Document:

EX-4.50

 

EXHIBIT 4.50

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

     This Second Amended and Restated Credit Agreement, dated as of March 29, 2007, is among AirNet
Systems, Inc., an Ohio corporation, The Huntington National Bank, a national banking association,
in its capacity as Administrative Agent for the Lender hereunder, and The Huntington National Bank,
a national banking association, as the Lender hereunder. The parties hereto agree as follows:

ARTICLE I

Definitions

     Section 1.1. Definitions. As used in this Agreement:

     “Account Debtor” shall have the meaning set forth in the definition of Eligible
Accounts Receivable.

     “Accounts Receivable” shall mean, at any date, the total of all accounts which would
be properly classified in accordance with Agreement Accounting Principles as accounts receivable on
the consolidated balance sheet of the Borrower and its Subsidiaries at such date.

     “Acquisition” means any transaction, or any series of related transactions,
consummated on or after the date of this Agreement, by which the Borrower or any of its
Subsidiaries (i) acquires any going business or all or substantially all of the assets of any firm,
corporation or limited liability company, or division thereof, whether through purchase of assets,
merger or otherwise or (ii) directly or indirectly acquires (in one transaction or as the most
recent transaction in a series of transactions) at least a majority (in number of votes) of the
securities of a corporation which have ordinary voting power for the election of directors (other
than securities having such power only by reason of the happening of a contingency) or a majority
(by percentage or voting power) of the outstanding ownership interests of a partnership or limited
liability company.

     “Administrative Agent” and “Agent” means The Huntington National Bank, in its
capacity as contractual representative of the Lender pursuant to Article XIII, and not in its
individual capacity as Lender, and any successor Administrative Agent appointed pursuant to Article
XIII.

     “Advance” means a borrowing hereunder (i) made by Lender, or (ii) converted or
continued by Lender, consisting, in either case, of the aggregate amount of the several Loans of
the same Type and, in the case of Eurodollar Loans, for the same Interest Period.

     “Affiliate” of any Person means any other Person directly or indirectly controlling,
controlled by or under common control with such Person. A Person shall be deemed to control
another Person if the controlling Person owns 20% or more of any class of voting securities (or
other ownership interests) of the controlled Person or possesses, directly or indirectly, the power
to direct or cause the direction of the management or policies of the controlled Person, whether
through ownership of stock or other ownership interests, by contract or otherwise.

     “Agreement” means this Second Amended and Restated Credit Agreement, as it may be
amended, modified, supplemented, extended, restated or replaced from time to time.

     “Agreement Accounting Principles” means generally accepted accounting principles as in
effect from time to time, applied in a manner consistent with that used in preparing the financial
statements referred to in Section 5.4.

     “Alternative Base Rate” means the rate of interest equal to the higher of (i) the
Prime Rate, or (ii) the sum of (y) the Federal Funds Effective Rate, and (z) one half of one
percent (.5%).

     “AMI” means AirNet Management, Inc., an Ohio corporation.

     “Amendment and Restatement Fee” shall be as defined in Section 2.21.

 

 

     “Applicable Fee Rate” means, at any time, the percentage rate per annum at which
commitment fees and LC Fees are accruing on the unused portion of the Revolving Commitment or
undrawn stated amount under the relevant Facility LC, as applicable, at such time as set forth in
the Pricing Schedule.

     “Applicable Margin” means, with respect to Advances of any Type at any time, the
percentage rate per annum which is applicable at such time with respect to Advances of such Type as
set forth in the Pricing Schedule.

     “Article” means an article of this Agreement unless another document is specifically
referenced.

     “Assignment Agreement” means that certain Assignment Agreement by and between Lender
and JPM (defined below in the definition for the term “Note”), as Assignee and Assignor,
respectively

     “Authorized Officer” means any of the Chief Executive Officer, Chief Financial Officer
or Controller of the Borrower, acting singly.

     “Available Revolving Commitment” means, at any time, the Revolving Commitment then in
effect minus the Outstanding Credit Exposure at such time.

     “Board” means the Board of Governors of the Federal Reserve System of the United
States of America.

     “Book Value” means the value at which an asset is carried on the balance sheet of
Borrower at any particular date.

     “Borrower” means AirNet Systems, Inc., an Ohio corporation, and its successors and
assigns.

     “Borrowing Base” means, at any date, that amount which is equal to the lesser of (a)
Fifteen Million Dollars ($15,000,000.00), (b) the Revolving Commitment, or (c) the aggregate of (i)
80% of the Eligible Accounts Receivable of the Borrower and its Subsidiaries on a consolidated
basis as of such date, and (ii) 50% of the Eligible Inventory of the Borrower and its Subsidiaries
on a consolidated basis as of such date.

     “Borrowing Base Certificate” means the certificate substantially similar in form and
substance to that shown on Exhibit C, which shall contain all supporting documentation, including
accounts receivable and aging schedules.

     “Borrowing Date” means a date on which an Advance is made hereunder as determined
pursuant to Section 2.6.

     “Borrowing Notice” shall have the meaning set forth in Section 2.6.

     “Business Day” means (i) with respect to any borrowing, payment or rate selection of
Eurodollar Advances, a day (other than a Saturday or Sunday) on which banks generally are open in
Columbus, Ohio and New York, New York for the conduct of substantially all of their commercial
lending activities, interbank wire transfers can be made on the Fedwire system, and dealings in
United States dollars are carried on in the London interbank market, and (ii) for all other
purposes, a day (other than a Saturday or Sunday) on which banks generally are open in Columbus,
Ohio for the conduct of substantially all of their commercial lending activities and interbank wire
transfers can be made on the Fedwire system.

     “Capital Expenditures” means, without duplication, any expenditures for any purchase
or other acquisition of any asset which would be classified as a fixed or capital asset on a
consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with
Agreement Accounting Principles, except (i) expenditures for the purchase of aircraft held for
resale within 90 days, and (ii) expenditures of insurance proceeds for the replacement of any asset
with respect to which such insurance proceeds were paid to Borrower or any Subsidiary as a result
of any loss or damage to such asset.

     “Capitalized Lease” of a Person means any lease of Property by such Person as lessee
which would be capitalized on a balance sheet of such Person prepared in accordance with Agreement
Accounting Principles.

 

 

     “Capitalized Lease Obligations” of a Person means the amount of the obligations of
such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such
Person prepared in accordance with Agreement Accounting Principles.

     “Charges” shall have the meaning set forth in Section 12.20.

     “Cash Equivalent Investments” means (i) short-term obligations of, or fully guaranteed
by, the United States of America, (ii) commercial paper rated A-1 or better by S&P or P-1 or better
by Moody’s, (iii) demand deposit accounts maintained in the ordinary course of business, (iv)
certificates of deposit issued by and time deposits with any commercial banks (whether domestic or
foreign) having capital and surplus in excess of $100,000,000, and (v) money market accounts;
provided in each case that the same provides for payment of both principal and interest (and not
principal alone or interest alone) and is not subject to any contingency regarding the payment of
principal or interest. It is understood and agreed that all sums deposited by Borrower in accounts
held by Lender and invested by Lender shall constitute Cash Equivalent Investments.

     “Change in Control” means, with respect to Borrower, an event or series of events by
which:

     (i) any “person” or “group” (within the meaning of Section 13(d) and 14(d) of the Securities
Exchange Act of 1934) has become the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under
the Exchange Act, except that a Person shall be deemed to have “beneficial ownership” of all
securities that any such Person has the right to acquire, whether such right is exercisable
immediately or only after the passage of time), by way of merger, consolidation or otherwise, of
30% or more of the equity interests of Borrower on a fully-diluted basis after giving effect to the
conversion and exercise of all outstanding equity equivalents (whether such equity equivalents are
then currently convertible or exercisable); or

     (ii) during any period of 12 consecutive months, a majority of the members of the board of
directors or other equivalent governing body of Borrower cease to be composed of individuals (A)
who were members of that board or equivalent governing body on the first day of such period, (B)
whose election or nomination to that board or equivalent governing body was approved by individuals
referred to in clause (ii)(A) above constituting at the time of such election or nomination at
least a majority of that board or equivalent governing body or (C) whose election or nomination to
that board or other governing body was approved by individuals referred to in clauses (ii)(A) and
(B) above constituting at the time of such election or nomination at least a majority of that board
or equivalent governing body; provided that Lender determines that, for purposes of this Agreement,
any such event or series of events described in this subpart (ii) shall constitute a Change in
Control.

     “Closing Agenda” means the Closing Agenda prepared by Lender’s counsel setting forth
the required closing documentation and other items pursuant to Section 4.1, as the same may be
amended or modified from time to time.

     “Closing Date” means the date on which this Agreement is fully executed.

     “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise
modified from time to time.

     “Consolidated Capital Expenditures” means, with reference to any period, the Capital
Expenditures of the Borrower and its Subsidiaries calculated on a consolidated basis for such
period.

     “Consolidated Dividends” means, with reference to any period, any dividends or
distributions on the membership interests, capital stock or other equity interests of Borrower or
any of its Subsidiaries (other than dividends payable in its own membership interests, capital
stock or other equity interests) or the redemption, repurchase or other acquisition or retirement
of any of the membership interests, capital stock or other equity interests of Borrower or any of
its Subsidiaries at any time outstanding, all calculated on a consolidated basis for such period,
except for dividends or distributions made by any Subsidiary to the Borrower.

 

 

     “Consolidated EBITDA” means with respect to any period, Consolidated Net Income plus, to
the extent deducted from revenues in determining Consolidated Net Income, (i) Consolidated Interest
Expense, (ii) Consolidated Income Tax Expense, (iii) depreciation, calculated for the Borrower and
its Subsidiaries on a consolidated basis, (iv) amortization, calculated for the Borrower and its
Subsidiaries on a consolidated basis; (v) for the fiscal quarter ending September 30, 2006 only, an
amount equal to $24,560,000.00 (which reflects the non-cash impairment charge recognized by
Borrower in the fiscal quarter ending September 30, 2006), and (vi) extraordinary losses
(determined in accordance with Agreement Accounting Principles) incurred other than in the ordinary
course of business, calculated for the Borrower and its Subsidiaries on a consolidated basis,
minus, to the extent included in Consolidated Net Income, extraordinary gains (determined in
accordance with Agreement Accounting Principles) realized other than in the ordinary course of
business, calculated for the Borrower and its Subsidiaries on a consolidated basis.

     “Consolidated Funded Indebtedness” means at any time (a) the aggregate dollar amount
of Indebtedness of the Borrower and its Subsidiaries which has actually been funded and is
outstanding, whether or not such amount is due or payable at such time, and (b) all reimbursement
obligations under outstanding Letters of Credit which (i) may be presented, or (ii) have been
presented and have not yet been paid; all calculated for the Borrower and its Subsidiaries on a
consolidated basis as of such time.

     “Consolidated Income Tax Expense” means, for any period, the tax expense of Borrower
and its Subsidiaries on a consolidated basis for said period.

     “Consolidated Indebtedness” means at any time the Indebtedness of the Borrower and its
Subsidiaries calculated on a consolidated basis as of such time.

     “Consolidated Interest Expense” means, with reference to any period, the interest
expense of Borrower and its Subsidiaries calculated on a consolidated basis for such period.

     “Consolidated Net Income” means, with reference to any period, the net income (or
loss) of the Borrower and its Subsidiaries calculated on a consolidated basis for such period.

     “Consolidated Net Worth” means at any time the consolidated shareholders’ equity of
the Borrower and its Subsidiaries calculated on a consolidated basis as of such time.

     “Consolidated Tangible Net Worth” of Borrower means, at any date, Consolidated Net
Worth, less all related Intangible Assets, determined at such date. For purposes of this
definition, “Intangible Assets” means the amount (to the extent reflected in determining
Consolidated Net Worth) of (i) all write-ups in the book value of any asset owned by the Borrower
and its Subsidiaries, (ii) all Equity Investments of Borrower in its Subsidiaries and/or
Affiliates, and (iii) all unamortized debt discount and expense, unamortized deferred charges,
goodwill, patents, trademarks, service marks, trade names, anticipated future benefit of tax loss
carry-forwards, copyrights, organization or developmental expenses and other intangible assets of
Borrower and its Subsidiaries, calculated on a consolidated basis.

     “Contingent Obligation” of a Person means any agreement, undertaking or arrangement by
which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds
for the payment of, or otherwise becomes or is contingently liable upon, the obligation or
liability of any other Person, or agrees to maintain the net worth or working capital or other
financial condition of any other Person, or otherwise assures any creditor of such other Person
against loss, including any comfort letter, operating agreement, take-or-pay contract or the
obligations of any such Person as general partner of a partnership with respect to the liabilities
of the partnership.

     “Conversion/Continuation Notice” is defined in Section 2.7.

     “Controlled Group” means all members of a controlled group of corporations or other
business entities and all trades or businesses (whether or not incorporated) under common control
which, together with the Borrower or any of its Subsidiaries, are treated as a single employer
under Section 414 of the Code.

     “Credit Extension” means the making of an Advance or the issuance of a Facility LC
hereunder.

     “Credit Extension Date” means the Borrowing Date for an Advance or the issuance date
for a Facility LC.

 

 

     “Default” is defined in Article VII.

     “Dollar” and “Dollars” refer to U.S. currency.

     “Effective Date” means the date on which the conditions specified in Section 4.1 are
satisfied.

     “Eligible Accounts Receivable” means, at any date, the portion of the Accounts
Receivable arising in the ordinary course of business from the sale of goods or services by
Borrower and its Subsidiaries that Lender determines in its sole good faith discretion, based on
credit policies, market conditions, the business of Borrower and its Subsidiaries and other
criteria, is eligible, it being understood and agreed that Lender may determine that any Accounts
Receivable are not eligible based upon the criteria set forth below and any other criteria which
Lender from time to time determines, in its reasonable discretion, is appropriate, including,
without limitation, any criteria used from time to time by Lender in such determination in
connection with credit facilities extended to any Person in a business similar or reasonably
related to that of Borrower and similarly situated. An Account Receivable shall not be deemed an
“Eligible Account Receivable” unless such Account Receivable is subject to a perfected first
priority security interest in favor of Administrative Agent, for the benefit of Lender, and is not
subject to any other lien, encumbrance, or security interest, is evidenced by an invoice or other
documentary evidence satisfactory to Lender, is unconditionally due and payable in Dollars to the
Borrower or a Subsidiary of Borrower from a party (the “Account Debtor”) and conforms to the
warranties regarding the accounts contained in this Agreement. Without limiting the generality of
the foregoing, no Account Receivable shall be an Eligible Account Receivable if:

     (a) the Account Receivable is due and unpaid more than 90 days from the original invoice date;

     (b) the Account Receivable arises from uncompleted performance on the part of the Borrower or
any Subsidiary of Borrower, constitutes a progress billing or advance billing, is a “bill and
hold,” or, if involving a sale of goods, all such goods have not been lawfully shipped and invoiced
to the Account Debtor (or if requested by Lender, copies of all invoices, together with all
shipping documents and delivery receipts evidencing such shipment have not been delivered to
Lender);

     (c) the Account Receivable arises from a contract with any Government Authority;

     (d) the Account Receivable is subject to any prior assignment, claim, lien, subrogation rights
or security interest, or subject to any levy or setoff;

     (e) the Account Receivable is subject to any credit, contra account, allowance, adjustment,
return of goods, or discount (collectively a “Contra”), provided, however, that unless the Account
Debtor has asserted a Contra, if the amount of the Account Receivable exceeds the amount of the
Contra, such excess shall be considered for eligibility if such excess is not otherwise excluded
from being an Eligible Account Receivable;

     (f) the Account Receivable arises from an Affiliate of Borrower or any Subsidiary of Borrower;

     (g) the Account Receivable, when added to all other Accounts Receivable of the Account Debtor,
produces an aggregate indebtedness from the Account Debtor of more than 30% of the total of all the
Eligible Accounts Receivable;

     (h) the Account Debtor is subject to bankruptcy, receivership or similar proceedings or is
insolvent;

     (i) the Account Receivable is evidenced by any chattel paper, promissory note, payment
instrument or written agreement or arises from a consumer which is a natural person;

     (j) the Account Receivable arises from an Account Debtor whose mailing address or executive
office is located outside the United States;

     (k) the Account Receivable arises from an Account Debtor to whom goods are shipped on a “cash
on delivery” or C.O.D. basis;

     (l) the Account Receivable arises from an Account Debtor having 25% or more of its Accounts
Receivable (in Dollar value or in number of Accounts Receivable) not considered to be Eligible
Accounts Receivables;

 

 

the Account Receivable arises from an Account Debtor who has more than 50% of
its Accounts Receivable in Dollar value or in number of accounts with Borrower or any Subsidiary of
Borrower more than 60 days past due; and/or

     (m) Lender has notified the Borrower that the Account Receivable or the Account Debtor is
unsatisfactory or unacceptable (which Lender reserves the right to do in its sole discretion at any
time).

     “Eligible Inventory” means, at any date, that portion of the Inventory, determined at
such date, in which Lender has a first and exclusive perfected security interest and that Lender
determines from time to time, based on credit policies, market conditions, the business of Borrower
and the Subsidiaries and other matters, is eligible for use in calculating the Borrowing Base, it
being understood and agreed that Lender may determine that any Inventory is not eligible for use in
calculating the Borrowing Base based upon the criteria set forth below and any other criteria which
Lender from time to time determines, in its reasonable discretion, is appropriate, including,
without limitation, any criteria used from time to time by Lender in such determination in
connection with credit facilities extended to any Person in a business similar or reasonably
related to that of Borrower and similarly situated. For purposes of determining the Borrowing
Base, Eligible Inventory shall not include:

     (a) work in process;

     (b) obsolete or discontinued Inventory;

     (c) supply items, packaging, or the freight portion of raw materials;

     (d) Inventory in the control of a third person for processing, storage, or otherwise unless a
bailee’s waiver or secured party of bailee’s waiver, as applicable, is delivered to Lender or at
Lender’s option to Administrative Agent for the benefit of Lender, in form satisfactory to Lender,
together with the original documents or other instruments evidencing such Inventory, or such other
agreements or other documents as Lender shall require in its sole and absolute discretion;

     (e) consigned Inventory;

     (f) Inventory in transit;

     (g) Inventory associated with any contract if the Borrower or any Subsidiary of the Borrower
has knowledge that the same may be subject to a material adverse development;

     (h) Inventory located outside the United States; and/or

     (i) Inventory associated with any contract to the extent that progress or advance payments are
received from the Account Debtor to the extent such Inventory is identified to such contract.

All Inventory shall be valued for the purposes of determining the Borrowing Base, at the lesser of
cost (on a FIFO basis) or market.

     “Environmental Laws” means any and all federal, state, local and foreign statutes,
laws, judicial decisions, regulations, ordinances, rules, judgments, orders, decrees, plans,
injunctions, permits, concessions, grants, franchises, licenses, agreements and other governmental
restrictions relating to (i) the protection of the environment, (ii) the effect of the environment
on human health, (iii) emissions, discharges or releases of pollutants, contaminants, hazardous
substances or wastes into surface water, ground water or land, or (iv) the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants,
hazardous substances or wastes or the clean-up or other remediation thereof.

     “Equity Investment” of a Person means any loan, advance (other than commission, travel
and similar advances to officers and employees made in the ordinary course of business), extension
of credit (other than accounts receivable arising in the ordinary course of business on terms
customary in the trade) or contribution of capital by such Person, except to the extent any of the
foregoing constitutes, as to the Person receiving such Equity Investment, Permitted Indebtedness.

 

 

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time, and any rule or regulation issued thereunder.

     “Eurodollar Advance” means an Advance which, except as otherwise provided in Section
2.11, bears interest at the applicable Eurodollar Rate.

     “Eurodollar Base Rate” means, with respect to a Eurodollar Advance for the relevant
Interest Period, an interest rate per annum (based on a 360-day year) obtained by dividing (i) the
actual or estimated arithmetic mean of the per annum rates of interest at which deposits in U.S.
dollars, for a period of time equal to the Interest Period in effect with respect to the relevant
Loan, and in an aggregate amount comparable to the amount of the principal balance of the Loan, are
being offered to U.S. banks by one or more prime banks in the London interbank market on the second
Business Day prior to the first day of each Interest Period, as offered and determined by Lender in
accordance with its standard practices and procedures based upon reference to information which
appears on page LIBOR01 captioned “British Bankers Assoc. Interest Settlement Rates” of the Reuters
America Network, a service of Reuters America, Inc. (or such other page that may replace that page
on that service for the purpose of displaying London interbank offered rates), or, if such service
ceases to be available or ceases to be used by Lender, such other reasonably comparable money rate
service selected by Lender, for obtaining rate quotations, or any other reasonable procedure, all
as determined by Lender; by (ii) a percentage equal to 100% minus the Reserve Requirement.

     “Eurodollar Loan” means a Loan which, except as otherwise provided in Section 2.11,
bears interest at the applicable Eurodollar Rate.

     “Eurodollar Rate” means, with respect to a Eurodollar Advance for the relevant
Interest Period, the sum of (i) the Eurodollar Base Rate applicable to such Interest Period,
plus (ii) the Applicable Margin.

     “Excluded Taxes” means, with respect to Lender or any applicable Lending Installation,
taxes imposed on its overall net income or net worth, and franchise taxes imposed on it, by (i) the
jurisdiction under the laws of which Lender is incorporated or organized, or (ii) the jurisdiction
in which Lender’s principal executive office or applicable Lending Installation is located.

     “Exhibit” refers to an exhibit to this Agreement, unless another document is
specifically referenced.

     “Facility LC” is defined in Section 2.19.1.

     “Facility LC Application” is defined in Section 2.19.3. “Facility Termination
Date” means October 15, 2008, or any earlier date on which the Aggregate Commitment is reduced
to zero or otherwise terminated pursuant to the terms hereof.

     “Facility Termination Date” means October 15, 2008 or any earlier date on which the
Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof.

     “Fast Forward” means Fast Forward Solutions, LLC, an Ohio limited liability company.

     “Fast Forward Guaranty” means that certain Subsidiary Guaranty, dated May 28, 2004,
executed by Fast Forward pursuant to the First Amended and Restated Credit Agreement in favor of
Administrative Agent, for the benefit of the “Lenders” (as defined thereunder), which shall
continue in full force and effect for the sole benefit of Lender, as the same may be amended,
modified, supplemented, extended, restated and/or replaced from time to time.

     “Federal Funds Effective Rate” means, for any day, an interest rate per annum equal to
the weighted average of the rates on overnight Federal funds transactions with members of the
Federal Reserve System arranged by Federal funds brokers on such day, as published for such day
(or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day,
the average of the quotations at approximately 10:00 a.m. (Columbus, Ohio time) on such day on such
transactions received by Lender from three Federal funds brokers of recognized standing selected by
Lender in its sole discretion.

     “Final Judgment” is defined in Section 12.6(ii).

 

 

     “Financial Contract” of a Person means any exchange-traded or over-the-counter
futures, forward, swap or option contract or other financial instrument with similar
characteristics, to the extent any of the same are entered into for speculative (rather than risk
management) purposes.

     “First Amended and Restated Credit Agreement” means that certain Amended and Restated
Credit Agreement by and among Borrower, The Huntington National Bank, in its capacity as Agent and
as a “Lender” thereunder, and JPMorgan Chase Bank, N.A., a national banking association formerly
known as Bank One, N.A., as a “Lender” thereunder, which is amended and restated in its entirety by
this Agreement.

     “Fixed Assets” means, at any date, the aircraft and related tangible fixed assets of
Borrower and Guarantor which constitute Collateral under the Security Agreements and in which
Lender has a perfected security interest.

     “Fixed Charge Coverage Ratio” means, as of any date of calculation, the ratio of (i)
(1) Consolidated EBITDA, minus (2) the sum of (a) income taxes actually paid, net of any income tax
refunds received, by Borrower and its Subsidiaries on a consolidated basis, and (b) Maintenance
Capital Expenditures, divided by (ii) (1) principal and interest payments scheduled with respect to
Consolidated Indebtedness, plus (2) Consolidated Dividends.

     “Float” means Float Control, Inc., a Michigan corporation.

     “Floating Rate” means, for any day, a rate per annum equal to (i) the Alternative Base
Rate for such day plus (ii) the Applicable Margin, in each case changing when and as the
Prime Rate or the Federal Funds Effective Rate, as applicable, changes.

     “Floating Rate Advance” means an Advance which, except as otherwise provided in
Section 2.11, bears interest at the Floating Rate.

     “Floating Rate Loan” means a Loan which, except as otherwise provided in Section 2.11,
bears interest at the Floating Rate.

     “Governmental Authority” means any national government, central bank or comparable
agency, any state or other political subdivision thereof and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government.

     “Guarantor” means, separately and collectively, AMI, Float, Jetride, Timexpress and
Fast Forward, each of which is a Wholly-Owned Subsidiary of Borrower.

     “Guaranty” means, separately and collectively, the Subsidiary Guaranty, the Timexpress
Guaranty and the Fast Forward Guaranty.

     “Indebtedness” of a Person means such Person’s (i) obligations for borrowed money,
(ii) obligations representing the deferred purchase price of Property or services (other than
accounts payable and accrued expenses arising in the ordinary course of such Person’s business
payable on terms customary in the trade), (iii) obligations, whether or not assumed, secured by
Liens against, or payable out of the proceeds or production from, Property now or hereafter owned
or acquired by such Person, (iv) obligations which are evidenced by notes, acceptances, or other
instruments, (v) obligations of such Person to purchase securities or other Property arising out of
or in connection with the sale of the same or substantially similar securities or Property, (vi)
Capitalized Lease Obligations, (vii) Contingent Obligations, and (viii) any other obligation for
borrowed money which in accordance with Agreement Accounting Principles would be shown as a
liability on the consolidated balance sheet of such Person.

     “Interest Period” means, with respect to a Eurodollar Advance, a period of one, two,
three or six months commencing on a Business Day selected by the Borrower pursuant to this
Agreement. Such Interest Period shall end on the day which corresponds numerically to such date
one, two, three or six months thereafter, provided, however, that if there is no such numerically
corresponding day in such next, second, third or sixth succeeding month, such Interest Period shall
end on the last Business Day of such next, second, third or sixth succeeding month. If an Interest
Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on
the next succeeding Business Day, provided, however, that if said next succeeding Business Day
falls in a new calendar month, such Interest Period shall end on the immediately preceding Business
Day.

 

 

     “Inventory” shall mean at any date the total of all goods which would be properly
classified in accordance with Agreement Accounting Principles as inventory on the consolidated
balance sheet of the Borrower and its Subsidiaries at such date.

     “Investment” of a Person means any loan, advance (other than commission, travel and
similar advances to officers and employees made in the ordinary course of business), extension of
credit (other than accounts receivable arising in the ordinary course of business on terms
customary in the trade) or contribution of capital by such Person; stocks, bonds, mutual funds,
partnership interests, notes, debentures or other securities owned by such Person; any deposit
accounts and certificates of deposit owned by such Person which do not constitute Cash Equivalents;
and Financial Contracts, derivative financial instruments and other similar instruments or
contracts owned by such Person.

     “Jetride” means Jetride, Inc., an Ohio corporation, now known as 7250 STARCHECK, INC.

     “LC Disbursement” means a payment made by the LC Issuer pursuant to a Facility LC.

     “LC Fee” is defined in Section 2.19.4.

     “LC Obligations” means, at any time, the sum, without duplication, of (i) the
aggregate undrawn stated amount under all Facility LCs outstanding at such time plus (ii)
the aggregate unpaid amount at such time for all Reimbursement Obligations.

     “LC Payment Date” is defined in Section 2.19.5.

     “Lender” means The Huntington National Bank, a national banking association, and its
successors and assigns, as the sole Lender hereunder, and as the sole Lender as of the date hereof
immediately prior to the effectiveness of this Agreement, under the First Amended and Restated
Credit Agreement.

     “Lending Installation” means, with respect to Lender, the office, branch, subsidiary
or affiliate of Lender listed on the signature pages hereof or on a Schedule or otherwise selected
by Lender pursuant to Section 2.17.

     “Letter of Credit” of a Person means a letter of credit which is issued upon the
application of such Person or upon which such Person is an account party or for which such Person
is in any way liable.

     “Leverage Ratio” means, as of any date of calculation, the ratio of (i) Consolidated
Funded Indebtedness outstanding on such date divided by (ii) Consolidated EBITDA for the Borrower’s
then most-recently ended four fiscal quarters.

     “Lien” means any lien (statutory or other), mortgage, pledge, hypothecation,
assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever (including the interest of a vendor or
lessor under any conditional sale, Capitalized Lease or other title retention agreement).

     “Loan Documents” means this Agreement, the Security Agreements, the Pledge, the Notes,
the Subsidiary Guaranty, the Fast Forward Guaranty, the Timexpress Guaranty, the Facility LC
Applications, and any other documents and/or instruments heretofore, now or hereafter given
pursuant hereto or thereto or otherwise in connection herewith or therewith.

     “Loans” means the loans made by Lender to the Borrower pursuant to this Agreement (or
any conversion or continuation thereof).

     “Maintenance Capital Expenditures” means capital expenditures which are capitalized by
Borrower and which maintain or extend the useful life of aircraft, exclusive of costs associated
with the purchase and installation of Required Vertical Separate Minimum modules, Global
Positioning Systems and Shadin Digital Fuel Management Systems on aircraft operated by the Borrower
or any Subsidiary.

     “Margin Stock” has the meaning assigned to such term in Regulation U.

 

 

     “Material Adverse Effect” means a material adverse effect on (i) the business,
Property, condition (financial or otherwise) or results of operations of the Borrower and its
Subsidiaries taken as a whole, (ii) the ability of the Borrower to perform its obligations under
the Loan Documents to which it is a party, or (iii) the validity or enforceability of any of the
Loan Documents or the rights or remedies of Lender or Administrative Agent thereunder.

     “Material Indebtedness” shall have the meaning set forth in Section 7.5.

     “Maturity Date” means October 15, 2008.

     “Maximum Rate” shall have the meaning set forth in Section 12.20.

     “Modify” and “Modification” are defined in Section 2.19.1.

     “Moody’s” means Moody’s Investors Service, Inc.

     “Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining
agreement or any other arrangement to which the Borrower or any member of the Controlled Group is a
party to which more than one employer is obligated to make contributions.

     “Note” or “Notes” means the promissory note given by Borrower in favor of
Lender, in the maximum principal amount of the Commitment, dated of even date herewith and in the
form of Exhibit A, which constitutes an amendment and restatement of, and evidence of the
indebtedness previously evidenced by that certain (i) Note (as amended from time to time, the “HNB
Note”) dated March 24, 2005 given by Borrower in favor of Lender in the face amount of
$18,750,000.00, and (ii) Note (as amended from time to time, the “JPM Note”) dated March 24, 2005
given by Borrower in favor of JPMorgan Chase Bank, a national banking association (“JPM”) formerly
known as Bank One, N.A. (Columbus), in the face amount of $11,250,000.00, each executed and
delivered by Borrower pursuant to the First Amended and Restated Credit Agreement, the maximum
outstanding principal indebtedness available under (i) the HNB Note being, as of the date hereof,
zero Dollars ($0), and (ii) the JPM Note being, as of the date hereof, zero Dollars ($0), with said
JPM Note having been assigned by JPM to Lender pursuant to the Assignment Agreement dated of even
date herewith by and between Lender and JPM, as Assignee and Assignor, respectively.

     “Notice of Assignment” is defined in Section 11.3.2.

     “Obligations” means all unpaid principal of and accrued and unpaid interest on the
Loans, all accrued and unpaid fees, all Reimbursement Obligations, and all expenses,
reimbursements, indemnities and other obligations of the Borrower to Lender, the Administrative
Agent, or any indemnified party arising under the Loan Documents or to Lender, Administrative
Agent, or any Affiliate of any of them in connection with any Rate Management Transactions.

     “Off-Balance Sheet Liability” of a Person means (i) any repurchase obligation or
repurchase liability of such Person with respect to accounts or notes receivable sold by such
Person, (ii) any liability under any Sale and Leaseback Transaction which is not a Capitalized
Lease, (iii) any liability under any so-called “synthetic lease” transaction entered into by such
Person, or (iv) any obligation arising with respect to any other transaction which is the
functional equivalent of or takes the place of borrowing but which does not constitute a liability
on the balance sheet of such Person, but excluding from this clause (iv) Operating Lease
Obligations.

     “Operating Lease” of a Person means any lease of Property (other than a Capitalized
Lease) by such Person as lessee which has an original term (including any required renewals and any
renewals effective at the option of the lessor) of more than one year.

     “Operating Lease Obligations” means, as at any date of determination, the amount
obtained by aggregating the present values, determined in the case of each particular Operating
Lease by applying a discount rate (which discount rate shall equal the discount rate which would be
applied under Agreement Accounting Principles if such Operating Lease were a Capitalized Lease)
from the date on which each fixed lease payment is due under such Operating Lease to such date of
determination, of all fixed lease payments due under all Operating Leases of the Borrower and its
Subsidiaries.

     “Original Credit Agreement” is defined in the First Amended and Restated Credit
Agreement.

     “Other Taxes” is defined in Section 3.5(ii).

 

 

     “Outstanding Credit Exposure” means, at any time, the aggregate principal amount of
Revolving Loans outstanding at such time, plus the amount of the LC Obligations at such
time.

     “Participants” is defined in Section 11.2.1.

     “Payment Date” means the last day of March, 2007 and the last day of each third month
thereafter through the Maturity Date.

     “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.

     “Permitted Indebtedness” is defined in Section 6.11.

     “Permitted Liens” is defined in Section 6.15.

     “Person” means any natural person, corporation, firm, joint venture, partnership,
limited liability company, association, enterprise, trust or other entity or organization, or any
government or political subdivision or any agency, department or instrumentality thereof.

     “Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or
subject to the minimum funding standards under Section 412 of the Code as to which the Borrower or
any member of the Controlled Group may have any liability.

     “Pledge” means, separately and collectively, that certain Stock Pledge Agreement and
that certain Security Agreement, Pledge and Assignment of Membership Interest, each dated May 28,
2004, given by Borrower pursuant to the First Amended and Restated Credit Agreement, in favor of
Administrative Agent (as defined thereunder), for the benefit of the “Lenders” (as defined
thereunder), which shall continue in full force and effect for the sole benefit of Lender, as the
same may be amended, modified, supplemented, extended, restated and/or replaced from time to time.

     “Pricing Schedule” means the Schedule attached hereto identified as such.

     “Prime Rate” means the “prime rate” established by Lender from time to time based on
its consideration of economic, money market, business and competitive factors, and it is not
necessarily Lender’s most favored rate. In the event Lender shall abolish or abandon the practice
of establishing its Prime Rate or should the same be unascertainable, Lender shall designate a
comparable reference rate which shall be deemed to be the Prime Rate under this Agreement and the
other Loan Documents.

     “Property” of a Person means any and all property, whether real, personal, tangible,
intangible, or mixed, of such Person, or other assets owned or leased.

     “Purchasers” is defined in Section 11.3.1.

     “Rate Management Transaction” means any transaction (including an agreement with
respect thereto) now existing or hereafter entered into between the Borrower and Lender or any
Affiliate of Lender which is a rate swap, basis swap, forward rate transaction, commodity swap,
commodity option, equity or equity index swap, equity or equity index option, bond option, interest
rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction,
forward transaction, currency swap transaction, cross-currency rate swap transaction, currency
option or any other similar transaction (including any option with respect to any of these
transactions) or any combination thereof, whether linked to one or more interest rates, foreign
currencies, commodity prices, equity prices or other financial measures.

     “Rate Management Obligations” of a Person means any and all obligations of such
Person, whether absolute or contingent and howsoever and whenever created, arising, evidenced or
acquired (including all renewals, extensions and modifications thereof and substitutions therefor),
under (i) any and all Rate Management Transactions, and (ii) any and all cancellations, buy backs,
reversals, terminations or assignments of any Rate Management Transactions.

 

 

     “Regulation D” means Regulation D of the Board as from time to time in effect and any
successor thereto or other regulation or official interpretation of the Board relating to reserve
requirements applicable to member banks of the Federal Reserve System.

     “Regulation T” means Regulation T of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

     “Regulation U” means Regulation U of the Board as from time to time in effect and any
successor or other regulation or official interpretation of the Board relating to the extension of
credit by banks for the
purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve
System.

     “Regulation X” means Regulation X of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

     “Reimbursement Obligations” means, at any time, the aggregate of all obligations of
the Borrower then outstanding under Section 2.19 to reimburse Lender for amounts paid by Lender in
respect of any one or more drawings under Facility LCs.

     “Reportable Event” means a reportable event as defined in Section 4043 of ERISA and
the regulations issued under such section, with respect to a Plan, excluding, however, such events
as to which the PBGC has by regulation waived the requirement of Section 4043(a) of ERISA that it
be notified within 30 days of the occurrence of such event, provided, however, that a failure to
meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a
Reportable Event regardless of the issuance of any such waiver of the notice requirement in
accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code.

     “Reports” has the meaning set forth in Section 12.6.

     “Required Property Insurance Coverage” means at any time insurance insuring all
Property of the Borrower and its Subsidiaries against loss or damage by fire, lightning, vandalism
and malicious mischief and all other perils covered by standard “extended coverage” or “all-risk”
insurance and such other risks and losses as is consistent with sound business practices and is
customarily maintained from time to time by similar businesses similarly situated and owning,
leasing or operating similar properties, including, without limitation, war and terrorism coverage
with respect to all jet aircraft; all in such amounts, and having such deductibles from the loss
payable for any casualty, as is customary from time to time for similar businesses similarly
situated and owning, leasing or operating similar properties. If any insurance policies with
respect to Required Property Insurance Coverage is written on a co-insurance basis, such policy
must contain an agreed amount endorsement as evidence that the coverage is in an amount sufficient
to insure the full amount of such Property.

     “Required Public Liability Insurance Coverage” means comprehensive general accident
and public liability insurance (including, without limitation, coverage for product liability, and
elevators and escalators, if any, on property owned or leased by the Borrower and its Subsidiaries)
against injury, loss and/or damage to persons and property and such other risks and losses as is
consistent with sound business practices and is customarily maintained from time to time by similar
businesses similarly situated and owning, leasing or operating similar properties; all in such
amounts as is customary from time to time for similar businesses similarly situated and owning,
leasing or operating similar properties.

     “Reserve Requirement” means, with respect to an Interest Period, the maximum aggregate
reserve requirement (including all basic, supplemental, marginal and other reserves) which is
imposed under Regulation D on Eurocurrency liabilities.

     “Revolving Commitment” and “Commitment” each mean the obligation of Lender to
make Revolving Loans to Borrower in an aggregate amount not exceeding Fifteen Million Dollars
$15,000,000.00), as such amount may be modified from time to time pursuant to the terms hereof.

     “Revolving Loan” and “Revolving Loans” means a Loan or the Loans,
respectively, made pursuant to clause (b) of Section 2.1.

 

 

     “S&P” means Standard and Poor’s Ratings Services, a division of The McGraw Hill
Companies, Inc.

     “Sale and Leaseback Transaction” means any sale or other transfer of Property by any
Person with the intent to lease such Property as lessee.

     “Schedule” refers to a specific schedule to this Agreement, unless another document is
specifically referenced.

     “Section” means a numbered section of this Agreement, unless another document is
specifically referenced.

     “Security Agreements” means, separately and collectively, each of the (i) Continuing
Security Agreements dated May 28, 2004, executed by Borrower and each Guarantor, pursuant to the
First Amended and Restated Credit Agreement, in favor of Administrative Agent, for the benefit of
the “Lenders” (as defined thereunder), which shall continue in full force and effect for the sole
benefit of Lender, and (ii) Mortgage, Security Agreement and Assignment given by Borrower pursuant
to the First Amended and Restated Credit Agreement in favor of Administrative Agent, for the
benefit of the “Lenders” (as defined thereunder), which shall continue in full force and effect for
the sole benefit of Lender; in each case as the same may be amended, modified, supplemented,
extended, restated and/or replaced from time to time.

     “Security Documents” means, separately and collectively, the Security Agreements and
the Pledge.

     “Single Employer Plan” means a Plan maintained by the Borrower or any member of the
Controlled Group for employees of the Borrower or any member of the Controlled Group.

     “Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding
securities having ordinary voting power of which shall at the time be owned or controlled, directly
or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or
more of its Subsidiaries, or (ii) any partnership, limited liability company, association, joint
venture or similar business organization more than 50% of the ownership interests having ordinary
voting power of which shall at the time be so owned or controlled. Unless otherwise expressly
provided, all references herein to a “Subsidiary” means a Subsidiary of the Borrower.

     “Subsidiary Guaranty” means that certain Replacement Subsidiary Guaranty, dated May
28, 2004, executed by the AMI, Float and Jetride pursuant to the First Amended and Restated Credit
Agreement in favor of Administrative Agent, for the benefit of the “Lenders” thereunder, which
shall remain in full force and effect for the sole benefit of Lender, as the same may be amended,
modified, supplemented, extended, restated and/or replaced from time to time.

     “Substantial Portion” means, with respect to the Property of the Borrower and its
Subsidiaries, Property which (i) represents more than 10% of the consolidated assets of the
Borrower and its Subsidiaries as would be shown in the consolidated financial statements of the
Borrower and its Subsidiaries as at the beginning of the twelve-month period ending with the month
in which such determination is made, or (ii) is responsible for more than 10% of the consolidated
net sales or of the consolidated net income of the Borrower and its Subsidiaries as reflected in
the financial statements referred to in clause (i) above; provided, however, that “10%”, as
it appears in subparts (i) and (ii) above, shall be changed to and shall mean, for all purposes of
this definition, 20% provided that the net proceeds (after payment of reasonable costs and expenses
associated with any such sale, including reasonable attorneys’ fees) upon sale or other disposition
by the Borrower or any Subsidiary of the consolidated assets referenced in (i) and (ii) above are
within 90 days of such sale or other disposition, (a) reinvested in assets of the Borrower and its
Subsidiaries which are of similar type and substantially equivalent value as such consolidated
assets so sold or otherwise disposed of, and/or (b) paid to Lender or Administrative Agent for
application in accordance herewith to the amounts owing under the Loans.

     “Taxes” means any and all present or future taxes, duties, levies, imposts,
deductions, charges or withholdings, and any and all liabilities with respect to the foregoing, but
excluding Excluded Taxes.

     “Timexpress” means timexpress.com, inc., an Ohio corporation.

     “Timexpress Guaranty” means that certain Subsidiary Guaranty, dated May 28, 2004,
executed by Timexpress pursuant to the First Amended and Restated Credit Agreement in favor of
Administrative Agent, for the

 

 

benefit of the “Lenders” (as defined thereunder), which shall
continue in full force and effect for the sole benefit of Lender, as the same may be amended,
modified, supplemented, extended, restated and/or replaced from time to time.

     “Transferee” is defined in Section 11.4.

     “Type” means, with respect to any Advance, its nature as a Floating Rate Advance or a
Eurodollar Advance.

     “Unfunded Liabilities” means the amount (if any) by which the present value of all
vested and unvested accrued benefits under all Single Employer Plans exceeds the fair market value
of all such Plan assets allocable to such benefits, all determined as of the then most recent
valuation date for such Plans using PBGC actuarial assumptions for single employer plan
terminations.

     “Unmatured Default” means an event which but for the lapse of time or the giving of
notice, or both, would constitute a Default.

     “U.S.” means the United States of America.

     “Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary all of the outstanding
voting securities of which shall at the time be owned or controlled by such Person or, (ii) any
partnership, limited liability company, association, joint venture or similar business organization
100% of the ownership interests having ordinary voting power of which shall at the time be so owned
or controlled.

     Section 1.2. Classification of Loans and Advances. For purposes of this Agreement,
Loans may be classified and referred to by Type (e.g., a “Eurodollar Loan”).

     Section 1.3. Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision hereof, and (d) all references herein
to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections
of, and Exhibits and Schedules to, this Agreement.

     Section 1.4. Accounting Terms. Except as otherwise expressly provided herein, all
terms of an accounting or financial nature shall be construed in accordance with Agreement
Accounting Principles, as in effect from time to time, provided that, if the Borrower notifies
Lender that the Borrower requests an amendment to any provision hereof to eliminate the effect of
any change occurring after the date hereof in Agreement Accounting Principles or in the application
thereof on the operation of such provision (or if Lender request an amendment to any provision
hereof for such purpose), regardless of whether any such notice is given before or after such
change in Agreement Accounting Principles or in the application thereof, then such provision shall
be interpreted on the basis of Agreement Accounting Principles as in effect and applied immediately
before such change shall have become effective until such notice shall have been withdrawn or such
provision amended in accordance herewith. Whenever under this Agreement any financial information,
data and the like is calculated on a consolidated basis for the Borrower and its Subsidiaries, such
financial information, data and the like of such Subsidiary shall be included only to the extent of
the Borrower’s percentage of ownership of such Subsidiary. Any reference in this Agreement to the
terms “extraordinary losses” and “extraordinary gains” shall mean such losses and gains,
respectively, categorized by the Borrower’s external auditors as extraordinary in the financial
statements of the Borrower prepared in accordance with Agreement Accounting Principles in effect at
the date of such financial statements. Notwithstanding anything contained or implied herein to the
contrary, no change in Agreement Accounting Principles shall require the restatement of any
financial statements dated prior to such change and provided to Lender. Further, no retroactive
change shall be made (as a result of any change in Agreement Accounting Principles which occurs
after the date of any such financial statements) in any of the calculations made hereunder based
upon the information contained in said financial statements including, without limitation, the
calculation of the Applicable Margin.

 

 

ARTICLE II

The Credit

     Section 2.1 Commitment. Subject to the terms and conditions set forth herein, from and
including the Effective Date and prior to the Facility Termination Date, Lender agrees to (i) make
Revolving Loans to the Borrower, and (ii) issue Facility LCs
upon the request of the Borrower, provided that, after giving effect to the making of each such Revolving Loan or the
issuance of each such Facility LC, (i) Lender’s Outstanding Credit Exposure shall not exceed the
Revolving Commitment, and (ii) the maximum amount of all Loans (including all Revolving Loans and
the LC Obligations) shall at no time exceed the Borrowing Base. Subject to the terms of this
Agreement, the Borrower may borrow, repay and re-borrow Revolving Loans at any time prior to the
Facility Termination Date. The Revolving Commitment to extend Revolving Loans hereunder shall
expire on the Facility Termination Date. Lender will issue Facility LCs hereunder on the terms and
conditions set forth in Section 2.19.

     Section 2.2. Loans and Advances.

     (i) Each Loan shall be made as part of an Advance consisting of Loans of the same Type made by
Lender. Advances of more than one Type may be outstanding at the same time.

     (ii) Each Advance of Revolving Loans shall be comprised entirely of Floating Rate Loans or
Eurodollar Loans as the Borrower may request in accordance herewith. Lender at its option may make
any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of Lender to make such
Loan, provided that any exercise of such option shall not affect the obligation of the Borrower to
repay such Loan in accordance with the terms of this Agreement.

     Section 2.3. Required Payments; Termination. The Revolving Commitment shall
terminate, and the Outstanding Credit Exposure and all other unpaid Obligations shall be paid in
full by the Borrower, on the Facility Termination Date.

     Section 2.4. Commitment Fee; Facility Fee; Increases and Reductions in Commitment.
The Borrower agrees to pay to Lender a commitment fee at a per annum rate equal to the Applicable
Fee Rate on the average daily Available Revolving Commitment from the date hereof to and including
the Facility Termination Date, payable (in arrears) on each Payment Date hereafter and on the
Facility Termination Date. The Borrower may permanently reduce the Revolving Commitment in whole,
or in part, in integral multiples of $5,000,000, upon at least five Business Days written notice to
Lender, which notice shall specify the amount of any such reduction, provided, however, that the
amount of the Revolving Commitment may not be reduced below the Outstanding Credit Exposure. All
accrued commitment fees shall be payable on the effective date of any termination of the
obligations of Lender to make Credit Extensions hereunder.

     Section 2.5. Minimum Amount of Each Advance; Eurodollar Advances.

     (i) Each Eurodollar Advance shall be in the minimum amount of $500,000 (and in multiples of
$100,000 if in excess thereof).

     (ii) Each Floating Rate Advance shall be in the minimum amount of $100,000 (and in multiples
of $100,000 in excess thereof), provided, however, that any Floating Rate Advance may be in the
lesser amount of the Available Revolving Commitment or the amount that is required to refinance the
reimbursement of an LC Disbursement as contemplated by Section 2.19.6.

     (iii) There shall not at any time be more than a total of five (5) Eurodollar Revolving
Advances outstanding.

     Section 2.6. Method of Selecting Types and Interest Periods for New Advances. The
Borrower shall from time to time select the Type of Advance and, in the case of each Eurodollar
Advance, the Interest Period applicable thereto. The Borrower shall give Lender irrevocable notice
(a “Borrowing Notice”) not later than noon (Columbus, Ohio time) at least one (1) Business Day
before the date on which Borrower desires that such Advance

 

 

be made (the “Borrowing Date”) of each
Floating Rate Advance and three (3) Business Days before the Borrowing Date for each Eurodollar
Advance, specifying:

	 	(i)	 	the Borrowing Date, which shall be a Business Day, of such Advance,
	 
	 	(ii)	 	the aggregate amount of such Advance,
	 
	 	(iii)	 	the Type of Advance selected, and
	 
	 	(iv)	 	in the case of each Eurodollar Advance, the Interest Period applicable thereto.

     If no election as to Type of Advance is specified in the Borrowing Notice, the requested
Advance shall be a Floating Rate Advance. If no Interest Period is specified with respect to the
requested Eurodollar Advance, then the Borrower shall be deemed to have selected an Interest Period
of one (1) month’s duration.

     Lender will make the each Advance available to the Borrower by 3:00 p.m. (Columbus, Ohio time)
on the Borrowing Date at Lender’s aforesaid address.

     Section 2.7. Conversion and Continuation of Outstanding Advances. (i) Floating Rate
Advances shall continue as Floating Rate Advances unless and until such Floating Rate Advances are
converted into Eurodollar Advances pursuant to this Section 2.7 or are repaid in accordance with
the terms of this Agreement. Each Eurodollar Advance shall continue as a Eurodollar Advance until
the end of the then applicable Interest Period therefor, at which time such Eurodollar Advance
shall be automatically converted into a Floating Rate Advance unless (x) such Eurodollar Advance is
or was repaid in accordance with the terms of this Agreement or (y) the Borrower shall have given
Lender a Conversion/Continuation Notice (as defined below) requesting that, at the end of such
Interest Period, such Eurodollar Advance continue as a Eurodollar Advance for the same or another
Interest Period. Subject to the terms of Section 2.5, the Borrower may elect from time to time to
convert all or any part of a Floating Rate Advance into a Eurodollar Advance. The Borrower shall
give Lender irrevocable notice (a “Conversion/Continuation Notice”) of each conversion of a
Floating Rate Advance into a Eurodollar Advance or continuation of a Eurodollar Advance not later
than noon (Columbus, Ohio time) at least three Business Days prior to the date of the requested
conversion or continuation, specifying:

     (a) the requested date, which shall be a Business Day, of such conversion or
continuation,

     (b) the aggregate amount and Type of the Advance which is to be converted or
continued, and the interest rate and expiration date of the Interest Period currently in
effect with respect thereto, if any, and

     (c) the amount of such Advance which is to be converted into or continued as a
Eurodollar Advance and the duration of the Interest Period to be applicable thereto.

     Section 2.8. Optional Principal Payments. The Borrower may from time to time pay,
without penalty or premium, all outstanding Floating Rate Advances, or, in a minimum aggregate
amount of $100,000 or any integral multiple of $100,000 in excess thereof, any portion of the
outstanding Floating Rate Advances upon two Business Days’ prior notice to Lender. The Borrower
may from time to time pay, subject to the payment of any funding indemnification amounts required
by Section 3.4 but without penalty or premium, all outstanding Eurodollar Advances, or, in a
minimum aggregate amount of $500,000 or any integral multiple of $100,000 in excess thereof, any
portion of the outstanding Eurodollar Advances upon three Business Days prior notice to Lender.
All prepayments of principal shall be applied to the Revolving Loan (without any corresponding
reduction in the Revolving Commitment unless done so in accordance with Section 2.4).

     Section 2.9. Intentionally Omitted.

     Section 2.10. Changes in Interest Rate, etc. Each Floating Rate Advance shall bear
interest on the outstanding principal amount thereof, for each day from and including the date such
Advance is made or is converted from a Eurodollar Advance into a Floating Rate Advance pursuant to
Section 2.7, to but excluding the date it is paid or is converted into a Eurodollar Advance
pursuant to Section 2.7 hereof, at a rate per annum equal to the Floating Rate for such day.
Changes in the rate of interest on that portion of any Advance maintained as a Floating Rate
Advance will take effect simultaneously with each change in the Prime Rate or Federal Funds
Effective Rate, as applicable.

 

 

Each Eurodollar Advance shall bear interest on the outstanding
principal amount thereof from and including the first day of the Interest Period applicable thereto
to (but not including) the last day of such Interest Period at the interest rate determined by
Lender as applicable to such Eurodollar Advance based upon the Borrower’s selections under Sections
2.6 and 2.7 and otherwise in accordance with the terms hereof. No Interest Period may end after
the Facility Termination Date.

     Section 2.11. Rates Applicable After Default. Notwithstanding anything to the
contrary contained in Section 2.6 or 2.7, during the continuance of a Default or Unmatured Default,
no Advance may be made as or converted into a Eurodollar Advance and each existing Eurodollar Loan
shall, at Lender’s option upon the expiration of the Interest Period in effect with respect to each
such Eurodollar Loan, be automatically converted to a Floating Rate Loan. In addition, during the
continuance of a Default (i) each Eurodollar Advance shall bear interest for the remainder of the
applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per
annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the
Floating Rate in effect from time to time plus 2%, and (iii) the LC Fee shall be increased by 2%
per annum.

     Section 2.12. Repayment of Loans; Evidence of Debt.

     (i) The Borrower hereby unconditionally promises to pay to Lender, or at Lender’s option to
Administrative Agent for the benefit of Lender, the then unpaid principal amount of each Revolving
Loan on the Facility Termination Date.

     (ii) All payments of the Obligations hereunder shall be made, without setoff, deduction, or
counterclaim, in immediately available funds to Lender or Administrative Agent at Lender’s address
specified pursuant to Section 12.14, or at any other Lending Installation specified in writing by
Lender to the Borrower, by noon (Columbus, Ohio time) on the date when due. Lender is hereby
authorized to charge the account of the Borrower maintained with Lender for each payment of
principal and/or interest, Reimbursement Obligations and fees, as any of the same becomes due
hereunder.

     (iii) Lender shall maintain accounts in which it will record (a) the amount of each Loan made
hereunder, the Type thereof, and, as applicable, the Interest Period with respect thereto, (b) the
amount of any principal or interest due and payable or to become due and payable from the Borrower
to Lender and/or Administrative Agent hereunder, (c) the original stated amount of each Facility LC
and the amount of LC Obligations outstanding at any time, and (d) the amount of any sum received by
Lender hereunder from the Borrower. Lender may endorse on a schedule forming a part hereof or a
Note appropriate notation to evidence the foregoing information with respect to the principal and
interest then outstanding.

     (iv) The entries maintained in the accounts maintained pursuant to paragraphs (iii) above
shall be prima facie evidence of the existence and amounts of the Obligations therein recorded;
provided, however, that the failure of Lender to maintain such accounts or any error therein shall
not in any manner affect the obligation of the Borrower to repay the Obligations in accordance with
the terms and provisions hereof.

     Section 2.13. Intentionally Omitted.

     Section 2.14. Telephonic Notices. The Borrower hereby authorizes Lender to extend,
convert or continue Advances, effect selections of Types of Advances and to transfer funds based on
telephonic notices made by any person or persons Lender in good faith believes to be acting on
behalf of the Borrower, it being understood that the foregoing authorization is specifically
intended to allow Borrowing Notices and Conversion/Continuation Notices to be given telephonically.
The Borrower agrees to deliver promptly to Lender a written confirmation signed by an Authorized
Officer if such confirmation is requested by Lender, of each telephonic notice. If the written
confirmation differs in any material respect from the action taken by Lender, the records of Lender
shall govern absent manifest error.

     Section 2.15. Interest Payment Dates; Interest and Fee Basis. Interest accrued on
each Floating Rate Advance shall be payable on each Payment Date and at maturity. Interest accrued
on each Eurodollar Advance shall be payable on the last day of its applicable Interest Period, on
any date on which the Eurodollar Advance is prepaid, whether by acceleration or otherwise, and at
maturity. Interest accrued on each Eurodollar Advance having an Interest Period longer than three
months shall also be payable on the last day of each three-month interval during such Interest
Period. Commitment fees, LC Fees and interest with respect to each Eurodollar Loan and shall be

 

 

calculated for actual days elapsed on the basis of a 360-day year. Interest with respect to each
Floating Rate Loan shall be calculated for actual days elapsed on the basis of a 365-day year.
Interest shall be payable for the day an Advance is made but not for the day of any payment on the
amount paid if
payment is received prior to noon (Columbus, Ohio time). If any payment of principal of or
interest on an Advance shall become due on a day which is not a Business Day, such payment shall be
made on the next succeeding Business Day and, in the case of a principal payment, such extension of
time shall be included in computing interest in connection with such payment.

     Section 2.16. Intentionally Omitted.

     Section 2.17. Lending Installations. Lender may book Loans, LC Obligations and
Facility LCs at any Lending Installation selected by Lender, and may change its Lending
Installation from time to time. All terms of this Agreement shall apply to any such Lending
Installation and the Loans and any Notes issued hereunder shall be deemed held by Lender for the
benefit of any such Lending Installation. Lender may, by written notice to Borrower in accordance
with Section 12.14, designate replacement or additional Lending Installations through which Loans
will be made by it or Facility LCs will be issued by it and for whose account Loan payments or
payments with respect to Facility LCs are to be made. Notwithstanding anything contained herein to
the contrary, Lender shall not designate a non-U.S. Lending Installation unless it is determined in
the reasonable discretion by Lender that the extension or continuation of any Eurodollar Loan
cannot be made at a U.S. Lending Installation.

     Section 2.18.
Intentionally Omitted.

     Section 2.19.
Facility LCs.

     Section 2.19.1. Issuance Lender hereby agrees, on the terms and conditions set
forth in this Agreement, to issue standby letters of credit (each, a “Facility LC”) and to renew,
extend, increase, decrease or otherwise modify each Facility LC (“Modify,” and each such action a
“Modification”), from time to time from and including the date of this Agreement and prior to the
Facility Termination Date upon the request of the Borrower; provided that immediately after each
such Facility LC is issued or Modified, (i) the aggregate amount of the outstanding LC Obligations
shall not exceed $5,000,000, and (ii) the Outstanding Credit Exposure shall not exceed the
Revolving Commitment. No Facility LC shall have an expiry date later than the earlier of (x) the
fifth Business Day prior to the Facility Termination Date and (y) one year after its issuance.

     Section 2.19.2. Notice. Subject to Section 2.19.1, the Borrower shall give Lender
notice prior to 10:00 a.m. (Columbus, Ohio time) at least three (3) Business Days prior to the
proposed date of issuance or Modification of each Facility LC, specifying the beneficiary, the
proposed date of issuance (or Modification) and the expiry date of such Facility LC, and describing
the proposed terms of such Facility LC and the nature of the transactions proposed to be supported
thereby. The issuance or Modification by Lender of any Facility LC shall, in addition to the
conditions precedent set forth in Article IV, be subject to the conditions precedent that such
Facility LC shall be satisfactory to Lender and that the Borrower shall have executed and delivered
such application agreement and/or such other instruments and agreements relating to such Facility
LC as Lender shall have reasonably requested (each, a “Facility LC Application”). In the event of
any conflict between the terms of this Agreement and the terms of any Facility LC Application, the
terms of this Agreement shall control. Further, notwithstanding any grant of collateral security
under any Facility LC Application for the obligations of Borrower thereunder, Lender agrees and
acknowledges that the Reimbursement Obligations and all other amounts owing by Borrower under any
Facility LC Application shall at all times be unsecured.

     Section 2.19.3. LC Fees. The Borrower shall pay to Lender (i) a letter of credit fee
at a per annum rate equal to the Applicable Fee Rate on the average daily undrawn stated amount of
each Facility LC, such fee to be payable in arrears on each Payment Date, and (ii) a one-time
letter of credit fee in an amount equal to 15 basis points of the stated amount of each Facility
LC, such fee to be payable on the date of such issuance or increase (each such fee described in
this sentence an “LC Fee”). The Borrower shall also pay to Lender such reasonable and customary
documentary and processing charges in connection with the issuance or Modification of and draws
under Facility LCs in accordance with Lender’s standard schedule for such charges as in effect from
time to time.

     Section 2.19.4. Administration; Reimbursement. Upon receipt from the beneficiary of any
Facility LC of any demand for payment under such Facility LC, Lender shall promptly notify the
Borrower as to the amount to be paid by Lender as a result of such demand and the proposed payment
date (the “LC Payment Date”). The responsibility of Lender to the Borrower shall be only to
determine that the documents (including each demand for payment) delivered

 

 

under each Facility LC
in connection with such presentment shall be in conformity in all material respects with such
Facility LC.

     Section 2.19.5. Reimbursement by Borrower. The Borrower shall be irrevocably and
unconditionally obligated to reimburse Lender on or before the applicable LC Payment Date for any
amounts paid by Lender upon any drawing under any Facility LC, without presentment, demand, protest
or other formalities of any kind; provided that the Borrower shall not hereby be precluded from
asserting any claim for direct (but not consequential) damages suffered by the Borrower to the
extent, but only to the extent, caused by (i) the willful misconduct or gross negligence of Lender
in determining whether a request presented under any Facility LC issued by it complied with the
terms of such Facility LC or (ii) Lender’s failure to pay under any Facility LC issued by it after
the presentation to it of a request strictly complying with the terms and conditions of such
Facility LC. All such amounts paid by Lender and remaining unpaid by the Borrower shall bear
interest, payable on demand, for each day until paid at a rate per annum equal to (x) the rate
applicable to Floating Rate Advances for such day if such day falls on or before the applicable LC
Payment Date and (y) the sum of 2% plus the rate applicable to Floating Rate Advances for such day
if such day falls after such LC Payment Date. Subject to the terms and conditions of this
Agreement (including the submission of a Borrowing Notice in compliance with Section 2.6 and the
satisfaction of the applicable conditions precedent set forth in Article IV), unless directed
otherwise by the Borrower, Lender shall make a Floating Rate Revolving Advance hereunder for the
purpose of satisfying any Reimbursement Obligation and, to the extent so satisfied, the Borrower’s
obligation to make such payment shall be discharged and replaced by the resulting Floating Rate
Revolving Advance.

     Section 2.19.6. Obligations Absolute. The Borrower’s obligations under this Section
2.19 shall be absolute and unconditional under any and all circumstances and irrespective of any
setoff, counterclaim or defense to payment which the Borrower may have or have had against Lender
or any beneficiary of a Facility LC. The Borrower further agrees that Lender shall not be
responsible for, and the Borrower’s Reimbursement Obligation in respect of any Facility LC shall
not be affected by, among other things, the validity or genuineness of documents or of any
endorsements thereon, even if such documents should in fact prove to be in any or all respects
invalid, fraudulent or forged, or any dispute between or among the Borrower, any of its Affiliates,
the beneficiary of any Facility LC or any financing institution or other party to whom any Facility
LC may be transferred or any claims or defenses whatsoever of the Borrower or of any of its
Affiliates against the beneficiary of any Facility LC or any such transferee. Lender shall not be
liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any
message or advice, however transmitted, in connection with any Facility LC, except for its gross
negligence or willful misconduct. The Borrower agrees that any action taken or omitted by Lender
under or in connection with each Facility LC and the related drafts and documents, if done without
gross negligence or willful misconduct, shall be binding upon the Borrower and shall not put Lender
under any liability to the Borrower. Nothing in this Section 2.19.6 is intended to limit the right
of the Borrower to make a claim against Lender for damages as contemplated by the proviso to the
first sentence of Section 2.19.5.

     Section 2.19.7. Actions of Lender. Lender shall be entitled to rely, and shall be
fully protected in relying, upon any Facility LC, draft, writing, resolution, notice, consent,
certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message,
statement, order or other document believed by it to be genuine and correct and to have been
signed, sent or made by the proper Person or Persons, and upon advice and statements of legal
counsel, independent accountants and other experts selected by Lender.

     Section 2.19.8. Indemnification. The Borrower hereby agrees to indemnify and hold
harmless Lender, and its directors, officers, agents and employees from and against any and all
claims and damages, losses, liabilities, costs or expenses which Lender may incur (or which may be
claimed against Lender by any Person whatsoever) by reason of or in connection with the issuance,
execution and delivery or transfer of or payment or failure to pay under any Facility LC or any
actual or proposed use of any Facility LC, including any claims, damages, losses, liabilities,
costs or expenses which Lender may incur by reason of or on account of Lender issuing any Facility
LC which specifies that the term “Beneficiary” included therein includes any successor by operation
of law of the named Beneficiary, but which Facility LC does not require that any drawing by any
such successor Beneficiary be accompanied by a copy of a legal document, satisfactory to Lender,
evidencing the appointment of such successor Beneficiary; provided that the Borrower shall not be
required to indemnify Lender for any claims, damages, losses, liabilities, costs or expenses to the
extent, but only to the extent, caused by (x) the willful misconduct or gross negligence of Lender
in determining whether a request presented under any Facility LC complied with the terms of such
Facility LC or (y) Lender’s failure to pay under any Facility LC after the presentation to it of a
request strictly complying with the terms and conditions of such Facility LC. Nothing in this
Section 2.19.8 is intended to limit the obligations of the Borrower under any other provision of
this Agreement.

 

 

     Section 2.20. Intentionally Omitted.

     Section 2.21. Amendment and Restatement. This Agreement is entered into by the
parties hereto in order to, inter alia, amend and restate the terms, provisions and agreements of
that certain First Amended and Restated Credit Agreement, pursuant to which Lender is, as of the
date hereof after giving effect to the Assignment Agreement, the only “Lender” (as defined
thereunder). Pursuant to this Agreement, the other “Loan Documents” (as such term is used and
defined in the First Amended and Restated Credit Agreement and in the Original Credit Agreement,
herein, the “Original Loan Documents”) shall, only to the extent explicitly provided herein, also
be amended and restated (except for any Facility LC Applications). This Agreement, together with
the Original Loan Documents, as amended and restated on this date, the Pledge, the Security
Agreements, the Fast Forward Guaranty, the Timexpress Guaranty, the Subsidiary Guaranty, all
Facility LC Applications given under the First Amended and Restated Credit Agreement, Original
Credit Agreement and/or this Agreement, and all other documents and or instruments given from time
to time in connection with or pursuant to this Agreement, the First Amended and Restated Credit
Agreement and the Original Credit Agreement, as each of the same may from time to time be amended,
modified, supplemented, extended, restated or replaced from time to time, shall constitute the Loan
Documents as such term is used and defined in this Agreement. Neither this Agreement nor any of
the other Loan Documents shall constitute a satisfaction or refinance of the indebtedness made
pursuant to the First Amended and Restated Credit Agreement, the Original Credit Agreement and the
other Original Loan Documents as evidenced by the HNB Note and the JPM Note assigned pursuant to
the Assignment Agreement to Lender or otherwise. Administrative Agent shall, notwithstanding
anything contained herein or in any other Loan Document, as amended on the dated hereof, continue
to act as Agent hereunder for the Lender and shall continue to hold and own, for the benefit of
Lender, all right, title and interest granted, issued or made in favor of Administrative Agent, as
creditor, secured party, or otherwise, under each Guaranty and all security interests, liens,
mortgages and other rights, benefits and interests granted in connection with the First Amended and
Restated Agreement, including without limitation under the Security Agreement, the Pledge and the
Mortgage. Borrower hereby agrees, upon request by Administrative Agent or Lender, to, and to cause
each Guarantor to, enter into and/or authorize such other and further agreements, documents, and
instruments, including without limitation, Financing Statements, necessary to effectuate the intent
of this Agreement and to continue, and/or continue the perfection of, any liens, security
interests, mortgages, pledges and other collateral interests granted by any Person in connection
with the First Amended and Restated Credit Agreement.

ARTICLE III

Yield Protection; Taxes

     Section 3.1. Yield Protection. If, on or after the date of this Agreement, the
adoption of any law or any governmental or quasi-governmental rule, regulation, policy, guideline
or directive (whether or not having the force of law), or any change in the interpretation or
administration thereof by any governmental or quasi-governmental authority, central bank or
comparable agency charged with the interpretation or administration thereof, or compliance by
Lender, or any applicable Lending Installation, with any request or directive (whether or not
having the force of law) of any such authority, central bank or comparable agency:

     (i) subjects Lender, or any applicable Lending Installation, to any Taxes, or changes the
basis of taxation of payments (other than with respect to Excluded Taxes) to Lender in respect of
its Eurodollar Loans or Facility LCs, or

     (ii) imposes or increases or deems applicable any reserve, assessment, insurance charge,
special deposit or similar requirement against assets of, deposits with or for the account of, or
credit extended by, Lender, or any applicable Lending Installation (other than reserves and
assessments taken into account in determining the interest rate applicable to Eurodollar Advances),
or

     (iii) imposes any other condition the result of which is to increase the cost to Lender, or
any applicable Lending Installation, of making, funding or maintaining its Eurodollar Loans, or of
issuing or participating in Facility LCs, or reduces any amount receivable by Lender, or any
applicable Lending Installation, in connection with its Eurodollar Loans or Facility LCs, or
requires Lender, or any applicable Lending Installation, to make any
payment calculated by reference to the amount of Eurodollar Loans or Facility LCs held or interest
of LC Fees received by it, by an amount deemed material by Lender, as
the case may be, and the
result of any of the foregoing is to increase the cost to Lender, or applicable Lending
Installation, as the case may be, of making or maintaining its Eurodollar Loans or of issuing in
Facility LCs, or to reduce the return received by Lender, or applicable Lending Installation, as
the case

 

 

may be, in connection with such Eurodollar Loans, the Commitment or Facility LCs therein,
then, within 15 days of demand by Lender, the Borrower shall pay Lender such additional amount or
amounts as will compensate Lender, as the case may be, for such increased cost or reduction in
amount received.

     Section 3.2. Changes in Capital Adequacy Regulations. If Lender determines the amount
of capital required or expected to be maintained by Lender, or any Lending Installation, or any
corporation controlling Lender is increased as a result of a Change (defined below), then, within
15 days of demand by Lender, the Borrower shall pay Lender the amount necessary (without any
premium or penalty thereon or otherwise with respect thereto) to compensate for any shortfall in
the rate of return on the portion of such increased capital which Lender determines is attributable
to this Agreement, its Outstanding Credit Exposure, its Revolving Commitment to make Revolving
Loans and/or issue in Facility LCs, as the case may be (after taking into account Lender’s policies
as to capital adequacy). “Change” means (i) any change after the date of this Agreement in the
Risk-Based Capital Guidelines (defined below), or (ii) any adoption of or change in any other law,
governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or
directive (whether or not having the force of law) after the date of this Agreement which affects
the amount of capital required or expected to be maintained by Lender, or any Lending Installation
or any corporation controlling Lender. “Risk-Based Capital Guidelines” means (i) the risk-based
capital guidelines in effect in the United States on the date of this Agreement, including
transition rules, and (ii) the corresponding capital regulations promulgated by regulatory
authorities outside the United States implementing the July 1988 report of the Basle Committee on
Banking Regulation and Supervisory Practices Entitled “International Convergence of Capital
Measurements and Capital Standards,” including transition rules, and any amendments to such
regulations adopted prior to the date of this Agreement.

     Section 3.3. Availability of Types of Advances. If Lender determines that maintenance
of its Eurodollar Loans at a suitable Lending Installation would violate any applicable law, rule,
regulation, or directive, whether or not having the force of law, or if Lender determines that (i)
deposits of a type and maturity appropriate to match fund Eurodollar Advances are not available or
(ii) the interest rate applicable to Eurodollar Advances does not accurately reflect the cost of
making or maintaining Eurodollar Advances, then Lender shall suspend the availability of Eurodollar
Advances and require any affected Eurodollar Advances to be repaid or converted to Floating Rate
Advances, subject to the payment of any funding indemnification amounts required by Section 3.4
(without any premium or penalty thereon or otherwise with respect thereto).

     Section 3.4. Funding Indemnification. If any payment of a Eurodollar Advance occurs
on a date which is not the last day of the applicable Interest Period, whether because of
acceleration, prepayment or otherwise, or a Eurodollar Advance is not made on the date specified by
the Borrower for any reason other than default by Lender, the Borrower will indemnify Lender for
any reasonable and properly documented loss or cost incurred by it and resulting therefrom,
including any loss or cost in liquidating or employing deposits acquired to fund or maintain such
Eurodollar Advance (without any premium or penalty thereon or otherwise with respect thereto).

     Section 3.5. Taxes.

     (i) All payments by the Borrower to or for the account of Lender hereunder or under any Note
or Facility LC Application shall be made free and clear of and without deduction for any and all
Taxes. If the Borrower shall be required by law to deduct any Taxes from or in respect of any sum
payable hereunder to Lender, (a) the sum payable shall be increased as necessary so that after
making all required deductions (including deductions applicable to additional sums payable under
this Section 3.5) Lender receives an amount equal to the sum it would have received had no such
deductions been made, (b) the Borrower shall make such deductions, (c) the Borrower shall pay the
full amount deducted to the relevant authority in accordance with applicable law and (d) the
Borrower shall furnish to Lender the original copy of a receipt evidencing payment thereof within
30 days after such payment is made.

     (ii) In addition, the Borrower hereby agrees to pay any present or future stamp or documentary
taxes and any other excise or property taxes, charges or similar levies which arise from any
payment made hereunder or under any Note or Facility LC Application or from the execution or
delivery of, or otherwise with respect to, this Agreement or any Note or Facility LC Application
(“Other Taxes”).

     (iii) The Borrower hereby agrees to indemnify Lender for the full amount of Taxes or Other
Taxes (including any Taxes or Other Taxes imposed on amounts payable under this Section 3.5) paid
by Lender and any liability (including penalties, interest and expenses) arising therefrom or with
respect thereto. Payments due under this indemnification shall be made within 30 days of the date
Lender makes demand therefor pursuant to Section 3.6.

 

 

     Section 3.6. Lender Statements; Survival of Indemnity. To the extent reasonably
possible Lender shall designate an alternate Lending Installation with respect to its Eurodollar
Loans to reduce any liability of the Borrower to Lender, as applicable, under Sections 3.1, 3.2 and
3.5 or to avoid the unavailability of Eurodollar Advances under Section 3.3, so long as such
designation is not, in the reasonable judgment of Lender, disadvantageous to Lender. Lender shall
deliver a written statement to the Borrower as to the amount due, if any, under Section 3.1, 3.2,
3.4 or 3.5. Such written statement shall set forth in reasonable detail the calculations upon
which Lender determined such amount and shall be final, conclusive and binding on the Borrower in
the absence of manifest error. Determination of amounts payable under such Sections in connection
with a Eurodollar Loan shall be calculated as though Lender funded each Eurodollar Loan or made any
disbursement under each Facility LC, as applicable, through the purchase of a deposit of the type
and maturity corresponding to the deposit used as a reference in determining the Eurodollar Rate
applicable to such Loan or Facility LC, whether or not that is in fact the case, and any amounts
owing by Borrower to Lender under such Sections shall not be deemed unreasonable or not properly
documented as a result of whether or not Lender funded any Eurodollar Loan or whether or not Lender
made any disbursement under any Facility LC in such manner. Unless otherwise provided herein, the
amount specified in the written statement of Lender shall be payable on demand after receipt by the
Borrower of such written statement. The obligations of the Borrower under Sections 3.1, 3.2, 3.4
and 3.5 shall survive for 180 days following the later of (i) the payment of the Obligations and
termination of this Agreement, and (ii) the date that the event giving rise to the obligation
occurs (provided that if the event giving rise to the obligation is retroactive, then such 180 day
period shall be extended to include the period of retroactive effect).

ARTICLE IV

Conditions Precedent

     Section 4.1. Effective Date; Credit Extensions.

     (i) The obligations of Lender to make Advances after the Effective Date and to issue Facility
LCs hereunder shall not become effective until the date on which each of the following conditions
is satisfied:

     (a) The Borrower shall have furnished to Lender:

	 	(1)	 	All documents, instruments, agreements and
other items as set forth in the Closing Agenda.
	 
	 	(2)	 	Such other documents and items as Lender or its
counsel may have reasonably requested.

     (b) The Borrower shall have paid to Lender and Administrative Agent all fees and other
amounts owing under the Loan Documents, or as otherwise agreed from time to time.

     (c) Lender shall have received and accepted the executed legal opinion of Vorys, Sater,
Seymour & Pease, legal counsel to the Borrower and Guarantor, in favor of Lender and
Administrative Agent, in form and substance satisfactory to Lender.

     Section 4.2. Each Credit Extension. The obligation of Lender to make any Advance or to
issue, amend, renew or extend any Facility LC, is subject to the satisfaction of the following
conditions:

     (i) There exists no Default or Unmatured Default.

     (ii) The representations and warranties contained in Article V are true and correct as of such
Credit Extension Date except to the extent any such representation or warranty is stated to relate
solely to an earlier date, in which case such representation or warranty shall have been true and
correct on and as of such earlier date.

     (iii) All legal matters incident to the making of such Credit Extension shall be satisfactory
to Lender and its counsel.

 

 

     Each Borrowing Notice or request for issuance of a Facility LC with respect to each such
Credit Extension shall constitute a representation and warranty by the Borrower that the conditions
contained in Sections 4.2(i)-(ii) have been satisfied.

ARTICLE V

Representations And Warranties

     The Borrower represents and warrants to Lender that:

     Section 5.1. Existence and Standing. Each of the Borrower and its Subsidiaries is a
corporation, or (in the case of Subsidiaries only) partnership or limited liability company, duly
and properly incorporated or organized, as the case may be, validly existing and (to the extent
such concept applies to such entity) in good standing under the laws of its jurisdiction of
incorporation or organization and has all requisite authority to conduct its business in each
jurisdiction in which its business is conducted.

     Section 5.2. Authorization and Validity. The Borrower and each Guarantor has the
power and authority and legal right to execute and deliver the Loan Documents to which it is a
party, and to perform its obligations thereunder. The execution and delivery by the Borrower and
each Guarantor of the Loan Documents to which it is a party and the performance of its obligations
thereunder have been duly authorized by proper corporate, partnership, or limited liability
company, as the case may be, proceedings, and the Loan Documents constitute legal, valid and
binding obligations of the Borrower and each Guarantor, as applicable, enforceable against the
Borrower and each Guarantor in accordance with their respective terms, except as enforceability may
be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights
generally and general principles of equity.

     Section 5.3. No Conflict; Government Consent. Neither the execution and delivery by
the Borrower or any Guarantor of the Loan Documents to which it is a party, nor the consummation of
the transactions therein contemplated, nor compliance with the provisions thereof will violate (i)
any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the
Borrower, any Guarantor, or any of their respective Subsidiaries or (ii) the Borrower’s, any
Guarantor’s, or any of their respective Subsidiaries’, articles or certificate of incorporation,
partnership agreement, certificate of partnership, articles or certificate of organization,
by-laws, or operating or other management agreement, as the case may be, or (iii) the provisions of
any indenture, instrument or agreement to which the Borrower, any Guarantor, or any of their
respective Subsidiaries is a party or is subject, or by which any of them, or their Property, is
bound, or conflict with or constitute a default thereunder, or result in, or require, the creation
or imposition of any Lien in, of or on the Property of the Borrower, any Guarantor or any of the
respective Subsidiaries of any of them pursuant to the terms of any such indenture, instrument or
agreement. No order, consent, adjudication, approval, license, authorization, or validation of, or
filing, recording or registration with, or exemption by, or other action in respect of any
governmental or public body or authority, or any subdivision thereof, which has not been obtained
by the Borrower, any Guarantor, or any of their Subsidiaries, is required to be obtained in
connection with the execution and delivery of the Loan Documents, the borrowings under this
Agreement, the payment and performance by the Borrower of the Obligations or the legality,
validity, binding effect or enforceability of any of the Loan Documents.

     Section 5.4. Financial Statements. The December 31, 2006 consolidated financial
statements of the Borrower and its Subsidiaries heretofore delivered to Lender were prepared in
accordance with Agreement Accounting Principles in effect on the date such statements were prepared
and fairly present the consolidated financial condition and operations of the Borrower and its
Subsidiaries at such date and the consolidated results of their operations for the period then
ended. The financial projections provided by Borrower and/or its Subsidiaries to Lender in
connection with the transactions contemplated hereby shall be certified by an Authorized Officer as
being an accurate summary of the estimated expected results of operations and cash flow of the
Borrower and its Subsidiaries to the best knowledge of such Authorized Officer as of the date of
said financial projections based upon present circumstances; it being acknowledged and agreed by
the parties hereto that the assumptions contained therein may not materialize, and unanticipated
events and circumstances may occur subsequent to the date of said financial projections which may
result in actual results which vary (perhaps, materially) from the financial projections.

     Section 5.5. Material Adverse Change. Since December 31, 2006 there has been no
change in the business, Property, condition (financial or otherwise) or results of operations of
the Borrower and its Subsidiaries which could reasonably be expected to have a Material Adverse
Effect.

 

 

     Section 5.6. Taxes. The Borrower and its Subsidiaries have filed all United States
federal tax returns and all other tax returns which are required to be filed and have paid all
taxes due pursuant to said returns or pursuant to any assessment received by the Borrower or any of
its Subsidiaries, except such taxes, if any, as are being contested in good faith and as to which
adequate reserves have been provided in accordance with Agreement Accounting Principles and as to
which no Lien exists. No tax liens have been filed and no claims are being asserted with respect
to any such taxes. The charges, accruals and reserves on the books of the Borrower and its
Subsidiaries in respect of any taxes or other governmental charges are adequate.

     Section 5.7. Litigation and Contingent Obligations. There is no litigation,
arbitration, governmental investigation, proceeding or inquiry pending or, to the knowledge of any
of their officers, threatened against or affecting the Borrower or any of its Subsidiaries which
could reasonably be expected to have a Material Adverse Effect or which seeks to prevent, enjoin or
delay the making of any Credit Extensions. Other than any liability incident to any litigation,
arbitration or proceeding which could not reasonably be expected to have a Material Adverse Effect,
neither the Borrower nor any of its Subsidiaries has any material Contingent Obligations not
provided for or disclosed in the financial statements referred to in Section 5.4.

     Section 5.8. Subsidiaries. Schedule I contains an accurate list of all of the direct
and indirect Subsidiaries of the Borrower as of the date of this Agreement, setting forth their
respective jurisdictions of organization and the percentage of their respective capital stock or
other ownership interests owned by the Borrower or other Subsidiaries. All of the issued and
outstanding shares of capital stock or other ownership interests of such Subsidiaries have been (to
the extent such concepts are relevant with respect to such ownership interests) duly authorized and
issued and are fully paid and non-assessable.

     Section 5.9. ERISA. The Unfunded Liabilities of all Single Employer Plans do not in
the aggregate exceed $100,000. Neither the Borrower nor any other member of the Controlled Group
has incurred, or is reasonably expected to incur, any withdrawal liability to Multiemployer Plans
in excess of $100,000 in the aggregate. Each Plan complies in all material respects with all
applicable requirements of law and regulations, no Reportable Event has occurred with respect to
any Plan, neither the Borrower nor any other member of the Controlled Group has withdrawn from any
Plan or initiated steps to do so, and no steps have been taken to reorganize or terminate any Plan.

     Section 5.10. Accuracy of Information. No information, exhibit or report furnished by
the Borrower or any of its Subsidiaries to Lender in connection with the negotiation of, or
compliance with, the Loan Documents (i) contained any material misstatement of fact, or (ii)
omitted to state any fact necessary to make the statements contained therein not materially
misleading.

     Section 5.11. Federal Reserve Regulations. Neither the Borrower nor any of its
Subsidiaries is engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of buying or carrying Margin Stock.

     Section 5.12. Material Agreements. Neither the Borrower nor any of its Subsidiaries
is a party to any agreement or instrument or subject to any charter or other corporate or
organizational restriction which could reasonably be expected to have a Material Adverse Effect.
Neither the Borrower nor any of its Subsidiaries is in default in the performance, observance or
fulfillment of any of the obligations, covenants or conditions contained in any agreement
(including, without limitation, any agreement or instrument evidencing or governing Indebtedness)
to which it is a party, which default could reasonably be expected to have a Material Adverse
Effect.

     Section 5.13. Compliance With Laws. The Borrower and its Subsidiaries have complied
with all applicable statutes, rules, regulations, orders and restrictions of any domestic or
foreign government or any instrumentality or agency thereof having jurisdiction over the conduct of
their respective businesses or the ownership of their respective Properties except for any failure
to comply with any of the foregoing which could not reasonably be expected to have a Material
Adverse Effect.

     Section 5.14. Properties.

     (i) Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests
in, all of the Property material to its business (including its real properties), free and clear of
all Liens, except for (1) minor defects in title that do not interfere with its ability to conduct
its business as currently conducted or to utilize such properties for their intended purposes, (2)
and Permitted Liens.

 

 

     (ii) Each of the Borrower and its Subsidiaries has complied with all material obligations
under all leases to which it is a party and that are material to the Borrower and its Subsidiaries
taken as a whole and all such leases are in full force and effect. Each of the Borrower and its
Subsidiaries enjoys peaceful and undisturbed possession under all such material leases under which
a Borrower or any such Subsidiary is a lessee.

     (iii) Each of the Borrower and its Subsidiaries owns, or is licensed or otherwise permitted to
use, all trademarks, trade names, copyrights, patents and other intellectual property material to
its business, and the use thereof by the Borrower and its Subsidiaries does not infringe upon the
rights of any other Person, except for any such infringements that, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect.

     (iv) Schedule 5.14 sets forth the address of each real property that is owned or leased by the
Borrower or any of its Subsidiaries as of the Effective Date.

     (v) As of the Effective Date, neither the Borrower nor any of its Subsidiaries has received
notice of, or has knowledge of, any pending or contemplated condemnation proceeding affecting any
of its real properties or any sale or disposition thereof, in lieu of condemnation. Neither any of
the Borrower’s or its Subsidiaries’ real properties, nor any interest therein, is subject to any
right of first refusal, option or other contractual right to purchase such real property or
interest therein.

     Section 5.15. Plan Assets; Prohibited Transactions. Neither the Borrower nor any of
its Subsidiaries is an entity deemed to hold “plan assets” within the meaning of 29 C.F.R. §
2510.3-101 of an employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to
Title I of ERISA or any plan (within the meaning of Section 4975 of the Code), and neither the
execution of this Agreement nor the making of Credit Extensions hereunder gives rise to a
prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code.

     Section 5.16. Environmental Matters. In the ordinary course of its business, the
officers of the Borrower consider the effect of Environmental Laws on the business of the Borrower
and its Subsidiaries, in the course of which they identify and evaluate potential risks and
liabilities accruing to the Borrower and its Subsidiaries due to Environmental Laws. On the basis
of this consideration, the Borrower has concluded that Environmental Laws cannot reasonably be
expected to have a Material Adverse Effect. Except as provided on Schedule 5.16, neither the
Borrower nor any of its Subsidiaries has received any notice to the effect that its operations are
not in material compliance with any of the requirements of applicable Environmental Laws or are the
subject of any federal or state investigation evaluating whether any remedial action is needed to
respond to a release of any toxic or hazardous waste or substance into the
environment, which non-compliance or remedial action could reasonably be expected to have a
Material Adverse Effect.

     Section 5.17. Investment Company Act. Neither the Borrower nor any of its
Subsidiaries is an “investment company” or a company “controlled” by an “investment company”,
within the meaning of the Investment Company Act of 1940, as amended.

     Section 5.18. Public Utility Holding Company Act. Neither the Borrower nor any of its
Subsidiaries is a “holding company” or a “subsidiary company” of a “holding company”, or an
“affiliate” of a “holding company” or of a “subsidiary company” of a “holding company”, within the
meaning of the Public Utility Holding Company Act of 1935, as amended.

     Section 5.19. Insurance. The certificate (substantially in the form attached as
Schedule 5.19) signed on the date hereof by the President or Chief Financial Officer of the
Borrower, pursuant to which such officer attests to the existence and adequacy of, and summarizes,
the property and casualty insurance program carried by the Borrower with respect to itself and its
Subsidiaries and that has been furnished by the Borrower to Lender, is complete and accurate. This
summary includes the insurer’s or insurers’ name(s), policy number(s), expiration date(s),
amount(s) of coverage, type(s) of coverage, exclusion(s), and deductibles. This summary also
includes similar information, and describes any reserves, relating to any self-insurance program
that is in effect.

     Section 5.20. Solvency.

     (i) Immediately after the consummation of the transactions to occur hereunder and immediately
following the making of each Loan, if any, made on the date hereof and after giving effect to the
application of the proceeds of such Loans, (a) the fair value of the assets of the Borrower and its
Subsidiaries on a consolidated basis,

 

 

at a fair valuation, will exceed the debts and liabilities,
subordinated, contingent or otherwise, of the Borrower and its Subsidiaries on a consolidated
basis; (b) the present fair saleable value of the Property of the Borrower and its Subsidiaries on
a consolidated basis will be greater than the amount that will be required to pay the probable
liability of the Borrower and its Subsidiaries on a consolidated basis on their debts and other
liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become
absolute and matured; (c) the Borrower and its Subsidiaries on a consolidated basis will be able to
pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and
liabilities become absolute and matured; and (d) the Borrower and its Subsidiaries on a
consolidated basis will not have unreasonably small capital with which to conduct the businesses in
which they are engaged as such businesses are now conducted and are proposed to be conducted after
the date hereof.

     (ii) The Borrower does not intend to, or to permit any of its Subsidiaries to, and does not
believe that it or any of its Subsidiaries will, incur debts beyond its ability to pay such debts
as they mature, taking into account the timing of and amounts of cash to be received by it or any
such Subsidiary and the timing of the amounts of cash to be payable on or in respect of its
Indebtedness or the Indebtedness of any such Subsidiary.

     Section 5.21. Labor Matters. As of the Effective Date, there are no strikes, lockouts
or slowdowns against the Borrower or any of its Subsidiaries pending or, to the knowledge of the
Borrower, threatened. The hours worked by and payments made to employees of the Borrower and its
Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable
Federal, state, local or foreign law dealing with such matters, except where any such violations,
individually or in the aggregate, would not be reasonably likely to result in a Material Adverse
Effect. All material payments due from the Borrower or any of its Subsidiaries, or for which any
claim may be made against the Borrower or any such Subsidiary, on account of wages and employee
health and welfare insurance and other benefits, have been paid or accrued as a liability on the
books of the Borrower or such Subsidiary, as applicable. The consummation of the transactions
contemplated hereby will not give rise to any right of termination or right of renegotiation on the
part of any union under any collective bargaining agreement to which the Borrower or any of its
Subsidiaries is bound.

ARTICLE VI

Covenants

     During the term of this Agreement, unless Lender shall otherwise consent in writing:

     Section 6.1. Financial Reporting. The Borrower will maintain, for itself and each of
its Subsidiaries, a system of accounting established and administered in accordance with Agreement
Accounting Principles, and furnish to Lender:

     (i) Within ninety (90) days after the close of each fiscal year of Borrower, the annual report
of Borrower on form 10K for each such fiscal year-end, as filed with the Securities and Exchange
Commission.

     (ii) Within forty-five (45) days after the close of the each of the first three fiscal
quarters of each of Borrower’s fiscal years, the quarterly report of Borrower on form 10Q for each
such fiscal quarter-end, as filed with the Securities and Exchange Commission.

     (iii) Together with the deliveries required under Section 6.1(ii), for each fiscal
quarter-end, a compliance certificate in substantially the form of Exhibit B signed by an
Authorized Officer showing the calculations necessary to determine compliance with this Agreement
and stating that no Default or Unmatured Default exists, or if any Default or Unmatured Default
exists, stating the nature and status thereof.

     (iv) On the last day of each March prior to the Maturity Date, and at any other time the same
is reasonably requested by Lender, a detailed report (1) listing (by type and registration number)
all aircraft in which Borrower or any Subsidiary of Borrower owns or holds any right, title or
interest, (2) showing the Book Value of said aircraft.

     (v) no later than forty-five (45) days after the last day of each calendar quarter after the
Closing Date hereof, and at such other times as Lender shall request, a Borrowing Base Certificate,
certified by an Authorized Officer of Borrower as true and correct, setting forth the amount of
Eligible Accounts Receivable and Eligible Inventory and supporting documentation, in each case as
of the last Business Day of said calendar quarter;

 

 

     (vi) As soon as possible and in any event within ten (10) days after the Borrower knows that
any Reportable Event has occurred with respect to any Plan, a statement, signed by an Authorized
Officer of the Borrower, describing said Reportable Event and the action which the Borrower
proposes to take with respect thereto.

     (vii) As soon as possible and in any event within ten (10) days after receipt by the Borrower,
a copy of (a) any notice or claim to the effect that the Borrower or any of its Subsidiaries is or
may be liable to any Person as a result of the release by the Borrower, any of its Subsidiaries, or
any other Person of any toxic or hazardous waste or substance into the environment, and (b) any
notice alleging any violation of any federal, state or local environmental, health or safety law or
regulation by the Borrower or any of its Subsidiaries, which, in either case, could reasonably be
expected to have a Material Adverse Effect.

     (viii) As soon as possible and in any event within ten (10) days after notice thereof, notice
of all actions, suits, audits, inquiries, proceedings, notices of violations, investigations and/or
other material actions before or by any governmental or public authority or body, or any
subdivision thereof, including, without limitation, the Internal Revenue Service and/or the
Securities Exchange Commission of the U.S., against the Borrower or any Subsidiary, which could, in
the opinion of an Authorized Officer of the Borrower, if adversely determined, reasonably be
expected to result in a Material Adverse Effect.

     (ix) Such other information (including non-financial information) as Lender may from time to
time reasonably request.

     Section 6.2. Use of Proceeds. The Borrower will use the proceeds of the Loans for
general corporate and working capital purposes. The Borrower will not, nor will it permit any of
its Subsidiaries to, use any of the proceeds of the Advances or any Facility LC to purchase or
carry any
Margin Stock or for any purpose that entails a violation of, or that is inconsistent with, the
provisions of the Regulations of the Board, including Regulation T, U or X.

     Section 6.3. Notice of Default. The Borrower will, and will cause each of its
Subsidiaries to, give prompt notice in writing to Lender of the occurrence of any Default or
Unmatured Default and of any other development, financial or otherwise, which could reasonably be
expected to have a Material Adverse Effect, including, without limitation, any material casualty or
loss.

     Section 6.4. Conduct of Business. The Borrower will, and will cause each of its
Subsidiaries to, carry on and conduct its business in substantially the same manner and in
substantially the same fields of enterprise as it is presently conducted and do all things
necessary to remain duly incorporated or organized, validly existing and (to the extent such
concept applies to such entity) in good standing as a domestic corporation, partnership or limited
liability company in its jurisdiction of incorporation or organization, as the case may be, and
maintain all requisite authority to conduct its business in the jurisdiction of its organization
and in each other jurisdiction in which its business is conducted, unless the failure to be so
authorized to conduct business in each such other jurisdiction would not reasonably be expected to
have a Material Adverse Effect.

     Section 6.5. Taxes. The Borrower will, and will cause each of its Subsidiaries to,
timely file complete and correct United States federal and applicable foreign, state and local tax
returns required by law and pay when due all taxes, assessments and governmental charges and levies
upon it or its income, profits or Property, except those which are being contested in good faith by
appropriate proceedings and with respect to which adequate reserves have been set aside in
accordance with Agreement Accounting Principles. At any time that the Borrower or any of its
Subsidiaries is organized as a limited liability company, each such limited liability company will
qualify for partnership tax treatment under United States federal tax law.

     Section 6.6. Insurance. The Borrower will, and will cause each of its Subsidiaries
to, maintain with financially sound and reputable insurance companies the Required Property
Insurance Coverage and Required Public Liability Insurance Coverage, and the Borrower will furnish
to Lender upon request full information as to the insurance carried.

     Section 6.7. Compliance with Laws. The Borrower will, and will cause each of its
Subsidiaries to, comply in all material respects with all laws, rules, regulations, orders, writs,
judgments, injunctions, decrees or awards to which it may be subject including all Environmental
Laws.

     Section 6.8. Maintenance of Properties. The Borrower will, and will cause each of its
Subsidiaries to, do all things necessary to maintain, preserve, protect and keep its Property in
good repair, working order and

 

 

condition, and make all necessary and proper repairs, renewals and
replacements so that its business carried on in connection therewith may be properly conducted at
all times except to the extent the failure to do so would not reasonably be expected to result in a
Material Adverse Effect.

     Section 6.9. Books and Records; Inspection. The Borrower will, and will cause each of
its Subsidiaries to, (i) keep proper books of record and account in which full, true and correct
entries in all respects are made for all dealings and transactions in relation to its business and
activities, and (ii) permit Lender, by their respective representatives and agents, with prior
notice to Borrower to inspect any of the Property, books and financial records of the Borrower and
each of its Subsidiaries, to examine and make copies of the books of accounts and other financial
records of the Borrower and each such Subsidiary, and to discuss the affairs, finances and accounts
of the Borrower and each such Subsidiary with, and to be advised as to the same by, their
respective officers at such reasonable times during Borrower’s or such Subsidiary’s normal business
hours and at reasonable intervals as Lender may designate.

     Section 6.10. Operating Leases. Borrower will not, nor will it permit any of its
Subsidiaries, to enter into any Operating Lease for aircraft (1) having a term greater than five
(5) years and/or (ii) under which the aggregate total amount of rent and lease expense paid by or
to be paid by Borrower and its Subsidiaries on an annual basis exceeds $3,000,000.00.

     Section 6.11. Indebtedness. The Borrower will not, nor will it permit any of its
Subsidiaries, as applicable, to, create, incur or suffer to exist any Indebtedness, except any or
all of the following (collectively “Permitted Indebtedness”):

     (i) The Loans and the Reimbursement Obligations.

     (ii) Indebtedness existing on the date hereof and described in Schedule 2.

     (iii) Indebtedness arising under Rate Management Transactions related to the Loans.

     (iv) Consolidated Indebtedness, calculated for the Borrower and/or its Subsidiaries without
duplication, not exceeding $10,000,000.00 in the aggregate incurred and outstanding at any time;
provided, that all of such Consolidated Indebtedness is incurred for the sole purpose of
purchasing, or other financings, including time shares and capitalized leases, with respect to
aircraft and related tangible fixed assets, it being understood and agreed that neither Borrower
nor any of its Subsidiaries which incurred such Consolidated Indebtedness shall in any event, as a
result of such Indebtedness, be subject to or bound by any financial covenants with respect to
Borrower or any of its Subsidiaries, unless the bank, financial institution or other creditor to
which such Consolidated Indebtedness is owing shall have entered into an Inter-Creditor Agreement
with Lender and in form and substance satisfactory to Lender.

     (v) Indebtedness by and among Borrower and any Guarantor or among Guarantors.

     Section 6.12. Merger. The Borrower will not, nor will it permit any of its
Subsidiaries to, merge or consolidate with or into any other Person, except that a Subsidiary may
merge into the Borrower or a Wholly-Owned Subsidiary.

     Section 6.13. Sale of Assets. The Borrower will not, nor will it permit any of its
Subsidiaries to, in one or any series of transactions, lease, sell or otherwise dispose of Property
to any other Person (except Property (i) which is purchased or otherwise acquired by Borrower or
any of its Subsidiaries ninety (90) or fewer days prior to such lease, sale or other disposition,
or (ii) which is subject to a Permitted Lien in favor of a Person other than Lender and said Person
has approved or permitted such sale, lease or other disposition, or (iii) which is sold by Borrower
or any Subsidiary to any Guarantor, provided, however, that to the extent any such Property is
subject to a Lien in favor of Lender, or in favor of Administrative Agent for the benefit of
Lender, said transfer shall be made specifically subject to said Lien and the transferee-Guarantor
shall assume all obligations of the transferor-Borrower or Subsidiary under any Security Agreement,
Pledge or other Loan Document pursuant to which any such Lien was created) which, in the aggregate,
constitutes a Substantial Portion of the Property of Borrower or any Subsidiary, or which
constitutes Collateral under the Security Documents if said lease, sale or other disposition is
prohibited pursuant to the Security Documents.

     Section 6.14. Investments and Acquisitions. The Borrower will not, nor will it permit
any of its Subsidiaries to, make or suffer to exist any Investments (including loans and advances
to, and other Investments in,

 

 

Subsidiaries, except as explicitly permitted pursuant to Section
6.11), or commitments therefor, or to create any Subsidiary or to become or remain a partner in any
partnership or joint venture, or to make any Acquisition of any Person, except:

     (i) Cash Equivalent Investments.

     (ii) Existing Investments in Subsidiaries and other Investments in existence on the date
hereof and described in Schedule I, including, without limitation, pursuant to the management and
licensing agreements between AMI, ASI and/or Jetride, substantially on such terms and providing for
management and royalty fees to AMI as described in writing to Lender.

     Section 6.15. Liens. The Borrower will not, nor will it permit any of its
Subsidiaries to, create, incur, or suffer to exist (i) any Lien in, of or on the Property of the
Borrower or any of its Subsidiaries, or (ii) an agreement with any Person (other than Lender) which
prohibits or restricts the granting of any such Lien in favor of Lender or in favor of
Administrative Agent for the benefit of Lender, except any or all of the following (collectively,
“Permitted Liens”):

     (i) Liens for taxes, assessments or governmental charges or levies on its Property if the same
shall not at the time be delinquent or thereafter can be paid without penalty, or are being
contested in good faith and by appropriate proceedings and for which adequate reserves in
accordance with Agreement Accounting Principles shall have been set aside on its books.

     (ii) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ liens, landlord’s
liens, and other similar liens arising in the ordinary course of business which secure payment of
obligations not more than 60 days past due or which are being contested in good faith by
appropriate proceedings and for which adequate reserves shall have been set aside on its books.

     (iii) Liens arising out of pledges or deposits under worker’s compensation laws, unemployment
insurance, old age pensions, or other social security or retirement benefits, or similar
legislation.

     (iv) Utility easements, building restrictions and such other encumbrances or charges against
real property as are of a nature generally existing with respect to properties of a similar
character and which do not in any material way affect the marketability of the same or interfere
with the use thereof in the business of the Borrower or its Subsidiaries.

     (v) Liens existing on the date hereof and described in Schedule II.

     (vi) Liens existing in connection with existing and future Operating Leases and Capitalized
Leases.

     (vii) Liens in favor of Lender or in favor of Administrative Agent for the benefit of Lender.

     (viii) Liens to secure payment of the purchase price of any aircraft and related tangible
fixed assets acquired by the Borrower or any of its Subsidiaries with the proceeds of any Permitted
Indebtedness may be created or suffered to exist upon such aircraft and related tangible fixed
assets provided that the aggregate principal amount of all Permitted Indebtedness secured by such
Liens does not exceed the amounts set forth in Section 6.11(iv); provided that no such Lien shall
encumber any other asset at any time owned by the Borrower or such Subsidiary, and, provided
further, that not more than one such Lien shall encumber such fixed asset at any one time.

     (ix) Liens securing Permitted Indebtedness described in Section 6.11(v).

     Section 6.16. Capital Expenditures. The Borrower will not, and will not permit any of
its Subsidiaries to, make, or be committed to make, Capital Expenditures, on a non-cumulative basis
in the aggregate exceeding $15,000,000 annually. Notwithstanding the foregoing provisions of this
Section 6.16, the difference (up to $5,000,000) between (i) the maximum aggregate Capital
Expenditures permitted in any year, and (ii) the actual aggregate Capital Expenditures made for
such year, shall be permitted as a carry-over in any subsequent year and shall increase the maximum
Capital Expenditures permitted for any such subsequent year (including any Capital Expenditures
permitted in such subsequent year attributable to the purchase of aircraft).

     Section 6.17. Affiliates. The Borrower will not, and will not permit any of its
Subsidiaries to,
enter into any transaction (including the purchase or sale of any Property or
service) with, or make any payment or transfer to,

 

 

any Affiliate except in the ordinary course of
business and pursuant to the reasonable requirements of the Borrower’s or such Subsidiary’s
business and upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary
than the Borrower or such Subsidiary would obtain in a comparable arms-length transaction.

     Section 6.18. Letters of Credit. The Borrower will not, nor will it permit any of
its Subsidiaries to, apply for or become liable upon or in respect of any Letter of Credit other
than Facility LCs.

     Section 6.19. Sale of Accounts. The Borrower will not, nor will it permit any of its
Subsidiaries to, sell or otherwise dispose of, with or without recourse, any notes receivable or
Accounts Receivable for a purchase price exceeding $100,000 in the aggregate in any calendar year.

     Section 6.20. Sale and Leaseback Transactions and other Off-Balance Sheet
Liabilities. The Borrower will not, nor will it permit any of its Subsidiaries to, enter into
or suffer to exist one or more (i) Sale and Leaseback Transactions of assets having book value in
excess of (1) $10,000,000 in the aggregate during any calendar year, or (2) $25,000,000 in the
aggregate during the term of this Agreement, or (ii) any other transaction pursuant to which it
incurs or has incurred Off-Balance Sheet Liabilities, except to the extent permitted under (i)
above.

     Section 6.21. Contingent Obligations. The Borrower will not, nor will it permit any
of its Subsidiaries to, make or suffer to exist any Contingent Obligation (including any Contingent
Obligation with respect to the obligations of any of Borrower’s Subsidiaries), except (i) by
endorsement of instruments for deposit or collection in the ordinary course of business, (ii) the
Reimbursement Obligations, and (iii) to the extent such Contingent Obligation(s) otherwise
constitute Permitted Indebtedness hereunder.

     Section 6.22. Financial Contracts. The Borrower will not, nor will it permit any of
its Subsidiaries to, enter into or remain liable upon any Financial Contract.

     Section 6.23. No Amendments to Certain Documents and Agreements. The Borrower will
not, nor will it permit any material amendment to its Articles of Incorporation, its Code of
Regulations, or any other governing documents, except as required to maintain compliance with
federal, state and local laws and regulations from time to time applicable to Borrower; provided,
however, that Borrower shall provide thirty (30) days prior written notice to Lender of any such
amendment.

     Section 6.24 Financial Covenants.

     Section 6.24.1. Fixed Charge Coverage Ratio. The Borrower will not permit the Fixed
Charge Coverage Ratio (determined as of the end of each of its fiscal quarters for the then most
recently ended four fiscal quarters), to be less than 1.25 to 1.0.

     Section 6.24.2. Leverage Ratio. The Borrower will not permit the Leverage Ratio,
(determined as of the end of each of its fiscal quarters for the then most-recently ended four
fiscal quarters), to be greater than 3.00 to 1.0.

     Section 6.24.3. Minimum Tangible Net Worth. The Borrower will at all times maintain
Consolidated Tangible Net Worth of not less than (i) as of Borrower’s fiscal year-end 2006,
$33,000,000.00, and (ii) as of the last day of each of Borrower’s fiscal years thereafter, that
amount which is equal to the sum of the minimum Consolidated Tangible Net Worth required to be
maintained by Borrower in accordance with this Section as of the last day of Borrower’s prior
fiscal year, and 50% of Consolidated Net Income for such prior fiscal year; provided that if such
Consolidated Net Income is negative in any fiscal year, the amount added in the subsequent fiscal
year shall be zero.

ARTICLE VII

Defaults

     The occurrence of any one or more of the following events shall constitute a Default:

     Section 7.1. Any representation or warranty made or deemed made by or on behalf of the
Borrower or any of its Subsidiaries to Lender or to Administrative Agent under or in connection
with this Agreement, any Credit Extension, or any certificate or information delivered in
connection with this Agreement or any other Loan Document shall be false in any material respect on
the date as of which made.

 

 

     Section 7.2. Nonpayment within five (5) days after the same becomes due of principal of any
Loan or interest due upon any Loan, any Reimbursement Obligation or of any commitment fee, LC Fee
or other obligations under any of the Loan Documents.

     Section 7.3. The breach by the Borrower of any of the terms or provisions of Article VI;
provided, however, that so long as (i) no breach by Borrower of any such terms or provisions of
Article VI has occurred previously in the prior twelve (12) consecutive months, and (ii) such
breach is not of the terms or provisions of Sections 6.2, 6.6, 6.8, 6.9, 6.11, 6.12, 6.13, 6.14,
6.15, 6.16, 6.18, 6.19, 6.20, 6.21, 6.22, 6.23, and/or 6.24, then the same shall not constitute a
Default hereunder if cured to the reasonable satisfaction of Lender within fifteen (15) days after
the earlier of (i) written notice to Borrower thereof from Lender, or (ii) such time as any officer
of Borrower has become aware of said breach.

     Section 7.4. The breach by the Borrower (other than a breach which constitutes a Default under
another Section of this Article VII) of any of the terms or provisions of this Agreement or any
other Loan Documents which is not remedied within fifteen (15) days after the earlier of (i)
written notice to Borrower thereof from Lender, or (ii) such time as any officer of Borrower has
become aware of said breach.

     Section 7.5. Failure of the Borrower or any of its Subsidiaries or any Affiliate of Borrower
to pay when due (i) any Indebtedness or Rate Management Obligation(s) owing to Lender and unrelated
to this Agreement, (ii) any Indebtedness owing by any of them in favor of any other Person which,
individually or together with such other Indebtedness as to which any such failure exists, has an
aggregate outstanding principal amount in excess of $1,000,000 or which is secured by a Substantial
Portion of its or their Property which constitutes Collateral under the Security Agreements
(“Material Indebtedness”), or the default by the Borrower or any of its Subsidiaries or Affiliates
in the performance (beyond the applicable grace or cure period with respect thereto, if any) of any
term, provision or condition contained in any agreement under which any such Indebtedness, Rate
Management Obligation(s) or Material Indebtedness was created or is governed, including, without
limitation, in any Rate Management Transaction, or any other event shall occur or condition exist,
the effect of which default or event is to cause, or to permit the holder or holders of such
Indebtedness, Rate Management Obligation(s) or Material Indebtedness to cause, such Indebtedness,
Rate Management Obligation(s) or Material Indebtedness to become due prior to its stated maturity;
or any Indebtedness, Rate Management Obligation(s) or Material Indebtedness of the Borrower or any
of its Subsidiaries or Affiliates shall be declared to be due and payable or required to be prepaid
or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof;
or the Borrower or any of its Subsidiaries or Affiliates shall not pay, or admit in writing its
inability to pay, its debts generally as they become due.

     Section 7.6. The Borrower or any of its Subsidiaries shall (i) have an order for relief
entered with respect to it under the Federal bankruptcy laws as now or hereafter in effect, (ii)
make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce
in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for
it or any Substantial Portion of its or their respective Property, (iv) institute any proceeding
seeking an order for relief under the Federal bankruptcy laws as now or hereafter in effect or
seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation,
reorganization, arrangement, adjustment or composition of it or its debts under any law relating to
bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other
pleading denying the material allegations of any such proceeding filed against it, (v) take any
corporate or partnership action to authorize or effect any of the foregoing actions set forth in
this Section 7.6 or (vi) fail to contest in good faith any appointment or proceeding described in
Section 7.7.

     Section 7.7. Without the application, approval or consent of the Borrower or any of its
Subsidiaries, a receiver, trustee, examiner, liquidator or similar official shall be appointed for
the Borrower or any of its Subsidiaries or any Substantial Portion of its or their respective
Property, or a proceeding described in Section 7.6(iv) shall be instituted against the Borrower or
any of its Subsidiaries and such appointment continues undischarged or such proceeding continues
undismissed or unstayed for a period of 60 consecutive days.

     Section 7.8. Any court, government or governmental agency shall condemn, seize or otherwise
appropriate, or take custody or control of a Substantial Portion of the Property of Borrower and/or
any of its Subsidiaries; or all or any portion of the Property of the Borrower and/or any of its
Subsidiaries which, when taken together with all other Property of the Borrower and/or any of its
Subsidiaries which has been so condemned, seized, appropriated, or taken into custody or under
control, during the twelve-month period ending with the month in which any such action occurs,
constitutes a Substantial Portion, except pursuant to the legal order of the U.S. government in
time of war.

 

 

     Section 7.9. One or more (i) judgments or orders for the payment of money in an aggregate
amount in excess of $2,000,000 (or the equivalent thereof in currencies other than U.S. Dollars),
or (ii) nonmonetary judgments or orders which, individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect, are entered against Borrower or any of its
Subsidiaries, which judgment(s), in any such case, is/are not (i) stayed on appeal, (ii) otherwise
being appropriately contested in good faith, or (iii) paid, bonded or otherwise discharged
(including, without limitation, as a result of any insurance settlement or payment) within
forty-five (45) days after entry thereof.

     Section 7.10. The Unfunded Liabilities of all Single Employer Plans shall in the aggregate
exceed $100,000 or any Reportable Event shall occur in connection with any Plan.

     Section 7.11. The Borrower or any other member of the Controlled Group shall have been
notified by the sponsor of a Multiemployer Plan that it has incurred withdrawal liability to such
Multiemployer Plan in an amount which, when aggregated with all other amounts required to be paid
to Multiemployer Plans by the Borrower or any other member of the Controlled Group as withdrawal
liability (determined as of the date of such notification), exceeds $100,000 or requires payments
exceeding $100,000 per annum.

     Section 7.12. The Borrower or any other member of the Controlled Group shall have been
notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization
or is being terminated, within the meaning of Title IV of ERISA, if as a result of such
reorganization or termination the aggregate annual contributions of the Borrower and the other
members of the Controlled Group (taken as a whole) to all Multiemployer Plans which are then in
reorganization or being terminated have been or will be increased over the amounts contributed to
such Multiemployer Plans for the respective plan years of each such Multiemployer Plan immediately
preceding the plan year in which the reorganization or termination occurs by an amount exceeding
$100,000.

     Section 7.13. The Borrower or any of its Subsidiaries shall violate any Environmental Law,
which violation could reasonably be expected to have a Material Adverse Effect.

     Section 7.14. Any Change in Control shall occur.

     Section 7.15. The occurrence of any “default”, as defined in any Loan Document (other than
this Agreement) or the breach of any of the terms or provisions of any Loan Document (other than
this Agreement), which default or breach continues beyond any period of grace or cure therein
provided, and which could reasonably be expected to have a Material Adverse Effect.

     Section 7.16. Any Guaranty shall fail to remain in full force or effect or any action shall
be taken to discontinue or to assert the invalidity or unenforceability of any Guaranty, or any
Guarantor shall fail to comply with any of the terms or provisions of any Guaranty to which it is a
party, or any Guarantor shall deny that it has any further liability under any Guaranty to which it
is a party, or shall give notice to such effect.

     Section 7.17. The Collateral under the Security Documents shall, for any reason, in the
reasonable discretion of Lender, materially decline in value, unless, immediately upon demand,
additional security reasonably satisfactory to Lender is provided.

     Section 7.18. Failure by Borrower to pay all amounts owing under or in connection with the
CIT Loan as and when due, or the default by Borrower in the performance of any term, provision or
condition contained in any document, instrument, security agreement or other agreement evidencing
or securing the CIT Loan (defined below) or under which the CIT Loan is created or governed, or any
other event shall occur or condition exist, the effect of which is to cause the holder(s) of the
CIT Loan to cause the obligations of the Borrower thereunder to become due prior to its stated
maturity; giving effect, in each such instance to any grace or cure period applicable under the CIT
Loan; provided, however, that this Section 7.18 shall be void and of no further effect at such time
as the outstanding principal balance, together with all interest and other sums owing in connection
therewith, shall be equal to or less than $1,000,000.00. “CIT Loan” means the financing extended
by CIT Group to Borrower in the maximum principal amount of $11,000,000.00 in March of 2005, the
proceeds of which were used to repay the Term Loans made pursuant to the First Amended and Restated
Credit Agreement.

 

 

ARTICLE VIII

Acceleration, Waivers And Remedies

     Section 8.1. Acceleration.

     (i) If any Default described in Section 7.6 or 7.7 occurs with respect to the Borrower, the
obligations of Lender to make Loans hereunder, and the obligation and power of Lender to issue
Facility LCs, shall automatically terminate and the Obligations shall immediately become due and
payable and Borrower shall be and become unconditionally obligated to pay the same without any
election or action on the part of Lender. If any other Default occurs, Lender may terminate or
suspend all obligations to make Loans hereunder and the obligation to issue Facility LCs, or
declare the Obligations to be due and payable, or both, whereupon the Obligations shall become
immediately due and payable, without presentment, demand, protest or notice of any kind, all of
which the Borrower hereby expressly waives.

     (ii) If, within 30 days after acceleration of the maturity of the Obligations or termination
of the obligations of Lender to make Loans, and the obligation and power of Lender to issue
Facility LCs, as a result of any Default (other than any Default as described in Section 7.6 or 7.7
with respect to the Borrower) and before any judgment or decree for the payment of the Obligations
due shall have been obtained or entered, Lender shall, by notice to the Borrower, rescind and
cancel such acceleration and/or termination.

     Section 8.2. Preservation of Rights. No delay or omission of Lender to exercise any
right under the Loan Documents shall impair such right or be construed to be a waiver of any
Default or an acquiescence therein, and the making of a Credit Extension notwithstanding the
existence of a Default or the inability of the Borrower to satisfy the conditions precedent to such
Credit Extension shall not constitute any waiver or acquiescence. Any single or partial exercise
of any such right shall not preclude any other or further exercise thereof or the exercise of any
other right, and no waiver, amendment or other variation of the terms, conditions or provisions of
the Loan Documents whatsoever shall be valid unless in writing signed by Lender required pursuant
to Section 12.13, and then only to the extent in such writing specifically set forth. All remedies
contained in the Loan Documents or by law afforded shall be cumulative and all shall be available
to Lender and/or Administrative Agent until the Obligations have been paid in full.

ARTICLE IX

Intentionally Omitted

Setoff; Ratable Payments

     Section 10.1. Setoff. In addition to, and without limitation of, any rights of Lender
under applicable law, if the Borrower becomes insolvent, however evidenced, or any Default occurs,
any and all deposits (including all account balances, whether provisional or final and whether or
not collected or available) and any other Indebtedness at any time held or owing by Lender or any
Affiliate of Lender to or for the credit or account of the Borrower may be offset and applied
toward the payment of the Obligations owing to Lender and/or Administrative Agent for the benefit
of Lender, whether or not the Obligations, or any part hereof, shall then be due.

     Section 10.2. Intentionally Omitted.

ARTICLE XI

Benefit Of Agreement; Assignments; Participations

     Section 11.1. Successors and Assigns. The terms and provisions of the Loan Documents
shall be binding upon and inure to the benefit of the Borrower and Lender and their respective
successors and assigns, except that (i) the Borrower shall not have the right to assign
its rights or obligations under the Loan Documents and (ii) any assignment by Lender must be made
in compliance with Section 11.3. The parties to this Agreement acknowledge that clause (ii) of
this Section 11.1 relates only to absolute assignments and does not prohibit assignments creating
security interests, including any pledge or assignment by Lender of all or any portion of its
rights under this Agreement and any Note to a Federal Reserve Bank; provided, however, that no such
pledge or assignment creating a security interest shall release the transferor Lender from its
obligations hereunder unless and until the parties
thereto

 

 

have complied with the provisions of
Section 11.3. Any assignee of the rights to any Loan or any Note agrees by acceptance of such
assignment to be bound by all the terms and provisions of the Loan Documents. Any request,
authority or consent of any Person, who at the time of making such request or giving such authority
or consent is the owner of the rights to any Loan (whether or not a Note has been issued in
evidence thereof), shall be conclusive and binding on any subsequent holder or assignee of the
rights to such Loan.

     Section 11.2. Participations.

     11.2.1. Permitted Participants; Effect. Lender may, in the ordinary course of
its business and in accordance with applicable law, at any time sell to one or more banks or
other entities (“Participants”) participating interests in any Outstanding Credit Exposure
of Lender, any Note held by Lender, any Commitment of Lender or any other interest of Lender
under the Loan Documents. In the event of any such sale by Lender of participating
interests to a Participant, Lender’s obligations under the Loan Documents shall remain
unchanged, Lender shall remain solely responsible to Borrower for the performance of such
obligations, Lender shall remain the owner of its Outstanding Credit Exposure and the holder
of any Note issued to it in evidence thereof for all purposes under the Loan Documents, all
amounts payable by the Borrower under this Agreement shall be determined as if Lender had
not sold such participating interests, and the Borrower shall continue to deal solely and
directly with Lender in connection with Lender’s rights and obligations under the Loan
Documents.

     11.2.2. Voting Rights. Lender shall retain the sole right to approve, without
the consent of any Participant, any amendment, modification or waiver of any provision of
the Loan Documents other than any amendment, modification or waiver with respect to any
Credit Extension or Commitment in which such Participant has an interest which forgives
principal, interest, fees, or any Reimbursement Obligation, or reduces the interest rate or
fees payable with respect to any such Credit Extension or Commitment, extends the Facility
Termination Date, or postpones any date fixed for any regularly-scheduled payment of
principal of or interest on any Loan in which such Participant has an interest, or any
regularly-scheduled payment of fees on any such Credit Extension or Commitment.

     Section 11.3. Assignments.

     Lender may, in the ordinary course of its business and in accordance with applicable law, at
any time assign to one or more banks or other entities (“Purchasers”) all or any part of its rights
and obligations under the Loan Documents. The consent of the Borrower shall be required prior to
an assignment becoming effective with respect to a Purchaser which is not an Affiliate of Lender;
provided, however, that if a Default has occurred and is continuing, the consent of the Borrower
shall not be required. Such consent shall not be unreasonably withheld or delayed. Each such
assignment with respect to a Purchaser which is not an Affiliate of Lender shall (unless Borrower
otherwise consents) be in an amount not less than the lesser of (i) $5,000,000 or (ii) the
remaining amount of Lender’s Revolving Commitment (calculated as at the date of such assignment) or
Outstanding Credit Exposure (as applicable).

     Section 11.4. Dissemination of Information. The Borrower authorizes Lender to
disclose to any Participant or Purchaser or any other Person acquiring an interest in the Loan
Documents by operation of law (each a “Transferee”) and any prospective Transferee, provided that
prior written notice of any such disclosure from Lender to Borrower is made, any and all
information in Lender’s possession concerning the creditworthiness of the Borrower and its
Subsidiaries, including any information contained in any Reports; provided that each Transferee and
prospective Transferee agrees to be bound by Section 12.10 of this Agreement.

ARTICLE XII

General Provisions

     Section 12.1. Survival of Representations. All representations and warranties of the
Borrower contained in this Agreement shall survive the making of the Credit Extensions herein
contemplated.

     Section 12.2. Governmental Regulation. Anything contained in this Agreement to the
contrary notwithstanding, Lender shall not be obligated to extend credit to the Borrower in
violation of any limitation or prohibition provided by any applicable statute or regulation.

 

 

     Section 12.3. Headings. Section headings in the Loan Documents are for convenience of
reference only, and shall not govern the interpretation of any of the provisions of the Loan
Documents.

     Section 12.4. Entire Agreement. The Loan Documents embody the entire agreement and
understanding between the Borrower and Lender and supersede all prior agreements and understandings
between the Borrower and Lender relating to the subject matter thereof.

     Section 12.5. Several Obligations; Benefits of this Agreement. This Agreement shall
not be construed so as to confer any right or benefit upon any Person other than the parties to
this Agreement and their respective successors and assigns.

     Section 12.6. Expenses; Indemnification.

     (i) The Borrower shall reimburse Lender for any reasonable and properly documented costs,
internal charges and out-of-pocket expenses (including reasonable attorneys’ fees and time charges
of attorneys for Lender, which attorneys may be employees of Lender) paid or incurred by Lender in
connection with the preparation, negotiation, execution, delivery, syndication, review, amendment,
modification, and administration of the Loan Documents. The Borrower also agrees to reimburse
Lender for any reasonable and properly documented costs, internal charges and out-of-pocket
expenses (including reasonable attorneys’ fees and time charges of attorneys for Lender, which
attorneys may be employees of Lender) paid or incurred by Lender in connection with the collection
and enforcement of the Loan Documents.

     (ii) The Borrower hereby further agrees to indemnify Lender, its directors, officers,
employees and agents against all losses, claims, damages, penalties, judgments, liabilities and
expenses (including all expenses of litigation or preparation therefor whether or not Lender is a
party thereto) which any of them may pay or incur arising out of or relating to this Agreement, the
other Loan Documents, the transactions contemplated hereby or the direct or indirect application or
proposed application of the proceeds of any Credit Extension hereunder except to the extent that
they are determined in a Final Judgment (defined below) to have resulted from the gross negligence
or willful misconduct of the party seeking indemnification. “Final Judgment” means a judgment by a
court of competent jurisdiction (i) which is non-appealable or (ii) with respect to which Lender
does not commence proceedings to appeal within the applicable period(s) provided for by law. The
obligations of the Borrower under this Section 12.6 shall survive the termination of this
Agreement.

     Section 12.7. Intentionally Omitted.

     Section 12.8. Severability of Provisions. Any provision in any Loan Document that is
held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that
jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions
in that jurisdiction or the operation, enforceability, or validity of that provision in any other
jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable.

     Section 12.9. Nonliability of Lender. The relationship between the Borrower on the
one hand and Lender on the other hand shall be solely that of borrower and lender. Lender shall
have no fiduciary responsibilities to the Borrower. Lender undertakes no responsibility to the
Borrower to review or inform the Borrower of any matter in connection with any phase of the
Borrower’s business or operations. The Borrower agrees that Lender shall have no liability to the
Borrower (whether sounding in tort, contract or otherwise) for losses suffered by the Borrower in
connection with, arising out of, or in any way related to, the transactions contemplated and the
relationship established by the Loan Documents, or any act,
omission or event occurring in connection therewith, unless it is determined in a Final Judgment
that such losses resulted from the gross negligence or willful misconduct of the party from which
recovery is sought.

     Section 12.10. Confidentiality. Lender agrees, on behalf of itself and its Affiliates
to whom a disclosure is made, to hold any confidential information which it may receive from the
Borrower pursuant to this Agreement in confidence, except for disclosure (i) to its Affiliates,
(ii) to legal counsel, accountants, and other professional advisors to Lender, to Administrative
Agent, or to a Transferee, (iii) to regulatory officials, (iv) to any Person as requested pursuant
to or as required by law, regulation, or legal process, (v) to any Person in connection with any
legal proceeding to which Lender is a party, (vi) to Lender’s direct or indirect contractual
counterparties in swap agreements or to legal counsel, accountants and other professional advisors
to such counterparties, and (vii) permitted by Section 11.4.

 

 

     Section 12.11. Fixed Assets. Lender and Administrative Agent hereby agree that they
will take such actions as are reasonably necessary to release all or part of the Fixed Assets from
the existing liens and security interests granted under the Loan Documents, if such release is
requested by Borrower in connection with Borrower’s refinance (with a creditor other than Lender)
of all or part of such Fixed Assets; provided, however, that (i) said creditor has required that
such refinance be secured by a first position security interest in the Fixed Assets to be released,
(ii) said refinancing is not prohibited by this Agreement or the other Loan Documents or is
specifically permitted under Section 6.11, and (iii) no Default or Unmatured Default exists at the
time of said release or thereafter as a result of said release.

     Section 12.12. Intentionally Omitted.

     Section 12.13. Intentionally Omitted.

     Section 12.14. Notices. Except as otherwise permitted by Section 2.14 with respect to
Borrowing Notices, all notices, requests and other communications to any party hereunder shall be
in writing (including electronic transmission, facsimile transmission or similar writing) and shall
be given to such party at its address or facsimile number set forth on the signature pages hereof.
Each such notice, request or other communication shall be effective (i) if given by facsimile
transmission, when transmitted to the facsimile number specified in this Section and confirmation
of receipt is received, (ii) if given by mail, 72 hours after such communication is deposited in
the mails with first class postage prepaid, addressed as aforesaid, or (iii) if given by any other
means, when delivered (or, in the case of electronic transmission, received) at the address
specified in this Section; provided that notices to Lender under Article II shall not be effective
until received.

     Section 12.15. Change of Address. The Borrower and Lender may each change the address
for service of notice upon it by a notice in writing to the other party hereto.

     Section 12.16. Counterparts. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one agreement, and any of the parties
hereto may execute this Agreement by signing any such counterpart. This Agreement shall be
effective when it has been executed by the Borrower and Lender.

     Section 12.17. Choice Of Law. The Loan Documents (other than those containing a
contrary express choice of law provision) shall be construed in accordance with the internal laws
(but without regard to the conflict of law principles) of the State of Ohio, but giving effect to
federal laws applicable to national banks.

     Section 12.18. Consent To Jurisdiction. The Borrower hereby irrevocably submits to
the non-exclusive jurisdiction of any United States federal or Ohio state court sitting in
Columbus, Ohio in any action or proceeding arising out of or relating to any Loan Documents and the
Borrower hereby irrevocably agrees that all claims in respect of such action or proceeding may be
heard and determined in any such court and irrevocably waives any objection it may now or hereafter
have as to the venue of any such suit, action or proceeding brought in such a court or that such
court is an inconvenient forum. Nothing herein shall limit the right of Lender to bring
proceedings against the Borrower in the courts of any other jurisdiction. Any judicial proceeding
by the Borrower against Lender involving, directly or indirectly, any matter in any way arising out
of, related to, or connected with any Loan Document shall be brought only in a court in Columbus,
Ohio.

     Section 12.19. WAIVER OF JURY TRIAL. THE BORROWER AND LENDER HEREBY WAIVE TRIAL BY
JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN
TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN
DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.

     Section 12.20. Interest Rate Limitation. Notwithstanding anything herein to the
contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges
and other amounts that are treated as interest on such Loan under applicable law (collectively, the
“Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for,
charged, taken, received or reserved by Lender holding such Loan in accordance with applicable law,
the rate of interest payable in respect of such Loan hereunder, together with all Charges payable
in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest
and Charges that would have been payable in respect of such Loan but were not payable as a result
of the operation of this Section shall be cumulated and the interest and Charges payable to Lender,
and/or to Administrative Agent for the benefit of Lender, in respect of other Loans or periods
shall be increased (but not above the Maximum Rate therefor) until such

 

 

cumulated amount, together
with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been
received by Lender.

     Section 12.21. Warrant of Attorney. The Borrower hereby irrevocably authorizes any
attorney-at-law, including any attorney-at-law employed or retained by Lender to appear for it in
any action on this Agreement or any Note at any time after the same becomes due as herein or
therein provided in any court of record situated in the county where this warrant was signed (being
Franklin County, Ohio), or in the county where the Borrower then resides or can be found, to waive
the issuing and service of process, and confess a judgment in favor of the holder of this Agreement
and any Note against the Borrower, for the amount that may then be due, with interest at the
rate(s) provided for herein, together with the costs of suit, and to waive and release all errors
in said proceedings and the right to appeal from the judgment rendered. The Borrower consents to
the jurisdiction and venue of such court. The Borrower waives any conflict of interest that any
attorney-at-law employed or retained by Lender may have in confessing judgment hereunder and
consents to the payment of a legal fee to any attorney-at-law confessing judgment hereunder.

ARTICLE XIII

The Administrative Agent

     Section 13.1. Appointment; Nature of Relationship. Agent is hereby appointed by
Lender as its contractual representative (herein referred to as the “Administrative Agent”)
hereunder and under each other Loan Document, and Lender irrevocably authorizes the Administrative
Agent to act as the contractual representative of Lender with the rights and duties expressly set
forth herein and in the other Loan Documents. The Administrative Agent agrees to act as such
contractual representative upon the express conditions contained in this Article XIII.
Notwithstanding the use of the defined term “Administrative Agent,” it is expressly understood and
agreed that the Administrative Agent shall not have any fiduciary responsibilities to Lender by
reason of this Agreement or any other Loan Document and that the Administrative Agent is merely
acting as the contractual representative of the Lenders with only those duties as are expressly set
forth in this Agreement and the other Loan Documents. In its capacity as the Lenders’ contractual
representative, the Administrative Agent (i) does not hereby assume any fiduciary duties to any of
the Lender, (ii) is a “representative” of the Lender within the meaning of the Uniform Commercial
Code and (iii) is acting as an independent contractor, the rights and duties of which are limited
to those expressly set forth in this Agreement and the other Loan Documents. Lender hereby agrees
to assert no claim against the Administrative Agent on any agency theory or any other theory of
liability for breach of fiduciary duty, all of which claims Lender hereby waives.

     Section 13.2. Powers. The Administrative Agent shall have and may exercise such
powers under the Loan Documents as are specifically delegated to the Administrative Agent by the
terms of each thereof, together with such powers as are reasonably incidental thereto. The
Administrative Agent shall have no implied duties to the Lender, or any obligation to the Lender to
take any action thereunder except any action specifically provided by the Loan Documents to be
taken by the Administrative Agent.

     Section 13.3. General Immunity. Neither the Administrative Agent nor any of its
directors, officers, agents or employees shall be liable to the Borrower or Lender for any action
taken or omitted to be taken by it or them hereunder or under any other Loan Document or in
connection herewith or therewith except to the extent such action or inaction is determined in a
final non-appealable judgment by a court of competent jurisdiction to have arisen from the gross
negligence or willful misconduct of such Person.

     Section 13.4. No Responsibility for Loans, Recitals, etc Neither the Administrative
Agent nor any of its directors, officers, agents or employees shall be responsible for or have any
duty to ascertain, inquire into, or verify (a) any statement, warranty or representation made in
connection with any Loan Document or any borrowing hereunder; (b) the performance or observance of
any of the covenants or agreements of any obligor under any Loan Document, including any agreement
by an obligor to furnish information directly to each Lender; (c) the satisfaction of any condition
specified in Article IV, except receipt of items required to be delivered solely to the
Administrative Agent; (d) the existence or possible existence of any Default or Unmatured Default;
(e) the validity, enforceability, effectiveness, sufficiency or genuineness of any Loan Document or
any other instrument or writing furnished in connection therewith; (f) the value, sufficiency,
creation, perfection or priority of any Lien in any collateral security; or (g) the financial
condition of the Borrower or any guarantor, if any, of any of the Obligations or of any of the
Borrower’s or any such guarantor’s respective Subsidiaries. The Administrative Agent shall have no
duty to disclose to the

 

 

Lender information that is not required to be furnished by the Borrower to
the Administrative Agent at such time, but is voluntarily furnished by the Borrower to the
Administrative Agent (either in its capacity as Administrative Agent or in its individual
capacity).

     Section 13.5. Action on Instructions of Lenders. The Administrative Agent shall in
all cases be fully protected in acting, or in refraining from acting, hereunder and under any other
Loan Document in accordance with written instructions signed by the Lender, and such instructions
and any action taken or failure to act pursuant thereto shall be binding on the Lender. The Lender
hereby acknowledges that the Administrative Agent shall be under no duty to take any discretionary
action permitted to be taken by it pursuant to the provisions of this Agreement or any other Loan
Document unless it shall be requested in writing to do so by the Lender. The Administrative Agent
shall be fully justified in failing or refusing to take any action hereunder and under any other
Loan Document unless it shall first be indemnified to its satisfaction by the Lender against any
and all liability, cost and expense that it may incur by reason of taking or continuing to take any
such action.

     Section 13.6. Employment of Agents and Counsel. The Administrative Agent may execute
any of its duties as Administrative Agent hereunder and under any other Loan Document by or through
employees, agents, and attorneys-in-fact and shall not be answerable to the Lenders except as to
money or securities received by it or its authorized agents, for the default or misconduct of any
such agents or attorneys-in-fact selected by it with reasonable care. The Administrative Agent
shall be entitled to advice of counsel concerning the contractual arrangement between the
Administrative Agent and the Lender and all matters pertaining to the Administrative Agent’s duties
hereunder and under any other Loan Document.

     Section 13.7. Reliance on Documents; Counsel. The Administrative Agent shall be
entitled to rely upon any Note, notice, consent, certificate, affidavit, letter, telegram,
statement, paper or document believed by it to be genuine and correct and to have been signed or
sent by the proper Person or Persons, and, in respect to legal matters, upon the opinion of counsel
selected by the Administrative Agent, which counsel may be employees of the Administrative Agent.

     Section 13.8. Administrative Agent’s Reimbursement and Indemnification. The Lender
agrees to reimburse and indemnify the Administrative Agent (i) for any amounts not reimbursed by
the Borrower for which the Administrative Agent is entitled to reimbursement by the Borrower under
the Loan Documents, (ii) for any other reasonable and properly documented expenses incurred by the
Administrative Agent on behalf of the Lender, in connection with the preparation, execution,
delivery, administration and enforcement of the Loan Documents (including for any reasonable and
properly documented expenses incurred by the Administrative Agent in connection with any dispute
between the Administrative Agent and Lender) and (iii) for any liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and
nature whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent
in any way relating to or arising out of the Loan Documents or any other document delivered in
connection therewith or the transactions contemplated thereby (including for any such amounts
incurred by or asserted against the Administrative Agent in connection with any dispute between the
Administrative Agent and Lender), or the enforcement of any of the terms of the Loan Documents or
of any such other documents, provided that Lender shall not be liable for any of the
foregoing to the extent any of the foregoing is found in a final non-appealable judgment by a court
of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the
Administrative Agent. The obligations of the Lender under this Section 13.8 shall survive payment
of the Obligations and termination of this Agreement.

     Section 13.9. Notice of Default. The Administrative Agent shall not be deemed to have
knowledge or notice of the occurrence of any Default or Unmatured Default hereunder unless the
Administrative Agent has received written notice from Lender or the Borrower referring to this
Agreement describing such Default or Unmatured Default and stating that such notice is a “notice of
default”. In the event that the Administrative Agent receives such a notice, the Administrative
Agent shall give prompt notice thereof to the Lender.

     Section 13.10. Rights as a Lender. In the event the Administrative Agent is a Lender,
the Administrative Agent shall have the same rights and powers hereunder and under any other Loan
Document with respect to its Commitment and its Loans as any Lender and may exercise the same as
though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, at any time
when the Administrative Agent is a Lender, unless the context otherwise indicates, include the
Administrative Agent in its individual capacity. The Administrative Agent and its Affiliates may
accept deposits from, lend money to, and generally engage in any kind of trust, debt, equity or
other transaction, in addition to those contemplated by this Agreement or any other Loan Document,
with the Borrower or

 

 

any of its Subsidiaries in which the Borrower or such Subsidiary is not
restricted hereby from engaging with any other Person.

     Section 13.11. Lender Credit Decision. Lender acknowledges that it has, independently
and without reliance upon the Administrative Agent, and based on the financial statements prepared
by the Borrower and such other documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Agreement and the other Loan Documents. Lender
also acknowledges that it will, independently and without reliance upon the Administrative Agent,
and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under this Agreement and the other
Loan Documents.

     Section 13.12. Successor Administrative Agent. The Administrative Agent may resign at
any time by giving written notice thereof to the Lender and the Borrower, such resignation to be
effective upon the appointment of a successor Administrative Agent or, if no successor
Administrative Agent has been appointed, forty-five days after the retiring Administrative Agent
gives notice of its intention to resign. The Administrative Agent may be removed at any time with
or without cause by written notice received by the Administrative Agent from the Lender, such
removal to be effective on the date specified by the Lender. Upon any such resignation or removal,
the Lender shall have the right to appoint, on behalf of the Borrower and the Lender, a successor
Administrative Agent, which appointment shall be subject to the consent of Borrower as long as no
Default has occurred and is continuing at the time of such appointment. If no successor
Administrative Agent shall have been so appointed by the Lender within thirty days after the
resigning Administrative Agent’s giving notice of its intention to resign, then the resigning
Administrative Agent may appoint, on behalf of the Borrower and the Lender, a successor
Administrative Agent. Notwithstanding the previous sentence, the Administrative Agent may at any
time without the consent of the Borrower or Lender, appoint any of its Affiliates which is a
commercial bank as a successor Administrative Agent hereunder. If the Administrative Agent has
resigned or been removed and no successor Administrative Agent has been appointed, the Lender may
perform all the duties of the Administrative Agent hereunder and the Borrower shall make all
payments in respect of the Obligations to the applicable Lender and for all other purposes shall
deal directly with the Lender. No successor Administrative Agent shall be deemed to be appointed
hereunder until such successor Administrative Agent has accepted the appointment. Any such
successor Administrative Agent shall be a commercial bank having capital and retained earnings of
at least $500,000,000. Upon the acceptance of any appointment as Administrative Agent hereunder by
a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to
and become vested with all the rights, powers, privileges and duties of the resigning or removed
Administrative Agent. Upon the effectiveness of the resignation or removal of the Administrative
Agent, the resigning or removed Administrative Agent shall be discharged from its duties and
obligations hereunder and under the Loan Documents. After the effectiveness of the resignation or
removal of an Administrative Agent, the provisions of this Article IX shall continue in effect for
the benefit of such Administrative Agent in respect of any actions taken or omitted to be taken by
it while it was acting as the Administrative Agent hereunder and under the other Loan Documents.
In the event that there is a successor to the Administrative Agent by merger, or the Administrative
Agent assigns its duties and obligations to an Affiliate pursuant to this Section
9.12, then the term “Prime Rate” as used in this Agreement shall mean the prime rate, base rate or
other analogous rate of the new Administrative Agent.

     Section 13.13. Delegation to Affiliates. The Borrower and the Lender agree that the
Administrative Agent may delegate any of its duties under this Agreement to any of its Affiliates.
Any such Affiliate (and such Affiliate’s directors, officers, agents and employees) which performs
duties in connection with this Agreement shall be entitled to the same benefits of the
indemnification, waiver and other protective provisions to which the Administrative Agent is
entitled hereunder.

 

 

     IN WITNESS WHEREOF, the Borrower and Lender the have executed this Agreement as of the date
first above written.

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

	 	 	 	 	 
	 	BORROWER:

AIRNET SYSTEMS, INC.

an Ohio corporation

 	 
	 	By:  	/s/ Gary W. Qualmann
 	 
	 	 	Gary W. Qualmann 	 
	 	Title:  
Address:

 Telephone: 
FAX: 	 	CFO

7250 Starcheck Drive

Columbus, Ohio  43217

Attn:  Chief Financial Officer

          (614) 409-4834

                (614) 409-7965 	 
	 

	 	 	 	 	 
	 	LENDER:

THE HUNTINGTON NATIONAL BANK,

a national banking association

 	 
	 	By:  	/s/ Frederick G. Hadley
 	 
	 	 	Frederick G. Hadley 	 
	 	
Address:

Telephone:   
FAX:	Senior Vice President

41 South High Street

Columbus, Ohio 43215

Attn:  John M. Luehmann,

Vice President

       (614) 480-4400

                (614) 480-5791 	 
	 

[ACKNOWLEDGEMENT OF GUARANTORS ON FOLLOWING PAGES]

 

 

CONSENT AND AGREEMENT OF GUARANTORS

     Each of the undersigned Guarantors, having, pursuant to a Guaranty Agreement, guaranteed the
payment and performance of Borrower’s obligations and indebtedness owed to the Lender and
Administrative Agent, and having secured said obligations pursuant to a Security Agreement, joins
in the execution of the foregoing Agreement and hereby consents and agrees to the terms,
conditions, execution and performance of the foregoing Agreement and the Note, and the amendment
and restatement of the First Amended and Restated Credit Agreement and the JPM Note and HNB Note,
by Borrower, and further consents and agrees to the obligations and liabilities of Borrower owing
under the Loan Documents.

     Each such Guarantor agrees that its obligations and liabilities under the Guaranty Agreement
and the Security Agreement shall apply and extend with respect to all of Borrower’s obligations and
liabilities under the foregoing Agreement and all Loan Documents. Each Guarantor has read and
understands all terms and provisions of the foregoing Agreement and all Loan Documents and agrees
that all of the terms, covenants and conditions of, and the obligations of each Guarantor under,
its Guaranty, and under each Security Agreement, and other Loan Document to which each such
Guarantor is a party, shall continue in full force and effect and be binding upon each such
Guarantor notwithstanding the foregoing Agreement, the Note, and/or the amendment and restatement
of the First Amended and Restated Credit Agreement and the JPM Note and HNB Note which is effected
thereby, with respect to the Loans originally made under the First Amended and Restated Credit
Agreement and continued under the foregoing Agreement. Each capitalized term used but not
otherwise defined herein shall have the meaning ascribed to it in the foregoing Agreement.

     The Guarantors acknowledge and agree that the Commitment currently available to Borrower under
the Agreement is in the amount of $15,000,000 and that each Guarantor has, pursuant to the Guaranty
guaranteed the repayment of, and has secured, pursuant to the Security Agreements, all Loans made
pursuant to the Commitment, and all other liabilities and obligations of Borrower to Lender and the
Administrative Agent under the Loan Documents, with respect to the Commitment and the Loans made
pursuant to the Commitment, and otherwise. Further, each Guarantor acknowledges and agrees that
the Loans made under the foregoing Agreement shall not constitute a satisfaction, novation or
refinance of the indebtedness previously made pursuant to the First Amended and Restated Credit
Agreement.

     Each Guarantor represents and warrants that all representations and warranties contained in
the Guaranty and in each Security Agreement are true, correct and complete on and as of the date
hereof to the same extent as though made on and as of this date, except to the extent such
representations and warranties specifically relate to an earlier date, in which case they were
true, correct and complete on and as of such earlier date.

     Each mortgage, security interest, pledge, hypothecation, lien, assignment or other conveyance
of any right, title or interest in any property of any kind delivered to the Lender and/or the
Administrative Agent at any time by any Guarantor in connection with the Agreement, the First
Amended and Restated Credit Agreement, the Loan Documents and/or the Original Loan Documents, shall
remain in full force and effect with respect to, and shall continue to secure, the Commitment, the
Loans made under the Commitment, and all of Borrower’s liabilities and obligations owing under the
Loan Documents and otherwise in favor of Lender and/or the Administrative Agent.

     Each Guarantor hereby reaffirms its liability to the Lender and the Administrative Agent under
the Guaranty and under the Security Agreement and all other agreements and instruments executed by
each Guarantor for the benefit of the Lender and the Administrative Agent in connection therewith.
Each Guarantor agrees that the Lender and the Administrative Agent has performed all of its
obligations under the Loan Documents and the Original Loan Documents and that neither the Lender
nor the Administrative Agent is in default under any obligation either has or ever did have to
Borrower or any Guarantor under the Guaranty or the other Loan Documents, the Original Loan
Documents, or any other agreement. As a specific inducement and consideration to the Lender and
the Administrative Agent to enter into the Agreement and agree to the transactions contemplated
thereby, each Guarantor hereby waives and releases the Lender, the Administrative Agent, and their
respective officers, directors, employees and representatives, from any and all claims or causes of
actions, if any, accruing on or before the date hereof and arising out of the past and/or present
business relationship among Borrower and/or Guarantor and Lender and/or Administrative Agent which
each Guarantor now has against the Lender and/or Administrative Agent, or any of their respective
officers, directors, employees or representatives.

 

 

     Each Guarantor acknowledges and agrees that (i) notwithstanding the conditions to
effectiveness set forth in the Agreement, each Guarantor is not required by the terms of the
Guaranty, the Security Agreement, or any other Loan Document or Original Loan Document, to consent
to the terms of the Agreement, and (ii) nothing in the Guaranty, the Security Agreement, the
Agreement or any other Loan Document or Original Loan Document shall require, or be deemed to
require, the consent of any Guarantor to any future amendments to any Loan Document.

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

[signatures contained on following pages]

 

 

	 	 	 	 	 
	GUARANTORS:	 	 
	 
	7250 STARCHECK, INC.,	 	 
	an Ohio corporation formerly known as Jetride, Inc.	 	 
	 
	By:
	 	/s/ Bruce D. Parker	 	 
	 

	 	 	 	 
	 

	 	Bruce D. Parker, President	 	 

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

	 	 	 	 	 
	Float Control, Inc., a	 	 
	Michigan corporation	 	 
	 
	By:
	 	/s/ Bruce D. Parker 	 	 
	 

	 	 	 	 
	 

	 	Bruce D. Parker, President	 	 

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

	 	 	 	 	 
	AirNet Management, Inc., an	 	 
	Ohio corporation	 	 
	 
	By:
	 	/s/ Bruce D. Parker 	 	 
	 

	 	 	 	 
	 

	 	Bruce D. Parker, President	 	 

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

	 	 	 	 	 
	Fast Forward Solutions, LLC, an	 	 
	Ohio limited liability company	 	 
	 
	By:
	 	/s/ Bruce D. Parker 	 	 
	 

	 	 	 	 
	

	 	Bruce D. Parker, Manager	 	 

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

	 	 	 	 	 
	timexpress.com, inc. an	 	 
	Ohio corporation
	 	
	 
	By:
	 	/s/ Bruce D. Parker 	 	 
	 

	 	 	 	 
	 

	 	Bruce D. Parker, President	 	 

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

 

 

PRICING SCHEDULE

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Applicable	 	 	 	LEVEL I	 	level ii 	 	level iii	 	level iv	 	 	 	 
	Margin*	 	 	 	status	 	status	 	status	 	status	 	 	 	 
	Eurodollar Rate

	 	 	 	250 bps
	 	225 bps
	 	200 bps
	 	175 bps	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Floating Rate

	 	 	 	50 bps
	 	25 bps
	 	0 bps
	 	0 bps
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Applicable Fee Rate*
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Unused Commitment Fee

	 	 	 	50 bps
	 	37.5 bps
	 	37.5 bps
	 	30 bps	 	 	 	 

 

			
	*	 	In basis points

For the purposes of this Schedule, the following terms have the following meanings, subject to the
final paragraph of this Schedule. “Financials” means the annual or quarterly financial statements
of the Borrower delivered pursuant to Section 6.1(i) or (ii).

     “Level I Status” exists at any date if, as of the last day of the fiscal quarter of the
Borrower referred to in the most recent Financials, the Leverage Ratio is greater than 2.75 to
1.00.

     “Level II Status” exists at any date if, as of the last day of the fiscal quarter of the
Borrower referred to in the most recent Financials, the Leverage Ratio is equal to or greater than
2.50 to 1.0 but less than 2.75 to 1.00.

     “Level III Status” exists at any date if, as of the last day of the fiscal quarter of the
Borrower referred to in the most recent Financials, the Leverage Ratio is equal to or greater than
2.25 to 1.0 but less than 2.50 to 1.00.

     “Level IV Status” exists at any date if, as of the last day of the fiscal quarter of the
Borrower referred to in the most recent Financials, the Leverage Ratio is less than 2.25 to 1.0.

     “Status” means either Level I Status, Level II Status or Level III Status.

     The Applicable Margin and Applicable Fee Rate shall be determined in accordance with the
foregoing table based on the Borrower’s Status as reflected in the then most recent Financials.
Adjustments, if any, to the Applicable Margin or Applicable Fee Rate shall be effective five
Business Days after Lender has received the applicable Financials. If the Borrower fails to
deliver the Financials to Lender at the time required pursuant to Section 6.1, then the Applicable
Margin and Applicable Fee Rate shall be the highest Applicable Margin and Applicable Fee Rate set
forth in the foregoing table until five days after such Financials are so delivered.

 

 

EXHIBIT A

AMENDED AND RESTATED NOTE

	 	 	 
	$15,000,000.00

	 	March 29, 2007

     AirNet Systems, Inc., an Ohio corporation (the “Borrower”), promises to pay to the order of
The Huntington National Bank (the “Lender”) the aggregate unpaid principal amount of all Revolving
Loans made by Lender to the Borrower pursuant to Article II of the Agreement (as hereinafter
defined), in immediately available funds at the main office of Lender, together with interest
thereon at the rate or rates set forth in the Agreement. The Borrower shall pay the principal of
and accrued and unpaid interest on such Loans as set forth in the Agreement.

     Lender shall, and is hereby authorized to, record by entries made by Lender into its
electronic data processing system and/or internal memoranda maintained by Lender, or to otherwise
record in accordance with its usual practice, the date and amount of each such Loan and the date
and amount of each principal and interest payment hereunder. The Borrower agrees that the sum or
sums shown on such schedule, the most recent printout from Lender’s electronic data processing
system and/or such memoranda shall be rebuttably presumptive evidence of the amount of the
outstanding principal, interest or any other amount due under this Note; provided, however, that
the failure of Lender to make any such entry(s) shall not affect the obligation of the Borrower to
repay outstanding principal, interest or any other amount due under this Note in accordance with
the terms hereof.

     This Note is issued pursuant to, and is entitled to the benefits of, the Second Amended and
Restated Credit Agreement dated as of March 29, 2007 (which, as it may be amended, modified,
supplemented, extended, restated and/or replaced from time to time, is herein called the
“Agreement”), between the Borrower and Lender, which was given as an amendment and restatement to
the First Amended and Restated Credit Agreement, to which Agreement reference is hereby made for a
statement of the terms and conditions governing this Note, including the terms and conditions under
which this Note may be prepaid or its maturity date accelerated. Capitalized terms used herein and
not otherwise defined herein are used with the meanings attributed to them in the Agreement.

     This Note is given as an amendment and restatement for and as evidence of the indebtedness
previously evidenced by that certain (i) Note dated May 28, 2004 given by Borrower in favor of
Lender in the face amount of $18,750,000.00 (as amended from time to time, the “HNB Note”), and
(ii) Note dated May 28, 2004 given by Borrower in favor of JPMorgan Chase Bank, a national banking
association (“JPM”) formerly known as Bank One, N.A. (Columbus) in the face amount of
$11,250,000.00 (as amended from time to time, the “JPM Note”), the outstanding principal
indebtedness, as of the date hereof, of (i) the HNB Note being Zero Dollars ($0) and (ii) the JPM
Note being Zero Dollars ($0); with said JPM Note having been assigned by JPM to Lender pursuant to
the Assignment Agreement dated of even date herewith by and between Lender and JPM, as Assignee and
Assignor, respectively. The HNB Note and the JPM Note were executed and delivered by Borrower
pursuant to the First Amended and Restated Credit Agreement. The maximum principal amount
available under the “Commitment” (as defined in the First Amended and Restated Credit Agreement)
and under the HNB Note and the JPM Note has been reduced from time to time, and, ultimately,
pursuant to that certain Fifth Change in Terms Agreement dated November 10, 2006, by and among
Borrower, Lender in its capacity as Administrative Agent for the benefit of the “Lenders” (as such
term is defined thereunder), and such “Lenders” (inclusive of JPM and Lender), the maximum
outstanding principal indebtedness available under (i) said “Commitment” was reduced to
$15,000,000.00, (ii) the HNB Note was reduced to $9,375,000.00, and (iii) the JMP Note was reduced
to $5,625,000.00.

     Further, this Note does not constitute a novation of the HNB Note or the JPM Note or a
refinance of the “Commitment” referenced above or the outstanding principal balance of the HNB Note
or the JPM Note, and the Agreement does not constitute or represent a novation of the First Amended
and Restated Credit Agreement, and this Note and the obligations and liabilities under the
Agreement and all other Loan Documents shall remain secured by all mortgage liens, security
interests, pledges, and other interests given, by Borrower, each Guarantor and any other Person, to
secure the HNB Note and/or the JPM Note, this Note and/or the obligations under the Agreement and
the other Loan Documents.

     The Borrower hereby irrevocably authorizes any attorney-at-law, including any attorney-at-law
employed or retained by Lender, to appear for it in any action on this Note at any time after the
same becomes due as herein provided in any court of record situated in the county where this
warrant was signed (being Franklin County, Ohio),
or in the county where the Borrower then resides or can be found, to waive the issuing and service
of process, and confess a judgment in favor of the holder of this Note against the Borrower, for
the amount that may then be due, with

 

 

interest at the rate(s) provided for herein, together with
the costs of suit, and to waive and release all errors in said proceedings and the right to appeal
from the judgment rendered. The Borrower consents to the jurisdiction and venue of such court.
The Borrower waives any conflict of interest that any attorney-at-law employed or retained by
Lender may have in confessing judgment hereunder and consents to the payment of a legal fee to any
attorney-at-law confessing judgment hereunder.

 

 

	 	 	 	 	 
	 	 	AIRNET SYSTEMS, INC.
	 	 	an Ohio corporation
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Print Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

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

 

 

EXHIBIT B

COMPLIANCE CERTIFICATE

To: The Huntington National Bank

     This Compliance Certificate is furnished pursuant to that certain Second Amended and Restated
Credit Agreement dated as of March 29, 2007 (as amended, modified, renewed or extended from time to
time, the “Agreement”) between AirNet Systems, Inc., an Ohio corporation (the “Borrower”) and The
Huntington National Bank. Unless otherwise defined herein, capitalized terms used in this
Compliance Certificate have the meanings ascribed thereto in the Agreement.

     THE UNDERSIGNED HEREBY CERTIFIES THAT:

     1. I am the duly elected                                          of the Borrower;

     2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under
my supervision, a detailed review of the transactions and conditions of the Borrower and its
Subsidiaries during the accounting period covered by the attached financial statements;

     3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the
existence of any condition or event which constitutes a Default or Unmatured Default during or at
the end of the accounting period covered by the attached financial statements or as of the date of
this Certificate, except as set forth below; and

     4. Schedule I attached hereto sets forth financial data and computations evidencing the
Borrower’s compliance with certain covenants of the Agreement, all of which data and computations
are true, complete and correct.

     5 Schedule II hereto sets forth the determination of the applicable margin on the interest
rates to be paid for Advances, the Applicable Fee Rate and the commitment fee rates commencing on
the fifth day following the delivery hereof.

     6 Schedule III attached hereto sets forth the various reports and deliveries which are
required at this time under the Credit Agreement and the other Loan Documents and the status of
compliance.

 

 

     Described below are the exceptions, if any, to paragraph 3 (list in detail, the nature of the
condition or event, the period during which it has existed and the action which the Borrower has
taken, is taking, or proposes to take with respect to each such condition or event):

      

 

 

 

     The foregoing certifications, together with the computations set forth in Schedule I and
Schedule II hereto and the financial statements delivered with this Certificate in support hereof,
are made and delivered this                      day of,                     .

                                                  

 

 

SCHEDULE I TO COMPLIANCE CERTIFICATE

Compliance as of                                         ,                      with Provisions of                      and                      of the Agreement

 

 

SCHEDULE II TO COMPLIANCE CERTIFICATE

Borrower’s Applicable Margin and Applicable Fee Rate Calculation

 

 

SCHEDULE III TO COMPLIANCE CERTIFICATE

Reports and Deliveries Currently Due

 

 

EXHIBIT C

BORROWING BASE CERTIFICATE

FOR

AIRNET SYSTEMS, INC.

AND ITS SUBSIDIARIES

We submit the following information regarding Eligible Accounts Receivable and Eligible Inventory,
and the following calculations of the Borrowing Base as defined in that certain Second Amended and
Restated Credit Agreement (the “Credit Agreement”) by and between AirNet Systems, Inc. (“AirNet”)
and The Huntington National Bank (“Lender”) dated March 29, 2007. Capitalized terms used herein and
not otherwise defined herein shall have the meaning given in the Credit Agreement.

Completed for the month ended:                                         

	 	 	 	 	 	 
	Total accounts receivable per the accounts receivable aging report dated as of
the date shown above (a copy of which is attached hereto)

	 	 	$                    	 	 
	 
	 	 	 	 	 
	Less: accounts receivable over 90 days from original invoice date

	 	 	$                    	 	 
	 
	 	 	 	 	 
	Less: other accounts receivable not meeting the definition of Eligible
	 	 	 	 	 
	Accounts Receivable

	 	 	$                    	 	 
	 
	 	 	 	 	 
	Total Eligible Accounts Receivable

	 	 	$                    	 	 
	Advance Rate

	 	 	 	 	X80%
	 
	 	 	 	 	 
	Total finished goods inventory

	 	 	$                    	 	 
	 
	 	 	 	 	 
	Less: any inventory not meeting the definition of Eligible Inventory

	 	 	$                    	 	 
	 
	 	 	 	 	 
	Total Eligible Inventory

	 	 	$                    	 	 
	Advance Rate

	 	 	 	 	X 50%
	 
	 	 	 	 	 
	Total Amount Available on Eligible Inventory 

	(b)	 	$                    	 	 
	 
	 	 	 	 	 
	Borrowing Base – (a) plus (b) 

	(c)	 	$                    	 	 
	 
	 	 	 	 	 
	Revolving Commitment 

	(d)	 	$                    	 	 
	 
	 	 	 	 	 
	Amount Available (lesser of (d) and (e))

	 	 	$                    	 	 
	 
	 	 	 	 	 
	Less: aggregate of Revolving Credit Loans Advanced 

	(e)	 	$                    	 	 
	 
	 	 	 	 	 
	Availability Excess (Shortage)

	 	 	$                    	 	 

If shortage, AirNet hereby authorizes Lender to debit AirNet’s account number                      for
the amount of the shortage. We hereby certify that the above information and calculations are true
and correct as of the date shown above and that at no time during the period then ended did (i) the
aggregate outstanding amount of all Revolving Loans exceed the lesser of the amount of the
Commitment or the Borrowing Base, and (ii) the Borrowing Base fall below zero.

[signatures contained on next page]

 

 

SCHEDULE 1

SUBSIDIARIES AND OTHER INVESTMENTS

(See Sections 5.8 and 6.14 (ii))

	 	 	 	 	 	 	 
	Name	 	State/Country	 	AirNet Ownership %
	AirNet Management, Inc.

	 	Ohio Corp.
	 	 	100	%
	7250 STARCHECK, INC.*

	 	Ohio Corp.
	 	 	100	%
	Fast Forward Solutions, LLC

	 	Ohio LLC
	 	 	100	%
	timexpress.com, inc.

	 	Ohio Corp
	 	 	100	%
	Float Control, Inc.

	 	Michigan Corp.
	 	 	100	%
	AirNet Systems Inc.

	 	Ontario, Canada
	 	 	100	%

 

			
	*	 	Formerly known as Jetride, Inc.

 

 

SCHEDULE 2

INDEBTEDNESS AND LIENS

(See Sections 6.11 and 6.15(iv))

	 	 	 	 	 	 	 	 	 	 	 
	Borrower	 	Lender	 	Security	 	Amount	 	Maturity
	AirNet Systems, Inc.

	 	GE Capital Corp.1
	 	Aircraft 2
	 	$	7,642,000	 	 	4/01/08

 

			
	1.	 	On March 24, 2005, AirNet entered into a three-year term loan totaling $11.0 with Chase
Equipment Leasing Inc. (f/k/a) Banc One Leasing Corporation. This term loan is secured by
seven Cessna Caravan and nine Learjet 35A aircraft and the associated engines (see listing
below). The loan was assigned to CIT Group/Equipment Financing, Inc. on March 24, 2005. The
loan was subsequently assigned to GE Capital Corporation on or about October 31, 2005. As of
March 15, 2007, approximately $7,642,000 was outstanding under this term loan.
	 
	2.	 	The loan is secured by the following aircraft and engines under a Loan and Security
Agreement dated March 24, 2005:

	 	 	 
	Aircraft	 	Engines
	Learjet 35A’s

	 	Garrett TFE-731-2-2B
	N900JC

	 	P74550 & P74906
	N94AA

	 	P74422 & P74751
	N64CP

	 	P89305 & P74303
	N56JA

	 	P74236 & P74898
	N25AN

	 	P73139 & P74333
	N31WR

	 	P74974 & P74356
	N39DK

	 	P74230 & P74484
	N51LC

	 	P74426 & P74752
	N122JW

	 	P74267 & P74321
	 
	 	 
	Cessna 208B Caravans

	 	Pratt & Whitney PT6A-114A
	 
	 	 
	N102AN

	 	PCE-PC0892
	N103AN

	 	PCE-PC0928
	N104AN

	 	PCE-PC0911
	N105AN

	 	PCE-PC0968
	N106AN

	 	PCE-PC0909
	N107AN

	 	PCE-PC1006
	N107AN

	 	PCE-PC0988

SCHEDULE 5.14

ADDRESSES OF REAL PROPERTY

OWNED OR LEASED BY THE BORROWER

 

 

SCHEDULE 5.16

ENVIRONMENTAL MATTERS

AirNet is liable for remedial activities relating to releases from two Underground Storage Tanks on
property at a local airport that it operated under lease from Oakland County. The releases were of
jet and airplane fuel which reached and impacted groundwater. Although it has taken significant
time (roughly 16 years since the original discovery), significant progress has been made and the
plume of contaminants is as dilute and narrow as it has been. MDEQ, the relevant regulatory body
appears content to allow AirNet to complete its relatively slow, low-tech, low cost remedial action
with the necessary confirmatory testing. Each round of treatment (about one a year) costs roughly
$5,000 and each round of testing (about one per year) costs roughly $4,000. More testing would be
required to reach closure and so it could cost at least $17,000 — $20,000 to bring this to closure.
It may cost more but for each year that it is not complete, one can add roughly $9,000 to the cost
estimate to close this out.

AirNet was also sued by a neighbor whose property covers a small part of the plume emanating from
the former AirNet operation. The suit was settled in April of 2003 for $65,000.00 and a commitment
by AirNet to achieve an MDEQ approved closure with respect to the neighbor’s property either
through the treatment regime described above or through the imposition of a deed restriction on the
neighbor’s property in April 2005 and approval of same by the MDEQ as closure.EX-4.51

 

EXHIBIT 4.51

AMENDED AND RESTATED NOTE

			
	 	 	 
	$15,000,000.00
	 	March 29, 2007          

     AirNet Systems, Inc., an Ohio corporation (the “Borrower”), promises to pay to the order of
The Huntington National Bank (the “Lender”) the aggregate unpaid principal amount of all Revolving
Loans made by Lender to the Borrower pursuant to Article II of the Agreement (as hereinafter
defined), in immediately available funds at the main office of Lender, together with interest
thereon at the rate or rates set forth in the Agreement. The Borrower shall pay the principal of
and accrued and unpaid interest on such Loans as set forth in the Agreement.

     Lender shall, and is hereby authorized to, record by entries made by Lender into its
electronic data processing system and/or internal memoranda maintained by Lender, or to otherwise
record in accordance with its usual practice, the date and amount of each such Loan and the date
and amount of each principal and interest payment hereunder. The Borrower agrees that the sum or
sums shown on such schedule, the most recent printout from Lender’s electronic data processing
system and/or such memoranda shall be rebuttably presumptive evidence of the amount of the
outstanding principal, interest or any other amount due under this Note; provided, however, that
the failure of Lender to make any such entry(s) shall not affect the obligation of the Borrower to
repay outstanding principal, interest or any other amount due under this Note in accordance with
the terms hereof.

     This Note is issued pursuant to, and is entitled to the benefits of, the Second Amended and
Restated Credit Agreement dated as of March 29, 2007 (which, as it may be amended, modified,
supplemented, extended, restated and/or replaced from time to time, is herein called the
“Agreement”), between the Borrower and Lender, which was given as an amendment and restatement to
the First Amended and Restated Credit Agreement, to which Agreement reference is hereby made for a
statement of the terms and conditions governing this Note, including the terms and conditions under
which this Note may be prepaid or its maturity date accelerated. Capitalized terms used herein and
not otherwise defined herein are used with the meanings attributed to them in the Agreement.

     This Note is given as an amendment and restatement for and as evidence of the indebtedness
previously evidenced by that certain (i) Note dated May 28, 2004 given by Borrower in favor of
Lender in the face amount of $18,750,000.00 (as amended from time to time, the “HNB Note”), and
(ii) Note dated May 28, 2004 given by Borrower in favor of JPMorgan Chase Bank, a national banking
association (“JPM”) formerly known as Bank One, N.A. (Columbus) in the face amount of
$11,250,000.00 (as amended from time to time, the “JPM Note”), the outstanding principal
indebtedness, as of the date hereof, of (i) the HNB Note being Zero Dollars ($0), and (ii) the JPM
Note being Zero Dollars ($0); with said JPM Note having been assigned by JPM to Lender pursuant to
the Assignment Agreement dated of even date herewith by and between Lender and JPM, as Assignee and
Assignor, respectively. The HNB Note and the JPM Note were executed and delivered by Borrower
pursuant to the First Amended and Restated Credit Agreement. The maximum principal amount
available under the “Commitment” (as defined in the First Amended and Restated Credit Agreement)
and under the HNB Note and the JPM Note has been reduced from time to time, and, ultimately,
pursuant to that certain Fifth Change in Terms Agreement dated November 10, 2006, by and among
Borrower, Lender in its capacity as Administrative Agent for the benefit of the “Lenders” (as such
term is defined thereunder), and such “Lenders” (inclusive of JPM and Lender), the maximum
outstanding principal indebtedness available under (i) said “Commitment” was reduced to
$15,000,000.00, (ii) the HNB Note was reduced to $9,375,000.00, and (iii) the JMP Note was reduced
to $5,625,000.00.

     Further, this Note does not constitute a novation of the HNB Note or the JPM Note or a
refinance of the “Commitment” referenced above or the outstanding principal balance of the HNB Note
or the JPM Note, and the Agreement does not constitute or represent a novation of the First Amended
and Restated Credit Agreement, and this Note and the obligations and liabilities under the
Agreement and all other Loan Documents shall remain secured by all mortgage liens, security
interests, pledges, and other interests given, by Borrower, each Guarantor and any other Person, to
secure the HNB Note and/or the JPM Note, this Note and/or the obligations under the Agreement and
the other Loan Documents.

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

 

 

Lender may have in confessing judgment hereunder and consents to the payment of a legal fee to any
attorney-at-law confessing judgment hereunder.

 

 

	 	 	 	 	 
	 	AIRNET SYSTEMS, INC.

an Ohio corporation

 	 
	 	By:  	/s/ Gary W. Qualmann
 	 
	 	 	Gary W. Qualmann 	 
	 	 	Title:  	CFO 	 
	 

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

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