the Capital Stock of the
Guarantor.
"Revolving Loans"
See Section 2.1.
"Revolving Loan Note"
See Section 3.1.
"Security Agreement" means any aircraft security agreement by which an Aircraft
is pledged to the Bank as collateral for any Loan made pursuant to this
Agreement and any security agreement by which the assets of the Borrower or the
Guarantor are pledged to the Bank as collateral for any Loan made pursuant to
this Agreement.
"Significant Subsidiary" means at any time any Subsidiary of the Guarantor which
accounts for more than (i) 10% of the Consolidated assets of the Guarantor and
its Subsidiaries, or (ii) 10% of the Consolidated revenue of the Guarantor and
its Subsidiaries.
"Software" means software as defined by the UCC.
"Subsidiary" means a Person of which the Borrower and/or its other Subsidiaries
own, directly or indirectly, such number of outstanding shares as have more than
50% of the ordinary voting power for the election of such corporation's
directors.
"2010 Credit Agreement" means a Credit Agreement, to be entered into by and
among the Guarantor, the lenders party thereto, and Bank of America, as
Administrative Agent, providing for a $75,000,000 revolving credit facility, as
the same may be amended, restated, supplemented or otherwise modified from time
to time.
"UCC" and "Uniform Commercial Code" mean the Uniform Commercial Code as in
effect from time to time in the State of Michigan; provided, that if by reason
of mandatory provisions of law, the perfection or the effect of perfection or
non-perfection of the security interest or Lien in any Collateral is governed by
the Uniform Commercial Code as in effect in a jurisdiction other than Michigan,
"UCC" and "Uniform Commercial Code" means the Uniform Commercial Code as in
effect in such other jurisdiction for purposes of the provisions hereof relating
to such perfection or effect of perfection or non-perfection.
SECTION 1.2.
CONSTRUCTION.
(A)
THE WORDS "HEREOF," "HEREIN," AND
"HEREUNDER," AND OTHER WORDS OF A SIMILAR IMPORT REFER TO THIS AGREEMENT AS A
WHOLE AND NOT TO THE INDIVIDUAL SECTIONS IN WHICH SUCH TERMS ARE USED.
10
(B)
REFERENCES TO SECTIONS AND OTHER
SUBDIVISIONS OF THIS AGREEMENT ARE TO THE DESIGNATED SECTIONS AND OTHER
SUBDIVISIONS OF THIS AGREEMENT AS ORIGINALLY EXECUTED.
(C)
THE HEADINGS OF SECTIONS AND OTHER CAPTIONS
ARE FOR CONVENIENCE ONLY AND SHALL NOT DEFINE OR LIMIT THE PROVISIONS HEREOF.
(D)
WHERE THE CONTEXT SO REQUIRES, WORDS USED IN
SINGULAR SHALL INCLUDE THE PLURAL AND VICE VERSA, AND WORDS OF ONE GENDER SHALL
INCLUDE ALL OTHER GENDERS.
ARTICLE II
THE LOANS
SECTION 2.1.
REVOLVING LOAN COMMITMENT.
ON
THE TERMS AND SUBJECT TO THE CONDITIONS SET FORTH IN THIS AGREEMENT, THE BANK
AGREES TO DISBURSE AMOUNTS (COLLECTIVELY, THE "REVOLVING LOANS") FROM TIME TO
TIME DURING THE PERIOD FROM THE DATE OF THIS AGREEMENT UP TO BUT NOT INCLUDING
THE CREDIT TERMINATION DATE IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED , AT
ANY TIME OUTSTANDING, THE AGGREGATE FACILITY (THE "AGGREGATE REVOLVING CREDIT
COMMITMENT").
THE AGGREGATE REVOLVING CREDIT COMMITMENT SHALL NOT, AT