1 EXHIBIT 4.8 NOTE RELATING TO ONE BOEING 737-300 AIRCRAFT BEARING CAA REGISTRATION MARK G-OMBL $21,976,677 Chicago, Illinois Date: December 22, 1993 Due: July 19, 1997 The undersigned for value received, promises to pay to the order of Continental Bank, N.A. (the "Lender") TWENTY-ONE MILLION, NINE HUNDRED SEVENTY-SIX THOUSAND, SIX HUNDRED SEVENTY-SEVEN DOLLARS ($21,976,677) pursuant to the Secured Credit Agreement (hereinafter defined), payable in the principal installments as set forth on the schedule attached hereto. Such principal installments shall be payable on the 17th day of each month, commencing January 17, 1994. The undersigned further promises to pay interest on the unpaid principal amount hereof from the date hereof until paid in full, payable at such rate(s) and at such time(s) as provided in the Secured Credit Agreement. Payments of both principal and interest are to be made in lawful money of the United States of America in same day or immediately available funds to the account designated by the Agent pursuant to the Secured Credit Agreement. This Note evidences indebtedness incurred under, and is entitled to the benefits of, a Secured Credit Agreement, dated as of December 21, 1993 (herein, as it may any time be amended, modified, restated or supplemented and in effect, the "Secured Credit Agreement"), between the undersigned and the Lender, to which Secured Credit Agreement reference is hereby made for a statement of the terms and provisions under which this Note may be paid prior to its due date or its due date accelerated. Unless otherwise specified herein, the capitalized terms used herein have the same meanings as such terms have under the Secured Credit Agreement. Pursuant to the Secured Credit Agreement, this Note is secured by the Mortgage and the Remarketing Agreement and may be secured by other Related Documents from time to time. Reference is made thereto for a statement of terms and provisions of such security. In addition to and not in limitation of the foregoing and the provisions of the Secured Credit Agreement, the undersigned further agrees, subject only to any limitation imposed by applicable law, to pay all expenses, including reasonable attorneys' fees and legal expenses, incurred by the Lender in endeavoring to collect any amounts payable hereunder which are not paid when due, whether by acceleration or otherwise. This Note is made under and governed by the laws of the State of Illinois without regard to conflict of law principals. IAI II, INC. By: /s/ Michael P. Grella ------------------------ Name Printed: Michael P. Grella ----------------------- Title: President --------------------- Address: 3655 Torrance Boulevard Suite 410 Torrance, California 90503 1 2 Schedule attached to Note dated December 21, 1993 of IAI II, Inc., payable to the order of CONTINENTAL BANK, N.A. DATE DAYS BofA/PAY INTEREST BofA PRIN BofA BALANCE - ----------------------------------------------------------------------------------------------------- 12/22/93 21,976,677 1/18/94 27 189,171 74,171 115,000 21,861,677 2/17/94 30 194,704 79,704 115,000 21,746,677 3/17/94 28 194,285 79,285 115,000 21,631,677 4/18/94 32 212,536 92,536 120,000 21,511,677 5/17/94 29 206,644 86,644 120,000 21,391,677 6/17/94 31 221,454 142,391 79,063 21,312,614 7/17/94 30 221,468 137,289 84,179 21,228,435 8/17/94 31 221,458 141,305 80,153 21,148,282 9/17/94 31 221,459 140,771 80,688 21,067,594 10/17/94 30 221,472 135,710 85,762 20,981,832 11/17/94 31 221,462 139,663 81,799 20,900,033 12/17/94 30 221,475 134,631 86,844 20,813,189 1/17/95 31 221,465 138,541 82,924 20,730,265 2/17/95 31 221,466 137,989 83,477 20,646,788 3/17/95 28 221,502 124,133 97,369 20,549,419 4/17/95 31 222,969 136,785 86,184 20,463,235 5/17/95 30 222,982 131,817 91,165 20,372,070 6/17/95 31 222,972 135,604 87,368 20,284,702 7/17/95 30 222,985 130,667 92,318 20,192,384 8/17/95 31 222,975 134,408 88,567 20,103,817 9/17/95 31 222,977 133,819 89,158 20,014,659 10/17/95 30 222,990 128,928 94,062 19,920,597 11/17/95 31 222,980 132,599 90,381 19,830,216 12/17/95 30 222,993 127,740 95,253 19,734,963 1/17/96 31 222,984 131,364 91,620 19,643,343 2/17/96 31 222,985 130,754 92,231 19,551,112 3/17/96 29 223,009 121,744 101,265 19,449,847 4/17/96 31 221,488 129,466 92,022 19,357,825 5/17/96 30 221,501 124,697 96,804 19,261,021 6/17/96 31 221,492 128,209 93,283 19,167,738 7/17/96 30 221,504 123,472 98,032 19,069,706 8/17/96 31 221,494 126,935 94,559 18,975,147 9/17/96 31 221,496 126,306 95,190 18,879,957 10/17/96 30 221,508 121,618 99,890 18,780,067 11/17/96 31 221,499 125,007 96,492 18,683,575 12/17/96 30 221,511 120,353 101,158 18,582,417 1/17/97 31 221,503 123,692 97,811 18,484,606 2/17/97 31 221,505 123,041 98,464 18,386,142 3/17/97 28 221,539 110,542 110,997 18,275,145 4/17/97 31 221,508 121,646 99,862 18,175,283 5/17/97 30 221,520 117,079 104,441 18,070,842 6/17/97 31 221,512 120,287 101,225 17,969,617 7/17/97 30 18,085,371 115,754 17,969,617 0 2