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earliest feasible time. (The components of this figure appear in an attachment hereto.)

2. At the same time the Chase Bank must commit to consolidate and refinance the outstanding notes totaling $680,000 with the currently outstanding bank loan now totaling approximately $1,100,000.

3. The holders of the notes totaling $680,000 should be persuaded to formally accept the arrangements set out in numbers one and two above. 

4. A short term line of credit should be arranged (expiring with the satisfactory conclusion of the objectives stated in numbers one and two above) enabling New York Airways to implement the program outlined below. This short term line of credit would be specially ear-marked and would provide among other things $60,000 a month beginning July 1st for the IFR training program; $10,000 in August and $15,000 in September in implementation of the 20 phase maintenance program; $75,000 in September for mandatory new office and reservations space; and $75,000 a month beginning with October for the aircraft modification program. Thus, the total short term line of credit, assuming the $1,500,000 of equity was raised no later than October, would be $415,000.