower, in
connection with the enforcement, attempted enforcement or protection of their
respective rights in connection with this letter agreement or any other Loan
Document.
 
2. Enforcement. The Investor acknowledges and agrees that this letter agreement
is entered into for the benefit of the Borrower and the Administrative Agent,
acting on behalf of the Financing Parties, and that the Administrative Agent, on
behalf of the Financing Parties, shall have the right (but not the obligation)
to proceed directly against the Investor to enforce any obligations of the
Investor hereunder.
 
3. Limitation of Liability. The obligations of the Investor under this letter
agreement are limited as set forth herein and shall in no way create any
recourse, liability or obligation (contingent or otherwise) to or on the part of
Investor or any of its Affiliates beyond the liabilities expressly set out in
this letter agreement. No further liability and no promise of any additional
commitments are to be inferred or implied.
 
4. Representations and Warranties. The Investor warrants and represents to the
Borrower and the Administrative Agent as follows:
 
(a) The Investor is a duly organized, validly existing limited liability company
organized and in good standing under the laws of the State of Delaware, and has
all requisite power and authority to conduct its business and to own its
property as now conducted or owned;
 
(b) The execution, delivery and performance by the Investor of this letter
agreement, and the performance of its obligations hereunder, are within the
Investor’s limited liability company powers, have been duly authorized by all
necessary action, and do not (i) contravene the Investor’s organizational
documents, (ii) violate any Governmental Rule, or (iii) conflict with or result
in the breach of, or constitute a default under, any contract, loan agreement,
indenture, mortgage, deed of trust, lease or other instrument binding on or
affecting the Investor or any of its property or assets; and
 
(c) This letter agreement has been duly executed and delivered by a duly
authorized representative of the Investor and constitutes a legal, valid and
binding obligation of the Investor, enforceable against it in accordance with
its terms, subject to applicable bankruptcy, insolvency, and similar laws
affecting the enforcement of creditors’ rights generally and general principles
of equity.
 
5. Notices. All notices and other communications provided for herein shall be in
writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopy, with a copy to each party
hereto, as follows:

(a)
if to the Borrower:
     
Atlantic Aviation FBO Inc.
 
6504 International Parkway, Suite 2400
 
Plano, TX 75093
 
Attention: Calvin Miller
 
Telephone: (972) 447-4205
 
Facsimile: (972) 447-4211

 
Exh. A - 3

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with a copy to:
     
Macquarie Infrastructure Company Inc.
 
125 West 55th Street
 
New York, New York 10019
 
Attention: Frank Joyce
 
Telephone: (212) 231-1814
 
Facsimile: (212) 231-1828
     
and
     
Pillsbury Winthrop Shaw Pittman LLP
 
1650 Tysons Boulevard
 
McLean, Virginia 22102
 
Attention: Craig E. Chason, Esq.
 
Telephone: (703) 770-7947
 
Facsimile: (703) 770-7901
   
(b)
if to the Administrative Agent:
     
DEPFA BANK plc
 
1 Commons Street
 
Dublin 1
 
Ireland
 
Attention: Brian Price
 
Telephone: +353 1 792 2374
 
Facsimile: +353 1 792 2164
   
(c)
If to the Investor:
     
Macquarie FBO Holdings LLC
 
c/o Macquarie Infrastructure Company Inc.
 
125 West 55th Street
 
New York, New York 10019
 
Attention: Frank Joyce 
 
Telephone: (212) 231-1814
 
Facsimile: (212) 231-1828

 
Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties. All notices and other
communications given to any party hereto in accordance with the provisions of
this Agreement shall be deemed to have been given on the date of receipt.
 
Exh. A - 4

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6. Assignment / Termination. This letter agreement shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and
assigns, provided that neither the Investor nor the Borrower may assign or
otherwise transfer any of their respective rights or obligations hereunder
without the prior written consent of the Administrative Agent (and any attempted
assignment or transfer by the Investor or the Borrower without such consent
shall be null and void). This letter agreement shall remain in full force and
effect until all Obligations to be paid or performed under the Loan Documents
have been indefeasibly paid and performed in full and the Commitments under the
Loan Documents have been terminated.
 
7. General Provisions. This letter agreement may be executed in any number of
counterparts, which together shall constitute one instrument. Delivery of an
executed counterpart of a signature page of this letter agreement by telecopy
shall be effective as delivery of a manually executed counterpart of this letter
agreement. This letter agreement shall be governed by, and construed in
accordance with, the law of the State of New York.
 
[Signature pages follow.]
 
Exh. A - 5

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Very truly yours,
 
MACQUARIE FBO HOLDINGS LLC
   
By:
MACQUARIE INFRASTRUCTURE COMPANY INC.,
 
its managing member
By:
   
Name:
   
Title:
 

INVESTOR CONTRIBUTION AGREEMENT
(ATLANTIC - RIFLE FBO ACQUISITION)

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Acknowledged by:
 
DEPFA BANK plc
as Administrative Agent
 
By:
   
Name:
   
Title:
 

By:
   
Name:
   
Title:
 

 
 

INVESTOR CONTRIBUTION AGREEMENT
(ATLANTIC - RIFLE FBO ACQUISITION)

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Acknowledged by:
 
ATLANTIC AVIATION FBO INC.
 
By:
   
Name:
   
Title:
 

INVESTOR CONTRIBUTION AGREEMENT
(ATLANTIC - RIFLE FBO ACQUISITION)

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