Document:

Apollo Aircraft and Equipment Sale Agreement

    
      

      

    

     

    

    EXHIBIT
      10.1

    

    EXECUTION
      COPY

    

    

    

    

    

    AIRCRAFT
      AND EQUIPMENT SALE AGREEMENT

    

    

    BETWEEN

    

    

    PLM
      FINANCIAL SERVICES, INC., 

    Not
      in its individual capacity but solely as owner trustee

    (“Seller”),

    

    

    AND

    

    APOLLO
      AVIATION CAPITAL, L.L.C. (“Buyer”)

    

    

    Dated
      as of December 4, 2006

    

    
      
        
          
          

        

        
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    TABLE
      OF CONTENTS

    

    ARTICLE
      1: SUBJECT MATTER OF SALE

    ARTICLE
      2: PURCHASE PRICE AND PAYMENT

    ARTICLE
      3: INSPECTION AND TECHNICAL ACCEPTANCE

    ARTICLE
      4: CLOSING DATE; DELIVERY OF AIRCRAFT AND CONDITIONS PRECEDENT

    ARTICLE
      5: REPRESENTATIONS AND WARRANTIES, LIMITATIONS AND DISCLAIMERS

    ARTICLE
      6: INDEMNIFICATION

    ARTICLE
      7: INSURANCE

    ARTICLE
      8: EXCUSABLE DELAY

    ARTICLE
      9: MISCELLANEOUS13

    SCHEDULE
      I: DEFINITIONS

    SCHEDULE
      II: SPARES PACKAGE

    SCHEDULE
      III: SELLER'S BANK ACCOUNT INFORMATION

    SCHEDULE
      IV: CONTACT INFORMATION FOR NOTICES

    SCHEDULE
      V: INSURANCE REQUIREMENTS

    SCHEDULE
      VI: ENGINE TIMES

    EXHIBIT A:
      WARRANTY BILL OF SALE

    EXHIBIT B:
      CERTIFICATE OF TECHNICAL ACCEPTANCE

    EXHIBIT C:
      NON-INCIDENT LETTER

    

    

    
      
        
          
          

        

        
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    AIRCRAFT
      AND EQUIPMENT SALE AGREEMENT

    

    THIS
      AIRCRAFT AND EQUIPMENT SALE AGREEMENT dated December 4, 2006 (this “Agreement”)
      is between PLM FINANCIAL SERVICES, INC., a corporation organized and existing
      under the laws of the State of Delaware (“PLM”), not in its individual capacity
      but solely as owner trustee under the N907TW Trust and the N911TW and N912TW
      Trust (in each case, "Seller"), and APOLLO AVIATION CAPITAL, L.L.C., a limited
      liability company formed under the laws of the State of Delaware (“Buyer”).

    

    In
      consideration of their mutual promises and undertakings set forth below, and
      intending to be legally bound hereby, the parties agree as follows:

    

    ARTICLE
      1: SUBJECT MATTER OF SALE

    

    Subject
      to all of the provisions of this Agreement, Seller agrees to sell and deliver
      to
      Buyer, and Buyer agrees to purchase from Seller, the Airframes, the Engines
      and
      the Spares Package, each as defined and more particularly described on Schedule
      I attached hereto (the Airframes, Engines and Spares Package are collectively
      referred to as the “Equipment”). Certain capitalized terms used herein are
      defined in Schedule I attached hereto. 

    

    ARTICLE
      2: PURCHASE PRICE AND PAYMENT

    

    A. Base
      Purchase Price.
      The
      aggregate purchase price for the Equipment shall be US$5,795,000.00 (the
“Aggregate Base Purchase Price”). The Aggregate Base Purchase Price shall be
      allocated to the different components comprising the Equipment as follows (that
      portion of the Aggregate Base Purchase Price allocated to a component is
      hereinafter referred to as the “Applicable Base Purchase Price”) for such
      component:

    

    
      	 	
              Component

            	 	
              Applicable
                Base Purchase Price

            	 
	 	 	 	 	 
	 	
              Airframe
                49165

            	 	
              US$
                335,000.00

            	 
	 	
              Airframe
                49182

            	 	
              US$
                175,000.00

            	 
	 	
              Airframe
                49183

            	 	
              US$
                410,000.00

            	 
	 	
              Engine
                709760

            	 	
              US$
                600,000.00

            	 
	 	
              Engine
                708556

            	 	
              US$1,050,000.00

            	 
	 	
              Engine 717900

            	 	
              US$1,075,000.00

            	 
	 	
              Engine
                708582

            	 	
              US$
                575,000.00

            	 
	 	
              Engine
                718566

            	 	
              US$
                925,000.00

            	 
	 	
              Engine 709710

            	 	
              US$
                600,000.00

            	 
	 	
              Spares
                Package

            	 	
              US$
                50,000.00

            	 

    

    

    B. Engine
      Purchase Price Adjustment.
      Schedule VI specifies the flight hours for each of the Engines as of August
      7,
      2006 (for each Engine, the flight hours specified on Schedule VI are hereinafter
      referred to as the “Base Flight Hours”). As of the Closing Date (as defined in
      Article 4.A hereof) for each Engine, for each flight hour in excess of the
      Base
      Flight Hours applicable to such Engine, the Applicable Base Purchase Price
      for
      such Engine shall be reduced by the product of the aggregate number of such
      excess flight hours for such Engine multiplied by US$100.00 per flight hour
      (for
      each Engine, such product is hereinafter referred to as the “Engine Purchase
      Price Adjustment”) (for each Engine, the Applicable Base Purchase Price minus
      the Engine Purchase Price Adjustment is hereinafter referred to as the “Purchase
      Price”). Notwithstanding the foregoing, if a discrepancy is found in an Engine
      prior to the Closing Date and (a) such Engine is either overhauled or replaced
      in accordance with the terms hereof and (b) either the value or utility of
      such
      overhauled Engine increases as a result of such overhaul or the value or utility
      of the replacement engine is greater than that of the original Engine, then
      the
      Purchase Price Adjustment for such Engine shall not be subtracted from the
      Applicable Base Purchase Price for such Engine and Buyer and Seller shall
      consult in good faith to determine the appropriate purchase price adjustment
      for
      such Engine, in which case the Purchase Price subject to such adjustment shall
      then constitute the Purchase Price for such Engine.

    

    
      
        
        

      

      
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    C. Spares
      Package Purchase Price Adjustment.
      Schedule II specifies the parts composing the Spares Package as of August 15,
      2006. Seller represents to Buyer that the Spares Package has been placed on
      consignment with GA Telesis Turbine Technologies, LLC, a
      limited
      liability company organized and existing under the laws of the State of a
      Florida (the “Consignee”). On or prior to the Closing Date, Seller, Buyer and
      Consignee shall enter into an assignment and acknowledgement agreement (the
      “Assignment and Acknowledgment”) which specifies, which parts, if any, of the
      Spares Package have been sold or added since August 15, 2006, (such previously
      sold parts being hereinafter referred to as the “Sold and Added Parts”) (the
      Spares Package less or plus, as applicable, any Sold and Added Parts are
      hereinafter referred to as the “Final Spares Package”). The Applicable Base
      Purchase Price for the Spares Package: (a) shall be reduced by the aggregate
      sum
      of the net proceeds paid by the Consignee to the Seller resulting from the
      sale
      of any of the Sold Parts (the “Spare Parts Reduction”) and (b) shall be
      increased by the aggregate sum of the Agreed Value (as defined below) of all
      of
      the Added Parts (the “Spare Parts Increase”) (the difference between the Spare
      Parts Reduction and the Spare Parts Increase is hereinafter referred to as
      the
“Spares Purchase Price Adjustment”) (for the Spares Package, the Applicable Base
      Purchase Price minus or plus, as applicable, the Spares Purchase Price
      Adjustment is hereinafter referred to as the “Purchase Price”). The “Agreed
      Value” for the Added Parts shall mean the amount agreed upon by the Buyer and
      Seller, acting in good faith, of the Added Parts. 

     

    D. Security
      Deposit.
      Prior
      to the date hereof, for each Aircraft, Buyer has delivered to the Seller a
      security deposit in the amount of US$100,000.00 (an “Aircraft Deposit”), with
      the total aggregate amount of all such Aircraft Deposits equaling US$300,000.00.
      For each Aircraft, the Aircraft Deposit shall be applied against the Purchase
      Price for such Aircraft on the Closing Date for such Aircraft unless one of
      the
      following events occurs, in which case, such Aircraft Deposit applicable to
      a
      particular Aircraft shall be refundable to Buyer with five business days of
      receipt by Seller of Buyer’s written request for the return of such Aircraft
      Deposit:

     

    
      	 	
              (a)

            	
              the
                Buyer sends Seller the Initial Inspection Notice (as defined in Article
                3.A hereof) in which it rejects the Aircraft on or prior to November
                10;
                

            

    

     

    
      	 	
              (b)

            	
              an
                Event of Loss occurs with respect to such Aircraft;
                

            

    

    

    
      
        
        

      

      
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              (c)

            	
              
                Seller
                  fails to comply with any of the conditions precedent set forth
                  in Article
                  4.E hereof prior to the Final Sale Date; or;
                  

              

            

    

     

    
      	 	
              (d)

            	
              
                Seller
                  terminates this Agreement with respect to a particular Aircraft
                  pursuant
                  to Section 4.A.  

              

            

    

     

    E. Payment
      of Purchase Price Balance.
      Subject
      to the terms of this Agreement, on the Closing Date for each Aircraft or for
      the
      Final Spares Package, Seller shall pay to Buyer an amount equal to the Purchase
      Price for such Aircraft or Spares Package less the amount of the applicable
      Aircraft Deposit. For the avoidance of doubt, no deposit is applicable to the
      Final Spares Package. 

    

    F. Account.
      All
      amounts payable by Buyer to Seller hereunder shall be made in immediately
      available funds via wire transfer to Seller’s account specified on Schedule III
      attached hereto. 

    

    G. Sales
      Tax.
      All
      sales taxes arising from the transaction described in this Agreement shall
      be
      for the account of Buyer, excluding any taxes on the income received by Seller
      from that transaction. Buyer shall indemnify Seller for all such sales taxes
      against Seller for which Buyer is responsible pursuant to the immediately
      preceding sentence.

    

    ARTICLE
      3: INSPECTION AND TECHNICAL ACCEPTANCE

    

    A. Initial
      Inspection.
      Seller
      has provided or shall provide or has caused or shall cause the Previous Operator
      to provide the Buyer with access to all logs, manuals, certificates and data
      and
      inspection, modification, overhaul and repair records for each of the Airframes
      and Engines to confirm that such records are in compliance with applicable
      rules
      and regulations of the FAA governing the Previous Operator (the “Records”) for
      the Aircraft. After receiving access to the Records, Buyer shall use its
      reasonable efforts to complete its inspection of the Records promptly (the
      “Initial Inspection”). Within five days of completion of the Initial Inspection
      for each Aircraft, Buyer shall send to Seller a written notice (the “Initial
      Inspection Notice”) of Buyer’s rejection or preliminary acceptance of such
      Aircraft. Buyer may reject an Aircraft, if Buyer, in its sole discretion,
      determines that the Records for any of the Engines, the APU or the landing
      gear
      are not acceptable to Buyer; provided, however, that if the Records for the
      Engines, the APU and the landing gear are acceptable to the Buyer (in its sole
      discretion), Buyer may not reject such Aircraft if the Records relating to
      any
      other parts or components are in compliance with the rules and regulations
      of
      the FAA governing the Previous Operator. The Buyer has waived its right to
      inspect the Spares Package and the records relating to the Spares Package.
      If
      Buyer rejects one or more of the Aircraft pursuant to the Initial Inspection
      Notice, neither Buyer nor Seller shall have any further obligation to the other
      under this Agreement with respect to such Aircraft, provided, that, in the
      case
      of a rejection by Buyer of an Aircraft, Seller shall return the applicable
      Aircraft Deposit to Seller in accordance with Article 2 hereof. For the
      avoidance of doubt, Buyer’s rejection of one or more Aircraft shall not affect
      the rights of Buyer and Seller hereunder with respect to the other Aircraft
      which the Buyer accepts pursuant to the Initial Inspection Notice.
      Notwithstanding the immediately preceding sentence, in the event that Buyer
      does
      not execute Certificates of Technical Acceptance (defined below) on two or
      more
      Aircraft, Buyer shall have no further obligation to acquire the Spares Package
      from Seller. Notwithstanding the foregoing, as of the date hereof, Buyer has
      completed the Initial Inspection of Airframe 49165, Airframe 49183, Airframe
      49182, Engine 709710, Engine 717900, Engine 708582 and Engine 708556 and will
      deliver the Initial Inspection Notice for Aircraft 49183 and Aircraft 49165
      simultaneously herewith.

    

    
      
        
        

      

      
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    B. Tests.
      Seller
      either has caused the Previous Operator to complete, or will cause the Previous
      Operator to complete, in the presence of Buyer, the following
      actions:

     

    
      	(i)  	
              a
                full cold and hot section video borescope inspection for each Engine
                in
                accordance with manufacturer specification (the “Borescope
                Inspection”);

            

    

    

    
      	(ii)  	
              ground
                functional checks for each Airframe to verify the serviceability
                of each
                Aircraft to the extent possible with no engines attached (“Ground
                Functional Check”);

            

    

    

    
      	(iii)  	
              full
                on-wing power assurance run for each Engine in accordance with the
                Previous Operator’s maintenance program (“On-Wing Power Assurance Runs”);
                provided, however, that Seller shall not be required to cause Previous
                Operator to perform such On-Wing Power Assurance Run for any Engine
                that
                is delivered to Buyer in Tulsa, Oklahoma in accordance with Section
                4.B;
                and

            

    

    

    
      	(iv)  	
              The
                equivalent of an On-Wing Power Assurance Run performed in engine
                test cell
                for each Engine in accordance with the Previous Operator’s maintenance
                program (“Test Cell Runs”); provided, however, that Seller shall not be
                required to cause Previous Operator to perform such Test Cell Run
                for any
                Engine for which an On-Wing Power Assurance Run has been completed.
                

            

    

    

    C.  Technical
      Acceptance.
      In the
      event that upon completion of the Initial Inspection, the Borescope Inspection,
      the Ground Functional Check, the On-Wing Power Assurance Runs and the Test
      Cell
      Runs (collectively, the “Maintenance Tests”), Seller, at its own cost, shall
      correct, or cause the Previous Operator to correct any Discrepancies as set
      forth in this Section. For purposes of this Agreement, “Discrepancies shall
      mean: (i) with respect to the Maintenance Tests (other than the Initial
      Inspection) on any Engines, any discrepancies revealed that are outside the
      limits permitted by the Previous Operator’s maintenance program (each, an
“Engine Test Discrepancy”), (ii) with respect to the Initial Inspection of the
      records with respect to any Engine, any discrepancies revealed from the Previous
      Operator’s or the manufacturer’s maintenance programs, at Buyer’s discretion
      (each an “Engine Records Discrepancy”), (iii) with respect to the Maintenance
      Tests (other than the Initial Inspection) on any Airframe, any discrepancies
      revealed that are outside the limits permitted by the Previous Operators
      maintenance program (“Airframe Test Discrepancies”), (iv) with respect to the
      Initial Inspection of the records with respect to any Airframe, any
      discrepancies revealed from the Previous Operator’s or the manufacturer’s
      maintenance programs, at Buyer’s discretion (each an “Airframe Records
      Discrepancy”), and (v) in the case of APU and landing gear, any discrepancies
      revealed that are outside the limits of the manufacturer’s maintenance manual
      (“APU/Landing Gear Discrepancies”), provided, however, that discrepancies as to
      the traceability documentation for the Landing Gear shall not be considered
      “Discrepancies” and Buyer acknowledges that such discrepancies have already been
      compensated for in the Purchase Price. Seller, at its own cost, shall correct,
      or cause the Previous Operator to correct any such Discrepancies in the
      following manner:

    

    
      
        
        

      

      
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      	(i)  	
              The
                Engine Record Discrepancies and Airframe Record Discrepancies shall
                be
                corrected to the Buyer’s satisfaction, provided, however, that the
                corrections shall not exceed standards customary for such corrections
                within the commercial aviation
                industry.

            

    

    

    
      	(ii)  	
              The
                Engine Test Discrepancies shall be corrected to the Buyer’s satisfaction
                (provided, however, that the corrections shall not exceed standards
                customary for such corrections within the commercial aviation industry)
                or
                upon the issuance of an FAA form 8130-3 for each of the applicable
                Engines
                indicating each Engine is serviceable for continued use and the delivery
                of the same to Buyer; provided, however, that the Previous Operator
                shall
                not discriminate against such Engine and such correction shall be
                consistent with the Previous Operator’s correction of similar
                discrepancies of other engines in the Previous Operator’s fleet of the
                same make and model as the Engine 

            

    

    

    
      	(iii)  	
              The
                APU/Landing Gear Discrepancies shall be corrected to the Buyer’s
                satisfaction, provided, however, that the corrections need not exceed
                standards customary for such corrections within the commercial aviation
                industry.

            

    

    

    
      	(iv)  	
              The
                Airframe Test Discrepancies shall be corrected in accordance with
                the
                Previous Operator’s maintenance program, provided, however, that the
                Previous Operator shall not discriminate against such Airframes and
                such
                correction shall be consistent with the Previous Operator’s correction of
                similar discrepancies of other airframes in the Previous Operator’s fleet
                of the same make and model as the Airframe;

            

    

    

    Buyer
      hereby acknowledges that, as of the date hereof, Buyer has inspected to Buyer’s
      satisfaction and Seller has corrected to Buyer’s satisfaction, all Discrepancies
      on Airframe 49165, Airframe 49183, Airframe 49182, Engine 709710, Engine 717900,
      Engine 708582 and Engine 708556 with the sole exceptions of the Burn
      Certificates as to each of the Airframes. Promptly upon the correction of all
      of
      the Discrepancies with respect to any Aircraft, and no later than one day before
      the applicable Closing Date, Buyer shall execute and deliver to Seller a
      certificate of technical acceptance in the form of Exhibit B hereto (the
“Certificate of Technical Acceptance”). BUYER ACKNOWLEDGES THAT SELLER MAKES NO
      REPRESENTATIONS OR WARRANTIES WHATSOEVER REGARDING THE CONDITION OF THE AIRCRAFT
      AND EQUIPMENT AND ALL REPRESENTATIONS AND WARRANTIES OF ANY KIND OF SELLER,
      EXCEPT AS EXPRESSLY SET FORTH IN SECTION 5.A HEREOF AND IN THE BILLS OF SALE
      ARE
      HEREBY DISCLAIMED BY SELLER AND BUYER, AND BUYER’S ACCEPTANCE OF THE AIRCRAFT
      AND EQUIPMENT ARE MADE BASED ON BUYER’S OWN INSPECTIONS AND NOT BASED ON ANY
      REPRESENTATION OR WARRANTY OF SELLER OTHER THAN THOSE EXPRESSLY SET FORTH IN
      SECTION 5.A AND IN THE BILLS OF SALE. 

    
      
        
        

      

      
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    ARTICLE
      4: CLOSING DATE; DELIVERY OF AIRCRAFT AND CONDITIONS PRECEDENT

    

    A. Closing
      Date.
      Subject
      to the terms and conditions of this Agreement, Seller and Buyer shall complete
      the sale of all of the Equipment in one or more closings on one or more dates
      (each date on which the completion of the sale of an Aircraft or the Spares
      Package occurs, is hereinafter referred to as a “Closing Date”) occurring on or
      prior to December 15, 2006 or such later date mutually agreed upon by Seller
      and
      Buyer (the “Final Sale Date”). If, after Buyer delivers to Seller the
      Certificate of Technical Acceptance for an Aircraft (it being understood that
      Seller has already accepted the condition of the Spares Package without
      necessity of delivering such a Certificate), Seller tenders the applicable
      Equipment and related Records corresponding thereto for delivery to Buyer and
      satisfies all of the Buyer’s conditions precedent set forth in Article 4, and
      the closing for an Aircraft does not occur on or prior to the Final Sale Date
      through no fault of Seller, neither party shall have any further obligation
      to
      the other; provided, however, that Seller shall be entitled to retain the
      Aircraft Deposit for such Aircraft. If prior to the Closing Date for an
      Aircraft, such Aircraft suffers Material Damage (as defined in the penultimate
      sentence of this Section) or an Event of Loss (as defined in the last sentence
      of this Section), Seller, at its option, may elect to either repair such
      Material Damage or terminate this Agreement. If Seller repairs such Material
      Damage, provided all of the conditions precedent below have been satisfied,
      Buyer shall purchase such Aircraft in accordance with the terms hereof.
      Notwithstanding the foregoing, following the repair by Seller of an Aircraft
      that has suffered Material Damage (the “Repaired Aircraft”), Buyer shall have
      the right to inspect the Repaired Aircraft in accordance with Section 3 hereof
      and Buyer shall have the right to technically reject the Repaired Aircraft
      if it
      does not comply with the terms thereof. If Seller elects to terminate this
      Agreement, with respect to an Aircraft, after the occurrence of Material Damage
      to one of the Aircraft, Seller shall give written notice thereof to Buyer and
      neither party shall have any further obligation to the other under this
      agreement with respect to such Aircraft; provided, however that Seller shall
      return the applicable Aircraft Deposit to Buyer in accordance with the terms
      of
      Article 2 hereof. “Material Damage” shall mean (i) with respect to any Aircraft,
      damage to such Aircraft prior to the delivery thereof which, in the mutually
      reached reasonable estimate of Seller and Buyer, would have a repair cost in
      excess of US$100,000.00 and (ii) with respect to the Final Spares Package,
      damage to any part or parts that materially decrease the value of such part
      or
      parts. In the event of Material Damage to one or more parts, such parts shall
      be
      removed from the Final Spares Package and the parties shall decrease the
      Purchase Price by a mutually agreeable value for such parts. “Event of Loss,”
with respect to each Aircraft, means the total loss (including constructive
      total or arranged loss), theft, hijacking, compulsory acquisition, confiscation,
      destruction or damage to such Aircraft to the extent which, in the reasonable
      opinion of the insurer with whom such Aircraft is insured, renders repair
      impractical or uneconomical or any event which with the passing of time or
      fulfillment of any condition would result in any of the foregoing

    

    
      
        
        

      

      
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    B. Delivery
      Location.
      Seller
      and Buyer acknowledge that, at the time of the closing for each Aircraft, the
      Engines for such Aircraft will not be attached to the Airframe. The location
      where each Airframe will be located at the time of the closing (each such
      location being hereinafter referred to as an “Airframe Delivery Location”), the
      location where each of the Engines will be located at the time of closing (each
      such location being hereinafter referred to as an “Engine Delivery Location”)
      and the location where the Final Spare Package will be located on the applicable
      Closing Date, each with their applicable Records, shall be as set forth
      below:

    

    
      	 	
              Equipment

            	 	
              Delivery
                Location

            	 
	 	 	 	 	 
	 	
              Airframe
                49165

            	 	
              Roswell,
                New Mexico

            	 
	 	
              Airframe
                49182

            	 	
              Roswell,
                New Mexico

            	 
	 	
              Airframe
                49183

            	 	
              Roswell,
                New Mexico

            	 
	 	
              Airframe
                49165 Seats

            	 	
              Roswell,
                New Mexico (in storage with AAR Roswell, Roswell, New
                Mexico

            	 
	 	
              Engine
                709760

            	 	
              Tulsa,
                Oklahoma, at Seller’s discretion

            	 
	 	
              Engine
                708556

            	 	
              Tulsa,
                Oklahoma, at Seller’s discretion

            	 
	 	
              Engine 717900

            	 	
              Tulsa,
                Oklahoma, at Seller’s discretion

            	 
	 	
              Engine
                708582

            	 	
              Tulsa,
                Oklahoma, at Seller’s discretion

            	 
	 	
              Engine
                718566

            	 	
              Tulsa,
                Oklahoma, at Seller’s discretion

            	 
	 	
              Engine 709710

            	 	
              Tulsa,
                Oklahoma, at Seller’s discretion

            	 
	 	
              Final
                Spares Package

            	 	
              At
                the facilities of Consignee, 5400 NW 35th
                Avenue, Fort Lauderdale, FL 33309

            	 

    

    

    

    Notwithstanding
      anything to the contrary, in the event any Engine associated with an applicable
      Aircraft is unavailable on the applicable Closing Date, Seller may substitute
      another of the Engines for such unavailable Engine, provided, however, that
      Seller may only substitute a Pratt & Whitney model JT8D-217C Engine for
      another Pratt & Whitney model JT8D-217C Engine and Seller may only
      substitute a Pratt & Whitney model JT8D-217A Engine for another Pratt &
Whitney model JT8D-217A Engine. At Buyer’s request, the Engines will each be
      delivered with Previous Operator Engine Stands and that Previous Operator shall
      at all times retain title to the Previous Operator Engine Stands. Buyer shall,
      within 25
      business days of each Closing Date, deliver its own engine stands to the
      Delivery Location (the date on which Buyer’s engine stands arrive at the
      Delivery Location is hereinafter referred to as the “Engine Stand Date”), then,
      promptly after the Engine Stand Date, Seller will cause the Previous Operator
      to
      remove the Engine(s) from the Previous Operator’s Engine Stand(s) and load such
      Engines onto Buyer’s engine stands. Thereafter, Buyer shall promptly remove the
      Engine(s) from the Delivery Location. Additionally, the Previous Operator shall
      provide for Buyer’s use (i) four front bolts - AA P/N BOL3001 for each Engine
      and (ii) two aft bolts - AA P/N BOL3000 for each Engine.  

     

    
      
        
        

      

      
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    C. Seller’s
      Condition’s Precedent for the Sale of Each Aircraft.
      Seller
      shall be obligated to transfer title to any Aircraft to Buyer only upon the
      satisfaction of the following conditions precedent:

    

    
      	(1)  	
              Seller’s
                receipt of this Agreement, duly executed by
                Buyer;

            

    

    

    
      	(2)  	
              Seller’s
                receipt of a duly executed Certificate of Technical Acceptance for
                such
                Aircraft in the form of Exhibit B attached hereto duly executed by
                Buyer;

            

    

    

    
      	(3)  	
              Proof
                of exemption from or payment by Buyer of sales, use, VAT, or similar
                tax;

            

    

    

    
      	(4)  	
              Seller’s
                receipt of the Purchase Price for such Aircraft;
                

            

    

    

    
      	(5)  	
              Seller’s
                receipt of the Insurance Certificates, if necessary, satisfying the
                requirements of Article 7 herein; 

            

    

    

    
      	(6)  	
              Such
                Aircraft shall not have suffered (i) Material Damage that the Seller
                elects not to repair or (ii) an Event of
                Loss;

            

    

    

    
      	(7)  	
              Seller’s
                receipt of a fully executed Lease Termination Agreement from the
                Previous
                Operator and the filing of a FAA short form lease termination document
                with the FAA; 

            

    

    

    
      	(8)  	
              Seller’s
                receipt of an acceptable airline non-incident letter, in the form
                attached
                as Exhibit C hereto in respect to each Airframe and Engine from the
                Previous Operator;

            

    

     

    D. Seller’s
      Condition’s Precedent for the Sale of Final Spares Package.
      Seller
      shall be obligated to transfer title to Spares Package to Buyer only upon the
      satisfaction of the following conditions precedent:

     

    
      	
            	
              (1)

            	
              
                Seller’s
                  receipt of proof of exemption from or payment by Buyer of sales,
                  use, VAT,
                  or similar tax;

              

            

    

     

    
      
        	
              	
                (2)

              	
                
                  Seller’s
                    receipt of the Purchase Price for the Final Spares Package; and
                    

                

              

      

       

    

    
      	 	
              (3)

            	
              None
                of the parts constituting the Final Spares Package shall have suffered
                an
                Event of Loss or Material Damage unless such parts are removed from
                the
                Final Spares Package and the Purchase Price adjusted in accordance
                with
                Section 4.A hereof.

            

    

    

    
      	 	
              (4)

            	
              Seller’s
                receipt of a fully executed Assignment and Assumption Agreement signed
                by
                Seller, Buyer and Consignee pursuant to which Seller assigns title
                to the
                Final Spares Package to Buyer, Buyer accepts such title and Consignee
                consents to the assignment, in addition to the terms specified by
                Section
                2(C);. 

            

    

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    E. Buyer’s
      Conditions Precedent for the Purchase of each Aircraft.
      Buyer
      shall be obligated to pay to Seller the Purchase Price for each Aircraft only
      upon satisfaction of the following conditions precedent:

    

    
      	 	
              (1)

            	
              Buyer
                shall have provided a Certificate of Technical Acceptance as to such
                Aircraft and there has been no subsequent Event of Loss or Material
                Damage; 

            

    

    

    
      	 	
              (2)

            	
              Buyer’s
                receipt of executed Bills of Sale for the Airframe and each Engine
                in
                substantially the Form of Exhibit A attached
                hereto;

            

    

    

    
      	 	
              (3)

            	
              Buyer’s
                receipt of the executed FAA Form 8050-2 Bill of Sale (“FAA Bill of Sale”)
                for such Aircraft;

            

      

      
        	 	
                (4)

              	
                Buyer’s
                  receipt of an FAA Form 8130-3 for each
                  Engine;

              

      

       

    

    
      	 	
              (5)

            	
              Buyer’s
                receipt of a non-incident letter in substantially the form attached
                hereto
                as Exhibit C hereto signed by the Previous
                Operator;

            

    

    

    
      	 	
              (6)

            	
              Buyer’s
                receipt of a tie-in letter in substantially the form attached hereto
                as
                Exhibit D hereto signed by the Seller;

            

    

    

    
      	 	
              (7)

            	
              Buyer’s
                receipt of a lease termination or release signed by the Previous
                Operator
                that is acceptable to FAA counsel for purposes of releasing the aircraft
                from the terms of the lease with the Previous Operator;
                

            

    

    

    
      	 	
              (8)

            	
              Buyer’s
                receipt an opinion from FAA counsel stating among other things that
                (i)
                Seller is the registered owner of such Aircraft; (ii) the Aircraft
                is free
                and clear of any and all any mortgages, pledges, security interests,
                liens, claims, encumbrances, rights of others of record or other
                charges
                or rights of others of any kind (“Liens”) with the FAA and the
                International Registry maintained pursuant to the Convention
                On International Interests, In Mobile Equipment, and the Aircraft
                Protocol
                thereto and matters specific to Aircraft equipment signed at Capetown
                on
                16 November 2001 (the “International Registry”);
                and (iii) a Notice of Sale has been filed with the International
                Registry;

            

    

    

    
      	 	
              (9)

            	
              Buyer’s
                receipt of a copy of the FAA bill of sale for the Airframe transferring
                title from the prior owner to Seller;

            

    

    

    
      	 	
              (10)

            	
              Buyer’s
                receipt of a Guaranty signed and delivered by the N907TW Guarantor
                for
                Aircraft 49165 and the N911TW and N912TW Guarantor for Aircraft 49182
                and
                Aircraft 49183 in form and substance acceptable to Buyer;
                

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
      
        	 	
                (11)

              	
                
                  title
                    insurance for such Aircraft from an insurance company acceptable
                    to Buyer;
                    provided, however, that if all other conditions precedent under
                    this
                    Section 4.E have been satisfied, Buyer shall not delay the closing
                    for
                    such Aircraft if it is unable to obtain such title insurance
                    on or prior
                    to the Closing Date for such Aircraft;
                    and

                

              

      

       

    

    
      	 	
              (12)

            	
              a
                letter from each of the maintenance facilities where the applicable
                Airframe and Engines are located confirming that each such maintenance
                facility does not have a mechanic’s lien or other interest in such
                Airframe or Engines. 

            

    

    

    F. Buyer’s
      Conditions Precedent for the Sale of the Spares Package.
      Buyer
      shall be obligated to pay to Seller the Purchase Price for the Final Spares
      Package only upon satisfaction of the following conditions
      precedent:

    

    
      	 	
              (1)

            	
              Buyer’s
                receipt of the executed Bill of Sale in substantially the Form of
                Exhibit
                A attached hereto;

            

    

    

    
      	 	
              (2)

            	
              Seller’s
                receipt of a fully executed Assignment and Assumption Agreement signed
                by
                Seller, Buyer and Consignee pursuant to which Seller assigns title
                to the
                Final Spares Package to Buyer, Buyer accepts such title and Consignee
                consents to the assignment, in addition to the terms specified by
                Section
                2(C); 

            

    

    

    
      	 	
              (3)

            	
              The
                Final Spares Package shall not have suffered an Event of Loss or
                Material
                Damage unless such parts are removed from the Final Spares Package
                and the
                Purchase Price adjusted in accordance with Section 4.A
                hereof.

            

    

    

    G. Transfer
      of Title.
      With
      respect to each Aircraft, upon the delivery by Seller to Buyer of the Bill
      of
      Sale and the FAA Bill of Sale, and the delivery by Buyer to Seller of the
      Purchase Price and the applicable Certificate of Technical Acceptance (i) title
      to the Aircraft shall pass from Seller to Buyer and (ii) risk of loss for the
      Aircraft shall pass from Seller to Buyer. With respect to the Spares Package,
      upon the delivery by Seller to Buyer of the Bill of Sale and the delivery by
      Buyer to Seller of the Purchase Price (a) title to the Spares Package shall
      pass
      from Seller to Buyer and (ii) risk of loss for the Spares Package shall pass
      from Seller to Buyer.

    

    ARTICLE
      5: REPRESENTATIONS AND WARRANTIES, LIMITATIONS AND DISCLAIMERS

    

    A. Seller’s
      Representations.
      Seller
      hereby represents and warrants to Buyer, as of the date hereof and as of the
      time of transfer of each Aircraft and the Spares Package, as
      follows:

     

    
      
        	(1)  	
                
                  PLM
                    is a corporation duly organized, validly existing and in good
                    standing
                    under the laws of the state of Delaware. Seller has all requisite
                    power
                    and authority to enter into and perform its obligations under
                    this
                    Agreement and the other documents referred to herein to which
                    Seller is a
                    party (the “Seller
                    Documents”).

                

              

      

       

    

    
      	(2)  	
              PLM
                Equipment Growth Fund VI Liquidating Trust is the sole owner participant
                under the N907TW Trust. PLM Equipment Growth & Income Fund VII
                Liquidating Trust and Professional Lease Management Income Fund I
                Liquidating Trust are the sole owner participants under the N911TW
                and
                N912TW Trust.

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
      	(3)  	
              This
                Agreement has been, and on or prior to the applicable Closing Date,
                the
                applicable Seller Documents will have been, duly authorized, executed
                and
                delivered by Seller. This Agreement constitutes, and the other Seller
                Documents, when executed and delivered, will constitute, the legal,
                valid
                and binding obligation of Seller, enforceable against Seller in accordance
                with its terms, except as enforcement of the terms hereof and thereof
                may
                be limited by applicable bankruptcy, insolvency, reorganization,
                liquidation, moratorium or similar laws affecting enforcement of
                creditors’ rights generally, and by general principles of
                equity.

            

    

     

    
      	(4)  	
              None
                of the execution, delivery or performance by Seller of this Agreement,
                or
                any of the other Seller Documents, or the consummation by Seller
                of the
                transactions contemplated hereby and thereby, will contravene any
                applicable law binding on Seller or any of its property, or any provision
                of the certificate of incorporation or by-laws of PLM, or will result
                in a
                breach of, or constitute a default under, or contravene any provision
                of,
                any mortgage, deed of trust, indenture or other material agreement
                or
                instrument to which PLM or Seller is a party or by which PLM or Seller
                or
                all or any of its property or assets may be
                bound.

            

    

     

    
      	(5)  	
              None
                of the execution, delivery or performance by Seller of this Agreement
                or
                the other Seller Documents, or the consummation by Seller of the
                transactions contemplated hereby and thereby, requires the consent
                or
                approval of, the giving of notice to, the registration, recording
                or
                filing of any documents with, or the taking of any other action in
                respect
                of, any United States federal or state governmental authority or
                the terms
                and provisions of this Agreement or any Seller Document, except such
                as
                have been, or will be, obtained, effected, waived or paid on or prior
                to
                the Closing Date.

            

    

     

    
      	(6)  	
              Seller
                is the sole legal owner of the Equipment. On each Closing Date, Seller
                will transfer to Buyer good and marketable title to the applicable
                Aircraft or the Final Spares Package, as the case may be, free and
                clear
                of any and all Liens. 

            

    

     

    
      	(7)  	
              There
                are no pending or, to the best of Seller’s knowledge, threatened
                investigations, suits or proceedings against Seller or affecting
                Seller or
                its properties, that, if determined adversely, would adversely affect
                all
                or any portion of the Equipment or the consummation of the transaction
                contemplated by, or performance by Seller of its obligations under
                this
                Agreement.

            

    

     

    
      	(8)  	
              Seller
                is not in breach of any law that would have an adverse effect on
                Seller or
                on Seller’s ability to perform its obligations under, this Agreement or
                the other Seller Documents.

            

    

     

    
      	(9)  	
              No
                Event of Loss has occurred with respect to any of the
                Equipment.

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    B. Buyer’s
      representations.
      Buyer
      hereby represents and warrants to Seller as of the date hereof and as of the
      time of transfer of each Aircraft and the Spares Package, as follows:

     

    
      	 	
              (1)

            	
              Buyer
                is a limited liability company duly organized, validly existing and
                in
                good standing under the laws of the state of Delaware. Buyer has
                all
                requisite power and authority to enter into and perform its obligations
                under this Agreement and the other documents referred to herein to
                which
                Buyer is a party (the “Buyer
                Documents”).

            

    

     

    
      	 	
              (2)

            	
              This
                Agreement has been, and on or prior to the applicable Closing Date,
                the
                applicable Buyer Documents will have been, duly authorized, executed
                and
                delivered by Buyer. This Agreement constitutes, and the other Buyer
                Documents, when executed and delivered, will constitute, the legal,
                valid
                and binding obligation of Buyer, enforceable against Buyer in accordance
                with its terms, except as enforcement of the terms hereof and thereof
                may
                be limited by applicable bankruptcy, insolvency, reorganization,
                liquidation, moratorium or similar laws affecting enforcement of
                creditors’ rights generally, and by general principles of
                equity.

            

    

     

    
      	 	
              (3)

            	
              None
                of the execution, delivery or performance by Buyer of this Agreement,
                or
                any of the other Buyer Documents, or the consummation by Buyer of
                the
                transactions contemplated hereby and thereby, will contravene any
                applicable law binding on Buyer or any of its property, or any provision
                of the certificate of incorporation or by-laws of Buyer, or will
                result in
                a breach of, or constitute a default under, or contravene any provision
                of, any mortgage, deed of trust, indenture or other material agreement
                or
                instrument to which Buyer is a party or by which Buyer or all or
                any of
                its property or assets may be
                bound.

            

    

     

    
      	 	
              (4)

            	
              None
                of the execution, delivery or performance by Buyer of this Agreement
                or
                the other Buyer Documents, or the consummation by Buyer of the
                transactions contemplated hereby and thereby, requires the consent
                or
                approval of, the giving of notice to, the registration, recording
                or
                filing of any documents with, or the taking of any other action in
                respect
                of, any United States federal or state governmental authority or
                the terms
                and provisions of this Agreement or any Buyer Document, except such
                as
                have been, or will be, obtained, effected, waived or paid on or prior
                to
                the Closing Date.

            

    

     

    
      	 	
              (5)

            	
              There
                are no pending or, to the best of Buyer’s knowledge, threatened
                investigations, suits or proceedings against Buyer or affecting Buyer
                or
                its properties, that, if determined adversely, would adversely affect
                the
                consummation of the transaction contemplated by, or performance by
                Buyer
                of its obligations under this
                Agreement.

            

    

     

    
      	 	
              (6)

            	
              Buyer
                is not in breach of any law that would have an adverse effect on
                Buyer or
                on Buyer’s ability to perform its obligations under, this Agreement or the
                other Buyer Documents.

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    C. Assignment
      of Warranties and Assignment of Rights Under Lease with Previous
      Operator.
      Effective on delivery of each Aircraft to Buyer on the applicable Closing Date,
      Seller hereby assigns to Buyer any warranties applicable to such Aircraft from
      the Aircraft manufacturer, any maintenance facility and any parts manufacturer
      that Seller has with respect to the Aircraft, to the extent that such warranties
      are assignable. Upon
      the
      request of Buyer and at Buyer’s sole cost and expense, Seller shall use its best
      efforts to give Buyer aid and assistance in enforcing the rights of Buyer
      arising under such warranties or other rights. Upon request of Buyer, Seller
      shall give notice to any such manufacturers or maintenance facility of the
      assignment of such warranties and/or other rights to Buyer. 

     

    

    D. LIMITATIONS
      AND DISCLAIMERS.
      EACH
      AIRCRAFT AND THE FINAL SPARES PACKAGE ARE SOLD AND DELIVERED TO BUYER “AS IS”
AND “WHERE IS”, AND, EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES SET FORTH IN
      SECTION 5.A HEREOF AND IN THE BILLS OF SALE, WITHOUT ANY REPRESENTATION,
      GUARANTEE OR WARRANTY OF SELLER EXPRESS OR IMPLIED, OF ANY KIND, ARISING BY
      LAW
      OR OTHERWISE. WITHOUT LIMITING THE GENERALITY OF THE ABOVE, BUYER
      UNCONDITIONALLY AGREES THAT EACH AIRCRAFT AND THE FINAL SPARES PACAKGE ARE
      SOLD
      AND PURCHASED IN AN “AS IS, WHERE IS” CONDITION AND “WITH ALL FAULTS” AS AT THE
      APPLICABLE CLOSING DATE, AND, EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES
      SET
      FORTH IN SECTION 5.A HEREOF AND IN THE BILLS OF SALE, NO TERM, CONDITION,
      WARRANTY, REPRESENTATION OR COVENANT OF ANY KIND HAS BEEN ACCEPTED, MADE OR
      IS
      GIVEN BY SELLER OR ITS SERVANTS OR AGENTS IN RESPECT OF THE VALUE, QUALITY,
      DURABILITY, DATE PROCESSING, CONDITION, DESIGN, OPERATION, DESCRIPTION,
      MERCHANTABILITY OR FITNESS FOR USE OR PURPOSE OF ANY AIRCRAFT OR THE FINAL
      SPARES PACKAGE, AS TO THE ABSENCE OF LATENT, INHERENT OR OTHER DEFECTS (WHETHER
      OR NOT DISCOVERABLE), AS TO THE COMPLETENESS OR CONDITION OF THE RECORDS
      RELATING TO SUCH AIRCRAFT OR THE FINAL SPARES PACKAGE, AND/OR AS TO THE ABSENCE
      OF ANY INFRINGEMENT OF ANY PATENT, COPYRIGHT, DESIGN, OR OTHER PROPRIETARY
      RIGHTS. ALL TERMS, CONDITIONS, WARRANTIES AND REPRESENTATIONS (OR OBLIGATION
      OR
      LIABILITY, IN CONTRACT OR IN TORT) IN RELATION TO ANY ONE OR MORE OF THOSE
      MATTERS, EXPRESSED OR IMPLIED, STATUTORY OR OTHERWISE, ARE EXPRESSLY
      EXCLUDED.

     

    ARTICLE
      6: INDEMNIFICATION

    

    A.  Buyer’s
      Indemnification Obligations.
      With
      respect to each Aircraft and the Final Spares Package, Buyer
      will indemnify the Seller Indemnitees (defined below) in full on demand in
      respect of all losses,
      liabilities, claims, proceedings, penalties, judgments, damages, costs and
      expenses (“Seller’s Losses”)
      suffered or incurred by Seller, its affiliated companies, funds and
      beneficiaries, lenders and their respective officers, managers, directors,
      shareholders, employees, agents, successors, assigns (each a “Seller Indemnitee”
and, collectively, the “Seller Indemnitees”) arising out of or connected in any
      way with:

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    
      	(1)  	
              any
                event, act or omission occurring on or after the Closing Date, including,
                without limitation, related to loss or destruction of or damage to
                any
                property, or death or injury to any person caused by, relating to
                or
                arising from or out of (in each and every case whether directly or
                indirectly) the purchase, manufacture, ownership, possession,
                registration, storage, performance, transportation, management, sale,
                control, inspection, use or operation, design, condition, testing,
                delivery, leasing, maintenance, repair, service, modification, overhaul,
                replacement, removal or redelivery of such Aircraft or the Spares
                Package;
                or

            

    

     

    
      	(2)  	
              the
                breach of, or any misrepresentation by the Buyer of, any of its covenants,
                representations or warranties set forth in this Agreement.
                

            

    

     

    B. Limitation
      on Buyer’s Indemnification Obligations.
      Notwithstanding Paragraph A of this Article 6, the Buyer’s obligation to
      indemnify Seller Indemnitees for Seller’s Losses shall
      not
      extend to the following:

    
       

      
        	 	
                (1)

              	
                
                  Seller’s
                    Losses that arise on or prior to the applicable Closing Time
                    on the
                    applicable Closing Date;

                

              

      

       

    

    
      	 	
              (2)

            	
              Seller’s
                Losses that are caused by the wilful misconduct or gross negligence
                of the
                Seller Indemnitee.

            

    

     

    C. Seller’s
      Indemnification Obligations.
      With
      respect to each of the aircraft and the Final Spares Package, Seller
      will indemnify the Buyer Indemnitees (defined below) in full on demand in
      respect of all losses,
      liabilities, claims, proceedings, penalties, judgments, damages, costs and
      expenses (“Buyer’s Losses”)
      suffered or incurred by Buyer, its lenders, shareholders, and their respective
      affiliates, and their respective officers, managers, directors, members,
      shareholders, employees, agents, successors and assigns (each a “Buyer
      Indemnitee” and, collectively, the “Buyer Indemnitees”) arising out of or
      connected in any way with:

     

    
      	 	
              (1)

            	
              any
                event, act or omission occurring prior to the Closing Date, including,
                without limitation, related to loss or destruction of or damage to
                any
                property, or death or injury to any person caused by, relating to
                or
                arising from or out of (in each and every case whether directly or
                indirectly) the purchase, manufacture, ownership, possession,
                registration, storage, performance, transportation, management, sale,
                control, inspection, use or operation, design, condition, testing,
                delivery, leasing, maintenance, repair, service, modification, overhaul,
                replacement, removal or redelivery of such Aircraft or the Spares
                Package;
                or

            

    

     

    
      	 	
              (2)

            	
              the
                breach of, or any misrepresentation by the Seller of, any of its
                covenants, representations or warranties set forth in this
                Agreement.

            

    

     

    D. Limitation
      on Buyer’s Indemnification Obligations.
      Notwithstanding Paragraph C of this Article 6, the Seller’s obligation to
      indemnify Buyer Indemnitees for Buyer’s Losses shall
      not
      extend to the following:

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    
      	 	
              (1)

            	
              Buyer’s
                Losses that arise on or after the applicable Closing Time on the
                applicable Closing Date.

            

    

     

    
      	 	
              (2)

            	
              Buyer’s
                Losses that are caused by the wilful misconduct or gross negligence
                of the
                Buyer Indemnitee.

            

    

     

    ARTICLE
      7: INSURANCE

    

    With
      respect to each aircraft, Buyer shall maintain appropriate policies of insurance
      written in English common to the aviation industry, from an insurer which is
      internationally recognized as responsible and in good standing and that
      specializes in aviation insurance. In the event any Airframe or any Engine
      is
      operated on or post the Closing Date for a period ending on the earlier of
      (a)
      the two year anniversary of the date of this Agreement or (b) the date on which
      such Airframe or Engine is no longer in operation and begins to be disassembled
      for parts, such insurance policies shall include the coverages, terms and
      provisions as set forth in Schedule V in a form and scope as is generally
      available from the aviation insurance industry. If Buyer sells or leases any
      of
      the Aircraft to another party, Buyer shall be required to comply with the
      insurance requirements of this Article 7 by requiring the subsequent buyer
      or
      lessee to comply with the obligations in this article. For avoidance of doubt,
      provided that Buyer maintains appropriate policies of insurance in accordance
      with this Article 7 and Schedule V it shall be in compliance with its
      obligations under this Article 7.

    ARTICLE
      8: EXCUSABLE DELAY

    

    Any
      delay
      by either party in the performance of its obligations hereunder shall be excused
      to the extent caused by factors beyond the reasonable control of, and without
      the fault due to negligence of, such party. The party whose performance is
      affected shall make all reasonable efforts to minimize the delay provided,
      however, that in the event that either party is unable to perform its obligation
      hereunder, due to such excusable delay for longer than 45 days, either party
      shall have the right to terminate this Agreement by notice in writing to the
      party failing to meet its contractual obligation herein.

    

    ARTICLE
      9: MISCELLANEOUS

    

    A. Benefits
      and Assignments.
      This
      Agreement shall inure to the benefit of and shall be binding upon each of the
      parties hereto and their respective successors and assigns. Buyer may assign
      its
      right under this Agreement to take title to any Airframe or Engine to a trust
      created by Buyer; provided, however, that Buyer shall give Seller reasonable
      notice prior to the Closing Date for the applicable Airframe or Engine of
      Buyer’s intent to assign such rights. 

     

    B. Choice
      of Law.
      This
      Agreement shall be deemed to have been made in New York, New York and shall
      be
      interpreted, and the rights and liabilities of the parties shall be determined
      in accordance with the laws of the State of New York, excluding its choice
      of
      laws rules except as to perfection of security interests. 

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    C. Jurisdiction.
      Buyer
      hereby agrees that all actions or proceedings arising directly or indirectly
      from this Agreement shall be litigated only in the state or federal courts
      having situs in New York County, New York or the Southern District of New
      York.

    

    D. Service
      of Process.
      Each of
      Seller and Buyer hereby consents to service of process or any other paper upon
      it by certified or registered mail, return receipt requested, or by recognized
      courier service (FedEx, UPS, DHL, etc.) at its applicable address set forth
      in
      Schedule IV attached hereto and agrees that such service shall be deemed good,
      proper and effective service upon it in any legal action, suit or proceeding
      and
      shall, to the fullest extent permitted by law. Any party may also serve any
      other party to this Agreement by any method recognized by the court where the
      action is brought.

     

    E. Waiver
      of Jury Trial.
      SELLER
      AND BUYER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING TO WHICH THEY
      ARE PARTIES INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER ARISING OUT OF OR
      RELATING TO THIS AGREEMENT.

     

    F. Costs
      and Expenses.
      Except
      as set forth below, each party shall bear its own fees, costs and expenses
      in
      connection with the preparation, negotiation and completion of this Agreement
      and performance of the transactions contemplated hereby, except as expressly
      provided herein.
      The fees
      of McAfee & Taft for the sales contemplated hereunder shall be divided
      equally between Buyer and Seller and each of Buyer and Seller shall be
      responsible for the payment of 50% of such fees; provided, however, that Seller
      shall be responsible for 100% of the fees of McAfee & Taft relating to the
      initial lien searches, terminating any existing liens for any Airframe or Engine
      or correcting any issues concerning the title of any Airframe. Seller shall
      be
      responsible for any fees and out-of-pocket expenses incurred by the Consignee
      in
      connection with the sale of the Spares Package. The premium for the title
      insurance satisfying the condition precedent set forth in Section 4.E hereof
      shall be for the Buyer’s account. In the event of any dispute between the
      parties arising from or related to this Agreement, the prevailing party shall
      be
      entitled to recover its reasonable attorneys’ fees and cost of litigation
      including any appeals. 

    

    G. Notices.
      Any
      notice required hereunder shall go to Seller and to Buyer at their respective
      addresses set forth on Schedule IV attached hereto or to such other address
      as
      specified in writing. Such notices shall be sent by hand delivery, certified
      or
      registered mail, express courier, or facsimile.

     

    H. Waiver.
      Waiver
      by Seller of any breach of any terms, covenant or condition herein contained
      shall not be deemed to be a waiver of such term, covenant or condition or a
      waiver of any subsequent breach of the same or any other term, covenant or
      condition herein contained.

     

    I. Time
      Is Of The Essence.
      Time is
      of the essence in this Agreement.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    J. No
      Brokers.
      The
      parties hereto acknowledge that, except for the services of Seller’s Agent, with
      respect to which Seller shall be solely responsible, no broker or finder has
      been involved, either directly or indirectly, with the transaction contemplated
      herein on behalf of Seller or any affiliate of either of them and each party
      agrees to indemnify and hold the other harmless from and against any and all
      claims suits, damages, costs, expenses, including attorney's fees, asserted
      by
      agents or other third parties for any commission or compensation based on the
      sale of the Equipment, if such claim, suit, damage, costs or expense arises
      out
      of any action or alleged actions by the other party, its employees, officers
      or
      agents.

    

    K. Entire
      Agreement.
      This
      Agreement constitutes the entire agreement between the parties hereunder and
      supersedes all previous communications, representations or agreements, either
      oral or written, heretofore made between the parties regarding the subject
      matter hereof. The Agreement shall not be varied in its term by an oral
      agreement or representation or otherwise than by an instrument in writing of
      even or subsequent date hereto executed by both parties by their duly authorized
      representatives.

     

    L. Captions.
      The
      captions to the articles and subparagraphs contained herein are solely for
      the
      convenience of the parties and do not in any way affect the meaning of the
      terms
      thereof.

    

    M. Exhibits.
      The
      Exhibits and Schedules to the Agreement shall form an integral part
      hereof.

    

    N. Counterparts
      and Facsimile.
      This
      Agreement may be executed in any number of separate counterparts by the parties
      and may be delivered in original or by facsimile, and each counterpart shall
      when executed and delivered be an original document, but all counterparts shall
      together constitute one and the same instrument.

     

    O. Confidentiality.
      Neither
      Party may make any public statement about this Agreement or disclose its terms
      and conditions, except its consummation: (a) it has first obtained written
      consent from the other Party, which consent will not be unreasonably withheld;
      or (b) as
      requested or required in connection with a judicial, administrative or
      regulatory proceeding in which it or a partner, officer, director, member,
      manager, employee or affiliate is involved, pursuant to a court order or
      subpoena or regulatory or government inquiry or demand or as otherwise required
      by applicable law or regulation, subject to this paragraph. Notwithstanding
      anything to the contrary, PLM Investment Funds is required to file SEC Form
      8-Ks
      in connection with this Agreement and such filing shall not be in violation
      of
      this confidentiality clause.

    

    [remainder
      of page intentionally left blank]

     

    

    
      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF,
      the
      parties have executed this Aircraft and Equipment Sale Agreement on and as
      of
      the date first written above.

    

    

    
      	
              APOLLO
                AVIATION CAPITAL, L.L.C.

              By:
                Apollo Aviation Capital Management,

              L.L.C.,
                as Asset Manager

               

               

              By:_______________________________

              Name:____________________________

              Title:______________________________

               

               

            	
              PLM
                FINANCIAL SERVICES, INC.,

              not
                in its individual capacity but solely

              as
                owner trustee under the N907TW Trust

               

               

              ___________________________________

              By:
                Richard Brock

              Title:
                Chief Financial Officer

            
	
              PLM
                FINANCIAL SERVICES, INC.,

              not
                in its individual capacity but solely

              as
                owner trustee under the N911TW

              and
                N912TW Trust

               

               

              ___________________________________

              By:
                Richard Brock

              Title:
                Chief Financial Officer

               

               

            	 

    

    

    

    

    

    

    

    
      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      I 

     

    Definitions
      

    

    

    The
      following terms shall have the meanings set forth below:

    

    “Aircraft”
shall
      mean, as the context requires, either (a) all of Aircraft 49165, Aircraft 49182
      and Aircraft 49183 or (b) any one or more of Aircraft 49165, Aircraft 49182
      and
      Aircraft 49183.

    

    “Aircraft
      49165”
shall
      mean, collectively, Airframe 49165 and, subject to Section 4.B hereof, Engine
      717900, Engine 709710 and APU 263. 

    

    “Aircraft
      49182”
shall
      mean, collectively, Airframe 49182 and, subject to Section 4.B hereof, Engine
      718566, Engine 709760 and APU 192. 

     

    “Aircraft
      49183”
shall
      mean, collectively, Airframe 49183 and, subject to Section 4.B hereof, Engine
      708582, Engine 708556 and APU 328. 

     

    “Airframe”
shall
      mean any of Airframe 49165, Airframe 49182 and Airframe 49183. 

    

    “Airframes”
shall
      mean, collectively, all of Airframe 49165, Airframe 49182 and Airframe 49183.
      

    

    “Airframe
      49165”
shall
      mean the McDonnell Douglas model DC-9-82 airframe bearing manufacturer’s serial
      number 49165 and FAA registration number N907TW, together with all parts
      installed thereon or appurtenant thereto.

     

    “Airframe
      49182”
shall
      mean the McDonnell Douglas model DC-9-82 airframe bearing manufacturer’s serial
      number 49182 and FAA registration number N911TW, together with all parts
      installed thereon or appurtenant thereto.

    

    “Airframe
      49183”
shall
      mean the McDonnell Douglas model DC-9-82 airframe bearing manufacturer’s serial
      number 49183 and FAA registration number N912TW, together with all parts
      installed thereon or appurtenant thereto.

    

    “Airframe
      49165 Seats”
shall
      mean Recaro seats installed in Airframe 49165.

    

    “APU”
shall
      mean any of APU 192, APU 263 and APU 328. 

    

    “APUs”
shall
      mean, collectively, all of APU 192, APU 263 and APU 328. 

    

    “APU
      192”
shall
      mean the Garret Model GTCP-85-98DHF bearing manufacturer’s part number 381276-1
      and manufacturer’s serial number P-192, together with all parts installed
      thereon or appurtenant thereto.

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    “APU
      263”
shall
      mean the Garret Model GTCP-85-98DHF bearing manufacturer’s part number 381276-1
      and manufacturer’s serial number P-263, together with all parts installed
      thereon or appurtenant thereto.

    

    “APU
      328”
shall
      mean the Garret Model GTCP-85-98DHF bearing manufacturer’s part number 381276-1
      and manufacturer’s serial number P-328, together with all parts installed
      thereon or appurtenant thereto.

    

    “Closing
      Time”
shall
      mean, with respect to each Aircraft and the Spares Package, the time on the
      applicable Closing Date when title to such Aircraft or the Spares Package passes
      from Seller to Buyer. 

    

    “Engine”
shall
      mean any of Engine 708556, Engine 708582, Engine 709710, Engine 709760, Engine
      717900 and Engine 718566. 

    

    “Engines”
shall
      mean, collectively, all of Engine 708556, Engine 708582, Engine 709710, Engine
      709760, Engine 717900 and Engine 718566. 

    

    “Engine
      708556”
shall
      mean the Pratt & Whitney model JT8D-217C engine bearing manufacturer’s
      serial number 708556, together with all parts installed thereon or appurtenant
      thereto.

    

    “Engine
      708582”
shall
      mean the Pratt & Whitney model JT8D-217A engine bearing manufacturer’s
      serial number 708582, together with all parts installed thereon or appurtenant
      thereto.

    

    “Engine
      709710”
shall
      mean the Pratt & Whitney model JT8D-217A engine bearing manufacturer’s
      serial number 709710, together with all parts installed thereon or appurtenant
      thereto.

    

    “Engine
      709760”
shall
      mean the Pratt & Whitney model JT8D-217A engine bearing manufacturer’s
      serial number 709760, together with all parts installed thereon or appurtenant
      thereto.

    

    “Engine
      717900”
shall
      mean the Pratt & Whitney model JT8D-217C engine bearing manufacturer’s
      serial number 717900, together with all parts installed thereon or appurtenant
      thereto.

    

    “Engine
      718566”
shall
      mean the Pratt & Whitney model JT8D-217C engine bearing manufacturer’s
      serial number 718566, together with all parts installed thereon or appurtenant
      thereto.

    

    “Equipment”
has
      the
      meaning set forth in Article 1 hereto.

    

    “FAA”
shall
      mean the United States Federal Aviation Administration or any successor
      agency.

    

    “Final
      Spares Package”
has
      the
      meaning set forth in Section 2.C hereof.

    

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    “N907TW
      Guarantor”
shall
      mean PLM Equipment Growth Fund VI Liquidating Trust, as the beneficiary of
      the
      N907TW Trust.

    

    “N907TW
      Trust”
shall
      mean that certain Amended and Restated Trust Agreement dated as of December
      24,
      1997, as amended, between PLM as owner trustee and PLM Equipment Growth Fund
      VI
      Liquidating Trust.

    

    “N911TW
      and N912TW Guarantor”
shall
      mean PLM Equipment Growth & Income Fund VII Liquidating Trust and
      Professional Lease Management Income Fund I Liquidating Trust as the
      beneficiaries of the N911TW and N912TW Trust.

    

    “N911TW
      and N912TW Trust”
shall
      mean that certain Amended and Restated Trust Agreement dated as of December
      24,
      1997, as amended, among PLM as owner trustee and PLM Equipment Growth &
Income Fund VII Liquidating Trust and Professional Lease Management Income
      Fund
      I Liquidating Trust as owner participants.

    

    “Previous
      Operator”
shall
      mean, American Airlines, Inc.

    

    “Previous
      Operator Engine Stands”
shall
      mean one or more engine stands owned or leased by the Previous Operator on
      which
      one or more of the Engines are stored on the Closing Date for such Engine.
      

    

    “Seller’s
      Agent”
shall
      mean, Sigma Asset Management LLC, a limited liability company organized under
      the laws of the State of Delaware. 

    

    “Spares
      Package”
shall
      mean the spare parts and loose equipment listed on Schedule II
      hereto.

    

    
      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      II

    

    Spares
      Package

    

    SPARES
      PACKAGE as of: 8/15/2006

     

    
      	
              ITEM

            	
              PART
                NUMBER

            	
              DESCRIPTION

            	
              COND TAG

            	
              SHOP
                REPORT

            	
              STORAGE

            	
              DATE
                OF RELEASE

            
	
              1

            	
              034964

            	
              FAN
                RADIO RACK

            	
              OH

            	
              A

            	
              YES

            	
              BOXED

            	
              06-Mar-00

            
	
              2

            	
              123562-2-1

            	
              AIR
                CHECK VALVE

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              01-Dec-00

            
	
              3

            	
              156o

            	
              CHIME

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              02-Sep-01

            
	
              4

            	
              162BL708

            	
              IND
                TEMP

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              24-Nov-98

            
	
              5

            	
              201EDP1-1

            	
              SYS
                DISPLAY PANEL

            	
              SV

            	
              JAA

            	
              NO

            	
              BOXED

            	
              31-Oct-02

            
	
              6

            	
              204950-5-5

            	
              COOLING
                TURBINE

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              25-Sep-00

            
	
              7

            	
              2117180-1

            	
              CABIN
                PRESS CNT

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              28-Jan-03

            
	
              8

            	
              213779

            	
              ENG
                CONTROL BOX

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              21-Dec-02

            
	
              9

            	
              XW21090

            	
              WIPER
                  MOTOR

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              09-Apr-03

            
	
              
                10

              

            	
              2587284-962

            	
              MACH
                TRIM ACT

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              04-Dec-91

            
	
              11

            	
              2587335-113

            	
              VERTICAL
                GYRO

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              25-Sep-01

            
	
              12

            	
              2587335-113

            	
              VERTICAL
                GYRO

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              22-Dec-00

            
	
              13

            	
              2587788-902

            	
              SERVO
                DRIVE

            	
              SV

            	
              FAA

            	
              NO

            	
              BOXED

            	
              12-Mar-98

            
	
              14

            	
              2588302-4

            	
              GYRO
                DIR

            	
              SV

            	
              JAA

            	
              NO

            	
              BOXED

            	
              22-Sep-98

            
	
              15

            	
              2600-05-1

            	
              ELECTR
                CLOCK

            	
              SV

            	
              JAA

            	
              NO

            	
              BOXED

            	
              22-Apr-03

            
	
              16

            	
              2CM9ABH7

            	
              GENERATOR
                TACHO

            	
              OH

            	
              JAA

            	
              YES

            	
              BOXED

            	
              29-Dec-00

            
	
              17

            	
              301EDP1-4

            	
              INDICATOR

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              09-Mar-02

            
	
              18

            	
              3601030-13-1

            	
              SWITCH
                CENTRIF

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              18-Dec-00

            
	
              19

            	
              3604524-45

            	
              COMB
                ASSY GCP85

            	
              OH

            	
              JAA

            	
              NO

            	
              BOXED

            	
              14-Jun-02

            
	
              20

            	
              392796-2-2

            	
              VALVE
                S/O

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              17-Dec-02

            
	
              21

            	
              4034234-902

            	
              FLT
                MODE ANNUNC

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              14-Apr-03

            
	
              22

            	
              4034239-901

            	
              ACCELEROMETER

            	
              SV

            	
              JAA

            	
              NO

            	
              BOXED

            	
              23-Apr-02

            
	
              23

            	
              4056512-915

            	
              EFTS
                MODE SELEC

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              15-May-03

            
	
              24

            	
              42D110

            	
              PRESS
                SWITCH

            	
              SV

            	
              JAA

            	
              NO

            	
              BOXED

            	
              22-AUq-00

            
	
              25

            	
              420304

            	
              PRESSURE
                SWITCH

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              14-Feb-00

            
	
              26

            	
              43B034LB03

            	
              NI
                CD BATTERY

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              19-Nov.02

            
	
              27

            	
              021904-000

            	
              NI
                CD BATTERY

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              20-Nov-02

            
	
              28

            	
              5765017-503

            	
              RUDDER
                DAMPER ASSY

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              04-Jul-02

            
	
              29

            	
              5914362-503

            	
              VLV
                AY RADIO RK

            	
              SV

            	
              JAA

            	
              NO

            	
              BOXED

            	
              21-Jan-03

            
	
              30

            	
              5930645-509

            	
              ENG.NOSE
                BULLET (sin 002245)

            	
              SV

            	
              A

            	
              YES

            	
              BOXED

            	
              30-Jun-05

            
	
              31

            	
              60-1177-9

            	
              PWR
                SUP

            	
              SV

            	
              JAA

            	
              NO

            	
              BOXED

            	
              27-Feb-02

            
	
              32

            	
              622-3371-002

            	
              TRX
                HF

            	
              OH

            	
              FAA

            	
              YES

            	
              BOXED

            	
              28-Jan-98

            
	
              33

            	
              622-4563-011

            	
              IND
                RADIO ALT

            	
              OH

            	
              FAA

            	
              NO

            	
              BOXED

            	
              21-May-02

            
	
              34

            	
              2041168-7501

            	
              ADF
                RECEIVER

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              02-Dec-02

            
	
              35

            	
              622-7878-201

            	
              TRANSPONDER

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              25-Jul-02

            
	
              36

            	
              63240

            	
              ACT.THRUST
                REV.

            	
              AR

            	 	 	
              BOXED

            	 
	
              37

            	
              692993

            	
              VALVE
                S/O

            	
              SV

            	
              JAA

            	
              NO

            	
              BOXED

            	
              29-Dec-97

            
	
              38

            	
              745608

            	
              HEATER
                FUEL

            	
              AR

            	
              FAA

            	
              NO

            	
              BOXED

            	
              28-May-03

            
	
              39

            	
              773770-1

            	
              PANEL,FL
                DATA

            	
              SV

            	
              A

            	
              YES

            	
              BOXED

            	
              06-Jan-03

            
	
              40

            	
              7892551-011.007

            	
              P.M.S.COMPUTER

            	
              SV

            	
              JAA

            	
              NO

            	
              BOXED

            	
              15-AUq-01

            
	
              41

            	
              2587794

            	
              FLUX
                VALVE

            	
              SV

            	
              FAA

            	
              NO

            	
              BOXED

            	
              08-Dec-99

            
	
              42

            	
              8DJ81LWT4

            	
              IND
                TACH

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              02-May-01

            
	
              43

            	
              8DW84LAN1

            	
              MTR
                VOLT AMP

            	
              SV

            	
              JAA

            	
              NO

            	
              BOXED

            	
              18-Jul-02

            
	
              44

            	
              8TJ85GCG2

            	
              TRANSMITTER
                F/F

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              19
                Sept-00

            
	
              45

            	
              980-4100-DXUN

            	
              UFDR

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              28-AUq-01

            
	
              46

            	
              C-4E

            	
              COMPAS
                STAND BY

            	
              SV

            	
              A

            	
              YES

            	
              BOXED

            	
              12-May-01

            
	
              47

            	
              D29982-113

            	
              SLIDE
                ASSY.

            	
              OH

            	
              JAA

            	
              YES

            	
              BOXED

            	
              13-Mar-02

            
	
              48

            	
              D29982-113

            	
              SLIDE
                ASSY.

            	
              OH

            	
              JAA

            	
              YES

            	
              BOXED

            	
              03-Dec-02

            
	
              49

            	
              D29982-113

            	
              SLIDE
                ASSY.

            	
              OH

            	
              JAA

            	
              YES

            	
              BOXED

            	
              12-Feb-03

            
	
              50

            	
              G-2933-12

            	
              VHF
                COMM CONT PANEL

            	
              SV

            	
              FAA

            	
              YES

            	
              BOXED

            	
              04-Dec-97

            
	
              51

            	
              G-5586

            	
              JACK
                BOX CNT

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              07-Jun-01

            
	
              52

            	
              G-5587

            	
              ATC
                CONTROL

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              20-Apr-97

            
	
              53

            	
              G6977-03

            	
              CNT
                AUDIO

            	
              SV

            	
              JAA

            	
              NO

            	
              BOXED

            	
              18-Apr-02

            
	
              54

            	
              H05A0035-3

            	
              AURAL
                WARN BOX

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              28-Mar-03

            
	
              55

            	
              HG280D5

            	
              DADC

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              27-Jun-00

            
	
              56

            	
              HG280D80

            	
              DADC

            	
              OH

            	
              FAA

            	
              YES

            	
              BOXED

            	
              04-Mar-99

            
	
              57

            	
              R6357-550

            	
              CONTROLLER

            	
              SV

            	
              A

            	
              YES

            	
              BOXED

            	
              21-Dec-01

            
	
              58

            	
              565-5366-7L

            	
              ANTENNA
                L-BAND

            	
              SV

            	
              JAA

            	
              NO

            	
              BOXED

            	
              26-Jul-01

            
	
              59

            	
              ST-12BH

            	
              FLAP
                POS TRSM

            	
              SV

            	
              JAA

            	
              NO

            	
              BOXED

            	
              05-Dec-02

            
	
              60

            	
              V3900-11

            	
              VALVE
                S/O

            	
              SV

            	
              JAA

            	 	
              BOXED

            	
              01-Dec-97

            
	
              61

            	
              WL101AMS5

            	
              ALTIM/AIRSP
                IND

            	
              SV

            	
              JAA

            	
              YES

            	
              BOXED

            	
              29-Oct-99,

            

    

    

     

    

    
      
        
          
          

        

        
          24exv10w68

 

Exhibit
10.68

SUBSCRIPTION AGREEMENT

Cytokinetics, Incorporated

280 East Grand Avenue

South San Francisco, CA 94080

Gentlemen:

The undersigned (the “Investor”) hereby confirms its agreement with you as follows:

     1. This Subscription Agreement (this “Agreement”) is made as of the date set forth below
between Cytokinetics, Incorporated, a Delaware corporation (the “Company”), and the Investor.

     2. The Company has authorized the sale and issuance to certain investors of up to an aggregate
of 5,285,715 shares (the “Shares”) of its Common Stock, par value $0.001 per share (the “Common
Stock”), subject to adjustment by the Company’s Board of Directors, or a committee thereof, for a
purchase price of $7.00 per share (the “Purchase Price”).

     3. The offering and sale of the Shares (the “Offering”) are being made pursuant to (1) an
effective Registration Statement on Form S-3 (including the Prospectus contained therein (the “Base
Prospectus”), the “Registration Statement”) filed by the Company with the Securities and Exchange
Commission (the “Commission”), (2) if applicable, certain “free writing prospectuses” (as that term
is defined in Rule 405 under the Securities Act of 1933, as amended (the “Act”)), that have or will
be filed with the Commission and delivered to the Investor on or prior to the date hereof and (3) a
Prospectus Supplement (the “Prospectus Supplement” and together with the Base Prospectus, the
“Prospectus”) containing certain supplemental information regarding the Shares and terms of the
Offering that will be filed with the Commission and delivered to the Investor (or made available to
the Investor by the filing by the Company of an electronic version thereof with the Commission).

     4. The Company and the Investor agree that the Investor will purchase from the Company and the
Company will issue and sell to the Investor the Shares of Common Stock set forth below for the
aggregate purchase price set forth below. The Shares shall be purchased pursuant to the Terms and
Conditions for Purchase of Shares attached hereto as Annex I and incorporated herein by
this reference as if fully set forth herein. The Investor acknowledges that the Offering is not
being underwritten by the placement agents (the “Placement Agents”) named in the Prospectus
Supplement and that there is no minimum offering amount.

     5. The manner of settlement of the Shares purchased by the Investor shall be determined by
such Investor as follows (check one):

	[____]	   A.	 	 Delivery by electronic book-entry at The Depository Trust Company (“DTC”), registered in
the Investor’s name and address as set forth below, and released by Mellon Investor Services
LLC, the Company’s transfer agent (the “Transfer Agent”), to the Investor at the Closing. NO
LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND THE
COMPANY, THE INVESTOR SHALL:

 

 

	 	(I)	 	DIRECT THE BROKER-DEALER AT WHICH THE ACCOUNT OR ACCOUNTS TO BE CREDITED
WITH THE SHARES ARE MAINTAINED TO SET UP A DEPOSIT/WITHDRAWAL AT CUSTODIAN (“DWAC”)
INSTRUCTING THE TRANSFER AGENT TO CREDIT SUCH ACCOUNT OR ACCOUNTS WITH THE SHARES,
AND
	 
	 	(II)	 	REMIT BY WIRE TRANSFER THE AMOUNT OF FUNDS EQUAL TO THE AGGREGATE
PURCHASE PRICE FOR THE SHARES BEING PURCHASED BY THE INVESTOR TO THE FOLLOWING
ACCOUNT:

THE CITIBANK PRIVATE BANK

666 Fifth Avenue, 5th Floor

New York, NY 10103

ABA # 021-000-089

Account Name: Thelen Reid Brown Raysman & Steiner LLP, escrow

agent for the account of Cytokinetics, Incorporated

Account Number: 9970183443

     – OR –

	[___]	   B.	 	 Delivery versus payment (“DVP”) through DTC (i.e., the
Company shall deliver Shares registered in the Investor’s
name and address as set forth below and released by the
Transfer Agent to the Investor at the Closing directly to
the account(s) at Lazard Capital Markets LLC (“LCM”)
identified by the Investor and simultaneously therewith
payment shall be made from such account(s) to the Company
through DTC). NO LATER THAN ONE (1) BUSINESS DAY AFTER
THE EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND THE
COMPANY, THE INVESTOR SHALL:

	 	(I)	 	NOTIFY LCM OF THE ACCOUNT OR ACCOUNTS AT LCM TO BE CREDITED WITH THE
SHARES BEING PURCHASED BY SUCH INVESTOR, AND
	 
	 	(II)	 	CONFIRM THAT THE ACCOUNT OR ACCOUNTS AT LCM TO BE CREDITED WITH THE
SHARES BEING PURCHASED BY THE INVESTOR HAVE A MINIMUM BALANCE EQUAL TO THE AGGREGATE
PURCHASE PRICE FOR THE SHARES BEING PURCHASED BY THE INVESTOR.

IT IS THE INVESTOR’S RESPONSIBILITY TO (A) MAKE THE NECESSARY WIRE TRANSFER OR CONFIRM THE
PROPER ACCOUNT BALANCE IN A TIMELY MANNER AND (B) ARRANGE FOR SETTLEMENT BY WAY OF DWAC OR DVP IN A
TIMELY MANNER. IF THE INVESTOR DOES NOT DELIVER THE AGGREGATE PURCHASE PRICE FOR THE SHARES OR
DOES NOT MAKE PROPER ARRANGEMENTS FOR SETTLEMENT IN A TIMELY MANNER, THE SHARES MAY NOT BE
DELIVERED AT CLOSING TO THE INVESTOR OR THE INVESTOR MAY BE EXCLUDED FROM THE CLOSING
ALTOGETHER.

6. The Investor represents that, except as set forth below, (a) it has had no position, office or
other material relationship within the past three years with the Company or persons known to it to
be

- 2 -

 

affiliates of the Company, (b) it is not a NASD member or an Associated Person (as such term is
defined under the NASD Membership and Registration Rules Section 1011) as of the Closing, and (c)
neither the Investor nor any group of Investors (as identified in a public filing made with the
Commission) of which the Investor is a part in connection with the Offering of the Shares,
acquired, or obtained the right to acquire, 20% or more of the Common Stock (or securities
convertible into or exercisable for Common Stock) or the voting power of the Company on a
post-transaction basis. Exceptions:

	 	 	 
	 

	 	 
	 	 	 

(If no exceptions, write “none.” If left blank, response will be deemed to be “none.”)

7. The Investor represents that it has received (or otherwise had made available to it by the
filing by the Company of an electronic version thereof with the Commission) the Base Prospectus,
dated June 14, 2005, which is a part of the Company’s Registration Statement, the documents
incorporated by reference therein and any free writing prospectus (collectively, the “Disclosure
Package”), prior to or in connection with the receipt of this Agreement. The Investor acknowledges
that, prior to the delivery of this Agreement to the Company, the Investor will receive certain
additional information regarding the Offering, including pricing information (the “Offering
Information”). Such information may be provided to the Investor by any means permitted under the
Act, including the Prospectus Supplement, a free writing prospectus and oral communications.

8. No offer by the Investor to buy Shares will be accepted and no part of the Purchase Price will
be delivered to the Company until the Investor has received the Offering Information and the
Company has accepted such offer by countersigning a copy of this Agreement, and any such offer may
be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the
Company (or a Placement Agent on behalf of the Company) sending (orally, in writing or by
electronic mail) notice of its acceptance of such offer. An indication of interest will involve no
obligation or commitment of any kind until the Investor has been delivered the Offering Information
and this Agreement is accepted and countersigned by or on behalf of the Company.

- 3 -

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Number of Shares:
	 	 	 	 	 	 
	 	 	 	 	 
	Purchase Price Per Share: $	 	 	 	 
	 

	 	 	 	 	 	 
	Aggregate Purchase Price: $	 	 	 	 
	 

	 	 	 	 	 	 

     Please confirm that the foregoing correctly sets forth the agreement between us by signing in
the space provided below for that purpose.

	 	 	 	 	 
	 	 	Dated as of: December __, 2006
	 
	 	 	 	 
	 	 	 
	 

	 	INVESTOR	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Print Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 

	 	Address:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	 

Agreed and Accepted

this ___day of December, 2006

	 	 	 	 	 
	 

	 	 	 	 
	CYTOKINETICS, INCORPORATED	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 

- 4 -

 

ANNEX I

TERMS AND CONDITIONS FOR PURCHASE OF SHARES

     1. Authorization and Sale of the Shares. Subject to the terms and conditions of this
Agreement, the Company has authorized the sale of the Shares.

     2. Agreement to Sell and Purchase the Shares; Placement Agents.

          2.1 At the Closing (as defined in Section 3.1), the Company will sell to the Investor,
and the Investor will purchase from the Company, upon the terms and conditions set forth herein,
the number of Shares set forth on the last page of the Agreement to which these Terms and
Conditions for Purchase of Shares are attached as Annex I (the “Signature Page”) for the
aggregate purchase price therefor set forth on the Signature Page.

          2.2 The Company proposes to enter into substantially this same form of Subscription Agreement
with certain other investors (the “Other Investors”) and expects to complete sales of Shares to
them. The Investor and the Other Investors are hereinafter sometimes collectively referred to as
the “Investors,” and this Agreement and the Subscription Agreements executed by the Other Investors
are hereinafter sometimes collectively referred to as the “Agreements.”

          2.3 Investor acknowledges that the Company has agreed to pay Lazard Capital Markets LLC
(“LCM”), JMP Securities LLC and Rodman & Renshaw, LLC (the “Placement Agents”) a fee (the
“Placement Fee”) in respect of the sale of Shares to the Investor.

          2.4 The Company has entered into a Placement Agent Agreement, dated December 6, 2006 (the
“Placement Agreement”), with the Placement Agents that contains certain representations,
warranties, covenants and agreements of the Company that may be relied upon by the Investor, which
shall be a third party beneficiary thereof.

     3. Closings and Delivery of the Shares and Funds.

          3.1 Closing. The completion of the purchase and sale of the Shares (the “Closing”)
shall occur at a place and time (the “Closing Date”) to be specified by the Company and LCM and of
which the Investors will be notified in advance by the Placement Agents, in accordance with Rule
15c6-1 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). At
the Closing, (a) the Company shall cause the Transfer Agent to deliver to the Investor the number
of Shares set forth on the Signature Page registered in the name of the Investor or, if so
indicated on the Investor Questionnaire attached hereto as Exhibit A, in the name of a
nominee designated by the Investor and (b) the aggregate purchase price for the Shares being
purchased by the Investor will be delivered by or on behalf of the Investor to the Company.

          3.2 Conditions to the Company’s Obligations. (a) The Company’s obligation to issue
and sell the Shares to the Investor shall be subject to: (i) the receipt by the Company of the
purchase price for the Shares being purchased hereunder as set forth on the Signature Page and (ii)
the accuracy of the representations and warranties made by the Investor and the fulfillment of
those undertakings of the Investor to be fulfilled prior to the Closing Date.

- 5 -

 

               (b) Conditions to the Investor’s Obligations. The Investor’s obligation to purchase
the Shares will be subject to the accuracy of the representations and warranties made by the
Company and the fulfillment of those undertakings of the Company to be fulfilled prior to the
Closing Date, including without limitation, those contained in this Agreement and the Placement
Agreement, and to the condition that the Placement Agents shall not have: (a) terminated the
Placement Agreement pursuant to the terms thereof or (b) determined that the conditions to the
closing in the Placement Agreement have not been satisfied. The Investor’s obligations are
expressly not conditioned on the purchase by any or all of the Other Investors of the Shares that
they have agreed to purchase from the Company.

          3.3 Delivery of Funds.

               (a) Delivery by Electronic Book-Entry at The Depository Trust Company. If the
Investor elects to settle the Shares purchased by such Investor through delivery by electronic
book-entry at DTC, no later than one (1) business day after the execution of this Agreement by
the Investor and the Company, the Investor shall remit by wire transfer the amount of funds
equal to the aggregate purchase price for the Shares being purchased by the Investor to the
following account designated by the Company and the Placement Agents pursuant to the terms of that
certain Escrow Agreement (the “Escrow Agreement”) dated as of December 6, 2006, by and among the
Company, the Placement Agents and Thelen Reid Brown Raysman & Steiner LLP (the “Escrow Agent”):

THE CITIBANK PRIVATE BANK

666 Fifth Avenue, 5th Floor

New York, NY 10103

ABA # 021-000-089

Account Name: Thelen Reid Brown Raysman & Steiner LLP, escrow

agent for the account of Cytokinetics, Incorporated

Account Number: 9970183443

               Such funds shall be held in escrow until the Closing and delivered by the Escrow Agent on
behalf of the Investors to the Company upon the satisfaction, in the sole judgment of the Placement
Agents, of the conditions set forth in Section 3.2(b) hereof. The Placement Agents shall have no
rights in or to any of the escrowed funds, unless the Placement Agents and the Escrow Agent are
notified in writing by the Company in connection with the Closing that a portion of the escrowed
funds shall be applied to the Placement Fee. The Company and the Investor agree to indemnify and
hold the Escrow Agent harmless from and against any and all losses, costs, damages, expenses and
claims (including, without limitation, court costs and reasonable attorneys fees) (“Losses”)
arising under this Section 3.3 or otherwise with respect to the funds held in escrow
pursuant hereto or arising under the Escrow Agreement, unless it is finally determined that such
Losses resulted directly from the willful misconduct or gross negligence of the Escrow Agent.
Anything in this Agreement to the contrary notwithstanding, in no event shall the Escrow Agent be
liable for any special, indirect or consequential loss or damage of any kind whatsoever (including
but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of
such loss or damage and regardless of the form of action.

               Investor shall also furnish to the Placement Agents a completed W-9 form (or, in the case of
an Investor who is not a United States citizen or resident, a W-8 form).

- 6 -

 

               Investor acknowledges that the Escrow Agent acts as counsel to the Placement Agents, and shall
have the right to continue to represent the Placement Agents, in any action, proceeding, claim,
litigation, dispute, arbitration or negotiation in connection with the Offering, and Investor
hereby consents thereto and waives any objection to the continued representation of the Placement
Agents by the Escrow Agent in connection therewith based upon the services of the Escrow Agent
under the Escrow Agreement, without waiving any duty or obligation the Escrow Agent may have to any
other person.

               (b) Delivery Versus Payment through The Depository Trust Company. If the Investor
elects to settle the Shares purchased by such Investor by delivery versus payment through DTC,
no later than one (1) business day after the execution of this Agreement by the Investor and
the Company, the Investor shall confirm that the account or accounts at LCM to be credited with
the Shares being purchased by the Investor have a minimum balance equal to the aggregate purchase
price for the Shares being purchased by the Investor.

          3.4 Delivery of Shares.

               (a) Delivery by Electronic Book-Entry at The Depository Trust Company. If the
Investor elects to settle the Shares purchased by such Investor through delivery by electronic
book-entry at DTC, no later than one (1) business day after the execution of this Agreement by
the Investor and the Company, the Investor shall direct the broker-dealer at which the account
or accounts to be credited with the Shares being purchased by such Investor are maintained, which
broker/dealer shall be a DTC participant, to set up a Deposit/Withdrawal at Custodian (“DWAC”)
instructing Mellon Investor Services LLC, the Company’s transfer agent, to credit such account or
accounts with the Shares by means of an electronic book-entry delivery. Such DWAC shall indicate
the settlement date for the deposit of the Shares, which date shall be provided to the Investor by
the Placement Agents. Simultaneously with the delivery to the Company by the Escrow Agent of the
funds held in escrow pursuant to Section 3.3 above, the Company shall direct its transfer
agent to credit the Investor’s account or accounts with the Shares pursuant to the information
contained in the DWAC.

               (b) Delivery Versus Payment through The Depository Trust Company. If the Investor
elects to settle the Shares purchased by such Investor by delivery versus payment through DTC,
no later than one (1) business day after the execution of this Agreement by the Investor and
the Company, the Investor shall notify LCM of the account or accounts at LCM to be credited
with the Shares being purchased by such Investor. On the Closing Date, the Company shall deliver
the Shares to the Investor directly to the account(s) at LCM identified by Investor and
simultaneously therewith payment shall be made from such account(s) to the Company through DTC.

     4. Representations, Warranties and Covenants of the Investor.

     The Investor represents and warrants to, and agrees with, the Company and the Placement Agents
that:

          4.1 The Investor (a) is knowledgeable, sophisticated and experienced in making, and is
qualified to make decisions with respect to, investments in shares presenting an investment
decision like that involved in the purchase of the Shares, including investments in securities
issued by the Company and investments in comparable companies, (b) has answered all questions on
the Signature Page and the Investor Questionnaire and the answers thereto are true and correct as
of the date hereof

- 7 -

 

and will be true and correct as of the Closing Date and (c) in connection with its decision to
purchase the number of Shares set forth on the Signature Page, has received and is relying only
upon the Disclosure Package, the documents incorporated by reference therein and the Offering
Information.

          4.2 If the Investor is outside the United States, it will comply with all applicable laws and
regulations in each foreign jurisdiction in which it purchases, offers, sells or delivers Shares or
has in its possession or distributes any offering material, in all cases at its own expense.

          4.3 (a) The Investor has full right, power, authority and capacity to enter into this
Agreement and to consummate the transactions contemplated hereby and has taken all necessary action
to authorize the execution, delivery and performance of this Agreement, and (b) this Agreement
constitutes a valid and binding obligation of the Investor enforceable against the Investor in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting
parties’ rights generally and except as enforceability may be subject to general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at
law) and except as to the enforceability of any rights to indemnification or contribution that may
be violative of the public policy underlying any law, rule or regulation (including any federal or
state securities law, rule or regulation).

          4.4 The Investor understands that nothing in this Agreement, the Prospectus or any other
materials presented to the Investor in connection with the purchase and sale of the Shares
constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and
investment advisors as it, in its sole discretion, has deemed necessary or appropriate in
connection with its purchase of Shares.

          4.5 Since the date on which any Placement Agent first contacted such Investor about the
Offering, the Investor has not engaged in any transactions in the securities of the Company
(including, without limitation, any Short Sales involving the Company’s securities), and has not
violated its obligations of confidentiality. Each Investor covenants that it will not engage in
any transactions in the securities of the Company (including Short Sales) or disclose any
information about the contemplated offering (other than to its advisors that are under a legal
obligation of confidentiality) prior to the time that the transactions contemplated by this
Agreement are publicly disclosed. Each Investor agrees that it will not use any of the Shares
acquired pursuant to this Agreement to cover any short position in the Common Stock if doing so
would be in violation of applicable securities laws. For purposes hereof, “Short Sales” include,
without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under
the Exchange Act, whether or not against the box, and all types of direct and indirect stock
pledges, forward sales contracts, options, puts, calls, short sales, swaps, “put equivalent
positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements (including
on a total return basis), and sales and other transactions through non-US broker dealers or foreign
regulated brokers.

     5. Survival of Representations, Warranties and Agreements; Third Party Beneficiary.
Notwithstanding any investigation made by any party to this Agreement or by the Placement Agents,
all covenants, agreements, representations and warranties made by the Company and the Investor
herein will survive the execution of this Agreement, the delivery to the Investor of the Shares
being purchased and the payment therefor. The Placement Agents and Lazard Fréres & Co.

- 8 -

 

shall be third party beneficiaries with respect to the representations, warranties and
agreements of the Investor in Section 4 hereof.

     6. Notices. All notices, requests, consents and other communications hereunder will be in
writing, will be mailed (a) if within the domestic United States by first-class registered or
certified airmail, or nationally recognized overnight express courier, postage prepaid, or by
facsimile or (b) if delivered from outside the United States, by International Federal Express or
facsimile, and will be deemed given (i) if delivered by first-class registered or certified mail
domestic, three business days after so mailed, (ii) if delivered by nationally recognized overnight
carrier, one business day after so mailed, (iii) if delivered by International Federal Express, two
business days after so mailed and (iv) if delivered by facsimile, upon electric confirmation of
receipt and will be delivered and addressed as follows:

     (a) if to the Company, to:

Cytokinetics, Incorporated

280 East Grand Avenue

South San Francisco, CA 94080

Attention: Chief Financial Officer

Facsimile: (650) 624-3200

with copies to:

Wilson Sonsini Goodrich & Rosati PC.

650 Page Mill Road

Palo Alto, CA 94304

Attention: Mike O’Donnell, Esq.

Facsimile: (650) 493-6811

     (b) if to the Investor, at its address on the Signature Page hereto, or at such
other address or addresses as may have been furnished to the Company in writing.

7. Changes. This Agreement may not be modified or amended except pursuant to an instrument
in writing signed by the Company and the Investor.

8. Headings. The headings of the various sections of this Agreement have been inserted for
convenience of reference only and will not be deemed to be part of this Agreement.

9. Severability. In case any provision contained in this Agreement should be invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein will not in any way be affected or impaired thereby.

10. Governing Law. This Agreement will be governed by, and construed in accordance with,
the internal laws of the State of New York, without giving effect to the principles of
conflicts of law that would require the application of the laws of any other jurisdiction.

11. Counterparts. This Agreement may be executed in two or more counterparts, each of which
will constitute an original, but all of which, when taken together, will constitute but one

- 9 -

 

instrument, and will become effective when one or more counterparts have been signed by each
party hereto and delivered to the other parties. The Company and the Investor acknowledge
and agree that the Company shall deliver its counterpart to the Investor along with the
Prospectus Supplement (or the filing by the Company of an electronic version thereof with
the Commission).

12. Confirmation of Sale. The Investor acknowledges and agrees that such Investor’s receipt
of the Company’s counterpart to this Agreement, together with the Prospectus Supplement (or
the filing by the Company of an electronic version thereof with the Commission), shall
constitute written confirmation of the Company’s sale of Shares to such Investor.

13. Press Release. The Company and the Investor agree that the Company shall issue a press
release announcing the Offering prior to the opening of the financial markets in New York
City on the business day immediately after the date hereof.

14. Termination. In the event that the Placement Agreement is terminated by the Placement
Agents pursuant to the terms thereof, this Agreement shall terminate without any further
action on the part of the parties hereto.

- 10 -

 

Exhibit A

CYTOKINETICS, INCORPORATED

INVESTOR QUESTIONNAIRE

     Pursuant to Section 3 of Annex I to the Agreement, please provide us with the
following information:

	 	 	 	 	 
	1.

	 	The exact name that your Shares are to be registered in. You may
use a nominee name if appropriate:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	2.

	 	The relationship between the Investor and the registered holder
listed in response to item 1 above:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	3.

	 	The mailing address of the registered holder listed in response to
item 1 above:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	4.

	 	The Social Security Number or Tax Identification Number of the
registered holder listed in the response to item 1 above:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	5.

	 	Name of DTC Participant (broker-dealer at which the account or
accounts to be credited with the Shares are maintained):	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	6.

	 	DTC Participant Number:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	7.

	 	Name of Account at DTC Participant being credited with the Shares:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	8.

	 	Account Number at DTC Participant being credited with the Shares:

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