Document:

Exhibit 10.1 Amendment No. 9 to Loan and Security Agreement

    

      EXHIBIT
        10.1

       

       

      
        
          	
                   AMENDMENT
                    NO. 9

                
	
                   TO

                

        

      

      LOAN
        AND SECURITY AGREEMENT

      

      THIS
        AMENDMENT NO. 9 TO LOAN AND SECURITY AGREEMENT
        (this
        "Amendment"),
        dated
        as of the 12th day of January, 2006, made by and between

      

      BANK
        OF AMERICA, N.A.
        (successor by assignment from Banc of America Leasing & Capital, LLC,
        successor by merger with FCC Transition LLC which in turn was the successor
        by
        merger with Fleet Capital Corporation), a national banking association (the
        "Lender");
        and

      

      CHAUTAUQUA
        AIRLINES, INC.,
        an
        Indiana corporation (successor by merger with Chautauqua Airlines, Inc.,
        a New
        York corporation) (the "Borrower"),

      

      to
        the
        Loan and Security Agreement, dated December 9, 1998 (as amended, modified,
        restated or supplemented from time to time, the "Loan
        Agreement")
        between the Borrower and the Lender. All capitalized terms used herein without
        definition shall have the meanings ascribed to such terms in the Loan
        Agreement.

       

      

      
        	
                 RECITALS

              

      

      

      A. Pursuant
        to the Loan Agreement, the Lender has agreed to make loans and extend credit
        to
        the Borrower secured by the Collateral.

      

      B. The
        Borrower has requested that the Letter of Credit Amount be increased from
        the
        sum of $7.5 million to the sum of $8.5 million. 

      

      C. The
        Lender has agreed to such request and to accomplish the foregoing, the Borrower
        and the Lender have agreed to amend the Loan Agreement as set forth
        herein.

       

      

      
        	
                 STATEMENT
                  OF AGREEMENT

              

      

       

      

      NOW,
        THEREFORE, in consideration of the premises and for other good and valuable
        consideration, the receipt and sufficiency of which are hereby expressly
        acknowledged, the Borrower and the Lender hereby agree as follows:

      

      ARTICLE
        I

      

      
        	
                 AMENDMENTS
                  TO LOAN AGREEMENT

              

      

       

      

      The
        Loan
        Agreement is hereby amended as follows: 

      

      1.1. Letters
        of Credit.
        Section
        1.2.1 is amended in its entirety to read as follows:

      

      "1.2.1 Issuance
        of Letters of Credit and Letter of Credit Guaranties.
        Lender
        agrees, for so long as no Default or Event of Default exists and subject
        to the
        provisions of Section 10 below, to issue its, or cause to be issued its
        Affiliate's, Letters of Credit and Letter of Credit Guaranties, as requested
        by
        Borrower, provided that (a) the Letter of Credit Amount at any time shall
        not
        exceed $8,500,000 and (b) without Lender's consent in each instance, no Letter
        of Credit or Letter of Credit Guaranty may have an expiration date that is
        after
        the last day of the Original Term or the then applicable Renewal Term. Any
        amounts paid by Lender under any Letter of Credit Guaranty or in connection
        with
        any Letter of Credit shall be treated as Revolver Loans, shall be secured
        by all
        of the Collateral and shall bear interest and be payable at the same rate
        and in
        the same manner as the Revolver Loans."

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        II

      

      MODIFICATION
        OF LOAN DOCUMENTS

      

      2.1. Loan
        Documents.
        The
        Loan Agreement and each of the other Loan Documents are amended to provide
        that
        any reference to the Loan Agreement in the Loan Agreement or any of the other
        Loan Documents shall mean the Loan Agreement as amended by this Amendment,
        and
        as it is further amended, restated, supplemented or modified from time to
        time.

      

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES

      

      The
        Borrower hereby represents and warrants to the Lender that as of the date
        hereof:

      

      3.1. Compliance
        with the Loan Agreement and Other Loan Documents.
        The
        Borrower is in compliance with all of the terms and provisions set forth
        in the
        Loan Agreement and in the other Loan Documents to be observed or performed
        by
        the Borrower, except where the failure of the Borrower to comply has been
        waived
        in writing by the Lender.

      

      3.2. Representations
        in Loan Agreement and other Loan Documents.
        The
        representations and warranties of the Borrower set forth in the Loan Agreement
        and the other Loan Documents are true and correct in all material respects
        except to the extent that such representations and warranties relate solely
        to
        or are specifically expressed as of a particular date or period which is
        past or
        expired as of the date hereof.

      

      3.3. No
        Event of Default.
        No
        Default or Event of Default exists.

      ARTICLE
        IV

      

      GENERAL

      

      4.1. Full
        Force and Effect.
        As
        expressly amended hereby, the Loan Agreement shall continue in full force
        and
        effect in accordance with the provisions thereof. As used in the Loan Agreement,
        "hereinafter", "hereto", "hereof" or words of similar import, shall, unless
        the
        context otherwise requires, mean the Loan Agreement as amended by this
        Amendment.

      

      4.2. Applicable
        Law.
        This
        Amendment shall be governed by and construed in accordance with the internal
        laws and judicial decisions of the State of North Carolina.

      

      4.3. Counterparts.
        This
        Amendment may be executed in one or more counterparts, each of which shall
        constitute an original, but all of which when taken together shall constitute
        but one and the same instrument.

      

      4.4. Expenses.
        The
        Borrower shall reimburse the Lender for all reasonable legal fees and expenses
        incurred by the Lender in connection with the preparation, negotiation,
        execution and delivery of this Amendment and all other agreements and documents
        or contemplated hereby.

      

      4.5. Headings.
        The
        headings in this Amendment are for the purpose of reference only and shall
        not
        affect the construction of this Amendment.

      

      4.6. Waiver
        of Jury Trial.
        TO THE
        FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER, THE PARENT AND
        THE
        LENDER EACH WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING
        OR
        COUNTERCLAIM OF ANY KIND ARISING OUT OF OR RELATED TO THIS AMENDMENT, THE
        LOAN
        AGREEMENT OR THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS RELATED HERETO
        OR
        THERETO.

      

      

      [Signatures
        Begin on the Next Page]

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
        and delivered on the date first above written.

      

      
        	BORROWER:	 	 	LENDER: 
	 	 	 	 
	CHAUTAUQUA AIRLINES,
                INC	 	 	BANK OF AMERICA,
                N.A.
	 	 	 	( successor
                by assignment to Fleet Capital Corporation)
	 	 	 	
              
	/s/ Robert
                H.
                Cooper	 	 	/s/ Robert
                J.
                Walker
	
                

              	 	 	
                

              
	Name:
                Robert H.
                Cooper
Title: Executive Vice President & Chief Financial
                Officer
	 	 	Name:
                Robert J.
                Walker
Title: Senior Vice
                PresidentExhibit 10.2 Amendment No. 10 to the Loan and Security Agreement

     

    EXHIBIT
      10.2

    AMENDMENT
      NO. 10

    TO

    LOAN
      AND SECURITY AGREEMENT

    

    THIS
      AMENDMENT NO. 10 TO LOAN AND SECURITY AGREEMENT
      (this
      "Amendment"),
      dated
      as of the 22nd day of March, 2006, made by and between

    

    BANK
      OF AMERICA, N.A.
      (successor by assignment from Banc of America Leasing & Capital, LLC,
      successor by merger with FCC Transition LLC which in turn was the successor
      by
      merger with Fleet Capital Corporation), a national banking association (the
      "Lender");
      and

    

    CHAUTAUQUA
      AIRLINES, INC.,
      an
      Indiana corporation (successor by merger with Chautauqua Airlines, Inc., a
      New
      York corporation) (the "Borrower"),

    

    to
      the
      Loan and Security Agreement, dated December 9, 1998 (as amended, modified,
      restated or supplemented from time to time, the "Loan
      Agreement")
      between the Borrower and the Lender. All capitalized terms used herein without
      definition shall have the meanings ascribed to such terms in the Loan
      Agreement.

    

    
      	
               RECITALS

            

    

     

    A. Pursuant
      to the Loan Agreement, the Lender has agreed to make loans and extend credit
      to
      the Borrower secured by the Collateral.

    

    B. The
      Borrower has requested that the Lender (i) extend the Original Term from March
      31, 2006 to May 15, 2006 and (ii) increase the Letter of Credit Amount from
      the
      sum of $8,500,000 to the sum of $9,300,000.

     

    C. The
      Lender has agreed to such request and to accomplish the foregoing, the Borrower
      and the Lender have agreed to amend the Loan Agreement as set forth
      herein.

    

    
      	
               STATEMENT
                OF AGREEMENT

            

    

     

    NOW,
      THEREFORE, in consideration of the premises and for other good and valuable
      consideration, the receipt and sufficiency of which are hereby expressly
      acknowledged, the Borrower and the Lender hereby agree as follows:

    
 

    ARTICLE
      I

    

    
      	
               AMENDMENTS
                TO LOAN AGREEMENT

            

    

    
 

    The
      Loan
      Agreement is hereby amended as follows: 

    

    1.1. Letters
      of Credit.
      Section
      1.2.1 is amended in its entirety to read as follows:

    

    

    "1.2.1
      Issuance
      of Letters of Credit and Letter of Credit Guaranties. Lender
      agrees, for so long as no Default or Event of Default exists and subject to
      the
      provisions of Sections 10 below, to issue its, or cause to be issued its
      Affiliate’s, Letters of Credit and Letter of Credit Guaranties, as requested by
      Borrower, provided that (a) the Letter of Credit Amount at any time shall not
      exceed $9,300,000 and (b) without Lender’s consent in each instance, no Letter
      of Credit or Letter of Credit Guaranty may have an expiration date that is
      after
      the last day of the Original Term or the then applicable Renewal Term. Any
      amounts paid the Lender under any Letter of Credit Guaranty or in connection
      with any Letter of Credit shall be treated as Revolver Loans, shall be secured
      by all of the Collateral and shall bear interest and be payable at the same
      rate
      and in the same manner as the Revolver Loans."

    

    1.2
      Term
      of Loan Agreement.
      Section
      5.2 is amended in its entirety to read as follows:

    

      “5.1
      Term
      of Agreement.
      Subject
      to Lender’s right to cease making Loans to Borrower during the existence of any
      Default or Event of Default, this Agreement shall be in effect for a period
      from
      the date of this Agreement until May 15, 2006 (the “Original Term”), unless
      terminated as provided in Section 5.2 hereof.”

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
      II

    

    MODIFICATION
      OF LOAN DOCUMENTS

    

    2.1. Loan
      Documents.
      The
      Loan Agreement and each of the other Loan Documents are amended to provide
      that
      any reference to the Loan Agreement in the Loan Agreement or any of the other
      Loan Documents shall mean the Loan Agreement as amended by this Amendment,
      and
      as it is further amended, restated, supplemented or modified from time to
      time.

    

    ARTICLE
      III

    

    REPRESENTATIONS
      AND WARRANTIES

    

    The
      Borrower hereby represents and warrants to the Lender that as of the date
      hereof:

    

    3.1. Compliance
      with the Loan Agreement and Other Loan Documents.
      The
      Borrower is in compliance with all of the terms and provisions set forth in
      the
      Loan Agreement and in the other Loan Documents to be observed or performed
      by
      the Borrower, except where the failure of the Borrower to comply has been waived
      in writing by the Lender.

    

    3.2. Representations
      in Loan Agreement and other Loan Documents.
      The
      representations and warranties of the Borrower set forth in the Loan Agreement
      and the other Loan Documents are true and correct in all material respects
      except to the extent that such representations and warranties relate solely
      to
      or are specifically expressed as of a particular date or period which is past
      or
      expired as of the date hereof.

    

    3.3. No
      Event of Default.
      No
      Default or Event of Default exists.

    

    ARTICLE
      IV

    

    GENERAL

    

    4.1. Full
      Force and Effect.
      As
      expressly amended hereby, the Loan Agreement shall continue in full force and
      effect in accordance with the provisions thereof. As used in the Loan Agreement,
      "hereinafter", "hereto", "hereof" or words of similar import, shall, unless
      the
      context otherwise requires, mean the Loan Agreement as amended by this
      Amendment.

    

    4.2. Applicable
      Law.
      This
      Amendment shall be governed by and construed in accordance with the internal
      laws and judicial decisions of the State of North Carolina.

    

    4.3. Counterparts.
      This
      Amendment may be executed in one or more counterparts, each of which shall
      constitute an original, but all of which when taken together shall constitute
      but one and the same instrument.

    

    4.4. Expenses.
      The
      Borrower shall reimburse the Lender for all reasonable legal fees and expenses
      incurred by the Lender in connection with the preparation, negotiation,
      execution and delivery of this Amendment and all other agreements and documents
      or contemplated hereby.

    

    4.5. Headings.
      The
      headings in this Amendment are for the purpose of reference only and shall
      not
      affect the construction of this Amendment.

    

    4.6. Waiver
      of Jury Trial.
      TO THE
      FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER, THE PARENT AND THE
      LENDER EACH WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING
      OR
      COUNTERCLAIM OF ANY KIND ARISING OUT OF OR RELATED TO THIS AMENDMENT, THE LOAN
      AGREEMENT OR THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS RELATED HERETO OR
      THERETO.

    

    

    [Signatures
      Begin on the Next Page]

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    IN
      WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
      and delivered on the date first above written.

    
       

      

      
        	BORROWER:	 	 	LENDER: 
	 	 	 	 
	CHAUTAUQUA AIRLINES,
                INC	 	 	BANK OF AMERICA,
                N.A.
	 	 	 	( successor
                by assignment to Fleet Capital Corporation)
	 	 	 	
              
	/s/ Robert
                H.
                Cooper	 	 	/s/ Robert
                J.
                Walker
	
                

              	 	 	
                

              
	Name:
                Robert H.
                Cooper
Title: Executive Vice President & Chief Financial
                Officer
	 	 	Name:
                Robert J.
                Walker
Title: Senior Vice
                President

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