Exhibit 10.3

 

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CLIFFORD CHANCE US LLP

EXECUTION VERSION

 

BANK OF SCOTLAND PLC
as Security Trustee and Agent

 

THE FINANCIAL INSTITUTIONS LISTED IN SCHEDULE 1 HERETO
as Lead Managers

 

WHITNEY LEASING LIMITED
as Borrower

 

AIRCRAFT SPC-12, INC.
as Borrower Parent

 

INTERNATIONAL LEASE FINANCE CORPORATION
as Guarantor and Subordinated Lender

 

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DEED OF AMENDMENT
relating to
AIRCRAFT FACILITY AGREEMENT
Dated 18 May 2004

 

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TABLE OF CONTENTS

 

 

 

Page

 

 

 

Section 1.

Interpretation

2

 

 

 

Section 2.

Amendment

2

 

 

 

Section 3.

Transaction Document/Confirmations

3

 

 

 

Section 4.

Counterparts

3

 

 

 

Section 5.

Benefit of Agreement

3

 

 

 

Section 6.

Governing Law and Jurisdiction

3

 

 

 

Schedule 1

The Lead Managers

 

 

 

 

Schedule 2

Amendment Effective Date Notice

 

 

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THIS DEED OF AMENDMENT (this “Deed”) is made by way of deed on  8 May  2013.

 

BETWEEN:

 

(1)                                 BANK OF SCOTLAND PLC, a banking institution
established under the laws of Scotland acting for the purposes of this Agreement
through its offices at Level 6, 33 Old Broad Street, London EC2N 1HZ, England as
security trustee for and on behalf of itself, the Lenders, the Lead Managers and
the Agent (in such capacity the “Security Trustee”);

 

(2)                                 BANK OF SCOTLAND PLC, a banking institution
established under the laws of Scotland acting for the purposes of this Agreement
through its offices at Level 6, 33 Old Broad Street, London EC2N 1HZ, England as
agent  for and on behalf of itself and the Lenders (in such capacity the
“Agent”);

 

(3)                                 THE FINANCIAL INSTITUTIONS LISTED IN PART A
OF SCHEDULE 1 HERETO, in their capacity as lead managers for the Lenders (the
“Lead Managers”);

 

(4)                                 WHITNEY LEASING LIMITED, a company
incorporated under the laws of Bermuda and having its registered office at The
Chartis Building, 29 Richmond Road, Pembroke HM 08, Bermuda (the “Borrower”);

 

(5)                                 AIRCRAFT SPC-12, INC., a company
incorporated under the laws of the State of California and having its principal
place of business at c/o International Lease Finance Corporation, 10250
Constellation Boulevard, 34th Floor, Los Angeles, CA 90067, United States of
America (the “Borrower Parent”);

 

(6)                                 INTERNATIONAL LEASE FINANCE CORPORATION, a
corporation incorporated under the laws of the State of California and having
its principal place of business at 10250 Constellation Boulevard, 34th Floor,
Los Angeles, CA 90067, United States of America, as guarantor under the Aircraft
Facility Agreement (in such capacity, the “Guarantor”); and

 

(7)                                 INTERNATIONAL LEASE FINANCE CORPORATION, a
corporation incorporated under the laws of the State of California and having
its principal place of business at 10250 Constellation Boulevard, 34th Floor,
Los Angeles, CA 90067, United States of America, as subordinated lender under
the Aircraft Facility Agreement (in such capacity, the “Subordinated Lender”).

 

WHEREAS:

 

The parties hereto have previously entered into the Aircraft Facility Agreement
as defined below and have agreed to enter into this Deed for the purposes of
amending certain terms thereof relating to the Guarantor.

 

NOW THEREFORE THIS DEED WITNESSES as follows:

 

1

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Section 1.                                           Interpretation.

 

1.1                               Capitalised words and expressions used in this
Deed but not expressly defined therein shall have the respective meanings
ascribed thereto in the Aircraft Facility Agreement.

 

In this Deed:

 

“Aircraft Facility Agreement” means the aircraft facility agreement dated
18 May 2004 entered into between the Agent, the Lenders, the Lead Managers, the
Security Trustee, the Borrower, the Borrower Parent, the Subordinated Lender and
the Guarantor in respect of the financing of certain Airbus aircraft, as amended
and supplemented from time to time.

 

“Amendment Effective Date” means the date determined in accordance with
Clause 2.1 (Amendment Effective Date).

 

“Amendment Effective Date Notice” means a notice substantially in the form of
Schedule 2 (Amendment Effective Date Notice).

 

1.2                               Any reference in this Deed to:

 

a “Clause” or “Schedule” shall, subject to any contrary indication, be construed
as a reference to a clause or schedule hereof;

 

“dollar” and “$” means the lawful currency of the United States of America;

 

the “Agent”, the “Security Trustee” or any “Lender” shall be construed so as to
include tits respective successors and assigns and transferees in accordance
with their respective interests.

 

1.3                               Save where the contrary is indicated, any
reference in this Deed to this Deed or any other agreement or document shall be
construed as a reference to this Deed or, as the case may be, such other
agreement or document as the same may have been, or may from time to time be,
amended, varied, novated or supplemented in accordance with the provisions
hereof and thereof.

 

1.4                               Clause, Part and Schedule headings are for
ease of reference only.

 

1.5                               A statute shall be construed as a reference to
such statute as the same may have been, or may from time to time be amended or
re-enacted.

 

Section 2.                                           Amendments.

 

2.1                               The Amendment Effective Date shall be the date
upon which the Guarantor, the Agent and Security Trustee issue the Amendment
Effective Date Notice to the other Parties.

 

2.2                               On and with effect from the Amendment
Effective Date, each of the parties hereto agrees that Clause 2.9 of Schedule 6
(Guarantor Covenants) of the Aircraft Facility Agreement

 

2

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and the definition of Consolidated Tangible Net Worth in Clause 1 of Schedule 6
(Guarantor Covenants) of the Aircraft Facility Agreement are hereby deleted in
their entirety.

 

2.3                               On and with effect from the Amendment
Effective Date, each of the parties hereto agrees that, notwithstanding any rise
in the ratings of the long term debt obligations of the Guarantor, a First
Trigger Event and a Second Trigger Event shall nevertheless be deemed to remain
in effect until the entire principal amount of the outstanding Advances and all
other Secured Obligations then due and payable have been paid in full.

 

Section 3.                                           Transaction
Document/Confirmations.

 

3.1                               Each of the parties hereto agrees that this
Deed shall be a Transaction Document (as such term is defined in the Aircraft
Facility Agreement) for the purposes of the Aircraft Facility Agreement.

 

3.2                               Each of the parties hereto agrees and
acknowledges that the provisions of the Aircraft Facility Agreement and the
other Transaction Documents (in each case as amended by this Deed) shall
continue in force and effect, notwithstanding the amendments contemplated
hereby.

 

3.3                               The Guarantor hereby agrees and acknowledges
that, notwithstanding the amendments contemplated hereby, its guarantee
obligations under the Aircraft Facility Agreement remain in full force and
effect and extend to include the obligations under this Deed.

 

Section 4.                                           Counterparts.  This Deed
may be executed in any number of counterparts and by the different parties
hereto on separate counterparts each of which when executed and delivered shall
constitute an original, but all the counterparts shall together constitute but
one and the same instrument.

 

Section 5.                                           Benefit of Agreement.  This
Deed shall enure for the benefit of each party hereto and their respective
successors and assigns and transferees permitted in accordance with the relevant
Transaction Documents but subject to the same restrictions as to assignments and
transfers.

 

Section 6.                                           Governing Law and
Jurisdiction.  The provisions of Clause 23 of the Aircraft Facility Agreement
shall apply to this Deed and are incorporated herein by reference mutatis
mutandis as if references therein to “this Agreement” or “any other Transaction
Document” were to this Deed.

 

3

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IN WITNESS WHEREOF this Deed has been duly executed as a deed and is, and is
intended to be, delivered by the parties the day and year first above written.

 

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EXECUTION PAGES

 

 

 

 

 

THE AGENT AND SECURITY TRUSTEE

 

 

 

 

 

EXECUTED AS A DEED BY

)

/s/ Clare Gardner

 

BANK OF SCOTLAND PLC

)

 

 

 

 

 

 

 

in the presence of:

 

 

 

 

 

/s/ Laura Sinclair

 

 

 

Signature of Witness

 

 

 

 

 

 

Name:

Laura Sinclair

 

 

 

 

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THE LEAD MANAGERS

 

 

 

 

 

EXECUTED AS A DEED BY

)

/s/ Mike Gear

 

BANK OF SCOTLAND PLC

)

 

 

 

 

(as British Lead Manager)

 

 

 

 

 

in the presence of:

 

 

 

 

 

/s/ Carl Irvine

 

 

 

Signature of Witness

 

 

 

 

 

 

Name:

Carl Irvine

 

 

 

 

 

 

 

 

 

EXECUTED AS A DEED BY

)

/s/ Mike Gear

 

BANK OF SCOTLAND PLC

)

 

 

 

 

(as French Lead Manager)

 

 

 

 

 

in the presence of:

 

 

 

 

 

/s/ Carl Irvine

 

 

 

Signature of Witness

 

 

 

 

 

 

Name:

Carl Irvine

 

 

 

 

 

 

 

 

 

EXECUTED AS A DEED BY

)

/s/ Mike Gear

 

BANK OF SCOTLAND PLC

)

 

 

 

 

(as German Lead Manager)

 

 

 

 

 

in the presence of:

 

 

 

 

 

/s/ Carl Irvine

 

 

 

Signature of Witness

 

 

 

 

 

 

Name:

Carl Irvine

 

 

 

 

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THE BORROWER

 

 

 

 

 

THE COMMON SEAL of

)

/s/ Patrick Ross

 

WHITNEY LEASING LIMITED

)

 

was hereunto affixed

)

/s/ Pamela S. Hendry

 

in the presence of:

)

 

 

 

 

/s/ Natasha Messer

 

Director

 

 

 

Natasha Messer

Director/Secretary

 

 

 

International Lease Finance Corporation

 

 

10250 Constellation Blvd Suite 3400

 

 

Los Angeles, CA 90067

 

 

 

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THE BORROWER PARENT

 

 

 

 

 

EXECUTED AS A DEED by

)

/s/ Patrick Ross

 

AIRCRAFT SPC-12, INC.

)

Patrick Ross

 

 

Vice President

 

 

 

in the presence of:

 

 

 

 

 

/s/ Natasha Messer

 

 

 

Signature of Witness

 

 

 

 

 

 

Name:

Natasha Messer

 

 

 

 

 

 

International Lease Finance Corporation

 

 

10250 Constellation Blvd Suite 3400

 

 

Los Angeles, CA 90067

 

 

 

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THE SUBORDINATED LENDER

 

 

 

 

 

EXECUTED AS A DEED by

)

 

INTERNATIONAL LEASE

)

/s/ Patrick Ross

 

FINANCE CORPORATION

)

Patrick Ross

 

 

Vice President

 

 

 

in the presence of:

 

 

 

 

 

/s/ Natasha Messer

 

 

 

Signature of Witness

 

 

 

 

 

 

Name:

Natasha Messer

 

 

 

 

 

 

International Lease Finance Corporation

 

 

10250 Constellation Blvd Suite 3400

 

 

Los Angeles, CA 90067

 

 

 

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THE GUARANTOR

 

 

 

 

 

EXECUTED AS A DEED by

)

 

INTERNATIONAL LEASE

)

/s/ Patrick Ross

 

FINANCE CORPORATION

)

Patrick Ross

 

 

Vice President

 

 

 

in the presence of:

 

 

 

 

 

/s/ Natasha Messer

 

 

 

Signature of Witness

 

 

 

 

 

 

Name:

Natasha Messer

 

 

 

 

 

 

International Lease Finance Corporation

 

 

10250 Constellation Blvd Suite 3400

 

 

Los Angeles, CA 90067

 

 

 

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SCHEDULE 1

 

THE LEAD MANAGERS

 

Bank of Scotland plc (British Lead Manager)

 

Bank of Scotland plc (French Lead Manager)

 

Bank of Scotland plc (German Lead Manager)

 

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SCHEDULE 2

 

AMENDMENT EFFECTIVE DATE NOTICE

 

To:                             THE LEAD MANAGERS, BORROWER, BORROWER PARENT,
GUARANTOR AND SUBORDINATED LENDER

 

From:               BANK OF SCOTLAND PLC, as Agent and Security Trustee, and
INTERNATIONAL LEASE FINANCE CORPORATION, as Guarantor

 

Date:      8 May 2013

 

Ladies and Gentlemen,

 

Re:          deed of amendment dated the date hereof, between each of the
addressees of this Notice and Bank of Scotland PLC, as Agent and Security
Trustee, relating to that certain aircraft facility agreement dated 18 May 2004
(the “Deed of Amendment”)

 

We refer to the Deed of Amendment and notify you that the Amendment Effective
Date (as defined in the Deed of Amendment) is the date hereof.

 

This notice and any non contractual obligations arising out of or in connection
with it are governed by English law.

 

Yours faithfully,

 

BANK OF SCOTLAND PLC, AS AGENT AND SECURITY TRUSTEE

 

 

 

 

By:

/s/ Clare Gardner

 

 

 

 

 

Name:

Clare Gardner

 

 

 

 

 

Title:

Manager

 

 

 

 

INTERNATIONAL LEASE FINANCE CORPORATION, AS GUARANTOR

 

 

By:

/s/ Patrick Ross

 

 

 

 

 

Name:

Patrick Ross

 

 

 

 

 

Title:

Vice President

 

 

 

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