Exhibit
10.2


 


 


	
   

  	
  November 21, 2003

  



 


To each of the Lenders

parties to the Credit Agreement

(as defined  below) and to Citibank,
N.A.,

as Agent for such Lenders


 


 


Ladies and Gentlemen:


 


Reference is made to the 364-Day Credit Agreement
dated as of November 21, 2003, among The Boeing Company, the lenders parties
thereto, JPMorgan Chase Bank, as syndication agent, Citigroup Global Markets
Inc. and J.P. Morgan Securities, Inc., as joint lead arrangers and joint book
managers, and Citibank, N.A., as Agent for such lenders (as amended or modified
from time to time, the “Credit Agreement”).  Capitalized terms used in this letter that are not defined herein
have the respective meanings specified in the Credit Agreement.


 


Please be advised that the Company hereby designates
its undersigned Subsidiary, Boeing Capital Corporation (the “Subsidiary
Borrower”), as a “Subsidiary Borrower” under and for all purposes of the
Credit Agreement.


 


The Subsidiary Borrower, in consideration of each
Lender’s agreement to extend credit to it under and on the terms and conditions
set forth in the Credit Agreement, does hereby assume each of the obligations
imposed upon a “Subsidiary Borrower” as a “Borrower” under the Credit Agreement
and agrees to be bound by the terms and conditions of the Credit
Agreement.  In furtherance of the
foregoing, the Subsidiary Borrower hereby represents and warrants to each
Lender as follows:


 


(a)           The Subsidiary Borrower is a
corporation duly organized, validly existing and in good standing under the
laws of the state of Delaware.  The
Subsidiary Borrower is qualified to do business in every jurisdiction where
such qualification is required, except where the failure to so qualify would
not have a materially adverse effect on the financial condition of the Company
and the Subsidiary Borrowers as a whole.


 


(b)           The execution, delivery and
performance by the Subsidiary Borrower of this Subsidiary Borrower Letter and
its Notes, if any, are within the Subsidiary Borrower’s corporate powers, have
been duly authorized by all necessary corporate action, have received all
necessary governmental approval, if any (which approval remains in full force
and effect), and do not contravene any law, any provision of the Subsidiary
Borrower’s charter or by-laws or any contractual restriction binding on the
Subsidiary Borrower.


 

















 


(c)           This Subsidiary Borrower Letter does,
and the Notes of the Subsidiary Borrower when duly executed and delivered by
the Subsidiary Borrower will, constitute legal, valid and binding obligations
of the Subsidiary Borrower, enforceable against the Subsidiary Borrower in
accordance with their respective terms.


 


(d)           In the Subsidiary Borrower’s opinion,
there are no pending or threatened actions or proceedings before any court or
administrative agency that are reasonably likely to have a material adverse
affect on the financial condition or operations of the Subsidiary Borrower or
any Subsidiary which is likely to impair the ability of the Subsidiary Borrower
to repay the Advances to it or which would affect the legality, validity or
enforceability of such Advances or its Notes, if any.


 


(e)           The Consolidated statement of
financial position as of December 31, 2002 and the related Consolidated
statement of earnings and retained earnings for the year then ended (copies of
which have been furnished to each Lender) correctly set forth the Consolidated
financial condition of the Company and its Subsidiaries as of such date and the
result of the Consolidated operations for such year.


 


(f)            The Subsidiary Borrower is not
engaged in the business of extending credit for the purpose of purchasing or
carrying margin stock within the meaning of Regulation U issued by the Board of
Governors of the Federal Reserve System, and no proceeds of any Advance to the
Subsidiary Borrower will be used to purchase or carry any margin stock or to
extend credit to others for the purpose of purchasing or carrying any margin
stock.  Following application of the
proceeds of each Advance, not more than 25 percent of the value of the assets (either
of the Subsidiary Borrower only or of the Subsidiary Borrower and its
subsidiaries on a consolidated basis) subject to the provisions of Section
4.2(a) of the Credit Agreement or subject to any restriction contained in any
agreement or instrument between the Subsidiary Borrower and any Lender or any
Affiliate of a Lender relating to Debt within the scope of Section 6.1(d) of
the Credit Agreement will be margin stock (within the meaning of Regulation U
issued by the Board of Governors of the Federal Reserve System).


 


(g)           The Subsidiary Borrower is not an
“investment company,” or an “affiliated person” of, or “promoter” or “principal
underwriter” for, an “investment company,” as such terms are defined in the
Investment Company Act of 1940, as amended. 
Neither the making of any Advances, nor the application of the proceeds
or repayment thereof by the Subsidiary Borrower, nor the consummation of the
other transactions contemplated hereby, will violate any provision of such Act
or any rule, regulation or order of the Securities and Exchange Commission
thereunder.


 


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  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  THE BOEING COMPANY

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ G. L. Carpenter

  	
   

  
	
   

  	
   

  	
  Name: G. L. Carpenter

  	
   

  
	
   

  	
   

  	
  Title: Assistant
  Treasurer

  	
   

  
	
   

  	
   

  
	
   

  	
  BOEING CAPITAL
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Steven W. Vogeding

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Steven W. Vogeding

  
	
   

  	
   

  	
  Title:

  	
  Vice President and

  Chief Financial Officer

  
						



 


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