Document:

Exhibit
10.16(a)

 

CONFIDENTIAL TREATMENT

REQUESTED PURSUANT TO RULE 406

 

AMENDMENT
NO. 3

TO

LOAN
AND SECURITY AGREEMENT

 

               
THIS AMENDMENT NO. 3 TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of
the 30th day of October, 2003, made by and between

 

               
FLEET CAPITAL CORPORATION, a Rhode Island corporation (the “Lender”); and

 

               
CHAUTAUQUA AIRLINES, INC., a New
York corporation ( the “Borrower”),

 

               
to the Loan and Security Agreement, dated December 9, 1998, as previously
amended by Consolidated Amendment No. 1 thereto, dated March 27, 2002, and by
Amendment No. 2 thereto, dated October 9, 2003  (as amended, modified,
restated or supplemented from time to time, the “Loan Agreement”). 
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 Lender
and the Borrower have agreed to amend certain of the terms and provisions of
the Loan Agreement.

 

C.           
To accomplish the foregoing, the Borrower and the Lender have agreed to enter
into this Amendment.

 

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:

 

CERTAIN PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE
SECURITIES ACT OF 1933.  THE OMITTED MATERIALS HAVE BEEN FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

1

 

 

ARTICLE
I

 

AMENDMENTS
TO LOAN AGREEMENT

 

               
The Loan Agreement is hereby amended as follows:

 

1.1          
Definitions.          
Appendix A to the Loan Agreement is amended as follows:

 

(a)          
The definition of “Consolidated Fixed Charges” is amended in its entirety to
read as follows:

 

 

 

“Consolidated Fixed Charges - with respect to
any period, the sum of (i) interest expense of Borrower and its Subsidiaries
for such period in respect of all Indebtedness for Money Borrowed, plus
(ii) tax expense of Borrower and its Subsidiaries paid in cash for such period,
plus (iii) regularly scheduled payments of principal on Indebtedness for
Money Borrowed required to be paid by Borrower and its Subsidiaries during such
period, plus (iv) rentals for aircraft leased by Borrower or any of its
Subsidiaries paid or required to be paid by Borrower and its Subsidiaries
during such period (except for the above market component of such rentals which
are capitalized in accordance with GAAP), plus (v) Distributions paid by
Borrower during such period, plus (vi) Non-Financed Capital Expenditures
paid by Borrower during such period, minus (vii) any cash contributions
to Borrower’s capital received by Borrower during such period, minus
(viii) the proceeds of Subordinated Debt incurred by Borrower which are
received in cash by Borrower during such period.”

 

 

               
(b)           The definition
of “Consolidated Fixed Charges Coverage Ratio” is amended in its entirety to
read as follows:

 

“Consolidated Fixed Charges Coverage Ratio - on
the determination thereof at the end of each Testing Period, the ratio of (i)
Consolidated EBITDAR for such Testing Period to (ii) Consolidated Fixed Charges
required to be paid by Borrower and its Subsidiaries during such Testing
Period; provided, however, in the calculation of Consolidated
EBITDA for the Testing Periods ending September 30 and December 31, 2003 and
March 31 and June 30, 2004, expenses of the type or directly related to the
items set forth in Schedule III
attached to this Agreement up to an aggregate amount of [*] which are incurred solely in the
Fiscal Quarter ending September 30, 2003 shall be added back to Consolidated
EBIDTA for such Fiscal Quarter.”

 

* Confidential

2

 

1.2          
Consolidated Leverage Ratio.  Section 9.3.2 is amended in its
entirety to read as follows:

 

“9.3.2      Consolidated
Leverage Ratio.  Borrower and its Subsidiaries shall maintain a
Consolidated Leverage Ratio of no greater than  5.5 to 1.0 at all times
through March 29, 2003 and no greater than 7.0 to 1.0 at all times thereafter.”

 

               
1.3           Exhibits
and  Schedules.  Schedule III attached to this Amendment is made
Schedule III to the Loan Agreement.

 

3

 

ARTICLE
II

 

REPRESENTATIONS
AND WARRANTIES

 

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

 

               
2.1.          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.

 

               
2.2.          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.

 

ARTICLE
III

 

MODIFICATION
OF LOAN DOCUMENTS

 

               
3.1.          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
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 

 

4

 

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 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.

 

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

 

	
   

  	
   

  	
   

  	
  BORROWER:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  CHAUTAUQUA
  AIRLINES, INC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:  /s/ Robert H.
  Cooper

  
	
   

  	
   

  	
   

  	
  Title: Executive Vice
  President & CFO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  LENDER:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  FLEET
  CAPITAL CORPORATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: /s/ W. Reed Paden

  
	
   

  	
   

  	
   

  	
  Title: V.P.

  

 

5

 

SCHEDULE
III

List
of Excluded Expenses

 

	
  Nature
  of Expense

  	
   

  	
  Approximate
  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  [ * ]

  	
   

  	
  [ * ]

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

* ConfidentialExhibit
10.16(b)

 

AMENDMENT NO. 4

TO

LOAN AND SECURITY AGREEMENT

 

THIS AMENDMENT NO. 4 TO LOAN AND SECURITY AGREEMENT
(this “Amendment”), dated as of the 9 day of January, 2004, made by and
between

 

FLEET CAPITAL CORPORATION, a Rhode Island
corporation (the “Lender”); and

 

CHAUTAUQUA AIRLINES, INC., a New York
corporation ( the “Borrower”),

 

to the Loan and Security Agreement, dated December 9,
1998, as previously amended by Consolidated Amendment No. 1 thereto, dated
March 27, 2002, by Amendment No. 2 thereto, dated October 9, 2003, and by
Amendment No. 3 thereto, dated October 30, 2003  (as amended, modified, restated or supplemented from time to
time, the “Loan Agreement”).  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
Lender and the Borrower have agreed to amend certain of the terms and
provisions of the Loan Agreement.

 

C.            To
accomplish the foregoing, the Borrower and the Lender have agreed to enter into
this Amendment.

 

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           Definitions.           Appendix
A to the Loan Agreement is amended as follows:

 

(a)           New definitions are added in proper alphabetical sequence
as follows:

 

 

“Applicable Margin  - for any day, the rate per annum set
forth below opposite the applicable Level then in effect, it being understood
that the Applicable Margin for (i) the Loans that are LIBOR Rate Loans shall be
the percentage set forth in the Table set forth below under the column
Applicable Margin for LIBOR Rate Loans, (ii) the Loans that are Base Rate Loans
shall be the percentage set forth in the Table set forth below under the column
Applicable Margin for Base Rate Loans, and (iii) the Loans that are Daily LIBOR
Rate Loans shall be the percentage set forth in the Table set forth below under
the column Applicable Margin for Daily LIBOR Rate Loans:

 

Table

 

	
  Level

  	
   

  	
  Applicable
  Margin

  for LIBOR  Rate

  Loans

  	
   

  	
  Applicable
  Margin

  for Base Rate Loans

  	
   

  	
  Applicable
  Margin

  for Daily LIBOR

  Rate Loans

  	
   

  
	
  I

  	
   

  	
   

  	
  2.75

  	
  %

  	
  0.75

  	
  %

  	
  3.0

  	
  %

  
	
  II

  	
   

  	
   

  	
  2.50

  	
  %

  	
  0.50

  	
  %

  	
  2.75

  	
  %

  
	
  III

  	
   

  	
   

  	
  2.25

  	
  %

  	
  0.25

  	
  %

  	
  2.50

  	
  %

  
	
  IV

  	
   

  	
   

  	
  2.00

  	
  %

  	
  0.25

  	
  %

  	
  2.25

  	
  %

  

 

The Applicable
Margin shall, in each case, be determined after receipt by Lender of the
unaudited financial statements as of the end of each Fiscal Quarter of Borrower
and its Subsidiaries and for that portion of the fiscal year of Borrower and
its Subsidiaries then ended which are required to be delivered to Lender in
accordance with the provisions of Section 9.1.3(ii) of the Agreement,
commencing with the Fiscal Quarter ending June 30, 2004, and shall be adjusted
effective on the fifth (5th) Business Day following the receipt by Lender of
such financial statements and the Compliance Certificate in the form of Exhibit
D to the Agreement  executed by the
chief financial officer of Borrower 
(each, an “Adjustment Date”). 
The Applicable
Margin as so determined shall be effective from such Adjustment Date until the
next Adjustment Date. The initial Applicable Margin shall be based on Level II
until receipt of the financial statements for the Fiscal Quarter ending June
30, 2004 and the Compliance Certificate for such Fiscal Quarter.  If an Event of Default shall exist at any
time, the Applicable Margin shall be based on Level I.

 

Average
Monthly Revolver Facility Amount - for any month, the amount obtained by adding the Revolver Facility
Amount at the end of each day during the month in question and by dividing that
sum by the number of days in such month.

 

Average
Monthly Revolver Facility Balance - for any month, the amount obtained by adding the aggregate unpaid
balance of all Revolver Loans and Letter of Credit Obligations owing by
Borrower to Lender at the end of each day during the month in question and by
dividing that sum by the number of days in such month.

 

2

 

Indebtedness
for Money Borrowed/Consolidated EBITDA Ratio - on the determination thereof as of the end
of any fiscal period, the ratio of (i) the aggregate principal balance of all
Indebtedness for Money Borrowed of Borrower and its Subsidiaries outstanding as
of the end of such fiscal period to (ii) Consolidated EBITDA of Borrower and
its Subsidiaries for the four (4) Fiscal Quarters then ending.

 

Level - as at
the determination thereof at the end of each Fiscal Quarter of Borrower, the
level set forth below corresponding to the Indebtedness for Money
Borrowed/Consolidated EBITDA Ratio as of and for the period of four (4)
consecutive Fiscal Quarters then ending:

 

	
  Level

  	
   

  	
  Indebtedness
  for Money

  Borrowed/Consolidated EBITDA

  Ratio

  	
   

  
	
  I

  	
   

  	
   

  	
  > 5.0

  	
   

  
	
  II

  	
   

  	
   

  	
  > 4.25 but # 5

  	
   

  
	
  III

  	
   

  	
   

  	
  > 3.5 but #4.25

  	
   

  
	
  IV

  	
   

  	
   

  	
  > 3.5

  	
   

  

 

(b)           The definition of “Availability Reserve” is amended in its
entirety to read as follows:

 

“Availability Reserve
- on any date of determination thereof, an amount equal to the sum of (i) all
amounts of past due rent or other charges owing at such time by Borrower or any
of its Subsidiaries to any landlord of any premises where any material items of
the Collateral is located; (ii) any amounts which Borrower or any of its
Subsidiaries is obligated to pay pursuant to the provisions of the Loan
Documents but does not pay when due and which Lender elects to pay pursuant to
any of the Loan Documents for the account of Borrower and its Subsidiaries and
which has not been reimbursed to Lender (whether by the proceeds of a Revolver
Loan or otherwise); (iii) an amount equal to the Letter of Credit Obligations
outstanding on such date; (iv) the maximum authorized credit card charge limit
extended to Borrower by Lender or any of its Affiliates; and (v) such
additional reserves established in good faith by Lender in such amounts, and
with respect to such matters, events, conditions or contingencies as to which
Lender, in its good faith credit judgment, based upon its usual and customary
credit and collateral considerations, determines reserves should be established
from time to time, including, without limitation, with respect to or as a
result of (1) improper billings, other billing and settlement errors which
occur from time to time under the ACH Procedures Manual, (2) negative trends in
the maintenance by Borrower of minimum operations in the markets established
under the USAir Operating Agreement, or a flight completion factor or arrival
performance factor, that if uncorrected may, in Lender’s good faith judgment,
give rise to a right of

 

3

 

termination of the USAir
Operating Agreement by USAir in accordance with the provisions thereof, or (3)
other sums chargeable against Borrower’s Loan Account as Revolver Loans under
any section of the Agreement.”

 

(c)           The definition of “Revolver Facility Amount” is amended in
its entirety to read as follows:

 

“Revolver
Facility Amount - At any date of determination thereof, the sum of
$25,000,000, as such amount may be reduced by Borrower pursuant to Section 1.4
of the Agreement, less the aggregate principal balances of the Term Loan and
all Equipment Loans outstanding on such date.”

 

(d)           The definition of “Spare Parts Borrowing Base” is amended
in its entirety to read as follows:

 

“Spare
Parts Borrowing Base - at any date of determination thereof, the sum of the
following:

 

(i)            seventy percent (70%) of the
aggregate value at such date of those Eligible Spare Parts consisting of ERJ
Spare Parts which are Rotables; plus 

 

(ii)           forty percent (40%) of the aggregate
value at such date of those Eligible Spare Parts consisting of ERJ Spare Parts
which are not Rotables,

 

in
each case with value calculated on the basis of the lower of (1) net book
value, as calculated in accordance with GAAP, or (2) appraised orderly
liquidation value based upon the Lender’s most recent Spare Parts Collateral
Appraisal.”

 

1.2           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 the Letter of Credit Amount at any time
shall not exceed $5,000,000 and 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.”

 

1.3           Interest.  Section 2.2.1 is amended in its entirety to read as follows:

 

“2.2.1      Rates of Interest - Loans.  Subject to the provisions of Section

 

4

 

2.1.6 of this Agreement,
Borrower agrees to pay interest on the unpaid principal amount of the Loans
outstanding from the respective dates such principal amounts are advanced until
paid (whether at stated maturity, on acceleration, or otherwise) at a variable
rate per annum equal to the applicable rate indicated below:

 

(i)            For Loans made or outstanding as
Base Rate Loans, the Base Rate in effect from time to time, plus the
Applicable Margin then in effect;

 

(ii)           For Loans made or outstanding as
Daily LIBOR Loans, the Daily LIBOR Rate in effect from time to time, plus
the Applicable Margin then in effect; 
and

 

(iii)          For Loans made or outstanding as LIBOR
Rate Loans, the relevant Adjusted LIBOR Rate for the applicable Interest Period
selected by Borrower in conformity with this Agreement, plus the
Applicable Margin then in effect.”

 

1.4           Additional Interest.  Section 2.1.8 is amended in its entirety to read as follows:

 

“2.1.8      Additional Interest.  At the end of each calendar quarter (or, if
this Agreement is terminated before the end of a calendar quarter, on the termination
date), the Average Credit Facility Balance for such calendar quarter (or that
portion of such calendar quarter through the termination date) shall be
determined, and if such Average Credit Facility Balance is less than
$7,500,000, then, no later than ten (10) days after the end of such calendar
quarter (or, if this Agreement is earlier terminated, on the termination date),
Borrower shall pay to Lender additional interest in an amount equal to
$35,000.”

 

1.5           Unused Line Fee. 
Section 2.2.2 is amended in its entirety to read as follows:

 

“2.2.2      Unused Line Fee.  Borrower shall pay to Lender a fee equal to
three-eighths of one percent (0.375%) per annum of the amount by which the
Average Monthly Revolver Facility Amount for each month during the Original
Term exceeds the Average Monthly Revolver Facility Balance for such month.  The unused line fee shall begin to accrue on
the Closing Date and shall be payable monthly in arrears on the first day of
each calendar month after the Closing Date and upon the termination of this
Agreement.

 

1.6           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

 

5

 

March 31, 2006 (the “Original Term”), unless
terminated as provided in Section 5.2 hereof.”

 

1.7           Financial Covenants. 
Section 9.3 is amended in its entirety to read as follows:

 

“9.3.1      Consolidated Fixed Charge Coverage
Ratio.  Borrower and its
Subsidiaries shall maintain a Consolidated Fixed Charge Coverage Ratio for each
Testing Period of not less than 1.05 to 1.0.

 

9.3.2        Indebtedness for Money
Borrowed/Consolidated EBITDA Ratio. 
Borrower and its Subsidiaries shall maintain a Indebtedness for Money
Borrowed/Consolidated EBITDA Ratio for each Testing Period of not more than
5.5.”

 

ARTICLE II

 

REPRESENTATIONS AND WARRANTIES

 

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

 

2.1.          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.

 

2.2.          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.

 

2.3.          No
Event of Default.  No Default or
Event of Default exists.

 

ARTICLE III

 

MODIFICATION OF LOAN DOCUMENTS

 

3.1.          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.

 

6

 

ARTICLE IV

 

CONDITIONS PRECEDENT

 

It shall be a condition
precedent to the amendments to the Loan Agreement as set forth in Article I
hereof that each of the following conditions shall have been satisfied:

 

4.1.          Documentation. 
The Lender shall have received this Amendment duly executed by the
Borrower.

 

4.2.          Amendment and Extension Fee.  The Borrower shall have paid to the Lender
an amendment and extension fee in the amount of $110,000 which shall be due and
payable on the date of the execution and delivery of this Amendment and shall
be non-refundable after such fee is paid.

 

4.3.          Representations and Warranties.  Each of the warranties and representations
of the Borrower set forth in this Amendment shall be true, correct and accurate
in all material respects.

 

ARTICLE
V

 

GENERAL

 

5.1.          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.

 

5.2           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.

 

5.3           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.

 

5.4           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.

 

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

 

5.6           Waiver
of Jury Trial.  TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER 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.

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be

 

7

 

executed and delivered on the date first above written.

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  CHAUTAUQUA
  AIRLINES, INC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert H. Cooper

  	
   

  
	
   

  	
  Title: EVP & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
  FLEET
  CAPITAL CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ W. Reed Paden

  	
   

  
	
   

  	
  Title: V.P.

  
					

 

8

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