GMAC
COMMERCIAL CREDIT LLC
0000 XXXXXX XX XXX XXXXXXXX - XXX XXXX, XX 00000
212-408-7000
September 3, 1999
World Airways, Inc.
00000 Xxxx Xxxxxx Xxxx, Xxxxx 000
Xxxxxxx, XX 00000
Gentlemen:
Reference is made to the Restated and Amended Accounts Receivable Management and
Security Agreement in effect between us with an effective date of March 23,
1998, as supplemented and amended from time to time (the "Agreement"). Initially
capitalized terms not defined herein shall have the meanings ascribed to such
terms in the Agreement.
It is hereby agreed by and between us that effective, as of the date hereof, the
Agreement is hereby amended as follows:
Exhibit X to the Agreement is hereby amended by deleting the following phrase:
"1. MD11 spare parts and engines, except those listed on the Spare Parts
Eligible Inventory Form.", and replacing it with the following phrase "1. MD11
spare parts and engines, except those listed on the monthly Spare Parts Eligible
Inventory Form submitted monthly by the Borrower to the Lender" pursuant to the
Agreement.
Except as herein specifically amended, the Agreement shall remain in full force
and effect in accordance with its original terms, except as previously amended.
If the foregoing accurately reflects our understanding, kindly sign the enclosed
copy of this letter and return it to our office as soon as practicable.
Very truly yours,
GMAC COMMERCIAL CREDIT LLC
(successor by merger to BNY FINANCIAL CORPORATION)
By: ___________________
Title: ___________________
AGREED AND ACCEPTED:
WORLD AIRWAYS, INC.
By: ___________________
Title: ___________________
