Document:

EXECUTION
        VERSION

    

    

    June
      12,
      2007

    

    Macquarie
      Infrastructure Company Inc.

    125
      West
      55th
      Street

    New
      York,
      NY 10019

    

    Attention:
      Peter Stokes

    

    Re:
      Macquarie Infrastructure Company’s acquisition of SJJC Aviation Services, LLC
      .

    

    Ladies
      and Gentlemen:

    

    You
      have
      advised The Governor and Company of the Bank of Ireland (“BOI”)
      and
      Bayerische Landesbank (“BayernLB”,
      and
      together with BOI, the “Lead
      Arrangers”)
      that
      your subsidiary, Macquarie FBO Holdings LLC, a Delaware corporation
      (“MFBO”),
      intends to acquire 100% of the membership interests (the “Acquisition”) in SJJC
      Aviation Services, LLC (“San
      Jose FBO”
or
      “Borrower”).
      

    

    The
      Acquisition will occur pursuant to: 

    

      
        	
                (1)

              	
                the
                  Stock Purchase Agreement dated as of April 16, 2007, as amended
                  as of June
                  12, 2007, (the “Mercury
                  SPA”)
                  by and among MFBO, Mercury Air Centers, Inc. (“Mercury”
                  or “Assignor”),
                  Allied Capital Corporation, Directional Aviation Group, LLC, Kenneth
                  C.
                  Ricci, David Moore and Allied Capital Corporation, as the Seller
                  Representative; 

              

      

      

      
        	
                (2)

              	
                the
                  Purchase Agreement dated as of June 12, 2007 (the “SJJC
                  SPA”)
                  by and among Mercury, the members of San Jose FBO (the “Sellers”) and
                  certain beneficial owners of the Sellers;
                  and,

              

      

      

      
        	
                (3)

              	
                the
                  Assignment and Assumption of the San Jose Purchase Agreement dated
                  as of
                  June 12, 2007 (the “Assignment
                  Agreement”)
                  by and among the Assignor and
                  MFBO.

              

      

    

    

    The
      Mercury SPA, SJJC SPA and Assignment Agreement are together referred to as
      the
“Transaction
      Agreements”.
      

    

    Pursuant
      to the terms of the Transaction Agreements, MFBO will acquire the San Jose
      FBO
      for a total consideration of $151,000,000, subject to changes based on working
      capital and capital expenditure adjustments. 

    

    You
      have
      also advised the Lead Arrangers that you intend to finance a portion of the
      purchase price with a term loan facility of up to $80 million (the “Senior
      Term Loan Facility”).
      100%
      of the net proceeds of the Senior Term Loan Facility will be drawn in a one-time
      borrowing and the proceeds shall be used to pay a portion of the purchase price,
      repay the existing indebtedness of the Borrower and pay any related costs The
      amount of contributed equity capital by MFBO to the Borrower for the Acquisition
      and related costs shall not be less than $76.2 million. In addition, the
      Borrower will execute a $5.0 million working capital facility for undertaking
      specific capital expenditure projects and the issuance of letters of credit
      (the
“Working
      Capital Facility”
and
      together with the Senior Term Loan Facility, the “Senior
      Credit Facilities”).
      MFBO
      will commit to contribute additional equity capital to the Borrower to
      supplement the Working Capital Facility and fund required capital expenditures.
      You have advised us that you estimate that those additional capital
      contributions will amount to approximately $13 million in the aggregate during
      the term of the Senior Credit Facilities. The Acquisition, the financing thereof
      and all related transactions are hereinafter collectively referred to as the
      “Transaction.”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    In
      connection with the foregoing, each Lead Arranger is pleased to advise you
      of
      its commitment to provide up to 50% of the Senior Credit Facilities. BayernLB
      also agrees to act as the sole and exclusive Administrative Agent for the Senior
      Credit Facilities, all upon and subject to the terms and conditions set forth
      in
      this letter agreement and in the Loan Facilities Term Sheet attached as Exhibit
      A hereto and incorporated herein by this reference (the “Term
      Sheet”
and,
      together with this letter agreement, this “Commitment
      Letter”).
      Each
      of the Lead Arrangers is further pleased to advise you of its willingness,
      as a
      lead arranger for the Senior Credit Facilities, to form a syndicate of financial
      institutions and institutional lenders (including the Lead Arrangers)
      (collectively, the “Lenders”)
      in
      consultation with you and with your prior written consent (not to be
      unreasonably withheld) for the Senior Credit Facilities. All capitalized terms
      used and not otherwise defined herein shall have the same meanings as specified
      therefor in the Term Sheet.

    

    The
      commitment of each Lead Arranger hereunder and the undertaking of each Lead
      Arranger to provide the services described herein are subject to (i) the
      satisfaction of each of the conditions precedent specified in the Term Sheet
      in
      a manner reasonably acceptable to such Lead Arranger, and (ii) the negotiation,
      execution and delivery of definitive documentation (the “Credit
      Documentation”)
      for
      the Senior Credit Facilities consistent with the Term Sheet and otherwise
      reasonably satisfactory to such Lead Arranger.

    

    The
      Lead
      Arrangers intend to commence syndication of the Senior Credit Facilities
      promptly upon execution of the Transaction Agreements. You agree to actively
      assist, and following the close of the Acquisition, to cause the Borrower to
      actively assist, the Lead Arrangers in achieving a syndication of the Senior
      Credit Facilities that is satisfactory to the Lead Arrangers and you. Such
      assistance shall include (a) your providing and causing your advisors to provide
      the Lead Arrangers and the other Lenders upon request with all information
      reasonably deemed necessary by the Lead Arrangers to complete syndication,
      including, but not limited to, information and evaluations prepared by you,
      your
      affiliates and your advisors, or on your behalf, relating to the Transaction,
      (b) your assistance in the preparation of an Information Memorandum to be used
      in connection with the syndication of the Senior Credit Facilities, (c) using
      your commercially reasonable efforts to ensure that the syndication efforts
      of
      the Lead Arrangers benefit materially from your existing lending relationships
      and the existing banking relationships of Atlantic Aviation FBO Inc, and (d)
      otherwise assisting the Lead Arrangers in their syndication efforts, including
      by making your officers and advisors and the officers and advisors of Atlantic
      Aviation FBO Inc and, following the closing of the Acquisition, the Borrower,
      available from time to time to attend and make presentations regarding the
      business and prospects of the Borrower at one or more meetings of prospective
      Lenders.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    It
      is
      understood and agreed that the Lead Arrangers will manage and control all
      aspects of the syndication in consultation with you, including decisions as
      to
      the selection of prospective Lenders (with your consent, not to be unreasonably
      withheld or delayed) and any titles offered to proposed Lenders, when
      commitments will be accepted and the final allocations of the commitments among
      the Lenders. It is understood that no Lender participating in the Senior Credit
      Facilities will receive compensation from you in order to obtain its commitment,
      except on the terms contained herein in the Term Sheet.

    

    You
      agree
      that until the earlier of (a) the date on which general syndication of the
      Senior Credit Facilities has been completed and each Lead Arranger has reduced
      its commitment under the Senior Credit Facilities to a maximum final hold of
      $20
      million (“Successful
      Syndication”)
      and
      (b) the date that is 90 calendar days after the launch of syndication (to be
      commenced no later than August 15, 2007), unless otherwise agreed to by the
      Lead
      Arrangers, there shall be no competing issues of debt securities by, or
      commercial bank facilities to, you, or any of your or its respective
      subsidiaries or affiliates for the purpose of acquiring fixed based operations
      (it being understood that competing issues would not include debt securities
      or
      commercial bank facilities currently outstanding). The foregoing sentence shall
      not limit the ability of you or any affiliate to restructure or amend any
      outstanding debt facility (provided that such restructuring, consent or
      amendment does not increase the aggregate amount of loans or commitments
      thereunder), to
      enter
      into debt financing for
      the
      acquisition of Mercury in accordance with the letter agreement between you
      and
      the Lead Arrangers dated April 13, 2007, as amended as of the date hereof,
      and
      as it may be further amended or modified, or
      to
      refinance the Senior Credit Facilities in conjunction with a refinance of the
      existing senior debt facilities of Atlantic
      Aviation FBO Inc
      and
      Mercury, or assist in the syndication of such debt facilities.

    

    At
      any
      time after 45 days after the launch of syndication of the Senior Credit
      Facilities, the Lead Arrangers shall be entitled (unless Successful Syndication
      has been achieved within such 45-day period), after consultation with you,
      to
      increase the Underwriting Fee payable in respect of the Senior Credit Facilities
      by fifteen (15) basis points if the Lead Arrangers determine in their sole
      discretion that such changes are advisable in order to enhance the prospects
      of
      a Successful Syndication; provided, however, that the Lead Arrangers shall
      not
      exercise market flex with respect to the Underwriting Fee unless the Lead
      Arrangers would be required to pay to potential lenders upfront participation
      fees aggregating an amount that is in excess of 75 basis points in order to
      achieve Successful Syndication. You agree to enter into, and to cause your
      affiliates to enter into, such amendments to the Credit Documentation as may
      be
      necessary or reasonably requested by the Lead Arrangers to reflect such change
      to the Senior Credit Facilities made in furtherance of the immediately preceding
      sentence.

    

    You
      hereby represent, warrant and covenant that (a) all information, other than
      Projections (as defined below), which has been or is hereafter made available
      to
      the Lead Arrangers or the Lenders by you or any of your representatives (or
      on
      your or their behalf) or by the Borrower or any of its or your subsidiaries
      or
      representatives (or on their behalf) in connection with any aspect of the
      Transaction (the “Information”)
      is and
      will be complete and correct in all material respects and does not and will
      not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements contained therein not misleading in light
      of
      the circumstances under which they were made and (b) all financial projections
      concerning the Borrower that have been or are hereafter made available to the
      Lead Arrangers or the Lenders by you or any of your representatives (or on
      your
      or their behalf) or by the Borrower or any of its subsidiaries or
      representatives (or on their behalf) (the “Projections”)
      have
      been or will be prepared in good faith based upon reasonable assumptions (it
      is
      understood and acknowledged, however, that such Projections are based upon
      a
      number of estimates and assumptions and are subject to significant business,
      economic and competitive uncertainties and contingencies and that, accordingly,
      no assurances are given and no representations, warranties or covenants are
      made
      that any of the assumptions are correct, that such Projections will be achieved
      or that the forward-looking statements expressed in such Projections will
      correspond to actual results). You agree to furnish us with such Information
      and
      Projections as we may reasonably request and to supplement the Information
      and
      the Projections from time to time until the date of the initial borrowing under
      the Senior Credit Facilities (the “Closing
      Date”)
      so
      that the representations, warranties and covenants in the immediately preceding
      sentence are correct on the Closing Date. In issuing this commitment and in
      arranging and syndicating the Senior Credit Facilities, the Lead Arrangers
      are
      and will be using and relying on the Information.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    You
      agree
      to indemnify and hold harmless each Lead Arranger, each Lender and each of
      its
      affiliates and their respective officers, directors, employees, agents, advisors
      and other representatives (each an “Indemnified
      Party”)
      from
      and against (and will reimburse each Indemnified Party as the same are incurred
      for) any and all third-party claims, damages, losses, liabilities and expenses
      (including, without limitation, the reasonable fees, disbursements and other
      charges of counsel) that may be incurred by or asserted or awarded against
      any
      Indemnified Party, in each case arising out of or in connection with or by
      reason of (including, without limitation, in connection with any investigation,
      litigation or proceeding or preparation of a defense in connection therewith)
      (a) any aspect of the Transaction and any of the other transactions contemplated
      thereby and (b) the Senior Credit Facilities and any other financings, or any
      use made or proposed to be made with the proceeds thereof, except to the extent
      such claim, damage, loss, liability or expense is found in a final,
      nonappealable judgment by a court of competent jurisdiction to have resulted
      from such Indemnified Party’s gross negligence or willful misconduct, nor shall
      you be liable to any Indemnified Party hereunder for any special, indirect,
      consequential or punitive, damages or loss of profit incurred by such
      Indemnified Party. You also agree that no Indemnified Party shall have any
      liability (whether direct or indirect, in contract or tort or otherwise) to
      you
      or your subsidiaries or affiliates or to your or their respective equity holders
      or creditors arising out of, related to or in connection with any aspect of
      the
      Transaction, except to the extent of direct, as opposed to special, indirect,
      consequential or punitive, damages determined in a final non-appealable judgment
      by a court of competent jurisdiction to have resulted from such Indemnified
      Party’s gross negligence or willful misconduct. It is further agreed that each
      Lead Arranger shall only have liability to you (as opposed to any other person),
      that each Lead Arranger shall be liable solely in respect of its own commitments
      to the Senior Credit Facilities on a several, and not joint, basis with any
      other Lender and that such liability shall only arise to the extent damages
      have
      been caused by a breach of such Lead Arranger's obligations hereunder to
      negotiate in good faith definitive Credit Documentation consistent with the
      Term
      Sheet and otherwise satisfactory to such Lead Arranger, and, upon the successful
      conclusion of such negotiations, enter into such documentation, for the Senior
      Credit Facilities on the terms set forth herein as determined in a final
      non-appealable judgment by a court of competent jurisdiction. In the event
      that
      any claim or demand by a third party for which you may be required to indemnify
      an Indemnified Party hereunder (a “Claim”)
      is
      asserted against or sought to be collected from any Indemnified Party by a
      third
      party, such Indemnified Party shall as promptly as practicable notify you in
      writing of such Claim, and such notice shall specify (to the extent known)
      in
      reasonable detail the amount of such Claim and any relevant facts and
      circumstances relating thereto; provided, however, that
      any
      failure to give such prompt notice or to provide any such facts and
      circumstances shall not constitute a waiver of any rights of the Indemnified
      Party, except to the extent that the rights of the Indemnifying Party are
      actually materially prejudiced thereby.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    You
      shall
      be entitled to appoint counsel of your choice at your expense to represent
      an
      Indemnified Party in any action for which indemnification is sought (in which
      case you shall not thereafter be responsible for the fees and expenses of any
      separate counsel retained by that Indemnified Party except as set forth below);
      provided, however, that such counsel shall be satisfactory to such Indemnified
      Party. Notwithstanding your election to appoint counsel to represent an
      Indemnified Party in any action, such Indemnified Party shall have the right
      to
      employ separate counsel (including local counsel, but only one such counsel
      in
      any jurisdiction in connection with any action), and you shall bear the
      reasonable fees, costs and expenses of such separate counsel if (i) the use
      of
      counsel chosen by you to represent the Indemnified Party would present such
      counsel with a conflict of interest; (ii) the actual or potential defendants
      in,
      or targets of, any such action include both the Indemnified Party and you and
      the Indemnified Party shall have reasonably concluded that there may be legal
      defenses available to it and/or other Indemnified Parties which are different
      from or additional to those available to you; (iii) you shall not have employed
      counsel to represent the Indemnified Party within a reasonable time after notice
      of the institution of such action; or (iv) you shall authorize the Indemnified
      Party to employ separate counsel at your expense. You shall not be liable for
      any settlement or compromise of any action or claim by an Indemnified Party
      affected without your prior written consent, which consent shall not be
      unreasonably withheld or delayed.

    

    At
      the
      earlier of the Closing Date or the termination of this Commitment Letter, you
      agree to reimburse or cause the Borrower to reimburse the Lead Arrangers for
      all
      reasonable out-of-pocket costs and expenses (including, but not limited to,
      expenses relating to due diligence investigations, consultants’ and other
      professional and advisory fees, travel expenses and fees, disbursements and
      reasonable charges of counsel) incurred by the Lead Arrangers in connection
      with
      preparing, negotiating and/or executing the Credit Documentation and this
      Commitment Letter and term sheets, and carrying out the syndication of the
      Senior Credit Facilities, in each case whether or not incurred before or after
      the date of this Commitment Letter.

    

    All
      payments to be made under this Commitment Letter shall be paid in U.S. dollars
      and in immediately available, freely transferable cleared funds to such account
      with such bank as each Lead Arranger notifies you or the Borrower, as
      applicable, and shall be paid without (and free and clear of any deduction
      for)
      set-off or counter-claim and without any deduction or withholding for or on
      account of tax (a "Tax
      Deduction")
      unless
      a Tax Deduction is required by law. If a Tax Deduction is required by law to
      be
      made, you shall pay such tax and the amount of the payment due shall be
      increased to an amount which (after making any Tax Deduction) leaves an amount
      equal to the payment which would have been due if no Tax Deduction had been
      required. Your obligations under this paragraph shall be subject to receipt
      from
      any foreign lender duly signed completed copies of IRS Form W-8BEN or IRS Form
      W-8ECI or such other evidence satisfactory to you that such foreign lender
      is
      entitled to an exemption from, or reduction of, U.S. withholding
      tax.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    This
      Commitment Letter and the Term Sheet and the contents hereof and thereof are
      confidential and, except for the disclosure hereof or thereof on a confidential
      basis to your accountants, attorneys and other professional advisors retained
      by
      you in connection with the Transaction, Borrower, or as otherwise required
      by
      law or any governmental authority or in connection with any suit, action or
      proceeding relating to the enforcement of rights hereunder, may not be disclosed
      in whole or in part to any person or entity without our prior written consent;
      provided,
      however,
      it is
      understood and agreed that you may disclose this Commitment Letter (including
      the Term Sheet) but not the Fee Letter attached as Exhibit B to this Commitment
      Letter after your acceptance of this Commitment Letter, in filings with the
      Securities and Exchange Commission and other applicable regulatory authorities
      and stock exchanges. The Lead Arrangers shall be permitted to use information
      related to the syndication and arrangement of the Senior Credit Facilities
      in
      connection with marketing, press releases or other transactional announcements
      or updates provided to investor or trade publications; provided, that any press
      release or public announcement shall not be made without your prior written
      consent, not to be unreasonably withheld or delayed. The Lead Arrangers hereby
      notify you that pursuant to the requirements of the USA Patriot Act, Title
      III
      of Pub. L. 107-56 (signed into law October 26, 2001) (the “Act”),
      they
      are required to obtain, verify and record information that identifies you,
      which
      information includes your name and address and other information that will
      allow
      the Lead Arrangers to identify you in accordance with the Act. 

    

    You
      acknowledge that each Lead Arranger or its affiliates may be providing financing
      or other services to parties whose interests may conflict with yours. Each
      Lead
      Arranger agrees that it will not furnish confidential information obtained
      from
      you to any of its other customers and that it will treat confidential
      information relating to you, the Borrower and your and their respective
      affiliates with the same degree of care as it treats its own confidential
      information. Each Lead Arranger further advises you that it will not make
      available to you confidential information that it has obtained or may obtain
      from any other customer. In connection with the services and transactions
      contemplated hereby, you agree that each Lead Arranger is permitted to access,
      use and share with any of its bank or non-bank affiliates, agents, advisors
      (legal or otherwise) or representatives any information concerning you, the
      Borrower or any of your or its respective affiliates that is or may come into
      the possession of such Lead Arranger or any of such affiliates.

    

    The
      provisions of the immediately preceding eleven paragraphs shall remain in full
      force and effect regardless of whether any definitive documentation for the
      Senior Credit Facilities shall be executed and delivered, and notwithstanding
      the termination of this Commitment Letter or any commitment or undertaking
      of
      the Lead Arrangers hereunder; provided,
      however,
      that you
      shall be deemed released of your reimbursement and indemnification obligations
      hereunder upon the execution of all definitive documentation for the Senior
      Credit Facilities and the initial extension of credit thereunder.

    

    This
      Commitment Letter may be executed in counterparts which, taken together, shall
      constitute an original. Delivery of an executed counterpart of this Commitment
      Letter by telecopier, e-mail or facsimile shall be effective as delivery of
      a
      manually executed counterpart thereof.

    

    This
      Commitment Letter shall be governed by, and construed in accordance with, the
      laws of the State of New York. Each of you and the Lead Arrangers hereby
      irrevocably waives any and all right to trial by jury in any action, proceeding
      or counterclaim (whether based on contract, tort or otherwise) arising out
      of or
      relating to this Commitment Letter (including, without limitation, the Term
      Sheet), the Transaction and the other transactions contemplated hereby and
      thereby or the actions of the Lead Arrangers in the negotiation, performance
      or
      enforcement hereof. The commitments and undertakings of the Lead Arrangers
      may
      be terminated by us if you fail to perform your obligations under this
      Commitment Letter on a timely basis.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    This
      Commitment Letter, together with the Term Sheet, embodies the entire agreement
      and understanding among the Lead Arrangers and you with respect to the Senior
      Credit Facilities and supersedes all prior agreements and understandings
      relating to the specific matters hereof. However, please note that the terms
      and
      conditions of the commitment and undertakings of the Lead Arrangers hereunder
      are not limited to those set forth herein or in the Term Sheet. Those matters
      that are not covered or made clear herein or in the Term Sheet are subject
      to
      mutual agreement of the parties. No party has been authorized by the Lead
      Arrangers to make any oral or written statements that are inconsistent with
      this
      Commitment Letter.

    

    This
      Commitment Letter is not assignable by you without our prior written consent,
      is
      assignable by us only as contemplated herein, and is intended to be solely
      for
      the benefit of the parties hereto and the Indemnified Parties. This Commitment
      Letter shall not be amended or modified except in writing signed by all parties
      hereto.

    

    This
      Commitment Letter and all commitments and undertakings of the Lead Arrangers
      hereunder will expire at 5:00 p.m. (New York City time) on June 15, 2007 unless
      you execute this Commitment Letter and the amended and restated commitment
      letter relating to the financing of the acquisition by MFBO of the common equity
      in Mercury dated as of the date hereof, and return both to us prior to that
      time. Thereafter, all commitments and undertakings of the Lead Arrangers
      hereunder will expire on the earlier of (a) November 15, 2007, unless the
      definitive documents for the financing of the Transaction have been executed
      and
      delivered, and (b) the acceptance by you or any of your affiliates of an offer
      for all or any substantial part of the membership interests or property and
      assets of the Borrower and their subsidiaries other than as part of the
      Transaction. In consideration of the time and resources that the Lead Arrangers
      will devote to the Senior Credit Facilities, you agree that, until such
      expiration, you will not solicit, initiate, entertain or permit, or enter into
      any discussions in respect of, any offering, placement or arrangement of any
      competing senior credit facilities for the Borrower and their subsidiaries
      with
      respect to the matters addressed in this letter.

    

    [THE
      BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      EXECUTION
        VERSION

    We
      are
      pleased to have the opportunity to work with you in connection with this
      important financing.

     

    

      
        	 	
                Very
                  truly yours,

              	 
	 	 	 	 	 
	 	
                THE
                  GOVERNOR AND COMPANY OF THE BANK OF IRELAND

              
	 	 	 	 	 
	 	 	 	 	 
	 	
                By:

              	
                /s/
                  Peter O’Neill

              
	 	 	 	 	 
	 	 	
                Name:

              	
                Peter
                  O’Neill

              
	 	 	 	 
	 	 	
                Title:

              	
                Senior
                  Vice President

              
	 	 	 	 	 
	 	
                By:

              	
                /s/
                  Deirdre Murphy

              
	 	 	 	 	 
	 	 	
                Name:

              	
                Deirdre
                  Murphy

              
	 	 	 	 	 
	 	 	
                Title:

              	
                Vice
                  President

              

      

    

     

    
      	
              
                ACCEPTED
                  AND AGREED TO

                AS
                  OF THE DATE FIRST ABOVE WRITTEN:

                

                MACQUARIE
                  INFRASTRUCTURE COMPANY INC.

                (d/b/a
                  Macquarie
                  Infrastructure Company (US))

              

            	 
	 	 	 	 	 
	
              By:

            	
              /s/
                Peter O’Neill

            	 
	 	
              Name:

            	
              Peter
                Stokes

            	 
	 	
              Title:

            	
              CEO

            	 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Summary
      of Terms and Conditions

    

    June
      12, 2007

    

    

    
      	
              I. The
                Parties

            	 
	 	 
	
              1. Borrower

            	
              Macquarie
                FBO Holdings LLC (“MFBO”)
                a Delaware limited liability company which is acquiring SJJC Aviation
                Services, LLC (“San
                Jose FBO”),
                a Delaware LLC, the owner and operator of fixed base operations at
                Mineta
                San Jose International Airport (the “Acquisition”) pursuant to
                :

            

    

    
      
        	 	
                (1)

              	
                an
                  amendment to the Stock Purchase Agreement for Mercury Air Centers
                  Inc
                  (“Mercury”),
                  dated April 16, 2007 (as amended, the “Mercury
                  SPA”);
                  

              
	 	
                (2)

              	
                a
                  purchase agreement for Mercury’s acquisition of San Jose FBO (the
                  “SJJC
                  SPA”);
                  and

              
	 	
                (3)

              	
                an
                  assignment agreement for the assignment of the SJJC SPA from Mercury
                  to
                  MFBO (“Assignment
                  Agreement”).

              

      

    

    
      	 	
              Immediately
                following the Acquisition, San Jose FBO shall assume all indebtedness
                and
                all obligations of the Borrower with respect to the
                Facilities.

            
	 	 
	
              2. Purpose

            	
              $80
                million Bridge Loan Facility will be used to acquire 100% of the
                membership interests in San Jose FBO (the “Membership
                Interests”)
                and pay costs associated with the Acquisition. An additional $5.0
                million
                Working Capital Facility will be used to fund a portion of the costs
                of
                certain specific capital projects and issue letters of credit (the
                “Letters
                of Credit”).

            
	 	 
	
              3. Equity
                Investor and Guarantor

            	
              MFBO

            
	 	 
	
              4. Lead
                Arrangers

            	
              Bank
                of Ireland and BayernLB.

            
	 	 
	
              5. Senior
                Lenders

            	
              Lead
                Arrangers and other banks or financial institutions to whom the Facilities
                may be syndicated.

            
	 	 
	
              6. Working
                Capital Facility Loan Lenders

            	
              Lead
                Arrangers

            
	 	 
	
              7. Administrative
                Agent

            	
              BayernLB

            
	 	 
	
              8. Legal
                Advisor

            	
              Orrick,
                Herrington & Sutcliffe LLP

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      
        	
                9. Other
                  Consultants

              	
                Technical:
                  Jacobs Consulting Group

                Environmental:
                  Weston Solutions Inc.

                Insurance:
                  Marsh USA Inc.

              
	 	 
	
                II. The
                  Facilities

              	 
	 	 
	
                10. The
                  Facilities

              	
                The
                  Facilities will consist of the following:

                (i) Bridge
                  Loan Facility of $80,000,000

                (ii) Working
                  Capital Facility of $5,000,000.

              
	 	 
	
                Bridge
                  Loan Facility

              	 
	 	 
	
                11. Use
                  of Proceeds

              	
                The
                  Bridge Loan Facility will be used to acquire 100% of the Membership
                  Interests.

              
	 	 
	
                12. Bridge
                  Loan Maturity Date

              	
                2
                  years from Closing Date.

              
	 	 
	
                13. Closing
                  Date

              	
                On
                  initial draw down, expected around August 31, 2007, and no later than
                  November 15, 2007.

              
	 	 
	
                14. Mandatory
                  Prepayment

              	
                The
                  Borrower shall make mandatory prepayments in the following situations
                  without penalty or premium other than hedge termination obligations
                  payable to the Hedging Banks. The mandatory prepayments shall be
                  applied
                  first to loans outstanding under the Bridge Loan Facility, then
                  to any
                  revolving loans that may be outstanding under the Working Capital
                  Facility, and then to cash-collateralize any outstanding Letters
                  of
                  Credit.

              

      

    

     

    
      
        	 	
                i.

              	
                If
                  any net proceeds from a sale of the Borrower’s or any of its subsidiaries’
                  property that is not used to purchase replacement assets exceeds
                  $250,000,
                  Borrower will prepay the Facilities in the amount of such excess,
                  other
                  than with respect to the sale of the Borrower’s aircraft charter,
                  maintenance and management business (the “Excluded
                  Business”)
                  within six months from closing (the “Excluded
                  Business Divestment Period”).

              
	 	 	 
	 	
                ii.

              	
                If
                  the Borrower or any of its subsidiaries incurs debt for borrowed
                  money
                  that is not permitted indebtedness, 100% of the net debt proceeds
                  will be
                  applied to prepay the Facilities.

              
	 	 	 
	 	
                iii.
                  

              	
                If
                  the Borrower or any of its subsidiaries sells or issues equity
                  securities
                  (other than any issuance or sale to fund required or expansion
                  capital
                  expenditures or certain intercompany issuance, or in connection
                  with the
                  sale of the Excluded Business during the Excluded Business Divestment
                  Period, 100% of the net equity proceeds will be applied to prepay
                  the
                  Facilities.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	
                iv.

              	
                The
                  proceeds of any termination payment or similar compensation received
                  from
                  an airport authority in respect of the termination of any of the
                  FBO
                  leases will be
                  applied to prepay the Facilities.

              
	 	 	 
	 	
                v.

              	
                If
                  any insurance proceeds are not used for reconstruction, such proceeds
                  will
                  be applied to prepay the Facilities, subject to appropriate materiality
                  tests.

              

      

    

     

    
      
        	
                15. Optional
                  Repayment

              	
                Repayments
                  of the Bridge Loan Facility are permitted without penalty (subject
                  to the
                  payment of any break funding costs incurred including reversing
                  interest
                  rate hedging transactions) upon at least five business days’ written
                  notice. Optional Repayments of the Bridge Loan Facility must be
                  made in a
                  minimum amount of $2,000,000 and in increments of $1,000,000. Amounts
                  repaid under the Bridge Loan Facility may not be
                  redrawn.

              
	 	 
	
                Working
                  Capital Facility

              	 
	 	 
	
                16. Use
                  of Proceeds

              	
                Borrower
                  may utilize the Working Capital Facility for Letters of Credit
                  and to fund
                  parts of the costs of the design and construction of Hangar F (as
                  defined
                  in the SJJC
                  SPA).

              
	 	 
	
                17. Maturity
                  Date

              	
                Bridge
                  Loan Maturity Date.

              
	 	 
	
                18. Closing
                  Date

              	
                On
                  initial draw down of the Bridge Loan Facility, expected around
                  August 31, 2007, and no later than November 15,
                  2007.

              
	 	 
	
                19. Drawdown

              	
                Advances
                  under the Working Capital Facility may be made, and Letters of
                  Credit may
                  be issued, on a revolving basis up to the full amount of the Working
                  Capital Facility.

              
	 	 
	
                20. Repayment

              	
                Repayments
                  of the Working Capital Facility are permitted without penalty on
                  any
                  Interest Payment Date upon not less than three days prior written
                  notice
                  to the Working Capital Facility Loan Lenders. Optional repayments
                  of the
                  Working Capital Facility must be made in a minimum amount of $100,000
                  and
                  in increments of $50,000. All amounts outstanding under the Working
                  Capital Facility shall be due and payable in full on the Maturity
                  Date.

              

      
 

    
      	
              III. The
                Credit Facilities

            	 
	 	 
	
              21. Mandatory
                Debt Service

            	
              Interest,
                Commitment Fee, Administrative Agent’s Fee and hedging obligations payable
                by the Borrower will be considered Mandatory Debt
                Service.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              22. Restricted
                Payments (Lock-Up)

            	
              Borrower
                may make quarterly distributions (within 35 days following each quarterly
                payment date) only as long as the following conditions have been
                met:

            

    

    

      
        	 	
                i.

              	
                The
                  DSCR for the preceding twelve month period is 1.50 or
                  higher;

              
	 	
                ii.

              	
                The
                  DSCR for the subsequent twelve month period is projected to be
                  1.50 or
                  higher;

              
	 	
                iii.

              	
                Debt
                  Service Reserve Account is fully funded;

              
	 	
                iv.

              	
                Mandatory
                  Prepayments have been made;

              
	 	
                v.

              	
                No
                  Default or Event of Default exists;

              
	 	
                vi

              	
                No
                  lockup under EBITDA Covenants (Sec. 23 below);

              
	 	
                vii.

              	
                In
                  case a governmental authority notifies the Borrower or any of its
                  subsidiaries of the need to remediate contamination at the FBOs,
                  funds to
                  cover the expected cleanup costs (as confirmed by the Environmental
                  Consultant) shall have been set
                  aside.

              

      

    

     

    
      	
              23. EBITDA
                Covenants

            	
              (a)
                Combined
                EBITDA Covenant

              At
                each distribution date, the sum of the trailing 12 months EBITDA
                of San
                Jose FBO and Atlantic Aviation FBO, Inc. (“Atlantic”)
                shall exceed the following levels:

            

    

    

      
        	 	
                Year

              	
                Minimum
                  EBITDA

              	
                Minimum
                  EBITDA after

              
	 	 	
                before
                  Supermarine

              	
                Supermarine
                  Acquisition

              
	 	 	
                Acquisition

              	 
	 	 	 	 
	 	
                2007

              	
                $82,128,000

              	
                $88,338,000

              
	 	
                2008

              	
                $88,293,000

              	
                $94,893,000

              
	 	
                2009

              	
                $95,611,000

              	
                $103,000,000

              

      

    

     

    
      	 	
              (b)
                San
                Jose EBITDA Covenant

              At
                the distribution date immediately following the first anniversary
                of the
                Closing Date, the trailing 12 months EBITDA of San Jose FBO shall
                exceed
                $10,140,000; at every subsequent distribution date, the trailing
                12 months
                EBITDA shall exceed 10,970,000.

               

              (c)
                Lock-Up

              Failure
                to achieve the minimum EBITDAs set forth under (a) or (b) above at
                any
                test date shall result in an equity lockup for 6 months. If, at the
                end of
                the six month period, the applicable minimum EBITDA threshold is
                reached,
                then cash trapped shall be made available for distribution (subject
                to
                other distribution tests), otherwise cash will be swept to repay
                debt.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              24. Collateral

            	
              The
                Facilities are secured by a grant of first priority security interest
                in
                the following property (subject to acceptable
                encumbrances):

            

    

    

      
        	 	
                i.

              	
                Project
                  Revenues (including all income, revenues, all interest earned on
                  deposits
                  and reserves, rates, fees, charges, rentals, or other receipts
                  derived by
                  or related to the operations of the Borrower and its subsidiaries,
                  and any
                  revenues assigned to the Borrower and its subsidiaries and proceeds
                  of the
                  sale or other disposition of all or any part of the Borrower’s or its
                  subsidiaries’ assets (“Project
                  Revenues”),
                  project accounts and cash therein, including the Debt Service Reserve
                  Account.

              
	 	
                ii.

              	
                (A)
                  Pledge of all Membership Interests, and 

              
	 	 	
                (B)
                  pledge of all shares of each subsidiary of the Borrower. If such
                  pledge is
                  prohibited under the terms of a FBO lease and the Borrower is unable
                  to
                  obtain all relevant consents, then the Borrower will, if not prohibited
                  by
                  the applicable FBO Lease, establish a new single purpose holding
                  company
                  subsidiary to own the subsidiary holding such FBO Lease and pledge
                  the
                  shares of such new holding company subsidiary.

              
	 	
                iii.

              	
                Security
                  interest in substantially all assets of the business, including
                  all FBO
                  leases (subject to airport authority approval if required), all
                  other
                  material agreements and rights to receive Project Revenues (including
                  fuel
                  contracts, subleases, service agreements, employment agreements),
                  licenses, equipment and machinery, inventory (including jet fuel)
                  and
                  account whether existing at the Closing Date or thereafter acquired,
                  and
                  the proceeds thereof. Note that under the FBO leases, prior consent
                  of the
                  airport authority is required to collaterally assign the FBO leases,
                  and
                  the Borrower is obligated to use commercially reasonable efforts
                  to obtain
                  consents from the airport authority.

              
	 	
                iv.

              	
                Insurance
                  policies and any claims or proceeds.

              
	 	
                v.

              	
                A
                  guarantee provided by Guarantor with respect to the Borrower’s obligations
                  under the Facilities. The guarantee will include provisions stipulating
                  that during an event of default or lock up under the Facilities,
                  MFBO will
                  not distribute cash received from its other subsidiaries until
                  the default
                  or lock-up is cured.

              
	 	 	 
	 	
                Notwithstanding
                  any of the foregoing, until the end of the Excluded Business Divestment
                  Period, Collateral will exclude shares, membership interests and
                  assets of
                  the Excluded Business.

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              25. Hedging
                Requirements

            	
              Borrower
                is required to enter into interest rate hedges at financial close
                for at
                least 100% of the Bridge Loan Facility interest rate exposure, for
                the
                remaining term of the Bridge Loan Facility. All hedging payments
                will rank
                pari-passu with the Facilities.

               

              Borrower
                will request proposals for the provision of hedges from the Lead
                Arrangers
                together with Macquarie Bank Limited. Each of the Lead Arrangers
                will
                subsequently have a right of first refusal to match the terms of
                the best
                hedging proposal provided to Borrower and thereafter act as Hedging
                Banks
                provided that such right of first refusal will only apply to up to
                25% of
                the interest rate hedge.

               

              Hedging
                Banks will be given customary rights with respect to ranking, security,
                voting, events of default and other terms necessary to document the
                relationship between Lead Arrangers, Hedging Banks and
                Borrower.

            
	 	 
	
              26. Representations
                and Warranties

            	
              Include:

            

    

    

      
        	 	
                i.

              	
                Valid
                  existence of Borrower;

              
	 	
                ii.

              	
                Authority
                  and due authorization of Borrower;

              
	 	
                iii.

              	
                Validity
                  and enforceability of loan documents (subject to standard qualifications)
                  and non-contravention of organizational documents, laws,
                  etc.

              
	 	
                iv.

              	
                No
                  default;

              
	 	
                v.

              	
                Financial
                  statements;

              
	 	
                vi.

              	
                Funding
                  of pension plans and compliance with ERISA;

              
	 	
                vii.

              	
                Payment
                  of taxes (subject to customary contest rights);

              
	 	
                viii.

              	
                No
                  material pending or threatened uninsured litigation;

              
	 	
                ix.

              	
                Ownership
                  of or leasehold interest in assets;

              
	 	
                x.

              	
                No
                  breach of environmental or other laws in any material respect (subject
                  to
                  customary contest rights);

              
	 	
                xi.

              	
                No
                  other business;

              
	 	
                xii.

              	
                Insurance
                  coverage is in line with prudent market practice;

              
	 	
                xiii.

              	
                All
                  consents, filings, and licenses etc. required for conduct of business
                  have
                  been obtained and are in full force and effect;

              
	 	
                xiv.

              	
                No
                  encumbrances other than permitted encumbrances;

              
	 	
                xv.

              	
                No
                  indebtedness for borrowed money other than permitted
                  indebtedness;

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	
                xvi.

              	
                Effectiveness,
                  enforceability of material agreements;

              
	 	
                xvii.

              	
                Creation,
                  perfection and first priority of liens (except permitted liens);
                  all
                  required third-party approvals therefor have been obtained and
                  are in full
                  force and effect

              
	 	
                xviii.

              	
                Solvency;

              
	 	
                xix.

              	
                Satisfaction
                  of conditions precedent under SJJC SPA;

              
	 	
                xx.

              	
                Due
                  authorization and valid issuance of all outstanding equity interests
                  of
                  Borrower and its subsidiaries;

              
	 	
                xxi.

              	
                Non-deferred
                  payment of purchase price for aviation fuel at prevailing market
                  prices at
                  time of delivery; 

              
	 	
                xxii.

              	
                Accuracy
                  of information furnished.; and

              
	 	
                xxiii.

              	
                Environmental
                  matters (subject to materiality
                  qualifier)

              

      

    

     

    
      
        	
                27. Conditions
                  Precedent

              	
                Usual
                  and customary Conditions Precedent to closing include, but are
                  not limited
                  to legal opinions satisfactory to Lead Arrangers, payment of all
                  closing
                  fees, no Default or Event of Default shall have occurred and be
                  continuing, no Material Adverse Change (as defined below) and execution
                  and delivery of documentation satisfactory to the Lead Arrangers
                  (including a Guarantee from Guarantor), as well as closing of the
                  Acquisition and transfer of all Membership Interests in the Borrower
                  to
                  MFBO, all funded exclusively by a cash equity contribution by the
                  Equity
                  Investor; provided,
                  however, that any CP as to the accuracy of representations and
                  warranties
                  as at the closing in all material respects (and the absence of
                  any Default
                  or Event of Default relating thereto) shall be limited to the accuracy
                  of
                  the representations and warranties in the SJJC SPA, rather than
                  in the
                  loan agreement, except for the following representations:
                  (1) authorization of loan transaction, (2) enforceability of
                  loan documents & non-contravention (3) no encumbrances,
                  (4) limits on indebtedness, and (5) grant of security
                  interest/perfection of liens. Immediately following the closing,
                  MFBO
                  shall have made an equity contribution in the Borrower of not less
                  than
                  $76.2 million. MFBO will commit to contribute additional equity
                  capital to
                  the Borrower to supplement the Working Capital Facility and fund
                  required
                  capital expenditures (estimated to be approximately $13 million
                  during the
                  term of the Facilities). 

                 

                “Material
                  Adverse Change” means an event which would be reasonably likely to result
                  in a material adverse effect on the business, operations, assets,
                  prospects or financial condition of the San Jose
                  FBO.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	
                From
                  the date of the SJJC SPA through the earlier of the termination
                  of the
                  SJJC SPA or the Closing, MFBO shall give prompt notice to the Lead
                  Arrangers in writing of any notice from the Sellers of the occurrence
                  or
                  nonoccurrence of any event which would cause any representation
                  or
                  warranty by the Seller or the Beneficial Owners to the SJJC SPA
                  to be
                  untrue or inaccurate in any material respect at the Closing when
                  such
                  representations and warranties are required to be made again. If,
                  in the
                  exercise of the Lead Arrangers’ commercially reasonable good faith
                  judgment, items identified in any amended, supplemented or revised
                  Disclosure Schedule to the SJJC SPA that were not included in the
                  Disclosure Schedules to the SJJC SPA at the time of execution,
                  may
                  reasonably result in a Material Adverse Change, the Lead Arrangers
                  may
                  terminate the Commitment Letter by providing notice in writing
                  to MFBO;
                  provided,
                  that if the Lead Arrangers fail to exercise such termination right
                  within
                  10 days after receiving such notification, the Lenders shall be
                  deemed to
                  have accepted that such written notice from the Sellers shall be
                  deemed to
                  have amended the Schedules to the SJJC SPA and to have qualified
                  the
                  representations and warranties contained in the SJJC SPA for purposes
                  of
                  determining the accuracy of representations and warranties at
                  closing.

              
	 	 
	
                28. Undertakings

              	
                Positive
                  and negative undertakings given by the Borrower in customary form
                  for
                  transactions of this nature, including without limitation appropriate
                  materiality tests, permitted exceptions and, where appropriate,
                  de minimis
                  provisions.

                 

                Borrower
                  shall use commercially reasonable efforts to transfer the Excluded
                  Business to an unrelated third party during the Excluded Business
                  Divestment Period. If such transfer is not consummated within such
                  period,
                  the Borrower shall arrange for the transfer of the Excluded Business
                  and
                  related assets, to a sufficiently capitalized separate subsidiary
                  in a
                  manner that minimizes the exposure of the Borrower or any of its
                  other
                  subsidiaries to liability relating to the conduct of the Excluded
                  Business.

              
	 	 
	
                29. Events
                  of Default

              	
                Include:

              

      

      

        
          	 	
                  i.

                	
                  Non-payment
                    (with 3 Business Days grace for interest and other non-principal
                    amounts);

                
	 	
                  ii.

                	
                  (a)
                    Failure by MFBO to make required equity contributions to fund
                    required
                    capital expenditures (with 10 Business Days grace period), or
                    (b) default by any loan party in performance or breach of other
                    obligations or undertakings under any Loan Document including
                    the
                    Financing Documents not remedied within a 30-day remedy period
                    for
                    affirmative covenants (extendible for an additional period of
                    up to 60
                    days if remedy cannot be accomplished in original 30 days and
                    is being
                    diligently pursued and extension does not result in a material
                    adverse
                    effect);

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  iii.

                	
                  Any
                    representation or warranty being untrue in any respect which
                    will have a
                    material adverse effect on the Borrower’s ability to comply with its
                    obligations under the Loan Documents;

                
	 	
                  iv.

                	
                  Cross-default
                    with respect to any other debt (other than in respect of any
                    subordinated
                    debt) subject to materiality threshold;

                
	 	
                  v.

                	
                  Bankruptcy
                    and insolvency events;

                
	 	
                  vi.

                	
                  Failure
                    to pay unstayed and uninsured judgments within 30 days (with
                    appropriate
                    materiality qualification);

                
	 	
                  vii.

                	
                  Cessation
                    or material change of business;

                
	 	
                  viii.

                	
                  Security
                    ceases to be effective as first priority security (subject to
                    permitted
                    liens);

                
	 	
                  ix.

                	
                  Any
                    insurance required is terminated, ceases to be valid or is amended
                    so as
                    to have a material adverse impact on the Project unless similar
                    cover
                    replaces such insurance;

                
	 	
                  x.

                	
                  Nationalization,
                    condemnation or government taking that causes an inability of
                    the Borrower
                    to perform its obligations under the Financing
                    Documents;

                
	 	
                  xi.

                	
                  Required
                    authorizations are revoked or terminated that causes an inability
                    of the
                    Borrower to perform its obligations under the Financing
                    Documents;

                
	 	
                  xii.

                	
                  Failure
                    to comply with applicable law that could reasonably be expected
                    to result
                    in a material adverse effect on the Borrower;

                
	 	
                  xiv.
                    

                	
                  Failure
                    to comply with environmental laws that could reasonably be expected
                    to
                    result in a material adverse effect on the Borrower;

                
	 	
                  xv.

                	
                  Backward
                    DSCR is less than or equal to 1.20 as of the end of any
                    quarter;

                
	 	
                  xvi

                	
                  Change
                    of control;

                
	 	
                  xvii.

                	
                  Failure
                    to perform any material contract (subject to contest rights and
                    30 day
                    remedy period or longer period (up to additional 60 days) if
                    remedy cannot
                    be accomplished in 30 days and is being diligently pursued and
                    extension
                    does not result in a material adverse effect); provided
                    that failure on the part of a party other than the Borrower or
                    its
                    subsidiaries is an Event of Default only if such failure has
                    material
                    adverse effect;

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  xviii.
                    

                	
                  Inappropriate
                    use or withdrawal of funds in project accounts;

                
	 	
                  xix.
                    

                	
                  Default
                    under the subsidiary guaranty or any other security
                    agreement;

                
	 	
                  xx.
                    

                	
                  Any
                    Financing Document ceases to be in full force and effect or any
                    equity
                    securities are not subject to first priority, perfected
                    lien;

                
	 	
                  xxi.
                    

                	
                  Any
                    reportable ERISA event;

                
	 	
                  xxii.
                    

                	
                  Any
                    material contract ceases to be in full force and effect, or is
                    terminated
                    prior to the scheduled expiration date, or any material provision
                    thereof
                    is declared null and void;

                
	 	
                  xxiii.
                    

                	
                  Abandonment
                    of business at the airport for 30 days;

                
	 	
                  xxiv.
                    

                	
                  Any
                    event or condition involving financial impact in excess of $2.5
                    million
                    that would have a material adverse effect;

                
	 	
                  xxv.
                    

                	
                  A
                    refinance of the Senior Debt facility provided to either Atlantic
                    Aviation
                    FBO Inc. or Mercury Air Centers, Inc.

                
	 	 	 
	 	
                  Sale
                    of the Excluded Business shall not be an Event of
                    Default.

                

        

      

       

      
        	
                IV. Interest
                  Rate and Fees

              	 
	 	 
	
                30. Interest
                  Rate

              	
                The
                  Facilities will bear interest at one, two, three or six month LIBOR
                  plus
                  the Applicable Margin.

              
	 	 
	
                31. Applicable
                  Margin

              	
                170
                  bps

              
	 	 
	
                32. Interest
                  Payment Date

              	
                Interest
                  will be paid in arrears on the last day of each Interest Period,
                  except in
                  the case of a six months interest period, where interest will also
                  be paid
                  three months from the start of the Interest Period.

              
	 	 
	
                33. Interest
                  Period

              	
                One,
                  two, three or six months.

              
	 	 
	
                34. Default
                  Rate

              	
                Interest
                  Rate plus 2% per annum.

              
	 	 
	
                35. Commitment
                  Fee

              	
                0.50%
                  per annum of the undrawn portion of the Facilities payable on any
                  Interest
                  Payment Date. The Commitment Fee will accrue in arrears from the
                  Closing
                  Date.

              
	 	 
	
                V. Flow
                  of Funds

              	 
	 	 
	
                36. Priority
                  of Payments

              	
                Following
                  each Interest Payment Date, after payment of operating expenses,
                  taxes and
                  required capital expenditures, and the retention/refunding of reserves
                  for
                  contingencies and the payment of items reasonably expected to be
                  due and
                  payable prior to the next Interest Payment Date, the following
                  distributions shall be made in the following order of
                  priority:

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        
          	 	
                  i.

                	
                  Fees
                    and expenses due to the Lead Arrangers and Senior
                    Lenders;

                
	 	
                  ii.

                	
                  Interest
                    on the Bridge Loan Facility and the Working Capital Facility
                    as well as
                    any hedging obligations;

                
	 	
                  iii.

                	
                  Mandatory
                    Repayment;

                
	 	
                  iv.

                	
                  Mandatory
                    Prepayments;

                
	 	
                  v.

                	
                  any
                    required payments to the Debt Service Reserve Account;

                
	 	
                  v.

                	
                  Optional
                    Repayment and any hedging termination obligations payable as
                    a result of
                    such repayment;

                
	 	
                  vi.

                	
                  any
                    payments (if applicable) to the Distribution Reserve
                    Account

                
	 	
                  v.

                	
                  Distributions
                    to Equity Investors.

                

        

      

       

      
        	
                37. Debt
                  Service Reserve Account

              	
                Borrower
                  shall maintain a Debt Service Reserve Account in an amount equal to three
                  months of Mandatory Debt Service payable under the Facilities.
                  The Debt
                  Service Reserve Account shall be fully funded on the Closing Date.
                  Alternatively, a letter of credit by a financial institution rated
                  at
                  least A-/A3 may be posted for the benefit of the Senior Lenders
                  on the
                  Closing Date.

              
	 	 
	
                VI. Ratios

              	 
	 	 
	
                38. Debt
                  Service Coverage Ratio

              	
                The
                  Debt Service Coverage Ratio (“DSCR”)
                  for a particular period will be calculated on a quarterly basis
                  as the
                  ratio of (a) Net Cash Flow for the twelve-month period ending on the
                  respective calculation date to (b) Mandatory Debt Service for the
                  twelve-month period ending on the respective calculation
                  date.

              
	 	 
	
                39. Net
                  Cash Flow

              	
                “Net
                  Cash Flow”
                  means, in respect of any period, (a) aggregate Project Revenues
                  received during such period plus additional equity contributions
                  during
                  such period not used to pay for expansion capital expenditures,
                  less
                  (b) the operating expenses, maintenance capital expenditure and taxes
                  paid during such period, but excluding any expansion capital expenditures
                  funded with distributed amounts or equity contributions or financed
                  with
                  permitted debt, non-cash charges, interest and principal payments
                  on the
                  loans, distributions, investments, costs paid by insurance proceeds,
                  and
                  employee phantom stock ownership plan
                  payments.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	 
	
                VII. General

              	 

      

      

        
          	
                  40. Reporting
                    requirements of the Borrower

                	
                  i.

                	
                  Annual
                    audited financial statements no later than 90 days after close
                    of each
                    fiscal year;

                
	 	
                  ii.

                	
                  Quarterly
                    financial statements no later than 45 days after close of each
                    fiscal
                    quarter;

                
	 	
                  iii.

                	
                  Contemporaneously
                    with delivery of (i) and (ii): a compliance certificate stating that
                    an Event of Default has not occurred, or if an Event of Default
                    has
                    occurred and is continuing, a statement of proposed cure remedies
                    and a
                    certificate stating all expansion capital expenditures during
                    the previous
                    quarter and the source of funds for such expenditures;

                
	 	
                  iv.

                	
                  Monthly
                    operating reports no later than 30 days after close of each month;
                    and

                
	 	
                  v.

                	
                  DSCR
                    certificate no later than 30 days after the close of each fiscal
                    quarter,
                    certifying the DSCR for the twelve-month
                    period.

                

        
 

      
        	
                41. Governing
                  Law

              	
                The
                  documentation is governed by New York law, venue shall be in New
                  York
                  County, and contains a waiver of jury
                  trial.EXECUTION
      COPY

    

    MACQUARIE
      BANK LIMITED

    1
      Martin Place

    Sydney
      NSW 2000

    Australia

    

    

    May
      18,
      2007

    

    

    Macquarie
      Infrastructure Company LLC 

    Macquarie
      Infrastructure Company Inc. 

    125
      West
      55th
      Street

    New
      York,
      New York 10019

    

      
        	
                Attention:

              	
                Francis
                  T. Joyce

                
                  Chief
                    Financial Officer

                

              

      

       

    

    COMMITMENT
      LETTER

    $330,000,000
      AMENDED AND RESTATED REVOLVING CREDIT FACILITY

     

    Ladies
      and Gentlemen:

     

    You
      have
      advised us that Macquarie Infrastructure Company LLC (“Holdings”)
      and
      Macquarie Infrastructure Company Inc. (“Macquarie”
and
      together with Holdings, collectively, the “Company”)
      desire
      to increase to $330,000,000 the total aggregate amount of commitments under
      that
      certain Amended and Restated Revolving Credit Agreement, dated as of May 9,
      2006
      (the “Existing
      Credit Facility”),
      by
      and among Macquarie, as borrower, Holdings, the Lenders and issuers party
      thereto and Citicorp North America, Inc., as administrative agent, which will
      require an additional amendment and restatement of the Existing Credit Facility
      (the “Amended
      Facility”)
      on the
      terms and subject to the conditions set forth in the Amended Revolving Credit
      Facility Term Sheet attached hereto as Exhibit A (“Exhibit
      A”
and,
      together with this letter, this “Commitment
      Letter”).
      The
      Amended Facility shall consist of two tranches: (a) a tranche in an aggregate
      amount of US$300,000,000 (the “Revolving
      Tranche”)
      and
      (b) a tranche in an aggregate principal amount of US$30,000,000 (the
“San
      Jose FBO Tranche”).

     

    Subject
      to the terms and conditions described in this Commitment Letter, Macquarie
      Bank
      Limited (“Macquarie
      Bank”
or
      “we”
or
      “us”),
      is
      pleased to inform you of Macquarie Bank’s commitment to provide the Company the
      full principal amount of the San Jose FBO Tranche (which is in addition to
      Macquarie Bank’s existing commitment under the Existing Credit Facility),
      subject to the terms and conditions set forth in this Commitment Letter.

     

    Section
      1. Conditions
      Precedent.

     

    The
      commitment and other obligations of Macquarie Bank hereunder are subject
      to:

     

    (a) the
      preparation, execution and delivery of loan documentation with respect to the
      Amended Facility, including, without limitation, a further amended and restated
      credit agreement, security agreements, guaranties and other agreements,
      incorporating substantially the terms and conditions outlined in this Commitment
      Letter and reasonably satisfactory to Macquarie Bank (the “Operative
      Documents”);

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b) the
      absence of any material adverse change in the operations, assets, financial
      condition or business of the Company and its subsidiaries, taken as a whole,
      since December 31, 2006;

     

    (c) the
      accuracy and completeness on the effectiveness of the Amended Facility of all
      representations that the Company makes to Macquarie Bank and all information
      that the Company furnishes to Macquarie Bank;

     

    (d) the
      Company’s compliance with the terms of this Commitment Letter, including,
      without limitation, the payment in full of all fees, expenses and other amounts
      payable under this Commitment Letter;

     

    (e) the
      satisfaction by the Company of the other conditions precedent to the initial
      funding of the Amended Facility contained in Exhibit A; and

     

    (f) the
      receipt of consents in respect of the transactions contemplated hereby duly
      executed and delivered by each of Citigroup North America, Inc., Credit Suisse,
      Merrill Lynch Capital Corporation and WestLB AG, New York Branch.

     

    Section
      2. Commitment
      Termination.

     

    Macquarie
      Bank’s commitment and its other obligations set forth in this Commitment Letter
      will terminate on the earlier of (i) the date the Operative Documents become
      effective and (ii) July 31, 2007. Before such date, Macquarie Bank may terminate
      this Commitment Letter if any event occurs or information has become available
      that, in its reasonable judgment, results in, or is likely to result in, the
      failure to satisfy any condition set forth in Section
      1.

     

    Section
      3. Indemnification.

     

    The
      Company hereby indemnifies and holds harmless Macquarie Bank and its affiliates
      and their respective directors, officers, employees, agents, advisors and
      representatives (each an “Indemnified
      Party”)
      from
      and against any and all claims, damages, losses, penalties, liabilities and
      reasonable and documented expenses whatsoever (including, without limitation,
      reasonable and documented fees and disbursements of counsel), joint or several,
      that may be incurred by or asserted or awarded against any Indemnified Party
      (including without limitation, in connection with any investigation, litigation
      or proceeding or the preparation of any defense in connection therewith), in
      each case arising out of or in connection with or by reason of this Commitment
      Letter or the Operative Documents or the transactions contemplated hereby or
      thereby or any actual or proposed use of the proceeds of the Amended Facility,
      or any due diligence investigation conducted in connection with the Amended
      Facility, except to the extent such claim, damage, loss, penalty, liability
      or
      expense is found in a final, non-appealable judgment by a court of competent
      jurisdiction to have resulted primarily from such Indemnified Party’s gross
      negligence or willful misconduct. In the case of an investigation, litigation
      or
      other proceeding to which the indemnity in this paragraph applies, such
      indemnity shall be effective whether or not such investigation, litigation
      or
      proceeding is brought by you, the Company, any of your or the Company’s
      directors, security holders or creditors, an Indemnified Party or any other
      person or an Indemnified Party is otherwise a party thereto and whether or
      not
      the transactions contemplated hereby are consummated.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    No
      Indemnified Party shall have any liability (whether direct or indirect, in
      contract, tort or otherwise) to the Company or any of its security holders
      or
      creditors for or in connection with the Amended Facility or the transactions
      contemplated hereby or thereby, except to the extent such liability is
      determined in a final non-appealable judgment by a court of competent
      jurisdiction to have resulted primarily from such Indemnified Party’s gross
      negligence or willful misconduct. In no event, however, shall any Indemnified
      Party be liable on any theory of liability for any special, indirect,
      consequential or punitive damages (including, without limitation, any loss
      of
      profits, business or anticipated savings), and the Company, on behalf of itself
      and any person claiming through the Company, hereby releases and holds harmless
      each Indemnified Party from all such liability.

     

    The
      indemnity and reimbursement obligations of the Company hereunder shall be in
      addition to any other liability the Company may otherwise have to an Indemnified
      Party and shall be binding upon and inure to the benefit of any successors,
      assigns, heirs and personal representatives of the Company and any Indemnified
      Party.

     

    Section
      4. Costs
      and Expenses.

     

    The
      Company agrees to pay, or reimburse Macquarie Bank for, all reasonable and
      documented out-of-pocket costs and expenses (whether incurred before or after
      the date hereof) incurred by Macquarie Bank in connection with its due diligence
      and the documentation, negotiation and execution of the definitive documentation
      for the Amended Facility (including, without limitation, reasonable and
      documented fees and expenses of a single legal counsel retained by the
      Administrative Agent, it being understood that the fees of such legal counsel
      will not be greater than $30,000 in the aggregate when taken together with
      fees
      relating to transactions between the Company and Macquarie Bank and any other
      Lenders that may be closed simultaneously with the closing of the Amended
      Facility). Unless otherwise agreed by Macquarie Bank and the Company with
      respect to any specific out-of-pocket expenses, Macquarie Bank will submit
      monthly invoices to the Company with respect to such costs and expenses incurred
      or paid by Macquarie Bank. Payment of the invoiced amount will be due within
      30
      days of delivery of the related invoice. Macquarie Bank will not be responsible
      for any fees or commissions payable to finders or to financial or other advisors
      utilized by either Holdings or Macquarie or to any potential Amended Facility
      lenders or other participants in the Amended Facility or the transactions
      contemplated thereby, and no fee or other compensation payable to any other
      advisor or person shall reduce or otherwise affect the amounts payable to
      Macquarie Bank hereunder. The Company shall be responsible for the fees and
      expenses of its professional and other advisors (including any consultants
      or
      advisors jointly retained by the Company and Macquarie Bank).

     

    The
      Company also agrees to pay all reasonable and documented costs and expenses
      of
      Macquarie Bank (including, without limitation, the reasonable and documented
      fees and disbursements of counsel) incurred in connection with the enforcement
      of any of Macquarie Bank’s rights and remedies hereunder.

     

    It
      is
      understood and agreed that Macquarie Bank shall receive fees with respect to
      its
      commitment hereunder and its agreement to perform the services described herein
      that are no less than any other Lender.

     

    Section
      5. Payments.

     

    All
      payments by the Company hereunder shall (i) be made in U.S. Dollars in New
      York,
      New York, (ii) be non-refundable when paid and (iii) not be subject to
      counterclaim or set-off for, or be otherwise affected by, any claim or dispute
      relating to any other matter. If the Company is required by law to deduct any
      such taxes, levies, imposts, deductions, charges or withholdings from or in
      respect of any sum payable to Macquarie Bank, the Company shall promptly pay
      the
      amount deducted to the relevant authorities and the Company hereby indemnifies
      Macquarie Bank for any loss, cost, expense or other liability suffered by
      Macquarie Bank by reason of any failure to make such deductions or make payment
      to the relevant authorities.

    
       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

    

    Section
      6. Confidentiality.

     

    By
      accepting delivery of this Commitment Letter, the Company agrees that this
      Commitment Letter is for the Company’s confidential use only and that neither
      its existence nor the terms hereof will be disclosed by the Company to any
      person other than the Company’s and its parent company’s and its manager’s
      officers, directors, employees, accountants, attorneys, agents and other
      advisors (the “Company
      Representatives”),
      and
      then only on a confidential and “need to know”
basis
      in connection with the transactions contemplated hereby; provided,
      however,
      that
      (i) the Company may disclose the existence and the terms hereof to the extent
      required, in the opinion of the Company’s counsel, by applicable law and (ii)
      following the Company’s acceptance of the provisions hereto as provided below
      and its return of an executed counterpart of this Commitment Letter to Macquarie
      Bank, the Company may make public disclosure of the existence and amount of
      Macquarie Bank’s commitment hereunder.

     

    We
      acknowledge that this letter agreement constitutes “Confidential Information”
under and as defined in that certain Confidentiality Agreement, dated as of
      June
      1, 2005, by and between Macquarie and Macquarie Bank and is subject to the
      terms
      thereof.

     

    Notwithstanding
      any other provision in this Commitment Letter, Macquarie Bank confirms that
      the
      Company and the Company Representatives shall not be limited from disclosing
      the
      U.S. tax treatment and U.S. tax structure of the transactions contemplated
      hereby.

     

    Section
      7. Representations
      and Warranties of the Company.

     

    The
      Company represents and warrants that (i) all information (other than financial
      projections) that has been or will hereafter be made available to Macquarie
      Bank
      by the Company or any of its representatives (including information available
      through the Company’s website) in connection with the transactions contemplated
      hereby is and will be complete and correct in all material respects and does
      not
      and will not contain any untrue statement of a material fact or omit to state
      a
      material fact necessary in order to make the statements contained therein not
      misleading in light of the circumstances under which such statements were or
      are
      made and (ii) all financial projections, if any, that have been or will be
      prepared by the Company and made available to Macquarie Bank have been or will
      be prepared in good faith based upon assumptions that were reasonable as of
      the
      date of the preparation of such financial projections (it being understood
      that
      such projections are subject to significant uncertainties and contingencies,
      many of which are beyond the Company’s control, and that no assurance can be
      given that the projections will be realized). If, at any time from the date
      hereof until the execution and delivery of the Operative Documents, any of
      the
      representations and warranties in the preceding sentence would be incorrect
      in
      any material respect if the information or financial projections were being
      furnished, and such representations and warranties were being made, at such
      time, then the Company agrees to promptly supplement the information and
      projections so that the representations and warranties contained in this
      paragraph remain correct in all material respects under those
      circumstances.

     

    In
      providing this Commitment Letter, Macquarie Bank will be entitled to use, and
      to
      rely on the accuracy of, the information furnished to it by or on behalf of
      the
      Company and its affiliates without responsibility for independent verification
      thereof.

    
       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

    

    Section
      8. No
      Third Party Reliance, Etc.

     

    The
      agreements of Macquarie Bank hereunder are made solely for the benefit of the
      Company and may not be relied upon or enforced by any other person. Please
      note
      that those matters that are not covered or made clear in this Commitment Letter
      are subject to mutual agreement of the parties. The Company may not assign
      or
      delegate any of its rights or obligations hereunder without Macquarie Bank’s
      prior written consent. This Commitment Letter may not be amended or modified,
      or
      any provisions hereof waived, except by a written agreement signed by all
      parties hereto. This Commitment Letter is not intended to create a fiduciary
      relationship among the parties hereto.

     

    The
      Company acknowledges that Macquarie Bank and/or one or more of its affiliates
      may be providing financing, equity capital, financial advisory and/or other
      services to parties whose interests may conflict with the Company’s interests.
      Consistent with Macquarie Bank’s policy to hold in confidence the affairs of its
      customers, neither Macquarie Bank nor any of its affiliates will furnish
      confidential information obtained from the Company to any of Macquarie Bank’s
      other customers. Furthermore, neither Macquarie Bank nor any of its affiliates
      will make available to the Company confidential information that Macquarie
      Bank
      obtained or may obtain from any other person.

     

    Section
      9. Governing
      Law, Etc.

     

    This
      Commitment Letter shall be governed by, and construed in accordance with, the
      law of the State of New York. The parties hereto irrevocably and unconditionally
      submit to the nonexclusive jurisdiction of any state or federal court sitting
      in
      the City of New York over any suit, action or proceeding arising out of or
      relating to this Commitment Letter. Service of any process, summons, notice
      or
      document by registered mail addressed to such party shall be effective service
      of process against such person for any suit, action or proceeding brought in
      any
      such court. The parties hereto irrevocably and unconditionally waive any
      objection to the laying of venue of any such suit, action or proceeding brought
      in any such court and any claim that any such suit, action or proceeding has
      been brought in an inconvenient forum. A final judgment in any such suit, action
      or proceeding brought in any such court may be enforced in any other court
      to
      whose jurisdiction such party is or may be subject by suit upon
      judgment.

     

    This
      Commitment Letter sets forth the entire agreement between the parties with
      respect to the matters addressed herein and supersedes all prior communications,
      written or oral, with respect hereto. This Commitment Letter may be executed
      in
      any number of 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 Commitment Letter. Delivery of an executed counterpart of a signature
      page
      to this Commitment Letter by telecopier shall be as effective as delivery of
      an
      original, executed counterpart of this Commitment Letter. The Company’s
      obligations under this letter agreement (other than those set forth in Sections
      3-5) shall automatically terminate and be superseded by the definitive Operative
      Documents upon the effectiveness thereof. The Company acknowledges that
      information and documents relating to the Amended Facility may be transmitted
      through lntraLinksTM, the internet or similar electronic transmission systems.
      All obligations of the Company under this Commitment Letter are joint and
      several obligations of Holdings and Macquarie.

     

    Section
      10. Waiver
      of Jury Trial.

     

    Each
      party hereto irrevocably waives all right to trial by jury in any action,
      proceeding or counterclaim (whether based on contract, tort or otherwise)
      arising out of or relating to this Commitment Letter or the transactions
      contemplated by this Commitment Letter or the actions of the parties hereto
      or
      any of their affiliates in the negotiation, performance or enforcement of this
      Commitment Letter.

    
       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

    

    Section
      11. Patriot
      Act.

     

    Macquarie
      Bank hereby notifies you that pursuant to the requirements of the USA Patriot
      Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the
“Patriot
      Act”),
      each
      Lender is required to obtain, verify and record information that identifies
      the
      Borrower (as defined in Exhibit A), which information includes the name,
      address, tax identification number and other information regarding the Borrower
      that will allow such Lender to identify the Borrower in accordance with the
      Patriot Act. This notice is given in accordance with the requirements of the
      Patriot Act and is effective as to each Lender under the Amended
      Facility.

     

    [Signature Pages
      Follow.]

    
       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

    Please
      indicate acceptance of the provisions hereof by signing the enclosed copy of
      this Commitment Letter and returning this to John Anthony on behalf of Tim
      Hallam, of Macquarie Bank Limited, at 125 west 55th street, level 10, New York,
      New York 10019 (telecopier: 212
      231 1717)
      at or
      before 5:00 p.m. (New York City time) on May 18, 2007, the time at which the
      commitment and other obligations of Macquarie Bank set forth above (if not
      so
      accepted prior thereto) will terminate. If the Company elects to deliver this
      Commitment Letter by telecopier, please arrange for the executed original to
      follow by next-day courier.

     

    Very
      truly yours,

     

    MACQUARIE
      BANK LIMITED

     

     

    By:
      /s/
      Mardi
      Garrett                       

    Name:
      Mardi Garrett

    Title:
      Associate Director

     

     

    By:
      /s/
      Tim
      Hallam                             

    Name:
      Tim
      Hallam

    Title:
      Associate Director

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ACCEPTED
      this ___ day of May, 2007

    

    MACQUARIE
      INFRASTRUCTURE 

    COMPANY
      LLC

    

    

    By:
       /s/
      Francis T.
      Joyce                              

    Name:

    Title:

    

    

    MACQUARIE
      INFRASTRUCTURE 

    COMPANY
      INC.

    

    

    By:
 /s/
      Francis T.
      Joyce                              

    Name:

    Title:

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A

    

    Macquarie
      Infrastructure Company Inc.

    Amended
      Revolving Credit Facility

    Term
      Sheet

    

    

    This
      Term Sheet is an outline of the proposed terms and conditions for an increase
      in
      the existing Revolving Credit Facility for Macquarie Infrastructure Company
      Inc.
      This Term Sheet is confidential and may not be released to (except as required
      by law) or relied upon by third parties without express written authorization
      from Macquarie Infrastructure Company Inc. Capitalized terms used herein and
      not
      otherwise defined herein shall have the meanings set forth in that certain
      Amended and Restated Credit Agreement, dated as of May 9, 2006 (the
“Existing
      Credit Agreement”),
      by and among Macquarie Infrastructure Company Inc. (d/b/a Macquarie
      Infrastructure Company (US)), as Borrower, Macquarie Infrastructure Company
      LLC,
      as Holdings, the Lenders and Issuers party thereto and Citicorp North America,
      Inc., as Administrative Agent.

    

    

    
      	
              General

            	 
	 	 
	
              Borrower:

            	
              Macquarie
                Infrastructure Company Inc. (unchanged from Existing Credit Agreement).
                

            
	 	 
	
              Amended
                Facility:

            	
              The
                Revolving Credit Facility will be increased to an aggregate amount
                of
                US$330 million. The Amended Facility shall consist of two tranches:
                (i) a
                tranche in an aggregate amount of US$300 million (the “Revolving
                Tranche”)
                and (ii) a tranche in an aggregate amount of US$30 million (the
                “San
                Jose FBO Tranche”).
                Amounts borrowed and repaid under the Revolving Tranche shall be
                available
                to be reborrowed. Amounts borrowed and repaid under the San Jose
                FBO
                Tranche shall not be available to be reborrowed.

            
	 	 
	
              Guarantor:

            	
              Macquarie
                Infrastructure Company LLC (unchanged from Existing Credit
                Agreement).

            
	 	 
	
              MIC
                Group:

            	
              Macquarie
                Infrastructure Company LLC and its subsidiaries.

            
	 	 
	
              Security:

            	
              Unchanged
                from Existing Credit Agreement. Existing Lenders (as defined below)
                and
                New Lenders (as defined below) will rank pari
                passu across
                both the Revolving Tranche and the San Jose FBO Tranche such that
                all
                Collateral will be shared by all Lenders. 

            
	 	 
	
              Closing
                Date:

            	
              The
                date on which an amended and restated Existing Credit Agreement (the
                “Amended
                Credit Agreement”)
                (and such amendments as may be necessary to any other Loan Documents)
                is
                executed incorporating the terms set forth herein.

               

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              San
                Jose FBO Tranche Commitment Termination:

            	
              The
                earlier of (i) March 31, 2008; (ii) notification that a purchase
                agreement
                has been entered into in respect of the San Jose fixed base operation
                (the
                “San
                Jose FBO”)
                with another party other than the Borrower or a subsidiary thereof
                or the
                Borrower has elected not to proceed with the acquisition of the San
                Jose
                FBO; and (iii) execution of an equity offering.

            
	 	 
	
              Purpose:

            	
              With
                respect to (a) the San Jose FBO Tranche, loans shall be available
                only to
                fund the acquisition in whole or in part of the San Jose FBO, and/
                or
                Mercury (the “Specific
                Acquisition”)
                and (b) the Revolving Tranche, unchanged from that contemplated by
                the
                Existing Credit Agreement.

               

            
	
              Lenders:

            	
              Lenders
                under the Existing Credit Agreement (the “Existing
                Lenders”)
                and other banks and financial institutions acceptable to the Borrower
                (the
                “New
                Lenders”
                and together with the Existing Lenders, the “Lenders”).
                With respect to the San Jose FBO Tranche, the Lenders shall initially
                be
                comprised of Macquarie Bank Limited.

            
	 	 
	
              Facility
                Agent:

            	
              Unchanged
                from the Existing Credit Agreement: Citigroup North America Inc.
                

            
	 	 
	
              Facility
                Agent Fee:

            	
              Unchanged
                from the Existing Credit Agreement. 

               

            
	
              Terms
                

            	 
	 	 
	
              Interest:

            	
              At
                the Borrower’s option, the outstanding loans under the Amended Credit
                Agreement will bear interest at the Base Rate or LIBOR plus
                the Applicable Margin per annum as in effect from time to time and
                set
                forth below for such type of loan. “Applicable
                Margin”
                means
                (a) for so long as the Additional Tranche Committed Amount (as defined
                below) is greater than zero: (i) for the six month period commencing
                on
                the Closing Date, 2.00% per
                annum
                with respect to loans bearing interest at LIBOR and 1.00% per
                annum
                with respect to loans bearing interest at the Base Rate, and (ii)
                from and
                after the six month anniversary of the Closing Date through the end
                of the
                term, 2.50% per
                annum
                with respect to loans bearing interest at LIBOR and 1.50% per
                annum
                with respect to loans bearing interest at the Base Rate and (b) at
                such
                time as the Additional Tranche Committed Amount is equal to zero,
                1.25%
                per
                annum
                with respect to loans bearing interest at LIBOR and 0.25% per
                annum with
                respect to loans bearing interest at the Base Rate.

               

              ”Additional
                Tranche Committed Amount”
                means, as of any date of determination, the sum of (a) the unused
                commitments of the Lenders under the San Jose FBO Tranche plus
                (b)
                the outstanding loans owed to the Lenders under the San Jose FBO
                Tranche.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
              Interest
                Period:

            	
              Unchanged
                from Existing Credit Agreement. 

            
	 	 
	
              Interest
                Payment Date:

            	
              Unchanged
                from Existing Credit Agreement. 

            
	 	 
	
              Default
                Rate:

            	
              Unchanged
                from Existing Credit Agreement. 

            
	 	 
	
              Commitment
                Fee:

            	
              On
                new and existing commitments: A rate per
                annum
                equal to 20% of LIBOR Applicable Margin in effect from time to time
                payable quarterly in arrears on the average daily unused portion
                of the
                Amended Facility.

            
	 	 
	
              Drawing/Issuances:

            	
              The
                Amended Facility shall be available on substantially the same terms
                and
                conditions as in the Existing Credit Agreement. The Revolving Tranche
                shall be drawn first, except to the extent of the amount available
                to be
                used under the Revolving Tranche for general corporate purposes (the
                “Working
                Capital Sublimit”).

            
	 	 
	
              Prepayments:

            	
              The
                Borrower shall have the option to, and shall be required to, prepay
                amounts outstanding under the Amended Facility on the same terms
                as those
                contained in the Existing Credit Agreement; provided that the proceeds
                of
                any prepayment shall be applied first
                to
                the San Jose FBO Tranche and second
                to
                repay amounts outstanding under the Revolving Tranche.

            
	 	 
	
              Cancellation:

            	
              The
                Borrower shall have the option to cancel the undrawn commitments
                under the
                Amended Facility on the same terms as those contained in the Existing
                Credit Agreement. 

            
	 	 
	
              Representations
                & Warranties

            	
              Unchanged
                from Existing Credit Agreement except Section 4.4 and Section 4.5
                will be
                updated to reference 12/31/06 audit accounts for the MIC Group. All
                representations and warranties will be “brought down” on the Closing Date.
                

            
	 	 
	
              Covenants

            	
              The
                affirmative, reporting, negative and financial covenants of the Borrower
                and the Guarantor will be limited to and on the same terms as those
                set
                forth in the Existing Credit Agreement except that:

               

              (a)
                The Borrower and the Guarantor shall agree not to incur Financial
                Covenant
                Debt other than under this Amended Credit Agreement until the Additional
                Tranche Committed Amount shall equal
                $0.

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	 	
              (b)
                The Leverage Ratio covenant will be amended from 5.6x Max to 6.8x
                Max for
                quarters ending 30 June, 2007 through and including 31 March, 2008.
                At
                such time as the Additional Tranche Committed Amount shall be equal
                to
                zero, the Leverage Ratio covenant shall revert to 5.6x Max.

               

              For
                the avoidance of doubt, the Interest Coverage Ratio covenant shall
                remain
                unchanged from the Existing Credit Agreement at 2x Min.

            
	 	 
	
              Conditions
                Precedent

            	
              Unchanged
                from Existing Credit Agreement.

            
	 	 
	
              Events
                of Default

            	
              Unchanged
                from Existing Credit Agreement.

            
	 	 
	
              Other

            	
              Unchanged
                from Existing Credit Agreement.

            
	 	 
	
              New
                Lender 

              Deliverables
                at Closing:

            	
              New
                Lenders and Existing Lenders (where applicable) will become parties
                to the
                Collateral Letter and will ratify/approve the execution of the GMAC
                Consent and agree to be bound by the terms of such
                consent.

            
	 	 
	
              Lender
                Counsel:

            	
              Weil,
                Gotshal & Manges LLP

            
	 	 
	
              Bank
                Meeting:

            	
              Officers
                of MIC will be available to participate in a bank meeting to assist
                in
                syndication of the Amended
                Facility.

            

    

    

    

    
      
         

      

      
        4

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