Document:

Exhibit
4.24

 

AIRNET SYSTEMS, INC.

Waiver Letter

 

November
12, 2004

 

 

Joel E. Biggerstaff, Chief Executive Officer

AirNet
Systems, Inc.

3939
International Gateway

Columbus,
OH  43219

 

Re:  AirNet
Systems, Inc. (“AirNet”) Credit Facilities

 

Dear
Mr. Biggerstaff:

 

We
refer to that certain Amended and Restated Credit Agreement (the “Credit
Agreement”) dated May 28, 2004, by and among AirNet, The Huntington National
Bank, as agent for and on behalf of the lenders from time to time party thereto
(in such capacity, herein “Agent”), Bank One, N.A. (Main Office Columbus) (“Bank
One”), Fifth Third Bank (“Fifth Third”) and The Huntington National Bank as a
lender and the LC Issuer (in such capacity, herein “Huntington”).  Each capitalized term used but not otherwise
defined in this letter agreement (including all Exhibits hereto) shall have the
meaning ascribed to it in the Credit Agreement.

 

We
have been advised that, during the third quarter of 2004, AirNet has recognized
a $47,009,153.00 non-recurring, non-cash impairment charge related to its cargo
aircraft assets and goodwill (herein, the “Impairment Charge”).  Solely as a result of the impact of the
Impairment Charge on AirNet’s financial statements, AirNet has, as of September
30, 2004, breached the financial covenants set forth in Sections 6.24.1 (“Fixed
Charge Coverage Ratio”), 6.24.2 (“Leverage Ratio”) and 6.24.3 (“Minimum
Tangible Net Worth”) of the Credit Agreement. 
The existing violation (which occurred  as of September 30, 2004 solely as a result of the Impairment Charge)
of each of the above referenced financial covenants constitutes a Default under
Section 7.3 of the Credit Agreement and is referred to herein as the “Existing
Financial Covenant Default.” Agent has discussed said Existing Financial
Covenant Default with the Lenders, and hereby provides formal notice of the
same to each Lender pursuant to Sections 9.9 and 12.14 of the Credit Agreement.

 

Each
of Huntington and Bank One hereby consent to the waiver by Agent of the
Existing Financial Covenant Default. 
Huntington and Bank One presently hold more than 51% of the Term Loans
and the Aggregate Revolving Commitment and, as such, constitute Required
Lenders for purposes of consenting to such waiver.

 

Pursuant to the authority referenced above, Agent, for
itself and on behalf of the Lenders, hereby waives the Existing Financial
Covenant Default (notwithstanding Sections 6.24.1, 6.24.2, 6.24.3 and 7.3 of
the Credit Agreement as in effect on September 30, 2004 and at all times prior
to the date hereof), and acknowledges that the Impairment Charge alone shall
not be deemed to give rise to a Material Adverse Effect under Section 5.5 of
the Credit Agreement, it being understood and agreed that (i) except for
the waiver of the Existing Financial Covenant Default, neither the Agent nor
any Lender has granted any waiver of any Default, Unmatured Default, breach or
violation of the Loan Documents (including, without limitation, Section 6.24
thereof) which has occurred and/or is existing, or may occur and/or be existing
in the future; and (ii) the foregoing waiver of the Existing Financial Covenant
Default is contingent upon the execution and delivery by AirNet and the
Guarantors of a certain Change in Terms Agreement effective as of the date
hereof, pursuant to which certain provisions of the Credit Agreement shall be
modified (said Change in Terms Agreement to constitute one of the “Loan
Documents”); and (iii) Agent, for itself and on behalf of the Lenders hereby reserves all rights with respect to
AirNet and the Guarantors under the Loan Documents, at law or in equity, with
respect to any matter, Default or Unmatured Default, now existing or hereafter
arising, existing, occurring or continuing, which does not constitute the
Existing Financial Covenant Default, and, with respect to any such matter,
Default or Unmatured Default, Agent and the Lenders shall at any time be
entitled to enforce any of their respective rights and remedies, under the Loan
Documents and otherwise, against AirNet and/or the Guarantors.

 

Agent,
for itself and on behalf of the Lenders, hereby acknowledges and agrees that
(i) AirNet’s notification to Agent of the Existing Financial Covenant Default
has satisfied AirNet’s obligation under Section 6.3 of the Credit Agreement to
notify the Lenders of any Default, and (ii) the recognition of the Impairment
Charge shall, for purposes of the Credit Agreement, not constitute a material
decline in the value of the Collateral under the Security Documents that would

 

 

give
rise to a Default under Section 7.17 of the Credit Agreement or support a
demand from Lenders that additional security be provided under such section.

 

The
foregoing is given subject to the following:

 

1.               Each of AirNet, AMI, Float, Jetride,
Timexpress and Fast Forward hereby acknowledge and agree that, (i) after giving
effect to the express terms and provisions of this letter agreement and the
waiver of the Existing Financial Covenant Default provided by the Lenders and
Agent herein, each and all of the terms, covenants and conditions of, and the
obligations of each of them under, all Loan Documents shall remain in full
force and effect and each such party ratifies and confirms its obligations
under the Loan Documents and each confession of judgment or cognovit provision
contained in the Loan Documents; (ii) upon the request of Agent or the Required
Lenders, each of them shall enter into such additional documents and/or
agreements as are customarily required of credit parties by any of the Lenders
in connection with waivers and/or loan modifications; (iii) neither this letter
agreement, the waiver given pursuant hereto, nor any previous modification,
extension or compromise entered into with respect to any indebtedness of AirNet
and/or any Guarantor to Agent and/or the Lenders (whether or not the same was
in writing) shall constitute a course of dealing or be inferred or construed as
constituting an express or implied understanding to enter into any future
release, modification, extension, waiver or compromise; (iv) after giving
effect to the express terms and provisions of this letter agreement and the
waiver of the Existing Financial Covenant Default provided by the Lenders and
Agent herein, each of the representations and warranties made in the Loan
Documents is true and correct in all material respects as of the date of this
letter agreement (except to the extent the Impairment Charge could be construed
to be a “Material Adverse Effect” under Section 5.5 of the Credit Agreement);
and (v) no event or condition exists which constitutes a Default or Unmatured
Default under the Loan Documents (except for the Existing Financial Covenant
Default waived hereby).

 

2.               Contemporaneously
with or prior to the execution of this letter agreement by Agent, Agent shall
have received (i) this letter agreement, fully executed by AirNet and each
Guarantor, (ii) the Change in Terms Agreement referenced above, fully executed
by AirNet and each Guarantor, (iii) payment of the fees and expenses shown on
the Disbursement Schedule signed by AirNet and each Guarantor as of the date
hereof, and (iii) all other items and documents reasonably requested by Agent.

 

Please acknowledge the
foregoing agreement by signing and returning to us executed counterparts of
this letter agreement.

 

Very truly yours,

 

The Huntington National Bank,
as Agent

 

 

	
  By:

  	
  /s/ Steven Clemens

  	
   

  
	
  Steven Clemens, Vice
  President Loan Syndications

  

 

 

Acknowledged and Agreed:

 

	
  AirNet Systems, Inc., an

  
	
  Ohio
  corporation

  
	
   

  	
   

  
	
  By:

  	
  /s/ Joel E. Biggerstaff

  	
   

  	
   

  
	
  Joel
  E. Biggerstaff, Chief Executive Officer

  	
   

  
				

 

WARNING –
BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL.  IF YOU DO NOT PAY ON TIME A COURT JUDGMENT
MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT
CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST
THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO
COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

	
  Jetride, Inc., an

  
	
  Ohio
  corporation

  
	
   

  	
   

  
	
  By:

  	
  /s/ Joel E. Biggerstaff

  	
   

  
	
  Joel
  E. Biggerstaff, President

  

 

WARNING –
BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL.  IF YOU DO NOT PAY ON TIME A COURT JUDGMENT
MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT
CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST
THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO
COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

	
  Float
  Control, Inc., a

  	
   

  
	
  Michigan
  corporation

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Joel E. Biggerstaff

  	
   

  
	
  Joel
  E. Biggerstaff, President

  	
   

  
			

 

WARNING –
BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL.  IF YOU DO NOT PAY ON TIME A COURT JUDGMENT
MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT
CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST
THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO
COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

	
  AirNet Management, Inc., an

  	
   

  
	
  Ohio
  corporation

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Joel E. Biggerstaff

  	
   

  
	
  Joel
  E. Biggerstaff, President

  	
   

  
			

 

WARNING –
BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL.  IF YOU DO NOT PAY ON TIME A COURT JUDGMENT
MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT
CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST
THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO
COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

	
  Fast Forward Solutions,
  LLC, an

  	
   

  
	
  Ohio
  limited liability company

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Joel E. Biggerstaff

  	
   

  
	
  Joel
  E. Biggerstaff, President

  	
   

  
			

 

 

WARNING –
BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL.  IF YOU DO NOT PAY ON TIME A COURT JUDGMENT
MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT
CAN BE USED TO COLLECT FROM YOU REGARDLESS OF

 

 

ANY
CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY
GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

	
  timexpress.com, inc. an

  	
   

  
	
  Ohio
  corporation

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Joel E. Biggerstaff

  	
   

  
	
  Joel
  E. Biggerstaff, President

  	
   

  
			

 

 

WARNING –
BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL.  IF YOU DO NOT PAY ON TIME A COURT JUDGMENT
MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT
CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST
THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO
COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

The undersigned Lenders hereby
evidence their consent to the foregoing:

 

	
  Bank One, N.A. (Main Office
  Columbus),

  	
   

  
	
   a national banking
  association

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Warren Bebinger

  	
   

  
	
  Warren
  Bebinger, First Vice President

  	
   

  
	
   

  	
   

  
	
  The Huntington National
  Bank,

  	
   

  
	
   a national banking
  association

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ John M. Luehmann

  	
   

  
	
  John
  M. Luehmann, Vice President

  	
   

  
				

 

 

	
  cc

  	
  Kristie Nicolosi, Fifth
  Third Bank (via facsimile 614-744-7606)

  
	
   

  	
  Warren Bebinger, Bank One,
  N.A. (via facsimile 614-248-5518)

  
	
   

  	
  John M. Luehmann, The
  Huntington National Bank (via facsimile 614-480-5791)Exhibit
4.25

 

AIRNET SYSTEMS, INC.

Change in Terms Agreement

 

THIS
CHANGE IN TERMS AGREEMENT (this “Change in Terms”), is made and entered into
effective as of November 12, 2004, by and between AirNet Systems, Inc., an Ohio
corporation (“Borrower”) and The Huntington National Bank, a national banking
association, with a banking office at 41 South High Street, Columbus, Ohio
43215, in its capacity as administrative agent (“Agent”) for and on behalf of
the Lenders from time to time party to the Credit Agreement described below.
Each capitalized term used but not otherwise defined herein shall have the
meaning ascribed to it in the Credit Agreement.

 

BACKGROUND INFORMATION

 

A.            Pursuant
to the Amended and Restated Credit Agreement dated as of May 28, 2004 (as the
same may be amended, modified, supplemented, extended, restated or replaced
from time to time, the “Credit Agreement”) among Borrower, the Lenders, and the
Agent, the Lenders agreed to provide certain credit facilities to the Borrower
(collectively, the “Loans”).

 

B.    Borrower, having failed to comply with the
financial covenants required pursuant to Section 6.24 of the Credit Agreement,
has requested that Agent (i) waive the Default existing under the Credit
Agreement as a result of Borrower’s failure to maintain such financial
covenants, and acting upon the authority of the Required Lenders, Agent has
agreed to do so on certain conditions, including without limitation, that
Borrower enter into this Change in Terms.

 

AGREEMENT

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements contained
herein, Agent and Borrower hereby agree as follows:

 

1.             Change in Terms.  The
Credit Agreement, and, to the extent applicable, the other Loan Documents, are
hereby modified to provide as follows:

 

a.             Definitional Modifications.

 

(i)            The definition of “Consolidated EBIT,”
as set forth in Section 1.1 of the Credit Agreement, is hereby revised and
replaced in its entirety by the following:

 

“Consolidated EBIT” means, with
respect to any period, Consolidated Net Income plus,
(a) to the extent deducted from revenues in determining Consolidated Net
Income, (i) Consolidated Interest Expense, (ii) income tax expense, calculated
for the Borrower and its Subsidiaries on a consolidated basis, and (iii)
extraordinary losses (determined in accordance with Agreement Accounting
Principles) incurred other than in the ordinary course of business, calculated
for the Borrower and its Subsidiaries on a consolidated basis, plus (b) for the fiscal quarter ending September 30, 2004
only, an amount equal to $47,009,153.00 (which reflects the non-cash impairment
charge recognized by Borrower in the fiscal quarter ending September 30, 2004),
minus, to the extent included in
Consolidated Net Income, extraordinary gains (determined in accordance with
Agreement Accounting Principles) realized other than in the ordinary course of
business, calculated for the Borrower and its Subsidiaries on a consolidated
basis.

 

(ii)           The definition of “Consolidated EBITDA,”
as set forth in Section 1.1 of the Credit Agreement, is hereby revised and
replaced in its entirety by the following:

 

“Consolidated EBITDA” means with
respect to any period, Consolidated Net Income plus,
(a) to the extent deducted from revenues in determining Consolidated Net
Income, (i) Consolidated Interest Expense, (ii) income tax expense, calculated
for the Borrower and

 

 

its Subsidiaries on a consolidated basis, (iii) depreciation, calculated
for the Borrower and its Subsidiaries on a consolidated basis, (iv)
amortization, calculated for the Borrower and its Subsidiaries on a
consolidated basis; and (v) extraordinary losses (determined in accordance with
Agreement Accounting Principles) incurred other than in the ordinary course of
business, calculated for the Borrower and its Subsidiaries on a consolidated
basis, plus (b) for the fiscal quarter ending
September 30, 2004 only, an amount equal to $47,009,153.00 (which reflects the
non-cash impairment charge recognized by Borrower in the fiscal quarter ending
September 30, 2004), minus, to the
extent included in Consolidated Net Income, extraordinary gains (determined in
accordance with Agreement Accounting Principles) realized other than in the
ordinary course of business, calculated for the Borrower and its Subsidiaries
on a consolidated basis.

 

b.             Tangible Net Worth.           Section 6.24.3 of the Credit Agreement is
hereby revised and replaced in its entirety by the following:

 

Section 6.24.3      Minimum Tangible Net Worth. The Borrower will at all times maintain
Consolidated Tangible Net Worth of not less than (i) as of Borrower’s fiscal  year-end 2004, $46,000,000.00, (ii) as of the last day of
each of Borrower’s fiscal years thereafter, that amount which is equal to the
sum of the minimum Consolidated Tangible Net Worth required to be maintained by
Borrower in accordance with this Section as of the last day of Borrower’s prior
fiscal year, plus 50% of Consolidated Net Income for  such
prior fiscal year; provided that, in any case, if such Consolidated Net Income
is negative in any fiscal year, the amount added in the subsequent fiscal year
shall be zero.

 

2.             Truth of Representations and Warranties; No
Defaults.  Borrower hereby represents and warrants that
the following are true and correct as of the date of this Change in Terms:

 

(a)           After giving effect to that certain letter
agreement dated of even date herewith by and among Borrower (herein, the “Waiver”),
the Guarantors and Agent and the waiver provided therein, the representations
and warranties of Borrower and the Guarantors contained in the Loan Documents
to which each is a party are true and correct on and as of the date of this
Change in Terms as if made on and as of such date, unless stated to relate to a
specific earlier date;

 

(b)           No event or condition exists which constitutes
a breach, Default or Unmatured Default under the Loan Documents;

 

(c)           All financial information heretofore provided
to Agent and/or the Lenders in connection with the indebtedness made pursuant
to the Loan Documents is true, accurate and complete in all material respects;

 

(d)           Neither this Change in Terms nor any other
document, certificate or written statement furnished to Agent and/or the
Lenders in connection with the indebtedness evidenced and secured by the Loan
Documents contains any untrue statement of a material fact or omits to state a
material fact necessary in order to make the statements contained herein and
therein not misleading;

 

(e)           Borrower and the Guarantors have full power
and authority (i) to execute, deliver and perform, or to acknowledge and agree
to the terms and provisions of, this Change in Terms, as applicable, and (ii)
to incur the obligations provided for herein, all of which have been duly
authorized by all necessary and proper corporate or limited liability company
action, as applicable;

 

(f)            No consent, waiver or authorization of, or
filing with, any person or any governmental authority is required to be made or
obtained by Borrower or the Guarantors in connection with the borrowings under
the Loan Documents, or the execution, delivery, performance, validity or
enforceability of this Change in Terms;

 

(g)           This Change in Terms and the Loan Documents
constitute the legal, valid and binding obligation of Borrower and the
Guarantors enforceable against them in accordance with the terms hereof and
thereof, as applicable; and

 

(h)           The execution and delivery by Borrower and the
Guarantors of this Change in Terms and the performance by Borrower and the
Guarantors of the Loan Documents to which each is a party, as

 

2

 

modified
by this Change in Terms and by the Waiver: (i) do not and will not violate any
law or regulation; (ii) do not and will not violate any order, decree or
judgment by which Borrower or the Guarantors, as applicable, are bound; (iii)
do not and will not violate or conflict with, result in a breach of or
constitute (with notice, lapse of time, or otherwise) a default under any
material agreement, mortgage, indenture or other contractual obligation to
which Borrower or any of the Guarantors is a party, or by which Borrower’s or
any of the Guarantors’ properties are bound; and (iv) do not and will not
result in the creation or imposition of any lien upon any property or assets of
Borrower or any of the Guarantors.

 

3.             Ratification of Loan Documents.  This
Change in Terms constitutes only a modification of the Credit Agreement and the
other Loan Documents and Borrower hereby acknowledges, ratifies and confirms
all of the provisions thereof, except as herein expressly modified, including provision
for the acceleration of the maturity of the Loans, and for the enforcement by
Agent and/or the Lenders of all remedies any of them may have according to
law.  In addition, Borrower acknowledges,
ratifies and confirms any and all security interests previously granted in
connection with the Loans as continuing in full force and effect.

 

4.             No Course of Dealing; Waiver. 
Borrower expressly acknowledges and agrees that the execution of this
Change in Terms shall not constitute a waiver of, and shall not preclude the
exercise of, any right, power or remedy granted to Agent and/or the Lenders in
the Loan Documents, or as provided by law, except to the extent expressly
provided herein.  No previous
modification, extension or compromise entered into with respect to any
indebtedness of Borrower to Agent and/or the Lenders shall constitute a course
of dealing or be inferred or construed as constituting an express or implied
understanding to enter into any future modification, extension or compromise,
whether or not the same was in writing. 
No past, present or future delay on the part of Agent and/or any Lender
in exercising any right, power or remedy shall operate as a waiver thereof, or
otherwise prejudice Agent’s or any Lender’s rights, powers or remedies.

 

5.             Promise to Pay. 
Borrower hereby covenants and promises to pay to the order of Agent, the
unpaid principal balance of the Loans, together with interest as provided in
the Credit Agreement and the other Loan Documents, and hereby promises to
perform all of the covenants, conditions, stipulations and agreements as
contained in the Loan Documents and in any other document or instrument
executed in connection therewith or referencing the same (as modified by this
Change in Terms).

 

6.             Setoffs, Claims and Defenses. 
Borrower hereby certifies that, as of the date hereof, it has no
setoffs, counter-claims or other defenses of any nature whatsoever to the
payment of any part of the obligations owed to Agent and/or any Lender as of
the date of execution of this Change in Terms.

 

7.             Governing Law.  This
Change in Terms shall be interpreted and construed in accordance with and
governed by the laws of the State of Ohio (without respect to conflict of law
principles).  Further, the parties hereto
intend that this Change in Terms shall be in compliance with all applicable
laws and shall be enforceable in accordance with its terms.  If any provision of this Change in Terms
shall be illegal or unenforceable with respect to the Loan Documents, such
provision shall be deemed cancelled to the extent necessary, but the remaining
provisions shall not be affected hereby.

 

8.             Further Assurances. 
Borrower and the Guarantors further agree to execute and deliver any and
all further documents and to take any and all other steps or actions reasonably
deemed necessary by Agent to effectuate this Change in Terms.

 

9.             Affirmation of Other Obligors.  Upon
the request of Agent, Borrower shall obtain the acknowledgment and acceptance
by each other party obligated in any way with respect to the Loans or otherwise
in connection with the credit extended pursuant to the Credit Agreement,
including, without limitation, the Guarantors and any other guarantor,
co-borrower, pledgor or other accommodation party or party granting collateral
security for the Loans and other obligations under the Loan Documents and
otherwise, that the obligations and agreements of each such party to the
Lenders and/or the Agent under the Loan Documents, as applicable, or otherwise,
shall continue in full force and effect with respect to the indebtedness
evidenced and secured by the Loan Documents, irrespective of any modification
made in this Change in Terms, which acknowledgement and acceptance shall be in
a writing executed by each such party and satisfactory to Agent.

 

3

 

10.           Acknowledgment by Lenders.  This
Change in Terms shall only be effective upon the acknowledgment, consent and
acceptance by the Required Lenders, which acknowledgement, consent and
acceptance shall be evidenced by execution of this Change in Terms by Lenders
constituting the Required Lenders.

 

11.           Successors and Assigns.  This
Change in Terms shall be binding upon the parties hereto and their respective
successors and assigns, and shall inure to the benefit of Agent and its
successors and assigns.

 

12.           Costs and Expenses. 
Borrower also agrees to reimburse Agent for all costs and expenses
incurred in the preparation, execution and delivery of this Change in Terms,
including reasonable attorneys’ fees.

 

13.           Titles and Headings.  The
titles and headings herein are intended to promote convenience and are not a
part of this Change in Terms for purposes of interpreting and applying the
provisions hereof.

 

14.           Counterparts.  This Change in Terms may be
executed in any number of counterparts, all of which taken together shall
constitute one agreement, and any of the parties hereto may execute this Change
in Terms by signing any such counterpart. 
This Change in Terms shall be effective when it has been executed by
Borrower, Agent, the Required Lenders and the Guarantors.

 

15.           WAIVER OF JURY TRIAL. 
BORROWER AND AGENT HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING
INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT,
CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH
THIS CHANGE IN TERMS OR ANY OF THE LOAN DOCUMENTS OR THE RELATIONSHIP
ESTABLISHED HEREUNDER OR THEREUNDER.

 

16.           Confession of Judgment. 
Borrower hereby irrevocably authorizes any attorney-at-law, including
any attorney-at-law employed or retained by Agent to appear for it in any
action on this Change in Terms or any of the Loan Documents at any time after
the same becomes due as herein or therein provided in any court of record
situated in the county where this warrant was signed (being Franklin County,
Ohio), or in the county where Borrower then resides or can be found, to waive
the issuing and service of process, and confess a judgment in favor of the
holder of this Change in Terms and any such Loan Documents against Borrower,
for the amount that may then be due, with interest at the rate(s) provided for
herein, together with the costs of suit, and to waive and release all errors in
said proceedings and the right to appeal from the judgment rendered.  Borrower consents to the jurisdiction and
venue of such court.  Borrower waives any
conflict of interest that any attorney-at-law employed or retained by Agent may
have in confessing judgment hereunder and consents to the payment of a legal
fee to any attorney-at-law confessing judgment hereunder.

 

IN
WITNESS WHEREOF, Borrower and Agent have caused this Change in Terms to be
executed effective as of the day and year first above written.

 

	
  BORROWER:

  	
   

  
	
  AirNet Systems, Inc., an

  	
   

  
	
  Ohio
  corporation

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Joel E. Biggerstaff

  	
   

  
	
  Joel
  E. Biggerstaff, Chief Executive Officer

  	
   

  
			

 

WARNING
– BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL.  IF YOU DO NOT PAY ON TIME A COURT JUDGMENT
MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT
CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST
THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO
COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

	
  AGENT:

  
	
  The
  Huntington National Bank,

  
	
    a
  national banking association, as Agent

  

 

4

 

	
  By:

  	
  /s/
  Steven P. Clemens

  	
   

  
	
  Steven P. Clemens, Vice President

  

 

 

ACKNOWLEDGMENT
OF LENDERS

 

 

The
undersigned Lenders hereby acknowledge, consent to, and accept all of the
provisions of the foregoing Change in Terms.

 

 

	
  The
  Huntington National Bank,

  	
   

  
	
  an
  national banking association

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  John M. Luehmann

  	
   

  
	
  John
  M. Luehmann, Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Bank
  One, N.A. (Main Office Columbus)

  	
   

  
	
  an
  national banking association

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Warren Bebinger

  	
   

  
	
   Warren Bebinger, First Vice President

  	
   

  

 

5

 

ACKNOWLEDGMENT OF GUARANTORS

 

 

The
undersigned Guarantors hereby acknowledge, accept and agree to each of the
provisions of the foregoing Change in Terms and ratify and confirm that all of
the provisions of the Loan Documents to which each such Guarantor is a party,
including, without limitation, the Subsidiary Guaranty, the Fast Forward
Guaranty, the Timexpress Guaranty, as applicable, and the Security Agreements,
and all obligations and liabilities of each such Guarantor in favor of Agent
and/or the Lenders thereunder and otherwise, and all liens, security and other
interests granted thereby, shall continue and remain in full force and effect,
irrespective of any provision of the above Change in Terms, the Waiver, or any
other or future modification of the Loan Documents or the terms of the credit
extended, evidenced and secured thereby.

 

GUARANTORS:

 

	
  Jetride, Inc., an

  	
   

  
	
    Ohio
  corporation

  	
   

  
	
   

  	
   

  
	
  By:

  	
    /s/ Joel E.
  Biggerstaff

  	
   

  
	
  Joel
  E. Biggerstaff, President

  	
   

  
			

 

WARNING –
BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL.  IF YOU DO NOT PAY ON TIME A COURT JUDGMENT
MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT
CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST
THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO
COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

	
  Float
  Control, Inc., a

  	
   

  
	
    Michigan
  corporation

  	
   

  
	
   

  	
   

  
	
  By:

  	
    /s/ Joel E.
  Biggerstaff

  	
   

  
	
  Joel
  E. Biggerstaff, President

  	
   

  
			

 

WARNING –
BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL.  IF YOU DO NOT PAY ON TIME A COURT JUDGMENT
MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT
CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST
THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO
COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

	
  AirNet Management, Inc., an

  	
   

  
	
    Ohio
  corporation

  	
   

  
	
   

  	
   

  
	
  By:

  	
    /s/ Joel E.
  Biggerstaff

  	
   

  
	
  Joel
  E. Biggerstaff, President

  	
   

  
			

 

WARNING –
BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL.  IF YOU DO NOT PAY ON TIME A COURT JUDGMENT
MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT
CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST
THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO
COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

	
  Fast Forward Solutions,
  LLC, an

  	
   

  
	
    Ohio limited
  liability company

  	
   

  
	
   

  	
   

  
	
  By:

  	
    /s/ Joel E.
  Biggerstaff

  	
   

  
	
  Joel
  E. Biggerstaff, President

  	
   

  
			

 

WARNING –
BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL.  IF YOU DO NOT PAY ON TIME A COURT JUDGMENT
MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT
CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST
THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO
COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

6

 

	
  timexpress.com, inc. an

  	
   

  
	
    Ohio
  corporation

  	
   

  
	
   

  	
   

  
	
  By:

  	
    /s/ Joel E.
  Biggerstaff

  	
   

  
	
    Joel
  E. Biggerstaff, President

  	
   

  
			

 

7

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