FIRST AMENDMENT TO AMENDED AND
RESTATED LOAN AGREEMENT DATED AS OF MARCH 31, 2008
This First
Amendment to Amended and Restated Loan Agreement dated and
effective as of August 5, 2009 (“First Amendment”) is
by and among PHI, Inc., formerly named Petroleum Helicopters,
Inc. (“PHI”), Air Evac Services, Inc., PHI Tech
Services, Inc., formerly named Evangeline Airmotive, Inc.,
International Helicopter Transport, Inc., (individually,
collectively and interchangeably, the “Subsidiary
Guarantors”), and Whitney National Bank
(“Bank”).
WHEREAS ,
PHI, Subsidiary Guarantors and Bank entered into an Amended and
Restated Loan Agreement dated as of March 31, 2008 (the
“Loan Agreement”) pursuant to which Bank extended the
Revolving Line of Credit (as defined in the Loan Agreement) to PHI;
and PHI and Bank desire, among other things, to increase the
Revolving Line of Credit to $75,000,000 and to extend its maturity
to September 1, 2011, all as more fully set forth
herein;
NOW
THEREFOR, for good and adequate consideration, the receipt of
which is hereby acknowledged, PHI, the Subsidiary Guarantors and
Bank do hereby amend the Loan Agreement as follows:
1.
Paragraph A on page one of the Loan Agreement entitled “
THE LOAN OR LOANS ” is hereby amended and restated in
its entirety as follows:
“ A.
THE LOAN OR LOANS . Provided PHI performs all obligations in
favor of Bank contained in this Agreement and in any other
agreement, whether now existing or hereafter arising:
Bank shall make
available to PHI a secured revolving line of credit (the
“Revolving Line of Credit”) in the principal amount of
SEVENTY-FIVE MILLION ($75,000,000) DOLLARS, that may be drawn upon
by PHI on any business day of Bank during the period hereof until
and including September 1, 2011, on at least one day’s
telephonic notice to Bank. The Revolving Line of Credit shall be
evidenced by a commercial note, payable to Bank (the
“Note”) and shall contain additional terms and
conditions and be identified with this Agreement.
A sublimit of
TWENTY MILLION ($20,000,000) DOLLARS is hereby established for the
issuance of letters of credit with a maturity not exceeding that of
the Note, which may be issued by Bank or any bank participating in
the Revolving Line of Credit upon application by
PHI.”
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