Exhibit 10.3
EXECUTION COPY
AMENDMENT NO. 1
          AMENDMENT NO. 1 dated as of October 13, 2006, between INTERNATIONAL
LEASE FINANCE CORPORATION (the “Company”); each of the financial institutions
listed on the signature pages hereof (individually, a “Bank” and, collectively,
the “Banks”, together with their respective successors and assigns); and
CITICORP USA, INC. (herein, in its individual corporate capacity, together with
its successors and assigns called “CUSA”), as administrative agent for the Banks
(herein, in such capacity, together with its successors and assigns in such
capacity, called the “Agent”).
          The Company, the Banks and CUSA, as administrative agent, are parties
to a Five-Year Revolving Credit Agreement dated as of October 15, 2004 (the
“Credit Agreement”) providing, subject to the terms and conditions thereof, for
loans to be made by said Banks to the Company in an aggregate principal amount
not exceeding $2,000,000,000. The Company has requested that the Credit
Agreement be amended in certain respects and accordingly, the parties hereto
hereby agree as follows:
          Section 1. Definitions. Except as otherwise defined in the Credit
Agreement, terms defined in the Credit Agreement (as amended hereby) are used
herein as defined therein.
          Section 2. Amendments. Subject to the execution and delivery hereof by
the Company, the Required Banks and the Agent, the Credit Agreement is amended
effective upon such execution and delivery as follows:
          2.01. References in the Credit Agreement to “this Agreement” (and
indirect references such as “hereunder”, “hereby”, “herein” and “hereof”) shall
be deemed to be references to the Credit Agreement as amended by this Amendment
No. 1.
          2.02. The definition of “Consolidated Indebtedness” in Section 1.2 of
the Credit Agreement is amended to read in its entirety as follows:
     “Consolidated Indebtedness” means, as of the date of any determination, the
total amount of Indebtedness less the amount of current and deferred income
taxes and rentals received in advance of the Company and its Subsidiaries
determined on a consolidated basis in accordance with generally accepted
accounting principles in the United States of America, and excluding (i) the
amount that is (a) the aggregate amount outstanding of Hybrid Capital Securities
multiplied by (b) the Hybrid Capital Securities Percentage, and (ii) adjustments
in relation to Indebtedness denominated in any currency other than Dollars and
any related derivative liability, in each case to the extent arising from
currency fluctuations (such exclusions to apply only to the extent the resulting
liability is hedged by the Company or such Subsidiary).
Amendment No. 1

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          2.03. The definition of “Consolidated Tangible Net Worth” in
Section 1.2 of the Credit Agreement is amended to read in its entirety as
follows:
     “Consolidated Tangible Net Worth” means, as of the date of any
determination, the total of shareholders’ equity (including capital stock,
additional paid-in capital, the amount that is (a) the aggregate amount
outstanding of Hybrid Capital Securities multiplied by (b) the Hybrid Capital
Securities Percentage, and retained earnings after deducting treasury stock),
less the sum of the total amount of goodwill, organization expenses, unamortized
debt issue costs (determined on an after-tax basis), deferred assets other than
prepaid insurance and prepaid taxes, the excess of cost of shares acquired over
book value of related assets, surplus resulting from any revaluation write-up of
assets subsequent to December 31, 2002 and such other assets as are properly
classified as intangible assets, all determined in accordance with generally
accepted accounting principles in the United States of America consolidating the
Company and its Subsidiaries.
          2.04. The following definitions be inserted in Section 1.2 of the
Credit Agreement:
     “Hybrid Capital Securities” means any hybrid capital securities issued by
the Company from time to time whose proceeds are accorded a percentage of equity
treatment by one or more Rating Organizations.
     “Hybrid Capital Securities Percentage” means the greater of (i) 50% and
(ii) the lowest percentage accorded equity treatment for the Company’s Hybrid
Capital Securities among the Rating Organizations, as determined by such Rating
Organizations from time to time.
     “Rating Organizations” means the following nationally recognized rating
organizations: Moody’s Investor Service, Standard & Poor’s Ratings Services, a
division of The McGraw-Hill Companies, Inc., and Fitch Ratings, Inc.
          2.05. Section 8.8 of the Credit Agreement is deleted.
          2.06. Section 9.1.5 of the Credit Agreement is deleted.
          2.07. Section 9.1.6 of the Credit Agreement is amended to read in its
entirety as follows:
     9.1.6. Other Information. From time to time such other information
concerning the Company and its Subsidiaries (not including reports and other
materials to the extent filed with the Securities and Exchange Commission) as
any Bank or the Agent may reasonably request.
Amendment No. 1

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          2.08. Section 11.1.2 of the Credit Agreement is amended to read in its
entirety as follows:
     11.1.2. Non-Payment of Other Indebtedness for Borrowed Money. (a) Default
in the payment when due (subject to any applicable grace period), whether by
acceleration or otherwise, of any principal of, interest on or fees incurred in
connection with any other Indebtedness of, or Guaranteed by, the Company or any
Significant Subsidiary (except (i) any such Indebtedness of any Subsidiary to
the Company or to any other Subsidiary and (ii) any Indebtedness hereunder) and,
if a default in the payment of interest or fees, continuance of such default for
five days, in the case of interest, or 30 days, in the case of fees, or
(b) default in the performance or observance of any obligation or condition with
respect to any such other Indebtedness if the effect of such default (subject to
any applicable grace period) is to accelerate the maturity of any such
Indebtedness; provided, however, that the aggregate principal amount of all
Indebtedness as to which there has occurred any default as described above shall
equal or exceed $50,000,000.
          2.09. The Company’s Address for Notice on Schedule III of the Credit
Agreement is amended to read in its entirety as follows:

     
Company:
  Pamela S. Hendry
10250 Constellation Blvd., Suite 3400
Los Angeles, California 90067
Tel: (310) 788-1999
Fax: (310) 788-1990
Telex: 69-1400 INTERLEAS BVHL
Email: legalnotices@ilfc.com

          Section 3. Representations and Warranties. The Company represents and
warrants to the Banks and the Agent that (a) the representations and warranties
of the Company set forth in Section 8 of the Credit Agreement are true and
complete on the date hereof as if made on and as of the date hereof and as if
each reference in said Section 8 to “this Agreement” included reference to this
Amendment No. 1 and to the Credit Agreement as amended by this Amendment No. 1
(and the Company agrees that it shall be an Event of Default under
Section 11.1.5 of the Credit Agreement if any representation or warranty in this
Amendment No. 1 is untrue or misleading in any material respect when made), and
(b) as of the date hereof, no Default or Event of Default has occurred and is
continuing.
          Section 4. Miscellaneous. Except as herein provided, the Credit
Agreement shall remain unchanged and in full force and effect. This Amendment
No. 1 may be executed in any number of counterparts, all of which taken together
shall constitute one and the same amendatory
Amendment No. 1

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instrument and any of the parties hereto may execute this Amendment No. 1 by
signing any such counterpart. This Amendment No. 1 shall be governed by, and
construed in accordance with, the law of the State of New York.
Amendment No. 1

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          IN WITNESS WHEREOF, the parties hereto have caused this Amendment
No. 1 to be duly executed and delivered as of the day and year first above
written.

            INTERNATIONAL LEASE FINANCE
CORPORATION
      By:   /s/ Alan H. Lund         Name:   Alan H. Lund        Title:   Vice
Chairman and Chief Financial Officer              By:   /s/ Pamela S. Hendry    
    Name:   Pamela S. Hendry        Title:   Senior Vice President and
Treasurer     

         
 
  AGENT    

            CITICORP USA, INC.
      By:   /s/ Peter C. Bickford         Name:   Peter C. Bickford       
Title:   Vice President     

         
 
  BANKS    

            CITICORP USA, INC.
      By:   /s/ Peter C. Bickford         Name:   Peter C. Bickford       
Title:   Vice President     

Amendment No. 1

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            BANK OF AMERICA, N.A.
      By:           Name:           Title:        

Amendment No. 1

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            THE GOVERNOR AND COMPANY
OF THE BANK OF SCOTLAND
      By:           Name:           Title:        

Amendment No. 1

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            CREDIT SUISSE CAYMAN ISLANDS BRANCH
      By:   /s/ Jay Chall         Name:   Jay Chall        Title:   Director   
          By:   /s/ James Neira         Name:   James Neira        Title:  
Associate     

Amendment No. 1

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            HSBC BANK USA, NATIONAL ASSOCIATION
      By:   /s/ Kenneth Johnson         Name:   Kenneth Johnson        Title:  
Senior Vice President     

Amendment No. 1

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            JPMORGAN CHASE BANK, N.A.
      By:   /s/ Matthew H. Massie         Name:   Matthew H. Massie       
Title:   Managing Director     

Amendment No. 1

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            ABN AMRO BANK N.V.
      By:           Name:           Title:                 By:           Name:  
        Title:        

Amendment No. 1

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            BANCO SANTANDER CENTRAL
HISPANO, S.A., New York Branch
      By:           Name:           Title:        

Amendment No. 1

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            BARCLAYS BANK PLC
      By:   /s/ Alison McGuigan         Name:   Alison McGuigan        Title:  
Associate Director     

Amendment No. 1

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            BNP PARIBAS
      By:   /s/ Marguerite L. Leson         Name:   Marguerite L. Leson       
Title:   Vice President              By:   /s/ Phil Truesdale         Name:  
Phil Truesdale        Title:   Managing Director     

Amendment No. 1

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            DEUTSCHE BANK AG NEW YORK
BRANCH
      By:   /s/ Ruth Leung         Name:   Ruth Leung        Title:   Director 
            By:   /s/ Richard Herder         Name:   Richard Herder       
Title:   Managing Director     

Amendment No. 1

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            MERRILL LYNCH BANK USA
      By:   /s/ Louis Alder         Name:   Louis Alder        Title:   Directo 
   

Amendment No. 1

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            SOCIETE GENERALE
      By:   /s/ Nigel Elvey         Name:   Nigel Elvey        Title:   Vice
President     

Amendment No. 1

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            THE BANK OF TOKYO-MITSUBISHI, LTD., NEW YORK BRANCH
      By:   /s/ Cosmas Bonaparte         Name:   Cosmas Bonaparte       
Title:   Authorized Signatory     

Amendment No. 1

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            UBS LOAN FINANCE LLC
      By:   /s/ Richard L. Tavrow         Name:   Director        Title:  
Banking Products Services, US              By:   /s/ Irja R. Otsa        
Name:   Irja R. Otsa        Title:   Associate Director
Banking Products Services, US     

Amendment No. 1

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            WACHOVIA BANK, NATIONAL
ASSOCIATION
      By:           Name:           Title:        

Amendment No. 1

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            LEHMAN BROTHERS BANK, FSB
      By:   /s/ Janine M. Shugan         Name:   Janine M. Shugan       
Title:   Authorized Signatory     

Amendment No. 1

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            SUMITOMO MITSUI BANKING
CORPORATION
      By:   /s/ Shigeru Tsuru         Name:   Shigeru Tsuru        Title:  
Joint General Manager     

Amendment No. 1

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            THE BANK OF NOVA SCOTIA
      By:           Name:           Title:        

Amendment No. 1

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            CAJA MADRID
      By:           Name:           Title:        

Amendment No. 1

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            LLOYDS TSB BANK PLC
      By:           Name:           Title:                 By:           Name:  
        Title:        

Amendment No. 1

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            UFJ BANK LIMITED
      By:           Name:           Title:        

Amendment No. 1

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            MIZUHO CORPORATE BANK, LTD.
      By:   /s/ Robert Gallagher         Name:   Robert Gallagher       
Title:   Senior Vice President     

Amendment No. 1

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            SVENSKA HANDELSBANKEN
      By:           Name:           Title:                 By:           Name:  
        Title:        

Amendment No. 1

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            THE BANK OF NEW YORK
      By:   /s/ Richard G. Shaw         Name:   Richard G. Shaw        Title:  
Vice President     

Amendment No. 1

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            ROYAL BANK OF CANADA
      By:           Name:           Title:        

Amendment No. 1

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            STANDARD CHARTERED BANK
      By:   /s/ Joel Martinez         Name:   Joel Martinez        Title:  
Syndications, Capital Markets              By:   /s/ Robert K. Reddington      
  Name:   Robert K. Reddington        Title:   AVP/Credit Documentation
Credit Risk Control
Standard Chartered Bank N.Y.     

Amendment No. 1

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            SANPAOLO IMI S.p.A.
      By:   /s/ Renato Carducci         Name:   Renato Carducci        Title:  
General Manager              By:   /s/ Robert Wurster         Name:   Robert
Wurster        Title:   SVP     

Amendment No. 1

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            COMMERZBANK AG, NEW YORK
AND GRAND CAYMAN BRANCHES
      By:           Name:           Title:        

Amendment No. 1

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            HARRIS NESBITT FINANCING, INC.
      By:           Name:           Title:        

Amendment No. 1