BEEN FILED IN SUCH ACTION, IT SHALL NOT BE NECESSARY TO FILE THE
ORIGINAL OF THIS AGREEMENT AS A WARRANT OF ATTORNEY. THE AUTHORITY AND POWER TO
APPEAR FOR AND ENTER JUDGMENT AGAINST BORROWER SHALL NOT BE EXHAUSTED BY THE
INITIAL EXERCISE THEREOF, AND THE SAME MAY BE EXERCISED FROM TIME TO TIME, AS
OFTEN AS BANK SHALL DEEM NECESSARY AND DESIRABLE, AND THIS AGREEMENT SHALL BE A
SUFFICIENT WARRANT THEREFOR. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
BANK MAY ENTER ONE OR MORE JUDGMENTS IN THE SAME OR DIFFERENT COUNTIES FOR ALL
OR ANY PART OF THE OBLIGATIONS, WITHOUT REGARD TO WHETHER JUDGMENT HAS BEEN
ENTERED ON MORE THAN ONE OCCASION FOR THE SAME OBLIGATIONS. IN THE EVENT ANY
JUDGMENT ENTERED AGAINST BORROWER HEREUNDER IS STRICKEN OR OPENED UPON
APPLICATION BY OR ON BORROWER'S BEHALF FOR ANY REASON WHATSOEVER, BANK IS HEREBY
AUTHORIZED AND EMPOWERED TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TO
AGAIN APPEAR FOR AND CONFESS JUDGMENT AGAINST BORROWER ON THE BASIS PROVIDED FOR
ABOVE.
POWERS OF ATTORNEY
THE POWERS OF ATTORNEY GRANTED HEREIN OR IN THE LOAN AGREEMENT ARE NOT REVOCABLE
AND ARE NOT INTENDED TO BE GOVERNED BY THE PROVISIONS OF SECTION 5601 OF CHAPTER
56 OF TITLE 20 OF THE PENNSYLVANIA CONSOLIDATED STATUTES, AS AMENDED. SUCH
POWERS SHALL BE EXERCISED FOR THE BENEFIT OF BANK AND NOT FOR THE BENEFIT OF
BORROWER. IN ACTING UNDER SUCH POWERS, BANK HAS NO FIDUCIARY DUTY TO BORROWER.
22
This Rider shall amend and supplement the Loan Agreement. In the event of a
conflict between the terms of the Loan Agreement and this Rider, the terms of
this Rider shall control. The Bank and the Borrower agree that this Rider shall
be annexed to the Loan Agreement to evidence the modification of its terms as
set forth herein. The Borrower further acknowledges and agrees that all of the
terms and conditions of the Loan Agreement shall remain in full force and
effect, except as expressly modified herein.
IN WITNESS WHEREOF, this Rider is executed as of the date and year first above
written.
Saker Aviation Services, Inc.
By:
Ronald J. Ricciardi,
President/Chief
Executive Officer/Secretary
WITNESS
Bank of America,
N.A.
By:
Michael McCarthy, Vice President
23
NOTICE AND WAIVER OF RIGHTS REGARDING
WARRANTS OF ATTORNEY, EXECUTION RIGHTS, AND
WAIVER OF RIGHTS TO PRIOR NOTICE AND JUDICIAL HEARING
Borrower: Saker Aviation Services, Inc.
Guarantor: FirstFlight Heliports, LLC
Guarantor: FBO Air-Garden City, Inc.
Guarantor: FBO Air-Wilkes-Barre, Inc.
Line of Credit in the original principal amount of $1,150,000.00 evidenced by
Facility No.1 of that certain Loan Agreement dated January 30, 2012.
This NOTICE AND WAIVER of rights is made by you and given to Bank of America, N.
A. (the "Bank") in connection with the above-described credit transaction. IT IS
IMPORTANT THAT YOU CAREFULLY READ AND UNDERSTAND THIS DOCUMENT. WHEN YOU SIGN
YOUR NAME IN THE SPACE PROVIDED BELOW, YOU ARE ACKNOWLEDGING AND REPRESENTING TO
THE BANK THAT YOU HAVE READ AND UNDERSTAND THE CONTENTS OF THIS DOCUMENT.
You will