<PAGE>

                                                                     Exhibit 4.8

                          FOURTH SUPPLEMENTAL INDENTURE

                FOURTH SUPPLEMENTAL INDENTURE, dated as of November 6, 2002
(this "Supplement"), between International Lease Finance Corporation, a
corporation duly organized and existing under the laws of the State of
California (hereinafter called the "Company"), and U.S. Bank National
Association, as Trustee (hereinafter called the "Trustee").

                             RECITALS OF THE COMPANY

                The Company has heretofore executed and delivered an Indenture,
dated as of November 1, 1991 (hereinafter called the "Indenture") with the
Trustee, as successor to Continental Bank, National Association providing, among
other things, for the issuance from time to time of the Company's unsecured
debentures, notes or other evidences of indebtedness in one or more series.

                Pursuant to the terms of the Indenture, an Officers' Certificate
dated May 21, 1997 (the "Officers' Certificate") and instructions from a
Designated Person of the Company in connection with the Notes (as defined
below), Medium-Term Notes, Series I, due November 15, 2005 in the aggregate
principal amount of $50,000,000 (the "Notes") were issued on May 30, 1997.

                Pursuant the terms of the First Supplemental Indenture, dated as
of November 1, 2000, between the Company and the Trustee, the terms of the Notes
were amended in certain respects (the "First Supplemental Indenture").

                Pursuant to Section 902 of the Indenture, the Holders of the
Notes have consented and agreed to certain additional changes to the terms of
the Notes.

                It is deemed advisable and appropriate that the terms of the
Notes be further amended to reflect the changes consented and agreed to by the
Holders of the Notes.

                All things necessary to make this Supplement a valid agreement
of the Company, in accordance with its terms, have been done.

                   NOW, THEREFORE, THIS SUPPLEMENT WITNESSETH:

                For and in consideration of the premises, it is mutually
covenanted and agreed, for the equal and proportionate benefit of the Holders of
the Notes only, as follows:


<PAGE>

                1. The terms used in this Supplement and defined in the
Indenture, Officers' Certificate or Instructions shall have the meanings
assigned to them in the Indenture, Officers' Certificate or Instructions, as the
case may be.

                2. The terms of the Notes, as amended by the First Supplemental
Indenture, are hereby amended as follows:

                (i) The Stated Maturity shall be October 15, 2008.

                (ii) Interest on the Notes from and including November 15, 2002
        to but excluding October 15, 2003, shall accrue at the fixed rate of
        6.99% per annum, payable semi-annually on each April 15 and October 15,
        on the basis of a 360-day year of twelve 30-day months, without
        adjustment for Interest Payment Dates that are not Business Days.
        Interest on the Notes will be payable to the persons in whose names the
        Notes are registered on the April 1 or October 1 (whether or not a
        Business Day) immediately preceding the Applicable Interest Payment
        Date.

                (iii) The Additional Terms of the Notes shall be amended in
        their entirety to read as set forth in Annex A hereto.

                3. The Trustee assumes no duties, responsibilities or
liabilities by reason of this Supplement other than as set forth in the
Indenture, and this Supplement is executed and accepted by the Trustee subject
to all terms and conditions of its acceptance of the Trust under the Indenture,
as fully as if said conditions were hereby set forth at length. The Trustee
assumes no responsibility or liability for the recitals of the Company set forth
in this Supplement.

                4. As amended and modified by this Supplement and the First
Supplemental Indenture, the Indenture, Officers' Certificate and Instructions
are in all respects ratified and confirmed.

                5. This Supplement may be executed in any number of
counterparts, each one of which shall be an original, and all of which together
constitute but one and the same instrument.

                6. Trustee hereby accepts the modification of the Indenture,
Officers' Certificate and Instructions hereby effected and the trust in this
Supplement declared and provided, upon the terms and conditions hereinabove set
forth.


<PAGE>

                IN WITNESS WHEREOF, the parties hereto have caused this
Supplement to be executed, and their respective corporate seals to be hereunto
affixed and attested, all as of the day and year first above written.

                                        INTERNATIONAL LEASE
                                        FINANCE CORPORATION



                                        By: /s/ Pamela S. Hendry
                                            ------------------------------------
                                            Pamela S. Hendry
                                            Vice President and
                                            Treasurer

Attest:


/s/ Alan H. Lund
------------------------------------

                                        U.S. BANK NATIONAL
                                        ASSOCIATION

                                        By: /s/ P.J. Crowley
                                            ------------------------------------
                                            P.J. Crowley
                                            Vice President

Attest:


/s/ Rouba Fakih
------------------------------------


<PAGE>

                                                                         ANNEX A

                                ADDITIONAL TERMS

INTEREST RATES

                If the Calculation Agent has not given the Put Notice (as
defined below), then during the period from and including October 15, 2003 to
the Maturity Date (the "Fixed Rate Period"), the Notes will bear interest at a
fixed rate calculated as described below (see "Reset of Interest Rate for Fixed
Rate Period" below). Interest during the Fixed Rate Period will be payable
semi-annually in arrears on each April 15 and October 15, commencing April 15,
2004 (each a "Fixed Rate Interest Payment Date"), to the person in whose name a
Note is registered on the April 1 or October 1 (whether or not a Business Day)
immediately preceding the applicable Fixed Rate Interest Payment Date. However,
interest payable on the Maturity Date will be paid to the person to whom
principal on the Note is paid. The amount of interest payable during the Fixed
Rate Period will be computed and paid on the basis of a 360-day year of twelve
30-day months.

PUT OPTION

                The Calculation Agent has the right to require the Company to
repurchase all (but not less than all) of the Notes on October 15, 2003 at a
purchase price equal to 100% of the principal amount thereof, plus accrued but
unpaid interest to but excluding October 15, 2003 (the "Redemption Price"), by
delivering written notice thereof to the Company on behalf of all (but not fewer
than all) holders of the Notes (the "Put Notice"). Such Put Notice shall be
given no later than 9:00 a.m. (New York time) on October 8, 2003. The
Calculation Agent shall give the Put Notice if the holders of a majority in
principal amount of the Notes request the Calculation Agent to give the Put
Notice, in which event the Put Notice shall be binding on all Noteholders; the
Calculation Agent shall not give the Put Notice absent such request of the
holders of a majority in principal amount of the Notes. In the event the Put
Notice is timely given, the Company shall repurchase the Notes at the Redemption
Price on October 15, 2003.

                IF REQUIRED BY THE CALCULATION AGENT, EACH HOLDER SHALL INDICATE
ITS ELECTION TO HAVE THE CALCULATION AGENT DELIVER THE PUT NOTICE TO THE COMPANY
BY DELIVERING WRITTEN NOTICE OF SUCH ELECTION TO THE CALCULATION AGENT BY NO
LATER THAN 12:00 NOON (NEW YORK TIME) ON OCTOBER 6, 2003.

RESET OF INTEREST RATE FOR FIXED RATE PERIOD

                If the Calculation Agent has not delivered the Put Notice to the
Company in accordance with the terms set forth under "Put Option" above, the
Company and the Calculation Agent, on October 8, 2003, shall undertake the
following actions to calculate the fixed rate of interest to be paid on the
Notes during the Fixed Rate Period. All references to specific hours are
references to prevailing New York time. Each notice, bid or offer (including
those given by the Reference Dealers [as defined below]) shall be given
telephonically and shall be confirmed as soon as possible by facsimile to each
of the Calculation Agent and the Company. The times set forth below are
guidelines for action by the Company and the Calculation Agent, and each shall
use its best efforts to adhere to such times. The Company shall use its best
efforts to cause the Reference Dealers to take all actions contemplated below in
as timely a manner as possible.


<PAGE>

                A HOLDER SHALL INDICATE ITS ELECTION TO SELL ITS NOTE TO, AND
PURCHASE DESIGNATED TREASURY BONDS FROM, THE FINAL DEALER OR FINAL DEALERS (AS
DEFINED BELOW) IN ACCORDANCE WITH THE TERMS SET FORTH IN PARAGRAPH (e) BELOW BY
NOTIFYING THE CALCULATION AGENT OF SUCH ELECTION BY NO LATER THAN 9:35 A.M. (NEW
YORK TIME) ON OCTOBER 8, 2003. IF THE CALCULATION AGENT HAS NOT RECEIVED WRITTEN
ELECTION FOR THE SALE OF AT LEAST $25,000,000 AGGREGATE PRINCIPAL AMOUNT OF THE
NOTES TO THE FINAL DEALER OR FINAL DEALERS, THE CALCULATION AGENT SHALL SELECT
PRO RATA FROM ALL HOLDERS NOTES IN A PRINCIPAL AMOUNT THAT, WHEN AGGREGATED WITH
THE PRINCIPAL AMOUNT OF NOTES FOR WHICH THE CALCULATION AGENT HAS RECEIVED A
WRITTEN ELECTION TO SELL, WILL TOTAL $25,000,000, AND SHALL IMMEDIATELY NOTIFY
SUCH HOLDERS OF SUCH SELECTION. THE HOLDERS OF SUCH RANDOMLY SELECTED NOTES
SHALL SELL THEIR NOTES TO, AND PURCHASE DESIGNATED TREASURY BONDS FROM, THE
FINAL DEALER OR FINAL DEALERS IN ACCORDANCE WITH THE TERMS SET FORTH IN
PARAGRAPH (e) BELOW.

        (a) At 9:00 a.m., the Company shall provide to the Calculation Agent the
        names of four financial institutions that deal in the Company's debt
        securities and have agreed to participate as reference dealers in
        accordance with the terms set forth below (the "Reference Dealers") and,
        for each Reference Dealer, the name of and telephone and facsimile
        numbers for one individual who will represent such Reference Dealer.

        (b) At 9:15 a.m., the Calculation Agent shall:

                (i) determine and provide to the Company the 5-year Treasury
                bond yield determined at or about such time (the "Designated
                Treasury Yield") based on an issue of 5-year Treasury bonds
                chosen by the Calculation Agent (the "Designated Treasury
                Bonds");

                (ii) calculate and provide to the Company the "Premium", which
                shall equal the present value (expressed as a percentage rounded
                to four decimal places) of the Treasury Rate Difference applied
                over the 10 semi-annual periods from October 15, 2003 to the
                Maturity Date, discounted at the Discount Rate divided by two,
                where:

                        "Treasury Rate Difference" means the difference between
                6.87% (the "Initial Treasury Yield") minus the Designated
                Treasury Yield; and

                        "Discount Rate" means the sum of the Designated Treasury
                Yield plus 0.50%; and

                (iii) provide to the Company the aggregate principal amount of
                the Designated Treasury Bonds that the Holders will purchase
                (the "Hedge Amount") in the event that all of the Notes are sold
                to one or more of the Reference Dealers in accordance with
                paragraph (e) below.

        (c) The Calculation Agent immediately thereafter shall contact each of
        the Reference Dealers and request that each Reference Dealer provide to
        the Calculation Agent the following firm bid and firm offer for the
        benefit of the Holders (which bid and offer shall remain firm for 15
        minutes):



                                       2
<PAGE>

                (i) a firm bid (on an all-in basis), expressed as a spread to
                the Designated Treasury Bonds (using, for such purposes, the
                Designated Treasury Yield), at which such Reference Dealer would
                purchase any Notes offered (up to Notes in a principal amount
                equal to $50,000,000, provided that such Reference Dealer shall
                not be obligated to purchase Notes in a principal amount less
                that $25,000,000) at a price equal to 100% plus the Premium for
                settlement on the Redemption Date (the lowest of such spreads,
                the "Spread"); and

               (ii) a firm offer (on an all-in basis) to sell Designated
               Treasury Bonds in a principal amount equal to the Hedge Amount at
               a yield equal to the Designated Treasury Yield for settlement on
               the Redemption Date.

        (d) At 9:30 a.m., the following shall occur following receipt of the
        bids and offers requested in paragraph (c) above:

                (i) the Calculation Agent shall calculate and provide to the
                Company the "Adjusted Coupon", which shall be the fixed rate of
                interest on the Notes required to produce a yield on the Notes
                equal to the sum of the Designated Treasury Yield and the Spread
                given a purchase price of 100% plus the Premium;

                (ii) the Interest Rate on the Notes shall be adjusted and shall
                equal, effective from and including October 15, 2003 to the
                Maturity Date, the Adjusted Coupon; and

                (iii) the Reference Dealer providing the Spread shall be deemed
                the "Final Dealer"; provided that if two or more Reference
                Dealers shall have quoted such Spread, the Company shall
                determine which of such Reference Dealers shall be the Final
                Dealer or the Final Dealers (and, in the latter case, the
                allocation to be made between them).

        (e) The Holders:

                (i) shall sell Notes to the Final Dealer or Final Dealers in a
                principal amount which shall be not less than $25,000,000 nor
                more than $50,000,000 at a price equal to 100% plus the Premium;
                and

                (ii) shall purchase Designated Treasury Bonds from the Final
                Dealer or Final Dealers in a principal amount equal to the Hedge
                Amount (adjusted pro rata based on the amount of Notes sold in
                the event that less than $50,000,000 principal amount is sold),
                at a price based on the Designated Treasury Yield, in each case
                for settlement on the Redemption Date and, in the case of more
                than one Final Dealer, according to the allocation designated by
                the Company under paragraph (d)(iii) above.

                If the Calculation Agent determines that (i) a Market Disruption
Event (as defined below) has occurred or (ii) two or more of the Reference
Dealers have failed to provide indicative or firm bids or offers in a timely
manner substantially as provided above, the steps contemplated above shall be
delayed until the next trading day on which there is no Market



                                       3
<PAGE>
Disruption Event and no such failure by two or more Reference Dealers. "Market
Disruption Event" shall mean any of the following: (i) a suspension or material
limitation in trading in securities generally on the New York Stock Exchange or
the establishment of minimum prices on such exchange: (ii) a general moratorium
on commercial banking activities declared by either federal or New York State
authorities; (iii) any material adverse change in the existing financial,
political or economic conditions in the United States or America or elsewhere;
(iv) an outbreak or escalation of major hostilities involving the United States
of America or the declaration of a national emergency or war by the United
States of America; or (v) any material disruption of the U.S. government
securities market, U.S. corporate bond market and/or U.S. federal wire system.



                                       4