WORLD AIRWAYS INC /DE/
EXHIBIT 10.2
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<DESCRIPTION>EXHIBIT 10.2
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="lc1003_exhibit_10.2"> </A>
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<BR></FONT><FONT SIZE=2><B>EXHIBIT 10.2    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lc1003_joinder_to_loan_agreement"> </A>
<A NAME="toc_lc1003_2"> </A>
<BR></FONT><FONT SIZE=2><B>JOINDER TO LOAN AGREEMENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>THIS JOINDER TO LOAN AGREEMENT</B></FONT><FONT SIZE=2>, dated as of January&nbsp;10, 2005 (this "</FONT><FONT SIZE=2><B><I>Joinder</I></B></FONT><FONT SIZE=2>"), is
made and entered into by World Air Holdings,&nbsp;Inc., a Delaware corporation (the "</FONT><FONT SIZE=2><B><I>Parent</I></B></FONT><FONT SIZE=2>"), to supplement that certain Loan Agreement, dated as of
December&nbsp;30, 2003 (as the same may be amended, restated or supplemented or otherwise modified from time to time, the "</FONT><FONT SIZE=2><B><I>Loan Agreement</I></B></FONT><FONT SIZE=2>"), by and
among World Airways,&nbsp;Inc., a Delaware corporation, as Borrower, Govco Incorporated as Primary Tranche A Lender, Citibank, N.A. as Alternate Tranche A Lender, Collateral Agent and Agent,
Citicorp North America,&nbsp;Inc. as Govco Administrative Agent, Citicorp USA,&nbsp;Inc. as Tranche B Lender, Phoenix American Financial Services,&nbsp;Inc. as Loan Administrator and the Air
Transportation Stabilization Board (the "</FONT><FONT SIZE=2><B><I>Board</I></B></FONT><FONT SIZE=2>"). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Loan Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>W I T N E S S E T H:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>WHEREAS</B></FONT><FONT SIZE=2>, pursuant to that certain Agreement and Plan of Merger, dated as of the date hereof, by and among the
Borrower, the Parent and World Merger Subsidiary,&nbsp;Inc., a Delaware corporation and wholly-owned subsidiary of the Parent ("</FONT><FONT SIZE=2><B><I>Merger Sub</I></B></FONT><FONT SIZE=2>"),
(i)&nbsp;the Merger Sub will be merged with and into the Borrower, (ii)&nbsp;each of the issued and outstanding shares of common stock of the Borrower, par value $.001 per share, will be converted
into one share of common stock of the Parent, par value $.001 per share, (iii)&nbsp;the shareholders of the Borrower will become shareholders of the Parent, and (iv)&nbsp;the Borrower will become
a wholly-owned subsidiary of the Parent (the "</FONT><FONT SIZE=2><B><I>Merger</I></B></FONT><FONT SIZE=2>"); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>WHEREAS</B></FONT><FONT SIZE=2>, the Merger constitutes a restructuring under Section&nbsp;5.19 of the Loan Agreement (the
"</FONT><FONT SIZE=2><B><I>Restructuring</I></B></FONT><FONT SIZE=2>"); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>WHEREAS</B></FONT><FONT SIZE=2>, Section&nbsp;5.19(e) of the Loan Agreement provides that, in the event of a Restructuring, the Parent shall become an Obligor
under the Loan Agreement and expressly assume all obligations thereunder and under the other Loan Documents by an agreement executed and delivered to the Agent for the benefit of the Lenders, the
Supplemental Guarantor and the Board, in form and substance satisfactory to the Agent and the Board; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>WHEREAS</B></FONT><FONT SIZE=2>, the Parent is entering into this Agreement to comply with Section&nbsp;5.19(e) of the Loan Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>NOW</B></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><B>THEREFORE</B></FONT><FONT SIZE=2>, for and in consideration of the premises and the mutual covenants
contained herein, and for other good and valuable consideration, the receipt, adequacy and legal sufficiency of which are hereby acknowledged, the Parent hereby agrees as follows: </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Joinder.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;By the execution of this Joinder, the Parent hereby
expressly
agrees (a)&nbsp;that the Parent is, and shall be deemed for all purposes to be, an Obligor under the Loan Agreement and the other Loan Documents, and (b)&nbsp;to be bound by the terms, conditions
and obligations set forth therein, with the same force and effect as if the Parent had been an original signatory to the Loan Agreement and the other Loan Documents. </FONT></P>


<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Notice.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The address of the Parent set forth below its name on
the
signature page hereto shall be the Parent's address for all purposes of the Loan Agreement as if set forth on Annex A thereto. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Headings.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The headings set forth in this Joinder are and shall
be
without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the Parties hereto. </FONT></P>

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<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Severability.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In case any provision in or obligation under this
Joinder shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. </FONT></P>


<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Counterparts.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Joinder may be executed in any number of
counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are attached to the same document. Delivery of an
executed signature page of this Joinder by facsimile transmission shall be as effective as delivery of a manually executed counterpart hereof. </FONT></P>


<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Governing Law.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Joinder and the rights and obligations of the
parties
hereto shall be governed by, and construed in accordance with, the law of the State of New York; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that in the event the Board becomes a Lender
pursuant to the Board Guarantee, the rights and obligations of the Board hereunder shall be governed by, and construed in accordance with, the Federal law of the United States of America, if and to
the extent such Federal law is applicable, and otherwise in accordance with the law of the State of New York. </FONT></P>


<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Fees and Expenses.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Parent agrees to promptly pay, or cause
the
Borrower to pay, upon request, all costs and expenses (including the reasonable fees and expenses of counsel) reasonably incurred by the Agent, the Collateral Agent, the Lenders, the Board, the Loan
Administrator, and the Supplemental Guarantor in connection with the Restructuring, including, but not limited to, this Joinder. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Further Assurances.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Parent agrees to perform any further
acts and
execute and deliver any additional documents and instruments that may be necessary or reasonably requested by the Agent or the Board to carry out the provisions of this Joinder. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Acknowledgment by the Board.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board acknowledges and agrees
that
this Joinder and the Restructuring referenced herein shall not alter, modify or amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Board
Guarantee, all of which are ratified and affirmed in all respects and shall continue in full force and effect. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>IN WITNESS WHEREOF</B></FONT><FONT SIZE=2>, the Parent has executed this Joinder as of the date first above written. </FONT></P>

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<TD COLSPAN=3><FONT SIZE=2><B>WORLD AIR HOLDINGS, INC.</B></FONT></TD>
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&nbsp;</FONT></TD>
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By:</FONT></TD>
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/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>RANDY J. MARTINEZ</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Randy J. Martinez<BR>
Chief Executive Officer and President</FONT></TD>
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Address and Contact Information:</FONT></TD>
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World Air Holdings, Inc.<BR>
HLH Building<BR>
101 World Drive<BR>
Peachtree City, Georgia 30269<BR>
Attention: Randy J. Martinez<BR>
Telephone: (770) 632-8260<BR>
Facsimile: (770) 632-8090</FONT></TD>
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With a copy to:</FONT></TD>
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Powell Goldstein LLP<BR>
One Atlantic Center<BR>
Suite 1400<BR>
1201 West Peachtree Street, N.W.<BR>
Atlanta, Georgia 30309<BR>
Attention: Thomas R. McNeill, Esq.</FONT></TD>
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<TD COLSPAN=4><BR><FONT SIZE=2><B>ACKNOWLEDGED:</B></FONT></TD>
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&nbsp;</B></FONT></TD>
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CITIBANK, N.A.<BR> </B></FONT><FONT SIZE=2>as Agent</FONT></TD>
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&nbsp;</FONT></TD>
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By:</FONT></TD>
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/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>BARBARA KOBELT</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Barbara Kobelt<BR>
Title: Vice President</FONT></TD>
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&nbsp;</FONT></TD>
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<TD COLSPAN=4 VALIGN="TOP"><BR><FONT SIZE=2><B>AIR TRANSPORTATION STABILIZATION BOARD</B></FONT></TD>
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By:</FONT></TD>
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/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>MARK R. DAYTON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Mark R. Dayton<BR>
Title: Executive Director</FONT></TD>
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&nbsp;</FONT></TD>
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<FONT SIZE=2><A HREF="#toc_lc1003_1">EXHIBIT 10.2</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_lc1003_2">JOINDER TO LOAN AGREEMENT</A></FONT><BR>
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