Document:

Unassociated Document

    EXHIBIT
      10.23

    

    FORM
      OF PROMISSORY NOTE

    

    $_____________       
      ____________, 2007

           
      New
      York, New York

    

    ____________________________
      ("Maker")
      promises to pay to the order of [CRT Capital Group LLC and/or I-Bankers
      Securities, Inc.] (the "Payee")
      the
      principal sum of ________________________ ($_____________) in lawful money
      of
      the United States of America, on the terms and conditions described below.
      Terms
      used but not defined herein shall have the meanings set forth in the
      Registration Statement on Form S-1 filed in connection with the Company’s
      initial public offering declared effective by the Securities and Exchange
      Commission (the “Registration
      Statement”).

    

    1. Principal.
      The
      principal balance of this Note shall be repayable on the fifth Business Day
      (as
      defined below) after the date that all of the Maker’s shares of common stock of
      the Company are released from escrow to Maker in accordance with the terms
      and
      conditions outlined in the Letter Agreement dated February 16, 2007 (the
“Maturity
      Date”).
      “Business
      Day”
      means
      a
      day other than a Saturday, Sunday or other day on which commercial banking
      institutions are authorized or required by law to close in New York
      City.

    

    2.
       Assignment
      of Warrants.
      Within
      five (5) Business Days after of the consummation of a Business Combination,
      Maker shall assign and transfer to Payee an aggregate of ___________ founder
      warrants (as defined in the Registration Statement) purchased by Maker in
      connection with the Registration Statement.

    

    3. Waiver
      and Release of Maker Obligations.
      Payee hereby waives and releases Maker of any and all payment or other
      obligation under this Note, including the payment of principal of this
      Note pursuant to paragraph
      1
      above
      and the transfer or assignment of any founder warrants held by Maker pursuant
      to
paragraph
      2
      above,
      in the event that the Company does not consummate a Business
      Combination and dissolves and liquidates. Such waiver and release shall
      automatically and immediately become effective upon such dissolution or
      liquidation without any action on the part of Maker. For the avoidance of doubt,
      this Note shall be terminated and no Event of Default under Section
      4
      possible
      after a waiver and release under this Section
      3
      becomes
      effective.

    

    4.
       Events
      of Default.
      The
      following shall constitute Events of Default:

    

       (a)
       Failure
      to Make Required Payments.
      Failure
      by Maker to pay the principal of this Note within five (5) Business Days
      following the date when due.

    

    (b) Voluntary
      Bankruptcy, Etc.
      The
      commencement by Maker of a voluntary case under applicable bankruptcy law,
      or
      any other applicable insolvency, reorganization, rehabilitation or other similar
      law, or the consent by it to the appointment of, or taking possession by, a
      receiver, liquidator, assignee, trustee, custodian, sequestrator or other
      similar official of Maker or for any substantial part of its property, or the
      making by it of any assignment for the benefit of creditors, or the failure
      of
      Maker generally to pay its debts as such debts become due, or the taking of
      corporate action by Maker in furtherance of any of the foregoing.

    

       
      (c)
 Involuntary
      Bankruptcy, Etc.
      The
      entry of a decree or order for relief by a court having jurisdiction in the
      premises in respect of Maker in an involuntary case under applicable bankruptcy
      law, or any other applicable insolvency or other similar law, or appointing
      a
      receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
      official of Maker or for any substantial part of its property, or ordering
      the
      winding-up or liquidation of the affairs of Maker, and the continuance of any
      such decree or order unstayed and in effect for a period of 60 consecutive
      days.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    5.
       Remedies.

    

       (a)
       Upon
      the
      occurrence of an Event of Default specified in Section
      5(a),
      Payee
      may, by written notice to Maker, declare this Note to be due and payable,
      whereupon the principal amount of this Note, and all other amounts payable
      hereunder, shall become immediately due and payable without presentment, demand,
      protest or other notice of any kind, all of which are hereby expressly waived,
      anything contained herein or in the documents evidencing the same to the
      contrary notwithstanding.

    

       
      (b)
 Upon
      the
      occurrence of an Event of Default specified in Sections
      5(b)
      and
5(c),
      the
      unpaid principal balance of, and all other sums payable with regard to, this
      Note shall automatically and immediately become due and payable, in all cases
      without any action on the part of Payee.

    

    6.
       Waivers.
      Maker
      waives presentment for payment, demand, notice of dishonor, protest, and notice
      of protest with regard to this Note, all errors, defects and imperfections
      in
      any proceedings instituted by Payee under the terms of this Note, and all
      benefits that might accrue to Maker by virtue of any present or future laws
      exempting any property, real or personal, or any part of the proceeds arising
      from any sale of any such property, from attachment, levy or sale under
      execution, or providing for any stay of execution, exemption from civil process
      or extension of time for payment; and Maker agrees that any real estate that
      may
      be levied upon pursuant to a judgment obtained by virtue hereof, on any writ
      of
      execution issued hereon, may be sold upon any such writ in whole or in part
      in
      any order desired by Payee.

    

    7. Unconditional
      Liability.
      Maker
      hereby waives all notices in connection with the delivery, acceptance,
      performance, default or enforcement of the payment of this Note, and agrees
      that, except for the consummation of a Business Combination by ATAC, its
      liability shall be unconditional, without regard to the liability of any other
      party, and shall not be affected in any manner by any indulgence, extension
      of
      time, renewal, waiver or modification granted or consented to by Payee, and
      consents to any and all extensions of time, renewals, waivers or modifications
      that may be granted by Payee with respect to the payment or other provisions
      of
      this Note, and agrees that additional makers, endorsers, guarantors or sureties
      may become parties hereto without notice to them or affecting their liability
      hereunder.

    

    8.
       Notices.
      Any
      notice called for hereunder shall be deemed properly given if (i) sent by
      certified mail, return receipt requested, (ii) personally delivered, (iii)
      dispatched by any form of private or governmental express mail or delivery
      service providing receipted delivery, (iv) sent by telefacsimile, or (v) sent
      by
      e-mail, to the following addresses or to such other address as either party
      may
      designate by notice in accordance with this Section:

     

    If
      to
      Maker:

    

    [Name]

    [Address]

     

    If
      to
      Payee:

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    

    Notice
      shall be deemed given on the earlier of actual receipt by the receiving party,
      if sent by certified mail, and (i) five (5) Business Days after certification
      thereof, (ii) if personally delivered, the date reflected on a signed delivery
      receipt, (iii) if sent by private or governmental express mail or delivery
      service, three (3) Business Days following tender of delivery or dispatch by
      express mail or delivery service, (iv) if by facsimile, the date shown on a
      telefacsimile transmission confirmation, or (v) if sent by email, the date
      on
      which an e-mail transmission was received by the receiving party's on-line
      access provider.

    

    9.
       Construction.
      This
      Note shall be construed and enforced in accordance with the domestic, internal
      law, but not the law of conflict of laws, of the State of New York.

    

    10.
       Severability.
      Any
      provision contained in this Note which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction.

    

      IN
      WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this
      Note to be duly executed the day and year first above written.

    

        [MAKER]

    

    

    By:
      ________________________     

    Name:
      

    Title:
      

    

    
      
         

      

      
        3EXHIBIT
      10.1

     

    

     

    April
      13,
      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.

    

    Ladies
      and Gentlemen:

     

    You
      have
      advised The Governor and Company of the Bank of Ireland (“BOI”)
      and
      Bayerische Landesbank (“BLB”,
      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 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 $17.5
      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 letter agreement and in the 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.

     

    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 April [•], 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.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    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 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. 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 April 17, 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) July 31, 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,

     

    
      	 	 	 
	 	The
              Governor and Company of Bank of Ireland
	 
 	 
 	 
 
	 	By:  	/s/ Peter
              O’Neill
	 	
              

              Name: Peter
                O’Neill   

              Title: Senior
                Vice President

            
	 	 

      	 	 	 
	 	 
	 	 	 
	 	By:  	/s/ Eric
              A.
              Muth
	 	
              

              Name: Eric
                A. Muth   

              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,

     

    
      	 	 	 
	 	BAYERISCHE
              LANDESBANK, NEW YORK BRANCH
	 
 	 
 	 
 
	 	By:  	/s/ [ILLEGIBLE]
	 	
              

              Name: [ILLEGIBLE]    

              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 

              

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

    

     

    Summary
      of Terms and Conditions

     

    April
      13, 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 $17.5 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.

            

    

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
 

    
      	
              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 $17,500,000.

            
	
              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 apply
                to the
                initial balance of the Bridge Loan Facility.

               

              i. If
                any net proceeds from a sale of the Borrower's or its subsidiary's
                property that is not used to purchase replacement assets exceeds
                $250,000,
                Borrower will prepay the Loans in the amount of such excess.

               

              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 Loans.

               

              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),
                100% of
                the net equity proceeds will be applied to prepay the Loans.

               

              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 Loans.

               

              v.  If
                any insurance proceeds are not used for reconstruction, Borrower
                will
                prepay that amount of the Term Loan, without penalty, subject to
                appropriate materiality tests. 

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	
              15.
                Optional Repayment

            	
              Repayments
                of the Bridge Loan 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 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 Attachment 1.

            
	 	 
	
              17.
                Maturity Date

            	
              Bridge
                Loan Maturity Date.

            
	 	 
	
              18.
                Closing Date

            	
              On
                initial draw down of Bridge Loan, 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 Lender. 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.

            
	 	 

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      	
              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; and

              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.

               

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

            
	 	 
	
              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.

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	
              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.

              iv.  Insurance
                policies and any claims or
                proceeds.

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    
      	
              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;

              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; and

              xxii.
                Accuracy of information furnished.

            

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    
      	
              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.

               

              “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. 

               

              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.

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      	
              29.
                Events of Default

            	
              Include:

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

            
	 	ii. 	
              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);

            
	 	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 will result in a
                material adverse effect on the Borrower;

            
	 	xiv. 	
              Failure
                to comply with environmental laws;

            
	 	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;

            
	 	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.

    

     

    
      
        
        

      

      
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              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 

            
	 	 
	
              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.

            

    

     

    
      
        
        

      

      
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              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 Arranger and Senior Lenders;

              ii.  
                Interest
                on Bridge Loan the 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.

            
	
              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.

            

    

     

    
      
        
        

      

      
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              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.

            

    

    

     

    
      
        
        

      

      
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