Document:

Unassociated Document

    Exhibit
      10.2

     

    

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY APPLICABLE STATE SECURITIES
      LAWS, AND MAY NOT BE SOLD OR OFFERED FOR SALE OR OTHERWISE TRANSFERRED EXCEPT
      PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT AND ANY
      APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY
      SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT
      REQUIRED.

    

    

    WARRANT

    TO
      PURCHASE 100,000,000 SHARES
      OF COMMON STOCK

    OF

    CYBERLUX
      COPRPORATION

    

    

    

    

    

    

    THIS
      CERTIFIES THAT,
      for
      value received,
      Deutsche Bank AG London
      (subject
      to the restrictions on transfer contained herein and the provisions of the
      Registration Rights Agreement (as hereinafter defined)) his registered assigns
      (the “Holder”) is entitled to purchase from Cyberlux
      Corporation (the
      “Company”), at any time or from time to time after 9:00 a.m., North Carolina
      time, on the date hereof and prior to 5:00 p.m., North Carolina time, on May
      22,
      2012 (the “Expiration Date”), at the place where the Warrant Agency (as
      hereinafter defined) is located, at the Exercise Price (as hereinafter defined),
      100,000,000 shares of common stock, $0.001 par value per share (the “Common
      Stock”), of the Company specified above for a purchase price of one hundred
      fifty thousand dollars ($150,000), all subject to adjustment and upon the terms
      and conditions as hereinafter provided. The cash payment of $150,000 will be
      held in the escrow account of John W. Ringo, Attorney at Law, in order to
      complete the transaction. Capitalized terms used and not otherwise defined
      in
      this Warrant shall have the meanings set forth in Article V hereof.

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
      I

    

    EXERCISE
      OF WARRANT

    

    1.1.
      Method of Exercise. To exercise this Warrant in whole or in part, the Holder
      shall
      deliver to the Company at the Warrant Agency: (a) this Warrant; (b) a written
      notice, substantially in the form of the subscription notice attached hereto
      as
      Annex 1, of such Holder’s election to exercise this Warrant, which notice shall
      specify the number of shares of Common Stock to be purchased, the denominations
      of the share certificate or certificates desired and the name or names of the
      Eligible Holder(s) in which such certificates are to be registered; and (c)
      payment of the Exercise Price with respect to such shares of Common Stock.
      Such
      payment may be made, at the option of the Holder, by cash, money order,
      certified or bank cashier’s check or wire transfer.

    

    The
      Company shall, as promptly as practicable and in any event within seven (7)
      Business Days thereafter, execute and deliver or cause to be executed and
      delivered, in accordance with such subscription notice, a certificate or
      certificates representing the aggregate number of shares of Common Stock
      specified in said notice. The share certificate or certificates so delivered
      shall be in such denominations as may be specified in such notice (or, if such
      notice shall not specify denominations, one certificate shall be issued) and
      shall be issued in the name of the Holder or such other name or names of
      Eligible Holder(s) as shall be designated in such notice. Such certificate
      or
      certificates shall be deemed to have been issued, and such Holder or any other
      person so designated to be named therein shall be deemed for all purposes to
      have become holders of record of such shares, as of the date the aforementioned
      notice is received by the Company. If this Warrant shall have been exercised
      only in part, the Company shall, at the time of delivery of the certificate
      or
      certificates, deliver to the Holder a new Warrant evidencing the right to
      purchase the remaining shares of Common Stock called for by this Warrant, which
      new Warrant shall in all other respects be identical with this Warrant. The
      Company shall pay all expenses payable in connection with the preparation,
      issuance and delivery of share certificates and new Warrants as contemplated
      by
      Section 2.6 below (other than transfer or similar taxes in connection with
      the
      transfer of securities), except that, if share certificates or new Warrants
      shall be registered in a name or names other than the name of the Holder, funds
      sufficient to pay all transfer taxes payable as a result of such transfer shall
      be paid by the Holder at the time of delivering the aforementioned notice or
      promptly upon receipt of a written request of the Company for payment. If this
      Warrant shall be surrendered for exercise within any period during which the
      transfer books for shares of the Common Stock of the Company or other securities
      purchasable upon the exercise of this Warrant are closed for any purpose, the
      Company shall not be required to
      make
      delivery of certificates for the securities purchasable upon such exercise
      until
      the date of the reopening of said transfer books.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Notwithstanding
      anything in this Warrant Agreement to the contrary, in no event shall the holder
      of this Warrant be entitled to exercise a number of Warrants (or portions
      thereof) in excess of the number of Warrants (or portions thereof) upon exercise
      of which the sum of (i) the number of shares of Common Stock beneficially owned
      by the holder and its affiliates (other than shares of Common Stock which may
      be
      deemed beneficially owned through the ownership of the unexercised Warrants
      subject to a limitation on exercise analogous to the limitation contained
      herein) and (ii) the number of shares of Common Stock issuable upon exercise
      of
      the Warrants (or portions thereof) with respect to which the determination
      described herein is being made, would result in beneficial ownership by the
      holder and its affiliates of more than 9.99% of the outstanding shares of Common
      Stock. For purposes of the immediately preceding sentence, beneficial ownership
      shall be determined in accordance with Section 13(d) of the Securities Exchange
      Act of 1934, as amended, and Regulation 13D-G thereunder, except as otherwise
      provided in clause (i) of the preceding sentence. Notwithstanding anything
      to
      the contrary contained herein, the limitation on exercise of this Warrant set
      forth herein may not be amended without (i) the written consent of the holder
      hereof and the Company and (ii) the approval of a majority of shareholders
      of
      the Company.

     

    

    

    1.2
      If
      the Company requires capital, the Company, at its discretion, may
      call the
      Warrants for conversion at any time, by sending Holder a notice of exercise.
      This call provision will remain in effect so long as the Holder does not have
      beneficial ownership of more than 9.9% of the Company’s issued and outstanding
      Common Stock.

    

    

    1.3.
      Shares To Be Fully Paid and Nonassessable. All shares of Common Stock
      issued

    upon
      the
      exercise of this Warrant shall be validly issued, fully paid and
      nonassessable.

    

    1.4.
      No
      Fractional Shares To Be Issued. The Company shall not be required to
      issue

    fractions
      of shares of Common Stock upon exercise of this Warrant. If any fraction of
      a
      share would, but for this Section 1.3, be issuable upon any exercise of this
      Warrant, in lieu of such fractional share the Company shall pay to the Holder
      a
      whole share of Common Stock.

    

    1.5.
      Securities Laws; Share Legend. The Holder, by acceptance of this
      Warrant,

    agrees
      that this Warrant and all shares of Common Stock issuable upon exercise of
      this
      Warrant will be disposed of only in accordance with the Securities Act. In
      addition to any other legend which the Company may deem advisable under the
      Securities Act and applicable state securities laws, all certificates
      representing shares of Common Stock (as well as any other securities issued
      hereunder in respect of any such shares) issued upon exercise of this Warrant
      shall be endorsed as follows:

    

    

    

    

    

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER
      ANY
      APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD
      OR
      OFFERED FOR SALE OR OTHERWISE TRANSFERRED EXCEPT PURSUANT
      TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT
      AND
      ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL
      REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION
      IS NOT REQUIRED.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    Any
      certificate issued at any time in exchange or substitution for any certificate
      bearing such
      legend (except a new certificate issued upon completion of a public distribution
      pursuant to a registration statement under the Securities Act) shall also bear
      such legend unless, in the opinion of counsel (in form and substance reasonably
      satisfactory to the Company) selected by the Holder of such certificate and
      reasonably acceptable to the Company, the securities represented thereby need
      no
      longer be subject to restrictions on resale under the Securities Act.

    

    ARTICLE
      II

    

    WARRANT
      AGENCY; TRANSFER, EXCHANGE AND

    REPLACEMENT
      OF WARRANT

    

    2.1.
      Warrant Agency. Until such time, if any, as an independent agency shall be
      appointed
      by the Company to perform services described herein with respect to this Warrant
      (the “Warrant Agency”), the Company shall perform the obligations of the Warrant
      Agency provided herein at its principal office address or such other address
      as
      the Company shall specify by prior written notice to the Holder.

    

    2.2.
      Ownership of Warrant. The Company may deem and treat the person in whose
name
      this
      Warrant is registered as the holder and owner hereof (notwithstanding any
      notations of ownership or writing hereon made by any person other than the
      Company) for all purposes and shall not be affected by any notice to the
      contrary, until presentation of this Warrant for registration of transfer as
      provided in this Article II.

    

    2.3.
      Transfer of Warrant. This Warrant may only be transferred to a purchaser subject
      to
      and in
      accordance with this Section 2.3, and any attempted transfer which is not in
      accordance with this Section 2.3 shall be null and void and the transferee
      shall
      not be entitled to exercise any of the rights of the holder of this Warrant.
      The
      Company agrees to maintain at the Warrant Agency books for the registration
      of
      such transfers of Warrants, and transfer of this Warrant and all rights
      hereunder shall be registered, in whole or in part, on such books, upon
      surrender of this Warrant at the Warrant Agency in accordance with this Section
      2.3, together with a written assignment of this Warrant, substantially in the
      form of the assignment attached hereto as Annex 2, duly executed by the Holder
      or its duly authorized agent or attorney-in-fact, with signatures guaranteed
      by
      a bank or trust company or a broker or dealer registered with the NASD, and
      with
funds
      sufficient to pay any transfer taxes payable upon such transfer. Upon surrender
      of this Warrant in accordance with this Section 2.3, the Company (subject to
      being satisfied that such transfer is in compliance with Section 1.4) shall
      execute and deliver a new Warrant or Warrants of like tenor and representing
      in
      the aggregate the right to purchase the same number of shares of Common Stock
      in
      the name of the assignee or assignees and in the denominations specified in
      the
      instrument of assignment, and this Warrant shall promptly be canceled.
      Notwithstanding the foregoing, a Warrant may be exercised by a new holder
      without having a new Warrant issued. The Company shall not be required to pay
      any Federal or state transfer tax or charge that may be payable in respect
      of
      any transfer of this Warrant or the issuance or delivery of certificates for
      Common Stock in a name other than that of the registered holder of this
      Warrant.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    2.4.
      Division or Combination of Warrants. This Warrant may be divided or combined
      with
      other Warrants, in connection with the partial exercise of this Warrant, upon
      surrender hereof and of any Warrant or Warrants with which this Warrant is
      to be
      combined at the Warrant Agency, together with a written notice specifying the
      names and denominations in which the new Warrant or Warrants are to be issued,
      signed by the holders hereof and thereof or their respective duly authorized
      agents or attorneys-in-fact. Subject to compliance with Section 2.3 as to any
      transfer which may be involved in the division or combination, the Company
      shall
      execute and deliver a new Warrant or Warrants in exchange for the Warrant or
      Warrants to be divided or combined in accordance with such notice.

    

    2.5.
      Loss, Theft, Destruction of Warrant Certificates. Upon receipt by the
      Company of
      evidence reasonably satisfactory to the Company of the loss, theft, destruction
      or mutilation of this Warrant and, in the case of any such loss, theft or
      destruction, upon receipt of indemnity or security (in customary form)
      reasonably satisfactory to the Company, or, in the case of any such mutilation,
      upon surrender and cancellation of such Warrant and upon reimbursement of the
      Company’s reasonable incidental expenses, the Company will make and deliver, in
      lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of
      like
      tenor and representing the right to purchase the same aggregate number of shares
      of Common Stock. 

    

    2.6.
      Expenses of Delivery of Warrants. Except as otherwise expressly provided
herein,
      the Company shall pay all expenses (other than transfer taxes as described
      in
      Section 2.3) and other charges payable in connection with the preparation,
      issuance and delivery of Warrants hereunder and shares of Common Stock upon
      the
      exercise hereof.

    
 

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    ARTICLE
      III

    

    ADJUSTMENT
      PROVISIONS

    

    3.1.
      Adjustments Generally. The Exercise Price and the number of shares of Common
      Stock
      (or
      other securities or property) issuable upon exercise of this Warrant shall
      be
      subject to adjustment from time to time upon the occurrence of certain events,
      as provided in this Article III.

    

    3.2.
      Common Share Reorganization and Stock Dividend Payments. If the Company,
at
      any
      time this Warrant is outstanding, (a) shall subdivide its outstanding shares
      of
      Common Stock into a greater number of shares or consolidate its outstanding
      shares of Common Stock into a smaller number of shares (any such event being
      called a “Common Share Reorganization”), or (b) pay a stock dividend (except
      scheduled dividends paid on preferred stock which contain a stated dividend
      rate) or otherwise make a distribution or distributions on shares of its Common
      Stock or on any other class of capital stock payable in shares of Common Stock
      (any such event being called a “Stock Dividend Payment”), then (i) the Exercise
      Price shall be adjusted, effective immediately after the record date at which
      the holders of shares of Common Stock are determined for purposes of a Common
      Share Reorganization or at which the holders of shares of Common Stock or any
      other class of capital stock are determined for purposes of a Stock Dividend
      Payment, as the case may be, to a price determined by multiplying the Exercise
      Price in effect immediately prior to such record date by a fraction, the
      numerator of which shall be the number of shares of Common Stock outstanding
      on
      such record date before giving effect to such Common Share Reorganization or
      Stock Dividend Payment, as the case may
      be,
      and the denominator of which shall be the number of shares of Common Stock
      outstanding after giving effect to such Common Share Reorganization or Stock
      Dividend Payment,
      as the case may be, and (ii) the number of shares of Common Stock subject to
      purchase upon exercise of this Warrant shall be adjusted, effective at such
      time, to a number determined by multiplying the number of shares of Common
      Stock
      subject to purchase immediately before such Common Share Reorganization or
      Stock
      Dividend Payment, as the case may be, by a fraction, the numerator of which
      shall be the number of shares outstanding after giving effect to such Common
      Share Reorganization or Stock Dividend Payment, as the case may be, and the
      denominator of which shall be the number of shares of Common Stock outstanding
      immediately before such Common Share Reorganization or Stock Dividend Payment,
      as the case may be.

    

    3.3.
      Capital Reorganization. If, at any time this Warrant is outstanding, there
      shall
      be any
      consolidation or merger to which the Company is a party, other than a
      consolidation or a merger in which the Company is a continuing corporation
      and
      which does not result in any reclassification of, or change (other than a Common
      Share Reorganization, Stock Dividend Payment or a change in par value) in,
      outstanding shares of Common Stock, or any sale or conveyance of the property
      of
      the Company as an entirety or substantially as an entirety (any such event
      being
      called a “Capital Reorganization”), then, effective upon the effective date of
      such Capital Reorganization, the Holder shall have the right to purchase, upon
      exercise of this Warrant, the kind and amount of shares of stock and other
      securities and property (including cash) which the Holder would have owned
      or
      have been entitled to receive after such Capital Reorganization if this Warrant
      had been exercised immediately prior to such Capital Reorganization. As a
      condition to effecting any Capital Reorganization, the Company or the successor
      or surviving corporation, as the case may be, shall execute and deliver to
      the
      Holder and to the Warrant Agency an agreement as to the Holder’s rights in
      accordance with this Section 3.3, providing for subsequent adjustments as nearly
      equivalent as may be practicable to the adjustments provided for in this Article
      III. The provisions of this Section 3.3 shall similarly apply
      to
      successive Capital Reorganizations.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    3.4.
      Adjustment Rules.

    (a)
      Any
      adjustments pursuant to this Article III shall be made successively whenever
      an event referred to herein shall occur. 

    (b)
      If
      the Company shall set a record date to determine the holders of shares
of
      Common
      Stock or any other class of capital stock, as the case may be, for purposes
      of a
      Common Share Reorganization, Stock Dividend Payment or Capital Reorganization
      and shall legally abandon such action prior to effecting such action, then
      no
      adjustment shall be made pursuant to this Article III in respect of such
      action.

    

    3.5.
      Notice of Adjustments. The Company shall give notice to the Holder prior to
      any
record
      date or effective date, as the case may be, in respect of any Common Share
      Reorganization,
      Stock Dividend Payment or Capital Reorganization describing, in each case,
      such
      event in reasonable detail and specifying such record date or effective date,
      as
      the case may be. In addition, after the record date or effective date, as the
      case may be, of any Common Share Reorganization, Stock Dividend Payment or
      Capital Reorganization, the Company shall promptly give notice to the Holder
      of
      such event, describing such event in reasonable detail and specifying the record
      date or effective date, as the case may be, and, if determinable, the required
      adjustment and the computation thereof. If the required adjustment is not
      determinable at the time of such notice, the Company shall give notice to the
      Holder of such adjustment and computation promptly after such adjustment becomes
      determinable.

    

    3.6.
      Adjustment by Board of Directors. If any event occurs as to which, in the
      opinion of
      the
      Board of Directors of the Company, the provisions of this Article III are not
      strictly applicable
      or if strictly applicable would not fairly protect the rights of the holder
      of
      this Warrant in accordance with the essential intent and principles of such
      provisions, then the Board of Directors of the Company may make, in its
      discretion, an adjustment in the application of such provisions, in accordance
      with such essential intent and principles, so as to protect such rights as
      aforesaid, but in no event shall any adjustment have the effect of increasing
      the Exercise Price or decreasing the number of shares of Common Stock into
      which
      the Warrant is exercisable as otherwise determined pursuant to any of the
      provisions of this Article III except in the case of a combination of shares
      of
      a type contemplated in Section 3.2 and then in no event to an amount larger
      than
      the Exercise Price as adjusted pursuant to Section 3.2.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    ARTICLE
      IV

    

    REPRESENTATIONS
      AND WARRANTIES

    

    

      

      4.1
        Representations and Warranties of Holder. The Holder represents and warrants
        to
        the Company as follows:

      (a)
        Purchase for Own Account. This Warrant and the shares of Common Stock to
        be
        acquired upon exercise of this Warrant by the Holder will be acquired for
        investment for the Holder’s account, not as a nominee or agent, and not with a
        view to the public resale or distribution within the meaning of the Securities
        Act, and the Holder has no present intention of selling, granting any
        participation in, or otherwise distributing the same. If not an individual,
        the
        Holder also represents that the Holder has not been formed for the specific
        purpose of acquiring this Warrant or the shares of Common Stock to be acquired
        upon exercise of this Warrant.

      (b)
        Disclosure of Information. The Holder has received or has had full access
        to all
        the information it considers necessary or appropriate to make an informed
        investment decision with respect to the acquisition of this Warrant and the
        underlying shares of Common Stock. The Holder further has had an opportunity
        to
        ask questions and receive answers from the Company regarding the terms and
        conditions to the offering of this Warrant and its underlying shares of Common
        Stock and to obtain additional information (to the extent the Company possessed
        such information or could acquire it without unreasonable effort or expense)
        necessary to verify any information furnished to the Holder or to which the
        Holder has access.

      (c)
        Investment Experience. The Holder understands that the purchase of this Warrant
        and its underlying shares of Common Stock involves substantial risk. The
        Holder:
        (i) has experience as an investor in securities and acknowledges that the
        Holder
        is able to fend for himself or itself, can bear the economic risk of such
        Holder’s investment in this Warrant and its underlying shares of Common Stock
        and has such knowledge and experience in financial or business matters that
        the
        Holder is capable of evaluating the merits and risks of the investment in
        this
        Warrant and its underlying shares of Common Stock; and/or (ii) has a preexisting
        personal or business relationship with the Company and certain of its officers,
        directors or controlling persons of a nature and duration that enables the
        Holder to be aware of the character, business acumen and financial circumstances
        of such persons. (d) Accredited Investor Status. The Holder is an “accredited
        investor” within the meaning of Regulation D promulgated under the Securities
        Act.

      

      

        
          
             

          

          
             

            
              

            

          

          
             

          

        

      ARTICLE
        V

      

      DEFINITIONS

      

      The
        following terms, as used in this Warrant, have the following respective
        meanings:

      

      “Business
        Days” means each day in which banking institutions in Durham, North Carolina are
        not required or authorized by law or executive order to close. 

      

      “Capital
        Reorganization” has the meaning set forth in Section 3.3.

      

      “Common
        Share Reorganization” has the meaning set forth in Section 3.2. 

      

      “Common
        Stock” has the meaning set forth in the first paragraph of this
        Warrant.

      

      “Company”
        has the meaning set forth in the first paragraph of this Warrant.

      

      “Eligible
        Holder” means the Holder and any permitted transferee of the Holder pursuant to
        and in accordance with this Warrant.

      

      “Exercise
        Price” means a 50% discount to market based on the average closing price of the
        Common Stock for twenty trading days prior to notice of exercise, subject
        to
        adjustment pursuant to Article III.

      

      “Expiration
        Date” has the meaning set forth in the first paragraph of this
        Warrant.

      

      “Holder”
        has the meaning set forth in the first paragraph of this Warrant.

      

      “NASD”
        means The National Association of Securities Dealers, Inc.

      

      “Registration
        Rights Agreement” means the Registration Rights Agreement of even date herewith
        by and among the Company and the purchasers of the Warrants.

      

      “Securities
        Act” means the Securities Act of 1933, as amended, and any successor Federal
        statute, and the rules and regulations of the Securities and Exchange Commission
        (or its successor) thereunder, all as the same shall be in effect from time
        to
        time.

      

      “Stock
        Dividend Payment” has the meaning set forth in Section 3.2.

      

      “Warrant
        Agency” has the meaning set forth in Section 2.1.

      

      “Warrants”
        means this Warrant and all other Warrants of like tenor issued by the Company
        on
        or about May 25, 2007.

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      ARTICLE
        VI

      

      MISCELLANEOUS

      

      6.1.
        Governing Law. This Warrant shall be governed in all respects by the laws
        of the
        State of Nevada, without reference to its conflicts of law
        principles.

      

      6.2.
        Covenants To Bind Successor and Assigns. All covenants, stipulations, promises
        and agreements contained in this Warrant by or on behalf of the Company shall
        bind its successors and assigns, whether or not so expressed.

      

      6.3.
        Entire Agreement. This Warrant constitutes the full and entire understanding
        and
        agreement between the parties with regard to the subject matter hereof and
        no
        party shall be liable or bound to any other party in any manner by any
        warranties, representations, or covenant except as specifically set forth
        herein
        or therein.

      

      6.4.
        Waivers and Amendments. No failure or delay of the Holder in exercising any
        power or right hereunder shall operate as a waiver thereof, nor shall any
        single
        or partial exercise of such right or power, or any abandonment or discontinuance
        of steps to enforce such a right or power, preclude any other or further
        exercise thereof or the exercise of any other right or power. The rights
        and
        remedies of the Holder are cumulative and not exclusive of any rights or
        remedies which it would otherwise have. The provisions of this Warrant may
        be
        amended, modified or waived with (and only with) the written consent of the
        Company and the Holders of a majority in interest of the Warrants then
        outstanding; provided, however, that no such amendment, modification or waiver
        shall, without the written consent of the Holders of any Warrant, (a) change
        the
        number of shares of Common Stock subject to purchase upon exercise of such
        Warrant, the Exercise Price or provisions for payment thereof or (b) amend,
        modify or waive the provisions of Section 6.4 or Article III of such Warrant.
        Any such amendment, modification or waiver effected pursuant to this Section
        shall be binding upon the Holders of all Warrants and upon the Company, except
        as provided in the proviso to the last sentence of the preceding paragraph.
        In
        the event of any such amendment, modification or waiver the Company shall
        give
        prompt notice thereof to all holders of Warrants and, if appropriate, notation
        thereof shall be made on all Warrants thereafter surrendered for registration
        of
        transfer or exchange.

      

      6.5.
        Notices. All notices or other communications required or permitted hereunder
        shall be in writing and shall be mailed by express, registered or certified
        mail, postage prepaid, return receipt requested, sent by telecopy, or by
        courier
        service guaranteeing overnight delivery with charges prepaid, or otherwise
        delivered by hand or by messenger, and shall be conclusively deemed to have
        been
        received by a party hereto and to be effective on the day on which delivered
        or
        telecopied to such party at its address set forth below (or at such other
        address as such party shall specify to the other parties hereto in writing),
        or,
        if sent by registered or certified mail, on the third business day after
        the day
        on which mailed, addressed to such party at such address. In the case of
        the
        Holder, such notices and communications shall be addressed to its address
        set
        forth under its signature below, which shall be the address shown on the
        books
        maintained by the Warrant Agency, until the Holder shall notify the Company
        and
        the Warrant Agency in writing that notices and communications should be sent
        to
        a different address, in which case such notices and communications shall
        be sent
        to the address specified by the Holder. 

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      

      In
        the
        case of the Company, such notices and communications shall be addressed as
        follows:

      

      Attention:
        President

      Cyberlux
        Corporation

      4625
        Creekstone Drive

      Suite
        130

      Durham
        NC
        27703.

      

      6.6.
        Survival of Agreements; Representations and Warranties, etc. All warranties,
        representations and covenants made by the Company herein shall be considered
        to
        have been relied upon by the Holder and shall survive the issuance and delivery
        of the Warrant, regardless of any investigation made by the Holder, and shall
        continue in full force and effect so long as this Warrant is
        outstanding.

      

      6.7.
        Severability. In case any one or more of the provisions contained in this
        Warrant shall be held to be invalid, illegal or unenforceable in any respect,
        the validity, legality and enforceability of the remaining provisions contained
        herein shall not in any way be affected or impaired thereby. The parties
        shall
        endeavor in good faith negotiations to replace the invalid, illegal or
        unenforceable provisions with valid provisions the economic effect of which
        comes as close as possible to that of the invalid, illegal or unenforceable
        provisions.

      

      6.8.
        Section Headings. The section headings used herein are for convenience of
        reference only, do not constitute a part of this Warrant and shall not affect
        the construction of or be taken into consideration in interpreting this
        Warrant.

      

      6.9.
        No
        Rights as Shareholder; No Limitations on Company Action. This Warrant shall
        not
        entitle the Holder to any rights as a shareholder of the Company. No provision
        of this Warrant and no right or option granted or conferred hereunder shall
        in
        any way limit, affect or abridge the exercise by the Company of any of its
        corporate rights or powers to recapitalize, amend its certificate of
        incorporation, reorganize, consolidate or merge with or into another corporation
        or to transfer all or any part of its property or assets, or the exercise
        of any
        other of its corporate rights or powers.

      

      [Signature
        Page Follows]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
        WITNESS WHEREOF,
        the
        Company has caused this Warrant to be executed by its duly authorized
        representative. 

       

      
        	
                  

              	
                CYBERLUX
                  CORPORATION

              
	 	 	 
	
                 

              	
                By:
                  

              	
                /s/
                  DONALD. F. EVANS

              
	 	 	
                Donald
                  F. Evans,

              
	 	 	
                Chairman,
                  CEO

              

      

       

       

      ACCEPTED:

      

      HOLDER:

      

      /s/
        GEORGE PAN

      

      Deutsche
        Bank AG LondonEXECUTION
        VERSION

    

    
       

      June
        12,
        2007

       

      Macquarie
        Infrastructure Company Inc.

      125
        West
        55th
        Street

      New
        York,
        NY 10019

       

      Attention:
        Peter Stokes

       

      
        	Re:	
                Macquarie
                  Infrastructure Company’s acquisition of Mercury Air Centers, Inc.
                  

                Amended
                  and Restated Commitment
                  Letter

              

      

      

      Ladies
        and Gentlemen:

       

      You
        have
        advised The Governor and Company of the Bank of Ireland (“BOI”)
        and
        Bayerische Landesbank (“BayernLB”,
        and
        together with BOI, the “Lead
        Arrangers”)
        that
        your subsidiary, Macquarie FBO Holdings LLC, a Delaware corporation
        (“MFBO”),
        intends to enter into a Stock Purchase Agreement with Mercury Air Centers,
        Inc.
        (“Mercury”
or
        “Borrower”)
        and
        its stockholders pursuant to which, among other things, MFBO will acquire
        all of
        the common equity interests in Mercury (the “Acquisition”)
        and
        will execute an option (the “Call
        Option”)
        to
        subsequently acquire all of the preferred equity interest in Mercury. The
        sum of
        the purchase price for the Acquisition (excluding any contingent consideration
        related to the right of Mercury or MFBO to acquire (the "San
        Jose Acquisition")
        the
        membership interests in SJJC Aviation Services, LLC (“San
        Jose FBO”))
        and
        the exercise price of the Call Option is $427 million, less the aggregate
        amount
        of indebtedness of Mercury that will be outstanding at financial close
        (approximately $100 million), subject to changes based on working capital
        and
        capital expenditure invested prior to financial close. The purchase price
        for
        both the Acquisition and the Call Option shall be financed directly by cash
        provided by MFBO.

       

      You
        have
        also advised the Lead Arrangers that immediately subsequent to the Acquisition,
        you intend to refinance the existing indebtedness of the Borrower with a
        term
        loan facility of up to $192 million (the “Senior
        Term Loan Facility”).
        100%
        of the net proceeds of the Senior Term Loan Facility will be drawn in a one-time
        borrowing and the proceeds shall be used to repay the existing indebtedness
        of
        the Borrower, pay related costs of the refinancing and make a one-time
        distribution to the preferred and ordinary shareholders of the Borrower.
        The net
        amount of contributed equity capital by MFBO to the Borrower immediately
        following the Acquisition and subsequent refinancing, and after the one-time
        distribution to the common and preferred shareholders of the Borrower shall
        not
        be less than $230.0 million. In addition, the Borrower will execute a $12.5
        million working capital facility for undertaking specific capital expenditure
        projects and the issuance of letters of credit (the “Working
        Capital Facility”
and
        together with the Senior Term Loan Facility, the “Senior
        Credit Facilities”).
        The
        Acquisition, financing thereof (including the subsequent refinance) and all
        related transactions are hereinafter collectively referred to as the
“Transaction.”

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      You
        agree
        that until the earlier of (a) the date on which general syndication of the
        Senior Credit Facilities has been completed and each Lead Arranger has reduced
        its commitment under the Senior Credit Facilities to a maximum final hold
        of $50
        million (“Successful
        Syndication”)
        and
        (b) the date that is 90 calendar days after the launch of syndication (to
        be
        commenced no later than August 15, 2007), unless otherwise agreed to by the
        Lead
        Arrangers, there shall be no competing issues of debt securities by, or
        commercial bank facilities to, you, or any of your or its respective
        subsidiaries or affiliates for the purpose of acquiring fixed based operations
        (it being understood that competing issues would not include debt securities
        or
        commercial bank facilities currently outstanding). The foregoing sentence
        shall
        not limit the ability of you or any affiliate to restructure or amend any
        outstanding debt facility (provided that such restructuring, consent or
        amendment does not increase the aggregate amount of loans or commitments
        thereunder), or to refinance the Senior Credit Facilities in conjunction
        with a
        refinance of the existing senior debt facilities of Atlantic
        Aviation FBO Inc.

       

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

       

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

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

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

       

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

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

      This
        Commitment Letter, together with the Term Sheet, embodies the entire agreement
        and understanding among the Lead Arrangers and you with respect to the Senior
        Credit Facilities and supersedes all prior agreements and understandings
        relating to the specific matters hereof, including the letter agreement and
        term
        sheet among the Lead Arrangers and you regarding the Senior Credit Facilities
        dated April 13, 2007. However, please note that the terms and conditions
        of the
        commitment and undertakings of the Lead Arrangers hereunder are not limited
        to
        those set forth herein or in the Term Sheet. Those matters that are not covered
        or made clear herein or in the Term Sheet are subject to mutual agreement
        of the
        parties. No party has been authorized by the Lead Arrangers to make any oral
        or
        written statements that are inconsistent with this Commitment
        Letter.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

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

       

      This
        Commitment Letter and all commitments and undertakings of the Lead Arrangers
        hereunder will expire at 5:00 p.m. (New York City time) on June 15, 2007
        unless
        you execute this Commitment Letter and return it to us prior to that time.
        Thereafter, all commitments and undertakings of the Lead Arrangers hereunder
        will expire on the earlier of (a) October 22, 2007, unless the definitive
        documents for the financing of the Transaction have been executed and delivered,
        and (b) the acceptance by you or any of your affiliates of an offer for all
        or
        any substantial part of the capital stock or property and assets of the Borrower
        and their subsidiaries other than as part of the Transaction. In consideration
        of the time and resources that the Lead Arrangers will devote to the Senior
        Credit Facilities, you agree that, until such expiration, you will not solicit,
        initiate, entertain or permit, or enter into any discussions in respect of,
        any
        offering, placement or arrangement of any competing senior credit facilities
        for
        the Borrower and their subsidiaries with respect to the matters addressed
        in
        this letter.

       

      [THE
        BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

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

       

      

        
          	 	
                  Very
                    truly yours,

                
	 	 	 	 	 
	 	
                  BAYERISCHE
                    LANDESBANK, NEW YORK BRANCH

                
	 	 	 	 	 
	 	
                  By:

                	
                  /s/
                    Thomas Augustin

                
	 	 	
                  Name:

                	
                  Thomas
                    Augustin

                
	 	 	
                  Title:

                	
                  Vice
                    President

                

        

      

      
        	 	 	 
	
              	
                By:

              	
                /s/
                  George
                  J. Schnepf

              
	 	 	
                Name:

              	
                George
                  J. Schnepf

              
	 	 	
                Title:

              	
                Vice
                  President

              

         

      

      
        	
                
                  ACCEPTED
                    AND AGREED TO

                  AS
                    OF THE DATE FIRST ABOVE WRITTEN:

                

              	 
	 	 	 	 	 
	
                
                  MACQUARIE
                    INFRASTRUCTURE COMPANY INC.

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

                

              	 
	 	 	 	 	 
	
                By:

              	
                /s/
                  Peter Stokes

              	 
	 	
                Name:

              	
                Peter
                  Stokes

              	 
	 	
                Title:

              	
                CEO

              	 

      

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

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

       

       

      
        

          
            	 	
                    Very
                      truly yours,

                  
	 	 	 	 	 
	 	
                    THE
                      GOVERNOR AND COMPANY OF THE BANK OF
                      IRELAND

                  
	 	 	 	 	 
	 	
                    By:

                  	
                     

                  
	 	 	 	 
	 	 	
                    Name:

                  	
                     

                  
	 	 	 	 
	 	 	
                    Title:

                  	
                     

                  

          

        

        
          	 	 	 
	
                	
                  By:

                	
                   

                
	 	 	 	 
	 	 	
                  Name:

                	
                   

                
	 	 	 	 
	 	 	
                  Title:

                	
                   

                

        

         

      

      
        
          	
                  
                    ACCEPTED
                      AND AGREED TO

                    AS
                      OF THE DATE FIRST ABOVE WRITTEN:

                  

                	 
	 	 	 	 	 
	
                  
                    MACQUARIE
                      INFRASTRUCTURE COMPANY INC.

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

                  

                	 
	 	 	 	 	 
	
                  By:

                	
                  /s/
                    Peter Stokes

                	 
	 	
                  Name:

                	
                  Peter
                    Stokes

                	 
	 	
                  Title:

                	
                  CEO

                	 

        

         

        
          
            
            

          

          
            9

            
              

            

          

          
            
            

          

        

      

        

      
        EXHIBIT
          A

      

      

        Summary
          of Terms and Conditions

        

        Amended
          and Restated June 12, 2007

        

        
          	
                  I. 
                    The Parties

                	 
	 	 
	
                  1.
                    Borrower

                	
                  Mercury
                    Air Centers, Inc. (“Mercury”), a Delaware corporation, the owner and
                    operator of fixed base operations at twenty-two
                    airports.

                
	 	 
	
                  2.
                    Purpose

                	
                  $192
                    million of debt will be used to refinance the outstanding debt
                    of the
                    Borrower, pay costs associated with the refinance and pay a one-time
                    distribution to both the preferred and ordinary shareholders
                    of the
                    Borrower and an additional $12.5 million working capital facility
                    to fund
                    a portion of certain specific capital projects and issue letters
                    of
                    credit.

                
	 	 
	
                  3.
                    Equity Investor

                	
                  All
                    ordinary shares in Mercury are to be acquired immediately prior
                    to the
                    Closing by Macquarie FBO Holdings LLC (“MFBO”), a Delaware limited
                    liability company, 100% owned by Macquarie Infrastructure Company
                    LLC. All
                    preferred shares of the Borrower are to be owned by Kenn Ricci,
                    an
                    individual.

                
	 	 
	
                  4.
                    Lead Arrangers

                	
                  Bank
                    of Ireland and BayernLB. 

                
	 	 
	
                  5.
                    Senior Lenders

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

                
	 	 
	
                  6.
                    Working Capital Facility Loan Lenders

                	
                  Lead
                    Arrangers

                
	 	 
	
                  7.
                    Administrative Agent

                	
                  BayernLB

                
	 	 
	
                  8.
                    Legal Advisor 

                	
                  Orrick,
                    Herrington & Sutcliffe LLP

                
	 	 
	
                  9.
                    Other Consultants

                	
                  Technical:
                    Jacobs Consulting Group

                  Environmental:
                    Weston Solutions Inc.

                  Insurance:
                    Marsh USA Inc.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                  II.
                    The Facilities

                	 
	 	 
	
                  10.
                    The Facilities 

                	
                  The
                    Facilities will consist of the following:

                  (i) Bridge
                    Loan Facility of $192,000,000 

                  (ii) Working
                    Capital Facility of $12,500,000.

                
	 	 
	
                  Bridge
                    Loan Facility

                	 
	 	 
	
                  11.
                    Use of Proceeds

                	
                  The
                    Bridge Loan Facility will be used to refinance the existing debt of
                    Borrower, pay associated costs and make a one-time distribution
                    to both
                    the preferred and ordinary equity investors in Borrower.
                    

                
	 	 
	
                  12.
                    Bridge Loan Maturity Date

                	
                  2
                    years from Closing Date.

                
	 	 
	
                  13.
                    Closing Date

                	
                  On
                    initial draw down, expected around July 31, 2007

                
	 	 
	
                  14.
                    Mandatory Prepayment

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

                   

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

                   

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

                   

                  iii.
                     If
                    Borrower or any of its subsidiaries sells or issues equity securities
                    (other than any issuance or sale: to fund expansion capital expenditures,
                    or to permit conversion of outstanding preferred shares to common
                    shares
                    after acquisition thereof from Ken Ricci by MFBO or any of its
                    affiliates,
                    or to MFBO in connection with obligation to provide additional
                    $29 million
                    in equity by the end of 2007, or certain intercompany issuance,
                    or in connection with the sale of the Excluded Business during
                    the
                    Excluded Business Divestment Period),
                    100% of the net equity proceeds will be applied to prepay the
                    Facilities.

                

        

         

        
          
            
            

          

          
            -2-

            
              

            

          

          
            
            

          

        

         

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

                   

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

                
	 	 
	
                  15.
                    Optional Repayment

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

                
	 	 
	
                  Working
                    Capital Facility

                
	 
	
                  16.
                    Use of Proceeds

                	
                  Borrower
                    may utilize the Working Capital Facility for Letters of Credit
                    and to fund
                    specific capital projects outlined in the FBO Capital Expenditure
                    Schedule
                    to the Purchase Agreement, other than projects designated as
                    discretionary
                    in such schedule.

                
	 	 
	
                  17.
                    Maturity Date

                	
                  Bridge
                    Loan Maturity Date.

                
	 	 
	
                  18.
                    Closing Date

                	
                  On
                    initial draw down of Bridge Loan Facility, expected around July
                    31,
                    2007.

                
	 	 
	
                  19.
                    Drawdown

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

                
	 	 
	
                  20.
                    Repayment

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

                

        

         

        
          
            
            

          

          
            -3-

            
              

            

          

          
            
            

          

        

         

        
          	
                  III. 
                    The Credit Facilities

                
	 
	
                  21.
                    Mandatory Debt Service

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

                

        

        

          
            	
                    22.
                      Restricted Payments (Lock-Up)

                  	
                    Borrower
                      may make quarterly distributions, including distributions to
                      holders of
                      preferred equity (within 35 days following each quarterly payment
                      date)
                      only as long as the following conditions have been met:

                  
	 	 	 
	 	
                    i.

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

                  
	 	
                    ii.

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

                  
	 	
                    iii.

                  	
                    Debt
                      Service Reserve Account is fully funded;

                  
	 	
                    iv.

                  	
                    Mandatory
                      Prepayments have been made;

                  
	 	
                    v.

                  	
                    No
                      Default or Event of Default exists;

                  
	 	
                    vi.

                  	
                    To
                      the extent that the concession for the Charleston FBO is not
                      renewed by
                      January 1, 2008, verification that the projected Site EBITDA
                      of the
                      Borrower (excluding contributions from the FBO at Atlanta Hartsfield)
                      exceeds 28.75 million; 

                  
	 	
                    vii.

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

                  
	 	
                    viii.

                  	
                    No
                      lock-up under EBIDTDA covenant (Sec. 23 below).

                  
	 	 	 
	 	
                    For
                      clarification, these conditions shall not apply to the one
                      time
                      distribution payable to both preferred and ordinary shareholders
                      at the
                      closing.

                  

          

        

         

        
          
            
            

          

          
            -4-

            
              

            

          

          
            
            

          

        

         

        
          	
                  23. EBITDA
                    covenant

                	
                  At
                    each distribution date, trailing 12 month Site EBITDA (on a proforma
                    basis, as if all facilities had been owned for the full twelve
                    months)
                    shall exceed the following levels:

                  Year   Minimum
                    EBITDA

                  2007   $27.10
                    million

                  2008   $28.80
                    million

                  2009   $30.50
                    million

                   

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

                   

                  “Site
                    EBITDA” shall mean the total consolidated EBITDA of Mercury before
                    allocation of head office expenses.

                

        

         

        

          
            	
                    24.
                      Collateral

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

                  
	 	
                    i.

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

                  
	 	
                    ii.

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

                  
	 	
                    iii.

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

                  

          

           

          
            
              
              

            

            
              -5-

              
                

              

            

            
              
              

            

          

           

          
            	 	
                    iv.

                  	
                    Insurance
                      policies and any claims or proceeds.

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

                  

          

        

         

        
          	
                  25.
                    Hedging Requirements

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

                   

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

                   

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

                

 

        
          	
                  26.
                    Representations and Warranties

                	Include:
	 	
                  i.

                	
                  Valid
                    existence of Borrower;

                
	 	
                  ii.

                	
                  Authority
                    and due authorization of Borrower;

                
	 	
                  iii.

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

                
	 	
                  iv.

                	
                  No
                    default;

                
	 	
                  v.

                	
                  Financial
                    statements;

                
	 	
                  vi.

                	
                  Funding
                    of pension plans and compliance with ERISA;

                
	 	
                  vii.

                	
                  Payment
                    of taxes (subject to customary contest rights);

                
	 	
                  viii.

                	
                  No
                    material pending or threatened uninsured
                    litigation;

                

        

         

        
          
            
            

          

          
            -6-

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  ix.

                	
                  Ownership
                    of or leasehold interest in assets; 

                
	 	
                  x.

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

                
	 	
                  xi.

                	
                  No
                    other business;

                
	 	
                  xii.

                	
                  Insurance
                    coverage is in line with prudent market practice;

                
	 	
                  xiii.

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

                
	 	
                  xiv.

                	
                  No
                    encumbrances other than permitted encumbrances;

                
	 	
                  xv.

                	
                  No
                    indebtedness for borrowed money other than permitted
                    indebtedness;

                
	 	
                  xvi.
                    

                	
                  Effectiveness,
                    enforceability of material agreements;

                
	 	
                  xvii.
                    

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

                
	 	
                  xviii.
                    

                	
                  Solvency;

                
	 	
                  xix.
                    

                	
                  Satisfaction
                    of conditions precedent under Purchase and Sale Agreement between
                    MFBO and
                    the owners of Mercury (“PSA”);

                
	 	
                  xx.

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

                
	 	
                  xxi.
                    

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

                
	 	
                  xxii.
                    

                	
                  Accuracy
                    of information furnished; and

                
	 	
                  xxiii.
                    

                	
                  Environmental
                    matters (subject to materiality
                    qualifier)

                

        

      

      
         

        
          	
                  27.
                    Conditions Precedent

                	
                  Usual
                    and customary Conditions Precedent to closing include, but not
                    limited
                    to legal opinions satisfactory to Lead Arrangers, payment of
                    all closing
                    fees, no Default or Event of Default shall have occurred and
                    be
                    continuing, no Material Adverse Change (as defined below) and
                    execution
                    and delivery of documentation satisfactory to the Lead Arrangers,
                    as well
                    as closing of the Acquisition and transfer of all common equity
                    interest
                    in the Borrower to MFBO, and acquisition of a call option by
                    MFBO to
                    subsequently acquire the outstanding preferred stock of Borrower,
                    all
                    funded exclusively by a cash equity contribution by the Equity
                    Investor;
                    provided,
                    however, that any CP as to the accuracy of representations and
                    warranties
                    as at the closing in all material respects (and the absence of
                    any Default
                    or Event of Default relating thereto) shall be limited to the
                    accuracy of
                    the representations and warranties in the Stock Purchase Agreement,
                    rather
                    than in the loan agreement, except for the following representations:
                    (1)
                    authorization of loan transaction, (2) enforceability of loan
                    documents
                    & non-contravention (3) no encumbrances, (4) limits on indebtedness,
                    and (5) grant of security interest/perfection of liens. Total
                    cash equity
                    contributed by the Equity Investor in an amount such that immediately
                    following the refinancing and after the one-time distribution
                    to the
                    Borrower’s preferred and common shareholders, Equity Investor’s net equity
                    contribution shall not be less than $230.0 million. MFBO
                    will commit to contribute additional equity capital to the Borrower
                    (a) to
                    supplement the Working Capital Facility and fund required capital
                    expenditures and (b) to indemnify and hold the Borrower harmless
                    from any
                    damages, losses or liabilities related to the San Jose
                    Acquisition.

                

        

         

        
          
            
            

          

          
            -7-

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  “Material
                    Adverse Change” means an event, condition or circumstance or related
                    series thereof that results in, or could reasonably be expected
                    to result
                    in, a material adverse effect on the business, properties, assets,
                    liabilities, results of operations or condition of Mercury and
                    its
                    subsidiaries, taken as a whole, exclusive of any effect arising
                    from or
                    related to: (a) any general condition affecting the industry
                    in which
                    Mercury is engaged; (b) the announcement or pendency of any of
                    the
                    transactions contemplated by the Stock Purchase Agreement; (c)
                    any action
                    taken by Sellers (as defined in the Stock Purchase Agreement)
                    or Mercury
                    at MFBO’s request pursuant to the Transaction Documents (as defined in
                    the
                    Stock Purchase Agreement) (d) acts of war or terrorism, other
                    than acts of
                    war or terrorism directly against Mercury, any subsidiary of
                    Mercury or
                    any of their assets, or acts of war or terrorism that have a
                    disproportionate impact on the Mercury, any subsidiary of Mercury
                    or any
                    of their assets; (e) general economic, political and financial
                    market
                    changes; or (f) any failure to obtain any renewal or extension
                    of the
                    lease term regarding the real property leased from the City of
                    Atlanta
                    under the Atlanta Hartsfield FBO lease disclosed on clause (b)(i)
                    of the
                    Real Estate Schedule to the Stock Purchase Agreement, unless
                    and solely if
                    Mercury Air Center-Hartsfield, LLC or another affiliate of Mercury
                    has
                    ceased, or has undertaken affirmative actions to withdraw from,
                    actual
                    occupancy of such real property. 

                

        

         

        
          
            
            

          

          
            -8-

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  From
                    the date of the Stock Purchase Agreement through the Closing,
                    MFBO shall
                    promptly notify the Lead Arrangers in writing of any notice from
                    the
                    Sellers of any development causing a breach of any of the representations
                    and warranties in Articles III or IV of the Stock Purchase Agreement
                    (attaching a copy of such notice from the Sellers). Upon receipt
                    of such
                    notice, Lead Arrangers may terminate the lending commitment if,
                    as a
                    result of such development, any of the Sellers or the Company
                    is in
                    breach, in any material respect, of its representations or warranties
                    under the Stock Purchase Agreement; provided,
                    that if Lead Arrangers fail to exercise such termination right
                    within ten
                    (10) Business Days after receiving such notification, the Lenders
                    shall be
                    deemed to have accepted that such written notice from the Sellers
                    shall be
                    deemed to have amended the Schedules to the Stock Purchase Agreement
                    and
                    to have qualified the representations and warranties contained
                    in the
                    Stock Purchase Agreement for purposes of determining the accuracy
                    of
                    representations and warranties at closing.

                
	 	 
	
                  28.
                    Undertakings

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

                   

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

                

        

         

        
          
            	
                    29.
                      Events of Default

                  	
                    Include:

                  
	 	 	 
	 	
                    i.

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

                  
	 	
                    ii.

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

                  

          

           

          
            
              
              

            

            
              -9-

              
                

              

            

            
              
              

            

          

           

          
            	 	
                    iii.

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

                  
	 	
                    iv.

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

                  
	 	
                    v.

                  	
                    Bankruptcy
                      and insolvency events;

                  
	 	
                    vi.

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

                  
	 	
                    vii.

                  	
                    Cessation
                      or material change of business;

                  
	 	
                    viii.

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

                  
	 	
                    ix.

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

                  
	 	
                    x.

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

                  
	 	
                    xi.

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

                  
	 	
                    xii.

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

                  
	 	
                    xiv.
                      

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

                  
	 	
                    xv.

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

                  
	 	
                    xvi

                  	
                    Change
                      of control;

                  
	 	
                    xvii.

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

                  

          

           

          
            
              
              

            

            
              -10-

              
                

              

            

            
              
              

            

          

           

          
            	 	
                    xviii.
                      

                  	
                    Inappropriate
                      use or withdrawal of funds in project accounts;

                  
	 	
                    xix.
                      

                  	
                    Default
                      under the subsidiary guaranty or any other security
                      agreement;

                  
	 	
                    xx.
                      

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

                  
	 	
                    xxi.
                      

                  	
                    Any
                      reportable ERISA event;

                  
	 	
                    xxii.
                      

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

                  
	 	
                    xxiii.
                      

                  	
                    Abandonment
                      of business at any airport for 30 days; 

                  
	 	
                    xxiv.
                      

                  	
                    Any
                      event of condition involving financial impact in excess of
                      $10 million
                      that could have a material adverse effect;

                  
	 	
                    xxv.
                      

                  	
                    A
                      refinance of the Senior Debt facility provided to Atlantic
                      Aviation FBO
                      Inc.

                  
	 	
                    xxvi.

                  	
                    Failure
                      by MFBO to make an additional equity contribution in the Borrower
                      of at
                      least $29 million by December 31, 2007 (either directly or
                      through the
                      exercise of the call option on all preferred shares in
                      Borrower)

                  
	 	 	 
	 	
                    An
                      Event of Default in (xvii), (xxii) or (xxiii) above that affects
                      an FBO or
                      FBOs (other than the five largest FBO contributors of EBITDA)
                      may be cured
                      prior to acceleration of the Loans by prepayment of that portion
                      of the
                      Bridge Loans that corresponds to the highest of the projected,
                      actual or
                      preceding three-year average EBITDA contribution of the affected
                      FBO(s).
                      Such prepayment will release the affected FBO(s) from the Financing
                      Documents. This method of cure may be exercised only once during
                      the term
                      of the Loans, and only if the proportional EBITDA contribution
                      of the
                      affected FBO(s) does not exceed 5% of aggregate EBITDA.

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

                  

          

        

         

        
          	
                  IV.
                    Interest Rate and Fees

                	 
	 	 
	
                  30.
                    Interest Rate

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

                
	 	 
	
                  31.
                    Applicable Margin

                	
                  170
                    bps 

                

        

         

        
          
            
            

          

          
            -11-

            
              

            

          

          
            
            

          

        

         

        
          	
                  32.
                    Interest Payment Date

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

                
	 	 
	
                  33.
                    Interest Period

                	
                  One,
                    two, three or six months.

                
	 	 
	
                  34.
                    Default Rate

                	
                  Interest
                    Rate plus 2% per annum.

                
	 	 
	
                  35.
                    Commitment Fee

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

                
	 	 
	 	 
	
                  V.
                    Flow of Funds

                	 

        

        

          
            	36.
                    Priority of Payments	
                    Following
                      each Interest Payment Date, after payment of operating expenses,
                      taxes and
                      required capital expenditures, and the retention/refunding
                      of reserves for
                      contingencies and the payment of items reasonably expected
                      to be due and
                      payable prior to the next Interest Payment Date, the following
                      distributions shall be made in the following order of
                      priority:

                  
	 	 	 
	 	
                    i.

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

                  
	 	
                    ii.

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

                  
	 	
                    iii.

                  	
                    Mandatory
                      Repayment;

                  
	 	
                    iv.

                  	
                    Mandatory
                      Prepayments; 

                  
	 	
                    v.

                  	
                    any
                      required payments to the Debt Service Reserve Account;

                  
	 	
                    v.

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

                  
	 	
                    vi.

                  	
                    any
                      payments (if applicable) to the Distribution Reserve
                      Account

                  
	 	
                    v.

                  	
                    Distributions
                      to Equity Investors.

                  

          

        

         

        
          	
                  37.
                    Debt Service Reserve Account

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

                

        

         

        
          
            
            

          

          
            -12-

            
              

            

          

          
            
            

          

        

         

        
          	
                  VI.
                    Ratios

                	 
	 	 
	
                  38.
                    Debt Service Coverage Ratio

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

                
	 	 
	
                  39.
                    Net Cash Flow

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

                
	 	 
	
                  VII.
                    General

                	 

        

        

          
            	
                    40.
                      Reporting requirements
                      of the Borrower

                  	
                    i.

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

                  
	 	
                    ii.

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

                  
	 	
                    iii.

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

                  
	 	
                    iv.

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

                  
	 	
                    v.

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

                  

          

        

         

        
          	
                  41.
                    Governing Law

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

                

        

         

        
          
            
            

          

          
            -13-

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