EXHIBIT 10.3

THE BOEING COMPANY

FIVE-YEAR
CREDIT AGREEMENT

among

THE
BOEING COMPANY
for itself and on behalf of its Subsidiaries,
as a Borrower

THE
LENDERS PARTY HERETO

CITIBANK,
N.A.,
as Administrative Agent

THE
CHASE MANHATTAN BANK,
as Syndication Agent

and

SALOMON
SMITH BARNEY INC.
and
CHASE SECURITIES, INC.,
as Joint Lead Arrangers and Joint Book Managers
dated as of September 25, 2000

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TABLE OF CONTENTS

|Article and Section                          |      | Page
|-------------------------------------------- | ---- | ----
|ARTICLE 1 DEFINITIONS                        |      |     
|                                             | 1.1  |     
|                                             | 1.2  |     
|                                             | 1.3  |     
|ARTICLE 2 AMOUNTS AND TERMS OF THE ADVANCES  |      |     
|                                             | 2.1  |     
|                                             | 2.2  |     
|                                             | 2.3  |     
|                                             | 2.4  |     
|                                             | 2.5  |     
|                                             | 2.6  |     
|                                             | 2.7  |     
|                                             | 2.8  |     
|                                             | 2.9  |     
|                                             | 2.10 |     
|                                             | 2.11 |     
|                                             | 2.12 |     
|                                             | 2.13 |     
|                                             | 2.14 |     
|                                             | 2.15 |     
|                                             | 2.16 |     
|                                             | 2.17 |     
|                                             | 2.18 |     
|                                             | 2.19 |     
|                                             | 2.20 |     
|                                             | 2.21 |     
|ARTICLE 3 REPRESENTATIONS AND WARRANTIES     |      |     
|                                             | 3.1  |     
|ARTICLE 4 COVENANTS OF TBC                   |      |     
|                                             | 4.1  |     
|                                             | 4.2  |     
|                                             | 4.3  |     
|                                             | 4.4  |     
|ARTICLE 5 CONDITIONS PRECEDENT TO BORROWINGS |      |     
|                                             | 5.1  |     
|                                             | 5.2  |     
|                                             | 5.3  |     
|                                             | 5.4  |     
|                                             | 5.5  |     
|                                             | 5.6  |     

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|ARTICLE 6 EVENTS OF DEFAULT |      | 
|--------------------------- | ---- | 
|                            | 6.1  | 
|                            | 6.2  | 
|ARTICLE 7 THE AGENT         |      | 
|                            | 7.1  | 
|                            | 7.2  | 
|                            | 7.3  | 
|                            | 7.4  | 
|                            | 7.5  | 
|                            | 7.6  | 
|                            | 7.7  | 
|ARTICLE 8 MISCELLANEOUS     |      | 
|                            | 8.1  | 
|                            | 8.2  | 
|                            | 8.3  | 
|                            | 8.4  | 
|                            | 8.5  | 
|                            | 8.6  | 
|                            | 8.7  | 
|                            | 8.8  | 
|                            | 8.9  | 
|                            | 8.10 | 
|                            | 8.11 | 

| | Exhibit A-1 |  | Committed Note                                    
| | ----------- | - | --------------------------------------------------
| | Exhibit A-2 |  | Bid Note                                          
| | Exhibit B-1 |  | Notice of Committed Borrowing                     
| | Exhibit B-2 |  | Notice of Bid Borrowing                           
| | Exhibit C   |  | Request for Alteration                            
| | Exhibit D   |  | Borrower Subsidiary Letter                        
| | Exhibit E   |  | Opinion of Counsel of the Company                 
| | Exhibit F   |  | Opinion of Counsel for Agent                      
| | Exhibit G   |  | Opinion of in-house counsel to Subsidiary Borrower
| | Exhibit H   |  | Guaranty of TBC                                   
| | Exhibit I   |  | Opinion of Counsel of TBC                         
| | Schedule I  |  | Commitments                                       

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CREDIT AGREEMENT

Dated
as of September 25, 2000

THE
BOEING COMPANY, a Delaware corporation ("TBC" or the "Company"), for itself and on behalf of the
other BORROWERS (as defined below), the LENDERS (as defined below), SALOMON SMITH BARNEY INC. and CHASE SECURITIES INC., as joint lead arrangers and joint book managers, THE CHASE MANHATTAN BANK, as
syndication agent, and CITIBANK, N.A., in its capacity as administrative agent for the Lenders (in such capacity, the "Agent"), agree as follows:

ARTICLE 1

Definitions



Level

Public Debt Rating: S&P and Moody's

Applicable MarginLevel I

A by S&P or A2 by Moody's or above

0.06
%Level II

less than Level I
but at least A- by S&P or A3 by Moody's

0.07
%Level III

less than Level II
but at least BBB+ by S&P or Baa1 by Moody's

0.08
%Level IV

less than Level III

0.125
%




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Level

Public Debt Rating: S&P and Moody's

Applicable MarginLevel I

A by S&P or A2 by Moody's or above

0.09
%Level II

less than Level I
but at least A- by S&P or A3 by Moody's

0.13
%Level III

less than Level II
but at least BBB+ by S&P or Baa1 by Moody's

0.17
%Level IV

less than Level III

0.25
%




2

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3

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4

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5

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6

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7

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ARTICLE 2

Amounts and Terms of the Advances

8

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9

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10

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11

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12

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13

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14

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15

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16

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17

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18

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19

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20

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21

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22

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23

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24

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25

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ARTICLE 3

Representations and Warranties

26

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ARTICLE 4

Covenants of TBC

27

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28

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29

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ARTICLE 5

Conditions Precedent to Borrowings

30

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31

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32

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33

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ARTICLE 6

Events of Default





34

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ARTICLE 7

The Agent

35

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36

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ARTICLE 8

Miscellaneous

37

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38

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39

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40

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IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized as of the day and year first above written.

| |  |                        |  | THE BOEING COMPANY                                     
| |  | ---------------------- |  | -------------------------------------------------------
| |  |                        |  | By                                                     
| |  |                        |  |                                                        
| |  |                        |  |                                                        
| |  |                        |  |                                                        
| |  |                        |  | CITIBANK, N.A., Individually and as Agent              
| |  |                        |  | By                                                     
| |  |                        |  |                                                        
| |  |                        |  |                                                        
| |  |                        |  |                                                        
| |  |                        |  | THE CHASE MANHATTAN BANK                               
| |  |                        |  | By                                                     
| |  |                        |  |                                                        
| |  |                        |  |                                                        
| |  |                        |  |                                                        
| |  | Senior Managing Agents
| |  |                        |  | BANK OF AMERICA, N.A.                                  
| |  |                        |  | By                                                     
| |  |                        |  |                                                        
| |  |                        |  |                                                        
| |  |                        |  |                                                        
| |  |                        |  | DEUTSCHE BANK AG NEW YORK AND/OR CAYMAN ISLAND BRANCHES
| |  |                        |  | By                                                     
| |  |                        |  |                                                        
| |  |                        |  |                                                        
| |  |                        |  |                                                        
| |  |                        |  | THE BANK OF TOKYO-MITSUBISHI, LIMITED                  
| |  |                        |  | By                                                     
| |  |                        |  |                                                        
| |  |                        |  |                                                        
| |  |                        |  |                                                        
| |  |                        |  | MITSUBISHI TRUST & BANKING                             
| |  |                        |  | By                                                     
| |  |                        |  |                                                        
| |  |                        |  |                                                        
| |  |                        |  |                                                        

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| |  | Managing Agents
| |  | ---------------
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| |  | Co-Agents      
| |  |                
| |  |                
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| |  |                
| |  |                
| |  |                
| |  |                
| |  |                
| |  |                
| |  |                

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| |  |        |  | PNC BANK, N.A.                                           
| |  | ------ |  | ---------------------------------------------------------
| |  |        |  | By                                                       
| |  |        |  |                                                          
| |  |        |  |                                                          
| |  |        |  |                                                          
| |  | Lender
| |  |        |  | ABN AMRO BANK, N.V.                                      
| |  |        |  | By                                                       
| |  |        |  |                                                          
| |  |        |  |                                                          
| |  |        |  |                                                          
| |  |        |  | AUSTRALIA & NEW ZEALAND BANK                             
| |  |        |  | By                                                       
| |  |        |  |                                                          
| |  |        |  |                                                          
| |  |        |  |                                                          
| |  |        |  | BANCO BILBAO VIZCAYA ARGENTARIA                          
| |  |        |  | By                                                       
| |  |        |  |                                                          
| |  |        |  |                                                          
| |  |        |  |                                                          
| |  |        |  | BAYERISCHE LANDESBANK GIROZENTRALE, CAYMAN ISLANDS BRANCH
| |  |        |  | By                                                       
| |  |        |  |                                                          
| |  |        |  |                                                          
| |  |        |  |                                                          
| |  |        |  | DEUTSCHE VERKEHRSBANKAG                                  
| |  |        |  | By                                                       
| |  |        |  |                                                          
| |  |        |  |                                                          
| |  |        |  |                                                          
| |  |        |  | MORGAN GUARANTY TRUST COMPANY OF NEW YORK                
| |  |        |  | By                                                       
| |  |        |  |                                                          
| |  |        |  |                                                          
| |  |        |  |                                                          
| |  |        |  | ROYAL BANK OF CANADA                                     
| |  |        |  | By                                                       
| |  |        |  |                                                          
| |  |        |  |                                                          
| |  |        |  |                                                          

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| |  |  |  | ROYAL BANK OF SCOTLAND                               
| |  |  |  | -----------------------------------------------------
| |  |  |  | By                                                   
| |  |  |  |                                                      
| |  |  |  |                                                      
| |  |  |  |                                                      
| |  |  |  | STANDARD CHARTERED BANK                              
| |  |  |  | By                                                   
| |  |  |  |                                                      
| |  |  |  |                                                      
| |  |  |  |                                                      
| |  |  |  | U.S. BANK N.A.                                       
| |  |  |  | By                                                   
| |  |  |  |                                                      
| |  |  |  |                                                      
| |  |  |  |                                                      
| |  |  |  | WESTDEUTSCHE LANDESBANK GIROZENTRALE, NEW YORK BRANCH
| |  |  |  | By                                                   
| |  |  |  |                                                      
| |  |  |  |                                                      
| |  |  |  |                                                      

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SCHEDULE I
APPLICABLE LENDING OFFICES

|Name of Initial Lender                             |  | Commitment |            | Domestic Lending Office |                                                                                                                    | Eurodollar Lending Office
|-------------------------------------------------- |  | ---------- | ---------- | ----------------------- | ------------------------------------------------------------------------------------------------------------------ | -------------------------
|ABN Amro Bank, N.V.                                |  | $          | 11,200,000 |                         | 208 South LaSalle
Suite 1500
Chicago, IL 60604
Attn: Loan Administration
T: 312 992-5153
F: 312 992-5158           |                          
|Australia & New Zealand Bank                       |  | $          | 11,200,000 |                         |                                                                                                                    |                          
|Banco Bilbao Vizcaya Argentaria                    |  | $          | 11,200,000 |                         | 1345 Avenue of the Americas
45th Floor
New York, NY 10105
Attn: Santiago Hernandez
T: 212 728-1677
F: 212 333-2904 |                          
|Bank One N.A.                                      |  | $          | 25,600,000 |                         | One Bank One Plaza
Suite 0159
Chicago, IL 60670
Attn: Jamie Leung
T: 312 732-1707
F: 312 732-3537                  |                          
|Bank of America, N.A.                              |  | $          | 43,200,000 |                         | 1850 Gateway Blvd.
CA4-707-05-11
Concord, CA 94520
Attn: Vilma Tana
T: 925 675-7336
F: 925 969-2865                |                          
|The Bank of New York                               |  | $          | 36,800,000 |                         | One Wall Street, 22nd Floor
New York, NY 10005
Attn: Dawn Hertling
T: 212 635-6742
F: 212 635-6399                 |                          
|The Bank of Tokyo-Mitsubishi, Ltd.                 |  | $          | 46,200,000 |                         | 1201 3rd Avenue
Suite 1100
Seattle, WA 98101
Attn: Kosuke Takahashi
T: 206 382-6049
F: 206 382-6067                |                          
|Bayerische Landesbank Girozentrale, Cayman Islands |  | $          | 11,200,000 |                         | 560 Lexington Avenue
New York, NY 10022
Attn: James Fox
T: 212 310-9986
F: 212 310-9868                            |                          
|The Chase Manhattan Bank                           |  | $          | 50,100,000 |                         |                                                                                                                    |                          

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|Citibank, N.A.                                          |  | $ | 50,100,000 |  | Two Penns Way
New Castle, Delaware 19720
Attn: Drew Tuminello
T: 302 894-6075
F: 302 894-6120                          |  | Two Penns Way
New Castle, Delaware 19720
Attn: Drew Tuminello
T: 302 894-6075
F: 302 894-6120                         
|------------------------------------------------------- |  | - | ---------- |  | ---------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------
|Credit Lyonnais                                         |  | $ | 25,600,000 |  |                                                                                                                        |  |                                                                                                                       
|Credit Suisse First Boston                              |  | $ | 36,800,000 |  | 11 Madison Avenue
New York, NY 10010
Attn: Robert Finney
T: 212 325-9038
F: 212 325-8319                               |  | 11 Madison Avenue
New York, NY 10010
Attn: Robert Finney
T: 212 325-9038
F: 212 325-8319                              
|Deutsche Bank AG New York and/or Cayman Island Branches |  | $ | 46,400,000 |  | 31 West 52nd Street
New York, NY 10019
Attn: Joseph Gyurindak
T: 212 469-4107
F: 212 469-4139                          |  | 31 West 52nd Street
New York, NY 10019
Attn: Joseph Gyurindak
T: 212 469-4107
F: 212 469-4139                         
|Deutsche VerkehrsBank AG                                |  | $ | 11,200,000 |  | 609 Fifth Avenue
10th Floor
New York, NY 10017
Attn: Volker Fabian
T: 212 588-8864
F: 212 588-8936                     |  | 609 Fifth Avenue
10th Floor
New York, NY 10017
Attn: Volker Fabian
T: 212 588-8864
F: 212 588-8936                    
|Fleet National Bank                                     |  | $ | 36,800,000 |  |                                                                                                                        |  |                                                                                                                       
|The Industrial Bank of Japan, Limited                   |  | $ | 36,800,000 |  | 1251 Avenue of the Americas
New York, NY 10020
Attn: Joe Mitarotondo
T: 212 282-4088
F: 212 282-4494                   |  | 1251 Avenue of the Americas
New York, NY 10020
Attn: Joe Mitarotondo
T: 212 282-4088
F: 212 282-4494                  
|JP Morgan                                               |  | $ | 11,200,000 |  |                                                                                                                        |  |                                                                                                                       
|Mitsubishi Trust & Banking                              |  | $ | 43,200,000 |  |                                                                                                                        |  |                                                                                                                       
|PNC Bank, N.A.                                          |  | $ | 25,600,000 |  | 620 Liberty Avenue
Two PNC Plaza, 3rd Floor
Pittsburgh, PA 15222
Attn: Jack Caracciolo
T: 412 768-9973
F: 412 768-4586 |  | 620 Liberty Avenue
Two PNC Plaza, 3rd Floor
Pittsburgh, PA 15222
Attn: Jack Caracciolo
T: 412 768-9973
F: 412 768-4586
|Royal Bank of Canada                                    |  | $ | 11,200,000 |  |                                                                                                                        |  |                                                                                                                       
|Royal Bank of Scotland                                  |  | $ | 11,200,000 |  |                                                                                                                        |  |                                                                                                                       
|Standard Chartered Bank                                 |  | $ | 11,200,000 |  | 7 World Trade Center
New York, NY 10048
Attn: Larry Fitzerald
T: 212 667-0107
F: 212 667-0568                          |  | 7 World Trade Center
New York, NY 10048
Attn: Larry Fitzerald
T: 212 667-0107
F: 212 667-0568                         
|Sumitomo Bank                                           |  | $ | 36,800,000 |  |                                                                                                                        |  |                                                                                                                       

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|U.S. Bank N.A.                                         |  | $ | 11,200,000 |  | 1420 Fifth Avenue, 11th Floor
Seattle, WA 98101
Attn: James Farmer
T: 206 587-5237
F: 206 344-3654 |  | 1420 Fifth Avenue, 11th Floor
Seattle, WA 98101
Attn: James Farmer
T: 206 587-5237
F: 206 344-3654
|------------------------------------------------------ |  | - | ---------- |  | -------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------
|Wachovia Bank                                          |  | $ | 36,800,000 |  |                                                                                                    |  |                                                                                                   
|Westdeutsche Landesbank Gironzentrale, New York Branch |  | $ | 11,200,000 |  | 1211 Avenue of the Americas
New York, NY 10036
Attn: Phil Green
T: 212 852-6113
F: 212 302-7946    |  | 1211 Avenue of the Americas
New York, NY 10036
Attn: Phil Green
T: 212 852-6113
F: 212 302-7946   

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