Document:

Third Amendment to Third Amended and Restated Loan and Security Agreement

 Exhibit 10.11 
  
 THIRD AMENDMENT TO 
 THIRD AMENDED AND
RESTATED LOAN AND SECURITY AGREEMENT 
  
 This Third Amendment
to Third Amended and Restated Loan and Security Agreement (“Amendment”), dated March 3, 2004 (the “Effective Date”), is entered into among American Builders & Contractors Supply Co., Inc., a Delaware corporation
(the “Borrower”), the financial institutions listed on the signature pages hereof (individually, a “Lender” and collectively, the “Lenders”) and Bank of America, National Association, a national
banking association, in its capacity as administrative agent (in such capacity, the “Agent”). 
  
 Recitals 
  
 A. The Borrower, the Lenders, and the Agent are party to that certain Third Amended and Restated Loan and Security Agreement, dated as of March 21, 2002 (as amended, and as such agreement may be further amended, restated, or otherwise
modified from time to time, the “Loan Agreement”) pursuant to which the Lenders have agreed to make certain loans and extend certain other financial accommodations to the Borrower as provided therein. Terms defined in the Loan
Agreement, where used in this Amendment, shall have the same meanings in this Amendment as are prescribed by the Loan Agreement. 
  
 B. The Borrower, the Agent, and the Lenders desire to modify the Loan Agreement in certain respects, in accordance with the terms and conditions contained
herein. 
  
 NOW, THEREFORE, in consideration of the terms and
conditions contained herein, and of any loans or financial accommodations heretofore, now or hereafter made to or for the benefit of the Borrower by the Lenders, it hereby is agreed as follows: 
  
 AMENDMENT TO LOAN AGREEMENT 
  
 Amendment to Section 2.2 of the Loan Agreement. Effective as of the Effective Date,
the second sentence of Section 2.2 of the Loan Agreement is hereby amended and restated to read in its entirety as follows: 
  
 The aggregate undrawn face amount of outstanding Letters of Credit (a) shall not at any time exceed Forty Million Dollars ($40,000,000) and (b) shall serve to reduce the
amount otherwise available for Revolving Loans. 
 Amendment to Section 8.4 of the Loan Agreement. Effective as of the Effective Date, clause
(e) of Section 8.4 of the Loan Agreement is hereby amended and restated to read in its entirety as follows: 
  
 (e) loans by the Borrower to Subsidiaries that are wholly owned by the Borrower, in an aggregate amount outstanding at any time not exceeding Fifteen Million Dollars
($15,000,000.00), provided that such loans are for the purpose of providing working capital to any such Subsidiary for its use in the ordinary course of business. 
  
 MISCELLANEOUS 
  
 Conditions to Effectiveness. This Amendment, including the amendments and other terms set forth herein, shall become effective as of the Effective Date upon the
satisfaction of each the following conditions precedent, all of which must be satisfied and acceptable in form and substance to the Agent and each of the Lenders in each of their sole discretion. 
  
 Execution and Delivery. This Amendment shall have been executed and delivered by each
of the Borrower and the Lenders, and shall have been acknowledged by the Agent. 
  
 Consent and Agreement of Guarantors. Each of Amcraft Building Products Co., Inc., Mule-Hide Manufacturing Co., Inc., Mule-Hide Products Co., Inc., Seven KH Aviation, LLC, Vande Hey Roof Tile Installation, Inc., and Vande Hey Raleigh
Roof Tile Manufacturing, Inc. shall have executed the Consent and Agreement of Guarantors which is attached to and made a part of this Amendment. 

 Consent and Agreement by Validity Guarantors. Each of Kendra A. Story and Kenneth A. Hendricks shall have executed
the Consent and Agreement by Validity Guarantors which is attached to and made a part of this Amendment. 
  
 Other. The Borrower shall have executed and delivered all other agreements, documents, certifications, or opinions as the Agent may reasonably request in connection with implementation of this Amendment.

  
 Representations, Warranties, and Covenants of the Borrower. The
Borrower hereby represents and warrants that as of the date of this Amendment and after giving effect hereto (a) no event has occurred and is continuing which, after giving effect to this Amendment, constitutes a Default or an Event of Default, (b)
the representations and warranties of the Borrower contained in the Loan Agreement and the other Financing Agreements are true and correct on and as of the date hereof to the same extent as though made on and as of the date hereof, except to the
extent such representations and warranties specifically relate to an earlier date, in which case they are true and correct as of such earlier date, (c) the execution and delivery by the Borrower of this Amendment and the performance by the Borrower
of the Loan Agreement, as amended by this Amendment, are within its corporate power and have been duly authorized by all necessary corporate action, (d) this Amendment and the Loan Agreement, as amended by this Amendment, are legal, valid, and
binding obligations of the Borrower enforceable against the Borrower in accordance with their terms, and (e) the execution and delivery by the Borrower of this Amendment and the performance by the Borrower of the Loan Agreement, as amended by this
Amendment, do not require the consent of any Person and do not contravene the terms of the Borrower’s certificate of incorporation or bylaws or any indenture, agreement, or undertaking to which the Borrower is a party or by which the Borrower
or any of its property is bound. 
  
 Reference to and Effect on the Loan
Agreement. Except as expressly provided herein, the Loan Agreement and all other Financing Agreements shall remain unmodified and in full force and effect and are hereby ratified and confirmed. The execution, delivery, and effectiveness of this
Amendment shall not operate as a waiver or forbearance of (a) any right, power, or remedy of the Lenders under the Loan Agreement or any of the other Financing Agreements or (b) any Default or Event of Default. This Amendment shall constitute a
Financing Agreement. 
  
 Fees, Costs, and Expenses. The Borrower agrees to
pay on demand all costs and expenses of the Agent in connection with the preparation, negotiation, execution and delivery, and closing of this Amendment and all related documentation, including the fees and out-of-pocket expenses of counsel for the
Agent with respect thereto. 
  
 Counterparts. This Amendment may be
executed in any number of counterparts and by different parties hereto as separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, when taken together, shall
constitute but one and the same agreement. A telecopy of any such executed counterpart shall be deemed valid and may be relied upon as an original. 
  
 Effectiveness. This Amendment shall be deemed effective prospectively as of the Effective Date upon execution by the Borrower, the Agent, and the Lenders
(subject, however, to the prior satisfaction of all other conditions for effectiveness as specified by Section 2.1). 
  
 No Oral Agreements. THIS WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first written above.

  

							
	 	 	 	  	BORROWER:
		
	 ATTEST:
	  	 AMERICAN BUILDERS &
 CONTRACTORS SUPPLY CO., INC.

				
	 By:
	 	  

	  	 By:
	 	  

	 Name:
	 	  

	  	 Name:
	 	  

	 Title:
	 	  

	  	 Title:
	 	  

			
	AGENT:
	
	BANK OF AMERICA, NATIONAL ASSOCIATION
		
	By:	 	  

	 	 	Donald A. Mastro
	 	 	Vice President
	
	LENDERS:
	
	BANK OF AMERICA, NATIONAL ASSOCIATION
		
	By:	 	  

	 	 	Donald A. Mastro
	 	 	Vice President
	
	BANK ONE, NA (successor by merger to American National Bank and Trust Company of Chicago
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	LASALLE BUSINESS CREDIT, LLC (successor by merger to LaSalle Business Credit, Inc.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	HARRIS TRUST AND SAVINGS BANK
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	FLEET CAPITAL CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	WASHINGTON MUTUAL BANK
		
	By:	 	  

	Name:	 	  

	Title:	 	  

			
	 U. S. BANK NATIONAL ASSOCIATION

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 FOOTHILL CAPITAL CORPORATION

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 THE CIT GROUP/BUSINESS CREDIT, INC.

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 CONSENT AND AGREEMENT BY GUARANTORS 
  
 Each of the undersigned consents to the foregoing Amendment and each of the undersigned
agrees to the continued effectiveness of the Financing Agreements to which it is a party. All references in each such Financing Agreement to the Loan Agreement shall be deemed to be to the Loan Agreement as amended by the foregoing Amendment and all
prior and subsequent amendments thereof. This Consent and Agreement is executed as of the Effective Date specified in the Amendment. 
  

			
	 AMCRAFT BUILDING PRODUCTS CO., INC.

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 MULE-HIDE MANUFACTURING CO., INC.

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 MULE-HIDE PRODUCTS CO., INC.

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 SEVEN KH AVIATION, LLC

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 VANDE HEY ROOF TILE INSTALLATION, INC.

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	VANDE HEY RALEIGH ROOF TILE MANUFACTURING, INC.
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 CONSENT AND AGREEMENT BY VALIDITY GUARANTORS 
  
 Each of the undersigned consents to the foregoing Amendment and each of the undersigned
agrees to the continued effectiveness of the Validity Certification, executed and delivered by each of the undersigned, respectively, to the Agent for the benefit of the Lenders. All references in each such Validity Certification, respectively, to
the Loan Agreement shall be deemed to be to the Loan Agreement as amended by the foregoing Amendment and all prior and subsequent amendments thereof. This Consent and Agreement is executed as of the Effective Date specified in the Amendment.

  

	
	
 Kenneth A. Hendricks

	
	
 Kendra A. StoryFirst Non-Negotiable Promissory Note

 Exhibit 10.6 
  
 FIRST NON-NEGOTIABLE PROMISSORY NOTE 
  
 $92,948,714 
  
 New York, New York 
 August 15, 2003

  
 ABX Air, Inc., a Delaware corporation (the
“Maker”), for value received, hereby unconditionally promises to pay to Airborne, Inc., a Delaware corporation (the “Holder”), the principal sum of $92,948,714, plus all accrued but unpaid interest thereon, at 12:00
noon New York time on August 15, 2028 (the “Payment Date”), at the offices of DHL Holdings (USA), Inc. (“DHL Holdings”), 1200 South Pine Island Road, Suite 3000, Plantation, FL 33321, or to make such payment as may
otherwise be directed in writing by the Holder from time to time in accordance with the terms of this promissory note (this “Note”). The terms and conditions of this Note are set forth below. 
  
 Terms and Provisions 
  
 Section 1. Payments. All payments to be made by the Maker
hereunder shall be made without set-off or counterclaim, in United States dollars in immediately available funds at the office of DHL Holdings or such other place as may be designated by the Holder in writing from time to time. Whenever any payment
hereunder shall be stated to be due on a day that is not a Business Day (as defined in Section 10), such payment shall be made on the next succeeding Business Day. 
  
 Section 2. Interest. 
  

(a) The Note shall bear interest at a rate of five percent (5%) per annum, payable in cash on each December 1st and June 1st
(each, an “Interest Payment Date”). Interest shall be computed on the basis of a year of 365 days for actual days elapsed and shall be payable from the date hereof on each Interest Payment Date until maturity (whether as stated, by
acceleration or otherwise), on demand in respect of any past due amounts and upon payment in full of this Note on the Payment Date. Interest shall accrue and be paid by the Maker in arrears on each Interest Payment Date until maturity. Anything in
this Note to the contrary notwithstanding, the Holder shall not be permitted to charge or receive, and the Maker shall not be obligated to pay, interest in excess of the maximum rate from time to time permitted by applicable law. 
  
 (b) Any principal, interest or any other amount hereunder which is not paid
when due (whether as stated, by acceleration or otherwise) shall, to the extent permitted by law, thereafter bear interest at a rate of two percent (2%) per annum above the rate described above. 
  
 Section 3. Prepayment. The Maker may at any time and from time
to time, with two (2) Business Days prior written notice to the Holder, prepay in immediately available funds, this Note in whole or in part without premium or penalty; provided that such prepayment is accompanied by the payment of all unpaid
interest accrued to the date of prepayment and any other amounts due under this Note; provided, further, that each partial prepayment shall be in an amount not less than $100,000 or a whole multiple thereof (or, if less, the remaining
outstanding principal amount thereof). Amounts prepaid may not be re-borrowed. 
  

 Section 4. Repayment on a Change of Control. The Maker shall give the Holder written notice
in the event of a Change of Control (as defined below) at or prior to its consummation prior to the Payment Date. Upon receipt of such notice, the Holder shall have 60 days to demand in writing the repayment in full of this Note, plus all accrued
but unpaid interest hereon, and the Maker hereby unconditionally agrees that it shall, on the second (2nd) Business
Day following the receipt of such demand from the Holder, pay to the Holder, in immediately available funds, an amount equal to the entire outstanding principal amount of this Note, plus all accrued but unpaid interest thereon. 
  
 For purposes of this Note, a “Change of Control” means the
occurrence of any of the following: (i) during any period of two (2) consecutive years, individuals who at the beginning of such period constituted the directors of the Maker (together with any new directors whose election by such directors or whose
nomination for election by the stockholders of the Maker was approved by a vote of a majority of the directors of the Maker then still in office who were either directors at the beginning of such period or whose election or nomination for election
was previously so approved), and together with any directors who are affiliates of DHL Worldwide Express B.V. (“DHL”), cease for any reason to constitute a majority of the directors of the Maker then in office, (ii) any merger,
consolidation or other business combination with or into any other entity, or any other similar transaction, whether in a single transaction or series of related transactions where (A) the stockholders of the Maker immediately prior to such
transaction in the aggregate cease to own at least fifty percent (50%) of the voting securities of the entity surviving or resulting from such transaction (or the ultimate parent thereof) (such ownership being based solely on the voting securities
of the Maker owned by such stockholders immediately prior to such event) or (B) any Person (as defined in Section 10) becomes the beneficial owner of more than fifty percent (50%) of the voting securities of the entity surviving or resulting from
such transaction (or the ultimate parent thereof), (iii) any transaction or series of related transactions after which in excess of fifty percent (50%) of the Maker’s voting power is held by any Person or group (within the meaning of Regulation
13D under the Securities Exchange Act of 1934), or (iv) any sale, transfer, lease, assignment, conveyance, exchange, mortgage or other disposition of all or substantially all of the assets, property or business of the Maker, other than (A) in
connection with the granting of any security interest pursuant to the Maker’s senior credit facility (provided, however, that if any secured party takes possession or control of any such pledged asset, a Change of Control shall be
deemed to have occurred) or (B) any transaction in the ordinary course of business involving the sale and leaseback of any aircraft (provided, however, that such transaction does not involve all or substantially all of the Maker’s
aircraft). Notwithstanding the foregoing, a “Change of Control” shall not mean (x) any transaction contemplated by the Merger Agreement dated March 25, 2003, by and among DHL, Atlantis Acquisition Corporation and Airborne, Inc. (the
“Merger Agreement”) or the other Transaction Documents (as defined in the Merger Agreement), (y) any transaction to which DHL, Deutsche Post AG or any of their controlled Affiliates is a party or (z) any transaction which has been
approved in writing by the Holder. 
  

 Section 5. Representations and Warranties. The Maker hereby represents and warrants to the
Holder that (i) the Maker is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, has the full power and authority to make, deliver and perform this Note and its obligations hereunder on the terms
and conditions hereof, (ii) the execution, delivery and performance of this Note have been duly authorized by the Maker, and this Note has been duly executed and delivered on behalf of the Maker, (iii) no consent or authorization of, filing with,
notice to or other act by or in respect of, any Governmental Authority (as defined in Section 10) or any other Person is required in connection with the debt hereunder or with the execution, delivery, performance, validity or enforceability of this
Note, except for consents, authorizations, filings and notices that have been obtained or made and are in full force and effect, (iv) this Note constitutes a legal, valid and binding obligation of the Maker enforceable against it in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law), (v) the execution, delivery and performance of this Note will not violate any requirement of law or any of the applicable articles or certificates of incorporation, bylaws or similar
organizational documents of the Maker or its Subsidiaries and (v) no Event of Default (as defined below) has occurred and is continuing. 
  
 Section 6. Events of Default. If: 
  
 (a) the Maker fails to pay the principal amount in accordance with the terms of this Note; 
  
 (b) the Maker fails to pay any interest on this Note or any fee or any other amount (other than an amount referred to in
clause (a) of this Section 6) payable under this Note, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of thirty (30) days; 
  
 (c) the Maker fails to observe or perform in any material respect any covenant, condition or agreement contained in this
Note, and such defect shall continue for a period of sixty (60) days after notice is given by the Holder to comply with such covenant, condition or agreement; 
  

(d) any representation or warranty made by the Maker in or in connection with this Note or any amendment or modification hereof or waiver hereunder
proves to have been incorrect in any material respect when made and such defect shall continue for a period of sixty (60) days after notice is given by the Holder to comply with such representation or warranty; 
  
 (e) the Maker or any of its Subsidiaries commences any case, proceeding or
other action (i) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to
adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to its debts, or (ii) seeking appointment of a receiver, trustee, custodian or
other similar official for any substantial part of its assets, or the Maker makes a general assignment for the benefit of its creditors; or 
  

 (f) there shall be commenced against the Maker or any of its Subsidiaries any case, proceeding or other
action of a nature referred to in paragraph (e) above which (i) results in the entry of an order for relief for any such adjudication or appointment or (ii) remains undismissed, undischarged or unbonded for a period of sixty (60) days; 

 
 then, and in any such event (each, an “Event of Default”), the Holder
may, by notice of default given to the Maker in writing (including by facsimile transmission), declare any unpaid principal, accrued but unpaid interest and all other amounts payable under this Note to be immediately due and payable without
presentment, demand, protest or other notice of any kind on the part of the Holder. Any cure periods provided for in this Section 6 shall be available from time to time in respect of subsequent failures or deficiencies so long as this Note remains
outstanding. 
  
 Section 7. Ranking. The obligations
of the Maker in respect of this Note shall rank pari passu with all other unsubordinated debt of the Maker. 
  
 Section 8. Covenants. Until the principal of and interest and all other amounts due on this Note have been paid in full, the Maker covenants
and agrees with the Holder that: 
  
 (a) Fundamental
Changes. The Maker will not, and will not permit any of its Subsidiaries to, (i) merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, (ii) sell, transfer, lease or otherwise dispose of
(in one transaction or in a series of transactions) all or substantially all of its equity interests (other than with respect to the Maker) or assets, or all or substantially all of the equity interests or assets of any of its Subsidiaries (in each
case, whether now owned or hereafter acquired), (iii) liquidate or dissolve or (iv) agree to do any of the foregoing; provided, however, that (x) the Maker may enter into or agree to enter into any of the transactions described in
clauses (i) or (ii) above if the surviving entity resulting from such transaction expressly assumes all obligations and liabilities of the Maker under this Note, at which point the surviving entity will become the Maker, and (y) any wholly owned
Subsidiary of the Maker may merge into or consolidate with the Maker or any of the Maker’s other wholly owned Subsidiaries. 
  
 (b) Restricted Payments. The Maker will not, and will not permit any of its Subsidiaries to, declare or make, or agree to declare or make, directly
or indirectly, any dividend or other distribution (whether in cash, securities or other property) with respect to any equity interests in the Maker or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including
any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such equity interests in the Maker or any option, warrant or other right to acquire any such equity interests in
the Maker (each, a “Restricted Payment”); provided that (i) the Maker may declare and pay dividends with respect to its equity interests payable solely in additional shares of its equity securities, (ii) the Maker may make
Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Maker and its Subsidiaries in effect on 
  

 
the date hereof, (iii) so long as no Event of Default shall have occurred and be continuing, the Maker may pay an annual cash dividend on its common stock in
an amount not to exceed $1,000,000 in the aggregate, (iv) any wholly owned Subsidiary of the Maker may make Restricted Payments to the Maker or to any other wholly owned Subsidiary of the Maker and (v) if (A) the ACMI Agreement, dated as of August
15, 2003, by and between the Maker and Airborne, Inc. (the “ACMI Agreement”) expires without renewal pursuant to its terms or is terminated by the Maker following a default by Airborne, Inc. (or its assignee under the ACMI
Agreement) and (B) no Event of Default has occurred and is continuing, then the Maker shall be permitted to make Restricted Payments in an amount not to exceed 50% of its Consolidated Net Income (as defined in Section 10) for any fiscal year;
provided that the Maker shall only be permitted to make Restricted Payments pursuant to this clause (v) if the Consolidated Tangible Net Worth (as defined in Section 10) of the Maker (x) is equal to or greater than $43,853,000 on the date
such Restricted Payment is made and (y) will not fall below $43,853,000 as a result of making such payment. 
  
 (c) Limitations on Asset Sales. The Maker shall not, and shall not permit any of its Subsidiaries to, sell, lease, convey, transfer or otherwise
dispose, whether in a single transaction or a series of related transactions, of any property or asset, including (subject to Section 8(c)) the capital stock of any Subsidiary (any such event, an “Asset Sale”), unless the
consideration received from such Asset Sale is at least equal to the fair market value of the property, asset or capital stock sold as determined in good faith (taking into account any assumption of indebtedness in connection with such disposition,
if any) by resolution of the Board of Directors of the Maker; provided, however, that a board resolution shall not be required for any bona fide arm’s-length (i) Asset Sale made in the ordinary course of business consistent with
past practice, (ii) sale-leaseback transaction or (iii) Asset Sale involving aggregate consideration of less than $10,000,000. 
  
 (d) Transactions with Affiliates. The Maker will not, and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any
property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, in each case involving $1,000,000 or more, any of its Affiliates (as defined in Section 10), except (i)
in the ordinary course of business at prices and on terms and conditions not less favorable to the Maker or such of its Subsidiaries, as the case may be, than would be obtained in an arm’s-length basis transaction with a Person who is not an
Affiliate, (ii) transactions between or among the Maker and its Subsidiaries and (iii) any Restricted Payment permitted by clause (b) of this Section 8. 
  
 (e) Notices. The Maker hereby covenants that so long as any principal, interest or other amount remains outstanding and unpaid under this Note, the
Maker shall notify the Holder promptly (and in any event, within three business days) upon the occurrence of any Event of Default of which it has knowledge. 
  
 (f) Financial Statements. The Maker shall furnish to the Holder: 
  
 (i) as soon as available, but in any event not later that ninety (90) days after the end of each fiscal year of the Maker, a
copy of the audited consolidated balance sheet of the Maker and its consolidated Subsidiaries as at the end of such year and the related audited 
  

 consolidated statements of income and of cash flows for such year prepared in accordance with GAAP, setting forth in each
case in comparative form the figures for the previous year and certified by an independent certified public accountants of nationally recognized standing; and 
  

(ii) as soon as available, but in any event not later than forty-five (45) days after the end of each of the first three quarterly periods of each
fiscal year of the Maker, the unaudited consolidated balance sheet of the Maker and its consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of income and of cash flows for such quarter and the
portion of the fiscal year through the end of such quarter prepared in accordance with GAAP, setting forth in each case in comparative form the figures for the previous year, certified by the chief executive officer, president or chief financial
officer of the Maker, but in any event, with respect to financial matters, the chief financial officer of the Maker (each a “Responsible Officer”) as being fairly stated in all material respects (subject to normal year-end audit
adjustments); provided, however, that no such certification shall be required with respect to any such period for which the Maker is required to file such financial statements pursuant to the Securities Exchange Act of 1934, as
amended. 
  
 (g) Certificates; Other Information. The Maker
shall furnish to the Holder: 
  
 (i) concurrently with the
delivery of the financial statements referred to in clause (f)(i) of this Section 8, a certificate of the independent certified public accountants reporting on such financial statements stating that in making the examination necessary therefor no
knowledge was obtained of any Default or Event of Default, except as specified in such certificate; provided, however, that no such certification shall be required with respect to any such period for which the Maker is required to file
such financial statements pursuant to the Securities Exchange Act of 1934, as amended; 
  
 (ii) concurrently with the delivery of any financial statements pursuant to clause (f) of this Section 8, a certificate of a Responsible Officer stating that, to the best of such Responsible Officer’s knowledge,
the Maker during such period has observed or performed in all material respects all of its covenants and other agreements, and satisfied in all material respects every condition contained in this Note to be observed, performed or satisfied by it,
and that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate; and 
  
 (iii) promptly, such additional financial and other information as the Holder may from time to time reasonably request. 
  
 Section 9. Fees and Expenses. The Maker agrees to pay all of
the Holder’s reasonable costs and out-of-pocket expenses (including fees and disbursements of counsel) arising in connection with the enforcement of, and preservation of rights under, this Note; provided, however, in connection
with any legal action, Holder shall not be entitled to such costs or expenses if Holder does not prevail. The Maker agrees to indemnify the Holder for, and to hold the Holder harmless from, any loss or expense which the Holder may sustain or incur
as a consequence of default by the Maker in payment of any principal of or interest or any other amount on this Note. 
  

 Section 10. Definitions. As used in this Note, the following terms shall have the following
meanings: 
  
 “Affiliates” means, with respect
to any specified Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with, such specified Person. For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 
  
 “Business Day” means any day other than a Saturday or Sunday or a day on which national banking institutions in the city of New York, New
York are authorized or obligated by law or executive order to be closed. 
  
 “Consolidated Net Income” means, for any period, the aggregate of the net income (or loss) of the Maker and its Subsidiaries for such period, on a consolidated basis, determined in accordance with
GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of the Maker or is merged into or consolidated with the Maker or any of its Subsidiaries, (b) the income
(or deficit) of any Person (other than a Subsidiary of the Maker) in which the Maker or any of its Subsidiaries has an ownership interest, except to the extent that any such income is actually received by the Maker or such Subsidiary in the form of
dividends or similar distributions, (c) the undistributed earnings of any Subsidiary of the Maker to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any
contractual obligation or requirement of law applicable to such Subsidiary and (d) the income arising out of sale and leaseback transactions. 
  
 “Consolidated Net Worth” means, as to any Person and its Subsidiaries, the sum of its capital stock, capital in excess of par or stated
value of shares of its capital stock, retained earnings (or accumulated deficit) and any other account which, in accordance with GAAP, constitutes stockholders equity, excluding any treasury stock. 
  
 “Consolidated Tangible Net Worth” means, as to any Person,
the Consolidated Net Worth of such Person and its Subsidiaries less the amount of all intangible items, including, without limitation, goodwill, franchises, licenses, patents, trademarks, trade names, copyrights, service marks, brand names,
write-ups of assets and any unallocated excess costs of investments in Subsidiaries over equity in underlying net assets at dates of acquisition, all determined in accordance with GAAP. 
  
 “GAAP” means generally accepted accounting principles in the United States of America as in effect from
time to time. 
  

 “Governmental Authority” means any foreign, federal, state, provincial or local
government or any agency, authority, subdivision or instrumentality of any of the foregoing, including any court, tribunal, department, bureau, commission or board, or any quasi-governmental or private body exercising any regulatory, taxing,
inspecting or other governmental authority. 
  
 “Legal
Requirement” means any statute, ordinance, code, law, rule, regulation, order or other requirement, standard or procedure enacted, adopted or applied by any Governmental Authority (including judicial decisions applying common law or
interpreting any other Legal Requirement) applicable to a Person, its business and its operations. 
  
 “Person” means a natural person, corporation, partnership, limited partnership, limited liability company, trust or unincorporated
organization or similar entity, or a Governmental Authority. 
  
 “Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including share capital. 
  
 “Subsidiary” means, with respect to any Person, another Person (i) of which greater than fifty percent
(50%) of the capital stock, voting securities, other ownership or equity interests having voting power under ordinary circumstances to elect directors or similar members of the governing body of such corporation or other entity (or, if there are no
such voting interests, greater than fifty percent (50%) of the equity interests) are owned or controlled, directly or indirectly, by such first Person or (ii) of which such first Person is a general partner or similar controlling member or otherwise
has the ability to designate a majority of the members of the board of directors or other controlling body thereof. 
  
 Section 11. Governing Law; Venue. This Note shall be governed by and construed and enforced in accordance with the laws of the State of New
York. Each of the parties hereto irrevocably and unconditionally (i) agrees to be subject to, and hereby consents and submits to, the exclusive jurisdiction of the United States District Court for the Southern District Court of New York located in
the borough of Manhattan in the City of New York, or if such court does not have jurisdiction, the Supreme Court of the State of New York, New York County, for the purposes of any suit, action or other proceeding arising out of this Note or any of
the transactions contemplated hereby, (ii) agrees not to commence any legal proceedings related hereto except in such courts, (iii) to the extent such party is not otherwise subject to service of process in the State of New York, appoints The
Corporation Trust Company, as such party’s agent in the State of New York for acceptance of legal process, (iv) agrees that service made on any such agent set forth in (iii) above shall have the same legal force and effect as if served upon
such party personally within such state and (v) 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 specified by law. 

 

 Section 12. Successors and Assigns; Assignment. This Note shall inure to the benefit of,
and be binding upon, the Holder and the Maker and their respective successors, permitted assigns, heirs, executors and administrators. Except as provided herein, this Note may not be transferred or assigned by either party without the prior written
consent of the of the other party; provided that the Holder may transfer and assign this Note to DHL or any of DHL’s controlled Affiliates without the Maker’s prior consent. 
  
 Section 13. Entire Agreement. This Note and the other documents
delivered pursuant hereto constitute the full and entire understanding and agreement between the Holder and the Maker with regard to the subjects hereof. 
  
 Section 14. Severability. In case any provision of this Note shall be invalid, illegal or unenforceable in any jurisdiction, such provision
shall be ineffective to the extent of such invalidity, illegality or unenforceability without affecting or impairing the validity, legality and enforceability of the remaining provisions hereof, and any such invalidity, illegality or
unenforceability shall not invalidate or render illegal or unenforceable such provision in any other jurisdiction. 
  
 Section 15. Amendment and Waiver. Subject to applicable law, this Note may only be amended pursuant to a written agreement executed by each
of the Maker and either (x) DHL Holdings (USA), Inc. or its successor entity or (y) any subsequent Holder pursuant to Section 12 hereof, and, and no waiver of compliance with any provision or condition of this Note and no consent provided for in
this Note shall be effective unless evidenced by a written instrument executed by each of the Maker and either (A) DHL Holdings (USA), Inc. or its successor entity or (B) any Holder pursuant to Section 12 hereof. No waiver of any term or provision
of this Note shall be construed as a further or continuing waiver of such term or provision or any other term or provision. 
  
 Section 16. Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to any party, upon
any breach, default or noncompliance by another party under this Note, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of or in any
similar breach, default or noncompliance thereafter occurring. 
  
 Section 17. Notices. All notices, requests, claims, demands and other communications under this Note shall be in writing and shall be deemed to have been duly given to the Holder or the Maker if delivered in person or sent by
overnight delivery (providing proof of delivery) to such party at the following addresses (or at such other address for the Holder or the Maker as shall be specified by like notice) on the date of delivery, or if by facsimile, upon confirmation of
receipt: 
  

			
	 If to the Holder:
	  	 Airborne, Inc.
 c/o DHL Holdings (USA),
Inc.
 1200 South Pine Island Road
 Suite 3000
 Plantation, FL 33324

  

			
	 	  	Attention: General Counsel
	 	  	Telephone: 954-888-7140
	 	  	Telecopier: 954-888-7159
		
	 If to the Maker:
	  	 ABX Air, Inc.
 145 Hunter Drive
 Wilmington, Ohio 45177

	 	  	Attention: Joseph C. Hete
	 	  	Telephone: 937-382-5591
	 	  	Telecopier: 937-382-2452
		
	 With a copy (which shall not constitute notice) to:
	  	O’Melveny & Myers LLP
	 	  	400 South Hope Street
	 	  	Los Angeles, CA 90071
	 	  	Attention: C. James Levin, Esq.
	 	  	Telephone: 213-430-6578
	 	  	Telecopier: 213-430-6407

  
 Section 18.
Titles and Subtitles. The titles of the sections and subsections of this Note are for convenience of reference only and are not to be considered in construing this Note. 
  
 Section 19. Mutilated, Destroyed or Missing Notes. If a mutilated Note is surrendered to the Maker or the
Maker receives evidence to its satisfaction of the destruction, loss or theft of this Note, the Maker shall issue a replacement Note. If reasonably required by the Maker, an indemnity bond must be supplied by the Holder that is sufficient in the
reasonable judgment of the Maker to protect the Maker from any loss it may suffer if this Note is replaced. The Maker may charge for any reasonable expenses in replacing the Note. 
  
 Section 20. Waiver of Presentment, Demand and Dishonor. The Maker hereby waives presentment, demand, protest
or other notice or formality of any kind with respect to this Note. 
  
 Section 21. Confidentiality. The Holder covenants and agrees that, except as required by the provisions of any Legal Requirement for which the Holder is obligated, the Holder shall use commercially reasonable efforts
not to disclose any information provided to it hereunder. 
  
 Section 21. Reduction of Principal Amount. The Holder acknowledges that the principal amount set forth in this Note may be reduced pursuant to the terms of the ACMI Agreement. 
  
 [Remainder of page intentionally left blank.] 
  

 IN WITNESS WHEREOF, the Maker has caused this Note to be duly executed and delivered by its duly
authorized officer as of the date first written above. 
  

			
	 ABX AIR, INC.

		
	 By:
	 	  

	 	 	     Name:

	 	 	     Title:

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