Document:

ex44.htm

     

    EXHIBIT
      4.4

    

    FINAL

    

    

    

    

    

     

    CHC
      HELICOPTER CORPORATION AND THE OTHER

    OBLIGORS
      FROM TIME TO TIME

    PARTY
      TO THIS AGREEMENT

     

    AND

     

    THE
      LENDERS FROM TIME TO TIME

     

    PARTY
      TO THIS AGREEMENT

     

    AND

     

    THE
      BANK OF NOVA SCOTIA

     

    as
      Administrative Agent

     

    

    

    

    

    
      	
               

              SECOND
                AMENDED AND RESTATED CREDIT AGREEMENT

              DATED
                AS OF 22 DECEMBER 2004

               

            

    

    

    

    

    

    

    

    

     

    BORDEN
      LADNER GERVAIS LLP

     

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    TABLE
      OF CONTENTS

    
       

      
        	
                ARTICLE
                  I DEFINED TERMS

              	
                2

              
	 	 
	
                1.1

              	
                Defined
                  Terms

              	
                2

              
	
                1.2

              	
                Amendment
                  and Restatement

              	
                26

              
	
                1.3

              	
                Confirmation
                  of Security

              	
                26

              
	 	 
	
                ARTICLE
                  II CREDIT A

              	
                28

              
	 	 	 
	
                2.1

              	
                Amount
                  and Availment Options

              	
                28

              
	
                2.2

              	
                Right
                  to Re-Borrow

              	
                29

              
	
                2.3

              	
                Use
                  of Credit A

              	
                29

              
	
                2.4

              	
                Term
                  and Repayment

              	
                29

              
	
                2.5

              	
                Interest
                  Rates and Fees

              	
                30

              
	
                2.6

              	
                Standby
                  Fees

              	
                30

              
	
                2.7

              	
                Other
                  Fees Payable to Lenders and Agent

              	
                30

              
	 	 
	
                ARTICLE
                  III CREDIT B

              	
                30

              
	 	 	 
	
                3.1

              	
                Amount
                  and Availment Options

              	
                30

              
	
                3.2

              	
                Revolving
                  Credit

              	
                31

              
	
                3.3

              	
                Use
                  of Credit B

              	
                31

              
	
                3.4

              	
                Term
                  and Repayment

              	
                31

              
	
                3.5

              	
                Interest
                  Rates and Fees

              	
                31

              
	
                3.6

              	
                Standby
                  Fees

              	
                32

              
	 	 
	
                ARTICLE
                  IV CREDIT C

              	
                32

              
	 	 	 
	
                4.1

              	
                Amount
                  and Availment Options

              	
                32

              
	
                4.2

              	
                Non-Revolving
                  Credit

              	
                32

              
	
                4.3

              	
                Use
                  of Credit C

              	
                32

              
	
                4.4

              	
                Term
                  and Repayment

              	
                32

              
	
                4.5

              	
                Interest
                  Rates and Fees

              	
                33

              
	 	 
	
                ARTICLE
                  V CREDIT E

              	
                33

              
	 	 	 
	
                5.1

              	
                Amount
                  and Availment Options

              	
                33

              
	
                5.2

              	
                Non-Revolving
                  Credit

              	
                34

              
	
                5.3

              	
                Use
                  of Credit E

              	
                34

              
	
                5.4

              	
                Term
                  and Repayment

              	
                34

              
	
                5.5

              	
                Interest
                  Rates and Fees

              	
                34

              
	
                5.6

              	
                Prepayments
                  of Credits

              	
                34

              
	 	 
	
                ARTICLE
                  VI SECURITY AND EXCHANGE RATE FLUCTUATIONS

              	
                36

              
	 	 	 
	
                6.1

              	
                Security

              	
                36

              
	
                6.2

              	
                Obligations
                  Secured by the Security

              	
                39

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      
        	
                6.3

              	
                Exchange
                  Rate Fluctuations

              	
                40

              
	
                6.4

              	
                Borrowing
                  Base

              	
                41

              
	 	 
	
                ARTICLE
                  VII DISBURSEMENT CONDITIONS

              	
                42

              
	 	 	 
	
                7.1

              	
                Conditions
                  Precedent to Initial Advance

              	
                42

              
	
                7.2

              	
                Conditions
                  Precedent to all Advances

              	
                44

              
	 	 
	
                ARTICLE
                  VIII ADVANCES

              	
                45

              
	 	 	 
	
                8.1

              	
                Lenders'
                  Obligations Relating to L/Cs and Credits A and B

              	
                45

              
	
                8.2

              	
                Adjustment
                  of Applicable Percentages for Specific Credits

              	
                46

              
	
                8.3

              	
                Exceptions
                  Regarding Particular Credits

              	
                46

              
	
                8.4

              	
                Evidence
                  of Indebtedness

              	
                47

              
	
                8.5

              	
                Conversions

              	
                48

              
	
                8.6

              	
                Notice
                  of Advances and Payments

              	
                48

              
	
                8.7

              	
                Prepayments
                  and Reductions

              	
                48

              
	
                8.8

              	
                Prime
                  Rate, Base Rate and LIBOR Advances

              	
                49

              
	
                8.9

              	
                LIBOR
                  Periods

              	
                50

              
	
                8.10

              	
                Co-ordination
                  of Prime Rate, Base Rate and LIBOR Advances

              	
                50

              
	
                8.11

              	
                Execution
                  of Bankers' Acceptances

              	
                51

              
	
                8.12

              	
                Reference
                  Lenders

              	
                51

              
	
                8.13

              	
                Sale
                  of Bankers' Acceptances

              	
                52

              
	
                8.14

              	
                Size
                  and Maturity of Bankers' Acceptances and Rollovers

              	
                52

              
	
                8.15

              	
                Co-ordination
                  of BA Advances

              	
                53

              
	
                8.16

              	
                Payment
                  of Bankers' Acceptances

              	
                54

              
	
                8.17

              	
                Deemed
                  Advance - Bankers' Acceptances

              	
                55

              
	
                8.18

              	
                Waiver

              	
                55

              
	
                8.19

              	
                Degree
                  of Care

              	
                55

              
	
                8.20

              	
                Obligations
                  Absolute

              	
                55

              
	
                8.21

              	
                Shortfall
                  on Drawdowns, Rollovers and Conversions

              	
                55

              
	
                8.22

              	
                Prohibited
                  Use of Bankers' Acceptances and L/Cs

              	
                56

              
	
                8.23

              	
                Issuance
                  and Maturity of L/Cs

              	
                56

              
	
                8.24

              	
                Payment
                  of L/C Fees

              	
                57

              
	
                8.25

              	
                Payment
                  of L/Cs

              	
                57

              
	
                8.26

              	
                Deemed
                  Advance - L/Cs

              	
                58

              
	
                8.27

              	
                Failure
                  of Lender to Fund

              	
                58

              
	
                8.28

              	
                Payments
                  by the Borrowers

              	
                59

              
	
                8.29

              	
                Payments
                  by Agent

              	
                59

              
	
                8.30

              	
                Prohibited
                  Rates of Interest

              	
                60

              
	 	 
	
                ARTICLE
                  IX REPRESENTATIONS AND WARRANTIES

              	
                61

              
	 	 	 
	
                9.1

              	
                Representations
                  and Warranties

              	
                61

              
	 	 
	
                ARTICLE
                  X COVENANTS AND CONDITIONS

              	
                66

              
	 	 	 
	
                10.1

              	
                Intercompany
                  Obligations

              	
                66

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      
        	
                10.2

              	
                Financial
                  Covenants

              	
                67

              
	
                10.3

              	
                Positive
                  Covenants

              	
                67

              
	
                10.4

              	
                Reporting
                  and Notice Requirements

              	
                70

              
	
                10.5

              	
                Ownership
                  of the Obligors

              	
                73

              
	
                10.6

              	
                Negative
                  Covenants

              	
                73

              
	
                10.7

              	
                Payments
                  by CHC

              	
                80

              
	
                10.8

              	
                Limits
                  on Certain Obligors

              	
                80

              
	
                10.9

              	
                Use
                  of Insurance Proceeds

              	
                80

              
	
                10.10

              	
                Classification
                  of Advances for Sub Debt Indenture

              	
                81

              
	 	 
	
                ARTICLE
                  XI DEFAULT

              	
                82

              
	 	 	 
	
                11.1

              	
                Events
                  of Default

              	
                82

              
	
                11.2

              	
                Acceleration
                  and Termination of Rights

              	
                84

              
	
                11.3

              	
                Payment
                  of Bankers' Acceptances and L/Cs

              	
                85

              
	
                11.4

              	
                Remedies

              	
                85

              
	
                11.5

              	
                Saving

              	
                85

              
	
                11.6

              	
                Perform
                  Obligations

              	
                86

              
	
                11.7

              	
                Third
                  Parties

              	
                86

              
	
                11.8

              	
                Power
                  of Attorney

              	
                86

              
	
                11.9

              	
                Remedies
                  Cumulative

              	
                86

              
	 	 
	
                ARTICLE
                  XII ADDITIONAL AGENCY PROVISIONS

              	
                87

              
	 	 	 
	
                12.1

              	
                Authorization
                  of Agent

              	
                87

              
	
                12.2

              	
                Administration
                  of the Credits and Lender Consents

              	
                87

              
	
                12.3

              	
                Acknowledgements,
                  Representations and Covenants of Lenders

              	
                90

              
	
                12.4

              	
                Provisions
                  Operative Between Lenders and Agent Only

              	
                90

              
	 	 
	
                ARTICLE
                  XIII MISCELLANEOUS PROVISIONS

              	
                91

              
	
                13.1

              	
                Headings
                  and Table of Contents

              	
                91

              
	
                13.2

              	
                Accounting
                  Terms

              	
                91

              
	
                13.3

              	
                Capitalized
                  Terms

              	
                91

              
	
                13.4

              	
                Severability

              	
                91

              
	
                13.5

              	
                Number
                  and Gender

              	
                91

              
	
                13.6

              	
                Amendment,
                  Supplement or Waiver

              	
                91

              
	
                13.7

              	
                Governing
                  Law and Agent for Service

              	
                92

              
	
                13.8

              	
                This
                  Agreement to Govern

              	
                92

              
	
                13.9

              	
                Permitted
                  Encumbrances

              	
                92

              
	
                13.10

              	
                Currency

              	
                92

              
	
                13.11

              	
                Liability
                  of Lenders

              	
                92

              
	
                13.12

              	
                Interest
                  on Miscellaneous Amounts

              	
                93

              
	
                13.13

              	
                Currency
                  Indemnity

              	
                93

              
	
                13.14

              	
                Address
                  for Notice

              	
                93

              
	
                13.15

              	
                Time
                  of the Essence

              	
                94

              
	
                13.16

              	
                Further
                  Assurances

              	
                94

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      
        	
                13.17

              	
                Term
                  of Agreement; Survival

              	
                94

              
	
                13.18

              	
                Payments
                  on Business Day

              	
                94

              
	
                13.19

              	
                Entire
                  Agreement

              	
                94

              
	
                13.20

              	
                Date
                  of Agreement

              	
                94

              

      

    

     

    
      	
              SCHEDULE
                A

            	
              -

            	
              NOTICE
                OF ADVANCE, PAYMENT, ROLLOVER OR CONVERSION

            
	
              SCHEDULE
                B

            	
              -

            	
              AGREEMENT
                OF NEW RESTRICTED SUBSIDIARY

            
	
              SCHEDULE
                C

            	
              -

            	
              REPORTING
                CERTIFICATE

            
	
              SCHEDULE
                D

            	
              -

            	
              MODEL
                CREDIT AGREEMENT PROVISIONS

            
	
              SCHEDULE
                E

            	
              -

            	
              APPLICABLE
                PERCENTAGES OF LENDERS

            
	
              SCHEDULE
                F

            	
              -

            	
              DETAILS
                OF CAPITAL STOCK, PROPERTY ETC.

            
	
              SCHEDULE
                G

            	
              -

            	
              OTHER
                SECURED OBLIGATIONS

            
	
              SCHEDULE
                H

            	 	
              BORROWING
                BASE CALCULATION

            
	
              SCHEDULE
                I

            	
              -

            	
              LOCATIONS
                OF AIRCRAFT

            
	
              SCHEDULE
                J

            	
              -

            	
              LIMITATIONS
                ON CERTAIN OBLIGORS AND OTHERS

            
	
              SCHEDULE
                K

            	
              -

            	
              RESTRICTED
                INTERCOMPANY OBLIGATIONS

            
	
              SCHEDULE
                L

            	
              -

            	
              SPECIAL
                REQUIREMENTS REGARDING AIRCRAFT

            
	
              SCHEDULE
                M

            	
              -

            	
              OBLIGORS

            

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    THIS
      SECOND AMENDED AND RESTATED CREDIT AGREEMENT is made as of 22 December
      2004

     

     

    B
      E T W E E N:

     

     

    CHC
      HELICOPTER CORPORATION AND THE OTHER

    OBLIGORS
      FROM TIME TO TIME

    PARTY
      TO THIS AGREEMENT

    

    -
      and -

     

    

     

    THE
      LENDERS FROM TIME TO TIME

    PARTY
      TO THIS AGREEMENT

    

    -
      and -

    

    THE
      BANK OF NOVA SCOTIA

    in
      its capacity as Administrative Agent

     

    RECITALS:

     

    A.                      The
      parties to this agreement are also parties (either originally or by having
      signed a supplemental agreement or, in the case of certain Lenders, being party
      to an assignment agreement) to an amended and restated credit agreement dated
      as
      of 5 July 2000, which amended and restated a credit agreement dated as
      of 2 August 1999, as previously amended and supplemented, and which
      was in turn amended by a first amending agreement dated as of
      11 October 2000, a second amending agreement and consent dated as of
      31 October 2000, a third amending agreement dated as of
      15 December 2000, a fourth amending agreement dated as of
      16 July 2001, a fifth amending agreement dated as of
      29 March 2002, a sixth amending agreement and consent dated as of
      29 April 2002, a seventh amending agreement dated as of
      4 July 2002, an eighth amending agreement dated as of
      31 July 2002, a ninth amending agreement dated as of 6 March 2003, a
      tenth amending agreement dated as of 13 February 2004, an eleventh amending
      agreement dated as of 21 April 2004, a twelfth amending agreement dated as
      of 22
      April 2004 and a thirteenth amending agreement dated as of 16 August 2004 and
      by
      other consents by the Lenders from time to time (as amended, supplemented and
      restated, the "Existing Credit Agreement").

     

    B.                      The
      Lenders have provided commitments to CHC Helicopter Corporation to extend the
      term of the credits established in the Existing Credit Agreement, to the extent
      they have not been repaid and to provide an increased revolving
      credit.

     

    C.                      The
      Existing Credit Agreement contemplates that it may be amended and
      restated.  The parties are entering into this Agreement to amend and
      restate the Existing Credit Agreement and provide for the terms of the
      continuing credits.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    THEREFORE,
      for value received, and intending to be legally bound by this Agreement, the
      parties agree that the Existing Credit Agreement is hereby amended and restated
      so that, as amended and restated, it reads as follows:

     

    ARTICLE
      I

    DEFINED
      TERMS

     

    
      	
              1.1

            	
              Defined
                Terms

            

    

     

    In
      this Agreement, unless something in the subject matter or context is
      inconsistent therewith:

     

    
      	
              1.1.1

            	
              "Additional
                Borrower" means CHII and any Obligor other than CHC and CHII that
                may be designated by CHC as an Additional Borrower from time to time
                with
                the consent of the Required Lenders and after delivery of such guarantees
                and other Security as the Required Lenders may reasonably
                require.

            

    

     

    
      	
              1.1.2

            	
              "Adjusted
                Total Debt Ratio" means, at any time, the ratio calculated by
                dividing (a) the Total Debt plus, without duplication, the Asset
                Value Guarantee Exposure if any plus, for any Lease to which an Obligor
                is
                a party that is not included within Total Debt, the least of (i)  6.6
                times the total of all payments made in respect of the Lease during
                CHC's
                four most recently completed fiscal quarters, (ii) the aggregate of
                all remaining payments during the term of the Lease and any purchase
                option or other payment due on termination of the Lease, and
                (iii) the purchase option price at which the Obligor could at that
                time promptly acquire the full residual title to the Leased aircraft,
                free
                of the Lease, by (b) the aggregate of EBITDA plus (to the extent not
                included in EBITDA) the total of all payments made by Obligors in
                respect
                of Leases, in each case for CHC's four most recently completed fiscal
                quarters.

            

    

     

    
      	
              1.1.3

            	
              "Administrative
                Questionnaire" has the meaning defined in the
                Provisions.

            

    

     

    
      	
              1.1.4

            	
              "Advance"
                means an availment of a Credit by a Borrower by way of Prime Rate
                Advance,
                Base Rate Advance, acceptance of Bankers' Acceptances, L/C or LIBOR
                Advance, including deemed Advances and conversions, renewals and
                rollovers
                of existing Advances, and any reference relating to the amount of
                Advances
                shall mean the sum of all outstanding Prime Rate Advances, Base Rate
                Advances and LIBOR Advances, plus the face amount of all outstanding
                Bankers' Acceptances and L/Cs.

            

    

     

    
      	
              1.1.5

            	
              "Affiliate"
                has the meaning defined in the
                Provisions.

            

    

     

    

    
      
        
          
          

        

        
          -
            2
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              1.1.6

            	
              "Agent"
                or "Administrative Agent" means BNS in its role as
                administrative agent for the Lenders, and any successor Agent appointed
                in
                accordance with this Agreement.

            

    

     

    
      	
              1.1.7

            	
              "Agreement"
                means this Agreement and any Schedules hereto, including the Provisions,
                as amended, supplemented, restated and replaced from time to
                time.

            

    

     

    
      	
              1.1.8

            	
              "Aircraft"
                means helicopters and fixed wing aircraft, including all Parts from
                time
                to time incorporated or installed in, attached to or forming part
                of such
                aircraft.

            

    

     

    
      	
              1.1.9

            	
              "Applicable
                Law" has the meaning defined in the
                Provisions.

            

    

     

    
      	
              1.1.10

            	
              "Applicable
                Percentage" has the meaning defined in the
                Provisions.  Without limiting the Provisions, depending on the
                context, Applicable Percentage may refer to a Lender's position either
                with respect to all Credits or any particular Credit.  Each
                Lender's Applicable Percentage is set out on SCHEDULE E, as amended
                from
                time to time as Applicable Percentages change in accordance with
                this
                Agreement.

            

    

     

    
      	
              1.1.11

            	
              "Approved
                Currencies" means Canadian Dollars, US Dollars, Euros, British
                Pounds and other currencies to be specified from time to time and
                agreed
                to by all Lenders requested to make Advances in those currencies,
                which
                are readily available to those Lenders and are freely transferable
                into US
                Dollars, and in which the Obligors have significant revenues, and
                "Approved Currency" means any one of
                them.

            

    

     

    
      	
              1.1.12

            	
              "Approved
                Fund" has the meaning defined in the
                Provisions.

            

    

     

    
      	
              1.1.13

            	
              "Asset
                Value Guarantee" means a guarantee by an Obligor of the minimum
                value of an Aircraft upon the termination of an operating lease of
                that
                Aircraft that is permitted under Section
                1.1.114(n).

            

    

     

    
      	
              1.1.14

            	
              "Asset
                Value Guarantee Exposure" means, at any time, the aggregate
                of:

            

    

     

    
      	
               

            	
              (a)

            	
              the
                estimated liability of all Obligors under all outstanding Asset Value
                Guarantees where the value of the relevant Aircraft is or is reasonably
                expected to be less than the guaranteed minimum value, to the extent
                that
                the liability is not already funded by deposits or other amounts
                held by
                the relevant lessor; and

            

    

     

    
      	
               

            	
              (b)

            	
              the
                amount by which the maximum contingent liability of all Obligors
                under all
                outstanding Asset Value Guarantees (irrespective of whether the value
                of
                the relevant Aircraft is or is reasonably expected to be less than
                the
                guaranteed minimum value) exceeds $35,000,000 or the equivalent amount
                in
                other currencies, to the extent that the contingent liability is
                not
                already funded by deposits or other amounts held by the relevant
                lessor
                and is not included within item (a) immediately
                above.

            

    

     

    

    
      
        
          
          

        

        
          -
            3
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              1.1.15

            	
              "Assignment
                and Assumption" has the meaning defined in the
                Provisions.

            

    

     

    
      	
              1.1.16

            	
              "BA
                Discount Proceeds" means, in respect of any Bankers' Acceptance,
                an amount calculated on the applicable Drawdown Date which is (rounded
                to
                the nearest full cent, with one-half of one cent being rounded up)
                equal
                to the face amount of such Bankers' Acceptance multiplied by the
                price,
                where the price is calculated by dividing one by the sum of one plus
                the
                product of (i) the BA Discount Rate applicable thereto expressed as a
                decimal fraction multiplied by (ii) a fraction, the numerator of
                which is the term of such Bankers' Acceptance and the denominator
                of which
                is 365, which calculated price will be rounded to the nearest multiple
                of
                0.001%.

            

    

     

    
      	
              1.1.17

            	
              "BA
                Discount Rate" means, (a) with respect to any Bankers'
                Acceptance accepted by a bank named on Schedule I to the Bank
                Act (Canada), the rate determined by the Agent as being the
                arithmetic average (rounded upward to the nearest multiple of 0.01%)
                of
                the discount rates, calculated on the basis of a year of 365 days and
                determined in accordance with normal market practice at or about
                10:00 a.m. (Toronto time) on the applicable Drawdown Date, for
                bankers' acceptances of the Schedule I Reference Lenders having a
                comparable face amount and identical maturity date to the face amount
                and
                maturity date of such Bankers' Acceptance, and (b) with respect to
                any Bankers' Acceptance accepted by any other Lender, the rate determined
                by the Agent as being the arithmetic average (rounded upward to the
                nearest multiple of 0.01%) of the discount rates, calculated on the
                basis
                of a year of 365 days and determined in accordance with normal market
                practice at or about 10:00 a.m. (Toronto time) on the applicable
                Drawdown Date, for bankers' acceptances of the Other Reference Lenders
                having a comparable face amount and identical maturity date to the
                face
                amount and maturity date of such Bankers'
                Acceptance.

            

    

     

    
      	
              1.1.18

            	
              "Bankers'
                Acceptance" means a depository bill as defined in the
                Depository Bills and Notes Act (Canada) in Canadian Dollars that
                is in the form of an order signed by a Borrower and accepted by a
                Lender
                pursuant to this Agreement or, for Lenders not participating in clearing
                services contemplated in that Act, a draft or bill of exchange in
                Canadian
                Dollars that is drawn by a Borrower and accepted by a Lender pursuant
                to
                this Agreement.  Orders that become depository bills, drafts and
                bills of exchange are sometimes collectively referred to in this
                Agreement
                as "orders."  References in the Provisions to "bankers'
                acceptances" shall be interpreted as referring to Bankers'
                Acceptances.

            

    

     

    

    
      
        
          
          

        

        
          -
            4
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              1.1.19

            	
              "Bankers'
                Acceptance Fee" means the amount calculated by multiplying the
                face amount of each Bankers' Acceptance by the rate for the Bankers'
                Acceptance Fee specified in Sections 2.5, 4.5 and 5.5 and then multiplying
                the result by a fraction, the numerator of which is the duration
                of its
                term on the basis of the actual number of days to elapse from and
                including the date of acceptance of a Bankers Acceptance by the Lender
                up
                to but excluding the maturity date of the Bankers' Acceptance and
                the
                denominator of which is the number of days in the calendar year in
                question.

            

    

     

    
      	
              1.1.20

            	
              "Base
                Rate Advance" means an Advance in an Approved Currency other than
                Canadian Dollars bearing interest based on the Base Rate applicable
                to the
                relevant Approved Currency, and includes deemed Base Rate Advances
                provided for in this Agreement.

            

    

     

    
      	
              1.1.21

            	
              "Base
                Rate" means, on any day,

            

    

     

    
      	
               

            	
              (a)

            	
              for
                a Base Rate Advance under Credit A or Credit C, the average of the
                annual
                rates of interest (expressed as a percentage per annum on the basis
                of a
                360 day year) announced by the Schedule I Reference Lenders on
                that day as their respective reference rates for commercial loans
                made in
                Canada in the relevant Approved Currency except that, for a Base
                Rate
                Advance in US Dollars, the Base Rate shall not be less than the Federal
                Funds Effective Rate plus
                0.5% per annum;

            

    

     

    
      	
               

            	
              (b)

            	
              for
                a Base Rate Advance under Credit B, the rate per annum equal to Nordea's
                offered rate (based on Nordea's cost of funding) for loans in the
                applicable Approved Currency.

            

    

     

    
      	
              1.1.22

            	
              "BNS"
                means The Bank of Nova Scotia, a bank to which the Bank Act
                (Canada) applies.

            

    

     

    
      	
              1.1.23

            	
              "Borrowers"
                means CHC, the Additional Borrowers, the European Borrowers and the
                Overdraft Borrowers, and "Borrower" means any of
                them.

            

    

     

    
      	
              1.1.24

            	
              "Borrowing
                Base" means the amount determined by the formula that is set
                out
                in SCHEDULE H but any error, omission or other discrepancy in the
                calculations of the Borrowing Base submitted by CHC is not binding
                on the
                Lenders.

            

    

     

    
      	
              1.1.25

            	
              "Branch
                of Account" means the WBO - Loan Operations department of BNS at
                3rd Floor, 720 King Street West, Toronto, Ontario, M5V
                2T3.

            

    

     

    
      	
              1.1.26

            	
              "British
                Pounds", "GBP" and "£" mean
                pounds sterling, the lawful money of the United Kingdom of Great
                Britain
                and Northern Ireland.

            

    

     

    

    
      
        
          
          

        

        
          -
            5
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              1.1.27

            	
              "Business
                Day" means a day of the year, other than Saturday or Sunday,
                on
                which (a) the Agent is open for business at its executive offices in
                Toronto, Ontario, at its Vancouver, British Columbia Commercial Banking
                Centre and at its principal offices in New York, New York, and
                London, England and (b) banks are open for business in the country of
                issue of any Approved Currency relevant to any notice, determination,
                payment or Advance made on the day.  Notwithstanding the
                foregoing, if banks will be open in some locations referred to above
                and
                closed in others on a particular day, and the Agent determines that
                the
                closing of those banks on that day will not adversely affect completion
                of
                relevant transactions in accordance with customary banking market
                and
                trading practices, the Agent may, on reasonable advance notice to
                CHC and
                the Lenders on each occasion, specify the particular day to be a
                Business
                Day.

            

    

     

    
      	
              1.1.28

            	
              "Canadian Dollars",
                "Cdn. Dollars", "Cdn. $",
                "CAD" and "$" mean lawful money of
                Canada.

            

    

     

    
      	
              1.1.29

            	
              "Capital
                Expenditure" means any expenditure for fixed or capital assets
                that would be classified as a capital expenditure in accordance with
                GAAP
                but excludes any expenditure for Capital Stock or for fixed or capital
                assets made as part of the acquisition of an operating
                business.

            

    

     

    
      	
              1.1.30

            	
              "Capital
                Stock" means, with respect to any person, any and all present
                and
                future shares, partnership or other interests, participations or
                other
                equivalent rights in the person's capital, however designated and
                whether
                voting or non-voting.

            

    

     

    
      	
              1.1.31

            	
              "Cash
                Collateral" means cash, a bank draft or a letter of credit issued
                by a Canadian chartered bank, all in a form satisfactory to the Lenders,
                acting reasonably.

            

    

     

    
      	
              1.1.32

            	
              "Change
                in Law" has the meaning defined in the
                Provisions.

            

    

     

    
      	
              1.1.33

            	
              "CHB"
                means CHC Helicopters (Barbados) Limited, a corporation
                constituted pursuant to the corporate laws of Barbados, formerly
                known as
                Canadian Helicopters (Barbados)
                Limited.

            

    

     

    
      	
              1.1.34

            	
              "CHC"
                means CHC Helicopter Corporation, a corporation constituted
                pursuant to the Canada Business Corporations
                Act.

            

    

     

    
      	
              1.1.35

            	
              "CHC
                Scotia" means CHC Scotia Limited, a corporation constituted
                pursuant to the corporate laws of England and Wales, which was previously
                known as Scotia Helicopter Services Ltd. and as Bond Helicopters
                Limited.

            

    

     

    
      	
              1.1.36

            	
              "CHII"
                means CHC Helicopters International Inc., a corporation constituted
                pursuant to the Canada Business Corporations
                Act.

            

    

     

    

    
      
        
          
          

        

        
          -
            6
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              1.1.37

            	
              "Commitment"
                means in respect of each Lender from time to time, the covenant
                to make Advances to the Borrowers in the Lender's Applicable Percentage
                of
                the maximum amount of any Credit and, where the context requires,
                the
                maximum amount of Advances which the Lender has covenanted to
                make.

            

    

     

    
      	
              1.1.38

            	
              "Consolidated
                Tangible Net Worth" means CHC's total shareholders' equity based
                on CHC's consolidated financial statements, excluding the effect
                of any
                foreign currency translation adjustment and deducting deferred financing
                costs (net of accumulated amortization), intangible assets and
                pre-operating expenses.

            

    

     

    
      	
              1.1.39

            	
              "Constating
                Documents" means, with respect to any Obligor, its articles or
                certificate of incorporation, amalgamation or continuance, memorandum
                of
                association, by-laws, partnership agreement, limited liability company
                agreement or other similar document, and all unanimous shareholder
                agreements, other shareholder agreements, voting trust agreements
                and
                similar arrangements applicable to the Obligor's Capital Stock, all
                as
                amended from time to time.

            

    

     

    
      	
              1.1.40

            	
              "Contracts"
                means agreements, franchises, leases, easements, servitudes,
                privileges and other rights, other than
                Permits.

            

    

     

    
      	
              1.1.41

            	
              "Contributing
                Lender" shall have the meaning defined in Section
                8.27.

            

    

     

    
      	
              1.1.42

            	
              "Control"
                has the meaning defined in the
                Provisions.

            

    

     

    
      	
              1.1.43

            	
              "Credit
                A" means, collectively, the credit of up to US $175,000,000
                or
                the equivalent thereof in relevant Approved Currencies, comprised
                of the
                credit of up to US $125,000,000 or the equivalent thereof in relevant
                Approved Currencies (designated as "Credit A1"), the credit of up
                to
                US $10,000,000 or the equivalent thereof in relevant Approved
                Currencies (designated as "Credit A2") and the credit of up to
                US $40,000,000 or the equivalent thereof in relevant Approved
                Currencies (designated as "Credit A3"), which are established in
                favour of CHC, the Additional Borrowers in the case of Credits A1
                and A3
                and the Overdraft Borrowers in the case of Credit A2, as more particularly
                described in ARTICLE II.

            

    

     

    
      	
              1.1.44

            	
              "Credit A
                Lenders" means the Lenders who have provided Commitments relating
                to Credit A as more particularly described in SCHEDULE
                E.

            

    

     

    
      	
              1.1.45

            	
              "Credit
                B" means, collectively, the revolving credit in the amount
                of up
                to £4,788,866 or the equivalent thereof in relevant Approved Currencies
                (designated as "Credit B1") and the revolving credit in the amount
                of up
                to £2,000,000 or the equivalent thereof in relevant Approved Currencies
                (designated as "Credit B2") which is established in favour of the
                European
                Borrowers as more particularly described in ARTICLE
                III.

            

    

     

    

    
      
        
          
          

        

        
          -
            7
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              1.1.46

            	
              "Credit B
                Lenders" means the Lenders who have provided Commitments relating
                to Credit B as more particularly described in SCHEDULE
                E.

            

    

     

    
      	
              1.1.47

            	
              "Credit
                C" means the non-revolving credit of up to £7,591,515.46 or the
                equivalent thereof in relevant Approved Currencies, which is established
                in favour of CHC as more particularly described in ARTICLE
                IV.

            

    

     

    
      	
              1.1.48

            	
              "Credit C
                Lenders" means the Lenders who have provided Commitments relating
                to Credit C as more particularly described in SCHEDULE
                E.

            

    

     

    
      	
              1.1.49

            	
              "Credit
                E" means the non-revolving credit of up to €66,111,723, which is
                established in favour of CHC by this
                Agreement.

            

    

     

    
      	
              1.1.50

            	
              "Credit
                E Lenders" means the Lenders who have provided Commitments
                relating to Credit E as more particularly described in SCHEDULE
                E.

            

    

     

    
      	
              1.1.51

            	
              "Credits"
                means Credit A, Credit B, Credit C and Credit E (Credit
                D in the
                Existing Credit Agreement having been combined with Credit C in this
                Agreement), and "Credit" means any of
                them.

            

    

     

    
      	
              1.1.52

            	
              "Credit
                Documents" has the same meaning as Loan
                Documents.

            

    

     

    
      	
              1.1.53

            	
              "Debt"
                means, with respect to any person, without duplication and,
                except as provided in item (b) below, without regard to any interest
                component thereof (whether actual or imputed) that is not due and
                payable,
                the aggregate of the following amounts, each calculated in accordance
                with
                GAAP unless the context otherwise
                requires:

            

    

     

    
      	
               

            	
              (a)

            	
              all
                obligations (including by way of overdraft and drafts or orders accepted
                representing extensions of credit) that would be considered to be
                indebtedness for borrowed money, and all obligations (whether or
                not with
                respect to the borrowing of money) that are evidenced by bonds,
                debentures, notes or other similar
                instruments;

            

    

     

    
      	
               

            	
              (b)

            	
              the
                face amount of all bankers' acceptances and similar
                instruments;

            

    

     

    
      	
               

            	
              (c)

            	
              all
                liabilities upon which interest charges are customarily paid by that
                person;

            

    

     

    
      	
               

            	
              (d)

            	
              any
                capital stock of that person (or of any Subsidiary of that person
                that is
                not held by that person or by a Subsidiary of that person that is
                wholly
                owned, directly or indirectly) which capital stock, by its terms
                (or by
                the terms of any security into which it is convertible or for which
                it is
                exchangeable at the option of the holder), or upon the happening
                of any
                event, matures or is mandatorily redeemable, pursuant to a sinking
                fund
                obligation or otherwise, or is redeemable at the option of the holder
                thereof, in whole or in part, on or before 31 December 2010, for
                cash or securities constituting
                Debt;

            

    

     

    

    
      
        
          
          

        

        
          -
            8
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (e)

            	
              all
                purchase money obligations and obligations under Leases, other than
                obligations under operating leases (as the requirements for operating
                leases are determined under GAAP as at 30 April
                2004);

            

    

     

    
      	
               

            	
              (f)

            	
              the
                aggregate Market Value of all Swaps that have a negative Market Value
                from
                that person's perspective, i.e. that person is "out of the money,"
                after offsetting for Swaps in which a Lender is the counterparty,
                the
                Market Value of Swaps with the same or other Lenders that have a
                positive
                Market Value;

            

    

     

    
      	
               

            	
              (g)

            	
              the
                amount of the contingent liability under any guarantee (other than
                by
                endorsement of negotiable instruments for collection or deposit in
                the
                ordinary course of business) in any manner of any part or all of
                an
                obligation of another person of the type included in items (a) through
                (f)
                above;

            

    

     

    
      	
               

            	
              (h)

            	
              the
                amount of all contingent liabilities in respect of L/Cs and other
                letters
                of credit and letters of guarantee;

            

    

     

    
      	
               

            	
              (i)

            	
              the
                amount of all contingent liabilities in respect of performance bonds
                and
                surety bonds, and any other guarantee or other contingent liability
                of any
                part or all of an obligation of a person other than an Obligor, in
                each
                case only to the extent that the guarantee or other contingent liability
                is required by GAAP to be treated as a liability on a balance sheet
                of the
                guarantor or person contingently
                liable;

            

    

     

    provided
      that trade payables and accrued liabilities that are current liabilities
      incurred in the ordinary course of business do not constitute Debt.

     

    
      	
              1.1.54

            	
              "Default"
                has the meaning defined in the Provisions.  Without
                limiting the Provisions, Default includes a Pending Event of
                Default.

            

    

     

    
      	
              1.1.55

            	
              "Defaulting
                Lender" has the meaning defined in Section
                8.27.

            

    

     

    
      	
              1.1.56

            	
              "Designated
                Account" means, in respect of any Advance, the account or
                accounts that a Borrower designates in its notice requesting an Advance
                and that are maintained at a branch of the Agent in Vancouver, British
                Columbia (in the case of CHC, the Additional Borrowers and the Overdraft
                Borrowers) or London, England (in the case of the European Borrowers)
                or
                in another location approved in advance by the Agent, acting
                reasonably.

            

    

     

    

    
      
        
          
          

        

        
          -
            9
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              1.1.57

            	
              "Discovery
                Note" means a $5,000,000 promissory note of CHC in favour of
                Discovery Helicopters Limited, a corporation controlled by
                Mr. C.L. Dobbin, the proceeds of which were advanced to CHC in
                August 1999.

            

    

     

    
      	
              1.1.58

            	
              "Drawdown
                Date" means the date, which shall be a Business Day, of any
                Advance.

            

    

     

    
      	
              1.1.59

            	
              "EBITDA"
                means, for any relevant period, an amount equal to CHC's
                net
                income or net loss for the period, calculated on a consolidated
                basis:

            

    

     

    
      	
               

            	
              (a)

            	
              plus
                amounts deducted in calculating net income or net loss in respect
                of
                depreciation and amortization;

            

    

     

    
      	
               

            	
              (b)

            	
              plus
                interest expense on Total Debt;

            

    

     

    
      	
               

            	
              (c)

            	
              plus
                amounts deducted in calculating net income or net loss in respect
                of
                income taxes, whether or not
                deferred;

            

    

     

    and
      excluding:

     

    
      	
               

            	
              (d)

            	
              any
                gain or loss attributable to the sale, conversion or other disposition
                of
                assets; and

            

    

     

    
      	
               

            	
              (e)

            	
              gains
                resulting from the write-up of assets and losses resulting from the
                write-down of assets (other than losses resulting from allowances
                for
                doubtful accounts, which shall be included);
                and

            

    

     

    
      	
               

            	
              (f)

            	
              any
                gain or loss on the repurchase or redemption of any securities (including
                in connection with the early retirement or defeasance of any Debt);
                and

            

    

     

    
      	
               

            	
              (g)

            	
              any
                foreign currency translation gain or loss;
                and

            

    

     

    
      	
               

            	
              (h)

            	
              any
                other extraordinary, non-recurring or unusual items;
                and

            

    

     

    
      	
               

            	
              (i)

            	
              amounts
                attributable to persons other than Obligors or to minority interests
                in
                Obligors;

            

    

     

    all
      of which shall be calculated in accordance with GAAP unless otherwise expressly
      described.  Except with respect to the Schreiner Acquisition, if CHC
      has established a new Obligor or has disposed of an Obligor or material property
      out of the ordinary course of business during the relevant period, EBITDA shall
      be adjusted on a basis satisfactory to the Required Lenders as if the new
      Obligor had been an Obligor during the entire period or the disposition had
      occurred at the beginning of the period.  With respect to the
      Schreiner Acquisition, if EBITDA for CHC is to be calculated for a period
      beginning before the completion of the Schreiner Acquisition, an adjustment
      shall be made by (x) calculating EBITDA for Schreiner and the Obligors that
      are
      Subsidiaries of Schreiner for the period beginning at 16 February 2004 (the
      date
      of completion of the Schreiner Acquisition) and ending at
      the end of the period for which CHC's EBITDA is to be calculated and (y)
      multiplying it by a fraction the numerator of which is 366 and the denominator
      of which is the number of days in the period described in (x).

     

    

    
      
        
          
          

        

        
          -
            10
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              1.1.60

            	
              "Eligible
                Assignee" has the meaning defined in the
                Provisions.

            

    

     

    
      	
              1.1.61

            	
              "Encumbrance"
                means any mortgage, debenture, pledge, hypothec, prior claim, lien,
                charge, assignment by way of security, consignment, Lease, hypothecation,
                security interest or other security agreement, trust or arrangement
                having
                the effect of security for the payment of any debt, liability or
                obligation, and "Encumbrances", "Encumbrancer", "Encumber" and
                "Encumbered" shall have corresponding
                meanings.

            

    

     

    
      	
              1.1.62

            	
              "European
                Borrowers" means CHC Scotia, and any other European Obligor that
                may be designated by CHC as a European Borrower from time to time
                with the
                consent of the Required Lenders and after delivery of such guarantees
                and
                other Security as the Required Lenders may reasonably
                require.  Without limiting the foregoing, HSAS may be designated
                as a European Borrower if CHC and the other Obligors that have not
                given
                guarantees of CHC's Obligations (because of limitations of Norwegian
                and
                similar laws) give a guarantee of HSAS's Obligations as Borrower
                and HSAS
                and those other Obligors amend the Security they have given so as
                to
                secure HSAS's Obligations as Borrower or their guarantees
                thereof.

            

    

     

    
      	
              1.1.63

            	
              "Euros",
                "EUR" and "€" mean units of the single currency
                adopted by certain member states of the European Union in accordance
                with
                legislation of the European Union relating to European Economic and
                Monetary Union.

            

    

     

    
      	
              1.1.64

            	
              "Event
                of Default" has the meaning defined in Section
                11.1.

            

    

     

    
      	
              1.1.65

            	
              "Exchange
                Rate" means, on any day, for the purpose of calculations under
                this Agreement, the amount of one Approved Currency into which another
                Approved Currency may be converted using the Agent's mid rate
                (i.e. the average of the Agent's spot buying and selling rates) for
                converting the first currency to the other currency at the relevant
                time
                on that day.  If the Exchange Rate is being determined at any
                time in respect of a previous day, the noon spot rate of the Bank
                of
                Canada on that previous day shall be used instead of the Agent's
                mid rate.

            

    

     

    
      	
              1.1.66

            	
              "Excluded
                Taxes" has the meaning defined in the
                Provisions.

            

    

     

    

    
      
        
          
          

        

        
          -
            11
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              1.1.67

            	
              "Existing
                Credit Agreement" has the meaning defined in the first recital to
                this Agreement.

            

    

     

    
      	
              1.1.68

            	
              "Federal
                Funds Effective Rate" means for any period, a fluctuating
                interest rate per annum equal, for each day during such period, to
                the weighted average of the rates on overnight federal funds transactions
                with members of the Federal Reserve System arranged by Federal Funds
                brokers as published for such day (or, if such day is not a Business
                Day,
                for the next preceding Business Day) by the Federal Reserve Bank
                of New
                York or, for any day on which that rate is not published for that
                day by
                the Federal Reserve Bank of New York, the average of the quotations
                for
                that day for such transactions received by the Agent from
                three Federal Funds brokers of recognized
                standing.

            

    

     

    
      	
              1.1.69

            	
              "Fee
                Agreement" means the letter from BNS to CHC dated 22 December
                2004, as amended, supplemented, restated and replaced from time to
                time.

            

    

     

    
      	
              1.1.70

            	
              "Fixed
                Charge Coverage Ratio" means, at any time, the ratio calculated
                by dividing (a) the aggregate of EBITDA, plus (to the extent not
                added back in calculating EBITDA) the total of all payments made
                by
                Obligors in respect of Leases, less Maintenance Capital Expenditures,
                for
                CHC's four most recently completed fiscal quarters by (b) the
                aggregate of amounts paid (or required to be paid) by the Obligors
                for
                Total Interest Expense, scheduled principal reductions and the amounts
                actually paid on account of taxes and dividends, plus (to the extent
                not
                included in Total Interest Expense) the total of all payments made
                by
                Obligors in respect of Leases, for CHC's four most recently completed
                fiscal quarters.

            

    

     

    
      	
              1.1.71

            	
              "Foreign
                Lender" has the meaning defined in the
                Provisions.

            

    

     

    
      	
              1.1.72

            	
              "Fund"
                has the meaning defined in the
                Provisions.

            

    

     

    
      	
              1.1.73

            	
              "GAAP"
                means generally accepted accounting principles which are
                in
                effect from time to time in Canada, as established by the Canadian
                Institute of Chartered Accountants.

            

    

     

    
      	
              1.1.74

            	
              "Governmental
                Authority" has the meaning defined in the
                Provisions.

            

    

     

    
      	
              1.1.75

            	
              "Hazardous
                Materials" means any hazardous substance or any pollutant or
                contaminant, toxic or dangerous waste, substance or material, as
                defined
                in or regulated by any Applicable Law or Governmental Authority from
                time
                to time, including friable asbestos and poly-chlorinated
                biphenyls.

            

    

     

    
      	
              1.1.76

            	
              "HSAS"
                means CHC Helikopter Service AS, a corporation constituted pursuant
                to the
                corporate laws of Norway, formerly known as Helikopter Service
                AS.

            

    

     

    

    
      
        
          
          

        

        
          -
            12
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              1.1.77

            	
              "HSG"
                means Helicopter Services Group AS, a corporation
                constituted pursuant to the corporate laws of Norway, formerly known
                as
                Helicopter Services Group ASA.

            

    

     

    
      	
              1.1.78

            	
              "Indemnified
                Taxes" has the meaning defined in the
                Provisions.

            

    

     

    
      	
              1.1.79

            	
              "Intellectual
                Property" means patents, trademarks, service marks, trade names,
                copyrights, trade secrets, industrial designs and other similar
                rights.

            

    

     

    
      	
              1.1.80

            	
              "Interbank
                Reference Rate" means, in respect of any currency, the interest
                rate expressed as a percentage per annum which is customarily used by
                the Agent when calculating interest due by it or owing to it arising
                from
                correction of errors in transactions in that currency between it
                and other
                chartered banks.

            

    

     

    
      	
              1.1.81

            	
              "Intercompany
                Loan Obligations" means all present and future debts, liabilities
                and obligations of any kind owing or remaining unpaid by any Obligor
                to
                another Obligor in respect of loans or advances made, including Restricted
                Intercompany Obligations.

            

    

     

    
      	
              1.1.82

            	
              "Intercompany
                Obligations" means all present and future debts, liabilities and
                obligations of any kind owing or remaining unpaid by any Obligor
                to
                another Obligor, including Intercompany Loan Obligations, guarantees
                of
                Intercompany Loan Obligations of another Obligor and indebtedness
                for
                goods and services supplied by any Obligor to
                another.

            

    

     

    
      	
              1.1.83

            	
              "Intercreditor
                Agreements" means intercreditor agreements that may be entered
                into from time to time to provide for the terms of subordination
                of other
                Debt in favour of the Obligations, each as amended, supplemented,
                restated
                and replaced from time to time.

            

    

     

    
      	
              1.1.84

            	
              "Interest
                Payment Date" means (in connection with Prime Rate Advances and
                Base Rate Advances) the 22nd day
                of
                each calendar month or if that is not a Business Day, the Business
                Day
                next following.

            

    

     

    
      	
              1.1.85

            	
              "Interest
                Period" has the same meaning as LIBOR
                Period.

            

    

     

    
      	
              1.1.86

            	
              "ISDA
                Master Agreement" means an ISDA Master Agreement as published by
                the International Swaps and Derivatives Association, Inc., as amended
                or
                replaced from time to time.

            

    

     

    
      	
              1.1.87

            	
              "Issuing
                Bank" has the meaning defined in the Provisions.  For
                the time being, BNS is the Issuing Bank in respect of L/Cs issued
                under
                Credit A and Nordea is the Issuing Bank in respect of L/Cs issued
                under
                Credit B.  The Agent may from time to time designate other
                Lenders as Issuing Banks after consultation with
                CHC.

            

    

     

    

    
      
        
          
          

        

        
          -
            13
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              1.1.88

            	
              "L/C"
                or "Letter of Credit" means a standby letter of
                credit, letter of guarantee or commercial letter of credit in a form
                satisfactory to the Issuing Bank issued by the Issuing Bank at the
                request
                of a Borrower in favour of a third party to secure the payment or
                performance of an obligation of an Obligor to the third
                party.

            

    

     

    
      	
              1.1.89

            	
              "Lease"
                means any arrangement by which an Obligor obtains the use of an Aircraft
                of which it is not the owner for a term of more than 12 months, including
                rights of renewal, in exchange for payment to a person other than
                an
                Obligor, including a capital lease, an operating lease, a synthetic
                lease,
                the lease aspect of a sale and leaseback transaction and the "lease
                in"
                aspect of a "lease out, lease in"
                transaction.

            

    

     

    
      	
              1.1.90

            	
              "Lenders"
                means each of the persons listed on SCHEDULE E and other
                lenders
                that agree from time to time to become Lenders in accordance with
                Article XIII of this Agreement, including the Credit A Lenders,
                the Credit B Lenders, the Credit C Lenders and the Credit E
                Lenders, and "Lender" means any one of the
                Lenders.

            

    

     

    
      	
              1.1.91

            	
              "Lending
                Office" means, as to any Lender, the office or offices from which
                it makes Advances and receives payments pursuant to this Agreement
                from
                time to time.

            

    

     

    
      	
              1.1.92

            	
              "LIBO
                Rate" means, for any LIBOR Period and LIBOR Advance, the average
                of the interest rates expressed as a percentage per annum on the
                basis of a 360 day year at which deposits in the relevant Approved
                Currency are offered by the principal offices of the Schedule I
                Reference Lenders in London, England in the London interbank market
                at 11:00 a.m. London time two Business Days before the first day
                of the LIBOR Period for a period equal to the LIBOR Period and in
                an
                amount approximately equal to the amount of the LIBOR
                Advance.

            

    

     

    
      	
              1.1.93

            	
              "LIBOR
                Advance" or "LIBO Rate Loan" means an advance in
                an Approved Currency other than Cdn. Dollars bearing interest based
                on the LIBO Rate.

            

    

     

    
      	
              1.1.94

            	
              "LIBOR
                Period" means the period selected by the relevant Borrower for
                a
                LIBOR Advance or the period applicable to the LIBOR Advance under
                the
                terms of this Agreement.

            

    

     

    
      	
              1.1.95

            	
              "Loan"
                has the meaning defined in the
                Provisions.

            

    

     

    
      	
              1.1.96

            	
              "Loan
                Documents" means this Agreement, the Security and all other
                documents relating to the Credits, or any of
                them.

            

    

     

    
      	
              1.1.97

            	
              "Maintenance
                Capital Expenditures" means Capital Expenditures necessary to
                sustain operations and revenues of the Obligors as they existed at
                the
                beginning of CHC's then-current fiscal year on an efficient
                basis.

            

    

     

    

    
      
        
          
          

        

        
          -
            14
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              1.1.98

            	
              "Market
                Value" means:

            

    

     

    
      	
               

            	
              (a)

            	
              for
                any Swap governed by an ISDA Master Agreement, on any day, the amount
                (whether positive or negative) expressed in Canadian Dollars that is
                determined by a Lender in good faith in accordance with its customary
                practices as of the close of business on that day as though that
                day was
                an "Early Termination Date" and the "Transaction" was a "Terminated
                Transaction" in accordance with the payment measure provided for
                in
                section 6(e)(i)(3) of the 1992 ISDA Master Agreement
                (Multicurrency - Cross Border).  "Early Termination
                Date," "Transaction" and "Terminated Transaction" have the meanings
                defined in that ISDA Master
                Agreement;

            

    

     

    
      	
               

            	
              (b)

            	
              for
                any Swap not governed by an ISDA Master Agreement, on any day, the
                amount
                expressed in Canadian Dollars that is determined by a Lender in good
                faith in accordance with its customary practices (using the average
                of the
                buy and sell prices) as of the close of business on that day that
                one
                counterparty to a Swap would have to pay the other in order to terminate
                the Swap on that day.

            

    

     

    
      	
              1.1.99

            	
              "Material
                Contract" means any
                Contract:

            

    

     

    
      	
               

            	
              (a)

            	
              to
                which is attached obligations on the part of the Obligors or which
                has an
                economic value to the Obligors in excess of $10,000,000 per annum;
                or

            

    

     

    
      	
               

            	
              (b)

            	
              to
                which an Obligor is a party that, if terminated, would materially
                impair
                the ability of any Obligor to carry on business in the ordinary course
                or
                would have a material adverse effect on the financial condition of
                the
                Obligors as a whole.

            

    

     

    
      	
              1.1.100

            	
              "Material
                Permit" means any Permit:

            

    

     

    
      	
               

            	
              (a)

            	
              that
                is required to operate Aircraft;

            

    

     

    
      	
               

            	
              (b)

            	
              to
                which is attached obligations on the part of the Obligors or which
                has an
                economic value to the Obligors in excess of $1,000,000 per annum;
                or

            

    

     

    
      	
               

            	
              (c)

            	
              issued
                to an Obligor that, if terminated, would materially impair the ability
                of
                any Obligor to carry on business in the ordinary course or would
                have a
                material adverse effect on the financial condition or business prospects
                of the Obligors as a whole.

            

    

     

    

    
      
        
          
          

        

        
          -
            15
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              1.1.101

            	
              "Nordea"
                means Nordea Bank Norge ASA, a bank established under the laws of
                the
                Kingdom of Norway.

            

    

     

    
      	
              1.1.102

            	
              "Norwegian
                Kroner" and "NOK" mean lawful money of the
                Kingdom of Norway.

            

    

     

    
      	
              1.1.103

            	
              "Obligations"
                means all obligations of the Borrowers to the Lenders under
                or in
                connection with this Agreement, including all debts and liabilities,
                present or future, direct or indirect, absolute or contingent, matured
                or
                not, at any time owing by the Borrowers to the Lenders in any currency
                or
                remaining unpaid by the Borrowers to the Lenders in any currency
                under or
                in connection with this Agreement, whether arising from dealings
                between
                the Lenders and the Borrowers or from any other dealings or proceedings
                by
                which the Lenders may be or become in any manner whatever creditors
                of the
                Borrowers under or in connection with this Agreement, and wherever
                incurred, and whether incurred by the Borrowers alone or with another
                or
                others and whether as principal or surety, and all interest, fees,
                legal
                and other costs, charges and expenses. In this definition, "the Borrowers"
                shall be interpreted as "the Borrowers, or any of them" and "the
                Lenders"
                shall be interpreted as "the Lenders, or any of
                them."

            

    

     

    
      	
              1.1.104

            	
              "Obligors"
                has the meaning defined in the Provisions.  Without
                limiting the Provisions, Obligors means CHC, the Subsidiaries of
                CHC
                listed on SCHEDULE M and other Subsidiaries of CHC that may become
                Obligors in accordance with this Agreement, and "Obligor"
                means any of them.

            

    

     

    
      	
              1.1.105

            	
              "Other
                Reference Lenders" means the Lenders that are not banks listed in
                Schedule I of the Bank Act (Canada) and that have been
                designated as such or deemed to be Other Reference Lenders in accordance
                with Section 8.12.

            

    

     

    
      	
              1.1.106

            	
              "Other
                Secured Obligations" has the meaning defined in Section
                6.2(c).

            

    

     

    
      	
              1.1.107

            	
              "Other
                Taxes" has the meaning defined in the
                Provisions.

            

    

     

    
      	
              1.1.108

            	
              "Overdraft
                Borrowers" means Obligors other than CHC that are designated by
                CHC with the consent of BNS to obtain Advances by way of overdraft
                under
                Credit A2, provided that CHC has delivered a guarantee of the Obligations
                of each Overdraft Borrower as a Borrower and CHC and each Overdraft
                Borrower have delivered such other documents relating to obtaining
                overdrafts as BNS may require from time to
                time.

            

    

     

    
      	
              1.1.109

            	
              "Participant"
                has the meaning defined in the
                Provisions.

            

    

     

    
      	
              1.1.110

            	
              "Parts"
                means any and all parts, accessories and assemblies for
                Aircraft
                including any and all avionics, furnishings, instruments, appurtenances,
                accessories, communication and radar equipment, main rotor blades,
                engines, transmissions, main rotor heads, tail rotor assemblies,
                intermediate gear boxes, servo actuators, nodal beams, skid tubes,
                cockpit voice recorders and other equipment of any kind or nature
                whatsoever (whether consumable, repairable or non-repairable, spare
                parts
                or otherwise), whether or not incorporated or installed in, attached
                to or
                forming part of any Aircraft at a particular
                time.

            

    

     

    

    
      
        
          
          

        

        
          -
            16
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              1.1.111

            	
              "Pending
                Event of Default" means an event that would constitute an Event
                of Default hereunder, except for satisfaction of any requirement
                for
                giving of notice, lapse of time, or both, or any other condition
                subsequent to such event.  Without limiting the foregoing, it
                shall be a Pending Event of Default if there are objectively ascertainable
                and measurable grounds to warrant a finding by the Required Lenders,
                acting reasonably, that CHC will not be in compliance with the financial
                covenants contained in Section 10.2 at the end of its current fiscal
                quarter, or was not in compliance with those covenants at the end
                of its
                immediately preceding fiscal quarter if it has not delivered its
                Reporting
                Certificate for that quarter.

            

    

     

    
      	
              1.1.112

            	
              "Pension
                Plan" means (a) a "pension plan" or "plan" which is subject
                to the funding requirements of the Pension Benefits Standards Act
                (Canada) or any applicable pension benefits legislation in any
                other
                jurisdiction of Canada and is applicable to employees resident in
                Canada
                of any Obligor, or (b) any pension benefit plan or similar arrangement
                applicable to employees of any
                Obligor.

            

    

     

    
      	
              1.1.113

            	
              "Permits"
                means licenses, certificates, authorizations, consents, registrations,
                exemptions, permits and other approvals required by Applicable
                Law.

            

    

     

    
      	
              1.1.114

            	
              "Permitted
                Encumbrances" or "Permitted Liens" means, with
                respect to any person, without duplication, the
                following:

            

    

     

    
      	
               

            	
              (a)

            	
              Encumbrances
                for taxes, rates, assessments or other charges or levies imposed
                by
                Applicable Law that are not yet due, or for which instalments have
                been
                paid based on reasonable estimates pending final assessments, or
                if due,
                the validity of which is being contested diligently and in good faith
                by
                appropriate proceedings by that person and the payment of which has
                been
                covered by arrangements satisfactory to the Required
                Lenders;

            

    

     

    
      	
               

            	
              (b)

            	
              undetermined
                or inchoate Encumbrances, rights of distress and charges incidental
                to
                current operations which have not at such time been filed or exercised
                and
                of which none of the Lenders has been given notice, or which relate
                to
                obligations not due or payable or if due, the validity of which is
                being
                contested diligently and in good faith by appropriate proceedings
                by that
                person;

            

    

     

    

    
      
        
          
          

        

        
          -
            17
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (c)

            	
              reservations,
                limitations, provisos and conditions expressed in any original grants
                from
                the Crown or other grants of real or immovable property, or interests
                therein, which do not in the opinion of the Required Lenders acting
                reasonably materially affect the use of the affected land for the
                purpose
                for which it is used by that
                person;

            

    

     

    
      	
               

            	
              (d)

            	
              licenses,
                easements, rights-of-way and rights in the nature of easements (including
                licenses, easements, rights-of-way and rights in the nature of easements
                for sidewalks, public ways, sewers, drains, gas, steam and water
                mains or
                electric light and power, or telephone and telegraph conduits, poles,
                wires and cables) and zoning, land use and building restrictions,
                by-laws,
                regulations and ordinances of federal, provincial, municipal and
                other
                Governmental Authorities, which will not in the opinion of the Required
                Lenders acting reasonably materially impair the use of the affected
                land
                for the purpose for which it is used by that
                person;

            

    

     

    
      	
               

            	
              (e)

            	
              title
                defects, encroachments or irregularities which are of a minor nature
                and
                which in the aggregate will not in the opinion of the Required Lenders
                acting reasonably materially impair the use of the affected property
                for
                the purpose for which it is used by that
                person;

            

    

     

    
      	
               

            	
              (f)

            	
              the
                right reserved to or vested in any Governmental Authority by the
                terms of
                any lease, license, franchise, grant or permit acquired by that person
                or
                by any statutory provision to terminate any such lease, license,
                franchise, grant or permit, or to require annual or other payments
                as a
                condition to the continuance
                thereof;

            

    

     

    
      	
               

            	
              (g)

            	
              the
                Encumbrance resulting from the deposit of cash or securities in connection
                with contracts, tenders or expropriation proceedings, or to secure
                workers' compensation, unemployment insurance, surety or appeal bonds,
                costs of litigation when required by law, liens and claims incidental
                to
                current construction, mechanics', warehousemen's, carriers' and other
                similar liens, and public, statutory and other like obligations incurred
                in the ordinary course of business;

            

    

     

    
      	
               

            	
              (h)

            	
              security
                given to a public utility or any Governmental Authority when required
                by
                such utility or authority in connection with the operations of that
                person
                in the ordinary course of its
                business;

            

    

     

    
      	
               

            	
              (i)

            	
              the
                Security;

            

    

     

    
      	
               

            	
              (j)

            	
              the
                Encumbrance created by a judgment of a court of competent jurisdiction,
                as
                long as the judgment is being contested diligently and in good faith
                by
                appropriate proceedings by that person and does not result in an
                Event of
                Default;

            

    

     

    

    
      
        
          
          

        

        
          -
            18
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (k)

            	
              Encumbrances
                on equipment (other than Aircraft) and the proceeds thereof created
                or
                assumed to finance the acquisition or improvement or secure the unpaid
                purchase price thereof (including the principal amount of any capital
                lease), to a maximum aggregate principal amount of $1,000,000 for
                all
                Obligors at any time;

            

    

     

    
      	
               

            	
              (l)

            	
              aircraft
                mortgage by CHC Scotia in favour of General Electric Capital Equipment
                Finance Inc. under which a charge of aircraft G-DRNT (serial number
                760201) is created as collateral security for CHII's obligations
                relating
                to a lease of an Aircraft located in Saudi
                Arabia;

            

    

     

    
      	
               

            	
              (m)

            	
              Encumbrances
                on any new or refurbished Part in favour of the provider of
                power-by-the-hour maintenance support which will be released once
                the
                Obligor which owns or controls the relevant Aircraft has delivered
                clear
                title to a corresponding used Part that has been removed from the
                Aircraft
                in furtherance of the maintenance obligations and Parts exchange
                described
                in SCHEDULE L;

            

    

     

    
      	
               

            	
              (n)

            	
              Encumbrances
                of Aircraft that are subject to:

            

    

     

    
      	
               

            	
              (i)

            	
              operating
                leases existing at 22 December
                2004;

            

    

     

    
      	
               

            	
              (ii)

            	
              any
                refinancings or replacements of the operating leases existing at
                22
                December 2004, relating to the same Aircraft provided that the principal
                amount financed for any Aircraft is not
                increased;

            

    

     

    
      	
               

            	
              (iii)

            	
              other
                operating leases for a term of less than two years with aggregate
                payments for all such other leases of less than $1,000,000 per annum
                that are not intended as financing
                arrangements;

            

    

     

    
      	
               

            	
              (iv)

            	
              operating
                leases of Aircraft that do not fall within items (i) to (iii) immediately
                above, provided that CHC gives the Agent prior written notice of
                entering
                into any such operating lease and includes with its notice a calculation
                demonstrating that it would have been in compliance with the Adjusted
                Total Debt Ratio for the fiscal period in respect of which it has
                most
                recently submitted a Reporting Certificate even if the numerator
                and
                denominator used in calculating the Adjusted Total Debt Ratio had
                each
                been increased to take into account the lease payments and/or purchase
                option price in respect of such operating lease and any other operating
                leases that were not reflected in that calculation and have since
                been
                entered into; and

            

    

     

    

    
      
        
          
          

        

        
          -
            19
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (v)

            	
              Leases
                permitted by items (i) to (iv) immediately above that are subsequently
                reclassified as capital leases;

            

    

     

    
      	
               

            	
              (o)

            	
              other
                Encumbrances agreed to in writing by the Required
                Lenders.

            

    

     

    
      	
               

            	
              (p)

            	
              assignments
                in favour of Eurocopter S.A. and other arm's-length subordinate lenders
                of
                proceeds of sale of Aircraft that are subject to operating leases
                described in item (n) above to secure repayment of any rental down
                payment
                or junior loan financed by such lenders that is otherwise without
                recourse
                to the Obligors;

            

    

     

    
      	
               

            	
              (q)

            	
              Encumbrances
                over rights in power by the hour contracts, sub-leases, future rental
                rebates and similar rights relating to a particular Aircraft that
                is
                subject to an operating lease described in item (n) above to secure
                the
                operating lease, other operating leases with the same lessor or its
                Affiliates or Asset Value Guarantees relating to those operating
                leases;

            

    

     

    
      	
               

            	
              (r)

            	
              cash
                collateral which may be delivered by CHC from time to time to a Lender
                which is the counterparty under one or more Swaps in the form of
                equity
                forward contracts entered into by CHC to hedge exposure under stock
                appreciation rights granted to employees and directors of the Obligors,
                provided that the cash collateral does not at any time exceed an
                aggregate
                of $13,000,000 and the Swaps do not at any time relate to an aggregate
                of
                more than 750,000 Class A shares of CHC;  it is agreed that the
                counterparty's interest in the cash collateral shall rank ahead of
                the
                Security;

            

    

     

    
      	
               

            	
              (s)

            	
              Encumbrances
                on the Property of Multifabs Survival Limited to secure a term loan
                established in May and June 2003 in the amount of GBP 832,898, a
                term loan
                dated 24 November 2003 in the amount of GBP 496,000 and Debt that
                is
                incurred under a GBP 600,000 overdraft facility dated 8 June 2004,
                all
                with Bank of Scotland and all of which were existing on 17 August
                2004
                (the date the Capital Stock of Multifabs Survival Limited was acquired
                by
                Brintel Holdings Limited), as long as no other Obligor has any obligation
                in respect of, or has given any Encumbrance to secure, that
                Debt;

            

    

     

    
      	
               

            	
              (t)

            	
              Encumbrances
                on the Property of Whirly Bird Services Limited to secure a term
                loan
                dated 27 September 2000 in the amount of GBP 300,000, a term loan
                dated 14
                October 2003 in the amount of GBP 200,000 and Debt that is incurred
                under
                a GBP 200,000 overdraft facility dated 11 April 2003, all with Bank
                of
                Scotland and all of which were existing on 5 March
                2004 (the date the Capital Stock of Whirly Bird
                Services Limited was acquired by Brintel Holdings Limited), as long
                as no
                other Obligor has any obligation in respect of, or has given any
                Encumbrance to secure, that Debt;

            

    

     

    

    
      
        
          
          

        

        
          -
            20
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (u)

            	
              Encumbrances
                that were existing on the Property of a Person to secure Debt of
                the
                Person that was existing, or that is incurred under an operating
                credit
                facility that was existing, at the time the Person's Capital Stock
                was
                acquired by an Obligor, as long as the Encumbrances were not granted
                and
                the Debt was not incurred in anticipation of the acquisition, the
                aggregate principal amount of such Debt that is outstanding for all
                such
                Persons at any time does not exceed $10,000,000 or the equivalent
                amount
                in other currencies, and no Obligor (except one that was an Affiliate
                of
                the Person before its Capital Stock was acquired) has any obligation
                in
                respect of, or has given any Encumbrance to secure, that
                Debt;

            

    

     

    
      	
               

            	
              (v)

            	
              Encumbrances
                to secure Debt contemplated in Section
                1.1.115(n);

            

    

     

    
      	
               

            	
              (w)

            	
              pledges
                to one or more Lenders of proceeds of loans made by those Lenders
                to fund
                the price of Property being purchased by one Obligor from another
                in
                accordance with this Agreement and as part of the process contemplated
                to
                be undertaken by CHC with the advice of Ernst & Young LLP to (among
                other things) streamline its legal organizational structure and align
                the
                structure with its operational structure, provided that the proceeds
                are
                at all times held in, or being wire transferred to, accounts of Obligors
                with one or more Lenders and that the advances are outstanding only
                for as
                long as is necessary to enable all necessary wire transfers to be
                completed, and in any event not more than five Business Days and
                provided
                that the wire transfers are commenced no later than 31 December
                2005;  it is agreed that the pledges of proceeds shall rank
                ahead of the Security.

            

    

     

    
      	
              1.1.115

            	
              "Permitted
                Obligations" means, without duplication, the
                following:

            

    

     

    
      	
               

            	
              (a)

            	
              the
                Obligations;

            

    

     

    
      	
               

            	
              (b)

            	
              the
                Other Secured Obligations;

            

    

     

    
      	
               

            	
              (c)

            	
              Intercompany
                Obligations;

            

    

     

    
      	
               

            	
              (d)

            	
              other
                debts, liabilities and obligations secured by Permitted Encumbrances,
                   other than the Security;

            

    

     

    
      	
               

            	
              (e)

            	
              the
                Sub Debt;

            

    

     

    

    
      
        
          
          

        

        
          -
            21
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (f)

            	
              reimbursement
                obligations for which the issuers hold indemnifications of Export
                Development Corporation in connection with (i) a US $25,000,000
                letter of credit issued by Bank of Scotland or another financial
                institution in connection with the Maersk Oil contract and (ii) other
                letters of credit in an aggregate face amount outstanding from time
                to
                time of not more than USD 4,000,000 or the equivalent amount in other
                currencies;

            

    

     

    
      	
               

            	
              (g)

            	
              current
                accounts payable, accrued expenses and other debts, liabilities and
                obligations incurred in the ordinary course of business which do
                not
                constitute Debt;

            

    

     

    
      	
               

            	
              (h)

            	
              deferred
                taxes;

            

    

     

    
      	
               

            	
              (i)

            	
              obligations
                arising from guarantees by one Obligor of debts, liabilities and
                obligations of another Obligor that are themselves Permitted
                Obligations;

            

    

     

    
      	
               

            	
              (j)

            	
              operating
                credits (i) in the amount of 7,000,000 South African Rand from a
                South
                African bank (currently First National Bank of South Africa Limited)
                in
                favour of CHC Helicopters (Africa) (Proprietary) Ltd., and (ii) in
                the
                amount of 7,350,000 South African Rand from a South African bank
                (currently ABSA Bank Limited) in favour of CHC Helicopters (Africa)
                (Proprietary) Ltd. that in each case are either unsecured or secured
                by an
                L/C issued under a Credit;

            

    

     

    
      	
               

            	
              (k)

            	
              Debts
                to CHC Reinsurance S.A. (formerly HSG Reinsurance S.A.) of NOK
                15,750,000 owing by HSG pursuant to a loan agreement dated
                26 May 1999, NOK 6,000,000 owing by HSAS pursuant to a loan
                agreement dated 15 May 2000, US $1,000,000 owing by HSAS
                pursuant to a loan agreement dated 15 May 2000 and US $300,000
                owing by HSG pursuant to a loan agreement dated July
                2001;

            

    

     

    
      	
               

            	
              (l)

            	
              the
                Discovery Note;

            

    

     

    
      	
               

            	
              (m)

            	
              obligations
                arising from the guarantee by an Obligor of performance obligations
                (not
                relating to Debt) of a Person that is partially owned by or has entered
                into a joint venture with an Obligor, to the extent any such guarantee
                is
                required in the ordinary course of obtaining contracts in favour
                of that
                Person;

            

    

     

    
      	
               

            	
              (n)

            	
              other
                secured or unsecured Debt for borrowed money and/or capital leases
                in an
                aggregate principal amount outstanding for all Obligors of not more
                than
                $40,000,000 or the equivalent amount in other currencies at any
                time;

            

    

     

    

    
      
        
          
          

        

        
          -
            22
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (o)

            	
              Asset
                Value Guarantees;

            

    

     

    
      	
               

            	
              (p)

            	
              other
                debts, liabilities and obligations expressly permitted under this
                Agreement or consented to by the Required Lenders in
                writing.

            

    

     

    
      	
              1.1.116

            	
              "Person"
                has the meaning defined in the Provisions and
                "person" has the same
                meaning.

            

    

     

    
      	
              1.1.117

            	
              "Pledged
                Shares" means the Capital Stock of the Obligors that is pledged
                as part of the Security from time to
                time.

            

    

     

    
      	
              1.1.118

            	
              "Primary
                Operating Jurisdiction" means each of Canada, the United Kingdom,
                Norway, Denmark (excluding Greenland), Australia, the United States
                of
                America, South Africa, the Netherlands and
                Ireland.

            

    

     

    
      	
              1.1.119

            	
              "Prime
                Rate" means, on any day, the greater
                of:

            

    

     

    
      	
               

            	
              (a)

            	
              the
                average of the annual rates of interest expressed as a percentage
                per annum announced by the Schedule I Reference Lenders on that
                day as their respective reference rates for commercial loans made
                by them
                in Canada in Canadian Dollars;
                and

            

    

     

    
      	
               

            	
              (b)

            	
              the
                average rate for 30 day Canadian Dollar bankers' acceptances
                that appears on the Reuters Screen CDOR Page at 10:00 a.m. Toronto
                time on that day, plus
                0.75% per annum.

            

    

     

    
      	
              1.1.120

            	
              "Prime
                Rate Advance" means an Advance in Canadian Dollars bearing
                interest based on the Prime Rate and includes deemed Prime Rate Advances
                provided for in this Agreement.

            

    

     

    
      	
              1.1.121

            	
              "Property"
                means, with respect to any person, any or all of its undertaking,
                property
                and assets including Capital Stock held by that person in any other
                person.

            

    

     

    
      	
              1.1.122

            	
              "Proportionate
                Share" has the same meaning as Applicable
                Percentage.

            

    

     

    
      	
              1.1.123

            	
              "Provisions"
                means the model credit agreement provisions attached as Schedule
                D.

            

    

     

    
      	
              1.1.124

            	
              "Register"
                has the meaning defined in section 10(c) of the
                Provisions.

            

    

     

    
      	
              1.1.125

            	
              "Related
                Parties" has the meaning defined in the
                Provisions.

            

    

     

    
      	
              1.1.126

            	
              "Reporting
                Certificate" means a certificate in the form of
                Schedule C.

            

    

     

    
      	
              1.1.127

            	
              "Required
                Lenders" means Lenders holding, in the aggregate, a minimum of
                60% of the outstanding amount of the Commitments for all Credits,
                but in
                any event at least three Lenders if there are a total of six or more
                Lenders.

            

    

     

    

    
      
        
          
          

        

        
          -
            23
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              1.1.128

            	
              "Restricted
                Intercompany Obligations" means the loans described on SCHEDULE
                K, all guarantees of those loans and all Encumbrances securing those
                loans
                and guarantees.

            

    

     

    
      	
              1.1.129

            	
              "Restricted
                Parties" has the same meaning as
                Obligors.

            

    

     

    
      	
              1.1.130

            	
              "Restricted
                Payment" means any payment to (a) pay dividends,
                (b) issue bonuses on Capital Stock, (c) redeem or purchase
                Capital Stock, (d) make principal or cash interest payments on Debt
                owing to shareholders, affiliated corporations or associates of
                shareholders or affiliated corporations, including the Discovery
                Note in
                the case of CHC, or (e) pay management fees or make distributions to
                shareholders, affiliated corporations or associates of shareholders
                or
                affiliated corporations or engage in any other method of returning
                capital
                to direct or indirect holders of Capital
                Stock.

            

    

     

    
      	
              1.1.131

            	
              "Schedule"
                means the designated schedule of this
                Agreement.

            

    

     

    
      	
              1.1.132

            	
              "Schedule I
                Reference Lenders" means the Lenders that are banks listed in
                Schedule I of the Bank Act (Canada) and that have been
                designated as such or deemed to be Schedule I Reference Lenders in
                accordance with Section 8.12.

            

    

     

    
      	
              1.1.133

            	
              "Schreiner"
                means Schreiner Luchtvaart Groep B.V., a private limited liability
                company
                established under the laws of the
                Netherlands.

            

    

     

    
      	
              1.1.134

            	
              "Schreiner
                Acquisition" means the acquisition by CHC Netherlands B.V. of all
                of the issued and outstanding Capital Stock of
                Schreiner.

            

    

     

    
      	
              1.1.135

            	
              "Section"
                means the designated section of this
                Agreement.

            

    

     

    
      	
              1.1.136

            	
              "Security"
                means the security held from time to time by or on behalf of the
                Lenders,
                securing or intended to secure repayment of the Obligations, the
                Intercompany Obligations and/or the Other Secured Obligations, including
                the security described in Section
                6.1.

            

    

     

    
      	
              1.1.137

            	
              "Senior
                Debt Ratio" means, at any time, the ratio calculated by dividing
                (a) Total Debt excluding that part not ranking, or capable of
                ranking, senior to or pari passu with the Obligations, by
                (b) EBITDA for CHC's four most recently completed fiscal
                quarters.

            

    

     

    
      	
              1.1.138

            	
              "Sub
                Debt" means the 7.375% senior subordinated notes due 2014 in
                the
                aggregate principal amount of US $250,000,000 issued under the trust
                indenture dated as of 27 April 2004 between CHC, other Obligors and
                The
                Bank of New York as trustee.  For greater certainty, the Sub
                Debt does not include any "Additional Notes" as defined in that
                indenture.

            

    

     

    

    
      
        
          
          

        

        
          -
            24
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              1.1.139

            	
              "Sub
                Debt Indenture" means the indenture under which the Sub Debt
                has been issued.

            

    

     

    
      	
              1.1.140

            	
              "Subsidiary"
                means, with respect to an Obligor, a subsidiary as defined in the
                Canada Business Corporations Act as of 22 December 2004, and any
                partnership or other organization in which the Obligor or any Subsidiary
                of the Obligor has Control.

            

    

     

    
      	
              1.1.141

            	
              "Swap"
                means (a) any cap, collar, floor or other option, (b) any forward
                contract, (c) any swap or contract for differences, (d) any other
                agreement of a type commonly considered to be a derivative, or (e)
                any
                combination of any of those agreements, in each case whether relating
                to
                interest, currencies, commodities, securities or
                otherwise.

            

    

     

    
      	
              1.1.142

            	
              "Taxes"
                has the meaning defined in the
                Provisions.

            

    

     

    
      	
              1.1.143

            	
              "Total
                Debt" means the aggregate, without duplication, of all Debt of
                CHC on a consolidated basis, calculated in accordance with GAAP unless
                otherwise expressly described, less the amount of CHC's consolidated
                cash
                that is on deposit with Lenders and not Encumbered except by the
                Security.

            

    

     

    
      	
              1.1.144

            	
              "Total
                Debt Ratio" means, at any time, the ratio calculated by dividing
                (a) Total Debt plus Asset Value Guarantee Exposure by (b) EBITDA
                for CHC's four most recently completed fiscal
                quarters.

            

    

     

    
      	
              1.1.145

            	
              "Total
                Interest Expense" means, for any period, without duplication, the
                aggregate expense incurred by CHC on a consolidated basis for interest
                and
                equivalent costs of borrowing, including (a) Bankers' Acceptance
                fees,
                (b) discounts on Bankers' Acceptances, (c) the interest portion of
                any capital lease and (d) all fees and other compensation paid to any
                person that has extended credit to the Obligors, but excluding any
                upfront, extension and similar non-recurring fees, in each case whether
                or
                not actually paid (unless paid by the issuance of securities constituting
                part of Total Debt), and calculated in accordance with
                GAAP.

            

    

     

    
      	
              1.1.146

            	
              "Tranche
                1" has the meaning defined in Section
                5.1.

            

    

     

    
      	
              1.1.147

            	
              "Tranche
                2" has the meaning defined in Section
                5.1.

            

    

     

    
      	
              1.1.148

            	
              "Tranche
                3" has the meaning defined in Section
                5.1.

            

    

     

    
      	
              1.1.149

            	
              "US
                Dollars", "USD" and "US $" mean
                lawful money of the United States of
                America.

            

    

     

    
      	
              1.1.150

            	
              "Welfare
                Plan" means any medical, health, hospitalization, insurance or
                other employee benefit or welfare plan, agreement or arrangement
                applicable to employees of any
                Obligor.

            

    

     

    

    
      
        
          
          

        

        
          -
            25
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              1.2

            	
              Amendment
                and Restatement

            

    

     

    This
      Agreement is and shall for all purposes be deemed to be an amendment and
      restatement of the provisions of the Existing Credit Agreement.  While
      this Agreement shall supersede the Existing Credit Agreement insofar as it
      constitutes the entire agreement between the parties concerning the subject
      matter of this Agreement, this Agreement merely amends and restates the Existing
      Credit Agreement and does not constitute or result in a novation or rescission
      of the Existing Credit Agreement, the existing Security or any other Loan
      Document.

     

    The
      parties confirm that none of the Advances pursuant to the Existing Credit
      Agreement has been repaid or replaced by new obligations as a result of this
      Agreement.  All such Advances shall be deemed to be Advances under
      this Agreement as more specifically provided in Sections 2.3, 3.3, 4.3 and
      5.3,
      and all of the Obligations (as defined in the Existing Credit Agreement) shall
      be deemed to be Obligations under this Agreement.

     

    Without
      in any way limiting the terms of the Existing Credit Agreement or the other
      Loan
      Documents, the Obligors confirm that the existing Security shall continue to
      secure all of the Obligations, Intercompany Obligations and Other Secured
      Obligations (or such part of them as is described in any particular document
      forming part of the Security), including those arising as a result of this
      Agreement.  Any references in the Security or other Loan Documents to
      the Existing Credit Agreement or section numbers in the Existing Credit
      Agreement shall be interpreted as referring to this Agreement and the
      corresponding Sections of it.

     

    Certain
      defined terms used in the Existing Credit Agreement, including "Credit
      Documents," "Proportionate Share" and "Restricted Parties" have generally been
      replaced in this Agreement by equivalent terms used in the Provisions, but
      the
      terms used in the Existing Credit Agreement may continue to be used in the
      Security and other Loan Documents.  It is intended that the equivalent
      terms are interchangeable and, without limiting that statement, that the debts,
      liabilities and obligations of the Restricted Parties that may be described
      in
      the Security are the same as those of the Obligors described in this
      Agreement.

     

    
      	
              1.3

            	
              Confirmation
                of Security

            

    

     

    
      	
              1.3.1

            	
              Each
                Obligor hereby (i) acknowledges that it has received a copy of this
                Agreement; and (ii) consents to the amendments to the Existing Credit
                Agreement and the restatement of the Existing Credit
                Agreement as so amended as set forth in this
                Agreement.

            

    

     

    
      	
              1.3.2

            	
              Each
                Obligor hereby confirms and agrees that the Security executed by
                it (or
                any of its predecessor entities, if applicable) continues to secure
                all of
                the debts, liabilities and obligations, direct or indirect, absolute
                or
                contingent, matured or unmatured, at any time due or accruing due
                of each
                such Obligor under or in connection with the Loan Documents to which
                it is
                a party.

            

    

     

    

    
      
        
          
          

        

        
          -
            26
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              1.3.3

            	
              Each
                Obligor hereby confirms and agrees that the Security and the other
                Loan
                Documents executed by it (or any of its predecessor entities, if
                applicable) in connection with the Existing Credit Agreement continue
                to
                be valid and enforceable against it in accordance with their respective
                terms as of the date hereof.

            

    

     

    
      	
              1.3.4

            	
              The
                Agent and each Obligor acknowledge, confirm and agree, with respect
                to the
                Security to which the Agent and such Obligor (including as a consequence
                of being a successor entity to a predecessor party thereto) is a
                party, as
                follows:

            

    

     

    
      	
               

            	
              (a)

            	
              such
                Security accurately describes and contains the mutual understandings
                of
                the parties thereto with respect to the matters provided for therein;
                and

            

    

     

    
      	
               

            	
              (b)

            	
              other
                than this Agreement, there are no oral or written statements or agreements
                or courses of prior dealings among the parties to such Security,
                or any
                predecessor parties thereto, that would modify, amend, vary or override
                any of the covenants, agreements, terms or conditions of such
                Security.

            

    

     

    
      	
              1.3.5

            	
              Notwithstanding
                the amendment and restatement of the Existing Credit Agreement by
                way of
                the execution and delivery of this Agreement or the execution and
                delivery
                of any additional Loan Documents in connection with this Agreement,
                each
                Obligor hereby irrevocably and unconditionally (i) acknowledges,
                confirms
                and agrees that the Security executed and delivered by it (or any
                of its
                predecessor entities, if applicable), and all of the covenants,
                agreements, obligations and liabilities of such Obligor under such
                Security are hereby ratified and confirmed, remain in full force
                and
                effect, and continue to constitute valid, binding and enforceable
                covenants, agreements, obligations and liabilities of such Obligor,
                and
                (ii) ratifies, confirms and agrees to perform, observe, comply with
                and be
                bound by each and every covenant, agreement, term, condition, undertaking,
                appointment, duty, guarantee, indemnity, debt, liability, obligation
                and
                security interest contained in, existing under or created by the
                Security
                executed and delivered by it (or any of its predecessor entities,
                if
                applicable).

            

    

     

    
      	
              1.3.6

            	
              Sections
                1.3.2 to 1.3.5 inclusive do not apply to the Security to the extent
                any
                part of it has been expressly released in writing by the Agent on
                behalf
                of the Lenders before 22 December
                2004.

            

    

     

    

    
      
        
          
          

        

        
          -
            27
            -

          
            

          

        

        
          
          

        

      

    

    

    ARTICLE
      II

    CREDIT
      A

     

    
      	
              2.1

            	
              Amount
                and Availment Options

            

    

     

    
      	
              2.1.1

            	
              Upon
                and subject to the terms and conditions of this Agreement, the
                Credit A Lenders agree to provide a credit for the use of CHC in the
                amount of up to US $175,000,000 or the equivalent thereof in other
                relevant Approved Currencies, which is referred to collectively as
                Credit A and is comprised of a tranche of US $125,000,000
                referred to as Credit A1 (which is also for the use of the Additional
                Borrowers), a tranche of US $10,000,000 referred to as Credit A2
                (which is also for the use of the Overdraft Borrowers) and a tranche
                of up
                to US $40,000,000 or the equivalent thereof in relevant Approved
                Currencies referred to as "Credit A3" (which is also for the use of
                the Additional Borrowers to the extent the Advances to CHC contemplated
                in
                Section 10.10(e) are repaid).  Subject to Section 8.1, Advances
                under Credit A1 and Credit A3 will be made by the Credit A
                Lenders and Advances under Credit A2 will be made by
                BNS.

            

    

     

    
      	
              2.1.2

            	
              At
                the option of CHC or the Additional Borrowers, Credit A1 and Credit
                A3 may be used by requesting Prime Rate Advances to be made by the
                Credit A Lenders, by requesting Base Rate Advances in Approved
                Currencies other than Canadian Dollars to be made by the Credit A
                Lenders, by presenting orders to the Credit A Lenders for acceptance
                as Bankers' Acceptances, by requesting that LIBOR Advances in Approved
                Currencies other than Canadian Dollars be made by the Credit A
                Lenders, or by requesting that L/Cs be issued by the Issuing Bank
                on
                behalf of all Credit A Lenders.  The aggregate face amount
                of L/Cs outstanding under Credit A at any time shall not, however,
                exceed US $25,000,000 or the equivalent thereof in other Approved
                Currencies.

            

    

     

    
      	
              2.1.3

            	
              Credit A2
                may be used by CHC and the Overdraft Borrowers incurring overdrafts
                in
                their respective accounts with BNS, which shall be deemed to be Prime
                Rate
                Advances in the case of Canadian Dollar overdrafts and Base Rate
                Advances
                in the case of overdrafts in US Dollars and any other Approved Currencies
                that are acceptable to BNS.

            

    

     

    
      	
              2.1.4

            	
              The
                aggregate principal amount of Advances of any kind to Additional
                Borrowers
                and Overdraft Borrowers that are "Non-Guarantor Restricted Subsidiaries"
                as defined in the Sub Debt Indenture shall be limited to the amount
                permitted pursuant to clause 1008(b)(i) of the Sub Debt
                Indenture.

            

    

     

    

    
      
        
          
          

        

        
          -
            28
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              2.1.5

            	
              If
                any Advance under Credit A is to be used for the purpose of making
                an
                acquisition of Capital Stock permitted by this Agreement that would
                raise
                issues under the "whitewash" provisions of the laws of the United
                Kingdom
                or Applicable Law in other jurisdictions that affects the ability
                of any
                Obligor to guarantee or provide security for the Advance, CHC shall
                designate such Advance as an Advance used for such purpose and advise
                the
                Agent of such designation.  Each such designated Advance shall
                be repaid from (i) the net proceeds of one or more asset sales,
                including any sale and leaseback transaction, (ii) from the
                operational earnings of an Obligor, or (iii) another source if the
                Agent is satisfied, with the advice of counsel, that such other source
                of
                repayment is adequate to satisfy the applicable "whitewash" or other
                legal
                issues.  CHC shall provide notice to the Agent concurrently with
                repayment of a designated Advance identifying the designated Advance
                to
                which such payment is to be applied and identifying the source of
                the
                funds used for such repayment to the reasonable satisfaction of the
                Agent.  Any such repayment shall be without prejudice to CHC's
                right to obtain further Advances as permitted by this
                Agreement.

            

    

     

    
      	
              2.2

            	
              Right
                to Re-Borrow

            

    

     

    Credit A
      is a revolving credit and the principal amount of any Advance under
      Credit A that is repaid may be re-borrowed if the Borrowers are otherwise
      entitled to an Advance under Credit A, except that re-borrowing under
      Credit A3 is also subject to CHC providing the Agent with an opinion of counsel
      and other evidence satisfactory to the Agent that the re-borrowing is in
      compliance with the Sub Debt Indenture because the indebtedness incurred by
      re-borrowing has been classified as being incurred under section 1008(b)(i)
      or
      (xii) of the Sub Debt Indenture or has been incurred in compliance with section
      1008(a) of the Sub Debt Indenture.

     

    
      	
              2.3

            	
              Use
                of Credit A

            

    

     

    Credit A3,
      Credit A2 and Credit A1 shall be used as follows:

     

    
      	
               

            	
              (a)

            	
              in
                the case of Credit A3, to make or continue Advances to CHC as contemplated
                in Section 10.10(e);

            

    

     

    
      	
               

            	
              (b)

            	
              in
                the case of Credit A2, to continue Advances made to CHC under
                Credit A2 in the Existing Credit
                Agreement;

            

    

     

    
      	
               

            	
              (c)

            	
              in
                the case of Credit A1, to continue Advances under Credit A1 in the
                Existing Credit Agreement in excess of those continued under Credit
                A3;

            

    

     

    
      	
               

            	
              (d)

            	
              as
                to the balance, to assist in financing the general corporate requirements
                of the Obligors, including Capital Expenditures and acquisitions
                that are
                permitted by this Agreement.

            

    

     

    
      	
              2.4

            	
              Term
                and Repayment

            

    

     

    Credit A
      shall be repaid in full and cancelled on or before 22 December
      2007.

     

    

    
      
        
          
          

        

        
          -
            29
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              2.5

            	
              Interest
                Rates and Fees

            

    

     

    Interest
      on Prime Rate Advances and Base Rate Advances shall be the Prime Rate or the
      applicable Base Rate, respectively, plus 0.125% per annum.  The
      Bankers' Acceptance Fee and the fee for L/Cs shall be 1.125% per
      annum.  Interest on LIBOR Advances shall be the relevant LIBO Rate
      plus 1.125% per annum.

     

    Interest
      and fees for Credit A1 and Credit A3 shall be promptly distributed by the
      Agent to the Credit A Lenders based on their respective Applicable
      Percentages as adjusted in accordance with Section 8.2.  Subject to
      Section 8.1, interest for Credit A2 shall paid to BNS for its own
      account.  In addition, a fronting fee on the amount of each L/C will
      be payable to the Issuing Bank for its own account in accordance with the Fee
      Agreement or as otherwise agreed between the Issuing Bank and CHC.

     

    
      	
              2.6

            	
              Standby
                Fees

            

    

     

    CHC
      shall pay a standby fee on the daily unadvanced portion of Credit A at a
      rate of 0.30% per annum.  The standby fee shall be
      calculated daily beginning on 22 December 2004 and shall be payable on the
      first
      Business Day of each of January, April, July and October in respect of the
      preceding calendar quarter, beginning on 4 January 2005.  Upon
      final payment of the Obligations under Credit A, CHC shall also pay the
      accrued standby fee for the elapsed portion of the quarter in which final
      payment is made.  Standby fees for Credit A1 and Credit A3 shall
      be promptly distributed by the Agent to the Credit A Lenders based on their
      respective Applicable Percentages as adjusted in accordance with Section
      8.2.  Subject to Section 8.1, standby fees for Credit A2 shall
      paid to BNS for its own account.

     

    
      	
              2.7

            	
              Other
                Fees Payable to Lenders and
                Agent

            

    

     

    CHC
      shall, concurrently with the execution of this Agreement, pay non-refundable
      upfront and other fees to the Lenders as agreed between CHC and the
      Lenders.

     

    CHC
      shall also pay annual agency fees to the Agent in accordance with the Fee
      Agreement.  The processing and recordation fee payable to the Agent as
      contemplated in section 10(b)(vi) of the Provisions is $3000.

     

    ARTICLE
      III

    CREDIT
      B

     

    
      	
              3.1

            	
              Amount
                and Availment Options

            

    

     

    
      	
              3.1.1

            	
              Upon
                and subject to the terms and conditions of this Agreement, the Credit
                B
                Lenders agree to provide a credit for the use of the European Borrowers
                in
                the amount of up to £6,788,866 or the equivalent thereof in other relevant
                Approved Currencies which is referred to collectively as Credit B
                and is
                comprised of a tranche of £4,788,866 referred to as Credit B1 and a
                tranche of £2,000,000 referred to as Credit B2.  Subject to
                Section 8.1, Advances under Credit B1 will be made by the Credit
                B Lenders
                and Advances under Credit B2 will be made by
                Nordea.

            

    

     

    

    
      
        
          
          

        

        
          -
            30
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              3.1.2

            	
              At
                the option of the European Borrowers, Credit B1 may be used by the
                European Borrowers by requesting Base Rate Advances to be made by
                the
                Credit B Lenders in Approved Currencies other than Canadian Dollars,
                by
                requesting that LIBOR Advances be made by the Credit B Lenders in
                Approved
                Currencies other than Canadian Dollars, or by requesting that L/Cs
                be
                issued by the Issuing Bank on behalf of all Credit B
                Lenders.  The aggregate face amount of L/Cs outstanding under
                Credit B1 at any time shall not, however, exceed £3,500,000 or the
                equivalent thereof in other relevant Approved
                Currencies.

            

    

     

    
      	
              3.1.3

            	
              Credit
                B2 may be used by the European Borrowers by obtaining Base Rate Advances
                in Approved Currencies other than Canadian Dollars acceptable to
                Nordea
                pursuant to arrangements agreed upon between the European Borrowers
                and
                Nordea from time to time, which may include incurring overdrafts
                in
                accounts with Nordea.

            

    

     

    
      	
              3.1.4

            	
              The
                aggregate principal amount of Advances of any kind to European Borrowers
                that are "Non-Guarantor Restricted Subsidiaries" as defined in the
                Sub
                Debt Indenture shall be limited to the amount permitted pursuant
                to clause
                1008(b)(i) of the Sub Debt
                Indenture.

            

    

     

    
      	
              3.2

            	
              Revolving
                Credit

            

    

     

    Credit B
      is a revolving credit and the principal amount of any Advance under
      Credit B that is repaid may be reborrowed if the European Borrowers are
      otherwise entitled to an Advance under Credit B.

     

    
      	
              3.3

            	
              Use
                of Credit B

            

    

     

    Credit B
      shall be used to continue Advances made under Credit B in the Existing Credit
      Agreement and thereafter to assist in financing the general corporate
      requirements of the Obligors.

     

    
      	
              3.4

            	
              Term
                and Repayment

            

    

     

    Credit
      B shall be repaid in full and cancelled on or before 22 December
      2007.

     

    
      	
              3.5

            	
              Interest
                Rates and Fees

            

    

     

    Interest
      on Base Rate Advances shall be the applicable Base Rate plus 1.125% per
      annum.  The fee for L/Cs shall be 1.125% per
      annum.  Interest on LIBOR Advances shall be the relevant LIBO Rate
      plus 1.125% per annum.

     

    Interest
      and fees for Credit B1 shall be promptly distributed by the Agent to the Credit
      B Lenders based on their respective Applicable Percentages as adjusted in
      accordance with Section 8.2.   Subject to Section 8.1, interest
      for Credit B2 shall be paid to Nordea for its own account.  In
      addition, unless the Issuing Bank is the only Credit B Lender at the relevant
      time, a fronting fee on the amount of each L/C will be payable to the Issuing
      Bank for its own account in accordance with the Fee Agreement or
      otherwise.

     

    

    
      
        
          
          

        

        
          -
            31
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              3.6

            	
              Standby
                Fees

            

    

     

    The
      European Borrowers shall pay a standby fee on the daily unadvanced portion
      of
      Credit B at a rate of 0.30% per annum.  The standby fee shall be
      calculated daily beginning on 22 December 2004 and shall be payable on the
      first
      Business Day of each of January, April, July and October in respect of the
      preceding calendar quarter, beginning on 4 January 2005.  Upon
      final payment of the Obligations under Credit B, the European Borrowers shall
      also pay the accrued standby fee for the elapsed portion of the quarter in
      which
      final payment is made.  Standby fees for Credit B1 shall be promptly
      distributed by the Agent to the Credit B Lenders based on their respective
      Applicable Percentages as adjusted in accordance with Section
      8.2.  Subject to Section 8.1, standby fees for Credit B2 shall be paid
      to Nordea for its own account.  

     

    ARTICLE
      IV

    CREDIT C

     

    
      	
              4.1

            	
              Amount
                and Availment Options

            

    

     

    Upon
      and subject to the terms and conditions of this Agreement, the Credit C Lenders
      agree to provide a credit for the use of CHC in the amount of £7,591,515.46 or
      the equivalent thereof in other relevant Approved Currencies.  Credit
      C may be used by requesting Prime Rate Advances to be made by the Credit C
      Lenders, by requesting Base Rate Advances to be made by the Credit C Lenders
      in
      Approved Currencies other than Canadian Dollars, by presenting orders to the
      Credit C Lenders for acceptance as Bankers' Acceptances, or by requesting that
      LIBOR Advances be made by the Credit C Lenders in Approved Currencies other
      than
      Canadian Dollars.

     

    
      	
              4.2

            	
              Non-Revolving
                Credit

            

    

     

    Credit C
      is a non-revolving credit and the principal amount of any Advance under
      Credit C that is repaid may not be reborrowed.

     

    
      	
              4.3

            	
              Use
                of Credit C

            

    

     

    Credit C
      shall be used by CHC to continue Advances made to CHC under Credit C in the
      Existing Credit Agreement and no further funds shall be advanced
      thereafter.

     

    
      	
              4.4

            	
              Term
                and Repayment

            

    

     

    The
      principal amount of Credit C
      shall be repaid and permanently reduced by quarterly instalments on the last
      Business Days of each of October, January, April and July of each year,
      beginning in January 2005, each in the amount of
₤379,575.77 or, if other Approved Currencies are outstanding,
      amounts in the
      other Approved Currencies as determined by the Agent based on repayment of
      Credit C in 20 equal instalments if no prepayments are made.  In
      addition to the scheduled repayments and reductions, Credit C shall be repaid
      and permanently reduced in accordance with Section 5.6.

     

    Credit
      C shall, in any event, be repaid
      in full and cancelled on or before 22 December 2009.

     

    

    
      
        
          
          

        

        
          -
            32
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              4.5

            	
              Interest
                Rates and Fees

            

    

     

    Interest
      on Prime Rate Advances and Base Rate Advances shall be the Prime Rate or the
      applicable Base Rate, respectively, plus 0.125% per annum.  The
      Bankers' Acceptance Fee shall be 1.125% per annum.  Interest on LIBOR
      Advances shall be the relevant LIBO Rate plus 1.125% per annum.

     

    Interest
      and fees shall be promptly distributed by the Agent to the Credit C Lenders
      based on their respective Applicable Percentages.

     

    ARTICLE
      V

    CREDIT E

     

    
      	
              5.1

            	
              Amount
                and Availment Options

            

    

     

     Upon
      and subject to the terms and
      conditions of this Agreement, the Credit E Lenders agree to provide a credit
      for
      the use of CHC in the amount of €66,111,723 or the
      equivalent amount in other Approved Currencies, which will be comprised of
      a
      tranche of €19,516,531 referred to as "Tranche 1," a tranche of €40,000,000
      referred to as "Tranche 2" and a tranche of €6,595,192 referred to as "Tranche
      3."  Credit E may be used by requesting Prime Rate Advances to be made
      by the Credit E Lenders, by requesting Base Rate Advances to be made by the
      Credit E Lenders in Approved Currencies other than Canadian Dollars, by
      presenting orders to the Credit E Lenders for acceptance as Bankers'
      Acceptances, or by requesting that LIBOR Advances be made by the Credit E
      Lenders in Approved Currencies other than Canadian Dollars.

     

    Credit
      E has been fully advanced and only rollovers and conversions are
      available.   Tranche 1 was used by CHC to fund, through other
      Obligors including CHC Sweden AB, part of the purchase price for all of the
      issued and outstanding shares of Schreiner.  Tranche 2 was used by CHC
      to fund, through other Obligors, the remainder of the purchase price for all
      of
      the issued and outstanding shares of Schreiner and to finance CHC's transaction
      costs relating to the Schreiner Acquisition.  Tranche 3 was used by
      CHC, directly or through other Obligors, to refinance the existing debt of
      Schreiner and its Subsidiaries and to provide additional working capital for
      CHC
      and the other Obligors.

     

    

    
      
        
          
          

        

        
          -
            33
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              5.2

            	
              Non-Revolving
                Credit

            

    

     

    Credit E
      is a non-revolving credit and the principal amount of any Advance under
      Credit E that is repaid may not be reborrowed.

     

    
      	
              5.3

            	
              Use
                of Credit E

            

    

     

    Credit E
      shall be used by CHC to continue Advances made to CHC under Credit E in the
      Existing Credit Agreement and no further funds shall be advanced
      thereafter.

     

    
      	
              5.4

            	
              Term
                and Repayment

            

    

     

    The
      principal amount of Credit E
      shall be repaid and permanently reduced by quarterly instalments on the last
      Business Days of each of October, January, April and July of each year,
      beginning in January 2005, each in the amount of
€3,305,586.15 or, if other Approved Currencies are outstanding,
      amounts in the
      other Approved Currencies as determined by the Agent based on repayment of
      Credit E in 20 equal instalments if no prepayments are made.  In
      addition to the scheduled repayments and reductions, Credit E shall be repaid
      and permanently reduced in accordance with Section 5.6.  All payments
      in respect of Credit E that are made before the occurrence of any event by
      which
      any of the Obligations become due and payable under Section 11.2 shall be
      applied to Tranche 1 until it has been repaid in full and then applied to
      Tranche 2 until it has been repaid in full.

     

    Credit
      E shall, in any event, be repaid
      in full and cancelled on or before 22 December 2009.

     

    
      	
              5.5

            	
              Interest
                Rates and Fees

            

    

     

    Interest
      on Prime Rate Advances and Base Rate Advances shall be the Prime Rate or the
      applicable Base Rate, respectively, plus 0.125% per annum.  The
      Bankers' Acceptance Fee shall be 1.125% per annum.  Interest on LIBOR
      Advances shall be the relevant LIBO Rate plus 1.125% per annum.

     

    Interest
      and fees shall be promptly distributed by the Agent to the Credit E Lenders
      based on their respective Applicable Percentages.

     

    
      	
              5.6

            	
              Prepayments
                of Credits

            

    

     

    
      	
              5.6.1

            	
              The
                Credits shall be permanently repaid and cancelled with 100% of the
                proceeds if an Obligor sells or otherwise disposes (including by
                way of
                lease with an option to purchase at less than fair market value,
                sale as
                part of a sale and leaseback transaction or "lease out" as part of
                a
                "lease out, lease in" transaction) of any part of its Property, including
                Capital Stock that it owns, or if any Property of an Obligor is
                expropriated, condemned, destroyed, damaged or otherwise lost, except
                for
                the following:

            

    

     

    

    
      
        
          
          

        

        
          -
            34
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (a)

            	
              proceeds
                of the sale of inventory in the ordinary course of its
                business;

            

    

     

    
      	
               

            	
              (b)

            	
              proceeds
                equal to the direct out of pocket fees, commissions and other costs
                of the
                disposition;

            

    

     

    
      	
               

            	
              (c)

            	
              proceeds
                equal to an allowance determined by CHC's auditors and approved by
                the
                Agent for future income tax payable by CHC as a result of the capital
                gain
                or income from the disposition;

            

    

     

    
      	
               

            	
              (d)

            	
              proceeds
                that are re-invested in fixed assets by the Obligors within 12 months
                of
                the date of receipt thereof;

            

    

     

    
      	
               

            	
              (e)

            	
              exceptions
                regarding proceeds of insurance specified in Section
                10.9;

            

    

     

    
      	
               

            	
              (f)

            	
              other
                proceeds up to an aggregate for all Obligors of US $10,000,000 per
                annum.

            

    

     

    
      	
              5.6.2

            	
              The
                Required Lenders may require that proceeds referred to in Section
                5.6.1,
                except those mentioned in Sections 5.6.1(a) and 5.6.1(b), be immediately
                used to repay and permanently reduce the Credits if a Default has
                occurred
                and is continuing.

            

    

     

    
      	
              5.6.3

            	
              The
                proceeds referred to in Section 5.6.1 and any proceeds of business
                interruption insurance held by an Obligor, to the extent that they
                are not
                immediately subject to one of the exceptions in that Section, shall
                be
                used to repay Credits A or B or both, without prejudice to the
                Borrowers' right to obtain further Advances under those
                Credits.  If nothing is outstanding under Credits A
                and B, any such proceeds shall be held by the Agent as part of the
                Security until applied to payment of the Obligations or released
                to the
                affected Obligor.  The Agent shall place all such funds in an
                interest-bearing account with the interest thereon to accrue to the
                benefit of the affected Obligor.

            

    

     

    
      	
              5.6.4

            	
              Prepayments
                required under Section 5.6.1 shall be applied first to Credit E until
                it
                has been repaid in full and cancelled, then to Credit C until it
                has been
                repaid in full and cancelled, then to repay and permanently reduce
                the
                maximum amount available under either Credit A or Credit B as determined
                by the Borrowers, until each has been repaid in full and
                cancelled.  Mandatory and voluntary prepayments of Credits C and
                E shall be applied to reduce the scheduled instalments of Credits
                C and E,
                including the payment due on maturity, in inverse order of their
                due
                dates.

            

    

     

    
      	
              5.6.5

            	
              The
                provisions of this Section concerning use of proceeds shall not affect
                any
                provision of this Agreement that requires the consent of the Lenders
                or
                any of them to any sale or other matter contemplated
                above.

            

    

     

    

    
      
        
          
          

        

        
          -
            35
            -

          
            

          

        

        
          
          

        

      

    

    

    ARTICLE
      VI

    SECURITY
      AND EXCHANGE RATE FLUCTUATIONS

     

    
      	
              6.1

            	
              Security

            

    

     

    
      	
              6.1.1

            	
              The
                Security includes the following (which may have been delivered pursuant
                to
                the Existing Credit Agreement), all in form and substance satisfactory
                to
                the Lenders and subject only to Permitted
                Encumbrances:

            

    

     

    
      	
               

            	
              (a)

            	
              security
                over all present and future Property of each Obligor pursuant to
                appropriate forms of security in each jurisdiction, including fixed
                charges over all material freehold and leasehold real property (as
                determined by the Agent from time to time) and all Aircraft, by each
                Obligor in favour of the Agent for the benefit of the
                Lenders;

            

    

     

    
      	
               

            	
              (b)

            	
              pledges
                in favour of the Agent for the benefit of the Lenders of all Capital
                Stock
                of the Obligors other than CHC that is owned by the other Obligors
                from
                time to time;

            

    

     

    
      	
               

            	
              (c)

            	
              pledges
                in favour of the Agent for the benefit of the Lenders of all Capital
                Stock
                of persons other than Obligors that is owned by the Obligors from
                time to
                time;

            

    

     

    
      	
               

            	
              (d)

            	
              specific
                assignments in favour of the Agent for the benefit of the Lenders
                of all
                Restricted Intercompany
                Obligations;

            

    

     

    
      	
               

            	
              (e)

            	
              unconditional
                guarantees of the Obligations by each of the Obligors (other than
                those
                Obligations in respect of which it is the Borrower), either directly
                or by
                way of guarantee of a guarantee given by another Obligor, which guarantees
                shall be unlimited except for limits imposed by Applicable
                Law.

            

    

     

    
      	
              6.1.2

            	
              Except
                for the companies listed in items 2, 3, 12, 14 and
                18 of SCHEDULE J, if at any
                time CHC directly or indirectly owns, establishes or acquires a Subsidiary
                that is wholly owned by CHC or is acquired pursuant to Section
                10.6.2(c)(ii), CHC shall immediately cause that Subsidiary to become
                an
                Obligor, adopt this Agreement by delivering an agreement in the form
                of
                SCHEDULE B so as to be bound by all of the terms applicable to Obligors
                as
                if it had executed this Agreement as an Obligor, and deliver a guarantee
                and other security documents similar to those delivered by other
                Obligors,
                which shall become part of the Security.  CHC shall also deliver
                or cause the delivery of a pledge of all of the Capital Stock of
                the new
                Subsidiary as part of the Security and cause the delivery of such
                legal
                opinions and other supporting documents as the Agent may reasonably
                require.

            

    

     

    

    
      
        
          
          

        

        
          -
            36
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              6.1.3

            	
              If
                at any time any Obligor owns or obtains an interest in a person that
                is
                not a wholly owned Subsidiary, CHC shall cause that interest to
                immediately be pledged as part of the Security and cause the delivery
                of
                such legal opinions and other supporting documents as the Agent may
                reasonably require.

            

    

     

    
      	
              6.1.4

            	
              Each
                Obligor shall, immediately on receipt, deliver to the Agent for the
                benefit of the Lenders, certificates representing all Capital Stock
                of
                other Obligors and of other persons in which it owns Capital Stock
                that it
                acquires after the date that Capital Stock of the Obligors or other
                persons is first delivered as part of the Security, together with
                executed
                stock powers of attorney relating to those certificates (or if
                certificates in respect of such Capital Stock are not available,
                take such
                other steps to perfect the Security relating to such Capital Stock
                as the
                Agent requires), and shall also deliver to the Agent originals of
                any
                future promissory notes and similar instruments evidencing Restricted
                Intercompany Obligations, endorsed for payment to the Agent on behalf
                of
                the Lenders.

            

    

     

    
      	
              6.1.5

            	
              Each
                Obligor shall, immediately on the acquisition of any material freehold
                or
                leasehold real property (as determined by the Agent) or any Aircraft,
                grant to the Agent for the benefit of the Lenders, a fixed charge
                over
                that freehold or leasehold real property or
                Aircraft.

            

    

     

    
      	
              6.1.6

            	
              In
                order to perfect the Security, CHC shall, in consultation with the
                Agent,
                and as directed by the Agent in the case of any
                uncertainty:

            

    

     

    
      	
               

            	
              (a)

            	
              concurrently
                with the execution of any document forming part of the Security,
                arrange
                to register, file or record the document and/or, if applicable, financing
                statements or other prescribed statements in respect thereof, and
                take
                other actions, as may from time to time be necessary or desirable
                in
                perfecting, preserving or protecting the Security, wherever such
                registration, filing, recording or other action may be necessary
                or
                desirable;

            

    

     

    
      	
               

            	
              (b)

            	
              whenever
                necessary or desirable, including in the circumstances contemplated
                in
                Sections 10.6.3(b) and 10.6.3(c) and SCHEDULE L, arrange to renew
                or amend
                such registrations, filings and recordings and make additional
                registrations, filings and recordings and take other actions as are
                necessary or desirable to maintain the Security as valid and effective
                security with the priority required by this
                Agreement;

            

    

     

    
      	
               

            	
              (c)

            	
              promptly
                after taking any action contemplated in this Section 6.1.6, cause
                documents, including opinions of counsel satisfactory to the Agent,
                to be
                delivered to the Agent evidencing such action and confirming that
                the
                provisions of this Section have been complied
                with.

            

    

     

    

    
      
        
          
          

        

        
          -
            37
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              6.1.7

            	
              Notwithstanding
                the foregoing, if Applicable Law or the terms of any shareholders
                agreement affecting persons other than Obligors prevent an Obligor
                from
                granting Security as required above or require that the scope or
                obligations secured by the Security be limited, the Security required
                above shall be varied accordingly.  In particular, the Lenders
                acknowledge that:

            

    

     

    
      	
               

            	
              (a)

            	
              the
                laws of Norway in effect prevent Obligors incorporated in Norway
                from
                guaranteeing or providing security for the Obligations as they exist
                at 22
                December 2004 and the laws of Luxembourg in effect prevent CHC Reinsurance
                S.A. from becoming an Obligor;

            

    

     

    
      	
               

            	
              (b)

            	
              although
                the Security given by the Norwegian Obligors at 22 December 2004
                refers to
                securing, among other things, debts, liabilities and obligations
                of those
                Obligors under or in connection with this Agreement, those Obligors
                are
                not currently Borrowers and will not currently be guaranteeing or
                providing security for the Obligations or Intercompany Obligations
                owed by
                their direct or indirect shareholders, except as permitted by the
                laws of
                Norway;

            

    

     

    
      	
               

            	
              (c)

            	
              once
                the Intercompany Obligations of the Norwegian Obligors that are secured
                by
                their Security have been indefeasibly paid and performed, they will,
                in
                the absence of any other obligations secured by their Security at
                the
                relevant time, be entitled to a release of their Security notwithstanding
                that the Intercompany Obligations have been assigned to secure all
                of the
                Obligations;

            

    

     

    
      	
               

            	
              (d)

            	
              it
                is not possible to effectively pledge the Capital Stock of certain
                Scottish Obligors by transfer of the Capital Stock held by other
                Obligors
                since to do so might adversely affect the Permits for the operation
                of
                Aircraft held by Scottish Obligors;

            

    

     

    
      	
               

            	
              (e)

            	
              the
                laws of the Netherlands in effect prevent Schreiner and its Subsidiaries
                from guaranteeing or giving security for the Obligations under or
                in
                connection with Tranche 1 and Tranche
                2;

            

    

     

    
      	
               

            	
              (f)

            	
              the
                laws of Denmark do not provide an effective method for Danish Obligors
                to
                provide security over their accounts receivable, inventory and fixed
                assets, apart from Capital Stock, Aircraft and real
                property;

            

    

     

    
      	
               

            	
              (g)

            	
              the
                Security provided by an Obligor incorporated in Denmark shall be
                limited
                to the extent such Security or the enforcement thereof would constitute
                a
                breach of the provisions contained in sections 115 and 115a of the
                Danish Public Limited Companies Act or Sections 49 and 50 of the
                Danish Private Limited Companies
                Act.

            

    

     

    

    
      
        
          
          

        

        
          -
            38
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (h)

            	
              the
                Security provided by an Obligor incorporated in Sweden shall be limited
                to
                the extent such Security or the enforcement thereof would constitute
                a
                breach of the provisions contained in chapter 12, section 2 of the
                Swedish Companies Act.

            

    

     

    In
      addition, the Agent may excuse Obligors from delivering security documents
      covering types of Property that they do not own, if the security documents
      they
      deliver cover the types of Property they are permitted to own by Schedule
      K.

     

    
      	
              6.1.8

            	
              Any
                Obligor that has not delivered Security as required by Section 6.1.1,
                including any guarantee that is limited as to amount or obligations
                guaranteed or any Security over Property that does not cover all
                of the
                Property referred to in that Section, shall promptly deliver amended
                or
                supplementary guarantees or other Security from time to time in response
                to the reasonable request of the Agent (acting on the instructions
                of the
                Required Lenders) if it is then entitled under Applicable Law to
                increase
                the limit of its guarantee or otherwise expand the scope of the Security
                it has delivered.

            

    

     

    
      	
              6.2

            	
              Obligations
                Secured by the Security

            

    

     

    Unless
      otherwise agreed by the Lenders among themselves, and except as provided in
      Section 6.1.7, the Security shall secure the following obligations
pari passu with each other and in priority to any other debts,
      liabilities and obligations secured by the Security:

     

    
      	
               

            	
              (a)

            	
              the
                Obligations;

            

    

     

    
      	
               

            	
              (b)

            	
              the
                Intercompany Obligations to the extent they are assigned to the Agent
                for
                the benefit of the Lenders;

            

    

     

    
      	
               

            	
              (c)

            	
              the
                present and future debts, liabilities and obligations of an Obligor
                to any
                Lender (collectively, the "Other Secured Obligations") under or in
                connection with (i) Swaps that do not have a term of longer than five
                years and do not have an aggregate notional amount
                greater than US $400,000,000 or the equivalent
                amount in other currencies by all Obligors under all such transactions
                that are outstanding at any time and otherwise comply with Section
                10.6.1(d) and (ii)  other transactions not made under this Agreement
                that are listed in SCHEDULE G as of 22 December 2004, or if it is
                agreed
                by the Obligors and the Agent acting on the instructions of the Required
                Lenders after 22 December 2004 that such debts, liabilities and
                obligations shall be secured.

            

    

     

    

    
      
        
          
          

        

        
          -
            39
            -

          
            

          

        

        
          
          

        

      

    

    

    As
      of 22 December 2004, the Other Secured Obligations are those listed in SCHEDULE
      G.  The Agent may from time to time prepare and provide the Lenders
      and CHC with a revision of SCHEDULE G to reflect changes in the Other Secured
      Obligations, but the Agent's failure to do so shall not affect the security
      for
      the Other Secured Obligations if it has been agreed in accordance with this
      Section that they shall be secured by the Security.  Other
      Secured Obligations listed on SCHEDULE G from time to time shall be conclusively
      deemed to be secured by the Security (in the absence of manifest error) and
      shall not cease to be secured without the prior written consent of the
      respective Lenders to whom the Other Secured Obligations are owed.

     

    Notwithstanding
      the rights of Lenders to benefit from the Security in respect of the Other
      Secured Obligations, all decisions concerning the Security and the enforcement
      thereof shall be made by the Lenders or the Required Lenders in accordance
      with
      this Agreement.  No Lender holding Other Secured Obligations from time
      to time shall have any additional right to influence the Security or the
      enforcement thereof as a result of holding Other Secured Obligations as long
      as
      this Agreement remains in force.  However, the Other Secured
      Obligations shall continue to be secured by the Security notwithstanding the
      termination of this Agreement by reason of payment of the Credits, or for any
      other reason.  After the termination of this Agreement, decisions
      concerning the Security shall be made by the holders of Other Secured
      Obligations as they may determine among themselves.

     

    Subject
      to Section 6.1.7, the Security shall also secure all Intercompany Obligations,
      not only while the Intercompany Obligations are assigned to the Agent for the
      benefit of the Lenders but also for the benefit of the Obligors to whom they
      are
      owed if the Intercompany Obligations are no longer assigned to the Agent
      following repayment of the Obligations and the Other Secured Obligations and
      termination of this Agreement.  The Obligors to whom Intercompany
      Obligations are owed (but for their having been assigned as part of the
      Security) shall have no right to influence the Security or the enforcement
      thereof, or to receive any proceeds thereof, as a result of their interest
      in
      the Intercompany Obligations until the Obligations and the Other Secured
      Obligations have been paid in full and this Agreement has been terminated,
      and
      any action or omission of the Agent or the Lenders concerning the Security
      shall
      be binding on the Obligors.  However, following repayment of the
      Obligations and the Other Secured Obligations and termination of this Agreement,
      the Agent shall assign the Security securing Intercompany Obligations as CHC
      may
      direct.  Any such assignment shall be without representation by or
      recourse to the Agent and the Lenders and shall be at the expense of
      CHC.

     

    

    
      
        
          
          

        

        
          -
            40
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              6.3

            	
              Exchange
                Rate Fluctuations

            

    

     

     If
      fluctuations in rates of
      exchange in effect between relevant Approved Currencies cause the amount of
      Advances (expressed in US Dollars in the case of Credits A and B, British Pounds
      in the case of Credit C and Euros in the case of Credit E, in each case based
      on
      the Exchange Rate in effect from time to time) to any Borrower under Credits
      A,
      B, C or E to exceed the maximum amount of that Credit permitted herein by five
      percent or more at any time, the relevant Borrower or Borrowers (as determined
      by the Agent) shall pay the Lenders immediately on demand such amount as is
      necessary to repay the excess.  If a Borrower is unable to immediately
      pay that amount because LIBOR Periods have not ended, Bankers' Acceptances
      have
      not matured or L/Cs are outstanding, that Borrower shall, immediately on demand,
      post Cash Collateral in the amount of the excess, which shall form part of
      the
      Security and be held until the amount of the excess is paid in full or is less
      than five percent.  If, on the date of any Advance under Credits A, B,
      C or E (whether by rollover, conversion or otherwise), the amount of Advances
      (expressed in US Dollars in the case of Credits A and B, British Pounds in
      the
      case of Credit C and Euros in the case of Credit E, in each case based on the
      Exchange Rate in effect from time to time) under that Credit exceeds the maximum
      amount of that Credit permitted herein because of fluctuations in rates of
      exchange, the relevant Borrower or Borrowers (as determined by the Agent) shall
      immediately pay the Lenders the excess and shall not be entitled to any Advance
      that would result in the amount of that Credit being exceeded.

     

    
      	
              6.4

            	
              Borrowing
                Base

            

    

     

    
      	
              6.4.1

            	
              CHC
                shall ensure that the Borrowing Base is at all times equal to at
                least
                1.20 times the aggregate of (a) the principal amount of all Advances
                outstanding, (b) the absolute value of the aggregate Market Value
                of all
                Swaps that are Other Secured Obligations and that have a negative
                Market
                Value from the Obligors' perspective after offsetting the Market
                Value of
                Swaps with the same or another Lender that are Other Secured Obligations
                and that have a positive Market Value and (c) an amount representing
                the
                exposure in respect of Other Secured Obligations that are not Swaps,
                calculated on a basis agreed to by the Required Lenders.  The
                Borrowers shall not be entitled to receive Advances that would result
                in
                the Borrowing Base being less than 1.20 times the aggregate of those
                amounts and shall immediately repay Advances or post Cash Collateral
                to
                the extent that the Borrowing Base is ever less than 1.20 times the
                aggregate of those amounts, but CHC may submit a new calculation
                of its
                Borrowing Base from time to time between submissions of its Reporting
                Certificates.

            

    

     

    
      	
              6.4.2

            	
              Notwithstanding
                Sections 5.6 and 6.1 and SCHEDULE L, if no Default has occurred and
                is
                continuing, CHC shall not be required to repay Advances in the
                circumstances described in Section 5.6 nor shall an Obligor be required
                to
                give Security over part or all of its Property if, in either case,
                the
                failure to do so does not result in a breach of Section
                6.4.1.  Nothing in this Section 6.4.2 shall, however, excuse CHC
                from causing a Subsidiary to become an Obligor and deliver a guarantee
                and
                from delivering or causing the delivery of a pledge of all of the
                Capital
                Stock of the Subsidiary if otherwise required by Section
                6.1.  For greater certainty, although the first sentence of this
                Section 6.4.2 may excuse CHC from repaying Advances with the proceeds
                of
                disposition of certain Property, under Section 10.6.1(b) CHC is not
                permitted to make principal payments in respect of the Sub Debt and
                must
                therefore repay Advances with the proceeds of disposition of Property
                to
                the extent that the Sub Debt Indenture would otherwise require CHC
                to
                repay the Sub Debt.

            

    

     

    

    
      
        
          
          

        

        
          -
            41
            -

          
            

          

        

        
          
          

        

      

    

    

    ARTICLE
      VII

    DISBURSEMENT
      CONDITIONS

     

    
      	
              7.1

            	
              Conditions
                Precedent to Initial
                Advance

            

    

     

    The
      following conditions precedent must be satisfied at or before the time of the
      first Advance under this Agreement, unless waived in accordance with Section
      12.2.2.  Where delivery of documents is referred to, the documents
      shall be delivered to the Agent, for and on behalf of the Lenders, and shall
      be
      in full force and effect and in form and substance satisfactory to the
      Lenders.  Documents delivered in connection with the Existing Credit
      Agreement need not be delivered again in connection with this Agreement if
      they
      have not been amended since then and do not require confirmation.

     

    
      	
              7.1.1

            	
              Other
                Debt and Encumbrances - The Agent shall have
                received:

            

    

     

    
      	
               

            	
              (a)

            	
              a
                certificate of CHC with copies of all documents necessary to fully
                and
                fairly disclose all material terms of the Sub
                Debt;

            

    

     

    
      	
               

            	
              (b)

            	
              evidence
                that all Debt of the Obligors not forming part of Permitted Obligations
                (including the USD 30,000,000 temporary credit extended by BNS) has
                been
                or will be paid and performed in full concurrently with the first
                Advance
                and that all security held in connection therewith has been or will
                be
                promptly released;

            

    

     

    
      	
               

            	
              (c)

            	
              releases,
                discharges and postponements (in registrable form where appropriate)
                covering all Encumbrances affecting the collateral Encumbered by
                the
                Security which are not Permitted Encumbrances, and all statements
                and
                acknowledgments that are required in respect of other security interests
                affecting the Property of the Obligors or other parties delivering
                Security to confirm that the collateral Encumbered by those Encumbrances
                does not include the collateral Encumbered by the Security or is
                a
                Permitted Encumbrance.

            

    

     

    
      	
              7.1.2

            	
              Financial
                Information - The Agent shall have
                received:

            

    

     

    
      	
               

            	
              (a)

            	
              a
                certificate of CHC containing its audited consolidated financial
                statements for its fiscal period ended on 30 April 2004 and its
                consolidated financial statements for its fiscal period ended on
                31 October 2004 (and the Lenders must be satisfied with the matters
                disclosed by those statements);

            

    

     

    
      	
               

            	
              (b)

            	
              a
                Reporting Certificate for the fiscal period ended 31 October
                2004.

            

    

     

    
      	
              7.1.3

            	
              Security
                and Other Documents - The Agent shall have
                received:

            

    

     

    
      	
               

            	
              (a)

            	
              duly
                executed copies of this Agreement and the Security, duly registered
                as
                required;

            

    

     

    

    
      
        
          
          

        

        
          -
            42
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
               

            	
              (b)

            	
              certificates
                representing the Pledged Shares (unless certificates have not been
                and are
                not customarily issued for any particular Pledged Shares), and executed
                stock powers of attorney relating to those
                certificates;

            

    

     

    
      	
               

            	
              (c)

            	
              certificates
                of insurance or other evidence that the covenants and conditions
                of the
                Loan Documents concerning insurance coverage are being complied
                with;

            

    

     

    
      	
               

            	
              (d)

            	
              the
                Fee Agreement;

            

    

     

    
      	
               

            	
              (e)

            	
              consents
                in respect of the Security from landlords of leasehold real property
                in
                which any Obligor carries on business, if any are required by the
                Agent.

            

    

     

    
      	
              7.1.4

            	
              Corporate
                and Other Information - The Agent shall have
                received:

            

    

     

    
      	
               

            	
              (a)

            	
              a
                certificate of each Obligor with copies of its Constating Documents,
                a
                list of its officers and directors with specimens of their signatures
                and
                copies of the corporate proceedings taken to authorize it to execute,
                deliver and perform its obligations under the Loan
                Documents;

            

    

     

    
      	
               

            	
              (b)

            	
              evidence
                that the delivery of Loan Documents will not contravene laws governing
                financial assistance or other similar laws which affect the Loan
                Documents;

            

    

     

    
      	
               

            	
              (c)

            	
              consents
                that are required from the directors, shareholders or partners of
                the
                Obligors, either in connection with the pledges of Pledged Shares
                or in
                connection with any disposition of the Pledged Shares pursuant to
                the
                Security;

            

    

     

    
      	
               

            	
              (d)

            	
              certified
                copies of all documents necessary to disclose all material terms
                of and
                arrangements relating to Restricted Intercompany Obligations, including
                loan agreements, and original promissory notes and similar instruments
                evidencing Restricted Intercompany Obligations, endorsed for payment
                to
                the Agent on behalf of the Lenders.

            

    

     

    
      	
              7.1.5

            	
              Opinions - The
                Agent shall have received:

            

    

     

    
      	
               

            	
              (a)

            	
              the
                opinion of Borden Ladner Gervais LLP, counsel to the Lenders, addressed
                to
                the Agent and the Lenders;

            

    

     

    
      	
               

            	
              (b)

            	
              the
                opinion of Ogilvy Renault, Canadian counsel to the Obligors, addressed
                to
                the Agent and the Lenders;

            

    

     

    

    
      
        
          
          

        

        
          -
            43
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
               

            	
              (c)

            	
              the
                opinion of Shearman & Sterling LLP, counsel to the Obligors in
                connection with the Sub Debt, addressed to the Agent and the
                Lenders;

            

    

     

    
      	
               

            	
              (d)

            	
              the
                opinions of Dundas & Wilson and Paull & Williamsons,
                Scottish counsel to the Lenders and the Obligors, respectively, addressed
                to the Agent and the Lenders;

            

    

     

    
      	
               

            	
              (e)

            	
              the
                opinion of Thommessen Krefting Greve Lund and Advokatfirmaet Wiersholm,
                Mellbye & Bech ANS, Norwegian counsel to the Lenders and the Obligors,
                respectively, addressed to the Agent and
                Lenders;

            

    

     

    
      	
               

            	
              (f)

            	
              the
                opinions of local counsel in the Netherlands, Sweden, Denmark, Ireland,
                Barbados, Australia, South Africa and other jurisdictions as required
                by the Lenders, addressed to the Agent and
                Lenders.

            

    

     

    
      	
              7.1.6

            	
              Other
                Matters - The following conditions must also be
                satisfied:

            

    

     

    
      	
               

            	
              (a)

            	
              The
                Lenders must be satisfied that there has not occurred or does not
                exist a
                circumstance or event which would or does have a material adverse
                effect
                on the business, condition (financial or otherwise), Property or
                prospects
                of the Obligors taken as a whole since 30 April 2004, on the rights
                and
                remedies of the Lenders or on the ability of any Obligor to perform
                its
                obligations to the Lenders.

            

    

     

    
      	
               

            	
              (b)

            	
              The
                Borrowers must have paid all interest and fees, including standby
                fees,
                owing under the Existing Credit Agreement up to the date of the initial
                Advance under this Agreement.

            

    

     

    
      	
               

            	
              (c)

            	
              The
                Agent and Lenders shall have received payment of all fees and expenses
                then owing to them by the
                Borrowers.

            

    

     

    
      	
               

            	
              (d)

            	
              The
                Agent shall have received such other documents as the Lenders may
                reasonably require.

            

    

     

    
      	
              7.2

            	
              Conditions
                Precedent to all Advances

            

    

     

    The
      obligation of the Lenders to make any Advance is subject to the conditions
      precedent that:

     

    
      	
               

            	
              (a)

            	
              no
                Default has occurred and is continuing on the Drawdown Date, or would
                result from making the Advance;

            

    

     

    
      	
               

            	
              (b)

            	
              there
                has not occurred or does not exist a circumstance or event which
                would or
                does have a material adverse effect on the business, condition (financial
                or otherwise), Property or prospects of the Obligors taken as a whole,
                on
                the rights and remedies of the Lenders or on the ability of any Obligor
                to
                perform its obligations to the
                Lenders;

            

    

     

    

    
      
        
          
          

        

        
          -
            44
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (c)

            	
              the
                Agent has received timely notice as required under Section
                8.6;

            

    

     

    
      	
               

            	
              (d)

            	
              the
                Advance is in compliance with the Sub Debt Indenture (including any
                limitation on additional indebtedness contained in the Sub Debt Indenture)
                and will not contravene or cause a default under the Sub Debt
                Indenture;

            

    

     

    
      	
               

            	
              (e)

            	
              all
                other terms and conditions of this Agreement upon which an Advance
                may be
                obtained are fulfilled.

            

    

     

    ARTICLE
      VIII

    ADVANCES

     

    
      	
              8.1

            	
              Lenders'
                Obligations Relating to L/Cs and Credits A and
                B

            

    

     

    Notwithstanding
      that L/Cs under Credits
      A and B are issued by an Issuing Bank, it is the intention of the parties that
      the ultimate credit risk and exposure of any Lender be in accordance with its
      overall Applicable Percentage of Credits A and B, respectively.  Each
      Lender shall (and hereby absolutely, unconditionally and irrevocably agrees
      to)
      indemnify the Issuing Bank for that Lender’s Applicable Percentage under the
      applicable Credit of any payment made by the Issuing Bank in respect of an
      L/C
      for which the Issuing Bank is not immediately reimbursed by the relevant
      Borrower, and shall do all such things, including assignments to other Lenders
      of Advances made by the Issuing Bank, as shall be required to ensure that
      result.  Any such action on the part of the Lenders shall be binding
      on that Borrower.  If the rating of the non-credit-enhanced senior
      debt of any Lender by Standard & Poor's Corporation or Moody's Investors
      Services Inc. is at any time less than "A" or "A2" respectively, that Lender
      shall, if requested by an Issuing Bank, provide Cash Collateral (in a form
      satisfactory to the Issuing Bank acting reasonably) to secure that Lender's
      obligations under this clause.

     

    Similarly,
      notwithstanding that
      Advances under Credit A2 are for the time being made by BNS and its
      participation in Advances under Credit A1 and Credit A3 is reduced, and the
      participation of the other Credit A Lenders is increased, in accordance with
      Section 8.2, it is the intention of the parties that the ultimate credit risk
      and exposure of any Credit A Lender in respect of Credit A be in accordance
      with
      its Applicable Percentage of the entire amount of Credit
      A.  Accordingly, upon the Obligations becoming due and payable under
      Section 11.2, each Credit A Lender shall (and hereby absolutely, unconditionally
      and irrevocably agrees to) do all such things, including assignments to other
      Credit A Lenders of Advances made by BNS under Credit A2 or assignments to
      BNS
      of Advances made by other Credit A Lenders under Credit A1 and Credit A3 as
      shall be required to ensure that result.  Any such action on the part
      of the Credit A Lenders shall be binding on the Borrowers.

     

    

    
      
        
          
          

        

        
          -
            45
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    If
      there is more than one Credit B
      Lender, then notwithstanding that Advances under Credit B2 are for the time
      being made by Nordea and its participation in Advances under Credit B1 is
      reduced, and the participation of the other Credit B Lenders is increased,
      in
      accordance with Section 8.2, it is the intention of the parties that the
      ultimate credit risk and exposure of any Credit B Lender in respect of Credit
      B
      be in accordance with its Applicable Percentage of the entire amount of Credit
      B.  Accordingly, upon the Obligations becoming due and payable under
      Section 11.2, each Credit B Lender shall (and hereby absolutely, unconditionally
      and irrevocably agrees to) do all such things, including assignments to other
      Credit B Lenders of Advances made by Nordea under Credit B2 or assignments
      to
      Nordea of Advances made by other Credit B Lenders under Credit B1 as shall
      be
      required to ensure that result.  Any such action on the part of the
      Credit B Lenders shall be binding on the European Borrowers.

     

    If
      any Lender fails to take the actions
      required under this Section, the Agent may, without prejudice to the other
      rights of the Lenders, make such adjustments to the payments to the defaulting
      Lender under this Agreement as are necessary to compensate the other Lenders
      for
      the defaulting Lender's failure.

     

    
      	
              8.2

            	
              Adjustment
                of Applicable Percentages for Specific
                Credits

            

    

     

    While
      BNS is the sole Lender making
      Advances under Credit A2, its participation in Advances and payments (including
      standby fees) under Credit A1 and Credit A3 shall be reduced and shall be
      adjusted by the Agent from time to time, having regard to the maximum principal
      amounts of Credits A1, A2 and A3 and the overall Commitment of BNS to Credit
      A,
      so that BNS's separate Applicable Percentages of Credits A1, A2 and A3 reflect
      its overall Applicable Percentage of Credit A.

    

    While
      Nordea is the sole Lender making
      Advances under Credit B2, its participation in Advances and payments (including
      standby fees) under Credit B1 shall be reduced if there is more than one Credit
      B Lender and shall be adjusted by the Agent from time to time, having regard
      to
      the maximum principal amounts of Credits B1 and B2 and the overall Commitment
      of
      Nordea to Credit B, so that Nordea's separate Applicable Percentages of Credits
      B1 and B2 reflect its overall Applicable Percentage of Credit B.

     

    
      	
              8.3

            	
              Exceptions
                Regarding Particular
                Credits

            

    

     

    Subject
      to the provisions of Section
      8.1 regarding the assignment of interests under Credit A2 in the event of
      acceleration of payment of the Obligations, the provisions of this Agreement
      do
      not apply to Credit A2 to the extent that the provisions contemplate the
      participation in Advances and payments under Credit A2 by any Lender other
      than
      BNS.  All Advances under Credit A2 shall be made solely by BNS and
      records concerning Advances shall be maintained solely by BNS.  All
      payments of principal, interest, fees and other amounts relating to Credit
      A2
      shall be made solely to BNS.  Any notices by the Borrowers in
      connection with Credit A2 shall be made to BNS.  Notice and minimum
      amount requirements for Advances shall not apply to Advances by way of overdraft
      under Credit A2.  In connection with Advances by way of overdraft, BNS
      shall ascertain daily the positions or net positions of accounts of CHC and
      the
      Overdraft Borrowers in Canadian Dollars, US Dollars and other Approved
      Currencies acceptable to BNS and, if the respective positions or net positions
      are debits in favour of BNS, the debits will (if the Borrowers are entitled
      to
      an Advance) be deemed to be Prime Rate Advances (in the case of Canadian
      Dollars) or Base Rate Advances (in the case of other Approved Currencies) under
      Credit A2 in the respective amounts of the debits.  If the respective
      positions or net positions are credits in favour of the respective Borrowers,
      the credits will be deemed to be repayments of Prime Rate Advances (in the
      case
      of Canadian Dollars) or Base Rate Advances (in the case of other Approved
      Currencies) under Credit A2 in the respective amounts of the
      credits.

     

    

    
      
        
          
          

        

        
          -
            46
            -

          
            

          

        

        
          
          

        

      

    

    

    Subject
      to the provisions of Section
      8.1 regarding the assignment of interests under Credit B2 in the event of
      acceleration of payment of the Obligations, the provisions of this Agreement
      do
      not apply to Credit B2 (or to Credit B1 if there is only one Credit B Lender)
      to
      the extent that the provisions contemplate the participation in Advances and
      payments under Credit B2 (or Credit B1 if there is only one Credit B Lender)
      by
      any Lender other than Nordea.  All Advances under Credit B2 (and
      Credit B1 if there is only one Credit B Lender) shall be made solely by Nordea
      and records concerning Advances shall be maintained solely by
      Nordea.  All payments of principal, interest, fees and other amounts
      relating to Credit B2 (and Credit B1 if there is only one Credit B Lender)
      shall
      be made solely to Nordea.  Any notices by the European Borrowers in
      connection with Credit B2 (and Credit B1 if there is only one Credit B Lender)
      shall be made to Nordea.  Notice and minimum amount requirements for
      Advances shall not apply to Advances by way of overdraft under Credit
      B2.  In connection with Advances by way of overdraft, if any, Nordea
      shall ascertain the positions or net positions of the respective European
      Borrowers' accounts in the relevant Approved Currencies daily and, if the
      positions or net positions are debits in favour of Nordea, the debits will
      (if
      the European Borrowers are entitled to an Advance) be deemed to be Base Rate
      Advances in the respective amounts of the debits.  If the positions or
      net positions are credits in favour of the respective European Borrowers, the
      credits will be deemed to be repayments of Base Rate Advances under Credit
      B2 in
      the respective amounts of the credits.

     

    Similarly,
      references in this Agreement
      to the Lenders generally shall, in the context of a particular Credit, be
      interpreted as referring only to the Lenders who have Commitments relating
      to
      that Credit.  For example, no Lender other than a Credit C Lender
      shall have any right to receive payments in respect of Credit C or any
      obligation to make Advances under Credit C.

     

    
      	
              8.4

            	
              Evidence
                of Indebtedness

            

    

     

    The
      Obligations resulting from Prime Rate Advances, Base Rate Advances, and LIBOR
      Advances made by the Lenders shall be evidenced by records maintained by the
      Agent, and by each Lender concerning those Advances it has made.  The
      Agent shall also maintain records of the Obligations resulting from Advances
      by
      way of Bankers' Acceptances and L/Cs, and each Lender shall also maintain
      records relating to Bankers' Acceptances that it has accepted and any L/Cs
      that
      it has issued.  The records maintained by the Agent shall constitute,
      in the absence of manifest error, prima facie evidence of the
      Obligations and all details relating thereto.  The failure of the
      Agent or any Lender to correctly record any such amount or date shall not,
      however, adversely affect the obligation of the Borrowers to pay the Obligations
      in accordance with this Agreement.

     

    

    
      
        
          
          

        

        
          -
            47
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              8.5

            	
              Conversions

            

    

     

    Subject
      to the other terms of this Agreement, the Borrowers may from time to time
      convert all or any part of the outstanding amount of any Advance into another
      form of Advance permitted by this Agreement.  A conversion does not,
      however, constitute a new advance of funds by any Lender, but only an adjustment
      of the basis on which interest payable to the Lenders will be
      calculated.

     

    
      	
              8.6

            	
              Notice
                of Advances and Payments

            

    

     

    A
      Borrower shall give the Agent irrevocable written notice, in the form attached
      as SCHEDULE A to this Agreement, of any request for any Advance to it under
      the
      Credits.  A Borrower shall also give the Agent irrevocable written
      notice in the same form of any payment (whether resulting from repayment or
      prepayment), rollover or conversion by it of any Advance under the
      Credits.

     

    Notice
      shall be given on the third Business Day prior to the date of any Advance,
      payment, rollover or conversion, except that notice shall be given in respect
      of
      an Advance by way of L/C at such earlier time as the Issuing Bank may reasonably
      require so that it has sufficient time to review the proposed form of L/C,
      and
      except that notice in respect of a Prime Rate Advance, Base Rate Advance or
      payment thereof may be given on the Business Day before any such Advance or
      payment.  Any permanent reduction of any Credit shall only be
      effective on three Business Days' notice as required by Section
      8.7.

     

    Notices
      shall be given not later than 1:00 p.m. (local time in the relevant office
      of the Agent) on the date for notice.  Payments must be made prior to
      1:00 p.m. (local time in the relevant office of the Agent) on the date for
      payment.  If a notice or payment is not given or made by those times,
      it shall be deemed to have been given or made on the next Business Day, unless
      all Lenders affected by the late notice or payment agree, in their sole
      discretion, to accept a notice or payment at a later time as being effective
      on
      the date it is given or made.

     

    
      	
              8.7

            	
              Prepayments
                and Reductions

            

    

     

    Subject
      to giving notice required by Section 8.6, the Borrowers may from time to time
      repay Advances outstanding under any Credit without penalty, except that
      (i) LIBOR Advances may not be paid prior to the end of the applicable LIBOR
      Periods unless the relevant Borrower indemnifies the Lenders for any loss or
      expense that the Lenders incur as a result, including any breakage costs, and
      (ii) Bankers' Acceptances may not be paid prior to their respective maturity
      dates.

     

    

    
      
        
          
          

        

        
          -
            48
            -

          
            

          

        

        
          
          

        

      

    

    

    CHC
      may from time to time, by giving not less than three Business Days' express
      written notice to the Agent and paying all accrued and unpaid standby fees
      to
      the effective date of cancellation or reduction, irrevocably notify the Agent
      of
      the cancellation of any Credit or of the permanent reduction of the committed
      amount of any Credit by an amount which shall be a minimum of US $1,000,000
      and
      a whole multiple of US $100,000.  The Borrowers shall have no right to
      any increase in the committed amount of that Credit thereafter.

     

    
      	
              8.8

            	
              Prime
                Rate, Base Rate and LIBOR
                Advances

            

    

     

    Upon
      timely fulfilment of all applicable conditions in this Agreement, the Agent,
      in
      accordance with the procedures in Section 8.10, will make the requested amount
      of a Prime Rate Advance, Base Rate Advance or LIBOR Advance available to the
      relevant Borrower on the Drawdown Date requested by the Borrower by crediting
      the Designated Account with such amount.  Each Prime Rate Advance or
      Base Rate Advance shall be in an aggregate minimum amount of $1,000,000 or
      US $1,000,000, respectively and in a whole multiple of $100,000 or
      US $100,000, respectively, or in similar amounts and multiples for other
      Approved Currencies that are established by the Agent.  Each LIBOR
      Advance shall be in a minimum amount of US $5,000,000 or £5,000,000 and a
      whole multiple of US $1,000,000 or £1,000,000, respectively, or in similar
      amounts and multiples for other Approved Currencies that are established by
      the
      Agent.  Each Borrower shall pay interest to the Agent for the account
      of the Lenders at the Branch of Account on any such Advances outstanding to
      it
      from time to time hereunder at the applicable rate of interest specified in
      Sections 2.5, 3.5, 4.5 and 5.5.

     

    Interest
      on Prime Rate Advances and Base Rate Advances shall be payable monthly on each
      Interest Payment Date.  Interest on LIBOR Advances shall be payable on
      the last day of the applicable LIBOR Period and, if the LIBOR Period is longer
      than three months, every three months after the date of the relevant
      LIBOR Advance.  All interest shall accrue from day to day and shall be
      payable in arrears for the actual number of days elapsed from and including
      the
      date of Advance or the previous date on which interest was payable, as the
      case
      may be, to but excluding the date on which interest is payable, both before
      and
      after maturity, default and judgment, with interest on overdue interest at
      the
      same rate payable on demand.  Overdue interest with respect to a LIBOR
      Advance shall, upon the expiry of the LIBOR Period applicable to such LIBOR
      Advance, bear interest, payable on demand, calculated at the rates applicable
      to
      Base Rate Advances in the relevant Approved Currency.

     

    Interest
      calculated with reference to the Prime Rate shall be calculated monthly on
      the
      basis of a calendar year.  Interest on Base Rate Advances shall be
      calculated monthly on the basis of a year of 360 days.  Interest
      calculated with reference to the LIBO Rate shall be calculated on the basis
      of a
      year of 360 days for a term equal to the applicable LIBOR Period or, if a LIBOR
      Period is longer than three months, every
      three months.  Each rate of interest which is calculated with
      reference to a period (the "deemed interest period") that is less than the
      actual number of days in the calendar year of calculation is, for the purposes
      of the Interest Act (Canada), equivalent to a rate based on a calendar
      year calculated by multiplying such rate of interest by the actual number of
      days in the calendar year of calculation and dividing by the number of days
      in
      the deemed interest period.

     

    

    
      
        
          
          

        

        
          -
            49
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              8.9

            	
              LIBOR
                Periods

            

    

     

    The
      Borrowers may select, by irrevocable notice to the Agent, LIBOR Periods of
      one,
      two, three or six months to apply to any particular LIBOR
      Advance.  LIBOR Periods of other lengths shall be permitted if the
      relevant Lenders, acting reasonably, determine that deposits for such terms
      are
      readily available.  No LIBOR Period may end on a date which is not a
      Business Day, or after the date on which the principal amount of any Credit
      is
      required to be reduced (in whole or in part) if that would adversely affect
      the
      Borrowers' ability to cause the reduction of the Credit in
      question.  The Borrowers shall from time to time select and give
      notice to the Agent of the LIBOR Period for a LIBOR Advance which shall commence
      upon the making of the LIBOR Advance or at the expiry of any outstanding LIBOR
      Period applicable to a LIBOR Advance that is being rolled over.  If a
      Borrower fails to select and give the Agent notice of a LIBOR Period for a
      LIBOR
      Advance in accordance with Section 8.6, the LIBOR Advance for which the LIBOR
      Period has ended shall be deemed to be converted to a Base Rate Advance in
      the
      relevant Approved Currency.  A rollover of a LIBOR Advance does not
      constitute a new advance of funds by the Lenders, but rather an adjustment
      of
      the basis on which interest is charged.

     

    
      	
              8.10

            	
              Co-ordination
                of Prime Rate, Base Rate and LIBOR
                Advances

            

    

     

    Each
      Lender shall advance its Applicable Percentage of each Prime Rate, Base Rate
      and
      LIBOR Advance under a Credit in accordance with the following
      provisions:

     

    
      	
               

            	
              (a)

            	
              the
                Agent shall advise each Lender of its receipt of a notice from a
                Borrower
                pursuant to Section 8.6 on the day such notice is received and shall,
                as
                soon as possible, advise each Lender of such Lender's Applicable
                Percentage of any Advance requested by the
                notice;

            

    

     

    
      	
               

            	
              (b)

            	
              each
                Lender shall deliver its Applicable Percentage of the Advance to
                the Agent
                not later than 11:00 a.m. (local time in the relevant office of the
                Agent)
                on the Drawdown Date;

            

    

     

    
      	
               

            	
              (c)

            	
              if
                the Agent determines that all the conditions precedent to an Advance
                specified in this Agreement have been met, it shall advance to the
                relevant Borrower the amount delivered by each Lender by crediting
                the
                Designated Account prior to 3:00 p.m. (local time in the relevant
                office of the Agent) on the Drawdown Date, but if the conditions
                precedent
                to the Advance are not met by 3:00 p.m. (local time in the relevant
                office of the Agent) on the Drawdown Date, the Agent shall return
                the
                funds to the Lenders or invest them in an overnight investment as
                orally
                instructed by each Lender until such time as the Advance is made;
                and

            

    

     

    

    
      
        
          
          

        

        
          -
            50
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (d)

            	
              if
                the Agent determines that a Lender's Applicable Percentage of an
                Advance
                would not be a whole multiple of $100,000 or US $100,000 (or a similar
                amount in other Approved Currencies that is established by the Agent),
                as
                the case may be, the amount to be advanced by that Lender may be
                increased
                or reduced by the Agent in its sole discretion to the extent necessary
                to
                reflect the requirements of this
                sub-clause.

            

    

     

    
      	
              8.11

            	
              Execution
                of Bankers' Acceptances

            

    

     

    To
      facilitate the acceptance of Bankers' Acceptances hereunder, each Borrower
      hereby appoints each Lender as its attorney to sign and endorse on its behalf,
      as and when considered necessary by the Lender, an appropriate number of orders
      in the form prescribed by that Lender.

     

    Each
      Lender may, at its option, execute any order in handwriting or by the facsimile
      or mechanical signature of any of its authorized officers, and the Lenders
      are
      hereby authorized to accept or pay, as the case may be, any order of a Borrower
      which purports to bear such a signature notwithstanding that any such individual
      has ceased to be an authorized officer of the Lender. Any such order or Bankers'
      Acceptance shall be as valid as if he or she were an authorized officer at
      the
      date of issue of the order or Bankers' Acceptance.

     

    Any
      order or Bankers' Acceptance signed by a Lender as attorney for a Borrower,
      whether signed in handwriting or by the facsimile or mechanical signature of
      an
      authorized officer of a Lender may be dealt with by the Agent or any Lender
      to
      all intents and purposes and shall bind that Borrower as if duly signed and
      issued by the Borrower.

     

    The
      receipt by the Agent of a request for an Advance by way of Bankers' Acceptances
      shall be each Lender's sufficient authority to execute, and each Lender shall,
      subject to the terms and conditions of this Agreement, execute orders in
      accordance with such request and the advice of the Agent given pursuant to
      Section 8.15, and the orders so executed shall thereupon be deemed to have
      been
      presented for acceptance.

     

    
      	
              8.12

            	
              Reference
                Lenders

            

    

     

    If
      more than three Lenders are banks named on Schedule I of the Bank
      Act (Canada), the Agent shall be a Schedule I Reference Lender and
      each of the Agent and CHC shall designate a different Lender named on
      Schedule I to be a Schedule I Reference Lender for the purpose of
      quoting rates to be used in determining the Prime Rate, Base Rate for US
      Dollars, LIBOR Rate and BA Discount Rate.  If more than two Lenders
      are not banks named on Schedule I of the Bank Act (Canada) but
      accept Bankers' Acceptances, the Agent and CHC shall each designate a different
      such Lender to be an Other Reference Lender for the purpose of quoting rates
      to
      be used in determining the BA Discount Rate.

     

    

    
      
        
          
          

        

        
          -
            51
            -

          
            

          

        

        
          
          

        

      

    

    

    If
      any Schedule I Reference Lender or Other Reference Lender ceases to be a
      Lender or ceases to accept Bankers' Acceptances, the person that originally
      designated that Reference Lender shall have the right to designate in a timely
      manner another qualified Lender as a replacement Reference Lender, failing
      which
      the applicable Prime Rate, Base Rate for US Dollars, LIBOR Rate and BA Discount
      Rate hereunder shall be determined on the basis of the rates provided by the
      notice from the relevant remaining Reference Lender(s).

     

    If
      three or fewer Lenders are banks named on Schedule I of the Bank
      Act (Canada), all such Lenders shall be deemed to be the Schedule I
      Reference Lenders and any applicable Prime Rate, Base Rate, LIBOR Rate and
      BA
      Discount Rate hereunder shall be determined on the basis of the discount rate
      provided by those Lenders.  If two or fewer Lenders are not banks
      named on Schedule I of the Bank Act (Canada) but accept Bankers'
      Acceptances, all such Lenders shall be deemed to be an Other Reference Lender
      and any applicable BA Discount Rate hereunder shall be determined on the basis
      of the discount rate provided by those Lenders.  If no Lender is
      qualified to be a particular Reference Lender, any applicable BA Discount Rate
      hereunder shall be determined on the basis of the average rate for bankers'
      acceptances of the relevant term that appears on the Reuters Screen CDOR Page
      at
      10:00 a.m. Toronto time on the Drawdown Date plus 0.10% per annum.

     

    
      	
              8.13

            	
              Sale
                of Bankers' Acceptances

            

    

     

    It
      shall be the responsibility of each Lender to arrange, in accordance with normal
      market practice, for the sale on each Drawdown Date of the Bankers' Acceptances
      issued by any Borrower and to be accepted by that Lender, failing which the
      Lender shall purchase its Bankers' Acceptances.

     

    In
      accordance with the procedures in Section 8.15, the Agent will make the net
      proceeds of the requested Advance by way of Bankers' Acceptances received by
      it
      from the Lenders available to the relevant Borrower on the Drawdown Date by
      crediting the Designated Account with such amount.

     

    
      	
              8.14

            	
              Size
                and Maturity of Bankers' Acceptances and
                Rollovers

            

    

     

    Each
      Advance of Bankers' Acceptances shall be in a minimum amount of $5,000,000
      and
      each Bankers' Acceptance shall be in the amount of $1,000 or whole multiples
      thereof.  Each Bankers' Acceptance shall have a term of 30 to 180 days
      after the date of acceptance of the order by a Lender, but no Bankers'
      Acceptance may mature on a date which is not a Business Day or on a date which
      is later than the date on which the principal amount of any Credit is required
      to be reduced (in whole or in part) if that would adversely affect the
      Borrowers' ability to cause the reduction of the Credit in
      question.  The face amount at maturity of a Bankers' Acceptance may be
      renewed as a Bankers' Acceptance or converted into another form of Advance
      permitted by this Agreement.

     

    

    
      
        
          
          

        

        
          -
            52
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              8.15

            	
              Co-ordination
                of BA Advances

            

    

     

    Each
      Lender shall advance its Applicable Percentage of each Advance under a Credit
      by
      way of Bankers' Acceptances in accordance with the following
      provisions:

     

    
      	
              8.15.1

            	
              The
                Agent, promptly following receipt of a notice from a Borrower pursuant
                to
                Section 8.6 requesting an Advance by way of Bankers' Acceptances,
                shall
                advise each Lender of the aggregate face amount and term(s) of the
                Bankers' Acceptances to be accepted by it, which term(s) shall be
                identical for all Lenders.  The aggregate face amount of
                Bankers' Acceptances to be accepted by a Lender shall be determined
                by the
                Agent by reference to the respective Commitments of the Lenders,
                except
                that, if the face amount of a Bankers' Acceptance would not be Cdn.
                $1,000
                or a whole multiple thereof, the face amount shall be increased or
                reduced
                by the Agent in its sole discretion to the nearest whole multiple
                of
                Cdn. $1,000.

            

    

     

    
      	
              8.15.2

            	
              Each
                Lender shall transfer to the Agent at the Branch of Account for value
                on
                each Drawdown Date immediately available Cdn. Dollars in an aggregate
                amount equal to the BA Discount Proceeds of all Bankers' Acceptances
                accepted and sold or purchased by the Lender on such Drawdown Date
                net of
                the applicable Bankers' Acceptance Fee and net of the amount required
                to
                pay any of its previously accepted Bankers' Acceptances that are
                maturing
                on the Drawdown Date or any of its other Advances that are being
                converted
                to Bankers' Acceptances on the Drawdown
                Date.

            

    

     

    
      	
              8.15.3

            	
              If
                the Agent determines that all the conditions precedent to an Advance
                specified in this Agreement have been met, it shall advance to the
                relevant Borrower the amount delivered by each Lender by crediting
                the
                Designated Account prior to 3:00 p.m. (Toronto time) on the Drawdown
                Date, but if the conditions precedent to the Advance are not met
                by
                3:00 p.m. (Toronto time) on the Drawdown Date, the Agent shall return
                the funds to the Lenders or invest them in an overnight investment
                as
                orally instructed by each Lender until such time as the Advance is
                made.

            

    

     

    
      	
              8.15.4

            	
              Notwithstanding
                any other provision hereof, for the purpose of determining the amount
                to
                be transferred by a Lender to the Agent for the account of the relevant
                Borrower in respect of the sale of any Bankers' Acceptance issued
                by that
                Borrower and accepted by such Lender, the proceeds of sale thereof
                shall
                be deemed to be an amount equal to the BA Discount Proceeds calculated
                with respect thereto.  Accordingly, in respect of any particular
                Bankers' Acceptance accepted by it, a Lender in addition to its
                entitlement to retain the applicable Bankers' Acceptance Fee for
                its own
                account (i) shall be entitled to retain for its own account the
                amount, if any, by which the actual proceeds of sale thereof exceed
                the BA
                Discount Proceeds calculated with respect thereto, and (ii) shall be
                required to pay out of its own funds the amount, if any, by which
                the
                actual proceeds of sale thereof are less than the BA Discount Proceeds
                calculated with respect thereto.

            

    

     

    

    
      
        
          
          

        

        
          -
            53
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              8.15.5

            	
              Whenever
                a Borrower requests an Advance that includes Bankers' Acceptances,
                each
                Lender that is not permitted by Applicable Law or by customary market
                practice to accept a Bankers' Acceptance (a "Non BA Lender") shall,
                in
                lieu of accepting its pro rata amount of such Bankers'
                Acceptances, make available to that Borrower on the Drawdown Date
                a loan
                (a "BA Equivalent Loan") in Canadian Dollars and in an amount equal
                to the
                BA Discount Proceeds of the Bankers' Acceptances that the Non BA
                Lender
                would have been required to accept on the Drawdown Date if it were
                able to
                accept Bankers' Acceptances.  The BA Discount Proceeds shall be
                calculated based on the BA Discount Rate provided by the Other
                Reference Lenders. Each Non BA Lender shall also be entitled to deduct
                from the BA Equivalent Loan an amount equal to the Bankers Acceptance
                Fee
                that would have been applicable had it been able to accept Bankers'
                Acceptances.  The BA Equivalent Loan shall have a term equal to
                the term of the Bankers' Acceptances that the Non BA Lender would
                otherwise have accepted and the relevant Borrower shall, at the end
                of
                that term, be obligated to pay the Non BA Lender an amount equal
                to the aggregate face amount of the Bankers' Acceptances that it
                would
                otherwise have accepted.  All provisions of this Agreement
                applicable to Bankers' Acceptances and Lenders that accept Bankers'
                Acceptances shall apply mutatis mutandis to BA Equivalent Loans
                and Non BA Lenders and, without limiting the foregoing, Advances
                shall
                include BA Equivalent Loans.

            

    

     

    
      	
              8.16

            	
              Payment
                of Bankers' Acceptances

            

    

     

    Each
      Borrower shall provide for the payment to the Agent at the Branch of Account
      for
      the account of the applicable Lenders of the full face amount of each Bankers'
      Acceptance accepted for its account on the earlier of (i) the date of maturity
      of a Bankers' Acceptance and (ii) the date on which any Obligations become
      due
      and payable pursuant to Section 11.2.  The Lenders shall be entitled
      to recover interest from the relevant Borrower at a rate of interest per annum
      equal to the rate applicable to Prime Rate Advances under the Credit under
      which
      the Bankers' Acceptance was issued, compounded monthly, upon any amount payment
      of which has not been provided for by that Borrower in accordance with this
      Section.  Interest shall be calculated from and including the date of
      maturity of each Bankers' Acceptance up to but excluding the date such payment,
      and all interest thereon, both before and after demand, default and judgment,
      is
      provided for by the Borrower.

     

    If
      a Borrower provides cash in response to any Obligations becoming due and payable
      under Section 11.2, it shall be entitled to receive interest on the cash
      provided in accordance with Section 13.12 as long as the cash is held as Cash
      Collateral.

     

    

    
      
        
          
          

        

        
          -
            54
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              8.17

            	
              Deemed
                Advance - Bankers'
                Acceptances

            

    

     

    Except
      for amounts which are paid from the proceeds of a rollover of a Bankers'
      Acceptance or for which payment has otherwise been funded by a Borrower, any
      amount which a Lender pays to any third party on or after the date of maturity
      of a Bankers' Acceptance in satisfaction thereof or which is owing to the Lender
      in respect of such a Bankers' Acceptance on or after the date of maturity of
      such a Bankers' Acceptance, shall be deemed to be a Prime Rate Advance to that
      Borrower under this Agreement.  Each Lender shall forthwith give
      notice of the making of such a Prime Rate Advance to the relevant Borrower
      and
      the Agent (which shall promptly give similar notice to the other
      Lenders).  Interest shall be payable on such Prime Rate Advances in
      accordance with the terms applicable to Prime Rate Advances.

     

    
      	
              8.18

            	
              Waiver

            

    

     

    The
      Borrowers shall not claim from a Lender any days of grace for the payment at
      maturity of any Bankers' Acceptances presented and accepted by the Lender
      pursuant to this Agreement.  Each Borrower waives any defence to
      payment which might otherwise exist if for any reason a Bankers' Acceptance
      shall be held by a Lender in its own right at the maturity thereof, and the
      doctrine of merger shall not apply to any Bankers' Acceptance that is at any
      time held by a Lender in its own right.

     

    
      	
              8.19

            	
              Degree
                of Care

            

    

     

    Any
      executed orders to be used as Bankers' Acceptances shall be held in safekeeping
      with the same degree of care as if they were the Lender's own property, and
      shall be kept at the place at which such orders are ordinarily held by such
      Lender.

     

    
      	
              8.20

            	
              Obligations
                Absolute

            

    

     

    The
      obligations of each Borrower with respect to Bankers' Acceptances under this
      Agreement shall be unconditional and irrevocable, and shall be paid strictly
      in
      accordance with the terms of this Agreement under all circumstances, including
      the following circumstances:

     

    
      	
               

            	
              (a)

            	
              any
                lack of validity or enforceability of any order accepted by a Lender
                as a
                Bankers' Acceptance; or

            

    

     

    
      	
               

            	
              (b)

            	
              the
                existence of any claim, set-off, defence or other right which a Borrower
                may have at any time against the holder of a Bankers' Acceptance,
                a Lender
                or any other person or entity, whether in connection with this Agreement
                or otherwise.

            

    

     

    
      	
              8.21

            	
              Shortfall
                on Drawdowns, Rollovers and
                Conversions

            

    

     

    Each
      Borrower agrees that:

     

    

    
      
        
          
          

        

        
          -
            55
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (a)

            	
              the
                difference between the amount of an Advance requested by the Borrower
                by
                way of Bankers' Acceptances and the actual proceeds of the Bankers'
                Acceptances;

            

    

     

    
      	
               

            	
              (b)

            	
              the
                difference between the actual proceeds of a Bankers' Acceptance and
                the
                amount required to pay a maturing Bankers' Acceptance, if a Bankers'
                Acceptance is being rolled over;
                and

            

    

     

    
      	
               

            	
              (c)

            	
              the
                difference between the actual proceeds of a Bankers' Acceptance and
                the
                amount required to repay any Advance which is being converted to
                a
                Bankers' Acceptance;

            

    

     

    shall
      be funded and paid by the Borrower from its own resources, by 11:00 a.m. on
      the
      day of the Advance or may be advanced as a Prime Rate Advance under a Credit
      if
      the Borrower is otherwise entitled to an Advance under the Credit.

     

    
      	
              8.22

            	
              Prohibited
                Use of Bankers' Acceptances and
                L/Cs

            

    

     

    No
      Borrower shall enter into any agreement or arrangement of any kind with any
      person to whom Bankers' Acceptances have been delivered whereby the Borrower
      undertakes to replace such Bankers' Acceptances on a continuing basis with
      other
      Bankers' Acceptances, nor shall any Borrower directly or indirectly take, use
      or
      provide Bankers' Acceptances or L/Cs as security for loans or advances from
      any
      other person except as expressly contemplated by this Agreement.

     

    
      	
              8.23

            	
              Issuance
                and Maturity of L/Cs

            

    

     

    A
      request for an Advance by way of L/C shall be made by a Borrower in accordance
      with Section 8.6.  The Agent shall promptly notify the Lenders of the
      receipt of the request, but L/Cs shall only be issued by the Issuing Bank as
      fronting bank for all Lenders.  A request shall include the details of
      the L/C to be issued.  The Issuing Bank shall promptly notify the
      relevant Borrower of any comment concerning the form of the L/C requested by
      the
      Borrower and shall, if the Borrower is otherwise entitled to an Advance, issue
      the L/C to the Borrower at the branch where its account is maintained on the
      Drawdown Date or as soon thereafter as the Issuing Bank is satisfied with the
      form of L/C to be issued.

     

    Each
      L/C issued under this Agreement shall have a term that is not more than one
      year
      after its issuance date or renewal date.  An L/C may be renewed by the
      relevant Borrower subject to complying with the terms of this Agreement
      applicable to an Advance by way of L/C.  If any L/C is outstanding on
      the maturity date of the Credit under which it has been issued, the relevant
      Borrower shall immediately provide Cash Collateral equal to the full face amount
      of the outstanding L/C for the benefit of the Lenders.

     

    

    
      
        
          
          

        

        
          -
            56
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              8.24

            	
              Payment
                of L/C Fees

            

    

     

    Payment
      of L/C fees shall be made to the Agent for the account of the Lenders (other
      than the fronting fee under Credits A and B which shall be solely for the
      Issuing Bank's account) at the Branch of Account, and shall be made at the
      time
      of issuance or renewal of an L/C.  L/C fees shall be calculated at the
      rate specified in Sections 2.5 and 3.5 on the face amount of each L/C for the
      duration of its term on the basis of the actual number of days to elapse from
      and including the date of issuance or renewal by the Issuing Bank to but not
      including the expiry date of the L/C.  L/C fees shall be calculated on
      the basis of a 365 day year. The relevant Borrower shall be entitled to a
pro rata refund of fees paid in connection with any L/C that is
      terminated as a result of payment or otherwise before its expiry
      date.

     

    
      	
              8.25

            	
              Payment
                of L/Cs

            

    

     

     The
      Borrower for whose account an L/C was issued shall provide for the payment
      to
      the Issuing Bank at the branch where the L/C was issued (for the account of
      the
      Lenders) of the full face amount of each L/C (or the amount actually paid in
      the
      case of a partial payment to a beneficiary) on the earlier of (i) the date
      on
      which the Issuing Bank makes a payment to the beneficiary of an L/C, and (ii)
      the date on which any Obligations become due and payable pursuant to Section
      11.2.  The Lenders shall be entitled to recover interest from the
      relevant Borrower at a rate of interest per annum equal to the rate applicable
      to Prime Rate Advances (in the case of Canadian Dollar L/Cs) and Base Rate
      Advances (in the case of L/Cs in other Approved Currencies), compounded monthly,
      upon any amount payment of which has not been provided for by the Borrower
      in
      accordance with this Section.  Interest shall be calculated from and
      including the date on which the Issuing Bank makes a payment to the beneficiary
      of an L/C, up to but excluding the date such payment, and all interest thereon,
      both before and after demand, default and judgment, is provided for by the
      Borrower.

     

    The
      obligation of the relevant Borrower to reimburse the Lenders for a payment
      to a
      beneficiary of an L/C shall be absolute and unconditional except, as to any
      Lender, for matters arising from the Lender's wilful misconduct or gross
      negligence, and shall not be reduced by any demand or other request for payment
      of an L/C (a "Demand"), which is paid or acted upon in good faith and in
      conformity with laws, regulations or customs applicable thereto, being invalid,
      insufficient, fraudulent or forged, nor shall the Borrower's obligation be
      subject to any defence or be affected by any right of set-off, counter-claim
      or
      recoupment which the Borrower may now or hereafter have against the beneficiary,
      the Lender or any other person for any reason whatsoever, including the fact
      that the Issuing Bank paid a Demand or Demands (if applicable) aggregating
      up to
      the amount of the L/C notwithstanding any contrary instructions from the
      Borrower to the Issuing Bank or the occurrence of any event including the
      commencement of legal proceedings to prohibit payment by the Issuing Bank of
      a
      Demand.  Any action, inaction or omission taken or suffered by the
      Issuing Bank under or in connection with an L/C or any Demand, if in good faith
      and in conformity with laws, regulations or customs applicable thereto shall
      be
      binding on the Borrower and shall not place any Lender under any resulting
      liability to the Borrower.  Without limiting the generality of the
      foregoing, the Issuing Bank may receive, accept, or pay as complying with the
      terms of the L/C, any Demand otherwise in order which may be signed by, or
      issued to, any administrator, executor, trustee in bankruptcy, receiver or
      other
      person or entity acting as the representative or in place of, the
      beneficiary.

     

    

    
      
        
          
          

        

        
          -
            57
            -

          
            

          

        

        
          
          

        

      

    

    

    If
      a Borrower provides cash in response to any Obligations becoming due and payable
      under Section 11.2, it shall be entitled to receive interest on the cash
      provided in accordance with Section 13.12 as long as the cash is held as Cash
      Collateral.

     

    
      	
              8.26

            	
              Deemed
                Advance - L/Cs

            

    

     

    Except
      for amounts which have been funded by the relevant Borrower, any amount which
      the Issuing Bank pays to any third party in respect of an L/C in satisfaction
      or
      partial satisfaction hereof shall also be deemed to be a Prime Rate Advance
      in
      the case of Canadian Dollar L/Cs or a Base Rate Advance in the case of L/Cs
      in
      other Approved Currencies, in each case under the Credit under which the L/C
      was
      issued.  The Issuing Bank shall forthwith give notice of the making of
      such an Advance to the relevant Borrower and the Agent (which shall promptly
      give similar notice to the other Lenders).  Interest shall be payable
      on such Advances in accordance with the terms applicable to such
      Advances.

     

    
      	
              8.27

            	
              Failure
                of Lender to Fund

            

    

     

    Notwithstanding
      the provisions of section 6(a) of the Provisions, if any Lender fails to make
      available to the Agent its Applicable Percentage of any Advance (such Lender
      being herein called the "Defaulting Lender"), the Agent shall forthwith give
      notice of such failure by the Defaulting Lender to the relevant Borrower and
      the
      other Lenders.  The Agent shall then forthwith give notice to the
      other Lenders that any Lender may make available to the Agent all or any portion
      of the Defaulting Lender's Applicable Percentage of such Advance (but in no
      way
      shall any other Lender or the Agent be obliged to do so) in the place of the
      Defaulting Lender.  If more than one Lender gives notice that it is
      prepared to make funds available in the place of a Defaulting Lender in such
      circumstances and the aggregate of the funds which such Lenders (herein
      collectively called the "Contributing Lenders" and individually called the
      "Contributing Lender") are prepared to make available exceeds the amount of
      the
      Advance which the Defaulting Lender failed to make, then each Contributing
      Lender shall be deemed to have given notice that it is prepared to make
      available its Applicable Percentage of such Advance based on the Contributing
      Lenders' relative commitments to advance in such circumstances.  If
      any Contributing Lender makes funds available in the place of a Defaulting
      Lender in such circumstances, then the Defaulting Lender shall pay to any
      Contributing Lender making the funds available in its place, forthwith on
      demand, any amount advanced on its behalf together with interest thereon at
      the
      rate applicable to such Advance from the date of advance to the date of payment,
      against payment by the Contributing Lender making the funds available of all
      interest received in respect of the Advance from the relevant
      Borrower.  The failure of any Lender to make available to the Agent
      its Applicable Percentage of any Advance as required herein shall not relieve
      any other Lender of its obligations to make available to the Agent its
      Applicable Percentage of any Advance as required herein.

     

    

    
      
        
          
          

        

        
          -
            58
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              8.28

            	
              Payments
                by the Borrowers

            

    

     

    All
      payments made by or on behalf of the Borrowers pursuant to this Agreement shall
      be made to and received by the Agent and shall be distributed by the Agent
      to
      the Lenders as soon as possible upon receipt by the Agent.  Except as
      required to make payments in respect of the Other Secured Obligations or as
      otherwise provided in this Agreement (including Sections 8.1 and 8.29), the
      Agent shall distribute:

     

    
      	
               

            	
              (a)

            	
              payments
                of interest in accordance with each Lender's Applicable Percentage
                of the
                relevant Credit;

            

    

     

    
      	
               

            	
              (b)

            	
              repayments
                of principal in accordance with each Lender's Applicable Percentage
                of the
                relevant Credit; or

            

    

     

    
      	
               

            	
              (c)

            	
              all
                other payments received by the Agent including amounts received upon
                the
                realization of Security, in accordance with each Lender's Applicable
                Percentage of the relevant Credit provided, however, that with respect
                to
                proceeds of realization, no Lender shall receive an amount in excess
                of
                the amounts owing to it in respect of the
                Obligations.

            

    

     

    If
      the Agent does not distribute a Lender's share of a payment made by a Borrower
      to that Lender for value on the day that payment is made or deemed to have
      been
      made to the Agent, the Agent shall pay to the Lender on demand an amount equal
      to the product of (i) the Interbank Reference Rate per annum multiplied by
      (ii)
      the Lender's share of the amount received by the Agent from the Borrower and
      not
      so distributed, multiplied by (iii) a fraction, the numerator of which is the
      number of days that have elapsed from and including the date of receipt of
      the
      payment by the Agent to but excluding the date on which the payment is made
      by
      the Agent to such Lender and the denominator of which is 365.  The
      Agent shall be entitled to withhold any Tax applicable to any such payment
      as
      required by law.

     

    
      	
              8.29

            	
              Payments
                by Agent

            

    

     

    For
      greater certainty, the following provisions shall apply to any and all payments
      made by the Agent to the Lenders hereunder:

     

    
      	
               

            	
              (a)

            	
              the
                Agent shall be under no obligation to make any payment (whether in
                respect
                of principal, interest, fees or otherwise) to any Lender until an
                amount
                in respect of such payment has been received by the Agent from the
                relevant Borrower;

            

    

     

    
      	
               

            	
              (b)

            	
              if
                the Agent receives less than the full amount of any payment of principal,
                interest, fees or other amount owing by a Borrower under this Agreement,
                the Agent shall have no obligation to remit to each Lender any amount
                other than such Lender's Applicable Percentage of that amount which
                is the
                amount actually received by the
                Agent;

            

    

     

    

    
      
        
          
          

        

        
          -
            59
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (c)

            	
              if
                any Lender advances more or less than its Applicable Percentage of
                a
                Credit, such Lender's entitlement to such payment shall be increased
                or
                reduced, as the case may be, in proportion to the amount actually
                advanced
                by such Lender;

            

    

     

    
      	
               

            	
              (d)

            	
              if
                a Lender's Applicable Percentage of an Advance has been advanced,
                or a
                Lender's Commitment has been outstanding, for less than the full
                period to
                which any payment (other than a payment of principal) by a Borrower
                relates, such Lender's entitlement to such payment shall be reduced
                in
                proportion to the length of time such Lender's Applicable Percentage
                of
                the relevant Credit or such Lender's Commitment, as the case may
                be, has
                actually been outstanding;

            

    

     

    
      	
               

            	
              (e)

            	
              the
                Agent acting reasonably and in good faith shall, after consultation
                with
                the Lenders in the case of any dispute, determine in all cases the
                amount
                of all payments to which each Lender is entitled and such determination
                shall, in the absence of manifest error, be binding and conclusive;
                and

            

    

     

    
      	
               

            	
              (f)

            	
              upon
                request, the Agent shall deliver a statement detailing any of the
                payments
                to the Lenders referred to herein.

            

    

     

    
      	
              8.30

            	
              Prohibited
                Rates of Interest

            

    

     

    Notwithstanding
      any other provisions of this Agreement or any other Loan Document, the Borrowers
      shall not be obliged to make any payment of interest or other amounts payable
      to
      the Lenders or the Agent under this Agreement or under any other Loan Document
      in an amount or at a rate that would be prohibited by law or would result in
      the
      receipt by the Lenders or the Agent of interest at a criminal rate, as the
      terms
      "interest" and "criminal rate" are defined under the Criminal Code
      (Canada), or that would contravene any local usury laws which may be applicable
      to any obligations of the Borrowers to the Lenders or the Agent under or in
      connection with this Agreement.  In any such case, any payment,
      collection or demand for interest in excess of the maximum permitted rate shall
      be deemed to have been made by mutual mistake of the relevant Borrower, Agent
      and Lenders, any excess payment shall be refunded to that Borrower and the
      amount or rate otherwise payable under the terms of any Loan Document shall
      be
      reduced to the maximum amount or rate payable in accordance with Applicable
      Law.  For the purposes of this Agreement, the effective annual rate of
      interest shall be determined in accordance with generally accepted actuarial
      practices and principles and in the event of any dispute, a certificate of
      a
      Fellow of the Canadian Institute of Actuaries appointed by the Agent shall
      be
      conclusive for the purpose of such determination.

     

    

    
      
        
          
          

        

        
          -
            60
            -

          
            

          

        

        
          
          

        

      

    

    

    ARTICLE
      IX

    REPRESENTATIONS
      AND WARRANTIES

     

    
      	
              9.1

            	
              Representations
                and Warranties

            

    

     

    Each
      Obligor represents and warrants to the Lenders as specified below.

     

    
      	
              9.1.1

            	
              Corporate
                Matters

            

    

     

    
      	
               

            	
              (a)

            	
              It
                is a duly incorporated and validly existing corporation, is in compliance
                with the requirements for carrying on business in all jurisdictions
                in
                which it carries on business, and has the power and authority, and
                all
                material Permits required as of the date hereof, to enter into and
                perform
                its obligations under any Loan Documents to which it is or will be
                a
                party, to own its Property and to carry on the business in which
                it is
                engaged.

            

    

     

    
      	
               

            	
              (b)

            	
              The
                entering into and the performance by it of the Loan Documents to
                which it
                is or will be a party (i) have been duly authorized by all necessary
                corporate action on its part, (ii) do not and will not violate its
                Constating Documents, any Applicable Law, any Permit or any Contract
                to
                which it is a party, and (iii) will not result in the creation of any
                Encumbrance on any of its Property, other than the Security, will
                not
                require it to create any Encumbrance on any of its Property and will
                not
                result in the forfeiture of any of its
                Property.

            

    

     

    
      	
               

            	
              (c)

            	
              Its
                Constating Documents do not restrict the power of its directors to
                borrow
                money, to give financial assistance by way of loan, guarantee or
                otherwise, or to encumber any or all of its present and future Property
                to
                secure the Obligations, except for restrictions under any Constating
                Document which have been complied with in connection with the Loan
                Documents and the Permitted
                Obligations.

            

    

     

    
      	
               

            	
              (d)

            	
              It
                is not in violation of any term of its Constating Documents and is
                not in
                violation of any Applicable Law, Permit or Contract, the violation
                of
                which would materially and adversely affect its ability to own its
                Property and conduct its business, nor will its execution, delivery
                and
                performance of any Loan Documents to which it is a party result in
                any
                such violation.

            

    

     

    
      	
              9.1.2

            	
              Loan
                Documents

            

    

     

    
      	
               

            	
              (a)

            	
              The
                Loan Documents to which it is or will be a party have been or will
                be duly
                executed and delivered by it and constitute legal, valid and binding
                obligations enforceable against it in accordance with their respective
                terms, subject to the availability of equitable remedies and the
                effect of
                bankruptcy, insolvency and similar laws affecting the rights of creditors
                generally.

            

    

     

    

    
      
        
          
          

        

        
          -
            61
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
               

            	
              (b)

            	
              No
                Default has occurred and is
                continuing.

            

    

     

    
      	
               

            	
              (c)

            	
              From
                and after the date on which the relevant Security is delivered and
                registered if required, the Lenders will have legal, valid and enforceable
                security upon all of its present and future Property which is or
                is
                intended to be Encumbered thereby (as to which it has, or will when
                acquired have, a good and marketable title as owner or lessee), subject
                only to Permitted Encumbrances, the availability of equitable remedies,
                and the effect of bankruptcy, insolvency and similar laws affecting
                the
                rights of creditors generally.

            

    

     

    
      	
              9.1.3

            	
              Litigation,
                Financial Statements Etc.

            

    

     

    
      	
               

            	
              (a)

            	
              As
                of 22 December 2004, there are no litigation, arbitration or
                administrative proceedings or industrial or labour disputes outstanding
                and, to its knowledge after having made reasonable inquiry, there
                are no
                proceedings or disputes pending or threatened against it which, in
                either
                case, could materially and adversely affect its ability to perform
                its
                obligations under the Loan
                Documents.

            

    

     

    
      	
               

            	
              (b)

            	
              All
                of the historical financial statements which have been furnished
                to the
                Lenders, or any of them, in connection with this Agreement are complete
                and, to its knowledge after reasonable inquiry, fairly present its
                financial position as of the dates referred to therein and have been
                prepared in accordance with GAAP except, in the case of quarterly
                financial statements, notes to the statements and audit adjustments
                required by GAAP are not included.

            

    

     

    
      	
               

            	
              (c)

            	
              As
                of 22 December 2004, all projections, including forecasts, budgets,
                pro formas and business plans provided to the Lenders, or any of
                them, were prepared in good faith based on reasonable assumptions
                which
                were adequately disclosed in the respective documents and are reasonable
                estimates of the prospects of the businesses referred to
                therein.

            

    

     

    
      	
               

            	
              (d)

            	
              As
                of 22 December 2004, it has no liabilities (contingent or other)
                or other
                obligations of the type required to be disclosed in accordance with
                GAAP
                which are not fully disclosed on its audited financial statements
                provided
                to the Lenders for its fiscal year ended 30 April 2004, or its
                interim financial statements for its fiscal period ended 31 October
                2004,
                other than liabilities and obligations incurred thereafter in the
                ordinary
                course of its business.

            

    

     

    

    
      
        
          
          

        

        
          -
            62
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (e)

            	
              It
                is not in default under any of the Permitted
                Encumbrances.

            

    

     

    
      	
               

            	
              (f)

            	
              There
                is no fact that it has not disclosed to the Agent and the Lenders
                in
                writing that materially adversely affects its ability to perform
                its
                obligations under the Loan Documents to which it is or will be a
                party.

            

    

     

    
      	
              9.1.4

            	
              Sub
                Debt

            

    

     

    
      	
               

            	
              (a)

            	
              This
                Agreement does not contravene or conflict with the Sub Debt Indenture
                and
                the incurrence of the Obligations is in compliance with the Sub Debt
                Indenture and will not contravene or cause a default under the Sub
                Debt
                Indenture.

            

    

     

    
      	
               

            	
              (b)

            	
              All
                Obligations are "Senior Indebtedness" and "Designated Senior Indebtedness"
                as defined in the Sub Debt Indenture and are entitled to the benefit
                of
                all subordination provisions of the Sub Debt
                Indenture.

            

    

     

    
      	
               

            	
              (c)

            	
              This
                Agreement constitutes the "Senior Credit Facility" as defined in
                the Sub
                Debt Indenture.

            

    

     

    
      	
              9.1.5

            	
              Property
                and Capital Stock

            

    

     

    
      	
               

            	
              (a)

            	
              SCHEDULE
                F fully and fairly describes as of 22 December 2004, the ownership
                of all
                of its issued and outstanding Capital Stock, the Capital Stock in
                Obligors
                and other persons that it owns, the nature of the business that it
                carries
                on, the location of its head office (and chief executive office,
                if
                different), and the jurisdictions in which its Property is
                located.

            

    

     

    
      	
               

            	
              (b)

            	
              As
                of 31 October 2004, the Aircraft in which it has any interest (including
                leased Aircraft) are located in the respective jurisdictions specified
                on
                SCHEDULE I.

            

    

     

    
      	
               

            	
              (c)

            	
              The
                Pledged Shares are validly issued as fully paid and non-assessable
                Capital
                Stock of the respective Obligors.

            

    

     

    
      	
               

            	
              (d)

            	
              The
                consents of the shareholders or directors of the respective Obligors
                that
                will be delivered at or prior to the time that the Pledged Shares
                become
                part of the Security are the only consents that are necessary or
                desirable
                in connection with the pledges of the Pledged Shares as part of the
                Security (including the enforcement of the pledges), except for consents
                of regulatory authorities that may be required in connection with
                transfers of Pledged Shares issued by Obligors that directly or indirectly
                hold Permits for operation of aircraft.  The consents of the
                shareholders or directors will be kept in full force and effect as
                long as
                they remain necessary or desirable.

            

    

     

    

    
      
        
          
          

        

        
          -
            63
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (e)

            	
              It
                owns or is licensed or otherwise has the right to use all Intellectual
                Property that is necessary for the operation of its business, without
                conflict with the rights of any other person.  The only
                Intellectual Property in which it owns an interest registered in
                a public
                office is trademarks for names and logos under which it carries on
                business.

            

    

     

    
      	
              9.1.6

            	
              Environmental
                Matters

            

    

     

    
      	
               

            	
              (a)

            	
              To
                its knowledge having made all due inquiry, (i) there are no active or
                abandoned underground storage tanks located on any land which it
                occupies
                or controls, except those that comply with Applicable Law, (ii) there
                are no Hazardous Materials located on, above or below the surface
                of any
                land which it occupies or controls (except those being stored in
                compliance with Applicable Law) or contained in the soil or water
                constituting such land, (iii) no release, spill, leak, emission,
                discharge, leaching, dumping or disposal of Hazardous Materials has
                occurred on or from such land to an extent that requires reporting
                under
                Applicable Law or might otherwise be material, and (iv) no land that
                it occupies or controls has been used as a landfill or waste disposal
                site.

            

    

     

    
      	
               

            	
              (b)

            	
              Its
                business and Property have been and are being owned, occupied and
                operated
                in substantial compliance with Applicable Law intended to protect
                the
                environment (including laws respecting the disposal or emission of
                Hazardous Materials), to the best of its knowledge after reasonable
                inquiry there are no breaches thereof and no enforcement actions
                in
                respect thereof are threatened or pending which, in any such case,
                could
                materially and adversely affect its ability to perform its obligations
                under the Loan Documents to which it is or will be a
                party.

            

    

     

    
      	
              9.1.7

            	
              Taxes
                and Withholdings

            

    

     

    
      	
               

            	
              (a)

            	
              It
                has (i) duly filed on a timely basis all material tax returns, elections
                and reports required to be filed by it and has paid, collected and
                remitted all material Taxes due and payable, collectible or remittable
                by
                it, and (ii) made adequate provision for material Taxes payable by
                it for
                the current period and any previous period for which tax returns
                are not
                yet required to be filed and, except as disclosed in writing to the
                Agent
                from time to time, there are no actions, proceedings or claims pending
                or,
                to its knowledge, threatened, against it in respect of material Taxes
                (it
                being agreed that, for purposes of this clause, the amount of a Tax
                is
                material if it equals or exceeds Cdn. $3,000,000 or the equivalent
                thereof
                in another currency).

            

    

     

    

    
      
        
          
          

        

        
          -
            64
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (b)

            	
              It
                has (i) withheld from each payment made to any of its past or present
                employees, officers or directors, and to any non-resident of the
                country
                in which it is resident, the amount of all material Taxes and other
                deductions required to be withheld therefrom and has paid the same
                to the
                proper tax or other receiving officers within the time required under
                any
                applicable legislation, and (ii) collected and remitted to the
                appropriate tax authority when required by law to do so all material
                amounts collectible and remittable in respect of goods and services
                tax
                and similar provincial or state Taxes, and has paid all such material
                amounts payable by it on account of sales Taxes including goods and
                services and value-added taxes (it being agreed that, for purposes
                of this
                clause, the amount of a Tax is material if it equals or exceeds Cdn.
                $3,000,000 or the equivalent thereof in another
                currency).

            

    

     

    
      	
              9.1.8

            	
              Pension
                Plans

            

    

     

    
      	
               

            	
              (a)

            	
              During
                the period of twelve consecutive months before the date of the execution
                and delivery of this Agreement and before the date of any Advance
                hereunder, (i) no steps have been taken to terminate any Pension Plan
                (wholly or in part), which could result in an Obligor be required
                to make
                an additional contribution to the Pension Plan in excess of $3,000,000,
                (ii) no contribution failure has occurred with respect to any Pension
                Plan sufficient to give rise to a lien or charge under any applicable
                pension benefits laws of any other jurisdiction, (iii) no condition
                exists and no event or transaction has occurred with respect to any
                Pension Plan which might result in the incurrence by any Obligor
                of any
                liability, fine or penalty in excess of $3,000,000, and (iv) except
                as disclosed in the financial statements required to be provided
                pursuant
                to this Agreement or as otherwise disclosed in writing from time
                to time
                to the Agent, no Obligor has any contingent liability with respect
                to any
                post-retirement benefit under a Welfare
                Plan.

            

    

     

    
      	
               

            	
              (b)

            	
              Each
                Pension Plan is in compliance in all material respects with all applicable
                pension benefits and tax laws, (i) all contributions (including
                employee contributions made by authorized payroll deductions or other
                withholdings) required to be made to the appropriate funding agency
                in
                accordance with all Applicable Law and the terms of each Pension
                Plan have
                been made in accordance with all Applicable Law and the terms of
                each
                Pension Plan, (ii) all liabilities under each Pension Plan are fully
                funded, on a going concern and solvency basis, or any shortfall is
                being
                funded, in each case in accordance with the terms of the respective
                Pension Plans, the requirements of applicable pension benefits laws
                and of
                applicable regulatory authorities and the most recent actuarial report
                filed with respect to the Pension Plan, and (iii) no event has
                occurred and no conditions exist with respect to any Pension Plan
                that has
                resulted or could reasonably be expected to result in any Pension
                Plan
                having its registration revoked or refused for the purposes of any
                applicable pension benefits or tax laws or being placed under the
                administration of any relevant pension benefits regulatory authority
                or
                being required to pay any taxes or penalties under any applicable
                pension
                benefits or tax laws, except for any exceptions to
                clauses (ii) through (iv) above that, individually or in the
                aggregate, could not reasonably be expected to have a material adverse
                effect on any Obligor.

            

    

     

    

    
      
        
          
          

        

        
          -
            65
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              9.1.9

            	
              Survival
                of Representations and
                Warranties

            

    

     

    Unless
      expressly stated to be made as of a specific date, the representations and
      warranties made in this Agreement shall survive the execution of this Agreement
      and all other Loan Documents, and shall be deemed to be repeated as of the
      date
      of each Advance (including any deemed Advance) and as of the date of delivery
      of
      each Reporting Certificate, subject to modifications made by CHC to the Lenders
      in writing and accepted by the Required Lenders.  The Lenders shall be
      deemed to have relied upon such representations and warranties at each such
      time
      as a condition of making an Advance hereunder or continuing to extend the
      Credits hereunder.

     

    ARTICLE
      X

    COVENANTS
      AND CONDITIONS

     

    
      	
              10.1

            	
              Intercompany
                Obligations

            

    

     

    
      	
              10.1.1

            	
              Each
                Obligor acknowledges that, under the terms of the Security it has
                given,
                all Intercompany Obligations owing to it are assigned as security
                to the
                Agent.  The assignment as security shall not prevent an Obligor
                from receiving payment of Intercompany Obligations unless a Default
                has
                occurred and is continuing.  Notwithstanding the foregoing, the
                principal amount of Restricted Intercompany Obligations shall not
                be
                repaid, converted, forgiven or otherwise reduced or eliminated without
                the
                prior written consent of the Required
                Lenders.

            

    

     

    
      	
              10.1.2

            	
              Intercompany
                Obligations are assigned to the Agent under the Security, and shall
                be
                paid free of any set-off, counterclaim, defence or other right that
                the
                Obligors, or any of them, owing Intercompany Obligations may have
                against
                Obligors, or any of them, to whom Intercompany Obligations are
                owed.

            

    

     

    

    
      
        
          
          

        

        
          -
            66
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              10.2

            	
              Financial
                Covenants

            

    

     

    
      	
              10.2.1

            	
              CHC
                shall at all times maintain a Total Debt Ratio of not greater than
                5.00 to
                1.

            

    

     

    
      	
              10.2.2

            	
              CHC
                shall at all times maintain a Senior Debt Ratio of not greater than
                2.50
                to 1.

            

    

     

    
      	
              10.2.3

            	
              CHC
                shall at all times maintain an Adjusted Total Debt Ratio of not greater
                than 5.50 to 1.

            

    

     

    
      	
              10.2.4

            	
              CHC
                shall at all times maintain a Fixed Charge Coverage Ratio of not
                less than
                1.10 to 1.

            

    

     

    
      	
              10.2.5

            	
              CHC
                shall at all times maintain a Consolidated Tangible Net Worth of
                not less
                than $430,000,000 plus 50% of CHC's consolidated net
                income after taxes for each fiscal quarter beginning with the fiscal
                quarter ended 31 July 2004, excluding any fiscal quarter in which
                CHC's
                consolidated net income after taxes is a
                loss.

            

    

     

    
      	
              10.3

            	
              Positive
                Covenants

            

    

     

    During
      the term of this Agreement, each Obligor shall perform the covenants specified
      below.

     

    
      	
              10.3.1

            	
              Payment;
                Operation of Business

            

    

     

    
      	
               

            	
              (a)

            	
              It
                shall duly and punctually pay the Obligations, either as Borrower
                or in
                accordance with any guarantee it has given, at the times and places
                and in
                the manner required by the terms
                thereof.

            

    

     

    
      	
               

            	
              (b)

            	
              It
                shall operate its business in accordance with sound business practice
                and
                in compliance in all material respects with all Applicable Law (including
                that regarding ownership of persons carrying on the type of business
                that
                it carries on) and Material Contracts and Material
                Permits.

            

    

     

    
      	
               

            	
              (c)

            	
              It
                shall obtain, as and when required, all Permits and Contracts which
                may be
                material to permit it to acquire, own, operate and maintain its business
                and Property and perform its obligations under the Loan Documents
                to which
                it is or will be a party, and preserve and maintain those Permits
                and
                Contracts and all such Permits and Contracts now held by it in good
                standing.

            

    

     

    

    
      
        
          
          

        

        
          -
            67
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              10.3.2

            	
              Inspection

            

    

     

    It
      shall at all reasonable times and from time to time upon reasonable advance
      notice (unless a Default has occurred and is continuing, in which case notice
      shall not be required), permit representatives of the Lenders to inspect any
      of
      its Property and to examine and take extracts from its financial books, accounts
      and records, including accounts and records stored in computer data banks and
      computer software systems, and to discuss its financial condition with its
      senior officers and (in the presence of such of its representatives as it may
      designate) its auditors, the reasonable expense of all of which shall be paid
      by
      CHC, provided that:

     

    
      	
               

            	
              (a)

            	
              the
                Lenders' exercise of their rights under this clause does not unreasonably
                interfere with the operations of the
                Obligors;

            

    

     

    
      	
               

            	
              (b)

            	
              any
                representative of a Lender who is not an employee of that Lender
                has
                executed and delivered an agreement in favour of the Obligors and
                the
                Lenders to use any information obtained as a result of any inspection
                or
                examination on behalf of a Lender only for the purposes of this Agreement,
                and has established to the reasonable satisfaction of CHC and the
                Lenders
                that there is no inherent conflict of interest between the business
                and
                clientele of the Obligors and the business and clientele (other than
                the
                Lenders) of that representative;

            

    

     

    
      	
               

            	
              (c)

            	
              unless
                a Default has occurred and is continuing, CHC shall only be required
                to
                pay the expense of one inspection in any fiscal year of CHC for any
                particular Aircraft or premises;

            

    

     

    
      	
               

            	
              (d)

            	
              unless
                a Default has occurred and is continuing, any inspection shall be
                undertaken by qualified representatives of the Lenders (as determined
                by
                the Agent) who are most closely located to the Aircraft or premises
                to be
                inspected so as to minimize the expense to
                CHC.

            

    

     

    
      	
              10.3.3

            	
              Insurance

            

    

     

    
      	
               

            	
              (a)

            	
              It
                shall maintain insurance on all its Property with financially sound
                and
                reputable insurance companies or associations including all-risk
                property
                insurance, comprehensive general liability insurance and business
                interruption insurance (in respect of business that does not relate
                to
                operation of Aircraft), in amounts and against risks that are reasonably
                required by the Lenders, and shall furnish to the Agent, on written
                request, satisfactory evidence of the insurance
                carried.

            

    

     

    
      	
               

            	
              (b)

            	
              It
                shall cause policies of insurance referred to above to contain a
                standard
                mortgage clause and other customary endorsements for the benefit
                of
                lenders, all in a form acceptable to the Lenders acting reasonably,
                and a
                provision that such policies will not be amended in any manner which
                is
                prejudicial to the Lenders or be cancelled without 30 days' prior
                written
                notice being given to the Agent by the issuers thereof.  It
                shall also cause the Agent to be named as an additional insured with
                respect to public liability and, subject to Section 10.9, cause all
                of the
                proceeds of insurance under such policies to be made payable and
                to be
                paid to the Agent for and on behalf of the Lenders as their interests
                may
                appear to the extent of the
                Obligations.

            

    

     

    

    
      
        
          
          

        

        
          -
            68
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
               

            	
              (c)

            	
              Whenever
                reasonably requested in writing by the Agent, it shall cause certified
                copies of the policies of insurance carried pursuant to this
                Section to be delivered to the
                Agent.

            

    

     

    
      	
               

            	
              (d)

            	
              It
                shall provide the Agent promptly with such other evidence of the
                insurance
                as the Lenders may from time to time reasonably
                require.

            

    

     

    
      	
              10.3.4

            	
              Taxes
                and Withholdings

            

    

     

    
      	
               

            	
              (a)

            	
              It
                shall pay all Taxes as they become due and payable unless (i) they
                are being contested in good faith by appropriate proceedings and
                it has
                made arrangements satisfactory to the Required Lenders acting reasonably
                in respect of payment of the contested amount or (ii) the amount of
                unpaid Taxes cannot be reliably determined and is less than an aggregate
                of $100,000 for all such Taxes that are outstanding at any
                time.

            

    

     

    
      	
               

            	
              (b)

            	
              It
                shall withhold from each payment made to any of its past or present
                employees, officers or directors, and to any non-resident of the
                country
                in which it is resident, the amount of all Taxes and other deductions
                required to be withheld therefrom and pay the same to the proper
                tax or
                other receiving officers within the time required under any Applicable
                Law.

            

    

     

    
      	
               

            	
              (c)

            	
              It
                shall collect from all Persons the amount of all Taxes required to
                be
                collected from them and remit the same to the proper tax or other
                receiving officers within the time required under any Applicable
                Law.

            

    

     

    
      	
              10.3.5

            	
              Other
                Matters

            

    

     

    
      	
               

            	
              (a)

            	
              It
                shall provide such evidence of on-going compliance with Applicable
                Law
                relating to Hazardous Materials as the Required Lenders may reasonably
                require from time to time including if so requested by the Required
                Lenders, acting reasonably upon reasonable cause, having conducted
                one or
                more environmental site assessment and/or compliance audits (each
                consisting of a non-intrusive phase I audit and recommendations with
                respect to the findings described therein and such other audits or
                investigations recommended in each such phase I audit, including
                an
                intrusive phase II audit) and reports thereon by an independent consultant
                engaged by the Obligors and acceptable to the Required Lenders, acting
                reasonably.  It shall also remove, clean up or otherwise remedy
                the matters referred to in Section
                10.4.2(c).

            

    

     

    

    
      
        
          
          

        

        
          -
            69
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (b)

            	
              To
                the extent it has any interest in Aircraft, it shall comply with
                the
                requirements of SCHEDULE L for owned and leased Aircraft, as
                applicable.

            

    

     

    
      	
               

            	
              (c)

            	
              If
                requested by the Agent, it shall diligently pursue consents in respect
                of
                the Security from landlords of leasehold real property in which any
                Obligor carries on business.

            

    

     

    
      	
              10.4

            	
              Reporting
                and Notice Requirements

            

    

     

    During
      the term of this Agreement, CHC shall deliver or cause the delivery of the
      periodic reports specified below and shall give notices in the circumstances
      specified below, or cause notices to be given.  All financial
      statements and other reports shall be in a form satisfactory to the Lenders
      and
      all financial statements shall be prepared in accordance with GAAP.

     

    
      	
              10.4.1

            	
              Periodic
                Reports

            

    

     

    
      	
               

            	
              (a)

            	
              CHC
                shall, as soon as practicable and in any event within 45 days of
                the end
                of each of its fiscal quarters, cause to be prepared and delivered
                to the
                Lenders, a statement of its inventory and an aged listing of its
                accounts
                receivable, each on a consolidated basis and with such unconsolidated
                information in respect of individual Obligors as the Lenders may
                specify.

            

    

     

    
      	
               

            	
              (b)

            	
              CHC
                shall, as soon as practicable and in any event within 45 days of
                the end
                of each of its fiscal quarters (including the fourth quarter, except
                that
                60 days shall be allowed for the fourth quarter), cause to be prepared
                and
                delivered to the Lenders, its interim unaudited consolidated financial
                statements as at the end of such quarter and interim unaudited
                unconsolidated financial statements of such Obligors as the Lenders
                may
                specify from time to time as at the end of such quarter, in each
                case
                including balance sheet, statement of income and retained earnings
                and
                statement of changes in financial
                position.

            

    

     

    
      	
               

            	
              (c)

            	
              CHC
                shall, as soon as practicable and in any event within 90 days after
                the
                end of each of its fiscal years, cause its consolidated annual financial
                statements to be prepared and delivered to the Lenders including
                balance
                sheet, statement of income and retained earnings and statement of
                changes
                in financial position for such fiscal year, which shall be audited
                by an
                internationally recognized accounting
                firm.

            

    

     

    

    
      
        
          
          

        

        
          -
            70
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (d)

            	
              CHC
                shall, concurrently with the delivery of its quarterly financial
                statements, provide the Lenders with a Reporting
                Certificate.

            

    

     

    
      	
               

            	
              (e)

            	
              CHC
                shall, as soon as practicable and in any event not later than 45
                days
                after the beginning of each of its fiscal years, cause to be prepared
                and
                delivered to the Lenders, a budget with projections for the current
                and
                the following four fiscal years.  The budget shall cover CHC on
                a consolidated basis and other Obligors designated by the Agent on
                an
                unconsolidated basis and shall include a projected income statement,
                a
                projected statement of changes in funds, estimates of Capital
                Expenditures, the value of Aircraft to be acquired through Leases,
                and tax
                losses and deferrals, and a list of all Material Contracts expiring
                in all
                relevant periods, all broken down quarterly for the current fiscal
                year
                only and annually thereafter, and otherwise in detail acceptable
                to the
                Agent and the Required Lenders.

            

    

     

    
      	
               

            	
              (f)

            	
              CHC
                shall, as soon as practicable and in any event not later than 45
                days
                after the beginning of each of its fiscal years, cause to be prepared
                and
                delivered to the Lenders, a current appraisal by an independent appraiser
                satisfactory to the Agent of all of the Aircraft owned by
                Obligors.  The appraisal may be a "desk-top" appraisal based on
                information provided to the appraiser concerning the specifications
                and
                hours of service of the Aircraft rather than physical inspection
                of the
                Aircraft.

            

    

     

    
      	
               

            	
              (g)

            	
              CHC
                shall promptly provide each of the Lenders with copies of all information
                concerning its financial condition and Property that is provided
                to the
                trustees or noteholders under the Sub Debt Indenture and not otherwise
                provided to the Lenders, copies of all notices received from the
                trustees
                or noteholders under the Sub Debt Indenture, and all other information
                reasonably requested by the Lenders from time to time concerning
                the
                business, financial condition and Property of the Obligors, including
                details of operating leases outstanding from time to
                time.

            

    

     

    
      	
               

            	
              (h)

            	
              CHC
                shall, as soon as practicable and in any event within 25 days of
                the end
                of each month, cause to be prepared and delivered to the Lenders,
                an
                unconsolidated statement of accounts receivable of each Obligor
                incorporated under the laws of the Netherlands which has given a
                pledge of
                its accounts receivable as part of the Security in the form of "borderel"
                attached to the relevant pledge.

            

    

     

    If
      there is any change in a subsequent period from the accounting policies,
      practices and calculation methods used by CHC in preparing its financial
      statements for its fiscal year ended 30 April 2004, or components thereof,
      CHC
      shall provide the Lenders with all information that the Lenders require to
      ensure that reports provided to the Lenders after any change are comparable
      to
      previous reports.  In addition, all calculations made for the purposes
      of this Agreement shall continue to be made based on the accounting policies,
      practices and calculation methods that were used in preparing CHC's financial
      statements for its fiscal year ended 30 April 2004 if the changed policies,
      practices and methods would materially affect the results of those
      calculations.

     

    

    
      
        
          
          

        

        
          -
            71
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              10.4.2

            	
              Requirements
                for Notice

            

    

     

    
      	
               

            	
              (a)

            	
              CHC
                shall immediately notify the Lenders of any Default, or of any material
                default (either by an Obligor or by any other party) under any Material
                Contract or Material Permit, or of any event which, with or without
                the
                giving of notice, lapse of time or any other condition subsequent,
                would
                be a material default or would otherwise allow the termination of
                any
                Material Contract or Material Permit or the imposition of any material
                sanction on any party to a Material Contract or Material Permit,
                and shall
                from time to time provide the Lenders with all information reasonably
                requested by any of the Lenders concerning the status
                thereof.

            

    

     

    
      	
               

            	
              (b)

            	
              CHC
                shall immediately notify the Lenders on becoming aware of the occurrence
                of any litigation, dispute, arbitration, proceeding, labour or industrial
                dispute or other circumstance affecting it, the result of which if
                determined adversely would have a material and adverse effect on
                the
                ability of any Obligor to perform its obligations under this Agreement,
                or
                the Loan Documents to which it is or will be a party, and shall from
                time
                to time provide the Lenders with all reasonable information requested
                by
                any of the Lenders concerning the status
                thereof.

            

    

     

    
      	
               

            	
              (c)

            	
              CHC
                shall immediately notify the Agent upon (i) learning of the existence
                of Hazardous Materials located on, above or below the surface of
                any land
                which any Obligor owns, leases, occupies or controls (except those
                being
                stored, used or otherwise handled in substantial compliance with
                Applicable Law), or contained in the soil or water constituting such
                land
                (in excess of levels prescribed under Applicable Law, guidelines
                or
                policies of applicable regulatory authorities or which would constitute
                an
                actual or potential breach of or non-compliance with any Applicable
                Law)
                and (ii) the occurrence of any reportable release, spill, leak,
                emission, discharge, leaching, dumping or disposal of Hazardous Materials
                that has occurred on or from such land which, as to either (i) or
                (ii),
                would materially and adversely affect the ability of any Obligor
                to
                perform its obligations under the Loan Documents to which it is or
                will be
                a party, and shall provide the Agent with details (including cost)
                of the
                work required to remove, clean up or otherwise remedy the matters
                referred
                to in the notice.

            

    

     

    

    
      
        
          
          

        

        
          -
            72
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (d)

            	
              CHC
                shall provide notice to the Agent and copies of all relevant documentation
                immediately upon becoming aware of (i) the institution of any steps
                by any Obligor or any applicable regulatory authority to terminate
                any
                Pension Plan (wholly or in part) which could result in any Obligor
                being
                required to make an additional contribution to the Pension Plan in
                excess
                of $3,000,000, (ii) the failure to make a required contribution to
                any Pension Plan if such failure is sufficient to give rise to a
                lien or
                charge under any applicable pension benefits laws of any other
                jurisdiction, (iii) the taking of any action with respect to a
                Pension Plan which could reasonably be expected to result in the
                requirement that any Obligor furnish a bond or other security to
                such
                Pension Plan or any applicable regulatory authority, or (iv) the
                occurrence of any event with respect to any Pension Plan which could
                reasonably be expected to result in the incurrence by any Obligor
                of any
                material liability, fine or penalty, or any increase in the contingent
                liability of any Obligor in excess of $3,000,000 with respect to
                any
                post-retirement Welfare Plan
                benefit.

            

    

     

    
      	
              10.5

            	
              Ownership
                of the Obligors

            

    

     

    During
      the term of this Agreement, there shall not, without the prior written consent
      of the Required Lenders (which shall not be unreasonably withheld), be any
      change in the ownership or Control of the Obligors other than CHC from that
      described on SCHEDULE F, except that ownership or Control may be transferred
      in
      whole or in part to another Obligor if CHC gives the Agent reasonable advance
      notice of the transfer and promptly takes steps that the Agent reasonably
      requests to maintain the Security and the other Loan Documents so that the
      Lenders' position is not adversely affected.  In addition, there shall
      be no change in the ownership of CHC that would result in
      Mr. C.L. Dobbin ceasing to Control CHC, except that his shares may be
      transferred within his immediate family upon his death (as long as steps are
      immediately taken to preserve all Permits for the operation of Aircraft by
      the
      Obligors, to the extent those Permits depend upon his citizenship or other
      matters personal to him, and no such Permits are adversely affected) or for
      succession planning purposes (as long as steps approved by the Required Lenders
      are taken before any such transfer to ensure that no such Permits are adversely
      affected).

     

    
      	
              10.6

            	
              Negative
                Covenants

            

    

     

    During
      the term of this Agreement, the Obligors shall not do any of the things
      specified in this Section without the prior written consent of the Required
      Lenders, which shall not be unreasonably withheld.

     

    

    
      
        
          
          

        

        
          -
            73
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              10.6.1

            	
              Financial
                Transactions and
                Encumbrances

            

    

     

    No
      Obligor shall:

     

    
      	
               

            	
              (a)

            	
              create,
                incur, assume or permit any debts, liabilities or obligations of
                any kind
                (including contingent liabilities and Leases) to remain outstanding,
                other
                than Permitted Obligations;

            

    

     

    
      	
               

            	
              (b)

            	
              prepay,
                redeem, defease, repurchase or make other payments in respect of
                any of
                its Debt for borrowed money, other
                than:

            

    

     

    
      	
               

            	
              (i)

            	
              the
                Obligations;

            

    

     

    
      	
               

            	
              (ii)

            	
              scheduled
                payments of interest under the Sub Debt, which may be made if no
                payment
                blockage period or other suspension of the rights of the holders
                of Sub
                Debt to receive payment contemplated in the subordination provisions
                of
                the Sub Debt Indenture is in effect and no Default has occurred and
                is
                continuing or would result from payment being
                made;

            

    

     

    
      	
               

            	
              (iii)

            	
              payments
                in respect of the obligations contemplated in Sections 1.1.114(k),
                1.1.114(s), 1.1.114(t), 1.1.114(u), 1.1.114(w), 1.1.115(j) and
                1.1.115(n);

            

    

     

    
      	
               

            	
              (iv)

            	
              payments
                in respect of Intercompany Loan Obligations that are not prohibited
                by
                Section 10.1.1;

            

    

     

    
      	
               

            	
              (v)

            	
              payments
                in respect of the Discovery Note as permitted by Section
                10.7;

            

    

     

    
      	
               

            	
              (c)

            	
              make
                loans to any other person, guarantee, endorse or otherwise become
                liable
                for any debts, liabilities or obligations of any other person, or
                give
                other financial assistance of any kind to any other person, except
                for:

            

    

     

    
      	
               

            	
              (i)

            	
              the
                guarantees given as part of the Security or in connection with the
                Sub
                Debt;

            

    

     

    
      	
               

            	
              (ii)

            	
              loans
                and advances resulting in Intercompany Loan
                Obligations;

            

    

     

    
      	
               

            	
              (iii)

            	
              guarantees
                that are Permitted Obligations or that are in respect of debts,
                liabilities and obligations of other Obligors that are Permitted
                Obligations;

            

    

     

    

    
      
        
          
          

        

        
          -
            74
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (iv)

            	
              loans
                made to lessors in connection with operating leases permitted under
                Section 1.1.114(n) to finance the portion of the purchase price of
                the
                Aircraft by the lessor that is not financed by the lessor (repayment
                of
                which may be contingent on the value of the Aircraft at the termination
                of
                the operating lease), provided that the amount of each loan is included
                in
                the fair market value of the Aircraft that is referred to in Section
                10.6.2(d) and that, at any time, the aggregate principal amount of
                all
                such loans that are outstanding does not exceed 25% of the aggregate
                of
                the respective fair market values of each Aircraft to which a loan
                relates
                on the date that the loan in respect of such Aircraft was
                made;  notwithstanding the other provisions of this Section
                10.6, the payments by way of loans that are permitted by this item
                may
                instead be made as security deposits, advances or investments as
                long as
                they would satisfy the requirements of this item if made as
                loans;

            

    

     

    
      	
               

            	
              (v)

            	
              other
                financial assistance in an aggregate amount outstanding for all Obligors
                of not more than $10,000,000 or the equivalent amount in other currencies
                at any time, calculated based on the principal amount of any loan
                or other
                money advanced by an Obligor or the principal amount for which an
                Obligor
                is contingently liable;

            

    

     

    
      	
               

            	
              (d)

            	
              enter
                into any Swap except for (i) Swaps secured by the Security as Other
                Secured Obligations and (ii) other Swaps that are not entered into
                for
                speculative purposes that in each case comply with section 1008(b)(viii)
                and other relevant provisions of the Sub Debt
                Indenture;

            

    

     

    
      	
               

            	
              (e)

            	
              create,
                incur or assume or suffer to exist or cause or permit any Encumbrance
                upon
                or in respect of any of its Property, except for Permitted Encumbrances;
                or

            

    

     

    
      	
               

            	
              (f)

            	
              do
                or permit anything to adversely affect the ranking or validity of
                the
                Security except by incurring a Permitted Encumbrance or obtaining
                a
                release of the Security in accordance with this
                Agreement.

            

    

     

    
      	
              10.6.2

            	
              Business
                and Property

            

    

     

    No
      Obligor shall:

     

    
      	
               

            	
              (a)

            	
              effect
                any material change in its business as it exists at 22 December
                2004;

            

    

     

    
      	
               

            	
              (b)

            	
              notwithstanding
                any other term of this Agreement, undertake the "EU Investor Initiative"
                or any other action or actions by which any business conducted by
                Obligors
                in Primary Operating Jurisdictions would be conducted by a joint
                venture
                or other Person that is not wholly owned by CHC directly or indirectly
                but
                in which CHC has a direct or indirect economic interest, if the total
                fixed assets or revenue of all such joint ventures or other Persons
                in
                respect of business conducted in Primary Operating Jurisdictions
                would
                exceed 10% of the aggregate of the fixed assets or revenue, respectively,
                of the Obligors and such joint ventures or other Persons in respect
                of
                business conducted in Primary Operating
                Jurisdictions;

            

    

     

    

    
      
        
          
          

        

        
          -
            75
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (c)

            	
              acquire
                any material Property of any person, except
                for:

            

    

     

    
      	
               

            	
              (i)

            	
              acquisitions
                of inventory and Parts in the ordinary course of business for the
                purpose
                of carrying on its business;

            

    

     

    
      	
               

            	
              (ii)

            	
              acquisitions
                of Capital Stock of operating companies (or holding companies for
                operating companies) and acquisitions of Property in connection with
                the
                acquisition of an operating business where the aggregate cost of
                all such
                acquisitions for all Obligors does not exceed $50,000,000 or the
                equivalent in other currencies in any fiscal year of
                CHC provided that (A) no Default has occurred and is
                continuing or would result from the acquisition; (B) CHC provides
                the
                Agent with reasonable advance notice of the acquisition and provides
                a
                certificate satisfactory to the Agent with pro forma evidence
                that CHC will be in compliance with the covenants in Section 10.2
                following completion of the acquisition taking into account all Debt
                to be
                incurred or assumed, but taking into account any additional EBITDA
                or
                Property only to the extent agreed to by the Required Lenders; (C)
                the
                acquisition shall not result in any material change in the Obligors'
                business as it exists as of 22 December 2004; (D) if the acquisition
                results in the direct or indirect acquisition of Capital Stock, the
                Capital Stock represents more than 50% of the voting rights and economic
                interests in each issuer of Capital Stock that is directly or indirectly
                acquired (including any Capital Stock of the issuer that is already
                owned
                by an Obligor); and (v) each issuer of Capital Stock that is directly
                or
                indirectly acquired becomes an Obligor and Section 6.1 is otherwise
                complied with;

            

    

     

    
      	
               

            	
              (iii)

            	
              acquisitions
                of Aircraft and other Property through Capital Expenditures and Leases
                permitted by this Agreement or otherwise consented to by the Required
                Lenders;

            

    

     

    
      	
               

            	
              (iv)

            	
              direct
                or indirect acquisitions of or investments in Capital Stock where
                the
                Capital Stock represents 50% or less of the voting rights or economic
                interests in the issuer of Capital Stock (including any Capital Stock
                of
                the issuer that is already owned by an Obligor), provided that the
                Obligors' book value of all such Capital Stock acquired or invested
                in by
                all Obligors after 22 December 2004 and still held at the time of
                measurement does not exceed USD 10,000,000 or the equivalent amount
                in
                other currencies;  for greater certainty, the Capital Stock of
                Vector Aerospace Corporation (and any other Capital Stock representing
                an
                interest of 50% or less) that is held by the Obligors on 22 December
                2004
                need not be included within the USD 10,000,000 amount but, if it
                is no
                longer held in the future, will not increase the amount available
                for
                other acquisitions or investments;

            

    

     

    

    
      
        
          
          

        

        
          -
            76
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (v)

            	
              the
                acquisition of a minority equity interest in CHC Composites Inc.
                by CHII
                if CHII is required to accept the equity interest under the terms
                of the
                sale referred to in Section
                10.6.2(f)(vi);

            

    

     

    
      	
               

            	
              (d)

            	
              incur
                Capital Expenditures or acquire Aircraft through Leases that do not
                constitute Capital Expenditures in excess of an aggregate of
                $300,000,000 (including the fair market value of
                Aircraft acquired through Leases that do not constitute Capital
                Expenditures, but excluding any amount relating to Aircraft already
                in
                CHC's fleet that are in effect refinanced and deducting the proceeds
                of
                any Aircraft that are disposed out of CHC's fleet) for CHC on a
                consolidated basis in its fiscal year ending 30 April 2005, or (in
                CHC's
                subsequent fiscal years) in excess of the aggregate of $80,000,000
                and any
                part of the amount approved for the immediately preceding fiscal
                year that
                was not used in that fiscal year, or such greater amount as is expressly
                approved by the Required Lenders, based on annual budgets submitted
                by
                CHC;

            

    

     

    
      	
               

            	
              (e)

            	
              have
                any Subsidiaries or hold or acquire Capital Stock or other securities
                of,
                or make investments in, any other person
                except:

            

    

     

    
      	
               

            	
              (i)

            	
              other
                Obligors as specified on SCHEDULE
                F;

            

    

     

    
      	
               

            	
              (ii)

            	
              investments
                in other corporations as specified on SCHEDULE
                F;

            

    

     

    
      	
               

            	
              (iii)

            	
              others
                as permitted in Sections 10.5 and 10.6.2(c)
                above;

            

    

     

    
      	
               

            	
              (f)

            	
              permit
                any sale, lease or other disposition of the whole or any part of
                its
                Property, including any disposition as part of which Lease obligations
                are
                assumed directly or by guarantee by any Obligor, except
                for:

            

    

     

    

    
      
        
          
          

        

        
          -
            77
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (i)

            	
              sales
                of inventory in the ordinary course of
                business;

            

    

     

    
      	
               

            	
              (ii)

            	
              dispositions
                (including leases) of Aircraft on commercially reasonable terms,
                up to
                aggregate proceeds of sale of $60,000,000 or the equivalent in other
                currencies for all Obligors in any fiscal year of CHC;  if an
                Aircraft is leased by an Obligor as lessor, the proceeds of sale
                for the
                purposes of this item shall be deemed to be the fair market value
                of the
                Aircraft;

            

    

     

    
      	
               

            	
              (iii)

            	
              transactions
                that involve Aircraft that are purchased and then sold and leased
                back (or
                leased out and leased in) under operating leases that comply with
                Section
                1.1.114(n)(iv) within the lesser of 365 days and the time permitted
                under
                the Sub Debt Indenture (being 270 days at 22 December 2004) after
                purchase;

            

    

     

    
      	
               

            	
              (iv)

            	
              dispositions
                (including leases) of Aircraft and Parts that are permitted by SCHEDULE
                L;

            

    

     

    
      	
               

            	
              (v)

            	
              dispositions
                (including leases) of other Property at fair market value, up to
                aggregate
                proceeds of sale of $15,000,000 or the equivalent in other currencies
                for
                all Obligors in any fiscal year of CHC;  if Property is leased
                by an Obligor as lessor, the proceeds of sale for the purposes of
                this
                item shall be deemed to be the fair market value of the
                Property;

            

    

     

    
      	
               

            	
              (vi)

            	
              the
                sale, on or before 31 December 2005, of all of CHII's shares of CHC
                Composites Inc. for $15,800,000, payable $5,800,000 in cash on closing
                and
                the balance payable in five years pursuant to a secured convertible
                debenture under which CHII has the option to convert the balance
                into a
                minority equity position in CHC Composites Inc. but may also be required
                to accept a minority equity interest in CHC Composites Inc. at the
                option
                of CHC Composites Inc. to satisfy the
                balance;

            

    

     

    
      	
               

            	
              (g)

            	
              enter
                into any transaction of any kind with any affiliate or associate
                (as those
                terms are defined in the Canada Business Corporations Act as of
                22 December 2004), or person of which it is an associate except on
                a
                commercially reasonable basis as if it were dealing with such person
                on an
                arm's length basis.

            

    

     

    
      	
              10.6.3

            	
              Corporate
                Matters

            

    

     

    No
      Obligor shall:

     

    

    
      
        
          
          

        

        
          -
            78
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (a)

            	
              consolidate,
                amalgamate or merge with any other person, enter into any corporate
                reorganization or other transaction intended to effect or otherwise
                permit
                a change in its existing Constating Documents, liquidate, wind-up
                or
                dissolve itself, or permit any liquidation, winding-up or dissolution,
                except for transactions involving only one or more Obligors if CHC
                gives
                the Agent reasonable advance notice thereof and promptly takes such
                steps
                as the Agent reasonably requests to maintain the Security and the
                other
                Loan Documents so that the Lenders' position is not adversely
                affected;  notwithstanding the foregoing exception, CHC may not
                liquidate, wind-up or dissolve itself, or permit itself to be liquidated,
                wound-up or dissolved;

            

    

     

    
      	
               

            	
              (b)

            	
              change
                its name without providing the Agent with reasonable advance notice
                thereof and promptly taking other steps, if any, as the Agent reasonably
                requests to maintain the Security and the other Loan Documents so
                that the
                Lenders' position is not adversely
                affected;

            

    

     

    
      	
               

            	
              (c)

            	
              permit
                its chief executive office to be located out of the respective
                jurisdictions specified on SCHEDULE F without providing the Agent
                with
                reasonable advance notice thereof and promptly taking other steps,
                if any,
                as the Agent reasonably requests to maintain the Security and the
                other
                Loan Documents so that the Lenders' position is not adversely
                affected;

            

    

     

    
      	
               

            	
              (d)

            	
              change
                its fiscal year end (being 30 April for CHC), except
                that  any Subsidiary may change its fiscal year end to
                30 April;

            

    

     

    
      	
               

            	
              (e)

            	
              change
                its auditors, unless another of Deloitte & Touche, Ernst & Young,
                KPMG and PricewaterhouseCoopers is
                appointed;

            

    

     

    
      	
               

            	
              (f)

            	
              be
                a party to any amendment, modification, discharge, termination or
                waiver
                of the terms of any Restricted Intercompany
                Obligation;

            

    

     

    
      	
               

            	
              (g)

            	
              be
                a party to any amendment, modification, discharge, termination or
                waiver
                to the terms of the Sub Debt or any documents relating to the Sub
                Debt,
                other than amendments that do not in any way affect the subordination
                provisions of the Sub Debt and that are for the sole purpose of curing
                any
                immaterial ambiguity, defect or inconsistency in other provisions
                of the
                Sub Debt, or be a party to any amendment of any kind without immediately
                providing the Agent with copies of all documents and other information
                relating to the amendment;

            

    

     

    
      	
               

            	
              (h)

            	
              give
                any notice, make any statement or otherwise claim that a "Payment
                Default"
                or "Non-Payment Default" (each as defined in the Sub Debt Indenture)
                has
                been cured or waived or has ceased to exist without the prior written
                consent of the Agent acting on the instructions of the Lenders or
                Required
                Lenders as required by Sections 12.2.2 and
                12.2.3.

            

    

     

    

    
      
        
          
          

        

        
          -
            79
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              10.7

            	
              Payments
                by CHC

            

    

     

    CHC
      shall not make any Restricted Payment, except for:

     

    
      	
               

            	
              (a)

            	
              Restricted
                Payments made when the Total Debt Ratio is less than 3.50 to 1 and
                no
                Default has occurred or would result from
                payment;

            

    

     

    
      	
               

            	
              (b)

            	
              Restricted
                Payments of not greater than an aggregate of $16,000,000 per annum
                that
                are made when no Default has occurred or would result from
                payment;

            

    

     

    
      	
               

            	
              (c)

            	
              Restricted
                Payments made when the Total Debt Ratio is greater than or equal
                to 3.50
                to 1 and no Default has occurred or would result from payment, provided
                that the aggregate of all such payments and any payments made pursuant
                to
                items (a) and (b) immediately above during any fiscal year shall
                not
                exceed 50% of CHC's net income after tax during the preceding fiscal
                year,
                based on its audited financial
                statements.

            

    

     

    Before
      making any Restricted Payment pursuant to items (a) and (c) immediately above,
      CHC shall provide the Agent with reasonable advance notice and a certificate
      satisfactory to the Agent demonstrating compliance with the conditions for
      making the Restricted Payment that are specified in this Section.

     

    
      	
              10.8

            	
              Limits
                on Certain Obligors

            

    

     

    Each
      Obligor listed on SCHEDULE J shall comply with the limits on its Property,
      business activities and other matters described on that Schedule and each
      Obligor which owns Capital Stock of any other person listed on SCHEDULE J shall
      cause that person to comply with the limits on its Property, business activities
      and other matters described on that Schedule.

     

    
      	
              10.9

            	
              Use
                of Insurance Proceeds

            

    

     

    
      	
              10.9.1

            	
              Unless
                otherwise specified in this Section or Section 5.6, all proceeds
                of
                insurance required to be maintained by the Obligors under the terms
                of
                this Agreement shall be paid to the Agent and be applied by it to
                repay
                the Obligations and permanently reduce the amount of one or more
                Credits,
                either directly or through repayment of Intercompany Loan
                Obligations.

            

    

     

    
      	
              10.9.2

            	
              Proceeds
                of liability insurance shall be paid to the person to whom the affected
                Obligor is liable or to reimburse the affected Obligor to the extent
                it
                has made payment in respect of its insured
                liability.

            

    

     

    

    
      
        
          
          

        

        
          -
            80
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              10.9.3

            	
              Proceeds
                of insurance covering loss of or damage to Property that is the subject
                of
                a Permitted Encumbrance having priority over the Security may be
                paid to
                the holder of the Permitted Encumbrance.  Other proceeds of
                insurance covering loss of or damage to Property and proceeds of
                business
                interruption insurance may be paid by the insurer directly to the
                affected
                Obligor unless, if a Default has occurred and is continuing, the
                Agent
                requires that payment be made to the Agent.  Proceeds of
                insurance covering loss of or damage to Property that are received
                by the
                Obligors when no Default has occurred and is continuing shall be
                used as
                follows:

            

    

     

    
      	
               

            	
              (a)

            	
              the
                first USD 10,000,000 received by all Obligors in any fiscal year
                of CHC
                may be used at the Obligors' discretion, subject to the other terms
                of
                this Agreement;

            

    

     

    
      	
               

            	
              (b)

            	
              the
                proceeds of any single claim or series of related claims not falling
                within item (a) immediately above may be used at the Obligors' discretion,
                subject to the other terms of this Agreement, if the proceeds do
                not
                exceed USD 5,000,000; and

            

    

     

    
      	
               

            	
              (c)

            	
              any
                proceeds not falling within items (a) or (b) immediately above shall
                be
                used to permanently repay and cancel the Credits in accordance with
                Section 5.6 unless they are reinvested in replacement Property by
                the
                Obligors within 12 months of the date of receipt
                thereof.

            

    

     

    
      	
              10.10

            	
              Classification
                of Advances for Sub Debt
                Indenture

            

    

     

    In
      connection with section 1008(c) of the Sub Debt Indenture, CHC
      hereby:

     

    
      	
               

            	
              (a)

            	
              agrees
                that Advances under Credits C and E are classified as being incurred
                under
                section 1008(b)(i) of the Sub Debt
                Indenture;

            

    

     

    
      	
               

            	
              (b)

            	
              represents
                that, pursuant to section 1008(d) of the Sub Debt Indenture, the
                Advances
                under Credit C and E as of the date of the initial Advance under
                this
                Agreement are equivalent to USD 95,895,497.37 and that the conversion
                rates applicable to those Advances are, for Credit C, 1 GBP equals
                USD
                1.51179 (the rate on 5 July 2000) and, for Credit E, 1 EUR equals
                USD
                1.27691 (the rate on 16 February
                2004);

            

    

     

    
      	
               

            	
              (c)

            	
              represents
                that not more than USD 8,000,000 of Advances under Credits A and
                B of the
                Existing Credit Agreement that remain outstanding were incurred on
                or
                before the date of the Sub Debt Indenture and agrees that such Advances
                are classified as being incurred under section 1008(b)(i) of the
                Sub Debt
                Indenture;

            

    

     

    

    
      
        
          
          

        

        
          -
            81
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
               

            	
              (d)

            	
              represents
                that, as of 22 December 2004, no Indebtedness (as defined in the
                Sub Debt
                Indenture) other than Advances has been classified as being incurred
                under
                section 1008(b)(i) of the Sub Debt Indenture and the basket for
                Indebtedness of USD 200,000,000 under section 1008(b)(i) has not
                been
                reduced as contemplated in that
                section;

            

    

     

    
      	
               

            	
              (e)

            	
              classifies
                the sum of USD 9,920,000 used from the initial Advance under Credit
                A3 to
                partially repay the temporary revolving credit established by BNS
                in
                favour of CHC, and the sums of USD 17,080,000 and USD 13,000,000
                that were
                outstanding by way of Base Rate Advances and LIBOR Advances, respectively,
                under Credit A1 in the Existing Credit Agreement (made after the
                date of
                the Sub Debt Indenture) and are now forming the remainder of Credit
                A3,
                and any rollovers and conversions thereof, as being incurred in compliance
                with section 1008(a) of the Sub Debt
                Indenture;

            

    

     

    
      	
               

            	
              (f)

            	
              agrees
                that, except for the Advances reclassified in item (e) immediately
                above
                and any other Advances under Credit A3 (which may only be obtained
                upon
                CHC complying with Section 2.2), all Advances are classified as being
                incurred under section 1008(b)(i) of the Sub Debt Indenture unless
                all
                amounts permitted to be incurred under that section have been incurred,
                and that it shall not classify any other Indebtedness (as defined
                in the
                Sub Debt Indenture) as being incurred under that section, except
                to the
                extent that the maximum amount of Advances available under the Credits
                is
                less than the amount of Indebtedness then permitted to be incurred
                under
                that section;

            

    

     

    
      	
               

            	
              (g)

            	
              agrees
                that all other Advances are classified as being incurred under section
                1008(b)(xii) of the Sub Debt Indenture, and that it shall not classify
                any
                other Indebtedness (as defined in the Sub Debt Indenture) as being
                incurred under that section if to do so would result in any possibility
                of
                amounts permitted to be incurred under that section being exceeded
                if all
                Credits were fully drawn.

            

    

     

    ARTICLE
      XI

    DEFAULT

     

    
      	
              11.1

            	
              Events
                of Default

            

    

     

    Each
      of the following events shall constitute an Event of Default under this
      Agreement:

     

    
      	
               

            	
              (a)

            	
              a
                Borrower fails to pay any amount of principal or interest (including
                any
                amount relating to a Bankers' Acceptance or L/C) when due or, to
                pay any
                other Obligations (apart from principal and interest) within three
                days of
                when due; or

            

    

     

    

    
      
        
          
          

        

        
          -
            82
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (b)

            	
              an
                Obligor makes any representation or warranty under any of the Loan
                Documents which is incorrect or incomplete in any material respect
                when
                made or deemed to be made, it being agreed that an incorrect
                representation that there is no Pending Event of Default shall not
                result
                in the Obligors being disentitled to any cure period otherwise associated
                with the Pending Event of Default;
                or

            

    

     

    
      	
               

            	
              (c)

            	
              an
                Obligor ceases or threatens to cease to carry on its business, or
                admits
                its inability or fails to pay its debts generally;
                or

            

    

     

    
      	
               

            	
              (d)

            	
              an
                Obligor permits any default under one or more agreements or instruments
                relating to its Debt other than the Obligations (including but not
                limited
                to the Sub Debt or the Discovery Note) or permits any other event
                to occur
                and to continue after any applicable grace period specified in such
                agreements or instruments, if the effect of one or more of such events
                is
                to accelerate, or to permit (in accordance with any applicable
                inter-creditor and subordination arrangements) the acceleration of,
                the
                date on which Debt in an aggregate amount of US $1,000,000 or more,
                or the
                equivalent amount in other currencies, becomes due (whether or not
                acceleration actually occurs), or an Obligor fails to pay any such
                Debt
                when due; or

            

    

     

    
      	
               

            	
              (e)

            	
              an
                Obligor becomes a bankrupt (voluntarily or
                involuntarily); or

            

    

     

    
      	
               

            	
              (f)

            	
              an
                Obligor becomes subject to any proceeding or other action for liquidation,
                arrangement, winding up, relief of creditors or the appointment of
                a
                receiver, trustee or administrator over, or becomes subject to a
                judgment
                or order which has or might have a material and adverse effect on,
                any
                material part of its Property, and such proceeding, if instituted
                against
                the Obligor, or such judgment or order, is not contested diligently,
                in
                good faith and on a timely basis and dismissed or stayed within 45
                days of
                its commencement or issuance; or

            

    

     

    
      	
               

            	
              (g)

            	
              an
                Obligor denies, to any material extent, its obligations under the
                Loan
                Documents or claims any of the Loan Documents to be invalid or withdrawn
                in whole or in part (including any purported termination of any
                guarantee); or any of the Loan Documents is invalidated by any act,
                regulation or action of a Governmental Authority or is determined
                to be
                invalid by a court or other judicial entity and such determination
                has not
                been stayed pending appeal; or

            

    

     

    

    
      
        
          
          

        

        
          -
            83
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (h)

            	
              a
                final judgment, writ of execution, garnishment or attachment or similar
                process is issued or levied against any of the Property of an Obligor
                and
                such judgment, writ, execution, garnishment, attachment or similar
                process
                is not released, bonded, satisfied, discharged, vacated or stayed
                within
                10 days after its entry, commencement or levy;
                or

            

    

     

    
      	
               

            	
              (i)

            	
              an
                Encumbrancer takes possession of all or a substantial portion of
                the
                Property of an Obligor by appointment of a receiver, receiver and
                manager,
                or otherwise; or

            

    

     

    
      	
               

            	
              (j)

            	
              there
                is a breach of Section 10.2 and 10.5;
                or

            

    

     

    
      	
               

            	
              (k)

            	
              there
                is a breach of any other provision of any of the Loan Documents and
                such
                breach is not capable of being corrected or otherwise satisfied or
                (if it
                is capable of being corrected or otherwise satisfied) is not corrected
                or
                otherwise satisfied within 30 days after the Agent, for and on behalf
                of the Lenders, gives written notice thereof;
                or

            

    

     

    
      	
               

            	
              (l)

            	
              any
                Material Permit expires or is withdrawn, cancelled, terminated, or
                modified to the material detriment of an Obligor or its Property
                or
                business, and is not reinstated or replaced within five days thereafter
                without material impairment to its Property or business;
                or

            

    

     

    
      	
               

            	
              (m)

            	
              a
                default by an Obligor or any other party to any Material Contract
                occurs,
                or any other event occurs under any Material Contract, and continues
                without being waived after any applicable grace period specified
                in the
                Material Contract, if the effect of the default or other event (if
                not
                waived) is to terminate the Material Contract or if the default or
                other
                event results in a declaration of non-performance being issued or
                similar
                step being taken with respect to an
                Obligor.

            

    

     

    
      	
              11.2

            	
              Acceleration
                and Termination of Rights

            

    

     

    If
      any Event of Default occurs, no Lender shall be under any further obligation
      to
      make Advances or to accept orders as Bankers' Acceptance and the Required
      Lenders may instruct the Agent to give notice to the Borrowers
      (i) declaring the Lenders' obligations to make Advances to be terminated,
      whereupon the same shall forthwith terminate, (ii) declaring the
      Obligations or any of them to be forthwith due and payable, whereupon they
      shall
      become and be forthwith due and payable without presentment, demand, protest
      or
      further notice of any kind, all of which are hereby expressly waived by the
      Borrowers, and/or (iii) demanding that each Borrower deposit forthwith with
      the Agent for the Lenders' benefit Cash Collateral equal to the full principal
      amount at maturity of all Bankers' Acceptances and L/Cs then outstanding for
      its
      account.

     

    

    
      
        
          
          

        

        
          -
            84
            -

          
            

          

        

        
          
          

        

      

    

    

    Notwithstanding
      the preceding clause, if an Obligor becomes a bankrupt (voluntarily or
      involuntarily), or institutes any proceeding seeking liquidation, rearrangement,
      relief of debtors or creditor or the appointment of a receiver or trustee over
      any material part of its Property, then without prejudice to the other rights
      of
      the Lenders as a result of any such event, without any notice or action of
      any
      kind by the Agent or the Lenders, and without presentment, demand or protest,
      the Lenders' obligation to make Advances shall immediately terminate, the
      Obligations shall immediately become due and payable and each Borrower shall
      be
      obligated to deposit forthwith with the Agent for the Lenders' benefit Cash
      Collateral equal to the full principal amount at maturity of all Bankers'
      Acceptances and L/Cs then outstanding for its account.

     

    
      	
              11.3

            	
              Payment
                of Bankers' Acceptances and
                L/Cs

            

    

     

    Immediately
      upon any Obligations becoming due and payable under Section 11.2, each Borrower
      shall, without necessity of further act or evidence, be and become thereby
      unconditionally obligated to deposit forthwith with the Agent for the Lenders'
      benefit Cash Collateral equal to the full principal amount at maturity of all
      Bankers' Acceptances and L/Cs then outstanding for its account and each Borrower
      hereby unconditionally promises and agrees to deposit with the Agent immediately
      upon such demand Cash Collateral in the amount so demanded.  Each
      Borrower authorizes the Lenders, or any of them, to debit its accounts with
      the
      amount required to pay such L/Cs, and to pay such Bankers' Acceptances,
      notwithstanding that such Bankers' Acceptances may be held by the Lenders,
      or
      any of them, in their own right at maturity.  Amounts paid to the
      Agent pursuant to such a demand in respect of Bankers' Acceptances and L/Cs
      shall be applied against, and shall reduce, pro rata among the Lenders,
      to the extent of the amounts paid to the Agent in respect of Bankers'
      Acceptances and L/Cs, respectively, the obligations of the relevant Borrower
      to
      pay amounts then or thereafter payable under Bankers' Acceptances and L/Cs,
      respectively, at the times amounts become payable thereunder.

     

    A
      Borrower shall be entitled to receive interest on cash held as Cash Collateral
      in accordance with Section 13.12.

     

    
      	
              11.4

            	
              Remedies

            

    

     

    Upon
      the occurrence of any event by which any of the Obligations become due and
      payable under Section 11.2, the Security shall become immediately enforceable
      and the Required Lenders may instruct the Agent to take such action or
      proceedings on behalf of the Lenders as the Required Lenders in their sole
      discretion deem expedient to enforce the same, all without any additional
      notice, presentment, demand, protest or other formality, all of which are hereby
      expressly waived by the Obligors.

     

    

    
      
        
          
          

        

        
          -
            85
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              11.5

            	
              Saving

            

    

     

    The
      Lenders shall not be under any obligation to the Obligors or any other person
      to
      realize any collateral or enforce the Security or any part thereof or to allow
      any of the collateral to be sold, dealt with or otherwise disposed
      of.  The Lenders shall not be responsible or liable to the Obligors or
      any other person for any loss or damage upon the realization or enforcement
      of,
      the failure to realize or enforce the collateral or any part thereof or the
      failure to allow any of the collateral to be sold, dealt with or otherwise
      disposed of or for any act or omission on their respective parts or on the
      part
      of any director, officer, agent, servant or adviser in connection with any
      of
      the foregoing, except that a Lender may be responsible or liable for any loss
      or
      damage arising from the wilful misconduct or gross negligence of that
      Lender.

     

    
      	
              11.6

            	
              Perform
                Obligations

            

    

     

    If
      an Event of Default has occurred and is continuing and if any Obligor has failed
      to perform any of its covenants or agreements in the Loan Documents, the
      Required Lenders, may, but shall be under no obligation to, instruct the Agent
      on behalf of the Lenders to perform any such covenants or agreements in any
      manner deemed fit by the Required Lenders without thereby waiving any rights
      to
      enforce the Loan Documents.  The reasonable expenses (including any
      legal costs) paid by the Agent and/or the Lenders in respect of the foregoing
      shall be secured by the Security.

     

    
      	
              11.7

            	
              Third
                Parties

            

    

     

    No
      person dealing with the Lenders or any agent of the Lenders shall be concerned
      to inquire whether the Security has become enforceable, or whether the powers
      which the Lenders are purporting to exercise have become exercisable, or whether
      any Obligations remain outstanding upon the security thereof, or as to the
      necessity or expediency of the stipulations and conditions subject to which
      any
      sale shall be made, or otherwise as to the propriety or regularity of any sale
      or other disposition or any other dealing with the collateral charged by such
      Security or any part thereof.

     

    
      	
              11.8

            	
              Power
                of Attorney

            

    

     

    Effective
      upon occurrence of an Event of Default, each Obligor hereby irrevocably
      constitutes and appoints any Managing Director, Vice-President or more senior
      officer of the Agent its due and lawful attorney with full power of substitution
      in its name and on its behalf, during the continuance of an Event of Default,
      to
      enforce any right, title or interest of the Lenders in, to or under the Security
      or any part thereof or any obligation to that Obligor or remedy available to
      that Obligor.  This appointment is effective and irrevocable to the
      maximum extent permitted by Applicable Law.

     

    
      	
              11.9

            	
              Remedies
                Cumulative

            

    

     

    The
      rights and remedies of the Lenders under the Loan Documents are cumulative
      and
      are in addition to and not in substitution for any rights or remedies provided
      by law.  Any single or partial exercise by the Lenders of any right or
      remedy for a default or breach of any term, covenant, condition or agreement
      herein contained shall not be deemed to be a waiver of or to alter, affect,
      or
      prejudice any other right or remedy or other rights or remedies to which the
      Lenders may be lawfully entitled for the same default or breach.  Any
      waiver by the Lenders of the strict observance, performance or compliance with
      any term, covenant, condition or agreement herein contained, and any indulgence
      granted by the Lenders shall be deemed not to be a waiver of any subsequent
      default.

     

    

    
      
        
          
          

        

        
          -
            86
            -

          
            

          

        

        
          
          

        

      

    

    

    ARTICLE
      XII

    ADDITIONAL
      AGENCY PROVISIONS

     

    
      	
              12.1

            	
              Authorization
                of Agent

            

    

     

    Without
      limiting section 7.1 of the Provisions, each of the Lenders hereby appoints
      the
      Agent as security trustee for the purposes of Scottish and other relevant law,
      and grants to the Agent a power of attorney, for the purposes of laws applicable
      to the Security from time to time, to sign documents comprising the Security
      from time to time (as the party accepting the grant of the security), and also
      grants to the Agent the right to delegate its authority as attorney to any
      other
      person, whether or not an officer or employee of the Agent.

     

    
      	
              12.2

            	
              Administration
                of the Credits and Lender
                Consents

            

    

     

    
      	
              12.2.1

            	
              Unless
                otherwise specified herein, the Agent shall perform the following
                duties
                under this Agreement:

            

    

     

    
      	
               

            	
              (a)

            	
              prior
                to an Advance, ensure that all conditions precedent have been fulfilled
                in
                accordance with the terms of this Agreement, subject to section 7.4
                of the
                Provisions and any other applicable terms of this
                Agreement;

            

    

     

    
      	
               

            	
              (b)

            	
              take
                delivery of each Lender's Applicable Percentage of an Advance and
                make all
                Advances hereunder in accordance with the procedures in Sections
                8.10 and
                8.15;

            

    

     

    
      	
               

            	
              (c)

            	
              use
                reasonable efforts to collect promptly all sums due and payable by
                the
                Borrowers pursuant to this
                Agreement;

            

    

     

    
      	
               

            	
              (d)

            	
              make
                all payments to the Lenders in accordance with the provisions
                hereof;

            

    

     

    
      	
               

            	
              (e)

            	
              hold
                the Security on behalf of the
                Lenders;

            

    

     

    
      	
               

            	
              (f)

            	
              hold
                all legal documents relating to the Credits, maintain complete and
                accurate records showing all Advances made by the Lenders, all remittances
                and payments made by the Borrowers to the Agent, all remittances
                and
                payments made by the Agent to the Lenders and all fees or any other
                sums
                received by the Agent and, except for accounts, records and documents
                relating to the fees payable under the Fee Agreement, allow each
                Lender
                and their respective advisors to examine such accounts, records and
                documents at their own expense, and provide any Lender, upon reasonable
                notice, with such copies thereof as such Lender may reasonably require
                from time to time at the Lender's
                expense;

            

    

     

    

    
      
        
          
          

        

        
          -
            87
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (g)

            	
              except
                as otherwise specifically provided for in this Agreement, promptly
                advise
                each Lender upon receipt of each notice and deliver to each Lender,
                promptly upon receipt, all other written communications furnished
                by the
                Obligors to the Agent on behalf of the Lenders pursuant to this Agreement,
                including copies of financial reports and certificates which are
                to be
                furnished to the Agent;

            

    

     

    
      	
               

            	
              (h)

            	
              forward
                to each of the Lenders, upon request and at the expense of the Lender
                so
                requesting (other than customary record books which shall be provided
                at
                the expense of the Borrowers), copies of this Agreement, the Security
                and
                other Loan Documents (other than the Fee Agreement);
                and

            

    

     

    
      	
               

            	
              (i)

            	
              promptly
                forward to each Lender, upon request, an up-to-date loan status
                report.

            

    

     

    
      	
              12.2.2

            	
              The
                Agent may take the following actions only with the prior consent
                of the
                Required Lenders, unless otherwise specified in this
                Agreement:

            

    

     

    
      	
               

            	
              (a)

            	
              subject
                to Section 12.2.3, exercise any and all rights of approval conferred
                upon
                the Lenders by this Agreement;

            

    

     

    
      	
               

            	
              (b)

            	
              give
                written notice to the Obligors in respect of any matter in respect
                of
                which notice may be required, permitted, necessary or desirable in
                accordance with or pursuant to this Agreement, promptly after receiving
                the consent of the Required Lenders, except that the Agent may, without
                direction from the Lenders, give the relevant Borrower notice of
                any
                payment that is due or overdue under the terms of this
                Agreement;

            

    

     

    
      	
               

            	
              (c)

            	
              amend,
                modify or waive any of the terms of this Agreement, including waiver
                of a
                Default, if such action is not otherwise provided for in Section
                12.2.3;

            

    

     

    
      	
               

            	
              (d)

            	
              declare
                an Event of Default or take action to enforce performance of the
                Obligations and to realize upon the Security including the appointment
                of
                a receiver, the exercise of powers of distress, lease or sale given
                by the
                Security or by law and take foreclosure proceedings and/or pursue
                any
                other legal remedy necessary;

            

    

     

    
      	
               

            	
              (e)

            	
              decide
                to accelerate the amounts outstanding under the
                Credits;

            

    

     

    
      	
               

            	
              (f)

            	
              pay
                insurance premiums, taxes and any other sums as may be reasonably
                required
                to protect the interests of the Lenders;
                and

            

    

     

    
      	
               

            	
              (g)

            	
              enter
                into or amend, modify or waive any term of any Intercreditor
                Agreement.

            

    

     

    

    
      
        
          
          

        

        
          -
            88
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              12.2.3

            	
              The
                Agent may take the following actions only if the prior unanimous
                consent
                of the Lenders is obtained, unless otherwise specified
                herein:

            

    

     

    
      	
               

            	
              (a)

            	
              amend,
                modify, discharge, terminate or waive any of the terms of the
                Security;

            

    

     

    
      	
               

            	
              (b)

            	
              amend,
                modify, discharge, terminate or waive any of the terms of this Agreement
                if such amendment, modification, discharge, termination or waiver
                would
                increase the amount of any Credit, amend the purpose of any Credit,
                reduce
                the interest rates and similar charges applicable to any Credit,
                reduce
                the fees payable with respect to any Credit, extend any scheduled
                date for
                payment of principal, interest or any other amount relating to any
                Credit
                or extend the term of any Credit;

            

    

     

    
      	
               

            	
              (c)

            	
              amend
                the definition of "Required Lenders" or this Section
                12.2.3.

            

    

     

    For
      greater certainty, no Lender's Commitment or Applicable Percentage may be
      amended without the consent of that Lender.  In addition, no
      amendment, modification or waiver affecting the rights or obligations of the
      Agent or the Issuing Bank may be made without their respective
      consent.

     

    
      	
              12.2.4

            	
              Notwithstanding
                Sections 12.2.2 and 12.2.3, the Agent may, without the consent of
                the
                Lenders, make amendments to the Loan Documents that are for the sole
                purpose of curing any immaterial or administrative ambiguity, defect
                or
                inconsistency, but shall immediately notify the Lenders of any such
                action.  The Agent may also discharge any Security to the extent
                necessary to allow any Obligor to complete any sale or other disposition
                of Property or other action (including the transfer of Aircraft from
                one
                jurisdiction to another or secured financing of particular Property)
                that
                is made in accordance with this Agreement (including pursuant to
                any
                consent, waiver or other decision by the Lenders or Required
                Lenders).

            

    

     

    
      	
              12.2.5

            	
              As
                between the Obligors, on the one hand, and the Agent and the Lenders,
                on
                the other hand:

            

    

     

    
      	
               

            	
              (a)

            	
              all
                statements, certificates, consents and other documents which the
                Agent
                purports to deliver on behalf of the Lenders or the Required Lenders
                shall
                be binding on each of the Lenders, and the Obligors shall not be
                required
                to ascertain or confirm the authority of the Agent in delivering
                such
                documents;

            

    

     

    
      	
               

            	
              (b)

            	
              all
                certificates, statements, notices and other documents which are delivered
                by the Obligors to the Agent in accordance with this Agreement shall
                be
                deemed to have been duly delivered to each of the
                Lenders;

            

    

     

    

    
      
        
          
          

        

        
          -
            89
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
               

            	
              (c)

            	
              all
                payments which are delivered by the Borrowers to the Agent in accordance
                with this Agreement shall be deemed to have been duly delivered to
                each of
                the Lenders.

            

    

     

    
      	
              12.2.6

            	
              Except
                in its own right as a Lender, the Agent shall not be required to
                advance
                its own funds for any purpose, and in particular, shall not be required
                to
                pay with its own funds insurance premiums, taxes or public utility
                charges
                or the cost of repairs or maintenance with respect to the assets
                which are
                the subject matter of the Security, nor shall it be required to pay
                with
                its own funds the fees of solicitors, counsel, auditors, experts
                or agents
                engaged by it as permitted hereby.

            

    

     

    
      	
              12.3

            	
              Acknowledgements,
                Representations and Covenants of
                Lenders

            

    

     

    
      	
              12.3.1

            	
              Each
                Lender represents and warrants that it has the legal capacity to
                enter
                into this Agreement pursuant to its charter and any applicable legislation
                and has not violated its charter, constating documents or any applicable
                legislation by so doing.

            

    

     

    
      	
              12.3.2

            	
              Each
                of the Lenders acknowledges and confirms that in the event that the
                Agent
                does not receive payment in accordance with this Agreement, it shall
                not
                be the obligation of the Agent to maintain the Credits in good standing
                nor shall any Lender have recourse to the Agent in respect of any
                amounts
                owing to such Lender under this
                Agreement.

            

    

     

    
      	
              12.3.3

            	
              Each
                Lender acknowledges and agrees that its obligation to advance its
                Applicable Percentage of Advances in accordance with the terms of
                this
                Agreement is independent and in no way related to the obligation
                of any
                other Lender hereunder.

            

    

     

    
      	
              12.3.4

            	
              Each
                Lender hereby acknowledges receipt of a copy of this Agreement and
                the
                Security (to the extent that the Security has been delivered) and
                acknowledges that it is satisfied with the form and content of such
                documents.

            

    

     

    
      	
              12.4

            	
              Provisions
                Operative Between Lenders and Agent
                Only

            

    

     

    Except
      for the provisions of Sections 12.2.5, 12.3.1, 12.3.3 and 12.4, the
      provisions of this Article relating to the rights and obligations of the Lenders
      and the Agent inter se shall be operative as between the Lenders and
      the Agent only, and the Obligors shall not have any rights or obligations under
      or be entitled to rely for any purpose upon such provisions.

     

    

    
      
        
          
          

        

        
          -
            90
            -

          
            

          

        

        
          
          

        

      

    

    

    ARTICLE
      XIII

    MISCELLANEOUS
      PROVISIONS

     

    
      	
              13.1

            	
              Headings
                and Table of Contents

            

    

     

    The
      headings of the Articles and Sections and the Table of Contents are inserted
      for
      convenience of reference only and shall not affect the construction or
      interpretation of this Agreement.

     

    
      	
              13.2

            	
              Accounting
                Terms

            

    

     

    Each
      accounting term used in this Agreement, unless otherwise defined herein, has
      the
      meaning assigned to it under GAAP.

     

    
      	
              13.3

            	
              Capitalized
                Terms

            

    

     

    All
      capitalized terms used in any of the Loan Documents (other than this Agreement)
      that are defined in this Agreement shall have the meaning defined herein unless
      otherwise defined in the other document.

     

    
      	
              13.4

            	
              Severability

            

    

     

    Any
      provision of this Agreement which is or becomes prohibited or unenforceable
      in
      any relevant jurisdiction shall not invalidate or impair the remaining
      provisions hereof which shall be deemed severable from such prohibited or
      unenforceable provision and any such prohibition or unenforceability in any
      such
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction.  Should this Agreement fail to provide for any
      relevant matter, the validity, legality or enforceability of this Agreement
      shall not thereby be affected.

     

    
      	
              13.5

            	
              Number
                and Gender

            

    

     

    Unless
      the context otherwise requires, words importing the singular number shall
      include the plural and vice versa, words importing any gender include all
      genders and references to agreements and other contractual instruments shall
      be
      deemed to include all present or future amendments, supplements, restatements
      or
      replacements thereof or thereto.

     

    
      	
              13.6

            	
              Amendment,
                Supplement or Waiver

            

    

     

    No
      amendment, supplement or waiver of any provision of the Loan Documents, nor
      any
      consent to any departure by an Obligor therefrom, shall in any event be
      effective unless it is in writing, makes express reference to the provision
      affected thereby and is signed by the Agent for and on behalf of the Lenders
      or
      the Required Lenders, as the case may be, and then such waiver or consent shall
      be effective only in the specific instance and for the specific purpose for
      which given.  No waiver or act or omission of the Agent, the Lenders,
      or any of them, shall extend to or be taken in any manner whatsoever to affect
      any subsequent Event of Default or breach by an Obligor of any provision of
      the
      Loan Documents or the rights resulting therefrom.

     

    

    
      
        
          
          

        

        
          -
            91
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              13.7

            	
              Governing
                Law and Agent for Service

            

    

     

    The
      Province referred to in sections 11(a) and (b) of the Provisions is the Province
      of Ontario.  The law governing this Agreement shall also govern each
      of the Loan Documents, except for those that expressly provide
      otherwise.

     

    Each
      of the Obligors hereby nominates, constitutes and appoints Messrs. Ogilvy
      Renault of Suite 3800, Royal Bank Plaza, South Tower, 200 Bay Street, P.O.
      Box
      84, Toronto, Ontario, M5J 2Z4 as its agent for service, to act as such and
      as
      such to sue and be sued, plead and be impleaded in any court in Ontario, and
      generally on its behalf to accept service of process and to receive all notices
      and to do all acts and to execute all deeds and other instruments relating
      to
      proceedings in any court in Ontario.  This appointment shall be
      irrevocable without the prior consent of the Required Lenders upon the
      appointment of a substitute agent acceptable to the Required Lenders acting
      reasonably and, until that time, service of process or of papers and notices
      relating to proceedings in any court in Ontario upon Messrs. Ogilvy Renault
      shall be sufficient service on the Obligors.

     

    
      	
              13.8

            	
              This
                Agreement to Govern

            

    

     

    In
      the event of any conflict between the terms of this Agreement and the terms
      of
      any other Loan Document (other than the Fee Agreement and any Intercreditor
      Agreement, which shall prevail as against this Agreement), the provisions of
      this Agreement shall govern to the extent necessary to remove the
      conflict.

     

    
      	
              13.9

            	
              Permitted
                Encumbrances

            

    

     

    The
      designation of an Encumbrance as a Permitted Encumbrance is not, and shall
      not
      be deemed to be, an acknowledgment by the Lenders that the Encumbrance shall
      have priority over the Security.

     

    
      	
              13.10

            	
              Currency

            

    

     

    All
      payments made hereunder shall be made in the currency in respect of which the
      obligation requiring such payment arose.  Unless the context otherwise
      requires, all amounts expressed in this Agreement in terms of money shall refer
      to Canadian Dollars.

     

    Except
      as otherwise expressly provided in this Agreement, wherever this Agreement
      contemplates or requires the calculation of the equivalent in one Approved
      Currency of an amount expressed in another Approved Currency, the calculation
      shall be made on the basis of the Exchange Rate at the effective date of the
      calculation.

     

    
      	
              13.11

            	
              Liability
                of Lenders

            

    

     

    The
      liability of the Lenders in respect of all matters relating to this Agreement
      and the other Loan Documents is several and not joint or joint and
      several.  Without limiting that statement, the obligations of the
      Lenders to make Advances is limited to their respective Applicable Percentages
      of any Advance that is requested, and, in the aggregate, to their respective
      Applicable Percentages of the total amounts of the Credits for which they have
      made Commitments.

     

    

    
      
        
          
          

        

        
          -
            92
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              13.12

            	
              Interest
                on Miscellaneous Amounts

            

    

     

    If
      an Obligor fails to pay any amount payable hereunder (other than principal,
      interest thereon or interest upon interest which is payable as otherwise
      provided in this Agreement) on the due date, that Obligor shall, on demand,
      pay
      interest on such overdue amount to the Agent from and including such due date up
      to but excluding the date of actual payment, both before and after demand,
      default or judgment, at a rate of interest per annum equal to the sum of the
      Prime Rate plus 3.0% per annum, compounded monthly.

     

    If
      a Borrower deposits cash as Cash Collateral pursuant to a requirement under
      this
      Agreement, the Lender or Lenders holding the cash shall pay the Borrower
      interest on the cash while it continues to be held as Cash Collateral at the
      rate offered by the relevant Lenders from time to time for deposits in the
      relevant currency of comparable size and term.  The Lenders shall be
      entitled to withhold any Tax applicable to any such payment as required by
      law.

     

    
      	
              13.13

            	
              Currency
                Indemnity

            

    

     

    In
      the event of a judgment or order being rendered by any court or tribunal for
      the
      payment of any amounts owing to the Lenders or any of them under this Agreement
      or for the payment of damages in respect of any breach of this Agreement or
      under or in respect of a judgment or order of another court or tribunal for
      the
      payment of such amounts or damages, such judgment or order being expressed
      in a
      currency ("the Judgment Currency") other than the currency payable hereunder
      or
      thereunder ("the Agreed Currency"), the party against whom the judgment or
      order
      is made shall indemnify and hold the Lenders harmless against any deficiency
      in
      terms of the Agreed Currency in the amounts received by the Lenders arising
      or
      resulting from any variation as between (i) the Exchange Rate at which the
      Agreed Currency is converted into the Judgment Currency for the purposes of
      such
      judgment or order, and (ii) the Exchange Rate at which each Lender is able
      to
      purchase the Agreed Currency with the amount of the Judgment Currency actually
      received by the Lender on the date of such receipt.  The indemnity in
      this Section shall constitute a separate and independent obligation from
      the other obligations of the Obligors hereunder, shall apply irrespective of
      any
      indulgence granted by the Lenders, and shall be secured by the
      Security.

     

    
      	
              13.14

            	
              Address
                for Notice

            

    

     

    As
      of 22 December 2004, the addresses of CHC and the Lenders contemplated in
      section 8(a) of the Provisions are as specified beside their respective
      signatures to this Agreement.  Notice to the other Obligors shall be
      sent in care of CHC.

     

    

    
      
        
          
          

        

        
          -
            93
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              13.15

            	
              Time
                of the Essence

            

    

     

    Time
      shall be of the essence in this Agreement.

     

    
      	
              13.16

            	
              Further
                Assurances

            

    

     

    The
      Obligors shall, at the request of the Agent acting on the instructions of the
      Required Lenders, do all such further acts and execute and deliver all such
      further documents as may, in the reasonable opinion of the Required Lenders,
      be
      necessary or desirable in order to fully perform and carry out the purpose
      and
      intent of the Loan Documents.

     

    
      	
              13.17

            	
              Term
                of Agreement; Survival

            

    

     

    Except
      as otherwise provided herein, this Agreement shall remain in full force and
      effect until the payment and performance in full of all of the Obligations
      and
      the termination of the Credits.  The obligations of the Obligors in
      sections 3.1, 3.2 and 9 of the Provisions and of the Lenders in section 7.5
      of
      the Provisions shall continue for the benefit of those to whom the obligations
      are owed notwithstanding the termination of this Agreement or the termination
      of
      any particular person's role as Obligor, Agent or Lender.

     

    
      	
              13.18

            	
              Payments
                on Business Day

            

    

     

    Whenever
      any payment or performance under the Loan Documents would otherwise be due
      on a
      day other than a Business Day, such payment shall be made on the following
      Business Day, unless the following Business Day is in a different calendar
      month, in which case the payment shall be made on the preceding Business
      Day.

     

    
      	
              13.19

            	
              Entire
                Agreement

            

    

     

    This
      Agreement and the Fee Agreement constitute the entire agreement between the
      parties hereto concerning the matters addressed in this Agreement, and cancel
      and supersede any prior agreements, undertakings, declarations or
      representations, written or verbal, in respect thereof.

     

    
      	
              13.20

            	
              Date
                of Agreement

            

    

     

    This
      Agreement may be referred to as being dated 22 December 2004 or as of 22
      December 2004, notwithstanding the actual date of execution

     

    [The
      balance of this page has been intentionally left blank]

     

    

    
      
        
          
          

        

        
          -
            94
            -

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS OF WHICH, the parties have executed this Agreement.

     

    
      	
              Address
                For Notice

            	 	 
	 	 	 
	
              The
                Bank of Nova Scotia

              Corporate
                Banking, Atlantic

              4th
                Floor, 1709 Hollis Street

              Halifax,
                Nova Scotia

              B3J
                1W1

              Attention:                  Managing
                Director

              Fax
                No.:                      (902)
                422-0664

            	 	
              THE
                BANK OF NOVA SCOTIA

               

            
	 	 
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              R.S.
                Hartlen

              Managing
                Director

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              B.
                Moffatt

              Director

            

    

    

    [signature
      page for second amended and restated credit agreement dated as of 22 December
      2004 relating to CHC Helicopter Corporation et al]

     

    

    
      
        
          
          

        

        
          -
            95
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              Address
                For Notice

            	 	 
	 	 	 
	
              National
                Bank of Canada

              130
                King Street West

              Suite
                3200, P.O. Box 21

              Toronto,
                ON M5X 1J9

               

              Attention:                  Bank
                Finance

              Fax
                No.:                      416-869-6545

            	 	
              NATIONAL
                BANK OF CANADA

               

            
	 	 
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name:

              Title:

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              Name:

              Title:

            

    

    

     

    

     

    [signature
      page for second amended and restated credit agreement dated as of 22 December
      2004 relating to CHC Helicopter Corporation et al]

     

    

    
      
        
          
          

        

        
          -
            96
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              Address
                For Notice

            	 	 
	 	 	 
	
              Bank
                of Montreal

              BMO
                Nesbitt Burns

              Suite
                1800 - 885 West Georgia Street

              Vancouver,
                B.C.

              V6C
                3E8

              Attention:               Jerry
                Kaye

                                             
                Vice President

              Fax
                No.:                   604-443-1408

            	 	
              BANK
                OF MONTREAL

               

            
	 	 
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name:

              Title:

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              Name:

              Title:

            

    

    

     

    

     

    [signature
      page for second amended and restated credit agreement dated as of 22 December
      2004 relating to CHC Helicopter Corporation et al]

     

    

    
      
        
          
          

        

        
          -
            97
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              Address
                For Notice

            	 	 
	 	 	 
	
              HSBC
                Bank Canada

              Suite
                200 - 885 West Georgia Street

              Vancouver,
                B.C.

              V6C
                3G1

               

              Attention:      John
                Davis, Assistant

                                      Vice
                President,

                                      Commercial
                Financial

                                      Services

              Fax
                No.:          604-641-1808

            	 	
              HSBC
                BANK CANADA

               

            
	 	 
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name:

              Title:

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              Name:

              Title:

            

    

    

     

    

     

    [signature
      page for second amended and restated credit agreement dated as of 22 December
      2004 relating to CHC Helicopter Corporation et al]

     

    

    
      
        
          
          

        

        
          -
            98
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              Address
                For Notice

            	 	 
	 	 	 
	
              Bank
                of America, N.A., Canada Branch

              Suite
                2700

              200
                Front Street West

              Toronto,
                Ontario M5V 3L2

               

              Attention:     Nelson
                Lam, Vice

                                      President

              Fax
                No.:         416-349-4282

            	 	
              BANK
                OF AMERICA, N.A.

              Canada
                Branch

            
	 	 
	 	 
	 	 
	 	
              By:

            	
               

            
	 	 	
              Nelson
                Lam

              Vice
                President

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

    

    

     

    

     

    [signature
      page for second amended and restated credit agreement dated as of 22 December
      2004 relating to CHC Helicopter Corporation et al]

     

    

    
      
        
          
          

        

        
          -
            99
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              Address
                For Notice

            	 	 
	 	 	 
	
              Société
                Générale (Canada)

              1501,
                Av. McGill College

              bureau
                1800

              Montréal,
                Québec

              H3A
                3M8

               

              Attention:      Corporate
                & Investment

                                      Banking

              Fax
                No.:          514 841
                6259

            	 	
              SOCIETE
                GENERALE

              (CANADA)

               

            
	 	 
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              David
                Baldoni

              Director

              Corporate
                & Investment

               Banking

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              François
                Laliberté

              Managing
                Director

              Deputy
                Head Corporate Credit Group

            

    

    

     

    

     

    [signature
      page for second amended and restated credit agreement dated as of 22 December
      2004 relating to CHC Helicopter Corporation et al]

     

    

    
      
        
          
          

        

        
          -
            100
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              Address
                For Notice

            	 	 
	 	 	 
	
              Merrill
                Lynch Capital Canada Inc.

              Debt
                Capital Markets

              181
                Bay Street

              Suite
                500

              Toronto
                Ontario M5J 2V8

               

            	 	
              MERRILL
                LYNCH CAPITAL

              CANADA
                INC.

               

            
	 	 
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Marcelo
                Cosma

              Vice
                President

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
              copy
                to:

               

              Nancy
                Meadows

              Assistant
                Vice President

              Merrill
                Lynch & Co.

              Loan
                Portfolio Management Group

              4
                World Financial Center, Fl. 16

              New
                York, NY  10080

               

              Fax
                212 738-1186

            	 	 	 

    

    

     

    

     

    [signature
      page for second amended and restated credit agreement dated as of 22 December
      2004 relating to CHC Helicopter Corporation et al]

     

    

    
      
        
          
          

        

        
          -
            101
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              Address
                For Notice

            	 	 
	 	 	 
	
              Nordea
                Bank Norge ASA

              Middelthunsgt.
                17,

              P.O.
                Box 1166 Sentrum, NO-0107

              Oslo,
                Norway

               

              Attention:           Axel
                H. Olsen

              Fax
                No.:               (+47)
                22 48 66 68

            	 	
              NORDEA
                BANK NORGE ASA

               

            
	 	 
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name:

              Title:

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              Name:

              Title:

            

    

    

     

    

     

    [signature
      page for second amended and restated credit agreement dated as of 22 December
      2004 relating to CHC Helicopter Corporation et al]

     

    

    
      
        
          
          

        

        
          -
            102
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              Address
                For Notice

            	 	 
	 	 	 
	
              JPMorgan
                Chase Bank, N.A., Toronto Branch

              200
                Bay Street, Royal Bank Plaza

              South
                Tower, Suite 1800

              Toronto,
                Ontario M5J 2J2

               

              Attention:            Credit
                Department

              Fax
                No.:                416-981-9176

            	 	
              JPMORGAN
                CHASE BANK, N.A.,

              Toronto
                Branch

               

            
	 	 
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name:

              Title:

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              Name:

              Title:

            

    

    

     

    

     

    [signature
      page for second amended and restated credit agreement dated as of 22 December
      2004 relating to CHC Helicopter Corporation et al]

     

    

    
      
        
          
          

        

        
          -
            103
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              Address
                For Notice

            	 	 
	 	 	 
	
              The
                Bank of Nova Scotia

              Corporate
                Banking - Loan

               Syndications

              62nd
                Floor

              40 King
                Street West

              Toronto,
                Ontario

              M5W
                2X6

               

              Attention:  Managing
                Director and Unit

                                  Head

              Fax
                No.:     416 866
                3329

            	 	
              THE
                BANK OF NOVA SCOTIA

              as
                agent

            
	 	 
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name:

              Title:

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              Name:

              Title:

            

    

    

     

    

     

    [signature
      page for second amended and restated credit agreement dated as of 22 December
      2004 relating to CHC Helicopter Corporation et al]

     

    

     

    

    
      
        
          
          

        

        
          -
            104
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	 	 	 
	
              Name:

            	 	
              Name:

            

    

     

    each
      signing in his capacity as an authorized officer or director or holder of a
      subsisting power of attorney of, or being otherwise authorized to sign on behalf
      of, each of the Obligors other than CHC Helicopters (Barbados) Limited, CHC
      Leasing (Barbados) Limited and CHC Capital (Barbados) Limited, and not in his
      personal capacity.

     

    Address
      For Notice

    

    CHC
      Helicopter Corporation

    4740
      Agar Drive

    Richmond,
      BC

    V7B
      1A3

    

    Attention:             Chief
      Financial Officer

    Fax
      No.                  604-279-2460

     

     [signature
      page for second amended and restated credit agreement dated as of 22 December
      2004 relating to CHC Helicopter Corporation et al]

     

    

     

    

    
      
        
          
          

        

        
          -
            105
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	 	
              CHC
                HELICOPTERS

                (BARBADOS)
                LIMITED

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 

    

    

     

    
      	 	
              CHC
                LEASING

              (BARBADOS)
                LIMITED

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 

    

    

     

    
      	 	
              CHC
                CAPITAL

              (BARBADOS)
                LIMITED

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 

    

    

     

    

     

    [signature
      page for second amended and restated credit agreement dated as of 22 December
      2004 relating to CHC Helicopter Corporation et al]

     

    

    
      
        
          
          

        

        
          -
            106
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    

    
      	
              VINLAND
                HOLDING AS

               

               

              By:______________________________

              Name

              Title:

               

              By:______________________________

              Name

              Title:

            	
              HELICOPTER
                SERVICES GROUP AS

               

               

              By:_______________________________

               Name:

              Title:

               

              By:________________________________

              Name:

              Title:

            
	 	 
	
              CHC
                HELIKOPTER SERVICE AS

               

               

              By:______________________________

              Name

              Title:

               

              By:______________________________

              Name

              Title:

               

            	
              INTEGRA
                LEASING AS

               

               

              By:________________________________

              Name:

              Title:

               

              By:______________________________

               
Name

              Title:

            

    

    

    

    [signature
      page for second amended and restated credit agreement dated as of 22 December
      2004 relating to CHC Helicopter Corporation et al]

     

    

     

    

    
      
        
          
          

        

        
          -
            107
            -

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              HELIWEST
                AS

               

               

              By:______________________________

              Name

              Title:

               

              By:______________________________

              Name

              Title:

               

            	
              ASTEC
                HELICOPTER SERVICES AS

               

               

              By:______________________________

              Name

              Title:

               

              By:______________________________

              Name

              Title:

               

            
	
              SCANCOPTER
                AS

               

               

              By:______________________________

              Name

              Title:

               

              By:  _____________________________

              Name

              Title:

            	 

    

    

     

    [signature
      page for second amended and restated credit agreement dated as of 22 December
      2004 relating to CHC Helicopter Corporation et al]

     

    

     

    

     

    

     

    

    
      
        
          
          

        

        
          -
            108
            -

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      A

    NOTICE
      OF ADVANCE, PAYMENT, ROLLOVER OR CONVERSION

     

    [see
      reference in Section 8.6]

     

    
      	
              TO:

            	
              THE
                BANK OF NOVA SCOTIA

            

    

    Wholesale
      Banking Operations

    Loan
      Operations

    720
      King Street West

    3rd
      Floor

    Toronto,
      Ontario

    M5V
      2T3

     

    Attention:            Senior
      Manager

    Fax
      No.:                416-866-5991

     

    [Note:  notices
      regarding Credit B are to be sent to Nordea]

     

    We
      refer to the second amended and restated credit agreement dated as of 22
      December 2004 between CHC Helicopter Corporation and others as Obligors, The
      Bank of Nova Scotia as Agent and the Lenders named therein, as amended,
      supplemented, restated or replaced from time to time (the "Credit
      Agreement").  All capitalized terms used in this certificate and
      defined in the Credit Agreement have the meanings defined in the Credit
      Agreement.

     

    Request
      for Advance

     

    Notice
      is hereby given pursuant to Section 8.6 of the Credit Agreement that the
      undersigned hereby irrevocably requests as follows:

     

    
      	
              (A)

            	 	
              that
                an Advance be made under the following Credit [check
                one]:

            
	 	 	 
	 	 	
              Credit
                A

            	 	
              (  )

            
	 	 	
              Credit
                B

            	 	
              (  )

            
	 	 	
              Credit
                C

            	 	
              (  )

            
	 	 	
              Credit
                E

            	 	
              (  )

            
	
              (B)

            	 	
              the
                requested Advance represents the following [check one or
                more]:

            
	 	 	 
	 	 	
              increase
                in Advances under the Credit

            	 	
              (  )

            
	 	 	
              rollover
                of existing Advances under the Credit

            	 	
              (  )

            
	 	 	
              conversion
                of existing Advances to another type of Advance

            	 	
              (  )

            
	 	 	 	 	 
	
              (C)

            	 	
              the
                Drawdown Date shall be _________________

            	 	 
	 	 	 	 	 
	
              (D)

            	 	
              the
                Advance shall be in the form of [check one or more and complete
                details]:

            

    

    

    
      
        
          
          

        

        
          -
            109
            -

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	 	
              Prime
                Rate

              Amount                      $________________

            	 	
              (  )

            
	 	 	 	 	 
	 	 	
              Bankers'
                Acceptances

              Face
                Amount:              ________________

              Term:                             ________________

            	 	
              (  )

            
	 	 	 	 	 
	 	 	
              Base
                Rate Advance

              Amount:                      
                ________________

              Currency:                      ________________

            	 	
              (  )

            
	 	 	 	 	 
	 	 	
              LIBOR
                Advance

              Currency:                      ________________

              Amount:                       
                ________________

              End
                of LIBOR
                Period:  ________________

               

            	 	
              (  )

            
	 	 	
              L/C

              Nominal
                Amount:         ________________

              Expiry
                Date:                   ________________

              [Note:  attach
                proposed
                form or details]

            	 	
              (  )

            

    

    

    
      	 	 	 	 	 	
               

            
	 	
              (E)

            	  
              the
              proceeds of the Advance shall be deposited in [specify Designated
              Account]

    

     

    The
      undersigned hereby confirms as follows:

     

    
      	
              (a)

            	
              the
                representations and warranties made in Section 9.1 of the Credit
                Agreement, other than those expressly stated to be made as of a specific
                date, are true on and as of the date hereof with the same effect
                as if
                such representations and warranties had been made on and as of the
                date
                hereof;

            

    

     

    
      	
              (b)

            	
              no
                Default has occurred and is continuing on the date hereof or will
                result
                from the Advance(s) requested
                herein;

            

    

     

    
      	
              (c)

            	
              after
                reasonable inquiry, the undersigned has no reason to believe that
                CHC will
                not be in compliance with all covenants contained in Section 10.2
                of the
                Credit Agreement at the end of CHC's current fiscal quarter and was
                not in
                compliance with those covenants at the end of its immediately preceding
                fiscal quarter if it has not yet delivered its Reporting Certificate
                for
                that quarter;

            

    

     

    
      	
              (d)

            	
              the
                undersigned will immediately notify you if it becomes aware of the
                occurrence of any event which would mean that the statements in the
                immediately preceding clauses (a), (b) and (c) would not be true
                if made
                on the Drawdown Date;

            

    

     

    
      	
              (e)

            	
              all
                other conditions precedent set out in Section 7.2 [and Section 7.1 as
                applicable] of the Credit Agreement have been
                fulfilled.  Without limiting the foregoing, in the case of an
                Advance under Credit B to a European Borrower, the amount of debt
                permitted to be incurred pursuant to clause 1008(b)(i) of the Sub
                Debt
                Indenture is not less than US$!

            

    

     

    

    
      
        
          
          

        

        
          -
            110
            -

          
            

          

        

        
          
          

        

      

    

    

    Notice
      of Payment, Rollover or Conversion

     

    Pursuant
      to Section 8.6 of the Credit Agreement, the undersigned hereby irrevocably
      notifies you of the following:

     

    
      	
                             
                (a)

            	 	
              that
                a payment, rollover or conversion will be made under the following
                Credit
                [check one]:

            
	 	 	
              Credit
                A

            	 	
              (  )

            
	 	 	
              Credit
                B

            	 	
              (  )

            
	 	 	
              Credit
                C

            	 	
              (  )

            
	 	 	
              Credit
                E

            	 	
              (  )

            
	
                            
                (b)

            	 	
              the
                payment, rollover or conversion represents the following [check one or
                more]:

            
	 	 	 
	 	 	
              reduction
                in Advances under Credit

            	 	
              (  )

            
	 	 	
              rollover
                of existing Advances as the same

              type
                of Advance under
                Credit

            	 	
              (  )

            
	
                             (c)

            	 	
              conversion
                of existing Advances to another

              type
                of Advance under
                Credit

            	 	
              (  )

            
	 	 	 	 	 
	
               

            	 	
              the
                payment, rollover or conversion date shall be
                ___________________

            	 	 
	 	 	 	 	 
	
                             (d)

            	 	
              the
                Advance to be paid, rolled over or converted shall be in the form
                of
                [check one or more and complete details]:

            
	 	 	 
	 	 	
              Prime
                Rate

              Amount                      $________________

            	 	
              (  )

            
	 	 	 	 	 
	 	 	
              Bankers'
                Acceptances

              Face
                Amount:              ________________

              Maturity
                Date:             ________________

            	 	
              (  )

            
	 	 	 	 	 
	 	 	
              Base
                Rate Advance

              Amount:                      
                ________________

              Currency:                      ________________

            	 	
              (  )

            
	 	 	 	 	 
	 	 	
              LIBOR
                Advance

              Currency:                      ________________

              Amount:                      
                ________________

              Start
                of current LIBOR
                Period:  ___________________

               

            	 	
              (  )

            

    

    

     

    

    
      
        
          
          

        

        
          -
            111
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    DATED
      _______________________________________

     

    
      	 	
              [BORROWER]

            
	 	 
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            

    

    

     

    
      	
              cc.

            	
              The
                Bank of Nova Scotia

            

    

    Corporate
      Banking, Atlantic

    4th
      Floor, 1709 Hollis Street

    Halifax,
      Nova Scotia

    B3J
      1W1

     

    Attention:           Managing
      Director

    Fax
      No.:               (902)
      422-0664

     

    The
      Bank of Nova Scotia

    Corporate
      Banking, Loan Syndications

    40
      King Street West

    Scotia
      Plaza, 62nd Floor

    Toronto,
      Ontario

    M5W
      2X6

     

    Attention:           Managing
      Director

    Fax
      No.:               (416)
      866-3329

     

    

    
      
        
          
          

        

        
          -
            112
            -

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      B

    AGREEMENT
      OF NEW RESTRICTED SUBSIDIARY

     

    SUPPLEMENT
      TO CREDIT AGREEMENT

     

    [see
      reference in Section 6.1.2]

     

    THIS
      AGREEMENT supplements the second amended and restated credit agreement dated
      as
      of 22 December 2004 between CHC Helicopter Corporation and others as Obligors,
      The Bank of Nova Scotia as Agent and the Lenders named therein, as amended,
      supplemented, restated or replaced from time to time (the "Credit
      Agreement").

     

    RECITALS

     

    A.           Capitalized
      terms used and not defined in this Agreement have the meanings defined in the
      Credit Agreement.

     

    B.           The
      Credit Agreement contemplates that further Subsidiaries of CHC shall become
      Obligors in certain circumstances.

     

    C.           =
      (the "New
      Subsidiary") is required by the Credit Agreement to become an
      Obligor.

     

    D.           Security
      and other documents required by Section 6.1 of the Credit Agreement have been
      delivered by or in respect of the New Subsidiary.

     

    THEREFORE,
      for value received, and intending to be legally bound by this Agreement, the
      parties agree as follows:

     

    1.           The
      New Subsidiary hereby acknowledges and agrees to the terms of the Credit
      Agreement and agrees to be bound by all obligations of an Obligor under the
      Credit Agreement as if it had been an original signatory thereto.

     

    

    
      
        
          
          

        

        
          -
            113
            -

          
            

          

        

        
          
          

        

      

    

    

    2.           The
      Agent, on behalf of the Lenders, acknowledges that the New Subsidiary shall
      be
      an Obligor as of the date of this Agreement.

     

    IN
      WITNESS OF WHICH, the undersigned have executed this Agreement as of =.

     

    
      	 	
              THE
                BANK OF NOVA SCOTIA

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	 	 	
              [New
                Subsidiary]

            
	 	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            

    

    

     

    

     

    

    
      
        
          
          

        

        
          -
            114
            -

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      C

    REPORTING
      CERTIFICATE

     

    

     

    [see
      reference in Section 1.1.126]

     

    TO:                      THE
      LENDERS (as defined in the Credit Agreement referred to below)

     

    AND
      TO:            THE
      BANK OF NOVA SCOTIA, as Agent

     

     
      
        

      

    

    
       

    

    We
      refer to Section 10.4.1(d) of the second amended and restated credit agreement
      dated as of 22 December 2004 between CHC Helicopter Corporation and others
      as
      Obligors, The Bank of Nova Scotia as Agent and the Lenders named therein, as
      amended, supplemented, restated or replaced from time to time (the "Credit
      Agreement").  All capitalized terms used in this certificate and
      defined in the Credit Agreement have the meanings defined in the Credit
      Agreement.  This Reporting Certificate relates to CHC's fiscal quarter
      ended ____________________ (the "Quarter End")

     

    1.      CHC
      hereby certifies that:

     

    
      	
               

            	
              (a)

            	
              the
                representations and warranties made in Section 9.1 of the Credit
                Agreement, other than those expressly stated to be made as of a specific
                date, are true on and as of the date hereof with the same effect
                as if
                such representations and warranties had been made on and as of the
                date
                hereof;

            

    

     

    
      	
               

            	
              (b)

            	
              no
                Default has occurred and is continuing on the date hereof [or as the
                case may be].

            

    

     

    2.      CHC
      hereby certifies that, as of the Quarter End:

     

    
      	
               

            	
              (a)

            	
              the
                Total Debt Ratio was ___________________ to
                1;

            

    

     

    
      	
               

            	
              (b)

            	
              the
                Senior Debt Ratio was ___________________ to
                1;

            

    

     

    
      	
               

            	
              (c)

            	
              the
                Adjusted Total Debt Ratio was ___________________ to
                1;

            

    

     

    
      	
               

            	
              (d)

            	
              the
                Fixed Charge Coverage Ratio was ___________________ to
                1;

            

    

     

    
      	
               

            	
              (e)

            	
              its
                Consolidated Tangible Net Worth was
                $__________________;

            

    

     

    
      	
               

            	
              (f)

            	
              the
                Borrowing Base was
                $______________________.

            

    

     

    3.      Appendix
      A attached is a report concerning the current location of all Aircraft of the
      Obligors.  Not more than 10% of the aggregate value of all Aircraft
      owned or leased by Obligors in the total fleet of the Obligors is located in
      or
      operated from a single jurisdiction other than a Primary Operating
      Jurisdiction.  [Note:  a report concerning the specific
      location of each Aircraft (e.g. municipality) within a particular jurisdiction
      (e.g. province or country) is only required annually, but the jurisdiction
      must
      be reported quarterly.  Identify each Aircraft that is considered
      eligible to be included in the Borrowing Base and identify all changes from
      the
      previous report]

     

    

    
      
        
          
          

        

        
          -
            115
            -

          
            

          

        

        
          
          

        

      

    

    

    4.      Appendix
      B attached contains a report of the amount of all Restricted Intercompany
      Obligations as of the Quarter End.

     

    5.      Appendix
      C attached contains details of all Other Secured Obligations as of the Quarter
      End.

     

    6.      Appendix
      D attached is an up to date version of SCHEDULE F to the Credit
      Agreement.  [or There has been no change to the information
      contained in the version of SCHEDULE Fto the Credit Agreement dated
=]  [Note:  a
      complete update of SCHEDULE F is only required annually; information on
      shareholders of and shareholdings by each Obligor must be updated
      quarterly]

     

    7.      Appendix
      E attached sets out the calculations of the Total Debt Ratio, Senior Debt Ratio,
      Adjusted Total Debt Ratio, Fixed Charge Coverage Ratio and Consolidated Tangible
      Net Worth referred to above and a calculation of the minimum required
      Consolidated Tangible Net Worth as of the Quarter End.

     

    8.      Appendix
      F attached sets out details of the dispositions of Property, receipts of
      insurance proceeds, reinvestments of proceeds and other information required
      to
      demonstrate compliance with Section 5.6 of the Credit Agreement as of the
      Quarter End.

     

    9.      Appendix
      G attached contains calculations as of the Quarter End of the
      Borrowing Base and the aggregate of (a) the principal amount of all Advances
      outstanding, (b) the absolute value of the aggregate Market Value of all Swaps
      that are Other Secured Obligations and that have a negative Market Value from
      the Obligors' perspective after offsetting the Market Value of Swaps with the
      same or another Lender that are Other Secured Obligations and that have a
      positive Market Value and (c) an amount representing the exposure in respect
      of
      Other Secured Obligations that are not Swaps, calculated on a basis agreed
      to by
      the Required Lenders.

     

    10.      Appendix
      H attached is an up to date organizational chart for CHC.  [or
      There has been no change to the organizational chart for CHC dated =]

     

    11.      Appendix
      I attached contains details as of the Quarter End of the outstanding
      Indebtedness (as defined in the Sub Debt Indenture) that is classified as being
      incurred under section 1008(b)(i) of the Sub Debt Indenture, the outstanding
      Indebtedness that is classified as being incurred under section 1008(b)(xii)
      of
      the Sub Debt Indenture and the outstanding Indebtedness that has been incurred
      by Non-Guarantor Restricted Subsidiaries (as defined in the Sub Debt
      Indenture).

     

    12.      Appendix
      J attached contains details as of the Quarter End of the
      outstanding letter of credit reimbursement obligations for which the issuers
      hold indemnifications of Export Development Corporation, as contemplated in
      Section 1.1.115(f) of the Credit Agreement.

     

    

    
      
        
          
          

        

        
          -
            116
            -

          
            

          

        

        
          
          

        

      

    

    

    13.         Appendix
      K attached contains details as of the Quarter End of the
      outstanding Debt that has been incurred pursuant to Sections 1.1.114(u) and
      1.1.115(n) of the Credit Agreement, financial assistance given pursuant to
      Section 10.6.1(c)(v) of the Credit Agreement, acquisitions made pursuant to
      Section 10.6.2(c)(ii) and Section 10.6.2(c)(iv) of the Credit Agreement, the
      amount expended for Capital Expenditures and acquisitions of Aircraft as
      contemplated in Section 10.6.2(d) of the Credit Agreement and the amount of
      dispositions of Property pursuant to Section 10.6.2(f)(v) of the Credit
      Agreement.

     

    14.         Appendix
      L attached contains a calculation as of the Quarter End of the Asset Value
      Guarantee Exposure.

     

    DATED
      __________________

     

    
      	 	
              CHC
                HELICOPTER CORPORATION

            
	 	 
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            

    

    

     

    

     

    

    
      
        
          
          

        

        
          -
            117
            -

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      D

    MODEL
      CREDIT AGREEMENT PROVISIONS

     

    [see
      reference in Section 1.1.123]

     

    The
      attached model credit agreement provisions, which have been revised under the
      direction of the Canadian Bankers' Association Secondary Loan Market Specialist
      Group from provisions prepared by The Loan Syndications and Trading Association,
      Inc., form part of this Agreement, except for the footnotes to the model credit
      agreement provisions and subject to the following variations:

     

    1.           The
      term "Borrower," which is used but not defined in the Provisions, shall be
      interpreted as referring to "CHC" except as follows:

     

    
      	
               

            	
              (a)

            	
              all
                references to "Borrower" in the definition of "Obligors" and in sections
                5
                and 14 of the Provisions, the first reference to "Borrower" in section
                4
                of the Provisions and the last two references to "Borrower" in each
                of
                sections 10(b) and 10(d) of the Provisions shall be interpreted as
                referring to "the Borrowers, or any of
                them;"

            

    

     

    
      	
               

            	
              (b)

            	
              the
                last two references to "Borrower" in section 3.4 of the Provisions,
                the
                last reference to "Borrower" in section 3.5, and all references to
                "Borrower" in section 6 of the Provisions shall be interpreted as
                referring to whichever of the Borrowers is relevant to the respective
                Advances or payments contemplated by those
                references;

            

    

     

    
      	
               

            	
              (c)

            	
              all
                references to "Borrower" in the definition of "Foreign Lender" and
                the
                first reference to "Borrower" in section 3.2(e) of the Provisions
                shall be
                interpreted as referring to each Borrower separately so as to establish
                for each Lender whether it is a Foreign Lender as regards each
                Borrower.

            

    

     

    2.           The
      term "Base Rate Loans," which is used in section 3.5 but not defined in the
      Provisions, shall be interpreted as referring to a Base Rate Advance in the
      Approved Currency in which the pending LIBO Rate Loan was
      requested.

     

    3.           The
      term "Release," which is used in section 9(b) but not defined in the Provisions,
      shall be interpreted as referring to any release, spill, leakage, emission,
      deposit, discharge, leaching, migration or disposition.   The
      term "Environmental Liability," which is used in section 9(b) but not defined
      in
      the Provisions, shall be interpreted as referring to any remedial action taken
      by the Agent or any Lender relating to any Hazardous Materials or any breach
      of
      any Applicable Law relating to Hazardous Materials.

     

    4.           Clause
      5(iii)(y) of the Provisions is deleted and replaced with the
      following:

     

    "any
      reduction arising from an amount owing to an Obligor upon the termination of
      any
      derivative entered into between the Obligor and such Lender except for a net
      amount available after the termination of all derivatives entered into between
      the Obligors and such Lender and the setoff of resulting amounts owing by the
      Obligors and to the Obligors"

     

    

    
      
        
          
          

        

        
          -
            118
            -

          
            

          

        

        
          
          

        

      

    

    

    5.           References
      in the Provisions to participations by Lenders in respect of Letters of Credit
      shall be interpreted as referring to the obligations of Lenders to indemnify
      the
      Issuing Bank in accordance with Section 8.1 of this Agreement.

     

    6.           Clause
      10(b)(iii) of the Provisions is deleted and replaced with the
      following:

     

    "any
      assignment of a Commitment relating to a credit under which Letters of Credit
      may be issued must be approved by the Issuing Bank in its sole
      discretion"

     

    

    

    
      
        
          
          

        

        
          -
            119
            -

          
            

          

        

        
          
          

        

      

    

    

    MODEL
      CREDIT AGREEMENT PROVISIONS

     

    1.
Definitions

     

    “Administrative
      Questionnaire” means an Administrative
      Questionnaire in a form supplied by the Administrative
      Agent.

     

    “Affiliate”
means,
      with respect to a
      specified Person, another Person that
      directly, or indirectly through one or more intermediaries, Controls or is Controlled
      by or is under common
Control with the Person
      specified.

     

    "Agreement"
      means the credit agreement of which these Provisions form
      part.

     

    “Applicable
      Law” means (a)
      any domestic or foreign statute, law (including common and
      civil law), treaty, code, ordinance, rule, regulation, restriction or by-law
      (zoning or otherwise); (b) any judgement, order, writ,
      injunction, decision, ruling, decree or award; (c) any
      regulatory policy, practice, guideline or directive; or (d)
      any franchise, licence, qualification, authorization, consent, exemption,
      waiver, right, permit or other approval of any Governmental
      Authority, binding on or affecting the Person referred to in the context in which
      the term is used or
      binding on or affecting the property of such Person,
      in each case whether or not having the force of
      law.

     

    “Applicable
      Percentage” means with respect
      to any Lender, the percentage of the total Commitments
      represented by such Lender’s Commitment.  If the
Commitments
      have
      terminated or expired, the Applicable Percentages shall be
      the percentage of the total outstanding Loans and participations in respect
      of
      Letters of Credit represented by such Lender’s outstanding Loans and
      participations in respect of Letters of Credit.

     

    “Approved
      Fund” means any Fund that is administered or managed
      by (a) a
Lender,
(b)
      an Affiliate of a Lender
      or (c)
      an entity or an Affiliate of an entity that administers or
      manages a Lender.

     

    “Assignment
      and Assumption”
means an assignment and assumption entered into by a Lender
      and an Eligible Assignee and accepted by the Administrative
      Agent, in substantially the form of Exhibit A or any
      other form approved by the Administrative Agent.

     

    “Change
      in Law” means the
      occurrence, after the date of this Agreement, of any of the
      following: (a) the adoption or taking effect of any
Applicable
      Law, (b) any change in any Applicable
      Law or in the administration, interpretation or
      application thereof by any Governmental
      Authority or (c) the making or issuance of any Applicable
      Law by any Governmental
      Authority.

     

    “Control”
means
      the possession, directly or
      indirectly, of the power to direct or cause the direction of the management
      or
      policies of a Person, whether through the ability to exercise
      voting power, by contract or otherwise. “Controlling” and
“Controlled” have corresponding meanings.

     

    “Default”
means
      any event or condition that constitutes an
      Event of Default or that would constitute an Event of Default except for
      satisfaction of any condition subsequent required to make the event or condition
      an Event of Default, including giving of any notice, passage of time, or
      both.

     

    “Eligible
      Assignee” means any Person (other
      than a natural person, any Obligor or any Affiliate
      of an Obligor), in respect of which any
      consent that is required by Section 10(b) has been
      obtained.

     

    

    
      
        
          
          

        

        
          -
            120
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    “Excluded
      Taxes” means,
      with respect to the Administrative Agent, any Lender, the
Issuing
      Bank or any other recipient of any payment to be made
      by or on account of any obligation of an Obligor
      hereunder, (a) taxes imposed on or
      measured by its net income, and franchise taxes imposed on it (in lieu of net
      income taxes), by the jurisdiction (or any political subdivision thereof) under
      the laws of which such recipient is organized or in which its principal office
      is located or, in the case of any Lender, in which its
      applicable lending office is located, (b) any branch profits
      taxes or any similar tax imposed by any jurisdiction in which the Lender is
      located and (c) in the case of a Foreign
      Lender (other than (i) an
      assignee
      pursuant to a request by the Borrower under Section 3.3(b),
(ii)
      an assignee pursuant to an Assignment and Assumption made when an Event of
      Default has occurred and is continuing or (iii) any other
      assignee to the extent that the Borrower has expressly agreed
      that any withholding tax shall be an Indemnified
      Tax), any withholding tax that (A) is not imposed or
      assessed in respect of a Loan that was made on the premise that an exemption
      from such withholding tax would be available where the exemption is subsequently
      determined, or alleged by a taxing authority, not to be available and (B) is
      required by Applicable Law to be withheld or paid in respect of any amount
      payable hereunder or under any Loan Document to such Foreign
Lender
      at the time such Foreign Lender
      becomes a party
      hereto (or designates a new lending office) or is attributable to such Foreign Lender’s
      failure or
      inability (other than as a result of a Change in Law) to
      comply with Section 3.2(e), except to the extent that such
Foreign
Lender
      (or its
      assignor, if any) was entitled, at the time of designation of a new lending
      office (or assignment), to receive additional amounts from an Obligor with
      respect to such withholding tax pursuant to Section 3.2(a).  For greater certainty, for purposes of item
      (c)
      above, a withholding tax includes any Tax that a Foreign Lender is required
      to
      pay pursuant to Part XIII of the Income Tax Act (Canada) or any successor
      provision thereto.1

     

    “Foreign
      Lender” means any Lender that is not organized under the
      laws of the jurisdiction in
      which the Borrower is resident for tax purposes and that is not otherwise
      considered or deemed in respect of any amount payable to it hereunder or under
      any Loan Document to be resident for income tax or withholding tax purposes
      in
      the jurisdiction in which the Borrower is resident for tax
      purposes by application of the laws of that jurisdiction. For
      purposes of this definition Canada and each Province
      and Territory thereof shall be deemed to constitute a
      single jurisdiction and the United States of America, each
      State thereof and the District of Columbia shall be deemed to
      constitute a single jurisdiction.

     

    “Fund”
means
      any Person
      (other than a natural person) that is (or will be) engaged in
      making, purchasing, holding or otherwise investing in commercial loans and
      similar extensions of credit in the ordinary course of its
      business.

     

    “Governmental
      Authority”
means the government of Canada or any other nation, or of any
      political subdivision thereof, whether state or local, and any agency,
      authority, instrumentality, regulatory body, court, central bank or other entity
      exercising executive, legislative, judicial, taxing, regulatory or
      administrative powers or functions of or pertaining to government, including any supra-national bodies such
      as the European Union or the European
      Central Bank and
including a Minister
      of the Crown, Superintendent of Financial Institutions
      or other comparable
      authority or agency.

     

    “Indemnified
      Taxes” means
Taxes other than Excluded
      Taxes.

     

    "Issuing
      Bank" means the
Person named elsewhere in this Agreement2
      as the issuer of Letters of
      Credit on the basis that it is "fronting" for other
      Lenders and not on the basis that it is the attorney of other Lenders to sign
      Letters of Credit on their behalf, or any successor issuer of Letters
      of Credit.  For greater certainty,
      where the context requires, references to "Lenders" in these
Provisions
include
      the Issuing
      Bank.

     

    
      
        

      

    

    
      
        	
                1

              	
                Please
                  note that this definition of “Excluded Taxes” will result in Foreign
                  Lenders not being grossed up for withholding taxes that exist at
                  the time
                  of execution and delivery of the Credit Agreement, except in the
                  circumstances specified.  If a loan is intended to be exempt
                  from withholding tax as a “5/25” structure or otherwise, this premise
                  should be specified in the Credit
                  Agreement.

              

      

    

     

      
        	
                2

              	
                Ensure
                  that the Credit Agreement identifies the Issuing Bank or indicates
                  that
                  there is none.

              

      

       

    

    

    
      
        
          
          

        

        
          -
            121
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    “Loan”
      means any extension of credit by a Lender under this Agreement, including by
      way
      of bankers' acceptance or LIBO Rate Loan, except for any Letter of Credit or
      participation in a Letter of Credit.

     

    "Obligors"
      means, collectively, the
      Borrower and each of the guarantors of the Borrower's obligations that are
      identified elsewhere in this Agreement.

     

    “Other
      Taxes” means all present or future
      stamp or documentary taxes or any other excise or property
      taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document
      or
      from the execution, delivery or enforcement of, or
      otherwise
      with respect to, this Agreement or any other Loan Document.

     

    “Participant”
has
      the meaning assigned to
      such term in Section  10(d) .

     

    “Person”
means
      any natural person,
      corporation, limited liability company, trust, joint venture, association,
      company, partnership, Governmental
      Authority
      or other entity.

     

    "Provisions"
      means these model credit agreement provisions.

     

    “Related
      Parties” means, with respect to
      any Person, such Person’s Affiliates
      and the directors, officers, employees, agents and
      advisors of such Person and of such Person’s Affiliates.

     

    “Taxes”
means
      all present or future taxes,
      levies, imposts, duties, deductions, withholdings, assessments, fees or other
      charges imposed by any Governmental
      Authority,
including any interest, additions to tax
      or penalties
      applicable thereto.

     

    2.
Terms
      Generally

     

    (1)           The
      definitions of terms herein shall apply equally to the
      singular and plural forms of the terms defined. Whenever the context may
      require, any pronoun shall include the corresponding
      masculine, feminine and neuter forms. The words “include”,
“includes”
and “including”
shall
      be deemed
      to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning
      and effect as the
      word “shall”. Unless the context requires otherwise (a) any
      definition of or reference to any agreement, instrument or other document herein (including this Agreement) shall be
      construed as referring to
      such agreement, instrument or other document as from time to time amended,
      supplemented, restated or otherwise modified (subject to any restrictions on
      such amendments, supplements, restatements or modifications set forth herein), (b) any
      reference herein to any Person
      shall be construed to include such Person’s successors
      and permitted
      assigns, (c) the words “herein”, “hereof"
      and “hereunder”, and words of similar
      import, shall be construed to refer to this Agreement in its
      entirety and not to any particular provision hereof, (d) unless
      otherwise expressly stated, all references in these
Provisions to Articles, Sections, Exhibits
      and Schedules
      shall be
      construed to refer to Articles and Sections of, and Exhibits
      and Schedules
      to, these
Provisions, but all such references elsewhere
      in this Agreement shall be construed to refer to
      this Agreement apart from these Provisions,
(e)
      any reference to any law or regulation herein
      shall, unless otherwise specified, refer to such law or regulation as amended,
      modified or supplemented from time to time and (f) the words
“asset”
and “property”
shall
      be construed
      to have the same meaning and effect and to refer to any and all tangible and
      intangible assets and properties, including cash, securities,
      accounts and contract rights.

     

    (2)           If
      there is any conflict or inconsistency between these Provisions and the other terms of this Agreement,
      the other terms of this Agreement shall govern to the extent
      necessary to resolve the conflict or inconsistency.

     

    

    
      
        
          
          

        

        
          -
            122
            -

          
            

          

        

        
          
          

        

      

    

    

    3.
Yield
      Protection

     

    3.1           Increased
      Costs.

     

    (a)
Increased
      Costs Generally. If any Change in Law shall:

     

    (i)
      impose, modify or deem applicable any reserve, special deposit,
      compulsory loan, insurance charge or similar requirement against assets of,
      deposits with or for the account of, or credit extended or participated in
      by,
      any Lender;

     

    (ii)
      subject any Lender to any Tax of
      any kind whatsoever with respect to this Agreement, any Letter of Credit, any participation
      in a Letter of
      Credit or any Loan made by it, or change the basis of
      taxation of payments to such Lender in respect thereof,
      except for Indemnified
      Taxes or Other Taxes covered by Section 3.2 and
      the
      imposition, or any change in the rate, of any Excluded Tax
      payable by such Lender; or

     

    (iii)
      impose on any Lender or any applicable
      interbank market any other condition, cost or expense affecting this Agreement or Loans made
      by such Lender or any Letter of Credit or participation
      therein;

     

    and
      the result of any of the foregoing shall be to increase the cost
      to such Lender of making or maintaining any Loan (or
      of maintaining its obligation to make any such Loan), or to increase the cost to such Lender
      or
      the Issuing Bank of participating in, issuing
      or maintaining
      any Letter of Credit (or of maintaining its obligation to participate in or
      to
      issue any Letter of Credit), or to reduce the amount of any sum received or
      receivable by such Lender or the Issuing
      Bank hereunder (whether of principal,
      interest or any other amount), then upon request of such Lender the Borrower
will
      pay
      to such Lender such additional amount or amounts
      as will compensate such Lender
      for such additional
      costs incurred or reduction suffered.

     

    (b)
Capital
      Requirements. If any Lender
      determines that any Change in Law affecting such Lender
      or any lending office of such Lender or
      such Lender’s holding company, if any, regarding capital
      requirements has or would have the effect of reducing the rate of return on
      such
Lender’s capital or on the capital of such Lender’s holding
      company, if any, as a consequence of this Agreement, the Commitments
      of such Lender or the Loans made
      by, or the Letters
      of Credit issued or participated in by such
Lender, to a level below that which such
Lender
      or its holding company could have achieved but for such
Change in Law
      (taking into consideration
      such Lender’s policies and the policies of its holding
      company with respect to capital adequacy), then from time to time the Borrower will pay
      to such Lender such additional amount or amounts
      as will
      compensate such Lender or its holding company for any such
      reduction suffered.

     

    (c)
Certificates
      for Reimbursement. A certificate of a Lender setting forth the amount or amounts
      necessary to compensate
      such Lender or its holding company, as the case
      may be, as
      specified in paragraph (a) or (b) of this Section, including reasonable detail
      of the basis of calculation of the amount or amounts, and delivered to the
      Borrower shall be conclusive absent manifest
      error. The
Borrower shall pay such Lender
      the amount
      shown as due on any such certificate within 10 days after receipt
      thereof.

     

    (d)
Delay
      in Requests. Failure or delay on the part of any
Lender to demand compensation pursuant
      to this Section shall
      not constitute a waiver of such Lender’s right to demand such
      compensation, except that the Borrower shall not be required
      to compensate a Lender pursuant to this Section for any
      increased costs incurred or reductions suffered more than nine months prior
      to
      the date that such Lender notifies the Borrower
      of the Change in Law giving rise to such
      increased costs or reductions and of such Lender’s intention
      to claim compensation therefore, unless the Change in Law
      giving rise to such increased costs or reductions is retroactive, in which
      case
      the nine-month period referred to above shall be extended to include the period of retroactive effect
      thereof.

     

    

    
      
        
          
          

        

        
          -
            123
            -

          
            

          

        

        
          
          

        

      

    

    

    3.2           Taxes.

     

    (a)
Payments
      Subject to Taxes. If
      any Obligor, the Administrative Agent, or any Lender
      is required by Applicable Law to deduct or
      pay any Indemnified
      Taxes (including any Other Taxes)
      in respect of any
      payment by or on account of any obligation of an Obligor hereunder or under
      any
      other Loan Document, then (i) the sum payable shall be
      increased by that Obligor when payable as necessary so that after making or
      allowing for all required deductions and payments (including
      deductions and payments applicable to additional sums payable under this
      Section) the Administrative Agent or Lender,
      as the case may be, receives an amount equal to the sum it
      would have received had no such deductions or payments been required, (ii) the Obligor shall make any such deductions
      required to be made
      by it under Applicable Law and (iii) the
      Obligor shall timely pay the full amount required to be deducted to the relevant
      Governmental
      Authority in accordance with
Applicable Law.

     

    (b)
Payment
      of Other Taxes by
      the Borrower. Without limiting the provisions of paragraph (a) above, the Borrower
      shall timely pay any
Other Taxes to the relevant Governmental
      Authority in accordance with Applicable Law.

     

    (c)
Indemnification
      by the Borrower. The Borrower shall indemnify the Administrative
      Agent
      and each Lender, within 10 days after demand therefor,
      for
      the full amount of any Indemnified
      Taxes or
Other Taxes (including
Indemnified
      Taxes or Other Taxes
      imposed or asserted on or attributable to amounts payable under this Section)
      paid by the Administrative Agent or such Lender
      and any penalties, interest and reasonable expenses arising
      therefrom or with respect thereto, whether or not such Indemnified
      Taxes or Other Taxes were correctly
      or legally imposed or asserted by the relevant Governmental
      Authority. A certificate as to the amount of such
      payment or liability delivered to the Borrower by a Lender
      (with a copy to the Administrative Agent),
      or by the Administrative Agent on its own behalf or
      on behalf
      of a Lender, shall be conclusive absent manifest
      error.

     

    (d)
Evidence
      of Payments. As soon as practicable after any
      payment of Indemnified
      Taxes or Other Taxes by an Obligor to a Governmental
      Authority, the Obligor shall deliver to the Administrative Agent the original or a certified
      copy of a receipt
      issued by such Governmental
      Authority
      evidencing such payment, a copy of the return reporting such payment or other
      evidence of such payment reasonably satisfactory to the Administrative Agent.

     

    (e)
Status
      of Lenders. Any Foreign
Lender
      that is entitled to an exemption
      from or reduction of withholding tax under the law of the jurisdiction in which
      the Borrower is resident for tax purposes, or
      any treaty to
      which such jurisdiction is a party, with respect to payments hereunder or under any other Loan Document
      shall,
      at the request of the Borrower, deliver to the Borrower
      (with a copy to the Administrative
      Agent), at the time or times prescribed by Applicable Law or
      reasonably requested by the Borrower or the Administrative
      Agent, such properly completed and executed
      documentation prescribed by Applicable Law as will permit
      such payments to be made without withholding or at a
      reduced rate of withholding. In addition, (a) any Lender, if
      requested by the Borrower or the Administrative
      Agent, shall deliver such other documentation
      prescribed by Applicable Law or reasonably requested by
      the
Borrower or the Administrative
      Agent as
will enable the Borrower
      or the Administrative Agent to determine whether
      or not such Lender is subject to withholding or information
      reporting
      requirements, and (b) any Lender that ceases to be, or to be deemed to be,
      resident in Canada for purposes of Part XIII of the Income Tax Act (Canada)
      or
      any successor provision thereto shall within five days thereof notify the
      Borrower and the Administrative Agent in writing.

     

    (f)
Treatment
      of Certain Refunds and Tax Reductions. If the
Administrative Agent or a Lender
      determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes
      as to which it has been
      indemnified by the Borrower or with respect to which an
      Obligor has paid additional amounts pursuant to this Section or that, because
      of
      the payment of such Taxes or Other Taxes, it has benefited from a reduction
      in
      Excluded Taxes otherwise payable by it, it shall pay to the Borrower or Obligor, as applicable, an amount
      equal to such refund
      or reduction (but only to the extent of indemnity payments made, or additional
      amounts paid, by the Borrower or Obligor under this Section
      with respect to the Taxes or Other Taxes
      giving rise to such refund or reduction), net of all out-of-pocket expenses of the Administrative
      Agent or such Lender, as the case may be, and without
      interest (other than any net after-Tax interest paid by the relevant Governmental
      Authority with respect to such
      refund).  The Borrower or Obligor as applicable,
      upon the request of the Administrative Agent or such Lender,
      agrees to repay the amount paid over to the Borrower or Obligor (plus any penalties,
      interest or other charges
      imposed by the relevant Governmental
      Authority) to the Administrative Agent or such Lender
      if the Administrative Agent or such Lender
      is required to repay such refund or reduction to such Governmental
      Authority. This paragraph shall not be
      construed to require the Administrative Agent or any Lender
      to make available its tax returns (or any other information
      relating to its taxes that it deems confidential) to the Borrower or any other Person,
      to arrange its
      affairs in any particular manner or to claim any available refund or
      reduction.

     

    

    
      
        
          
          

        

        
          -
            124
            -

          
            

          

        

        
          
          

        

      

    

    

    3.3           Mitigation
      Obligations: Replacement of Lenders.

     

    (a)
Designation
      of a Different Lending
      Office. If any Lender requests compensation under Section
      3.1, or requires the Borrower
      to pay any
      additional amount to any Lender or any Governmental
      Authority for the account of any Lender pursuant to Section 3.2 , then
      such Lender shall use reasonable efforts to designate
      a different lending
      office for funding or booking its Loans hereunder
      or to assign its rights and obligations hereunder to another of its offices, branches
      or affiliates, if, in
      the judgment of such Lender, such designation or assignment
(i) would
      eliminate or reduce amounts payable pursuant to
      Section 3.1 or 3.2 , as the case may be, in the future
      and
(ii) would not subject such Lender
      to any
      unreimbursed cost or expense and would not otherwise be disadvantageous to
      such
Lender. The Borrower
      hereby agrees to pay
      all reasonable costs and expenses incurred by any Lender in
      connection with any such designation or assignment.

     

    (b)
Replacement
      of Lenders.3 If any Lender
      requests compensation under Section 3.1, if the Borrower
      is required to pay any additional amount to any Lender or any Governmental
      Authority for the account of any Lender pursuant to Section
3.2, if
      any Lender's obligations are suspended pursuant to
      Section 3.4 or if any Lender defaults in its obligation to
      fund Loans hereunder,
      then the Borrower may, at its sole expense and effort,
      upon 10 days’ notice
      to such Lender and the Administrative
      Agent, require such Lender to assign and delegate, without
      recourse (in accordance with and subject to the restrictions contained in,
      and
      consents required by, Section 10), all of its interests,
      rights and obligations under this Agreement and the related
Loan Documents
      to an assignee that
      shall assume such obligations (which assignee may be another Lender, if a Lender
      accepts such assignment),
      provided that:

     

    (i)
      the Borrower pays the Administrative
      Agent the assignment fee specified in Section 10(b)(vi);

     

    (ii)
      the assigning Lender receives payment of an
      amount equal to the outstanding principal of its Loans and
      participations in disbursements under Letters
      of Credit, accrued interest thereon, accrued fees and all other amounts payable
      to it hereunder and under the other Loan
      Documents (including any breakage costs and amounts
      required
      to be paid under this Agreement as a result of prepayment to
      a Lender) from the assignee (to the extent
      of such
      outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);

     

    (iii)
      in the case of any such assignment resulting from a claim for
      compensation under Section 3.1 or payments required to be
      made pursuant to Section 3.2, such assignment will result
      in a reduction in such compensation or payments
      thereafter; and

     

    (iv)
      such assignment does not conflict with Applicable Law.

     

    A
Lender
      shall not be required to make any such
      assignment or delegation if, prior thereto, as a result of a waiver by such
      Lender or otherwise, the circumstances entitling
      the Borrower to require such assignment and delegation
      cease to
      apply.

     

    

      

    

    
      
        	
                3

              	
                Please
                  note that the Breakfunding section in the Credit Agreement should
                  expressly include any amounts payable as a result of an assignment
                  required by this Section.

              

      

       

    

    

    
      
        
          
          

        

        
          -
            125
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    3.4           Illegality.

     

    If
      any Lender determines that any Applicable Law
      has made it unlawful, or that any Governmental
      Authority has asserted that it is unlawful, for any Lender or
      its applicable Lending Office to make or maintain any Loan (or
      to maintain its obligation to make any Loan), or to participate in, issue or maintain
      any Letter of Credit
      (or to maintain its obligation to participate in or to issue any Letter of
      Credit), or to determine or charge interest rates based upon any particular
      rate, then, on notice thereof by such Lender to the Borrower
      through the Administrative Agent, any
      obligation of such Lender with respect to the activity that
      is unlawful shall be suspended until such Lender notifies the
Administrative
      Agent and the Borrower that
      the circumstances giving rise to such determination no longer
      exist.  Upon receipt of such notice, the Borrower
      shall, upon demand from such Lender (with a copy to the
Administrative
      Agent), prepay or, if conversion would avoid
      the activity that is unlawful, convert any Loans, or take any
      necessary steps with respect to any Letter of Credit in order to avoid the
      activity that is unlawful.  Upon any such prepayment or conversion,
      the Borrower shall also pay accrued interest
      on the amount so
      prepaid or converted.  Each Lender agrees to
      designate a different Lending Office if such designation
will avoid
      the need for such notice and will not, in the good faith judgment of such
Lender,
      otherwise be materially disadvantageous to such Lender.

     

    3.5           Inability
      to Determine Rates Etc.

     

    If
      the Required Lenders
      determine that for any reason a market for bankers' acceptances does not exist
      at any time or the Lenders cannot for other reasons, after
      reasonable efforts, readily sell bankers' acceptances or perform their other
      obligations under this Agreement with respect to bankers'
      acceptances, the Administrative Agent will
      promptly so notify the Borrower and each Lender.  Thereafter,
      the Borrower's
      right to request the acceptance of bankers' acceptances shall be and remain
      suspended until the Required Lenders
      determine and the Agent notifies the Borrower
      and each Lender that the condition
      causing such determination no longer exists.  If the Required Lenders
      determine that for any reason
      adequate and reasonable means do not exist for determining the LIBO Rate for any requested Interest
      Period with
      respect to a proposed LIBO Rate Loan, or that the LIBO Rate
      for any requested Interest Period with
      respect to a proposed LIBO Rate Loan does not adequately and
      fairly reflect the cost to such Lenders of funding such
Loan, the
Administrative
      Agent will promptly so notify the Borrower
      and each
Lender.  Thereafter, the obligation of the Lenders
      to make or maintain LIBO Rate Loans shall
      be suspended until the Administrative Agent (upon the
      instruction of the Required Lenders)
      revokes such notice.  Upon receipt of such notice, the Borrower may revoke any pending request for
      a borrowing, conversion or continuation of
LIBO
      Rate Loans or, failing that, will be deemed to have converted
      such request into a request for a borrowing of Base Rate
      Loans in the amount specified therein.

     

    4.
Right
      of Setoff.

     

    If
      an Event of Default has occurred and is
      continuing, each of the Lenders and each of their respective
Affiliates
      is hereby authorized at any time and from time to
      time to set off and apply any and all deposits (general or special, time or
      demand, provisional or final, in whatever currency) at any time held and other
      obligations (in whatever currency) at any time owing by such Lender or any such Affiliate
      to or for the credit
      or the account of any Obligor against any and all of the
      obligations of the Borrower now or hereafter existing under
      this Agreement or any other Loan Document
      to such Lender, irrespective of whether or not such
Lender
      has made any demand under this Agreement
      or any other Loan Document and although such obligations
      of
      the Obligor may be contingent or unmatured or
      are owed to a
      branch or office of such Lender different from the branch or
      office holding such deposit or obligated on such indebtedness. The rights of
      each the Lenders and their respective Affiliates
      under this Section are in addition to other rights and
      remedies (including other rights of setoff, consolidation
      of
      accounts and bankers' lien) that the Lenders or their
      respective Affiliates may have. Each Lender
      agrees to promptly notify the Borrower and
      the Administrative Agent after any such setoff
      and
      application, but the failure to give such notice shall not affect the validity
      of such setoff and application.  If any Affiliate of a Lender
      exercises any rights under this Section 4, it shall share the benefit received
      in accordance with Section 5 as if the benefit had been received by the Lender
      of which it is an Affiliate.

     

    

    
      
        
          
          

        

        
          -
            126
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    5.
Sharing
      of Payments by Lenders.

     

    If
      any Lender, by exercising any right of setoff
      or counterclaim or otherwise, obtains any payment or other reduction that might
      result in such Lender receiving payment or other reduction
      of
      a proportion of the aggregate amount of its Loans and accrued
      interest thereon or other obligations hereunder greater than its pro rata
      share thereof as provided herein, then the Lender
      receiving such payment or other reduction shall (a) notify the Administrative
      Agent of such fact,
      and (b) purchase (for cash at face value) participations
      in
      the Loans and such other obligations of the other
Lenders,
      or make such other adjustments as shall be equitable, so
      that the benefit of all such payments shall be shared by the Lenders rateably in accordance with the aggregate
      amount of
      principal of and accrued interest on their respective Loans
      and other amounts owing them, provided that

     

    (i)
      if any such participations are purchased and all or any portion
      of the payment giving rise thereto is recovered, such participations shall
      be
      rescinded and the purchase price restored to the extent of such recovery,
      without interest,

     

    (i)
      the provisions of this Section shall not be construed to apply
      to (x) any payment made by any Obligor
      pursuant to and in accordance with the express terms of this Agreement or (y) any
      payment obtained by a Lender as consideration for the assignment
      of or sale of a
      participation in any of its Loans or participations in
      disbursements under Letters
      of Credit to any
      assignee or participant, other than to any Obligor or any
Affiliate
      of an Obligor (as to which the
      provisions of this Section shall apply); and

     

    (ii)
      the provisions of this Section shall not be construed to apply
      to (w) any payment made while no Event of
      Default has occurred and is continuing in respect of obligations of the Borrower to such Lender
      that do not arise under
      or in connection with the Loan Documents,
      (x) any payment made in respect of an obligation
      that is
      secured by a Permitted
      Lien or that is
      otherwise entitled to priority over the Borrower's
      obligations under or in connection with the Loan Documents,
(y)
      any reduction arising from an
      amount owing to an Obligor upon the termination of
      derivatives entered into between the Obligor and such Lender4,
      or (z) any payment to which
      such Lender is entitled as a result of any form
      of credit
      protection obtained by such Lender.

     

    The
Obligors
      consent to the foregoing and agree,
      to the extent they may effectively do so under Applicable
      Law, that any Lender acquiring a participation pursuant
      to
      the foregoing arrangements may exercise against each Obligor
      rights of setoff and counterclaim and similar rights of Lenders with respect
      to
      such participation as fully as if such Lender were a direct
      creditor of each Obligor in the amount of such
      participation.

     

    6.
Administrative
      Agent’s Clawback

     

    (a)
Funding
      by Lenders;
      Presumption by Administrative Agent. Unless the Administrative Agent shall have received
      notice from a Lender prior to the proposed date of any
      advance of funds that such
Lender will not
      make available to the
Administrative Agent such Lender’s share
      of such advance, the Administrative Agent may assume that
      such Lender has made such share available on such
      date in
      accordance with the provisions of this Agreement concerning
      funding by Lenders and may, in reliance upon such assumption,
      make available to the Borrower a corresponding amount. In
      such event, if a Lender has not in fact made its share of
      the
      applicable advance available to the Administrative
      Agent,

     

    

      

    

    
      
        	
                4

              	
                Those
                  preparing Credit Agreements should consider whether this exclusion
                  of
                  proceeds of derivatives is appropriate in the particular circumstances
                  of
                  the Credit Agreement.  It may be appropriate to provide for
                  sharing of, for example, any net amount available after the termination
                  of
                  all derivatives entered into between the Obligors and a Lender
                  and the
                  setoff of resulting amounts owing by the Obligors and to the Obligors
                  if
                  there is more than one such
                  derivative.

              

      

       

    

    

    
      
        
          
          

        

        
          -
            127
            -

          
            

          

        

        
          
          

        

      

    

    

    then
      the applicable Lender shall pay to the Administrative
      Agent forthwith on demand such corresponding amount
      with interest thereon, for each day from and including the
      date such amount is made available to the Borrower to but
      excluding the date of payment to the Administrative Agent, at
      a rate determined by the Administrative Agent in accordance
      with prevailing banking industry practice on interbank
      compensation.  If such Lender pays such amount to
      the Administrative Agent, then such amount shall
      constitute
      such Lender’s Loan included
      in such
      advance. If the Lender does not do so forthwith, the Borrower shall pay to
      the
      Administrative Agent forthwith on demand such corresponding amount with interest
      thereon at the interest rate applicable to the advance in question. Any payment
      by the Borrower shall be without prejudice to any
      claim the
Borrower may have against a Lender
      that
      has failed to make such payment to the Administrative
      Agent.

     

    (b)
Payments
      by Borrower; Presumptions by Administrative
      Agent. Unless the Administrative Agent shall have
      received notice from the Borrower prior to the date on which
      any payment is due to the Administrative Agent for the
      account of any Lender hereunder
      that the
Borrower will not
      make such payment, the
Administrative Agent may assume that the
Borrower
      has made such payment on such date in accordance herewith
      and may, in reliance upon such assumption, distribute the amount due to the
      Lenders. In such event, if the Borrower
      has not in fact made such payment, then each of the Lenders
      severally agrees to repay to the Administrative Agent
      forthwith on demand the amount so distributed to such Lender
      with interest thereon, for each day from and including the
      date such amount is distributed to it to but excluding the date of payment
      to
      the Administrative Agent, at a rate determined
      by the Administrative Agent in accordance with prevailing
      banking industry
      practice on interbank compensation.

     

    7.
Agency.

     

    7.1           Appointment
      and Authority. Each of the Lenders and the Issuing
      Bank hereby irrevocably appoints the Person identified elsewhere in this Agreement
      as
      the Administrative Agent5 to act on its behalf
      as the Administrative Agent hereunder and
      under the other Loan Documents and authorizes the Administrative
      Agent to take such actions on its behalf and to
      exercise such powers as are delegated to the Administrative
      Agent by the terms hereof or thereof, together with such
      actions and powers as are reasonably incidental thereto. The provisions of
      this
      Article are solely for the benefit of the Administrative
      Agent, the Lenders and the Issuing
      Bank,
      and no Obligor shall have rights as a third party
      beneficiary
      of any of such provisions.

     

    7.2           Rights
      as a Lender. The Person
      serving
      as the Administrative Agent hereunder
      shall have the same rights and powers in its capacity as a Lender as any other Lender
      and may exercise the
      same as though it were not the Administrative Agent and the
      term “Lender” or “Lenders”
      shall, unless otherwise expressly indicated or unless the context otherwise
      requires, include the Person
      serving as
      the Administrative Agent hereunder
      in its
      individual capacity. Such Person and its Affiliates
      may accept deposits from, lend money to, act as the
      financial advisor or in any other advisory capacity for and generally engage in
      any kind of business with any Obligor or any Affiliate
      thereof as if such Person were not the
Administrative
      Agent and without any duty to account to the
Lenders.

     

    7.3           Exculpatory
      Provisions.

     

    (1)           The
      Administrative Agent shall not have any duties
      or obligations
      except those expressly set forth herein and in the other
Loan Documents.6
      Without limiting the
      generality of the foregoing, the Administrative
      Agent:

     

    

      

    

    
      
        	
                5

              	
                Ensure
                  that the Credit Agreement identifies the Administrative Agent for
                  the
                  purpose of this reference

              

      

    

     

      
        	
                6

              	
                It
                  is anticipated that the Credit Agreement will require the Borrower
                  to be
                  responsible for compliance with all requirements to maintain perfection
                  of
                  security.

              

      

       

    

    

    
      
        
          
          

        

        
          -
            128
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    (a)           shall
      not be subject to any fiduciary or other implied duties, regardless of whether
      a
Default has occurred and is continuing;

     

    (b)           shall
      not have any duty to take any discretionary action or exercise any discretionary
      powers, except discretionary rights and powers expressly contemplated hereby
      or
      by the other Loan Documents that the Administrative
      Agent is required to exercise as directed in writing
      by the Required Lenders
      (or such other
      number or percentage of the Lenders as shall be expressly
      provided for in the Loan Documents),
      but the
Administrative Agent shall not be required
      to take any action
      that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that
      is contrary to any Loan
      Document or Applicable Law; and

     

    (c)           shall
      not, except as expressly set forth herein and in the other
Loan Documents,
      have any duty to disclose, and shall not be
      liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates
      that is
      communicated to or obtained by the person serving as the Administrative Agent or any of its Affiliates
      in
      any capacity.

     

    (2)           The
      Administrative Agent shall not be liable
      for any action taken
      or not taken by it (i) with the consent or at the request of
      the Required Lenders
      (or such other number
      or percentage of the Lenders as is necessary, or as the
Administrative
      Agent believes in good faith is necessary,
      under the provisions of the Loan Documents)
      or
(ii) in the absence of its own gross negligence
      or wilful
      misconduct. The Administrative Agent shall be deemed not
      to
      have knowledge of any Default unless and until notice
      describing the Default is given to the Administrative
      Agent by the Borrower or a Lender.

     

    (3)           Except
      as otherwise expressly specified in this Agreement, the
Administrative
      Agent shall not be responsible for or have any
      duty to ascertain or inquire into (i) any statement, warranty
      or representation made in or in connection with this Agreement or any other Loan Document,
(ii)
      the contents of any certificate, report or other document
      delivered hereunder or thereunder or in connection
      herewith
      or therewith, (iii) the performance or observance of any
      of
      the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any
Default,
(iv)
      the validity, enforceability,
      effectiveness or genuineness of this Agreement, any other
Loan Document
      or any other agreement, instrument or document
      or (v) the satisfaction of any condition specified
      in this
Agreement, other than to confirm receipt
      of items expressly
      required to be delivered to the Administrative
      Agent.

     

    7.4           Reliance
      by Administrative Agent. The Administrative Agent shall
      be entitled to rely upon, and shall not incur any liability for relying upon,
      any notice, request, certificate, consent, statement, instrument, document
      or
      other writing (including any electronic message, Internet
      or
      intranet posting or other distribution) believed by it to be genuine and to
      have
      been signed, sent or otherwise authenticated by
      the proper
Person. The Administrative
      Agent also may
      rely upon any statement made to it orally or by telephone and believed by it
      to
      have been made by the proper Person, and shall not incur any
      liability for relying thereon. In determining compliance with any condition
      hereunder to the making of a Loan, or
      the
      issuance of a Letter of Credit, that by its terms must be fulfilled to the
      satisfaction of a Lender or the Issuing
      Bank, the Administrative Agent may presume that such
      condition is satisfactory to such Lender or the Issuing
      Bank unless the Administrative Agent shall have received
      notice to the contrary from
      such Lender or the Issuing
      Bank prior to the making of such Loan or the issuance of such
      Letter of Credit. The Administrative Agent may consult with
      legal counsel (who may be counsel for the Borrower),
      independent accountants and other experts selected by it, and shall not be
      liable for any action taken or not taken by it in accordance with the advice
      of
      any such counsel, accountants or experts.

     

    7.5           Indemnification
      of Administrative Agent. Each Lender agrees to indemnify the Administrative
      Agent and hold it harmless (to the extent not reimbursed by the Borrower),
      rateably according to its Applicable Percentage (and not jointly or jointly
      and
      severally) from and against any and all losses, claims, damages, liabilities
      and
      related expenses, including the fees, charges and disbursements of any counsel,
      which may be incurred by or asserted against the Administrative Agent in any
      way
      relating to or arising out of the Loan Documents or the transactions therein
      contemplated.  However, no Lender shall be liable for any portion of
      such losses, claims, damages, liabilities and related expenses resulting from
      the Administrative Agent’s gross negligence or wilful
      misconduct.

     

    

    
      
        
          
          

        

        
          -
            129
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    7.6           Delegation
      of Duties. The Administrative Agent may perform any and
      all
      of its duties and exercise its rights and powers hereunder or
      under any other Loan Document by or through any one or more
      sub-agents appointed by the Administrative Agent from among
      the Lenders (including
      the Person serving as Administrative
      Agent) and their
      respective Affiliates. The Administrative
      Agent and any such sub-agent may perform any and all of its duties and exercise
      its rights and powers by or through their respective Related
      Parties. The provisions of this Article and other provisions of this Agreement for the benefit of the Administrative
      Agent shall apply to any such sub-agent and to the Related
      Parties of the Administrative Agent and any such sub-agent,
      and shall apply to their respective activities in connection with the
      syndication of the credit facilities provided for herein as
      well as activities as Administrative Agent.

     

    7.7           Replacement
      of Administrative Agent.

     

    (1)           The
      Administrative Agent may at any time give
      notice of its
      resignation to the Lenders, the Issuing
      Bank and the Borrower. Upon receipt of any such notice
      of
      resignation, the Required Lenders
      shall
      have the right, in consultation with the Borrower, to appoint
      a successor, which shall be a Lender having a Commitment
      to a revolving credit if one or more is established in
      this Agreement and having an office in Toronto,
Ontario
      or Montréal,
Québec, or
      an Affiliate of any such Lender
      with an office in Toronto or Montréal. The
Administrative
      Agent may also be
      removed at any time by the Required Lenders
      upon 30 days' notice to the Administrative Agent and the Borrower
      as long as
      the Required Lenders,
      in consultation with
      the Borrower, appoint and obtain the acceptance
      of a
      successor within such 30 days, which shall be a Lender having
      a Commitment to a revolving credit if one or
      more is
      established in this Agreement and having an office in Toronto
      or Montréal, or an Affiliate
      of any such Lender with an office in
Toronto
      or Montréal.

     

    (2)           If
      no such successor shall have been so appointed by the Required Lenders
      and shall have accepted such
      appointment within 30 days after the retiring Administrative
      Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the
Lenders,
      appoint a successor Administrative Agent
      meeting the qualifications specified in Section 7.7(1),
provided that if the Administrative
      Agent shall notify
      the Borrower and the Lenders
      that no
      qualifying Person has accepted such appointment, then
      such
      resignation shall nonetheless become effective in accordance with such notice
      and (1) the retiring Administrative
      Agent
      shall be discharged from its duties and obligations hereunder
      and under the other Loan Documents (except that in the case
      of any collateral security held by the Administrative Agent
      on behalf of the Lenders under any of the Loan
      Documents, the retiring Administrative Agent shall continue to hold
      such collateral security
      until such time as a successor Administrative Agent is
      appointed) and (2) all payments, communications and
      determinations provided to be made by, to or through the Administrative Agent shall instead be made
      by or to each Lender directly, until such time as the Required
      Lenders appoint a successor Administrative
      Agent as provided for above in the preceding paragraph.

     

    (3)           Upon
      a successor’s appointment as Administrative Agent hereunder,
      such successor shall succeed to and become vested with
      all of the rights, powers, privileges and duties of the former Administrative Agent, and the former Administrative
      Agent shall be discharged from all of its duties and
      obligations hereunder or under the other Loan Documents
      (if not already discharged therefrom as provided in
      the preceding paragraph). The fees payable by the Borrower to
      a successor Administrative Agent shall be the same as
      those
      payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the termination
      of the service of
      the former Administrative Agent, the provisions of this
      Section 7 and of Section 9 shall
      continue
      in effect for the benefit of such former Administrative
      Agent, its sub-agents and their respective Related Parties in
      respect of any actions taken or omitted to be taken by any of them while the
      former Administrative Agent was acting as Administrative
      Agent.

     

    7.8           Non-Reliance
      on Administrative Agent and Other Lenders. Each
Lender
      and the Issuing
      Bank
      acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender
      or any
      of their Related Parties and based on such documents
      and
      information as it has deemed appropriate, made its own credit analysis and
      decision to enter into this Agreement. Each Lender
      and the Issuing
      Bank also
      acknowledges that it will, independently and without reliance
      upon the Administrative

     

    

    
      
        
          
          

        

        
          -
            130
            -

          
            

          

        

        
          
          

        

      

    

    

    Agent
      or any other Lender or any of their Related
      Parties and based on such documents and information as it shall from time to
      time deem appropriate, continue to make its own decisions in taking or not
      taking action under or based upon this Agreement, any other
Loan Document
      or any related agreement or any document
      furnished hereunder or thereunder.

     

    7.9           Collective
      Action of the Lenders. Each of the Lenders hereby acknowledges that to the
      extent permitted by Applicable Law, any collateral security and the remedies
      provided under the Loan Documents to the Lenders are for the benefit of the
      Lenders collectively and acting together and not severally and further
      acknowledges that its rights hereunder and under any collateral security are
      to
      be exercised not severally, but by the Administrative Agent upon the decision
      of
      the Required Lenders (or such other number or percentage of the Lenders as
      shall
      be expressly provided for in the Loan Documents).  Accordingly,
      notwithstanding any of the provisions contained herein or in any collateral
      security, each of the Lenders hereby covenants and agrees that it shall not
      be
      entitled to take any action hereunder or thereunder including, without
      limitation, any declaration of default hereunder or thereunder but that any
      such
      action shall be taken only by the Administrative Agent with the prior written
      agreement of the Required Lenders (or such other number or percentage of the
      Lenders as shall be expressly provided for in the Loan
      Documents).  Each of the Lenders hereby further covenants and agrees
      that upon any such written agreement being given, it shall co-operate fully
      with
      the Administrative Agent to the extent requested by the Administrative
      Agent.  Notwithstanding the foregoing, in the absence of instructions
      from the Lenders and where in the sole opinion of the Administrative Agent,
      acting reasonably and in good faith, the exigencies of the situation warrant
      such action, the Administrative Agent may without notice to or consent of the
      Lenders take such action on behalf of the Lenders as it deems appropriate or
      desirable in the interest of the Lenders.

     

    7.10           No
      Other Duties. etc. Anything herein to the contrary
      notwithstanding, none of the Bookrunners, Arrangers
      or holders of similar titles, if any, specified in this
Agreement shall have any powers, duties or
      responsibilities
      under this Agreement or any of the other Loan Documents,
      except in its capacity, as applicable, as the Administrative Agent or a Lender
hereunder.

     

    8.
Notices:
      Effectiveness; Electronic
      Communication

     

    (a)
Notices
      Generally. Except in the case of notices and
      other communications expressly permitted to be given by telephone (and except
      as-provided in paragraph (b) below), all notices and other
      communications provided for herein shall be in writing and
      shall be delivered by hand or overnight courier service, mailed by certified
      or
      registered mail or sent by telecopier to the addresses or telecopier numbers
      specified elsewhere in this Agreement7 or, if
      to a Lender, to it at its address or telecopier number
      specified
      in the Register or, if to an Obligor
      other
      than the Borrower, in care of the Borrower.

     

    Notices
      sent by hand or overnight
      courier service, or mailed by certified or registered mail, shall be deemed
      to
      have been given when received; notices sent by telecopier shall be deemed to
      have been given when sent (except that, if not given on a business day between
      9:00 a.m. and 5:00 p.m. local time where the recipient is located, shall be
      deemed to have been given at 9:00 a.m. on the next business day for the
      recipient). Notices
      delivered through
      electronic communications to the extent provided in paragraph (b) below, shall be effective as provided
      in said paragraph
      (b).

     

    (b)
Electronic
      Communications. Notices
      and other communications to the Lenders
      and the Issuing
      Bank hereunder may be delivered or furnished by
      electronic communication
      (including e-mail and Internet or intranet
      websites) pursuant
      to procedures approved by the Administrative
      Agent,8provided that the foregoing shall not apply to
      notices to any Lender of Loans to be
      made or
Letters
      of Credit to be issued if such Lender has notified the Administrative
      Agent that
      it is incapable of receiving

     

    

      

    

    
      
        	
                7

              	
                Ensure
                  that the Credit Agreement contains the contact information referred
                  to.

              

      

       

    

    
      
        	
                8

              	
                Administrative
                  Agents may wish to prescribe procedures for electronic communications
                  and
                  to disseminate those procedures to
                  Lenders.

              

      

       

    

    

    
      
        
          
          

        

        
          -
            131
            -

          
            

          

        

        
          
          

        

      

    

    

    notices
      under such Article by electronic communication. The Administrative Agent or the Borrower may,
      in its
      discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant
      to procedures
      approved by it, provided that approval of such procedures may be limited
      to particular notices or communications.

     

    Unless
      the Administrative Agent otherwise
      prescribes, (i) notices and other communications sent
      to an
      e-mail address shall be deemed received upon the sender’s receipt of an
      acknowledgement from the intended recipient (such as by the “return receipt
      requested” function, as available, return e-mail or other written
      acknowledgement), provided that if such notice or other communication is not
      sent during the normal business hours of the recipient, such notice or
      communication shall be deemed to have been sent at the opening of business
      on
      the next business day for the recipient, and (ii) notices or
      communications posted to an Internet or intranet website shall be deemed
      received upon the deemed receipt by the intended recipient at its e-mail address
      as described in the foregoing clause (i) of notification that such notice or
      communication is available and identifying the website address
      therefor.

     

    (c)
Change
      of Address. Etc. Any party hereto may change its
      address or telecopier number for notices and other communications hereunder by notice to the other parties
      hereto.

     

    9.
Expenses;
      Indemnity: Damage
      Waiver 9

     

    (a)
Costs
      and Expenses. The Borrower shall pay (i)
      all reasonable out-of-pocket expenses incurred by the Administrative
      Agent and its Affiliates, including
      the reasonable fees, charges and disbursements of counsel
      for the Administrative Agent, in connection with
      the
      syndication of the credit facilities provided for herein, the
      preparation, negotiation, execution, delivery and
      administration of this Agreement and the other Loan Documents
      or any amendments, modifications or waivers of the
      provisions hereof or thereof (whether or not the transactions
      contemplated hereby or thereby shall be
      consummated), (ii) all reasonable out-of-pocket
      expenses incurred by the Issuing
      Bank in connection with the issuance, amendment, renewal or
      extension of any Letter of Credit or any demand for payment thereunder and
      (iii) all reasonable
      out-of-pocket
      expenses incurred by the Administrative Agent, any Lender
      or the Issuing Bank, including
      the reasonable fees, charges and disbursements of counsel,
      in connection with the enforcement or protection of its rights in connection
      with this Agreement and the other Loan
      Documents, including its rights under this Section,
      or in
      connection with the Loans made or Letters
      of Credit issued hereunder, including
      all such out-of-pocket expenses
      incurred during any workout, restructuring or negotiations in respect of such
      Loans or Letters
      of
      Credit.

     

    (b)
Indemnification
      by the Borrower. The Borrower shall indemnify the Administrative
      Agent
      (and any sub-agent thereof), each Lender and the Issuing
      Bank, and each Related Party of any of
      the foregoing Persons (each such Person
      being called an “Indemnitee”) against, and hold each
Indemnitee
      harmless from, any and all losses, claims,
      damages, liabilities and related expenses, including the
      fees, charges and disbursements of any counsel for any Indemnitee, incurred by any Indemnitee
      or
      asserted against any Indemnitee by any third party or by any
Obligor
      arising out of, in connection with, or as a result of
(i) the execution
      or delivery of this
Agreement, any other Loan Document
      or any
      agreement or instrument contemplated hereby or thereby, the performance or
      non-performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation
      or non-consummation of
the transactions contemplated hereby or thereby,
(ii) any
Loan
      or Letter of Credit or the use or
      proposed use of the proceeds therefrom (including any refusal
      by the Issuing
      Bank to honor a demand for
      payment under a Letter of Credit if the documents presented in connection with
      such demand do not strictly comply with the terms of such Letter of Credit),
      (iii) any actual or alleged presence or Release
      of Hazardous Materials on or from any property owned or operated by any Obligor,
      or any Environmental Liability related in any way
      to any Obligor, or (iv) any actual or prospective claim, litigation,
      investigation or
      proceeding relating to any of the foregoing, whether based on contract, tort
      or

     

    

      

    

    
      
        	
                9

              	
                A
                  reference to this Section should be included in the Survival Section,
                  if
                  any, of the Credit Agreement.

              

      

       

    

    

    
      
        
          
          

        

        
          -
            132
            -

          
            

          

        

        
          
          

        

      

    

     

    any
      other theory, whether brought by a third party or by an Obligor
      and regardless of whether any Indemnitee is a party thereto,
provided that such indemnity shall not, as
      to any Indemnitee, be available to the extent that
      such losses, claims,
      damages, liabilities or related expenses (x) are determined
      by a court of competent jurisdiction by final and nonappealable judgment to
      have
      resulted from the gross negligence or wilful misconduct of such Indemnitee or (y) result
      from a claim brought by
      the Borrower or any other Obligor
      against
      an Indemnitee for breach in bad faith of such
Indemnitee's
      obligations hereunder
      or under any other Loan Document, if the Obligor
      has obtained a final and nonappealable judgment in its
      favour on such claim as determined by a court of competent jurisdiction, nor
      shall it be available in respect of matters specifically addressed in Sections
      3.1, 3.2 and 9(a).

     

    (c)
Reimbursement
      by Lenders. To
      the extent that the Borrower for any reason fails to
      indefeasibly pay any amount required under paragraph (a) or (b) of this Section
      to be paid by it to the Administrative Agent (or any
      sub-agent thereof), the Issuing
      Bank or any
Related Party of any of the foregoing, each
Lender
      severally agrees to pay to the Administrative Agent (or any such sub-agent),
      the Issuing
      Bank or such Related
      Party, as the case may be, such Lender’s Applicable
      Percentage (determined as of the time that the applicable
      unreimbursed expense or indemnity payment is sought) of such unpaid amount,
      provided that the unreimbursed expense or indemnified loss, claim,
      damage, liability or related expense, as the case may be, was incurred by or
      asserted against the Administrative Agent (or any such
      sub-agent) or the Issuing
      Bank in its capacity
      as such, or against any Related Party of any of the foregoing
      acting for the Administrative Agent (or any such sub-agent)
      or Issuing
      Bank in connection with such
      capacity. The obligations of the Lenders under this paragraph
(c) are
      subject to the other provisions of this Agreement concerning several liability of
      the Lenders.

     

    (d)
Waiver
      of Consequential Damages. Etc. To the fullest
      extent permitted by Applicable Law, the Obligors
      shall not assert, and hereby waive, any claim against any
Indemnitee, on any theory of liability, for
      indirect,
      consequential, punitive, aggravated or exemplary damages (as opposed to direct
      damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document
      or any
      agreement or instrument contemplated hereby (or any breach thereof), the transactions contemplated hereby or thereby,
      any Loan or Letter of Credit or the use of the
      proceeds thereof. No
Indemnitee shall be liable for any damages
      arising from the
      use by unintended recipients of any information or other materials distributed
      by it through telecommunications, electronic or other information transmission
      systems in connection with this Agreement or the other Loan Documents
      or the transactions contemplated
      hereby or thereby.

     

    (e)
Payments.
      All amounts due under this Section shall be
      payable promptly after demand therefor.  A certificate of the
      Administrative Agent or a Lender setting forth the amount or amounts owing
      to
      the Administrative Agent, Lender or a sub-agent or Related Party, as the case
      may be, as specified in this Section, including reasonable detail of the basis
      of calculation of the amount or amounts, and delivered to the Borrower shall
      be
      conclusive absent manifest error.

     

    10.
Successors
      and Assigns

     

    (a)
Successors
      and Assigns Generally. The provisions of this
Agreement shall be binding upon and inure
      to the benefit of
      the parties hereto and their respective successors and assigns permitted hereby,
      except that no Obligor may assign or otherwise transfer
      any
      of its rights or obligations hereunder without the prior
      written consent of the Administrative Agent and each Lender
      and no Lender may assign or otherwise
      transfer any of its rights or obligations hereunder except
(i) to
      an Eligible Assignee in accordance
      with the provisions of paragraph (b) of this Section, (ii) by
      way of participation in accordance with the provisions of paragraph (d) of
      this
      Section, or (iii) by way of pledge or assignment of a security interest
      subject to the restrictions of paragraph (f) of this Section (and any other
      attempted assignment or transfer by any party hereto shall be null and void).
      Nothing in this Agreement, expressed or implied, shall be
      construed to confer upon any Person (other than the parties
      hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph
      (d) of this Section
      and, to the extent expressly contemplated hereby, the Related
      Parties of each of the Administrative Agent and the Lenders)
      any legal or equitable right, remedy or claim under or by
      reason of this Agreement.

     

    

    
      
        
          
          

        

        
          -
            133
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    (b)
Assignments
      by Lenders. Any
Lender
      may at any time assign to one or more Eligible Assignees all or a portion of its
      rights and obligations
      under this Agreement (including
      all or a
      portion of its Commitment and the Loans at
      the time owing to it); provided that:

     

    (i)
      except if an Event of Default has occurred
      and is continuing or in the case of an assignment of the entire remaining amount
      of the assigning Lender’s Commitment
      and
      the Loans at the time owing to it or in the case
      of an
      assignment to a Lender or an Affiliate
      of
      a Lender or an Approved
      Fund with respect
      to a Lender, the aggregate amount of the Commitment
      being assigned (which for this purpose includes Loans outstanding
      thereunder) or, if the
      applicable Commitment is not then in effect, the principal
      outstanding balance of the Loan of the assigning Lender
      subject to each such assignment (determined as of the date
      the Assignment and Assumption with respect to
      such assignment
      is delivered to the Administrative Agent or, if “Trade Date”
is specified
      in the Assignment and
      Assumption, as of the Trade Date) shall not be less than
      $5,000,000, in the case of any assignment in respect of a revolving facility,
      or
      $1,000,000, in the case of any assignment in respect of a term facility, unless
      each of the Administrative Agent and, so long as no Default has occurred and
      is
      continuing, the Borrower otherwise consent to a lower amount (each such consent
      not to be unreasonably withheld or delayed);

     

    (ii)
      each partial assignment shall be made as an assignment of a
      proportionate part of all the assigning Lender’s rights and
      obligations under this Agreement with respect to the Loan or
      the Commitment assigned, except that this
      clause (ii) shall not prohibit any Lender
      from assigning all or a portion of its rights and obligations among separate
      credits on a non-pro rata basis;

     

    (iii)
      any assignment of a Commitment relating to
      a credit under which Letters
      of Credit may be
      issued must be approved by any Issuing
      Bank
      (such approval not to be unreasonably withheld or delayed) unless the Person that is the proposed assignee is itself
      already a Lender with a Commitment
      under that
      credit;

     

    (iv)
      any assignment must be approved by the Administrative Agent (such approval not to
      be unreasonably withheld
      or delayed) unless:

     

    (x)
      in the case of an assignment of a Commitment
      relating to a revolving credit, the proposed assignee is itself already a Lender with the same type of Commitment,

     

    (y)
      no Event of Default has occurred and is
      continuing, and the assignment is of a Commitment relating to
      a non-revolving credit that is fully advanced, or

     

    (z)
      the proposed assignee is a bank whose senior, unsecured,
      non-credit enhanced, long term debt is rated at least A3, A- or A low by at
      least two of Moody's Investor Services Inc., Standard
&
Poor's, a division of The McGraw-Hill
      Companies, Inc. and
      Dominion Bond Rating Service Limited, respectively;

     

    (v)
      any assignment must be approved by the Borrower (such approval not to be unreasonably
      withheld or delayed)
      unless the proposed assignee is itself already a Lender with
      the same type of Commitment or a Default
      has occurred and is continuing; and

     

    (vi)
      the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment
      and
      Assumption, together with a processing and recordation fee in an amount
      specified elsewhere in this Agreement10 and
      the Eligible Assignee, if it shall not be a Lender,
      shall deliver to the Administrative
      Agent an Administrative
      Questionnaire.

     

    

      

    
      10     Ensure
        that the
        Credit Agreement specifies the amount of this fee.

       

    

    

    
      
        
          
          

        

        
          -
            134
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    Subject
      to acceptance and recording thereof by the Administrative Agent pursuant to paragraph
      (c) of this Section,
      from and after the effective date specified in each Assignment and Assumption, the Eligible
      Assignee thereunder shall be a party to this Agreement and,
      to the extent of the interest assigned by such Assignment
      and Assumption, have the rights and obligations of a Lender
      under this Agreement and the other Loan Documents,
      including
      any collateral security, and the assigning Lender thereunder
      shall, to the extent of the interest assigned by such Assignment and Assumption, be released
      from its obligations under
      this Agreement (and, in the case of an Assignment
      and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement,
      such Lender shall cease to be a
      party hereto) but shall continue to be entitled to the benefits of Sections
      3 and 9, and shall continue to be liable
      for any breach of
      this Agreement by such Lender, with respect to facts and circumstances occurring
      prior to the effective date of such assignment.  Any assignment or
      transfer by a Lender of rights or obligations under this
      Agreement that does not comply with this
      paragraph shall be
      treated for purposes of this Agreement as a sale by such
Lender
      of a participation in such rights and obligations in
      accordance with paragraph (d) of this Section.  Any payment by an
      assignee to an assigning Lender in connection with an assignment or transfer
      shall not be or be deemed to be a repayment by the Borrower or a new Loan to
      the
      Borrower.

     

    (c)
Register.
      The Administrative Agent shall maintain at
      one of its offices in Toronto, Ontario
      or Montréal, Québec a copy of
      each Assignment and Assumption delivered to
      it and a
      register for the recordation of the names and addresses of the Lenders, and the Commitments
      of, and principal
      amounts of the Loans owing to, each Lender pursuant to the
      terms hereof from time to time (the “Register”).
      The entries in the Register
      shall be conclusive, absent manifest error, and the Borrower, the Administrative
      Agent and the
Lenders may treat each Person
      whose name
      is recorded in the Register pursuant to the terms hereof
      as a Lender hereunder
      for all purposes of this Agreement,
      notwithstanding notice to the contrary. The Register shall
      be available for inspection by the Borrower and any Lender,
      at any reasonable time and from time to time upon
      reasonable prior notice.

     

    (d)
Participations.
      Any Lender may at
      any time, without the consent of, or notice to, the Borrower
      or the Administrative Agent, sell participations
      to any
Person (other than a natural person, an
Obligor
      or any Affiliate of an Obligor11)
      (each, a “Participant”) in all or a portion of such Lender’s
      rights and/or obligations under this Agreement (including
      all or a portion of its
Commitment and/or the Loans
      owing to
      it); provided that (i) such Lender’s
      obligations under this Agreement shall
      remain unchanged, (ii) such Lender
      shall
      remain solely responsible to the other parties hereto for the performance of
      such obligations and (iii) the Borrower,
      the Administrative Agent and the other Lenders
      shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
      and obligations under this Agreement.  Any payment
      by a Participant to a Lender in connection with a sale of a participation shall
      not be or be deemed to be a repayment by the Borrower or a new Loan to the
      Borrower.

     

    Subject
      to paragraph (e) of this Section, the Borrower agrees that each Participant
      shall be
      entitled to the benefits of Section 3 to the same
      extent as if it were a Lender and had acquired its interest
      by assignment pursuant to paragraph (b) of this Section. To the extent permitted
      by law, each Participant also shall be entitled to the
      benefits of Section 4 as though it were a Lender,
      provided such Participant agrees to be
      subject to Section 5 as though it were a Lender.

     

    (e)
Limitations
      upon Participant
Rights. A Participant
      shall not be entitled to
      receive any greater payment under Section 3.1 and 3.2
      than the applicable Lender would have been entitled to
      receive with respect to the participation sold to such Participant, unless the sale of the participation
      to such Participant is made with the Borrower’s prior
      written consent. A Participant that would be a Foreign
Lender
      if it were a Lender shall not be entitled to the benefits
      of Section 3.2 unless the Borrower
      is notified of the
      participation sold to such Participant and such Participant
      agrees, for the benefit of the Borrower, to comply with Section 3.2(e)
      as
      though it were a Lender.

     

    

      

    
      
        	
                11

              	
                Consideration
                  should be given to the percentage of Lenders required to permit
                  the sale
                  of a participation to an Obligor or any Affiliate or Subsidiary
                  of an
                  Obligor.

              

      

       

    

    

    
      
        
          
          

        

        
          -
            135
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    (f)
Certain
      Pledges.  Any Lender may at any time
      pledge or assign a security interest in all or any portion of its rights under
      this Agreement to secure obligations of such Lender, but no such pledge or
      assignment shall release such Lender from any of its obligations hereunder
      or
      substitute any such pledgee or assignee for such Lender as a party
      hereto.

     

    11.
      Governing Law: Jurisdiction: Etc.

     

    (a)
Governing
      Law. This Agreement shall
      be governed by, and construed in accordance with, the laws of the Province
      specified elsewhere in this Agreement12 and
      the laws of Canada
      applicable in that
      Province.

     

    (b)
Submission
      to Jurisdiction. Each Obligor irrevocably and unconditionally
      submits, for itself and its
property, to the nonexclusive jurisdiction
      of the courts of
      the Province specified elsewhere in this Agreement, and any
      appellate court from any thereof, in any action or proceeding arising out of
      or
      relating to this Agreement or any other Loan
      Document, or for recognition or enforcement of any judgment,
      and each of the parties hereto irrevocably and unconditionally agrees that
      all
      claims in respect of any such action or proceeding may be heard and determined
      in such court.  Each of the parties hereto agrees that a final
      judgment in any such action or proceeding shall be conclusive and may be
      enforced in other jurisdictions by suit on the judgment or in any other manner
      provided by law. Nothing in this Agreement or in any other
Loan
      Document shall affect any right that the Administrative Agent or any Lender
      may
      otherwise have to bring any action or proceeding relating to this Agreement or any other Loan
      Document against
      any Obligor or its properties in the courts
      of any
      jurisdiction.

     

    (c)
Waiver
      of Venue. Each Obligor
      irrevocably and unconditionally waives, to the fullest extent permitted by
      Applicable Law, any objection that it may
      now or hereafter
      have to the laying of venue of any action or proceeding arising out of or
      relating to this Agreement or any other Loan
      Document in any court referred to in paragraph (b) of this
      Section. Each of the parties hereto hereby irrevocably waives, to the fullest
      extent permitted by Applicable Law, the defense of an
      inconvenient forum to the maintenance of such action or proceeding in any such
      court.

     

    12.
WAIVER
      OF JURY TRIAL

     

    EACH
      PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
      PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
      HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
      INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
      DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
      THEREBY
      (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
      REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS
      REPRESENTED, EXPRESSLY OR
      OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
      TO
      ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
      AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER
      LOAN
      DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
      IN THIS SECTION.

     

    

      

    

    
      
        	
                12

              	
                Ensure
                  that the Credit Agreement identifies the Province referred to here
                  and in
                  paragraph (b) immediately below.

              

      

       

    

    

    
      
        
          
          

        

        
          -
            136
            -

          
            

          

        

        
          
          

        

      

    

    

    13.
Counterparts:
      Integration: Effectiveness: Electronic
Execution

     

    (a)
Counterparts:
      Integration:
      Effectiveness. This Agreement may be executed in
      counterparts (and by different parties hereto in different counterparts), each
      of which shall constitute an original, but all of which when taken together
      shall constitute a single contract. This Agreement and the
      other Loan Documents and any separate letter
      agreements with
      respect to fees payable to the Administrative Agent
      constitute the entire contract among the parties relating to the subject matter
      hereof and supersede any and all previous
      agreements and
      understandings, oral or written, relating to the subject matter hereof. Except as provided in the conditions
      precedent Section(s)
      of this Agreement, this Agreement
      shall
      become effective when it has been executed by the Administrative Agent and when the Administrative
      Agent has received counterparts hereof that, when taken together, bear
      the signatures of each of
      the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement
      by telecopy or
      by sending a scanned copy by electronic mail shall be effective as delivery
      of a
      manually executed counterpart of this Agreement.

     

    (b)
Electronic
      Execution of Assignments. The words “execution,” “signed,”
“signature,”
and
      words of like import in any Assignment and Assumption shall be deemed
      to include electronic signatures or the keeping
      of records in
      electronic form, each of which shall be of the same legal effect, validity
      or
      enforceability as a manually executed signature or the use
      of a paper-based recordkeeping system, as the case may be, to the extent and
      as
      provided for in any Applicable Law, including
      Parts 2 and 3 of the Personal
      Information Protection and Electronic Documents Act
      (Canada), the Electronic Commerce Act, 2000 (Ontario)
      and other similar federal or provincial laws based on the
Uniform Electronic Commerce Act of the
Uniform
      Law Conference of Canada or its Uniform
      Electronic Evidence Act, as the case may
      be.

     

    14.
Treatment
      of Certain Information:
      Confidentiality

     

    (1)           Each
      of the Administrative Agent and the Lenders
      agrees to maintain the confidentiality of the Information (as defined below), except
      that Information may be disclosed (a)
      to it, its
Affiliates and its and its Affiliates'
      respective partners, directors, officers, employees, agents, advisors and
      representatives (it being understood that the Persons to
      whom such disclosure is made will be informed of the
      confidential nature of such Information and instructed to
      keep such Information confidential), (b)
      to the extent requested by any regulatory authority purporting to have
      jurisdiction over it (including any self-regulatory
      authority), (c) to the extent required by Applicable
      Laws or regulations or by any subpoena or similar legal
      process, (d) to any other party hereto, (e)
      in connection with the exercise of any remedies hereunder or under any other Loan
      Document or
      any action or proceeding relating to this Agreement or any
      other Loan Document or the enforcement of rights
hereunder
      or thereunder, (f) subject to an
      agreement containing provisions substantially the same as those of this Section,
      to (i) any assignee of or Participant
      in, or any prospective assignee of or Participant
      in, any of its rights or obligations
      under this Agreement or (ii)
      any actual
      or prospective counterparty (or its advisors) to any swap, derivative,
      credit-linked note or similar transaction relating to the Borrower and its obligations, (g)
      with the
      consent of the Borrower or (h)
      to the
      extent such Information (x)
      becomes
      publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative
      Agent or any Lender
      on a non-confidential
      basis from a source other than an Obligor.

     

    (2)           For
      purposes of this Section, “Information” means all information received in
      connection with this Agreement from any Obligor
      relating to any Obligor or any of its
Subsidiaries
      or any of their respective businesses, other
      than any such information that is available to the Administrative Agent or any Lender
      on a
      non-confidential basis prior to such receipt.  Any Person required to maintain
      the confidentiality of Information as provided in this Section
      shall be considered to have
      complied with its obligation to do so if such Person has
      exercised the same degree of care to maintain the confidentiality of such Information as such Person
      would accord to its
      own confidential information.  In addition, the Administrative Agent may disclose to any
      agency or organization
      that assigns standard identification numbers to loan facilities such basic
      information describing the facilities provided hereunder as
      is necessary to assign unique identifiers (and, if requested, supply a copy
      of
      this Agreement), it being understood that the
Person
      to whom such disclosure is made will be
      informed of the confidential nature of such Information and
      instructed to make available to the public only such Information as such person normally makes
      available in the course
      of its business of assigning identification numbers

     

    

    
      
        
          
          

        

        
          -
            137
            -

          
            

          

        

        
          
          

        

      

    

    

    (3)           In
      addition, and notwithstanding anything herein to the
      contrary, the Administrative Agent may provide the
      information described on Exhibit
      B
      concerning the Borrower and the credit facilities
      established herein to Loan
      Pricing
      Corporation and/or other recognized trade publishers of information for general
      circulation in the loan market.

     

    

    
      
        
          
          

        

        
          -
            138
            -

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A

     

     

    ASSIGNMENT
      AND ASSUMPTION

     

    This
Assignment
      and Assumption
      (the “Assignment
      and Assumption”) is
      dated as of the Effective Date set forth below and is entered into by and
      between [Insert name of Assignor]
      (the “Assignor”) and
[Insert
      name of Assignee] (the “Assignee”).
      Capitalized terms used but not defined herein shall have the meanings given
      to
      them in the Credit
      Agreement
      identified below (as amended, the “Credit
      Agreement”), receipt of a copy of which is hereby
      acknowledged by the Assignee. The Standard
      Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to
      and incorporated herein by
      reference and made a part of this Assignment and Assumption
      as if set forth herein in full.

     

    For
      an agreed consideration, the Assignor
      hereby irrevocably sells and assigns to the Assignee, and
      the Assignee hereby irrevocably purchases and
      assumes from
      the Assignor, subject to and in accordance
      with the Standard
      Terms and Conditions and the Credit
      Agreement, as of the
      Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights
      and
      obligations in its capacity as a Lender under the Credit
      Agreement and any other
      documents or instruments delivered pursuant thereto to the extent related to
      the
      amount and percentage interest identified below of all of such outstanding
      rights and obligations of the Assignor under the respective
      facilities identified below (including without limitation any letters of credit,
      guarantees, and swingline loans included in such facilities) and (ii) to the extent permitted to be assigned
      under Applicable Law, all claims, suits, causes
      of action and any other
      right of the Assignor (in its capacity as a Lender)
      against any Person, whether known or
      unknown, arising under or in connection with the Credit
      Agreement, any other documents or
      instruments delivered pursuant thereto or the loan-transactions governed thereby
      or in any way based on or related to any of the foregoing, including, but not
      limited to, contract claims, tort claims, malpractice claims, statutory claims
      and all other claims at law or in equity related to the rights and obligations
      sold and assigned pursuant to clause (i) above (the rights
      and obligations sold and assigned pursuant to clauses (i)
      and (ii) above being referred to herein collectively
      as, the
“Assigned Interest”). Such sale and assignment is
      without recourse to the Assignor and, except as expressly
      provided in this Assignment and Assumption, without
      representation or warranty by the Assignor.

     

    
      	
              1.

            	
              Assignor:

            	 	 

    

     

    
      	
              2.

            	
              Assignee:

            	 	 

    

     

    
      	
               

            	
              [and
                is an Affiliate/Approved Fund of [identify
                Lender]1]

            

    

     

    
      	
              3.

            	
              Borrower(s):

            	 	 

    

     

    
      	
              4.

            	
              Administrative
                Agent: _______________________,as the administrative agent under
                the
                Credit Agreement

            

    

     

    
      	
              5.

            	
              Credit
                Agreement:

            	
              [The
                [amount] Credit Agreement dated as of _______ among [name of
                Borrower(s)], the Lenders parties thereto, [name of
                Administrative Agent], as Administrative Agent, and the other agents
                parties thereto]

            

    

     

    

      

    

    
      
        	
                1

              	
                Select
                  as applicable.

              

      

       

    

    

    
      
        
          
          

        

        
          -
            139
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              6.

            	
              Assigned
                Interest:

            

    

     

    
      	
              Facility
                Assigned2

            	
              Aggregate
                Amount of 

              Commitment/Loans
                

              for
                all Lenders3

            	
              Amount
                of 

              Commitment/Loans
                

              Assigned3

            	
              Percentage
                Assigned of Commitment/Loans4

            	
              CUSIP
                Number

            
	 	
              $

            	
              $

            	
              %

            	 
	 	
              $

            	
              $

            	
              %

            	 
	 	
              $

            	
              $

            	
              %

            	 

    

     

    [7.           Trade
      Date:                         ___________________________________]5

     

    

      

    

     

      2                 
        Fill in the appropriate terminology for the types of facilities
        under the Credit Agreement that are being assigned under this Assignment
        (e.g.
“Revolving Credit Commitment,” “Term Loan Commitment,” etc.)

    

     

      3                 
        Amount to be adjusted by the counterparties to take into account
        any payments or prepayments made between the Trade Date and the Effective
        Date.

    

     

      4                
Set
        forth, to at least 9 decimals, as a percentage of the Commitment/Loans of
        all
        Lenders thereunder.

    

     

      
        	
                5

              	
                To
                  be completed if the Assignor and the Assignee intend that the minimum
                  assignment amount is to be determined as of the Trade
                  Date.

              

      

       

    

    

    
      
        
          
          

        

        
          -
            140
            -

          
            

          

        

        
          
          

        

      

    

    

    Effective
      Date: ___________, 20___
[TO
      BE INSERTED BY ADMINISTRATIVE AGENT AND
      WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER
      THEREFOR.]

     

    The
      terms set forth in this Assignment and
      Assumption are hereby agreed to:

     

    
      	 	
              ASSIGNOR

              [NAME
                OF ASSIGNOR]

            
	 	 	 
	 	
              By:

            	 
	 	 	
              Title:

            
	 	 	 
	 	 	 
	 	
              ASSIGNEE

              [NAME
                OF ASSIGNEE]

            
	 	 	 
	 	
              By:

            	 
	 	 	
              Title:

            

    

    

    
      	 	 	 
	
              [Consented
                to and]6 Accepted:

            	 	 
	 	 	 
	
              [NAME
                OF ADMINISTRATIVE AGENT], as

              Administrative
                Agent

            	 	 
	 	 	 	 
	
              By

            	 	 	 
	 	
              Title:

            	 	 
	 	 	 	 
	
              [Consented
                to:]7

            	 	 
	 	 	 	 
	
              [NAME
                OF RELEVANT PARTY]

            	 	 
	 	 	 	 
	
              By

            	 	 	 
	 	
              Title:

            	 	 
	 	 	 	 

    

    

      

    
      6    To
        be
        added only if the consent of the Administrative Agent is required by the
        terms
        of the Credit Agreement.

    

     

      7    To
        be
        added only if the consent of the Borrower and/or other parties (e.g. Swingline
        Lender, L/C Issuer) is required by the terms of the Credit
        Agreement.

    

    

    
      
        
          
          

        

        
          -
            141
            -

          
            

          

        

        
          
          

        

      

    

    

    ANNEX
      1 to Assignment and Assumption

     

     

    [                                   ]1

     

     

    STANDARD
      TERMS AND CONDITIONS FOR

    ASSIGNMENT
      AND ASSUMPTION

     

    1.
Representations
      and
      Warranties.

     

    1.1           Assignor.
      The Assignor (a)
      represents and warrants
      that (i) it is the legal and beneficial owner
      of the Assigned Interest, (ii)
      the Assigned Interest is free and clear of
      any lien, encumbrance or
      other adverse claim and (iii) it has full power and
      authority, and has taken all action necessary, to execute and deliver this
      Assignment and Assumption and to consummate
      the transactions
      contemplated hereby; and (b) assumes no responsibility with
      respect to (i) any statements, warranties or representations
      made in or in connection with the Credit
      Agreement or any other Loan
      Document2, (ii) the execution, legality,
      validity, enforceability, genuineness, sufficiency or value of the Loan
      Documents or any collateral thereunder, (iii) the financial condition of the Borrower,
      any of its Subsidiaries or Affiliates
      or
      any other Person obligated in respect of any Loan
      Document
      or (iv) the performance or observance by the
Borrower,
      any of its Subsidiaries or Affiliates
      or any other Person of any of their
      respective obligations under any Loan Document.

     

    1.2           Assignee.
      The Assignee (a)
      represents and warrants
      that (i) it has full power and authority, and
      has taken all
      action necessary, to execute and deliver this Assignment and
      Assumption and to consummate the transactions contemplated hereby and to become
      a Lender under the Credit
      Agreement, (ii) it meets all
      requirements of an Eligible Assignee under the Credit
      Agreement (subject to
      receipt of such consents as may be required under the Credit
      Agreement), (iii) from
      and after the Effective Date, it shall be bound by the
      provisions of the Credit
      Agreement as a Lender thereunder and, to the extent of
      the
Assigned Interest, shall have the obligations
      of a Lender thereunder, (iv)
      it has received a copy
      of the Credit
      Agreement,
      together with copies of the most recent financial statements delivered pursuant
      to Section ___
      thereof, as applicable,
      and such other documents and information as it has deemed appropriate to make
      its own credit analysis and decision to enter into this Assignment and Assumption and to purchase
      the Assigned Interest on the basis of which
      it has made such analysis
      and decision independently and without reliance on the Administrative Agent or any other Lender,
      and
(v) if it is a Foreign
      Lender3, attached to the Assignment
      and
      Assumption is any documentation required to be delivered by it pursuant to
      the
      terms of the Credit
      Agreement, duly completed and executed by the Assignee; and
(b)
      agrees that (i) it will,
      independently and without reliance on the Administrative
      Agent, the Assignor or any other Lender,
      and based on such documents and information as it shall deem appropriate at
      the
      time, continue to make its own credit decisions in taking or not taking action
      under the Loan
      Documents, and (ii) it will perform in accordance with
      their terms all of the
      obligations which by the terms of the Loan
      Documents are required to be performed by it as a Lender.

     

    2.
Payments.
      From and after the Effective Date, the Administrative
      Agent shall
      make all payments in respect of the Assigned Interest
      (including payments of principal, interest, fees and other amounts) to the
      Assignee whether such amounts have accrued
      prior to, on or
      after the Effective Date. The Assignor
      and the Assignee shall make all appropriate adjustments
      in
      payments by the Administrative Agent for periods prior
      to
      the Effective Date or with respect to the making
      of this
      assignment directly between themselves. 

     

    

      

    
      
        	
                1

              	
                Describe
                  Credit Agreement at option of Administrative
                  Agent.

              

      

    

     

      
        	
                2

              	
                The
                  term “Loan Document” should be conformed to the term used in the Credit
                  Agreement.

              

      

    

     

      
        	
                3

              	
                The
                  concept of “Foreign Lender” should be conformed to the section in the
                  Credit Agreement governing withholding taxes and
                  gross-up.

              

      

       

    

    

    
      
        
          
          

        

        
          -
            142
            -

          
            

          

        

        
          
          

        

      

    

    

    3.
General
Provisions.
      This Assignment and Assumption shall be binding
      upon, and
      inure to the benefit of, the parties hereto and their respective successors
      and
      permitted assigns. This Assignment and Assumption may be
      executed in any number of counterparts, which together shall constitute one
      instrument. Delivery of an executed counterpart of a signature page of this
      Assignment and Assumption by telecopy or
      by sending a
      scanned copy by electronic mail shall be effective as delivery of a manually
      executed counterpart of this Assignment and Assumption. This
Assignment
      and Assumption shall be governed by, and
      construed in accordance with, the law governing the Credit
      Agreement.

     

     

    

    
      
        
          
          

        

        
          -
            143
            -

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      B

    LOAN
      MARKET DATA TEMPLATE

    

    Recommended
      Data Fields - At Close

    The
      items highlighted in bold are those that Loan
      Pricing Corporation (LPC) deem essential.  The
      remaining items are those that LPC has seen become more
      prominent over time as transparency has increased in the U.S.
      Loan Market.

     

    
      	
              Company
Level

            	
              Deal
                Specific

            	
              Facility
                Specific

            
	
              Issuer
                Name

            	
              Currency/Amount

            	
              Currency/Amount

            
	
              Location

            	
              Date

            	
              Type

            
	
              SIC
                (Cdn)

            	
              Purpose

            	
              Purpose

            
	
              Identification
                Number(s)

            	
              Sponsor

            	
              Tenor

            
	
              Revenue

            	
              Financial
                Covenants

            	
              Term
                Out Option

            
	 	 	
              Expiration
                Date

            
	 	
              Target
                Company

            	
              Facility
                Signing Date

            
	
              *Measurement
                of
                Risk

            	
              Assignment
                Language

            	
              Pricing

            
	
                  S&P
                Sr.
                Debt

            	
              Law
                Firms

            	
                  Base
                Rate(s)/Spread(s)/BA/LIBOR

            
	
                  S&P
                Issuer

            	
              MAC
                Clause

            	
                  Initial
                Pricing
                Level

            
	
                  Moody’s
                Sr.
                Debt

            	
              Springing
                lien

            	
                  Pricing
                Grid
                (tied to, levels)

            
	
                  Moody’s
                Issuer

            	
              Cash
                Dominion

            	
                  Grid
                Effective
                Date

            
	
                  Fitch
                Sr.
                Debt

            	
              Mandatory
                Prepays

            	
              Fees

            
	
                  Fitch
                Issuer

            	
              Restrct’d
Payments
                (Neg Covs)

            	
                  Participation
                Fee (tiered also)

            
	
                  S&P
                Implied

            	 	 
	
                       (internal
                assessment)

            	
              Other
                Restrictions

            	
                  Commitment
                Fee

            
	
                  DBRS

            	 	 
	
              Other
                Ratings

            	 	
              Annual
                Fee

            
	
              *Industry
                Classification

            	 	
                  Utilization
                Fee

            
	
                  Moody’s
                Industry

            	 	
                  LC
                Fee(s)

            
	
                  S&P
                Industry

            	 	
                  BA
                Fee

            
	
              Parent

            	 	
              Prepayment
                Fee

            
	
              Financial
                Ratios

            	 	
              Other
                Fees to Market

            
	 	 	
                  Security

            
	 	 	
                  Secured/Unsecured

            
	 	 	
                  Collateral
                and
                Seniority of Claim

            
	 	 	
                  Collateral
                Value

            
	 	 	
              Guarantors

            
	 	 	
              Lenders
                Names/Titles

            
	 	 	
              Lender
                Commitment ($)

            
	 	 	
              Commited/Uncommited

            
	 	 	
              Distribution
                method

            
	 	 	
              Amortization
                Schedule

            
	 	 	
              Borrowing
                Base/Advance Rates

            
	 	 	
              New
                Money Amount

            
	 	 	
              Country
                of Syndication

            
	 	 	
              Facility
                Rating (Loss given default)

            
	 	 	
                  S&P
                Bank
                Loan

            
	 	 	
                  Moody’s
                Bank
                Loan

            
	 	 	
                  Fitch
                Bank
                Loan

            
	 	 	
                  DBRS

            
	 	 	
                  Other
                Ratings

            

    

    

    

    

    *
      These items would be considered useful to capture from an
      analytical perspective

    

     

    

    
      
        
          
          

        

        
          -
            144
            -

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      E

    APPLICABLE
      PERCENTAGES OF LENDERS

     

    [Note:
      Applicable Percentages are nil unless otherwise noted]

    

    THE
      BANK OF NOVA SCOTIA

    

    Credit
      A1 and Credit A3 (adjusted in accordance with Section 8.2) -
      37.686437%

    Credit
      A2 (adjusted in accordance with Section 8.2) - 100%

    Credit
      A (overall) - 41.247100%

    Credit
      C - 41.247100%

    Credit
      E - 41.247100%

    

    NATIONAL
      BANK OF CANADA

    

    Credit
      A1 and Credit A3 (adjusted in accordance with Section 8.2) -
      19.056135%

    Credit
      A (overall) - 17.967200%

    Credit
      C - 17.967200%

    Credit
      E - 17.967200%

    

    BANK
      OF MONTREAL

    

    Credit
      A1 and Credit A3 (adjusted in accordance with Section 8.2) -
      10.480875%

    Credit
      A (overall) - 9.882000%

    Credit
      C - 9.882000%

    Credit
      E - 9.882000%

    

    HSBC
      BANK CANADA

    

    Credit
      A1 and Credit A3 (adjusted in accordance with Section 8.2) -
      9.909190%

    Credit
      A (overall) - 9.343000%

    Credit
      C - 9.343000%

    Credit
      E - 9.343000%

    

    BANK
      OF AMERICA, N.A., Canada Branch

    

    Credit
      A1 and Credit A3 (adjusted in accordance with Section 8.2) -
      7.622455%

    Credit
      A (overall) - 7.186900%

    Credit
      C - 7.186900%

    Credit
      E - 7.186900%

    

    SOCIETE
      GENERALE (CANADA)

    

    Credit
      A1 and Credit A3 (adjusted in accordance with Section 8.2) -
      5.716841%

    Credit
      A (overall) - 5.390200%

    Credit
      C - 5.390200%

    Credit
      E - 5.390200%

    

    

    
      
        
          
          

        

        
          -
            145
            -

          
            

          

        

        
          
          

        

      

    

    

    MERRILL
      LYNCH CAPITAL CANADA INC.

    

    Credit
      A1 and Credit A3 (adjusted in accordance with Section 8.2) -
      5.716841%

    Credit
      A (overall) - 5.390200%

    Credit
      C - 5.390200%

    Credit
      E - 5.390200%

    

    NORDEA
      BANK NORGE ASA

    

    Credit
      B - 100%

    

    JPMORGAN
      CHASE BANK N.A., Toronto Branch

    

    Credit
      A1 and Credit A3 (adjusted in accordance with Section 8.2) -
      3.811227%

    Credit
      A (overall) - 3.593400%

    Credit
      C - 3.593400%

    Credit
      E - 3.593400%

    

    

    

    

    

    
      
        
          
          

        

        
          -
            146
            -

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      F

    DETAILS
      OF CAPITAL STOCK, PROPERTY ETC.

     

    [see
      references in Sections 9.1.5(a), 10.5 and 10.6.2(e)]

     

    [See
      attached]

     

    

     

    

      
        
          
          

        

        
          -
            147
            -

          
            

          

        

        
          
          

        

      

      DETAILS
        OF CAPITAL STOCK, PROPERTY ETC.

       

      4083423
        CANADA INC.

       

      Corporate
        History

       

      Incorporated
        on June 10, 2002 under the laws of Canada as 4083423 Canada Inc.

       

      Shareholders

       

      One
        common share issued to CHC Helicopter Corporation.

       

      Nature
        of Business

       

      Used
        for selling/leasing
        aircraft.

       

      Head
        Office

       

      St.
        John’s, Newfoundland and
        Labrador

       

      Chief
        Executive Office

       

      4740
        Agar Drive, Richmond, British
        Columbia

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      See Fleet
        List
        for location of aircraft.

       

      ASTEC
        HELICOPTER SERVICES AS

      

      Corporate
        History

       

      Established
        under the laws of Norway on 15 June 2000 under the name Astec Helicopter
        Services AS

       

      Shareholders

       

      100%
        owned by Helicopter Services Group
        AS (NOK 100,000,000 fully paid)

       

      
        
          
          

        

        
          -
            148
            -

          
            

          

        

        
          
          

        

      

      

       

      Nature
        of Business

       

      Direct
        or indirect supply of services related to repair and maintenance of aircraft,
        engineering and related services.

       

      Head
        Office and Chief Executive Office

       

      Sola,
        Norway

       

      Capital
        Stock Owned

       

      None

       

      AUSTRALIAN
        HELICOPTERS TRUST

       

      Corporate
        History

       

      The
        Trust was established by an indenture dated 6 April 1993 between Bruce George
        Wales and Lloyd Helicopters International Pty. Ltd. as trustee.  The
        trust deed was amended by a Supplemental Deed of Trust dated 15 October
        1999.

       

      Unitholders

       

      Lloyd
        Bass Strait Helicopters Pty Ltd. owns 100% of its units.

       

      Nature
        of Business

       

      Manages
        helicopter overhaul and safety equipment facilities of the Lloyd Helicopter
        group

       

      Head
        Office and Chief Executive Office

       

      45
        Greenhill Road, Wayville, South Australia, 5034

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      Not
        applicable

       

      AVIATION
        PERSONNEL RECRUITMENT & MANAGEMENT (APRAM) LTD.

       

      Corporate
        History

       

      Incorporated
        under the laws of the Republic of Cyprus under the name of Aviation Consulting
        & Marketing (Middle East) Limited.  Name changed to Aviation
        Personnel Recruitment & Management (APRAM) Limited on 14 May
        1983.

      

      
        
          
          

        

        
          -
            149
            -

          
            

          

        

        
          
          

        

      

      Shareholders

       

      CHC
        Helicopters International Inc. - 10,000 shares of CYP 1,00 each.

       

      Nature
        of Business

       

      Personnel
        recruitment and management company.

      

      Head
        Office and Chief Executive Office

       

      9A
        Pindarou Street, Nicosia 1060, Cyprus

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      Not
        applicable.

       

      BOND
        HELICOPTER SERVICES LIMITED  (Company Number SC178188)

       

      Corporate
        History

       

      Incorporated
        under the laws of Scotland, 26 August 1997.  Its previous name was
        Comlaw No 447 Limited, which changed to its current name on 6 January
        1998.

       

      Shareholders

       

      Brintel
        Helicopters Limited owns 100% of:

      

      
        	
                Issued
                  share capital:

              	
                47,238,994
                  pounds, divided into 47,238,994 Ordinary Shares of
                  ₤1.00  each

                15,746,331
                  pounds, divided into 15,746,331 Redeemable Ordinary Shares of ₤1.00
                  each

              
	 	 
	
                Nominal
                  share capital:

              	
                64,000,000
                  pounds divided into 48,000,000 Ordinary shares of 1pound each and
                  16,000,000 Redeemable Ordinary shares of 1 pound
                  each.

              

      

      

      Nature
        of Business

       

      Holding
        company.

       

      Head
        Office and Chief Executive Office  (Registered
        Office)

       

      CHC
        House, Howe Moss Drive, Kirkhill Industrial Estate, Dyce, Aberdeen, AB21
        0GL

      

      
        
          
          

        

        
          -
            150
            -

          
            

          

        

        
          
          

        

      

      Capital
        Stock Owned

       

      Owns
        entire issued share capital  of CHC Scotia Limited and Bond Rotary
        Wing Limited

       

      Location
        of Property

       

      Not
        applicable; holding company

       

      BRINTEL
        HELICOPTERS LIMITED  (Company Number SC137022)

       

      Corporate
        History

       

      Incorporated
        under the laws of Scotland 9 March 1992 under the name Comlaw No. 287
        Limited

      Changed
        name to British International Helicopters (North Sea) Limited on 9 April
        1992

      Changed
        name to Brintel Helicopters Limited on 29 October 1992

       

      Shareholders

       

      Brintel
        Holdings Limited - 2 Ordinary shares  of £1.00 each

       

      Nature
        of Business

       

      Formerly
        UK operating company engaged mainly in offshore
        contracts.  Now  a holding company.

       

      Head
        Office and Chief Executive Office  (Registered
        Office)

       

      CHC
        House, Howe Moss Drive, Kirkhill Industrial Estate, Dyce, Aberdeen, AB21
        0GL

       

      Capital
        Stock Owned

       

      Owns
        100% of Vinland Denmark A/S, Bond Helicopter Services Limited and Bond
        Helicopters Limited.

      

       

      Location
        of Property

       

      Scotland

       

      BRINTEL
        HOLDINGS LIMITED (Company Number SC136650)

       

      Corporate
        History

       

      Incorporated
        under the laws of Scotland 14 February 1992 under the name Dreamexist
        Limited.  Changed name to Brintel Holdings Limited on 26 March
        1993.

      

      
        
          
          

        

        
          -
            151
            -

          
            

          

        

        
          
          

        

      

      Shareholders

       

      Canadian
        Helicopters (U.K.) Limited - 1,500,000 ordinary 20p shares, 1,000,000 "A"
        participating shares of 20p, 6,750,000 7.5% cumulative redeemable “A” preference
        and 3,250,000 7.5% cumulative redeemable “B” preference shares

       

      Nature
        of Business

       

      Holding
        company

       

      Head
        Office and Chief Executive Office (Registered Office)

       

      CHC
        House, Howe Moss Drive, Kirkhill Industrial Estate,

      Dyce,
        Aberdeen AB21 0GL

       

      Capital
        Stock Owned

       

      Owns
        all 100% of issued share capital of Brintel Helicopters Limited, Heliworld
        Leasing Limited, Multifabs Survival Limited and Whirly Bird Services
        Limited

       

      Location
        of Property

       

      Not
        applicable; holding company

       

      CANADIAN
        HELICOPTERS (U.K.) LIMITED  (Company Number SC147943)

       

      Corporate
        History

       

      Incorporated
        under the laws of Scotland 8 December 1993 under the name Ablefun Enterprises
        Limited

      Changed
        name to Canadian Helicopters (U.K.) Limited on 21 December 1993

       

      Shareholders

       

      Entire
        issued share capital held by CHC Helicopters International Inc. - 36,537,458
        ordinary shares, 5,259,000 "A" Preference shares, and 1,052,000 "B" Preference
        shares

       

      Nature
        of Business

       

      Holding
        company.

       

      Head
        Office and Chief Executive Office (Registered Office)

       

      CHC
        House, Howe Moss Drive, Kirkhill Industrial Estate,

      Dyce,
        Aberdeen AB21 0GL

       

      Capital
        Stock Owned

       

      Owns
        100% of issued share capital  of Brintel Holdings Limited and Flight
        Handling Limited (Inactive)

       

      
        
          
          

        

        
          -
            152
            -

          
            

          

        

        
          
          

        

      

      Location
        of Property

       

      Not
        applicable; holding company

       

      CAPITAL
        AVIATION SERVICES B.V.

      

      Corporate
        History

       

      Established
        under the laws of the Netherlands on 7 September 2000.  Registered at
        Chamber of Commerce & Industries for Amsterdam.

       

      Shareholders

       

      100%
        owned by Schreiner Luchtvaart
        Groep B.V. - 202 shares of EUR 100 each

       

      Nature
        of Business

       

      Fleet
        ownership and management.

       

      Head
        Office and Chief Executive Office

       

      Diamantlaan
        1, 2132WV
        Hoofddorp

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      See
        Fleet List for description and
        location of aircraft.

       

      CHC
        CAPITAL (BARBADOS) LIMITED (Company #22938)

       

      Corporate
        History

       

      Incorporated
        under the laws of Barbados on October 24, 2003 under the name CHC Asset
        Management Limited.  Changed name to CHC Capital (Barbados) Limited on
        January 23, 2004

      

      Shareholders

       

      CHC
        Helicopters (Barbados) Limited - 14,160,936 common shares

      

      Nature
        of Business

       

      Loans
        to related companies.

      

      
        
          
          

        

        
          -
            153
            -

          
            

          

        

        
          
          

        

      

      Head
        Office and Chief Executive Office

       

      Jalabash
        House, 12 Highgate Park, St. Michael, Barbados, W.I.

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      Not
        applicable, no tangible property

       

      CHC
        DENMARK ApS

       

      Corporate
        History

       

      Incorporated
        under the laws of Denmark on 1 September 1998 as a private limited company
        (anpartesselskab).  The company also conducts business under the
        secondary name Brintel Aps (CHC Denmark ApS).

       

      Shareholders

       

      Vinland
        Denmark ApS - total share capital of DKK 125,000

       

      Nature
        of Business

       

      Subcontractor
        to CHC Scotia Limited in servicing contract with Maersk Oil

       

      Head
        Office and Chief Executive Office

       

      John
        Tranumsvej 20, 6705 Esbjerg, Denmark

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      Not
        applicable; no tangible property currently owned

       

      CHC
        HELICOPTER CORPORATION

       

      Corporate
        History

       

      Incorporated
        (by amalgamation) under the laws of Canada on 10 February 1987 under the
        name
        154604 Canada Limited.

      
        
          
          

        

        
          -
            154
            -

          
            

          

        

        
          
          

        

      

      

      Articles
        of Amalgamation between CHC Helicopter Corporation and Judyth Management
        Services Limited on 5 August 1987.  Certificate of Amendment dated 7
        August 1987 amending share provisions.  Certificate of Amendment dated
        27 September 1991 to increase authorized capital.  Certificate of
        Amendment dated 23 February 1994 to change share attributes.  Articles
        of Amalgamation - Schedule I updated December 1996 to change share
        attributes.  Articles of Amendment dated 9 December 1997 to increase
        authorized capital.

       

      Shareholders

       

      Publicly
        traded, controlled by Craig L. Dobbin

       

      Nature
        of Business

       

      Holding
        company for operating subsidiaries

       

      Head
        Office

       

      St.
        John's, Newfoundland and Labrador

       

      Chief
        Executive Office

       

      4740
        Agar Drive, Richmond, British
        Columbia

       

      Capital
        Stock Owned

       

      Owns
        all shares of CHC Helicopter Holdings Limited, Viking Helicopters Limited
        and
        4083423 Canada Inc. and some shares of CHC Helicopters International
        Inc.

       

      Location
        of Property

       

      Not
        applicable; holding company

       

      CHC
        HELICOPTER HOLDINGS LIMITED

       

      Corporate
        History

       

      Incorporated
        under the laws of Ontario on 29 January 1958 under the name Norcon Builders
        Limited and continued under the laws of Canada effective 29 August 1989 under
        the name CHC Helicopter Holdings Limited.

       

      Shareholders

       

      CHC
        - 3,019 Class A Shares and 230 common shares

       

      Nature
        of Business

       

      Holding
        company.

       

      
        
          
          

        

        
          -
            155
            -

          
            

          

        

        
          
          

        

      

      Head
        Office

       

      St.
        John's, Newfoundland and Labrador

       

      Chief
        Executive Office

       

      4740
        Agar Drive, Richmond, British
        Columbia

       

      Capital
        Stock Owned

       

      Owns
        130 common shares of CHC Helicopters International Inc.

       

      Location
        of Property

       

      Not
        applicable; holding company

       

      CHC
        HELICOPTERS (AFRICA) (PROPRIETARY) LTD.

       

      Corporate
        History

       

      This
        company was incorporated as a
        company in accordance with the laws of the Republic of South Africa on 13
        June
        1960 under the name “Autair Helicopters SA (Proprietary) Limited”. It thereafter
        changed its name to Court Line Helicopters (Proprietary) Limited on 3 June
        1971,
        again changed its name on 31 January 1975 to Court Helicopters (Proprietary)
        Limited and changed its name to CHC Helicopters (Africa) (Proprietary) Limited
        on 17 January 2001. The original registration number of the company was
        60/02212/07 but as a result of the change of numbering in the Companies’ Office
        its current registration is 1960/002212/07.

       

      Shareholders

       

      Court
        Air (Proprietary) Ltd. owns 100% of 135 issued shares of R2.00
        each.

       

      Nature
        of Business

       

      The
        Company is the Group’s main operating company providing helicopter support
        service.  Its core business focus is that of helicopter service to
        offshore oil, gas and diamond mining operations.

       

      Head
        Office and Chief Executive Office

       

      Cape
        Town International Airport, Cape Town, South Africa

       

      Capital
        Stock Owned

       

      Owns
        100% of shares of CHC Helicopters (South Africa) (Proprietary)
        Ltd..

       

      
        
          
          

        

        
          -
            156
            -

          
            

          

        

        
          
          

        

      

      Location
        of Property

       

      Lease
        property at CTI Airport, Cape Town Docks, Durban, George (Soeker), V&A
        Waterfront and Johannesburg, South Africa.

      

      See
        Fleet List for locations of
        aircraft.

      

      CHC
        HELICOPTERS (BARBADOS) LIMITED (Company #10852)

       

      Corporate
        History

       

      Incorporated
        under the laws of Barbados on 14 June 1995 under the name Canadian Helicopters
        (Barbados) Limited.  Name changed to CHC Helicopters (Barbados)
        Limited on March 22, 2002.

      Barbados
        International Business Company.

       

      Shareholders

       

      CHC
        Helicopters International Inc. - 23,317 Class A redeemable preference shares,
        36,760,936 common shares.

       

      Nature
        of Business

       

      Owns
        or leases (purchase/finance) aircraft which are leased to CHC Leasing (Barbados)
        Limited.  Lender in various transactions with other
        Obligors.

      

      Head
        Office and Chief Executive Office

       

      Jalabash
        House, 12 Highgate Park, St. Michael, Barbados, W.I.

       

      Capital
        Stock Owned

       

      Owns
        100% of CHC Leasing (Barbados) Limited and CHC Capital (Barbados) Limited
        (formerly CHC Asset Management Ltd.)

       

      Location
        of Property

       

      See
        Fleet List for location of aircraft.

       

      CHC
        HELICOPTERS (MAURITIUS) LIMITED

       

      Corporate
        History

       

      Incorporated
        under the laws of the British Virgin Islands on 14 September 1988, continued
        under the laws of the Republic of Mauritius on 6 May 1998.  Formerly
        Court Helicopters Limited name changed 15 May 2002.

       

      
        
          
          

        

        
          -
            157
            -

          
            

          

        

        
          
          

        

      

      Shareholders

       

      Authorized
        share capital is 50,000 ordinary shares of US $1.00 each.  Issued
        share capital is one ordinary share held by Helicopter Services Group
        AS

       

      Nature
        of Business

       

      Leasing
        and subleasing of aircraft

       

      Head
        Office and Chief Executive Office (Registered Office)

       

      Les
        Jamalacs, Vieux Conseil Street, Port Louis, Mauritius

       

      Capital
        Stock Owned

       

      Owns
        49% of stock of CHC Helicopters (Namibia) (Pty) Ltd. (formerly Helinamib
        (Pty.)
        Ltd.), a corporation incorporated in Namibia

       

      Location
        of Property

       

      None

       

      CHC
        HELICOPTERS INTERNATIONAL INC.

       

      Corporate
        History

       

      Articles
        of Amalgamation dated 1 May 1996 between Canadian Helicopters Limited,
        Helicopter Welders of Canada Ltd, Viking Helicopters (Maritimes)
        Ltd./Helicopteres Viking (Maritimes) Ltee and Summerside Aerospace Centre
        Limited.  The name of the company was changed to CHC Helicopters
        International Inc. (“CHII”) on 5 February 2001.  Atlantic Turbines
        Inc. amalgamated with CHII on 1 May 2001.  4235819 Canada Inc.
        (formerly Canadian Helicopters (International) Limited which was formerly
        Canadian Helicopter Services (Myanmar) Limited) amalgamated with CHII on
        30
        April 2004.

       

      Shareholders

       

      CHC
        Helicopter Corporation - 11,729,200 common shares and 6,619 Class A - Series
        2

      CHC
        Helicopter Holdings Limited - 130 common shares

      Viking
        Helicopters Limited - 100 Class A - Series 1 and 22,039 Class A - Series
        2

      

      Nature
        of Business

       

      Holds
        shares in various other companies as noted below.  Owns all real
        property located in Canada.

       

      International
        Division: supplies helicopters for work in oil industry around the world;
        participates in joint venture arrangements in Thailand (Thai Aviation Services
        -
        CHII has a 30% interest); Peru; Azerbaijan (East West Helicopters Limited
        - CHII
        has a 25% interest); Saudi Arabia (CHII receives 90% of proceeds); Myanmar
        (CHII
        uses an agent to whom an annual fee is paid); and Brunei (CHII uses an agent
        to
        whom a 10% annual fee is paid).  Owns shares of other corporations
        referred to below.

       

      
        
          
          

        

        
          -
            158
            -

          
            

          

        

        
          
          

        

      

      Corporate
        Division:  Executive office functions for CHC group of
        companies

       

      Flight
        Division:  Base operation at St. John’s International Airport (Sale
        pending)

       

      Head
        Office Chief Executive Office

       

      St.
        John's, Newfoundland and Labrador

       

      Chief
        Executive Office

       

      4740
        Agar Drive, Richmond, British
        Columbia

       

      Capital
        Stock Owned

       

      Owns
        100% of shares of Canadian Helicopters (UK) Limited, CHC Helicopters (Barbados)
        Limited, Pacific Aerospace Services Inc.(inactive), 297303 British Columbia
        Limited (inactive), 6248276 Canada Inc., CHC Sweden AB and Aviation Personnel
        Recruitment & Management (APRAM) Ltd.

       

      Owns
        interests in CHC Composites Inc., formerly Newfoundland Bonding & Composites
        Ltd. (100% of common shares plus one Class A Special Share, one Class B Special
        Share, one Class C Special Share and one Class D Special Share), Canadian
        Helicopters Limited, formerly 3793486 Canada Limited (45%), Slemon Park
        Corporation (40%), Canadian Helicopters Philippines International Incorporated,
        formerly Lloyd Helicopters Philippines Inc. (40%), Thai Aviation Services
        Ltd.
        (30%), OSCO & CHL Arabia Limited (90%), Myanmar Helicopters International
        Ltd. (49%), Aero Turbine Support Ltd. (60%)

       

      Location
        of Property

       

      Richmond,
        BC                          Offices
        and hangar

      Halifax,
        NS                                Offices
        and hanger

      St.
        John’s,
        NF                           Offices
        and hanger (Sale pending)

       

      See
        Fleet List for location of aircraft.

       

      CHC
        HELIKOPTER SERVICE AS

       

      Corporate
        History

       

      Established
        under the laws of Norway on 21 April 1995 under the name Helikopter Service
        AS.  Its organization number is 974 414 228.

       

      
        
          
          

        

        
          -
            159
            -

          
            

          

        

        
          
          

        

      

      

       

      Shareholders

       

      Helicopter
        Services Group AS owns 100% of NOK 310,000,000 divided into 3,100 ordinary
        shares each with a nominal value of NOK 100,000.

       

      Nature
        of Business

       

      The
        company’s main objects include rental of transport activities with helicopters
        and planes, transport generally, trade, financing and insurance, industry,
        management of real estate and matters connected with the above, together
        with
        participation as shareholder or otherwise in other business.

       

      HS
        provides flight, training and leasing services to the Norwegian offshore
        oil and
        gas industry.

       

      Head
        Office and Chief Executive Office

       

      Sola,
        Norway

       

      Capital
        Stock Owned

       

      Scancopter
        AS                                                      (100%)

      

       

      Location
        of Property

       

      Lease
        property at Kristiansund, Bergen, Floro and Stavanger.

      

      CHC
        IRELAND LIMITED (Registration Number 218246)

       

      Corporate
        History

       

      Incorporated
        under the laws of Ireland on 7 June 1994.  Formerly Bond Helicopters
        (Ireland) Ltd. Name change 8 November 2000.

       

      Shareholders

       

      CHC
        Scotia Limited owns 100% of:

       

      Issued
        share
        capital:                                              80,0002
        Ordinary Shares of 1 Irish pound each

      Nominal
        share
        capital:                                           1,000,000
        Ordinary Shares of 1 Irish pound each.

       

      Nature
        of Business

       

      The
        principal activity of the Company is aviation operations.  Its
        principal operations are based on contracts for helicopter support from Cork
        Airport to Marathon's Kinsale Head gas field and search and rescue cover
        for the
        Irish Department of the Marine from Shannon Airport and Dublin
        Airport.

       

      
        
          
          

        

        
          -
            160
            -

          
            

          

        

        
          
          

        

      

      Head
        Office and Chief Executive Office  (Registered
        Office)

       

      Cork
        Airport

      Cork

      Ireland

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      Lease
        offices and hangars in Cork, Swords and Shannon Airport, Ireland

      

      CHC
        LEASING (BARBADOS) LIMITED (Company #10851)

       

      Corporate
        History

       

      Incorporated
        under the laws of Barbados on 14 June 1995 under the name CHL Leasing (Barbados)
        Limited.  Name changed to CHC Leasing (Barbados) Limited on April 2,
        2002.

      Barbados
        Domestic Company.

       

      Shareholders

       

      CHC
        Helicopters (Barbados) Limited - 1 common share.

       

      Nature
        of Business

       

      Sub-leases
        aircraft to CHC Helicopters International Inc.’s non-Canadian related operations
        such as Integra Leasing A.S., Thai Aviation Services Ltd. and Brintel Holdings
        Limited.

       

      Head
        Office and Chief Executive Office

       

      Jalabash
        House, 12 Highgate Park, St. Michael, Barbados, W.I.

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      Not
        applicable; no tangible property

       

      
        
          
          

        

        
          -
            161
            -

          
            

          

        

        
          
          

        

      

      CHC
        NETHERLANDS BV

       

      Corporate
        History

       

      Established
        under the laws of the Netherlands on 13 January 2004.  Registered
        under the Chamber of Commerce & Industries in Amsterdam.

       

      Shareholders

       

      100%
        owned by CHC Sweden AB - 181
        shares of EUR 100 each

       

      Nature
        of Business

       

      Holding
        company

       

      Head
        Office and Chief Executive Office

       

      Amsterdam,
        The Netherlands

       

      Capital
        Stock Owned

       

      Owns
        100% of Schreiner Luchtvaart Groep B.V.

       

      Location
        of Property

       

      Not
        applicable

       

      CHC
        SCOTIA LIMITED  (Company Number 936569)

       

      Corporate
        History

       

      Incorporated
        under the laws of England and Wales on 2 August 1968 under the name Jorob
        Limited.  Name changed to Management Aviation Limited on 21 August
        1968.  Name changed to Bond Helicopters Limited on October 1,
        1984.  Name changed to Scotia Helicopter Services Limited on 5 July
        2000.  Name changed to CHC Scotia Limited on 18 October
        2000.

       

      Shareholders

       

      Bond
        Helicopter Services Limited owns 4,929,780 Ordinary Shares of
₤1.00  each.

       

      
        	
                Issued
                  share capital:

              	
                4,929,780
                  Ordinary Shares of ₤1.00 each

              
	
                Nominal
                  share capital:

              	
                5,500,000
                  Ordinary Shares of ₤1.00 each

              

      

       

      Nature
        of Business

       

      The
        principal UK trading subsidiary carrying on the business of providing offshore
        helicopter services in the UK.

       

      Its
        principal operations include helicopter transportation service to customers
        in
        the oil and gas production industry (operating primarily in the UK continental
        shelf area).

       

      
        
          
          

        

        
          -
            162
            -

          
            

          

        

        
          
          

        

      

      

       

      Head
        Office and Chief Executive Office  (Registered
        Office)

       

      North
        Denes Airfield

      Caister
        Road

      Caister
        On Sea

      Great
        Yarmouth                                NR30
        5TF

       

      Capital
        Stock Owned

       

      CHC
        Ireland Limited - 100%

      North
        Denes Aerodrome Ltd. - 100%

      Scotia
        Helicopter Services Limited (inactive) - 100%

      Viscom
        (Aberdeen) Limited - 33.3%

      Quillion
        Group Limited - 11% of issued Ordinary shares and 45% of issued 10% Cumulative
        Redeemable Shares

      

       

      Location
        of Property

       

      Owns
        property as follows:

       

      Aberdeen                      Office
        and workshop

      Shetland                      House
        and Building

       

      

      Leases
        property as follows:

      
        	 	
                Aberdeen

              	
                Hangers,
                  Ground Lease, Cargo building

              
	 	
                Peterhead

              	
                Ground
                  Lease

              
	 	
                Sumburgh
                  Airport

              	
                Ground
                  Lease

              
	 	
                Humberside
                  Airport (England)

              	
                Ground
                  Lease

              
	 	
                Liverpool
                  Airport

              	
                Ground
                  Lease

              
	 	
                Blackpool
                  Airport

              	
                Hanger
                  and Terminal

              

      

      

      See
        Fleet List for locations of aircraft

       

      CHC
        SWEDEN AB

       

      Corporate
        History

       

      Established
        under the laws of Sweden on 24 October 2002 under the name Stiftaren
        7747AB.  Name changed to CHC Sweden AB on 5 February
        2004.

       

      Shareholders

       

      100%
        owned by CHC Helicopters
        International Inc.

       

      Nature
        of Business

       

      Holding
        company.

       

      
        
          
          

        

        
          -
            163
            -

          
            

          

        

        
          
          

        

      

      

       

      Head
        Office and Chief Executive Office

       

      Stockholm,
        Sweden

       

      Capital
        Stock Owned

       

      Owns
        100% of CHC Netherlands
        BV

       

      Location
        of Property

       

      Not
        applicable.

       

      COURT
        AIR (PROPRIETARY) LTD.

       

      Corporate
        History

       

      This
        company was incorporated as a
        company in accordance with the laws of the Republic of South Africa on 20
        July
        1970 under the name “Heli Marine (Proprietary) Limited”. It thereafter changed
        its name to Court Air (Proprietary) Limited on 7 August 1999. The original
        registration number of the company was 70/9448/07 but as a result of the
        change
        of numbering in the Companies’ Office its current registration is
        1970/009448/07.

       

      Shareholders

       

      Court
        Helicopter Services (Proprietary) Ltd. owns 100,000 shares of R1,00
        each.

       

      Nature
        of Business

       

      Holding
        company.

       

      Head
        Office and Chief Executive Office

       

      Cape
        Town International Airport, Cape Town, South Africa

       

      Capital
        Stock Owned

       

      
        	
                CHC
                  Helicopters (Africa) (Proprietary) Ltd.

              	 	
                (100%)

              
	
                Court
                  Flight Safety (Proprietary) Ltd.

              	 	
                (100%)

              
	
                Court
                  Republic Helicopters (Proprietary) Ltd. (dormant)

              	 	
                (100%)

              
	
                Cape
                  Aero Services (Proprietary) Ltd. (dormant)

              	 	
                (100%)

              
	
                Helicopter
                  Services (Proprietary) Ltd.

              	 	
                (48%)

              

      

      Location
        of Property

       

      Not
        applicable; holding company

       

      
        
          
          

        

        
          -
            164
            -

          
            

          

        

        
          
          

        

      

      

       

      COURT
        HELICOPTER SERVICES (PROPRIETARY) LTD.

       

      

      Corporate
        History

       

      This
        company was incorporated as a
        company in accordance with the laws of the Republic of South Africa on 17
        August
        1965 under the name “Murray & Roberts Industrialised Buildings (Cape)
        (Proprietary) Limited”.  It thereafter changed its name to Court Air
        Holdings (Proprietary) Limited on 3 June 1975 and then changed its name once
        again to Court Helicopter Services (Proprietary) Limited on 13 August
        1999.  The original registration number of the company was 65/7024/07
        but as a result of the change of numbering in the Companies’ Office its current
        registration is 1965/007024/07.

       

      Shareholders

       

      Helicopter
        Services Group AS owns 100% of 1,000 shares of R1,00 each.

       

      Nature
        of Business

       

      Holding
        company

       

      Head
        Office and Chief Executive Office

       

      Cape
        Town International Airport, Cape Town, South Africa

       

      Capital
        Stock Owned

       

      Owns
        100% of Court Air (Proprietary) Ltd.

       

      Location
        of Property

       

      Not
        applicable; holding company

       

      FLIGHT
        HANDLING LIMITED  (Company Number SC164266) (Inactive)

       

      Corporate
        History

       

      Incorporated
        under the laws of Scotland 19 March 1996 under name Firstmarch
        Limited.

      Changed
        name to Flight Handling Limited on 30 April 1996.

       

      Shareholders

       

      Canadian
        Helicopters (U.K.) Limited - 2 Ordinary £1.00 shares - 100% Ordinary
        shares

       

      Nature
        of Business

       

      Inactive.  Holds
        mortgages of Aircraft registered in Denmark to secure its indemnity in favour
        of
        the Lenders.

       

      
        
          
          

        

        
          -
            165
            -

          
            

          

        

        
          
          

        

      

      Head
        Office and Chief Executive Office  (Registered
        Office)

       

      CHC
        House, Howe Moss Drive, Kirkhill Industrial Estate,

      Dyce,
        Aberdeen AB21 0GL

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      Not
        applicable; no tangible property

       

      HANDELSMAATSCHAPPIJ
        SCHREINER & CO. B.V. - SCHREINER & CO. B.V.

       

      Corporate
        History

       

      Established
        under the laws of The Netherlands on 30 March 1973.  Registered under
        the Chamber of Commerce & Industries of Amsterdam.

       

      Shareholders

       

      100%
        owned by Schreiner Luchtvaart
        Groep B.V. - 200 shares of NLG 1,000 each

       

      Nature
        of Business

       

      Carrying
        on a trade and agency business within aviation and other related
        industries.

       

      Head
        Office and Chief Executive Office

       

      Diamantlaan
        1, 2132 WV Hoofddorp, The
        Netherlands

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      Not
        applicable

       

      HELICOPTER
        SERVICES GROUP AS

       

      Corporate
        History

       

      Established
        under the laws of Norway on 20 February 1956 under the name “Helikopter Service
        AS.”  The name was changed to Helicopter Services Group ASA on 19
        February 1996 and to Helicopter Services Group AS in November 1999. Its
        organisation number is 912 582 914.

       

      
        
          
          

        

        
          -
            166
            -

          
            

          

        

        
          
          

        

      

      Shareholders

       

      Vinland
        Holding AS (formerly Vinland Helicopters AS) - 100%.

      The
        share capital consists of NOK 236,927,427.50 divided into 20,602,385 ordinary
        shares of NOK 11.50.

       

      Nature
        of Business

       

      Holding
        company.

       

      Head
        Office and Chief Executive Office

       

      Stavanger,
        Lufthavn

      Sola

      4050
        Sola

      Norway

       

      Capital
        Stock Owned

       

      
        	
                Lloyd
                  Helicopter Services Limited

              	
                (100%)

              
	
                Court
                  Helicopter Services (Proprietary) Ltd.

              	 
	
                 (formerly
                  Court Air Holdings (Proprietary) Ltd.

              	
                (100%)

              
	
                CHC
                  Helikopter Service AS

              	
                (100%)

              
	
                Astec
                  Helicopter Services AS

              	
                (100%)

              
	
                CHC
                  Reinsurance S.A.

              	
                (99.9%)

              
	
                Heliwest
                  AS

              	
                (100%)

              
	
                CHC
                  Helicopters (Mauritius) Limited

              	
                (100%)

              
	
                 

              	 
	
                Brazilian
                  Helicopter Services

              	
                (10%)

              

      

       

      Location
        of Property

       

      Norway

       

      Real
        Property Owned or Leased

       

      Owns
        two properties in Stavanger and leases properties in Oslo, Sola, Bergen and
        Bodρ.

       

      HELIWEST
        AS

       

      Corporate
        History

       

      Established
        under the laws of Norway on 31 January 1970 under the name Heliwest
        AS.  Its organization number is 819 569 762.  Its Articles
        of Association were adopted at the extraordinary general meeting on 31 January
        1970 with subsequent amendments at the latest at the ordinary general meeting
        on
        30 April 1997.

       

      
        
          
          

        

        
          -
            167
            -

          
            

          

        

        
          
          

        

      

      Shareholders

       

      Helicopter
        Services Group AS owns 100% of NOK 1,500,000 divided into 1,500 ordinary
        shares
        of NOK 1,000 each.

       

      Nature
        of Business

       

      Owns
        or has other interests in aircraft that are operated by related
        companies.

       

      Head
        Office and Chief Executive Office

       

      Sola,
        Norway.

       

      Capital
        Stock Owned

       

      CHC
        Reinsurance SA - 3 of 500,000 shares

       

      Location
        of Property

       

      Lease
        property at Voss.

      

      HELIWORLD
        LEASING LIMITED (Company Number 4413202)

       

      Corporate
        History

       

      Incorporated
        under the laws of England and Wales on 10 April 2002 under the name Zoneclimb
        Limited.  Name changed to Heliworld Leasing Limited on 26 April
        2002.

      

      Shareholders

      

      Brintel
        Holdings Limited - 1 Ordinary share of ₤1.00

      

      Nature
        of Business

      

      The
        principal activity of the company is that of helicopter lessor.

      

      Head
        Office & Chief Executive Office (Registered Office)

      

      North
        Denes Airfield, Caister Road, Caister on Sea, Great Yarmouth, Norfolk, England,
        NR30 5TR

      

      Capital
        Stock Owned

      

      None

      

      
        
          
          

        

        
          -
            168
            -

          
            

          

        

        
          
          

        

      

      Location
        of Property

      

      Not
        applicable.

      

      INTEGRA
        LEASING AS

       

      Corporate
        History

       

      Incorporated
        under the laws of Norway on 30 November 1992

      Limited
        company

      Organization
        number 966 705 175

       

      Shareholders

       

      Vinland
        Holding AS - 100  shares, each with nominal value of NOK
        1000

       

      Nature
        of Business

       

      Used
        for international leasing of certain Aircraft owned by CHII or CHB

       

      Head
        Office and Chief Executive Office

       

      c/o
        Wiersholm Mellbye & Bech

      Oslo,
        Norway

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      Not
        applicable; no tangible property

       

      LLOYD
        BASS STRAIT HELICOPTERS PTY LTD.

       

      Corporate
        History

       

      Incorporated
        on 15 December 1981.  The company was originally called Bass Strait
        Helicopters Pty Ltd and changed its name on 8 January 1982 to its current
        name.  The Memorandum and Articles of Association were replaced and a
        new set of standard Memorandum and Articles of Association adopted on 25
        February 1998.  The Constitution was amended on 30 January
        2004.

       

      Shareholders

      Lloyd
        Helicopter Services Pty Ltd. - 2 ordinary fully paid shares.

       

      The
        share capital of the company is $100,000 divided into 100,000 shares of $1.00
        each.

       

      Nature
        of Business

      Carried
        on operations before 1993.  Now holding company.

       

      
        
          
          

        

        
          -
            169
            -

          
            

          

        

        
          
          

        

      

      Head
        Office and Chief Executive Office

       

      45
        Greenhill Road, Wayville, South Australia, 5034

       

      Capital
        Stock Owned

       

      Owns
        100% of shares of Lloyd Helicopters International Pty Ltd. and The Australian
        Helicopters Trust.  Owns 33-1/3 % of Lloyd Off-Shore Helicopters Pty
        Ltd.

       

      Location
        of Property

      Not
        applicable; holding company

       

      LLOYD
        HELICOPTER SERVICES LIMITED  (Company Number SC181461)

       

      Corporate
        History

       

      Incorporated
        under the laws of Scotland on 12 December 1997.

       

      Shareholders

       

      Helicopter
        Services Group AS owns 100% of:

       

      
        	
                Issued
                  share capital:

              	 	
                Aus$40,000,000

              
	
                Nominal
                  share capital:

              	 	
                Aus$40,000,000
                  divided into 30,000,000 Ordinary Shares of  Aus. $1 each and
                  10,000,000 Redeemable Ordinary shares of Aus. $1
                  each.

              

      

       

      Nature
        of Business

       

      Acts
        as the UK holding company for HSG's Australian operations.  It does
        not otherwise trade.

       

      Head
        Office and Chief Executive Office  (Registered
        Office)

       

      CHC
        House, Howe Moss Drive, Kirkhill Industrial Estate, Dyce, Aberdeen, AB21
        0GL

      

      Capital
        Stock Owned

       

      Owns
        100% of issued share capital  of Management Aviation
        Limited.

       

      Location
        of Property

       

      Not
        applicable; holding company

       

      
        
          
          

        

        
          -
            170
            -

          
            

          

        

        
          
          

        

      

      LLOYD
        HELICOPTER SERVICES PTY LTD.

       

      Corporate
        History

       

      Incorporated
        on 10 December 1992.  The company was originally called Marcuto Pty
        Ltd. and changed its name on 12 July 1996 to its current name.  The
        Constitution was amended on 29 January 2004.

       

      Shareholders

       

      Management
        Aviation Ltd. owns 100% of 54,800,000 ordinary fully paid shares.

       

      Nature
        of Business

       

      Holding
        company for the Lloyd Helicopter group

       

      Head
        Office and Chief Executive Office

       

      45
        Greenhill Road, Wayville, South Australia, 5034

       

      Capital
        Stock Owned

       

      Owns
        100% of shares of Lloyd Bass Strait Helicopters Pty Ltd. and Lloyd Helicopters
        Pty Ltd., and 66-2/3 % of the shares of Lloyd Off-Shore Helicopters Pty.
        Ltd.

       

      Location
        of Property

       

      Own
        property in Adelaide, South Australia

       

      

      LLOYD
        HELICOPTERS INTERNATIONAL PTY LTD.

       

      Corporate
        History

       

      Incorporated
        on 26 March 1990.  The company was originally called Dunshee Pty Ltd.
        and changed its name on 13 July 1990 to its current name.  The
        Memorandum and Articles of Association of the Company were replaced and a
        new
        Constitution was adopted on 21 April 1999.  The Constitution was
        amended on 30 January 2004.

       

      Shareholders

       

      Lloyd
        Bass Strait Helicopters Pty Ltd. - 2 ordinary fully paid shares.

       

      The
        share capital of the company is $1,000,000 divided into 1,000,000 shares
        of
        $1.00 each.

       

      Nature
        of Business

       

      This
        company is used for international contracts.  It is also the Lloyd
        party to the off-shore joint venture arrangements.

       

      
        
          
          

        

        
          -
            171
            -

          
            

          

        

        
          
          

        

      

      Head
        Office and Chief Executive Office

       

      45
        Greenhill Road, Wayville, South Australia, 5034

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      See
        Fleet List for location of aircraft.

       

      LLOYD
        HELICOPTERS PTY LTD.

       

      Corporate
        History

       

      Incorporated
        on 22 February 1980.  The Constitution was amended on 30 January
        2004.

       

      Shareholders

       

      Lloyd
        Helicopter Services Pty Ltd - 1,000 A Class shares.

       

      Nature
        of Business

       

      Corporate
        / management support company for the Lloyd Helicopter group.  Costs
        are passed on to operating companies.  The company is registered as
        the employer for the purposes of payment of group employment and payroll
        taxes

       

      Head
        Office and Chief Executive Office

       

      45
        Greenhill Road, Wayville, South Australia, 5034

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      Lease
        property located in/at Adelaide, Richmond, Karratha Airport, Marrara, Renmark
        Airfield and Canberra Airport.

       

      See
        Fleet List for location of aircraft.

       

      LLOYD
        OFF-SHORE HELICOPTERS PTY LTD.

       

      Corporate
        History

       

      Incorporated
        on 27 October 1981.  The Constitution was amended on 30 January
        2004.

       

      
        
          
          

        

        
          -
            172
            -

          
            

          

        

        
          
          

        

      

      Shareholders

       

      Lloyd
        Bass Strait Helicopters Pty Ltd - one ordinary fully paid share

       

      Lloyd
        Helicopter Services Pty. Ltd. - two ordinary fully paid shares.

       

      The
        share capital of the company is $100,000 divided into 100,000 shares of $1.00
        each.

       

      Nature
        of Business

       

      This
        company is the contract holder / operator for all of the group's Australian
        contracts and operations.  It owns the majority of the group's
        helicopters.

       

      Head
        Office and Chief Executive Office

       

      45
        Greenhill Road, Wayville, South Australia, 5034

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      See
        Fleet List for location of
        aircraft.

       

      LUCHTVAARTMAATSCHAPPIJ
        SCHREINER AIRWAYS B.V.

      

      Corporate
        History

       

      Established
        under the laws of The Netherlands on 2 December 1972.  Registered
        under the Chamber of Commerce & Industries of Amsterdam.

       

      Shareholders

       

      100%
        owned by Schreiner Luchtvaart
        Groep B.V. - 200 shares of NLG 1,000 each

       

      Nature
        of Business

       

      Conducting
        aviation operations (outside Europe)

       

      Head
        Office and Chief Executive Office

       

      Diamantlaan
        1, 2132 WV Hoofddorp, The
        Netherlands

       

      Capital
        Stock Owned

       

      
        	
                Aerocoop
                  B.V. Rotterdam

              	 	
                (100%)

              
	
                Schreiner
                  Airways Panama S.A.

              	 	
                (100%)

              
	
                Schreiner
                  Airways Panama Operating S.A.

              	 	
                (100%)

              
	
                Aero
                  Contractors Services Philippines Inc.

              	 	
                (30%)

              

      

      

      
        
          
          

        

        
          -
            173
            -

          
            

          

        

        
          
          

        

      

      Location
        of Property

       

      Not
        applicable

       

      MANAGEMENT
        AVIATION LIMITED  (Company Number 872372)

       

      Corporate
        History

       

      Incorporated
        under the laws of England and Wales on 25 February 1966 under the name Bond
        Helicopters Limited.  Name changed to Management Aviation Limited on 1
        October 1984.

       

      Shareholders

       

      Lloyd
        Helicopter Services Limited owns 100% of:

       

      
        	
                Issued
                  share capital:

              	
                25,651,354
                  Ordinary shares of ₤1.00 each

              
	
                Nominal
                  share capital:

              	
                25,651,354
                  pounds divided into 25,651,354 Ordinary shares of 1 pound
                  each.

              

      

       

      Nature
        of Business

       

      Holding
        company.  Its purpose is also to protect the name “Management Aviation
        Limited”.

       

      Head
        Office and Chief Executive Office  (Registered
        Office)

       

      North
        Denes Airfield

      Caister
        Road

      Caister
        On Sea

      Great
        Yarmouth                                NR30
        5TF

      England

       

      Capital
        Stock Owned

       

      Owns
        100% of shares of Lloyd Helicopter Services Pty Ltd.

       

      Location
        of Property

       

      Not
        applicable; holding company

       

      
        
          
          

        

        
          -
            174
            -

          
            

          

        

        
          
          

        

      

      MULTIFABS
        SURVIVAL LIMITED (Company Number SC188500)

       

      Corporate
        History

       

      Incorporated
        under the laws of Scotland on 13 August 1998 under the name Ledge 412
        Limited.  Name changed to Multifabs Holdings Limited on 21 December
        1998 and then to Multifabs Survival Limited on 26 February 1999.

      

      Shareholders

       

      Brintel
        Holdings Limited - 854,000 Ordinary shares of ₤1 each

       

      Nature
        of Business

       

      Manufacturing,
        sale, rental and maintenance of off-shore survival suits.

       

      Head
        Office and Chief Executive Office  (Registered
        Office)

       

      CHC
        House, Howe Moss Drive, Kirkhill Industrial Estate, Dyce, Aberdeen, AB21
        0GL.

       

      Capital
        Stock Owned

       

      Own
        100% of Kirkhill (Dormant) Limited and Multifabs Survival Inc. (both dormant
        companies)

       

      Location
        of Property

       

      Lease
        offices and units in Aberdeen, Peterhead, North Denes, North Lincolnshire
        and
        Blackpool.

       

      NORTH
        DENES AERODOME LTD.  (Company Number 555902)

       

      Corporate
        History

       

      Incorporated
        under the laws of England and Wales on 13 October 1955.  Its previous
        name was Anglian Air Charter Limited which changed on 7 January
        1971.

       

      Shareholders

       

      CHC
        Scotia Limited owns 100% of:

       

      
        	
                Issued
                  share capital:

              	
                798
                  Ordinary Shares of 1 pound each

              
	
                Nominal
                  share capital:

              	
                1,000
                  pounds divided into 1,000 Ordinary Shares of 1 pound
                  each.

              

      

      

       

      
        
          
          

        

        
          -
            175
            -

          
            

          

        

        
          
          

        

      

      Nature
        of Business

       

      The
        Company owns and operates the airfield at North Denes, Great
        Yarmouth.  It also owns a number of aircraft that are operated by CHC
        Scotia Limited.

       

      Head
        Office and Chief Executive Office  (Registered
        Office)

       

      
        	
                North
                  Denes Airfield

              	 
	
                Caister
                  Road

              	 
	
                Caister
                  On Sea

              	 
	
                Great
                  Yarmouth

              	
                NR30
                  5TF

              

      

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      Lease
        at North Denes Airfield.

       

      See
        Fleet List for locations of aircraft.

       

      SCANCOPTER
        AS

       

      Corporate
        History

       

      Established
        under the laws of Norway on 4 April 1994.  Its organization number is
        970 923 829.

       

      Shareholders

       

      CHC
        Helikopter Service AS owns 1000 shares of NOK 1000 each.  Share
        capital NOK 1,000,000.

       

      Nature
        of Business

       

      The
        objects of the Company are to carry on a trade and agency business within
        aviation and other related industries, together with related businesses,
        including participating in other enterprises with equivalent
        activities.

       

      The
        main operations of Scancopter are trade and agency activities within aircraft
        and other related industries.

       

      Head
        Office and Chief Executive Office

       

      Bærum,
        Norway.

       

      Capital
        Stock Owned

       

      None

       

      
        
          
          

        

        
          -
            176
            -

          
            

          

        

        
          
          

        

      

      Location
        of Property

       

      Leases
        property at
        Fornebu.

       

      SCHREINER
        AIR TARGET SERVICES B.V.

      

      Corporate
        History

       

      Established
        under the law of the Netherlands on August 16, 1991.  Registered under
        the Chamber of Commerce & Industries for Noordwest-Holland.

       

      Shareholders

       

      100%
        owned by Schreiner Luchtvaart
        Groep B.V. - 40 shares of NLG 1,000 each

       

      Nature
        of Business

       

      Conducting
        target operations for the Dutch Ministry of Defence until the end of
        2004.

       

      Head
        Office and Chief Executive Office

       

      Duinweg
        21, 1759NW
        Callantsoog

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      Use
        of property of the Dutch Ministry of Defence during the contract period until
        the end of 2004.

       

      SCHREINER
        AIRCRAFT MAINTENANCE B.V.

      

      Corporate
        History

       

      Established
        under the laws of the Netherlands on 29 September 1987.  Registered
        under the Chamber of Commerce & Industries for Zuid-Limburg.

       

      Shareholders

       

      100%
        owned by Schreiner Luchtvaart
        Groep B.V. - 400 shares of NLG 1,000 each

       

      Nature
        of Business

       

      Maintenance
        of fixed wing aircraft

       

      Head
        Office and Chief Executive Office

       

      Horsterweg
        19, 6199AC
        Maastricht-Airport

       

      
        
          
          

        

        
          -
            177
            -

          
            

          

        

        
          
          

        

      

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      Long
        lease of land at Horsterweg 19,
        Maastricht Airport.  Owns the building at this land.

       

      SCHREINER
        CANADA LIMITED

       

      

      Corporate
        History

       

      Established
        under the laws of Ontario on May 19, 1999.

       

      SALE
        OF COMPANY TO COMPLETE BY DECEMBER 24, 2004

       

      Shareholders

       

      100%
        owned by Schreiner Luchtvaart
        Groep B.V.

       

      Nature
        of Business

       

      Manufacture
        of military targets

       

      Head
        Office and Chief Executive Office

       

      Medicine
        Hat, Alberta

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      Medicine
        Hat, Alberta
        (leased)

       

      SCHREINER
        LUCHTVAART GROEP B.V.

       

      Corporate
        History

       

      Established
        under the laws of The Netherlands on 17 October 1952.  Registered
        under the Chamber of Commerce & Industries of Amsterdam.

       

      Shareholders

       

      100%
        owned by CHC Netherlands BV -
        6,919,511 shares of NLG 1 each

       

      Nature
        of Business

       

      Holding
        company

       

      
        
          
          

        

        
          -
            178
            -

          
            

          

        

        
          
          

        

      

      Head
        Office and Chief Executive Office

       

      Diamantlaan
        1, 2132 WV
        Hoofddorp

       

      Capital
        Stock Owned

       

      
        	
                Handelsmaatschappij
                  Schreiner & Co. B.V.

              	 	
                (100%)

              
	
                Schreiner
                  Canada Limited

              	 	
                (100%)

              
	
                Schreiner
                  Air Target Services B.V.

              	 	
                (100%)

              
	
                Luchtvaartmaatschappij
                  Schreiner Airways B.V.

              	 	
                (100%)

              
	
                Schreiner
                  NorthSea Helicopters B.V.

              	 	
                (100%)

              
	
                Schreiner
                  Aircraft Maintenance B.V.

              	 	
                (100%)

              
	
                Schreiner
                  Tchad S.A.

              	 	
                (100%)

              
	
                Schreiner
                  Onroerend Goed B.V.

              	 	
                (100%)

              
	
                Capital
                  Aviation Services B.V.

              	 	
                (100%)

              
	
                Schreiner
                  Components B.V.

              	 	
                (100%)

              
	
                Schreiner
                  Delta Consult EEVS (membership)

              	 	
                (100%)

              
	
                Schreiner
                  Aircraft Trading Company B.V.

              	 	
                (100%)

              
	
                Lesotho
                  Air Transport Services (Proprietary) Ltd.

              	 	
                (100%)

              
	
                Schreiner
                  Airways Belgium N.V.

              	 	
                (100%)

              
	
                Aviation
                  Trading and Constructing A.G.

              	 	
                (100%)

              
	
                Schreiner
                  NorthSea Helicopters C.V.

              	 	
                (99%)

              
	
                Schreiner
                  Airtax Argentina S.A.

              	 	
                (49%)

              
	
                Aerocontractors
                  Company of Nigeria Ltd.

              	 	
                (40%)

              
	
                Schreiner
                  Airways Cameroun S.A.

              	 	
                (50%)

              
	
                INAER
                  S.A.

              	 	
                (38%)

              
	
                Servicio
                  Aero Litoral Ltda.

              	 	
                (30%)

              
	
                Nigeravia
                  S.A.

              	 	
                (8.1%)

              

      

      

      Location
        of Property

       

      Not
        applicable

       

      SCHREINER
        NORTHSEA HELICOPTERS B.V.

      

      Corporate
        History

       

      Established
        under the laws of the Netherlands on 10 December 1965.  Registered at
        the Chamber of Commerce and Industries of Noordwest - Holland.

       

      Shareholders

       

      100%
        owned by Schreiner Luchtvaart
        Groep B.V. - 200 shares of NLG 1,000 each

       

      Nature
        of Business

       

      Conducting
        flying operations in Dutch part of the Northsea.

       

      
        
          
          

        

        
          -
            179
            -

          
            

          

        

        
          
          

        

      

      Head
        Office and Chief Executive Office

       

      Luchthavenweg
        18, 1786PP Den
        Helder

       

      Capital
        Stock Owned

       

      Owns
        100% of Schreiner NorthSea Helicopters UK Ltd.  Will own 50% of
        Luchthaven Den Helder C.V. (before the end of 2004 the assets of Schreiner
        Northsea Helicopters CV (owner of 50% of Luchthaven Den Helder CV) will be
        brought into Schreiner Northsea Helicopters BV).

       

      Location
        of Property

       

      Luchthavenweg
        18, 1786PP Den
        Helder

       

      

       

      SCHREINER
        NORTHSEA HELICOPTERS C.V.

      

      Corporate
        History

       

      Limited
        partnership established under the laws of the Netherlands on 1 November
        1991.

       

      Shareholders

       

      100%
        owned by Schreiner Luchtvaart
        Groep B.V.

       

      Nature
        of Business

       

      Holding
        company

       

      Head
        Office and Chief Executive Office

       

      Luchthavenweg
        18, 1786PP Den
        Helder

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      Not
        applicable.

       

      
        
          
          

        

        
          -
            180
            -

          
            

          

        

        
          
          

        

      

      SCHREINER
        ONROEREND GOED B.V.

      

      Corporate
        History

       

      Established
        under the laws of The Netherlands on 11 September 1996.  Registered
        under the Chamber of Commerce & Industries of Amsterdam.

       

      Shareholders

       

      100%
        owned by Schreiner Luchtvaart
        Groep B.V. - 400 shares of NLG 100 each

       

      Nature
        of Business

       

      Owns
        the office building at Hoofddorp.

       

      Head
        Office and Chief Executive Office

       

      Diamantlaan
        1, 2132WV
        Hoffddorp

       

      Capital
        Stock Owned

       

      None

       

      Location
        of Property

       

      Diamantlaan
        1, 2132 WV Hoofddorp
        (ownership).

       

      

       

      SCHREINER
        TCHAD S.A.

      

      Corporate
        History

       

      Established
        under the laws of Tchad on 28 October 1999.

       

      Shareholders

       

      100%
        owned by Schreiner Luchtvaart
        Groep B.V. - 8,625 shares of F.CFA 100,000 each

       

      Nature
        of Business

       

      Conducting
        aviation operations in Tchad.

       

      Head
        Office and Chief Executive Office

       

      Rue
        de Bordeaux, BP no 5589,
        N’Djamena

       

      Capital
        Stock Owned

       

      None

       

      
        
          
          

        

        
          -
            181
            -

          
            

          

        

        
          
          

        

      

      Location
        of Property

       

      Office
        building and hangar/workshop facilities in N’Djamena (leased).  Eight
        bedroom staff houses in N’Djamena (leased).

       

      VIKING
        HELICOPTERS LIMITED

       

      Corporate
        History

       

      Incorporated
        on 6 January 1969 under the laws of Canada as Viking Helicopters
        Limited.  By amendment effective on 1 February 1984, it adopted the
        French equivalent name Helicopteres Viking Limitee.

       

      Shareholders

       

      CHC
        Helicopter Corporation - 6,600,000 common shares

       

      Nature
        of Business

       

      Holding
        company.

       

      Head
        Office

       

      St.
        John's, Newfoundland and Labrador

       

      Chief
        Executive Office

       

      4740
        Agar Drive, Richmond, British
        Columbia

       

      Capital
        Stock Owned

       

      Owns
        Class A shares of CHC Helicopters International Inc.

       

      Location
        of Property

       

      Not
        applicable; holding company

       

      VINLAND
        DENMARK A/S

       

      Corporate
        History

       

      Incorporated
        under the laws of Denmark on 8 July 1998 as a public limited company
        (aktieselskab).

       

      Company
        Registration No. (CVR) 21023949.

       

      Shareholders

       

      Brintel
        Helicopters Limited - total share capital of DKK 1,000,000

       

      
        
          
          

        

        
          -
            182
            -

          
            

          

        

        
          
          

        

      

      Nature
        of Business

       

      Holding
        company

       

      Head
        Office and Chief Executive Office

       

      John
        Tranumsvej 20, 6705 Esbjerg, Denmark

       

      Capital
        Stock Owned

       

      Owns
        all of Vinland Holding AS and CHC Denmark ApS

       

      Location
        of Property

       

      Not
        applicable; holding company

       

      VINLAND
        HOLDING AS

       

      Corporate
        History

       

      Incorporated
        under the laws of Norway on 5 March 1999 under the name Vinland Helicopters
        AS
        as a limited company.  Name change 26 June 2003 to Vinland Holding
        AS

      Organization
        # 980 593 126.

      

       

      Shareholders

       

      Vinland
        Denmark A/S - 22,350,000 shares with par value of NOK 10 per share

       

      Nature
        of Business

       

      Acquisition
        and holding company for Helicopter Services Group AS

       

      Head
        Office and Chief Executive Office

       

      c/o
        Wiersholm Mellbye & Bech

      Oslo,
        Norway

       

      Capital
        Stock Owned

       

      Owns
        100% of shares of Helicopter Services Group AS and Integra Leasing
        AS

       

      Location
        of Property

       

      Not
        applicable; holding company

       

      
        
          
          

        

        
          -
            183
            -

          
            

          

        

        
          
          

        

      

      WHIRLY
        BIRD SERVICES LIMITED (Company Number SC061453)

       

      Corporate
        History

       

      Incorporated
        under the laws of Scotland
        on 6 January 1977.

       

      Shareholders

       

      Brintel
        Holdings Limited - 2,133 Ordinary Shares of ₤1.00 each

       

      Nature
        of Business

       

      Sale,
        rental and maintenance of off-shore survival suits.

       

      Head
        Office and Chief Executive Office  (Registered
        Office)

       

      CHC
        House, Howe Moss Drive, Kirkhill Industrial Estate, Dyce, Aberdeen, AB21
        0GL.

       

      Capital
        Stock Owned

       

      Owns
        50% of Whirly Bird Airport Services Limited - 1 Share

       

      Location
        of Property

       

      Own
        office in Aberdeen.  Lease offices in Italy and
        Kazakhstan.

       

      

      
        
          
          

        

        
          -
            184
            -

          
            

          

        

        
          
          

        

      

    

    SCHEDULE
      G

    OTHER
      SECURED OBLIGATIONS

     

    [see
      reference in Section 6.2]

     

    1.           Debts,
      liabilities and obligations of Obligors to BNS under or in connection with
      corporate Visa cards issued by BNS to Obligors from time to time, up to a
      maximum principal amount outstanding of $250,000.  For the purposes of
      Section 6.4.1, the credit exposure is agreed to be the principal amount
      outstanding at the time of determination of the credit exposure.

     

    2.           Debts,
      liabilities and obligations of Obligors to BNS under or in connection with
      wire
      transfers made by BNS at the request of Obligors, up to a maximum amount of
      $10,000,000 per day.  For the purposes of Section 6.4.1, the credit
      exposure is agreed to be nil unless the Obligors' funds transferred by BNS
      are
      subsequently determined not to be available from deposits or Advances, in which
      case the credit exposure is agreed to be the principal amount owing to BNS
      at
      the time of determination of the credit exposure.

     

    3.           Debts,
      liabilities and obligations of Obligors to BNS under or in connection with
      mirror netting and other money managements service arrangements established
      by
      BNS from time to time.  For the purposes of Section 6.4.1, the credit
      exposure is agreed to be nil unless funds made available to Obligors by BNS
      through such arrangements are subsequently determined not to be available from
      deposits or Advances, in which case the credit exposure is agreed to be the
      principal amount owing to BNS at the time of determination of the credit
      exposure.

     

    4.           Reimbursement
      obligations of CHII in connection with a SAR 2,000,000 letter of credit issued
      by BNS in favour of Gulf Bank KSC, Kuwait in connection with a contract to
      transport employees of the Arabian Oil Company Limited, as amended,
      supplemented, restated and replaced from time to time.

     

    5.           The
      obligations of CHC under or in connection with BNS swap transaction reference
      number X09862 in the notional amount of GBP 55,000,000, trade date 28 April
      2004, termination date 28 April 2006.

     

    6.           The
      obligations of CHC under or in connection with BNS swap transaction reference
      number X09864 in the notional amount of EUR 25,000,000, trade date 28 April
      2004, termination date 28 April 2006.

     

    7.           The
      obligations of CHC under or in connection with BNS FX Forward transactions
      dated
      19 May 2004 in the total notional amount of USD 53,446,937, maturity dates
      monthly from 31 December 2004 to 30 September 2007.

     

    8.           The
      obligations of CHC under or in connection with National Bank FX Forward
      transactions of various dates before 22 December 2004 in the total notional
      amounts of GBP 75,609,140 and USD 13,840,696, maturity dates monthly from 31
      December 2004 to 30 September 2007.

     

    

     

    

    
      
        
          
          

        

        
          -
            185
            -

          
            

          

        

        
          
          

        

      

    

    

    By
      signing this Agreement, CHC unconditionally guarantees payment and performance
      by each Obligor of all of its present and future debts, liabilities and
      obligations described above and each other Obligor that has guaranteed the
      debts, liabilities and obligations of CHC acknowledges that its guarantee
      extends to CHC's obligations as guarantor.

     

    

     

    

     

    

    
      
        
          
          

        

        
          -
            186
            -

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      H

    BORROWING
      BASE CALCULATION

     

    [see
      reference in Section 1.1.24]

     

    The
      "Borrowing Base" is the aggregate of item 14 minus item 17
      minus item 21 below.  The component items leading to the calculation
      are the following:

     

    Accounts
      Receivable

     

    
      	
              1.

            	
              the
                aggregate amount of the entries that would, in accordance with GAAP,
                be
                classified on a consolidated balance sheet as trade accounts receivable
                of
                CHC

            

    

     

    
      	
              2.

            	
              the
                amount included in item 1 above that has been outstanding for
                over 90 days

            

    

     

    
      	
              3.

            	
              the
                amount included in item 1 above that is not subject to a
                perfected security interest forming part of the Security, that is
                subject
                to any Encumbrance other than a Permitted Encumbrance that does not
                rank
                prior to or pari passu with the Security, or that is subject to
                garnishment, execution, attachment or similar
                process  [Note:  accounts receivable for which
                Security would need to be given under Danish law must be deducted,
                as
                Danish law does not provide an effective means of obtaining
                security]

            

    

     

    
      	
              4.

            	
              the
                amount included in item 1 above that is subject to any
                reasonable claim for credit, set-off, allowance, adjustment, counterclaim
                or partial discharge (but only to the extent of the adverse claim
                thereon
                known to the officers of CHC signing the Reporting Certificate, after
                reasonable inquiry)

            

    

     

    
      	
              5.

            	
              the
                amount included in item 1 above that is not owed to an Obligor
                and payable in a Primary Operating
                Jurisdiction

            

    

     

    
      	
              6.

            	
              the
                amount of item 1 above less the aggregate (without duplication)
                of the amounts for items 2 through 5
                above

            

    

     

    Inventory

     

    
      	
              7.

            	
              the
                aggregate amount of the entries that would, in accordance with GAAP,
                be
                classified on a consolidated balance sheet as inventory of CHC valued
                at
                the lower of cost or fair market
                value

            

    

     

    
      	
              8.

            	
              the
                amount included in item 7 above that represents obsolete
                inventory

            

    

     

    
      	
              9.

            	
              the
                amount included in item 7 above that is not subject to a perfected
                security interest forming part of the Security, that is subject to
                any
                Encumbrance other than a Permitted Encumbrance that does not rank
                prior to
                or pari passu with the Security, or that is subject to
                garnishment, execution, attachment or similar
                process  [Note:  inventory for which Security
                would need to be given under Danish law must be deducted, as Danish
                law
                does not provide an effective means of obtaining
                security]

            

    

     

    

    
      
        
          
          

        

        
          -
            187
            -

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              10.

            	
              the
                amount included in item 7 above that represents inventory located
                outside
                of a Primary Operating Jurisdiction

            

    

     

    
      	
              11.

            	
              the
                amount of item 7 above less the aggregate (without duplication) of
                the
                amounts for items 8, 9 and 10 above

            

    

     

    Aircraft

     

    
      	
              12.

            	
              the
                aggregate of the most recent appraised fair market values of the
                Aircraft
                owned by Obligors (as opposed to Aircraft under Lease from persons
                other
                than Obligors) that are located in and operated from a Primary Operating
                Jurisdiction, have registered first-ranking mortgages in place as
                part of
                the Security in the Primary Operating Jurisdiction in which they
                are
                located and are not subject to any lease that has priority over the
                mortgage (all as described on Appendix A attached to the Reporting
                Certificate)

            

    

     

    Cash
      Pledged

     

    
      	
              13.

            	
              the
                amount of cash of Obligors deposited with a Lender and subject to
                an
                express first-ranking pledge in favour of the Agent as part of the
                Security (as detailed on Appendix G attached to the Reporting
                Certificate)

            

    

     

    Calculation
      of Borrowing Base and Compliance

     

    
      	
              14.

            	
              the
                aggregate of (item 6 X 0.75) + (item 11 X 0.50) +
                (item 12 X 0.75) +
                (item 13)

            

    

     

    
      	
              15.

            	
              the
                amount of item 14 attributable to Property of Obligors incorporated
                in
                Norway

            

    

     

    
      	
              16.

            	
              the
                principal balance of the Restricted Intercompany
                Obligations

            

    

     

    
      	
              17.

            	
              the
                amount, if any, by which item 15 exceeds item
                16

            

    

     

    
      	
              18.

            	
              the
                amount of item 14 attributable to Property of Schreiner and its
                Subsidiaries

            

    

     

    
      	
              19.

            	
              the
                aggregate of (a) the principal amount of all Advances outstanding,
                (b) the
                absolute value of the aggregate Market Value of all Swaps that are
                Other
                Secured Obligations and that have a negative Market Value from the
                Obligors' perspective after offsetting the Market Value of Swaps
                with the
                same or another Lender that are Other Secured Obligations and that
                have a
                positive Market Value and (c) the amount representing the exposure
                in
                respect of Other Secured Obligations that are not
                Swaps

            

    

     

    
      	
              20.

            	
              the
                principal amount of Advances outstanding under Tranche 1 and Tranche
                2

            

    

     

    

    
      
        
          
          

        

        
          -
            188
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              21.

            	
              The
                amount, if any, by which item 18 exceeds the aggregate of item 19
                minus
                item 20

            

    

     

    

    
      
        
          
          

        

        
          -
            189
            -

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      I

    LOCATIONS
      OF AIRCRAFT

     

    [see
      reference in Section 9.1.5(b)]

     

    [See
      attached]

     

    

    
      
        
        

      

      
        -
          190
          -

        
          

        

      

      
        
        

      

    

     

    
      
        	 	 	 	 	 	 	 	 	 	 	 	
                USD

              
	 	 	 	 	 	 	 	 	 	 	 	
                Appraisal

              
	
                A/C
                  Type

              	
                Size

              	
                Status

              	
                Owner

              	
                Oper
                  Div

              	
                Call
                  Sign

              	
                Yr
                  Mfg

              	
                S/N

              	
                Country

              	
                Security

              	
                Jurisdiction

              	
                April
                  2004

              
	
                AS332L

              	
                Heavy

              	
                Owned

              	
                CHC
                  Barbados

              	
                Scotia

              	
                G-TIGZ

              	
                1984

              	
                2115

              	
                UK

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                7,350,000

              
	
                AS332L

              	
                Heavy

              	
                Owned

              	
                Scotia

              	
                Scotia

              	
                G-BWHN/
                  OY-HDT

              	
                1982

              	
                2017

              	
                Denmark

              	
                Unsecured

              	
                Primary
                  Nordic

              	
                6,920,000

              
	
                AS332L

              	
                Heavy

              	
                Owned

              	
                CHC
                  Helicopters Intl
                  Inc

              	
                Scotia

              	
                G-CHCB/
                  OY-HHA

              	
                1982

              	
                2015

              	
                Denmark

              	
                Secured

              	
                Primary
                  Nordic

              	
                6,140,000

              
	
                AS332L

              	
                Heavy

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                HS
                  AS

              	
                LN-OLA/
                  C-GVCH

              	
                1983

              	
                2074

              	
                Canada

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                6,690,000

              
	
                AS332L

              	
                Heavy

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                HS
                  AS

              	
                LN-OLB

              	
                1983

              	
                2082

              	
                Norway

              	
                Secured

              	
                Primary
                  Nordic

              	
                6,960,000

              
	
                AS332L

              	
                Heavy

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                HS
                  AS

              	
                LN-OLD

              	
                1984

              	
                2103

              	
                Norway

              	
                Secured

              	
                Primary
                  Nordic

              	
                7,070,000

              
	
                AS332L

              	
                Heavy

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                HS
                  AS

              	
                LN-OLF/
                  C-GOCH

              	
                1985

              	
                2139

              	
                Canada

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                6,900,000

              
	
                AS332L

              	
                Heavy

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                HS
                  AS

              	
                LN-OMD/
                  C-GTCH

              	
                1983

              	
                2048

              	
                Canada

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                6,690,000

              
	
                AS332L

              	
                Heavy

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                HS
                  AS

              	
                LN-OME/
                  LN-OAW

              	
                1983

              	
                2053

              	
                Norway

              	
                Secured

              	
                Primary
                  Nordic

              	
                7,400,000

              
	
                AS332L

              	
                Heavy

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                HS
                  AS

              	
                LN-OMH

              	
                1984

              	
                2113

              	
                Norway

              	
                Secured

              	
                Primary
                  Nordic

              	
                6,870,000

              
	
                AS332L

              	
                Heavy

              	
                Leased

              	
                Bank
                  of
                  Scotland

              	
                Scotia

              	
                G-BKZE

              	
                1983

              	
                2102

              	
                UK

              	 	 	
                7,110,000

              
	
                AS332L

              	
                Heavy

              	
                Leased

              	
                Bank
                  of
                  Scotland

              	
                Scotia

              	
                G-BKZG

              	
                1983

              	
                2106

              	
                UK

              	 	 	
                6,510,000

              
	
                AS332L

              	
                Heavy

              	
                Owned

              	
                Scotia

              	
                Australia

              	
                VH-LHK/G-BKZH

              	
                1983

              	
                2107

              	
                Australia

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                6,150,000

              
	
                AS332L

              	
                Heavy

              	
                Owned

              	
                North
                  Denes Aerodrome
                  Limited

              	
                Scotia

              	
                G-PUMG

              	
                1980

              	
                2018

              	
                UK

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                6,750,000

              
	
                AS332L

              	
                Heavy

              	
                Owned

              	
                Scotia

              	
                Scotia

              	
                LN-ODA
                  /
                  G-PUML

              	
                1983

              	
                2073

              	
                UK

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                6,460,000

              
	
                AS332L

              	
                Heavy

              	
                Owned

              	
                Scotia

              	
                HS
                  AS

              	
                LN-OMF
                  /
                  G-PUMK

              	
                1983

              	
                2067

              	
                Norway

              	
                Unsecured

              	
                Primary
                  Nordic

              	
                6,740,000

              
	
                AS332L

              	
                Heavy

              	
                Owned

              	
                Scotia

              	
                Scotia

              	
                OY-HEO
                  /
                  G-CHCA

              	
                1981

              	
                2007

              	
                Denmark

              	
                Unsecured

              	
                Primary
                  Nordic

              	
                7,530,000

              
	
                AS332L

              	
                Heavy

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-LHJ/G-BSOI

              	
                1983

              	
                2063

              	
                Australia

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                6,130,000

              
	
                AS332L1

              	
                Heavy

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                Australia

              	
                LN-OBR
                  /
                  VH-LHG

              	
                1990

              	
                2317

              	
                East
                  Timor

              	
                Secured

              	
                Non-primary

              	
                8,690,000

              
	
                AS332L1

              	
                Heavy

              	
                Owned

              	
                Scotia

              	
                Australia

              	
                LN-OBT
                  /
                  VH-LAF

              	
                1990

              	
                2319

              	
                Australia

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                8,430,000

              
	
                AS332L1

              	
                Heavy

              	
                Owned

              	
                Scotia

              	
                Australia

              	
                LN-OBU
                  /
                  VH-LAG

              	
                1991

              	
                2352

              	
                East
                  Timor

              	
                Unsecured

              	
                Non-primary

              	
                9,280,000

              
	
                AS332L2

              	
                Heavy

              	
                Owned

              	
                CHC
                  Mauritius

              	
                Africa

              	
                D2-EVP

              	
                1993

              	
                2398

              	
                Angola

              	
                Unsecured

              	
                Non-primary

              	
                10,350,000

              
	
                AS350BA

              	
                Light

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-PVM

              	
                1979

              	
                2058

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                625,000

              
	
                AS355F1

              	
                Light

              	
                Owned

              	
                CHC
                  Helicopters Intl
                  Inc

              	
                Corporate

              	
                C-GTLC

              	
                1981

              	
                5097

              	
                Canada

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                519,500

              
	
                AS365C-1

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-PVA

              	
                1979

              	
                5025

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                774,000

              
	
                AS365C-1

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-PVK

              	
                1979

              	
                5033

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                533,000

              
	
                AS365N2

              	
                Medium

              	
                Owned

              	
                Heliwest

              	
                HS
                  AS

              	
                LN-OMN

              	
                1991

              	
                6423

              	
                Norway

              	
                Secured

              	
                Primary
                  Nordic

              	
                3,178,000

              
	
                AS365N2

              	
                Medium

              	
                Leased

              	
                Bank
                  of
                  Scotland

              	
                Scotia

              	
                G-BTEU

              	
                1990

              	
                6392

              	
                UK

              	 	 	
                4,393,500

              
	
                AS365N2

              	
                Medium

              	
                Leased

              	
                Bank
                  of
                  Scotland

              	
                Scotia

              	
                G-BTNC

              	
                1991

              	
                6409

              	
                UK

              	 	 	
                4,463,000

              
	
                AS365N2

              	
                Medium

              	
                Owned

              	
                Scotia

              	
                Heliwest

              	
                G-BTUX

              	
                1991

              	
                6424

              	
                Sweden

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                3,029,000

              
	
                AS365N2

              	
                Medium

              	
                Owned

              	
                Scotia

              	
                HS
                  AS

              	
                LN-ODB
                  /
                  G-NTWO

              	
                1990

              	
                6358

              	
                Norway

              	
                Secured

              	
                Primary
                  Nordic

              	
                2,478,000

              
	
                Bell
                  206B111

              	
                Light

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-LAL

              	
                1979

              	
                2626

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                310,000

              
	
                Bell
                  206B111

              	
                Light

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-UBH

              	
                1981

              	
                3350

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                305,000

              
	
                Bell
                  206L-1

              	
                Light

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-BJX

              	
                1979

              	
                45337

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                544,500

              
	
                Bell
                  206L-1

              	
                Light

              	
                Owned

              	
                The
                  Australian Helicopters
                  Trust

              	
                Australia

              	
                VH-HHS

              	
                1980

              	
                45404

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                561,000

              
	
                Bell
                  206L-3

              	
                Light

              	
                Owned

              	
                CHC
                  Africa

              	
                Africa

              	
                ZS-RDI

              	
                1980

              	
                51392

              	
                South
                  Africa

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                773,000

              
	
                Bell
                  206L-3

              	
                Light

              	
                Owned

              	
                The
                  Australian Helicopters
                  Trust

              	
                Australia

              	
                VH-LHP

              	
                1982

              	
                51002

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                746,500

              
	
                Bell
                  212

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                International

              	
                HC-CDD/
                  C-FRWM/
                  VH-LAM

              	
                1977

              	
                30814

              	
                Ecuador

              	
                Unsecured

              	
                Non-primary

              	
                1,692,000

              
	
                Bell
                  212

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-NSY

              	
                1977

              	
                30849

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                1,894,000

              
	
                Bell
                  212

              	
                Medium

              	
                Owned

              	
                CHC
                  Africa

              	
                Africa

              	
                ZS-RNP/C-FPKW

              	
                1978

              	
                30893

              	
                South
                  Africa

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                2,027,500

              
	
                Bell
                  212

              	
                Medium

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                C-FRUT

              	
                1978

              	
                30891

              	
                Ecuador

              	
                Unsecured

              	
                Non-primary

              	
                2,147,000

              
	
                Bell
                  212

              	
                Medium

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                EP-HCH/
                  C-FRWF

              	
                1978

              	
                30894

              	
                Iran

              	
                Unsecured

              	
                Non-primary

              	
                2,064,000

              
	
                Bell
                  212

              	
                Medium

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                C-FRWI

              	
                1975

              	
                30672

              	
                Georgia

              	
                Unsecured

              	
                Non-primary

              	
                2,030,000

              
	
                Bell
                  212

              	
                Medium

              	
                Owned

              	
                CHC
                  Africa

              	
                Africa

              	
                ZS-RNR/C-FRWL

              	
                1978

              	
                30829

              	
                Sudan

              	
                Unsecured

              	
                Non-primary

              	
                1,868,000

              
	
                Bell
                  212

              	
                Medium

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                HC-CEF/
                  C-GBPH

              	
                1974

              	
                30630

              	
                Ecuador

              	
                Unsecured

              	
                Non-primary

              	
                2,173,000

              
	
                Bell
                  214ST

              	
                Medium

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                HS
                  AS

              	
                LN-OMM

              	
                1989

              	
                28199

              	
                Norway

              	
                Secured

              	
                Primary
                  Nordic

              	
                2,868,000

              
	
                Bell
                  412

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-BZH

              	
                1981

              	
                33044

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,121,000

              
	
                Bell
                  412

              	
                Medium

              	
                Owned

              	
                4083423
                  Canada
                  Inc

              	
                International

              	
                VH-CFT

              	
                1992

              	
                36050

              	
                India

              	
                Unsecured

              	
                Non-primary

              	
                3,935,000

              
	
                Bell
                  412

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-NSC

              	
                1981

              	
                33029

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                1,983,000

              
	
                Bell
                  412

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-NSP

              	
                1982

              	
                33091

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,056,500

              
	
                Bell
                  412

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-NSV

              	
                1982

              	
                33084

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,126,500

              
	
                Bell
                  412

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-UAH

              	
                1981

              	
                33034

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,086,000

              
	
                Bell
                  412EP

              	
                Medium

              	
                Leased

              	
                Capital
                  Bank

              	
                Australia

              	
                VH-EWA

              	
                2002

              	
                36312

              	
                Australia

              	 	 	
                6,543,000

              

      

       

       

       

       

      
        
          
          

        

        
          -
            191
            -

          
            

          

        

        
          
          

        

      

       

      
         

        
          
            	 	 	 	 	 	 	 	 	 	 	 	
                    USD

                  
	 	 	 	 	 	 	 	 	 	 	 	
                    Appraisal

                  
	
                    A/C
                      Type

                  	
                    Size

                  	
                    Status

                  	
                    Owner

                  	
                    Oper
                      Div

                  	
                    Call
                      Sign

                  	
                    Yr
                      Mfg

                  	
                    S/N

                  	
                    Country

                  	
                    Security

                  	
                    Jurisdiction

                  	
                    April
                      2004

                  

          

        

      

      
        	
                Convair
                  580

              	
                Fixed
                  Wing

              	
                Owned

              	
                CHC
                  Africa

              	
                Africa

              	
                ZS-KEI

              	
                1953

              	
                141

              	
                South
                  Africa

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                360,000

              
	
                Convair
                  580

              	
                Fixed
                  Wing

              	
                Owned

              	
                CHC
                  Africa

              	
                Africa

              	
                ZS-LYL

              	
                1952

              	
                039

              	
                South
                  Africa

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                110,000

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                CHC
                  Africa

              	
                Africa

              	
                ZS-HSZ

              	
                1970

              	
                61473

              	
                Ivory
                  Coast

              	
                Secured

              	
                Non-primary

              	
                2,662,500

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                CHC
                  Africa

              	
                Africa

              	
                ZS-HVJ

              	
                1972

              	
                61493

              	
                Ivory
                  Coast

              	
                Secured

              	
                Non-primary

              	
                2,000,000

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                CHC
                  Africa

              	
                Africa

              	
                ZS-RDV

              	
                1974

              	
                61716

              	
                South
                  Africa

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,516,000

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                CHC
                  Barbados

              	
                International

              	
                HS-HTC/
                  C-GARC

              	
                1974

              	
                61722

              	
                Thailand

              	
                Unsecured

              	
                Non-primary

              	
                2,105,000

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                C-FOKP

              	
                1965

              	
                61297

              	
                Canada

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,188,000

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                HS-HTA/
                  C-GOLH

              	
                1978

              	
                61815

              	
                Thailand

              	
                Unsecured

              	
                Non-primary

              	
                2,310,000

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                C-GSAB/
                  G-BSVO

              	
                1980

              	
                61823

              	
                Canada

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                2,266,000

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                C-GSBL/
                  G-BEDI

              	
                1976

              	
                61754

              	
                Azerbaijan

              	
                Unsecured

              	
                Non-primary

              	
                2,472,000

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                Scotia

              	
                LN-OQB/
                  EI-RCG

              	
                1978

              	
                61807

              	
                Ireland

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                2,816,000

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                HS
                  AS

              	
                LN-OQM

              	
                1977

              	
                61764

              	
                Norway

              	
                Secured

              	
                Primary
                  Nordic

              	
                2,966,500

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                HS
                  AS

              	
                LN-OQQ

              	
                1978

              	
                61814

              	
                Norway

              	
                Secured

              	
                Primary
                  Nordic

              	
                2,906,000

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                Scotia

              	
                LN-OQU/
                  EI-CXS

              	
                1978

              	
                61816

              	
                Ireland

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                2,825,000

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                HS
                  AS

              	
                LN-ORC

              	
                1978

              	
                61817

              	
                Norway

              	
                Secured

              	
                Primary
                  Nordic

              	
                2,751,000

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                HS
                  AS

              	
                LN-OSJ

              	
                1974

              	
                61715

              	
                Norway

              	
                Secured

              	
                Primary
                  Nordic

              	
                2,760,000

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                International

              	
                LN-OST

              	
                1974

              	
                61738

              	
                Norway

              	
                Secured

              	
                Primary
                  Nordic

              	
                2,753,000

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                Helikopter
                  Services
                  AS

              	
                Scotia

              	
                LN-OSU/
                  EI-CZN

              	
                1974

              	
                61740

              	
                Ireland

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                2,683,500

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                Scotia

              	
                International

              	
                C-GROV/
                  YV-1033C/
                  G-BEIC

              	
                1965

              	
                61222

              	
                Canada

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                2,449,500

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                Scotia

              	
                Scotia

              	
                G-BEJL

              	
                1964

              	
                61224

              	
                UK

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                750,000

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                Scotia

              	
                Africa

              	
                ZS-RLK
                  /
                  G-BEWM

              	
                1977

              	
                61772

              	
                South
                  Africa

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,205,500

              
	
                S61N

              	
                Heavy

              	
                Owned

              	
                Scotia

              	
                Africa

              	
                ZS-RLL
                  /
                  G-BFFK

              	
                1978

              	
                61778

              	
                South
                  Africa

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,096,000

              
	
                S76A

              	
                Medium

              	
                Owned

              	
                CHC
                  Africa

              	
                Africa

              	
                ZS-RGZ

              	
                1980

              	
                760051

              	
                Brazil

              	
                Unsecured

              	
                Non-primary

              	
                1,660,000

              
	
                S76A

              	
                Medium

              	
                Owned

              	
                CHC
                  Africa

              	
                Africa

              	
                ZS-RJK

              	
                1980

              	
                760067

              	
                Brazil

              	
                Unsecured

              	
                Non-primary

              	
                1,546,000

              
	
                S76A

              	
                Medium

              	
                Owned

              	
                CHC
                  Africa

              	
                Africa

              	
                ZS-REI/C-GIMK

              	
                1979

              	
                760016

              	
                Eqt.
                  Guinea

              	
                Unsecured

              	
                Non-primary

              	
                1,670,000

              
	
                S76A

              	
                Medium

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                HS-HTQ/
                  C-GIMQ

              	
                1980

              	
                760102

              	
                Malaysia

              	
                Unsecured

              	
                Non-primary

              	
                1,778,000

              
	
                S76A

              	
                Medium

              	
                Owned

              	
                CHC
                  Africa

              	
                International

              	
                ZS-RNT/C-GIMU

              	
                1980

              	
                760131

              	
                Thailand

              	
                Unsecured

              	
                Non-primary

              	
                1,866,500

              
	
                S76A+

              	
                Medium

              	
                Owned

              	
                CHC
                  Africa

              	
                Africa

              	
                ZS-RNG/
                  G-CHCE

              	
                1980

              	
                760036

              	
                Eqt.
                  Guinea

              	
                Unsecured

              	
                Non-primary

              	
                2,823,000

              
	
                S76A+

              	
                Medium

              	
                Owned

              	
                Heliwest

              	
                International

              	
                HS-HTR/
                  C-GIHR

              	
                1979

              	
                760032

              	
                Thailand

              	
                Unsecured

              	
                Non-primary

              	
                2,935,500

              
	
                S76A+

              	
                Medium

              	
                Owned

              	
                Heliwest

              	
                International

              	
                HS-HTS/
                  C-GIHS

              	
                1981

              	
                760150

              	
                Thailand

              	
                Unsecured

              	
                Non-primary

              	
                3,104,500

              
	
                S76A+

              	
                Medium

              	
                Owned

              	
                CHC
                  Africa

              	
                Africa

              	
                ZS-RPI/G-BHGK

              	
                1980

              	
                760049

              	
                Eqt.
                  Guinea

              	
                Unsecured

              	
                Non-primary

              	
                3,067,000

              
	
                S76A+

              	
                Medium

              	
                Owned

              	
                Scotia

              	
                Scotia

              	
                G-BMAL

              	
                1980

              	
                760120

              	
                UK

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,663,000

              
	
                S76A+

              	
                Medium

              	
                Owned

              	
                Scotia

              	
                Scotia

              	
                G-DRNT

              	
                1981

              	
                760201

              	
                UK

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                2,720,000

              
	
                S76A+

              	
                Medium

              	
                Owned

              	
                Scotia

              	
                Scotia

              	
                OY-HEZ
                  /
                  G-CHCD

              	
                1980

              	
                760101

              	
                UK

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                2,622,500

              
	
                S76A+

              	
                Medium

              	
                Owned

              	
                Scotia

              	
                Scotia

              	
                OY-HIW/
                  G-BVCX

              	
                1981

              	
                760183

              	
                Denmark

              	
                Secured

              	
                Primary
                  Nordic

              	
                2,765,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                CHC
                  Africa

              	
                Africa

              	
                ZS-RBE

              	
                1984

              	
                760268

              	
                Angola

              	
                Unsecured

              	
                Non-primary

              	
                3,075,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                CHC
                  Africa

              	
                Africa

              	
                ZS-RKO/
                  VH-LAX

              	
                1981

              	
                760135

              	
                Namibia

              	
                Unsecured

              	
                Non-primary

              	
                3,074,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                CHC
                  Africa

              	
                Africa

              	
                ZS-RKP/
                  VH-LAY

              	
                1981

              	
                760198

              	
                Namibia

              	
                Unsecured

              	
                Non-primary

              	
                2,839,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-HRP

              	
                1980

              	
                760122

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                3,077,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                C-GKWT/
                  B-HZD

              	
                1990

              	
                760295

              	
                Myanmar

              	
                Unsecured

              	
                Non-primary

              	
                2,498,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                International

              	
                C-GIHY/
                  VH-HUC /
                  RP-C276

              	
                1979

              	
                760011

              	
                Malaysia

              	
                Unsecured

              	
                Non-primary

              	
                2,816,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-LAH

              	
                1980

              	
                760089

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,962,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-LAI

              	
                1980

              	
                760103

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                3,248,500

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                International

              	
                RP-C176/
                  VH-LAQ

              	
                1980

              	
                760112

              	
                Philippines

              	
                Unsecured

              	
                Non-primary

              	
                3,057,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-LHY

              	
                1980

              	
                760105

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,905,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-LHZ

              	
                1980

              	
                760113

              	
                Australia

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                3,025,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                HS-HTD/
                  C-FIHD

              	
                1984

              	
                760187

              	
                Thailand

              	
                Unsecured

              	
                Non-primary

              	
                3,230,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                C-GIME

              	
                1978

              	
                760004

              	
                Azerbaijan

              	
                Unsecured

              	
                Non-primary

              	
                2,989,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                C-GIML

              	
                1979

              	
                760017

              	
                Myanmar

              	
                Unsecured

              	
                Non-primary

              	
                3,229,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                EP-HCS/
                  C-GKWS

              	
                1990

              	
                760297

              	
                Iran

              	
                Unsecured

              	
                Non-primary

              	
                2,930,000

              

      

       

       

       

      
        
          
          

        

        
          -
            192
            -

          
            

          

        

        
          
          

        

      

      
         

        
          
            	 	 	 	 	 	 	 	 	 	 	 	
                    USD

                  
	 	 	 	 	 	 	 	 	 	 	 	
                    Appraisal

                  
	
                    A/C
                      Type

                  	
                    Size

                  	
                    Status

                  	
                    Owner

                  	
                    Oper
                      Div

                  	
                    Call
                      Sign

                  	
                    Yr
                      Mfg

                  	
                    S/N

                  	
                    Country

                  	
                    Security

                  	
                    Jurisdiction

                  	
                    April
                      2004

                  

          

        

      

      
        	
                S76A++

              	
                Medium

              	
                Owned

              	
                Heliwest

              	
                Africa

              	
                ZS-RJS

              	
                1981

              	
                760160

              	
                Angola

              	
                Unsecured

              	
                Non-primary

              	
                2,928,000

              
	
                S76C

              	
                Medium

              	
                Leased

              	
                Bank
                  of
                  Scotland

              	
                Scotia

              	
                G-SSSC

              	
                1993

              	
                760408

              	
                UK

              	 	 	
                4,789,000

              
	
                S76C

              	
                Medium

              	
                Leased

              	
                Bank
                  of
                  Scotland

              	
                Scotia

              	
                G-SSSD

              	
                1993

              	
                760415

              	
                UK

              	 	 	
                4,624,000

              
	
                S76C

              	
                Medium

              	
                Leased

              	
                Bank
                  of
                  Scotland

              	
                Scotia

              	
                G-SSSE

              	
                1993

              	
                760417

              	
                UK

              	 	 	
                4,643,000

              
	
                S76C+

              	
                Medium

              	
                Leased

              	
                ANZ

              	
                International

              	
                C-FCHC

              	
                2003

              	
                760546

              	
                Thailand

              	 	 	
                6,358,000

              
	
                S76C+

              	
                Medium

              	
                Leased

              	
                ANZ

              	
                International

              	
                C-GHRZ

              	
                2004

              	
                760561

              	
                Thailand

              	 	 	
                6,992,812

              
	
                S76C+

              	
                Medium

              	
                Leased

              	
                ANZ

              	
                International

              	
                C-GEJL

              	
                2003

              	
                760537

              	
                India

              	 	 	
                6,383,000

              
	
                S76C+

              	
                Medium

              	
                Owned

              	
                4083423
                  Canada
                  Inc

              	
                International

              	
                C-GMNB

              	
                1998

              	
                760490

              	
                India

              	
                Unsecured

              	
                Non-primary

              	
                4,857,000

              
	
                S76C+

              	
                Medium

              	
                Owned

              	
                CHC
                  Helicopters Intl
                  Inc

              	
                Africa

              	
                ZS-RRX

              	
                2004

              	
                760547

              	
                Eqt.
                  Guinea

              	
                Unsecured

              	
                Non-primary

              	
                7,750,000

              
	
                S76C+

              	
                Medium

              	
                Owned

              	
                CHC
                  Helicopters Intl
                  Inc

              	
                Africa

              	
                ZS-RRY

              	
                2004

              	
                760548

              	
                Eqt.
                  Guinea

              	
                Unsecured

              	
                Non-primary

              	
                7,750,000

              
	
                SA365N

              	
                Medium

              	
                Owned

              	
                North
                  Denes Aerodrome
                  Limited

              	
                Scotia

              	
                EI-MIP
                  /
                  G-BLEY

              	
                1984

              	
                6119

              	
                Ireland

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                1,669,500

              
	
                SA365N

              	
                Medium

              	
                Leased

              	
                Bank
                  of
                  Scotland

              	
                Scotia

              	
                G-BKXD

              	
                1983

              	
                6088

              	
                UK

              	 	 	
                1,580,000

              
	
                SA365N

              	
                Medium

              	
                Owned

              	
                North
                  Denes Aerodrome
                  Limited

              	
                Scotia

              	
                G-BLEZ

              	
                1984

              	
                6131

              	
                UK

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                1,653,000

              
	
                SA365N

              	
                Medium

              	
                Owned

              	
                North
                  Denes Aerodrome
                  Limited

              	
                Scotia

              	
                G-BLUM

              	
                1985

              	
                6101

              	
                UK

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                1,527,500

              
	
                SA365N

              	
                Medium

              	
                Owned

              	
                Scotia

              	
                Scotia

              	
                G-BLUN

              	
                1985

              	
                6114

              	
                UK

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                1,663,000

              
	
                AS332L

              	
                Heavy

              	
                Leased

              	
                GE
                  Capital

              	
                Scotia

              	
                G-PUMD

              	
                1983

              	
                2077

              	
                UK

              	 	 	
                6,770,000

              
	
                AS332L

              	
                Heavy

              	
                Leased

              	
                GE
                  Capital

              	
                Scotia

              	
                G-PUME

              	
                1983

              	
                2091

              	
                UK

              	 	 	
                6,210,000

              
	
                AS332L

              	
                Heavy

              	
                Leased

              	
                ANZ
                  Banking
                  Group

              	
                Scotia

              	
                G-BOZK/
                  OY-HHC

              	
                1988

              	
                2179

              	
                Denmark

              	 	 	
                6,850,000

              
	
                AS332L

              	
                Heavy

              	
                Leased

              	
                ANZ
                  Banking
                  Group

              	
                Scotia

              	
                G-BUZD

              	
                1983

              	
                2069

              	
                UK

              	 	 	
                6,990,000

              
	
                AS332L

              	
                Heavy

              	
                Leased

              	
                ANZ
                  Banking
                  Group

              	
                Scotia

              	
                G-PUMA

              	
                1983

              	
                2038

              	
                UK

              	 	 	
                6,740,000

              
	
                AS332L

              	
                Heavy

              	
                Leased

              	
                ANZ
                  Banking
                  Group

              	
                Scotia

              	
                G-PUMB

              	
                1983

              	
                2075

              	
                UK

              	 	 	
                7,140,000

              
	
                AS332L1

              	
                Heavy

              	
                Leased

              	
                GE
                  Capital

              	
                International

              	
                LN-OBF

              	
                1992

              	
                2381

              	
                Brazil

              	 	 	
                9,730,000

              
	
                AS332L1

              	
                Heavy

              	
                Leased

              	
                Nordbanken

              	
                International

              	
                9M-STW/
                  LN-OBQ

              	
                1990

              	
                2312

              	
                Malaysia

              	 	 	
                8,630,000

              
	
                AS332L1

              	
                Heavy

              	
                Leased

              	
                Westbroker
                  Finans
                  AS

              	
                International

              	
                LN-OMT

              	
                1997

              	
                2468

              	
                Brazil

              	 	 	
                11,090,000

              
	
                AS332L1

              	
                Heavy

              	
                Leased

              	
                GE
                  Capital

              	
                HS
                  AS

              	
                LN-OPH

              	
                1991

              	
                2347

              	
                Norway

              	 	 	
                8,930,000

              
	
                AS332L1

              	
                Heavy

              	
                Leased

              	
                Capital
                  Bank

              	
                International

              	
                9M-STU/
                  VH-LHH

              	
                1994

              	
                2407

              	
                Malaysia

              	 	 	
                9,790,000

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                GE
                  Capital

              	
                HS
                  AS

              	
                LN-OHA

              	
                1993

              	
                2396

              	
                Norway

              	 	 	
                10,290,000

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                SEB
                  Finans
                  Sc

              	
                HS
                  AS

              	
                LN-OHC

              	
                1995

              	
                2393

              	
                Norway

              	 	 	
                10,730,000

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                Nordea
                  Finans
                  AS

              	
                HS
                  AS

              	
                LN-OHD

              	
                1997

              	
                2395

              	
                Norway

              	 	 	
                11,800,000

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                Elcon
                  Finance

              	
                HS
                  AS

              	
                LN-OHE

              	
                1998

              	
                2474

              	
                Norway

              	 	 	
                12,220,000

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                NIB
                  Capital

              	
                HS
                  AS

              	
                LN-OHG

              	
                1998

              	
                2493

              	
                Norway

              	 	 	
                11,880,000

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                South
                  Service Flight
                  Co.

              	
                HS
                  AS

              	
                LN-OHH

              	
                1995

              	
                2366

              	
                Norway

              	 	 	
                11,750,000

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                Elcon
                  Finance

              	
                Scotia

              	
                G-CHCF

              	
                2001

              	
                2567

              	
                UK

              	 	 	
                13,960,000

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                Soverign

              	
                Scotia

              	
                G-CHCG

              	
                2003

              	
                2592

              	
                UK

              	 	 	
                14,250,000

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                Bank
                  of
                  Scotland

              	
                Scotia

              	
                G-CHCH

              	
                2003

              	
                2601

              	
                UK

              	 	 	
                14,780,000

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                GE
                  Capital

              	
                International

              	
                G-PUMM

              	
                1998

              	
                2477

              	
                UK

              	 	 	
                12,790,000

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                Capital
                  Bank

              	
                Scotia

              	
                G-PUMN

              	
                1998

              	
                2484

              	
                UK

              	 	 	
                12,490,000

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                GE
                  Capital

              	
                Scotia

              	
                G-PUMO

              	
                1998

              	
                2467

              	
                UK

              	 	 	
                12,440,000

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                Sovereign
                  Finance

              	
                Scotia

              	
                G-PUMS

              	
                2000

              	
                2504

              	
                UK

              	 	 	
                12,690,000

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                SEB
                  Finans
                  AS

              	
                HS
                  AS

              	
                LN-OHI

              	
                2002

              	
                2582

              	
                Norway

              	 	 	
                14,130,000

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                Westbroker
                  Finans
                  AS

              	
                HS
                  AS

              	
                LN-OHJ

              	
                2003

              	
                2594

              	
                Norway

              	 	 	
                14,600,000

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                GE
                  European
                  Equipment

              	
                HS
                  AS

              	
                LN-OHK

              	
                2004

              	
                2613

              	
                Norway

              	 	 	
                17,962,772

              
	
                AS332L2

              	
                Heavy

              	
                Leased

              	
                Elcon
                  Finance

              	
                HS
                  AS

              	
                LN-OHL

              	
                2004

              	
                2617

              	
                Norway

              	 	 	
                18,163,000

              
	
                AS365N2

              	
                Medium

              	
                Leased

              	
                Handelsbanken

              	
                HS
                  AS

              	
                LN-OMJ

              	
                1988

              	
                6301

              	
                Norway

              	 	 	
                2,336,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                Lloyd
                  Offshore Helicopters Pty
                  Ltd

              	
                Australia

              	
                VH-LHN

              	
                1990

              	
                760300

              	
                Australia

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                2,736,000

              
	
                AS365N3

              	
                Medium

              	
                Leased

              	
                ANZ
                  Leasing

              	
                Australia

              	
                VH-PVG

              	
                2001

              	
                6597

              	
                Australia

              	 	 	
                5,301,000

              
	
                AS365N3

              	
                Medium

              	
                Leased

              	
                ANZ
                  Leasing

              	
                Australia

              	
                VH-PVH

              	
                2001

              	
                6604

              	
                Australia

              	 	 	
                5,039,000

              
	
                Bell
                  212

              	
                Medium

              	
                Leased

              	
                GB/Ellis

              	
                Africa

              	
                ZS-RGV

              	
                1979

              	
                30952

              	
                South
                  Africa

              	 	 	
                1,890,000

              
	
                Bell
                  212

              	
                Medium

              	
                Leased

              	
                GE
                  Capital

              	
                International

              	
                C-FAOC

              	
                1998

              	
                35103

              	
                Saudi
                  Arabia

              	 	 	
                2,949,500

              
	
                Bell
                  212

              	
                Medium

              	
                Leased

              	
                CDN
                  Air
                  Parts

              	
                International

              	
                C-FCAP/
                  ZS-RNH

              	
                1979

              	
                30923

              	
                Georgia

              	 	 	
                2,079,000

              

      

       

       

       

      
        
          
          

        

        
          -
            193
            -

          
            

          

        

        
          
          

        

      

      
         

        
          
            	 	 	 	 	 	 	 	 	 	 	 	
                    USD

                  
	 	 	 	 	 	 	 	 	 	 	 	
                    Appraisal

                  
	
                    A/C
                      Type

                  	
                    Size

                  	
                    Status

                  	
                    Owner

                  	
                    Oper
                      Div

                  	
                    Call
                      Sign

                  	
                    Yr
                      Mfg

                  	
                    S/N

                  	
                    Country

                  	
                    Security

                  	
                    Jurisdiction

                  	
                    April
                      2004

                  

          

        

      

      
        	
                Bell
                  212

              	
                Medium

              	
                Leased

              	
                Ellis
                  Air

              	
                Australia

              	
                VH-LHX/C-GOKX

              	
                1975

              	
                30680

              	
                East
                  Timor

              	 	 	
                1,916,000

              
	
                Bell
                  412

              	
                Medium

              	
                Leased

              	
                ANZ
                  Leasing

              	
                Australia

              	
                VH-VAA

              	
                2001

              	
                36274

              	
                Australia

              	 	 	
                5,226,000

              
	
                Bell
                  412

              	
                Medium

              	
                Leased

              	
                ANZ
                  Leasing

              	
                Australia

              	
                VH-VAB

              	
                2001

              	
                36275

              	
                Australia

              	 	 	
                5,229,500

              
	
                Bell
                  412HP

              	
                Medium

              	
                Leased

              	
                Helicopter
                  Holdings
                  Ltd

              	
                International

              	
                N-412MB

              	
                1991

              	
                36023

              	
                Venezuela

              	 	 	
                4,066,815

              
	
                S61N

              	
                Heavy

              	
                Leased

              	
                Airlog

              	
                Scotia

              	
                EI-CNL

              	
                1962

              	
                61746

              	
                Ireland

              	 	 	
                2,762,500

              
	
                S61N

              	
                Heavy

              	
                Leased

              	
                Airlog

              	
                Scotia

              	
                EI-MES

              	
                1977

              	
                61776

              	
                Ireland

              	 	 	
                3,058,000

              
	
                S61N

              	
                Heavy

              	
                Leased

              	
                Airlog

              	
                Scotia

              	
                EI-SAR

              	
                1975

              	
                61143

              	
                Ireland

              	 	 	
                2,834,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                HS-HTO/
                  C-GIHO

              	
                1979

              	
                760015

              	
                Thailand

              	
                Unsecured

              	
                Non-primary

              	
                2,898,000

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                C-GIMJ

              	
                1979

              	
                760009

              	
                Myanmar

              	
                Unsecured

              	
                Non-primary

              	
                3,252,000

              
	
                S76C+

              	
                Medium

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                C-GHRY

              	
                2004

              	
                760568

              	
                Canada

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                6,637,565

              
	
                S76A++

              	
                Medium

              	
                Owned

              	
                CHII
                  -
                  International

              	
                International

              	
                HS-HTX/
                  C-GIMX

              	
                1979

              	
                760213

              	
                Malaysia

              	
                Unsecured

              	
                Non-primary

              	
                2,825,000

              
	
                S76A++

              	
                Medium

              	
                Leased

              	
                GE
                  Capital

              	
                International

              	
                HS-HTI/
                  VH-JXL

              	
                1981

              	
                760148

              	
                Thailand

              	 	 	
                2,597,500

              
	
                S76A++

              	
                Medium

              	
                Leased

              	
                GE
                  Capital

              	
                International

              	
                HS-HTU/
                  VH-HUB

              	
                1979

              	
                760010

              	
                Thailand

              	 	 	
                2,699,500

              
	
                Twin
                  Otter

              	
                Fixed
                  Wing

              	
                Leased

              	
                Kenn
                  Borek

              	
                International

              	
                C-GKCS

              	
                1980

              	
                693

              	
                Myanmar

              	 	 	
                1,050,000

              
	
                Twin
                  Otter

              	
                Fixed
                  Wing

              	
                Leased

              	
                Kenn
                  Borek

              	
                International

              	
                C-GKBR

              	
                1979

              	
                617

              	
                Myanmar

              	 	 	
                1,030,000

              
	
                DHC6-300

              	
                Fixed
                  Wing

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                TJ-SAC

              	
                1975

              	
                476

              	
                Cameroun
                  /
                  Tchad

              	
                Unsecured

              	
                Non-primary

              	
                1,010,000

              
	
                DHC6-310

              	
                Fixed
                  Wing

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                TJ-SAF

              	
                1977

              	
                529

              	
                Cameroun
                  /
                  Tchad

              	
                Unsecured

              	
                Non-primary

              	
                930,000

              
	
                DHC6-310

              	
                Fixed
                  Wing

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                TJ-ALL

              	
                1977

              	
                572

              	
                Cameroun
                  /
                  Tchad

              	
                Unsecured

              	
                Non-primary

              	
                780,000

              
	
                DHC6-300

              	
                Fixed
                  Wing

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                TJ-SAD

              	
                1978

              	
                600

              	
                Cameroun
                  /
                  Tchad

              	
                Unsecured

              	
                Non-primary

              	
                930,000

              
	
                DHC6-300

              	
                Fixed
                  Wing

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                TJ-CQE

              	
                1980

              	
                662

              	
                Cameroun
                  /
                  Tchad

              	
                Unsecured

              	
                Non-primary

              	
                1,050,000

              
	
                DHC8-102

              	
                Fixed
                  Wing

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                5N-MGV

              	
                1985

              	
                24

              	
                Nigeria

              	
                Unsecured

              	
                Non-primary

              	
                1,850,000

              
	
                DHC8-311

              	
                Fixed
                  Wing

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                5N-EVD

              	
                1990

              	
                216

              	
                Nigeria

              	
                Unsecured

              	
                Non-primary

              	
                3,720,000

              
	
                S76C+

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                5N-BNG

              	
                1997

              	
                760468

              	
                Nigeria

              	
                Unsecured

              	
                Non-primary

              	
                5,002,500

              
	
                S76B

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                5N-BBK

              	
                1985

              	
                760310

              	
                Nigeria

              	
                Unsecured

              	
                Non-primary

              	
                2,486,500

              
	
                S76B

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                5N-SDW

              	
                1989

              	
                760350

              	
                Nigeria

              	
                Unsecured

              	
                Non-primary

              	
                2,541,000

              
	
                S76B

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                PH-NZZ

              	
                1985

              	
                760316

              	
                The
                  Netherlands

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,180,000

              
	
                S76B

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                PH-NZS

              	
                1986

              	
                760325

              	
                The
                  Netherlands

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,492,000

              
	
                S76B

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                PH-NZT

              	
                1986

              	
                760326

              	
                The
                  Netherlands

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,715,000

              
	
                S76B

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                PH-NZU

              	
                1986

              	
                760329

              	
                The
                  Netherlands

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,462,500

              
	
                S76B

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                PH-NZV

              	
                1987

              	
                760336

              	
                The
                  Netherlands

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,574,000

              
	
                S76B

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                PH-NZW

              	
                1991

              	
                760381

              	
                The
                  Netherlands

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,535,000

              
	
                S61N

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                PH-NZD

              	
                1971

              	
                61489

              	
                Spain

              	
                Secured

              	
                Non-primary

              	
                2,156,000

              
	
                S61N

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                PH-NZG

              	
                1975

              	
                61753

              	
                The
                  Netherlands

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,042,000

              
	
                S61N

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                PH-NZK

              	
                1977

              	
                61773

              	
                The
                  Netherlands

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,388,000

              
	
                SA365N

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                5N-ESO

              	
                1983

              	
                6072

              	
                Nigeria

              	
                Unsecured

              	
                Non-primary

              	
                1,283,000

              
	
                SA365N

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                5N-BDA

              	
                1984

              	
                6077

              	
                Nigeria

              	
                Unsecured

              	
                Non-primary

              	
                1,369,500

              
	
                SA365N

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                5N-BET

              	
                1984

              	
                6087

              	
                Nigeria

              	
                Unsecured

              	
                Non-primary

              	
                1,337,000

              
	
                SA365N

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                5N-STO

              	
                1984

              	
                6106

              	
                Nigeria

              	
                Unsecured

              	
                Non-primary

              	
                1,184,500

              
	
                SA365N

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                TJ-CQD

              	
                1983

              	
                6062

              	
                Cameroun

              	
                Unsecured

              	
                Non-primary

              	
                450,000

              
	
                SA365N

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                PH-SSX

              	
                1982

              	
                6030

              	
                Spain

              	
                Unsecured

              	
                Non-primary

              	
                1,630,000

              
	
                SA365C2

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                EC-HRL

              	
                1980

              	
                5055

              	
                Spain

              	
                Unsecured

              	
                Non-primary

              	
                395,000

              
	
                SA365N2

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                PH-FMD

              	
                1994

              	
                6469

              	
                not
                  operated
                  yet

              	
                Unsecured

              	
                Non-primary

              	
                2,764,028

              
	
                SA365N3

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                TJ-SAY

              	
                2000

              	
                6571

              	
                Cameroun

              	
                Unsecured

              	
                Non-primary

              	
                4,631,500

              
	
                SA365N3

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                PH-SHI

              	
                2003

              	
                6657

              	
                The
                  Netherlands

              	
                Unsecured

              	
                Primary
                  Non-Nordic

              	
                5,975,000

              
	
                SA365N3

              	
                Medium

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                5N-BGF

              	
                2003

              	
                6593

              	
                Nigeria

              	
                Unsecured

              	
                Non-primary

              	
                5,616,000

              
	
                MD902

              	
                Light

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                PH-SHF

              	
                2000

              	
                80

              	
                The
                  Netherlands

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,891,500

              
	
                MD902

              	
                Light

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                PH-RVD

              	
                2000

              	
                79

              	
                The
                  Netherlands

              	
                Secured

              	
                Primary
                  Non-Nordic

              	
                2,899,500

              
	
                Learjet
                  45

              	
                Fixed
                  Wing

              	
                Owned

              	
                CAS
                  BV

              	
                Schreiner

              	
                5N-BGR

              	
                2001

              	
                163

              	
                Nigeria

              	
                Unsecured

              	
                Non-primary

              	
                6,504,568

              
	
                DHC8-311

              	
                Fixed
                  Wing

              	
                Leased

              	
                Airplanes
                  Jetprop
                  Finance

              	
                Schreiner

              	
                5N-DAP

              	
                1990

              	
                244

              	
                Nigeria

              	 	 	
                3,980,000

              
	
                S76C+

              	
                Medium

              	
                Leased

              	
                Helicopter
                  Transportation
                  Group

              	
                Schreiner

              	
                5N-BCX

              	
                1997

              	
                760466

              	
                Nigeria

              	 	 	
                4,589,000

              
	
                SA365N1

              	
                Medium

              	
                Leased

              	
                Helicopter
                  Transportation
                  Group

              	
                Schreiner

              	
                5N-BFP

              	
                1989

              	
                6319

              	
                Nigeria

              	 	 	
                2,375,000

              
	
                SA365N2

              	
                Medium

              	
                Leased

              	
                Helicopter
                  Leasing
                  Group

              	
                Schreiner

              	
                5N-BBR

              	
                1992

              	
                6446

              	
                Nigeria

              	 	 	
                2,829,000

              
	
                DHC8-311

              	
                Fixed
                  Wing

              	
                Leased

              	
                Airplanes
                  Jetprop
                  Finance

              	
                Schreiner

              	
                TJ-SAB

              	
                1991

              	
                276

              	
                Tchad

              	 	 	
                4,070,000

              
	
                SA365N

              	
                Medium

              	
                Leased

              	
                Helicopter
                  Leasing
                  Group

              	
                Schreiner

              	
                PP-MCA

              	
                1984

              	
                6103

              	
                Brazil

              	 	 	
                1,579,500

              
	 	 	 	 	 	 	 	 	 	 	 	 
	
                207

              	 	 	 	 	 	 	 	 	 	 	
                898,669,060

              

      

    

     

    

    
      
        
          
          

        

        
          -
            194
            -

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      J

    LIMITATIONS
      ON CERTAIN OBLIGORS AND OTHERS

     

    [see
      reference in Section 10.8]

     

    
      	
              1.

            	
              Neither
                CHC Helicopter Holdings Limited nor Viking Helicopters Limited shall
                have
                any material Property other than Capital Stock of CHII and neither
                shall
                carry on any business other than owning that Capital
                Stock.

            

    

     

    
      	
              2.

            	
              None
                of Pacific Aerospace Services Inc., Bond Rotary Wing Limited, Court
                Helicopters (Proprietary) Ltd. (formerly Court Republic Helicopters
                (Proprietary) Ltd.), Multifabs Survival Inc., Kirkhill Limited,
                Scandinavian Aviation Group and Scotia Helicopter Services Limited
                shall
                carry on any business or own any
                Property.

            

    

     

    
      	
              3.

            	
              297303
                British Columbia Limited shall not have any material Property (except
                for
                an existing account receivable from a related party) or carry on
                any
                business unless it becomes an Obligor and complies with all of the
                requirements in Section 6.1.2 relating to newly owned, established
                or
                acquired wholly owned Subsidiaries.  Bond Helicopters Limited, a
                corporation established to preserve that name following a previous
                change
                of name of what is now CHC Scotia shall not have any material Property
                or
                carry on any business unless it becomes an Obligor and complies with
                all
                of the requirements in Section 6.1.2 relating to newly owned, established
                or acquired wholly owned
                Subsidiaries.

            

    

     

    
      	
              4.

            	
              Flight
                Handling Limited shall have no material Property other than one or
                more
                letters of indemnity or mortgages of helicopters in Denmark that
                it holds
                to secure its guarantee and indemnity in favour of the Agent, and
                shall
                not carry on any business other than holding those letters of indemnity
                or
                mortgages.

            

    

     

    
      	
              5.

            	
              Vinland
                Denmark A/S shall have no material Property other than Capital Stock
                of
                Vinland Holding AS and CHC Denmark ApS and shall not carry on any
                business
                other than owning that Capital
                Stock.

            

    

     

    
      	
              6.

            	
              Vinland
                Holding AS shall have no material Property other than Capital Stock
                of
                Helicopter Services Group AS and Integra Leasing AS and shall not
                carry on
                any business other than owning that Capital
                Stock.

            

    

     

    
      	
              7.

            	
              CHC
                Denmark ApS shall not carry on any business other than acting as
                a
                subcontractor to or agent for Brintel Helicopters Limited in the
                performance of a contract with Maersk Oil and shall have no material
                Property other than helicopters leased from other
                Obligors.

            

    

     

    
      	
              8.

            	
              Integra
                Leasing AS and Heliwest AS shall not carry on any business other
                than as
                lessees under leases of helicopters from which in turn are sub-leased
                in
                compliance with SCHEDULE L, and shall have no material Property other
                than
                rights in connection with those
                leases.

            

    

     

    

    
      
        
          
          

        

        
          -
            195
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              9.

            	
              Court
                Helicopter Services (Proprietary) Limited (formerly Court Air Holdings
                (Proprietary) Ltd.) shall have no material Property other than Capital
                Stock of Court Air (Proprietary) Ltd. and shall not carry on any
                business
                other than owning that Capital
                Stock.

            

    

     

    
      	
              10.

            	
              Court
                Air (Proprietary) Ltd. shall have no material Property other than
                Capital
                Stock of CHC Helicopters (Africa) (Proprietary) Ltd., Helicopter
                Services
                (Pty) Ltd. and, until they are dissolved, Court Helicopters (Proprietary)
                Ltd. and Court Flight Safety (Proprietary) Limited, and shall not
                carry on
                any business other than owning that Capital
                Stock.

            

    

     

    
      	
              11.

            	
              Court
                Flight Safety (Proprietary) Ltd. shall have no material Property
                other
                than amounts receivable of not greater than 50,000 South African
                Rand and
                shall not carry on any business other than seeking to collect those
                amounts.  CHC shall cause it to be dissolved or wound up as soon
                as it has assigned the amounts receivable to an Obligor, collected
                them or
                exhausted attempts to collect them.

            

    

     

    
      	
              12.

            	
              CHC
                Reinsurance S.A. shall have no material Property other than loans
                owing by
                HSG in the amounts of NOK 15,750,000 and US $300,000 and by HSAS
                in the
                amounts of NOK 6,000,000 and US $1,000,000 and shall not carry on
                any
                business other than owning those
                loans.

            

    

     

    
      	
              13.

            	
              HSG
                and Scancopter AS shall not acquire material Property in excess of
                that
                owned on 11 August 1999 without the prior consent of the Required
                Lenders.

            

    

     

    
      	
              14.

            	
              None
                of Aerocoop B.V., Airmars Trading Company Ltd., Helicopter Administration
                Services Ltd., Lesotho Air Transport Services (Proprietary) Ltd.,
                Schreiner Aircraft Trading Company B.V., Schreiner Airtax Argentina
                SA,
                Schreiner Airways (Cyprus) Ltd., Schreiner Northsea Helicopters UK
                Ltd.,
                Servicio Aero Litoral Ltda, Aviation Trading and Constructing AG,
                Schreiner Airways Panama SA, Schreiner Airways Panama Operating SA
                and
                Schreiner Airways Belgium N.V. shall carry on any business or own
                any
                Property.

            

    

     

    
      	
              15.

            	
              CHC
                Capital (Barbados) Limited shall have no material Property other
                than
                Intercompany Loan Obligations totalling €71,000,000 owing by CHC
                Netherlands B.V. and shall not carry on any business other than holding
                those Intercompany Loan
                Obligations.

            

    

     

    
      	
              16.

            	
              CHC
                Sweden AB shall have no material Property other than Capital Stock
                in CHC
                Netherlands B.V. and shall not carry on any business other than holding
                that Capital Stock.

            

    

     

    
      	
              17.

            	
              CHC
                Netherlands B.V. shall have no material Property other than Capital
                Stock
                in Schreiner and Intercompany Loan Obligations totalling up to €34,000,000
                owing by Schreiner and/or its Subsidiaries and shall not carry on
                any
                business other than holding that
                Property.

            

    

     

    

    
      
        
          
          

        

        
          -
            196
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              18.

            	
              6248276
                Canada Inc. shall have no material Property other than Capital Stock
                in
                Vector Aerospace Corporation owned as of 22 December 2004 and shall
                not
                carry on any business other than holding that
                Property.

            

    

     

    

     

    

    
      
        
          
          

        

        
          -
            197
            -

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      K

    RESTRICTED
      INTERCOMPANY OBLIGATIONS

     

    [see
      reference in Section 1.1.128]

     

    
      	 	
              Lender

            	
              Borrower

            	
              Guarantor(s)
                and Comments

            	
              Amount

            
	
              1.

            	
              CHB

            	
              HSG

            	
              Pursuant
                to loan and guarantee agreement dated as of 15 October
                1999.  Guarantors include HSAS, Vinland Holding AS, Integra
                Leasing AS, Heliwest AS, Astec Helicopter Services AS and Scancopter
                AS

            	
              £36,497,577

            
	
              2.

            	
              CHB

            	
              HSAS

            	
              Pursuant
                to loan and guarantee agreement dated as of 15 October
                1999.  Guarantors include HSG, Vinland Holding AS, Integra
                Leasing AS, Heliwest AS, Astec Helicopter Services AS and Scancopter
                AS

            	
              NOK
                446,092,590

            

    

    

     

    CHC
      may designate other Intercompany Loan Obligations owing by Norwegian Obligors
      as
      Restricted Intercompany Obligations as long as the Agent is satisfied that
      all
      Norwegian Obligors are liable in respect of the proposed additional Restricted
      Intercompany Obligations and that they are secured to the same extent as the
      Restricted Intercompany Obligations referred to above.

     

    

     

    

    
      
        
          
          

        

        
          -
            198
            -

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      L

    SPECIAL
      REQUIREMENTS REGARDING AIRCRAFT

     

    [see
      reference in Section 10.3.5(b)]

     

    To
      the extent it has any interest in Aircraft, each Obligor shall comply with
      the
      following requirements:

     

    
      	
              1.

            	
              General
                Limitation on Location of
                Aircraft

            

    

     

    Notwithstanding
      anything contained in this Agreement, unless the Required Lenders and CHC
      otherwise agree, CHC shall ensure that at all times not more than 10% of the
      aggregate value of all Aircraft owned or leased by Obligors in the total fleet
      of the Obligors are located in or operated from any single jurisdiction other
      than a Primary Operating Jurisdiction.

     

    
      	
              2.

            	
              Relocation
                of Aircraft

            

    

     

    An
      Obligor may from time to time choose to relocate any Aircraft outside the
      jurisdiction listed with respect to that Aircraft on SCHEDULE I as of 31 October
      2004, but upon any relocation, the Aircraft will not be eligible to be included
      in the Borrowing Base until the Obligor has caused any document or agreement
      necessary in connection with the Security required under this Agreement to
      be
      executed, recorded, filed, re-executed, re-recorded and/or re-filed pursuant
      to
      any Applicable Law in the new jurisdiction as and to the extent necessary in
      order to, and shall take such other actions, including delivery of a legal
      opinion concerning the new Security, as may from time to time be reasonably
      requested by the Agent or be necessary or advisable to, establish, perfect,
      protect and maintain the Security over the Aircraft and all related Parts and
      technical documents free and clear of all Encumbrances other than Permitted
      Encumbrances and establish rights and remedies created or intended to be created
      under the Security and carry out more effectively the intent of the
      Security.

     

    
      	
              3.

            	
              Control
                of Aircraft

            

    

     

    Unless
      otherwise expressly permitted in this Agreement, it shall maintain de facto
      operational control of all Aircraft, (i) through crew employed by, or subject
      to
      the direct control of, the Obligor or (ii) through a Person that is partially
      owned by an Obligor or a joint venture in either of which the Obligor's
      participation is sufficient to enable it to provide, control or actively monitor
      the operation and maintenance of the Aircraft, except:

     

    
      	
              (a)

            	
              with
                the prior written consent of the
                Agent;

            

    

     

    
      	
              (b)

            	
              an
                Aircraft may be delivered to a manufacturer or to any other person
                for
                testing, overhaul, service, repair or maintenance work to be carried
                out
                upon it or for modification, alterations or changes permitted or
                required
                to be made by this Agreement to be carried out thereon;
                or

            

    

     

    

    
      
        
          
          

        

        
          -
            199
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              (c)

            	
              not
                more than 10% of the aggregate value of all Aircraft owned or leased
                by
                Obligors in the total fleet of the Obligors may be outside the operational
                control of an Obligor through "dry"
                leases.

            

    

     

    
      	
              4.

            	
              Registration

            

    

     

    (a)           It
      shall at its own cost and expense cause each Aircraft to be duly registered
      in
      the jurisdiction in which it is located under the applicable civil aviation
      regulations and at all times to remain so duly registered in its name and shall
      to the extent to which it is possible so to do cause the interest of the Agent
      to be noted with the applicable civil aviation authority, except where
      maintaining a pre-existing registration despite re-location to a new
      jurisdiction is prudent according to industry practice and in compliance with
      Applicable Law.

     

    (b)           It
      shall promptly as and when reasonably requested by the Agent provide the Agent
      with evidence of the currency of the applicable certificate of registration
      and
      certificate of airworthiness issued pursuant to the applicable civil aviation
      regulations in respect of the Aircraft.

     

    (c)           It
      shall maintain any other Permit that may from time to time be required under
      any
      Applicable Law for the ownership or operation of the Aircraft.

     

    
      	
              5.

            	
              Maintenance

            

    

     

    It
      shall at all times:

     

    
      	
              (a)

            	
              maintain,
                inspect, service, repair, overhaul and test the Aircraft and each
                Part
                thereof so as to keep it at all times in good operational repair
                and
                condition in all respects and in compliance with Applicable Law and
                all
                requirements and recommendations of any manufacturer and/or supplier
                of
                the Aircraft and each Part thereof;  in each case, such things
                shall be done in a manner, to an extent and with a standard of care
                not
                less than the standard of the industry for prudent maintenance and
                safety
                of similar aircraft, and in such manner and condition as will maintain
                all
                warranties and indemnities of manufacturers and/or suppliers and
                as will
                fully satisfy any applicable requirements of any
                insurer;

            

    

     

    
      	
              (b)

            	
              maintain
                all records, logs and other similar material required by Applicable
                Law or
                required by any manufacturer and/or supplier in order to maintain
                any
                warranties given by such manufacturer and/or supplier or required
                by any
                insurer;

            

    

     

    
      	
              (c)

            	
              upon
                the request of the Agent, promptly furnish to the Agent such information
                to which the Obligor has or should have access as may be required
                to
                enable the Agent to file any notifications of repairs required to
                be filed
                by the Agent with any applicable Governmental Authority in respect
                of the
                Aircraft or the operation thereof;

            

    

     

    
      	
              (d)

            	
              comply
                with all Applicable Law applicable to the Aircraft or the operation
                thereof including all airworthiness directives and ensure that at
                all
                times there is a current, unconditional airworthiness certificate
                issued
                in respect of the Aircraft under the applicable civil aviation
                regulations;

            

    

     

    

    
      
        
          
          

        

        
          -
            200
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              (e)

            	
              ensure
                that any direction by the applicable civil aviation authority in
                respect
                of a certificate of airworthiness or maintenance release or any
                notification or suspension or cancellation of a maintenance release
                or
                certificate of airworthiness is promptly brought to the attention
                of any
                person who is likely to fly or likely to issue a maintenance release
                in
                respect of the Aircraft;

            

    

     

    
      	
              (f)

            	
              ensure
                that each Aircraft is, at all times when not being operated, properly
                and
                safely hangared and sheltered where it is reasonably possible and
                customary under industry practice to do
                so.

            

    

     

    Where
      it does not employ qualified staff for the purpose referred to in this clause,
      it shall at its own expense effect maintain and keep in force maintenance
      contracts in respect of the Aircraft providing for regular maintenance in
      accordance with the manufacturer's specification and in particular such
      contracts as may be properly required by any insurer in pursuance of the
      Obligor's obligations to effect insurance.  Each such contract shall
      be entered into with a reputable contractor engaged in the business of
      maintenance and repair of such parts of the Aircraft.  The Obligor
      shall upon the request of the Agent produce to the Agent copies of all such
      maintenance contracts together with satisfactory evidence that the same are
      still in force.

     

    In
      the event of the Obligor failing to comply with its obligations under this
      clause, the Agent shall be entitled to give notice to the Obligor to remedy
      such
      failure and in the event that such remedy is not effected to the satisfaction
      of
      the Agent within a reasonable period, the Agent shall be entitled, but not
      bound, to effect or cause to be effected, at the expense of the Obligor, such
      repairs and the like works as are necessary to remedy such failure.

     

    
      	
              6.

            	
              Replacement,
                Interchange and Exchange of
                Parts

            

    

     

    (a)           It
      shall promptly replace (or cause to be replaced) all Parts which are or may
      from
      time to time be incorporated or installed in or attached to an Aircraft and
      which may from time to time become worn out, lost, stolen, destroyed, seized,
      confiscated, damaged beyond repair or permanently rendered unfit for use for
      any
      reason whatsoever, and may, in the ordinary course of maintenance, service,
      overhaul, repair or testing of such Aircraft remove any Parts provided that
      such
      Parts are replaced as promptly as practicable, consistent with normal industry
      practice.  All replacement Parts shall be free and clear of any
      Encumbrances (except Permitted Encumbrances) and shall be in as good operating
      condition as, and shall have a utility at least equal to, the Parts being
      replaced.

     

    (b)           All
      Parts at any time so removed from any Aircraft shall remain the property of
      such
      Obligor and subject to the Security, no matter where located, until such time
      as
      such Parts shall be replaced by Parts which meet the requirements for
      replacement Parts specified above and until title to such replacement Parts
      has
      vested in the Obligor in accordance herewith, at which time the removed Parts
      shall cease to be subject to the Security unless and until they subsequently
      become replacement Parts.  Immediately upon any replacement Parts
      becoming incorporated or installed in or attached to any Aircraft as
      hereinbefore provided, such replacement Parts shall be deemed a part of such
      Aircraft and be subject to the Security.

     

    

    
      
        
          
          

        

        
          -
            201
            -

          
            

          

        

        
          
          

        

      

    

    

    (c)           The
      Lenders acknowledge and consent to the necessity for an Obligor which operates
      Aircraft to interchange Parts on an Aircraft which have time life
      characteristics and are subject to repair and overhaul among the similar type
      Aircraft in the Obligors' fleet from time to time, and to engage in interchanges
      and exchanges of such Parts either internally from its pool of Parts or
      externally pursuant to power-by-the-hour arrangements with manufacturers and
      possibly with other third parties in the ordinary course of its business,
      consistent with industry practice.

     

    (d)           Unless
      a Default has occurred and is continuing, an Obligor which operates any of
      the
      Aircraft shall be entitled to directly or indirectly exchange, deal in and
      dispose of such exchangeable Parts in the usual course of its business,
      consistent with industry practice, when substituting the same for Parts of
      equal
      or greater utility.  Whether it occurs pursuant to a power-by-the-hour
      contract or otherwise, any Part at any time removed from an Aircraft of the
      Obligor shall remain subject to the Security until, but only until, such time
      as
      a replacement Part of equal or greater utility to the Part so removed is
      incorporated into or annexed to such Aircraft, and title to such replacement
      Part has passed to the Obligor such that the same becomes subject to the
      Security free and clear of all Encumbrances other than Permitted
      Encumbrances.  Thereafter the Part so removed may be delivered and
      transferred free and clear of the Security to any third party which provided
      the
      replacement Part if there is an obligation to do so.

     

    (e)           Upon
      substitution of an exchangeable Part into any Aircraft that is not beneficially
      owned by an Obligor but is operated within its fleet, any right, title or
      security interest of the Lenders therein shall thereupon be and become
      subordinate to the security interest or rights of any third party lender or
      lessor then holding a prior ranking Permitted Encumbrance over the Aircraft
      into
      which the same has been incorporated, provided that a Part of equal function
      and
      utility is removed from the Aircraft in exchange therefor and concurrently
      becomes subject to the Security free and clear of the security interest or
      rights of the third party lender or lessor.

     

    
      	
              7.

            	
              Alterations,
                Modifications and
                Additions

            

    

     

    An
      Obligor may, at its own cost and expense, from time to time make such
      alterations, modifications and additions to any such Aircraft as it may deem
      desirable in the proper conduct of its business, provided that no such
      alteration, modification or addition diminishes the value, utility, condition
      or
      airworthiness of the Aircraft below the value, utility, condition and
      airworthiness thereof immediately prior to such alteration, modification or
      addition, and that such Aircraft then has the utility and airworthiness required
      to be maintained by the terms of this Agreement.  Nothing in this
      SCHEDULE L shall, however, prevent an Obligor from making modifications to
      an
      Aircraft or failing to replace any Part that is removed if doing so is intended
      to accommodate a change in the use or location of the Aircraft.

     

    

    
      
        
          
          

        

        
          -
            202
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              8.

            	
              Insurance

            

    

     

    It
      shall, at its own expense, take out and at all times maintain in full force
      and
      effect insurance in such amounts and in form and through brokers, reasonably
      satisfactory to the Agent in its name and in the name of the Agent as its
      interest may appear against:

     

    
      	
              (a)

            	
              loss,
                damage or destruction (whether total or partial) to the Aircraft,
                Parts
                and technical documents relating
                thereto;

            

    

     

    
      	
              (b)

            	
              any
                liability for:

            

    

     

    
      	
                            (i)

            	
              injury
                (including bodily injury and personal injury to passengers, crew,
                employees and third parties);

            

    

     

    
      	
                            (ii)

            	
              damage
                (including property damage) to baggage, cargo, mail, public and private
                property (whether owned by cargo consignors, passengers, crew, employees
                or third parties);

            

    

     

    
      	
                            (iii)

            	
              any
                claims whatsoever (whether or not similar to the foregoing) caused
                by or
                arising out of or in connection with the operation, storage, maintenance
                or use of the Aircraft, Parts and technical documents;
                and

            

    

     

    
      	
              (c)

            	
              any
                other liability normally insured against by companies engaged in
                the same
                or similar business or companies owning and operating similar Aircraft;
                and

            

    

     

    
      	
              (d)

            	
              such
                other risks as the Agent may reasonably specify from time to
                time.

            

    

     

    All
      insurance shall be:

     

    
      	
              (e)

            	
              in
                amounts which are not less than the public liability and property
                damage
                insurance applicable to similar aircraft which comprise its fleet
                and on
                which it carries insurance;

            

    

     

    
      	
              (f)

            	
              of
                the type usually carried out by companies engaged in the same or
                similar
                business, owning and operating similar aircraft and which covers
                risks of
                the kind customarily insured against by such
                companies;

            

    

     

    
      	
              (g)

            	
              maintained
                in effect with insurers of recognised standing in leading insurance
                markets; and

            

    

     

    
      	
              (h)

            	
              endorsed
                with a breach of warranties endorsement for the benefit of the Agent
                in
                terms approved by the Agent.

            

    

     

    During
      the term of this Agreement it shall:

     

    
      	
              (i)

            	
              not
                without the prior consent of the Agent alter any of the insurance
                in a
                manner which has a material adverse effect in relation to the cover
                and/or
                risks provided by the insurance as at the date hereof nor make, do,
                consent or agree to any act or omission which would or might render
                any of
                the insurance invalid, void, voidable or unenforceable or render
                any sum
                paid out under any of the insurance repayable in whole or in
                part;

            

    

     

    

    
      
        
          
          

        

        
          -
            203
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              (j)

            	
              not
                cause or permit the Aircraft to be operated in any way inconsistent
                with
                the provisions of warranties of, or implied in, outside the geographical
                limits of or otherwise outside the cover provided by, any insurance
                or to
                be used or kept for any purpose or to carry any cargo in any manner
                or in
                any place not permitted by any
                insurance;

            

    

     

    
      	
              (k)

            	
              renew
                all insurance at least 14 days before the relevant policies or contracts
                expire and ensure that the approved brokers promptly confirm in writing
                to
                the Agent as and when each such renewal is
                effected;

            

    

     

    
      	
              (l)

            	
              comply
                with the terms of each insurance policy and duly pay all premiums,
                calls,
                contributions or other sums of money from time to time payable in
                respect
                of the insurance;

            

    

     

    
      	
              (m)

            	
              not
                authorize or permit payment of any monies in respect of the insurance
                other than to the Agent or as provided in Sections 5.6 and 10.9 of
                this
                Agreement;

            

    

     

    
      	
              (n)

            	
              except
                as provided in Sections 5.6 and 10.9 of this Agreement, if it receives
                payment of any moneys in respect of insurance, forthwith pay over
                the same
                to the Agent and until paid over hold such moneys in trust for the
                Agent;

            

    

     

    
      	
              (o)

            	
              immediately
                notify the Agent in reasonable detail about any claims or events
                giving
                rise to claims in excess of USD 1,000,000
                each;

            

    

     

    
      	
              (p)

            	
              comply
                with all Applicable Law from time to time regarding insurance in
                connection with the Aircraft imposed by the jurisdiction of registration
                of the Aircraft and any state to, from or over which it is
                flown.

            

    

     

    The
      following additional provisions shall apply to insurance:

     

    
      	
              (q)

            	
              each
                policy of insurance shall expressly provide that all of the provisions
                thereof except the limits of liability shall operate in the same
                manner as
                if it was a separate policy covering each
                insured;

            

    

     

    
      	
              (r)

            	
              the
                geographical limits from time to time for the operation of each policy
                of
                insurance with respect to the Aircraft shall include as the minimum
                coverage all territories in or over which it will operate the
                Aircraft;

            

    

     

    
      	
              (s)

            	
              each
                policy of insurance shall also contain an agreement by the insurer
                that
                notwithstanding the lapse of any such policy except by reason of
                expiration in accordance with its terms, each such policy shall continue
                in force for the benefit of the Agent for at least 30 days after
                written
                notice of such cancellation shall have been given to the
                Agent;

            

    

     

    

    
      
        
          
          

        

        
          -
            204
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              (t)

            	
              no
                reduction in limits or coverage of the insurance shall be made in
                any such
                policy or any part thereof except with the prior written approval
                of the
                Agent;

            

    

     

    
      	
              (u)

            	
              each
                policy of insurance shall insure the Agent's interest up to the limits
                of
                such policy regardless of any act or neglect of the Obligor or any
                breach
                or violation by the Agent or the Obligor of any warranties declarations
                or
                conditions contained in such policies unless the Agent was aware
                of the
                same at the date of entry into the policy, and the Obligor hereby
                represents that no such breach or violation
                exists.

            

    

     

    If
      the Obligor fails to effect any required insurance, the Agent will be entitled
      (but not bound):

     

    
      	
              (v)

            	
              to
                pay any premiums or to effect the insurance which the Obligor has
                so
                failed to effect or otherwise to remedy such failure in such manner
                as the
                Agent considers appropriate or to effect any additional insurance
                which
                the Agent may in its reasonable opinion consider necessary to protect
                its
                interests under the Security and in the Aircraft and the other Property,
                and any amount expended by the Agent in effecting such insurances
                or such
                additional insurances will be repayable by the relevant Obligor to
                the
                Agent together with interest thereon at the Prime Rate plus 3% from
                the
                date of such expenditure by the Agent to the date of payment thereof
                by
                the Obligor (both before and after any relevant judgment);
                and

            

    

     

    
      	
              (w)

            	
              to
                require such Aircraft as the Insurances relate to remain grounded
                at any
                airport or (as the case may be) to proceed to and remain at any airport
                designated by the Agent until such failure is remedied to the satisfaction
                of the Agent.

            

    

     

    
      	
              9.

            	
              Operation

            

    

     

    During
      the term of this Agreement, it shall:

     

    
      	
              (a)

            	
              not
                operate the Aircraft in any manner contrary to the Applicable Law
                in the
                territories in which the Aircraft may operate from time to
                time;

            

    

     

    
      	
              (b)

            	
              not
                use or operate the Aircraft for any purpose for which it is not designed
                or suited or outside tolerances and limitations for which it was
                designed
                or in any manner contrary to any airworthiness certificate, licence
                or
                registration relating to the Aircraft issued by the applicable civil
                aviation authority;

            

    

     

    
      	
              (c)

            	
              not
                cause or permit the Aircraft to be employed for any illegal purpose
                in any
                manner or to be located or operated in any country which would imperil
                its
                safety or render it liable to confiscation, forfeiture, seizure or
                destruction;

            

    

     

    
      	
              (d)

            	
              take
                all necessary steps to maintain its air operators
                licence;

            

    

     

    
      	
              (e)

            	
              not
                enter or trade to any zone which is declared a war zone by any
                Governmental Authority or by the Aircraft's insurers unless the Obligor
                shall have given notice to the Agent and effected at its expense
                such
                special insurance cover as the Agent may reasonably require and unless
                the
                Aircraft or other Aircraft owned or leased by an Obligor are operating
                there at 31 October 2004 or the Agent shall have first given its
                consent
                thereto in writing;

            

    

     

    

    
      
        
          
          

        

        
          -
            205
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              (f)

            	
              not
                do or omit to do anything which may prejudice any right which is
                material
                to the Obligor and which the Obligor or the Agent may have in respect
                of
                the Aircraft or any Part against the manufacturer or supplier of
                the
                same;

            

    

     

    
      	
              (g)

            	
              not
                at any time represent or hold out the Agent or any Lender as carrying
                any
                goods or passengers in any Aircraft or as being in any way connected
                or
                associated with any operation of any Aircraft or in any other way
                having
                any interest in any the Aircraft except as holder of the
                Security;

            

    

     

    
      	
              (h)

            	
              not
                pledge the credit of the Agent or any Lender for any maintenance,
                service,
                repairs, overhauls of, or modifications to, or changes or alterations
                in,
                the Aircraft or any Part or in connection with the operation of the
                Aircraft or for any other purpose
                whatsoever;

            

    

     

    
      	
              (i)

            	
              promptly
                furnish to the Agent all such information as the Agent may from time
                to
                time reasonably require regarding the Aircraft and their location,
                re-location, usage and engagements and, if reasonably required, copies
                of
                all charters and other contracts for their employment or
                otherwise;

            

    

     

    
      	
              (j)

            	
              maintain
                accurate complete and current records of all flights made by the
                Aircraft
                and of all maintenance, modifications and repairs carried out to
                the
                Aircraft and any Part, and will maintain all other records, logs
                and
                documents which are required to be maintained in respect of the Aircraft
                in accordance with the requirements of the applicable civil aviation
                authority.

            

    

     

    
      	
              10.

            	
              Marking
                of Aircraft

            

    

     

    If
      requested by the Agent in writing, it shall promptly affix and thereafter
      maintain engraved metal nameplates approved by the Agent which shall identify
      the Agent as the holder of Security and shall be placed in the cockpit of the
      airframe of each Aircraft adjacent to the airworthiness
      certificate.  Such nameplates shall also state the type,
      manufacturer's serial number and current registration data of the Aircraft
      or
      engine (as the case may be).  Except as provided in this clause, the
      Obligor shall not allow the name of any person to be placed on any Airframe
      or
      engine as a designation that might be interpreted as a claim of ownership or
      entitlement to an Encumbrance except that the Obligor may place its colours
      and
      insignia on any Aircraft.

     

    
      	
              11.

            	
              Prevention
                of Arrest and Discharge of Security
                Interests

            

    

     

    
      	
              (a)

            	
              It
                shall not do, and will endeavour so far as reasonably within its
                powers to
                prevent, any act which could reasonably be expected to result in
                the
                Aircraft or any Part being arrested, confiscated, seized, taken in
                execution, poinded, impounded, forfeited, subjected to distress,
                detained
                in exercise or purported exercise of any possessory lien or other
                claim or
                otherwise taken from the possession of the
                Obligor.

            

    

     

    

    
      
        
          
          

        

        
          -
            206
            -

          
            

          

        

        
          
          

        

      

    

    

    
      	
              (b)

            	
              If
                any such arrest, confiscation, seizure, taking, poinding, impounding,
                forfeiture, subjection, or detention occurs it shall give the Agent
                notice
                within 24 hours thereof and will, at the Obligor's expense, procure
                the
                release of the Aircraft or the Part concerned within 7 days of receiving
                notice of the occurrence by
                providing bail or otherwise as the circumstances may require, and
                it shall
                be responsible for discharging each and every liability in connection
                with
                any such process, claim or lien without regard to whether or not
                it is in
                possession of the Aircraft or the Part
                concerned.

            

    

     

    
      	
              12.

            	
              Application
                to Leased Aircraft

            

    

     

    Clauses
      2, 6, 7, 8 and 10 do not apply to Aircraft that are leased by Obligors from
      third parties.

     

    

    
      
        
          
          

        

        
          -
            207
            -

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      M

    OBLIGORS

     

    [See
      reference in Section 1.1.24]

     

    As
      of 22 December 2004 the Obligors are:

    

    
      	
              4083423
                Canada Inc.

              Astec
                Helicopter Services AS

              Australian
                Helicopters Trust

              Aviation
                Personnel Recruitment and

                Management
                (APRAM) Limited

              Bond
                Helicopter Services Limited

              Brintel
                Helicopters Limited

              Brintel
                Holdings Limited

              Canadian
                Helicopters (U.K.) Limited

              Capital
                Aviation Services B.V.

              CHC
                Capital (Barbados) Limited

              CHC
                Denmark ApS

              CHC
                Helicopter Corporation

              CHC
                Helicopter Holdings Limited

              CHC
                Helicopters (Africa) (Proprietary) Ltd.

              CHC
                Helicopters (Barbados) Limited

              CHC
                Helicopters (Mauritius) Ltd.

              CHC
                Helicopters International Inc.

              CHC
                Helikopter Service AS

              CHC
                Ireland Limited

              CHC
                Leasing (Barbados) Limited

              CHC
                Netherlands BV

              CHC
                Scotia Limited

              CHC
                Sweden AB

              Court
                Air (Proprietary) Ltd.

              Court
                Helicopter Services (Proprietary) Ltd.

              Flight
                Handling Limited

              Handelsmaatschappij
                Schreiner & Co B.V.

              Helicopter
                Services Group AS

              Heliwest
                AS

            	
              Heliworld
                Leasing Ltd.

              Integra
                Leasing AS

              Lloyd
                Bass Strait Helicopters Pty Ltd.

              Lloyd
                Helicopter Services Limited

              Lloyd
                Helicopter Services Pty Ltd.

              Lloyd
                Helicopters International Pty Ltd. in

                its
                own capacity and in its capacity as

                trustee
                of the Australian Helicopters Trust

              Lloyd
                Helicopters Pty Ltd.

              Lloyd
                Off-Shore Helicopters Pty Ltd.

              Luchtvaartmaatschappij
                Schreiner Airways

                B.V.

              Management
                Aviation Limited

              Multifabs
                Survival Limited

              North
                Denes Aerodrome Ltd.

              Scancopter
                AS

              Schreiner
                Air Target Services B.V.

              Schreiner
                Aircraft Maintenance B.V.

              Schreiner
                Canada Ltd.

              Schreiner
                Luchtvaart Groep B.V.

              Schreiner
                Northsea Helicopters B.V.

              Schreiner
                Northsea Helicopters C.V.

              Schreiner
                Onroerend Goed B.V.

              Schreiner
                Tchad SA

              Viking
                Helicopters Limited

              Vinland
                Denmark A/S

              Vinland
                Holding AS (sometimes referred to as Vinland Holdings AS)

              Whirly
                Bird Services Limited

               

            

    

    

    [Notes:
      Schreiner Aircraft Maintenance B.V. will be sold and released immediately
      following execution of this Agreement.  Schreiner Canada Ltd. is being
      sold and released at or about the time of execution of this
      Agreement.  Schreiner Components B.V is in the process of becoming an
      Obligor.  Schreiner Northsea Helicopters C.V. is being dissolved.]

     

    

    
      
        
          
          

        

        
          -
            208
            -

          
            

          

        

        
          
          

        

      

    

    

       

      THIS
        FIRST AMENDING AGREEMENT is made as of 2 February 2005

       

      B
        E T W E E N:

       

      CHC
        HELICOPTER CORPORATION

      AND
        THE OTHER OBLIGORS AS DEFINED IN

      THE
        EXISTING CREDIT AGREEMENT AS DEFINED BELOW

       

      -
        and -

       

      THE
        BANK OF NOVA SCOTIA

      in
        its capacity as Administrative Agent

       

      RECITALS:

       

      A.           The
        parties to this agreement are also parties to a second amended and restated
        credit agreement dated as of 22 December 2004, which amended and restated
        a
        credit agreement dated as of 5 July 2000, which in turn amended and
        restated a credit agreement dated as of 2 August 1999, each of which
        was amended and supplemented on various occasions before being amended and
        restated (the "Existing Credit Agreement").

       

      B.           The
        Existing Credit Agreement contemplates that it may be amended.  The
        parties are entering into this agreement to record various amendments that
        have
        been agreed to between them.  The amendments are intended to address
        an immaterial or administrative inconsistency in the Existing Credit Agreement
        arising from the need to have an Affiliate of Nordea Bank Norge ASA provide
        Credit B2 and therefore this agreement is executed by the Agent without
        requiring the consent of the Lenders.

       

      C.           Capitalized
        terms used in this agreement and not otherwise defined have the meanings
        defined
        in the Existing Credit Agreement.

       

      THEREFORE,
        for value received, and intending to be legally bound by this agreement,
        the
        parties agree as follows:

       

      1.           Amendment
        to Section 1.1 of the Existing Credit Agreement

       

      
        	
                (a)

              	
                Section
                  1.1.21(b) is deleted and replaced by the
                  following:

              

      

       

      "for
        a Base Rate Advance under Credit B, the rate per annum equal to the offered
        rate
        of the particular Credit B Lender making the Advance (based on its cost of
        funding) for loans in the applicable Approved Currency."

       

      
        	
                (b)

              	
                Section
                  1.1.87 is deleted and replaced by the
                  following:

              

      

       

      "Issuing
        Bank" has the meaning defined in the Provisions.  For the time being,
        BNS is the Issuing Bank in respect of L/Cs issued under Credit A and Nordea
        Bank
        Norge ASA is the Issuing Bank in respect of L/Cs issued under Credit
        B.  The Agent may from time to time designate other Lenders as Issuing
        Banks after consultation with CHC.

       

      
        
          
          

        

        
          -
            209
            -

          
            

          

        

        
          
          

        

      

      
      

      

      
        	
                (c)

              	
                Section
                  1.1.101 is deleted and replaced by the
                  following:

              

      

       

      "Nordea"
        means Nordea Bank Finland Plc, London Branch, a bank established under the
        laws
        of Finland, or any other Lender that is providing Advances under Credit B2
        in
        place of Nordea Bank Finland Plc, London Branch.

       

      2.           Amendment
        to Article VIII of Existing Credit Agreement

       

      The
        second paragraph of Section 8.3 is deleted and replaced with the
        following:

       

      "Subject
        to the provisions of Section 8.1 regarding the assignment of interests under
        Credit B2 in the event of acceleration of payment of the Obligations, the
        provisions of this Agreement do not apply to Credit B2 to the extent that
        the
        provisions contemplate the participation in Advances and payments under Credit
        B2 by any Lender other than Nordea.  All Advances under Credit B2
        shall be made solely by Nordea and records concerning Advances shall be
        maintained solely by Nordea.  All payments of principal, interest,
        fees and other amounts relating to Credit B2 shall be made solely to
        Nordea.  Any notices by the European Borrowers in connection with
        Credit B2 shall be made to Nordea.  The preceding sentences of this
        paragraph shall also apply to Credit B1 if Nordea Bank Norge ASA is the only
        Lender making Advances under Credit B1, and references to Credit B2 and Nordea
        in those sentences shall for that purpose be interpreted as referring to
        Credit
        B1 and Nordea Bank Norge ASA.

       

      Notice
        and minimum amount requirements for Advances shall not apply to Advances
        by way
        of overdraft under Credit B2.  In connection with Advances by way of
        overdraft, if any, Nordea shall ascertain the positions or net positions
        of the
        respective European Borrowers' accounts in the relevant Approved Currencies
        daily and, if the positions or net positions are debits in favour of Nordea,
        the
        debits will (if the European Borrowers are entitled to an Advance) be deemed
        to
        be Base Rate Advances in the respective amounts of the debits.  If the
        positions or net positions are credits in favour of the respective European
        Borrowers, the credits will be deemed to be repayments of Base Rate Advances
        under Credit B2 in the respective amounts of the credits."

       

      
        
          
          

        

        
          -
            210
            -

          
            

          

        

        
          
          

        

      

       

      3.           Representations
        of Obligors

       

      The
        Obligors acknowledge that this agreement is a Loan Document and that all
        of
        their representations and warranties concerning Loan Documents that are
        contained in the Existing Credit Agreement apply to this agreement and are
        deemed to be repeated on their execution of this agreement as if set out
        in full
        in this agreement.  The Obligors also represent that there are no
        consents or other agreements required from third parties to avoid this agreement
        causing a breach or default under any other agreement to which any Obligor
        is a
        party.

       

      4.           Ratification
        and Confirmation

       

      The
        Existing Credit Agreement, as amended by this agreement, remains in full
        force
        and effect and is hereby ratified and confirmed.  The parties confirm
        that none of the Advances has been repaid or replaced by new obligations
        as a
        result of this agreement and that all such Advances will remain outstanding
        after the effectiveness of this agreement.  This agreement merely
        amends the Existing Credit Agreement and does not constitute or result in
        a
        novation or rescission of the Existing Credit Agreement or any other Loan
        Document.  Without in any way limiting the terms of the Existing
        Credit Agreement or the other Loan Documents, the Obligors confirm that the
        existing Security shall continue to secure all of the Obligations (or any
        limited part thereof described in a particular document forming part of the
        Security), including but not limited to those arising as a result of this
        agreement.

       

      5.           Counterparts
        and Facsimile

       

      This
        agreement may be executed in any number of counterparts, each of which when
        executed and delivered shall be deemed to be an original, and such counterparts
        together shall constitute one and the same agreement.  The delivery of
        a facsimile copy of an executed counterpart of this agreement shall be deemed
        to
        be valid execution and delivery of this agreement, but the party delivering
        a
        facsimile copy shall deliver an original copy of this agreement as soon as
        possible after delivering the facsimile copy.

       

      [Note:  signature
        pages follow]

      

      

      

      
        
          
          

        

        
          -
            211
            -

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS OF WHICH, the parties have executed this agreement.

       

      
        	 	 
                
                THE
                  BANK OF NOVA SCOTIA

                as
                  Agent

                 

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:
              Title:

              

      

       

      [signature
        page for First Amending Agreement dated as of 2 February 2005 relating to
        CHC
        Helicopter Corporation et al]

      

      
        
          
          

        

        
          -
            212
            -

          
            

          

        

        
          
          

        

      

       

       

       

      ______________________________                                                   ______________________________

      Sylvain
        Allard                                                                                                Jo
        Mark Zurel

       

      each
        signing in his capacity as an authorized officer or director or holder of
        a
        subsisting power of attorney of each of the Obligors other than CHC Helicopters
        (Barbados) Limited, CHC Leasing (Barbados) Limited, CHC Capital (Barbados)
        Limited, Vinland Holding AS, Helicopter Services Group AS, CHC Helikopter
        Service AS, Integra Leasing AS, Heliwest AS, Astec Helicopter Services AS
        and
        Scancopter AS, and not in his personal capacity.

       

      [signature
        page for First Amending Agreement dated as of 2 February 2005 relating to
        CHC
        Helicopter Corporation et al]

       

      
        
          
          

        

        
          -
            213
            -

          
            

          

        

        
          
          

        

         

         

        
          	 	
                  CHC
                    HELICOPTERS

                  (BARBADOS)
                    LIMITED

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  CHC
                    LEASING

                  (BARBADOS)
                    LIMITED

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  CHC
                    CAPITAL

                  (BARBADOS)
                    LIMITED

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:
              Title:

                

        

      

      
         

      

      [signature
        page for First Amending Agreement dated as of 2 February 2005 relating to
        CHC
        Helicopter Corporation et al]

       

      

      
        
          
          

        

        
          -
            214
            -

          
            

          

        

        
          
          

        

      

       

      

      
        	
                VINLAND
                  HOLDING AS

                 

                 

                By:______________________________

                Name

                Title:

                 

                By:______________________________

                Name

                Title:

              	
                HELICOPTER
                  SERVICES GROUP AS

                 

                 

                By:_______________________________

                Name:

                Title:

                 

                By:________________________________

                Name:

                Title:

              
	 	 
	
                CHC
                  HELIKOPTER SERVICE AS

                 

                 

                By:______________________________

                Name

                Title:

                 

                By:______________________________

                Name

                Title:

                 

              	
                INTEGRA
                  LEASING AS

                 

                 

                By:________________________________

                Name:

                Title:

                 

                By:______________________________

                Name

                Title:

              

      

      

      

      [signature
        page for First Amending Agreement dated as of 2 February 2005 relating to
        CHC
        Helicopter Corporation et al]

       

      
        
          
          

        

        
          -
            215
            -

          
            

          

        

        
          
          

        

      

      

       

      

      
        	
                HELIWEST
                  AS

                 

                 

                By:______________________________

                Name

                Title:

                 

                By:______________________________

                Name

                Title:

                 

              	
                ASTEC
                  HELICOPTER SERVICES AS

                 

                 

                By:______________________________

                Name

                Title:

                 

                By:______________________________

                Name

                Title:

                 

              
	
                SCANCOPTER
                  AS

                 

                 

                By:______________________________

                Name

                Title:

                 

                By:  _____________________________

                Name

                Title:

              	 

      

       

      [signature
        page for First Amending Agreement dated as of 2 February 2005 relating to
        CHC
        Helicopter Corporation et al]

      
        

        
          
            
            

          

          
            -
              216
              -

            
              

            

          

          
            
            

          

        

         

        
           

          THIS
            SECOND AMENDING AGREEMENT is made as of 11 March 2005

           

          B
            E T W E E N:

           

          CHC
            HELICOPTER CORPORATION

          AND
            THE OTHER OBLIGORS AS DEFINED IN

          THE
            EXISTING CREDIT AGREEMENT AS DEFINED BELOW

           

          -
            and -

           

          THE
            LENDERS AS DEFINED IN

          THE
            EXISTING CREDIT AGREEMENT

           

          -
            and -

           

          THE
            BANK OF NOVA SCOTIA

          in
            its capacity as Administrative Agent

           

          RECITALS:

           

          A.           The
            parties to this agreement are also parties to a second amended and restated
            credit agreement dated as of 22 December 2004, which amended and restated
            a
            credit agreement dated as of 5 July 2000, which in turn amended and
            restated a credit agreement dated as of 2 August 1999, each of which
            was amended and supplemented on various occasions before being amended
            and
            restated.  The second amended and restated credit agreement has been
            amended by an amending agreement dated as of 2 February 2005 and as amended
            and
            supplemented to date is referred to in this agreement as the "Existing
            Credit
            Agreement."

           

          B.           The
            Existing Credit Agreement contemplates that it may be amended.  The
            parties are entering into this agreement to record various amendments
            that have
            been agreed to between them, including amendments arising in connection
            with
            CHC's request that the Lenders agree to its issuance of additional senior
            subordinated notes under the Sub Debt Indenture.

           

          C.           Capitalized
            terms used in this agreement and not otherwise defined have the meanings
            defined
            in the Existing Credit Agreement.

           

          THEREFORE,
            for value received, and intending to be legally bound by this agreement,
            the
            parties agree as follows:

           

          1.           Amendment
            to Section 1.1 of the Existing Credit Agreement

           

          Section
            1.1.138 is deleted and replaced by the following:

           

          "Sub
            Debt" means the 7.375% senior subordinated notes due 2014 issued under
            the trust
            indenture dated as of 27 April 2004 between CHC, other Obligors and The
            Bank of
            New York as trustee, consisting of notes in the aggregate principal amount
            of US
            $250,000,000 issued on or about 27 April 2004 and notes in the aggregate
            principal amount of US $150,000,000 (issued at a premium to yield approximately
            6.75% per annum) that will be issued on or about 22 March 2005.  For
            greater certainty, the Sub Debt does not include any "Additional Notes"
            as
            defined in that indenture apart from those mentioned in the immediately
            preceding sentence.

           

          
            
              
              

            

            
              -
                217
                -

              
                

              

            

            
              
              

            

          

           

          2.           Amendment
            to Section 6.2 of the Existing Credit Agreement

           

          Section
            6.2(c) is deleted and replaced by the following:

           

          "the
            present and future debts, liabilities and obligations of an Obligor to
            any
            Lender (collectively, the "Other Secured Obligations") under or in connection
            with (i) Swaps that do not have a term of longer than five
            years, do not have an aggregate notional amount greater
            than USD 550,000,000 or the equivalent amount in other
            currencies by all Obligors under all such transactions that are outstanding
            at
            any time, and otherwise comply with Section 10.6.1(d) and (ii) 
transactions other than Swaps that are not made under this Agreement,
            if they
            are listed in SCHEDULE G as of 22 December 2004, or if it is agreed by
            the
            Obligors and the Agent acting on the instructions of the Required Lenders
            after
            22 December 2004 that such debts, liabilities and obligations shall be
            secured"

           

          3.           Amendments
            to Schedules of the Existing Credit Agreement

           

          
            	
                    (a)

                  	
                    Section
                      1 in Schedule D to the Existing Credit Agreement is deleted
                      and replaced
                      by the following:

                  

          

           

          The
            term "Borrower," which is used but not defined in the Provisions, shall
            be
            interpreted as referring to "CHC" except as follows:

           

          
            	
                     

                  	
                    (a)

                  	
                    all
                      references to "Borrower" in the definition of "Obligors" and
                      in sections 5
                      and 14 of the Provisions, and the first reference to "Borrower"
                      in section
                      4 of the Provisions shall be interpreted as referring to "the
                      Borrowers,
                      or any of them;"

                  

          

           

          
            	
                     

                  	
                    (b)

                  	
                    the
                      last two references to "Borrower" in each of sections 3.4 and
                      10(b) of the
                      Provisions, the last reference to "Borrower" in section 3.5,
                      and all
                      references to "Borrower" in sections 3.1, 3.3(b)(ii) and 6
                      and the first
                      paragraph of section 10(d) of the Provisions shall be interpreted
                      as
                      referring to whichever of the Borrowers is relevant to the
                      respective
                      Advances or payments contemplated by those
                      references;

                  

          

           

          
            
              
              

            

            
              -
                218
                -

              
                

              

            

            
              
              

            

          

           

          
            	
                     

                  	
                    (c)

                  	
                    all
                      references to "Borrower" in the definition of "Foreign Lender"
                      and the
                      first reference to "Borrower" in section 3.2(e) of the Provisions
                      shall be
                      interpreted as referring to each Borrower separately so as
                      to establish
                      for each Lender whether it is a Foreign Lender as regards each
                      Borrower;

                  

          

           

          
            	
                     

                  	
                    (d)

                  	
                    the
                      first reference to "the Borrower" in each of sections 3.3(a)
                      and 3.3(b) of
                      the Provisions shall be interpreted as referring to "any Obligor"
                      and the
                      reference to "the Borrower" in the second paragraph of section
                      10(d) of
                      the Provisions shall be interpreted as referring to "each
                      Obligor."

                  

          

           

          
            	
                    (b)

                  	
                    Schedule
                      D to the Existing Credit Agreement is amended by adding the
                      following
                      after the existing provisions:

                  

          

           

          
            	
                     

                  	
                    7.

                  	
                    The
                      definition of "Obligors" in the Provisions is deleted and replaced
                      by the
                      following:

                  

          

           

          "Obligors"
            means, collectively, the Borrower and each of the guarantors of the Borrower's
            obligations and other Persons identified as Obligors, in each case as
            specified
            elsewhere in this Agreement.

           

          
            	
                    (c)

                  	
                    Schedule
                      E to the Existing Credit Agreement is deleted and replaced
                      by Schedule E
                      attached to this agreement.

                  

          

           

          4.           Conditions

           

          The
            amendments specified in sections 1 and 2 of this agreement are subject
            to the
            following conditions:

           

          
            	
                    (a)

                  	
                    the
                      additional notes referred to in section 1 must be issued on
                      or before 30
                      April 2005;

                  

          

           

          
            	
                    (b)

                  	
                    the
                      Agent must have received a certificate of CHC with copies of
                      all documents
                      necessary to fully and fairly disclose all material terms of
                      the Sub Debt,
                      including documents relating to the issuance of additional
                      notes referred
                      to in section 1, all of which must be satisfactory to the
                      Agent;

                  

          

           

          
            	
                    (c)

                  	
                    the
                      Agent must have received an opinion of CHC's counsel, substantially
                      comparable to previous opinions concerning the Sub Debt and
                      in form and
                      substance satisfactory to the
                      Agent;

                  

          

           

          
            	
                    (d)

                  	
                    the
                      Agent must have received such other documents as it may reasonably
                      require
                      in connection with this agreement.

                  

          

           

          
            
              
              

            

            
              -
                219
                -

              
                

              

            

            
              
              

            

          

           

          5.           Representations
            of Obligors

           

          The
            Obligors acknowledge that this agreement is a Loan Document and that
            all of
            their representations and warranties concerning Loan Documents that are
            contained in the Existing Credit Agreement apply to this agreement and
            are
            deemed to be repeated on their execution of this agreement as if set
            out in full
            in this agreement.  The Obligors also represent that there are no
            consents or other agreements required from third parties to avoid this
            agreement
            causing a breach or default under any other agreement to which any Obligor
            is a
            party.

           

          6.           Ratification
            and Confirmation

           

          The
            Existing Credit Agreement, as amended by this agreement, remains in full
            force
            and effect and is hereby ratified and confirmed.  The parties confirm
            that none of the Advances has been repaid or replaced by new obligations
            as a
            result of this agreement.  This agreement merely amends the Existing
            Credit Agreement and does not constitute or result in a novation or rescission
            of the Existing Credit Agreement or any other Loan Document.  Without
            in any way limiting the terms of the Existing Credit Agreement or the
            other Loan
            Documents, the Obligors confirm that the existing Security shall continue
            to
            secure all of the Obligations (or any limited part thereof described
            in a
            particular document forming part of the Security), including but not
            limited to
            any arising as a result of this agreement.

           

          7.           Counterparts
            and Facsimile

           

          This
            agreement may be executed in any number of counterparts, each of which
            when
            executed and delivered shall be deemed to be an original, and such counterparts
            together shall constitute one and the same agreement.  The delivery of
            a facsimile copy of an executed counterpart of this agreement shall be
            deemed to
            be valid execution and delivery of this agreement, but the party delivering
            a
            facsimile copy shall deliver an original copy of this agreement as soon
            as
            possible after delivering the facsimile copy.

           

          [Note:  signature
            pages follow]

          

          

          
            
              
              

            

            
              -
                220
                -

              
                

              

            

            
              
              

            

          

          

          

          IN
            WITNESS OF WHICH, the parties have executed this agreement.

           

          
            	 	
                    THE
                      BANK OF NOVA SCOTIA

                    

                    

                    By:          ____________________________

                    Name:

                    Title:

                     

                    By:          ____________________________

                    Name:
              Title:

                  

          

           

          [signature
            page for Second Amending Agreement dated as of 11 March 2005 relating
            to CHC
            Helicopter Corporation et al]

           

           

          
            
              
              

            

            
              -
                221
                -

              
                

              

            

            
              
              

            

             

             

            
              	 	
                      NATIONAL
                        BANK OF CANADA

                      

                      

                      By:          ____________________________

                      Name:

                      Title:

                       

                      By:          ____________________________

                      Name:
              Title:

                    

            

          

           

          [signature
            page for Second Amending Agreement dated as of 11 March 2005 relating
            to CHC
            Helicopter Corporation et al]

           

           

          
            
              
              

            

            
              -
                222
                -

              
                

              

            

            
              
              

            

             

             

            
              	 	
                       

                      BANK
                        OF MONTREAL

                      

                      

                      By:          ____________________________

                      Name:

                      Title:

                       

                      By:          ____________________________

                      Name:

                                   Title:

                       

                    

            

          

           

           

          [signature
            page for Second Amending Agreement dated as of 11 March 2005 relating
            to CHC
            Helicopter Corporation et al]

           

          
            
              
              

            

            
              -
                223
                -

              
                

              

            

            
              
              

            

            
               

              
                	 	
                         

                        HSBC
                          BANK CANADA

                        

                        

                        By:          ____________________________

                        Name:

                        Title:

                         

                        By:          ____________________________

                        Name:

                                     Title:

                         

                      

              

               

            

          

          [signature
            page for Second Amending Agreement dated as of 11 March 2005 relating
            to CHC
            Helicopter Corporation et al]

           

           

          
            
              
              

            

            
              -
                224
                -

              
                

              

            

            
              
              

            

            
              
                 

                
                  	 	
                          BANK
                            OF AMERICA, N.A.

                          
                            Canada
                              Branch

                          

                          

                          

                          By:          ____________________________

                          Name:

                          Title:

                           

                          By:          ____________________________

                          Name:

                                       Title:

                           

                        

                

                 

              

            

          

          [signature
            page for Second Amending Agreement dated as of 11 March 2005 relating
            to CHC
            Helicopter Corporation et al]

           

          
            
              
              

            

            
              -
                225
                -

              
                

              

            

            
              
              

            

            
              
                 

                
                  	 	
                          
                             
SOCIETE
                            GENERALE (CANADA)

                          

                          By:          ____________________________

                          Name:

                          Title:

                           

                          By:          ____________________________

                          Name:

                                       Title:

                           

                        

                

              

            

          

           

          [signature
            page for Second Amending Agreement dated as of 11 March 2005 relating
            to CHC
            Helicopter Corporation et al]

           

           

          
            
              
              

            

            
              -
                226
                -

              
                

              

            

            
              
              

            

            
              
                 

                
                  	 	
                           

                          
                            MERRILL
                              LYNCH CAPITAL CANADA INC.

                          

                          

                          

                          By:          ____________________________

                          Name:

                          Title:

                           

                          By:          ____________________________

                          Name:

                                       Title:

                           

                        

                

              

            

          

           

          [signature
            page for Second Amending Agreement dated as of 11 March 2005 relating
            to CHC
            Helicopter Corporation et al]

           

          
            
              
              

            

            
              -
                227
                -

              
                

              

            

            
              
              

            

            
              
                 

                
                  	 	
                          NORDEA
                            BANK NORGE ASA

                          

                          

                          By:          ____________________________

                          Name:

                          Title:

                           

                          By:          ____________________________

                          Name:

                                       Title:

                           

                        

                

                 

              

            

          

          [signature
            page for Second Amending Agreement dated as of 11 March 2005 relating
            to CHC
            Helicopter Corporation et al]

           

          
            
              
              

            

            
              -
                228
                -

              
                

              

            

            
              
              

            

            
              
                 

                
                  	 	
                           

                          
                             

                            NORDEA
                              BANK FINLAND PLC, London Branch

                          

                          

                          

                          By:          ____________________________

                          Name:

                          Title:

                           

                          By:          ____________________________

                          Name:

                                       Title:

                           

                        

                

              

            

          

           

          [signature
            page for Second Amending Agreement dated as of 11 March 2005 relating
            to CHC
            Helicopter Corporation et al]

           

          
            
              
              

            

            
              -
                229
                -

              
                

              

            

            
              
              

            

            
              
                 

                
                  	 	
                           

                          
                            JPMORGAN
                              CHASE BANK, N.A.,

                            Toronto
                              Branch

                          

                          

                          

                          By:          ____________________________

                          Name:

                          Title:

                           

                          By:          ____________________________

                          Name:

                                       Title:

                           

                        

                

              

            

          

           

          [signature
            page for Second Amending Agreement dated as of 11 March 2005 relating
            to CHC
            Helicopter Corporation et al]

           

           

          
            
              
              

            

            
              -
                230
                -

              
                

              

            

            
              
              

            

            
              
                 

                
                  	 	
                           

                          
                            THE
                              BANK OF NOVA SCOTIA,

                            as
                              Agent

                          

                          

                          

                          By:          ____________________________

                          Name:

                          Title:

                           

                          By:          ____________________________

                          Name:

                                       Title:

                           

                        

                

              

            

          

           

          [signature
            page for Second Amending Agreement dated as of 11 March 2005 relating
            to CHC
            Helicopter Corporation et al]

          

          ______________________________                          ______________________________

          Name:                                                                                     Name:

           

          each
            signing in his capacity as an authorized officer or director or holder
            of a
            subsisting power of attorney of each of the Obligors other than CHC Helicopters
            (Barbados) Limited, CHC Leasing (Barbados) Limited, CHC Capital (Barbados)
            Limited, Vinland Holding AS, Helicopter Services Group AS, CHC Helikopter
            Service AS, Integra Leasing AS, Heliwest AS, Astec Helicopter Services
            AS and
            Scancopter AS, and not in his personal capacity.

           

          [signature
            page for Second Amending Agreement dated as of 11 March 2005 relating
            to CHC
            Helicopter Corporation et al]

           

          
            
              
              

            

            
              -
                231
                -

              
                

              

            

            
              
              

            

            
              
                 

                
                  	 	
                           

                          
                            CHC
                              HELICOPTERS

                            (BARBADOS)
                              LIMITED

                          

                          

                          

                          By:          ____________________________

                          Name:

                          Title:

                           

                          By:          ____________________________

                          Name:

                                       Title:

                          
                             

                            CHC
                              LEASING

                            (BARBADOS)
                              LIMITED

                             

                            
                              By:          ____________________________

                              Name:

                              Title:

                               

                              By:          ____________________________

                              Name:

                                           Title:

                            

                             

                             

                            CHC
                              CAPITAL

                            (BARBADOS)
                              LIMITED

                             

                            
                              By:          ____________________________

                              Name:

                              Title:

                               

                              By:          ____________________________

                              Name:

                                           Title:

                            

                             

                          

                        

                

              

            

          

          

          [signature
            page for Second Amending Agreement dated as of 11 March 2005 relating
            to CHC
            Helicopter Corporation et al]

          

           

          

          
            	
                    VINLAND
                      HOLDING AS

                     

                     

                    By:______________________________

                    Name

                    Title:

                     

                    By:______________________________

                    Name

                    Title:

                  	
                    HELICOPTER
                      SERVICES GROUP AS

                     

                     

                    By:_______________________________

                    Name:

                    Title:

                     

                    By:________________________________

                    Name:

                    Title:

                  
	 	 
	
                    CHC
                      HELIKOPTER SERVICE AS

                     

                     

                    By:______________________________

                    Name

                    Title:

                     

                    By:______________________________

                    Name

                    Title:

                     

                  	
                    INTEGRA
                      LEASING AS

                     

                     

                    By:________________________________

                    Name:

                    Title:

                     

                    By:______________________________

                    Name

                    Title:

                  

          

           

          [signature
            page for Second Amending Agreement dated as of 11 March 2005 relating
            to CHC
            Helicopter Corporation et al]

           

          
            
              
              

            

            
              -
                232
                -

              
                

              

            

            
              
              

            

          

          

           

          

          
            	
                    HELIWEST
                      AS

                     

                     

                    By:______________________________

                    Name

                    Title:

                     

                    By:______________________________

                    Name

                    Title:

                     

                  	
                    ASTEC
                      HELICOPTER SERVICES AS

                     

                     

                    By:______________________________

                    Name

                    Title:

                     

                    By:______________________________

                    Name

                    Title:

                     

                  
	
                    SCANCOPTER
                      AS

                     

                     

                    By:______________________________

                    Name

                    Title:

                     

                    By:  _____________________________

                    Name

                    Title:

                  	 

          

           

          [signature
            page for Second Amending Agreement dated as of 11 March 2005 relating
            to CHC
            Helicopter Corporation et al]

           

          

          
            
              
              

            

            
              -
                233
                -

              
                

              

            

            
              
              

            

          

           

          SCHEDULE
            E

          APPLICABLE
            PERCENTAGES OF LENDERS

           

          [Note:
            Applicable Percentages are nil unless otherwise noted]

          

          THE
            BANK OF NOVA SCOTIA

          

          Credit
            A1 and Credit A3 (adjusted in accordance with Section 8.2) -
            37.686437%

          Credit
            A2 (adjusted in accordance with Section 8.2) - 100%

          Credit
            A (overall) - 41.247100%

          Credit
            C - 41.247100%

          Credit
            E - 41.247100%

          

          NATIONAL
            BANK OF CANADA

          

          Credit
            A1 and Credit A3 (adjusted in accordance with Section 8.2) -
            19.056135%

          Credit
            A (overall) - 17.967200%

          Credit
            C - 17.967200%

          Credit
            E - 17.967200%

          

          BANK
            OF MONTREAL

          

          Credit
            A1 and Credit A3 (adjusted in accordance with Section 8.2) -
            10.480875%

          Credit
            A (overall) - 9.882000%

          Credit
            C - 9.882000%

          Credit
            E - 9.882000%

          

          HSBC
            BANK CANADA

          

          Credit
            A1 and Credit A3 (adjusted in accordance with Section 8.2) -
            9.909190%

          Credit
            A (overall) - 9.343000%

          Credit
            C - 9.343000%

          Credit
            E - 9.343000%

          

          BANK
            OF AMERICA, N.A., Canada Branch

          

          Credit
            A1 and Credit A3 (adjusted in accordance with Section 8.2) -
            7.622455%

          Credit
            A (overall) - 7.186900%

          Credit
            C - 7.186900%

          Credit
            E - 7.186900%

          

          SOCIETE
            GENERALE (CANADA)

          

          Credit
            A1 and Credit A3 (adjusted in accordance with Section 8.2) -
            5.716841%

          Credit
            A (overall) - 5.390200%

          Credit
            C - 5.390200%

          Credit
            E - 5.390200%

          

          
            
              
              

            

            
              -
                234
                -

              
                

              

            

            
              
              

            

          

           

          MERRILL
            LYNCH CAPITAL CANADA INC.

          

          Credit
            A1 and Credit A3 (adjusted in accordance with Section 8.2) -
            5.716841%

          Credit
            A (overall) - 5.390200%

          Credit
            C - 5.390200%

          Credit
            E - 5.390200%

          

          NORDEA
            BANK NORGE ASA

          

          Credit
            B1 (adjusted in accordance with Section 9.2) - 100%

          Credit
            B (overall) - 70.539999%

          

          NORDEA
            BANK FINLAND PLC

          

          Credit
            B2 (adjusted in accordance with Section 8.2) - 100%

          Credit
            B (overall) - 29.460001%

          

          JPMORGAN
            CHASE BANK N.A., Toronto Branch

          

          Credit
            A1 and Credit A3 (adjusted in accordance with Section 8.2) -
            3.811227%

          Credit
            A (overall) - 3.593400%

          Credit
            C - 3.593400%

          Credit
            E - 3.593400%

          

          

          
            
              
              

            

            
              -
                235
                -

              
                

              

            

            
              
              

            

          

           

          
             

            THIS
              THIRD AMENDING AGREEMENT is made as of 10 June 2005

             

            B
              E T W E E N:

             

            CHC
              HELICOPTER CORPORATION

            AND
              THE OTHER OBLIGORS AS DEFINED IN

            THE
              EXISTING CREDIT AGREEMENT AS DEFINED BELOW

             

            -
              and -

             

            THE
              LENDERS AS DEFINED IN

            THE
              EXISTING CREDIT AGREEMENT

             

            -
              and -

             

            THE
              BANK OF NOVA SCOTIA

            in
              its capacity as Administrative Agent

             

            RECITALS:

             

            A.           The
              parties to this agreement are also parties to a second amended and
              restated
              credit agreement dated as of 22 December 2004, which amended and restated
              a
              credit agreement dated as of 5 July 2000, which in turn amended and
              restated a credit agreement dated as of 2 August 1999, each of which
              was amended and supplemented on various occasions before being amended
              and
              restated.  The second amended and restated credit agreement has been
              amended by an amending agreement dated as of 2 February 2005 and a
              second
              amending agreement dated as of 11 March 2005, and as amended and supplemented
              to
              date is referred to in this agreement as the "Existing Credit
              Agreement."

             

            B.           The
              Existing Credit Agreement contemplates that it may be amended.  The
              parties are entering into this agreement to record various amendments
              that have
              been agreed to between them in connection with CHC's internal reorganization
              of
              its subsidiaries.

             

            C.           Capitalized
              terms used in this agreement and not otherwise defined have the meanings
              defined
              in the Existing Credit Agreement.

             

            THEREFORE,
              for value received, and intending to be legally bound by this agreement,
              the
              parties agree as follows:

             

            1.           Amendments
              to Section 10.6 of the Existing Credit Agreement

             

            
              	
                      (a)

                    	
                      Section
                        10.6.1 is amended by re-designating Section 10.6.1(c)(v)
                        as Section
                        10.6.1(c)(vi) and adding the following as a new Section
                        10.6.1(c)(v):

                    

            

             

            "loans
              and advances to CHC Composites Inc. in an aggregate amount of not more
              than
              $20,000,000 outstanding for all Obligors at any time, for as long as
              the
              Obligors maintain their ownership interest in CHC Composites Inc. as
              it existed
              on 1 June 2005"

             

            
              
                
                

              

              
                -
                  236
                  -

                
                  

                

              

              
                
                

              

            

            
            

            

            
              	
                      (b)

                    	
                      Section
                        10.6.2(c) is amended by adding the following after the existing
                        provisions:

                    

            

             

            
              	
                       

                    	
                      "(vi)

                    	
                      other
                        acquisitions resulting from actions that are expressly permitted
                        by this
                        Agreement"

                    

            

             

            
              	
                      (c)

                    	
                      Section
                        10.6.2(f) is amended by adding the following after the existing
                        provisions:

                    

            

             

            
              	
                       

                    	
                      "(vii)

                    	
                      dispositions
                        of Property to one or more other Obligors if CHC gives the
                        Agent
                        reasonable advance notice thereof and promptly takes such
                        steps as the
                        Agent reasonably requests to maintain the Security and the
                        other Loan
                        Documents so that the Lenders' position is not adversely
                        affected"

                    

            

             

            
              	
                      (d)

                    	
                      Section
                        10.6.3(c) is deleted and replaced by the
                        following:

                    

            

             

            "permit
              its chief executive office or its Property (other than goods in transit)
              to be
              located out of the respective jurisdictions specified on SCHEDULE F
              without
              providing the Agent with reasonable advance notice thereof and promptly
              taking
              other steps, if any, as the Agent reasonably requests to maintain the
              Security
              and the other Loan Documents so that the Lenders' position is not adversely
              affected"

             

            2.           Amendment
              to Section 12.2 of the Existing Credit Agreement

             

            Section
              12.2.4 is deleted and replaced by the following:

             

            "Notwithstanding
              Sections 12.2.2 and 12.2.3, the Agent may, without the consent of the
              Lenders,
              make amendments to the Loan Documents that are for the sole purpose
              of curing
              any immaterial or administrative ambiguity, defect or inconsistency,
              but shall
              immediately notify the Lenders of any such action.  The Agent may also
              discharge any Security (a) to the extent necessary to allow any Obligor
              to
              complete any sale or other disposition of Property or other action
              (including
              the transfer of Aircraft from one jurisdiction to another or secured
              financing
              of particular Property) that is made in accordance with this Agreement
              (including pursuant to any consent, waiver or other decision by the
              Lenders or
              Required Lenders) and (b) in a jurisdiction in which the relevant Obligor
              no
              longer has any Property and is not expected to have any Property in
              the
              future.  In connection with any discharge of Security, CHC shall
              provide the Agent with such evidence as the Agent reasonably requires
              that CHC
              will be in compliance with Section 6.4.1 following the discharge of
              Security."

             

            
              
                
                

              

              
                -
                  237
                  -

                
                  

                

              

              
                
                

              

            

             

            3.           Amendments
              to Schedules of the Existing Credit Agreement

             

            Schedule
              F to the Existing Credit Agreement is amended by adding the following
              after the
              existing provisions under the heading "ASTEC HELICOPTER SERVICES
              AS:"

             

            
              	
                       

                    	
                      "Location
                        of Property

                    

            

             

            Norway;
              United Kingdom; British Columbia and Nova Scotia, Canada"

             

            4.           Representations
              of Obligors

             

            The
              Obligors acknowledge that this agreement is a Loan Document and that
              all of
              their representations and warranties concerning Loan Documents that
              are
              contained in the Existing Credit Agreement apply to this agreement
              and are
              deemed to be repeated on their execution of this agreement as if set
              out in full
              in this agreement.  The Obligors also represent that there are no
              consents or other agreements required from third parties to avoid this
              agreement
              causing a breach or default under any other agreement to which any
              Obligor is a
              party.

             

            5.           Ratification
              and Confirmation

             

            The
              Existing Credit Agreement, as amended by this agreement, remains in
              full force
              and effect and is hereby ratified and confirmed.  The parties confirm
              that none of the Advances has been repaid or replaced by new obligations
              as a
              result of this agreement.  This agreement merely amends the Existing
              Credit Agreement and does not constitute or result in a novation or
              rescission
              of the Existing Credit Agreement or any other Loan Document.  Without
              in any way limiting the terms of the Existing Credit Agreement or the
              other Loan
              Documents, the Obligors confirm that the existing Security shall continue
              to
              secure all of the Obligations (or any limited part thereof described
              in a
              particular document forming part of the Security), including but not
              limited to
              any arising as a result of this agreement.

             

            6.           Counterparts
              and Facsimile

             

            This
              agreement may be executed in any number of counterparts, each of which
              when
              executed and delivered shall be deemed to be an original, and such
              counterparts
              together shall constitute one and the same agreement.  The delivery of
              a facsimile copy of an executed counterpart of this agreement shall
              be deemed to
              be valid execution and delivery of this agreement, but the party delivering
              a
              facsimile copy shall deliver an original copy of this agreement as
              soon as
              possible after delivering the facsimile copy.

             

            [Note:  signature
              pages follow]

            

            

            
              
                
                

              

              
                -
                  238
                  -

                
                  

                

              

              
                
                

              

            

            

            

            IN
              WITNESS OF WHICH, the parties have executed this agreement.

             

            THE
              BANK OF NOVA SCOTIA

            

            

            By:          ____________________________

            Name:

            Title:

             

            By:          ____________________________

            Name:

            Title:

             

            [signature
              page for Third Amending Agreement dated as of 10 June 2005 relating
              to CHC
              Helicopter Corporation et al]

             

            
              
                
                

              

              
                -
                  239
                  -

                
                  

                

              

              
                
                

              

            

             

             

            NATIONAL
              BANK OF CANADA

            

            

            By:          ____________________________

            Name:

            Title:

             

            By:          ____________________________

                          Name:

            Title:

             

            [signature
              page for Third Amending Agreement dated as of 10 June 2005 relating
              to CHC
              Helicopter Corporation et al]

             

            
              
                
                

              

              
                -
                  240
                  -

                
                  

                

              

              
                
                

              

            

             

            BANK
              OF MONTREAL

            

            

            By:          ____________________________

            Name:

            Title:

             

            By:          ____________________________

            Name:

            Title:

             

            [signature
              page for Third Amending Agreement dated as of 10 June 2005 relating
              to CHC
              Helicopter Corporation et al]

             

            
              
                
                

              

              
                -
                  241
                  -

                
                  

                

              

              
                
                

              

            

            HSBC
              BANK CANADA

            

            

            By:          ____________________________

            Name:

            Title:

             

            By:          ____________________________

            Name:

            Title:

             

            [signature
              page for Third Amending Agreement dated as of 10 June 2005 relating
              to CHC
              Helicopter Corporation et al]

             

            
              
                
                

              

              
                -
                  242
                  -

                
                  

                

              

              
                
                

              

            

             

            BANK
              OF AMERICA, N.A.

            Canada
              Branch

            

            

            By:          ____________________________

            Name:

            Title:

             

            By:          ____________________________

            Name:

            Title:

             

            [signature
              page for Third Amending Agreement dated as of 10 June 2005 relating
              to CHC
              Helicopter Corporation et al]

             

            
              
                
                

              

              
                -
                  243
                  -

                
                  

                

              

              
                
                

              

            

             

            SOCIETE
              GENERALE (CANADA)

            

            

            By:         
              ____________________________

            Name:

            Title:

             

            By:          ____________________________

            Name:

            Title:

             

            [signature
              page for Third Amending Agreement dated as of 10 June 2005 relating
              to CHC
              Helicopter Corporation et al]

             

            
              
                
                

              

              
                -
                  244
                  -

                
                  

                

              

              
                
                

              

            

             

            MERRILL
              LYNCH CAPITAL CANADA INC.

            

            

            By:          ____________________________

            Name:

            Title:

             

            By:          ____________________________

            Name:

            Title:

             

            [signature
              page for Third Amending Agreement dated as of 10 June 2005 relating
              to CHC
              Helicopter Corporation et al]

             

            
              
                
                

              

              
                -
                  245
                  -

                
                  

                

              

              
                
                

              

            

             

            NORDEA
              BANK NORGE ASA

            

            

            By:          ____________________________

            Name:

            Title:

             

            By:          ____________________________

                         
              Name:

            Title:

             

            [signature
              page for Third Amending Agreement dated as of 10 June 2005 relating
              to CHC
              Helicopter Corporation et al]

             

            
              
                
                

              

              
                -
                  246
                  -

                
                  

                

              

              
                
                

              

            

             

            NORDEA
              BANK FINLAND PLC, London Branch

            

            

            By:          ____________________________

            Name:

            Title:

             

            By:          ____________________________

            Name:

            Title:

             

            [signature
              page for Third Amending Agreement dated as of 10 June 2005 relating
              to CHC
              Helicopter Corporation et al]

             

            
              
                
                

              

              
                -
                  247
                  -

                
                  

                

              

              
                
                

              

            

             

            JPMORGAN
              CHASE BANK, N.A.,

            Toronto
              Branch

            

            

            By:          ____________________________

            Name:

            Title:

             

            By:          ____________________________

            Name:

            Title:

             

            [signature
              page for Third Amending Agreement dated as of 10 June 2005 relating
              to CHC
              Helicopter Corporation et al]

             

            
              
                
                

              

              
                -
                  248
                  -

                
                  

                

              

              
                
                

              

            

             

            THE
              BANK OF NOVA SCOTIA,

            as
              Agent

            

            

            By:          ____________________________

            Name:

            Title:

             

            By:          ____________________________

            Name:

            Title:

             

            [signature
              page for Third Amending Agreement dated as of 10 June 2005 relating
              to CHC
              Helicopter Corporation et al]

             

             

            
              
                
                

              

              
                -
                  249
                  -

                
                  

                

              

              
                
                

              

            

            

            ______________________________                          ______________________________

            Name:                                                                                     Name:

             

            each
              signing in his capacity as an authorized officer or director or holder
              of a
              subsisting power of attorney of each of the Obligors other than CHC
              Helicopters
              (Barbados) Limited, CHC Leasing (Barbados) Limited, CHC Capital (Barbados)
              Limited, Heli-One Norway AS (formerly Vinland Holding AS), Helicopter
              Services
              Group AS, CHC Helikopter Service AS, Integra Leasing AS, Heliwest AS,
              Astec
              Helicopter Services AS and Scancopter AS, and not in his personal
              capacity.

             

            [signature
              page for Third Amending Agreement dated as of 10 June 2005 relating
              to CHC
              Helicopter Corporation et al]

             

            
              
                
                

              

              
                -
                  250
                  -

                
                  

                

              

              
                
                

              

            

             

             

             

            CHC
              HELICOPTERS

            (BARBADOS)
              LIMITED

             

            By:          ____________________________

            Name:

            Title:

             

            By:          ____________________________

            Name:

            Title:

             

            CHC
              LEASING

            (BARBADOS)
              LIMITED

             

            By:          ____________________________

            Name:

            Title:

             

            By:          ____________________________

            Name:

            Title:

             

            CHC
              CAPITAL

            (BARBADOS)
              LIMITED

             

            By:          ____________________________

            Name:

            Title:

             

            By:          ____________________________

            Name:

            Title:

            

            [signature
              page for Third Amending Agreement dated as of 10 June 2005 relating
              to CHC
              Helicopter Corporation et al]

             

             

            
              
                
                

              

              
                -
                  251
                  -

                
                  

                

              

              
                
                

              

            

            

             

            

            
              	
                      HELI-ONE
                        NORWAY AS (formerly

                       Vinland
                        Holding AS)

                       

                       

                      By:______________________________

                      Name

                      Title:

                       

                      By:______________________________

                      Name

                      Title:

                    	
                      HELICOPTER
                        SERVICES GROUP AS

                       

                       

                      By:_______________________________

                      Name:

                      Title:

                       

                      By:________________________________

                      Name:

                      Title:

                    
	 	 
	
                      CHC
                        HELIKOPTER SERVICE AS

                       

                       

                      By:______________________________

                      Name

                      Title:

                       

                      By:______________________________

                      Name

                      Title:

                       

                    	
                      INTEGRA
                        LEASING AS

                       

                       

                      By:________________________________

                      Name:

                      Title:

                       

                      By:______________________________

                      Name

                      Title:

                    

            

            

            

            [signature
              page for Third Amending Agreement dated as of 10 June 2005 relating
              to CHC
              Helicopter Corporation et al]

             

             

            
              
                
                

              

              
                -
                  252
                  -

                
                  

                

              

              
                
                

              

            

             

            

             

            

            
              	
                      HELIWEST
                        AS

                       

                       

                      By:______________________________

                      Name

                      Title:

                       

                      By:______________________________

                      Name

                      Title:

                       

                    	
                      ASTEC
                        HELICOPTER SERVICES AS

                       

                       

                      By:______________________________

                      Name

                      Title:

                       

                      By:______________________________

                      Name

                      Title:

                       

                    
	
                      SCANCOPTER
                        AS

                       

                       

                      By:______________________________

                      Name

                      Title:

                       

                      By:  _____________________________

                      Name

                      Title:

                    	 

            

            

             

            [signature
              page for Third Amending Agreement dated as of 10 June 2005 relating
              to CHC
              Helicopter Corporation et al]

             

             

            
              
                
                

              

              
                -
                  253
                  -

                
                  

                

              

              
                
                

              

            

             

            
              FINAL

               

              THIS
                FOURTH AMENDING AGREEMENT is made as of 19 June 2006

               

              B
                E T W E E N:

               

              CHC
                HELICOPTER CORPORATION

              AND
                THE OTHER OBLIGORS AS DEFINED IN

              THE
                EXISTING CREDIT AGREEMENT AS DEFINED BELOW

               

              -
                and -

               

              THE
                LENDERS AS DEFINED IN

              THE
                EXISTING CREDIT AGREEMENT

               

              -
                and -

               

              THE
                BANK OF NOVA SCOTIA

              in
                its capacity as Administrative Agent

               

              RECITALS:

               

              A.           The
                parties to this agreement are also parties to a second amended and
                restated
                credit agreement dated as of 22 December 2004, which amended and
                restated a
                credit agreement dated as of 5 July 2000, which in turn amended and
                restated a credit agreement dated as of 2 August 1999, each of which
                was amended and supplemented on various occasions before being amended
                and
                restated.  The second amended and restated credit agreement has been
                amended by an amending agreement dated as of 2 February 2005, a second
                amending
                agreement dated as of 11 March 2005 and a third amending agreement
                dated as of
                10 June 2005 and as amended and supplemented to date is referred
                to in this
                agreement as the "Existing Credit Agreement."

               

              B.           The
                Existing Credit Agreement contemplates that it may be amended.  The
                parties are entering into this agreement to record various amendments
                that have
                been agreed to between them since the date of the third amending
                agreement in
                connection with, among other things, CHC's continuing internal reorganization
                of
                its subsidiaries and an increase in the amount of Credit A.

               

              C.           Capitalized
                terms used in this agreement and not otherwise defined have the meanings
                defined
                in the Existing Credit Agreement.

               

              THEREFORE,
                for value received, and intending to be legally bound by this agreement,
                the
                parties agree as follows:

               

              1.           Amendments
                to Section 1.1 of the Existing Credit Agreement

               

              
                	
                        (a)

                      	
                        Section
                          1.1.43 is deleted and replaced by the
                          following:

                      

              

               

              
                
                  
                  

                

                
                  -
                    254
                    -

                  
                    

                  

                

                
                  
                  

                

              

              "Credit
                A" means, collectively, the credit of up to US
                $235,000,000 or the equivalent thereof in relevant Approved Currencies,
                comprised of credits designated as "Credit A1," "Credit A2" and
                "Credit A3", which are more particularly described in Article
                II.

               

              
                	
                        (b)

                      	
                        Section
                          1.1.62 is deleted and replaced by the
                          following:

                      

              

               

              "European
                Borrowers" means CHC Scotia (for as long as it remains an Obligor),
                Heli-One
                (UK) Limited (formerly Brintel Holdings Limited) and any other European
                Obligor
                that may be designated by CHC as a European Borrower from time to
                time with the
                consent of the Required Lenders and after delivery of such guarantees
                and other
                Security as the Required Lenders may reasonably require.  Without
                limiting the foregoing, a Norwegian Obligor may be designated as
                a European
                Borrower if CHC and other Obligors that have not given guarantees
                of CHC's
                Obligations (because of limitations of Norwegian and similar laws)
                give a
                guarantee of the Norwegian Obligor's Obligations as Borrower and
                the Norwegian
                Obligor and those other Obligors amend the Security they have given
                so as to
                secure the Norwegian Obligor's Obligations as Borrower or their guarantees
                thereof.

               

              
                	
                        (c)

                      	
                        Section
                          1.1.90 is deleted and replaced by the
                          following:

                      

              

               

              "Lenders" means
                each of the persons listed on SCHEDULE E and other lenders that agree
                from time
                to time to become Lenders in accordance with section 10 of the Provisions,
                including the Credit A Lenders, the Credit B Lenders, the
                Credit C Lenders and the Credit E Lenders, and "Lender" means any one of
                the Lenders.

               

              
                	
                        (d)

                      	
                        Section
                          1.1.114 (definition of Permitted Encumbrances) is amended
                          by inserting the
                          following as Section 1.1.114(x) after the existing
                          provisions:

                      

              

               

              "Encumbrances
                on Aircraft and the proceeds thereof securing financing for the acquisition
                thereof pursuant to the credit facility referred to in Section
                1.1.115(p)"

               

              
                	
                        (e)

                      	
                        Section
                          1.1.115 (definition of Permitted Obligations) is amended
                          by re-designating
                          Section 1.1.115(p) as Section 1.1.115(q) and inserting
                          the following as
                          Section 1.1.115(p):

                      

              

               

              "secured
                or unsecured Debt under a term credit facility provided to CHC by
                Export
                Development Canada in a principal amount outstanding of not more
                than USD
                30,000,000 at any time, the purpose of which is to finance the purchase
                of
                Aircraft that are, at the inception of the facility, not operated
                in Primary
                Operating Jurisdictions"

               

              
                
                  
                  

                

                
                  -
                    255
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              
                	
                        (f)

                      	
                        Section
                          1.1.118 is deleted and replaced by the
                          following:

                      

              

               

              "Primary
                Operating Jurisdiction" means each of Canada, the United Kingdom,
                Norway,
                Denmark (excluding Greenland), Australia, the United States of America,
                South
                Africa, the Netherlands, Ireland and Brazil.

               

              2.           Amendments
                to Article II of the Existing Credit Agreement

               

              
                	
                        (a)

                      	
                        Section
                          2.1.1 is deleted and replaced by the
                          following:

                      

              

               

              "Upon
                and subject to the terms and conditions of this Agreement, the Credit A
                Lenders agree to provide a credit for the use of CHC in the amount
                of up to
                US $235,000,000 or the equivalent thereof in other relevant Approved
                Currencies, which is referred to collectively as Credit A and is comprised
                of a tranche of US $175,000,000 referred to as Credit A1 (which is
                also for the use of the Additional Borrowers), a tranche of US $20,000,000
                referred to as Credit A2 (which is also for the use of the Overdraft
                Borrowers) and a tranche of up to US $40,000,000 or the equivalent thereof
                in relevant Approved Currencies referred to as "Credit A3" (which is also
                for the use of the Additional Borrowers to the extent the Advances
                to CHC
                contemplated in Section 10.10(e) are repaid).  Subject to Section 8.1,
                Advances under Credit A1 and Credit A3 will be made by the Credit A
                Lenders and Advances under Credit A2 will be made by BNS."

               

              
                	
                        (b)

                      	
                        Section
                          2.1 is amended by adding the following after the existing
                          provisions:

                      

              

               

              
                	
                         

                      	
                        "2.1.6

                      	
                        If
                          the Borrowers are otherwise entitled to an Advance under
                          Credit A, CHC may
                          from time to time increase the amount of Credit A1 and
                          decrease the amount
                          of Credit A3 by an equal amount, or vice versa.  CHC's right to
                          do so is subject to CHC providing the Agent with an opinion
                          of counsel and
                          other evidence satisfactory to the Agent that any increase
                          in the amount
                          of Credit A1 is in compliance with the Sub Debt Indenture
                          because the
                          additional indebtedness incurred is properly classified
                          as being incurred
                          under section 1008(b)(i) or (xii) of the Sub Debt Indenture
                          or that any
                          increase in the amount of Credit A3 is in compliance with
                          the Sub Debt
                          Indenture because the additional indebtedness incurred
                          has been properly
                          incurred under section 1008(a) of the Sub Debt
                          Indenture."

                      

              

               

              
                	
                        (c)

                      	
                        Section
                          2.2 is deleted and replaced by the
                          following:

                      

              

               

              "Credit A
                is a revolving credit and the principal amount of any Advance under
                Credit A that is repaid may be re-borrowed if the Borrowers are otherwise
                entitled to an Advance under Credit A, except that re-borrowing under
                Credit A3 is also subject to CHC providing the Agent with an opinion
                of counsel
                and other evidence satisfactory to the Agent that the re-borrowing
                is in
                compliance with the Sub Debt Indenture because the indebtedness incurred
                by
                re-borrowing has been properly incurred in compliance with section
                1008(a) of
                the Sub Debt Indenture."

               

              
                
                  
                  

                

                
                  -
                    256
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              3.           Amendment
                to Section 6.1 of the Existing Credit Agreement

               

              The
                last paragraph of Section 6.1.7 is deleted and replaced by the
                following:

               

              "In
                addition, the Agent may excuse Obligors from delivering security
                documents
                covering types of Property that they do not own, if the security
                documents they
                deliver cover the types of Property they are permitted to own by
                Schedule
                J."

               

              4.           Amendments
                and Consents Relating to Article X of the Existing Credit
                Agreement

               

              
                	
                        (a)

                      	
                        In
                          accordance with Section 10.1.1, the Lenders hereby confirm
                          their consent
                          to HSAS being released from its obligations as borrower
                          under the
                          Restricted Intercompany Obligation listed as item 2 on
                          Schedule K,
                          provided that Heliwest AS assumes the obligations of HSAS
                          as borrower and
                          HSAS guarantees the obligations assumed by Heliwest
                          AS.

                      

              

               

              
                	
                        (b)

                      	
                        Section
                          10.4.1(b) is deleted and replaced by the
                          following:

                      

              

               

              "CHC
                shall, as soon as practicable and in any event within 60 days of
                the end of each
                of its fiscal quarters (including the fourth quarter, except that
                90 days shall
                be allowed for the fourth quarter), cause to be prepared and delivered
                to the
                Lenders, its interim unaudited consolidated financial statements
                as at the end
                of such quarter and interim unaudited unconsolidated financial statements
                of
                such Obligors as the Lenders may specify from time to time as at
                the end of such
                quarter, in each case including balance sheet, statement of income
                and retained
                earnings and statement of changes in financial position."

               

              
                	
                        (c)

                      	
                        Section
                          10.4.1(e) is deleted and replaced by the
                          following:

                      

              

               

              "CHC
                shall, as soon as practicable and in any event not later than 70
                days after the
                beginning of each of its fiscal years, cause to be prepared and delivered
                to the
                Lenders, a budget with projections for the current and the following
                four fiscal
                years.  The budget shall cover CHC on a consolidated basis and other
                Obligors designated by the Agent on an unconsolidated basis and shall
                include a
                projected income statement, a projected statement of changes in funds,
                estimates
                of Capital Expenditures, the value of Aircraft to be acquired through
                Leases,
                and tax losses and deferrals, and a list of all Material Contracts
                expiring in
                all relevant periods, all broken down quarterly for the current fiscal
                year only
                and annually thereafter, and otherwise in detail acceptable to the
                Agent and the
                Required Lenders."

               

              
                
                  
                  

                

                
                  -
                    257
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              
                	
                        (d)

                      	
                        Section
                          10.6.1(b)(iii) is deleted and replaced by the
                          following:

                      

              

               

              "payments
                in respect of the obligations contemplated in Sections 1.1.114(k),
                1.1.114(s),
                1.1.114(t), 1.1.114(u), 1.1.114(w), 1.1.114(x), 1.1.115(j), 1.1.115(n)
                and
                1.1.115(p)"

               

              
                	
                        (e)

                      	
                        Section
                          10.6.1(c)(v) is deleted and replaced by the
                          following:

                      

              

               

              "loans
                and advances to CHC Composites Inc. in an aggregate amount of not
                more than
                $25,000,000 outstanding for all Obligors at any time, for as long
                as the
                Obligors maintain their ownership interest in CHC Composites Inc.
                as it existed
                on 1 June 2005"

               

              
                	
                        (f)

                      	
                        In
                          accordance with Section 10.6.2(d), the Lenders hereby confirm
                          their
                          consent to CHC's consolidated budget for Capital Expenditures
                          for its
                          fiscal year ended 30 April 2006 of $425,000,000 as presented
                          to the
                          Lenders at their meeting with CHC's management in Vancouver,
                          British
                          Columbia on 30 August 2005.

                      

              

               

              
                	
                        (g)

                      	
                        Notwithstanding
                          Section 10.6.2(f), the Lenders hereby confirm their consent
                          to the sale by
                          CHC on or about 9 September 2005 of its direct
                          or
                          indirect shareholdings of Canadian Helicopters Limited
                          (representing
                          approximately 45% of the outstanding shares of Canadian
                          Helicopters
                          Limited), for gross proceeds of
                          $58,200,000, and the sale by
                          CHC on or about 29 December 2005 of its direct
                          or
                          indirect shareholdings of Inversiones Aereas S.L. (representing
                          approximately 38% of the outstanding shares of Inversiones
                          Aereas S.L.),
                          for gross proceeds of $39,600,000.  The Lenders agree that the
                          sales shall not reduce the amount of other dispositions
                          permitted by
                          Section 10.6.2(f) but the Credits shall be permanently
                          repaid and
                          cancelled with the proceeds of the sale to the extent required
                          by Section
                          5.6.1 and Section 6.4.2.

                      

              

               

              
                	
                        (h)

                      	
                        The
                          Lenders also confirm their consent to CHC making dispositions
                          of Aircraft
                          pursuant to Section 10.6.2(f)(ii) of the Existing Credit
                          Agreement in an
                          amount up to $80,000,000 rather than $60,000,000, but only
                          in respect of
                          CHC's fiscal year ended 30 April
                          2006.

                      

              

               

              5.           Amendments
                to Schedules of the Existing Credit Agreement

               

              
                	
                        (a)

                      	
                        Item
                          3 in Schedule C is deleted and replaced by the
                          following:

                      

              

               

              "Appendix
                A attached is a report concerning the current location of all Aircraft
                of the
                Obligors.  Not more than 15% of the aggregate
                value of all Aircraft owned or leased by Obligors in the total fleet
                of the
                Obligors is located in or operated from a single jurisdiction other
                than a
                Primary Operating Jurisdiction.  [Note:  a report
                concerning the specific location of each Aircraft (e.g. municipality)
                within a
                particular jurisdiction (e.g. province or country) is only required
                annually,
                but the jurisdiction must be reported quarterly.  Identify each
                Aircraft that is considered eligible to be included in the Borrowing
                Base and
                identify all changes from the previous report]"

               

              
                
                  
                  

                

                
                  -
                    258
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              
                	
                        (b)

                      	
                        Item
                          13 in Schedule C is deleted and replaced by the
                          following:

                      

              

               

              "Appendix
                K attached contains details as of the Quarter End of the
                outstanding Debt that has been incurred pursuant to Sections 1.1.114(u)
                and
                1.1.115(n) of the Credit Agreement, financial assistance given pursuant
                to
                Section 10.6.1(c)(v) and Section 10.6.1(c)(vi) of the
                Credit Agreement, acquisitions made pursuant to Section 10.6.2(c)(ii)
                and
                Section 10.6.2(c)(iv) of the Credit Agreement, the amount expended
                for Capital
                Expenditures and acquisitions of Aircraft as contemplated in Section
                10.6.2(d)
                of the Credit Agreement and the amount of dispositions of Property
                pursuant to
                Section 10.6.2(f)(v) of the Credit Agreement."

               

              
                	
                        (c)

                      	
                        Schedule
                          E to the Existing Credit Agreement is deleted and replaced
                          by Schedule E
                          attached to this agreement.

                      

              

               

              
                	
                        (d)

                      	
                        The
                          first paragraph of Schedule H is deleted and replaced by
                          the
                          following:

                      

              

               

              "The
                "Borrowing Base" is the aggregate of item 14 minus item 17 minus
                item 21 minus
                item 22 below.  The component items leading to the calculation are the
                following:"

               

              (e)           Item
                5 of Schedule H is deleted and replaced by the following:

               

              "the
                amount included in item 1 above that is (a) not owed to an Obligor and
                payable in a Primary Operating Jurisdiction or (b) payable by an
                account debtor
                located in Brazil that has not provided an acknowledgment of the
                Security in a
                form satisfactory to the Agent"

               

              (f)           Item
                10 of Schedule H is deleted and replaced by the following:

               

              "the
                amount included in item 7 above that represents inventory located
                (a) outside of
                a Primary Operating Jurisdiction or (b) in Brazil"

               

              (g)           Item
                12 of Schedule H is deleted and replaced by the following:

               

              "the
                aggregate of the most recent appraised fair market values of the
                Aircraft owned
                by Obligors (as opposed to Aircraft under Lease from persons other
                than
                Obligors) that (i) are located in and operated from a Primary Operating
                Jurisdiction, (ii) have registered first-ranking mortgages in place
                as part of
                the Security in the Primary Operating Jurisdiction in which they
                are located,
                (iii) are not subject to any lease that has priority over the mortgage
                and (iv)
                in the case of Aircraft located in Brazil, are owned by an Obligor
                incorporated
                in Canada, (all as described on Appendix A attached to the Reporting
                Certificate)"

               

              
                
                  
                  

                

                
                  -
                    259
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              (h)           Schedule
                H is further amended by adding the following after the existing
                provisions:

               

              "22.           The
                amount, if any, by which the proportion of the Borrowing Base (calculated
                without reference to this item 22) attributable to Property that
                is the subject
                of Security given under Brazilian law exceeds 20%"

               

              
                	
                        (i)

                      	
                        Item
                          2 of Schedule J is deleted and replaced by the
                          following:

                      

              

               

              "None
                of Pacific Aerospace Services Inc., Bond Rotary Wing Limited, Court
                Helicopters
                (Proprietary) Ltd. (formerly Court Republic Helicopters (Proprietary)
                Ltd.),
                Multifabs Survival Inc., Kirkhill Limited, Scotia Helicopter Services
                Limited
                and 0733526 BC Ltd. shall carry on any business or own any
                Property.  Heli-One Inc. (which was incorporated on 19 May 2005 as
                corporation no. 430261-3) shall not carry on any business or own
                any property,
                except momentarily as part of a "butterfly" transaction with various
                Obligors,
                following which it shall be dissolved, by which time its name will
                have been
                changed and an Obligor will have taken on its current name."

               

              
                	
                        (j)

                      	
                        Items
                          8 and 13 of Schedule J are deleted.

                      

              

               

              
                	
                        (k)

                      	
                        Section
                          1 of Schedule L is deleted and replaced by the
                          following:

                      

              

               

              "Notwithstanding
                anything contained in this Agreement, unless the Required Lenders
                and CHC
                otherwise agree, CHC shall ensure that at all times not more than
                15% of the
                aggregate value of all Aircraft owned or leased by Obligors in the
                total fleet
                of the Obligors are located in or operated from any single jurisdiction
                other
                than a Primary Operating Jurisdiction."

               

              6.           Conditions
                Precedent

               

              
                	
                        (a)

                      	
                        The
                          effectiveness of the amendments in sections 2 and 5(c)
                          of this agreement
                          is subject to CHC paying an up-front fee of $120,000 to
                          the Agent in
                          respect of the increase in Credit A, which the Agent shall
                          distribute to
                          the Lenders in proportion to their respective Commitments
                          to the increased
                          amount, and to CHC providing the Agent with an opinion
                          of counsel and
                          other evidence satisfactory to the Agent that the increase
                          in the amount
                          of Credit A1 is in compliance with the Sub Debt Indenture
                          because the
                          additional indebtedness incurred is properly classified
                          as being incurred
                          under section 1008(b)(i) or (xii) of the Sub Debt
                          Indenture.

                      

              

               

              
                
                  
                  

                

                
                  -
                    260
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              
                	
                        (b)

                      	
                        The
                          Lenders' consent in section 4(a) of this agreement is subject
                          to the Agent
                          being satisfied, in consultation with legal counsel, that
                          all
                          documentation has been put in place to provide the Lenders
                          with security
                          relating to the assumed Restricted Intercompany Obligation
                          authorized in
                          that section that is comparable to the security held in
                          connection with
                          the existing security for Restricted Intercompany
                          Obligations.

                      

              

               

              7.           Representations
                of Obligors

               

              The
                Obligors acknowledge that this agreement is a Loan Document and that
                all of
                their representations and warranties concerning Loan Documents that
                are
                contained in the Existing Credit Agreement apply to this agreement
                and are
                deemed to be repeated on their execution of this agreement as if
                set out in full
                in this agreement.  The Obligors also represent that there are no
                consents or other agreements required from third parties to avoid
                this agreement
                causing a breach or default under any other agreement to which any
                Obligor is a
                party.

               

              8.           Ratification
                and Confirmation

               

              The
                Existing Credit Agreement, as amended by this agreement, remains
                in full force
                and effect and is hereby ratified and confirmed.  The parties confirm
                that none of the Advances has been repaid or replaced by new obligations
                as a
                result of this agreement.  This agreement merely amends the Existing
                Credit Agreement and does not constitute or result in a novation
                or rescission
                of the Existing Credit Agreement or any other Loan Document.  Without
                in any way limiting the terms of the Existing Credit Agreement or
                the other Loan
                Documents, the Obligors confirm that the existing Security shall
                continue to
                secure all of the Obligations (or any limited part thereof described
                in a
                particular document forming part of the Security), including but
                not limited to
                any arising as a result of this agreement.

               

              9.           Counterparts
                and Facsimile

               

              This
                agreement may be executed in any number of counterparts, each of
                which when
                executed and delivered shall be deemed to be an original, and such
                counterparts
                together shall constitute one and the same agreement.  The delivery of
                a facsimile copy of an executed counterpart of this agreement shall
                be deemed to
                be valid execution and delivery of this agreement, but the party
                delivering a
                facsimile copy shall deliver an original copy of this agreement as
                soon as
                possible after delivering the facsimile copy.

               

              [Note:  signature
                pages follow]

               

               

              
                
                  
                  

                

                
                  -
                    261
                    -

                  
                    

                  

                

                
                  
                  

                

              

              

              IN
                WITNESS OF WHICH, the parties have executed this agreement.

               

              THE
                BANK OF NOVA SCOTIA

              

              

              By:          ____________________________

              Name:

              Title:

               

              By:          ____________________________

              Name:

              Title:

               

              [signature
                page for Fourth Amending Agreement dated as of 19 June 2006 relating
                to CHC
                Helicopter Corporation et al]

               

               

              
                
                  
                  

                

                
                  -
                    262
                    -

                  
                    

                  

                

                
                  
                  

                

              

              NATIONAL
                BANK OF CANADA

              

              

              By:          ____________________________

              Name:

              Title:

               

              By:          ____________________________

              Name:

              Title:

               

              [signature
                page for Fourth Amending Agreement dated as of 19 June 2006 relating
                to CHC
                Helicopter Corporation et al]

               

               

              
                
                  
                  

                

                
                  -
                    263
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              BANK
                OF MONTREAL

              

              

              By:          ____________________________

              Name:

              Title:

               

              By:          ____________________________

              Name:

              Title:

               

              [signature
                page for Fourth Amending Agreement dated as of 19 June 2006 relating
                to CHC
                Helicopter Corporation et al]

               

               

              
                
                  
                  

                

                
                  -
                    264
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              HSBC
                BANK CANADA

              

              

              By:          ____________________________

              Name:

              Title:

               

              By:          ____________________________

              Name:

              Title:

               

              [signature
                page for Fourth Amending Agreement dated as of 19 June 2006 relating
                to CHC
                Helicopter Corporation et al]

               

              
                
                  
                  

                

                
                  -
                    265
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              BANK
                OF AMERICA, N.A.

              Canada
                Branch

              

              

              By:          ____________________________

              Name:

              Title:

               

              By:          ____________________________

              Name:

              Title:

               

              [signature
                page for Fourth Amending Agreement dated as of 19 June 2006 relating
                to CHC
                Helicopter Corporation et al]

               

               

              
                
                  
                  

                

                
                  -
                    266
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              SOCIETE
                GENERALE (CANADA)

              

              

              By:        
                ____________________________

              Name:

              Title:

               

              By:          ____________________________

              Name:

              Title:

               

              [signature
                page for Fourth Amending Agreement dated as of 19 June 2006 relating
                to CHC
                Helicopter Corporation et al]

               

               

              
                
                  
                  

                

                
                  -
                    267
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              MERRILL
                LYNCH CAPITAL CANADA INC.

              

              

              By:          ____________________________

              Name:

              Title:

               

              By:          ____________________________

              Name:

              Title:

               

              [signature
                page for Fourth Amending Agreement dated as of 19 June 2006 relating
                to CHC
                Helicopter Corporation et al]

               

               

              
                
                  
                  

                

                
                  -
                    268
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              NORDEA
                BANK NORGE ASA

              

              

              By:          ____________________________

              Name:

              Title:

               

              By:          ____________________________

              Name:

              Title:

               

              [signature
                page for Fourth Amending Agreement dated as of 19 June 2006 relating
                to CHC
                Helicopter Corporation et al]

               

               

              
                
                  
                  

                

                
                  -
                    269
                    -

                  
                    

                  

                

                
                  
                  

                

              

              NORDEA
                BANK FINLAND PLC, London Branch

              

              

              By:          ____________________________

              Name:

              Title:

               

              By:          ____________________________

              Name:

              Title:

               

              [signature
                page for Fourth Amending Agreement dated as of 19 June 2006 relating
                to CHC
                Helicopter Corporation et al]

               

               

              
                
                  
                  

                

                
                  -
                    270
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              JPMORGAN
                CHASE BANK, N.A.,

              Toronto
                Branch

              

              

              By:          ____________________________

              Name:

              Title:

               

              By:          ____________________________

              Name:

              Title:

               

              [signature
                page for Fourth Amending Agreement dated as of 19 June 2006 relating
                to CHC
                Helicopter Corporation et al]

               

               

              
                
                  
                  

                

                
                  -
                    271
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              THE
                BANK OF NOVA SCOTIA,

              as
                Agent

              

              

              By:          ____________________________

              Name:

              Title:

               

              By:          ____________________________

              Name:

              Title:

               

              [signature
                page for Fourth Amending Agreement dated as of 19 June 2006 relating
                to CHC
                Helicopter Corporation et al]

               

               

              
                
                  
                  

                

                
                  -
                    272
                    -

                  
                    

                  

                

                
                  
                  

                

              

              

              ______________________________                          ______________________________

              Name:                                                                                     Name:

               

              each
                signing in his capacity as an authorized officer or director or holder
                of a
                subsisting power of attorney of each of the Obligors other than CHC
                Helicopters
                (Barbados) Limited, CHC Leasing (Barbados) Limited, CHC Capital (Barbados)
                Limited, Heli-One (Europe) AS (formerly Vinland Holding AS and Heli-One
                Norway
                AS), Helicopter Services Group AS, CHC Helikopter Service AS, Integra
                Leasing
                AS, Heliwest AS, Heli-One (Norway) AS (formerly Astec Helicopter
                Services AS)
                and Scancopter AS, and not in his personal capacity.

               

              [signature
                page for Fourth Amending Agreement dated as of 19 June 2006 relating
                to CHC
                Helicopter Corporation et al]

               

               

              
                
                  
                  

                

                
                  -
                    273
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              CHC
                HELICOPTERS

              (BARBADOS)
                LIMITED

               

              By:          ____________________________

              Name:

              Title:

               

              By:          ____________________________

              Name:

              Title:

               

              CHC
                LEASING

              (BARBADOS)
                LIMITED

               

              By:          ____________________________

              Name:

              Title:

               

              By:          ____________________________

              Name:

              Title:

               

              CHC
                CAPITAL

              (BARBADOS)
                LIMITED

               

              By:          ____________________________

              Name:

              Title:

               

              By:          ____________________________

              Name:

              Title:

              

              [signature
                page for Fourth Amending Agreement dated as of 19 June 2006 relating
                to CHC
                Helicopter Corporation et al]

               

              
 

              
                
                  
                  

                

                
                  -
                    274
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              

              
                	
                        HELI-ONE
                          (EUROPE) AS (formerly

                         Vinland
                          Holding AS and Heli-One Norway AS)

                         

                         

                        By:______________________________

                        Name

                        Title:

                         

                        By:______________________________

                        Name

                        Title:

                      	
                        HELICOPTER
                          SERVICES GROUP AS

                         

                         

                        By:_______________________________

                         Name:

                        Title:

                         

                        By:________________________________

                        Name:

                        Title:

                      
	 	 
	
                        CHC
                          HELIKOPTER SERVICE AS

                         

                         

                        By:______________________________

                        Name

                        Title:

                         

                        By:______________________________

                        Name

                        Title:

                         

                      	
                        INTEGRA
                          LEASING AS

                         

                         

                        By:________________________________

                        Name:

                        Title:

                         

                        By:______________________________

                         
Name

                        Title:

                      

              

              

              

              [signature
                page for Fourth Amending Agreement dated as of 19 June 2006 relating
                to CHC
                Helicopter Corporation et al]

               

              

              
                
                  
                  

                

                
                  -
                    275
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              

              
                	
                        HELIWEST
                          AS

                         

                         

                        By:______________________________

                        Name

                        Title:

                         

                        By:______________________________

                        Name

                        Title:

                         

                      	
                        HELI-ONE
                          (NORWAY) AS, (formerly Astec Helicopter Services AS)

                         

                         

                        By:______________________________

                        Name

                        Title:

                         

                        By:______________________________

                        Name

                        Title:

                         

                      
	
                        SCANCOPTER
                          AS

                         

                         

                        By:______________________________

                        Name

                        Title:

                         

                        By:  _____________________________

                        Name

                        Title:

                      	 

              

              

               

              [signature
                page for Fourth Amending Agreement dated as of 19 June 2006 relating
                to CHC
                Helicopter Corporation et al]

               

              

              
                
                  
                  

                

                
                  -
                    276
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              SCHEDULE
                E

              APPLICABLE
                PERCENTAGES OF LENDERS

               

              [Note:
                Applicable Percentages are nil unless otherwise noted]

              

              THE
                BANK OF NOVA SCOTIA

              

              Credit
                A1 and Credit A3 (adjusted in accordance with Section 8.2) -
                35.781714%

              Credit
                A2 (adjusted in accordance with Section 8.2) - 100%

              Credit
                A (overall) - 41.247100%

              Credit
                C - 41.247100%

              Credit
                E - 41.247100%

              

              NATIONAL
                BANK OF CANADA

              

              Credit
                A1 and Credit A3 (adjusted in accordance with Section 8.2) -
                19.638567%

              Credit
                A (overall) - 17.967200%

              Credit
                C - 17.967200%

              Credit
                E - 17.967200%

              

              BANK
                OF MONTREAL

              

              Credit
                A1 and Credit A3 (adjusted in accordance with Section 8.2) -
                10.801256%

              Credit
                A (overall) - 9.882000%

              Credit
                C - 9.882000%

              Credit
                E - 9.882000%

              

              HSBC
                BANK CANADA

              

              Credit
                A1 and Credit A3 (adjusted in accordance with Section 8.2) -
                10.212116%

              Credit
                A (overall) - 9.343000%

              Credit
                C - 9.343000%

              Credit
                E - 9.343000%

              

              BANK
                OF AMERICA, N.A., Canada Branch

              

              Credit
                A1 and Credit A3 (adjusted in accordance with Section 8.2) -
                7.855449%

              Credit
                A (overall) - 7.186900%

              Credit
                C - 7.186900%

              Credit
                E - 7.186900%

              

              SOCIETE
                GENERALE (CANADA)

              

              Credit
                A1 and Credit A3 (adjusted in accordance with Section 8.2) -
                5.891614%

              Credit
                A (overall) - 5.390200%

              Credit
                C - 5.390200%

              Credit
                E - 5.390200%

              

              
                
                  
                  

                

                
                  -
                    277
                    -

                  
                    

                  

                

                
                  
                  

                

              

               

              MERRILL
                LYNCH CAPITAL CANADA INC.

              

              Credit
                A1 and Credit A3 (adjusted in accordance with Section 8.2) -
                5.891614%

              Credit
                A (overall) - 5.390200%

              Credit
                C - 5.390200%

              Credit
                E - 5.390200%

              

              NORDEA
                BANK NORGE ASA

              

              Credit
                B1 (adjusted in accordance with Section 9.2) - 100%

              Credit
                B (overall) - 70.539999%

              

              NORDEA
                BANK FINLAND PLC

              

              Credit
                B2 (adjusted in accordance with Section 8.2) - 100%

              Credit
                B (overall) - 29.460001%

              

              JPMORGAN
                CHASE BANK N.A., Toronto Branch

              

              Credit
                A1 and Credit A3 (adjusted in accordance with Section 8.2) -
                3.927670%

              Credit
                A (overall) - 3.593400%

              Credit
                C - 3.593400%

              Credit
                E - 3.593400%

               

               

              
                
                  
                  

                

                
                  -
                    278
                    -

                  
                    

                  

                

                
                  
                  

                

              

              

              
                FINAL

                 

                THIS
                  FIFTH AMENDING AGREEMENT is made as of 12 September 2006

                 

                B
                  E T W E E N:

                 

                CHC
                  HELICOPTER CORPORATION

                AND
                  THE OTHER OBLIGORS AS DEFINED IN

                THE
                  EXISTING CREDIT AGREEMENT AS DEFINED BELOW

                 

                -
                  and -

                 

                THE
                  LENDERS AS DEFINED IN

                THE
                  EXISTING CREDIT AGREEMENT

                 

                -
                  and -

                 

                THE
                  BANK OF NOVA SCOTIA

                in
                  its capacity as Administrative Agent

                 

                RECITALS:

                 

                A.           The
                  parties to this agreement are also parties to a second amended
                  and restated
                  credit agreement dated as of 22 December 2004, which amended and
                  restated a
                  credit agreement dated as of 5 July 2000, which in turn amended and
                  restated a credit agreement dated as of 2 August 1999, each of which
                  was amended and supplemented on various occasions before being
                  amended and
                  restated.  The second amended and restated credit agreement has been
                  amended by an amending agreement dated as of 2 February 2005, a
                  second amending
                  agreement dated as of 11 March 2005, a third amending agreement
                  dated as of 10
                  June 2005 and a fourth amending agreement dated as of 19 June 2006,
                  and as
                  amended and supplemented to date is referred to in this agreement
                  as the
                  "Existing Credit Agreement."

                 

                B.           The
                  Existing Credit Agreement contemplates that it may be amended.  The
                  parties are entering into this agreement to record various amendments
                  that have
                  been agreed to between them since the date of the fourth amending
                  agreement in
                  connection with, among other things, changes in CHC's accounting
                  policies.

                 

                C.           Capitalized
                  terms used in this agreement and not otherwise defined have the
                  meanings defined
                  in the Existing Credit Agreement.

                 

                THEREFORE,
                  for value received, and intending to be legally bound by this agreement,
                  the
                  parties agree as follows:

                 

                1.           Amendments
                  and Consent Relating to Article X of the Existing Credit
                  Agreement

                 

                
                  	
                          (a)

                        	
                          The
                            last paragraph in Section 10.4.1 is deleted and replaced
                            by the
                            following:

                        

                

                 

                
                  
                    
                    

                  

                  
                    -
                      279
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                "If
                  there is any change in a subsequent period from the accounting
                  policies,
                  practices and calculation methods used by CHC in preparing its
                  financial
                  statements for its fiscal year ended 30 April 2006, or components
                  thereof, CHC
                  shall provide the Lenders with all information that the Lenders
                  require to
                  ensure that reports provided to the Lenders after any change are
                  comparable to
                  previous reports.  In addition, all calculations made for the purposes
                  of this Agreement shall continue to be made based on the accounting
                  policies,
                  practices and calculation methods that were used in preparing CHC's
                  financial
                  statements for its fiscal year ended 30 April 2006 if the changed
                  policies,
                  practices and methods would materially affect the results of those
                  calculations."

                 

                The
                  Lenders acknowledge that CHC has changed its accounting policies
                  concerning the
                  calculation of expenses for maintenance, repair and overhaul costs
                  on major
                  components and concerning the classification of repairable parts
                  (as capital
                  assets rather than inventory) effective as of 31 January 2006 and
                  has made prior
                  period restatements as appropriate to reflect these changes.

                 

                
                  	
                          (b)

                        	
                          Section
                            10.6.1(c)(v) is deleted and replaced by the
                            following:

                        

                

                 

                "loans
                  and advances to CHC Composites Inc. in an aggregate amount of not
                  more than
                  $50,000,000 outstanding for all Obligors at any time (of which
                  not more than
                  $25,000,000 is advanced after 22 December 2004), for as long as
                  the Obligors
                  maintain their ownership interest in CHC Composites Inc. as it
                  existed on 1 June
                  2005"

                 

                
                  	
                          (c)

                        	
                          In
                            accordance with Section 10.6.2(d), the Lenders hereby
                            confirm their
                            consent to CHC's consolidated budget for Capital Expenditures
                            for its
                            fiscal year ending 30 April 2007 of
                            $575,000,000.

                        

                

                 

                2.           Amendments
                  to Schedule H of the Existing Credit Agreement

                 

                
                  	
                          (a)

                        	
                          Item
                            7 of Schedule H is deleted and replaced by the
                            following:

                        

                

                 

                "the
                  aggregate amount of the entries that (i) would, in accordance with
                  GAAP, be
                  classified on a consolidated balance sheet as inventory of CHC,
                  valued at the
                  lower of cost or fair market value or (ii) are repairable parts
                  that would have
                  been classified as inventory in accordance with CHC's accounting
                  policies as of
                  30 April 2004 but are classified as capital assets on a consolidated
                  balance
                  sheet of CHC in accordance with GAAP and its accounting policies
                  as of 30 April
                  2006, valued at their net book value"

                 

                (b)           Item
                  8 of Schedule H is deleted and replaced by the following:

                 

                
                  
                    
                    

                  

                  
                    -
                      280
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                "the
                  amount included in item 7 above that represents obsolete
                  Property"

                 

                (c)           Item
                  10 of Schedule H is deleted and replaced by the following:

                 

                "the
                  amount included in item 7 above that represents Property located
                  (a) outside of
                  a Primary Operating Jurisdiction or (b) in Brazil"

                 

                3.           Condition
                  Precedent

                 

                The
                  effectiveness of this agreement is subject to CHC paying an work
                  fee of $7500
                  for each Lender to the Agent, which the Agent shall promptly distribute
                  to the
                  Lenders.

                 

                4.           Representations
                  of Obligors

                 

                The
                  Obligors acknowledge that this agreement is a Loan Document and
                  that all of
                  their representations and warranties concerning Loan Documents
                  that are
                  contained in the Existing Credit Agreement apply to this agreement
                  and are
                  deemed to be repeated on their execution of this agreement as if
                  set out in full
                  in this agreement.  The Obligors also represent that there are no
                  consents or other agreements required from third parties to avoid
                  this agreement
                  causing a breach or default under any other agreement to which
                  any Obligor is a
                  party.

                 

                5.           Ratification
                  and Confirmation

                 

                The
                  Existing Credit Agreement, as amended by this agreement, remains
                  in full force
                  and effect and is hereby ratified and confirmed.  The parties confirm
                  that none of the Advances has been repaid or replaced by new obligations
                  as a
                  result of this agreement.  This agreement merely amends the Existing
                  Credit Agreement and does not constitute or result in a novation
                  or rescission
                  of the Existing Credit Agreement or any other Loan Document.  Without
                  in any way limiting the terms of the Existing Credit Agreement
                  or the other Loan
                  Documents, the Obligors confirm that the existing Security shall
                  continue to
                  secure all of the Obligations (or any limited part thereof described
                  in a
                  particular document forming part of the Security), including but
                  not limited to
                  any arising as a result of this agreement.

                 

                6.           Counterparts
                  and Facsimile

                 

                This
                  agreement may be executed in any number of counterparts, each of
                  which when
                  executed and delivered shall be deemed to be an original, and such
                  counterparts
                  together shall constitute one and the same agreement.  The delivery of
                  a facsimile copy of an executed counterpart of this agreement shall
                  be deemed to
                  be valid execution and delivery of this agreement, but the party
                  delivering a
                  facsimile copy shall deliver an original copy of this agreement
                  as soon as
                  possible after delivering the facsimile copy.

                 

                [signature
                  pages follow]

                 

                
                  
                    
                    

                  

                  
                    -
                      281
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                

                IN
                  WITNESS OF WHICH, the parties have executed this agreement.

                 

                THE
                  BANK OF NOVA SCOTIA

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Fifth Amending Agreement dated as of 12 September 2006
                  relating to CHC
                  Helicopter Corporation et al]

                 

                
                  
                    
                    

                  

                  
                    -
                      282
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                NATIONAL
                  BANK OF CANADA

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Fifth Amending Agreement dated as of 12 September 2006
                  relating to CHC
                  Helicopter Corporation et al]

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      283
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                BANK
                  OF MONTREAL

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Fifth Amending Agreement dated as of 12 September 2006
                  relating to CHC
                  Helicopter Corporation et al]

                 

                
                  
                    
                    

                  

                  
                    -
                      284
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                HSBC
                  BANK CANADA

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Fifth Amending Agreement dated as of 12 September 2006
                  relating to CHC
                  Helicopter Corporation et al]

                 

                
                  
                    
                    

                  

                  
                    -
                      285
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                BANK
                  OF AMERICA, N.A.

                Canada
                  Branch

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Fifth Amending Agreement dated as of 12 September 2006
                  relating to CHC
                  Helicopter Corporation et al]

                 

                
                  
                    
                    

                  

                  
                    -
                      286
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                SOCIETE
                  GENERALE (CANADA)

                

                

                By:         ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Fifth Amending Agreement dated as of 12 September 2006
                  relating to CHC
                  Helicopter Corporation et al]

                 

                
                  
                    
                    

                  

                  
                    -
                      287
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                MERRILL
                  LYNCH CAPITAL CANADA INC.

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Fifth Amending Agreement dated as of 12 September 2006
                  relating to CHC
                  Helicopter Corporation et al]

                 

                
                  
                    
                    

                  

                  
                    -
                      288
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                NORDEA
                  BANK NORGE ASA

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Fifth Amending Agreement dated as of 12 September 2006
                  relating to CHC
                  Helicopter Corporation et al]

                 

                
                  
                    
                    

                  

                  
                    -
                      289
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                NORDEA
                  BANK FINLAND PLC, London Branch

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Fifth Amending Agreement dated as of 12 September 2006
                  relating to CHC
                  Helicopter Corporation et al]

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      290
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                JPMORGAN
                  CHASE BANK, N.A.,

                Toronto
                  Branch

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Fifth Amending Agreement dated as of 12 September 2006
                  relating to CHC
                  Helicopter Corporation et al]

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      291
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                THE
                  BANK OF NOVA SCOTIA,

                as
                  Agent

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Fifth Amending Agreement dated as of 12 September 2006
                  relating to CHC
                  Helicopter Corporation et al]

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      292
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                

                ______________________________                          ______________________________

                Name:                                                                                     Name:

                 

                each
                  signing in his capacity as an authorized officer or director or
                  holder of a
                  subsisting power of attorney of each of the Obligors other than
                  CHC Helicopters
                  (Barbados) Limited, CHC Leasing (Barbados) Limited, CHC Capital
                  (Barbados)
                  Limited, Heli-One (Europe) AS (formerly Vinland Holding AS and
                  Heli-One Norway
                  AS), Helicopter Services Group AS, CHC Helikopter Service AS, Integra
                  Leasing
                  AS, Heliwest AS, Heli-One (Norway) AS (formerly Astec Helicopter
                  Services AS)
                  and Scancopter AS, and not in his personal capacity.

                 

                [signature
                  page for Fifth Amending Agreement dated as of 12 September 2006
                  relating to CHC
                  Helicopter Corporation et al]

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      293
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                CHC
                  HELICOPTERS

                (BARBADOS)
                  LIMITED

                 

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                CHC
                  LEASING

                (BARBADOS)
                  LIMITED

                 

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                CHC
                  CAPITAL

                (BARBADOS)
                  LIMITED

                 

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                

                [signature
                  page for Fifth Amending Agreement dated as of 12 September 2006
                  relating to CHC
                  Helicopter Corporation et al]

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      294
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                

                 

                

                
                  	
                          HELI-ONE
                            (EUROPE) AS (formerly

                           Vinland
                            Holding AS and Heli-One Norway AS)

                           

                           

                          By:______________________________

                          Name

                          Title:

                           

                          By:______________________________

                          Name

                          Title:

                        	
                          HELICOPTER
                            SERVICES GROUP AS

                           

                           

                          By:_______________________________

                          Name:

                          Title:

                           

                          By:________________________________

                          Name:

                          Title:

                        
	 	 
	
                          CHC
                            HELIKOPTER SERVICE AS

                           

                           

                          By:______________________________

                          Name

                          Title:

                           

                          By:______________________________

                          Name

                          Title:

                           

                        	
                          INTEGRA
                            LEASING AS

                           

                           

                          By:________________________________

                          Name:

                          Title:

                           

                          By:______________________________

                          Name

                          Title:

                        

                

                

                

                [signature
                  page for Fifth Amending Agreement dated as of 12 September 2006
                  relating to CHC
                  Helicopter Corporation et al]

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      295
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                

                 

                

                
                  	
                          HELIWEST
                            AS

                           

                           

                          By:______________________________

                          Name

                          Title:

                           

                          By:______________________________

                          Name

                          Title:

                           

                        	
                          HELI-ONE
                            (NORWAY) AS, (formerly Astec Helicopter Services AS)

                           

                           

                          By:______________________________

                          Name

                          Title:

                           

                          By:______________________________

                          Name

                          Title:

                           

                        
	
                          SCANCOPTER
                            AS

                           

                           

                          By:______________________________

                          Name

                          Title:

                           

                          By:  _____________________________

                          Name

                          Title:

                        	 

                

                

                 

                [signature
                  page for Fifth Amending Agreement dated as of 12 September 2006
                  relating to CHC
                  Helicopter Corporation et al]

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      296
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                FINAL

                BLG
                  / JWM

                

                 

                THIS
                  SIXTH AMENDING AGREEMENT is made as of 9 March 2007

                 

                B
                  E T W E E N:

                 

                CHC
                  HELICOPTER CORPORATION

                AND
                  THE OTHER OBLIGORS AS DEFINED IN

                THE
                  EXISTING CREDIT AGREEMENT AS DEFINED BELOW

                 

                -
                  and -

                 

                THE
                  LENDERS AS DEFINED IN

                THE
                  EXISTING CREDIT AGREEMENT

                 

                -
                  and -

                 

                THE
                  BANK OF NOVA SCOTIA

                in
                  its capacity as Administrative Agent

                 

                RECITALS:

                 

                A.           The
                  parties to this agreement are also parties to a second amended
                  and restated
                  credit agreement dated as of 22 December 2004, which amended and
                  restated a
                  credit agreement dated as of 5 July 2000, which in turn amended and
                  restated a credit agreement dated as of 2 August 1999, each of which
                  was amended and supplemented on various occasions before being
                  amended and
                  restated.  The second amended and restated credit agreement has been
                  amended by amending agreements dated as of 2 February 2005, 11
                  March 2005, 10
                  June 2005, 19 June 2006 and 12 September 2006, and as amended and
                  supplemented
                  to date is referred to in this agreement as the "Existing Credit
                  Agreement."

                 

                B.           The
                  Existing Credit Agreement contemplates that it may be amended.  The
                  parties are entering into this agreement to amend the Existing
                  Credit Agreement
                  by, among other things, increasing the amount of certain Credits
                  and amending
                  the Borrowing Base.  Various affiliates or other branches of Lenders
                  are becoming Lenders in order to fund part of the increased amount
                  of Credit
                  B1.

                 

                C.           Capitalized
                  terms used in this agreement and not otherwise defined have the
                  meanings defined
                  in the Existing Credit Agreement.

                 

                THEREFORE,
                  for value received, and intending to be legally bound by this agreement,
                  the
                  parties agree as follows:

                 

                1.           Amendments
                  Relating to Article I of the Existing Credit Agreement

                 

                
                  	
                          (a)

                        	
                          Section
                            1.1.2 is deleted and replaced by the
                            following:

                        

                

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      297
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                "Adjusted
                  Total Debt Ratio" means, at any time, the ratio calculated by dividing
                  (a) the Total Debt plus, without duplication, the Asset Value Guarantee
                  Exposure if any plus, for any Lease to which an Obligor is a party
                  that is not
                  included within Total Debt, the least of (i)  6.6 times the total of all
                  payments made in respect of the Lease during CHC's four most recently
                  completed
                  fiscal quarters, (ii) the aggregate of all remaining payments during the
                  term of the Lease and any purchase option or other payment due
                  on termination of
                  the Lease, and (iii) the purchase option price at which the Obligor could
                  at that time promptly acquire the full residual title to the property
                  subject to
                  the Lease, free of the Lease, by (b) the aggregate of EBITDA plus (to the
                  extent not included in EBITDA) the total of all payments made by
                  Obligors in
                  respect of Leases, in each case for CHC's four most recently completed
                  fiscal
                  quarters.

                 

                
                  	
                          (b)

                        	
                          Section
                            1.1.11 is deleted and replaced by the
                            following:

                        

                

                 

                "Approved
                  Currencies" means (a) Canadian Dollars, US Dollars, Euros and British
                  Pounds,
                  (b) in respect of Credits A1, A3 and B only, Norwegian Kroner,
                  and (c) other
                  currencies to be specified from time to time and agreed to by all
                  Lenders
                  requested to make Advances in those currencies, which are readily
                  available to
                  those Lenders and are freely transferable into US Dollars, and
                  in which the
                  Obligors have significant revenues, and "Approved Currency" means
                  any one of
                  them.

                 

                
                  	
                          (c)

                        	
                          Section
                            1.1.21 is deleted and replaced by the
                            following:

                        

                

                 

                "Base
                  Rate" means, on any day,

                 

                
                  	
                           

                        	
                          (a)

                        	
                          for
                            a Base Rate Advance in US Dollars under Credit A, Credit
                            B1, Credit C or
                            Credit E, the greater of (i) the average of the annual
                            rates of interest
                            (expressed as a percentage per annum on the basis of
                            a 360 day year)
                            announced by the Schedule I Reference Lenders on that
                            day as their
                            respective reference rates for commercial loans made
                            in Canada in US
                            Dollars and (ii) the Federal Funds Effective Rate plus
                            0.5% per
                            annum;

                        

                

                 

                
                  	
                           

                        	
                          (b)

                        	
                          for
                            a Base Rate Advance by Nordea under Credit B2, the rate
                            per annum equal to
                            Nordea's offered rate (based on its cost of funding)
                            for loans in the
                            applicable Approved Currency;

                        

                

                 

                
                  	
                           

                        	
                          (c)

                        	
                          for
                            any other Base Rate Advance, the average of the offered
                            rates (based on
                            cost of funding) of the Schedule I Reference Lenders
                            on that day for loans
                            in the applicable Approved
                            Currency."

                        

                

                 

                
                  
                    
                    

                  

                  
                    -
                      298
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                
                  	
                          (d)

                        	
                          Section
                            1.1.25 is deleted and replaced by the
                            following:

                        

                

                 

                "Branch
                  of Account" means the WBO - Loan Operations department of BNS at
                  3rd Floor,
                  720 King Street West, Toronto, Ontario, M5V 2T3.  In addition,
                  the Agent may by notice to CHC and the Lenders from time to time
                  designate other
                  addresses as the Branch of Account and may designate different
                  addresses as the
                  Branch of Account for different purposes.

                 

                
                  	
                          (e)

                        	
                          Section
                            1.1.43 is deleted and replaced by the
                            following:

                        

                

                 

                "Credit
                  A" means, collectively, the credit of up to US
                  $250,000,000 or the equivalent thereof in relevant Approved Currencies,
                  comprised of credits designated as "Credit A1," "Credit A2" and
                  "Credit A3", which is more particularly described in Article
                  II.

                 

                
                  	
                          (f)

                        	
                          Section
                            1.1.45 is deleted and replaced by the
                            following:

                        

                

                 

                "Credit
                  B" means, collectively, the credit of up to GBP
                  30,000,000
                  or the equivalent thereof in relevant Approved Currencies, comprised
                  of credits
                  designated as "Credit B1" and "Credit B2", which is more particularly
                  described in Article III.

                 

                
                  	
                          (g)

                        	
                          The
                            last paragraph of Section 1.1.53 (definition of "Debt")
                            is deleted and
                            replaced by the following:

                        

                

                 

                provided
                  that (i) trade payables and accrued liabilities that are current
                  liabilities
                  incurred in the ordinary course of business and (ii) any contingent
                  liability
                  arising from the possibility of being required to re-acquire contracts
                  for the
                  purchase of Aircraft that have been transferred to prospective
                  operating lessors
                  (for as long as the liability remains only a contingency), do not
                  constitute
                  Debt.

                 

                
                  	
                          (h)

                        	
                          The
                            last paragraph of Section 1.1.59 (definition of "EBITDA")
                            is deleted and
                            replaced by the following:

                        

                

                 

                "all
                  of which shall be calculated in accordance with GAAP unless otherwise
                  expressly
                  described.  If CHC has established a new Obligor or has disposed of an
                  Obligor or material property out of the ordinary course of business
                  during the
                  relevant period, EBITDA shall be adjusted on a basis satisfactory
                  to the
                  Required Lenders as if the new Obligor had been an Obligor during
                  the entire
                  period or the disposition had occurred at the beginning of the
                  period.  CHC may continue to include in calculating EBITDA amounts
                  relating to any Obligor that would otherwise constitute EBITDA,
                  notwithstanding
                  that they are classified as income from discontinued operations
                  as a result of
                  CHC holding the Obligor for sale but, following completion of the
                  sale, the
                  calculation of EBITDA shall exclude all amounts relating to the
                  Obligor that has
                  been sold, including amounts arising before completion of the
                  sale."

                 

                
                  
                    
                    

                  

                  
                    -
                      299
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                
                  	
                          (i)

                        	
                          Section
                            1.1.62 is deleted and replaced by the
                            following:

                        

                

                 

                "European
                  Borrowers" means CHC Scotia, Heli-One (UK) Limited (formerly Brintel
                  Holdings
                  Limited), Heliworld Leasing Limited, Helicopter Services Group
                  AS, Heli-One
                  (Norway) AS (formerly Astec Helicopter Services AS), Heliwest AS,
                  CHC Helikopter
                  Service AS, Capital Aviation Services B.V., CHC Helicopters Netherlands
                  B.V.
                  (formerly Schreiner NorthSea Helicopters B.V.), Heli-One Netherlands
                  B.V.
                  (formerly Handelmaatschappij Schreiner & Co. B.V.), Heli-One Components B.V.
                  (formerly Schreiner Components B.V.) and any other European Obligor
                  that may be
                  designated by CHC as a European Borrower from time to time with
                  the consent of
                  the Required Lenders and after delivery of such guarantees and
                  other Security as
                  the Required Lenders may reasonably require.

                 

                
                  	
                          (j)

                        	
                          Section
                            1.1.89 is deleted and replaced by the
                            following:

                        

                

                 

                "Lease"
                  means (a) any arrangement by which an Obligor obtains the use of
                  an Aircraft of
                  which it is not the owner for a term of more than 12 months, including
                  rights of
                  renewal, in exchange for payment to a person other than an Obligor,
                  including a
                  capital lease, an operating lease, a synthetic lease, the lease
                  aspect of a sale
                  and leaseback transaction and the "lease in" aspect of a "lease
                  out, lease in"
                  transaction, and (b) each of the leasebacks arising from the anticipated
                  sale
                  and leaseback transactions involving the Obligors' properties at
                  Agar Drive,
                  Richmond, B.C. and Boundary Bay, B.C.

                 

                
                  	
                          (k)

                        	
                          Section
                            1.1.92 is deleted and replaced by the
                            following:

                        

                

                 

                "LIBO
                  Rate" means, for any LIBOR Period and LIBOR Advance, the average
                  of the interest
                  rates expressed as a percentage per annum on the basis of a 360 day
                  year (or 365 day year in the case of British Pounds) at which deposits
                  in the
                  relevant Approved Currency are offered by the principal offices
                  of the
                  Schedule I Reference Lenders in London, England in the London
                  interbank market at 11:00 a.m. London time two Business Days before
                  the first day of the LIBOR Period for a period equal to the LIBOR
                  Period and in
                  an amount approximately equal to the amount of the LIBOR Advance.

                 

                
                  
                    
                    

                  

                  
                    -
                      300
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                
                  	
                          (l)

                        	
                          Section
                            1.1.114(n) (part of definition of "Permitted Encumbrances")
                            is deleted and
                            replaced by the following:

                        

                

                 

                "Leases
                  of Aircraft that are operating leases or that were operating leases
                  when entered
                  into but are subsequently reclassified under GAAP as capital
                  leases."

                 

                
                  	
                          (m)

                        	
                          Section
                            1.1.132 is deleted and replaced by the
                            following:

                        

                

                 

                "Schedule
                  I Reference Lenders" means Lenders that have been designated as
                  such or deemed
                  to be Schedule I Reference Lenders in accordance with Section 8.12.

                 

                2.           Amendments
                  Relating to Article II of the Existing Credit Agreement

                 

                
                  	
                          (a)

                        	
                          Section
                            2.1.1 is deleted and replaced by the
                            following:

                        

                

                 

                "Upon
                  and subject to the terms and conditions of this Agreement, the
                  Credit A
                  Lenders agree to provide a credit for the use of CHC in the amount
                  of up to
                  US $250,000,000 or the equivalent thereof in other relevant Approved
                  Currencies, which is referred to collectively as Credit A and is comprised
                  of the following tranches:

                 

                (i)
                  Credit A1 (which is also for the use of the Additional Borrowers) in an
                  amount equal to US $230,000,000 less the US Dollar equivalent of
                  the maximum
                  amount of Credit A3;

                 

                (ii)
                  Credit A2 (which is also for the use of the Overdraft Borrowers) in the
                  amount of US $20,000,000;

                 

                (iii)
                  Credit A3 (which is also for the use of the Additional Borrowers to the
                  extent the Advances to CHC contemplated in Section 10.10(e) are
                  repaid) in the
                  amount of US $105,000,000 plus Cdn. $65,000,000.

                 

                Subject
                  to Section 8.1, Advances under Credit A1 and Credit A3 will be made by the
                  Credit A Lenders and Advances under Credit A2 will be made by
                  BNS."

                 

                
                  	
                          (b)

                        	
                          Section
                            2.2 is deleted and replaced by the
                            following:

                        

                

                 

                "Subject
                  to the following, Credit A is a revolving credit and the principal amount
                  of any Advance under Credit A that is repaid may be re-borrowed if the
                  Borrowers are otherwise entitled to an 

                 

                
                  
                    
                    

                  

                  
                    -
                      301
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                Advance
                  under Credit A.  Rollovers of LIBOR Advances and conversions of
                  LIBOR Advances to Base Rate Advances (and vice versa) are permitted
                  under Credit
                  A3 as long as the Borrower is CHC or is the same Borrower if CHC
                  is not the
                  Borrower and the principal amounts of the Advances rolled over
                  or converted do
                  not change.  Rollovers of Bankers’ Acceptances, conversions of
                  Bankers’ Acceptances to Prime Rate Advances (and vice versa), and conversions
                  of
                  Advances in one Approved Currency to another Approved Currency
                  are permitted
                  under Credit A3 as long as the Borrower is CHC or is the same Borrower
                  if CHC is
                  not the Borrower and the principal amounts of the Advances rolled
                  over or
                  converted (or the equivalent thereof in US Dollars) do not
                  increase.  Other Advances under Credit A3 are also subject to CHC
                  providing the Agent with an opinion of counsel and other evidence
                  satisfactory
                  to the Agent that the re-borrowing is in compliance with the Sub
                  Debt Indenture
                  because the indebtedness incurred by re-borrowing has been properly
                  incurred in
                  compliance with section 1008(a) of the Sub Debt Indenture."

                 

                
                  	
                          (c)

                        	
                          Section
                            2.4 is deleted and replaced by the
                            following:

                        

                

                 

                "The
                  maximum principal amount of Credit A shall be permanently reduced
                  to
                  US $235,000,000 or the equivalent thereof in other relevant Approved
                  Currencies on or before 31 July 2007 and outstanding Advances in
                  excess of that
                  amount shall be repaid.  At that time, Credit A1 shall be reduced by
                  US $15,000,000.  Upon any such reduction on or before 31 July 2007,
                  unless a Default has occurred and is continuing, the repayment
                  or reduction
                  shall be applied so as to restore the Applicable Percentages of
                  the Credit A
                  Lenders before the increase in Credit A on or about 9 March 2007
                  (taking into
                  account any subsequent assignment by any Credit A
                  Lender).  Credit A shall, in any event, be repaid in full and
                  cancelled on or before 22 December 2007."

                 

                
                  	
                          (d)

                        	
                          The
                            first paragraph of Section 2.5 is deleted and replaced
                            by the
                            following:

                        

                

                 

                "Interest
                  on Prime Rate Advances shall be the Prime Rate plus 0.125% per
                  annum.  Interest on Base Rate Advances shall be the Base Rate for the
                  relevant Approved Currency plus 0.125% per annum if the Base Rate
                  is calculated
                  in accordance with Section 1.1.21(a) or plus 1.125% per annum if
                  the Base Rate
                  is calculated in accordance with Section 1.1.21(c).  The Bankers'
                  Acceptance Fee and fee for L/Cs shall be 1.125% per annum.  Interest
                  on LIBOR Advances shall be the relevant LIBO Rate plus 1.125% per
                  annum."

                 

                
                  
                    
                    

                  

                  
                    -
                      302
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                3.           Amendments
                  Relating to Article III of the Existing Credit Agreement

                 

                
                  	
                          (a)

                        	
                          Section
                            3.1.1 is deleted and replaced by the
                            following:

                        

                

                 

                "Upon
                  and subject to the terms and conditions of this Agreement, the
                  Credit B Lenders
                  agree to provide a credit for the use of the European Borrowers
                  in the amount of
                  up to GBP 30,000,000 or the equivalent thereof in other relevant
                  Approved
                  Currencies which is referred to collectively as Credit B and is
                  comprised of a
                  tranche of GBP 28,000,000 referred to as Credit B1 and a tranche
                  of GBP
                  2,000,000 referred to as Credit B2.  Subject to Section 8.1, Advances
                  under Credit B1 will be made by the Credit B Lenders and Advances
                  under Credit
                  B2 will be made by Nordea."

                 

                
                  	
                          (b)

                        	
                          Section
                            3.4 is deleted and replaced by the
                            following:

                        

                

                 

                "The
                  maximum principal amount of Credit B1 shall be permanently reduced
                  to GBP
                  4,788,866 or the equivalent thereof in other relevant Approved
                  Currencies on or
                  before 31 July 2007 and outstanding Advances in excess of that
                  amount shall be
                  repaid.  Upon any such reduction on or before 31 July 2007, unless a
                  Default has occurred and is continuing, the repayment or reduction
                  shall be
                  applied so as to restore the Applicable Percentages of the Credit
                  B Lenders
                  before the increase in Credit B on or about 9 March 2007 (taking
                  into account
                  any subsequent assignment by any Credit B Lender).  Credit B
                  shall, in any event, be repaid in full and cancelled on or before
                  22 December
                  2007."

                 

                
                  	
                          (c)

                        	
                          The
                            first paragraph of Section 3.5 is deleted and replaced
                            by the
                            following:

                        

                

                 

                "Interest
                  on Base Rate Advances shall be the Base Rate for the relevant Approved
                  Currency
                  plus 0.125% per annum if the Base Rate is calculated in accordance
                  with Section
                  1.1.21(a) or plus 1.125% per annum if the Base Rate is calculated
                  in accordance
                  with Section 1.1.21(b) or (c).  The fee for L/Cs shall be 1.125% per
                  annum.  Interest on LIBOR Advances shall be the relevant LIBO Rate
                  plus 1.125% per annum."

                 

                4.           Amendment
                  Relating to Article IV and Article V of the Existing Credit
                  Agreement

                 

                The
                  first paragraph of each of Section 4.5 and Section 5.5 is deleted
                  and replaced
                  by the following:

                 

                "Interest
                  on Prime Rate Advances shall be the Prime Rate plus 0.125% per
                  annum.  Interest on Base Rate Advances shall be the Base Rate for the
                  relevant Approved Currency plus 0.125% per annum if the Base Rate
                  is calculated
                  in accordance with Section 1.1.21(a) or plus 1.125% per annum if
                  the Base Rate
                  is calculated in accordance with Section 1.1.21(c).  The Bankers'
                  Acceptance Fee shall be 1.125% per annum.  Interest on LIBOR Advances
                  shall be the relevant LIBO Rate plus 1.125% per annum."

                 

                
                  
                    
                    

                  

                  
                    -
                      303
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                5.           Amendment
                  Relating to Article VI of the Existing Credit Agreement

                 

                Section
                  6.4.1 is deleted and replaced by the following:

                 

                "CHC
                  shall ensure that the Borrowing Base is at all times equal to at
                  least the
                  aggregate of (a) the principal amount of all Advances outstanding,
                  (b) the
                  absolute value of the aggregate Market Value of all Swaps that
                  are Other Secured
                  Obligations and that have a negative Market Value from the Obligors'
                  perspective
                  after offsetting the Market Value of Swaps with the same or another
                  Lender that
                  are Other Secured Obligations and that have a positive Market Value
                  and (c) an
                  amount representing the exposure in respect of Other Secured Obligations
                  that
                  are not Swaps, calculated on a basis agreed to by the Required
                  Lenders.  The Borrowers shall not be entitled to receive Advances that
                  would result in the Borrowing Base being less than the aggregate
                  of those
                  amounts and shall immediately repay Advances or post Cash Collateral
                  to the
                  extent that the Borrowing Base is ever less than the aggregate
                  of those amounts,
                  but CHC may submit a new calculation of its Borrowing Base from time to time
                  between submissions of its Reporting Certificates."

                 

                6.           Amendment
                  Relating to Article VIII of the Existing Credit Agreement

                 

                Section
                  8.12 is amended by adding the following after the existing
                  provisions:

                 

                "Notwithstanding
                  the foregoing provisions of this Section 8.12, the Agent and CHC
                  may agree that
                  Lenders that are not banks named on Schedule I of the Bank Act (Canada)
                  shall be Schedule I Reference Lenders and that there shall be different
                  Schedule
                  I Reference Lenders for different purposes.  The Agent and CHC agree
                  that, as of 9 March 2007, the Schedule I Reference Lenders for
                  Advances in NOK
                  shall be BNS, National Bank of Canada and Nordea Bank Norge ASA
                  and for other
                  Advances shall be BNS, National Bank of Canada and Bank of
                  Montreal."

                 

                7.           Amendments
                  and Consents Relating to Article X of the Existing Credit
                  Agreement

                 

                
                  	
                          (a)

                        	
                          Notwithstanding
                            Section 10.6.1(a), the Lenders hereby consent to one
                            or more Obligors
                            entering into the leaseback transactions referred to
                            in section 7(b)(ii)
                            of this agreement.

                        

                

                 

                
                  	
                          (b)

                        	
                          Notwithstanding
                            Section 10.6.2(f), the Lenders hereby consent
                            to:

                        

                

                 

                
                  	
                           

                        	
                          (i)

                        	
                          the
                            sale of the Capital Stock or Property of Survival-One
                            Limited;
                            and

                        

                

                 

                
                  
                    
                    

                  

                  
                    -
                      304
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                
                  	
                           

                        	
                          (ii)

                        	
                          sale
                            and leaseback transactions on commercially reasonable
                            terms involving the
                            Obligors' properties at Agar Drive, Richmond, B.C. and
                            Boundary Bay,
                            B.C.

                        

                

                 

                The
                  Lenders agree that the sales shall not reduce the amount of other
                  dispositions
                  permitted by Section 10.6.2(f) of the Existing Credit Agreement
                  but the Credits
                  shall be permanently repaid and cancelled with the proceeds of
                  the sales to the
                  extent required by Section 5.6.1 and Section 6.4.2 of the Existing
                  Credit
                  Agreement.

                 

                
                  	
                          (c)

                        	
                          Section
                            10.6.2(f)(iii) is deleted and replaced by the
                            following:

                        

                

                 

                "transactions
                  that involve Aircraft that are purchased and then sold and leased
                  back (or
                  leased out and leased in) under operating leases within the lesser
                  of 365 days
                  and the time permitted under the Sub Debt Indenture (being 270
                  days at 22
                  December 2004) after purchase"

                 

                
                  	
                          (d)

                        	
                          Section
                            10.10 is deleted and replaced by the
                            following:

                        

                

                 

                "In
                  connection with section 1008(c) of the Sub Debt Indenture, CHC
                  hereby:

                 

                
                  	
                           

                        	
                          (a)

                        	
                          agrees
                            that Advances under Credits C and E are classified as
                            being incurred under
                            section 1008(b)(i) of the Sub Debt
                            Indenture;

                        

                

                 

                
                  	
                           

                        	
                          (b)

                        	
                          represents
                            that, pursuant to section 1008(d) of the Sub Debt Indenture,
                            the Advances
                            under Credit C and E following the payments made on 31
                            January 2007 are
                            equivalent to USD 52,743,000 and that the conversion
                            rates to US Dollars
                            applicable to non-USD Advances pursuant to section 1008(d)
                            of the Sub Debt
                            Indenture are as follows:

                        

                

                 

                
                  	
                          Credit

                        	
                          GBP

                        	
                          EUR

                        	
                          CAD

                        	
                          NOK

                        
	
                          A1
                            and A2 (5 July 2000)

                        	
                          1.5119

                        	
                          0.9547

                        	
                          1.4907

                        	
                          0.1165

                        
	
                          B1
                            and B2 (16 July 2001)

                        	
                          1.4013

                        	
                          0.8550

                        	
                          1.5397

                        	
                          0.1071

                        
	
                          C
                            (2 August 1999)*

                        	
                          1.6176

                        	
                          1.0680

                        	
                          1.4945

                        	
                          0.1291

                        
	
                          E
                            (16 Feb. 2004)

                        	
                          1.8883

                        	
                          1.2772

                        	
                          1.3147

                        	
                          0.1441

                        

                

                
                  	
                           

                        	
                          *2
                            August 1999 is the date of the credit agreement pursuant
                            to which Credit C
                            was established, but that date was a bank holiday, so
                            the rates are taken
                            from 3 August 1999

                        

                

                 

                
                  
                    
                    

                  

                  
                    -
                      305
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                
                  	
                           

                        	
                          (c)

                        	
                          represents
                            that, on at least one Business Day on or after 22 March
                            2005 (the date of
                            the issuance of additional notes under the Sub Debt Indenture)
                            and before
                            the transfer of Advances under Section 10.10(e)(i), the
                            aggregate
                            principal balance of Advances under Credit A1 was not
                            more than the
                            balance of Advances under Credit A1 remaining after that
                            transfer;

                        

                

                 

                
                  	
                           

                        	
                          (d)

                        	
                          represents
                            that, as of 9 March 2007, no Indebtedness (as defined
                            in the Sub Debt
                            Indenture) other than Advances has been classified as
                            being incurred under
                            section 1008(b)(i) of the Sub Debt Indenture and the
                            basket for
                            Indebtedness of USD 200,000,000 under section 1008(b)(i)
                            has not been
                            reduced as contemplated in that
                            section;

                        

                

                 

                
                  	
                           

                        	
                          (e)

                        	
                          (i)
                            requests that the sums of US $65,000,000 and Cdn. $65,000,000
                            that were
                            outstanding by way of LIBOR Advances and Bankers’ Acceptances,
                            respectively, under Credit A1 as of 9 March 2007
                            (and that were made after 22 March 2005) be considered
                            as outstanding
                            under Credit A3 (and the Lenders hereby consent to that
                            request), (ii)
                            classifies those sums and the sum of USD 40,000,000 outstanding
                            as of 9
                            March 2007 under Credit A3, including rollovers of LIBOR
                            Advances and
                            conversions of LIBOR Advances to Base Rate Advances (and
                            vice versa) that
                            are permitted under Section 2.2 without delivering an
                            opinion of counsel,
                            as being incurred in compliance with section 1008(a)
                            of the Sub Debt
                            Indenture, and (iii) classifies rollovers of Bankers’ Acceptances,
                            conversions of Bankers’ Acceptances to Prime Rate Advances (and vice
                            versa), and conversions of Advances in one Approved Currency
                            to another
                            Approved Currency that are permitted under Section 2.2
                            without delivering
                            an opinion of counsel, as being incurred in compliance
                            with section
                            1008(b)(xiii) of the Sub Debt
                            Indenture;

                        

                

                 

                
                  	
                           

                        	
                          (f)

                        	
                          agrees
                            that, except for Advances under Credit A3, all Advances
                            are classified as
                            being incurred under section 1008(b)(i) of the Sub Debt
                            Indenture until
                            all amounts permitted to be incurred under section 1008(b)(i)
                            have been
                            incurred;

                        

                

                 

                
                  	
                           

                        	
                          (g)

                        	
                          (i)
                            agrees that any Advances that are not classified as being
                            incurred under
                            section 1008(a) or 1008(b)(i) of the Sub Debt Indenture
                            shall be
                            classified as being incurred under section 1008(b)(xii)
                            of the Sub Debt
                            Indenture, and (ii) represents that, following the increase
                            of Credit A3
                            and reclassification of Advances on 9 March 2007, no
                            Advances are
                            classified as being incurred under section 1008(b)(xii)
                            and no Advances
                            will be classified under that section unless differences
                            between the
                            Exchange Rate and the exchange rates specified in Section
                            10.10(b) result
                            in the US Dollar equivalent of Advances as calculated
                            for the purposes of
                            the Sub Debt Indenture being greater than the equivalent
                            of Advances as
                            calculated for the purposes of this
                            Agreement;

                        

                

                 

                
                  
                    
                    

                  

                  
                    -
                      306
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                
                  	
                           

                        	
                          (h)

                        	
                          represents
                            that the only Borrowers that are Non-Guarantor Restricted
                            Subsidiaries (as
                            defined in the Sub Debt Indenture) are Helicopter Services
                            Group AS,
                            Heli-One (Norway) AS (formerly Astec Helicopter Services
                            AS), Heliwest AS
                            and CHC Helikopter Service AS, and represents that, as
                            of 9 March 2007,
                            the only Indebtedness (as defined in the Sub Debt Indenture)
                            incurred by
                            Non-Guarantor Restricted Subsidiaries pursuant to sections
                            1008(b)(i) and
                            1008(b)(xii) of the Sub Debt Indenture, is any Indebtedness
                            under a
                            revolving credit facility with Nordea Bank Norge ASA
                            that does not exceed
                            an aggregate principal amount of NOK
                            5,000,000.

                        

                

                 

                
                  	
                           

                        	
                          (i)

                        	
                          agrees
                            that (i) it shall not classify any Indebtedness (as defined
                            in the Sub
                            Debt Indenture), except for Advances, as being incurred
                            under section
                            1008(b)(i) of the Sub Debt Indenture, except to the extent
                            that the
                            maximum amount of Advances available under the Credits
                            other than Credit
                            A3 is less than the amount of Indebtedness then permitted
                            to be incurred
                            under that section and (ii) it shall not classify any
                            Indebtedness, except
                            for Advances, as being incurred under section 1008(b)(xii)
                            of the Sub Debt
                            Indenture if to do so would result in amounts permitted
                            to be incurred
                            under that section being exceeded."

                        

                

                 

                8.           Amendments
                  to Schedules to the Existing Credit Agreement

                 

                
                  	
                          (a)

                        	
                          Item
                            (e) in Schedule A is deleted and replaced by the
                            following:

                        

                

                 

                "all
                  other conditions precedent set out in Section 7.2 [and Section 7.1 as
                  applicable] of the Credit Agreement have been fulfilled.  Without
                  limiting the foregoing, in the case of an Advance under Credit
                  B to a
                  Non-Guarantor Restricted Subsidiary (as defined in the Sub Debt
                  Indenture), the
                  amount of the Advance will not cause the Indebtedness incurred
                  by all
                  Non-Guarantor Restricted Subsidiaries to exceed the amount permitted
                  to be
                  incurred pursuant to section 1008(b)(i) and, if applicable, section
                  1008(b)(xii)
                  of the Sub Debt Indenture."

                 

                
                  
                    
                    

                  

                  
                    -
                      307
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                
                  	
                          (b)

                        	
                          Schedule
                            D is amended by adding the following after the existing
                            provisions:

                        

                

                 

                "8.           For
                  the purposes of the definition of "Foreign Lender" in the Provisions,
                  Credit B1
                  is made on the premise that no withholding tax will be
                  applicable.  Accordingly, should it be determined that withholding tax
                  is applicable to any payment in respect of Credit B1, it will be
                  an Indemnified
                  Tax and section 3.2(a) of the Provisions will apply."

                 

                
                  	
                          (c)

                        	
                          Schedule
                            E to the Existing Credit Agreement is deleted and replaced
                            by Schedule E
                            attached to this agreement.

                        

                

                 

                (d)           Item
                  7 of Schedule H is deleted and replaced by the following:

                 

                "the
                  aggregate amount of the entries that (i) would, in accordance with
                  GAAP, be
                  classified on a consolidated balance sheet as inventory of CHC,
                  valued at the
                  lower of cost or fair market value, (ii) are repairable parts that
                  would have
                  been classified as inventory in accordance with CHC's accounting
                  policies as of
                  30 April 2004 but are classified as capital assets on a consolidated
                  balance
                  sheet of CHC in accordance with GAAP and its accounting policies
                  as of 30 April
                  2006, valued at their net book value, or (iii) are major spares
                  (comprised of
                  engines, main gear boxes, tail gear boxes, intermediate gear boxes,
                  main rotor
                  blades, main rotor heads and tail rotor heads) that are classified
                  as fixed
                  assets on a consolidated balance sheet of CHC, valued at their
                  net book
                  value"

                 

                (e)           Item
                  9 of Schedule H is deleted and replaced by the following:

                 

                "the
                  amount included in item 7 above that is not subject to a perfected
                  security
                  interest forming part of the Security, that is subject to any Encumbrance
                  other
                  than a Permitted Encumbrance that does not rank prior to or pari passu
with the Security, or that is subject to garnishment,
                  execution, attachment
                  or similar process  [Note:  property for which Security
                  would need to be given under Danish law must be deducted, as Danish
                  law does not
                  provide an effective means of obtaining security]"

                 

                (f)           Item
                  16 of Schedule H is deleted and replaced by the following:

                 

                "the
                  aggregate of (a) the principal balance of the Restricted Intercompany
                  Obligations, (b) the principal amount of Advances to Borrowers
                  incorporated in
                  Norway and (c) the amount of Other Secured Obligations determined
                  in accordance
                  with items 19(b) and (c) below that are incurred by Obligors incorporated
                  in
                  Norway"

                 

                
                  
                    
                    

                  

                  
                    -
                      308
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                (g)           Item
                  2 of Schedule J is deleted and replaced by the following:

                 

                "Unless
                  it becomes an Obligor and complies with all of the requirements
                  of Section 6.1.2
                  relating to newly owned, established or acquired wholly owned Subsidiaries,
                  none
                  of Bond Rotary Wing Limited, Court Helicopters (Proprietary) Ltd.
                  (formerly
                  Court Republic Helicopters (Proprietary) Ltd.), Multifabs Survival
                  Inc.,
                  Kirkhill Limited, Scotia Helicopter Services Limited, 0733526 BC
                  Ltd., 0770436
                  BC Ltd., Scotia CHC Limited, EEA Helicopter Operations Limited
                  and CHC Global
                  Operations Overseas Ltd. shall carry on any business or own any
                  Property.  Heli-One Inc. (which was incorporated on 19 May 2005 as
                  corporation no. 430261-3) shall not carry on any business or own
                  any property,
                  except momentarily as part of a "butterfly" transaction with various
                  Obligors,
                  following which it shall be dissolved, by which time its name will
                  have been
                  changed and an Obligor will have taken on its current name."

                 

                9.           Additional
                  Lenders

                 

                By
                  executing this agreement, the parties agree that each of Scotiabank
                  Europe Plc,
                  National Bank of Canada London Branch, Bank of Montreal London
                  Branch, Bank of
                  America N.A. London Branch, Société Générale and J.P. Morgan Europe Limited
                  shall become Lenders.  Nordea Bank Norge ASA hereby assigns to each of
                  those Lenders, and each of them severally accepts, such proportion
                  of Credit B1
                  and Credit B (overall) as is necessary to result in each of them
                  and Nordea Bank
                  Norge ASA holding the Applicable Percentages specified in Schedule
                  E to this
                  agreement.  The assignment shall be deemed to be in accordance with
                  the terms of the Assignment and Assumption and the Agent hereby
                  waives any fee
                  in connection with the assignment.

                 

                10.           Conditions
                  Precedent

                 

                The
                  effectiveness of this agreement is subject to the following:

                 

                
                  	
                          (a)

                        	
                          CHC
                            paying to the Agent an amendment fee equal to 0.02% of
                            the Commitment of
                            each Lender pursuant to the Existing Credit Agreement
                            and a commitment fee
                            equal to 0.10% of the increase in the Commitment by each
                            Lender pursuant
                            to this agreement, which the Agent shall promptly distribute
                            to the
                            Lenders;

                        

                

                 

                
                  	
                          (b)

                        	
                          to
                            the extent that this agreement provides for Norwegian
                            Obligors to be
                            Borrowers, the Security given by all Norwegian Obligors
                            being amended to
                            provide for guarantees by the Norwegian Obligors of the
                            Obligations of
                            other Norwegian Obligors as Borrowers and to provide
                            that the guarantees
                            are secured by the Security that they have
                            given;

                        

                

                 

                
                  
                    
                    

                  

                  
                    -
                      309
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                
                  	
                          (c)

                        	
                          CHC
                            providing the Agent with an opinion of counsel and other
                            evidence
                            satisfactory to the Agent that the increase in the amount
                            of Credits A and
                            B and the provisions of Section 10.10 of the Existing
                            Credit Agreement as
                            amended by this agreement are in compliance with the
                            Sub Debt
                            Indenture;

                        

                

                 

                
                  	
                          (d)

                        	
                          CHC
                            providing the Agent with satisfactory evidence of the
                            authority of the
                            persons signing this agreement on behalf of the respective
                            Obligors;

                        

                

                 

                
                  	
                          (e)

                        	
                          the
                            Agent receiving and being satisfied with a new certificate
                            from CHC
                            calculating the Borrowing Base, taking into account the
                            amendments to the
                            Borrowing Base pursuant to this
                            agreement.

                        

                

                 

                11.           Representations
                  of Obligors

                 

                The
                  Obligors acknowledge that this agreement is a Loan Document and
                  that all of
                  their representations and warranties concerning Loan Documents
                  that are
                  contained in the Existing Credit Agreement apply to this agreement
                  and are
                  deemed to be repeated on their execution of this agreement as if
                  set out in full
                  in this agreement.  The Obligors also represent that there are no
                  consents or other agreements required from third parties to avoid
                  this agreement
                  causing a breach or default under any other agreement to which
                  any Obligor is a
                  party.

                 

                12.           Ratification
                  and Confirmation

                 

                The
                  Existing Credit Agreement, as amended by this agreement, remains
                  in full force
                  and effect and is hereby ratified and confirmed.  This agreement
                  merely amends the Existing Credit Agreement and does not constitute
                  or result in
                  a novation or rescission of the Existing Credit Agreement or any
                  other Loan
                  Document.  Without in any way limiting the terms of the Existing
                  Credit Agreement or the other Loan Documents, the Obligors confirm
                  that (i) the
                  existing Security shall continue to secure all of the Obligations
                  (or any
                  limited part thereof described in a particular document forming
                  part of the
                  Security), including but not limited to any arising as a result
                  of this
                  agreement and (ii) the guarantee by CHC dated 22 December 2004
                  of obligations of
                  the other Obligors extends to the Obligations of the additional
                  Borrowers
                  arising as a result of this agreement and the guarantees by other
                  Obligors of
                  obligations of CHC extend to its obligations under its guarantee
                  dated 22
                  December 2004.

                 

                13.           Counterparts
                  and Facsimile

                 

                This
                  agreement may be executed in any number of counterparts, each of
                  which when
                  executed and delivered shall be deemed to be an original, and such
                  counterparts
                  together shall constitute one and the same agreement.  The delivery of
                  a facsimile copy of an executed counterpart of this agreement shall
                  be deemed to
                  be valid execution and delivery of this agreement, but the party
                  delivering a
                  facsimile copy shall deliver an original copy of this agreement
                  as soon as
                  possible after delivering the facsimile copy.

                 

                [signature
                  pages follow]

                 

                
                  
                    
                    

                  

                  
                    -
                      310
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                

                IN
                  WITNESS OF WHICH, the parties have executed this agreement.

                 

                THE
                  BANK OF NOVA SCOTIA

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                
                  
                    
                    

                  

                  
                    -
                      311
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                                                                                        SCOTIABANK
                  EUROPE PLC

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                
                  
                    
                    

                  

                  
                    -
                      312
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                NATIONAL
                  BANK OF CANADA

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                
                  
                    
                    

                  

                  
                    -
                      313
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                NATIONAL
                  BANK OF CANADA, London Branch

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                
                  
                    
                    

                  

                  
                    -
                      314
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                                                                                        

                                                                                                  BANK
                  OF
                  MONTREAL

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                
                  
                    
                    

                  

                  
                    -
                      315
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                BANK
                  OF MONTREAL, London Branch

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                
                  
                    
                    

                  

                  
                    -
                      316
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                HSBC
                  BANK CANADA

                

                

                By:           ____________________________

                Name:

                Title:

                 

                By:           ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                
                  
                    
                    

                  

                  
                    -
                      317
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                BANK
                  OF AMERICA, N.A.

                Canada
                  Branch

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                
                  
                    
                    

                  

                  
                    -
                      318
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                BANK
                  OF AMERICA, N.A., London Branch

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                
                  
                    
                    

                  

                  
                    -
                      319
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                SOCIETE
                  GENERALE (CANADA)

                

                

                By:        
                  ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      320
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                 

                SOCIETE
                  GENERALE

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      321
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                MERRILL
                  LYNCH CAPITAL CANADA INC.

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      322
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                NORDEA
                  BANK NORGE ASA

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      323
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                NORDEA
                  BANK FINLAND PLC, London Branch

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      324
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                JPMORGAN
                  CHASE BANK, N.A.,

                Toronto
                  Branch

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      325
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                

                J.P.
                  MORGAN EUROPE LIMITED

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      326
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                

                THE
                  BANK OF NOVA SCOTIA,

                as
                  Agent

                

                

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      327
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                

                ______________________________                          ______________________________

                Name:                                                                                     Name:

                 

                each
                  signing in his capacity as an authorized signatory of each of the
                  Obligors other
                  than CHC Helicopters (Barbados) Limited, CHC Leasing (Barbados)
                  Limited, CHC
                  Capital (Barbados) Limited, Heli-One (Europe) AS (formerly Vinland
                  Holding AS
                  and Heli-One Norway AS), Helicopter Services Group AS, CHC Helikopter
                  Service
                  AS, Integra Leasing AS, Heliwest AS, Heli-One (Norway) AS (formerly
                  Astec
                  Helicopter Services AS) and Scancopter AS, and not in his personal
                  capacity.

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      328
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                 

                CHC
                  HELICOPTERS

                (BARBADOS)
                  LIMITED

                 

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                CHC
                  LEASING

                (BARBADOS)
                  LIMITED

                 

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                 

                CHC
                  CAPITAL

                (BARBADOS)
                  LIMITED

                 

                By:          ____________________________

                Name:

                Title:

                 

                By:          ____________________________

                Name:

                Title:

                

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      329
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                

                 

                

                
                  	
                          HELI-ONE
                            (EUROPE) AS (formerly

                           Vinland
                            Holding AS and Heli-One Norway AS)

                           

                           

                          By:______________________________

                          Name

                          Title:

                           

                          By:______________________________

                          Name

                          Title:

                        	
                          HELICOPTER
                            SERVICES GROUP AS

                           

                           

                          By:_______________________________

                          Name:

                          Title:

                           

                          By:________________________________

                          Name:

                          Title:

                        
	 	 
	
                          CHC
                            HELIKOPTER SERVICE AS

                           

                           

                          By:______________________________

                          Name

                          Title:

                           

                          By:______________________________

                          Name

                          Title:

                           

                        	
                          INTEGRA
                            LEASING AS

                           

                           

                          By:________________________________

                          Name:

                          Title:

                           

                          By:______________________________

                          Name

                          Title:

                        

                

                

                

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                

                
                  
                    
                    

                  

                  
                    -
                      330
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                

                
                  	
                          HELIWEST
                            AS

                           

                           

                          By:______________________________

                          Name

                          Title:

                           

                          By:______________________________

                          Name

                          Title:

                           

                        	
                          HELI-ONE
                            (NORWAY) AS, (formerly Astec Helicopter Services AS)

                           

                           

                          By:______________________________

                          Name

                          Title:

                           

                          By:______________________________

                          Name

                          Title:

                           

                        
	
                          SCANCOPTER
                            AS

                           

                           

                          By:______________________________

                          Name

                          Title:

                           

                          By:  _____________________________

                          Name

                          Title:

                        	 

                

                

                 

                [signature
                  page for Sixth Amending Agreement relating to CHC Helicopter Corporation
                  et
                  al]

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      331
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                SCHEDULE
                  E

                APPLICABLE
                  PERCENTAGES OF LENDERS

                 

                [Note:
                  Applicable Percentages are nil unless otherwise noted]

                

                THE
                  BANK OF NOVA SCOTIA

                

                Credit
                  A1 and Credit A3 (adjusted in accordance with Section 8.2) -
                  36.138261%

                Credit
                  A2 (adjusted in accordance with Section 8.2) - 100%

                Credit
                  A (overall) - 41.247200%

                Credit
                  C - 41.247100%

                Credit
                  E - 41.247100%

                

                SCOTIABANK
                  EUROPE PLC

                

                Credit
                  B1 (adjusted in accordance with Section 8.2) - 32.232143%

                Credit
                  B (overall) - 30.083333%

                

                NATIONAL
                  BANK OF CANADA

                

                Credit
                  A1 and Credit A3 (adjusted in accordance with Section 8.2) -
                  19.529565%

                Credit
                  A (overall) - 17.967200%

                Credit
                  C - 17.967200%

                Credit
                  E - 17.967200%

                

                NATIONAL
                  BANK OF CANADA, London Branch

                

                Credit
                  B1 (adjusted in accordance with Section 8.2) - 14.039286%

                Credit
                  B (overall) - 13.103333%

                

                BANK
                  OF MONTREAL

                

                Credit
                  A1 and Credit A3 (adjusted in accordance with Section 8.2) -
                  10.740870%

                Credit
                  A (overall) - 9.881600%

                Credit
                  C - 9.882000%

                Credit
                  E - 9.882000%

                

                BANK
                  OF MONTREAL, London Branch

                

                Credit
                  B1 (adjusted in accordance with Section 8.2) - 19.235714%

                Credit
                  B (overall) - 17.953333%

                

                HSBC
                  BANK CANADA

                

                Credit
                  A1 and Credit A3 (adjusted in accordance with Section 8.2) -
                  10.155217%

                Credit
                  A (overall) - 9.342800%

                Credit
                  C - 9.343000%

                Credit
                  E - 9.343000%

                

                 

                 

                
                  
                    
                    

                  

                  
                    -
                      332
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                BANK
                  OF AMERICA, N.A., Canada Branch

                

                Credit
                  A1 and Credit A3 (adjusted in accordance with Section 8.2) -
                  7.811739%

                Credit
                  A (overall) - 7.186800%

                Credit
                  C - 7.186900%

                Credit
                  E - 7.186900%

                

                BANK
                  OF AMERICA, N.A., London Branch

                

                Credit
                  B1 (adjusted in accordance with Section 8.2) - 5.614286%

                Credit
                  B (overall) - 5.240000%

                

                SOCIETE
                  GENERALE (CANADA)

                

                Credit
                  A1 and Credit A3 (adjusted in accordance with Section 8.2) -
                  5.859130%

                Credit
                  A (overall) - 5.390400%

                Credit
                  C - 5.390200%

                Credit
                  E - 5.390200%

                

                SOCIETE
                  GENERALE

                

                Credit
                  B1 (adjusted in accordance with Section 8.2) - 4.210714%

                Credit
                  B (overall) - 3.930000%

                

                MERRILL
                  LYNCH CAPITAL CANADA INC.

                

                Credit
                  A1 and Credit A3 (adjusted in accordance with Section 8.2) -
                  5.859130%

                Credit
                  A (overall) - 5.390400%

                Credit
                  C - 5.390200%

                Credit
                  E - 5.390200%

                

                NORDEA
                  BANK NORGE ASA

                

                Credit
                  B1 (adjusted in accordance with Section 8.2) - 21.860714%

                Credit
                  B (overall) - 20.403333%

                

                NORDEA
                  BANK FINLAND PLC

                

                Credit
                  B2 (adjusted in accordance with Section 8.2) - 100%

                Credit
                  B (overall) - 6.666667%

                

                 

                
                  
                    
                    

                  

                  
                    -
                      333
                      -

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                 

                JPMORGAN
                  CHASE BANK N.A., Toronto Branch

                

                Credit
                  A1 and Credit A3 (adjusted in accordance with Section 8.2) -
                  3.906087%

                Credit
                  A (overall) - 3.593600%

                Credit
                  C - 3.593400%

                Credit
                  E - 3.593400%

                

                J.P.
                  MORGAN EUROPE LIMITED

                

                Credit
                  B1 (adjusted in accordance with Section 8.2) - 2.807143%

                Credit
                  B (overall) - 2.620000%

                

                

                  
                    
                      
                      

                    

                    
                      -
                        334
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  

                  

                   

                   

                  THIS
                    SEVENTH AMENDING AGREEMENT is made as of 26 April 2007

                   

                  B
                    E T W E E N:

                   

                  CHC
                    HELICOPTER CORPORATION

                  AND
                    THE OTHER OBLIGORS AS DEFINED IN

                  THE
                    EXISTING CREDIT AGREEMENT AS DEFINED BELOW

                   

                  -
                    and -

                   

                  THE
                    LENDERS AS DEFINED IN

                  THE
                    EXISTING CREDIT AGREEMENT

                   

                  -
                    and -

                   

                  THE
                    BANK OF NOVA SCOTIA

                  in
                    its capacity as Administrative Agent

                   

                  RECITALS:

                   

                  A.           The
                    parties to this agreement are also parties to a second amended
                    and restated
                    credit agreement dated as of 22 December 2004, which amended
                    and restated a
                    credit agreement dated as of 5 July 2000, which in turn amended and
                    restated a credit agreement dated as of 2 August 1999, each of which
                    was amended and supplemented on various occasions before being
                    amended and
                    restated.  The second amended and restated credit agreement has been
                    amended by amending agreements dated as of 2 February 2005, 11
                    March 2005, 10
                    June 2005, 19 June 2006, 12 September 2006 and 9 March 2007,
                    and as amended and
                    supplemented to date is referred to in this agreement as the
                    "Existing Credit
                    Agreement."

                   

                  B.           The
                    Existing Credit Agreement contemplates that it may be amended.  The
                    parties are entering into this agreement to amend the Existing
                    Credit Agreement
                    in order to allow the Obligors certain flexibility to facilitate
                    transactions
                    among the Obligors, including a transaction planned on or shortly
                    after the date
                    of this agreement.

                   

                  C.           Capitalized
                    terms used in this agreement and not otherwise defined have the
                    meanings defined
                    in the Existing Credit Agreement.

                   

                  THEREFORE,
                    for value received, and intending to be legally bound by this
                    agreement, the
                    parties agree as follows:

                   

                  1.           Amendments
                    Relating to Article I of the Existing Credit Agreement

                   

                  
                    	
                            (a)

                          	
                            Section
                              1.1.115 (definition of “Permitted Obligations”) is amended by
                              re-designating item (q) as item (r) and adding the
                              following as item
                              (q):

                          

                  

                   

                  "advances
                    that are made by one or more Lenders to facilitate transactions
                    among the
                    Obligors, provided that the proceeds of the advances are at all
                    times held in
                    accounts of Obligors with one or more Lenders, the advances are
                    repaid as soon
                    as reasonably possible having regard to the time required to
                    transfer funds
                    between accounts of Obligors (and in any event not more than
                    three Business Days
                    after the advance), and the principal amount outstanding is not
                    more than
                    $100,000,000 at any time;  it is agreed that rights of offset by the
                    Lender or Lenders making the advances against proceeds of the
                    advances shall
                    have priority over the Security and that any amount offset shall
                    not be subject
                    to any requirement for sharing pursuant to this Agreement"

                   

                  
                    
                      
                      

                    

                    
                      -
                        335
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  

                   

                  
                    	
                            (b)

                          	
                            Section
                              1.1.128 is deleted and replaced by the
                              following:

                          

                  

                   

                  "Restricted
                    Intercompany Obligations" means the loans described on SCHEDULE
                    K as modified in
                    accordance with this Agreement, other loans that are designated
                    as Restricted
                    Intercompany Obligations in accordance with this Agreement from
                    time to time,
                    all guarantees of those loans and all Encumbrances securing those
                    loans and
                    guarantees.

                   

                  2.           Amendments
                    Relating to Article X of the Existing Credit Agreement

                   

                  
                    	
                            (a)

                          	
                            Section
                              10.1.1 is deleted and replaced by the
                              following:

                          

                  

                   

                  "Each
                    Obligor acknowledges that, under the terms of the Security it
                    has given, all
                    Intercompany Obligations owing to it are assigned as security
                    to the
                    Agent.  The assignment as security shall not prevent an Obligor from
                    receiving payment of Intercompany Obligations unless a Default
                    has occurred and
                    is continuing.  Notwithstanding the foregoing, the principal amount of
                    Restricted Intercompany Obligations shall not be repaid, converted,
                    forgiven or
                    otherwise reduced or eliminated without the prior written consent
                    of the
                    Required Lenders, unless CHC provides the Agent with reasonable
                    advance notice
                    of any proposed action and with such evidence as the Agent reasonably
                    requires
                    that CHC will be in compliance with Section 6.4.1 following implementation
                    of
                    the proposed action, taking into account any concurrent addition
                    of other
                    Restricted Intercompany Obligations in accordance with this
                    Agreement."

                   

                  
                    	
                            (b)

                          	
                            Section
                              10.6.1(b)(iii) is deleted and replaced by the
                              following:

                          

                  

                   

                  "payments
                    in respect of the obligations contemplated in Sections 1.1.114(k),
                    1.1.114(s),
                    1.1.114(t), 1.1.114(u), 1.1.114(w), 1.1.114(x), 1.1.115(j), 1.1.115(n),
                    1.1.115(p) and 1.1.115(q)"

                   

                  
                    
                      
                      

                    

                    
                      -
                        336
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  
                    	
                            (c)

                          	
                            Section
                              10.6.3(f) is deleted and replaced by the
                              following:

                          

                  

                   

                  "be
                    a party to any amendment, modification, discharge, termination
                    or waiver of the
                    terms of any Restricted Intercompany Obligation, except as permitted
                    by Section
                    10.1.1"

                   

                  3.           Amendments
                    to Schedules to the Existing Credit Agreement

                   

                  
                    	
                            (a)

                          	
                            Schedule
                              A is amended by deleting the words "[Note:  notices
                              regarding Credit B are to be sent to Nordea]" from below the address
                              of the Agent on page 1 of Schedule
                              A.

                          

                  

                   

                  
                    	
                            (b)

                          	
                            Schedule
                              K to the Existing Credit Agreement is deleted and replaced
                              by Schedule K
                              attached to this agreement.

                          

                  

                   

                  4.           Representations
                    of Obligors

                   

                  The
                    Obligors acknowledge that this agreement is a Loan Document and
                    that all of
                    their representations and warranties concerning Loan Documents
                    that are
                    contained in the Existing Credit Agreement apply to this agreement
                    and are
                    deemed to be repeated on their execution of this agreement as
                    if set out in full
                    in this agreement.  The Obligors also represent that there are no
                    consents or other agreements required from third parties to avoid
                    this agreement
                    causing a breach or default under any other agreement to which
                    any Obligor is a
                    party.

                   

                  5.           Ratification
                    and Confirmation

                   

                  The
                    Existing Credit Agreement, as amended by this agreement, remains
                    in full force
                    and effect and is hereby ratified and confirmed.  This agreement
                    merely amends the Existing Credit Agreement and does not constitute
                    or result in
                    a novation or rescission of the Existing Credit Agreement or
                    any other Loan
                    Document.  Without in any way limiting the terms of the Existing
                    Credit Agreement or the other Loan Documents, the Obligors confirm
                    that the
                    existing Security shall continue to secure all of the Obligations
                    (or any
                    limited part thereof described in a particular document forming
                    part of the
                    Security), including but not limited to any arising as a result
                    of this
                    agreement.

                   

                  6.           Counterparts
                    and Facsimile

                   

                  This
                    agreement may be executed in any number of counterparts, each
                    of which when
                    executed and delivered shall be deemed to be an original, and
                    such counterparts
                    together shall constitute one and the same agreement.  The delivery of
                    a facsimile copy of an executed counterpart of this agreement
                    shall be deemed to
                    be valid execution and delivery of this agreement, but the party
                    delivering a
                    facsimile copy shall deliver an original copy of this agreement
                    as soon as
                    possible after delivering the facsimile copy.

                   

                  [signature
                    pages follow]

                  

                  
                    
                      
                      

                    

                    
                      -
                        337
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  IN
                    WITNESS OF WHICH, the parties have executed this agreement.

                   

                  THE
                    BANK OF NOVA SCOTIA

                  

                  

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        338
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  SCOTIABANK
                    EUROPE PLC

                  

                  

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        339
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  NATIONAL
                    BANK OF CANADA

                  

                  

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        340
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  NATIONAL
                    BANK OF CANADA, London Branch

                  

                  

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        341
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  BANK
                    OF MONTREAL

                  

                  

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        342
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  BANK
                    OF MONTREAL, London Branch

                  

                  

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        343
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  HSBC
                    BANK CANADA

                  

                  

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        344
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  BANK
                    OF AMERICA, N.A.

                  Canada
                    Branch

                  

                  

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        345
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  BANK
                    OF AMERICA, N.A., London Branch

                  

                  

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        346
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  SOCIETE
                    GENERALE (CANADA)

                  

                  

                  By:        
                    ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        347
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  SOCIETE
                    GENERALE

                  

                  

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        348
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  MERRILL
                    LYNCH CAPITAL CANADA INC.

                  

                  

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        349
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  NORDEA
                    BANK NORGE ASA

                  

                  

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        350
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  NORDEA
                    BANK FINLAND PLC, London Branch

                  

                  

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        351
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  JPMORGAN
                    CHASE BANK, N.A.,

                  Toronto
                    Branch

                  

                  

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  

                  
                    
                      
                      

                    

                    
                      -
                        352
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  J.P.
                    MORGAN EUROPE LIMITED

                  

                  

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  

                  
                    
                      
                      

                    

                    
                      -
                        353
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  THE
                    BANK OF NOVA SCOTIA,

                  as
                    Agent

                  

                  

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        354
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  

                  ______________________________                                                                           ______________________________

                  Name:                                                                                     Name:

                   

                  each
                    signing in his capacity as an authorized signatory of each of
                    the Obligors other
                    than CHC Helicopters (Barbados) Limited, CHC Leasing (Barbados)
                    Limited, CHC
                    Capital (Barbados) Limited, Heli-One (Europe) AS (formerly Vinland
                    Holding AS
                    and Heli-One Norway AS), Helicopter Services Group AS, CHC Helikopter
                    Service
                    AS, Integra Leasing AS, Heliwest AS, Heli-One (Norway) AS (formerly
                    Astec
                    Helicopter Services AS) and Scancopter AS, and not in his personal
                    capacity.

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        355
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  CHC
                    HELICOPTERS

                  (BARBADOS)
                    LIMITED

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  CHC
                    LEASING

                  (BARBADOS)
                    LIMITED

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  CHC
                    CAPITAL

                  (BARBADOS)
                    LIMITED

                   

                  By:          ____________________________

                  Name:

                  Title:

                   

                  By:          ____________________________

                  Name:

                  Title:

                  

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                  
                    
                      
                      

                    

                    
                      -
                        356
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  

                   

                  

                  
                    	
                            HELI-ONE
                              (EUROPE) AS (formerly

                             Vinland
                              Holding AS and Heli-One Norway AS)

                             

                             

                            By:______________________________

                            Name

                            Title:

                             

                            By:______________________________

                            Name

                            Title:

                          	
                            HELICOPTER
                              SERVICES GROUP AS

                             

                             

                            By:_______________________________

                            Name:

                            Title:

                             

                            By:________________________________

                            Name:

                            Title:

                          
	 	 
	
                            CHC
                              HELIKOPTER SERVICE AS

                             

                             

                            By:______________________________

                            Name

                            Title:

                             

                            By:______________________________

                            Name

                            Title:

                             

                          	
                            INTEGRA
                              LEASING AS

                             

                             

                            By:________________________________

                            Name:

                            Title:

                             

                            By:________________________________

                            Name

                            Title:

                          

                  

                  

                  

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                   

                  

                   

                  
                    
                      
                      

                    

                    
                      -
                        357
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  

                  
                    	
                            HELIWEST
                              AS

                             

                             

                            By:______________________________

                            Name

                            Title:

                             

                            By:______________________________

                            Name

                            Title:

                             

                          	
                            HELI-ONE
                              (NORWAY) AS, (formerly Astec Helicopter Services AS)

                             

                             

                            By:______________________________

                            Name

                            Title:

                             

                            By:______________________________

                            Name

                            Title:

                             

                          
	
                            SCANCOPTER
                              AS

                             

                             

                            By:______________________________

                            Name

                            Title:

                             

                            By:  _____________________________

                            Name

                            Title:

                          	 

                  

                  

                   

                  [signature
                    page for Seventh Amending Agreement relating to CHC Helicopter
                    Corporation et
                    al]

                   

                  
                    
                      
                      

                    

                    
                      -
                        358
                        -

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  SCHEDULE
                    K

                  RESTRICTED
                    INTERCOMPANY OBLIGATIONS

                   

                  [see
                    reference in Section 1.1.128]

                   

                  

                   

                  
                    	 	
                            Lender

                          	
                            Borrower

                          	
                            Guarantor(s)
                              and Comments

                          	
                            Amount

                          
	
                            1.

                          	
                            CHB

                          	
                            HSG

                          	
                            Pursuant
                              to loan and guarantee agreement dated as of 15 October
                              1999.  Guarantors include HSAS, Vinland Holding AS (now Heli-One
                              (Europe) AS), Integra Leasing AS, Heliwest AS, Astec
                              Helicopter Services
                              AS (now Heli-One (Norway) AS) and Scancopter AS

                          	
                            £36,497,577

                          
	
                            2.

                          	
                            CHB

                          	
                            Heliwest
                              AS

                          	
                            Pursuant
                              to loan and guarantee agreement dated as of 15 October
                              1999.  Obligations of HSAS as original borrower were assumed
                              by
                              Heliwest AS by assignment agreement dated as of 30
                              November
                              2005.  Guarantors include HSG, Vinland Holding AS (now Heli-One
                              (Europe) AS), Integra Leasing AS, HSAS, Astec Helicopter
                              Services AS (now
                              Heli-One (Norway) AS) and Scancopter AS

                          	
                            NOK
                              446,092,590

                          
	
                            3.

                          	
                            CHC
                              Capital (Barbados) Limited

                          	
                            HSG

                          	
                            Pursuant
                              to a loan agreement made as of 27 April 2004 as amended
                              by loan amending
                              agreement dated as of 30 June 2006.  Guarantors include HSAS,
                              Heli-One (Europe) AS, Integra Leasing AS, Heliwest
                              AS, Heli-One (Norway)
                              AS and Scancopter AS.  Designated as a Restricted Intercompany
                              Obligation by omnibus agreement dated as of 20 July
                              2006

                          	
                            NOK
                              123,825,578

                          
	
                            4.

                          	
                            CHB

                          	
                            Heli-One
                              (Norway) AS

                          	
                            Pursuant
                              to a loan agreement made as of 21 December 2005.  Guarantors
                              include HSAS, Heli-One (Europe) AS, Integra Leasing
                              AS, Heliwest AS, HSG
                              and Scancopter AS.  Designated as a Restricted Intercompany
                              Obligation by omnibus agreement dated as of 20 July
                              2006

                          	
                            NOK
                              144,247,561.34

                          

                  

                  

                   

                  CHC
                    may designate other Intercompany Loan Obligations owing by Norwegian
                    Obligors as
                    Restricted Intercompany Obligations as long as the Agent is satisfied
                    that all
                    Norwegian Obligors are liable in respect of the proposed additional
                    Restricted
                    Intercompany Obligations and that they are secured to the same
                    extent as the
                    Restricted Intercompany Obligations referred to above.  It is
                    anticipated that, on or about 30 April 2007, pursuant to Section
                    10.1.1 and the
                    preceding sentence, the principal amount of item 2 above will
                    be reduced by NOK
                    345,779,568 and a loan by CHB to Heli-One (Europe) AS in an equal
                    amount,
                    guaranteed by the other Norwegian Obligors, will be designated
                    as a Restricted
                    Intercompany Obligation.

                   

                  
                    -
                      359
                      -ex46.htm

    
      EXHIBIT
        4.6

       

       

      CHC
        HELICOPTER CORPORATION

    

    
      

       

      EMPLOYEE
        SHARE OPTION PLAN
(as amended and restated as of September 28,
        2006)

    

    
      

       

      1.           Purpose

    

    
      

       

      The
        purpose of the Plan is to encourage participants to promote the financial
        interests, growth and development of the Corporation by providing them with
        the
        opportunity through share options to acquire a proprietary interest in the
        Corporation; to recognize the contribution of participants to the success
        of the
        Corporation and to encourage participants to remain in the service of the
        Corporation.

    

    
       

      2.           Definitions

    

    
       

      Wherever
        used in the Plan, unless there is something in the subject matter or context
        inconsistent therewith, the following words and terms shall have the respective
        meanings ascribed to them as follows:

    

    
       

      “Board
        of Directors” means the board of directors of the Corporation;

       

    

    
      “Chairman”
        means the chairman of the Board of Directors;

       

    

    
      “Chief
        Executive Officer” means the chief executive officer of the
        Corporation;

    

    
       

      “Class
        B Shares” means the Class B multiple voting shares in the capital stock of the
        Corporation;

    

    
       

      “Compensation
        Committee” means the committee of the Board of Directors, which may be the
        executive committee of the Board of Directors, appointed from among their
        number
        to administer the Plan;

    

    
       

      “Corporation”
        means CHC Helicopter Corporation, a corporation incorporated under the laws
        of
        Canada, and any successor or continuing corporation resulting from the
        amalgamation of the Corporation with any other company or resulting from
        any
        other form of corporate reorganization;

    

    
       

      “director”
        means an individual who is a duly elected director of the
        Corporation;

    

    
       

      “employee”
        means an individual who is an officer or a bona fide, regular, full-time
        employee of the Corporation or any Subsidiary and is determined by the
        Compensation Committee upon the advice of the Chairman and Chief Executive
        Officer to be eligible to participate in the Plan;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
       

      “insider”
        means: (a) an insider as defined in the Securities Act (Ontario), other
        than a person who falls within that definition solely by virtue of being
        a
        director or senior officer of a subsidiary of the Corporation; and (b) an
        associate of any person who is an insider by virtue of (a);

    

    
       

      “non-management
        director: means an individual who is a duly elected director of the Corporation,
        but is not an employee of the Corporation;

    

    
       

      “Option”
        or “Options” means an option or options to purchase authorized but unissued
        Shares granted or issued pursuant to the Plan;

    

    
      

       

      “Option
        Agreement” means the written agreement between the Corporation and an optionee
        relating to an Option granted under the Plan, which agreement shall contain
        such
        terms and conditions as may be provided by the Compensation Committee upon
        the
        advice of the Chairman and Chief Executive Officer. The terms and conditions
        of
        each Option Agreement need not be identical;

    

    
       

      “Optioned
        Shares” means the Shares reserved for issue under the
        Plan;

    

    
       

      “optionee”
        means an employee who has been granted an option or options pursuant to the
        Plan;

    

    
       

      “outstanding
        issue” means the total number of Shares plus Class B Shares issued and
        outstanding at the date of calculation (excluding any such shares issued
        pursuant to share compensation arrangements during the 12-month period prior
        to
        the date of calculation);

    

    
       

      “Plan”
        means this amended and restated CHC Helicopter Corporation Employee Share
        Option
        Plan, as it may from time to time be amended;

    

    
       

      “Shares”
        means the Class A subordinate voting shares in the capital stock of the
        Corporation;

    

    
       

      “Subsidiary”
        means any corporation of which shares carrying more than 50% of the votes
        attached to all outstanding voting shares are owned, directly or indirectly,
        by
        or for the Corporation, provided that the ownership of such shares confers
        the
        right to elect at least a majority of the board of directors of such corporation
        and includes any corporation in like relation to a
        Subsidiary;

    

    
      

      
        The
          masculine gender shall include the feminine gender and the singular shall
          include the plural and vice versa unless the context otherwise
          requires.

         

      

      3.        Number
        of Shares Available Under Plan

    

    
      

       

      (a)
        Options may be granted by the Corporation from time to time to optionees.
        The
        current maximum number of Shares issuable pursuant to the Plan from and after
        January 1, 1996 is set out in Appendix A. Subject to the limitations set
        out in
        paragraph 3(b) and subject to any required shareholder and regulatory approvals,
        the Board of Directors may from time to time in its discretion amend the
        Plan to
        change the maximum number of Shares issuable pursuant to the Plan.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
       

      (b)           Notwithstanding
        anything else in the Plan, at no time shall:

    

    
      

       

      
        	
                              (i)         

              	
                the
                  aggregate number of Optioned Shares (subject to adjustment as provided
                  in
                  subparagraphs
                  5(h) and (i)), together with the number of Shares and Class B Shares
                  reserved for issuance under any other share compensation arrangements
                  of
                  the Corporation, result in the number of Shares reserved for issuance
                  pursuant to stock options exceeding 20% of the outstanding
                  issue;

              

      

    

    
      

       

      
        	
              	
                (ii)        

              	
                the
                  number of Optioned Shares reserved for issuance to any one person
                  (subject
                  to adjustment
                  as provided in subparagraphs 5(h) and (i)), exceed 5% of the outstanding
                  issue on the date of the most recent grant of Options to such
                  person;

              

      

    

    
      

       

      
        	
              	
                (iii)       

              	
                the
                  aggregate number of Shares issued within a one-year period pursuant
                  to the
                  exercise
                  of Options, together with the number of Shares and Class B Shares
                  issued
                  within such period under any other share compensation arrangements
                  of the
                  Corporation, exceed 20% of the outstanding
                  issue;

              

      

    

    
      

       

      
        	          	
                (iv)       

              	
                the
                  aggregate number of Optioned Shares reserved for issuance to insiders
                  of
                  the Corporation,
                  together with the number of Shares and Class B Shares reserved
                  for
                  issuance to such persons under any other share compensation arrangements
                  of the Corporation, exceed 10% of the outstanding
                  issue;

              

      

    

    
      

       

      
        	          
	
                (v)        

              	
                the
                  aggregate number of Shares issued within a one-year period to insiders
                  of
                  the Corporation
                  pursuant to the exercise of Options, together with the number of
                  Shares
                  and Class B Shares issued within such period to such persons under
                  any
                  other share compensation arrangements of the Corporation, exceed
                  10% of
                  the outstanding issue; or

              

      

    

    
      

       

      
        	          
	
                (vi)       

              	
                the
                  aggregate number of Shares issued within a one-year period to any
                  one
                  insider of
                  the Corporation and that insider’s associates (as defined in the
                  Securities Act (Ontario)) pursuant to the exercise of Options,
                  together with the number of Shares and Class B Shares issued within
                  such
                  period to such persons under any other share compensation arrangements
                  of
                  the Corporation, exceed 5% of the outstanding
                  issue.

              

      

    

    
       

      (c)           For
        the purposes of clauses (b)(iv), (v) and (vi), Shares issued or Options granted
        to a person prior to the person becoming an insider may be excluded in
        determining the number of Shares issuable to insiders.

    

    
      

       

      (d)           If
        any Option granted under the Plan shall terminate, expire or, with the consent
        of the optionee, be cancelled as to any Shares, new Options may thereafter
        be
        granted covering such Shares.

    

    
      

       

      4.        Administration

    

    
      

       

      (a)
        This Plan shall be administered and interpreted by the Compensation Committee
        provided, however, that the Board of Directors may exercise any powers reserved
        herein for the Compensation Committee.

    

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b)           Subject
        to the provisions of the Plan, the Compensation Committee, upon the advice
        of
the
        Chairman and Chief Executive Officer, shall have the power
        to:

    

    
      

       

      (i)              determine
        and designate from time to time those optionees to whom Options are to
        be granted and the number of Shares to be optioned to each such optionee;
        and

    

    
       

      (ii)             determine
        the time or times when, and the manner in which each Option shall be
exercisable
        and the duration of the exercise period.

    

    
      

       

      (c)           Effective
        March 3, 2003 the Plan has been amended to make non-management directors
        of the
        Corporation ineligible to receive Options granted under the Plan. Options
        granted to non-management directors prior to this date will continue to be
        administered in accordance with the terms and conditions of the Option Agreement
        and this Plan.

    

    
       

      (d)           An
        optionee may, if the optionee is otherwise eligible, be granted an additional
        Option or Options under the Plan or any other option or purchase plans of
        the
        Corporation if the Compensation Committee shall so
        determine.

    

    
       

      (e)           The
        Compensation Committee may interpret the Plan, prescribe, amend and rescind
        any
        rules and regulations necessary or appropriate for the administration of
        the
        Plan, and make such other determinations and take such other action as it
        deems
        necessary or advisable. Without limiting the generality of the foregoing
        sentence, the Compensation Committee may, in its discretion, treat all or
        any
        portion of any period during which an optionee is on an approved leave of
        absence from the Corporation or a Subsidiary as a period of employment of
        such
        optionee by the Corporation or such Subsidiary, as the case may be, for the
        purpose of accrual of such optionee’s rights under Options. Any interpretation,
        determination or other action made or taken by the Compensation Committee
        shall
        be final, binding and conclusive.

    

    
       

      5.           Terms
        and Conditions

    

    
       

      Each
        Option granted under the Plan shall be evidenced by an agreement, in a form
        approved by the Board of Directors, which shall be subject to the following
        express terms and conditions and to such other terms and conditions as the
        Board
        of Directors may deem appropriate:

    

    
       

      (a)           Option
        Period. Each Option Agreement shall specify the period for which the Option
        thereunder is exercisable (which in no event shall exceed ten years from
        the
        date of grant) and shall provide that the Option shall expire at the end
        of such
        period.

    

    
       

      (b)           Option
        Price. The option price per Share shall be determined by the Compensation
        Committee at the time any Option is granted, but in no event shall such price
        be
        less than the price of the last board lot of Shares sold on The Toronto Stock
        Exchange on the last business day prior to the day the Option is granted
        on
        which a board lot of Shares traded on The Toronto Stock
        Exchange.

    

    
       

      (c)           Exercise
        of Option. The Compensation Committee may determine and impose conditions
        and restrictions on the exercise of Options and such conditions and restrictions
        may relate to, without limiting the generality of the foregoing, the length
        of
        time an optionee has been

    

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
       

      employed
        by the Corporation or the financial performance and condition of the
        Corporation. An Option, or any portion thereof, may be exercised by delivering
        to the Corporation a written notice of exercise specifying the number of
        Shares
        with respect to which the Option is being exercised and accompanied by payment
        in full of the option price of the Shares.

    

    
       

      (d)           Payment
        of Option Price Upon Exercise. The purchase price of the Shares for which an
        Option shall be exercised shall be paid in cash or by certified cheque to
        the
        Corporation at the time of exercise.

    

    
       

      (e)           Exercise
        in the Event of Death or Termination of Employment or Directorship. The
        Options granted under the Plan shall expire on the date so established by
        the
        Compensation Committee but in no event later than the tenth anniversary of
        the
        date the Option was granted. In the event of termination of employment or
        directorship as a result of retirement, disability or death, the optionee
        or his
        legal heirs, as the case may be, may exercise any outstanding Options, for
        four
        years after such date of termination, or until the normal expiry date of
        such
        Options, if earlier. In the event of termination of employment for any other
        reason except cause, the employee may continue to exercise any outstanding
        Options, to the extent they were exercisable on the date of termination,
        for 60
        days following such termination, or until the normal expiry date of such
        Options, if earlier. In the event of termination of employment for cause,
        any
        outstanding Options will expire on the date of such termination. In the event
        of
        a director ceasing to be a director for any reason other than as a result
        of
        retirement, disability or death, the director may continue to exercise any
        outstanding Options, to the extent they were exercisable on the date of
        termination of directorship, for one year following such termination, or
        until
        the normal expiry date of such Options, if earlier. Notwithstanding this
        provision, the Board of Directors may, subject to any required approval of
        The
        Toronto Stock Exchange, approve a more liberal treatment of outstanding Options
        in individual cases involving termination of employment or
        directorship.

    

    
       

      (f)           Non
        Transferability. No Option granted under the Plan shall be transferable or
        assignable other than by will or by the laws of descent and distribution.
        During
        the lifetime of the optionee, an Option shall be exercisable only by such
        optionee.

    

    
       

      (g)           Investment
        Representation and Regulation

    

    
       

      (1)           Each
        Option Agreement may contain an agreement that, upon demand by the Compensation
        Committee for such representation, the optionee (or any person acting under
        subparagraph 5(e)) shall deliver to the Compensation Committee at the time
        of
        any exercise of an Option (i) a written representation that the Shares to
        be
        acquired upon such exercise are to be acquired for investment and not for
        resale
        or with a view to the distribution thereof and (ii) an indemnification in
        favour
        of the Corporation in the event of any violation by such person of any law
        governing such Shares. Upon such demand, delivery of such representation
        prior
        to the delivery of any Shares issued upon exercise of an Option and prior
        to the
        expiration of the Option period shall be a condition precedent to the right
        of
        the optionee or such other person to purchase any Shares.

    

    
       

      (2)           Each
        Option shall be subject to the requirement that if at any time the Compensation
        Committee shall determine, in its discretion, that the registration,
        qualification or other approval of or in connection with the Plan or the
        Shares
        covered thereby is necessary or desirable under any provincial or federal
        law,
        then such Option

    

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

    

    
      may
        not be exercised, in whole or in part, unless and until such registration,
        qualification or approval shall have been obtained free of any condition
        not
        acceptable to the Compensation Committee. The optionee shall, to the extent
        applicable, cooperate with the Corporation in relation thereto and shall
        have no
        claim or cause of action against the Corporation or any of its officers or
        directors as the result of any failure by the Corporation to take any steps
        to
        obtain any such registration, qualification or approval.

    

    
       

      (3)        The
        granting of
        Options and the issuance of Shares under the Plan shall be carried out in
        compliance with applicable statutes and with regulations of governmental
        authorities and applicable stock exchanges.

    

    
       

      (h)        
Corporate
        Reorganization. In the case of a proposed merger, amalgamation, offer to
        purchase all of the outstanding Shares or Class B multiple voting shares
        of the
        Corporation or other corporate arrangement or reorganization, the Board of
        Directors may, in a fair and equitable manner, determine the manner in which
        all
        unexercised Options granted under the Plan shall be treated including, without
        limitation, requiring acceleration of the time for the exercise of such options
        by optionees.

    

    
       

      (i)          
        Alterations in Shares. In the event of any subdivision, redivision,
        consolidation or change of Shares into a greater or lesser number of Shares, the
        Corporation shall deliver at the time of an Option being exercised pursuant
        to
        the terms of the Option Agreement, such greater or lesser number of Shares
        as
        would result from said subdivision, redivision, consolidation or change had
        such
        Option been exercised before such subdivision, redivision, consolidation
        or
        change.

    

    
       

      (j)        
         Liquidation. In the event the shareholders of the Corporation shall
        adopt a plan of complete liquidation, all Options shall become immediately
        exercisable in full, notwithstanding that they were initially granted on
        an
        instalment basis.

    

    
       

      (k)        
No
        Rights as
        Shareholder. No optionee shall have any rights as a shareholder with respect
        to any Shares subject to his Option prior to the date of issuance to such
        optionee of a certificate or certificates for such
        Shares.

    

    
       

      (l)          
        Dividends. Dividends will not be paid on Optioned Shares until the Option
        to purchase Shares has been exercised and a certificate representing such
        Shares
        has been issued.

    

    
       

      (m)        
No
        Rights to
        Continued Employment or Directorship. This Plan and any Option granted under
        the Plan shall not confer upon any optionee any right with respect to
        continuance of employment or directorship with the Corporation or any
        Subsidiary, nor shall they interfere in any way with the right of the
        Corporation or any Subsidiary by which an optionee is employed to terminate
        such
        optionee’s employment at any time in accordance with applicable law, or the
        right of shareholders to elect and remove directors.

    

    
       

      (n)        
Provincial
        Stock
        Savings Plans. If the Shares issuable upon the exercise of Options to
        optionees who are residents of a particular province qualify in any period
        for
        purposes of a provincial stock savings plan under the applicable provincial
        taxation legislation of such province, the Corporation shall so notify all
        such
        resident optionees, whereupon any such optionee who wishes to deposit pursuant
        to the applicable provincial taxation legislation some or 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      all
        of the Shares issued to such optionee in such period under the Plan, shall
        so
        indicate in writing at the time of exercise of an Option or any part
        thereof.

    

    
       

      6.           Amendment
        and Discontinuance

    

    
       

      The
        Board of Directors may discontinue the Plan at any time, except that such
        discontinuance may not alter or impair any Option previously granted to an
        optionee under the Plan. The Board of Directors may amend the Plan at any
        time;
        provided, however that no such amendment may, without the consent of an
        optionee, adversely alter or impair any Option previously granted to such
        optionee. Any amendment to be made to this Plan or an Option, is subject
        to the
        prior approval of any applicable exchange and shareholders of the Corporation,
        if required by the rules of the applicable exchange. The Board shall have
        the
        power and authority to approve amendments relating to the Plan or a specific
        Option without further approval of the shareholders of the Corporation, to
        the
        extent that such amendments relate to, among other
        things:

    

    
       

      (a)           altering
        the terms and conditions of vesting applicable to any Option or group of
        Options;

    

    
       

      
        	
                (b)

              	
                changing
                  the termination provisions of an Option, provided that the change
                  does not
                  entail an extension beyond the original expiry date of such
                  Option;

              

      

    

    
       

      (c)           accelerating
        the expiry date;

    

    
       

      (d)           the
        application of subsections 5(h), 5(i), 5(j) and 5(n) of the
        Plan;

    

    
       

      
        	
                (e)

              	
                amending
                  the definitions contained within the Plan, clarifying any provision
                  of the
                  Plan and other amendments of a “clerical” nature;
                  and

              

      

    

    
       

      
        	
                (f)

              	
                amending
                  or modifying the mechanics of exercise of the Options, such as
                  changing
                  the form to be used to give notice of exercise, the person to whom
                  the
                  notice of exercise is to be directed and providing for a cashless
                  method
                  of exercising.

              

      

    

    
       

      No
        amendment of the Plan may contravene the requirements of any applicable exchange
        or any securities commission or regulatory body to which the Plan or the
        Corporation is now or may hereafter be subject to.

    

    
       

      7.           Proceeds
        from Sales of Shares

    

    
       

      Any
        cash proceeds from the sale of Shares issued upon exercise of the Options
        shall
        be added to the general funds of the Corporation and shall thereafter be
        used
        from time to time for such corporate purposes as the Board of Directors may
        determine.

    

    
       

      8.           Previously
        Issued Options

    

    
       

      Options
        outstanding as of the date hereof to purchase Class B multiple voting shares
        of
        the Corporation, which were previously granted or issued pursuant to the
        Plan
        (including any predecessor to the Plan), shall be governed by the Plan,
mutatis mutandis, on the same terms and conditions as Options to
        purchase Shares.

    

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      APPENDIX
        A

    

    
       

      CHC
        HELICOPTER CORPORATION
EMPLOYEE SHARE OPTION
        PLAN

    

    
       

      Maximum
        Number of Shares which may be Issued

    

     

    
      	
              
                Maximum

              

            	
              
                Date
                  set by Directors

              

            	
              
                Date approved by

              

            	
              
                Date approved by

              

            
	
              
                Number

              

            	 	
              
                TSE

              

            	
              
                Shareholders

              

            
	 	 	 	 
	
              
                1,110,184

              

            	
              
                September
                  13, 1995

              

            	
              
                January
                  29, 1996

              

            	
              
                Not
                  required

              

            
	 	 	 	 
	
              
                2,247,165

              

            	
              
                August
                  11, 1997

              

            	
              
                August
                  18, 1997

              

            	
              
                October
                  8, 1997

              

            
	 	 	 	 
	
              
                3,500,000(1)

              

            	
              
                April
                  10, 2002

              

            	
              
                May
                  1, 2002 (verbal), confirmed 
by letter May 13,
                  2002

              

            	
              
                September
                  26, 2002

              

            

    

    
      

       

      (1)
        This number is adjusted to 7,000,000 following the Corporation’s 2 for 1 stock
        split on April 14, 2005.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]