Execution Copy
 
CONSENT AND AMENDMENT NUMBER FIVE
TO LOAN AGREEMENT

This CONSENT AND AMENDMENT NUMBER FIVE TO LOAN AGREEMENT (this “Agreement”),
dated as of January 31, 2008, among ATLANTIC AVIATION FBO INC., a Delaware
corporation (the “Borrower”), ATLANTIC AVIATION FBO HOLDINGS LLC (formerly known
as Macquarie FBO Holdings LLC), a Delaware limited liability company (the
“Pledgor”), and the several banks and other financial institutions signatories
hereto (the “Lender Parties”), and acknowledged by DEPFA BANK plc, as
Administrative Agent (in such capacity, the “Administrative Agent”).

RECITALS

A. The Borrower, the Lender Parties and the Administrative Agent 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 Pledgor, the Borrower’s parent company, entered into that certain Share
Pledge Agreement dated as of October 16, 2007 (the “Pledge Agreement”), by and
between Pledgor and The Bank of New York, in its capacity as collateral agent
for the benefit of the Secured Parties (the “Collateral Agent”), pursuant to
which Pledgor, among other things, assigned, pledged and granted to the
Collateral Agent, for the ratable benefit of the Secured Parties, a security
interest in all of its respective right, title and interest in and to all of the
issued and outstanding capital stock of the Borrower.
 
C. The Pledgor has changed its name from “Macquarie FBO Holdings LLC” to
“Atlantic Aviation FBO Holdings LLC” effective as of January 2, 2008, and
amended the financing statement filed in connection with the Pledge Agreement
(the “Financing Statement”) to amend the “debtor’s” name on January 9, 2008, and
provided a copy to the Administrative Agent.
 
D. The Borrower and Pledgor have requested that the Required Lenders consent to
the change of name from “Macquarie FBO Holdings LLC” to “Atlantic Aviation FBO
Holdings LLC” and waive any non-compliance with the Loan Documents arising out
of not having amended the Financing Statement simultaneously with the
effectiveness of the name change.
 
E. The Borrower has also requested that the Required Lenders amend Exhibit E to
the Loan Agreement, “Form of Financial Ratio Certification” to be in the form
attached hereto as Attachment 1.
 
F.  The Lender Parties are willing to provide the requested waivers and agree to
the requested amendment, all subject to and upon the terms as set forth herein.
 

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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 Exhibit E to the Loan Agreement. Exhibit E to the Loan
Agreement, “Form of Financial Ratio Certification” is hereby deleted and
replaced in its entirety with the “Form of Financial Ratio Certification”
attached hereto as Attachment 1.
 
Section 3. Consent.
 
(a) Each Required Lender hereby consents to the change of name of Pledgor from
“Macquarie FBO Holdings LLC” to “Atlantic Aviation FBO Holdings LLC” to be
effective as of the date of the name change and waives any non-compliance with
any Loan Document arising from Pledgor’s failure to amend the Financing
Statement simultaneously with the effectiveness of the name change (the
“Consent”).
 
(b) The Consent set forth herein shall be limited precisely as provided for
herein to the provisions expressly referred to herein and shall not be deemed to
be a waiver of, amendment of, consent to or modification of any other term or
provision of the Loan Agreement, the Pledge Agreement, or any term or provision
of any other Loan Document.
 
Section 4. No Further Consent or Amendment. Except to the extent that provisions
of the Loan Agreement or its Exhibits or the Pledge Agreement are amended,
waived or supplemented as expressly set forth in Sections 2 and 3 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 or the Pledgor under the Pledge Agreement.
 
Section 5. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.
 
Section 6. 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 7. 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.
 
-2-

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Section 8. 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 9. 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.]
 
-3-

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IN 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:      CEO
         
ATLANTIC AVIATION FBO HOLDINGS LLC
         
By:
/s/ Louis T. Pepper
         
Name:    Louis T. Pepper
   
Title:      CEO

CONSENT AND AMENDMENT NUMBER FIVE TO LOAN AGREEMENT

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Acknowledged by:
         
DEPFA BANK plc, as Administrative Agent, Term
Loan Lender, Capex Loan Lender, 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

 

CONSENT AND AMENDMENT NUMBER FIVE TO LOAN AGREEMENT

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THE GOVERNOR AND COMPANY
OF THE BANK OF IRELAND,
as Term Loan Lender and Capex Loan Lender
         
By:
/s/ Andrew Gannon
           
Name:    Andrew Gannon
Title:      Associate
         
By:
/s/ Anthony Rourke
           
Name:    Anthony Rourke
   
Title:      Manager

 

CONSENT AND AMENDMENT NUMBER FIVE TO LOAN AGREEMENT

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

 

CONSENT AND AMENDMENT NUMBER FIVE TO 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

 

CONSENT AND AMENDMENT NUMBER FIVE TO LOAN AGREEMENT

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ATTACHMENT 1

FORM OF FINANCIAL RATIO CERTIFICATION

(See attached)
 
Att. 1-1

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Exhibit E
to Loan Agreement
 
FORM OF FINANCIAL RATIO CERTIFICATION
 
[Date]
 
DEPFA BANK plc,
     as Administrative Agent
1 Commons Street
Dublin 1
Ireland
Attention: Brian Price
Telephone: +353 1 792 2374
Facsimile: +353 1 792 2164

 
This Certificate is delivered pursuant to Section 6.1(e) of the Loan Agreement,
dated as of September 27, 2007 (as amended, restated, supplemented or otherwise
modified from time to time, the “Loan Agreement”), among Atlantic Aviation FBO
Inc., a Delaware corporation (the “Borrower”), the lenders party thereto from
time to time (the “Lenders”) and DEPFA BANK plc, as administrative agent for the
Lenders (in such capacity, the “Administrative Agent”). All capitalized terms
used but not defined herein shall have the meanings specified in the Loan
Agreement.
 
I hereby certify to the Administrative Agent on behalf of the Borrower as
follows:
 

 
1.
I am the duly qualified and acting [President][Chief Financial
Officer][Treasurer] of the Borrower, and I am familiar with the financial
statements and financial affairs of the Borrower. I am authorized to execute
this Certificate on behalf of the Borrower.

 

 
2.
The following are true and correct computations, to the best of my knowledge, as
of the date hereof, of the following financial ratios and amounts, in each case
relating to the following Calculation Date: [ ______, __ 200_]:

 
(a) Backward Debt Service Coverage Ratio.

 
(i)
 
Operating Revenues for the Calculation Period ending on the referenced
Calculation Date:
 
$_________
                 
(ii)
 
 
Aggregate equity contributions received from the Investor during such
Calculation Period that meet the conditions of clause (b) of the definition of
“Net Cash Flow”:
 
$________
 
                 
(iii)
 
Operating Costs paid during such Calculation Period:
 
$________
                 
(iv)
 
Net Cash Flow for such Calculation Period (item (i) plus item (ii) minus item
(iii)):
 
$________
 

 
Exh. E-1

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(v)
 
Mandatory Debt Service during such Calculation Period (see detailed calculation
attached hereto):
 
$________
                 
(vi)
 
Backward Debt Service Coverage Ratio (ratio of item (iv) to item (v)):
 
____ : 1
 

 
(b) Modified Backward Debt Service Coverage Ratio.1 
 

  (i)  
Modified Net Cash Flow for such Calculation Period (item (a)(i) minus item
(a)(iii) above):
 
$________
                  (ii)  
Modified Backward Debt Service Coverage Ratio (ratio of item (i) to item (a)(v)
above)
 
____ : 1
 

 
(c) Forward Debt Service Coverage Ratio.
 

 
(i)
 
Projected Operating Revenues for the Calculation Period commencing on the day
immediately following the referenced Calculation Date:
 
$________
                 
(ii)
 
Projected aggregate equity contributions from the Investor during such
Calculation Period that meet the conditions of clause (b) of the definition of
“Net Cash Flow”:
 
$________
                 
(iii)
 
Projected Operating Costs during such Calculation Period: 
 
$________
                 
(iv)
 
Projected Net Cash Flow for such Calculation Period (item (i) plus item (ii)
minus item (iii)): 
 
$________
                 
(v)
 
Projected Mandatory Debt Service during such Calculation Period (see detailed
calculation attached hereto):
 
$________
                 
(vi)
 
Forward Debt Service Coverage Ratio (ratio of item (iv) to item (v)):
 
____ : 1
 

 
 

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1 For purposes of determining whether the Distribution Condition set forth in
Section 9.6(a)(ii)(A) is met.
 
Exh. E-2

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(d) Modified Forward Debt Service Coverage Ratio.2 
 

 
(i)
 
Modified Net Cash Flow for such Calculation Period (item (c)(i) minus item
(c)(iii) above):
 
$________
                 
(ii)
 
Modified Forward Debt Service Coverage Ratio (ratio of item (i) to item (c)(v)
above)
 
____ : 1
 

 
(e) EBITDA3 
 

 
(i)
 
Consolidated Net Income after Tax for the Calculation Period ending on the
referenced Calculation Date:
 
$________
 
                 
(ii)
 
Interest Expense for such Calculation Period:
 
$________
                 
(iii)
 
Depreciation and amortization for such Calculation Period:
 
$________
                 
(iv)
 
Income taxes for such Calculation Period:
 
$________
                 
(v)
 
Costs allocated to the Borrower and its Subsidiaries by MIC for such Calculation
Period:
 
$________
                 
(vi)
 
Accruals and payments to employees of the Borrower and its Subsidiaries under
any employee phantom stock ownership plan during such Calculation Period:
 
$________
                 
(vii)
 
Non-recurring costs, fees and expenses relating to acquisitions or dispositions
of FBO businesses or refinancings of Indebtedness completed by the Borrower or
its Subsidiaries:
 
$________
                 
(viii)
 
Costs incurred during such Calculation Period in the integration of acquired FBO
Businesses, to the extent such costs have been funded by equity contributions: 
 
$________
                 
(ix)
 
Amounts paid during such Calculation Period by Supermarine Companies as
management fees to American Airport Corporation: 
 
$________
                 
(x)
 
EBITDA for such Calculation Period:
 
$________
 

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2 For purposes of determining whether the Distribution Condition set forth in
Section 9.6(a)(ii)(A) is met.
3 Include items (ii) through (ix) only to the extent deducted in the
determination of Net Income after tax and only as determined in accordance with
GAAP.
 
Exh. E-3

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(d) Leverage Ratio.
 

 
(i)
 
Outstanding Principal owed under the Loan Agreement as of the referenced
Calculation Date:
 
$________
                 
(ii)
 
EBITDA for the Calculation Period ending on the referenced Calculation Date:
 
$________
                 
(iii)
 
Leverage Ratio as of such Calculation Date:
 
$________ 
 

 
Exh. E-4

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    IN WITNESS WHEREOF, the Borrower has caused this Certificate to be executed
and delivered by a duly authorized officer this _____ day of _____________,
20__.

   
ATLANTIC AVIATION FBO INC.
   
 
     
By:
       
Name:
     
Title:

 
Exh. E-5

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