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agreement of June 28, 1963. Generally speaking, it requires NYA to operate such services as Pan American may request between the Pan American Building heliport and Kennedy and Teterboro airports. It prohibits NYA from operating any service competitive with that operated for Pan American for a period of 12 months from the effective date of the lease of the first aircraft, and provides that NYA shall consult with Pan American before establishing any rates or making any changes in its current tariffs. The agreement is to remain in effect for a period of one year from the effective date with an option to Pan American for an extension for one or two additional years. NYA will pay Pan American 1.235 percent per aircraft per month of the cost of the aircraft as rental for the aircraft but NYA has an option to purchase the aircraft upon ninety days' notice from the effective date of the lease. In the event NYA's fully allocated operating expenses exceed operating revenues Pan American will pay NYA enough to enable it to break even. However, in the event gross revenues exceed fully allocated operating expenses plus an 8 percent return on investment, NYA will be obligated to pay Pan American that portion of the standard NYA fare which Pan America shall absorbed as part of any joint fare arrangement in effect during the term of the agreement.

Although the present agreement is somewhat ambiguous on the question of what services, if any, NYA could operate for other carriers from the Pan American Building heliport it is now clear from the