Guarantee and Collateral Agreement



 Exhibit 10.2 
  

 A&B Draft 12/26/07 
 GUARANTEE AND COLLATERAL AGREEMENT 
 made by 
 ABX HOLDINGS, INC. 
 ABX AIR, INC., 
 CHI ACQUISITION CORP. 
 and their respective
Subsidiaries 
 in favor of 
 SUNTRUST BANK, 
 as Administrative Agent 
 Dated as of December 31, 2007 
  








 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page
	 Section 1.
	  	DEFINED TERMS	  	1
	 1.1.
	  	Definitions	  	1
	 1.2.
	  	Other Definitional Provisions	  	5
			
	 Section 2.
	  	GUARANTEE	  	5
	 2.1.
	  	Guarantee	  	5
	 2.2.
	  	Right of Contribution	  	6
	 2.3.
	  	No Subrogation	  	6
	 2.4.
	  	Amendments, etc., with respect to the Borrower Obligations	  	6
	 2.5.
	  	Guarantee Absolute and Unconditional	  	7
	 2.6.
	  	Reinstatement	  	8
	 2.7.
	  	Payments	  	8
			
	 Section 3.
	  	GRANT OF SECURITY INTEREST	  	8
			
	 Section 4.
	  	REPRESENTATIONS AND WARRANTIES	  	9
	 4.1.
	  	Title; No Other Liens	  	9
	 4.2.
	  	Perfected First Priority Liens	  	10
	 4.3.
	  	Jurisdiction of Organization	  	10
	 4.4.
	  	Equipment	  	10
	 4.5.
	  	Farm Products	  	10
	 4.6.
	  	Investment Property	  	10
	 4.7.
	  	Receivables	  	11
	 4.8.
	  	Intellectual Property	  	11
	 4.9.
	  	Commercial Tort Claims	  	11
	 4.10.
	  	Aircraft	  	11
			
	 Section 5.
	  	COVENANTS	  	11
	 5.1.
	  	Delivery of Instruments, Certificated Securities and Chattel Paper	  	11
	 5.2.
	  	Maintenance of Insurance	  	12
	 5.3.
	  	Maintenance of Perfected Security Interest; Further Documentation	  	12
	 5.4.
	  	Changes in Locations, Name, etc.	  	12
	 5.5.
	  	Notices	  	12
	 5.6.
	  	Investment Property	  	13
	 5.7.
	  	Receivables	  	14
	 5.8.
	  	Intellectual Property	  	15
	 5.9.
	  	Commercial Tort Claims	  	16
	 5.10.
	  	Aircraft	  	16
			
	 Section 6.
	  	REMEDIAL PROVISIONS	  	18
	 6.1.
	  	Certain Matters Relating to Receivables	  	18
	 6.2.
	  	Communications with Obligors; Grantors Remain Liable	  	18
	 6.3.
	  	Pledged Stock	  	19

  

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	  	  	 	  	Page
	 6.4.
	  	Proceeds to be Turned Over to Administrative Agent	  	20
	 6.5.
	  	Application of Proceeds	  	20
	 6.6.
	  	Code and Other Remedies	  	20
	 6.7.
	  	Securities Law Restrictions	  	21
	 6.8.
	  	Deficiency	  	21
			
	 Section 7.
	  	THE ADMINISTRATIVE AGENT	  	22
	 7.1.
	  	Administrative Agent’s Appointment as Attorney-in-Fact, etc.	  	22
	 7.2.
	  	Duty of Administrative Agent	  	24
	 7.3.
	  	Filing of Financing Statements	  	24
	 7.4.
	  	Authority of Administrative Agent	  	24
			
	 Section 8.
	  	MISCELLANEOUS	  	25
	 8.1.
	  	Amendments in Writing	  	25
	 8.2.
	  	Notices	  	25
	 8.3.
	  	No Waiver by Course of Conduct; Cumulative Remedies	  	25
	 8.4.
	  	Enforcement Expenses; Indemnification	  	25
	 8.5.
	  	Successors and Assigns	  	26
	 8.6.
	  	Setoff	  	26
	 8.7.
	  	Counterparts	  	26
	 8.8.
	  	Severability	  	26
	 8.9.
	  	Section Headings	  	27
	 8.10.
	  	Integration	  	27
	 8.11.
	  	GOVERNING LAW	  	27
	 8.12.
	  	Submission To Jurisdiction; Waivers	  	27
	 8.13.
	  	Acknowledgments	  	27
	 8.14.
	  	Additional Grantors	  	28
	 8.15.
	  	Releases	  	28
	 8.16.
	  	Subordination	  	28
	 8.17.
	  	WAIVER OF JURY TRIAL	  	29
			
	 SCHEDULES
	  		  	
	 Schedule 1
	  	Intellectual Property	  	
	 Schedule 2
	  	Investment Property	  	
	 Schedule 3
	  	Commercial Tort Claims	  	
	 Schedule 4
	  	Jurisdictions of Organization	  	
	 Schedule 5
	  	Inventory and Equipment Locations	  	
	 Schedule 6
	  	Aircraft	  	
	 Schedule 7
	  	Notice Addresses	  	
	 Exhibit 8
	  	Excluded Aircraft and Engines	  	
			
	 ANNEX
	  		  	
	 Annex 1
	  	Form of Assumption Agreement	  	

  

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 THIS GUARANTEE AND COLLATERAL AGREEMENT (this “Agreement”) dated as of December 31,
2007, made by each of the signatories hereto (together with any other entity that may become a party hereto as provided herein, the “Grantors”), in favor of SUNTRUST BANK, as Administrative Agent (in such capacity, the
“Administrative Agent”) for the lending and other financial institutions (the “Lenders”) from time to time parties to the Credit Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among ABX HOLDINGS, INC., a Delaware corporation (“Holdings”), ABX AIR, INC., a Delaware corporation (“ABX”) and CHI ACQUISITION CORP., a Florida
corporation (“CHI”, together with ABX, the “Borrowers”), the Lenders and the Administrative Agent. 
 W I T N E S S E T H: 
 WHEREAS, Holdings, the Borrowers, the
Lenders and the Administrative Agent have entered into the Credit Agreement, pursuant to which the Lenders have severally agreed to make extensions of credit to the Borrowers upon the terms and subject to the conditions set forth therein;

 WHEREAS, Holdings and the Borrowers are members of an affiliated group of companies that includes each other Grantor; 
 WHEREAS, the proceeds of the extensions of credit under the Credit Agreement will be used in part to enable the Borrowers to make valuable transfers to
one or more of the other Grantors in connection with the operation of their respective businesses; 
 WHEREAS, Holdings, the Borrowers and
the other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and indirect benefit from the making of the extensions of credit under the Credit Agreement; and 
 WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective extensions of credit to the Borrowers under the Credit
Agreement that the Grantors shall have executed and delivered this Agreement to the Administrative Agent for the ratable benefit of the Secured Parties; 
 NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set forth, and in order to induce the Administrative Agent and the Lenders to enter into the Credit Agreement and in order to induce the
Lenders to make their respective extensions of credit to the Borrowers thereunder, each Grantor hereby agrees with the Administrative Agent, for the ratable benefit of the Secured Parties, as follows: 
 SECTION 1. DEFINED TERMS 
 1.1.
Definitions. (a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement, and the following terms are used herein as defined in the New York
UCC: Accounts, Certificated Security, Chattel Paper, Commercial Tort Claims, Documents, Equipment, Farm Products, Fixtures, General Intangibles, Goods, Instruments, Inventory, Letter of Credit Rights, Promissory Notes and Supporting Obligations.

  

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 (b) The following terms shall have the following meanings: 
 “Agreement”: this Guarantee and Collateral Agreement, as the same may be amended, supplemented or otherwise modified from time to time.

 “Applicable Governmental Authority”: as defined in Section 5.7(c). 
 “Borrower Obligations”: the collective reference to the unpaid principal of and interest on the Loans and Reimbursement Obligations and
all other obligations, indebtedness and liabilities of the Borrowers (including, without limitation, (i) interest accruing at the then applicable rate provided in the Credit Agreement after the maturity of the Loans and Reimbursement
Obligations and interest accruing at the then applicable rate provided in the Credit Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrowers,
whether or not a claim for post-filing or post-petition interest is allowed in such proceeding, and (ii) the due and punctual payment and performance of all obligations in respect of overdrafts and related liabilities owed to the Administrative
Agent or any of its Affiliates and arising from treasury, depository and cash management services in connection with any automated-clearing-house transfers of funds) to the Administrative Agent, the Letter of Credit Issuer or any Lender (or, in the
case of any Specified Hedge Agreement, any Affiliate of any Lender), whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, or pursuant to, the Credit Agreement, this
Agreement, the other Credit Documents, any Letter of Credit, any Specified Hedge Agreement or any other document made, delivered or given in connection with any of the foregoing, in each case whether on account of principal, interest, Reimbursement
Obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by the Borrowers pursuant to the terms of
any of the foregoing agreements). 
 “Collateral”: as defined in Section 3. 
 “Collateral Account”: any collateral account established by the Administrative Agent as provided in Section 6.1 or 6.4. 

“Copyrights”: (i) all copyrights arising under the laws of the United States, any other country or any political subdivision
thereof, whether registered or unregistered and whether published or unpublished (including, without limitation, those listed in Schedule 1), all registrations and recordings thereof, and all applications in connection therewith,
including, without limitation, all registrations, recordings and applications in the United States Copyright Office, and (ii) the right to obtain all renewals thereof. 
 “Copyright Licenses”: any written agreement naming any Grantor as licensor or licensee (including, without limitation, those listed in
Schedule 1), granting any right under any Copyright, including, without limitation, the grant of rights to manufacture, distribute, exploit and sell materials derived from any Copyright. 
  

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 “Deposit Account”: as defined in the Uniform Commercial Code of any applicable
jurisdiction and, in any event, including, without limitation, any demand, time savings, passbook or like account maintained with a depositary institution. 
 “Excluded Property”: as defined in Section 3. 
 “Foreign Subsidiary”:
any Subsidiary organized under the laws of any jurisdiction outside the United States of America. 
 “Foreign Subsidiary Voting
Stock”: the voting Capital Stock of any Foreign Subsidiary. 
 “Guarantor Obligations”: with respect to any
Guarantor, all obligations and liabilities of such Guarantor which may arise under or in connection with this Agreement (including, without limitation, Section 2) or any other Credit Document or any Specified Hedge Agreement to which such
Guarantor is a party, in each case whether on account of guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative
Agent or to the Lenders that are required to be paid by such Guarantor pursuant to the terms of this Agreement or any other Credit Document). 
 “Guarantors”: the collective reference to each Grantor other than the Borrowers. 
 “Intellectual
Property”: the collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, the Copyrights,
the Copyright Licenses, the Patents, the Patent Licenses, the Trademarks and the Trademark Licenses, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages
therefrom. 
 “Intercompany Note”: any promissory note evidencing loans made by any Grantor to Holdings or any of its
Subsidiaries. 
 “Investment Property”: the collective reference to (i) all “investment property” as such
term is defined in Section 9-102(a)(49) of the New York UCC (other than any Foreign Subsidiary Voting Stock excluded from the definition of “Pledged Stock”) and (ii) whether or not constituting “investment property” as
so defined, all Pledged Notes and all Pledged Stock. 
 “Issuers”: the collective reference to each issuer of any Capital
Stock constituting Collateral. 
 “New York UCC”: the Uniform Commercial Code as from time to time in effect in the State of
New York. 
 “Obligations”: (i) in the case of the Borrowers, the Borrower Obligations and (ii) in the case of
each Guarantor, its Guarantor Obligations. 
 “paid in full” and “payment in full”: paid in full in cash.

  

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 “Patents”: (i) all letters patent of the United States, any other country or any
political subdivision thereof, all reissues and extensions thereof and all goodwill associated therewith, including, without limitation, any of the foregoing referred to in Schedule 1, (ii) all applications for letters patent of the
United States or any other country and all divisions, continuations and continuations-in-part thereof, including, without limitation, any of the foregoing referred to in Schedule 1, and (iii) all rights to obtain any reissues or
extensions of the foregoing. 
 “Patent License”: all agreements, whether written or oral, providing for the grant by or to
any Grantor of any right to manufacture, use or sell any invention covered in whole or in part by a Patent, including, without limitation, any of the foregoing referred to in Schedule 1. 
 “Pledged Notes”: all promissory notes listed on Schedule 2, all Intercompany Notes at any time issued to any Grantor and all
other promissory notes issued to or held by any Grantor. 
 “Pledged Securities”: the collective reference to the Pledged
Stock and the Pledged Notes. 
 “Pledged Stock”: the shares of Capital Stock listed on Schedule 2, together with
any other shares, stock certificates, options or rights of any nature whatsoever in respect of the Capital Stock of any Person that may be issued or granted to, or held by, any Grantor while this Agreement is in effect; provided that in no
event shall more than 65% of the total outstanding Foreign Subsidiary Voting Stock of any Foreign Subsidiary be required to be pledged hereunder. 
 “Proceeds”: all “proceeds” as such term is defined in Section 9-102(a)(64) of the New York UCC and, in any event, shall include, without limitation, all dividends or other income from the Investment Property,
collections thereon or distributions or payments with respect thereto. 
 “Receivable”: any right to payment for goods sold
or leased or for services rendered, whether or not such right is evidenced by an Instrument or Chattel Paper and whether or not it has been earned by performance (including, without limitation, any Account). 
 “Secured Parties”: the collective reference to the Administrative Agent, the Letter of Credit Issuer, the Lenders and any Lender
Affiliate to which Borrower Obligations or Guarantor Obligations, as applicable, are owed. 
 “Securities Act”: the
Securities Act of 1933, as amended. 
 “Trademarks”: (i) all trademarks, trade names, corporate names, company names,
business names, fictitious business names, trade styles, service marks, logos and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations and recordings thereof,
and all applications in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, or
otherwise, and all common-law rights related thereto, including, without limitation, any of the foregoing referred to in Schedule 1, and (ii) the right to obtain all renewals thereof. 
  

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 “Trademark License”: any agreement, whether written or oral, providing for the grant by
or to any Grantor of any right to use any Trademark, including, without limitation, any of the foregoing referred to in Schedule 1. 
 “Transportation Code”: Title 49 of the United States Code, as the same may be amended, modified, restated or replaced from time to time. 
 1.2. Other Definitional Provisions. (a) The words “hereof,” “herein,” “hereto” and “hereunder” and words of similar import when used in this Agreement shall refer to
this Agreement as a whole and not to any particular provision of this Agreement, and Section and Schedule references are to this Agreement unless otherwise specified. 
 (b) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 
 (c) Where the context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or the relevant part thereof. 
 SECTION 2. GUARANTEE 
 2.1. Guarantee.
(a) Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the Administrative Agent, for the ratable benefit of the Secured Parties and their respective successors and permitted indorsees,
transferees and assigns, the prompt and complete payment and performance by the Borrowers when due (whether at the stated maturity, by acceleration or otherwise) of the Borrower Obligations. 
 (b) Anything herein or in any other Credit Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder and under the
other Credit Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws relating to the insolvency of debtors (after giving effect to the right of contribution established in
Section 2.2). 
 (c) Each Guarantor agrees that the Borrower Obligations may at any time and from time to time exceed the amount of the
liability of such Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Administrative Agent or any Lender hereunder. 
 (d) The guarantee contained in this Section 2 shall remain in full force and effect until all the Obligations shall have been satisfied by payment
in full, no Letter of Credit shall be outstanding and the Commitments shall be terminated, notwithstanding that from time to time during the term of the Credit Agreement the Borrowers may be free from any Borrower Obligations. 
  

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 (e) Except as provided in Section 8.15, no payment made by the Borrowers, any of the Guarantors, any
other guarantor or any other Person or received or collected by the Administrative Agent or any Lender from the Borrowers, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any setoff,
appropriation or application at any time or from time to time in reduction of or in payment of the Borrower Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall,
notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Borrower Obligations or any payment received or collected from such Guarantor in respect of the Borrower Obligations), remain liable for the Borrower
Obligations up to the maximum liability of such Guarantor hereunder until the Borrower Obligations are paid in full, no Letter of Credit is outstanding and the Commitments are terminated. 
 2.2. Right of Contribution. Each Subsidiary Guarantor hereby agrees that to the extent that a Subsidiary Guarantor shall have paid more than its
proportionate share of any payment made hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against any other Subsidiary Guarantor hereunder which has not paid its proportionate share of such payment.
Each Subsidiary Guarantor’s right of contribution shall be subject to the terms and conditions of Section 2.3. The provisions of this Section 2.2 shall in no respect limit the obligations and liabilities of any Subsidiary Guarantor to
the Administrative Agent and the Lenders, and each Subsidiary Guarantor shall remain liable to the Administrative Agent and the Lenders for the full amount guaranteed by such Subsidiary Guarantor hereunder. 
 2.3. No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any setoff or application of funds of any Guarantor by the
Administrative Agent or any Lender, no Guarantor shall be entitled to be subrogated to any of the rights of the Administrative Agent or any Lender against the Borrowers or any other Guarantor or any collateral security, guarantee or right of offset
held by the Administrative Agent or any Lender for the payment of the Borrower Obligations, nor shall any Guarantor seek any contribution or reimbursement from the Borrowers or any other Guarantor in respect of payments made by such Guarantor
hereunder, until all amounts owing to the Administrative Agent and the Lenders by the Borrowers on account of the Borrower Obligations are paid in full, no Letter of Credit is outstanding and the Commitments are terminated. If any amount shall be
paid to any Guarantor on account of such subrogation rights at any time when all of the Borrower Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Administrative Agent and the Lenders,
segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent,
if required), to be applied against the Borrower Obligations, whether matured or unmatured, in such order as the Administrative Agent may determine. For the avoidance of doubt, nothing in the foregoing shall operate as a waiver of any subrogation
rights. 
 2.4. Amendments, etc., with respect to the Borrower Obligations. To the fullest extent permitted by applicable law, each
Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Borrower Obligations made by the
Administrative Agent or any Lender may be rescinded by the Administrative Agent or such Lender and any of the Borrower Obligations continued, 

  

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and the Borrower Obligations, or the liability of any other Person upon them or for any part thereof, or any collateral security or guarantee therefor or
right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or any Lender, and the Credit Agreement
and the other Credit Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders or all Lenders, as
the case may be) may reasonably deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the Administrative Agent or any Lender for the payment of the Borrower Obligations may be sold,
exchanged, waived, surrendered or released. Neither the Administrative Agent nor any Lender shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Borrower Obligations or for the guarantee
contained in this Section 2 or any property subject thereto. 
 2.5. Guarantee Absolute and Unconditional. To the fullest extent
permitted by applicable law, each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Borrower Obligations and notice of or proof of reliance by the Administrative Agent or any Lender upon the guarantee
contained in this Section 2 or acceptance of the guarantee contained in this Section 2; the Borrower Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or
waived, in reliance upon the guarantee contained in this Section 2; and all dealings between the Borrowers and any of the Guarantors, on the one hand, and the Administrative Agent and the Lenders, on the other hand, likewise shall be
conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2. To the fullest extent permitted by applicable law, each Guarantor waives diligence, presentment, protest, demand for payment and
notice of default or nonpayment to or upon the Borrowers or any of the Guarantors with respect to the Borrower Obligations. Each Guarantor understands and agrees that the guarantee contained in this Section 2, to the fullest extent permitted by
applicable law, shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or enforceability of the Credit Agreement or any other Credit Document, any of the Borrower Obligations or
any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Administrative Agent or any Lender, (b) any defense, setoff or counterclaim (other than a defense of
payment or performance) which may at any time be available to or be asserted by the Borrowers or any other Person against the Administrative Agent or any Lender or (c) any other circumstance whatsoever (with or without notice to or knowledge of
the Borrowers or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrowers for the Borrower Obligations, or of such Guarantor under the guarantee contained in this Section 2, in
bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Administrative Agent or any Lender may, but shall be under no obligation to, make a similar
demand on or otherwise pursue such rights and remedies as it may have against the Borrowers, any other Guarantor or any other Person or against any collateral security or guarantee for the Borrower Obligations or any right of offset with respect
thereto, and any failure by the Administrative Agent or any Lender to make any such demand, to pursue such other rights or remedies or to collect any payments from the Borrowers, any other Guarantor or any other Person or to realize upon any such
collateral security 

  

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or guarantee or to exercise any such right of offset, or any release of the Borrowers, any other Guarantor or any other Person or any such collateral
security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Administrative
Agent or any Lender against any Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 
 2.6. Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Borrower
Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrowers or any Guarantor, or upon or as a result of the
appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrowers or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 
 2.7. Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to the Administrative Agent without setoff or counterclaim in
Dollars at the Payment Office. 
 SECTION 3. GRANT OF SECURITY INTEREST 
 Each Grantor hereby assigns and transfers to the Administrative Agent, and hereby grants to the Administrative Agent, for the ratable benefit of the
Secured Parties, a security interest in, all of the following property now owned or at any time hereafter acquired or created by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest
(wherever located, collectively, the “Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of such Grantor’s
Obligations: 
 (a) all Accounts; 
 (b) all Chattel Paper; 
 (c) all Deposit Accounts; 
 (d) all Documents; 
 (e) all Equipment (including, without limitation, all Aircraft and Engines);

 (f) all Fixtures 
 (g) all
General Intangibles; 
 (h) all Instruments; 
 (i) all Intellectual Property; 
  

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 (j) all Inventory; 
 (k) all Investment Property; 
 (l) all Letter of Credit Rights; 
 (m) all Commercial Tort Claims with respect to the matters described on Schedule 3; 
 (n) all other personal property not otherwise described above; 
 (o) all books and records pertaining to the Collateral; 
 (p) all other Goods and personal property, whether
tangible or intangible; and 
 (q) to the extent not otherwise included, all Proceeds, Supporting Obligations and products of any and all of
the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing; 
 provided, however, that
notwithstanding any of the other provisions set forth in this Section 3, the term Collateral and the terms set forth in this Section defining the components of Collateral shall not include, and this Agreement shall not constitute a grant of a
security interest in, any of the following (the “Excluded Property”): (a) any Equipment (including Aircraft and Engines) owned by any Grantor on the date hereof or hereafter acquired that is subject to a Lien securing a
purchase money, capital or finance lease obligation permitted to be incurred pursuant to Section 9.4(c) of the Credit Agreement to the extent that the contract or other agreement in which such Lien is granted (or the documentation providing for
such purchase money, capital or finance lease obligation) prohibits the creation of any other Lien on such property; (b) any Deposit Account exclusively used for all or any of payroll, benefits, taxes, escrow, customs, insurance impress
accounts or other fiduciary purposes; (c) Aircraft and Engines set forth on Schedule 8 hereto; (d) the shares of Capital Stock of any Foreign Subsidiary to the extent such Capital Stock exceeds 65% of the voting power of all classes of
Capital Stock of such Foreign Subsidiary entitled to vote; and (e) any Grantor’s interests as a lessee under any operating lease existing on or after the date hereof to the extent that such operating lease expressly prohibits the creation
of any Lien on such interests; provided, however, that Excluded Property shall not include any Proceeds, substitutions or replacements of any Excluded Property referred to above and such Proceeds shall not constitute “Excluded
Property” (unless such Proceeds, substitutions or replacements would constitute “Excluded Property” as defined above) provided further, however, that if and when (1) the granting of such security interest is
not so prohibited, or (2) upon the consent of any holder of a Lien of the type described in clause (a) of the first preceding proviso, the Administrative Agent will be deemed to have, and at all times to have had, a security interest in
such Excluded Property. 
 SECTION 4. REPRESENTATIONS AND WARRANTIES 
 To induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective extensions of
credit to the Borrowers thereunder, each Grantor hereby represents and warrants to the Administrative Agent and each of the other Secured Parties that: 
 4.1. Title; No Other Liens. Except for the security interest granted to the Administrative Agent for the ratable benefit of the Secured Parties pursuant to this Agreement and the Permitted Liens, such Grantor
owns each item of the Collateral free and clear of any and all Liens. No effective financing statement, security agreement or other public notice with respect to all or any part of the Collateral is on file, of record or registered in any public
office or is of record under the Cape Town Convention, except such as have been filed in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, pursuant to this Agreement or as are expressly permitted by the Credit
Agreement or as to which documentation to terminate the same shall have been delivered to the Administrative Agent. 
  

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 4.2. Perfected First Priority Liens. The security interests granted pursuant to this Agreement
(i) upon the filing of financing statements for the Grantors, the filing with the FAA of Aircraft Security Agreements covering the Aircraft and Engines included in the Collateral, and the registration of such Liens in the Aircraft and Engines
under the Cape Town Convention, will constitute valid perfected security interests in all of the Collateral in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, as collateral security for such Grantor’s
Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons purporting to purchase any Collateral from such Grantor except with respect to any Intellectual Property, to the extent the security
interest therein may be perfected by filing, recording or registration in the United States pursuant to the New York UCC or the rules and regulations of the FAA and (ii) are prior to all other Liens on the Collateral in existence on the date
hereof except for Permitted Liens which have priority over the Liens on the Collateral by operation of law (including the priority rules under the New York UCC) or which are expressly permitted pursuant to Section 9.3 of the Credit Agreement to
be prior to the security interests granted pursuant to this Agreement. 
 4.3. Jurisdiction of Organization. On the date hereof, such
Grantor’s jurisdiction of organization and identification number from the jurisdiction of organization (if any) are specified on Schedule 4. Such Grantor has furnished to the Administrative Agent a certified charter, certificate of
incorporation or other organization document and long-form good standing certificate as of a date which is recent to the date hereof. 
 4.4.
Equipment. On the date hereof, the Equipment of each Grantor is kept at the locations listed on Schedule 5. The provisions of this Section 4.4 shall not apply to Equipment in transit, that has been sold, that is out for
repair, that is at other locations for purposes of onsite maintenance or repair or that is being used for purposes related to such Grantor’s business as permitted by Section 9.1 of the Credit Agreement. 
 4.5. Farm Products. None of the Collateral constitutes, or is the Proceeds of, Farm Products. 
 4.6 Investment Property. (a) On the date hereof, the shares of Pledged Stock pledged by such Grantor hereunder constitute all the issued and
outstanding shares or ownership interests, as applicable, of all classes of the Capital Stock, as applicable of each Issuer owned by such Grantor, and in the case of Issuers that are Foreign Subsidiaries, the shares of such Foreign Subsidiaries
pledged by 

  

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such Grantor constitute 65% of the outstanding Foreign Subsidiary Voting Stock of each Issuer owned by such Grantor (or, if such Grantor owns less than 65%
of the outstanding Foreign Subsidiary Voting Stock of any Foreign Subsidiary, constituting all the Foreign Subsidiary Voting Stock of such Foreign Subsidiary owned by such Grantor). 
 (b) All the shares of the Pledged Stock as to which a Subsidiary of Holdings is the Issuer have been duly and validly issued and are fully paid and
nonassessable. 
 (c) Each of the Pledged Notes constitutes the legal, valid and binding obligation of the obligor with respect thereto,
enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally and general equitable
principles (whether considered in a proceeding in equity or at law). 
 (d) Such Grantor is the beneficial owner of, and has good and
marketable title to, the Investment Property pledged by it hereunder, free of any and all Liens or options in favor of any other Person, except the security interest created by this Agreement or Liens expressly permitted pursuant to the Credit
Agreement. 
 4.7. Receivables. No amount payable to such Grantor under or in connection with any Receivable is evidenced by any
Instrument or Chattel Paper which has not been delivered to the Administrative Agent. 
 4.8. Intellectual Property. Schedule 1
lists all Intellectual Property owned by each Grantor on the date hereof. 
 4.9. Commercial Tort Claims. On the date hereof, except
to the extent listed in Section 3 above, no Grantor has knowledge of rights in any Commercial Tort Claim. 
 4.10 Aircraft. As of
the date hereof, Schedule 6 lists all Aircraft and Engines owned by any Grantor, including the following information for each such Aircraft: make, model, serial number and registration number. Such Schedule shall include for all Engines the
following information for each Engine: make, model, serial number, if less than 550 horsepower, the takeoff horsepower rating. Such schedule also includes the primary location and base of operations for each of the foregoing. Each Grantor that owns
any Aircraft and/or Engines is registered pursuant to the Cape Town Convention. The Borrowers shall update this Schedule 6 concurrently with the delivery of the financial statements required to be delivered pursuant to Section 8.1(a) and
(b) of the Credit Agreement so that the representations made under this Section shall be true and correct at such time. 
 SECTION 5. COVENANTS 
 Each Grantor covenants and agrees with the Administrative Agent and the other Secured Parties that,
from and after the date of this Agreement until the Obligations shall have been paid in full, no Letter of Credit shall be outstanding and the Commitments shall have terminated: 
 5.1. Delivery of Instruments, Certificated Securities and Chattel Paper. If (a) any amount owed by any Subsidiary of the Borrowers to any
Grantor or (b) any other amount under or in connection with any of the Collateral shall be or become evidenced by any Instrument, Certificated Security or Chattel Paper, such Instrument, Certificated Security or Chattel Paper shall be delivered
as soon as reasonably practicable to the Administrative Agent, duly indorsed in a manner reasonably satisfactory to the Administrative Agent, to be held as Collateral pursuant to this Agreement. 
  

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 5.2. Maintenance of Insurance. Such Grantor will maintain or caused to be maintained the insurance
required by Section 8.3 of the Credit Agreement. 
 5.3. Maintenance of Perfected Security Interest; Further Documentation. (a)
Such Grantor shall take all actions reasonably requested by the Administrative Agent to maintain the security interest created by this Agreement as a security interest having at least the perfection and priority described in Section 4.2 and
shall take all actions reasonably requested by the Administrative Agent to defend such security interest against the claims and demands of all Persons whomsoever, subject in each case to Liens permitted by the Credit Agreement and to the rights of
such Grantor under the Credit Documents to dispose of the Collateral. 
 (b) Such Grantor will furnish to the Administrative Agent from time
to time statements and schedules further identifying and describing the assets and property of such Grantor and such other reports in connection therewith as the Administrative Agent may reasonably request, all in reasonable detail. 
 (c) At any time and from time to time, upon the written request of the Administrative Agent, and at the sole expense of such Grantor, such Grantor will
promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such further actions as the Administrative Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this
Agreement and of the rights and powers herein granted, including, without limitation, (i) filing any financing or continuation statements under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction with respect to
the security interests created hereby and (ii) in the case of Investment Property not issued by the Borrowers’ Subsidiaries, Letter of Credit Rights and any other relevant Collateral, using commercially reasonable efforts to take, at any
time after the request of the Administrative Agent, any actions necessary to enable the Administrative Agent to obtain “control” (within the meaning of the applicable Uniform Commercial Code) with respect thereto. 
 5.4. Changes in Locations, Name, etc. Such Grantor will not, except upon 10 days’ prior written notice to the Administrative Agent (or such
shorter notice as shall be reasonably satisfactory to the Administrative Agent) and delivery to the Administrative Agent of all additional financing statements and other documents reasonably requested by the Administrative Agent to maintain the
validity, perfection and priority of the security interests provided for herein, (i) change its jurisdiction of organization from that referred to in Section 4.3 or (ii) change its name. 
 5.5. Notices. Such Grantor will advise the Administrative Agent promptly, in reasonable detail, of: 
 (a) any Lien (other than security interests created hereby or Permitted Liens) on any of the Collateral which could affect the ability of the
Administrative Agent to exercise any of its remedies hereunder; and 
  

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 (b) the occurrence of any other event which could reasonably be expected to have a material adverse
effect on the aggregate value of the Collateral or on the security interests created hereby. 
 5.6. Investment Property. (a) If
such Grantor shall become entitled to receive or shall receive (either prior to, or after, the date hereof) any certificate (including, without limitation, any certificate representing a stock dividend or a distribution in connection with any
reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights in respect of the Capital Stock of any Issuer, whether in addition to, in substitution of, as a conversion of, or
in exchange for, any shares of the Pledged Stock, or otherwise in respect thereof, such Grantor shall accept the same as the agent of the Administrative Agent and the Lenders, hold the same in trust for the Administrative Agent and the Lenders and
deliver the same forthwith to the Administrative Agent in the exact form received, either duly indorsed by such Grantor to the Administrative Agent, or together with an undated stock power covering such certificate duly executed in blank by such
Grantor, to be held by the Administrative Agent, subject to the terms hereof, as additional collateral security for the Obligations; provided, however, that Holdings shall deliver the certificate(s) evidencing the Capital Stock of ABX
within 5 Business Days of the date hereof (or such longer period to which the Administrative Agent consents in its sole discretion), together with undated stock powers covering such certificate(s). If an Event of Default shall have occurred and be
continuing, and any distribution of capital to a Grantor (other than cash) required to be included in Collateral shall be made on or in respect of the Investment Property or any property (other than cash) required to be included in Collateral shall
be distributed to a Grantor upon or with respect to the Investment Property pursuant to the recapitalization or reclassification of the capital of any Issuer or pursuant to the reorganization thereof, such Grantor shall, unless such distribution of
capital or property is otherwise subject to a perfected security interest in favor of the Administrative Agent, use commercially reasonable efforts to cause it to be subject to a perfected security interest in favor of the Administrative Agent to
the extent and in the manner required pursuant to Section 5.3 hereof. If any such property so distributed in respect of the Investment Property shall be received by such Grantor, such Grantor shall, until such property is delivered to the
Administrative Agent, hold such property in trust for the Administrative Agent and the Lenders as additional collateral security for such Grantor’s Obligations. 
 (b) Without the prior written consent of the Administrative Agent, such Grantor shall not (i) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Investment
Property or Proceeds thereof (except pursuant to a transaction expressly permitted by Section 9.2 of the Credit Agreement), (ii) create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to,
any of the Investment Property or Proceeds thereof, or any interest therein, except for the security interests created by this Agreement or Permitted Liens or (iii) except as expressly permitted by Section 9.7(b) of the Credit Agreement,
enter, subsequent to the date upon which such Investment Property becomes Collateral hereunder, into any agreement (other than the Credit Agreement) or undertaking restricting the right or ability of such Grantor or the Administrative Agent to sell,
assign or transfer any of the Investment Property required to be included in Collateral or Proceeds thereof. 
  

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 (c) In the case of each Grantor which is an Issuer, such Issuer agrees that (i) it will be bound by
the terms of this Agreement relating to the Investment Property required to be included in Collateral issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will notify the Administrative Agent promptly
in writing of the occurrence of any of the events described in Section 5.6(a) or (b) with respect to such Investment Property issued by it and (iii) the terms of Sections 6.3(b) and 6.7 shall apply to it, mutatis
mutandis, with respect to all actions that may be required of it pursuant to Section 6.3(b) and 6.7 with respect to such Investment Property issued by it. 
 (d) Unless an Event of Default shall have occurred and be continuing, each Grantor shall be permitted to receive all dividends (other than dividends payable in Capital Stock) paid in respect of the Pledged Stock and
all payments made in respect of the Pledged Notes, in each case to the extent permitted in the Credit Agreement, and to exercise all voting and corporate or other organizational rights with respect to the Investment Property; provided,
however, that such Grantor will not be entitled to exercise any such right if the result thereof could reasonably be expected to adversely affect, in any material respect, the rights inuring to a holder of the Investment Property or the
rights and remedies of the Administrative Agent or the Secured Parties under any Credit Document or the ability of the Administrative Agent or the Secured Parties to exercise the same. 
 5.7. Receivables. (a) Other than in the Ordinary Course of Business, such Grantor will not (i) grant any extension of the time of
payment of any Receivable, (ii) compromise or settle any Receivable for less than the full amount thereof, (iii) release, wholly or partially, any Person liable for the payment of any Receivable, (iv) allow any credit or discount
whatsoever on any Receivable or (v) amend, supplement or modify any Receivable in any manner that could adversely affect the value thereof. 
 (b) Such Grantor will deliver to the Administrative Agent a copy of each demand, notice or document received by it that questions or calls into doubt the validity or enforceability any of the then-outstanding Receivables the non-validity or
unenforceability of which could reasonably be expected to have a Material Adverse Effect. 
 (c) If such Grantor shall enter into any
contract or other transaction with an Applicable Governmental Authority (as defined below) which will result in an Applicable Governmental Authority becoming an obligor on any Receivable, such Grantor shall (i) promptly thereafter notify the
Administrative Agent thereof, (ii) provide to the Administrative Agent all such documents and instruments, and take all such actions, as shall be reasonably requested by the Administrative Agent to enable the Administrative Agent to comply with
the requirements of the Federal Assignment of Claims Act or any other applicable Requirement of Law to perfect its security interest in such Receivables and obtain the benefits of such Act or Law with respect thereto and (iii) otherwise comply
with its obligations under Section 5.3(c) with respect thereto. As used in this paragraph, the term “Applicable Governmental Authority” shall mean any Governmental Authority the Requirements of Law applicable to which provide
that, for a creditor of a Person to which such Governmental Authority has an obligation to pay money, whether pursuant to a Receivable, a General 

  

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Intangible or otherwise, to perfect such creditor’s Lien on such obligation and/or to obtain the full benefits of such Lien and such Requirements of
Law, certain notice, filing, recording or other similar actions other than the filing of a financing statement under the Uniform Commercial Code must be given, executed, filed, recorded, delivered or completed, including, without limitation, any
Federal Governmental Authority to which the Federal Assignment of Claims Act of 1940 is applicable. 
 5.8. Intellectual Property.
(a) Such Grantor will (i) continue to use each Trademark in order to maintain such Trademark that is material to such Grantor in full force free from any claim of abandonment for non-use, (ii) maintain as in the past the quality of
products and services offered under each Trademark, (iii) use each Trademark with the appropriate notice of registration and all other notices and legends required by applicable Requirements of Law, (iv) not adopt or use any mark which is
confusingly similar or a colorable imitation of such Trademark unless the Administrative Agent, for the ratable benefit of the Secured Parties, shall obtain a perfected security interest in such mark pursuant to this Agreement to the extent required
by this Agreement and (v) not (and not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby such Trademark may become invalidated or impaired in any material respect. 
 (b) Such Grantor will not do any act, or omit to do any act, whereby any Patent that is material to such Grantor may become forfeited, abandoned or
dedicated to the public. 
 (c) Such Grantor (i) will employ each Copyright that is material to such Grantor and (ii) will not (and
will not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby any portion of the Copyrights may become invalidated or otherwise impaired. Such Grantor will not do any act whereby any portion of the
Copyrights may fall into the public domain. 
 (d) Such Grantor will not do any act that knowingly uses any Intellectual Property to infringe
the intellectual property rights of any other Person. 
 (e) Such Grantor will notify the Administrative Agent immediately if it knows, or
has reason to know, that any application or registration relating to any Intellectual Property that is material to such Grantor may become forfeited, abandoned or dedicated to the public, or of any adverse determination or development (including,
without limitation, the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office or any court or tribunal in any country) regarding such
Grantor’s ownership of, or the validity of, any such Intellectual Property or such Grantor’s right to register the same or to own and maintain the same. 
 (f) Whenever such Grantor, either by itself or through any agent, employee, licensee or designee, shall file an application for the registration of any Intellectual Property with the United States Patent and Trademark
Office, the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof, such Grantor shall report such filing to the Administrative Agent within five (5) Business Days after the
filing thereof. Upon the reasonable request of the Administrative Agent, such Grantor shall execute and deliver, and have recorded, any and all agreements, instruments, documents, and papers as the 

  

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Administrative Agent may reasonably request to evidence the Administrative Agent’s and the Lenders’ security interest in any Copyright, Patent or
Trademark and the goodwill and general intangibles of such Grantor relating thereto or represented thereby. 
 (g) Such Grantor will take all
reasonable and necessary steps, including, without limitation, in any proceeding before the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or any political
subdivision thereof, to maintain and pursue each application (and to obtain the relevant registration) and to maintain each registration of the Intellectual Property that is material to such Grantor, including, without limitation, filing of
applications for renewal, affidavits of use and affidavits of incontestability. 
 (h) In the event that any Intellectual Property is
infringed, misappropriated or diluted by a third party, such Grantor shall (i) take such actions as such Grantor shall reasonably deem appropriate under the circumstances to protect such Intellectual Property and (ii) if such Intellectual
Property is of material economic value, promptly notify the Administrative Agent after it learns thereof and sue for infringement, misappropriation or dilution, to seek injunctive relief where appropriate and to recover any and all damages for such
infringement, misappropriation or dilution. 
 (i) Notwithstanding anything to the contrary in this Agreement, subject to the provisions of
the Credit Agreement, nothing shall prevent any Grantor in the Ordinary Course of Business from abandoning, ceasing to use or otherwise impairing or disposing of any Intellectual Property if such Grantor reasonably believes that doing so is in its
business interests. 
 5.9. Commercial Tort Claims. If such Grantor shall obtain an interest in any Commercial Tort Claim in an amount
which could reasonably be expected to exceed $1,000,000, such Grantor shall within 30 days of obtaining such interest execute and deliver documentation reasonably acceptable to the Administrative Agent granting a security interest under the terms
and provisions of this Agreement in and to such Commercial Tort Claim. 
 5.10. Aircraft. (a) Such Grantor shall cause all
Aircraft to be duly registered in its name by the Aviation Authority, and the Aircraft shall at all times be subject to United States registration and bear United States registration markings, and shall take no action that shall cause or permit any
Aircraft to fail to be so registered, and in the event any Aircraft is not so registered, take all necessary action to cause such Aircraft to be registered as provided above; provided, that the foregoing shall not apply to the extent the use
or operation of such Aircraft does not require such registration. In addition, such Grantor that owns Aircraft and/or Engines shall at all times be registered pursuant to the Cape Town Convention. 
 (b) Such Grantor shall maintain, service, repair, overhaul and test, or shall cause to be maintained, serviced, repaired, overhauled or tested, each
Aircraft in accordance with any Material Contracts applicable thereto and so as to keep such Aircraft in good operating condition, ordinary wear and tear excepted, and in such condition as may be necessary to enable the airworthiness certification
of such Aircraft to be maintained in good standing at all times under the Transportation Code and all FAA regulations thereunder. Each Grantor shall maintain, or cause to be maintained, all records, logs and other materials required to be maintained
in respect of the 

  

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Aircraft by the Transportation Code, FAA regulations thereunder, the FAA or any other Governmental Authority, and shall promptly furnish to the
Administrative Agent such information as the Administrative Agent may reasonably request with respect thereto. 
 (c) The Aircraft shall at
all times be used solely for commercial or business purposes (including, without limitation, dry leases); provided, however, that the Aircraft may be used as part of Civilian Reserve Air Fleet. No Grantor will permit any Aircraft to be
maintained, used or operated in violation of any insurance policy provisions, any Material Contract or any Requirement of Law of any Governmental Authority having jurisdiction (domestic or foreign), including without limitation the FAA, or in
violation of any airworthiness certificate, license, registration or operating certificate relating to such Aircraft and issued by any such Governmental Authority, nor will any Grantor suffer any Aircraft to be so maintained, used or operated. No
Grantor will operate or suffer any Aircraft to be operated except within the geographical limits set forth in applicable insurance policies or operating certificates, whichever may be the more restrictive. In the event that any Requirement of Law
requires alteration or modification of any Aircraft, the Grantors will conform thereto or obtain conformance therewith at no expense to the Administrative Agent. The Grantors will permit or require each Aircraft to be operated only by
(i) pilots, appropriately qualified and licensed, considering the particular authorized business or commercial purpose involved and (ii) appropriately qualified and licensed mechanics, but only in connection with taxi operations, and will
permit each Aircraft to be maintained only by duly licensed and qualified mechanics or others as permitted by any Aviation Authority with jurisdiction over such maintenance. Without limiting the generality of the foregoing, Grantors will not operate
or locate any Aircraft or suffer any Aircraft to be operated or located in any recognized or, in any Grantor’s reasonable judgment, threatened area of hostilities, unless such operation is within the scope of such Grantor’s insurance
coverage or in connection with a contract with the government of the United States of America pursuant to which said government has assumed liability for all damage, loss, destruction or failure to return possession of such Aircraft at the
expiration of the term of such contract as well at for any injury to person or damage to property of others. 
 (d) Grantors shall not change
the primary location or primary base of operations of any Aircraft from the locations set forth on Schedule 6 other than with at least 10 Business Days’ prior written notice to the Administrative Agent. 
 (e) Such Grantor will not permit the Aircraft owned or leased by it to be landed except at established and properly maintained airports and runways
except when reasonably necessary as a precautionary measure or in an emergency in order to prevent the probable occurrence of damage to such Aircraft or injury to persons. 
 5.11. Further Assurances. Each Grantor shall furnish to the Administrative Agent from time to time upon request statements and schedules further
identifying and describing the Collateral and such other reports in connection with the Collateral as the Administrative Agent may reasonably request, all in reasonable detail and in form and substance reasonably satisfactory to the Administrative
Agent. Further, at any time and from time to time, at the request of the Administrative Agent, and at the sole expense of such Grantor, each Grantor shall promptly and duly execute and deliver, and have recorded, such further instruments and 

  

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documents and take such further action as the Secured Parties may reasonably request for the purpose of obtaining or preserving the full benefits of this
Agreement and of the rights and powers herein granted, including the filing of any financing or continuation statement under the UCC (or other similar laws) in effect in any jurisdiction with respect to the security interests created hereby.

 SECTION 6. REMEDIAL PROVISIONS 
 If any Event of Default shall have occurred and be continuing under Section 10 of the Credit Agreement, the Administrative Agent may exercise in respect of the Collateral any of the following rights and remedies: 
 6.1. Certain Matters Relating to Receivables. (a) The Administrative Agent shall have the right to make test verifications of the Receivables
in any manner and through any medium that it reasonably considers advisable, and each Grantor shall furnish all such assistance and information as the Administrative Agent may require in connection with such test verifications. 
 (b) If required by the Administrative Agent, any payments of such Receivables, when collected by any Grantor, (i) shall be forthwith (and, in any
event, within two Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Administrative Agent if required, in a Collateral Account maintained under the sole dominion and control of the
Administrative Agent, subject to withdrawal by the Administrative Agent for the account of the Secured Parties only as provided in Section 6.5, and (ii) until so turned over, shall be held by such Grantor in trust for the Administrative
Agent and the other Secured Parties, segregated from other funds of such Grantor. Each such deposit of Proceeds of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the
deposit. 
 (c) At the Administrative Agent’s request, each Grantor shall deliver to the Administrative Agent all original and other
documents evidencing, and relating to, the agreements and transactions which gave rise to the Receivables, including, without limitation, all original orders and invoices. 
 6.2. Communications with Obligors; Grantors Remain Liable. (a) The Administrative Agent in its own name or in the name of others may
communicate with obligors under the Receivables to verify with them to the Administrative Agent’s satisfaction the existence, amount and terms of any such Receivables. 
 (b) Upon the request of the Administrative Agent each Grantor shall notify obligors on the Receivables that such Receivables have been assigned to the
Administrative Agent for the ratable benefit of the Secured Parties and that payments in respect thereof shall be made directly to the Administrative Agent. 
 (c) Anything herein to the contrary notwithstanding, and whether or not an Event of Default shall have occurred or be continuing, each Grantor shall remain liable under each of the Receivables to observe and perform
all the conditions and obligations 

  

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to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto. Neither the Administrative Agent nor
any Secured Party shall have any obligation or liability under any such Receivable (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by the Administrative Agent or any Secured Party of any payment
relating thereto, nor shall the Administrative Agent or any Secured Party be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any such Receivable (or any agreement giving rise thereto), to make any
payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce any performance or to
collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 
 6.3. Pledged
Stock. (a) If the Administrative Agent shall give notice of its intent to exercise such rights to the relevant Grantor or Grantors, (i) the Administrative Agent shall have the right to receive any and all cash dividends, payments
(including sums paid upon the liquidation or dissolution of any Issuer or in connection with any distribution of capital) or other Proceeds paid in respect of the Investment Property and make application thereof to the Obligations in accordance with
the provisions of the Credit Agreement and (ii) any or all of the Investment Property shall be registered in the name of the Administrative Agent or its nominee, and the Administrative Agent or its nominee may thereafter exercise (x) all
voting, corporate and other rights pertaining to such Investment Property at any meeting of shareholders of the relevant Issuer or Issuers or otherwise and (y) any and all rights of conversion, exchange and subscription and any other rights,
privileges or options pertaining to such Investment Property as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Investment Property upon the merger, consolidation,
reorganization, recapitalization or other fundamental change in the corporate or other organizational structure of any Issuer, or upon the exercise by any Grantor or the Administrative Agent of any right, privilege or option pertaining to such
Investment Property, and in connection therewith, the right to deposit and deliver any and all of the Investment Property with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the
Administrative Agent may determine), all without liability except to account for property actually received by it, but the Administrative Agent shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be
responsible for any failure to do so or delay in so doing. If any sums of money paid or distributed in respect of Investment Property, which the Administrative Agent shall be entitled to receive pursuant to clause (i) above, shall be received
by a Grantor, such Grantor shall, until such money is paid to the Administrative Agent, hold such money in trust for the Administrative Agent and the Secured Parties as additional collateral for the Obligations. 
 (b) Each Grantor hereby authorizes and instructs each Issuer of any Investment Property pledged by such Grantor hereunder to (i) comply with any
instruction received by it from the Administrative Agent in writing that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise in accordance with the terms of this Agreement, without any other or further
instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying, and (ii) unless otherwise expressly permitted hereby, pay any dividends or other payments with respect to the Investment Property
directly to the Administrative Agent. 
  

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 6.4. Proceeds to be Turned Over to Administrative Agent. If the Administrative Agent so requests,
all Proceeds received by any Grantor consisting of cash, checks and Cash Equivalents shall be held by such Grantor in trust for the Administrative Agent and the Secured Parties, segregated from other funds of such Grantor, and shall, forthwith upon
receipt by such Grantor, be turned over to the Administrative Agent in the exact form received by such Grantor (duly indorsed by such Grantor to the Administrative Agent, if required). All Proceeds received by the Administrative Agent hereunder
shall be held by the Administrative Agent in a Collateral Account maintained under its sole dominion and control. All Proceeds while held by the Administrative Agent in a Collateral Account (or by such Grantor in trust for the Administrative Agent
and the Secured Parties) shall continue to be held as collateral security for all the Obligations and shall not constitute payment thereof until applied as provided in Section 6.5. 
 6.5. Application of Proceeds. If an Event of Default shall have occurred or be continuing, the Administrative Agent may (and shall at the request
of the Required Lenders) apply any payments received by it under any of the Credit Documents and all or any part of Proceeds required to be included in Collateral held in any Collateral Account in payment of the Obligations as set forth in
Section 10.16 of the Credit Agreement. 
 6.6. Code and Other Remedies. The Administrative Agent, on behalf of the Secured
Parties, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Obligations, all rights and remedies of a secured party under the
New York UCC or any other applicable law. Without limiting the generality of the foregoing, the Administrative Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice
required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon
the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more
parcels at public or private sale or sales, at any exchange, broker’s board or office of the Administrative Agent or any Lender or elsewhere upon such terms and conditions as it may reasonably deem advisable and at such prices as it may
reasonably deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Administrative Agent or any Lender shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any
such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which right or equity is hereby waived and released. Each Grantor further agrees, at the
Administrative Agent’s request, to assemble the Collateral and make it available to the Administrative Agent at places that the Administrative Agent shall reasonably select, whether at such Grantor’s premises or elsewhere. The
Administrative Agent shall apply the net proceeds of any action taken by it pursuant to this Section 6.6, after deducting all reasonable out-of-pocket costs and expenses of every kind incurred in connection therewith or incidental to the care
or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Administrative 

  

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Agent and the Secured Parties hereunder, including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part
of the Obligations in accordance with Section 6.5 hereof, and only after such application and after the payment by the Administrative Agent of any other amount required by any provision of law, including, without limitation,
Section 9-615(a)(3) of the New York UCC, need the Administrative Agent account for the surplus, if any, to any Grantor. To the extent permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire against the
Administrative Agent or any Lender arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given
at least 10 days before such sale or other disposition. 
 6.7. Securities Law Restrictions. (a) Each Grantor recognizes that the
Administrative Agent may be unable to effect a public sale of any or all the Pledged Stock, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be compelled to resort to one or
more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Each
Grantor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have
been made in a commercially reasonable manner. The Administrative Agent shall be under no obligation to delay a sale of any of the Pledged Stock for the period of time necessary to permit the Issuer thereof to register such securities for public
sale under the Securities Act, or under applicable state securities laws, even if such Issuer would agree to do so. 
 (b) Each Grantor
agrees to use its best efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales of all or any portion of the Pledged Stock pursuant to this Section 6.7 valid and binding and in compliance with any and
all other applicable Requirements of Law. Each Grantor further agrees that a breach of any of the covenants contained in this Section 6.7 will cause irreparable injury to the Administrative Agent and the Lenders, that the Administrative Agent
and the Lenders have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 6.7 shall be specifically enforceable against such Grantor, and such Grantor hereby waives,
to the fullest extent permitted by applicable law, and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred and is continuing under the Credit
Agreement. 
 6.8. Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of
the Collateral are insufficient to pay its Obligations and the reasonable fees and disbursements of any attorneys employed by the Administrative Agent or any Lender to collect such deficiency. 
 6.9. Maintenance of United States Citizenship of Grantors. The parties hereto acknowledge that each Grantor that is granting a security interest
in Aircraft is an air carrier certificated by the United States Department of Transportation (DOT) and Federal Aviation Administration (FAA) pursuant to the United States Code, Title 49 (Transportation), Subtitle VII, and applicable DOT and 

  

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FAA regulations. Notwithstanding any other provision of this Agreement, the Administrative Agent agrees to exercise its rights and remedies under this
Agreement in a manner that complies in all material respects at all times, and each Grantor hereby agrees that it will comply at all times, with the United States citizenship requirements of the above-mentioned laws and regulations and any successor
provisions thereto (the “Citizenship Requirements”). Any exercise by the Administrative Agent of such rights shall be void ab initio and unenforceable to the extent that such exercise would result in contravention of or failure to meet the
Citizenship Requirements. Nothing in this Section shall in any way affect or impair the Lien of the Administrative Agent, for the benefit of the Lenders, in the Collateral or the exercise by the Administrative Agent of its rights and remedies under
this Agreement or any Aircraft Security Agreement filed with the FAA, so long as such exercise is in compliance with the Citizenship Requirements. Further, nothing in this Section shall give rise to any claims, causes of action or other rights in
favor of any Grantor against the Administrative Agent or any Lender. 
 SECTION 7. THE ADMINISTRATIVE AGENT 
 7.1. Administrative Agent’s Appointment as Attorney-in-Fact, etc. (a) Each Grantor hereby irrevocably constitutes and appoints the
Administrative Agent and any officer or agent thereof, with full power of substitution, subject to the last sentence of this clause (a), as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of
such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or
desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the Administrative Agent the power and right, on behalf of such Grantor, without notice to or assent by such
Grantor, to do any or all of the following: 
 (i) in the name of such Grantor or its own name, or otherwise, take possession
of and indorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any Receivable or with respect to any other Collateral and file any claim or take any other action or proceeding in any court
of law or equity or otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any and all such moneys due under any such Receivable or with respect to any other Collateral whenever payable; 
 (ii) in the case of any Intellectual Property, execute and deliver, and have recorded, any and all agreements, instruments, documents and
papers as the Administrative Agent may request to evidence the Administrative Agent’s and the Secured Parties’ security interest in such Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or
represented thereby; 
 (iii) pay or discharge taxes and Liens levied or placed on or threatened against the Collateral,
effect any repairs or any insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof; 
  

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 (iv) execute, in connection with any sale provided for in Section 6.6 or 6.7, any
indorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral; and 
 (v)
(1) direct any party liable for any payment under any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; (2) ask or
demand for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (3) sign and indorse any invoices, freight or express
bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral; (4) commence and prosecute any suits, actions or proceedings at law
or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (5) defend any suit, action or proceeding brought against such Grantor with
respect to any Collateral; (6) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Administrative Agent may reasonably deem appropriate; (7) subject to any
licenses (and the rights granted therein) existing at the time of such assignment, assign any Copyright, Patent or Trademark (along with the goodwill of the business to which any such Copyright, Patent or Trademark pertains), throughout the world
for such term or terms, on such conditions, and in such manner, as the Administrative Agent shall in its sole discretion determine; and (8) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of
the Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes, and do, at the Administrative Agent’s option and such Grantor’s expense, at any time, or from time to time, all
acts and things which the Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the Administrative Agent’s and the Secured Parties’ security interests therein and to effect the intent of this
Agreement, all as fully and effectively as such Grantor might do. 
 Anything in this Section 7.1(a) to the contrary notwithstanding,
the Administrative Agent agrees that it will not exercise any rights under the power of attorney provided for in this Section 7.1(a) unless a Default or an Event of Default shall have occurred. 
 (b) If any Grantor fails to perform or comply with any of its agreements contained herein, the Administrative Agent, at its option, but without any
obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement. 
 (c) The reasonable
out-of-pocket expenses of the Administrative Agent incurred in connection with actions undertaken as provided in this Section 7.1, together with interest thereon at a rate per annum equal to the highest rate per annum at which interest would
then be payable on any category of past due Loans under the Credit Agreement, from the date of payment by the Administrative Agent to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Administrative Agent on
demand. 
  

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 (d) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue
hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby are released. 
 7.2. Duty of Administrative Agent. The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation of
the Collateral in its possession, under Section 9-207 of the New York UCC or otherwise, shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own account. Neither the Administrative Agent,
any Lender nor any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise
dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Administrative Agent and the Secured Parties
hereunder are solely to protect the Administrative Agent’s and the Secured Parties’ interests in the Collateral and shall not impose any duty upon the Administrative Agent or any Lender to exercise any such powers. The Administrative Agent
and the Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for
any act or failure to act hereunder, except for their own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final non-appealable judgment. 
 7.3. Filing of Financing Statements. Pursuant to any applicable law, each Grantor authorizes the Administrative Agent to file or record financing
statements and other filing or recording documents or instruments with respect to the Collateral without the signature of such Grantor in such form and in such offices as the Administrative Agent determines appropriate to perfect the security
interests of the Administrative Agent under this Agreement. Each Grantor authorizes the Administrative Agent to use the collateral description “all personal property” or “all assets” in any such financing statements. Each Grantor
hereby ratifies and authorizes the filing by the Administrative Agent of any financing statement with respect to the Collateral made prior to the date hereof. 
 7.4. Authority of Administrative Agent. Each Grantor acknowledges that the rights and responsibilities of the Administrative Agent under this Agreement with respect to any action taken by the Administrative
Agent or the exercise or non-exercise by the Administrative Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Administrative Agent
and the Secured Parties, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Administrative Agent and the Grantors, the Administrative Agent shall be
conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority.

  

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 SECTION 8. MISCELLANEOUS 
 8.1. Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except in
accordance with Section 12.12 of the Credit Agreement. 
 8.2. Notices. All notices, requests and demands to or upon the
Administrative Agent or any Grantor hereunder shall be effected in the manner provided for in Section 12.3 of the Credit Agreement; provided that any such notice, request or demand to or upon any Guarantor shall be addressed to such
Guarantor at its notice address set forth on Schedule 7. 
 8.3. No Waiver by Course of Conduct; Cumulative Remedies. Neither
the Administrative Agent nor any Lender shall by any act (except by a written instrument pursuant to Section 8.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any
Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Administrative Agent or any Lender, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any
right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Administrative Agent or any Lender of any right or remedy hereunder on any one occasion
shall not be construed as a bar to any right or remedy which the Administrative Agent or such Lender would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are
not exclusive of any other rights or remedies provided by law. 
 8.4. Enforcement Expenses; Indemnification. (a) Each Guarantor
agrees to pay or reimburse each Lender and the Administrative Agent for all its out-of-pocket costs and expenses incurred in collecting against such Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any
rights under this Agreement and the other Credit Documents to which such Guarantor is a party, including, without limitation, the fees and disbursements of counsel to the Administrative Agent. 
 (b) Each Guarantor agrees to pay, and to save the Administrative Agent and the Secured Parties harmless from, any and all liabilities with respect to, or
resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement.

 (c) Each Guarantor agrees to pay, and to save the Administrative Agent and the Secured Parties harmless from, any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement to the
extent the Borrowers would be required to do so pursuant to Section 12.1 of the Credit Agreement. 
  

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 (d) The agreements in this Section 8.4 shall survive repayment of the Obligations and all other
amounts payable under the Credit Agreement and the other Credit Documents. 
 8.5. Successors and Assigns. This Agreement shall be
binding upon the permitted successors and assigns of each Grantor and shall inure to the benefit of the Administrative Agent, the Letter of Credit Issuer and the Secured Parties and their permitted successors and assigns; provided that no
Grantor may, except pursuant to a merger or consolidation expressly permitted by Section 9.2 of the Credit Agreement, assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the
Administrative Agent. 
 8.6. Setoff. In addition to any rights now or hereafter granted under applicable law or otherwise, and not by
way of limitation of any such rights, during the continuance of an Event of Default, the Administrative Agent and each Lender is hereby authorized at any time or from time to time, without presentment, demand, protest or other notice of any kind to
any Grantor, any such notice being hereby expressly waived by each Grantor to the fullest extent permitted by applicable law, to set off and to appropriate and apply any and all deposits (general or special) and any other Indebtedness at any time
held or owing by the Administrative Agent or such Lender (including, without limitation, by branches and agencies of the Administrative Agent or such Lender wherever located) to or for the credit or the account of any Grantor against and on account
of the Obligations of such Grantor then due and payable to the Administrative Agent or such Lender under this Agreement or under any of the other Credit Documents, including, without limitation, all interests in Obligations of the Borrowers
purchased by such Lender pursuant to Section 12.4(b) of the Credit Agreement, and all other claims of any nature or description then due and payable arising out of or connected with this Agreement or any other Credit Document, irrespective of
whether or not the Administrative Agent or such Lender shall have made any demand hereunder and although said deposits or Indebtedness owing by the Administrative Agent or such Lender, or any of them, shall be contingent or unmatured. The
Administrative Agent and each Lender shall notify such Grantor promptly of any such setoff and the application made by the Administrative Agent or such Lender of the proceeds thereof, provided that the failure to give such notice shall not
affect the validity of such setoff and application. The rights of the Administrative Agent and each Lender under this Section 8.6 are in addition to other rights and remedies (including, without limitation, other rights of setoff) which the
Administrative Agent or such Lender may have. 
 8.7. Counterparts. This Agreement may be executed by one or more of the parties to
this Agreement on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
 8.8. Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 
  

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 8.9. Section Headings. The Section headings used in this Agreement are for convenience of
reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 8.10.
Integration. This Agreement and the other Credit Documents represent the agreement of the Grantors, the Administrative Agent and the Secured Parties with respect to the subject matter hereof and thereof, and there are no promises,
undertakings, representations or warranties by the Administrative Agent or any Lender relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Credit Documents. 
 8.11. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK. 
 8.12. Submission To Jurisdiction; Waivers. Each Grantor hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Credit Documents to which it is a
party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York,
and of any state court of the State of New York located in the Borough of New York and any appellate courts from any thereof; 
 (b) consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an
inconvenient court and agrees not to plead or claim the same; 
 (c) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Grantor at its address referred to in Section 8.12 or at such other address of which the Administrative
Agent shall have been notified pursuant thereto; 
 (d) agrees that nothing herein shall affect the right to effect service of process in any
other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (e) waives, to the maximum extent not
prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 
 8.13. Acknowledgments. Each Grantor hereby acknowledges that: 
 (a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Credit Documents to which it is a party; 
 (b) neither the Administrative Agent, the Letter of Credit Issuer nor any Lender, in such capacity, has any fiduciary relationship with or duty to any
Grantor arising out of or in connection with this Agreement or any of the other Credit Documents, and the 

  

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relationship between the Grantors, on the one hand, and the Administrative Agent and the Secured Parties, on the other hand, in connection herewith or
therewith is solely that of debtor and creditor; and 
 (c) no joint venture is created hereby or by the other Credit Documents or otherwise
exists by virtue of the transactions contemplated hereby among the Secured Parties or among the Grantors and the Secured Parties. 
 8.14.
Additional Grantors. Each Subsidiary of Holdings that is required to become a party to this Agreement pursuant to Section 8.10 of the Credit Agreement shall become a Grantor for all purposes of this Agreement upon execution and delivery
by such Subsidiary of an Assumption Agreement in the form of Annex 1 hereto. 
 8.15. Releases. (a) At such time as the Loans,
the Reimbursement Obligations and the other Obligations shall have been paid in full, the Commitments have been terminated and no Letters of Credit shall be outstanding, the Collateral shall be released from the Liens created hereby, and this
Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Grantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and
all rights to the Collateral shall revert to the Grantors. At the request and sole expense of any Grantor following any such termination, the Administrative Agent shall deliver to such Grantor any Collateral held by the Administrative Agent
hereunder and execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination. 
 (b) If any of the Collateral shall be sold, transferred or otherwise disposed of by any Grantor in a transaction permitted by Section 9.2 of the Credit Agreement, then (i) the Liens created hereby on such Collateral shall
automatically be released and (ii) the Administrative Agent, at the request and sole expense of such Grantor, shall execute and deliver to such Grantor all releases or other documents reasonably necessary or desirable for the release of the
Liens created hereby on such Collateral. 
 8.16. Subordination. Each Grantor agrees that any Indebtedness of any Grantor owing to any
other Grantor pursuant to Section 9.4(b) of the Credit Agreement, whether created prior to, on, or after the date hereof (the “Intercompany Debt”), shall be subordinated in right of payment to the prior payment in full of all
Obligations. Following the Borrowers’ receipt of notice from the Administrative Agent given during the existence of an Event of Default, the Grantors shall pay to the Administrative Agent any and all payments in respect of the Intercompany Debt
and any amount so paid to the Administrative Agent shall be applied to payment of the Obligations as provided in Section 6.5 hereof. Each payment on the Intercompany Debt received in violation of any of the provisions hereof shall be deemed to
have been received by such Grantor as trustee for the Secured Parties and shall be paid over to the Administrative Agent immediately on account of the Obligations, but without otherwise affecting in any manner such Grantor’s liability hereof.
So long as no Event of Default has occurred and is continuing, the Grantors may make and receive payments among themselves in respect of the Intercompany Debt. Notwithstanding anything in this Section 8.16 to the contrary, the Cargo Holdings
Intercompany Loan, evidenced by the Cargo Holdings Intercompany Note, shall be permitted to be extinguished upon the consummation of the CHI Merger. 
  

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 8.17. WAIVER OF JURY TRIAL. EACH GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE
EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 [Signatures Appear on Following Page] 
  

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 IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee and Collateral Agreement to be duly
executed and delivered as of the date first above written. 
  

					
	ABX HOLDINGS, INC.
	ABX AIR, INC.
	CHI ACQUISITION CORP.
	ABX CARGO SERVICES, INC.
	ABX MATERIAL SERVICES, INC.
	FIRST SUBSIDIARY CORPORATION
		
	By:	 	/s/ Quint O. Turner
		 	Name:	 	Quint O. Turner
		 	Title:	 	Chief Financial Officer
	
	727 AIRCRAFT ONE, INC.
		
	By:	 	/s/ George A. Golder
		 	Name:	 	George A. Golder
		 	Title:	 	Corporate Secretary
	
	727 AIRCRAFT TWO, INC.
		
	By:	 	/s/ George A. Golder
		 	Name:	 	George A. Golder
		 	Title:	 	Corporate Secretary
	
	757 AIRCRAFT ONE, LLC
		
	By:	 	/s/ Peter F. Fox
		 	Name:	 	Peter F. Fox
		 	Title:	 	Sole Manager
	
	767 AIRCRAFT ONE, LLC
		
	By:	 	/s/ Peter F. Fox
		 	Name:	 	Peter F. Fox
		 	Title:	 	Sole Manager


 [Signatures Continue on Following Page] 
 [Signature Page to Guarantee & Collateral Agreement] 








					
	AIR TRANSPORT INTERNATIONAL LIMITED LIABILITY COMPANY
		
	By:	 	/s/ Todd A. Hunter
		 	Name:	 	Todd A. Hunter
		 	Title:	 	Sole Manager
	
	CAPITAL CARGO INTERNATIONAL AIRLINES, INC.
		
	By:	 	/s/ George A. Golder
		 	Name:	 	George A. Golder
		 	Title:	 	Corporate Secretary
	
	CAPITAL CARGO REAL ESTATE HOLDINGS, INC.
		
	By:	 	/s/ Peter F. Fox
		 	Name:	 	Peter F. Fox
		 	Title:	 	President
	
	CAPITAL LOGISTICS, INC.
		
	By:	 	/s/ George A. Golder
		 	Name:	 	George A. Golder
		 	Title:	 	Corporate Secretary
	
	CARGO AIRCRAFT MANAGEMENT, INC.
		
	By:	 	/s/ Todd A. Hunter
		 	Name:	 	Todd A. Hunter
		 	Title:	 	Treasurer
	
	CARGO AVIATION, INC.
		
	By:	 	/s/ George A. Golder
		 	Name:	 	George A. Golder
		 	Title:	 	Corporate Secretary
	
	CARGO HOLDINGS INTERNATIONAL, INC.
		
	By:	 	/s/ Peter F. Fox
		 	Name:	 	Peter F. Fox
		 	Title:	 	President


 [Signatures Continue on Following Page] 
  

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	DC-8 AIRCRAFT ONE, INC.
		
	By:	 	/s/ George A. Golder
		 	Name:	 	George A. Golder
		 	Title:	 	Corporate Secretary
	
	DC-8 AIRCRAFT TWO, LLC
		
	By:	 	/s/ Peter F. Fox
		 	Name:	 	Peter F. Fox
		 	Title:	 	Sole Manager
		
	By:	 	/s/ George A. Golder
		 	Name:	 	George A. Golder
		 	Title:	 	Corporate Secretary
	
	LGSTX FUEL MANAGEMENT, INC.
		
	By:	 	/s/ Frank J. Visconti
		 	Name:	 	Frank J. Visconti
		 	Title:	 	President
	
	LGSTX GROUP, INC.
		
	By:	 	/s/ Todd A. Hunter
		 	Name:	 	Todd A. Hunter
		 	Title:	 	Treasurer
	
	LGSTX SERVICES, INC.
		
	By:	 	/s/ Todd A. Hunter
		 	Name:	 	Todd A. Hunter
		 	Title:	 	Treasurer


  

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 ACKNOWLEDGMENT AND CONSENT*** 
 The undersigned hereby acknowledges receipt of a copy of the Guarantee and Collateral Agreement dated as of December 31, 2007 (the
“Agreement”), made by the Grantors parties thereto for the benefit of SUNTRUST BANK, as Administrative Agent. The undersigned agrees for the benefit of the Administrative Agent and the Secured Parties as follows: 
 1. The undersigned will be bound by the terms of the Agreement and will comply with such terms insofar as such terms are applicable to the undersigned.

 2. The undersigned will notify the Administrative Agent promptly in writing of the occurrence of any of the events described in
Section 5.6(a) or (b) of the Agreement. 
 3. The terms of Sections 6.3(b) and 6.7 of the Agreement shall apply to it,
mutatis mutandis, with respect to all actions that may be required of it pursuant to Section 6.3(b) or 6.7 of the Agreement. 
  

					
	[NAME OF ISSUER]
		
	By	 	 
		 	Name:	 	
		 	Title:	 	
	
	Address for Notices:
	  

	  

	  

	
	Fax:




	***	This consent is necessary only with respect to any Issuer which is not also a Grantor. This consent may be modified or eliminated with respect to any Issuer that is not controlled
by a Grantor. If a consent is required, its execution and delivery should be included among the conditions to the initial borrowing specified in the Credit Agreement. 








 Annex 1 to 
 Guarantee and Collateral Agreement 
 ASSUMPTION AGREEMENT, dated as of
                    , 20    , made by
                                        
        , a                      corporation (the “Additional Grantor”), in favor
of SUNTRUST BANK, as administrative agent (in such capacity, the “Administrative Agent”), for the lending and other financial institutions (the “Lenders”) parties to the Credit Agreement referred to below. All
capitalized terms not defined herein shall have the meaning ascribed to them in such Credit Agreement. 
 W I T N
E S S E T H : 
 WHEREAS, ABX AIR, INC., a Delaware corporation (“ABX”) and CHI
ACQUISITION CORP., a Florida corporation (“CHI”, together with ABX, the “Borrowers”), ABX HOLDINGS, INC., a Delaware corporation (“Holdings”), the Lenders and the Administrative Agent have entered
into a Credit Agreement, dated as of December 31, 2007 (as amended, modified, supplemented or restated from time to time, the “Credit Agreement”); 
 WHEREAS, in connection with the Credit Agreement, the Borrowers, Holdings and certain of their Affiliates (other than the Additional Grantor) have entered into the Guarantee and Collateral Agreement, dated as of
December 31, 2007 (as amended, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”) in favor of the Administrative Agent for the benefit of the Secured Parties; 
 WHEREAS, the Credit Agreement requires the Additional Grantor to become a party to the Guarantee and Collateral Agreement; and 
 WHEREAS, the Additional Grantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee and Collateral
Agreement; 
 NOW, THEREFORE, IT IS AGREED: 
 1. Guarantee and Collateral Agreement. By executing and delivering this Assumption Agreement, the Additional Grantor, as provided in Section 8.10 of the Guarantee and Collateral Agreement, hereby becomes a
party to the Guarantee and Collateral Agreement as a Grantor thereunder with the same force and effect as if originally named therein as a Grantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and
liabilities of a Grantor thereunder (including the guaranty obligations in Section 2 of the Guaranty and Collateral Agreement) and further grants to the Administrative Agent on behalf of the Secured Parties a security interest in the
Collateral, pursuant to Section 3 of the Guaranty and Collateral Agreement. The information set forth in Annex 1-A hereto is hereby added to the information set forth in the Schedules to the Guarantee and Collateral Agreement. The
Additional Grantor hereby represents and warrants that each of the representations and warranties contained in Section 4 of the Guarantee and Collateral Agreement is true and correct on and as the date hereof (after giving effect to this
Assumption Agreement) as if made on and as of such date. 







 2. GOVERNING LAW. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be
duly executed and delivered as of the date first above written. 
  

					
	[ADDITIONAL GRANTOR]
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	









 Annex 1-A to 
 Assumption Agreement 
 Supplement to Schedule 1 
 Supplement to Schedule 2 
 Supplement to Schedule 3 
 Supplement to Schedule 4 
 Supplement to Schedule 5 
 Supplement to Schedule 6 
 Supplement to Schedule 7