----

| 1.01  |           Defined      Terms                                 |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.02  |           Other      Interpretive      Provisions                                                              |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.03  |           Accounting      Terms                                           |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.04  |           References      to Agreements and      Laws                                                                           |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.05  |           Times      of      Day                                |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.06  |           Uniform      Commercial      Code.                                                                 |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.01  |           Making      of the Term      Loan                                                      |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.02  |           Repayment      of Term      Loan                                                       |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.03  |           Prepayments                                |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.04  |           Interest                       |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.05  |           Computation      of      Interest                                                       |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.06  |           Evidence      of      Indebtedness                                                     |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.07  |           Payments      Generally.                                           |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.08  |           Conversion      Option                                            |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.01  |           Taxes                       |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.02  |           Matters      Applicable to All Requests for      Compensation                                                                                                                 |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.03  |           Survival                      |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.01  |           Effective      Date      Conditions                                                       |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.02  |           Post-Effective      Date      Conditions.                                                               |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.01  |           Existence,      Qualification and Power; Compliance with Laws; “Air Carrier      Status” |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.02  |           Authorization;      No      Contravention                                                                            |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.03  |           Governmental      Authorization; Other      Consents                                                                                                 |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.04  |           Binding      Effect                                 |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.05  |           [Intentionally      Omitted]                                                      |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.06  |           Litigation                       |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.07  |           No      Default                                 |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.08  |           Ownership      of      Property                                                      |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.09  |           Environmental      Compliance                                                                 |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.10  |           Insurance                       |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.11  |           Taxes                       |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.12  |           ERISA      Compliance                                            |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.13  |           Subsidiaries;      Equity      Interests                                                               |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.14  |           Margin      Regulations; Investment Company      Act;                                                                                             |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.15  |           Disclosure                              |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.16  |           Compliance      with      Laws                                                       |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.17  |           Security/Priority                                            |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.18  |           Representations      and Warranties as to      Collateral                                                                                                |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.19  |           Indebtedness      and Guaranteed      Indebtedness                                                                                                |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.20  |           Deposit      Accounts                                           |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.21  |           Outstanding      Obligations                                                     |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.22  |           Equity      Interests                                            |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.23  |           Material      Contracts and      Obligations                                                                           |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.24  |           Capital      Structure                                            |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.25  |           Airframe      Leases                                           |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.01  |           Financial      Statements                                           |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.02  |           Certificates;      Other      Information                                                                |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.03  |           Notices                       |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.04  |           Payment      of      Obligations                                                       |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.05  |           Preservation      of Existence,      Etc                                                               |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.06  |           Maintenance      of      Properties                                                       |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.07  |           Maintenance      of      Insurance                                                   |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.08  |           Compliance      with      Laws                                                      |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.09  |           Books      and      Records                                            |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.10  |           Inspection      Rights                                           |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.11  |           Use      of      Proceeds                                           |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.12  |           Further      Assurances                                            |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.13  |           Cash      Management System; Controlled Accounts; Initial  Drawing[ |
|------------|---------------------------------------------------------------------------------------------------------------------------------|

| 6.14  |           FAA      and DOT Matters;      Citizenship                                                                          |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.15  |           Cape      Town      Convention                                                      |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.16  |           Payment      of      Taxes                                        |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.17  |           Hangar      Property                                            |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.18  |           Subordinated      Liens                                            |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.19  |           Subordination      of Loan of Susan      Silver                                                                                      |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.20  |           Gates      and other Airport      Space                                                                |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.21  |           Evidence      of Debt Subject to      Conversion                                                                                     |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.01  |           Liens                       |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.02  |           Investments                               |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.03  |           Indebtedness                                 |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.04  |           Guarantees      and Other      Liabilities                                                                        |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.05  |           Fundamental      Changes                                                       |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.06  |           Dispositions                                 |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.07  |           Restricted      Payments                                          |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.08  |           Change      in Nature of      Business                                                                 |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.09  |           Transactions      with      Affiliates                                                                |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.10  |           Use      of      Proceeds                                            |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.11  |           Amendments      of Organization      Documents                                                                                      |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.12  |           Changes      in Fiscal      Year                                                       |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.13  |           Prepayments,      Etc. of      Indebtedness                                                                           |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.14  |           Partnerships,      Etc                                           |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.15  |           Speculative      Transactions                                                       |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.16  |           Formation      of      Subsidiaries                                                       |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.17  |           Change      in Capital      Structure                                                                |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.18  |           Sales      and      Leasebacks                                                    |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.19  |           Negative      Pledge      Clauses                                                       |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.20  |           Clauses      Restricting Subsidiary      Distributions                                                                                               |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.21  |           Capital      Expenditures                                                       |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.22  |           Board      Changes                                 |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.23  |           Material      Contracts and      Obligations                                                                        |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.24  |           Compensation      of Officers and      Managers                                                                                     |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.25  |           Debt      Payments upon Event of      Default                                                                                |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.01  |           Events      of      Default                                            |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.02  |           Remedies      upon Event of      Default                                                                           |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.03  |           Application      of      Funds                                                      |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.04  |           Default      by the      Lender                                                      |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.01  |     Grant      of      Security                                           |
|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.02  |     Further      Assurances                                           |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.03  |     Rights      of the Lender; Limitations on the Lender’s  Obligations |
|-------------|---------------------------------------------------------------------------------------------------|

| 10.04  |     Covenants of      the Loan Parties with Respect to Pledged  Collateral |
|-------------|------------------------------------------------------------------------------------------------|

| 10.05  |     Remedies                       |
|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.06  |     Modifications                                 |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.07  |     Release;      Termination                                                     |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.01  |     Guaranty                       |
|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.02  |     Guaranty      Absolute                                            |
|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.03  |     Waivers      and      Acknowledgments                                                                 |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.04  |     Subrogation                                 |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.05  |     Continuing      Guarantee;      Assignments                                                                            |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.06  |     No      Reliance                                 |
|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.01  |     Amendments,      Etc.                                           |
|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.02  |     Notices      and Other Communications; FacsimileCopies |
|-------------|--------------------------------------------------------------------------------|

| 12.03  |      No      Waiver; Cumulative      Remedies                                                                           |
|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.04  |     Attorney Costs,      Expenses and      Taxes                                                                         |
|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.05  |     Indemnification      by the      Borrower                                                                           |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.06  |     Payments Set      Aside                                          |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.07  |     Successors and      Assigns                                                    |
|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.08  |     Setoff                       |
|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.09  |     Counterparts                               |
|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.10  |     Integration                                 |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.11  |     Survival of      Representations and      Warranties                                                                                               |
|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.12  |     Severability                                 |
|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.13  |     Governing      Law                                           |
|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.14  |     Waiver      of Right to Trial by      Jury                                                                          |
|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.15  |     Binding      Effect                                 |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

                                            

----

| I  | Pledged    Equity |
|----|-------------------|
| II | Pledged    Equity |

| 5.02  | Defaults |
|------------|----------|

| 5.03  | Certain      Authorizations |
|------------|-----------------------------|

| 5.11  | Taxes |
|------------|-------|

| 5.13  | Subsidiaries      and Other Equity Investments |
|------------|------------------------------------------------|

| 5.20  | Deposit      Accounts |
|------------|-----------------------|

| 5.21  | Outstanding      Obligations |
|------------|------------------------------|

| 5.22  | Equity      Interests |
|------------|-----------------------|

| 5.23  | Material      Contracts and Obligations |
|------------|-----------------------------------------|

| 5.24  | Capital      Structure |
|------------|------------------------|

| 5.25  | Airframe      Leases |
|------------|----------------------|

| 7.01  | Liens |
|------------|-------|

| 7.03  | Existing      Indebtedness |
|------------|----------------------------|

| 7.06  | Permitted      Dispositions |
|------------|-----------------------------|

| 12.02  | Certain      Addresses for Notices |
|-------------|------------------------------------|

| A  | Form      of Term Note |
|---------|------------------------|

| B  | Form      of Spare Parts Security Agreement |
|---------|---------------------------------------------|

| C  | Form      of Aircraft and Engine SecurityAgreement |
|---------|----------------------------------------------------|

| D  | Copy      of Executed Airline ServicesAgreement |
|---------|-------------------------------------------------|

| E  | Form      of Administrative ServicesAgreement |
|---------|-----------------------------------------------|

----

| LOAN      AGREEMENT |
|---------------------|

| PRELIMINARY      STATEMENTS |
|-----------------------------|

| ARTICLE      I      |
|----------------------------------------------|
| DEFINITIONS AND      ACCOUNTING TERMS        |

----

----

----

| ARTICLE      II      |
|-----------------------------------------------|
| THE TERM COMMITMENTS      AND TERM LOAN       |

| (a) |  Interest      Rate.  Subject to the provisions of subsection (b) below,      the Term Loan shall bear interest on the outstanding principal amount      thereof at a rate per annum equal to the Applicable  Rate. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  Default      Rate.  Upon the occurrence and during the continuance of      a Event of Default, the Borrower shall pay interest on (i) the unpaid      principal amount of the Term Loan owing to the Lender, payable in arrears      on the dates referred to in clause (c) below and on demand, at a rate      per annum equal at all times to 2% per annum above the Applicable Rate and      (ii) to the fullest extent permitted by law, the amount of any      interest, fee or other amount payable under the Loan Documents that is not      paid when due, from the date such amount shall be due until such amount      shall be paid in full, payable on demand, at a rate per annum equal at all      times to 2% above the ApplicableRate. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  Payment      Dates.  Interest on the Term Loan shall be due and      payable in arrears on each Interest Payment Date and, to the extent      provided in Section      2.04(b), on demand. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) |  All      payments to be made by the Borrower shall be made without condition or      deduction for any counterclaim, defense, recoupment or      setoff.  Except as otherwise expressly provided herein, all      payments by the Borrower hereunder shall be made to the Lender, at the      account specified by the Lender in Dollars and in immediately available      funds not later than 2:00 p.m. (New York City time) on the dates      specified herein.  All payments received by the Lender after      2:00 p.m. (New York City time) shall be deemed received on the next      succeeding Business Day and any applicable interest shall continue to      accrue. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  If      any payment to be made by the Borrower shall come due on a day other than      a Business Day, payment shall be made on the next following Business Day,      and such extension of time shall be reflected in computing      interest. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ARTICLE      III       |
|------------------------------------------------------|
| TAXES                                      |

| (a) |  Except      as otherwise provided in this Section 3.01,      any and all payments by the Borrower to or for the account of the Lender      under any Loan Document shall be made free and clear of and without      deduction for any and all present or future taxes, duties, levies,      imposts, deductions, assessments, fees, withholdings or similar charges,      and all liabilities with respect thereto, excluding, in      the case of the Lender, taxes imposed on or measured by its overall net      income, and franchise taxes imposed on it (in lieu of net income taxes),      by the jurisdiction (or any political subdivision thereof) under the Laws      of which the Lender is organized or maintains its Lending Office or is      otherwise a resident or doing business (other than a jurisdiction in which      such Person is deemed to be doing business solely as a result of entering      into, or performing its obligations under, any Loan Document) (all      non-excluded taxes, duties, levies, imposts, deductions, assessments,      fees, withholdings or similar charges, and liabilities being hereinafter      referred to as “Taxes”).  If      the Borrower shall be required by any Laws to deduct any Taxes from or in      respect of any sum payable under any Loan Document to the Lender, then,      except as otherwise provided in this Section 3.01,      (i) the sum payable shall be increased as necessary so that after making      all required deductions with respect to Taxes (including deductions      applicable to additional sums payable under this Section), the Lender      receives an amount equal to the sum it would have received had no such      deductions been made, (ii) the Borrower shall make such deductions, (iii)      the Borrower shall pay the full amount deducted to the relevant taxation      authority or other authority in accordance with applicable Laws, and (iv)      within 30 days after the date of such payment, the Borrower shall furnish      to the Lender the original or a certified copy of a receipt evidencing      payment thereof to the extent such a receipt is issued therefor, or other      written proof of payment thereof that is satisfactory to the      Lender. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  In      addition, the Borrower agrees to pay any and all present or future stamp,      court or documentary taxes and any other excise or property, intangible,      mortgage recording taxes or similar charges or similar levies which arise      from any payment made under any Loan Document or from the execution,      delivery, performance, enforcement or registration of, or otherwise with      respect to, any Loan Document (hereinafter referred to as “Other      Taxes”). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  If      the Borrower shall be required to deduct or pay any Taxes or Other Taxes      from or in respect of any sum payable under any Loan Document to the      Lender, the Borrower shall also pay to the Lender at the time interest is      paid, such additional amount that the Lender specifies is necessary to      preserve the after-tax yield (after factoring in all taxes, including      taxes imposed on or measured by net income) that the Lender would have      received if such Taxes or Other Taxes had not been  imposed. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) |  The      Borrower agrees to indemnify the Lender for (i) the full amount of Taxes      and Other Taxes (including any Taxes or Other Taxes imposed or asserted by      any jurisdiction on amounts payable under this Section) paid by the      Lender, (ii) amounts payable under Section 3.01(c)      without duplication and (iii) any liability (including additions to tax,      penalties, interest and expenses) arising therefrom or with respect      thereto, in each case whether or not such Taxes or Other Taxes were      correctly or legally imposed or asserted by the relevant Governmental      Authority; but excluding amounts resulting from the failure to comply with      the requirements of Section      12.05.  Payment under this subsection (d) shall be made      within 30 days after the date the Lender makes a demand      therefor. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ARTICLE      IV        |
|-----------------------------------------------------------|
| CONDITIONS PRECEDENT      TO TERM LOAN                    |

| (a) |  The      Lender’s receipt of the following, each of which shall be originals,      facsimiles or in ‘PDF’ format by electronic mail (followed promptly by      originals) unless otherwise specified, each properly executed by a      Responsible Officer of the signing Loan Party, each dated the Effective      Date (or, in the case of certificates of governmental officials, a recent      date before the Effective Date) and each in form and substance      satisfactory to the Lender: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) |  duly      executed and completed counterparts hereof (in the form provided and      specified by the Lender) that, when taken together, bear the signatures of      (1) the Borrower, (2) each Guarantor, and (3) the  Lender; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) |  Each      of the following: |
|------|-----------------------------------|

| (A) |  to      the extent consisting of shares of stock or other certificated securities,      certificates representing the Pledged Equity accompanied by undated stock      powers executed in blank; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) |  evidence      (1) of the insurance required by the terms of this Agreement and the other      Loan Documents and (2) that the Lender has been named as additional      insured and/or loss payee thereunder to the extent required under Section 6.07;      and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) |  completed      requests for information, dated on or before the Effective Date, listing      all effective financing statements that name any Loan Party as debtor,      together with copies of such financing  statements. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii) |  such      certificates of resolutions or other action, incumbency certificates      and/or other certificates of Responsible Officers of each Loan Party as      the Lender may reasonably require evidencing the identity, authority and      capacity of each Responsible Officer thereof authorized to act as a      Responsible Officer in connection with this Agreement and the other Loan      Documents to which such Loan Party is a party or is to be a      party; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv) |  such      documents and certifications as the Lender may reasonably require to      evidence that each Loan Party is duly organized or formed, and that each      of the Loan Parties is validly existing and in good standing in its      jurisdiction of organization; |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v) |  a      favorable opinion of Allen Sakai, Esq., counsel to the Loan Parties,      addressed to the Lender, in form and substance satisfactory to the      Lender; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi) |  a      favorable opinion of Daugherty, Fowler, Peregrin, Haught & Jenson,      special aviation counsel to the Lender with regard to, among other things,      (A) the granting of a security interest and perfection of the security      interest in Engines owned by the Loan Parties in favor of the Lender and      (B) the absence of Liens (other than Liens granted in connection with this      Agreement) on engines and aircraft spare parts on which the Lender is      entitled to have a Lien, in each case, in form and substance satisfactory      to the Lender; |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vii) |  a      certificate of a Responsible Officer of each Loan Party either (A) listing      all consents, licenses and approvals required in connection with the      execution, delivery and performance by such Loan Party and the validity      against such Loan Party of the Loan Documents to which it is a party, and      such consents, licenses and approvals shall be in full force and effect,      or (B) stating that no such consents, licenses or approvals are so      required; |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (viii) |  aircraft      and engine mortgage and security agreements, in substantially the form      attached hereto as Exhibit C, duly      executed by each Loan Party that owns any Airframes or Engines (and in      respect of all such Airframes and Engines) as of the Effective Date,      except as provided by Section 6.18; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ix) |  Spare Parts Security Agreement,      in substantially the form attached hereto as Exhibit      B, duly executed by      each Loan Party that owns any Spare Parts as of the Effective      Date; |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (x) |  a      copy of the Pledge Agreement duly executed by each party      thereto; |
|-----|-------------------------------------------------------------------------------------|

| (xi) |  a      copy of each Bank ControlAgreement; |
|------|--------------------------------------------------|

| (xii) |  a      copy of the Administrative Services Agreement duly executed by each party      thereto; |
|-------|------------------------------------------------------------------------------------------------------|

| (xiii) |  a      copy of the Airline Services Agreement duly executed by each party      thereto; |
|--------|-----------------------------------------------------------------------------------------------|

| (xiv) |  a      copy of a Subordination Agreement duly executed by (x) William J. Boyer      and Yung J. Boyer and (y) William J. Boyer, Jr.,    respectively; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xv) |  evidence      that all registrations requested by the Lender in accordance with the Cape      Town Convention have been made and are (or will be) effective pursuant to      the terms of the Cape TownConvention; |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xvi) |  evidence      that (x) all FAA filings for Airframes, Engines and Pledged Spare Parts      requested by the Lender have been made and are (or will be) effective to      perfect the Lender’s security interest in such Airframes, Engines and      Pledged Spare Parts, as applicable, and (y) all FAA filings for Airframes      and Engines leased by the Borrower have been  made; |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xvii) |  financing      statements, in proper form for filing under the Uniform Commercial Code of      all jurisdictions that the Lender may deem necessary or desirable in order      to perfect and protect the first priority liens and security interests      created hereunder, covering the Collateral described in Article      X; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xviii) |  certified true copies of the      plans, timeline, drawings, invoices, merchant contracts and the building      contract with respect to the Hangar  Property; |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xix) |  copies      of all written communications received by any Loan Party from any taxing      authority in respect of the failure to file any tax returns as listed in      Schedule 5.11; |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xx) |  a      copy of an employment agreement between the Borrower and William J. Boyer,      Jr. in form and substance satisfactory to the  Lender; |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  The      representations and warranties of the Borrower and each other Loan Party      contained in Article V and      each other Loan Document, and which are contained in any document      furnished at any time under or in connection herewith or therewith, shall      be true and correct in all material respects on and as of the Effective      Date, except to the extent that such representations and warranties      specifically refer to an earlier date, in which case they shall be true      and correct in all material respects as of such earlier    date; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  No      Default shall exist or would result from the making of the Term Loan      pursuant to Section 2.01: |
|-----|-------------------------------------------------------------------------------------------------------------------|

| (d) |  No      material work disruptions or stoppages by employees of any of the Loan      Parties shall have occurred and becontinuing. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| (e) |  William      J. Boyer, Jr. shall have converted his outstanding personal loans to the      Borrower into equity in the Borrower and has provided evidence      satisfactory to the Lender of suchconversion. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) |  The      Leis Letter has been executed and delivered to the  Lender. |
|-----|----------------------------------------------------------------------------|

| (a) |  The      Effective Date shall have occurred; |
|-----|----------------------------------------------------|

| (b) |  The      representations and warranties of the Borrower and each other Loan Party      contained in Article V and      each other Loan Document, and which are contained in any document      furnished at any time under or in connection herewith or therewith, shall      be true and correct in all material respects on and as of the date of the      Term Borrowing pursuant to Section 2.01(c)      as certified by a Responsible Officer of each Loan Party to the      Lender; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  No      Default shall exist or would result from the making of such Term      Borrowing; |
|-----|------------------------------------------------------------------------------------------------|

| (d) |  No      event or circumstance shall have occurred since the Effective Date that,      in the view of each of the Lender, in its sole discretion, has resulted in      a Material Adverse Effect that is continuing or that would be reasonably      expected to result in a Material Adverse Effect;  and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) |  The      Borrower shall have delivered to the Lender a certificate from a      Responsible Officer of the Borrower certifying that the conditions      precedent to such Term Borrowing have been satisfied (except as to matters      that require the approval or satisfaction of the Lender), together with      such evidence with respect thereto as the Lender may    request. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ARTICLE      V       |
|-------------------------------------|
| REPRESENTATIONS AND      WARRANTIES |

| (a) |  The      Borrower is not engaged and will not engage, principally or as one of its      important activities, in the business of purchasing or carrying margin      stock (within the meaning of Regulation U issued by the FRB), or extending      credit for the purpose of purchasing or carrying margin stock and no      proceeds of the Term Loan will be used to purchase or carry any margin      stock or to extend credit to others for the purpose of purchasing or      carrying any margin stock. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  None      of the Borrower or any Subsidiary is or is required to be registered as an      “investment company” under the Investment Company Act of 1940 (the “ICA”).  Neither      the making of the Term Loan nor the application of the proceeds or      repayment thereof by the Borrower, nor the consummation of the other      transactions contemplated by the Loan Documents, will violate any      provision of any the ICA or any rule, regulation or order of the SEC      thereunder. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  Each      Loan Party is the legal and beneficial owner of the Collateral of such      Loan Party free and clear of any Lien of others, except for Permitted      Liens. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  Except      for possessory interests of landlords and warehousemen, each Loan Party      has exclusive possession and control of the Equipment.  In the      case of Equipment located on leased premises or in warehouses, no lessor      or warehouseman of any premises or warehouse upon or in which such      Equipment is located has (i) issued any warehouse receipt or other receipt      in the nature of a warehouse receipt in respect of any Equipment, (ii) to      the best knowledge of any Loan Party, issued any document for any of any      Loan Party’s Equipment and (iii) to the best knowledge of any Loan      Party, received notification of any secured party’s interest (other than      the security interest granted hereunder) in any Loan Party’s      Equipment. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) |  The      Pledged Equity of any Subsidiary of any Loan Party pledged by each Loan      Party hereunder has been duly authorized and validly issued and is fully      paid and non-assessable.  If any Loan Party is an issuer of      Pledged Equity, such Loan Party confirms that it has received notice of      such security interest. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) |  The      Pledged Equity of any Subsidiary of any Loan Party pledged by each Loan      Party constitutes the percentage of the issued and outstanding Equity      Interests of the issuers thereof indicated on Schedule I      hereto.  The Pledged Debt constitutes all of the outstanding      indebtedness owed to each Loan Party by the issuers thereof and, as of the      Effective Date, is outstanding in the principal amount indicated on Schedule II      hereto. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ARTICLE      VI     |
|-----------------------------------------|
| AFFIRMATIVE      COVENANTS              |

| (a) |  within      30 days following the Effective Date, the unaudited consolidated financial      statements of the Borrower and its Subsidiaries dated December 31, 2007,      and the related consolidated statements of income or operations,      shareholders’ equity and cash flows for the fiscal quarter ended on that      date, prepared in accordance withGAAP; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  as      soon as available, but in any event within 90 days after the end of each      fiscal year of the Borrower, a consolidated balance sheet of the Borrower      and its Subsidiaries as at the end of such fiscal year, and the related      consolidated statements of income or operations, shareholders’ equity and      cash flows for such fiscal year, setting forth in each case in comparative      form the figures for the previous fiscal year, all in reasonable detail      and prepared in accordance with GAAP, audited and accompanied by a report      and opinion of an independent certified public accountant of nationally      recognized standing acceptable to the Lender, which report and opinion      shall be prepared in accordance with generally accepted auditing standards      and shall not be qualified in any material respect except with respect to      a “going concern” or like qualification or  exception; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  as      soon as available, but in any event within 45 days after the end of each      of the first three fiscal quarters of each fiscal year of the Borrower, a      consolidated balance sheet of the Borrower and its Subsidiaries as at the      end of such fiscal quarter, and the related consolidated statements of      income or operations, shareholders’ equity and cash flows for such fiscal      quarter and for the portion of the Borrower’s fiscal year then ended,      setting forth in each case in comparative form the figures for the      corresponding fiscal quarter of the previous fiscal year and the      corresponding portion of the previous fiscal year, all in reasonable      detail and certified by the Chief Executive Officer and the Chief      Financial Officer of the Borrower as fairly presenting the financial      condition, results of operations, shareholders’ equity and cash flows of      the Borrower and its Subsidiaries in accordance with GAAP, subject only to      normal year end audit adjustments and the absence of footnotes;      and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) |  as      soon as available, but in any event within 30 days after the end of each      month, other than the third month of any fiscal quarter, a consolidated      balance sheet of the Borrower and its Subsidiaries as at the end of such      fiscal month, and the related consolidated statements of income or      operations, shareholders’ equity and cash flows for such fiscal month and      for the portion of the Borrower’s fiscal year then ended, setting forth in      each case in comparative form the figures for the corresponding fiscal      month of the previous fiscal year and the corresponding portion of the      previous fiscal year, all in reasonable detail and certified by the Chief      Executive Officer and the Chief Financial Officer of the Borrower as      fairly presenting the financial condition, results of operations,      shareholders’ equity and cash flows of the Borrower and its Subsidiaries      in accordance with GAAP, subject only to normal year end audit adjustments      and the absence of footnotes. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) |  promptly      after any request by the Lender, copies of any detailed audit reports,      management letters or recommendations submitted to the board of directors      (or the audit committee of the board of directors) of any Loan Party by      independent accountants in connection with the accounts or books of any      Loan Party, or any audit of any ofthem; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  promptly      after the furnishing thereof, copies of any statement or report furnished      to any holder of debt securities of any Loan Party pursuant to the terms      of any indenture, loan or credit or similar agreement and not otherwise      required to be furnished to the Lender pursuant to any other clause of      this Section 6.02; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  promptly      after the assertion or occurrence thereof, notice of any Environmental      Action against or of any noncompliance by any Loan Party with any      Environmental Law or Environmental Permit that could reasonably be      expected to have a Material AdverseEffect. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) |  promptly,      such additional information regarding the business, financial or corporate      affairs of any Loan Party, or compliance with the terms of the Loan      Documents, as the Lender may from time to time reasonably request;      and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) |  promptly      upon request of the Lender a schedule listing all locations at which      $100,000 or more of Equipment of any Loan Party is  located. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.03 |  Notices.  Promptly      notify the Lender: |
|------|------------------------------------------------------------|

| (a) |  of      the occurrence of any Default; |
|-----|----------------------------------------------|

| (b) |  of      any matter that has resulted or could reasonably be expected to result in      a Material Adverse Effect; |
|-----|-------------------------------------------------------------------------------------------------------------------------|

| (c) |  of      any material setoff, claims (including with respect to material      environmental claims), withholdings or other defenses to which any of the      Collateral, or any of the Lender’s rights with respect to the Collateral,      in any material respect, aresubject. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) |  any      matters connected with registering, perfecting, preserving and/or      enhancing any International Interest vested in the Lender with respect to      any Airframes or Engines and constituted by the Loan      Documents; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  entry      in to agreements (subordination or otherwise) to protect and/or enhance      and/or, improve the priority of any International Interest referred to in      the foregoing paragraph; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  excluding,      in writing, the application of any provisions of the Cape Town Convention      that the Lender may deem desirable in connection with the foregoing;      and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) |  if      any subsequent action taken by any party, including any permitted sublease      or re-registration of any Airframes or Engines, gives rise to a new      International Interest under the Cape Town Convention, registering such      interest with the International Registry (as such term is defined in the      Cape Town Convention) with the consent of the Lender, or any duly      authorized agent thereof, and any other party hereto as necessary to      complete such registration. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ARTICLE      VII       |
|------------------------------------------------------|
| NEGATIVE      COVENANTS                              |

| (a) |  Liens      pursuant to any Loan Document; |
|-----|-------------------------------------------------|

| (b) |  Liens      existing on the Effective Date and set forth on Schedule    7.01; |
|-----|------------------------------------------------------------------------------------|

| (c) |  Liens      for taxes, assessments or governmental charges or claims not delinquent or      which are being contested in good faith by appropriate proceedings      promptly instituted and diligently conducted, if adequate reserves with      respect thereto are maintained on the books of the applicable Person in      accordance with GAAP; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) |  Liens      of landlords, carriers’, warehousemen’s, mechanics’, materialmen’s,      repairmen’s or other like Liens arising in the ordinary course of business      which are not overdue or which are being contested in good faith by      appropriate proceedings promptly instituted and diligently conducted, if      adequate reserves with respect thereto are maintained on the books of the      applicable Person; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) |  Liens      incurred or pledges or deposits in the ordinary course of business made in      connection with workers’ compensation, unemployment insurance and other      social security legislation, other than any Lien imposed by      ERISA; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) |  Liens      incurred or deposits made to secure the performance of tenders, bids,      trade contracts, leases (real and personal) (other than Indebtedness),      statutory obligations, surety bonds (other than bonds related to judgments      or litigation), performance and return of money (but not borrowed money)      bonds, reimbursement obligations and chargeback rights of Persons      performing credit card processing services for a Loan Party and other      obligations of a like nature incurred in the ordinary course of      business; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) |  easements,      rights-of-way, restrictions, minor defects, encroachments or      irregularities of title and other similar charges or encumbrances      affecting real property which do not materially detract from the value of      the property subject thereto or materially interfere with the ordinary      conduct of the business of the applicable  Person; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) |  Liens      securing judgments and attachments or securing appeal or other surety      bonds related to such judgments; |
|-----|------------------------------------------------------------------------------------------------------------------------------|

| (i) |  operating      leases or subleases of real or personal property granted to others not      interfering in any material respect with the business of the Loan Parties,      taken as a whole; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j) |  Liens      in favor of collecting or payor banks and credit card processors having a      right of setoff, revocation, refund or chargeback with respect to money or      instruments of any Loan Party on deposit with or in possession of such      bank; and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) |  Investments      held by any Loan Party in the form of Cash  Equivalents; |
|-----|---------------------------------------------------------------------------------|

| (b) |  equity      Investments of the Borrower in any Subsidiary existing on the date      hereof; |
|-----|---------------------------------------------------------------------------------------------------|

| (c) |  Investments      in accounts, contract rights and chattel paper (each as defined in the      UCC), notes receivable and similar items arising or acquired in the      ordinary course of business and Investments received in settlement of      amounts due to any Loan Party effected in the ordinary course of business      (including as a result of Dispositions not prohibited by Section      7.06); |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) |  Guarantees      permitted by Section 7.03;      and |
|-----|-----------------------------------------------------------|

| (e) |  Investments      (other than Cash Equivalents) existing on the Effective Date and set forth      on Schedule      5.13 hereof. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| (a) |  Indebtedness      under the Loan Documents; |
|-----|---------------------------------------------------|

| (b) |  Existing      Indebtedness and permitted future Indebtedness as provided by Schedule      7.03; |
|-----|-------------------------------------------------------------------------------------------------------|

| (c) |  Indebtedness      incurred after the Effective Date consisting of Guarantees permitted by      Section      7.04; |
|-----|-------------------------------------------------------------------------------------------------------------------------|

| (d) |  Indebtedness      incurred in the ordinary course of business in connection with letters of      credit or surety bonds required by Law or third parties in connection with      the Loan Parties’ operations. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) |  Dispositions      of unused, obsolete or worn out property and surplus aircraft, engines and      parts related thereto, whether now owned or hereafter acquired, in the      ordinary course of business not to exceed $50,000 per  year; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  Dispositions      of inventory in the ordinary course of business (which, for the avoidance      of doubt shall not include the assets set forth on Schedule 7.06 or any      Spare Parts related thereto); |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ARTICLE      VIII       |
|-------------------------------------------------------|
| EVENTS OF DEFAULT      AND REMEDIES                   |

| (a) | Non-Payment.  The      Borrower or any other Loan Party fails to pay when and as required to be      paid herein, any amount of principal of, or interest on, the Term Loan, or      when and as the same becomes due, any other amount payable hereunder or      under any other Loan Document; or |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Specific      Covenants.  The Borrower fails to perform or observe any      term, covenant or agreement contained in any of Sections 6.03,      6.05,      6.07,      6.10,      6.11,      6.13,      6.14 or      6.15, or      Article      VII; or |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Other      Defaults.  Any Loan Party fails to perform or observe any      other covenant or agreement (not specified in subsection (a)      or (b)      above) contained in any Loan Document on its part to be performed or      observed and such failure continues unremedied for five (5) Business Days      after the earlier of the date on which (A) a Responsible Officer      becomes aware of such failure or (B) written notice thereof shall have      been given to the Borrower by the Lender;or |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) |  Representations and      Warranties.  Any representation, warranty, certification      or statement of fact made by or on behalf of the Borrower or any other      Loan Party herein, in any other Loan Document, or in any document      delivered in connection herewith or therewith shall be incorrect or      misleading in any material respect when made;or |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) |  Cross-Default on      Indebtedness.  Any event shall have occurred that permits      any holder or holders (or a trustee or agent on behalf of such holder or      holders) of Indebtedness (other than Indebtedness hereunder) to demand the      payment of such Indebtedness prior to its stated maturity, or cash      collateral in respect thereof; or |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | Judgments.  There      is entered against any Loan Party or any Subsidiary (i) a final judgment      or order for the payment of money in an aggregate amount exceeding      $100,000 (to the extent not covered by independent third-party insurance      as to which the insurer is rated at least “A” by A.M. Best Company, has      been notified of such claim and does not dispute coverage), or (ii) any      one or more non-monetary final judgments that have, or could reasonably be      expected to have, individually or in the aggregate, a Material Adverse      Effect and, in either case, there is a period of five (5) consecutive      Business Days during which a stay of enforcement of such judgment, by      reason of a pending appeal or otherwise, is not in effect;    or |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) |  Invalidity of Loan      Documents.  Any provision of any Loan Document, at any      time after its execution and delivery and for any reason other than as      expressly permitted hereunder or thereunder or satisfaction in full of all      the Obligations, ceases to be valid and binding on or enforceable against      any Loan Party intended to be a party to it; any Loan Party files a motion      or other pleading seeking to challenge the validity of any Loan Document      or the applicability or enforceability of any Loan Document or which seeks      to void, avoid, limit, or otherwise adversely affect the security interest      created by or in any Loan Document or any payment made pursuant thereto;      or any Loan Party denies that it has any or further liability or      obligation under any Loan Document, or purports to revoke, terminate or      rescind any Loan Document; or |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (h) |  Change of      Control.  There occurs any Change of Control;      or |
|-----|--------------------------------------------------------------------------------------|

| (i) |  Collateral      Document.  Any Collateral Document after delivery thereof      (other than pursuant to the terms thereof) ceases to create a valid and      perfected lien on and security interest in the Collateral purported to be      covered thereby having the priority contemplated by the Loan Documents;      or |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j) |  Material Adverse      Effect.  Other than a termination of the Mesa Code Share      Agreement, there occurs any event or circumstance that would give rise to      a Material Adverse Effect since the Effective Date;  or |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (k) |  Change in      Business.  Other than a termination of the Mesa Code      Share Agreement, the Borrower and its Subsidiaries cease to operate their      business as conducted on the date hereof or cease to operate flights      substantially in accordance with the flight schedule of the Borrower and      its Subsidiaries as of the Effective Date;or |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (l) |  Involuntary      Proceedings.  An involuntary proceeding shall be      commenced and not dismissed or stayed within 60 days or an involuntary      petition shall be filed in a court of competent jurisdiction seeking (i)      relief in respect of the Borrower or any Subsidiary, or of a substantial      part of the property or assets of the Borrower or a Subsidiary, under      Title 11 of the United States Code, as now constituted or hereafter      amended, or any other Federal, state or foreign bankruptcy, insolvency,      receivership or similar law, (ii) the appointment of a receiver, trustee,      custodian, sequestrator, conservator or similar official for the Borrower      or any Subsidiary or for a substantial part of the property or assets of      the Borrower or a Subsidiary and the appointment continues undischarged or      unstayed for 60 calendar days, or (iii) the winding-up or liquidation of      the Borrower or any Subsidiary; or |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (m) |   Voluntary      Proceedings.  the Borrower or any Subsidiary shall (i)      voluntarily commence any proceeding or file any petition seeking relief      under Title 11 of the United States Code, as now constituted or hereafter      amended, or any other Federal, state or foreign bankruptcy, insolvency,      receivership or similar law, (ii) consent to the institution of, or fail      to contest in a timely and appropriate manner, any proceeding or the      filing of any petition described in (m) above, (iii) apply for or consent      to the appointment of a receiver, trustee, custodian, sequestrator,      conservator or similar official for the Borrower or any      Subsidiary  or for a substantial part of the property or assets      of the Borrower or any Subsidiary, (iv) file an answer admitting the      material allegations of a petition filed against it in any such      proceeding, (v) make a general assignment for the benefit of creditors or      (vi) become unable, admit in writing its inability or fail generally to      pay its debts as they become due (other than with respect to Indebtedness      described on Schedule 5.02); or |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (n) |  Cross Default on      Airline Services Agreement.  Any default under the      Airline Services Agreement which permits Shuttle America Corporation to      terminate the Airline Services Agreement;or |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (o) |  Leis      Letter.  Any default      by Dorvin D. Leis under the LeisLetter. |
|-----|---------------------------------------------------------------------------------------------|

| (p) |  Cross Default on      Administrative Services Agreement.  Any default by the      Borrower in the performance of its obligations under the Administrative      Services Agreement. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | the      unpaid principal amount of all outstanding Term Loan, all interest accrued      and unpaid thereon, and all other amounts owing or payable hereunder or      under any other Loan Document shall be immediately due and payable,      without presentment, demand, protest or other notice of any kind, all of      which are hereby expressly waived by the Borrower;  and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)  |  the      Lender shall exercise all rights and remedies available to it under the      Loan Documents or applicable laws. |
|------------|--------------------------------------------------------------------------------------------------------------------------------|

| ARTICLE      IX           |
|-----------------------------------------------------------------------------|
| [INTENTIONALLY      OMITTED]                                                |

| ARTICLE      X       |
|----------------------------------------------------|
| SECURITY                                           |

| (a) |  all      equipment in all of its forms, including, without limitation, all      machinery, tools, motor vehicles, vessels, aircraft, aircraft engines,      aircraft propellers, furniture and fixtures, and all parts thereof and all      accessions thereto and all software related thereto, including, without      limitation, software that is embedded in and is part of the equipment (any      and all such property being the “Equipment”); |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  all      inventory in all of its forms, including, without limitation, (i) all      raw materials, work in process, finished goods and materials used or      consumed in the manufacture, production, preparation or shipping thereof,      (ii) goods in which such Loan Party has an interest in mass or a      joint or other interest or right of any kind (including, without      limitation, goods in which such Loan Party has an interest or right as      consignee) and (iii) goods that are returned to or repossessed or      stopped in transit by such Loan Party), and all accessions thereto and      products thereof and documents therefore, and all software related      thereto, including, without limitation, software that is embedded in and      is part of the inventory (any and all such property being the “Inventory”); |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  all      accounts (including, without limitation, health-care-insurance      receivables), chattel paper (including, without limitation, tangible      chattel paper and electronic chattel paper), instruments (including,      without limitation, promissory notes), deposit accounts, letter-of-credit      rights, general intangibles (including, without limitation, payment      intangibles) and other obligations of any kind, whether or not arising out      of or in connection with the sale or lease of goods or the rendering of      services and whether or not earned by performance, and all rights now or      hereafter existing in and to all supporting obligations and in and to all      security agreements, mortgages, Liens, leases, letters of credit and other      contracts securing or otherwise relating to the foregoing property (any      and all of such accounts, chattel paper, instruments, deposit accounts,      letter-of-credit rights, general intangibles and other obligations, to the      extent not referred to in clause (d), (e) or (f) below, being the      “Receivables”,      and any and all such supporting obligations, security agreements,      mortgages, Liens, leases, letters of credit and other contracts to the      extent not referred to in clause (d), (e) or (f) below being the “Related      Contracts”); |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) |  the      following (the “Security      Collateral”): |
|-----|------------------------------------------------------------------------|

| (i) |  the      Pledged Equity and the certificates, if any, representing the Pledged      Equity, and all dividends, distributions, return of capital, cash,      instruments and other property from time to time received, receivable or      otherwise distributed in respect of or in exchange for any or all of the      Pledged Equity and all subscription warrants, rights or options issued      thereon or with respect thereto and all rights with respect to such      Pledged Equity, including all rights to vote such Pledged Equity or      exercise rights under any partnership agreement, limited liability company      agreement or similar agreement relating to Initial Pledged      Equity; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) |  the      Pledged Debt and the instruments, if any, evidencing the Initial Pledged      Debt, and all interest, cash, instruments and other property from time to      time received, receivable or otherwise distributed in respect of or in      exchange for any or all of the Pledged Debt;and |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii) |  all      other investment property (including, without limitation, all (A)      securities, whether certificated or uncertificated, (B) security      entitlements, (C) securities accounts, (D) commodity contracts and (E)      commodity accounts) in which such Loan Party has now, or acquires from      time to time hereafter, any right, title or interest in any manner, and      the certificates or instruments, if any, representing or evidencing such      investment property, and all dividends, distributions, return of capital,      interest, distributions, value, cash, instruments and other property from      time to time received, receivable or otherwise distributed in respect of      or in exchange for any or all of such investment property and all      subscription warrants, rights or options issued thereon or with respect      thereto; |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) |  the      following (collectively, the “Account      Collateral”): |
|-----|-------------------------------------------------------------------------------------|

| (i) |  all      deposit and other bank accounts and all funds and financial assets from      time to time credited thereto (including, without limitation, all cash      equivalents), all interest, dividends, distributions, cash, instruments      and other property from time to time received, receivable or otherwise      distributed in respect of or in exchange for any or all of such funds and      financial assets, and all certificates and instruments, if any, from time      to time representing or evidencing such  accounts; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) |  all      promissory notes, certificates of deposit, deposit accounts, checks and      other instruments from time to time delivered to or otherwise possessed by      the Lender for or on behalf of such Loan Party, including, without      limitation, those delivered or possessed in substitution for or in      addition to any or all of the then existing Account Collateral;      and |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii) |  all      interest, dividends, distributions, cash, instruments and other property      from time to time received, receivable or otherwise distributed in respect      of or in exchange for any or all of the then existing Account      Collateral; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) |  all      books and records (including, without limitation, customer lists, credit      files, printouts and other computer output materials and records) of such      Loan Party pertaining to any of the Pledged Collateral;  and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) |  all      proceeds of, collateral for, income, royalties and other payments now or      hereafter due and payable with respect to, and supporting obligations      relating to, any and all of the Pledged Collateral (including, without      limitation, proceeds, collateral and supporting obligations that      constitute property of the types described in clauses (a) through (g)      of this Section 10.01      and this clause (h)) and, to the extent not otherwise included, all      (A) payments under insurance (whether or not the Lender is the loss      payee thereof), or any indemnity, warranty or guaranty, payable by reason      of loss or damage to or otherwise with respect to any of the foregoing      Pledged Collateral, (B) tort claims, including, without limitation, all      commercial tort claims and (C)cash. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) |  Each Loan Party      agrees that from time to time, at the expense of such Loan Party, such      Loan Party will promptly execute and deliver, or otherwise authenticate,      all further instruments and documents, and take all further action that      may be necessary or desirable, or that the Lender may reasonably request,      in order to perfect and protect any pledge or security interest granted or      purported to be granted by such Loan Party hereunder or to enable the      Lender to exercise and enforce its rights and remedies hereunder with      respect to any Pledged Collateral of such Loan Party.  Without      limiting the generality of the foregoing, each Loan Party will, within a      commercially reasonable time with respect to Pledged Collateral of such      Loan Party:  (i) at the request of the Lender, mark      conspicuously each document included in Inventory, each chattel paper      included in Receivables, each Related Contract, and each of its records      pertaining to such Pledged Collateral with a legend, in form and substance      satisfactory to the Lender, indicating that such document, chattel paper,      Related Contract, or Pledged Collateral is subject to the security      interest granted hereby; (ii) execute or authenticate and file such      financing or continuation statements, or amendments thereto, and such      other instruments or notices, as may be necessary or desirable, or as the      Lender may reasonably request, in order to perfect and preserve the      security interest granted or purported to be granted by such Loan Party      hereunder; (iii) at the request of the Lender, deliver to the Lender      certificates representing Security Collateral that constitutes      certificated securities, accompanied by undated stock or bond powers      executed in blank; (iv) at the request of the Lender, take all action      reasonably necessary to ensure within the time required hereunder that the      Lender has control of Pledged Collateral consisting of deposit accounts,      electronic chattel paper, investment property, letter-of-credit rights and      transferable records as provided in Sections 9-104, 9-105, 9-106 and 9-107      of the Uniform Commercial Code and in Section 16 of the Uniform Electronic      Transactions Act, as in effect in the jurisdiction governing such      transferable record; (v) at the request of the Lender, take all action      reasonably necessary to ensure that the Lender’s security interest is      noted on any certificate of ownership related to any Pledged Collateral      evidenced by a certificate of ownership; (vi) at the reasonable request of      the Lender, cause the Lender to be the beneficiary under all letters of      credit that constitute Pledged Collateral, with the exclusive right to      make all draws under such letters of credit, and with all rights of a      transferee under Section 5-114(e) of the Uniform Commercial Code; and      (viii) deliver to the Lender evidence that all other action that the      Lender may deem reasonably necessary or desirable in order to perfect and      protect the security interest created by such Loan Party in the Pledged      Collateral under this Agreement has beentaken. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  Each      Loan Party hereby authorizes the Lender to file one or more      financing or continuation statements, and amendments thereto, including,      without limitation, one or more financing statements indicating that such      financing statements cover all assets or all personal property (or words      of similar effect) of such Loan Party, in each case without the signature      of such Loan Party, and regardless of whether any particular asset      described in such financing statements falls within the scope of the      Uniform Commercial Code or the granting clause of this      Agreement.  A photocopy or other reproduction of this Agreement      or any financing statement covering the Pledged Collateral or any part      thereof shall be sufficient as a financing statement where permitted by      Law.  Each Loan Party ratifies its authorization for the Lender      to have filed such financing statements, continuation statements or      amendments filed prior to the datehereof. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  Each      Loan Party will furnish to the Lender from time to time      statements and schedules further identifying and describing the Pledged      Collateral of such Loan Party and such other reports in connection with      such Pledged Collateral as the Lender may reasonably request, all in      reasonable detail. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) |    (i) Each Loan Party      shall remain liable under the contracts and agreements included in such      Loan Party’s Pledged Collateral to the extent set forth therein to perform      all of its duties and obligations thereunder to the same extent as if this      Agreement had not been executed (including paying cure costs if such      contracts or agreements are assumed), (ii) the exercise by the Lender      of any of the rights hereunder shall not release any Loan Party from any      of its duties or obligations under the contracts and agreements included      in the Pledged Collateral, and (iii) the Lender shall not have any      obligation or liability under the contracts and agreements included in the      Pledged Collateral by reason of this Agreement or any other Loan Document,      nor shall the Lender be obligated to perform any of the obligations or      duties of any Loan Party thereunder or to take any action to collect or      enforce any claim for payment assigned  hereunder. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  Except      as otherwise provided in this subsection (b), each Loan Party will      continue to collect, at its own expense, all amounts due or to become due      such Loan Party under the Receivables and Related Contracts.  In      connection with such collections, such Loan Party may take (and, at the      Lender’s direction,      will take) such action as such Loan Party or the Lender may reasonably deem      necessary or advisable to enforce collection of the Receivables and      Related Contracts; provided, however, that,      subject to any requirement of notice provided in Section 8.02,      the Lender shall      have the right at any time, upon the occurrence and during the continuance      of an Event of Default, to notify the obligors under any Receivables and      Related Contracts of the assignment of such Receivables and Related      Contracts to the Lender and to direct such      obligors to make payment of all amounts due or to become due to such Loan      Party thereunder directly to the Lender and, upon such      notification and at the expense of such Loan Party, to enforce collection      of any such Receivables and Related Contracts, to adjust, settle or      compromise the amount or payment thereof, in the same manner and to the      same extent as such Loan Party might have done, and to otherwise exercise      all rights with respect to such Receivables and Related Contracts,      including, without limitation, those set forth in Section 9-607 of the      Uniform Commercial Code.  Upon and during the exercise by the      Lender of any of the remedies described in the proviso of the immediately      preceding sentence, (i) any and all amounts and proceeds (including,      without limitation, instruments) received by such Loan Party in respect of      the Receivables and Related Contracts of such Loan Party shall be received      in trust for the benefit of the Lender hereunder, shall be      segregated from other funds of such Loan Party and shall be forthwith paid      over to the Lender      in the same form as so received (with any necessary indorsement) to be      deposited in a collateral account maintained with the Lender and applied      as provided in Section 10.05(b)      and (ii) such Loan Party will not adjust, settle or compromise the      amount or payment of any Receivable or amount due on any Related Contract,      release wholly or partly any obligor thereof, or allow any credit or      discount thereon.  No Loan Party will permit or consent to the      subordination of its right to payment under any of the Receivables and      Related Contracts to any other indebtedness or obligations of the obligor      thereof. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  The      Lender shall have      the right to make test verification of the Receivables in any manner and      through any medium that it considers advisable in its reasonable      discretion, and each Loan Party agrees to furnish all such assistance and      information as the Lender may reasonably      require in connection therewith. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) |  Delivery and Control of Pledged      Equity |
|-----|---------------------------------------------------|

| (i) |  All      certificates or instruments representing or evidencing Pledged Equity      shall be delivered to and held by or on behalf of the Lender pursuant hereto at      the request of the Lender, and shall be in suitable form for transfer by      delivery, or shall be accompanied by duly executed instruments of transfer      or assignment in blank, all in form and substance reasonably satisfactory      to the Lender. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) |  With      respect to any Pledged Equity in which any Loan Party has any right, title      or interest and that constitutes an uncertificated security, such Loan      Party will cause the issuer thereof either (i) to register the Lender as the registered      owner of such security or (ii) to agree in an authenticated record with      such Loan Party and the Lender that such issuer      will comply with instructions with respect to such security originated by      the Lender without      further consent of such Loan Party, such authenticated record to be in      form and substance reasonably satisfactory to the Lender.  With      respect to any Security Collateral in which any Loan Party has any right,      title or interest and that is not an uncertificated security, upon the      request of the Lender, such Loan Party will notify each such issuer of      Pledged Equity that such Pledged Equity is subject to the security      interest granted hereunder. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii) |  Except      as provided in Section 10.05,      such Loan Party shall be entitled to receive all cash dividends paid in      respect of the Pledged Equity with respect to the Pledged      Equity. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv) |  Except      as provided in Section 10.05      and subject to Article VII, such Loan Party will be entitled to exercise      all voting, consent and corporate rights with respect to the Pledged      Equity. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  Maintenance of      Records.  Such      Loan Party will keep and maintain, at its own cost and expense,      satisfactory and complete records of the Pledged Collateral, in all      material respects, including, without limitation, a record of all payments      received and all credits granted with respect to the Pledged Collateral      and all other dealings concerning the Pledged Collateral in each case in      accordance with its normal businesspractice. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  Indemnification with      Respect to Pledged Collateral.  In      any suit, proceeding or action brought by the Lender relating to any      Pledged Collateral for any sum owing thereunder or to enforce any      provision of any Pledged Collateral in each case, brought by the Lender in      accordance with this Agreement, such Loan Party will save, indemnify and      keep the Lender harmless from and against all expense, loss or damage      suffered by the Lender by reason of any defense, setoff, counterclaim,      recoupment or reduction of liability whatsoever of the obligor thereunder,      arising out of a breach by such Loan Party of any obligation thereunder or      arising out of any other agreement, indebtedness or liability at any time      owing to, or in favor of, such obligor or its successors from such Loan      Party, and all such obligations of such Loan Party shall be and remain      enforceable against and only against such Loan Party and shall not be      enforceable against the Lender. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) |  Limitation on Liens on      Pledged Collateral.  Such      Loan Party will defend the Pledged Collateral against and take such other      action as is necessary to remove, any Lien on the Pledged Collateral      except Liens permitted under Section 7.01      and will defend the right, title and interest of the Lender in and to all      of such Loan Party’s rights under the Pledged Collateral against the      claims and demands of all Persons whomsoever other than claims or demands      arising out of Liens permitted under Section      7.01. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) |  Limitations on      Modifications of Receivables.  Except      with respect to intercompany Receivables among the Loan Parties, such Loan      Party will not, without the Lender’s prior written consent, grant any      extension of the time of payment under or in respect of any of the      Receivables or Related Contracts, compromise, compound or settle the same      for less than the full amount thereof, release, wholly or partly, any      Person liable for the payment thereof, or allow any credit or discount      whatsoever thereon other than any of the foregoing which are done in the      ordinary course of business, consistent with past practices, and trade      discounts granted in the ordinary course of business of such Loan      Party. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) |  Notices.  Such      Loan Party will advise the Lender promptly after it obtains knowledge      thereof, in reasonable detail, (i) of any Lien asserted against any of the      Pledged Collateral other than Liens permitted under Section 7.01,      and (ii) of the occurrence of any other event which would result in a      material adverse change with respect to the aggregate value of the Pledged      Collateral or on the security interests created  hereunder. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) |  Maintenance of      Equipment.  Such      Loan Party will keep and maintain the Equipment in good operating      condition sufficient for the continuation of the business conducted by      such Loan Party on a basis consistent with past practices, ordinary wear      and tear excepted. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) |  The      Lender may exercise      in respect of the Pledged Collateral, in addition to other rights and      remedies provided for herein or otherwise available to it, all the rights      and remedies of a secured party upon default under the Uniform Commercial      Code (whether or not the Uniform Commercial Code applies to the affected      Pledged Collateral) and also may:  (i) require each Loan      Party to, and each Loan Party hereby agrees that it will at its expense      and upon request of the Lender forthwith, assemble all or part of the      Pledged Collateral as directed by the Lender and make it      available to the Lender at a place and time      to be designated by the Lender that is reasonably      convenient to such Loan Party and the Lender; (ii) without      notice except as specified below, sell the Pledged Collateral or any part      thereof in one or more parcels at public or private sale, at any of the      Lender’s offices or      elsewhere, for cash, on credit or for future delivery, and upon such other      terms as are commercially reasonable; (iii) occupy any premises owned or      leased by any of the Loan Parties where the Pledged Collateral or any part      thereof is assembled or located for a reasonable period in order to      effectuate its rights and remedies hereunder or under law, without      obligation to such Loan Party in respect of such occupation; and (iv)      exercise any and all rights and remedies of any of the Loan Parties under      or in connection with the Pledged Collateral, or otherwise in respect of      the Pledged Collateral, including, without limitation, (A) any and all      rights of such Loan Party to demand or otherwise require payment of any      amount under, or performance of any provision of, the Receivables, the      Related Contracts and the other Pledged Collateral, (B) withdraw, or cause      or direct the withdrawal, of all funds with respect to the Account      Collateral and (C) exercise all other rights and remedies with respect to      the Receivables, the Related Contracts and the other Pledged Collateral,      including, without limitation, those set forth in Section 9-607 of the      Uniform Commercial Code.  To the extent not inconsistent with      the Federal Aviation Act, the DOT requirements and the FAA requirements,      the Lender may be      the purchaser of any or all of the Pledged Collateral at any such sale and      shall be entitled, for the purpose of bidding and making settlement or      payment of the purchase price for all or any portion of the Collateral      sold at such sale, to use and apply any of the Obligations owed to such      Person as a credit on account of the purchase price of any Collateral      payable by such Person at such sale.  Each purchaser at any such      sale shall acquire the property sold absolutely free from any claim or      right on the part of the Grantors, and each Grantor hereby waives, to the      fullest extent permitted by law, all rights of redemption, stay or      appraisal which it now has or may at any time in the future have under any      rule of law or statute now existing or hereafter enacted.  Each      Loan Party agrees that, to the extent notice of sale shall be required by      law, at least 10 days’ notice to such Loan Party of the time and place of      any public sale or the time after which any private sale is to be made      shall constitute reasonable notification.  The Lender shall not be      obligated to make any sale of Pledged Collateral regardless of notice of      sale having been given.  The Lender may adjourn any      public or private sale from time to time by announcement at the time and      place fixed therefor, and such sale may, without further notice, be made      at the time and place to which it was so adjourned.  Any Account      Collateral and any Proceeds of any Security Collateral may be applied by      the Lender towards payment of theObligations. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  Any      cash held by or on behalf of the Lender and all cash      proceeds received by or on behalf of the Lender in respect of any      sale of, collection from, or other realization upon all or any part of the      Pledged Collateral shall be applied against the Obligations, in the manner      set forth in Section      8.03.  Any surplus of such cash or cash proceeds held by      the Lender and      remaining after payment in full of the Obligations shall be paid over to      the applicable Loan Party or to whomever may be lawfully entitle to      receive such surplus. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  All      payments received by any Loan Party under or in connection with the      Pledged Collateral shall be received in trust for the benefit of the Lender, shall be      segregated from other funds of such Loan Party and shall be forthwith paid      over to the Lender      in the same form as so received (with any necessary      indorsement). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) |  The      Lender may, without      notice to any Loan Party except as required by law or Section 8.02      and at any time or from time to time, charge, set off and otherwise apply      all or any part of the Obligations against any funds held with respect to      the Account Collateral or in any other deposit  account. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) |  The      Lender is      authorized, in connection with any sale of the Security Collateral      pursuant to this Section 10.05,      to deliver or otherwise disclose to any prospective purchaser of the      Security Collateral any information in its possession relating to such      Security Collateral. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ARTICLE      XI        |
|-----------------------------------------------------------|
| GUARANTY                                                  |

| (a) |  any      lack of validity or enforceability of any Loan Document or any other      agreement or instrument relatingthereto; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| (b) |  any      change in the time, manner or place of payment of, or in any other term      of, all or any of the Guaranteed Obligations or any other Obligations of      any Loan Party under the Loan Documents, or any other amendment or waiver      of or any consent to departure from any Loan Document, including, without      limitation, any increase in the Guaranteed Obligations resulting from the      extension of additional credit to any Loan Party or any of its      Subsidiaries or otherwise; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  any      taking, exchange, release or nonperfection of any Collateral, or any      taking, release or amendment or waiver of or consent to departure from      this Guaranty or any other guaranty, for all or any of the Guaranteed      Obligations; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) |  any      manner of application of Collateral, or proceeds thereof, to all or any of      the Guaranteed Obligations, or any manner of sale or other disposition of      any Collateral for all or any of the Guaranteed Obligations or any other      Obligations of any Loan Party under the Loan Documents, or any other      property and assets of any other Loan Party or any of its      Subsidiaries; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) |  any      change, restructuring or termination of the corporate structure or      existence of any other Loan Party or any of its    Subsidiaries; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) |  any      failure of the Lender to disclose to any      Loan Party any information relating to the business, condition (financial      or otherwise), operations, performance, properties or prospects of any      other Loan Party now or hereafter known to the Lender, as the case may be      (such Guarantor waiving any duty on the part of the Lender to disclose      such information); |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) |  the      failure of any other Person to execute this Agreement or any other      guarantee or agreement of the release or reduction of the liability of any      of the other Loan Parties or any other guarantor or surety with respect to      the Guaranteed Obligations; or |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) |  any      other circumstance (including, without limitation, any statute of      limitations or any existence of or reliance on any representation by the      Lender) that might      otherwise constitute a defense available to, or a discharge of, such      Guarantor, any other Loan Party or any other guarantor or      surety. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) |  Each      Guarantor hereby unconditionally and irrevocably waives promptness,      diligence, notice of acceptance, presentment, demand for performance,      notice of nonperformance, default, acceleration, protest or dishonor and      any other notice with respect to any of the Guaranteed Obligations and      this Guaranty, and any requirement that the Lender protect, secure,      perfect or insure any Lien or any property or assets subject thereto or      exhaust any right or take any action against any other Loan Party or any      other Person or any Collateral. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  Each      Guarantor hereby unconditionally waives any right to revoke this Guaranty,      and acknowledges that this Guaranty is continuing in nature and applies to      all Guaranteed Obligations, whether existing now or in the      future.  Each Guarantor acknowledges and agrees that this      Guaranty is a guarantee of payment and not of  collection. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  Each      Guarantor hereby unconditionally and irrevocably waives (i) any defense      arising by reason of any claim or defense based upon an election of      remedies by the Lender which in any manner impairs, reduces, releases or      otherwise adversely affects the subrogation, reimbursement, exoneration,      contribution or indemnification rights of such Guarantor or other rights      to proceed against any of the other Loan Parties, any other guarantor or      any other Person or any Collateral, and (ii) any defense based on any      right of setoff or counterclaim against or in respect of the Obligations      of such Guarantor hereunder. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) |  Each      Guarantor acknowledges that the Lender may, without notice      to or demand upon such Guarantor and without affecting the liability of      such Guarantor under this Guaranty, foreclose under any Collateral      Document by nonjudicial sale, and such Guarantor hereby waives any defense      to the recovery by the Lender against such      Guarantor of any deficiency after such nonjudicial sale and any defense or      benefits that may be afforded by applicablelaw. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) |  Each      Guarantor hereby unconditionally and irrevocably waives any duty on the      part of the Lender to disclose to such Guarantor any matter, fact or thing      relating to the business, condition (financial or otherwise), operations,      performance, properties or prospects of any other Loan Party or any of its      Subsidiaries now or hereafter known by the  Lender. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) |  Each      Guarantor acknowledges that it will receive substantial direct and      indirect benefits from the financing arrangements contemplated by the Loan      Documents and that the waivers set forth in Section 11.02 and this      Section 11.03 are      knowingly made in contemplation of such  benefits. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ARTICLE      XII        |
|------------------------------------------------------------|
| MISCELLANEOUS                                              |

| (a) |  General.  Unless      otherwise expressly provided in this Agreement, all notices and other      communications provided for hereunder or any other Loan Document shall be      in writing (including by facsimile transmission).  All such      written notices shall be mailed, faxed or delivered to the applicable      address, facsimile number or electronic mail address, and all notices and      other communications expressly permitted hereunder to be given by      telephone shall be made to the applicable telephone number, as      follows: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) |  if      to the Borrower, to the address, facsimile number, electronic mail address      or telephone number specified for the Borrower on Schedule 12.02      or to such other address, facsimile number, electronic mail address or      telephone number as shall be designated by such party in a notice to the      Lender; and |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) |  if      to the Lender, to the address, facsimile number, electronic mail address      or telephone number specified by the Lender on Schedule 12.02      or to such other address, facsimile number, electronic mail address or      telephone number as shall be designated by such party in a notice to the      Borrower. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  Effectiveness of      Facsimile Documents and Signatures.  Loan Documents may      be transmitted and/or signed by facsimile.  The effectiveness of      any such documents and signatures shall, subject to applicable Law, have      the same force and effect as manually-signed originals and shall be      binding on all Loan Parties and the Lender.  The Lender may also require      that any such documents and signatures be confirmed by a manually-signed      original thereof; provided, however, that      the failure to request or deliver the same shall not limit the      effectiveness of any facsimile document or  signature. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  Reliance by the      Lender.  The Lender shall be entitled to rely and act      upon any notices purportedly given by or on behalf of the Borrower even if      (i) such notices were not made in a manner specified herein, were      incomplete or were not preceded or followed by any other form of notice      specified herein, or (ii) the terms thereof, as understood by the      recipient, varied from any confirmation thereof.  The Borrower      shall indemnify the Lender from all losses, costs, expenses and      liabilities resulting from the reliance by such Person on each notice      purportedly given by or on behalf of the  Borrower. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) |  The      provisions of this Agreement shall be binding upon and inure to the      benefit of the parties hereto and their respective successors and assigns      permitted hereby, except that the Borrower may not assign or otherwise      transfer any of its rights or obligations hereunder without the prior      written consent of the Lender and the Lender may not assign or otherwise      transfer any of its rights or obligations hereunder except (i) in      accordance with the provisions of subsection (b) of this Section or      (ii) by way of participation in accordance with the provisions of      subsection (d) of this Section (and any other attempted assignment or      transfer by any party hereto shall be null and void).  Nothing      in this Agreement, expressed or implied, shall be construed to confer upon      any Person (other than the parties hereto, their respective successors and      assigns permitted hereby, Participants to the extent provided in      subsection (d) of this Section and, to the extent expressly contemplated      hereby, the Indemnitees) any legal or equitable right, remedy or claim      under or by reason of this Agreement.  In addition, no Guarantor      may assign or otherwise transfer any of its rights or obligations      hereunder without the prior written consent of the  Lender. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  The      Lender may at any time assign to any assignee that is an Affiliate of the      Lender (an “Assignee”)      all or a portion of its rights and obligations under this      Agreement.  Upon request, the Borrower (at its expense) shall      execute and deliver a Term Note to the Assignee in the amount of such      assignment. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |  The      Lender may at any time, without the consent of, or notice to, the      Borrower, sell participations to any Person (other than a natural person      or the Borrower or any of the Borrower’s Subsidiaries) (each, a “Participant”)      in all or a portion of the Lender’s rights and/or obligations under this      Agreement; provided that      (i) the Lender’s obligations under this Agreement shall remain      unchanged, (ii) the Lender shall remain solely responsible to the      other parties hereto for the performance of such obligations and      (iii) the Borrower shall continue to deal solely and directly with      the Lender in connection with the Lender’s rights and obligations under      this Agreement.  Subject to subsection (d) of this Section, the      Borrower agrees that each Participant shall be entitled to the benefits of      Sections      3.01 to the same      extent as if it were the Lender and had acquired its interest by      assignment pursuant to subsection (b) of this Section.  To the      extent permitted by law, each Participant also shall be entitled to the      benefits of Section 12.08 as though it were      the Lender. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) |  A      Participant shall not be entitled to receive any greater payment under      Section 3.01 than the applicable Lender would have been entitled to      receive with respect to the participation sold to such Participant, unless      the sale of the participation to such Participant is made with the      Borrower’s prior writtenconsent.   |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) |  THIS      AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT AS OTHERWISE EXPRESSLY SET      FORTH IN ANY SUCH LOAN DOCUMENT), AND THE RIGHTS AND OBLIGATIONS OF THE      PARTIES HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND SHALL BE      CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE      OF NEW YORK (INCLUDING SUBSECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF      THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES      THAT WOULD REQUIRE APPLICATION OF ANOTHERLAW. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) |  ALL      JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY LOAN PARTY ARISING OUT OF OR      RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY OBLIGATIONS      HEREUNDER AND THEREUNDER, MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF      COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW      YORK.  BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH LOAN      PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, THE LENDER,      IRREVOCABLY |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) |  ACCEPTS      GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF      SUCH COURTS; |
|-----|---------------------------------------------------------------------------------------------------------------|

| (ii) |  WAIVES      ANY DEFENSE OF FORUM NONCONVENIENS; |
|------|-------------------------------------------------------|

| (iii) |  AGREES      THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY      BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO      BORROWER (IN THE CASE OF ANY LOAN PARTY), OR TO ANY PERSON THAT IS NOT A      LOAN PARTY, TO SUCH PERSON AT THE APPLICABLE ADDRESS SET FORTH ON SCHEDULE      12.02; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv) |  AGREES      THAT SERVICE AS PROVIDED IN CLAUSE (iii) ABOVE IS SUFFICIENT TO CONFER      PERSONAL JURISDICTION OVER IT IN ANY SUCH PROCEEDING IN ANY SUCH COURT,      AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY      RESPECT; |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v) |  AGREES      THAT LENDER RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER      PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST IT IN THE COURTS OF ANY      OTHER JURISDICTION; AND |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi) |  AGREES      THAT THE PROVISIONS OF THIS SECTION 12.15 RELATING TO JURISDICTION AND      VENUE SHALL BE BINDING AND ENFORCEABLE TO THE FULLEST EXTENT PERMISSIBLE      UNDER NEW YORK GENERAL OBLIGATIONS LAW SUBSECTION 5-1402 OR      OTHERWISE. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | MOKULELE      FLIGHT SERVICE, INC., as Borrower |                                       |
|--------|-------------------------------------------------|--------------------------------------------|
|   |                                            |                                       |   |
|   | By:                                             | /s/ William      J. Boyer Jr.         |   |
|   |                                            | Name:      William J. Boyer Jr.  |   |
|   |                                            | Title:      CEO, President            |   |
|   |                                            |                                       |   |

|   | REPUBLIC      AIRWAYS HOLDINGS INC. , as Lender |                                       |
|--------|-------------------------------------------------|--------------------------------------------|
|   |                                            |                                       |   |
|   | By:                                             | /s/ Bryan      Bedford                |   |
|   |                                            | Name:      Bryan Bedford              |   |
|   |                                            | Title: President      & CEO  |   |
|   |                                            |                                       |   |

|   | THE      BRAND BUILDERS, INC., as a Guarantor |                                  |
|--------|-----------------------------------------------|---------------------------------------|
|   |                                          |                                  |   |
|   | By:                                           | /s/ William      J. Boyer Jr.    |   |
|   |                                          | Name:      William J. Boyer Jr.  |   |
|   |                                          | Title:      CEO, President       |   |
|   |                                          |                                  |   |

|   | MOKULELE      AIR GROUP, INC., as a Guarantor |                                       |
|--------|-----------------------------------------------|--------------------------------------------|
|   |                                          |                                       |   |
|   | By:                                           | /s/ William      J. Boyer Jr.         |   |
|   |                                          | Name:      William J. Boyer Jr.  |   |
|   |                                          | Title:      CEO, President            |   |
|   |                                          |                                       |   |

----

| Pledgor | Issuer | Certificate      No. | Number      of Shares |
|---------|--------|----------------------|-----------------------|
| [*]     | [*]    | [*]                  | [*]                   |
| [*]     | [*]    | [*]                  | [*]                   |

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| Name | Jurisdiction      of Formation/ID Number | Address      of ChiefExecutive      Office |
|------|------------------------------------------|--------------------------------------------|
| [*]  | [*]                                      | [*]                                        |
| [*]  | [*]                                      | [*]                                        |
| [*]  | [*]                                      | [*]                                        |
| [*]  | [*]                                      | [*]                                        |

----

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|  Aircraft Tail No. |  Monthly Rent | Expiration      Date |   |
|-------------------------|--------------------|----------------------|--------|
|                    |               |                 |   |
| 1. [*]                  | [*]                | $[*]                 |   |
|                    |               |                 |   |
| 2. [*]                  | [*]                | $[*]                 |   |
|                    |               |                 |   |
| 3. [*]                  | [*]                | $[*]                 |   |

----

| 1.             | [*]    |
|----------------|--------|
|           |   |
| 2.   | [*]    |

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|   |
|--------|