EXHIBIT 10.4
1ST AMENDMENT TO LOAN AGREEMENT
DATED AS OF APRIL 23, 2002 BY AND AMONG
PETROLEUM HELICOPTERS, INC., ACADIAN COMPOSITES, LLC,
AIR EVAC SERVICES, INC., XXXXXXXXXX AIRMOTIVE, INC.,
AND INTERNATIONAL HELICOPTER TRANSPORT, INC.
AND WHITNEY NATIONAL BANK
WHEREAS THERE HAS BEEN LIMITED USE OF THE CREDIT FACILITY PROVIDED FOR IN THE
CAPTIONED LOAN AGREEMENT AND THEREFORE PHI DESIRES TO AMEND AND EXTEND THE
CREDIT FACILITY IN A LESSER AMOUNT.
WHEREAS THE CURRENT AGREEMENT IS NOT EFFECTIVE AFTER JULY 31, 2004.
WHEREAS PETROLEUM HELICOPTERS HAS ARRANGED TO LEASE FOUR S-92 AIRCRAFT.
WHEREAS ACADIAN COMPOSITES, LLC HAS BEEN SOLD.
THEREFORE FOR GOOD AND ADEQUATE CONSIDERATION THE RECEIPT OF WHICH IS HEREBY
ACKNOWLEDGED, PHI, THE SUBSIDIARY GUARANTORS AND WHITNEY DO HEREBY AMEND THE
CAPTIONED LOAN AGREEMENT AS FOLLOWS:
1. IN PARAGRAPH A THE AMOUNT OF THE FACILITY IS REDUCED FROM
$50,000,000 TO $35,000,000 AND THE DATE OF JULY 31, 2004 IS
CHANGED TO JULY 31, 2006. A NEW PROMISSORY NOTE TO EFFECT
THESE CHANGES SHALL BE EXECUTED.
2. IN PARAGRAPH C (8) (b) FUNDED DEBT/NET WORTH SHALL BE
INCREASED FROM 2.50/1.00 TO 3.50/1.00.
3. IN PARAGRAPH G UNUSED FEES UNDER THE REVOLVING LINE OF CREDIT
IS REDUCED FROM 3/8 OF 1% TO 1/4 OF 1%.
4. ACADIAN COMPOSITES, LLC IS DELETED AS A SUBSIDIARY GUARANTOR.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS]
IN ALL OTHER ASPECTS THE LOAN AGREEMENT AS AMENDED HEREBY AND ITS PROVISIONS
SHALL REMAIN IN FULL FORCE AND EFFECT.
EXECUTED JUNE ____________, 2004.
PETROLEUM HELICOPTERS, INC. WHITNEY NATIONAL BANK
BY: BY:
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NAME: XXXXXXX X. XXXXXX NAME: XXXXX X. XXXXXX
TITLE: CHIEF FINANCIAL OFFICER TITLE: SENIOR VICE PRESIDENT
SUBSIDIARY GUARANTORS:
AIR EVAC SERVICES, INC. XXXXXXXXXX AIRMOTIVE, INC.
BY: BY:
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NAME: XXXXXXX X. XXXXXX NAME: XXXXXXX X. XXXXXX
TITLE: CHIEF FINANCIAL OFFICER TITLE: CHIEF FINANCIAL OFFICER
INTERNATIONAL HELICOPTER BY:
TRANSPORT, INC.
BY:
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NAME: XXXXXXX X. XXXXXX
TITLE: CHIEF FINANCIAL OFFICER
