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DRAFT 10/13/67

would not extend beyond the useful life of the new assets and the payment thereof would be secured by a lien on such assets. TWA's obligation to provide such new capital in excess of $300,000, which would be available in 1968, would also be subject to the prior satisfaction of TWA's own capital requirements.
 6. The proposal would be contingent upon the approval of our Boards of Directors, necessary approvals of the CAB and of NYA's shareholders and on satisfactory provisions being made [?] by NYA for the continuation of the balance of NYA's present operations without additional financial support from TWA and for the rescheduling of its Chase loan.
 TWA's proposal is advanced in pursuit of a sincere desire that NYA maintain a satisfactory financial posture during the difficult period preceding the advances necessary to its ultimate success. It is also prompted by an equally sincere belief that a continuation of TWA support on the present basis cannot long continue to be in TWA's interests, or in the interests of NYA.