Document:

<PAGE>   1
                                                                     EXHIBIT 4.6

                                 AMENDMENT NO. 1

        AMENDMENT NO. 1 (this "AMENDMENT"), dated as of September 30, 2000,
between J.H. Whitney Mezzanine Fund, L.P. (the "PURCHASER"), a Delaware limited
partnership, and Mercury Air Group, Inc. (the "COMPANY"), to the Securities
Purchase Agreement (the "PURCHASE AGREEMENT"), dated as of September 10, 1999,
between the Purchaser and the Company.

                              W I T N E S S E T H:

        WHEREAS, the Purchaser and the Company entered into the Purchase
Agreement (the Purchase Agreement, as amended by this Amendment, is hereinafter
referred to as the "AGREEMENT"), pursuant to which, among other things, the
Purchaser purchased from the Company (i) a subordinated promissory note due
September 9, 2006 in the principal amount of $24,000,000, and (ii) a warrant to
purchase 503,126 shares of common stock, $.01 par value per share, of the
Company; and

        WHEREAS, the Purchaser and the Company desire to amend the Purchase
Agreement to change the Interest Coverage ratio financial covenant and the
definition of EBITDA therein.

        NOW THEREFORE, in consideration of the premises set forth herein and for
other good and valuable consideration, the sufficiency and receipt of which is
hereby acknowledged, the Purchaser and the Company agree as follows:

                                    ARTICLE 1

                                   DEFINITIONS

        1.1 PURCHASE AGREEMENT DEFINITION. All capitalized terms used in this
Amendment but not defined shall have the meanings given to them in the Purchase
Agreement. In the event of a conflict between the definitions contained in this
Amendment and those contained in the Purchase Agreement, the definitions
contained herein shall prevail.

                                    ARTICLE 2

                        AMENDMENTS TO PURCHASE AGREEMENT

        2.1 AMENDMENT TO DEFINITIONS. Section 1.1 of the Purchase Agreement
shall be amended to add the following definition of "Pro Forma Basis" following
the definition of "Pro Forma Balance Sheet":

               "PRO FORMA BASIS" shall mean, in connection with any proposed
               Permitted Acquisition, that the calculation of compliance with
               the financial covenants set forth in Section 9.8 hereof by the
               Company and its Subsidiaries (including the Person or asset(s) to
               be acquired) shall be made by combining the audited historical

<PAGE>   2

               financial results of such Person for the applicable test period
               ending immediately prior to the date of such proposed Permitted
               Acquisition with the audited historical financial results of the
               Company and its Subsidiaries for such period as if such Permitted
               Acquisition occurred on the first day of such period, adjusted in
               the manner described in clauses (i), (ii) and (iii) below.
               Following a Permitted Acquisition, Pro Forma Basis shall mean
               that the calculation of compliance with the financial covenants
               set forth in Section 9.8 hereof for the fiscal quarter in which
               such Permitted Acquisition occurred and each of the three fiscal
               quarters immediately following such Permitted Acquisition shall
               be made by combining the audited historical financial results of
               such Person for the portion of the applicable test period
               occurring prior to the date of such Permitted Acquisition with
               the audited historical financial results of the Company and its
               Subsidiaries for such portion of such test period as if such
               Permitted Acquisition occurred on the first day of such test
               period, adjusted in the manner described in clauses (i), (ii) and
               (iii) below. In each case, in the event that no audited
               historical financial results are available or in the event that
               such Permitted Acquisition is an asset acquisition, such
               calculations shall be made with reference to such management
               certified financial results of such Person (or the financial
               results attributable to such assets) and of the Company and its
               Subsidiaries as shall be reasonably acceptable to the Purchaser.
               The following adjustments to such combined financial results
               shall be made:

                      (i) all Indebtedness and any other balance sheet
               adjustments incurred or made in connection with the Permitted
               Acquisition shall be deemed to have been incurred or made on the
               first day of the applicable test period, and all Indebtedness of
               the Person acquired or to be acquired in such Permitted
               Acquisition which was or will have been repaid in connection with
               the consummation of the Permitted Acquisition shall be deemed to
               have been repaid concurrently with the incurrence of the
               Indebtedness incurred in connection with the Permitted
               Acquisition;

                        (ii) all Indebtedness assumed to have been incurred
               pursuant to the preceding clause (i) shall be deemed to have
               borne interest at the sum of (a) the arithmetic mean of (x) the
               Eurodollar Rate for Eurodollar Rate Loans having an Interest
               Period of one month in effect on the first day of the Test
               Period and (y) the Eurodollar Rate for Eurodollar Rate Loans
               having an Interest Period of one month in effect on the last day
               of the applicable test period plus (b) the Applicable Margin
               then in effect (all terms and

                                        2
<PAGE>   3

               in this clause (ii) having the meanings ascribed thereto in the
               Senior Credit Agreement); and

                      (iii) other reasonable cost savings, expenses and other
               income statement or operating statement adjustments which are
               attributable to the change in ownership and/or management
               resulting from such Permitted Acquisition as may be approved by
               the Purchaser in writing (which approval shall not be
               unreasonably withheld) shall be deemed to have been realized on
               the first day of the Test Period.

               Notwithstanding and in lieu of the forgoing, after giving effect
               to the Company's acquisitions of fixed based operators in
               Birmingham, AL, Tulsa, OK and Fort Wayne, IN, EBITDA on a Pro
               Forma Basis for the twelve (12) month period ending on each of
               the dates set forth in the table below, for purposes of
               calculating the financial covenants set forth in Section 9.8
               shall be the actual EBITDA of the Company and its Subsidiaries
               for such period as otherwise calculated in accordance with Item 1
               of Schedule D to this Agreement plus the amount set forth
               opposite such date in such table; provided that any other
               calculations of compliance with the financial covenants set forth
               in Section 9.8 (or components thereof) on a Pro Forma Basis shall
               be determined in accordance with the foregoing definition:

<TABLE>
<CAPTION>
                     12 Months Ending                      Consolidated EBITDA Increase
                    ------------------                     ----------------------------
                    <S>                                    <C>
                    September 30, 2000                              $2,000,000
                     December 31, 2000                              $1,350,000
                      March 31, 2001                                  $700,000
                       June 30, 2001                                  $217,000
</TABLE>

        2.2  AMENDMENTS TO SECTION 9.8.

        (a) The introductory paragraph of Section 9.8 of the Purchase Agreement
is deleted in its entirety and the following is substituted therefore:

               9.8 FINANCIAL COVENANTS. The Company covenants and agrees that
               until payment in full of all Indebtedness hereunder and under the
               Note, the Company shall comply with and shall cause each of its
               Subsidiaries to comply with all covenants in this Section 9.8
               applicable to such Person. Compliance with the covenants in this
               Section 9.8 shall be determined on a consolidated basis in
               accordance with GAAP consistently applied, unless explicitly
               stated otherwise, and following a Permitted Acquisition shall be
               determined on a Pro Forma Basis.

                                        3
<PAGE>   4

        (b) Section 9.8(a) of the Purchase Agreement is deleted in its entirety
and the following is substituted therefor:

                INTEREST COVERAGE. The Company shall not permit Interest
            Coverage for the Company and its Subsidiaries, on a consolidated
            basis, for any twelve (12) month period ending on the last day of a
            fiscal quarter during any of the periods set forth below to be less
            than the ratio set forth below for such period:

<TABLE>
<CAPTION>
               Period                                                   Ratio
               ------                                                   -----
               <S>                                                      <C>
               Closing Date to and including June 30, 2000              3.125:1.00
               July 1, 2000 to and including December 31, 2000           2.75:1.00
               January 1, 2001 to and including March 31, 2001           3.25:1.00
               April 1, 2001 to and including June 30, 2001              3.50:1.00
               July 1, 2001 to and including June 30, 2002               4.00:1.00
               July 1, 2002 and thereafter                               4:00:1.00
</TABLE>

                "INTEREST COVERAGE" shall be calculated as illustrated on
            Exhibit D.

        2.3    AMENDMENT TO THE DEFINITION OF EBITDA.

               Exhibit D to the Purchase Agreement is hereby amended by deleting
the definition of "EBITDA" as set forth in Section 1 thereof in its entirety and
substituting the following therefor:

               EBITDA:

<TABLE>
               <S>                                                               <C>
               Net Income (or loss) of the Company and its Subsidiaries,  for
               the period in question,  on a consolidated basis determined in
               accordance with GAAP consistently  applied,  but excluding any
               extraordinary  gains  or  losses  and any  insurance  proceeds
               received by the Company or any of its Subsidiaries.               $_________
               Plus:   Any  provision  for (or less any benefit  from) income
               and  franchise  taxes  included  in the  determination  of net
               income                                                             _________

               Interest Expense                                                   _________
               Depreciation deducted in the determination of Net Income           _________

                              Amortization deducted in determining Net Income     _________

                              EBITDA                                             $_________
</TABLE>

                                        4
<PAGE>   5

                                    ARTICLE 3

                         REPRESENTATIONS AND WARRANTIES

               The Company represents and warrants to the Purchaser as follows:

        3.1 REPRESENTATIONS AND WARRANTIES IN THE PURCHASE AGREEMENT. The
representations and warranties of the Company contained in the Article 5 of the
Purchase Agreement were true, correct and complete as and when made.

        3.2 AUTHORITY, ETC. The execution and delivery by the Company of this
Amendment and the performance by the Company of all of its agreements and
obligations under this Amendment and the Agreement (i) are within the corporate
authority of the Company, (ii) have been duly authorized by all necessary
corporate proceedings by the Company, (iii) do not conflict with or result in
any breach or contravention of any provision of law, statute, rule or regulation
to which the Company is subject or any judgment, order, writ, injunction,
license or permit applicable to the Company, and (iv) do not conflict with any
provision of the corporate charter or by-laws of, or any agreement or other
instrument binding upon, the Company.

        3.3 ENFORCEABILITY OF OBLIGATIONS. This Amendment and the Agreement
constitute the legal, valid and binding obligations of the Company, enforceable
against it in accordance with their respective terms.

        3.4 NO DEFAULT. After giving effect to this Amendment and the amendment
to the Senior Credit Agreement contemplated hereby, no default or Event of
Default exists under the Agreement or the Note.

                                    ARTICLE 4

                           CONDITIONS TO EFFECTIVENESS

               The effectiveness of this Amendment is conditioned upon the

               (a) receipt by the Purchaser of an original counterpart signature
to this Amendment, duly executed and delivered by the Company;

               (b) receipt by the Purchaser of a copy of the fully-executed
amendment to the Senior Credit Agreement, in form and substance satisfactory to
the Purchaser;

               (c) receipt by the Purchaser, in form and substance satisfactory
to it, of the evidence of all corporate approval necessary in connection with
this Amendment; and

               (d) the Purchaser shall be satisfied that, after giving effect to
this Amendment and the amendment to the Senior Credit Agreement, no default or
Event of Default shall then exist.

                                        5
<PAGE>   6

                                    ARTICLE 5

                                  MISCELLANEOUS

        5.1 CONTINUED EFFECTIVENESS. Notwithstanding anything contained herein,
the terms of this Amendment are not intended to and do not serve to effect a
novation as to the Purchase Agreement. The parties hereto expressly do not
intend to extinguish the Purchase Agreement. Instead, it is the express
intention of the parties hereto to reaffirm the indebtedness created under the
Purchase Agreement (including, without limitation, the Note) and the other
documents contemplated thereby and to reaffirm the rights and obligations
contained therein. The Purchase Agreement as amended hereby and each of the
other documents contemplated thereby shall remain in full force and effect.
Except as herein amended, the Purchase Agreement shall remain unchanged and in
full force and effect, and is hereby ratified in all respects. All of the
representations, warranties and covenants contained in the Purchase Agreement
and this Amendment shall survive the execution and delivery of this Amendment.

        5.2 NOTICES. All notices, demands and other communications provided for
or permitted hereunder shall be made in writing and shall be by registered or
certified first-class mail, return receipt requested, telecopier, courier
service or personal delivery:

               (a)    if to the Purchaser:

                      J.H. Whitney Mezzanine Fund, L.P.
                      177 Broad Street
                      Stamford, Connecticut  06901
                      Telecopier No.: (203) 973-1422
                      Attention:  Mr. David A. Scherl
                                  Mr. Daniel J. O'Brien

                      with a copy to:

                      Morrison Cohen Singer & Weinstein, LLP
                      750 Lexington Avenue
                      New York, New York  10022
                      Telecopier No.: (212) 735-8708
                      Attention:  Andrew M. Arsiotis, Esq.
                                  Jack Levy, Esq.

                      if to the Company:

                      Mercury Air Group, Inc.
                      5456 McConnel Avenue
                      Los Angeles, CA 90066
                      Telecopier No.: (310) 827-0650
                      Attention:    Mr. Joseph A. Czyzyk

                                        6
<PAGE>   7

                                    Wayne J. Lovett, Esq.

                      with a copy to:

                      McBreen, McBreen & Kopko
                      20 North Wackes Drive, Suite 252
                      Chicago, IL 60606
                      Telecopier No.: (312) 332-2657
                      Attention: Frederick Kopko, Esq.

               All such notices and communications shall be deemed to have been
duly given: when delivered by hand, if personally delivered; when delivered by
courier, if delivered by commercial overnight courier service; if mailed, five
Business Days after being deposited in the mail, postage prepaid; and if
telecopied, when receipt is acknowledged.

        5.3 SUCCESSORS AND ASSIGNS; THIRD PARTY BENEFICIARIES. This Amendment
shall inure to the benefit of and be binding upon the successors and permitted
assigns of the parties hereto.

        5.4 REFERENCES. Any reference to the Purchase Agreement contained in any
notice, requisite, certificate, or other document executed concurrently with or
after the execution and delivery of this Amendment shall be deemed to include
the amendments contained in this Amendment unless the context shall otherwise
require.

        5.5 SIGNATURES; COUNTERPARTS. Telefacsimile transmissions of any
executed original document and/or retransmission of any executed telefacsimile
transmission shall be deemed to be the same as the delivery of an executed
original. At the request of any party hereto, the other parties hereto shall
confirm telefacsimile transmissions by executing duplicate original documents
and delivering the same to the requesting party or parties. This Amendment may
be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.

        5.6 HEADINGS. The headings in this Amendment are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

        5.7 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED IN
ACCORDANCE WITH, AND ENFORCED UNDER, THE LAW OF THE STATE OF NEW YORK, WITHOUT
REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW OF SUCH STATE (INCLUDING GIVING
EFFECT TO GOL SECTION 5-1401).

        5.8 SEVERABILITY. If any one or more of the provisions contained herein,
or the application thereof in any circumstance, is held invalid, illegal or
unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions hereof shall not be in any way impaired, unless the provisions held
invalid, illegal or unenforceable shall substantially impair the benefits of the
remaining provisions hereof.

                                        7
<PAGE>   8

        5.9 CERTAIN EXPENSES. The Company will pay all expenses of the Purchaser
(including fees, charges and disbursements of counsel) in connection with this
Amendment.

        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered by their respective officers hereunto duly authorized as
of the date first above written.

                                        MERCURY AIR GROUP, INC.

                                        By:
                                           -------------------------------------
                                            Name:
                                            Title:

                                        J.H. WHITNEY MEZZANINE FUND, L.P.

                                        By: Whitney GP, L.L.C.

                                        By:
                                           -------------------------------------
                                            Name:
                                            Title: A Managing Member

                     [SIGNATURE PAGE TO AMENDMENT AGREEMENT]

                                        8<PAGE>   1
                                                                   EXHIBIT 10.38

                                FOURTH AMENDMENT

        This FOURTH AMENDMENT dated as of November 14, 2000 (this "Amendment"),
is made by and among (a) MERCURY AIR GROUP INC., a New York corporation (the
"Borrower"), having its principal place of business at 5456 McConnell Avenue,
Los Angeles, California 90066, (b) the direct and indirect Subsidiaries of the
Borrower listed as Guarantors on the signature pages hereto (the "Guarantors"),
(c) FLEET NATIONAL BANK (formerly known as BankBoston, N.A.), a national banking
association, as agent (in such capacity the "Agent") for the Banks referred to
below; and (d) FLEET NATIONAL BANK and the other financial institutions from
time to time parties to the Credit Agreement referred to below (collectively,
the "Banks"). Terms defined in the Credit Agreement referred to below that are
not otherwise defined herein shall have the respective meanings assigned to such
terms in the Credit Agreement.

        WHEREAS, the Borrower, the Banks and the Agent are parties to that
certain Revolving Credit and Term Loan Agreement dated as of March 2, 1999 (as
amended, modified, supplemented or restated and in effect from time to time, the
"Credit Agreement"); and

        WHEREAS, the Borrower has requested that the Credit Agreement be amended
in order to provide, among other things, that (i) following a Permitted
Acquisition certain financial covenants be calculated on a Pro Forma Basis, (ii)
usage of the revolving credit facility be measured against a borrowing base, and
(iii) the compliance levels of certain financial covenants be adjusted; and

        WHEREAS, the Agent and the Banks have agreed, subject to the terms and
conditions set forth in this Amendment, to an amendment to provide for such
changes;

        NOW, THEREFORE, in consideration of the mutual agreements contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

        SECTION 1. AMENDMENTS TO THE CREDIT AGREEMENT. Subject to the
satisfaction of the conditions set forth in Section 4 below, the Credit
Agreement is hereby amended as follows:

        (a) Amendment to Definitions. Section 1.1 of the Credit Agreement is
hereby amended by inserting therein the following new definitions in the
appropriate place in the alphabetical order:

            "Accounts Receivable. All rights of the Borrower or any of its
        Domestic Subsidiaries to payment for goods sold, leased or otherwise
        marketed in the ordinary course of business and all rights of the
        Borrower or

<PAGE>   2
                                       -2-

        any of its Domestic Subsidiaries to payment for services rendered in the
        ordinary course of business and all sums of money or other proceeds due
        thereon pursuant to transactions with account debtors, as recorded on
        books of account in accordance with generally accepted accounting
        principles; provided that upon the occurrence of the Upgrade Date there
        shall be excluded from Accounts Receivable that portion of the sum of
        money or other proceeds due thereon that relate to sales, use or
        property taxes in conjunction with such transactions."

            "Borrowing Base. At the relevant time of reference thereto, an
        amount determined by the Agent by reference to the most recent Borrowing
        Base Report delivered to the Banks and the Agent pursuant to Section
        12.4(k), which is equal to:

                (a) eighty percent (80%) of Eligible Accounts Receivable for
            which invoices (on the Borrower's or the applicable Domestic
            Subsidiary's standard payment terms) have been issued and are
            payable; minus

                (b) the Tax Reserve then in effect."

            "Borrowing Base Report. A Borrowing Base Report signed by the chief
        financial officer of the Borrower and in substantially the form of
        Exhibit E hereto."

            "Eligible Accounts Receivable. The aggregate of the unpaid portions
        of Accounts Receivable (net of any credits, rebates, offsets, holdbacks
        or other adjustments or commissions payable to third parties that are
        adjustments to such Accounts Receivable) (i) that the Borrower
        reasonably and in good faith determines to be collectible unless the
        Agent determines in its discretion that any such Account Receivable is
        not collectible; provided that if determined not to be collectible, such
        Accounts Receivable may be included to the extent insured by insurance
        naming the Agent as loss payee; (ii) that are with account debtors or
        other obligors that (A) are not Affiliates of the Borrower or any of its
        Subsidiaries, (B) purchased the goods or services giving rise to the
        relevant Account Receivable in an arm's length transaction, (C) are not
        insolvent or involved in any case or proceeding, whether voluntary or
        involuntary, under any bankruptcy, reorganization, arrangement,
        insolvency, adjustment of debt, dissolution, liquidation or similar law
        of any jurisdiction and (D) are, in the Agent's reasonable judgment,
        creditworthy; (iii) that are in payment of obligations that have been
        fully performed, do not consist of progress billings or bill and hold
        invoices and are not subject to dispute or any other similar claims that
        would reduce the cash amount payable therefor; (iv) that are not subject
        to any pledge, restriction, security interest or other lien or
        encumbrance other than those created by the Loan Documents; (v) in which
        the Agent has a valid and perfected first priority security interest;
        (vi) that are not outstanding for more than thirty (30) days past the
        date payment thereof is due as set forth on the respective original

<PAGE>   3
                                       -3-

        invoices therefor; (vii) that are not due from an account debtor or
        other obligor located in Minnesota unless the Borrower or the applicable
        Domestic Subsidiary to whom such Account Receivable is owing (A) has
        received a certificate of authority to do business and is in good
        standing in such state or (B) has filed a notice of business activities
        report with the appropriate office or agency of such state for the
        current year; (viii) that are not due from any single account debtor or
        other obligor if more than twenty percent (20%) of the aggregate amount
        of all Accounts Receivable owing from such account debtor or other
        obligor are outstanding for more than sixty (60) days past the date
        payment thereof is due as set forth on the respective original invoices
        therefor; (ix) that are payable in Dollars; and (x) that are not secured
        by a letter of credit unless the Agent has a prior, perfected security
        interest in such letter of credit."

            "Tax Reserve. At any time of reference, an amount (not less than
        zero) equal to the net liability account for sales, use and property
        taxes in respect of goods sold, leased or otherwise marketed and
        services rendered by the Borrower and its Domestic Subsidiaries, as
        recorded on the books of account of the Borrower and its Domestic
        Subsidiaries in accordance with generally accepted accounting
        principles; provided that upon occurrence of the Upgrade Date the Tax
        Reserve shall be deemed to be reduced to zero."

            "Upgrade Date. The date of implementation (as a fully operational,
        tested and accepted system) by the Borrower and its Domestic
        Subsidiaries of a computer information processing system capable of
        accurately determining the portion of Accounts Receivable corresponding
        to sales, use or property taxes in respect of the transactions giving
        rise to such Accounts Receivable."

        (b) Amendment to Definition of Pro Forma Basis. The definition of the
term Pro Forma Basis is hereby amended by deleting such definition in its
entirety and by replacing it with the following new definition:

            "Pro Forma Basis. In connection with any proposed Permitted
        Acquisition, Pro Forma Basis shall mean that the calculation of
        compliance with the financial covenants set forth in Section 14 hereof
        by the Borrower and its Subsidiaries (including the Person or asset(s)
        to be acquired) shall be made by combining the audited historical
        financial results of such Person for the Test Period ending immediately
        prior to the date of such proposed Permitted Acquisition with the
        audited historical financial results of the Borrower and its
        Subsidiaries for such Test Period as if such Permitted Acquisition
        occurred on the first day of such Test Period, adjusted in the manner
        described in (i), (ii) and (iii) below. Following a Permitted
        Acquisition, Pro Forma Basis shall mean that the calculation of
        compliance with the financial covenants set forth in Section 14 hereof
        for the fiscal quarter in which such Permitted Acquisition occurred and
        each of the three fiscal quarters immediately following such Permitted
        Acquisition shall be made by combining the audited historical financial
        results of such Person for the portion of the applicable Test Period
        occurring prior to the date of such

<PAGE>   4
                                       -4-

        Permitted Acquisition with the audited historical financial results of
        the Borrower and its Subsidiaries for such portion of such Test Period
        as if to such Permitted Acquisition occurred on the first day of such
        Test Period, adjusted in the manner described in (i), (ii) and (iii)
        below. In each case, in the event that no audited historical financial
        results are available or in the event that such Permitted Acquisition is
        an asset acquisition, such calculations shall be made with reference to
        such management certified financial results of such Person (or the
        financial results attributable to such assets) and of the Borrower and
        its Subsidiaries as shall be reasonably acceptable to the Agent. The
        following adjustments to such combined financial results shall be made:

                      (i) all Indebtedness (whether under this Credit Agreement
               or otherwise) and any other balance sheet adjustments incurred or
               made in connection with the Permitted Acquisition shall be deemed
               to have been incurred or made on the first day of the Test
               Period, and all Indebtedness of the Person acquired or to be
               acquired in such Permitted Acquisition which was or will have
               been repaid in connection with the consummation of the Permitted
               Acquisition shall be deemed to have been repaid concurrently with
               the incurrence of the Indebtedness incurred in connection with
               the Permitted Acquisition;

                      (ii) all Indebtedness assumed to have been incurred
               pursuant to the preceding clause (i) shall be deemed to have
               borne interest at the sum of (a) the arithmetic mean of (x) the
               Eurodollar Rate for Eurodollar Rate Loans having an Interest
               Period of one month in effect on the first day of the Test Period
               and (y) the Eurodollar Rate for Eurodollar Rate Loans having an
               Interest Period of one month in effect on the last day of the
               Test Period plus (b) the Applicable Margin then in effect; and

                      (iii) other reasonable cost savings, expenses and other
               income statement or operating statement adjustments which are
               attributable to the change in ownership and/or management
               resulting from such Permitted Acquisition as may be approved by
               the Agent in writing (which approval shall not be unreasonably
               withheld) shall be deemed to have been realized on the first day
               of the Test Period.

        Notwithstanding and in lieu of the forgoing, after giving effect to the
        Borrower's acquisitions of fixed based operators in Birmingham, AL,
        Tulsa, OK and Fort Wayne, IN, Consolidated EBITDA on a Pro Forma Basis
        for the period of four fiscal quarters ending on each of the dates set
        forth in the table below, for purposes of the Leverage Ratio (for
        purposes of Section 14.1), the Senior Debt Ratio (for purposes of
        Section 14.2), and Consolidating Operating Cash Flow (for purposes of
        Section 14.3), shall be the actual Consolidated EBITDA of the Borrower
        and its Subsidiaries for such period plus the amount set forth opposite
        such date in such table; provided that any other calculations of
        compliance with the financial covenants set forth in Section 14 (or
        components

<PAGE>   5
                                       -5-

        thereof) on a Pro Forma Basis shall be determined in accordance with the
        foregoing definition:

<TABLE>
<CAPTION>
                Four Fiscal Quarters Ending                Consolidated EBITDA Increase
                ---------------------------                ----------------------------
                <S>                                        <C>
                    September 30, 2000                              $2,000,000
                     December 31, 2000                              $1,350,000
                      March 31, 2001                                 $700,000
                       June 30, 2001                                 $217,000"
</TABLE>

        (c) Amendment to Definition of Applicable Margin. The definition of the
term Applicable Margin is hereby amended by deleting the table set forth in such
definition in its entirety and by replacing it with the following new table:

<TABLE>
<CAPTION>
                                                     BASE
                                                     RATE       EURODOLLAR RATE
    "LEVEL               SENIOR DEBT RATIO           LOANS           LOANS
    ------         ------------------------------    -----      ---------------
    <S>            <C>                               <C>        <C>
    I              > 2.75:1.00                       0.50%           2.75%
                   -
    II             >  2.25:1.00  and  less  than     0.25%           2.50%
                   -
                   2.75:1.00
    III            >  1.75:1.00  and  less  than     0.00%           2.00%
                   -
                   2.25:1.00
    IV             >  1.25:1.00  and  less  than     0.00%           1.50%
                   -
                   1.75:1.00
    V              < 1.25:1.00                       0.00%           1.25%"
</TABLE>

        (d) Amendment to Section 2.1. Section 2.1 of the Credit Agreement is
hereby amended by deleting the first sentence thereof in its entirety and
replacing it with the following sentence:

        "Subject to the terms and conditions set forth in this Credit Agreement,
        each of the Banks severally agrees to lend to the Borrower and the
        Borrower may borrow, repay and reborrow from time to time between the
        Closing Date and the Maturity Date upon notice by the Borrower to the
        Agent given in accordance with Section 2.6, such sums as are requested
        by the Borrower up to a maximum aggregate amount outstanding (after
        giving effect to all amounts requested) at any one time equal to such
        Bank's Revolving Credit Commitment minus such Bank's Revolving Credit
        Commitment Percentage of the sum of (i) the Maximum Drawing Amount, (ii)
        all Unpaid Reimbursement Obligations and (iii) the aggregate principal
        amount of all

<PAGE>   6
                                       -6-

        Swing Line Loans; provided that the sum of the outstanding amount of the
        Revolving Credit Loans (after giving effect to all amounts requested)
        plus the Maximum Drawing Amount, all Unpaid Reimbursement Obligations
        and the aggregate principal amount of all Swing Line Loans shall not at
        any time exceed the lesser of (x) Total Revolving Credit Commitment and
        (y) the Borrowing Base."

        (e) Insertion of New Section 2.10. The Credit Agreement is hereby
amended by inserting the following new Section 2.10 immediately after Section
2.9 thereof:

               "2.10. CHANGE IN BORROWING BASE. The Borrowing Base shall be
        determined monthly (or at such other interval as may be specified
        pursuant to Section 12.4(k)) by the Agent by reference to the Borrowing
        Base Report delivered to the Banks and the Agent pursuant to Section
        12.4(k)."

        (f) Amendment to Section 3.2. Section 3.2 of the Credit Agreement is
hereby amended by deleting the first sentence thereof in its entirety and
replacing it with the following sentence:

        "If at any time the sum of the outstanding principal amount of the
        Revolving Credit Loans, the outstanding principal amount of the Swing
        Line Loans, the Maximum Drawing Amount and all Unpaid Reimbursement
        Obligations exceeds the lesser of (x) the Total Revolving Credit
        Commitment and (y) the Borrowing Base, then the Borrower shall
        immediately pay the amount of such excess to the Agent for the
        respective accounts of the Banks for application: first, to any Unpaid
        Reimbursement Obligations; second, to the Swing Line Loans; third, to
        the Revolving Credit Loans; and fourth, to provide to the Agent cash
        collateral for Reimbursement Obligations as contemplated by Section
        5.2(b) and (c)."

        (g) Amendment to Section 5.1.1. Section 5.1.1 of the Credit Agreement is
hereby amended by deleting the proviso at the end of the first sentence thereof
in its entirety and replacing it with the following proviso:

        "provided, however, that, after giving effect to such request, at no
        time shall (a) the sum of the aggregate Maximum Drawing Amount and all
        Unpaid Reimbursement Obligations exceed the Letter of Credit Limit in
        effect at such time, and (b) the sum of (i) the Maximum Drawing Amount
        on all Letters of Credit, (ii) all Unpaid Reimbursement Obligations,
        (iii) the amount of all Swing Line Loans outstanding, and (iv) the
        amount of all Revolving Credit Loans outstanding exceed the lesser of
        (x) Total Revolving Credit Commitment and (y) the Borrowing Base."

        (h) Amendment to Section 6.1. Section 6.1 of the Credit Agreement is
hereby amended by inserting the following new sentence at the end of such
section:

       "No amounts repaid or prepaid with respect to the Acquisition Loans may
       be reborrowed, and upon each repayment or prepayment of the Acquisition

<PAGE>   7
                                       -7-

       Loans, the Total Acquisition Loan Commitment shall be automatically
       reduced by the amount of such prepayment or repayment."

        (i) Amendment to Section 12.4. Section 12.4 of the Credit Agreement is
hereby amended by replacing the period at the end of subsection (j) thereof with
a semicolon and the word "and" and by inserting immediately thereafter the
following new subsection:

               "(k) within twenty-five (25) days after the end of each calendar
        month or at such earlier time as the Agent may reasonably request, a
        Borrowing Base Report setting forth the Borrowing Base as at the end of
        such calendar month or other date so requested by the Agent."

        (j) Insertion of New Section 12.9.5. The Credit Agreement is hereby
amended by inserting the following new Section 12.9.5 immediately after Section
12.9.4 thereof:

               "12.9.5. COLLATERAL REPORTS. No more frequently than two (2)
        times during each calendar year, or more frequently as determined by the
        Agent if an Event of Default shall have occurred and be continuing, upon
        the request of the Agent, the Borrower will obtain and deliver to the
        Agent, or, if the Agent so elects, will cooperate with the Agent in the
        Agent's obtaining, a report of an independent collateral auditor
        satisfactory to the Agent (which may be affiliated with one of the
        Banks) with respect to the Accounts Receivable included in the Borrowing
        Base, which report shall indicate whether or not the information set
        forth in the Borrowing Base Report most recently delivered is accurate
        and complete in all material respects based upon a review by such
        auditors of the Accounts Receivable (including verification with respect
        to the amount, aging, identity and credit of the respective account
        debtors and the billing practices of the Borrower or its applicable
        Subsidiary). All such collateral value reports shall be conducted and
        made at the expense of the Borrower."

        (k) Amendment to Section 14.1. Section 14.1 of the Credit Agreement is
hereby amended by deleting the table set forth therein in its entirety and by
replacing it with the following new table and text:

<TABLE>
<CAPTION>
                       "Fiscal Quarter Ending                           Ratio
                    -----------------------------                       -----
                    <S>                                             <C>
                      Closing Date -- 6/29/2000                     4.00 to 1.00
                        6/30/2000 -- 9/29/2000                      3.75 to 1.00
                        9/30/2000 -- 6/29/2001                      3.65 to 1.00
                        6/30/2001 -- 6/29/2002                      3.50 to 1.00
                    6/30/2002 and for each fiscal                   3.25 to 1.00
                      quarter ending thereafter
</TABLE>

<PAGE>   8
                                       -8-

        To the extent a Permitted Acquisition has occurred during any period of
        four consecutive fiscal quarters being tested in the foregoing covenant,
        the calculation of compliance with such covenant will be determined on a
        Pro Forma Basis."

        (l) Amendment to Section 14.2. Section 14.2 of the Credit Agreement is
hereby amended by deleting the table set forth therein in its entirety and by
replacing it with the following new table and text:

<TABLE>
<CAPTION>
                   "Fiscal Quarter Ending                           Ratio
               -----------------------------                        -----
               <S>                                              <C>
                  Closing Date -- 6/29/2000                     3.25 to 1.00
                   6/30/2000 -- 9/29/2000                       3.00 to 1.00
                   9/30/2000 -- 6/29/2002                       2.75 to 1.00
                   6/30/2002 -- 6/29/2003                       2.65 to 1.00
               6/30/2003 and for each fiscal                    2.50 to 1.00
                 quarter ending thereafter
</TABLE>

        To the extent a Permitted Acquisition has occurred during any period of
        four consecutive fiscal quarters being tested in the foregoing covenant,
        the calculation of compliance with such covenant will be determined on a
        Pro Forma Basis."

        (m) Amendment to Section 14.3. Section 14.3 of the Credit Agreement is
hereby amended by deleting the table set forth therein it its entirety and by
replacing it with the following new table and text:

<TABLE>
<CAPTION>
                   "Fiscal Quarter Ending                           Ratio
                -----------------------------                       -----
                <S>                                             <C>
                  Closing Date -- 9/29/2000                     1.25 to 1.00
                9/30/2000 and for each fiscal                   1.30 to 1.00
                  quarter ending thereafter
</TABLE>

        To the extent a Permitted Acquisition has occurred during any period of
        four consecutive fiscal quarters being tested in the foregoing covenant,
        the calculation of compliance with such covenant will be determined on a
        Pro Forma Basis."

        (n) Deletion of Section 14.5. Section 14.5 of the Credit Agreement is
hereby deleted in its entirety and replaced with the words "[Intentionally
Omitted]".

        (o) Insertion of New Section 16.6. The Credit Agreement is hereby
amended by inserting the following new Section 16.6 immediately after Section
16.5 thereof:

<PAGE>   9
                                       -9-

               "16.6. BORROWING BASE REPORT. The Agent shall have received the
        most recent Borrowing Base Report required to be delivered to the Agent
        in accordance with Section 12.4(k) and, if requested by the Agent, a
        Borrowing Base Report dated within five (5) days of the Drawdown Date of
        such Loan or of the date of issuance, extension or renewal of such
        Letter of Credit."

        (p) Amendment to Exhibits. The Credit Agreement is hereby amended by
attaching as Exhibit E thereto the form of Borrowing Base Certificate attached
to this Amendment as Exhibit E.

        SECTION 2. GUARANTORS' CONSENT. Each of the Guarantors hereby consents
to the amendments to the Credit Agreement set forth in this Amendment, and each
confirms its obligation to the Agent and the Banks under its Guaranty and agrees
that its guaranty of the Obligations thereunder shall extend to and include the
Credit Agreement as amended by this Amendment.

        SECTION 3. REPRESENTATIONS, WARRANTIES AND COVENANTS; NO DEFAULT;
AUTHORIZATION. The Borrower hereby represents, warrants and covenants to the
Agent and the Banks as follows:

        (a) each of the representations and warranties of the Borrower contained
in the Credit Agreement was true as of the date as of which it was made and is
true as and at the date of this Amendment, and after giving effect to this
Amendment and the amendment and waiver of the WMF Purchase Agreement referred to
in Section 4 below, no Default or Event of Default has occurred and is
continuing;

        (b) this Amendment has been duly authorized, executed and delivered by
each of the Borrowers and Guarantors and is in full force and effect; and

        (c) upon the execution and delivery of this Amendment by the respective
parties hereto, this Amendment shall constitute the legal, valid and binding
obligation of the Borrowers and the Guarantors, enforceable in accordance with
its terms, except that the enforceability thereof may be subject to any
applicable bankruptcy, reorganization, insolvency or other laws affecting
creditors' rights generally.

        SECTION 4. CONDITIONS TO EFFECTIVENESS. The effectiveness of this
Amendment shall be subject to the satisfaction of the following conditions
precedent:

        (a) This Amendment shall have been duly executed and delivered by the
Borrower, each Guarantor, the Agent and each Bank and shall be in full force and
effect.

        (b) The receipt by the Agent of a certified copy of a duly executed
amendment and waiver to that certain Securities Purchase Agreement (the "WMF
Purchase Agreement") dated as of September 10, 1999, between the Borrower and
WMF, whereby WMF agrees to (i) amend Section 9.8 of the WMF Purchase Agreement,
and (ii) waive noncompliance (if any) by the Borrower with certain financial

<PAGE>   10
                                      -10-

covenants contained in Section 9.8 of the WMF Purchase Agreement, in each case
in form and substance satisfactory to the Agent. The Agent shall have received
evidence satisfactory to it that all conditions to the effectiveness of such
amendment and waiver shall have been satisfied.

        SECTION 5. INITIAL BORROWING BASE REPORT. The Borrower covenants and
agrees that it shall deliver an initial Borrowing Base Report as at the end of
the immediately preceding month to the Agent and the Banks no later than the
earlier to occur of (i) November 30, 2000, or (ii) five (5) days prior to the
Drawdown Date of any Revolving Credit Loan or Letter of Credit requested
hereunder.

        SECTION 6. RATIFICATION, ETC. Except as expressly amended hereby, the
Credit Agreement and all documents, instruments and agreements related thereto
are hereby ratified and confirmed in all respects. All references in the Credit
Agreement or any related agreement or instrument to the Credit Agreement shall
hereafter refer to the Credit Agreement as amended hereby.

        SECTION 7. NO IMPLIED WAIVER. Nothing contained herein shall constitute
a waiver of, impair or otherwise affect any Obligations, any other obligations
of any of the Borrowers or Guarantors or any right of the Agent or any Bank
consequent thereon.

        SECTION 8. COUNTERPARTS. This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original but which together shall
constitute one and the same instrument.

        SECTION 9. GOVERNING LAW. THIS AMENDMENT SHALL FOR ALL PURPOSES BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF
MASSACHUSETTS (WITHOUT REFERENCE TO CONFLICTS OF LAW).

<PAGE>   11
                                      -11-

        IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as
a sealed instrument as of the date first above written.

                      Borrower:      MERCURY AIR GROUP, INC.

                                     By:
                                        ----------------------------------------
                                     Name:
                                     Title:

                      Guarantors:    MAYTAG AIRCRAFT CORPORATION

                                     By:
                                        ----------------------------------------
                                         Name:
                                         Title:

                                     MERCURY AIR CARGO, INC.

                                     By:
                                        ----------------------------------------
                                         Name:
                                         Title:

                                     MERCURY ACCEPTANCE
                                     CORPORATION

                                     By:
                                        ----------------------------------------
                                         Name:
                                         Title:

                                     EXCEL CARGO, INC.

                                     By:
                                        ----------------------------------------
                                         Name:
                                         Title:

<PAGE>   12
                                      -12-

                                     MERCURY AIR CENTERS, INC.
                                     (f/k/a Wofford Flying Service, Inc.)

                                     By:
                                        ----------------------------------------
                                         Name:
                                         Title:

                                     AEG FINANCE CORPORATION

                                     By:
                                        ----------------------------------------
                                         Name:
                                         Title:

                                     RPA AIRLINE AUTOMATION SERVICES,
                                     INC.(f/k/a Rene Perez and Associates, Inc.)

                                     By:
                                        ----------------------------------------
                                         Name:
                                         Title:

                                     HERMES AVIATION, INC.

                                     By:
                                        ----------------------------------------
                                         Name:
                                         Title:

                                     VULCAN AVIATION, INC.

                                     By:
                                        ----------------------------------------
                                         Name:
                                         Title:

<PAGE>   13
                                      -13-

               Agent and Banks:      FLEET NATIONAL BANK
                                     (f/k/a BankBoston, N.A.),
                                     individually and as Agent

                                     By:
                                        ----------------------------------------
                                     Name:
                                     Title:

                                     SANWA BANK CALIFORNIA

                                     By:
                                        ----------------------------------------
                                     Name:
                                     Title:

                                     MELLON BANK, N.A.

                                     By:
                                        ----------------------------------------
                                     Name:
                                     Title:

                                     UNION BANK OF CALIFORNIA,
                                     N.A.

                                     By:
                                        ----------------------------------------
                                     Name:
                                     Title:

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