Document:

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                                                                    EXHIBIT 10.6
                           PLEDGE AND ESCROW AGREEMENT

         This Pledge and Escrow Agreement (the "AGREEMENT"), dated as of June
24, 2004, is made by and among VisiJet, Inc., a Delaware corporation (the
"PLEDGOR"), each of the Buyers set forth on the signature page of the Agreement
(as defined below)(each a "PLEDGEE" and collectively the "PLEDGEES"), and Tarter
Krinsky & Drogin LLP (the "ESCROW AGENT") as agent for the Pledgees.

                  WHEREAS, the Pledgor and the Pledgees are parties to that
certain Securities Purchase Agreement, of even date herewith (the "PURCHASE
AGREEMENT"), pursuant to which the Pledgor has issued Convertible Debentures in
the aggregate principal amount of $1,000,000 payable to Pledgees (the
"DEBENTURES"); and

                  WHEREAS, as a material inducement to the Pledgees to enter
into the Purchase Agreement, the Pledgees have required and the Pledgor has
agreed to partially secure the timely and full satisfaction of all obligations
of the Pledgor, whether matured or unmatured, now or hereafter existing or
created and becoming due and payable (the "OBLIGATIONS") to the Pledgees, their
successors, endorsees, transferees or assigns under the Debentures and grant to
the Pledgees, their successors, endorsees, transferees or assigns a security
interest in 350,000 shares of Common Stock, par value $0.001 per share, of the
Pledgor (the "SHARES"), as collateral security for the Obligations.

                  NOW, THEREFORE, in consideration of the foregoing recitals,
and the mutual covenants contained herein, the parties hereby agree as follows:

         1. PLEDGE AND SECURITY INTEREST. As collateral security for the full
and timely payment of the Obligations, the Pledgor herewith deposits, or has
caused to be deposited, and pledges with the Escrow Agent as agent for the
Pledgees, in form transferable for delivery, and grants to the Escrow Agent as
agent for the Pledgees, a security interest in the Shares and the certificates
or other instruments or documents evidencing same and such additional property
at any time and from time to time receivable by the Pledgees hereunder or
otherwise distributed in respect of, or in exchange for, any Shares (herein
collectively called the "PLEDGED SECURITIES" and together with the Shares, the
"COLLATERAL").

         2. REPRESENTATIONS BY PLEDGOR. The Pledgor represents and warrants that
the Pledged Securities are, and will be on deposit hereunder, duly and validly
issued and duly and validly pledged with the Escrow Agent as agent for Pledgees
in accordance with all applicable laws and regulations, and agrees to defend the
Pledgees' right, title, lien and security interest in and to the Pledged
Securities against the claims and demands of all persons whomsoever.

         3. VOTING RIGHTS, ETC.

                  (a) Unless and until the Pledgees shall have given notice to
the Escrow Agent pursuant to paragraph 6(a)(i) hereof that the Obligations have
become immediately due and payable, the Pledgor shall be entitled to receive and
retain for his own account any and all dividends (other than stock or
liquidating dividends) and interest at any time and from time to time declared
or paid upon any of the Pledged Securities.

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                  (b) In the event that the Pledgees shall give such notice to
the Escrow Agent pursuant to paragraph 6(a)(i), the Pledgees shall thereafter be
entitled to exercise all voting power with respect to the Pledged Securities,
and to direct the Escrow Agent to so exercise such power, and the Escrow Agent
shall be entitled to receive and retain, as additional collateral hereunder, any
and all dividends and interest at any time and from time to time declared or
paid upon any of the Pledged Securities.

         4. ADDITIONAL PROPERTY RECEIVABLE BY ESCROW AGENT. In case, upon the
dissolution or liquidation (in whole or in part) of the Pledgor, any sum shall
be paid as a liquidating dividend or otherwise upon or with respect to any of
the Pledged Securities, and in case any such sum shall be paid on account of the
principal of any of the Pledged Securities which shall be an obligation, such
sum shall be paid over to the Escrow Agent, to be held by the Escrow Agent as
additional collateral hereunder. In case any stock dividend shall be declared on
any of the Pledged Securities, or any shares of stock or fractions thereof shall
be issued pursuant to any stock split involving any of the Pledged Securities,
or any distribution of capital shall be made on any of the Pledged Securities,
or any shares, obligations or other property shall be distributed upon or with
respect to the Pledged Securities pursuant to a recapitalization or
reclassification of the capital of the issuer of the capital of the issuer
thereof, or pursuant to the dissolution, liquidation (in whole or in part),
bankruptcy or reorganization of the Pledgor, or to the merger or consolidation
of the Pledgor with or into another corporation, the shares, obligations or
other property so distributed shall be delivered to the Escrow Agent, to be held
by it as additional collateral hereunder, and all of the same (other than cash)
shall constitute Pledged Securities for all purposes hereof.

         5. INVESTMENT OF CASH COLLATERAL. Any cash received and retained by the
Escrow Agent as additional collateral hereunder pursuant to the foregoing
provisions shall continue to be held in escrow by Escrow Agent in accordance
with the terms hereof and shall be distributed and disposed of by Escrow Agent
in the same manner as Pledged Securities. Any such cash shall be held and
invested in any obligation of, or unconditionally guaranteed by, the United
States of America, entitled to its full faith and credit and interest bearing
deposits (including money market mutual funds and certificates of deposit)
issued by a bank which is a member of the Federal Reserve System and which
deposits are guaranteed by the Federal Deposit Insurance Company. Such
investments shall have a maturity of not more than one year.

         6. DELIVERY OF THE PLEDGED SECURITIES.

                  (a) The Escrow Agent shall deliver the Pledged Securities in
the event of, and in accordance with, any of the following:

                           (i) If the Pledgees give notice to the Escrow Agent
and the Pledgor that the Obligations have become immediately due and
payable, which notice shall specify the amount outstanding under the
Obligations, the Escrow Agent shall deliver to the Pledgees the Pledged
Securities three (3) business days after receipt of such notice, unless within
such period Escrow Agent receives from Pledgor, with proof of the giving of a
copy thereof to Pledgees, the original canceled check, dated by the payor bank
after the date of this Agreement, in the amount not less than the principal
amount of the Debentures, indicating the respective Pledgee as the payor and
endorser thereon. In such event, Escrow Agent shall continue to hold the Pledged
Securities until it receives written instructions signed by Pledgor and Pledgees
directing Escrow Agent on the delivery or continued retention of the Pledged
Securities or a judgment of the kind described in paragraph 6(a)(ii). Upon
receipt of such written instructions or judgment, Escrow Agent shall comply with
the same.

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                           (ii) Upon receipt by the Escrow Agent of (A) a
certified judgment of a court of competent jurisdiction, together with (unless
the period for appeal shall have lapsed) a waiver or waivers of the Pledgor's or
the Pledgees' right or rights of appeal in form and substance satisfactory to
the Escrow Agent, or (B) a certified final judgment from a court of competent
jurisdiction, the Escrow Agent shall deliver the Pledged Securities as directed
by such judgment.

                  (b) If, pursuant to paragraph 6(a)(i), the Pledgees have given
notice that the Obligations have become immediately due and payable, the Escrow
Agent shall not deliver or pay the Pledged Securities except in accordance with
paragraph 6(a) or the joint instructions of the Pledgees and the Pledgor.

         7. INSTRUCTIONS TO ESCROW AGENT. Notwithstanding any other provision of
this Agreement, upon receipt by the Escrow Agent of written instructions signed
by or on behalf of the Pledgor and the Pledgees, the Escrow Agent shall make any
other payment or delivery of the Pledged Securities then held hereunder as may
be specified in such instructions.

         8. RIGHTS OF PLEDGEES ON DEFAULT.

                  (a) In the event that the Pledgees shall receive any Pledged
Securities pursuant to paragraph 6 hereof, the Pledgees, without obligation to
resort to other security, shall have the right at any time and from time to time
to sell, resell, assign and deliver, in its sole discretion, all or any of the
Pledged Securities, in one or more transactions, and all right, title and
interest, claim and demand therein and right of redemption thereof, on any
securities exchange on which the Pledged Securities or any of them may be
listed, or at public or private sale, for cash, upon credit or for future
delivery, and in connection therewith the Pledgees may grant options, the
Pledgor hereby waiving and releasing any and all equity or right of redemption.
If any of the Pledged Securities are sold by the Pledgees upon credit or for
future delivery, the Pledgees shall not be liable for the failure of the
purchaser to purchase or pay for the same and, in the event of any such failure,
the Pledgees may resell such Pledged Securities. In no event shall the Pledgor
be credited with any part of the proceeds of sale of any Pledged Securities
until cash payment thereof has actually been received by the Pledgees.

                  (b) No demand, advertisement or notice, all of which are
hereby expressly waived, shall be required in connection with any sale or other
disposition of any part of the Pledged Securities which threatens to decline
speedily in value or which is of a type customarily sold on a recognized market;
otherwise the Pledgees shall give the Pledgor at least ten business days prior
notice of the time and place of any public sale and of any private sale or other
disposition, which notice Pledgor agrees is reasonable, all other demands,
advertisements and notices (except those expressly provided herein) being hereby
waived. The Pledgees shall not be obligated to make any sale of Pledged
Securities if it shall determine not to do so, regardless of the fact that
notice of sale may have been given; provided that if no sale is made at the time
specified in such notice, no further sale shall be made until after similar
notice be given as to such further sale. The Pledgees may, without notice or
publication, adjourn any public or private sale or cause the same to be
adjourned from time to time by announcement at the time and place fixed for
sale, and such sale may, without further notice, except as set forth above, be
made at the time and place to which the same was so adjourned. Upon each private

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sale of Pledged Securities of a type customarily sold in a recognized market and
upon each public sale, the Pledgees may purchase the Pledged Securities being
sold, free from any equity or right of redemption, which is hereby waived and
released, and may make payment therefor (by assignment without recourse) in the
form of the Obligations in lieu of cash to the amount then due thereon which the
Pledgor hereby agrees to accept. In the case of all sales of Pledged Securities,
public or private, the Pledgor shall pay all costs and expenses of every kind
for sale or delivery, including brokers' and attorneys' fees, and after
deducting such costs and expenses from the proceeds of sale, the Pledgees shall
apply any residue to the payment of the Obligations. The balance, if any,
remaining after payment in full of such the Obligations, shall be paid to the
Pledgor, subject to any duty of the Pledgees imposed by law to the holder of any
subordinate security interest in the Pledged Securities known to the Pledgees.

                  (c) The remedies provided herein in favor of the Pledgees
shall not be deemed exclusive, but shall be cumulative, and shall be in addition
to all other remedies in favor of the Pledgees existing at law or in equity.

                  (d) The Pledgees shall have the right, for and in the name,
place and stead of the Pledgor, to execute endorsements, assignments or other
instruments of conveyance or transfer with respect to all or any of the Pledged
Securities.

                  (f) The Pledgees shall have no duty as to the collection or
protection of the Pledged Securities or income thereon or as to the preservation
of any rights pertaining thereto, beyond the safe custody of any thereof
actually in Pledgees' possession. The Pledgor releases the Pledgees from any
claims, causes of action and demands at any time arising out of or with respect
to this Agreement, the Pledged Securities and/or any actions, taken or omitted
to be taken by the Pledgees with respect thereto.

                  (f) The Pledgor hereby appoints the Pledgees as the Pledgor's
attorney-in-fact for the purpose of carrying out the provisions of this
Agreement and taking any action and executing any instrument which either may
deem necessary or advisable to accomplish the purpose hereof.

                  (g) No delay on the part of the Pledgees in enforcing any of
Pledgees' options, powers or rights, or partial or single exercise thereof,
shall constitute a waiver thereof.

                  (h) Upon payment in full of the Obligations, the Pledgor shall
be entitled to the return of all of the Pledged Securities and of all other
property and cash which have not been used or applied toward the payment of the
Obligations. The assignment by the Pledgees or the Escrow Agent to the Pledgor
of such Pledged Securities and other property shall be without representation or
warranty of any nature whatsoever and wholly without recourse.

         9. TERMINATION. This Agreement shall terminate at the time when all of
the Pledged Securities held hereunder have been delivered by the Escrow Agent as
provided in this Agreement.

         10. ESCROW AGENT. The acceptance by the Escrow Agent of its duties
under this Agreement is subject to the following terms and conditions, which
shall govern and control with respect to its rights, duties, liabilities and
immunities:

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                  (a) The duties of the Escrow Agent are only such as are herein
specifically provided, being purely ministerial in nature. The Escrow Agent
shall incur no liability whatsoever to the Pledgees, the Pledgor or otherwise,
except for its own willful misconduct or gross negligence. All the parties
hereto hereby agree to jointly and severally indemnify, defend and hold harmless
the Escrow Agent, and each of its partners, employees and agents, from any
claims or proceedings brought against it as Escrow Agent.

                  (b) The Escrow Agent shall be under no responsibility in
respect of any of the items deposited with it other than to follow the
provisions of this Agreement. The Escrow Agent may consult with counsel of its
own choice and shall be fully protected in any action taken or omitted in good
faith, in accordance with advice of such counsel.

                  (c) The Escrow Agent shall not be required to defend any legal
proceedings which may be instituted against it in respect of the subject matter
of this Agreement unless requested to do so by the Pledgees or the Pledgor and
fully indemnified by the requesting party or parties to its satisfaction against
the cost and expense of such defense. The Escrow Agent shall not be required to
institute legal proceedings of any kind.

                  (d) The Escrow Agent shall have no responsibility for the
genuineness, validity or value of any certificate, document or other item
deposited with or delivered to it, and the Escrow Agent shall be fully protected
in acting in accordance therewith.

                  (e) In the event that the Escrow Agent shall be uncertain as
to its duties or rights hereunder, or shall receive instructions from the
Pledgees or the Pledgor with respect to the Pledged Securities that, in its
opinion, are in conflict with any of the provisions of this Agreement, the
Escrow Agent shall be entitled to refrain from taking any action until it shall
be directed otherwise in writing by both the Pledgees and the Pledgor or by a
final order of a court of competent jurisdiction.

                  (f) Notwithstanding any provision to the contrary contained in
any other agreement (excluding any amendment to this Agreement) between any of
the parties hereto, the Escrow Agent shall have no interest in the Pledged
Securities except as provided in this Agreement.

                  (g) In the event that any of the terms and provisions of any
other agreement (excluding any amendment to this Agreement) between any of the
parties hereto conflict or are inconsistent with any of the terms and provisions
of this Agreement, the terms and provisions of this Agreement in respect of the
rights and duties of the Escrow Agent shall govern and control in all respects.

                  (h) Nothing in this Agreement shall be deemed to prohibit the
Escrow Agent from representing the one or all of the parties to this Agreement
in connection with any matter whatsoever.

                  (i) The Escrow Agent may at any time by written notice given
to all parties to this Agreement resign its position under this Agreement,
whereupon the other parties to this Agreement shall designate one or more
persons to act as a successor.

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         11. EXPENSES OF ESCROW AGENT.

         The Escrow Agent shall be entitled to reimbursement from the Pledgees
for all expenses (including reasonable counsel fees) incurred by the Escrow
Agent in the performance of its duties hereunder.

         12. NOTICES. All notices, directions and communications hereunder shall
be in writing and shall be deemed given when delivered personally or when mailed
by certified mail, return receipt requested, or when deposited with a
nationally-recognized overnight courier, to the parties at the following
addresses (or such other address as a party may specify in a notice given
hereunder):

         The Pledgor:

                  VisiJet, Inc.
                  Attention:  Laurence M. Schreiber
                  192 Technology Drive, Suite Q
                  Irvine, California 92618

         The Pledgees:

         To the address set forth immediately below such Pledgee's name on the
signature pages to the Securities Purchase Agreement.

         The Escrow Agent:

                  Tarter Krinsky & Drogin LLP
                  Attn: James G. Smith, Esq.
                  470 Park Avenue South, 14th Floor
                  New York, NY 10016

         13. CHOICE OF LAW. This Agreement and the rights and obligations of the
Pledgees and the Pledgor hereunder shall be construed in accordance with and
governed by the law of the State of New York, cannot be changed orally and shall
bind and inure to the benefit of the parties and their respective successors and
assigns.

         14. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original and all of which taken
together shall constitute but one and the same instrument.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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         IN WITNESS WHEREOF, the Pledgor, the Pledgees and the Escrow Agent have
executed this Agreement as of the day and year first above written.

Pledgor:

VISIJET, INC.

By: /S/ RANDAL A. BAILEY
   ---------------------
Randal A. Bailey
President

Pledgees:

BUSHIDO CAPITAL MASTER FUND L.P.

By:  Bushido Capital Partners, Ltd.
By: /S/ LOUIS RABMAN
    ----------------
Louis Rabman
President

BRIDGES & PIPES LLC

By: /S/ DAVID FUCHS
    ---------------
David Fuchs
Managing Member

Escrow Agent:

TARTER KRINSKY & DROGIN LLP

By: /S/ JAMES G. SMITH
    ------------------
James G. Smith

                                       7<PAGE>
                                                                   EXHIBIT 10.1

                              TERM CREDIT AGREEMENT
                              ---------------------

         THIS TERM CREDIT AGREEMENT (this "Agreement") is made and entered into
as of May 6, 2004, by and between VISIJET INC. ("Borrower") and HIT CREDIT UNION
("Lender"), with reference to the following:

                                   WITNESSETH:

         WHEREAS, Lender desires to make a Term Loan to Borrower, and Borrower
desires to borrow from Lender the amount of such Term Loan, subject to and in
accordance with the terms and conditions set forth herein, and in the Note and
the Security Agreement.

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

         1. CERTAIN DEFINED TERMS. As used in this Agreement, the following
terms shall have the following meanings:

         "BUSINESS DAY" means a day (a) other than Saturday or Sunday, and (b)
on which commercial banks are open for business in New York, New York, and Los
Angeles, California.

         "CLOSING DATE" means the date each of the conditions precedent set
forth in SECTION 5 hereof is fully satisfied.

         "COLLATERAL" has the meaning assigned to such term in the Security
Agreement. "EVENT OF DEFAULT" has the meaning set forth in SECTION 8.

         "INTEREST RATE" has the meaning set forth in SECTION 2(c).

         "LIEN" means any mortgage, deed of trust, pledge, security interest,
assignment, deposit arrangement, charge or encumbrance, lien (statutory or
other), or other preferential arrangement (including any conditional sale or
other title retention agreement, any financing lease having substantially the
same economic effect as any of the foregoing or any agreement to give any
security interest).

         "MATURITY DATE" has the meaning set forth in SECTION 2(b).

         "NOTE" has the meaning set forth in SECTION 2(d).

         "PERSON" means an individual, corporation, limited liability company,
partnership, joint venture, trust, unincorporated organization or any other
juridical entity.

         "SECURED OBLIGATIONS" has the meaning assigned to such term in the
Security Agreement.

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         "SECURITY AGREEMENT" means that Security Agreement by and between
Borrower and Lender, in the form of EXHIBIT B attached hereto.

         "TERM LOAN" has the meaning set forth in SECTION 2(a).

         2. AMOUNT AND TERMS OF THE TERM LOAN.

                  (a) TERM LOAN ADVANCE. Subject to the terms and conditions of
this Agreement, Lender hereby agrees to make a loan to Borrower (the "Term
Loan") on the Closing Date in the principal amount of Seven Hundred Fifty
Thousand U.S. Dollars (U.S.$750,000), which amount may be repaid at any time
prior to the Maturity Date without premium or penalty, but may not be reborrowed
once repaid.

                  (b) TERM. All unpaid principal and accrued but unpaid interest
of the Term Loan shall, subject to subsection (c) below, be payable in full on
July 5, 2004 (the "Maturity Date").

                  (c) INTEREST RATE AND INTEREST PAYMENTS. Borrower shall pay
interest on the unpaid principal amount of the Term Loan from the Closing Date
until the Maturity Date, at a rate equal to fifteen percent (15.0%) PER ANNUM
(the "Interest Rate"). Subject to SECTION 2(e) AND 2(g) below, interest on the
outstanding principal amount of the Term Loan shall be due and payable to Lender
in advance (i) on the Closing Date and, (ii) thereafter, on the last Business
Day of each calendar month, commencing on the first of such dates following the
Closing Date until the Maturity Date, at which time all accrued but unpaid
interest shall be due and payable.

                  (d) PROMISSORY NOTE. The Term Loan shall be evidenced by a
promissory note (the "Note") in the form of Exhibit "A" attached hereto, duly
executed and delivered to Lender by Borrower.

                  (e) INTEREST ON EVENT OF DEFAULT. Upon the occurrence and
during the continuance of an Event of Default, Borrower agrees to pay interest
on the entire unpaid principal amount of the Term Loan, as well as on any
interest or other amount past due, from the date of such Event of Default until
the date the same is cured in full, payable on demand, at a fluctuating rate PER
ANNUM equal at all times to the Interest Rate PLUS two percent (2.0%).

                  (f) MANNER OF PAYMENT. All payments of principal or interest
hereunder or under the Note shall be delivered to Lender in immediately
available funds on the date due at such place as Lender may from time to time
designate.

                  (g) LIMITATION ON INTEREST RATE. In no contingency or event
whatsoever shall the aggregate of all amounts deemed interest hereunder and
charged or collected by Lender or any holder of the Note exceed the highest rate
permissible under any law which a court of competent jurisdiction shall, in a
final determination, deem applicable hereto. In the event that such a court
determines that Lender has charged or received interest hereunder or under the
Note in excess of the highest applicable rate, the rate in effect hereunder and
under the Note shall automatically be reduced to the maximum rate permitted by
applicable law and Lender shall apply all interest paid in excess of the maximum
lawful rate to the principal balance of the amounts outstanding hereunder and
under the Note. It is the intent of the parties hereto that Borrower not pay or

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contract to pay, and that Lender not receive or contract to receive, directly or
indirectly in any manner whatsoever, interest in excess of that which may be
paid by Borrower to Lender under applicable law.

         3. REPRESENTATIONS AND WARRANTIES. In order to induce Lender to enter
into this Agreement and to make the Term Loan contemplated hereunder, Borrower
hereby represents and warrants to Lender as follows:

                  (a) LEGAL STATUS. Borrower is a corporation duly incorporated,
validly existing, and in good standing under the laws of the State of Delaware.
Borrower is qualified or licensed to do business, and is in good standing as a
foreign corporation in all jurisdictions in which such qualification or
licensing is required or in which the failure to so qualify or to be so licensed
could have a material adverse effect on Borrower.

                  (b) AUTHORIZATION AND VALIDITY. This Agreement, the Security
Agreement and the Note have been duly authorized, and upon their execution and
delivery in accordance with the provisions hereof and thereof will constitute
legal, valid and binding agreements and obligations of Borrower, enforceable in
accordance with their respective terms.

                  (c) NO CONFLICT. The execution, delivery, and performance by
Borrower of this Agreement, the Security Agreement and the Note do not and will
not conflict with the terms of the Certificate of Incorporation or bylaws of
Borrower, violate any provision of any judgment, decree or order of any court or
governmental authority by which Borrower is bound, or any provision of any law
or regulation applicable to Borrower, or result in a breach of or constitute a
default under any contract, obligation, indenture, or other instrument to which
Borrower is a party or by which Borrower may be bound.

                  (d) NO CONSENTS. The execution, delivery, and performance by
Borrower of this Agreement, the Security Agreement and the Note do not and will
not require any authorization, approval, or other action by, or notice to or
filing with, any governmental authority, regulatory body, or any other person or
entity.

                  (e) USE OF PROCEEDS. No proceeds of the Term Loan will be used
to acquire any equity security of a class that is registered pursuant to Section
12 of the Securities Exchange Act of 1934, as amended.

                  (f) MARGIN STOCK. Borrower is not engaged in the business of
extending credit for the purpose of purchasing or carrying margin stock (within
the meaning of Regulation G or U issued by the Board of Governors of the Federal
Reserve System), and no proceeds of the Term Loan will be used to purchase or
carry any margin stock or extend credit to others for the purpose of purchasing
or carrying any margin stock, or be used for any purpose which violates or is
inconsistent with the provisions of Regulation X of said Board of Governors.

         4. COVENANTS. Borrower hereby covenants that until all amounts
outstanding hereunder and under the Note have been indefeasibly paid in full, it
shall:

                  (a) PUNCTUAL PAYMENTS. Punctually pay the interest and
principal with respect to the Term Loan as provided herein and in the Note.

                                      -3-

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                  (b) EXISTENCE. Do or cause to be done all things necessary to
preserve, renew and keep in full force and effect its existence and comply with
the provisions of all documents pursuant to which it is organized and/or which
govern its continued existence; maintain all licenses, permits, governmental
approvals, rights, privileges, and franchises necessary for the conduct of its
business; and conduct its business in an orderly and regular manner and in
accordance with all laws, rules, regulations, and orders of any governmental
authority having jurisdiction over it or its business.

                  (c) BOOKS AND RECORDS. Maintain adequate books and records in
accordance with generally accepted accounting principles consistently applied,
and permit any representative of Lender, at any reasonable time, to inspect,
audit and examine such books and records, to make copies of the same, and to
inspect its assets and properties.

         5. CONDITIONS PRECEDENT TO TERM LOAN. The obligation of Lender to make
the Term Loan shall be subject to the condition precedent that Lender shall have
received each of the following, each in form and substance satisfactory to
Lender:

                  (a) This Agreement, duly executed by all of the parties
hereto;

                  (b) The Note, duly executed by Borrower;

                  (c) The Security Agreement, duly executed by Borrower;

                  (d) A duly executed warrant to purchase 500,000 shares of
common stock of Borrower, in form and substance acceptable to Lender, issued by
Borrower for the benefit of Lender, as holder thereof;

                  (e) A duly executed stock power certificate in blank; and

                  (f) Such additional supporting documents as Lender or its
counsel may reasonably request.

         6. LOAN FEE. Borrower shall pay to Lender on the Closing Date $75,000
in consideration of Lender agreeing to enter into the transactions set forth
herein, which amount shall be non-refundable and deemed fully-earned upon
Lender's receipt thereof.

         7. SURVIVAL OF REPRESENTATIONS AND WARRANTIES. Borrower covenants,
warrants and represents to Lender that all representations and warranties of
Borrower contained in this Agreement, the Security Agreement, or the Note shall
be true at the time of Borrower's execution of this Agreement, the Security
Agreement and the Note, and shall survive the execution, delivery and acceptance
thereof by Lender and the parties thereto and the closing of the transactions
described therein or related thereto.

         8. EVENTS OF DEFAULT. The occurrence of any of the following shall
constitute an "Event of Default" and shall, at the option of Lender, require
immediate payment in full of all sums then remaining unpaid hereunder and under
the Note:

                                      -4-

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                  (a) FAILURE TO PAY THE NOTE. The failure of Borrower to pay
any principal, interest or other amount due under the Note when due and payable.

                  (b) BREACH OF COVENANT, REPRESENTATION OR WARRANTY. The
failure of Borrower to perform or observe any covenant, condition or agreement
contained in this Agreement or the Security Agreement (other than the payment
obligations, the breach of which shall be governed by subsection (a) above)
where such failure is not cured within five (5) Business Days, or any
representation or warranty made or deemed made by any of them under or in
connection with this Agreement or the Security Agreement, shall prove to have
been false or misleading in any material respect when made.

                  (c) NON-PAYMENT OF INDEBTEDNESS. Borrower shall default in the
payment when due of any indebtedness for borrowed money if the effect of any
such default is to cause or permit the acceleration of such indebtedness, or to
permit the holder of any note evidencing such indebtedness to cause the same to
become due prior to its stated maturity.

                  (d) LIENS. Borrower creates, incurs, assumes or suffers to
exist any Lien upon or with respect to the Collateral, including, without
limitation, any governmental, tax, or judgment Lien and fails to have the same
removed or released within two Business Days after the creation thereof.

                  (e) INSOLVENCY. Borrower shall become insolvent; admit in
writing its inability to pay its debts as they mature; make an assignment for
the benefit of creditors; or if bankruptcy proceedings or other proceedings for
relief under any bankruptcy law or any law for the relief of debtors shall be
instituted by or against it and, if instituted against it, the same is not
dismissed within thirty (30) days of the filing thereof.

                  (f) DISSOLUTION. Any order, judgment, or decree shall be
entered against Borrower decreeing its involuntary dissolution or split up and
such order shall remain undischarged and unstayed for a period in excess of
thirty (30) days; or Borrower shall otherwise dissolve or cease to exist.

         9. REMEDIES. If an Event of Default shall occur, (a) all amounts
outstanding hereunder or under the Note, notwithstanding any term of this
Agreement, the Security Agreement, or the Note to the contrary, shall at
Lender's option and without notice to Borrower become immediately due and
payable, without presentment, demand, protest or notice of dishonor, all of
which are hereby expressly waived by Borrower, and (b) Lender shall have all
rights, powers and remedies available hereunder, under the Security Agreement,
or accorded by law, including without limitation the right to resort to any or
all security for the Secured Obligations and to exercise any or all of the
rights of a beneficiary or secured party pursuant to applicable law. All rights,
powers and remedies of Lender in connection with this Agreement, the Security
Agreement, and the Note may be exercised at any time by Lender and from time to
time after the occurrence of an Event of Default, are cumulative and not
exclusive, and shall be in addition to any other rights, powers or remedies
provided by law or equity.

                                      -5-

<PAGE>

         10. SECURITY. As security for the obligations of Borrower hereunder and
under the Note, Borrower shall grant to Lender a security interest in certain of
its assets pursuant to the Security Agreement.

         11. MISCELLANEOUS.

                  (a) FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on
the part of Lender, or any holder of the Note in the exercise of any power,
right or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise thereof or of any other right, power or privilege.

                  (b) MODIFICATION. No modification, amendment or waiver of any
provision of this Agreement, the Security Agreement, or the Note, nor the
consent to any departure by Borrower therefrom, shall in any event be effective
unless the same shall have been approved by Lender and shall be in writing
signed by Lender and, with respect to any amendment, Borrower. Such waiver or
consent shall then be effective only in the specific instance and for the
purpose for which given. No notice to or demand on Borrower in any case shall
entitle Borrower to any other or further notice or demand in the same, similar
or other circumstances.

                  (c) NOTICES. Except as otherwise expressly provided herein,
any notice herein required or permitted to be given shall be in writing and
shall be deemed effective when personally delivered, mailed, telecopied (with a
confirming copy sent by mail) or delivered by telex to the appropriate party at
the address set forth below (or at such other address as may be designated by
either party in a written notice sent in accordance with this Section):

         If to Borrower:              Visijet Inc.
                                      188 Technology Drive, Suite D
                                      Irvine, CA 92618
                                      Attention: Larry Schreiber
                                      Telecopy No.: 949-450-1660

         If to Lender:                HIT Credit Union
                                      Berth 4, Block 2, 2/F
                                      Container Port Road, South Kwai Chung
                                      New Territories, Hong Kong
                                      Telecopy No.: +852-3101-0332

         with a copy to:              SBI Advisors, LLC
                                      2361 Campus Drive, Suite 210
                                      Irvine, CA 92612
                                      Telecopy No.: 949-679-7280

                                      -6-

<PAGE>

                  (d) SEVERABILITY. In case any provision in this Agreement, the
Security Agreement, or the Note shall be invalid, illegal or unenforceable, such
provision shall be severable from the remainder of such contract and the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

                  (e) APPLICABLE LAW. This Agreement, the Security Agreement,
and the Note, and the rights and obligations of the parties thereto, shall be
governed by the laws of the State of California, exclusive of its conflicts of
laws and choice of laws rules that would or may cause the application of the
laws of any jurisdiction other than the State of California.

                  (f) ASSIGNABILITY. Borrower shall not assign its rights or
obligations hereunder, under the Security Agreement, or under the Note to any
other Person without the prior written consent of Lender, and any attempted
assignment in violation hereof shall be null and void AB INITIO. Lender shall
have the right to assign their rights and obligations hereunder and no consent
or approval from Borrower is required in connection with any such assignment.

                  (g) COUNTERPARTS. This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

                  (h) SECTION HEADINGS. The various headings used in this
Agreement are inserted for convenience only and shall not affect the meaning or
interpretations of this Agreement or any provision hereof.

                  (i) ATTORNEYS' FEES. In the event any party institutes any
action or proceeding to enforce the terms and conditions of this Agreement, the
Security Agreement, or the Note, the prevailing party shall be entitled to
reasonable attorneys' fees and costs.

                  (j) WAIVER OF TRIAL BY JURY. EACH OF THE PARTIES HERETO
IRREVOCABLY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF,
DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF
ANY ISSUE, CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON
THIS AGREEMENT, THE NOTE, OR THE SECURITY AGREEMENT, THE SUBJECT MATTER HEREOF
AND THEREOF OR ANY DOCUMENT RELATING HERETO OR THERETO, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING OR WHETHER IN CONTRACT, TORT OR OTHERWISE.

                  (k) INTEGRATION. This Agreement, the Security Agreement and
the Note reflect the entire understanding of the parties with respect to the
transactions contemplated hereby and shall not be contradicted or qualified by
any other agreement, oral or written, whether before or after the date hereof.

                                      -7-

<PAGE>

         IN WITNESS WHEREOF, the parties hereto do execute this Agreement as of
the date first above written.

                                    "BORROWER"
                                    VISIJET INC.

                                    By: /S/ Laurence M. Schreiber
                                       ---------------------
                                    Name: Laurence M. Schreiber
                                         -------------------
                                    Its: COO, Corporate Secretary and Treasurer
                                        --------------------

                                    "LENDER"
                                    HIT CREDIT UNION

                                    By:
                                       ---------------------
                                    Name:
                                         -------------------
                                    Its:
                                        --------------------

                                      -8-

<PAGE>

                                    EXHIBITS

EXHIBIT "A" - TERM NOTE

EXHIBIT "B" - SECURITY AGREEMENT

                                      -9-

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