Document:

a6695413ex10_1.htm

Exhibit 10.1

 

MODIFICATION OF LOAN DOCUMENTS

This Modification of Loan Documents (“Modification”) is made this 18th day of April 2011, to be effective as of April 16, 2011, between BancTrust Financial Group, Inc., an Alabama corporation (the “Borrower”) and FDIC as Receiver for Silverton Bank, N.A., f/k/a The Bankers Bank, Atlanta, Georgia, (“Receiver”) whose address is 7777 Baymeadows Way West, Jacksonville, FL  32256.

WHEREAS, on May 1, 2009, Silverton Bank, National Association f/k/a The Bankers Bank (the "Institution"), was closed by the Comptroller of the Currency and the Federal Deposit Insurance Corporation was appointed as Receiver of the Institution.  Upon such appointment, the Receiver succeeded to all rights, titles, powers, and privileges of the Lender pursuant to 12 U.S.C. 1821(d)(2)(A).

WHEREAS, the Institution made a loan to Borrower and Borrower executed and delivered to Institution a Promissory Note dated October 16, 2007, in the original principal amount of Thirty Eight Million Dollars ($38,000,000.00); as further modified and amended from time to time (collectively, the “Note”).

WHEREAS, to secure payment of the Note, Borrower executed and delivered to Institution a Loan Agreement dated October 16, 2007; modified by First Amendment to Loan Agreement dated October 28, 2009; and further modified by Second Loan Modification Agreement dated November 10, 2010 as further modified and amended from time to time (collectively, the “Loan Agreement”) wherein Borrower granted Institution a security interest in the following:

100% of the issued and outstanding shares of capital stock owned or hereafter acquired by borrower in BankTrust, an Alabama banking corporation and BankTrust, a Florida banking corporation.

WHEREAS, Borrower and Receiver desire to amend and modify the terms of the Note and Loan Agreement (collectively, the “Loan Documents”).

NOW THEREFORE, in consideration of the mutual promises and agreements exchanged, the parties agree to modify and amend the Loan Documents as follows:

	
  

	
1.

	
Recitals. Parties acknowledge and agree that the Recitals set forth above are true and accurate and are incorporated into this Modification.

2.      Unpaid Principal Balance.  The current unpaid principal balance due and payable under the Note is Twenty Million Dollars ($20,000,000.00).

3.      Principal Curtailment.  The principal reduction due date shall be extended from April 16, 2011 to January 1, 2012. Borrower shall pay a principal curtailment in the sum of Ten Million Dollars ($10,000,000.00) (“Principal Curtailment”) on or before January 1, 2012, in cash by wire transfer of immediately available funds.  Notwithstanding this extended Principal Curtailment due date, Borrower agrees to pay the full Principal Curtailment amount prior to the January 1, 2012 due date, at such time the Borrower completes an equity raise sufficient to enable the Principal Curtailment and regulatory approval is provided, if such approval occurs prior to the  Principal Curtailment due date. If Borrower fails to satisfy the full Principal Curtailment on or before January 1, 2012, the loan shall become immediately due and payable.

 

  

  

  

 

4.      Interest.  Effective April 16, 2011, the interest calculated on the unpaid principal balance will be at an annual interest rate equal to LIBOR plus 5%.  This interest rate will remain in effect until January 1, 2012, or until the date the Principal Curtailment is made, whichever date is earlier.  Upon receipt of the Principal Curtailment, the interest rate per annum shall be equal to LIBOR plus 4.5%

	
  

	
5.

	
Quarterly Payments.  Borrower shall continue to make quarterly interest only payments beginning on April 16 2011, and continuing on the same day of each quarter through and including October 16, 2011 as referenced in the Loan Documents.

On January 1, 2012, accrued but unpaid fees, charges and interest, if any, shall be added to and become part of the principal balance evidenced by the Note and secured by the other Loan Documents.  The unpaid principal balance due and payable under the Note as of January 1, 2012, shall be re-capitalized to include all past due amounts and the remaining unpaid principal balance will be re-amortized over a twenty two (22) month period.

Commencing on January 1, 2012, and continuing on the same day of each quarter through and including April 1, 2013, Borrower shall make principal payments in the amount of One Million Two Hundred Fifty Thousand Dollars ($1,250,000.00) plus all accrued and unpaid interest through the date of each such principal payment.  Accrued but unpaid fees, charges and interest, if any, shall be added to and become part of the principal evidenced by the Note and secured by the other Loan Documents.  Borrowers will pay all outstanding principal plus accrued and unpaid interest, fees and charges on April 16, 2013.

	
  

	
6.

	
Maturity Date.  The Maturity Date shall remain April 16, 2013.

7.      Final Payment.  In addition to the monthly payments herein described, Borrower will pay a final lump sum payment at Maturity Date for all principal and accrued interest not yet paid, together with any other unpaid amounts under the Note.

8.  Indebtedness.  Borrower understands and agrees that this Modification does not, in any way, constitute a full satisfaction, payment or discharge of Borrower’s indebtedness to Receiver under the Loan Documents.

9.      Collateral.  Prior to the Principal Curtailment, existing collateral consisting of 100% of the issued and outstanding shares of capital stock owned or hereafter acquired by borrower in BankTrust, an Alabama banking corporation and successor by merger to BankTrust, a Florida banking corporation, shall remain as collateral for the loan.  Upon receipt of the Principal Curtailment referenced in Section 3 of this Modification, the collateral shall be released and immediately exchanged for Ten Million Dollars ($10,000,000.00) in cash to be held in an escrow account.  The escrow account shall be held with an escrow agent that is determined to be satisfactory to Borrower and Receiver.  Receiver shall review the escrow agreement and if, in Receiver’s sole discretion, it is satisfactory, then Receiver shall provide written acceptance of such escrow agreement, and only then shall the transfer and substitution of collateral occur.

 

  

  

  

 

10.      Rights and Remedies.  Borrower understands and agrees that all the rights and remedies, stipulations, and conditions contained in the Loan Documents relating to default in the making of payments shall also apply to default in the making of payments pursuant to the modified terms hereunder.

11.      Covenants and Stipulations.  Borrower understands and agrees that all covenants, agreements, stipulations, and conditions in the Loan Documents shall be and remain in full force and effect, except as herein modified, and none of the Borrower’s obligations or liabilities under the Loan Documents shall be diminished or released by any provisions hereof, nor shall this Modification in any way impair, diminish, or affect any of Receiver’s rights under or remedies on the Loan Documents, whether such rights or remedies arise thereunder or by operation of law.  Borrower reaffirms all obligations and promises under the original Loan Documents (and any other modification(s) to the Loan Documents or promises, including those expressly modified herein, made with respect to the loan), and agrees to be bound by all of those obligations and promises, without limitations or defense.  Any defense thereto, whether known or unknown, is hereby waived by Borrower, and the Borrower acknowledges that Receiver is entitled to and has relied upon such waiver in order to consent to this amendment.

12.      Rights of Recourse.  Borrower further understands and agrees that all rights of recourse to which Receiver is presently entitled against any property or any other persons in any way obligated for, or liable on, the Loan Documents are expressly reserved by Receiver.  Except as modified herein, the Loan Documents referred to above (all of the terms of which are incorporated herein by reference) are hereby extended, reinstated, reaffirmed and rerecorded as of this date for all purposes under law and shall remain in full force and effect.

13.      Costs and expenses.  All costs and expenses incurred by Receiver in connection with this Modification, including recording fees and attorney’s fees, shall be paid by the Borrower.

14.      Release of Liability.  Except as contained herein, Borrower absolutely and unconditionally releases Receiver from all known and unknown liabilities, claims, causes of action, and demands of any kind or nature, whether matured or unmatured, which the Borrower has against Receiver by reason of or in respect to any act, cause, matter or thing whatsoever, including, but not limited to any act or action, matter, cause or thing related to or arising out of the subject matter of the Loan Documents, or any other instrument related thereto; and Borrower hereby releases, acquits and discharges any and all such liabilities, claims, causes of action, demands and rights.

15.      Counterparts.  This Modification may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.  This Modification may be executed by facsimile or other electronic transmittal of signed documents.

 

  

  

  

 

16.      Applicable Law.  This Agreement will be governed by and construed and enforced in accordance with the laws of the United States of America, and to the extent that federal law fails to supply a rule of decision, the laws of the State of Alabama.

17.      Entire Agreement.  This Agreement constitutes the entire Agreement of the parties as to its subject matter and all prior agreements, written or oral, as to such subject matter are merged herein.

This is a Modification to an existing Note and there are no new borrowers.

EACH BORROWER ACKNOWELDGES HAVING READ ALL THE PROVISIONS OF THIS MODIFICATION OF PROMISSORY NOTE AND LOAN AGREEMENT AND EACH BORROWER AGREES TO ITS TERMS.

 

 

 

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

  

  

  

 

IN WITNESS WHEREOF, the Parties hereto have executed this Modification on the date first written above.

 

	
FEDERAL DEPOSIT INSURANCE

	  	
WITNESSES:

	
CORPORATION, as Receiver for

	  	  
	
SILVERTON BANK, N.A.

	  	  
	
f/k/a The Bankers Bank

	  	  
	  	  	  
	
By: Midland Loan Services, a division of PNC

	  	  
	
Bank, National Association, as attorney-in-fact

	  	  
	
for the FDIC as Receiver for Silverton Bank, N.A.

	  	  

 

	  	
By:

	/s/ Kevin C. Donahue	  	 	
/s/ Scott Dunkley

	  	
Name:

	
 

	  	
Name:

	Scott Dunkley
	  	
Title:

	
 

	  	
Title: 

	AVP Loan Servicing
	  	
 

	 	  	  	 
	  	
 

	 	  	
 

	 
	  	
 

	 	  	
Name:

	 

 

BORROWER:

BANCTRUST FINANCIAL GROUP, INC.

 

	  	
By:

	/s/ W. Bibb Lamar, Jr.	  	  	
/s/ Henry F. O’Connor III

	  	
Name:

	W. Bibb Lamar, Jr.	  	
Name:

	
Henry F. O’Connor III

	  	
Title:

	President/CEO	  	  	  
	  	
 

	  	  	  	
/s/ F. Michael Johnson

	  	
 

	  	  	
Name:

	
F. Michael Johnson

 

 

 

 

	  	
By:

	 	  	  	
 

	  	
Name:

	 	  	
Name:

	
 

	  	
Title:

	 	  	  	  
	  	
 

	  	  	  	
 

	  	
 

	  	  	
Name:

	
 

 

  

  

  

 

	
ACKNOWLEDGMENTS

	  	  
	  	  	  
	
STATE OF KANSAS

	  	
§

	  	  	
§

	
COUNTY OF JOHNSON

	  	
§

 

This instrument was acknowledged before me on the 21st day of April, 2011, by Kevin C. Donahue, of Midland Loan Services, a division of PNC Bank, National Association, as attorney-in-fact for the Federal Deposit Insurance Corporation, as Receiver for SILVERTON BANK, N.A. on behalf of said entity who is personally known to me or who has produced a driver’s license as identification.

 

	  	
/s/ Trisha L. Lake

	  	
Notary Public, State of Kansas

	  	
Print Name: Trisha L. Lake

	  	  
	  	
My Commission Expires: 8/14/2013

 

	
STATE OF ALABAMA

	  	
§

	  	  	
§

	
COUNTY OF MOBILE

	  	
§

 

This instrument was acknowledged before me on the 18th day of April 2011, by W. Bibb Lamar, Jr. (name), President & CEO (title) of BancTrust Financial Group, Inc. who is personally known to me or who has produced a driver’s license as identification.

 

	  	
/s/ Dorothy S. Quackenbush

	  	
Notary Public, State of Alabama

	  	
Print Name: Dorothy S. Quackenbush

	  	  
	  	
My Commission Expires: 5/16/11

 

	
STATE OF ____________

	  	
§

	  	  	
§

	
COUNTY OF ___________

	  	
§

 

This instrument was acknowledged before me on the       day of April 2011, by ________________________________(name), ______________________________(title) of BancTrust Financial Group, Inc. who is personally known to me or who has produced a driver’s license as identification.

 

	  	
_____________________________

	  	
Notary Public, State of __________

	  	
Print Name:____________________

	  	  
	  	
My Commission Expires: _________ex10-79.htm

Exhibit 10.79

  

  

CERTAIN PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.  THE SYMBOL “[***]” HAS BEEN INSERTED IN PLACE OF THE PORTIONS SO OMITTED.

 

SECOND AMENDMENT TO CREDIT AGREEMENT

 

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of August 20, 2010 among PINNACLE AIRLINES, INC., a Georgia corporation (“Pinnacle”), COLGAN AIR, INC., a Virginia corporation (“Colgan”, and together with Pinnacle, each a “Borrower” and collectively, the “Borrowers”), the Loan Parties party hereto (the “Loan Parties”), the lenders party hereto (the “Lenders”), and C.I.T. LEASING CORPORATION, as Administrative Agent (in such capacity, “Administrative Agent”) and Collateral Agent.

 

W I T N E S S E T H:

 

WHEREAS, the Borrowers, the Loan Parties, the Lenders, Administrative Agent and certain other parties have entered into that certain Credit Agreement dated as of July 30, 2009, as amended by that certain First Amendment to Credit Agreement dated as of January 13, 2010 (collectively, the “Credit Agreement”), pursuant to which the Lenders have provided certain credit facilities to the Borrowers; and

 

WHEREAS, the parties hereto now desire to amend the Credit Agreement pursuant to this Amendment.

 

NOW, THEREFORE, for and in consideration of the premises and mutual agreements herein contained and for the purposes of setting forth the terms and conditions of this Amendment, the parties, intending to be bound, hereby agree as follows:

 

1. Defined Terms; Incorporation of the Credit Agreement.  All capitalized terms which are not defined hereunder shall have the same meanings as set forth in the Credit Agreement, and the Credit Agreement, to the extent not inconsistent with this Amendment, is incorporated herein by this reference as though the same were set forth in its entirety.  To the extent any terms and provisions of the Credit Agreement are inconsistent with the amendments set forth in paragraph 2 below, such terms and provisions shall be deemed superseded hereby.  Except as specifically set forth herein, the Credit Agreement shall remain in full force and effect and its provisions shall be binding on the Borrowers, Administrative Agent, Collateral Agent, Lenders and the Loan Parties.

 

2. Amendment to the Credit Agreement

 

(a) Section 1.1 of the Credit Agreement is hereby amended by adding the definitions “Incremental Term Loan”, “Prepayment Fee”, “Second Amendment Effective Date” and “Term Loan Commitment Termination Date” to read as follows:

 

“Incremental Term Loan” shall mean that portion of the Term Loan Commitment in an amount not to exceed $4,500,000, which may be funded upon the Second Amendment Effective Date in multiple draws until the Term Loan Commitment Termination Date in accordance with the provisions of Section 2.1(a).

 

 

  

1

  

 

“Prepayment Fee” shall be an amount equal to (i) for any prepayment of the Term Loan (excluding all regularly scheduled principal payments required under Section 2.8(a)) made on or prior to the first anniversary of the Second Amendment Effective Date, *** of the outstanding principal amount of the Term Loan prepaid; or (ii) for any prepayment of the Term Loan (excluding all regularly scheduled principal payments required under Section 2.8(a)) made after the first anniversary of the Second Amendment Effective Date, and on or prior to the second anniversary of the Second Amendment Effective Date, *** of the outstanding principal amount of the Term Loan prepaid.

 

“Second Amendment Effective Date” shall mean August 20, 2010.

 

“Term Loan Commitment Termination Date” shall mean December 31, 2010.

 

(b) The definition of the terms “LIBOR Rate”, “Term Loan Commitment”, “Term Loan Maturity Date” and “Three Month LIBOR Rate” set forth in Section 1.1 of the Credit Agreement are hereby amended and restated to read as follows:

 

“LIBOR Rate” means, with respect to a Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greater of: (a) *** and (b) the rate determined by the Administrative Agent to be the offered rate that appears on the Bloomberg BBAM Screen (or any successor thereto) that displays an average British Bankers Association Interest Settlement Rate for deposits in dollars (for delivery on the first day of such Interest Period) with a term equivalent to such interest period, determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period.  In the event that such rate is not available at such time for any reason, then the “LIBOR Rate” with respect to the Eurodollar Borrowing for such Interest Period shall be determined by the Administrative Agent by reference to such other comparable publicly available service for displaying the offered rate for dollar deposits in the London interbank market as may be selected by the Administrative Agent and, in the absence of availability, such other method as may be selected by the Administrative Agent in the exercise of its reasonable business judgment.

 

“Term Loan Commitment” means, with respect to each Lender, the commitment of such Lender to make a Term Loan in accordance with Section 2.1(a).  The amount of each Lender’s Term Loan Commitment on the Effective Date is set forth on Schedule 2.1.  The aggregate amount of the Lenders’ Term Loan Commitments on the Second Amendment Effective Date is $27,800,000.  Effective upon the assignment of an interest pursuant to Section 10.4, Schedule 2.1 may be amended by the Administrative Agent to reflect such assignment.

 

	  	
 

	  

 

  

2

  

“Term Loan Maturity Date” means June 30, 2014 or such earlier date on which the Term Loan is terminated in accordance with this Agreement.

 

“Three Month LIBOR Rate” means, for any day, the greater of (a) the rate per annum equal to the rate determined by Administrative Agent to be the offered rate that appears on the Bloomberg BBAM Screen (or any successor thereto) that displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars (for delivery on such day) with a term equivalent to three months, determined as of approximately 11:00 a.m. (London time) on such day (or if such day is not a Business Day, the immediately preceding Business Day), and (b) ***.  In the event that such rate is not available at such time for any reason, then the “Three Month LIBOR Rate” for such day shall be determined by Administrative Agent by reference to such other comparable publicly available service for displaying the offered rate for dollar deposits in the London interbank market as may be selected by Administrative Agent and, in the absence of availability, such other method as may be selected by Administrative Agent in its sole discretion.

 

(c) Section 2.1(a) of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

 

(a)           (i) Subject to the terms and conditions set forth herein (including the provisions relating to the funding of the Incremental Term Loan set forth below), each Lender, severally and not jointly, agrees to make the Incremental Term Loan to the Borrowers, in a principal amount not to exceed such Lender’s pro rata share of the Incremental Term Loan Commitment which may be funded in up to three (3) draws beginning on the Second Amendment Effective Date until the Term Loan Commitment Termination Date, at which point the Borrowers’ ability to request draws under the Incremental Term Loan shall terminate and no longer be in effect.  Notwithstanding the foregoing, the aggregate principal amount of Term Loan outstanding at any time (the “Outstanding Term Loan”) shall not exceed the lesser of (“Maximum Availability”):

 

(x)           the total amount of the Lenders’ Term Loan Commitments as reduced from time to time as a result of payments required to be made in accordance with Sections 2.8 and 2.9 herein;  and

 

(y)           the Borrowing Base.

 

(ii)           In addition to the foregoing requirements, the Lenders’ obligation to fund any portion of the Incremental Term Loan shall be subject to the following provisions:

 

 

	  	
 

	  

 

  

3

  

(w)           not less than five (5) Business Days prior to any draw under the Incremental Term Loan, the Borrowers shall provide the Administrative Agent with (i) executed Bills of Sale in form and substance reasonably acceptable to the Administrative Agent, evidencing the purchase of the additional rotable and repairable parts and consumable/expendable parts for Bombardier Dash 8-Q400 Aircraft to be included in the Borrowing Base (the “Additional Q400 Parts”), (ii) a Borrowing Base Certificate evidencing availability under the Borrowing Base for such drawing under the Incremental Term Loan and (iii) a certification that such Additional Q400 Parts included in the Borrowing Base satisfy each of the requirements set forth in the definition of Eligible Bombardier Rotable Parts and Eligible Bombardier Consumable/Expendable Parts, as applicable;

 

(x)           no Default or Event of Default shall have occurred or be continuing;

 

(y)           the representations and warranties of the Borrowers set forth in Article III hereunder shall be true and correct in all material respects on and as of such request and the date of any funding of any portion of the Incremental Term Loan; and

 

(z)           the Borrowers shall have provided the Administrative Agent with such other documents, certificates and opinions as requested by the Administrative Agent.

 

(d) Section 2.8(a) of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

 

(a)           The Borrowers hereby unconditionally promise to pay to the Administrative Agent, for the account of each Lender, the outstanding amount of the Obligations on the Term Loan Maturity Date.  In addition to the foregoing, the aggregate principal amount of the Term Loan shall be payable in consecutive quarterly installments (the date of each such installment, a “Repayment Date”) on the dates and in the amounts set forth below, with the entire unpaid principal balance of the Term Loan, if not sooner paid, being due and payable, without notice or demand, on the Term Loan Maturity Date, (such payments to be distributed ratably among the Lenders in accordance with their respective Term Loan Commitments):

 

	  	
 

	  

 

  

4

  

 

	

Repayment Date

	

Payment

	
Quarter ending September 30, 2010

	
***

	
Quarters ending December 31, 2010

through June 30, 2012

	
*** per quarter of the outstanding principal amount of the Term Loan on December 31, 2010

	
Quarters ending September 30, 2012 and each fiscal quarter ending thereafter through the Term Loan Maturity Date

 

	
*** per quarter of the outstanding principal amount of the Term Loan on December 31, 2010

 

(e) Section 2.9(a) of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

 

(a)           The Borrowers shall have the right at any time and from time to time to prepay the Term Loan in whole or in part, subject to (i) prior notice in accordance with paragraph (b) of this Section, (ii) the provisions of Section 2.14 below in an amount of *** or any integral of *** in excess thereof, or the full amount of the Term Loan and (iii) receipt by Administrative Agent (for the benefit of the Lenders) of the Prepayment Fee.

 

(f) Schedules 2.1, 3.17 and 3.23 to the Credit Agreement are hereby deleted and shall be replaced with Schedule 2.1, Schedule 3.17 and Schedule 3.23 attached hereto.

 

3. Representations and Warranties; No Default.  Except for the representations and warranties of the Loan Parties made as of a particular date, the representations and warranties set forth in Article III of the Credit Agreement shall be deemed remade as of the date hereof by the Loan Parties; provided, however, that any and all references to the Credit Agreement in such representations and warranties shall be deemed to include this Amendment.  The Loan Parties hereby represent, warrant and covenant that after giving effect to the amendments contained in this Amendment, no Default or Event of Default has occurred and is continuing.

 

4. Fees and Expenses.  (a) The Borrowers agree to pay on demand all reasonable costs and expenses actually incurred by Administrative Agent and the Lenders in connection with the drafting, negotiation, execution and implementation of this Amendment including, but not limited to, the expenses and reasonable fees of counsel for Administrative Agent and the Lenders.

 

(b) In addition to any other fees and expenses due hereunder on or prior to the date hereof, the Borrowers shall pay to the Lenders an amendment fee in the amount of *** payable on the date hereof, which shall be fully earned and non-refundable on the date hereof.

 

	  	
 

	  

 

  

5

  

5. Closing Documents.  This Amendment shall be deemed effective as of the date hereof provided that Borrowers shall deliver to Administrative Agent the following documents and/or complete the following requirements (collectively, the “Closing Requirements”) upon execution hereof (in each case in form and substance satisfactory to Administrative Agent and the Lenders):

 

(a) this Amendment executed by the Loan Parties, Administrative Agent and the Lenders;

 

(b) the Substitute Term Loan Note executed by the Borrowers; and

 

(c) such other documents, instruments, agreements, opinions or certificates as required by Administrative Agent.

 

6. Effectuation.  Upon the full execution of this Amendment and delivery or completion, as applicable, of the Closing Requirements, without any further action required by the parties hereto, the amendments to the Credit Agreement contemplated by this Amendment shall be deemed effective as of the date hereof.  There are no other conditions precedent or subsequent to the effectiveness of this Amendment.

 

7. Continuing Effect.  Except as otherwise specifically set forth herein, the provisions of the Credit Agreement shall remain in full force and effect.

 

8. Counterparts.  This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.  A facsimile or other electronic signature to this Amendment shall be deemed an original signature hereunder.

 

[SIGNATURE PAGE FOLLOWS]

	  	
 

	  

 

  

6

  

.

Signature Page to Second Amendment to Credit Agreement

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Second Amendment to Credit Agreement as of the date first above written.

 

	
LOAN PARTIES:

	
PINNACLE AIRLINES, INC., a Georgia corporation

By:                                                                /s/ Ron Kay

Name: Ron Kay                                                                

Title: Vice President-Finance & Treasurer                                                                           

	  	
COLGAN AIR, INC., a Virginia corporation

By:                                                                /s/ Ron Kay

Name: Ron Kay                                                                

Title: Vice President-Finance & Treasurer                                                                           

	  	
PINNACLE AIRLINES CORP., a Delaware corporation

By:                                                                /s/ Ron Kay

Name: Ron Kay                                                                

Title: Vice President-Finance & Treasurer                                                                           

 

	
ADMINISTRATIVE AGENT:

 

	
C.I.T. LEASING CORPORATION, as Administrative Agent and Collateral Agent

By: /s/ John Heskin                                                                

Name: John Heskin                                                                

Title: Vice President                                                                

	
LENDER:

 

	
CIT BANK, as a Lender

By: /s/ Daniel Burnett                                                                

Name: Daniel Burnett                                                                

Title: Authorized Signatory                                                                

 

 

 

  

7

  

Schedule 1

 

COLGAN

 

	
Address

	
Colgan Air, Inc. 

Albany International Airport 

Albany Hangar 

85 Sicker Road 

Latham, NY 12110

	
Colgan Air, Inc. 

Logan Airport 

200 Terminal B 

East Boston, MA 02128

	
Colgan Air, Inc. 

Newark International Airport 

Terminal C Gate 115 Office 

Newark, NJ 07114

	
Colgan Air, Inc. 

Washington Dulles International Airport 

Dulles Hangar 

23321 Autopilot Drive 

Sterling, VA 20166

	
Colgan Air, Inc. 

George Bush Intercontinental-Houston Airport 

Houston Hangar 

17555 John F Kennedy Blvd. 

Houston, TX 77032

	
Colgan Air, Inc. 

LaGuardia Airport 

Hangar 4 

Central Terminal Drive 

Flushing, NY 11731

 

  

8

  

Schedule 1

PINNACLE

 

	
Pinnacle Airlines, Inc. 

Hartsfield-Jackson Atlanta International Airport 

11700 Spine Road, Gate 32 Ramp Level, Door D32-1-D1 

Atlanta, GA 30320

	
Pinnacle Airlines, Inc. 

Detroit Metropolitan Wayne County Airport 

2640 World Gateway, B2-348, BC Concourse, below C21 

Romulus, MI 48174

	
Pinnacle Airlines, Inc. 

Municipal/Baerfield Airport 

FWA Hangar 

11102 West Perimeter Road 

Fort Wayne, IN 46809

	
Pinnacle Airlines, Inc. 

Indianapolis International Airport 

7800 Col. H. Weir, Suite 50 or Door 05A.215, under A Concourse between A6 and A8 

Indianapolis, IN 46241

	
Pinnacle Airlines, Inc. 

Memphis International Airport 

MEM Hangar 

2934 Winchester 

Memphis, TN 38118

	
Pinnacle Airlines, Inc. 

Minneapolis-St. Paul International Airport 

4300 Glumack Dr. RM C-1348, below Gates C8 and C10 

St. Paul, MN 55111

	
Pinnacle Airlines, Inc. 

South Bend Regional Airport 

Studebaker Hangar 

4819 Lincoln Way West 

South Bend, IN 46628

	
Pinnacle Airlines, Inc. 

Mc Ghee Tyson Airport 

TYS Hangar 

330 Flagship Dr. 

Alcoa, TN 37701

	  	  	  

 

  

9

  

Schedule 1

 

	
Pinnacle Airlines, Inc. 

Benedum Airport 

2400 Aviation Way

Bridgeport, WV  26330

	
Pinnacle Airlines, Inc. 

Greenville-Spartanburg International Airport

Cargo Building

1900 GSP Drive, Suite 34 

Greer, SC 29651

	  	  	  

 

  

10

  

 

Schedule 2.1

 

List of Lenders and Commitments

 

 

	
Lender

	
Term Loan Commitment

	
CIT Bank

	
$27,800,000.00

 

  

11

  

Schedule 3.17

 

As of July 31, 2010

 

Indebtedness in excess of $1M

 

($000)

 

***

	  	  	  

 

  

12

  

Schedule 3.23

Schedule of Customary Airline Insurance

 

***

	  	  	  

 

  

13

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