Exhibit 10.34
FOURTH AMENDMENT
TO THE
SECURITY AND PLEDGE AGREEMENT, WITH ADDENDA
Fourth Amendment, dated as of December 22, 2000 (the "Fourth Amendment")
to the Security and Pledge Agreement (the "Security Agreement"), dated as of
February 4, 1997, among Atlantic Express Transportation Group Inc., a New York
corporation (together with its successors and assigns, "AETG"), Atlantic Express
Transportation Corp., a New York corporation and a subsidiary of AETG (together
with its successors and assigns, the "Company"), the subsidiaries of the Company
that are party thereto and The Bank of New York, as the trustee under the
Indenture (as defined below) for the benefit of the holders of the Notes (as
defined below)(together with its successors and assigns, the "Secured Party"),
as amended by the First Amendment to the Security and Pledge Agreement, dated as
of August 14, 1997, the Second Amendment to the Security and Pledge Agreement,
dated as of December 12, 1997, and the Third Amendment to the Security and
Pledge Agreement, dated as of April 28, 1999, each among AETG, the Company, the
subsidiaries of the Company that are party thereto and the Secured Party.
Capitalized terms not defined herein shall have the respective meaning set forth
for such terms in the Security Agreement.
WHEREAS, the parties to the Security Agreement desire to amend the
Security Agreement as set forth below.
NOW, THEREFORE, in consideration of the agreements set forth herein and
for other and good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the parties hereto hereby agree as follows:
1. New definitions are added to Section 1.1 of the Security Agreement to
read as follows:
"Equipment" shall mean all of the Company's and each Restricted
Subsidiary's now owned or hereafter acquired equipment, machinery,
computers and computer hardware and software (whether owned or
licensed), vehicles, tools, furniture, fixtures, all attachments,
accessions and property now or hereafter affixed thereto or used in
connection therewith, and substitutions and replacements thereof,
wherever located.
"Real Property" shall mean all now owned or hereafter acquired real
property of the Company or any Restricted Subsidiary, together with
all buildings, structures, and other improvements located thereon
and all licenses, easements and appurtenances relating thereto,
wherever located.
2. The term "Loan Agreement" as defined in Section 1.1 of the Security
Agreement is hereby amended and restated in its entirety, as follows:
"Loan Agreement" shall mean the Loan and Security Agreement, dated
December 22, 2000, among the Lender, certain subsidiaries of the
Company, as borrowers and the Company, as guarantor.
3. Section 2.1 of the Security Agreement is hereby amended and restated in
its entirety, as follows:
2.1 Security Interest. As security for the prompt and complete
payment and performance in full of all the Obligations, the Company
and each Restricted Subsidiary hereby grants to the Secured Party,
for the benefit of itself and the Holders, a security interest in
and continuing lien on, all of its right, title and interest in, to
and under the following, in each case, whether now owned or existing
or hereafter acquired or arising, and wherever located (all of which
being the "NonSecurity Collateral"):
(i) Accounts;
(ii) subject to the final paragraph of this Section 2.1, all present
and future contract rights (including, without limitation, all
rights under service contracts pursuant to which the Company or any
Restricted Subsidiary renders to its customers, which rights shall
include any and all rights to all retainages which may arise
thereunder), general intangibles (including but not limited to, tax
and duty refunds, patents, trade secrets, trademarks, service marks,
copyrights, trade names, applications and registrations for the
foregoing, goodwill, processes, drawings, blueprints, customer
lists, licenses, whether as licensor or licensee, choses in action
and other claims and existing and future leasehold interests in
Equipment, Real Property and fixtures), chattel paper, documents,
instruments, letters of credit, bankers' acceptances and guaranties;
(iii) all present and future monies, securities, credit balances,
deposits, deposit accounts and other property of the Company or any
Restricted Subsidiary now or hereafter held or received by or in
transit to Lender or its Affiliates or at any other depository or
other institution from or for the account of the Company or any
Restricted Subsidiary, whether for safekeeping, pledge, custody,
transmission, collection or otherwise, and all present and future
liens, security interests, rights, remedies, title and interest in,
to and in respect of Accounts and other Non-Security Collateral,
including, without limitation, (a) rights and remedies under or
relating to guaranties, contracts or suretyship, letters of credit
and credit and other insurance related to the NonSecurity
Collateral, (b) rights of stoppage in transit, replevin,
repossession, reclamation and other rights and remedies of an unpaid
vendor, lienor or secured party, (c) goods described in invoices,
documents, contracts or instruments with respect to, or otherwise
representing or evidencing, Accounts or other NonSecurity
Collateral, including, without limitation, returned, repossessed and
reclaimed goods, and (d) deposits by and property of account debtors
or other persons securing the obligations of account debtors;
(iv) Inventory;
(v) Equipment, including without limitation, all buses and other
vehicles, all attachments, accessions and property now or hereafter
affixed thereto or used in connection therewith, and substitutions
and replacements thereof, wherever located;
(vi) Real Property
(vii) Records; and
(viii) all products and proceeds of the foregoing, in any form,
including, without limitation, insurance proceeds and all claims
against third parties for loss or damage to or destruction of any or
all of the foregoing.
In no event shall the Secured Party's security interest in a
contract or agreement of the Company or any Restricted Subsidiary be
deemed to be a present assignment, transfer, conveyance, subletting
or other disposition (an "Assignment") of such contract or agreement
prohibiting, or requiring any consent or establishing any other
condition for, an assignment thereof by the Company or any
Restricted Subsidiary. The Secured Party acknowledges that any sale,
transfer or Assignment of any such contract or agreement upon the
enforcement of the Secured Party's security interest therein would
be subject to the terms of such contract or agreement governing
Assignment, except as otherwise provided in Section 9-318 of the
UCC. The Securing Party's security interest in each contract or
agreement of the Company or any Restricted Subsidiary shall attach
from the date hereof to all of the following, whether now existing
or hereafter arising or acquired: (i) all of the Company's and each
Restricted Subsidiary's Accounts and general intangibles for money
due or to become due arising under such contract or agreement; (ii)
all proceeds paid or payable to the Company or any Restricted
Subsidiary from any sale, transfer or assignment of such contract or
agreement and all rights to receive such proceeds; and (iii) all
other rights and interests of the Company and any Restricted
Subsidiary in, to and under such contract or agreement to the
fullest extent that attachment thereto would not be a violation of
such contract or agreement directly or indirectly entitling a party
thereto (other than the Company or any Restricted Subsidiary or
Affiliate thereof) to a legally enforceable right to terminate such
contract or agreement.
4. Subsection (b) of Section 3.1 of the Security Agreement is hereby
amended and restated in its entirety, as follows:
(b) The security interests in the Collateral granted to the Secured
Party hereunder will constitute perfected security interests
therein, to the extent that such security interests may be perfected
by the actions described in subsections (i), (ii), (iii), (iv) and
(v) hereof, superior and prior to all Liens and rights or claims of
all other Persons, subject only to the terms of (x) the
Intercreditor Agreement and (y) the $2.2 million aggregate principal
amount notes and mortgages (the "Central Notes and Mortgages")
relating to certain Real Property ("Central Real Properties")
acquired in the acquisition of Central New York Coach Sales &
Service, Inc., a New York corporation, and Jersey Bus Sales, Inc., a
New Jersey corporation, upon (i) the filing of financing statements
naming the Company or any Restricted Subsidiary as "debtor" and the
Secured Party as "secured party" and describing the Non-Security
Collateral in the filing offices set forth on Schedule II hereto,
(ii) to the extent not subject to Article 9 of the Uniform
Commercial Code in any applicable jurisdiction, the recordation of
the security interests granted hereunder in patents, trademarks and
copyrights in the applicable patent, trademark and copyright
registries and the registration of all copyrights, (iii) the
delivery of certificates and instruments evidencing all of the
Securities identified on Schedule I hereto to the Secured Party,
indorsed in blank or accompanied by undated Stock Powers duly
executed in blank, as the case may be, with respect thereto (iv)
naming the Secured Party as a "lienholder" on any Certificates of
Titles issued by the appropriate state agency on a motor vehicle
constituting Equipment which is less than eight years old (a
"Qualified Vehicle"), and (v) recordation of a mortgage, deed or
trust for any Real Property, other than Central Real Properties,
with the real estate records of the jurisdiction where such Real
Property is located, as the case may be, with respect thereto.
5. Section 3.2 of the Security Agreement is hereby amended and restated in
its entirety, as follows:
3.2 No Liens; Other Financing Statements. (a) Except for (i) the
Lien granted to the Secured Party hereunder, (ii) the Lien granted
to the Lender under the Loan Agreement and (iii) the Lien granted
under the Central Notes and Mortgages, the Company and each
Restricted Subsidiary owns and, as to all Collateral whether now
existing or hereafter acquired will continue to own, each item of
the Collateral free and clear of all Liens, rights and claims, and
the Company and each Restricted Subsidiary shall defend the
Collateral against all claims and demands of all Persons at any time
claiming the same or any interest therein adverse to the Secured
Party on the Collateral entitled to priority therein under
applicable law.
(b) No financing statement or other evidence of Lien covering or
purporting to cover any of the Collateral is on file and is
effective in any public office other than (i) financing statements
filed or to be filed in connection with the security interests
granted to the Secured Party hereunder, (ii) financing statements
filed in connection with the Loan Agreement, (iii) financing
statements and mortgages filed in connection with the Central Notes
and Mortgages, and (iv) financing statements or liens on vehicles,
in each case, for which proper, executed termination statements have
been delivered to the Secured Party for filing.
6. Section 3.4 of the Security Agreement is hereby amended and restated in
its entirety, as follows:
3.4 Location of Inventory and Equipment, Legal Description of Real
Property. The Inventory and Equipment is kept only at (or shall be
in transit to) the locations listed on Schedule III hereto. None of
such Inventory or Equipment is in the possession of an issuer of a
negotiable document (as defined in Section 7-104 of the UCC)
therefor or otherwise in the possession of a bailee or other Person.
The legal description of all Real Property is set forth on Schedule
III hereto.
7. Section 4.1 of the Security Agreement is hereby amended and restated by
adding the following Subsections (iii) and (iv), as follows:
(iii) submitting certificates of title on Qualified Vehicles to the
appropriate state authority for notation thereon of the liens and
security interests granted hereby; and
(iv) recording mortgages, deeds or trusts for Real Property, except
the Central Real Properties, with the real estate records of the
jurisdiction where such Real Property is located with respect to the
liens and security interests granted hereby.
8. Section 4.6 of the Security Agreement is hereby amended and restated in
its entirety, as follows:
4.6 Negative Pledge. None of AETG, the Company nor any Restricted
Subsidiary will create, incur or permit to exist, and each of them
will defend the Collateral against, and will take such other action
as is necessary to remove, any Lien or claim on or to the
Collateral, other than the Liens created hereby, Liens in favor of
the Lender under the Loan Agreement, Permitted Liens and the Central
Notes and Mortgages.
9. Schedules I, II and III shall hereby be amended to include the
information set forth on such corresponding Schedules I, II and III attached
hereto.
10. Except as herein amended, all terms, provisions and conditions of the
Security Agreement, all Annexes and Schedules thereto and all documents executed
in connection therewith shall continue in full force and effect and shall remain
enforceable and binding in accordance with their terms.
11. This Amendment may be executed in any number of counterparts, each of
which shall for all purposes be deemed an original and all of which constitute,
collectively, one agreement.
12. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK (WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS).
13. In the event of a conflict between the terms and conditions of the
Security Agreement and the terms and conditions of this Amendment, then the
terms and conditions of this Amendment shall prevail.
14. The recitals contained herein shall be taken as the statements of
AETG, the Company and the Guarantors, and the Trustee assumes no responsibility
for the correctness. The Trustee makes no representation as to the validity or
sufficiency of this Fourth Amendment to the Security and Pledge Agreement.
IN WITNESS WHEREOF, the parties have caused this Amendment to be duly
executed and delivered as of the date first above written.
ATLANTIC EXPRESS TRANSPORTATION ATLANTIC EXPRESS
GROUP INC. TRANSPORTATION CORP.
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
--------------------------- -----------------
Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇
Title: Chief Financial Officer Title: President
GUARANTORS
AMBOY BUS CO., INC.
ATLANTIC-CHITTENANGO REAL METRO AFFILIATES, INC.
PROPERTY CORP. METROPOLITAN ESCORT SERVICE, INC.
ATLANTIC-CONN TRANSIT, INC. MIDWAY LEASING, INC.
ATLANTIC EXPRESS COACHWAYS, INC. ▇▇▇▇▇▇▇ BUS SERVICE, INC.
ATLANTIC EXPRESS OF LA, INC. ▇▇▇▇▇▇▇ CAPITAL CORP.
ATLANTIC EXPRESS OF MISSOURI, INC. ▇▇▇▇▇▇▇ EQUITY CORP.
ATLANTIC EXPRESS OF NEW JERSEY, INC. STATEN ISLAND BUS, INC.
ATLANTIC EXPRESS OF PENNSYLVANIA, INC. TEMPORARY TRANSIT SERVICE, INC.
ATLANTIC-▇▇▇▇▇▇, INC. 201 WEST ▇▇▇▇▇▇▇ REALTY, INC.
ATLANTIC MEDFORD INC. ATLANTIC TRANSIT, CORP.
ATLANTIC PARATRANS, INC. AIRPORT SERVICES, INC.
ATLANTIC PARATRANS OF COLORADO, INC. ATLANTIC EXPRESS NEW ENGLAND, INC.
ATLANTIC PARATRANS OF KENTUCKY, INC. ATLANTIC EXPRESS OF CALIFORNIA, INC.
ATLANTIC PARATRANS OF ATLANTIC EXPRESS OF ILLINOIS, INC.
PENNSYLVANIA, INC. ATLANTIC EXPRESS OF SOUTH
BLOCK 7932, INC. CAROLINA, INC.
BROOKFIELD TRANSIT, INC. ATLANTIC PARATRANS OF ARIZONA, INC.
CENTRAL NEW YORK COACH SALES ▇▇▇▇▇ BUS SERVICE, INC.
& SERVICE, INC. GROOM TRANSPORTATION, INC.
COURTESY BUS CO., INC. ▇▇▇▇▇ ▇▇▇▇▇▇▇ LIMO SERVICE, INC.
GVD LEASING, INC. ▇▇▇▇▇▇▇▇ TRANSPORTATION, INC.
180 JAMAICA CORP. MOUNTAIN TRANSIT, INC.
JERSEY BUS SALES, INC. ▇. ▇▇▇▇▇ BUS SERVICE, INC.
JERSEY BUSINESS LAND CO., INC. ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ & SON, INC.
▇. ▇▇▇▇, INC. T-NT BUS SERVICE, INC.
MERIT TRANSPORTATION CORP. TRANSCOMM, INC.
WINSALE, INC.
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
-----------------------
Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
Title: CFO
THE BANK OF NEW YORK, as
Trustee and Secured Party
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇-▇▇▇▇▇▇
--------------------------
Name: ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇-▇▇▇▇▇▇
Title: Vice President
Schedule I
Pledged Securities Owned By Atlantic Express Transportation Corp.
-----------------------------------------------------------------
Stock Percentage of
Stock Class of Certificate Number Outstanding
Issuer Stock Number Par Value of Shares Shares
------- ----- ------ --------- --------- ------
Atlantic Transit, Corp. Common 1 None 10 100%
Airport Services, Inc. Common 2 None 100 100%
Atlantic Express New England, Inc. Common 1 None 10 100%
Atlantic Express of California, Inc. Common 1 None 10 100%
Atlantic Express of Illinois, Inc. Common 1 None 10 100%
Atlantic Express of South Carolina, Common 2 None 10 100%
Inc.
Atlantic Paratrans of Arizona, Inc. Common 1 None 10 100%
▇▇▇▇▇ Bus Service, Inc. Common 18 None 950 100%
Groom Transportation, Inc. Common 3 None 100 100%
▇▇▇▇▇ ▇▇▇▇▇▇▇ Limo Service, Inc. Common 2 None 100 100%
▇. ▇▇▇▇, Inc. Common 4 None 10 100%
▇▇▇▇▇▇▇▇ Transportation, Inc. Common 8 None 100 100%
Mountain Transit, Inc. Common 3 None 100 100%
▇. ▇▇▇▇▇ Bus Service, Inc. Common 13 None 70 100%
▇▇▇▇▇▇▇ Bus Service, Inc. Common 3 None 10 100%
▇▇▇▇▇▇▇ Capital Corp. Common 5 None 10 100%
▇▇▇▇▇▇▇ Equity Corp. Common 7 None 20 100%
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ & Son, Inc. Common 22 None 100 100%
T-NT Bus Service, Inc. Common 5 None 150 100%
Transcomm, Inc. Common 7 None 1000 100%
Winsale, Inc. Common 5 None 100 100%
Schedule II
Filing Offices
Debtor Name Jurisdictions Where UCC-1s Filed
----------- --------------------------------
Atlantic Transit, Corp. New York, SOS
Richmond, County
Airport Services, Inc. Massachusetts SOS
Leominster, City
New York SOS
Richmond, County
Atlantic Express New England, Inc. Massachusetts SOS
Woburn, City
Billerica, Town
New York SOS
Richmond, County
Atlantic Express of California, Inc. California SOS
New York SOS
Richmond, County
Atlantic Express of Illinois, Inc. Illinois SOS
New York SOS
Richmond, County
Atlantic Express of South Carolina, Inc. South Carolina SOS
New York SOS
Richmond, County
Atlantic Paratrans of Arizona, Inc. Arizona SOS
New York SOS
Richmond, County
▇▇▇▇▇ Bus Service, Inc. Massachusetts SOS
Woburn, City
Saugus, Town
New York SOS
Richmond, County
Groom Transportation, Inc. Massachusetts SOS
Billerica, Town
Woburn, City
New York SOS
Richmond, County
▇▇▇▇▇ ▇▇▇▇▇▇▇ Limo Service, Inc. Massachusetts SOS
Leominster City
Millbury Town
▇▇▇▇▇▇▇▇ Town
Gardner City
New York SOS
Richmond, County
▇. ▇▇▇▇, Inc. New York SOS
Suffolk, County
Richmond, County
▇▇▇▇▇▇▇▇ Transportation, Inc. Massachusetts SOS
Woburn, City
New York SOS
Richmond, County
Mountain Transit, Inc. Vermont SOS
New York SOS
Richmond, County
▇. ▇▇▇▇▇ Bus Service, Inc. Massachusetts SOS
Woburn, City
New York SOS
Richmond, County
▇▇▇▇▇▇▇ Bus Service, Inc. ▇▇▇ ▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇
▇▇▇▇▇▇▇ Capital Corp. New York SOS
Suffolk, County
Richmond, County
▇▇▇▇▇▇▇ Equity Corp. New York SOS
Suffolk, County
Richmond, County
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ & Son, Inc. Massachusetts SOS
Brookfied, Town
Hubbardston, Town
▇▇▇▇▇▇▇▇, Town
Princeton, Town
▇▇▇▇▇▇, Town
New York SOS
Richmond, County
T-NT Bus Service, Inc. New York SOS
▇▇▇▇▇▇▇, ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇
▇▇▇▇, ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇
Transcomm, Inc. Massachusetts SOS
Brockton, City
Gloucester, City
▇▇▇▇▇▇, City
Somerville, City
Woburn, City
New York SOS
Richmond, County
Winsale, Inc. New Jersey SOS
New York SOS
Richmond, County
SOS= Secretary of State
Schedule III
Location of Collateral
----------------------
New York
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All Companies ▇ ▇▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇▇ ▇▇▇▇▇▇
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Atlantic Express Coachways, Inc. ▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇▇
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Amboy Bus Co., Inc. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇▇
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Staten Island Bus, Inc. ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇▇
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Amboy Bus Co., Inc. ▇▇▇-▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇
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Amboy Bus Co., Inc. ▇▇▇▇▇ ▇▇▇▇▇▇
180 ▇▇▇▇▇▇ Corp. Queens (Parking Lot)
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Amboy Bus Co., Inc. ▇▇-▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇ Paratrans, Inc. Queens
Brookfield Transit, Inc.
Merit Transportation, Inc.
Metro Affiliates, Inc.
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Amboy Bus Co., Inc. Metropolitan Avenue
Queens (Parking Lot)
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Amboy Bus Co., Inc. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
Block 7932, Inc. Brooklyn
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Amboy Bus Co., Inc. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇ Paratrans Brooklyn
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Amboy Bus Co., Inc. ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇-▇▇▇▇▇▇, Inc. Bronx
Metro Affiliates, Inc.
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Amboy Bus Co., Inc. ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇.
▇▇▇▇▇, ▇▇
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Courtesy Bus Co., Inc. ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
Metro Affiliates, Inc. Oceanside
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Courtesy Bus Co., Inc. 396 & 460 ▇▇▇▇▇ Court
Oceanside
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Amboy Bus Co., Inc. ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇ Medford, Inc. Medford
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Amboy Bus Co., Inc. ▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇
Metro Affiliates, Inc. Setauket
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Amboy Bus Co., Inc. ▇▇-▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
Mespath
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Amboy Bus Co., Inc. ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇
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▇. ▇▇▇▇, Inc. ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇
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▇▇▇▇▇▇▇ Bus Service, Inc. ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Corp. Farmingdale
▇▇▇▇▇▇▇ Equity Corp.
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Amboy Bus Co., Inc. Route 202
▇▇▇▇▇▇
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Atlantic-Chittenango Real Property Corp. ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ Bus Sales & Service, Inc. Chittenango
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Central New York Bus Sales & Service, Inc. ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇
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Central New York Bus Sales & Service, Inc. ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇
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T-NT Bus Service, Inc. ▇▇▇ ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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T-NT Bus Service, Inc. ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇
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T-NT Bus Service, Inc. ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇
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T-NT Bus Service, Inc. ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇
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T-NT Bus Service, Inc. ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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T-NT Bus Service, Inc. ▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇
Cheektowaga
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* Vehicles owned by Midway Leasing, Inc. are held in various locations
throughout New York.
Missouri
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Atlantic Express of Missouri, Inc. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇. ▇▇▇▇▇
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Atlantic Express of Missouri, Inc. ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
St. Louis
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Atlantic Express of Missouri, Inc. ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
St. Louis
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Atlantic Express of Missouri, Inc. ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇. ▇▇▇▇▇
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Atlantic Express of Missouri, Inc. ▇▇▇▇ ▇. ▇▇▇ ▇▇▇▇▇▇
▇▇. ▇▇▇▇▇
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Massachusetts
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Atlantic Express New England, Inc. ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇ Bus Service, Inc. Woburn
Groom Transportation, Inc.
▇▇▇▇▇▇▇▇ Transportation, Inc.
▇. ▇▇▇▇▇ Bus Service, Inc.
Transcomm, Inc.
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Airport Services, Inc. ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇ Limo Service, Inc. Leominster
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Atlantic Express New England, Inc. ▇ ▇▇▇▇▇ ▇▇▇▇▇▇
Groom Transportation, Inc. Billerica
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▇▇▇▇▇ Bus Service, Inc. ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Saugus
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▇▇▇▇▇ ▇▇▇▇▇▇▇ Limo Service, Inc. ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇
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▇▇▇▇▇ ▇▇▇▇▇▇▇ Limo Service, Inc. ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇
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▇▇▇▇▇ ▇▇▇▇▇▇▇ Limo Service, Inc. 150 ▇▇▇▇▇ ▇▇▇▇▇▇ Avenue
▇▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ & Son, Inc. ▇▇▇ ▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ & Son, Inc. ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ & Son, Inc. Route 32
Hardwick
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ & Son, Inc. Route 68
Hubbardston
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ & Son, Inc. Meriam Road
Princeton
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ & Son, Inc. ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇
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Transcomm, Inc. ▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇
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Transcomm, Inc. ▇ ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇
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Transcomm, Inc. ▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇
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Transcomm, Inc. ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇
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New Jersey
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Atlantic Express of New Jersey, Inc. ▇▇▇ ▇▇▇ ▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇▇▇
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Atlantic Express of New Jersey, Inc. ▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ Co., Inc. Southampton
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Atlantic Paratrans, Inc. ▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇
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Atlantic Paratrans, Inc. ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇
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Jersey Bus Sales, Inc. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇ Business Land Co., Inc. Bordentown
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Jersey Bus Sales, Inc. ▇▇▇ ▇▇▇▇ ▇▇ & ▇▇▇▇▇▇ ▇▇▇ ▇▇
▇▇▇▇▇▇▇▇▇▇
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Winsale, Inc. ▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇
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Winsale, Inc. Van ▇▇▇▇▇▇
▇▇▇▇▇▇
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Winsale, Inc. ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇
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Winsale, Inc. ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇
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Pennsylvania
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Atlantic Express of Pennsylvania, Inc. ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇
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Atlantic Express of Pennsylvania, Inc. ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇
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Atlantic Express of Pennsylvania, Inc. ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇
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Atlantic Paratrans of Pennsylvania, Inc. ▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇
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Illinois
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Atlantic Express of Illinois, Inc. ▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇
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South Carolina
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Atlantic Paratrans of South Carolina, Inc. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
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California
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Atlantic Express of LA, Inc. ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇
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Atlantic Express of LA, Inc. ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇
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Atlantic Express of California, Inc. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇.
▇▇▇▇ ▇▇▇▇▇
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Atlantic Express of California, Inc. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇.
▇▇▇▇ ▇▇▇▇▇
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Connecticut
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Atlantic-Conn Transit, Inc. ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇
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Vermont
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Mountain Transit, Inc. ▇▇▇▇▇▇▇ Road
Colchester
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Mountain Transit, Inc. ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇
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Mountain Transit, Inc. Landfill Road
▇▇▇▇▇▇
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Arizona
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Atlantic Paratrans of Arizona, Inc. ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇
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Atlantic Paratrans of Arizona, Inc. ▇▇▇-▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇
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ADDENDUM TO SECURITY AND PLEDGE AGREEMENT
The undersigned:
(i) agrees to all of the provisions of the Security and Pledge Agreement,
dated as of February 4, 1997, among AETG, the Company and the Restricted
Subsidiaries (each as defined therein), in favor of The Bank of New York (the
"Secured Party"), as amended by the First Amendment to the Security and Pledge
Agreement, dated as of August 14, 1997, the Second Amendment to the Security and
Pledge Agreement, dated as of December 12, 1997, the Third Amendment to the
Security and Pledge Agreement, dated as of April 28,1999, and the Fourth
Amendment to the Security and Pledge Agreement, dated as of the date hereof,
each among AETG, the Company and the Restricted Subsidiaries (each as defined
therein), in favor of the Secured Party (the "Security Agreement"), pursuant to
the Indenture, dated as of February 4, 1997, among the Company, the Restricted
Subsidiaries (each as defined therein) and the Secured Party, as amended by the
First Supplemental Indenture, dated as of August 14, 1997, the Second
Supplemental Indenture, dated as of December 12, 1997, the Third Supplemental
Indenture dated as of October 28, 1998, the Fourth Supplemental Indenture, dated
as of April 28, 1999, and the Fifth Supplemental Indenture, dated as of December
20, 2000, each among the Company, Restricted Subsidiaries (each as defined
therein) and the Secured Party (the "Indenture"), and
(ii) effective on the date hereof becomes a party to the Security
Agreement, as a Restricted Subsidiary, with the same effect as if the
undersigned were an original signatory to the Security Agreement (with the
representations and warranties contained therein) being deemed to be made by the
undersigned Restricted Subsidiary as of the date hereof.
Terms defined in the Security Agreement and the Indenture shall have such
defined meanings when used herein.
By its acceptance hereof, each undersigned Restricted Subsidiary hereby
ratifies and confirms its respective obligations under the Guaranty, as
supplemented hereby.
ATLANTIC TRANSIT, CORP. ▇. ▇▇▇▇, INC.
AIRPORT SERVICES, INC. ▇▇▇▇▇▇▇▇ TRANSPORTATION, INC.
ATLANTIC EXPRESS NEW ENGLAND, INC. MOUNTAIN TRANSIT, INC.
ATLANTIC EXPRESS OF CALIFORNIA, INC. ▇. ▇▇▇▇▇ BUS SERVICE, INC.
ATLANTIC EXPRESS OF ILLINOIS, INC. ▇▇▇▇▇▇▇ BUS SERVICE, INC.
ATLANTIC EXPRESS OF SOUTH ▇▇▇▇▇▇▇ CAPITAL CORP.
CAROLINA, INC. ▇▇▇▇▇▇▇ EQUITY CORP.
ATLANTIC PARATRANS OF ARIZONA, INC. ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ & SON, INC.
▇▇▇▇▇ BUS SERVICE, INC. T-NT BUS SERVICE, INC.
GROOM TRANSPORTATION, INC. TRANSCOMM, INC.
▇▇▇▇▇ ▇▇▇▇▇▇▇ LIMO SERVICE, INC. WINSALE, INC.
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
------------------------
Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
Title: CFO
Dated: December 22, 2000