Document:

<Page>

                                                                Exhibit 10.46

                             ENGINE LEASE SUPPLEMENT

     ENGINE LEASE SUPPLEMENT NO. 1, dated December 19, 2001 between AVIATION
FINANCIAL SERVICES, INC., a corporation organized under the laws of the State of
Delaware ("Lessor"), and CHAUTAUQUA AIRLINES, INC., a corporation organized
under the laws of the State of New York ("Lessee").

     Lessor and Lessee have previously entered into that certain Engine Lease
Agreement dated as of December 18, 2001, including the Common Terms Agreement as
defined therein (collectively, herein referred to as the "Lease" and the defined
terms therein being hereinafter used with the same meaning). The Lease provides
for the execution and delivery from time to time of an Engine Lease Supplement
substantially in the form hereof for the purpose of leasing the engines
described below under the Lease as and when delivered by Lessor to Lessee in
accordance with the terms thereof.

     The Lease and this Engine Lease Supplement relate to the Engines and Parts
as more precisely described below and in the Certificate of Acceptance. A
counterpart of the Lease is attached hereto and this Engine Lease Supplement and
the Agreement shall form one document.

     In consideration of the premises and other good and sufficient
consideration, Lessor and Lessee hereby agree as follows:

1. Lessor hereby delivers and leases to Lessee under the Lease and Lessee hereby
accepts, acknowledges receipt of possession and leases from Lessor under the
Lease, those certain AE3007A1P aircraft Engines (each of which Engines has 750
or more rated takeoff horsepower or the equivalent of such horsepower) described
in the Annex hereto, together with the Engine Documents described in the Lease
(each a "Delivered Engine").

2. The Delivery Date of each Delivered Engine is the date of this Engine Lease
Supplement set forth in the opening paragraph hereof.

3. The Term for each Delivered Engine shall commence on the Delivery Date and
shall end on the Expiry Date, which shall be December 19, 2016.

4. The amount of Rent for each Delivered Engine is set forth in Schedule B to
the Engine Lease Agreement.

5. Lessee hereby confirms to Lessor that (i) each Delivered Engine have been
duly marked in accordance with the terms of Section 8.6(a) of the Common Terms
Agreement, (ii) each Delivered Engine is insured as required by the Lease, (iii)
the representations and warranties of Lessee referred to in Section 2.1 of the
Common Terms Agreement are hereby repeated with effect as of the date first
above written, (iv) having inspected each Delivered Engine, Lessee acknowledges
that each Delivered Engine satisfies all conditions required for Lessee's
acceptance of delivery as set forth in the Lease or as otherwise expressly set
forth in the Certificate of Acceptance, and (v) the execution and delivery of
this Engine Lease Supplement

<Page>

signifies absolute and irrevocable acceptance by Lessee of each Delivered Engine
for all purposes hereof and of the Lease.

6. All of the terms and provisions of the Lease are hereby incorporated by
reference in this Engine Lease Supplement to the same extent as if fully set
forth herein.

7. This Engine Lease Supplement may be executed in any number of counterparts;
each of such counterparts, shall for all purposes be deemed to be an original;
and all such counterparts shall together constitute but one and the same Engine
Lease Supplement.

<Page>

     IN WITNESS WHEREOF, Lessor and Lessee have caused this Engine Lease
Supplement No. 1 to be duly executed as of the day and year first above written.

LESSOR,                                       LESSEE,

AVIATION FINANCIAL                            CHAUTAUQUA AIRLINES, INC.
SERVICES, INC.

By:   /s/ Charles H. Meyer                    By:      /s/ Robert H. Cooper
   ------------------------------                -------------------------------

Name:     Charles H. Meyer                    Name:        Robert H. Cooper
     ----------------------------                  -----------------------------

Title:   Vice President                       Title:     Vice President
      ---------------------------                   ----------------------------

<Page>

                                                                           ANNEX

                              DESCRIPTION OF ENGINE
<Table>
<Caption>
Manufacturer                     Manufacturer's Model         Manufacturer's
                                                              Serial No.
--------------------------------------------------------------------------------
<S>                              <C>                          <C>
Rolls Royce                      AE 3007A1P                   CAE 312071

Rolls Royce                      AE 3007A1P                   CAE 312096

Rolls Royce                      AE 3007A1P                   CAE 311434

Rolls Royce                      AE 3007A1P                   CAE 311206

Rolls Royce                      AE 3007A1P                   CAE 311635

Rolls Royce                      AE 3007A1P                   CAE 311794

Rolls Royce                      AE 3007A1P                   CAE 311908
</Table>

Each Engine is of 750 or more "rated take-off horsepower" or the equivalent of
such horsepower.<Page>
                                                                Exhibit 10.47

                            Chautauqua Airlines, Inc.

                           2500 South High School Road
                           Indianapolis, Indiana 46241

December 18, 2001

Aviation Financial Services Inc.
c/o GE Engine Leasing
GE Capital Aviation Services, Inc.
201 High Ridge Road
Stamford, Connecticut 06927

Re:  Master Engine Lease Agreement (the "Lease") dated as of December 18, 2001,
     incorporating the terms of that certain Engine Lease Common Terms Agreement
     between General Electric Capital Corporation and Lessee (the "CTA"),
     between Chautauqua Airlines, Inc. (the "Lessee") and Aviation Financial
     Services Inc. ("Lessor"). Capitalized terms used and not defined herein
     shall be given the meanings assigned in the Lease.

Dear Madams/Sirs:

The parties hereto agree that for all purposes of the Lease, Section 8.7(a)(vi)
of the CTA shall be deemed to be amended by adding at the end thereof:

"In addition to the foregoing requirements, so long as Aviation Financial
Services Inc. or an Affiliate of Aviation Financial Services Inc. is the Lessor,
Lessee shall not, during the Term, enter into any merger with or into or
consolidation with, or sell, convey, transfer, lease or otherwise dispose of in
one or a series of transactions all or substantially all of its assets as an
entirety to any Person, unless the surviving corporation or Person which
acquires by purchase, conveyance, transfer or lease all or substantially all of
the assets of the Lessee as an entirety (A) is a domestic corporation organized
and existing under the laws of the United States or any State of the United
States, (B) is a Citizen of the United States, (C) is a Certificated Air
Carrier, (D) if not the Lessee, executes a duly authorized, legal, valid,
binding, and enforceable agreement, reasonably satisfactory in form and
substance to Lessor, Owner and the Financing Parties' Representative, containing
an effective assumption of all of the Lessee's, as applicable, obligations
hereunder and under the Engine Lease Agreement, and each other document
contemplated hereby or thereby and delivers such instrument to the Lessor, Owner
and the Financing Parties' Representative, (E) provides an opinion from counsel
(which counsel may be the Lessee's General Counsel) delivered to the Lessor,
Owner and the Financing Parties' Representative, which opinion shall be
reasonably satisfactory to the

<Page>

Lessor, and an officer's certificate (which may rely, as to legal matters, on
such legal opinion), each stating that such merger, consolidation, conveyance,
transfer, lease or other disposition and the instrument noted in Section
8.7(a)(vi)(B) of the CTA complies with this letter agreement and Section
8.7(a)(vi) of the CTA, that such instrument is a legal, valid and binding
obligation of, and is enforceable against, such survivor or Person, and that all
conditions precedent herein provided for relating to such transaction have been
complied with, and (F) such survivor or Person makes such filings and recordings
with the FAA as may be required pursuant to part A of subtitle VII of Title 49,
United States Code to evidence such merger or consolidation; PROVIDED THAT, no
such merger, consolidation or conveyance, transfer or lease shall be permitted
if (1) immediately after giving effect to such consolidation, merger, purchase,
conveyance, transfer, lease or other disposition, an Event of Default shall have
occurred and be continuing or (2) the surviving Person in such transaction has a
tangible net worth, as determined in accordance with generally accepted
accounting principles immediately following such transaction, of less than
seventy-five percent (75%) of Lessee, as measured immediately prior to such
transaction.

In addition to the foregoing requirements, so long as Aviation Financial
Services Inc. or an Affiliate of Aviation Financial Services Inc. is the Lessor
(A) during the first five (5) years of the Term, the Lessee shall not enter into
any merger with or into or consolidation with, or sell, convey, transfer, lease
or otherwise dispose of in one or a series of transactions all or substantially
all of its assets to any Person nor shall Wexford Air Holdings, Inc. (the
"Wexford Shareholder") sell any of its shares of common stock in the Lessee
(collectively, a "Transaction") without the prior written consent of the Lessor,
such consent not to be unreasonably withheld, unless: (i) following such
Transaction, the Wexford Shareholder is the shareholder owning the greatest
number of shares of common stock of the Lessee or other surviving entity; or
(ii) the acquiring or successor entity in such Transaction is a Certificated Air
Carrier with a tangible net worth of not less than Fifty Million Dollars
($50,000,000.00) or a Group III air carrier as determined under 14 CFR 241,
Section 04 (or, if such determination has not been made, an air carrier with
annual operating revenues of One Billion Dollars ($1,000,000,000.00); or (iii)
immediately following the Transaction, Lessee receives and retains net proceeds
of at least Twenty Five Million Dollars ($25,000,000.00); and (B) clause (2) of
the proviso in the immediately preceding paragraph shall not apply during the
first five (5) years of the Term with respect to any Transaction that otherwise
fully satisfies any one of the conditions set forth in subclauses (i), (ii), or
(iii) in clause (A) of this paragraph."

The agreement stated in this letter is for the sole benefit of Aviation
Financial Services Inc. and its Affiliates and shall terminate if at any time
Aviation Financial Services Inc. or an Affiliate ceases to be the Lessor. Each
party agrees that it will not disclose the terms of this letter (other than to
its accountants, attorneys, agents or consultants), including to potential
assignees, except as required by law.

<Page>

If you agree with the terms of this letter, please so indicate by executing the
letter where indicated below.

Very truly yours,

CHAUTAUQUA AIRLINES, INC.

By:  /s/ Robert H. Cooper
     --------------------------
     Name:  Robert H. Cooper
     Title: Vice President

ACCEPTED AND AGREED:

AVIATION FINANCIAL SERVICES INC.

By:  Charles H. Meyer
     --------------------------
     Name:  Charles H. Meyer
     Title: Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]