Document:

Exhibit
4.7

 

EXECUTION COPY

 

CONTINUING
SECURITY AGREEMENT

 

THIS CONTINUING SECURITY AGREEMENT (this “Security
Agreement”) is entered into as of May 28, 2004, by and between Fast Forward
Solutions, LLC, an Ohio limited liability company (“Fast Forward”), and The
Huntington National Bank, a national banking association (the “Agent”), having
its principal office in Columbus, Ohio, as lender and as agent for and on
behalf of the lenders (the “Lenders”) from time to time party to the Credit
Agreement described below.  Capitalized
terms not otherwise defined herein shall have the meaning set forth in the
Credit Agreement referred to herein.

 

Background Information

 

Pursuant to the Amended
and Restated Credit Agreement of even date herewith (as the same may be amended,
modified, supplemented, extended, restated or replaced from time to time, the
“Credit Agreement”) among AirNet Systems, Inc., an Ohio corporation (“AirNet”),
the Lenders and the Agent, the Agent and the Lenders have agreed to extend
credit to AirNet on certain terms and conditions, including, without
limitation, that Fast Forward enter into this Continuing Security Agreement (as
it may be amended, modified, supplemented, extended, restated or replaced from
time to time, the “Security Agreement”).

 

Provisions

 

NOW, THEREFORE, as an
inducement to and in consideration of the Agent and the Lenders entering into
the Credit Agreement, the mutual obligations contained herein, and for other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Fast Forward and the Agent, do hereby agree as follows:

 

ARTICLE I

 

Definitions

 

Section 1.1                                   Terms
Defined in Credit Agreement.  All
capitalized terms used herein and not otherwise defined shall have the meanings
assigned to such terms in the Credit Agreement.

 

Section 1.2                                   Terms
Defined in Ohio Uniform Commercial Code. 
Terms defined in the Ohio Uniform Commercial Code which are not
otherwise defined in this Security Agreement are used herein as defined in the
Ohio Uniform Commercial Code as in effect from time to time (the “UCC”).

 

Section 1.3                                   Definitions
of Certain Terms Used Herein.  As
used in this Security Agreement, in addition to the terms defined in the
Background Information section above, the following terms shall have the following
meanings:

 

 

“Accounts” means “accounts” as defined
in the UCC and shall also include a right to payment of a monetary obligation,
whether or not earned by performance, (i) for property that has been or is to
be sold, leased, licensed, assigned, or otherwise disposed of, (ii) for
services rendered or to be rendered, (iii) for a policy of insurance issued or
to be issued, (iv) for a secondary obligation incurred or to be incurred, (v)
for energy provided or to be provided, (vi) for the use or hire of a vessel
under a charter or other contract, (vii) arising out of the use of a credit or
charge card or information contained on or for use with the card, or (viii) as
winnings in a lottery or other game of chance operated or sponsored by a state,
governmental unit of a state, or person licensed or authorized to operate the
game by a state or governmental unit of a state.

 

“Article” means a numbered
article of this Security Agreement, unless another document is
specifically referenced.

 

“Chattel Paper” means
“chattel paper” as defined in the UCC and shall also include any writing or
group of writings and/or a record or records that evidence both a monetary
obligation and a security interest in or a lease of specific goods or of
specific goods and software used in the goods. If a transaction is evidenced
both by a security agreement or lease and by an Instrument or series of
Instruments, the group of records taken together constitutes Chattel Paper.

 

“Collateral” means all
Accounts, Chattel Paper, Deposit Accounts, Documents, Equipment, Fixtures,
General Intangibles, Investment Property, Instruments, Inventory, Payment
Intangibles, Pledged Deposits, Stock Rights and Other Collateral, wherever
located, in which Fast Forward now has or hereafter acquires any right or
interest, and the proceeds, insurance proceeds and products thereof, together
with all books and records, customer lists, credit files, software, computer
files, programs, printouts and other computer materials and records related
thereto.

 

“Control” shall have
the meaning set forth in Article 8 of the UCC.

 

“Default” means an
event described in Section 5.1.

 

“Deposit Account” means “deposit
account” as defined in the UCC and shall also include a demand, time, savings,
passbook, or similar account maintained with a bank.

 

“Documents” means
“documents” as defined in the UCC and shall also include all documents of title
and goods evidenced thereby, including without limitation all bills of lading,
dock warrants, dock receipts, warehouse receipts and orders for the delivery of
goods, and also any other document which in the regular course of business or
financing is treated as adequately evidencing that the person in possession of
it is entitled to receive, hold and dispose of the document and the goods it
covers.

 

“Equipment” means
“equipment” as defined in the UCC and shall also include all equipment,
machinery, furniture and goods used or usable by Fast Forward in its business
and all other tangible personal property (other than Inventory), and all accessions
and additions thereto, including, without limitation, all Fixtures.

 

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“Exhibit” refers to a
specific exhibit to this Security Agreement, unless another document is
specifically referenced.

 

“Fixtures” means
“fixtures” as defined in the UCC and shall also include all goods which become
so related to particular real estate that an interest in such goods arises
under any real estate law applicable thereto, including, without limitation,
all trade fixtures.

 

“General Intangibles”
means “general intangibles” as defined in the UCC and shall also include all
intangible personal property (other than Accounts) including, without
limitation, Payment Intangibles, all contract rights, rights to receive payments
of money, choses in action, causes of action, judgments, tax refunds and tax
refund claims, patents, trademarks, trade names, copyrights, licenses,
franchises, computer programs, software, goodwill, customer and supplier
contracts, interests in general or limited partnerships, joint ventures or
limited liability companies, reversionary interests in pension and profit
sharing plans and reversionary, beneficial and residual interests in trusts,
leasehold interests in real or personal property, rights to receive rentals of
real or personal property and guarantee and indemnity claims.

 

“Investment Property”
means a security, whether certificated or uncertificated; a security
entitlement; a securities account; a commodity contract; or a commodity account
(all as defined in the UCC).

 

“Instruments” means
“instruments” as defined in the UCC and shall also include all negotiable
instruments (as defined in §3-104 of the UCC), certificated and uncertificated
securities and any replacements therefor and Stock Rights related thereto, and
other writings which evidence a right to the payment of money and which are not
themselves security agreements or leases and are of a type which in the
ordinary course of business are transferred by delivery with any necessary
endorsement or assignment, including, without limitation, all checks, drafts,
notes, bonds, debentures, government securities, certificates of deposit,
letters of credit, preferred and common stocks, options and warrants.

 

“Inventory” means
“inventory” as defined in the UCC and shall also include all goods, other than
farm products, which: (i) are leased by a Person as lessor; (ii) are held by a
Person for sale or lease or to be furnished under contracts of service; (iii)
are furnished by a Person under a contract of service; or (iv) consist of raw
materials, work in process, or materials used or consumed in a business.

 

“Lender” and “Lenders” shall be as
defined in the preamble of this Security Agreement, provided, however, that
each such reference to Lender and Lenders shall include, to the extent the
context permits or requires, the LC Issuer and the Swingline Lender, as each
such term is defined in the Credit Agreement.

 

“Other Collateral”
means any property of Fast Forward, other than any interest in real estate, not
included within the defined terms Accounts, Chattel Paper, Deposit Accounts,
Documents, Equipment, Fixtures, General Intangibles, Instruments, Inventory,
Investment Property, Payment Intangibles, Pledged Deposits and Stock Rights,
including, without limitation,

 

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all cash on hand and all
other deposits (general or special, time or demand, provisional or final) with
any bank or other financial institution, it being intended that the Collateral
include all property of Fast Forward.

 

“Payment Intangibles”
means a General Intangible under which the account debtor’s principal
obligation is a monetary obligation.

 

“Pledged Deposits”
means all time deposits of money, whether or not evidenced by certificates, of
Fast Forward, and all rights to receive interest on said deposits.

 

“Receivables” means
the Accounts, Chattel Paper, Documents, Investment Property, Instruments or
Pledged Deposits, and any other rights or claims to receive money which are
General Intangibles or which are otherwise included as Collateral.

 

“Section” means a numbered
section of this Security Agreement, unless another document is
specifically referenced.

 

“Secured Obligations”
means the Obligations.

 

“Security” has the
meaning set forth in Article 8 of the UCC.

 

“Stock Rights” means
any securities, dividends or other distributions and any other right or
property which Fast Forward shall receive or shall become entitled to receive
for any reason whatsoever with respect to, in substitution for or in exchange
for any securities or other ownership interests in a corporation, partnership,
joint venture or limited liability company constituting Collateral and any
securities, any right to receive securities and any right to receive earnings,
in which Fast Forward now has or hereafter acquires any right, issued by an
issuer of such securities.

 

“UCC” has the meaning
set forth in Section 1.2.

 

The foregoing definitions
shall be equally applicable to both the singular and plural forms of the
defined terms.

 

ARTICLE II

 

Grant of Security
Interest

 

Fast Forward hereby
pledges, assigns and grants to the Agent, a security interest in all of Fast
Forward’s right, title and interest in and to the Collateral to secure the
prompt and complete payment and performance of the Secured Obligations.  Notwithstanding the foregoing or anything
else contained or implied herein to the contrary, nothing herein constitutes or
shall be deemed to constitute the grant of a security interest in favor of
Agent with respect to Fast Forward’s interest in (herein, collectively, the
“Excluded Property”): (a) any Accounts, Receivables, collection rights and/or
proceeds of and for or related to amounts which are received by Fast Forward as
agent for or on behalf of another Person; (b) any license, contract

 

4

 

right, license agreement,
or any other general intangible, if the granting of a security interest therein
by Fast Forward to the Agent is prohibited by the terms of the agreement, document
or instrument creating any such right, title or interest in Fast Forward with
respect to such property (but only to the extent such prohibition is
enforceable and not rendered ineffective under applicable law), provided,
however, that if and when such prohibition is removed or otherwise terminated,
Agent will be deemed to have, and at all times to have held, a security
interest in such property or rights; or (c) any property to the extent that the
granting of a security interest therein is prohibited under applicable law or
causes the loss of any material right (except to the extent any such right is
intended to be granted by Fast Forward under this Security Agreement);
provided, however, that the foregoing shall in no way be construed so as to limit,
impair or otherwise affect Agent’s security interest upon any Proceeds of any
Excluded Property.

 

ARTICLE III

 

Representations and
Warranties

 

Fast Forward represents
and warrants to the Agent that:

 

Section 3.1                                   Title,
Authorization, Validity and Enforceability.  Fast Forward has good and valid rights in and title to the
Collateral with respect to which it has purported to grant a security interest
hereunder, free and clear of all Liens except for Liens permitted under Section 4.1(f),
and has full power and authority to grant to the Agent the security interest in
such Collateral pursuant hereto.  The
execution and delivery by Fast Forward of this Security Agreement has been duly
authorized by proper limited liability company proceedings, and this Security
Agreement constitutes a legal, valid and binding obligation of Fast Forward,
except as enforceability may be limited by bankruptcy, insolvency or similar
laws affecting the enforcement of creditors’ rights generally and general
principles of equity, and creates a security interest which is enforceable
against Fast Forward in all now owned and hereafter acquired Collateral. When
financing statements have been filed in the appropriate offices against Fast
Forward in the locations listed on Exhibit “E”, the Agent will have a fully
perfected first priority security interest in that Collateral in which a
security interest may be perfected by filing of a financing statement in that
office, subject only to Liens permitted under Section 4.1(f).

 

Section 3.2                                   Conflicting
Laws and Contracts.  Neither the
execution and delivery by Fast Forward of this Security Agreement, the creation
and perfection of the security interest in the Collateral granted hereunder,
nor compliance with the terms and provisions hereof will violate any law, rule,
regulation, order, writ, judgment, injunction, decree or award binding on Fast
Forward or Fast Forward’s articles of organization or operating agreement, the
provisions of any indenture, instrument or agreement to which Fast Forward is a
party or is subject, or by which it, or its property, is bound, or conflict
with or constitute a default thereunder, or result in the creation or
imposition of any Lien pursuant to the terms of any such indenture, instrument
or agreement (other than any Lien of the Agent).

 

Section 3.3                                   Principal
Location.  Fast Forward’s mailing
address, and the location of its chief executive office and of the books and
records relating to the Receivables, is disclosed in Exhibit “A”; Fast Forward
has no other places of business except those set forth in Exhibit “A”.

 

5

 

Section 3.4                                   Property
Locations.  The Inventory, Equipment
and Fixtures which are at any time included by AirNet in the calculation of the
Borrowing Base are located solely at the locations described in the Exhibit “A”
originally attached to this Agreement or any updated replacement Exhibit “A”
hereinafter provided to Agent as permitted below. To the extent Fast Forward
proposes that any such items of Collateral be located at any new locations
(i.e., not shown on the Exhibit “A” originally attached hereto), Fast Forward
shall provide thirty (30) days’ prior notice thereof to Agent together with an
updated Exhibit “A”.  All of said
locations are owned by Fast Forward or AirNet except for locations (i) which
are leased by Fast Forward as lessee and designated in Part B of Exhibit “A” or
(ii) at which Inventory is held in a public warehouse or is otherwise held by a
bailee or on consignment as designated in Part C of Exhibit “A”, with respect
to which Inventory Fast Forward has used its best commercially reasonable
efforts to obtain and deliver bailment agreements, warehouse receipts,
financing statements or other documents satisfactory to the Agent to protect
the Agent’s security interest in such Inventory.

 

Section 3.5                                   No
Other Names.  Fast Forward has not
conducted business under any name except the name in which it has executed this
Security Agreement.

 

Section 3.6                                   No
Default.  No Default or Unmatured
Default exists.

 

Section 3.7                                   Accounts
and Chattel Paper.  The names of the
obligors, amounts owing, due dates and other information with respect to the
Accounts and Chattel Paper are and will be correctly stated in all material
respects in all records of Fast Forward relating thereto and in all invoices
and reports with respect thereto furnished to the Agent by Fast Forward from
time to time.  As of the time when each
Account or each item of Chattel Paper arises, Fast Forward shall be deemed to
have represented and warranted that such Account or Chattel Paper, as the case
may be, and all records relating thereto, are genuine and in all material
respects what they purport to be.

 

Section 3.8                                   Filing
Requirements.  None of the Equipment
which constitutes Collateral hereunder is covered by any certificate of title,
except as described in Part A of Exhibit “B,” which Part A of Exhibit B shall
not include specific certificate of title information with respect to each item
of Equipment referenced thereon unless such information is requested by the
Agent.  None of the Collateral is of a
type for which security interests or liens may be perfected by filing under any
federal statute except (i) as described in Part B of Exhibit “B” and (ii) patents,
trademarks and copyrights held by Fast Forward and described in Part C of
Exhibit “B”.  The legal description,
county and street address of the property on which any material Fixtures are
located is set forth in Exhibit “C” together with the name and address of the
record owner of each such property.

 

Section 3.9                                   No
Financing Statements.  No financing
statement describing all or any portion of the Collateral which has not lapsed
or been terminated naming Fast Forward as debtor has been filed in any
jurisdiction except (i) financing statements naming the Agent as the secured
party, (ii) as described in Exhibit “D” and (iii) as permitted by
Section 4.1(f).

 

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Section 3.10                            Federal
Employer Identification Number. 
Fast Forward’s Federal employer identification number is
     -                      .

 

ARTICLE IV

 

Covenants

 

From the date of this
Security Agreement, and thereafter until this Security Agreement is terminated:

 

Section 4.1                                   General.

 

 (a)                               Inspection.  Fast Forward shall permit the Agent, by its
representatives and agents (i) to inspect the Collateral, provided that Agent
or such representative or agent shall provide reasonable notice to Fast Forward
or AirNet prior to any such inspection made at any time prior to the occurrence
of a Default, (ii) to examine and make copies of the records of Fast Forward
relating to the Collateral and (iii) to discuss the Collateral and the related
records of Fast Forward with, and to be advised as to the same by, Fast
Forward’s officers and employees (and, in the case of any Receivable, with any
person or entity which is or may be obligated thereon at any time after the
occurrence and during the continuance of an Event of Default), all at such
reasonable times and intervals as the Agent may determine, and all at Fast
Forward’s expense.

 

 (b)                              Taxes.  Fast Forward shall pay when due all taxes,
assessments and governmental charges and levies upon the Collateral, except
those which are being contested in good faith by appropriate proceedings and
with respect to which no Lien exists.

 

 (c)                               Records and Reports.  Fast Forward shall maintain complete and
accurate books and records with respect to the Collateral, and furnish to the
Agent such reports relating to the Collateral as the Agent shall from time to
time request.

 

 (d)                              Financing Statements
and Other Actions; Defense of Title. 
Fast Forward shall execute and deliver (if necessary) to the Agent, and
authorizes the Agent to file, all financing statements and other documents and
take such other actions, all as may from time to time be reasonably requested
by the Agent in order to maintain a first perfected security interest (subject
to any prior Permitted Liens) in and, in the case of Investment Property,
Control of, the Collateral.  Fast
Forward shall take any and all actions necessary to (i) defend title to the
Collateral against all persons and (ii) defend the security interest of the
Agent in the Collateral and the priority thereof, in each case as against any
Lien not expressly permitted hereunder.

 

 (e)                               Disposition of
Collateral.  Fast Forward shall not
sell, lease or otherwise dispose of the Collateral at any time except
prior to such time as (i) a Default has occurred, dispositions specifically
permitted under the Credit Agreement or any other Loan Documents, (ii) Agent
has (after the occurrence of a Default) issued a notice to Fast Forward
instructing Fast Forward to cease such transactions, sales or leases of
Inventory in the ordinary course of business, and (iii) Agent has issued a
notice to Fast Forward pursuant to Article VII, proceeds of Inventory and
Accounts collected in the ordinary course of business.

 

7

 

 (f)                                 Liens.  Fast Forward shall not create, incur, or
suffer to exist any Lien on the Collateral except (i) the security interest
created by this Security Agreement, (ii) existing Liens described in Exhibit
“D” and (iii) other Permitted Liens.

 

 (g)                              Change in Location or
Name.  Fast Forward shall not (i)
have any Inventory, Equipment or Fixtures which is at such time included by
AirNet in the calculation of the Borrowing Base, or proceeds or products
thereof (other than Inventory and proceeds thereof disposed of as permitted by
Section 4.1(e)) at a location other than a location specified in Exhibit “A”,
(ii) maintain records relating to the Receivables at any time included by
AirNet in the calculation of the Borrowing Base at a location other than at the
location specified on Exhibit “A”, (iii) maintain any material place of
business at a location other than a location specified on Exhibit “A”, unless
Fast Forward and/or AirNet shall have given Agent not less than 15 days’ prior
written notice thereof, (iv) change its name or taxpayer identification number,
unless Fast Forward and/or AirNet shall have given Agent not less than 15 days’
prior written notice thereof, (v) change its mailing address, unless Fast
Forward and/or AirNet shall have given Agent not less than 15 days’ prior
written notice thereof, or (vi) change the jurisdiction of its organization,
whether by “reorganization” in another state or otherwise, unless Fast Forward
and/or AirNet shall have given the Agent not less than 30 days’ prior written
notice thereof, and the Agent shall have reasonably determined that any of the
foregoing events specified in (i) – (vi) above will not adversely affect the
validity, perfection or priority of the Agent’s security interest in the
Collateral.

 

 (h)                              Other Financing
Statements.  Fast Forward shall not
authorize the filing of any financing statement naming it as debtor covering
all or any portion of the Collateral, except with respect to Liens permitted by
Section 4.1(f).

 

Section 4.2                                   Receivables.

 

 (a)                               Certain Agreements on
Receivables.  Fast Forward shall not
make or agree to make any discount, credit, rebate or other reduction in the
original amount owing on a Receivable which is at such time included by AirNet
in the calculation of the Borrowing Base or accept in satisfaction of a
Receivable less than the original amount thereof, except that, so long as no
Default has occurred and is continuing, Fast Forward may reduce the amount of
Accounts in accordance with its present policies and in the ordinary course of
business.

 

 (b)                              Collection of
Receivables.  Except as otherwise
provided in this Security Agreement, Fast Forward shall collect and enforce, at
Fast Forward’s sole expense, all amounts due or hereafter due to Fast Forward
under the Receivables included at such time by AirNet in the calculation of the
Borrowing Base.

 

 (c)                               Delivery of Invoices.  Fast Forward shall deliver to the Agent
promptly upon its request made after the occurrence and during the continuance
of a Default duplicate invoices with respect to each Account bearing such
language of assignment as the Agent shall specify.

 

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(d)                                 Disclosure
of Counterclaims on Receivables.  If
(i) any discount, credit or agreement to make a rebate or to otherwise reduce
the amount owing on a material Receivable exists which is not permitted
hereunder or (ii) if, to the knowledge of Fast Forward, any dispute, setoff,
claim, counterclaim or defense exists or has been asserted or threatened which
might reasonably be expected to result in a material reduction with respect to
such Receivable, Fast Forward shall disclose such fact to the Agent in writing
in connection with the inspection by the Agent of any record of Fast Forward
relating to such Receivable and in connection with any invoice or report
furnished by Fast Forward to the Agent relating to such Receivable.

 

Section 4.3                                   Inventory
and Equipment.

 

(a)                                  Maintenance
of Goods.  Fast Forward shall do all
things necessary to maintain, preserve, protect and keep the Inventory and the
Equipment in good repair and working and saleable condition.

 

(b)                                 Insurance.

 

(i)                                     Fast
Forward shall maintain insurance on the Inventory and Equipment containing a
lender’s loss payable clause in favor of the Agent and providing that said
insurance will not be terminated except after at least 30 days’ written notice
from the insurance company to the Agent, of the type and subject to the
requirements set forth in the Credit Agreement.

 

(ii)                                  In
the event of any loss or damage to any Collateral in excess of $250,000
occasioned by fire or other hazard, Fast Forward shall give prompt written
notice to the insurance carrier and to the Agent.  So long as no Default has occurred and is continuing, Fast
Forward shall be permitted to make proof of loss, to adjust and compromise any
claim under insurance policies, to appear in and prosecute any action arising
from such insurance policies, and to collect and receive insurance
proceeds.  If a Default has occurred and
is continuing, and/or with respect to any loss or damage in excess of $250,000,
Agent shall have the right, on behalf of Fast Forward, to make proof of loss,
to adjust and compromise any claim under insurance policies, to appear in and
prosecute any action arising from such insurance policies, to collect and
receive insurance proceeds, and to deduct therefrom the Agent’s reasonable expenses
incurred in the collection of such proceeds; provided, however, that nothing
contained in this Section 4.3 shall require Agent to incur any expense or
take any action hereunder.  In the event
of any such loss or damage which occurs or for which insurance proceeds are
paid at any time after the occurrence and during the continuance of a Default,
and/or with respect to any loss or damage in excess of $250,000, Agent, at its
option, shall have the right to (x) have the balance of such insurance proceeds
used for the purpose of reimbursing Fast Forward for the cost of restoration,
repair or replacement of the Collateral, or (y) apply the balance of such
proceeds to the payment of the Obligations, whether or not then due, in such
order of application as determined by the Agent, and Fast Forward hereby
assigns to the Agent all rights of Fast Forward in and to any insurance
proceeds paid or to be paid as a result of any such loss or damage.

 

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(iii)                               If the insurance
proceeds held by the Agent as provided in subpart (ii) of this
Section 4.2(b) are to be used to reimburse Fast Forward for the cost of
restoration, repair or replacement of the Collateral, Fast Forward shall,
notwithstanding the adequacy of the insurance proceeds, promptly restore,
repair and/or replace the Collateral, such that the Collateral shall be at
least equal in value and general use as it was prior to the damage or
destruction and said proceeds shall be provided to Fast Forward upon delivery to
the Agent of satisfactory proof of said restoration, repair and/or replacement.

 

(c)                                  Titled
Vehicles. Upon request, Fast Forward shall (i) deliver to the Agent the
original of any title certificate for any vehicle included at such time by
AirNet in the calculation of the Borrowing Base and do all things necessary to
have the Lien of the Agent noted on any such certificate, and (ii) give the
Agent notice of its acquisition of any vehicle covered by a certificate of
title included at such time by AirNet in the calculation of the Borrowing Base.

 

Section 4.4                                   Instruments,
Securities, Chattel Paper, Documents and Pledged Deposits.  To the extent any of the same is included at
such time by AirNet in the calculation of the Borrowing Base, Fast Forward
shall, upon the request of the Agent at any time and from time to time (i)
deliver to the Agent the originals of all Chattel Paper, Securities and
Instruments, (ii) hold in trust for the Agent upon receipt and immediately
thereafter deliver to the Agent such Chattel Paper, Securities and Instruments
constituting Collateral, (iii) deliver to the Agent such Pledged Deposits which
are evidenced by certificates included in the Collateral endorsed in blank,
marked with such legends and assigned as the Agent shall specify, and (iv)
deliver to the Agent (and thereafter hold in trust for the Agent upon receipt
and immediately deliver to the Agent) any Document evidencing or constituting
such Collateral.

 

Section 4.5                                   Pledged
Deposits.  Fast Forward shall not
withdraw all or any portion of any Pledged Deposit included at such time by
AirNet in the calculation of the Borrowing Base or fail to rollover any such
Pledged Deposit without the prior written consent of the Agent.

 

Section 4.6                                   Deposit
Accounts.  Fast Forward shall (i)
upon the Agent’s request, notify each bank or other financial institution in
which it maintains a Deposit Account or other deposit (general or special, time
or demand, provisional or final) included at such time by AirNet in the
calculation of the Borrowing Base of the security interest granted to the Agent
hereunder and cause each such bank or other financial institution to
acknowledge such notification in writing and (ii) upon the Agent’s request,
deliver to each such bank or other financial institution a letter, in form and
substance acceptable to the Agent, transferring dominion and control over each
such account to the Agent.  In the case
of deposits maintained with the Agent, the terms of such letter shall be
subject to the provisions of the Credit Agreement regarding setoffs.

 

Section 4.7                                   Federal,
State or Municipal Claims.  Fast
Forward shall notify the Agent of any Collateral included at such time by
AirNet in the calculation of the Borrowing Base which constitutes a claim
against the U.S. government or any state or local government or any
instrumentality or agency thereof, the assignment of which claim is restricted
by federal, state or municipal law.

 

10

 

ARTICLE V

 

Default

 

Section 5.1                                   The
occurrence of any Default under and as defined in the Credit Agreement shall
constitute a “Default” hereunder.

 

Section 5.2                                   Acceleration
and Remedies.  Upon the acceleration
of the Obligations under the Credit Agreement, the Obligations shall
immediately become due and payable without presentment, demand, protest or
notice of any kind, all of which are hereby expressly waived, and the Agent may
exercise any or all of the following rights and remedies:

 

(a)                                  Those
rights and remedies provided in this Security Agreement, the Credit Agreement
or any other Loan Document, provided that this Section 5.2(a) shall
not be understood to limit any rights or remedies available to the Agent prior
to a Default.

 

(b)                                 Those
rights and remedies available to a secured party under the UCC (whether or not
the UCC applies to the affected Collateral) or under any other applicable law
(including, without limitation, any law governing the exercise of a bank’s
right of setoff or bankers’ lien) when a debtor is in default under a security
agreement.

 

(c)                                  Without
notice except as specifically provided in Section 8.1 or elsewhere herein,
sell, lease, assign, grant an option or options to purchase or otherwise
dispose of the Collateral or any part thereof in one or more parcels at public
or private sale, for cash, on credit or for future delivery, and upon such
other terms as the are commercially reasonable.

 

Section 5.3                                   Fast
Forward’s Obligations Upon a Default. 
Upon the request of the Agent after the occurrence and during the
continuance of a Default, Fast Forward shall:

 

 (a)                               Assembly of
Collateral.  Assemble and make
available to the Agent the Collateral and all records relating thereto at any
place or places specified by the Agent which are reasonably convenient to both
Agent and Fast Forward.

 

 (b)                              Secured Party Access.  Permit the Agent or any Lender, by the
Agent’s or such Lender’s representatives and agents or otherwise, to enter any
premises where all or any part of the Collateral, or the books and records
relating thereto, or both, are located, to take possession of all or any part
of the Collateral and to remove all or any part of the Collateral.

 

Section 5.4                                   License.  The Agent is hereby granted a license or
other right to use, following the occurrence and during the continuance of a
Default, without charge, Fast Forward’s labels, patents, copyrights, rights of
use of any name, trade secrets, trade names, trademarks, service marks,
customer lists and advertising matter, or any property of a similar nature, as
it pertains to the Collateral, in completing production of, advertising for
sale, and selling any Collateral, and, following the occurrence and during the
continuance of a Default, Fast Forward’s rights under all licenses and all
franchise agreements shall inure to the Agent’s benefit.  In addition, Fast Forward hereby irrevocably
agrees that the Agent may, following the occurrence

 

11

 

and during the
continuance of a Default, sell any of Fast Forward’s Inventory directly to any
person, including without limitation persons who have previously purchased Fast
Forward’s Inventory from Fast Forward and in connection with any such sale or
other enforcement of the Agent’s rights under this Security Agreement, may sell
Inventory which bears any trademark owned by or licensed to Fast Forward and
any Inventory that is covered by any copyright owned by or licensed to Fast
Forward and the Agent may finish any work in process and affix any trademark
owned by or licensed to Fast Forward and sell such Inventory as provided
herein.

 

ARTICLE VI

 

Waivers,
Amendments and Remedies

 

No delay or omission of the Agent to exercise any
right or remedy granted under this Security Agreement shall impair such right
or remedy or be construed to be a waiver of any Default or an acquiescence
therein, and any single or partial exercise of any such right or remedy shall
not preclude any other or further exercise thereof or the exercise of any other
right or remedy.  No waiver, amendment
or other variation of the terms, conditions or provisions of this Security
Agreement whatsoever shall be valid unless in writing signed by the Agent and
Fast Forward or AirNet on behalf of Fast Forward and then only to the extent in
such writing specifically set forth. 
All rights and remedies contained in this Security Agreement or by law
afforded shall be cumulative and all shall be available to the Agent until the
Secured Obligations have been paid in full.

 

ARTICLE VII

 

Proceeds;
Collection of Receivables

 

 Section 7.1                                Lockboxes.  Upon request of the Agent made after the
occurrence and during the continuance of a Default, Fast Forward shall execute
and deliver to the Agent irrevocable lockbox agreements in the form provided by
or otherwise acceptable to the Agent, which agreements shall be accompanied by
an acknowledgment by the bank where the lockbox is located of the Lien of the
Agent granted hereunder and of irrevocable instructions to wire all amounts
collected therein to a special collateral account at the Agent.

 

Section 7.2                                   Collection
of Receivables.  The Agent may, by
giving Fast Forward and/or AirNet written notice at any time after the
occurrence and during the continuance of any Default, elect to require that the
Receivables be paid directly to the Agent. 
In such event, Fast Forward shall, and shall permit the Agent to,
promptly notify the account debtors or obligors under the Receivables of the
Agent’s interest therein and direct such account debtors or obligors to make
payment of all amounts then or thereafter due under the Receivables directly to
the Agent.  Upon receipt of any such
notice from the Agent, Fast Forward shall thereafter hold in trust for the
Agent all amounts and proceeds received by it with respect to the Receivables
and Other Collateral and immediately and at all times thereafter deliver to the
Agent all such amounts and proceeds in the same form as so received, whether by
cash, check, draft or otherwise, with any necessary endorsements.  The Agent shall hold and apply funds so received
as provided by the terms of Sections 7.3 and 7.4.

 

12

 

 Section 7.3                                Special Collateral
Account.  The Agent may, by giving
Fast Forward and/or AirNet written notice at any time after the occurrence and
during the continuance of any Default, require all cash proceeds of the
Collateral to be deposited in a special non-interest bearing cash collateral
account with the Agent and held there as security for the Secured
Obligations.  Fast Forward shall have no
control whatsoever over said cash collateral account.  If no Unmatured Default or Default has thereafter occurred and is
then continuing, the Agent shall from time to time deposit the collected
balances in said cash collateral account into the general operating account of
Fast Forward and/or AirNet with the Agent. 
If any Unmatured Default or Default has occurred and is continuing, the
Agent may, from time to time, apply the collected balances in said cash
collateral account to the payment of the Secured Obligations whether or not the
Secured Obligations shall then be due.

 

Section 7.4                                   Application
of Proceeds.  The proceeds of the
Collateral shall be applied by the Agent to payment of the Secured Obligations
in the following order unless a court of competent jurisdiction shall otherwise
direct:

 

(a)                                  FIRST,
to payment of all costs and expenses of the Agent incurred in connection with
the collection and enforcement of the Secured Obligations or of the security
interest granted to the Agent pursuant to this Security Agreement;

 

(b)                                 SECOND,
to payment of that portion of the Secured Obligations constituting accrued and
unpaid interest and fees pro rata among those parties to whom such interest and
fees are due in accordance with the amount of such accrued and unpaid interest
and fees among each of them;

 

(c)                                  THIRD,
to payment of the principal of the Secured Obligations then due and unpaid pro
rata among those parties to whom such Secured Obligations are due in accordance
with the amounts owing to each of them; and

 

(d)                                 FOURTH,
the balance, if any, after all of the Secured Obligations have been satisfied,
shall be deposited by the Agent into the general operating account of Fast
Forward and/or AirNet with the Agent.

 

ARTICLE VIII

 

General Provisions

 

Section 8.1                                   Notice
of Disposition of Collateral.  To
the extent permitted by law, Fast Forward hereby waives notice of the time and
place of any public sale or the time after which any private sale or other
disposition of all or any part of the Collateral may be made.  To the extent such notice may not be waived
under applicable law, any notice made shall be deemed reasonable if sent to
Fast Forward, addressed as set forth in Section 8.16, at least ten days
prior to (i) the date of any such public sale or (ii) the time after which any
such private sale or other disposition may be made.

 

13

 

 Section 8.2                                Compromises and
Collection of Collateral.  Fast
Forward and the Agent recognize that setoffs, counterclaims, defenses and other
claims may be asserted by obligors with respect to certain of the Receivables,
that certain of the Receivables may be or become uncollectible in whole or in
part and that the expense and probability of success in litigating a disputed
Receivable may exceed the amount that reasonably may be expected to be
recovered with respect to a Receivable. 
In view of the foregoing, Fast Forward agrees that the Agent may at any
time and from time to time, if a Default has occurred and is continuing,
compromise with the obligor on any Receivable, accept in full payment of any
Receivable such amount as the Agent in its sole discretion shall determine or
abandon any Receivable, and any such action by the Agent shall be commercially
reasonable so long as the Agent acts in good faith based on information known to
it at the time it takes any such action.

 

 Section 8.3                                Secured Party
Performance of Fast Forward Obligations. 
Without having any obligation to do so, the Agent may perform or pay any
obligation which Fast Forward and/or AirNet has agreed to perform or pay in
this Security Agreement and Fast Forward shall reimburse the Agent for any
amounts paid by the Agent pursuant to this Section 8.3.  Fast Forward’s obligation to reimburse the
Agent pursuant to the preceding sentence shall be a Secured Obligation payable
on demand.

 

Section 8.4                                   Authorization
for Secured Party to Take Certain Action. 
Fast Forward irrevocably authorizes the Agent in the sole discretion of
the Agent and appoints the Agent as its attorney in fact (i) to execute, if
necessary, on behalf of Fast Forward as debtor, and to file financing
statements necessary or desirable in the Agent’s sole discretion to perfect and
to maintain the perfection and priority of the Agent’s security interest in the
Collateral, (ii) to, with respect to any such cash proceeds received by Agent
after the occurrence and during the continuance of any Default and/or at all
other times to the extent any such cash proceeds are received by Agent pursuant
to this Agreement or any cash management or other agreement between Agent and
Fast Forward and/or AirNet, indorse and collect any cash proceeds of the
Collateral, (iii) to file a carbon, photographic or other reproduction of this
Security Agreement or any financing statement with respect to the Collateral as
a financing statement in such offices as the Agent in its sole discretion deems
necessary or desirable to perfect and to maintain the perfection and priority
of the Agent’s security interest in the Collateral, (iv) to contact and enter
into one or more agreements with the issuers of uncertificated securities which
are Collateral and which are Securities or with financial intermediaries
holding other Investment Property as may be necessary or advisable to give the
Agent Control over such Securities or other Investment Property, (v) at any
time after the occurrence and during the continuance of a Default, to enforce
payment of the Receivables in the name of the Agent or Fast Forward, (vi) to
apply the proceeds of any Collateral received by the Agent to the Secured
Obligations as provided in Article VII and (vii) to discharge past due
taxes, assessments, charges, fees or Liens on the Collateral (except for such
Liens as are specifically permitted hereunder), and Fast Forward agrees to
reimburse the Agent on demand for any payment made or any expense incurred by
the Agent in connection therewith, provided that this authorization
shall not relieve Fast Forward or any other Person of any of its or their
respective obligations under this Security Agreement or under the Credit Agreement.

 

14

 

 Section 8.5                                Specific Performance
of Certain Covenants.  Fast Forward
acknowledges and agrees that a breach of any of the covenants contained in
Sections 4.1(e), 4.1(f), 4.4, 5.3, or 8.7 or in Article VII will cause
irreparable injury to the Agent that the Agent have no adequate remedy at law
in respect of such breaches and therefore agrees, without limiting the right of
the Agent to seek and obtain specific performance of other obligations of Fast
Forward contained in this Security Agreement, that the covenants of Fast
Forward contained in the Sections referred to in this Section 8.5 shall be
specifically enforceable against Fast Forward.

 

 Section 8.6                                Use and Possession
of Certain Premises.  Upon the
occurrence and during the continuance of a Default, the Agent shall be entitled
to occupy and use any premises owned or leased by Fast Forward where any of the
Collateral or any records relating to the Collateral are located until the
Secured Obligations are paid or the Collateral is removed therefrom, whichever
first occurs, without any obligation to pay Fast Forward for such use and
occupancy.

 

 Section 8.7                                Dispositions Not
Authorized.  Fast Forward is not
authorized to sell or otherwise dispose of the Collateral except as set forth
in Section 4.1(e) and notwithstanding any course of dealing between Fast
Forward and/or AirNet and the Agent or any Lender or other conduct of the Agent
or any Lender, no authorization to sell or otherwise dispose of the Collateral
(except as set forth in Section 4.1(e)) shall be binding upon the Agent
unless such authorization is in writing signed by the Agent.

 

Section 8.8                                   Benefit
of Agreement.  The terms and
provisions of this Security Agreement shall be binding upon and inure to the
benefit of Fast Forward, the Agent and the Lenders, except that Fast Forward
shall not have the right to assign its rights or delegate its obligations under
this Security Agreement or any interest herein, without the prior written
consent of the Agent and/or the Lenders as required under the Credit Agreement.

 

Section 8.9                                   Survival
of Representations.  All
representations and warranties of Fast Forward contained in this Security
Agreement shall survive the execution and delivery of this Security Agreement.

 

Section 8.10                            Taxes
and Expenses.  Any taxes (including
income taxes) payable or ruled payable by Federal or State authority in respect
of this Security Agreement shall be paid by Fast Forward, together with
interest and penalties, if any.  Fast
Forward shall reimburse the Agent for any and all out-of-pocket expenses and
internal charges (including reasonable attorneys’, auditors’ and accountants’
fees and reasonable time charges of attorneys, paralegals, auditors and
accountants who may be employees of the Agent paid or incurred by the Agent in
connection with the preparation, execution, delivery, administration,
collection and enforcement of this Security Agreement and in the audit,
analysis, administration, collection, preservation or sale of the Collateral
(including the expenses and charges associated with any periodic or special
audit of the Collateral).  Any and all
costs and reasonable expenses incurred by Fast Forward in the performance of
actions required pursuant to the terms hereof shall be borne solely by Fast
Forward.

 

15

 

Section 8.11                            Headings.  The title of and section headings in
this Security Agreement are for convenience of reference only, and shall not
govern the interpretation of any of the terms and provisions of this Security
Agreement.

 

Section 8.12                            Termination.  This Security Agreement shall continue in
effect (notwithstanding the fact that from time to time there may be no Secured
Obligations outstanding) until (i) the Credit Agreement has terminated pursuant
to its express terms and (ii) all of the Secured Obligations have been
indefeasibly paid and performed in full and no commitments of the Agent which
would give rise to any Secured Obligations are outstanding.

 

Section 8.13                            Entire
Agreement.  This Security Agreement
embodies the entire agreement and understanding between Fast Forward, the
Lenders and the Agent relating to the Collateral and supersedes all prior
agreements and understandings between Fast Forward, the Lenders and the Agent
relating to the Collateral.

 

Section 8.14                            Choice
of Law.  This Security Agreement
shall be construed in accordance with the internal laws (but without regard to
the conflict of laws principles) of the State of Ohio, but giving effect to
federal laws applicable to national banks.

 

Section 8.15                            Indemnity.  Fast Forward hereby agrees to indemnify the
Agent, the Lenders, and their respective officers, agents, employees,
representatives, directors and shareholders from and against any and all liabilities,
damages, penalties, suits, costs, and expenses of any kind and nature
(including, without limitation, all expenses of litigation or preparation
therefor whether or not the Agent a party thereto) imposed on, incurred by or
asserted against any of them in any way relating to or arising out of this
Security Agreement, or the manufacture, purchase, acceptance, rejection,
ownership, delivery, lease, possession, use, operation, condition, sale, return
or other disposition of any Collateral (including, without limitation, latent
and other defects, whether or not discoverable by any such indemnified party or
Fast Forward, and any claim for patent, trademark or copyright infringement)
unless such liabilities, damages, penalties, suits, costs and expenses are
determined by a court of competent jurisdiction in a final non-appealable
judgment to have occurred directly as a result of any such indemnified party’s
gross negligence or willful misconduct.

 

 Section 8.16                         Sending
Notices.  Any notice required or
permitted to be given under this Security Agreement shall be sent (and deemed
received) in the manner and to the addresses set forth in Section 12.14 of
the Credit Agreement.

 

Section 8.17                            WAIVER
OF JURY TRIAL.  FAST FORWARD AND THE
AGENT HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY
OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT CONTRACT OR OTHERWISE) IN
ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS SECURITY AGREEMENT
OR THE RELATIONSHIP ESTABLISHED THEREUNDER.

 

Section 8.18                            Consent To Jurisdiction.  Fast Forward hereby irrevocably submits to
the non-exclusive jurisdiction of any U.S. federal or Ohio state court sitting
in Columbus, Ohio in

 

16

 

any action or proceeding arising out of or
relating to this Security Agreement and Fast Forward hereby irrevocably agrees
that all claims in respect of such action or proceeding may be heard and
determined in any such court and irrevocably waives any objection it may now or
hereafter have as to the venue of any such suit, action or proceeding brought
in such a court or that such court is an inconvenient forum.  Nothing herein shall limit the right of the
Agent to bring proceedings against Fast Forward in the courts of any other jurisdiction.  Any judicial proceeding by Fast Forward
against the Agent or any affiliate of the Agent involving, directly or
indirectly, any matter in any way arising out of, related to, or connected with
this Security Agreement shall be brought only in a court in Columbus, Ohio.

 

Section 8.19                             Counterparts.  This Security Agreement may be executed in
any number of counterparts, all of which taken together shall constitute one
agreement, and any of the parties hereto may execute this Security Agreement by
signing any such counterpart.

 

IN WITNESS WHEREOF, Fast
Forward and the Agent have executed this Security Agreement as of the date
first above written.

 

	
   

  	
  FAST FORWARD:

  
	
   

  	
   

  
	
   

  	
  FAST FORWARD SOLUTIONS,
  LLC,

  
	
   

  	
  an Ohio limited
  liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Gary W. Qualmann

  	
   

  
	
   

  	
   

  	
  Gary W. Qualmann

  
	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AGENT:

  
	
   

  	
   

  
	
   

  	
  THE HUNTINGTON NATIONAL
  BANK,

  
	
   

  	
  a national banking
  association, individually and as

  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  John M. Luehmann

  	
   

  
	
   

  	
   

  	
  John M. Luehmann, Vice
  President

  
						

 

17

 

EXHIBIT “A”

(See Sections 3.3,
3.4, and 4.1.(g) of Security Agreement)

 

Principal Place of
Business and Mailing Address:

 

 

Location(s) of
Receivables Records (if different from Principal Place of Business above):

 

 

Locations of Inventory
and Equipment and Fixtures:

 

A.                                   Properties
Owned by Fast Forward:

 

 

B.                                     Properties
Leased by Fast Forward (Include Landlord’s Name):

 

 

C.                                     Public
Warehouses or other Locations pursuant to Bailment or Consignment Arrangements
(include name of Warehouse Operator or other Bailee or Consignee):

 

18

 

EXHIBIT “B”

(See
Section 3.8 of Security Agreement)

 

A.                                   Vehicles
subject to certificates of title:

 

	
  Description

  	
   

  	
  Title
  Number & State Where Issued

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

B.                                     Aircraft/engines,
ships, railcars and other vehicles governed by federal statute:

 

	
  Description

  	
   

  	
  Registration
  Number

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

C.                                     Patents,
copyrights, trademarks protected under federal law*:

 

 

*For (i) trademarks, show
the trademark itself, the registration date and the registration number; (ii)
trademark applications, show the trademark applied for, the application filing
date and the serial number of the application; (iii) patents, show the patent
number, issue date and a brief description of the subject matter of the patent;
and (iv) patent applications, show the serial number of the application, the
application filing date and a brief description of the subject matter of the
patent applied for.  Any licensing
agreements for patents or trademarks should be described on a separate
schedule.

 

19

 

EXHIBIT “C”

(See
Section 3.8 of Security Agreement)

 

Legal description,
county and street address of property on which

Fixtures are
located:

 

 

Name and Address of Record Owner:

 

 

 

20

 

EXHIBIT “D”

 

(See Sections 3.9
and 4.1(f) of Security Agreement)

 

EXISTING LIENS ON
THE COLLATERAL

 

	
  Secured Party

  	
   

  	
  Collateral

  	
   

  	
  Principal
  Balance

  	
   

  	
  Maturity

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

21

 

EXHIBIT “E”

(See
Section 3.1 of Security Agreement)

 

OFFICES IN WHICH
FINANCING STATEMENTS HAVE BEEN FILED

 

Secretary of State
of the State of Ohio

 

22Exhibit 4.8

 

EXECUTION COPY

 

STOCK PLEDGE AGREEMENT

 

THIS STOCK PLEDGE AGREEMENT
(this “Agreement”) is made as of the 28th day of May, 2004, by
AirNet Systems, Inc., an Ohio corporation (the “Pledgor”), in favor of The
Huntington National Bank, a national banking association (the “Agent”), for
itself and as agent for the lenders (the “Lenders”) from time to time party to
the Credit Agreement described below.

 

Background Information

 

A.            The
Pledgor is the owner of 100% of the issued and outstanding shares of common
stock of each of the following corporations (each, separately and collectively,
the “Company”) (i) AirNet Management, Inc., an Ohio corporation, (ii) Jetride,
Inc., an Ohio corporation, (iii) Float Control, Inc., a Michigan corporation,
(iv) timexpress.com, inc., an Ohio corporation, and (v) AirNet Systems Canada,
Inc., a corporation formed under the laws of Ontario, Canada and formerly known
as AirNet Systems, Inc.

 

B.            The
Agent and the Lenders have agreed to enter into a certain Amended and Restated
Credit Agreement dated of even date herewith (as the same may be amended,
modified, supplemented, extended, restated or replaced from time to time, the
“Credit Agreement”) with Pledgor, pursuant to which the Agent and the Lenders
shall extend credit to Pledgor, on certain terms and conditions, including,
without limitation, that Pledgor enter into this Agreement.

 

Agreement

 

NOW, THEREFORE, in
consideration of the premises and in order to induce the Agent and the Lenders
to enter into the Credit Agreement, the Pledgor hereby agrees with the Agent as
follows:

 

Section 1.              Defined Terms. 
Unless otherwise defined herein, terms defined in the Credit Agreement
shall have such defined meanings when used herein.

 

“Collateral”
shall mean all property (whether described herein or not) at any time pledged
or required to be pledged to the Agent hereunder, including the Pledged Stock,
and all payments to be made by the Company pursuant thereto, income therefrom
and proceeds thereof.

 

“Lender” and “Lenders” shall be as
defined in the preamble of this Agreement, provided, however, that each such
reference to Lender and Lenders shall include, to the extent the context
permits or requires, the LC Issuer and the Swingline Lender, as each such term
is defined in the Credit Agreement.

 

“Pledged
Stock” shall mean the shares of common stock of the Company
owned by the Pledgor evidenced by share certificate(s) number(s) referenced on
Schedule 1 hereto, together with all shares, certificates, options, rights or
other distributions issued as an addition to, in substitution or in exchange
for, or on account of, any such shares, and all proceeds of all the foregoing,
now or hereafter owned or acquired by the Pledgor.

 

 

Section 2.              Pledge.

 

(a)           The Pledgor hereby pledges, assigns, hypothecates, transfers and
delivers to the Agent the Pledged Stock and agrees to pledge all additional
shares of capital stock of the Company that the Pledgor may hereafter acquire;
and grants to the Agent a first lien on and security interest in (i) the Pledged
Stock; (ii) all certificates, shares, notes, obligations, distributions,
securities and other property issued or delivered from time to time in lieu of
or in substitution for or with respect to the Pledged Stock; (iii) all present
and future security and collateral for any of the foregoing; and (iv) all
payments or other proceeds under or with respect to any of the foregoing, as
collateral security for the due and punctual payment and performance of the
Obligations; provided that, notwithstanding the foregoing, in no event shall
more than 65% of the stock of AirNet Systems Canada, Inc. (or any other
Subsidiary that is organized under any law other than the law of a State of the
U.S.) be, or be required to be, made subject to this Agreement or otherwise
constitute Pledged Stock.

 

(b)           The Pledgor shall deliver to the Agent the certificate(s) for the
Pledged Stock and a stock transfer power(s) duly endorsed in blank
simultaneously herewith.

 

(c)           Upon the occurrence and during the continuance of an Event of Default,
Agent, at its option, may have any part or all of the Pledged Stock registered
in its name or that of its nominee, and the Pledgor hereby covenants that, upon
the occurrence and during the continuance of an Event of Default and upon the
Agent’s request, the Pledgor will cause the Company, the transfer agent or
registrar of the Pledged Stock to effect such registration.  Unless an Event of Default shall have
occurred and be continuing, Pledgor shall retain all voting rights with respect
to the Pledged Stock.  Immediately and
without further notice, upon the occurrence and during the continuance of an
Event of Default, whether or not the Pledged Stock shall have been registered
in the name of the Agent or its nominee, the Agent or its nominee shall have,
with respect to the Pledged Stock, the right to exercise all voting rights as
to the Pledged Stock, all other corporate rights and all conversion, exchange,
subscription or other rights, privileges or options pertaining thereto as if it
were the absolute owner thereof, including, without limitation, the right to
exchange any or all of the Pledged Stock upon the merger, consolidation,
reorganization, recapitalization or other readjustment of the issuer thereof,
or upon the exercise by such issuer of any right, privilege or option
pertaining to any of the Pledged Stock, and, in connection therewith, to
deliver any of the Pledged Stock to any committee, depository, transfer agent,
registrar or other designated agency upon such terms and conditions as its may
determine, all without liability except to account for property actually
received by it; provided, however, that (i) the Agent shall have no duty to
exercise any of the aforesaid rights, privileges or options and shall not be
responsible for any failure to do so or delay in so doing; and (ii) the Agent
may by written notice to the Pledgor relinquish, either partially or completely
in accordance with any terms or conditions the Agent may set forth in such
notice, any or all voting rights the Agent may acquire pursuant to this Section
2(c).

 

2

 

(d)           So long as no Event of Default shall have occurred and be continuing,
the Pledgor shall have the right to receive and retain all cash dividends and
other cash payments with respect to the Pledged Stock.  Upon the occurrence and during the
continuance of an Event of Default, the right of the Pledgor to receive any
such cash dividends and other cash payments shall terminate immediately.

 

Section 3.              Notice to the Company and Registrar. 
Within five (5) days after the execution of this Agreement, the Pledgor
shall give notice of the pledge of the Pledged Stock pursuant to the terms
hereof, in the form of the Notice of Pledge attached hereto as Exhibit A, to
the Company and the Company’s stock registrar/transfer agent.

 

Section 4.              Distributions, etc.  If
the Pledgor shall become entitled to receive or shall receive, in connection
with any of the Pledged Stock, any Collateral, including, without limitation:

 

(a)           stock certificates, including, but without limitation, any certificates
representing a stock dividend or issued in connection with any increase or
reduction of capital, reclassification, merger, consolidation, sale of assets,
combination of shares, stock split, spin-off or split-off;

 

(b)           options, warrants or rights, whether as an addition to, or in
substitution or in exchange for, any of the Pledged Stock, or otherwise; or

 

(c)           dividends or distributions payable in money (subject to the right of
the Pledgor to receive and retain such dividends and distributions in
accordance with Section 2(d) hereof) or other property, including securities
issued by any entity other than the Company;

 

then the Pledgor shall accept the same as the
Agent’s agent and hold the same in trust on behalf of and for the benefit of
the Agent and the Lenders, segregated from the other assets of the Pledgor and
deliver the same forthwith within 3 Business Days to the Agent, in the exact
form received, with the endorsement of the Pledgor when necessary and/or
appropriate undated powers, duly executed in blank, to be held by the Agent,
subject to the terms hereof, as additional collateral security for the
Obligations.  Any sums paid upon or in
respect of the Pledged Stock or Collateral upon the liquidation or dissolution
of the Pledgor or the Company shall be paid over to the Agent, to be held by it
in trust as additional collateral security for the Obligations.  Upon the occurrence and during the
continuance of an Event of Default, all sums of money and property so paid or
distributed in respect of the Pledged Stock or other Collateral which are
received by the Pledgor shall, until paid or delivered to the Agent, be held by
the Pledgor in trust, segregated from the other assets of the Pledgor, as additional
collateral security for the Obligations.

 

Section 5.              Events of Default.

 

(a)           The occurrence of any “Default” under, and as defined in the Credit
Agreement, shall constitute an “Event of Default”:

 

3

 

(i)            the Pledgor shall default in
the observance or performance of any term, covenant or agreement contained
herein; and/or

 

(ii)           a Default, as defined in the Credit Agreement, shall occur or exist
under this Agreement.

 

(b)           Upon the occurrence and during the continuance of any Event of Default,
the Agent, without demand of performance or other demand, advertisement or
notice of any kind (except the notice specified below of time and place of
public or private sale) to or upon the Pledgor or any other person (all and
each of which demands, advertisements and/or notices are hereby expressly
waived), may forthwith collect, receive, appropriate and realize upon the
Collateral, or any part thereof, and/or may forthwith sell, assign, give option
or options to purchase, contract to sell or otherwise dispose of and deliver
said Collateral, or any part thereof, in one or more parcels at public or
private sale or sales, at any exchange, broker’s board or at the Agent’s
offices or elsewhere upon such terms and conditions as it may deem advisable
and at such prices as it may deem best, for cash or on credit or for future
delivery without assumption of any credit risk, with the right to the Agent
upon any such sale or sales, public or private, to purchase the whole or any
part of said Collateral so sold, free of any right or equity of redemption in
the Pledgor, which right or equity is hereby expressly waived or released.  The Agent shall apply the net proceeds of
any such collection, recovery, receipt, appropriation, realization or sale,
after deducting all reasonable costs and expenses of every kind incurred
therein or incidental to the care, safekeeping or otherwise of any and all of
the Collateral, including reasonable attorneys’ fees and legal expenses, to the
payment in whole or in part of the Obligations in such order as the Agent may
elect, and only after so paying over such net proceeds and after the payment by
the Agent of any other amount required by any provision of law, need the Agent
account for the surplus, if any, to the Pledgor.  The Pledgor agrees that, to the extent permitted by law, the
Agent need not give more than ten (10) days’ notice of the time and place of
any public sale or of the time after which a private sale or other intended
disposition is to take place and that such notice is reasonable notification of
such matters.  No notification need be
given to the Pledgor if the Pledgor has signed after default a statement
renouncing or modifying any right to notification of sale or other intended
disposition.  In addition to the rights
and remedies granted to it in this Agreement and in any other instrument or
agreement securing, evidencing or relating to any of the Obligations, the Agent
shall have all the rights and remedies of a secured party under the Uniform
Commercial Code as adopted in the State of Ohio.  All waivers by the Pledgor of rights (including rights to notice)
and all rights and remedies afforded the Agent herein, and all other provisions
of this Agreement, are expressly made subject to any applicable mandatory
provisions of law limiting, or imposing conditions (including conditions as to
reasonableness) upon, such waivers or the effectiveness thereof or any such
rights and remedies.  Any sale or other
disposition of the Collateral shall be in compliance with all provisions of
applicable law (including applicable securities laws and applicable provisions
of the Uniform Commercial Code of the State of Ohio).

 

4

 

Section 6.              The Agent’s Appointment as Attorney-in-Fact.

 

(a)           Upon the occurrence and during the continuance of an Event of Default,
the Pledgor hereby irrevocably constitutes and appoints the Agent and any
officer or agent thereof, with full power of substitution, as its true and
lawful attorney-in-fact with full irrevocable power and authority in the place
and stead of Pledgor and in the name of the Pledgor or in its own name, from
time to time in the Agent’s reasonable discretion, for the purpose of carrying
out the actions and to execute any and all documents and instruments which may
be necessary or desirable to accomplish the purposes of this Agreement and,
without limiting the generality of the foregoing, hereby gives the Agent the
power and right, on behalf of the Pledgor, without notice to or assent by the
Pledgor to do the following:  (i) to
ask, demand, collect, receive and give acquittances and receipts for any and
all moneys due and to become due under the Collateral; (ii) in the name of the
Pledgor or its own name or otherwise, to take possession of and endorse and
collect any checks, drafts, notes, acceptances or other instruments for the
payments of moneys due under the Collateral; (iii) to file any claim or to take
any other action or proceeding in any court of law or equity or otherwise
deemed appropriate by the Agent for the purpose of collecting any and all such
moneys due under the Collateral whenever payable; (iv) to pay or discharge
taxes, liens, security interests or other encumbrances levied or placed on or
threatened against the Collateral; (v) to direct any party liable for any
payment under the Collateral to make payment of any and all moneys due and to
become due thereunder directly to the Agent or as the Agent shall direct; (vi)
to receive payment of any receipt for any and all moneys, claims and other
amounts due and to become due at any time in respect of or arising out of any
Collateral; (vii) to commence and prosecute any suits, actions or proceedings
at law or in equity in any court of competent jurisdiction to collect the
Collateral or any part thereof and to enforce any other right to respect of the
Collateral; (viii) to defend any suit, action or proceeding brought against the
Pledgor with respect to any Collateral; (ix) to settle, compromise or adjust any
suit, action or proceeding described above and, in connection therewith, to
give such discharges or releases as the Agent may deem appropriate, at the
Pledgor’s expense, at any time, or from time to time, and (x) to do all acts
and things which the Agent deems necessary to protect, preserve or realize upon
the Collateral and the Agent’s security interest therein, in order to effect
the intent of this Agreement, all as fully and effectively as the Pledgor might
do.

 

The
Pledgor hereby ratifies all that said attorney shall lawfully do or cause to be
done by virtue hereof.  This power of
attorney is a power coupled with an interest and shall be irrevocable.

 

(b)           The powers conferred on the Agent hereunder are solely to protect its
interests in the Collateral and shall not impose any duty upon it to exercise
any such powers. The Agent shall be accountable only for amounts that it
actually receives as a result of the exercise of such powers and neither it nor
any of its officers, directors, employees or agents shall be responsible to the
Pledgor for any act or failure to act, except for its own failure to act in a
commercially reasonable manner.

 

5

 

(c)           Upon the occurrence and during the continuance of an Event of Default,
the Pledgor also authorizes the Agent, at any time and from time to time, to
execute, in connection with any sale of the Collateral, any endorsements,
assignments or other instruments of conveyance or transfer with respect to the
Collateral.

 

Section 7.              Representations and Warranties of the Pledgor.  The
Pledgor represents and warrants that:

 

(a)           it is the legal record and beneficial owner of the Pledged Stock,
subject to no pledge, lien, mortgage, hypothecation, security interest, charge,
option or other encumbrance whatsoever, except the lien and security interest
created by this Agreement;

 

(b)           the Pledged Stock constitutes the percentage set forth on Schedule 1 of
the presently issued and outstanding shares of common stock of the Company;

 

(c)           the Pledgor has full power, authority and legal right to pledge, and
grant a security interest in, the Pledged Stock and the Collateral pursuant to
this Agreement;

 

(d)           this Agreement has been duly authorized, executed and delivered by the
Pledgor and constitutes a legal, valid and binding obligation of the Pledgor,
and is enforceable in accordance with its terms; except as enforceability may
be limited by bankruptcy, insolvency or similar laws affecting the enforcement
of creditors’ rights generally and general principles of equity;

 

(e)           no consent of any other person or entity, including the Company, and no
consent, license, permit, approval or authorization or, exemption by, notice or
report to, or registration, filing or declaration with, any governmental authority,
domestic or foreign, is required to be obtained by the Pledgor in connection
with the execution, delivery or performance of this Agreement or the pledge of
the Pledged Stock hereunder, in each case which has not been obtained or made,
as the case may be, and is not in full force and effect; and

 

(f)            the execution, delivery and performance of
this Agreement will not violate any provision of any applicable law or
regulation or of any order, judgment, writ, award or decree of any court,
arbitrator or governmental authority, domestic or foreign, or of the articles
of incorporation or the code of regulations of the Pledgor or of any securities
issued by the Pledgor, or of any mortgage, indenture, lease, contract, or other
agreement, instrument or undertaking to which the Pledgor or the Company is a
party or which purports to be binding upon the Pledgor or the Company or upon
any of the Pledgor’s or the Company’s assets and will not result in the
creation or imposition of any lien, charge or encumbrance on or security
interest in any of the assets of the Pledgor or the Company except as
contemplated by this Agreement or permitted under the Credit Agreement;

 

6

 

Section 8.              Covenants of the Pledgor.  
The Pledgor covenants and agrees that:

 

(a)           it shall defend the right, title and security interest of the Agent in
and to the Pledged Stock, the proceeds thereof and all other Collateral against
the claims and demands of all persons whomsoever, except Permitted Liens;

 

(b)           it shall have good title to and the right to pledge any other property
at any time hereafter pledged to the Agent as Collateral hereunder and will
likewise defend the right of the Agent thereto and the Agent’s security
interest therein;

 

(c)           it shall not sell, convey or otherwise dispose of any of the Pledged
Stock or any interest therein or create, incur or permit to exist any pledge,
mortgage, lien, charge, encumbrance or any security interest whatsoever in, or
with respect to, any of the Pledged Stock or the proceeds thereof, other than
that created hereby; and

 

(d)           except to the Pledgor or to a Guarantor which has executed and
delivered in favor of Agent, for the benefit of the Lenders, a stock pledge in
such form and substance as is reasonably acceptable to the Agent, it shall not
consent to, approve of or permit the issuance of any (i) additional shares of
any class of capital stock by the Company; (ii) any securities convertible
voluntarily by the holder thereof or automatically upon the occurrence or
nonoccurrence of any event or condition into, or exchangeable for, any such
shares; or (iii) warrants, options, rights or other commitments entitling any
person to purchase or otherwise acquire any such shares.

 

Section 9.              Limitation of Liability. 
Beyond the exercise of reasonable care to assure the safe custody of the
Pledged Stock while held hereunder and as required by law, the Agent shall have
no duty or liability to preserve rights pertaining thereto and shall be
relieved of all responsibility for the Pledged Stock upon surrendering it or
tendering surrender of it to the Pledgor in accordance with the terms hereof.

 

Section 10.            Further Assurances.  The
Pledgor agrees that at any time and from time to time upon the written request
of the Agent, the Pledgor will execute and deliver such further documents and
do such further acts and things as the Agent may reasonably request in order to
effect the purposes of this Agreement.

 

Section 11.            Severability.  Any
provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

Section 12.            No Waiver; Cumulative Remedies.  The
Agent shall not by any act, delay, omission or otherwise be deemed to have
waived any of its rights or remedies hereunder and no waiver shall be valid
unless in writing, signed by the Agent, and then only to the extent therein set
forth.  A waiver by the Agent of any
right or remedy hereunder on any one occasion shall not be

 

7

 

construed as a bar to any right or remedy
which the Agent would otherwise have on any future occasion.  No failure on the part of the Agent to
exercise, nor any delay on the part of the Agent in exercising, any right,
power or privilege hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right, power
or privilege.  The rights and remedies
herein provided are cumulative and may be exercised singly or concurrently, and
are not exclusive of any rights or remedies provided by law or in equity.

 

Section 13.            Waivers, Amendments. 
None of the terms or provisions of this Agreement may be waived, altered,
modified or amended except by an instrument in writing, duly executed by the
Agent and the Pledgor.  This Agreement
and all obligations of the Pledgor hereunder shall be binding upon the
Pledgor’s successors and assigns, and shall, together with the rights and
remedies of the Agent hereunder, inure to the benefit of the Agent, the Lenders
and their respective permitted successors and assigns; provided, however, that
the Pledgor may not assign this Agreement without the prior written consent of
the Agent and/or the Lender as permitted under the Credit Agreement.

 

Section 14.            Amendments, Modifications and Waivers with
Respect to Obligations.  The Pledgor hereby consents that, without
the necessity of any reservation of rights against it, and without notice to or
further assent by the Pledgor, any demand for payment of any of the Obligations
made by the Agent may be rescinded by the Agent and any of the Obligations
continued, and the Obligations, or the liability of any party upon or for any
part thereof, or any collateral security or guarantee therefor or right of
offset with respect thereto, may, from time to time, in whole or in part, be
renewed, extended, amended, modified, accelerated, compromised, waived,
surrendered, or released by the Agent, the Credit Agreement and any collateral
in connection therewith may be amended, modified, supplemented or terminated,
in whole or in part, and the security at any time held by the Agent for the
payment of the Obligations may be sold, exchanged, waived, surrendered or
released, all without the necessity of any reservation of rights against the
Pledgor and without notice to or further assent by the Pledgor, which will
remain bound hereunder, notwithstanding any such renewal, extension,
modification, acceleration, compromise, amendment, supplement, termination,
sale, exchange, waiver, surrender or release. 
The Agent shall have no obligation to protect, secure, perfect or insure
any other collateral security document or property subject thereto at any time
held as security for the Obligations. 
The Pledgor waives any and all notice of the creation, renewal,
extension or accrual of any of the Obligations and notice of or proof of
reliance by the Agent or the Lenders upon this Agreement, and the Obligations,
and any of them, shall conclusively be deemed to have been created, contracted
or incurred in reliance upon this Agreement, and all dealings between the
Pledgor and the Agent and/or any Lender shall likewise be conclusively presumed
to have been made or consummated in reliance upon this Agreement.  Except as required under the Credit
Agreement, the Pledgor waives diligence, presentment, protest, notice of intent
to accelerate and notice of acceleration, demand for payment and notice of
default or nonpayment to or upon the Pledgor with respect to the Obligations.

 

Section 15.            Reinstatement; Waiver of Subrogation. 
This Agreement shall remain in full force and effect and continue to be
effective should any petition be filed by or against the Pledgor or the Company
for liquidation or reorganization, should the Pledgor or the Company become
insolvent or make an assignment for the benefit of creditors or should a
receiver or trustee be appointed for all

 

8

 

or any significant part of the Pledgor’s or
the Company’s assets, and shall continue to be effective or be reinstated, as
the case may be, if at any time payment and performance of the Obligations, or
any part thereof, is, pursuant to applicable law, rescinded or reduced in amount,
or must otherwise be restored or returned by any obligee of the Obligations,
whether as a “voidable preference”, “fraudulent conveyance”, or otherwise, all
as though such payment or performance had not been made.  In the event that any payment, or any part
thereof, is rescinded, reduced, restored or returned, the Obligations shall be
reinstated and deemed reduced only by such amount paid and not so rescinded,
reduced, restored or returned.  The
Pledgor expressly waives, until the Obligations have been indefeasibly paid in
full and any commitment of the Lenders or the Agent to extend further credit to
the Pledgor or any other party under the Credit Agreement or any other Loan
Documents is expired or terminated, any and all rights of subrogation, contribution,
reimbursement, indemnity, exoneration, implied contract, recourse to security
or any other claim (including any claim, as that term is defined in the federal
Bankruptcy Code, and any amendments) which Pledgor may now have or later
acquire against the Company, any other person or entity directly or
contingently liable for the Obligations or against the Collateral, arising from
the existence or performance of Pledgor’s obligations under this Agreement,
including, without limitation, under the Credit Agreement.

 

Section 16.            Governing Law. 
This Agreement shall be construed in accordance with the internal laws
(but without regard to conflict of law principles) of the State of Ohio, but
giving effect to federal laws applicable to national banks.

 

Section 17.            Notices.  Any notices required or
permitted to be given under this Agreement shall be sent (and deemed received)
in the manner and to the addresses set forth in Section 12.14 of the Credit
Agreement.

 

Section 18.            Continuing Security Interest. 
This Agreement shall create a continuing security interest in the
Collateral and shall (i) remain in full force and effect until the indefeasible
payment and satisfaction in full of all Obligations and termination of all
obligations of the Agent and the Lenders to extend credit under the Credit
Agreement and the other Loan Documents, (ii) be binding upon the Pledgor and
the Pledgor’s successors and assigns, and (iii) inure, together with the rights
and remedies of the Agent and the Lenders hereunder, to the benefit of the
Agent, the Lenders and their respective permitted successors, transferees and
assigns.  The Agent shall deliver to the
Pledgor, upon termination of this Agreement, at the Pledgor’s expense, such of
the Pledged Stock as shall not have been sold or otherwise disposed of pursuant
to this Agreement.

 

Section 19.            Registration Rights.  If
any of the Pledged Stock is not registered under the Securities Act of 1933, as
amended, and the Company proposes to register any of its securities, the
Pledgor will give the Agent notice of that fact.  In addition, upon the occurrence and during the continuance of an
Event of Default, and at no cost to the Agent or any Lender, the Pledgor will
use its best efforts to induce the Company to register the Pledged Stock so
that they may be disposed of by public sale or other public disposition.  Upon the completion of any such
registration, the Pledgor will deliver certificates without any restrictive
legend in exchange for the unregistered Pledged Stock.  The Pledgor shall indemnify and hold the
Agent and the Lenders, and their respective officers, employees, agents,
directors, shareholders, representatives, successors and assigns harmless
against any loss, claim, damage or liability arising out of the registration
process, and will reimburse

 

9

 

each of said parties for any legal or other
expenses incurred as a result unless a court of competent jurisdiction
determines, in a final non-appealable order, that such loss, claim, damage or
liability resulted from such indemnified party’s gross negligence or willful
misconduct.

 

Section 20.            WAIVER OF JURY
TRIAL.  THE PLEDGOR HEREBY WAIVES
TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY
MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT
OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR THE RELATIONSHIP
ESTABLISHED THEREUNDER.

 

Section 21.            Consent
to Jurisdiction.  The Pledgor hereby irrevocably submits to the
non-exclusive jurisdiction of any United States federal or Ohio state court
sitting in Columbus, Ohio in any action or proceeding arising out of or
relating to this Agreement and the Pledgor hereby irrevocably agrees that all
claims in respect of such action or proceeding may be heard and determined in
any such court and irrevocably waives any objection it may now or hereafter
have as to the venue of any such suit, action or proceeding brought in such a
court or that such court is an inconvenient forum.  Nothing herein shall limit the right of the Agent to bring
proceedings against the Pledgor in the courts of any other jurisdiction.  Any judicial proceeding by the Pledgor
against the Agent or any affiliate of the Agent, involving, directly or
indirectly, any matter in any way arising out of, related to, or connected with
this Agreement shall be brought only in a court in Columbus, Ohio.

 

Section 22.            Conflicts.  If any of the terms and
provisions of this Agreement shall conflict with the terms and provisions of
any of the other Loan Documents, the terms and provisions of this Agreement
shall govern and control.

 

IN WITNESS WHEREOF, the
Pledgor has caused this Agreement to be executed and delivered as of the day
and year first above written.

 

	
   

  	
  Pledgor:

  
	
   

  	
   

  
	
   

  	
  AIRNET
  SYSTEMS, INC.,

  an Ohio corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gary W.
  Qualmann

  
	
   

  	
   

  	
  Gary W. Qualmann

  
	
   

  	
  Title:

  	
  Secretary

  
				

 

10

 

EXHIBIT A

 

Notice of Pledge

 

TO:                            [                                   ]

 

[Stock Registrar\Transfer
Agent]

 

                                                   

 

                                                   

 

RE:                              Pledge of Common Stock of
[                                    ]
(the “Company”)

 

Gentlemen:

 

You are hereby notified that
the undersigned has pledged the
             shares
of Common Stock owned by it on the books and records of the Company to The
Huntington National Bank, a national banking association (“Agent”), for itself
and as agent for the lenders (the “Lenders”) from time to time party to that certain
Amended and Restated Credit Agreement dated
                    ,
2004 by and among Agent, AirNet Systems, Inc., an Ohio corporation (“Pledgor”),
and said Lenders (as the same may be amended, modified, supplemented, extended,
restated or replaced from time to time, the “Credit Agreement”), pursuant to
the terms and conditions of that certain Stock Pledge Agreement executed by the
undersigned in favor of Agent, dated as of
                          ,
2004.

 

Please deem any instructions
by Agent which you receive regarding the exercise of any rights with respect to
the shares as if such instructions were made by the undersigned to you, until
further instruction from Agent.

 

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
  AirNet Systems, Inc.,

  an Ohio corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:
  

  	
   

  	
   

  
						

 

 

SCHEDULE 1

 

	
  Company

  	
   

  	
  Pledgor’s
total interest

  	
   

  	
  Percentage
  of
total interest pledged

  	
   

  	
  Certificate
  Nos.
all shares held

  	
   

  	
  Certificate
  Nos.
all shares pledged

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Jetride

  	
   

  	
  100

  	
  %

  	
  100

  	
  %

  	
  1/100

  	
   

  	
  1/100

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  AMI

  	
   

  	
  100

  	
  %

  	
  100

  	
  %

  	
  1/100

  	
   

  	
  1/100

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Float

  	
   

  	
  100

  	
  %

  	
  100

  	
  %

  	
  39/500

  	
   

  	
  39/500

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Timexpress

  	
   

  	
  100

  	
  %

  	
  100

  	
  %

  	
  1/100

  	
   

  	
  1/100

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  AirNet

  	
   

  	
  100

  	
  %

  	
  65

  	
  %

  	
  C1/35; C2/65

  	
   

  	
  C2/65

  	
   

  
	
  Canada

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