Amendment to Section 6.22. Section 6.22 of the Loan Agreement is hereby amended and restated to read in its entirety to read as follows:
Amendment to Section 6.22. Section 6.22 of the Credit Agreement is hereby amended by (A) amending clause (ix) thereof by inserting the following text at the end of sub-clause (A) appearing therein: "unless (1) the interest expense, if any, on any scheduled payments of such existing Indebtedness that is deferred as a result of such refinancing is not paid currently but is capitalized as principal, and, as a result, the principal amount of such existing Indebtedness is increased (but any such increase shall be limited to the extent of such capitalized interest) or (2) such refinancing increases the principal amount of such refinanced Indebtedness but the overall effect when considering other Indebtedness impacted thereby is (i) to not increase the aggregate amount of existing Indebtedness secured directly or indirectly by "equipment" described in Section 1110(a)(3) of the Bankruptcy Code, or (ii) a net reduction in the present value of the interest and other financing expenses in connection with all such Indebtedness by an amount equal to or greater than the increase in principal (it being understood that any such Indebtedness shall not be granted superpriority administrative expense claim status pursuant to Section 364(c)(1) of the Bankruptcy Code,"; (B) deleting the word "and" appearing at the end of clause (xiii); and (C) inserting the following new clause at the end thereof: "; and (xv) Indebtedness of any Credit Party owed to one or more Persons in connection with the financing of certain insurance premiums in an aggregate amount not to exceed $20,000,000.".
Amendment to Section 6.22. Section 6.22 of the Credit Agreement is hereby amended by replacing the phrase “each of Holdings,” set forth after the phrase “Except as set forth on Schedule 6.22,” with the phrase “each of GCAL, GC Parent,”.
Amendment to Section 6.22. Section 6.22 of the Merger Agreement is hereby replaced in its entirety with the following:
Amendment to Section 6.22. Section 6.22 of the Credit Agreement hereby is amended by deleting said section in its entirety and inserting in lieu thereof the following:
Amendment to Section 6.22. Section 6.22 of the Credit Agreement is hereby amended by (A) deleting the word "and" appearing at the end of clause (xiv), (B) deleting the period at the end of clause (xv) and (C) inserting the following new clause at the end thereof: "; and (xvi) the restructuring of certain Indebtedness owed to Export Development Canada secured by Liens on five (5) flight simulators (in connection and concurrently with the refinancing of certain Indebtedness that is secured by two 757 aircraft, which refinancing is permitted by clause (ix) of this Section) pursuant to which principal payments will be deferred until August 1, 2004 (with principal payments to be made every February and August thereafter according to an agreed upon amortization) and accrued and unpaid interest will be paid upon the closing of such restructuring and in February 2004 and thereafter on any dates on which a principal payment is made (it being understood that any such restructured Indebtedness may not be granted status as a superpriority administrative expense claim pursuant to Section 364(c)(1) of the Bankruptcy Code)." 5.
