# EDGAR Filing Document

**Accession Number:** 0001018164
**File Stem:** 0001018164-25-000108
**Filing Date:** 2025-8
**Character Count:** 1846580
**Document Hash:** 4fc5678ad1fa91f5c5e8fb910d84f11f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001018164-25-000108.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001018164-25-000108

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 305

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILLIS LEASE FINANCE CORP
- **CENTRAL INDEX KEY:** 0001018164
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-MACHINERY, EQUIPMENT & SUPPLIES [5080]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 680070656
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15369
- **FILM NUMBER:** 251184444

**BUSINESS ADDRESS:**
- **STREET 1:** 4700 LYONS TECHNOLOGY PARKWAY
- **CITY:** COCONUT CREEK
- **STATE:** FL
- **ZIP:** 33073
- **BUSINESS PHONE:** 5613499989

**MAIL ADDRESS:**
- **STREET 1:** 4700 LYONS TECHNOLOGY PARKWAY
- **CITY:** COCONUT CREEK
- **STATE:** FL
- **ZIP:** 33073

?xml version='1.0' encoding='ASCII'? wlfc-20250630

<u>[**Table of Contents**](#i18ddd3d4ce804efb99f5511dd2a96dad_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

______________________________________________________________________

**FORM 10-Q** 

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended June 30, 2025** 

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission File Number: 001-15369** 

______________________________________________________________________

**WILLIS LEASE FINANCE CORPORATION**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **68-0070656** |
| (State or other jurisdiction of incorporation or<br>organization) | (IRS Employer Identification No.) |

---

---

| | | | |
|:---|:---|:---|:---|
| **4700 Lyons Technology Parkway** | **Coconut Creek** | **Florida** | **33073** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code **(561) 349-9989** 

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol** | **Name of exchange on which registered** |
| Common Stock, $0.01 par value per share | WLFC | Nasdaq Global Market |

---

______________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large Accelerated Filer | &nbsp;&nbsp;&nbsp;&nbsp;☐ | Accelerated Filer | &nbsp;&nbsp;&nbsp;&nbsp;☒ |
| Non-Accelerated Filer | &nbsp;&nbsp;&nbsp;&nbsp;☐ | Smaller Reporting Company | &nbsp;&nbsp;&nbsp;&nbsp;☒ |
| | | Emerging Growth Company | &nbsp;&nbsp;&nbsp;&nbsp;☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant's Common Stock outstanding as of August 1, 2025 was 6,809,636.

------

<u>[**Table of Contents**](#i18ddd3d4ce804efb99f5511dd2a96dad_7)</u>

**WILLIS LEASE FINANCE CORPORATION**

**AND SUBSIDIARIES**

**INDEX**

---

| | | |
|:---|:---|:---|
| **<u>[PART I.](#i18ddd3d4ce804efb99f5511dd2a96dad_13)</u>** | **<u>[FINANCIAL INFORMATION](#i18ddd3d4ce804efb99f5511dd2a96dad_13)</u>** | **<u>[4](#i18ddd3d4ce804efb99f5511dd2a96dad_13)</u>** |
| **<u>[Item 1.](#i18ddd3d4ce804efb99f5511dd2a96dad_16)</u>** | **<u>[Condensed Consolidated Financial Statements (Unaudited)](#i18ddd3d4ce804efb99f5511dd2a96dad_16)</u>** | **<u>[4](#i18ddd3d4ce804efb99f5511dd2a96dad_16)</u>** |
|  | <u>[Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024](#i18ddd3d4ce804efb99f5511dd2a96dad_19)</u>  | <u>[4](#i18ddd3d4ce804efb99f5511dd2a96dad_19)</u> |
|  | <u>[Condensed Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024](#i18ddd3d4ce804efb99f5511dd2a96dad_22)</u> | <u>[6](#i18ddd3d4ce804efb99f5511dd2a96dad_22)</u> |
|  | <u>[Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024](#i18ddd3d4ce804efb99f5511dd2a96dad_25)</u> | <u>[7](#i18ddd3d4ce804efb99f5511dd2a96dad_25)</u> |
|  | <u>[Condensed Consolidated Statements of Redeemable Preferred Stock and Shareholders' Equity for the three and six months ended June 30, 2025 and 2024](#i18ddd3d4ce804efb99f5511dd2a96dad_28)</u> | <u>[8](#i18ddd3d4ce804efb99f5511dd2a96dad_28)</u> |
|  | <u>[Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024](#i18ddd3d4ce804efb99f5511dd2a96dad_34)</u> | <u>[10](#i18ddd3d4ce804efb99f5511dd2a96dad_34)</u> |
|  | <u>[Notes to Condensed Consolidated Financial Statements](#i18ddd3d4ce804efb99f5511dd2a96dad_37)</u> | <u>[12](#i18ddd3d4ce804efb99f5511dd2a96dad_37)</u> |
| **<u>[Item 2.](#i18ddd3d4ce804efb99f5511dd2a96dad_88)</u>** | **<u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i18ddd3d4ce804efb99f5511dd2a96dad_88)</u>** | **<u>[29](#i18ddd3d4ce804efb99f5511dd2a96dad_88)</u>** |
| **<u>[Item 3.](#i18ddd3d4ce804efb99f5511dd2a96dad_106)</u>** | **<u>[Quantitative and Qualitative Disclosures About Market Risk](#i18ddd3d4ce804efb99f5511dd2a96dad_106)</u>** | **<u>[37](#i18ddd3d4ce804efb99f5511dd2a96dad_106)</u>** |
| **<u>[Item 4.](#i18ddd3d4ce804efb99f5511dd2a96dad_109)</u>** | **<u>[Controls and Procedures](#i18ddd3d4ce804efb99f5511dd2a96dad_109)</u>** | **<u>[37](#i18ddd3d4ce804efb99f5511dd2a96dad_109)</u>** |
| **<u>[PART II.](#i18ddd3d4ce804efb99f5511dd2a96dad_112)</u>** | **<u>[OTHER INFORMATION](#i18ddd3d4ce804efb99f5511dd2a96dad_112)</u>** | **<u>[37](#i18ddd3d4ce804efb99f5511dd2a96dad_112)</u>** |
| **<u>[Item 1.](#i18ddd3d4ce804efb99f5511dd2a96dad_115)</u>** | **<u>[Legal Proceedings](#i18ddd3d4ce804efb99f5511dd2a96dad_115)</u>** | **<u>[37](#i18ddd3d4ce804efb99f5511dd2a96dad_115)</u>** |
| **<u>[Item 1A.](#i18ddd3d4ce804efb99f5511dd2a96dad_118)</u>** | **<u>[Risk Factors](#i18ddd3d4ce804efb99f5511dd2a96dad_118)</u>** | **<u>[38](#i18ddd3d4ce804efb99f5511dd2a96dad_118)</u>** |
| **<u>[Item 2.](#i18ddd3d4ce804efb99f5511dd2a96dad_121)</u>** | **<u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i18ddd3d4ce804efb99f5511dd2a96dad_121)</u>** | **<u>[38](#i18ddd3d4ce804efb99f5511dd2a96dad_121)</u>** |
| **<u>[Item 3.](#i18ddd3d4ce804efb99f5511dd2a96dad_124)</u>** | **<u>[Defaults Upon Senior Securities](#i18ddd3d4ce804efb99f5511dd2a96dad_124)</u>** | **<u>[38](#i18ddd3d4ce804efb99f5511dd2a96dad_124)</u>** |
| **<u>[Item 4.](#i18ddd3d4ce804efb99f5511dd2a96dad_127)</u>** | **<u>[Mine Safety Disclosures](#i18ddd3d4ce804efb99f5511dd2a96dad_127)</u>** | **<u>[38](#i18ddd3d4ce804efb99f5511dd2a96dad_127)</u>** |
| **<u>[Item 5.](#i18ddd3d4ce804efb99f5511dd2a96dad_130)</u>** | **<u>[Other Information](#i18ddd3d4ce804efb99f5511dd2a96dad_130)</u>** | **<u>[38](#i18ddd3d4ce804efb99f5511dd2a96dad_130)</u>** |
| **<u>[Item 6.](#i18ddd3d4ce804efb99f5511dd2a96dad_139)</u>** | **<u>[Exhibits](#i18ddd3d4ce804efb99f5511dd2a96dad_139)</u>** | **<u>[40](#i18ddd3d4ce804efb99f5511dd2a96dad_139)</u>** |

---

------

<u>[**Table of Contents**](#i18ddd3d4ce804efb99f5511dd2a96dad_7)</u>

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q contains certain forward-looking statements, including, without limitation, statements concerning the conditions in our industry, our operations, our economic performance and financial condition, including, in particular, statements relating to our business, operations, growth strategy and service development efforts, the potential impact of changes in interest rates or inflation, as well as the impact of new or increased tariffs on the Company's business, operating results and financial condition, and the execution of our quarterly dividend and stock repurchase program. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements so long as such information is identified as forward-looking and is accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those expressed in or projected by forward-looking statements. When used in this Quarterly Report on Form 10-Q, the words "may," "might," "should," "estimate," "project," "plan," "anticipate," "expect," "intend," "outlook," "believe," "forecast" and other similar expressions are intended to identify forward-looking statements and information. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are based on estimates and assumptions by our management that, although we believe to be reasonable, are inherently uncertain and subject to a number of risks and uncertainties. These risks and uncertainties include, without limitation, those in our Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K") filed with the Securities and Exchange Commission (the "SEC") on March 11, 2025, this quarterly report on Form 10-Q for the three and six months ended June 30, 2025, and our other reports filed with the SEC. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. Reference is also made to such risks and uncertainties detailed from time to time in our other filings with the SEC.

------

<u>[**Table of Contents**](#i18ddd3d4ce804efb99f5511dd2a96dad_7)</u>

**PART I — FINANCIAL INFORMATION**

**Item 1. Condensed Consolidated Financial Statements (Unaudited)**

**WILLIS LEASE FINANCE CORPORATION**

**AND SUBSIDIARIES**

**Condensed Consolidated Balance Sheets**

**(In thousands, except per share data)** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| ASSETS |  |  |
| Cash and cash equivalents | $37267 | $9110 |
| Restricted cash | 745268 | 123392 |
| Equipment held for operating lease, less accumulated depreciation of $630,897 and $613,118 at June 30, 2025 and December 31, 2024, respectively | 2606593 | 2635910 |
| Maintenance rights | 34734 | 31134 |
| Equipment held for sale | 13191 | 12269 |
| Receivables, net of allowances of $1,170 and $1,316 at June 30, 2025 and December 31, 2024, respectively | 37644 | 38291 |
| Spare parts inventory | 63609 | 72150 |
| Investments | 91123 | 62670 |
| Property, equipment & furnishings, less accumulated depreciation of $25,086 and $22,784 at June 30, 2025 and December 31, 2024, respectively | 62653 | 48061 |
| Intangible assets, net | 271 | 2929 |
| Notes receivable, net of allowances of $213 and $247 at June 30, 2025 and December 31, 2024, respectively | 171846 | 183629 |
| Investments in sales-type leases, net of allowances of $17 and $22 at June 30, 2025 and December 31, 2024, respectively | 16779 | 21606 |
| Other assets | 65467 | 56045 |
| Total assets (1) | $3946445 | $3297196 |
| LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY |  |  |
| Liabilities: |  |  |
| Accounts payable and accrued expenses | $86720 | $75983 |
| Deferred income taxes | 203726 | 185049 |
| Debt obligations | 2800643 | 2264552 |
| Maintenance reserves | 113121 | 97817 |
| Security deposits | 24204 | 23424 |
| Unearned revenue | 36833 | 37911 |
| Total liabilities (2) | 3265247 | 2684736 |
| Redeemable preferred stock ($0.01 par value, 5,000 shares authorized; 3,250 shares issued at June 30, 2025 and December 31, 2024, respectively) | 63261 | 63122 |
| Shareholders' equity: |  |  |
| Common stock ($0.01 par value, 20,000 shares authorized; 7,645 and 7,173 shares issued at June 30, 2025 and December 31, 2024, respectively) | 76 | 72 |
| Paid-in capital in excess of par | 56000 | 50928 |
| Retained earnings | 562121 | 491439 |
| Accumulated other comprehensive (loss) income, net of income tax (benefit) expense of $(75) and $1,981 at June 30, 2025 and December 31, 2024, respectively | (260) | 6899 |
| Total shareholders' equity | 617937 | 549338 |
| Total liabilities, redeemable preferred stock and equity | $3946445 | $3297196 |

---

_____________________________

------

<u>[**Table of Contents**](#i18ddd3d4ce804efb99f5511dd2a96dad_7)</u>

(1)Total assets at June 30, 2025 and December 31, 2024, include the following assets of variable interest entities ("VIEs") that can only be used to settle the liabilities of the VIEs: Restricted cash $745,268 and $123,392; Equipment $1,798,280 and $1,681,197; Maintenance rights $21,873 and $12,708; Notes receivable $133,550 and $139,853; Investments in sales-type leases $16,780 and $17,752; and Other assets $11,702 and $11,973 (each respectively).

(2)Total liabilities at June 30, 2025 and December 31, 2024, include the following liabilities of VIEs for which the VIEs' creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $2,060,155 and $1,518,391, respectively. Further, refer to Note 6 of the Condensed Consolidated Financial Statements for details of the Company's commitments and contingencies.

See accompanying notes to the unaudited condensed consolidated financial statements.

------

<u>[**Table of Contents**](#i18ddd3d4ce804efb99f5511dd2a96dad_7)</u>

 **WILLIS LEASE FINANCE CORPORATION**

**AND SUBSIDIARIES**

**Condensed Consolidated Statements of Income**

**(In thousands, except per share data)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| REVENUE |  |  |  |  |
| Lease rent revenue | $72268 | $55866 | $140007 | $108747 |
| Maintenance reserve revenue | 50743 | 62897 | 105602 | 106767 |
| Spare parts and equipment sales | 30354 | 6186 | 48594 | 9474 |
| Interest revenue | 3649 | 2284 | 7583 | 4553 |
| Gain on sale of leased equipment | 27582 | 14428 | 32019 | 23629 |
| Gain on sale of financial assets |  |  | 378 |  |
| Maintenance services revenue | 8031 | 6781 | 13617 | 12008 |
| Other revenue | 2875 | 2678 | 5434 | 5025 |
| Total revenue | 195502 | 151120 | 353234 | 270203 |
| EXPENSES |  |  |  |  |
| Depreciation and amortization expense | 27550 | 22167 | 52574 | 44653 |
| Cost of spare parts and equipment sales | 28102 | 5437 | 43425 | 8142 |
| Cost of maintenance services | 8621 | 5671 | 13950 | 11245 |
| Write-down of equipment | 11458 |  | 13567 | 261 |
| General and administrative | 50429 | 34687 | 98149 | 64268 |
| Technical expense | 7508 | 4518 | 13738 | 12773 |
| Net finance costs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 33569 | 24562 | 65663 | 47565 |
| Total net finance costs | 33569 | 24562 | 65663 | 47565 |
| Total expenses | 167237 | 97042 | 301066 | 188907 |
| Income from operations | 28265 | 54078 | 52168 | 81296 |
| Gain on sale of business | 42950 |  | 42950 |  |
| Income from joint ventures | 3082 | 3825 | 4433 | 6499 |
| Income before income taxes | 74297 | 57903 | 99551 | 87795 |
| Income tax expense | 13920 | 15317 | 22305 | 24340 |
| Net income | 60377 | 42586 | 77246 | 63455 |
| Preferred stock dividends | 1353 | 910 | 2676 | 1810 |
| Accretion of preferred stock issuance costs | 69 | 12 | 139 | 24 |
| Net income attributable to common shareholders | $58955 | $41664 | $74431 | $61621 |
| Basic weighted average income per common share | $8.68 | $6.34 | $11.11 | $9.51 |
| Diluted weighted average income per common share | $8.43 | $6.21 | $10.64 | $9.22 |
| Basic weighted average common shares outstanding | 6789 | 6570 | 6698 | 6479 |
| Diluted weighted average common shares outstanding | 6990 | 6714 | 6995 | 6687 |

---

See accompanying notes to the unaudited condensed consolidated financial statements.

------

<u>[**Table of Contents**](#i18ddd3d4ce804efb99f5511dd2a96dad_7)</u>

**WILLIS LEASE FINANCE CORPORATION**

**AND SUBSIDIARIES**

**Condensed Consolidated Statements of Comprehensive Income**

**(In thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income | $60377 | $42586 | $77246 | $63455 |
| Other comprehensive loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation adjustment | 298 | (214) | 303 | (558) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on derivative instruments | (3534) | (2380) | (8965) | (3396) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on derivative instruments at joint venture | (142) | (145) | (553) | (220) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss recognized in other comprehensive income | (3378) | (2739) | (9215) | (4174) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax benefit related to items of other comprehensive income | (754) | (614) | (2056) | (936) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss | (2624) | (2125) | (7159) | (3238) |
| Total comprehensive income | $57753 | $40461 | $70087 | $60217 |

---

See accompanying notes to the unaudited condensed consolidated financial statements.

------

<u>[**Table of Contents**](#i18ddd3d4ce804efb99f5511dd2a96dad_7)</u>

**WILLIS LEASE FINANCE CORPORATION**

**AND SUBSIDIARIES**

**Condensed Consolidated Statements of Redeemable Preferred Stock and Shareholders**' **Equity**

**Three months ended June 30, 2025 and 2024** 

**(In thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** |
| | **Redeemable Preferred Stock** | **Redeemable Preferred Stock** | **Common Stock** | **Common Stock** | **Paid in Capital in Excess of par** | **Retained Earnings** | **Accumulated Other Comprehensive Income (Loss)** | **Total Shareholders' Equity** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Paid in Capital in Excess of par** | **Retained Earnings** | **Accumulated Other Comprehensive Income (Loss)** | **Total Shareholders' Equity** |
| Balances at March 31, 2025 | 3250 | $63192 | 7373 | $74 | $57967 | $505083 | $2364 | $565488 |
| Net income |  |  |  |  |  | 60377 |  | 60377 |
| Net unrealized gain from currency translation adjustment, net of tax expense of $66 |  |  |  |  |  |  | 232 | 232 |
| Net unrealized loss from derivative instruments, net of tax benefit of $820 |  |  |  |  |  |  | (2856) | (2856) |
| Shares issued under stock compensation plans |  |  | 406 | 3 | (5) |  |  | (2) |
| Cancellation of restricted stock in satisfaction of withholding tax |  |  | (134) | (1) | (18713) |  |  | (18714) |
| Stock-based compensation expense, net of forfeitures |  |  |  |  | 16751 |  |  | 16751 |
| Accretion of preferred shares issuance costs |  | 69 |  |  |  | (69) |  | (69) |
| Common stock cash dividends paid ($0.25 per share) |  |  |  |  |  | (1917) |  | (1917) |
| Preferred stock dividends ($0.42 per share) |  |  |  |  |  | (1353) |  | (1353) |
| Balances at June 30, 2025 | 3250 | $63261 | 7645 | $76 | $56000 | $562121 | $(260) | $617937 |
|  |  |  | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** |
|  | **Redeemable Preferred Stock** | **Redeemable Preferred Stock** | **Common Stock** | **Common Stock** | **Paid in Capital in Excess of par** | **Retained Earnings** | **Accumulated Other Comprehensive Income** | **Total Shareholders' Equity** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Paid in Capital in Excess of par** | **Retained Earnings** | **Accumulated Other Comprehensive Income** | **Total Shareholders' Equity** |
| Balances at March 31, 2024 | 2500 | $49976 | 6859 | $69 | $33657 | $417738 | $10333 | $461797 |
| Net income |  |  |  |  |  | 42586 |  | 42586 |
| Net unrealized loss from currency translation adjustment, net of tax benefit of $48 |  |  |  |  |  |  | (166) | (166) |
| Net unrealized loss from derivative instruments, net of tax benefit of $566 |  |  |  |  |  |  | (1766) | (1766) |
| Shares issued under stock compensation plans |  |  | 280 | 2 | (4) |  |  | (2) |
| Cancellation of restricted stock in satisfaction of withholding tax |  |  |  |  | (6119) |  |  | (6119) |
| Stock-based compensation expense, net of forfeitures |  |  |  |  | 4149 |  |  | 4149 |
| Accretion of preferred shares issuance costs |  | 12 |  |  |  | (12) |  | (12) |
| Common stock cash dividends paid ($1.00 per share) |  |  |  |  |  | (7139) |  | (7139) |
| Preferred stock dividends ($0.36 per share) |  |  |  |  |  | (910) |  | (910) |
| Balances at June 30, 2024 | 2500 | $49988 | 7139 | $71 | $31683 | $452263 | $8401 | $492418 |

---

See accompanying notes to the unaudited condensed consolidated financial statements.

------

<u>[**Table of Contents**](#i18ddd3d4ce804efb99f5511dd2a96dad_7)</u>

**WILLIS LEASE FINANCE CORPORATION**

**AND SUBSIDIARIES**

**Condensed Consolidated Statements of Redeemable Preferred Stock and Shareholders**' **Equity**

**Six months ended June 30, 2025 and 2024** 

**(In thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** |
| | **Redeemable** | **Redeemable** | | | | | | |
| | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | | | | |
| | **Shares** | **Amount** | **Shares** | **Amount** |<br>**Paid in Capital in**<br>**Excess of par** |<br>**Retained**<br>**Earnings** | **Accumulated Other**<br>**Comprehensive**<br>**Income (Loss)** |<br>**Total Shareholders'**<br>**Equity** |
| Balances at December 31, 2024 | 3250 | $63122 | 7173 | $72 | $50928 | $491439 | $6899 | $549338 |
| Net income |  |  |  |  |  | 77246 |  | 77246 |
| Net unrealized gain from currency translation adjustment, net of tax expense of $68 |  |  |  |  |  |  | 235 | 235 |
| Net unrealized loss from derivative instruments, net of tax benefit of $2,124 |  |  |  |  |  |  | (7394) | (7394) |
| Shares issued under stock compensation plans |  |  | 606 | 5 | 127 |  |  | 132 |
| Cancellation of restricted stock in satisfaction of withholding tax |  |  | (134) | (1) | (18713) |  |  | (18714) |
| Stock-based compensation expense, net of forfeitures |  |  |  |  | 23658 |  |  | 23658 |
| Accretion of preferred shares issuance costs |  | 139 |  |  |  | (139) |  | (139) |
| Common stock cash dividends paid ($0.50 per share) |  |  |  |  |  | (3749) |  | (3749) |
| Preferred stock dividends ($0.82 per share) |  |  |  |  |  | (2676) |  | (2676) |
| Balances at June 30, 2025 | 3250 | $63261 | 7645 | $76 | $56000 | $562121 | $(260) | $617937 |
|  |  |  | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** |
|  | **Redeemable** | **Redeemable** |  |  |  |  | **Accumulated Other** |  |
|  | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | **Paid in Capital in** | **Retained** | **Comprehensive** | **Total Shareholders'** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Excess of par** | **Earnings** | **Income** | **Equity** |
| Balances at December 31, 2023 | 2500 | $49964 | 6849 | $68 | $29667 | $397781 | $11447 | $438963 |
| Net income |  |  |  |  |  | 63455 |  | 63455 |
| Net unrealized loss from currency translation adjustment, net of tax benefit of $125 |  |  |  |  |  |  | (433) | (433) |
| Net unrealized loss from derivative instruments, net of tax benefit of $811 |  |  |  |  |  |  | (2613) | (2613) |
| Shares issued under stock compensation plans |  |  | 290 | 3 | 173 |  |  | 176 |
| Cancellation of restricted stock in satisfaction of withholding tax |  |  |  |  | (6119) |  |  | (6119) |
| Stock-based compensation expense, net of forfeitures |  |  |  |  | 7962 |  |  | 7962 |
| Accretion of preferred shares issuance costs |  | 24 |  |  |  | (24) |  | (24) |
| Common stock cash dividends paid ($1.00 per share) |  |  |  |  |  | (7139) |  | (7139) |
| Preferred stock dividends ($0.72 per share) |  |  |  |  |  | (1810) |  | (1810) |
| Balances at June 30, 2024 | 2500 | $49988 | 7139 | $71 | $31683 | $452263 | $8401 | $492418 |

---

See accompanying notes to the unaudited condensed consolidated financial statements.

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**WILLIS LEASE FINANCE CORPORATION**

**AND SUBSIDIARIES**

**Condensed Consolidated Statements of Cash Flows**

**(In thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income | $77246 | $63455 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| Depreciation and amortization expense | 52574 | 44653 |
| Gain on sale of business | (42950) |  |
| Gain on sale of leased equipment | (32019) | (23629) |
| Stock-based compensation expense | 23658 | 7962 |
| Write-down of equipment | 13567 | 261 |
| Payments received on sales-type leases | 5210 | 27453 |
| Accretion of deferred costs and note discounts | 5033 | 4925 |
| Income from joint ventures | (4433) | (6499) |
| Amortization of contract asset | 1497 | 258 |
| Gain on sale of financial assets | (378) |  |
| Allowances and provisions | (169) | (45) |
| Loss on disposal of property, equipment and furnishings | 45 |  |
| Gain on insurance proceeds |  | (73) |
| Deferred income taxes | 20733 | 23090 |
| Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Receivables | (828) | 4491 |
| &nbsp;&nbsp;&nbsp;Inventory | 8852 | (40734) |
| &nbsp;&nbsp;&nbsp;Other assets | 890 | 649 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (1325) | 8831 |
| &nbsp;&nbsp;&nbsp;Maintenance reserves | 21315 | 13157 |
| &nbsp;&nbsp;&nbsp;Security deposits | 280 | 5146 |
| &nbsp;&nbsp;&nbsp;Unearned revenue | (3607) | (3698) |
| Net cash provided by operating activities | 145191 | 129653 |
| **Cash flows from investing activities:** |  |  |
| Purchase of equipment held for operating lease and for sale | (154944) | (321577) |
| Proceeds from sale of equipment (net of selling expenses) | 141949 | 69967 |
| Proceeds from sale of business (net of cash and cash equivalents sold with business) | 21055 |  |
| Purchase of property, equipment and furnishings | (17117) | (1707) |
| Payments received on notes receivable | 8580 | 3773 |
| Contributions to joint ventures | (1770) |  |
| Issuance of notes receivable |  | (26699) |
| Insurance proceeds received on property, equipment and furnishings |  | 1235 |
| Net cash used in investing activities | (2247) | (275008) |
| **Cash flows from financing activities:** |  |  |
| Proceeds from debt obligations | 851051 | 357229 |
| Principal payments on debt obligations | (309641) | (211331) |
| Cancellation of restricted stock units in satisfaction of withholding tax | (18714) | (6119) |
| Debt issuance costs | (9017) | (5757) |
| Common stock cash dividends paid | (3749) | (7139) |
| Preferred stock dividends | (2973) | (1820) |
| Proceeds from shares issued under stock compensation plans | 132 | 176 |
| Net cash provided by financing activities | 507089 | 125239 |
| Increase (decrease) in cash, cash equivalents and restricted cash | 650033 | (20116) |
| Cash, cash equivalents and restricted cash at beginning of period | 132502 | 168029 |
| Cash, cash equivalents and restricted cash at end of period | $782535 | $147913 |
| Supplemental disclosures of cash flow information: |  |  |
| Net cash paid for: |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $63055 | $47160 |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Income Taxes | $3429 | $5779 |
| Supplemental disclosures of non-cash activities: |  |  |
| &nbsp;&nbsp;&nbsp;Transfers from Equipment held for operating lease to Equipment held for sale | $24436 | $12874 |
| &nbsp;&nbsp;&nbsp;Contributions to joint ventures | $22500 | $— |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of business | $22500 | $— |
| &nbsp;&nbsp;&nbsp;Transfer from Notes receivable to Equipment held for operating lease | $1863 | $— |
| &nbsp;&nbsp;&nbsp;Transfers from Equipment held for sale to Equipment held for operating lease | $1381 | $— |
| &nbsp;&nbsp;&nbsp;Transfers from Notes receivable to Equipment held for sale | $1374 | $— |
| &nbsp;&nbsp;&nbsp;Transfers from Equipment held for operating lease to Spare parts inventory | $311 | $225 |
| &nbsp;&nbsp;&nbsp;Transfers from Equipment held for operating lease to Investments in sales-type leases | $— | $24870 |
| &nbsp;&nbsp;&nbsp;Additions to Equipment held for operating lease (1) | $4631 | $4351 |
| &nbsp;&nbsp;&nbsp;Accretion of preferred stock issuance costs | $139 | $24 |

---

_____________________________

1. During the six months ended June 30, 2025, the Company engaged in an exchange transaction with a third party in which the Company sold aircraft engines in exchange for aircraft engines. This transaction was accounted for under Accounting Standards Codification ("ASC") 805 and ASC 845 and resulted in $4.6 million in non-cash additions to equipment held for operating lease for the associated total gain. During the six months ended June 30, 2024, the Company engaged in exchange transactions involving monetary consideration with third parties in which the Company sold aircraft engines in exchange for the purchase of aircraft engines. These transactions were accounted for under ASC 805 and ASC 845 and resulted in a total of $4.4 million in non-cash additions to equipment held for operating lease for the associated total gain.

See accompanying notes to the unaudited condensed consolidated financial statements.

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<u>[**Table of Contents**](#i18ddd3d4ce804efb99f5511dd2a96dad_7)</u>

**WILLIS LEASE FINANCE CORPORATION** 

**AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**June 30, 2025** 

**(Unaudited)**

Unless the context requires otherwise, references to the "Company," "WLFC," "we," "us" or "our" in this Quarterly Report on Form 10-Q refer to Willis Lease Finance Corporation and its subsidiaries**.**

**1. Summary of Significant Accounting Policies**

The significant accounting policies of the Company were described in Note 1 to the Audited Consolidated Financial Statements included in the Company's 2024 Form 10-K. There have been no significant changes in the Company's significant accounting policies for the six months ended June 30, 2025.

*(a) Basis of Presentation*

The accompanying Unaudited Condensed Consolidated Financial Statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"), consistent in all material respects with those applied in the 2024 Form 10-K, for interim financial information and in accordance with the rules and regulations of the SEC. Therefore, they do not include all information and footnotes normally included in annual consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the 2024 Form 10-K. In the opinion of management, the Unaudited Condensed Consolidated Financial Statements contain all adjustments (consisting principally of normal recurring accruals) necessary for a fair presentation of the Condensed Consolidated Balance Sheets, Statements of Income, Statements of Comprehensive Income, Statements of Redeemable Preferred Stock and Shareholders' Equity, and Statements of Cash Flows for such interim periods presented. Operating results for interim periods are not necessarily indicative of the results that can be expected for a full year.

In accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. These estimates and judgments are based on historical experience and other assumptions that management believes are reasonable and take into account the economic implications of the potential impact of changes in interest rates or inflation, as well as the impact of new or increased tariffs, on the Company's critical and significant accounting estimates. However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ materially from these estimates. The significant estimates made in the accompanying Unaudited Condensed Consolidated Financial Statements include certain assumptions related to intangible assets, long-lived assets, equipment held for sale, allowances for doubtful accounts and credit losses, inventory, deferred in-substance fixed payment use fees included in Unearned revenue on the Condensed Consolidated Balance Sheets, and estimated income taxes. Actual results may differ materially from these estimates under different assumptions or conditions. Given the uncertainty in the future changes in interest rates or inflation, as well as the impact of new or increased tariffs, the Company will continue to evaluate the nature and extent of the impact to its business, results of operations and financial condition.

*(b) Principles of Consolidation*

The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries, including VIEs, where the Company is the primary beneficiary in accordance with consolidation guidance. The Company first evaluates all entities in which it has an economic interest to determine whether for accounting purposes the entity is either a VIE or a voting interest entity. If the entity is a VIE, the Company consolidates the financial statements of that entity if it is the primary beneficiary of such entity's activities. If the entity is a voting interest entity, the Company consolidates the financial statements of that entity when it has a majority of voting interests in such entity. Intercompany transactions and balances have been eliminated in consolidation.

*(c) Risks and Uncertainties*

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Given the uncertainty in the rapidly changing market and economic conditions related to the potential impact of changes in interest rates or inflation, as well as the impact of new or increased tariffs, we will continue to evaluate the nature and extent of the impact on the Company's business and financial position. The ultimate extent of the effects on the Company will depend on future developments, and such effects could exist for an extended period of time.

*(d) Recent Accounting Pronouncements*

*Recent Accounting Pronouncements To Be Adopted by the Company*

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." Under the ASU, public business entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The amendments in this ASU are effective for public business entities for annual periods beginning after December 15, 2024, with early adoption permitted. The Company expects to adopt this accounting standard update for the year ended December 31, 2025, and the Company does not expect the adoption of this guidance to have a significant impact on the consolidated financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-04) Disaggregation of Income Statement Expenses." The ASU requires public entities, on both an interim and annual basis, to disclose additional disaggregated information about specific expense categories in the notes to the financial statements. The ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company expects to adopt this accounting standard update for the year ended December 31, 2027 and is currently evaluating the potential effects on the consolidated financial statements and related disclosures.

*(e) Government Grant Income*

There is no specific guidance in GAAP that addresses the recognition and measurement of government assistance received by a business entity. In the absence of authoritative GAAP guidance, the Company considered the application of other authoritative accounting guidance by analogy and concluded that the guidance outlined in International Accounting Standard 20 – Accounting for Government Grants and Disclosures of Government Assistance ("IAS 20") was the most appropriate. Under IAS 20, grant income is recognized to the extent that there is reasonable assurance that the Company will comply with the conditions attached to the grant, and the grant will be received.

During the six months ended June 30, 2025, the Company received approximately $6.3 million in government grant receipts for its sustainable aviation fuel project, related to a grant that was awarded to the Company in October 2023. As of June 30, 2025, the Company believes it has complied and will continue to comply with all of the grant conditions, which primarily relate to providing evidence of completion of the funded activities. The grant income was recorded as a deduction to related fees included in general and administrative expenses on the Condensed Consolidated Statements of Income.

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**2. Equipment Held for Operating Lease and Notes Receivable**

As of June 30, 2025, the Company had $2,606.6 million of equipment held in our operating lease portfolio, $171.8 million of notes receivable, $34.7 million of maintenance rights, and $16.8 million of investments in sales-type leases, which represented 348 engines, 15 aircraft, one marine vessel, and other leased parts and equipment. As of December 31, 2024, the Company had $2,635.9 million of equipment held in our operating lease portfolio, $183.6 million of notes receivable, $31.1 million of maintenance rights, and $21.6 million of investments in sales-type leases, which represented 354 engines, 16 aircraft, one marine vessel, and other leased parts and equipment.

The following table disaggregates equipment held for operating lease by asset class (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Gross Value** | **Accumulated Depreciation** | **Net Book Value** | **Gross Value** | **Accumulated Depreciation** | **Net Book Value** |
| Engines and related equipment | $3021961 | $(610351) | $2411610 | $3060020 | $(595340) | $2464680 |
| Aircraft and airframes | 200329 | (15961) | 184368 | 174642 | (13634) | 161008 |
| Marine vessel | 15200 | (4585) | 10615 | 14366 | (4144) | 10222 |
|  | $3237490 | $(630897) | $2606593 | $3249028 | $(613118) | $2635910 |

---

*Notes Receivable and Investments in Sales-Type Leases*

During the three months ended June 30, 2025 and 2024, the Company recorded interest revenue related to the notes receivable and investments in sales-type leases of $3.6 million and $2.3 million, respectively, and $7.6 million and $4.6 million during the six months ended June 30, 2025 and 2024, respectively. The effective interest rates on our notes receivable and investments in sales-type leases ranged from 6.0% to 12.2% as of June 30, 2025 and 7.1% to 12.2% as of June 30, 2024.

**3. Investments**

In 2011, the Company entered into an agreement with Mitsui & Co., Ltd. to participate in a joint venture formed as a Dublin-based Irish limited company, Willis Mitsui & Company Engine Support Limited ("WMES"), for the purpose of acquiring and leasing jet engines. Each partner holds a 50% interest in the joint venture, and the Company uses the equity method in recording investment activity. As of June 30, 2025, WMES owned a lease portfolio of 52 engines and two aircraft with a net book value of $380.8 million.

In 2014, the Company entered into an agreement with China Aviation Supplies Import & Export Corporation ("CASC") to participate in a joint venture named CASC Willis Engine Lease Company Limited ("CASC Willis"), a joint venture based in Shanghai, China. Each partner holds a 50% interest in the joint venture, and the Company uses the equity method in recording investment activity. CASC Willis acquires and leases jet engines to Chinese airlines and concentrates on the demand for leased commercial aircraft engines and aviation assets in the People's Republic of China. As of June 30, 2025, CASC Willis owned a lease portfolio of five engines with a net book value of $43.3 million.

In March 2025, the Company entered into an agreement with independent MRO (Maintenance, Repair and Overhaul) provider Global Engine Maintenance to create a joint venture named Willis Global Engine Testing ("WGET") to build an engine test facility in West Palm Beach, Florida. The Company has a 70% membership interest, and Global Engine Maintenance has a 30% membership interest. WGET is a VIE that the Company is not the primary beneficiary of since the power to direct the activities that most significantly impact WGET's economic performance is shared between the Company and Global Engine Maintenance. The Company's considerations in determining the variable interest entity's ("VIE") most significant activities and whether the Company has the power to direct those activities include, but are not limited to, the VIE's purpose and design and the matters that require unanimous approval from both parties. Accordingly, the Company does not consolidate WGET, and the Company uses the equity method in recording investment activity. The Company made an initial capital contribution of $1.6 million, which represents 70% of the cost of the land that the engine test facility is being built on. WGET signed a contract related to the design of an engine test facility. The Company anticipates its portion of the committed amount, which will be funded through future contributions, to be approximately $15.1 million.

During the six months ended June 30, 2025, Willis Asset Management Limited ("WAML"), a wholly-owned subsidiary of the Company entered into a Share Purchase Agreement (the "SPA"), by and between WAML and WMES. Pursuant to the SPA, WAML sold the entire issued share capital of Bridgend Asset Management Limited ("BAML"), a United Kingdom-based aviation consultancy business, to WMES for a total purchase price of $45.0 million subject to certain working capital adjustments. The transaction closed on June 30, 2025, resulting in a gain on sale of business of approximately $43.0 million for the Company.

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| | | | | |
|:---|:---|:---|:---|:---|
| **As of June 30, 2025** | **WMES** | **CASC Willis** | **WGET** | **Total** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Investment in joint ventures as of December 31, 2024 | $44756 | $17914 | $— | $62670 |
| Income from joint ventures | 3876 | 557 |  | 4433 |
| Foreign currency translation adjustment |  | 303 |  | 303 |
| Other comprehensive loss from joint ventures | (553) |  |  | (553) |
| Contributions | 22500 |  | 1770 | 24270 |
| Investment in joint ventures as of June 30, 2025 | $70579 | $18774 | $1770 | $91123 |

---

"Other revenue" on the Condensed Consolidated Statements of Income includes management fees earned of $1.8 million and $1.3 million during the three months ended June 30, 2025 and 2024, respectively, and $3.0 million and $2.7 million during the six months ended June 30, 2025 and 2024, respectively, related to the servicing of engines for the WMES lease portfolio.

During the six months ended June 30, 2025, the Company sold three engines and one airframe to WMES for a total of $32.2 million, which resulted in a total gain of $1.6 million for the Company. Additionally, during the six months ended June 30, 2025, the Company sold one engine to WMES for $21.1 million, which resulted in a trading profit of $1.4 million for the Company. During the six months ended June 30, 2024, the company sold three engines to WMES for $44.7 million, which resulted in a total gain of $12.0 million for the Company.

During the six months ended June 30, 2025, the Company purchased an engine from WMES for $7.2 million.

During the six months ended June 30, 2025, the Company sold one engine to CASC Willis for $6.1 million, which resulted in no gain or loss for the Company.

As of June 30, 2025, the Company subleased two WMES engines to a third party, with WMES as the head lessor. As of June 30, 2025, the total right-of-use ("ROU") asset and lease liability balances under these leases were $1.5 million and $1.4 million respectively. As of June 30, 2024, the Company subleased one WMES engine to a third party, with WMES as the head lessor. As of June 30, 2024, the ROU asset and lease liability balances under this lease were $2.5 million, each.

Unaudited summarized financial information for 100% of WMES is presented in the following tables:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Revenue | $27016 | $22223 | $45266 | $41149 |
| Expenses | 17597 | 14751 | 33704 | 28512 |
| WMES net income | $9419 | $7472 | $11562 | $12637 |

---

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| | **(in thousands)** | **(in thousands)** |
| Total assets | $445522 | $352783 |
| Total liabilities | 293338 | 256055 |
| Total WMES net equity | $152184 | $96728 |

---

The difference between the Company's investment in WMES and 50% of total WMES net equity, as well as the difference between the Company's income or loss from WMES and 50% of total WMES net income, is primarily attributable to the recognition of deferred gains, which are related to engines sold by WMES to the Company, and prior to the adoption of ASU 2017-05, related to engines both sold by WMES to the Company or sold by the Company to WMES.

The following table presents information about our nonconsolidated VIE in which we hold a variable interest:

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| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **VIE Assets** | **VIE Liabilities** | **Maximum Exposure to Loss** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| WGET | $2529 | $— | $1770 |

---

Our maximum exposure to loss is limited to our investment.

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**4. Debt Obligations**

Debt obligations consisted of the following:

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| | **(in thousands)** | **(in thousands)** |
| Credit facility at a floating rate of interest of one-month term Secured Overnight Financing Rate ("SOFR") plus 2.60% at June 30, 2025, secured by engines, airframes, and loan assets. The facility has a committed amount of $1.0 billion at June 30, 2025, which revolves until the maturity date of October 2029. | $623000 | $693000 |
| WEST VIII Series A 2025 term notes payable at a fixed rate of interest of 5.58%, maturing in June 2050, secured by engines, airframes, and loan assets | 524000 |  |
| WEST VIII Series B 2025 term note payable at a fixed rate of interest of 6.07%, maturing in June 2050, secured by engines, airframes, and loan assets | 72000 |  |
| WEST VII Series A 2023 term notes payable at a fixed rate of interest of 8.00%, maturing in October 2048, secured by engines, airframes, and loan assets | 338947 | 356355 |
| WEST VI Series A 2021 term notes payable at a fixed rate of interest of 3.10%, maturing in May 2046, secured by engines, airframes, and loan assets | 232050 | 241065 |
| WEST VI Series B 2021 term notes payable at a fixed rate of interest of 5.44%, maturing in May 2046, secured by engines, airframes, and loan assets | 32215 | 33486 |
| WEST VI Series C 2021 term notes payable at a fixed rate of interest of 7.39%, maturing in May 2046, secured by engines, airframes, and loan assets | 8612 | 9926 |
| WEST V Series A 2020 term notes payable at a fixed rate of interest of 3.23%, maturing in March 2045, secured by engines | 220104 | 226572 |
| WEST V Series B 2020 term notes payable at a fixed rate of interest of 4.21%, maturing in March 2045, secured by engines | 30662 | 31563 |
| WEST V Series C 2020 term notes payable at a fixed rate of interest of 6.66%, maturing in March 2045, secured by engines | 6884 | 8142 |
| WEST IV Series A 2018 term notes payable at a fixed rate of interest of 4.75%, maturing in September 2043, secured by engines | 182872 | 199846 |
| WEST IV Series B 2018 term notes payable at a fixed rate of interest of 5.44%, maturing in September 2043, secured by engines | 25011 | 27338 |
| WEST III Series A 2017 term notes payable at a fixed rate of interest of 4.69%, maturing in August 2042, secured by engines | 149453 | 161308 |
| WEST III Series B 2017 term notes payable at a fixed rate of interest of 6.36%, maturing in August 2042, secured by engines | 20067 | 21659 |
| Willis Warehouse Facility LLC ("WWFL") credit facility at a floating rate of interest of one-month term SOFR, plus 2.25% at June 30, 2025 maturing in May 2029, secured by engines, airframes, and loan assets. | 243521 | 221882 |
| Note payable at a fixed rate of interest of 5.00%, maturing in February 2033, secured by an engine | 20643 | 20780 |
| Note payable at a fixed rate of interest of 4.59%, maturing in November 2032, secured by an engine | 21828 | 22094 |
| Note payable at a fixed rate of interest of 4.23%, maturing in June 2032, secured by an engine | 17662 | 17710 |
| Note payable at a fixed rate of interest of 5.17%, maturing in March 2033, secured by an engine | 23860 |  |
| Note payable at a fixed rate of interest of 5.91%, maturing in March 2034, secured by an engine | 21007 |  |
| Note payable at a fixed rate of interest of 5.83%, maturing in April 2034, secured by an engine | 19739 |  |
|  | 2834137 | 2292726 |
| Less: unamortized debt issuance costs and note discounts | (33494) | (28174) |
| Total debt obligations | $2800643 | $2264552 |

---

One-month term SOFR was 4.45% and 4.37% as of June 30, 2025 and December 31, 2024, respectively.

As it relates to the $20.6 million, $21.8 million, $17.7 million, $23.9 million, $21.0 million, and $19.7 million notes payable resulting from failed sale-leaseback transactions that are secured by engines, the Company has options to repurchase the engines in March 2032 for $18.4 million, January 2032 for $17.7 million, July 2031 for $17.0 million, March 2032 for $19.3 million, March 2033 for $16.9 million, and April 2033 for $17.9 million, respectively.

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In June 2025, the Company and its direct, wholly-owned subsidiary Willis Engine Structured Trust VIII ("WEST VIII"), closed WEST VIII's offering of $596.0 million in aggregate principal amount of fixed rate notes (the "Notes"). The Notes were issued in two series, with the Series A Notes issued in an aggregate principal amount of $524.0 million and the Series B Notes issued in an aggregate principal amount of $72.0 million. The Notes are secured by, among other things, WEST VIII's direct and indirect ownership interests in a portfolio of aircraft engines and airframes. The Series A Notes and Series B Notes have a fixed coupon of 5.582% and 6.070%, respectively, an expected maturity of approximately six years and a final maturity of 25 years. The Series A Notes and Series B Notes were issued at a price of 99.99721% and 99.99711% of par, respectively.

Principal outstanding at June 30, 2025 is expected to be repayable as follows:

---

| | |
|:---|:---|
| **Year** | **(in thousands)** |
| 2025 | $204478 |
| 2026 | 113397 |
| 2027 | 204344 |
| 2028 | 255394 |
| 2029 | 1421308 |
| Thereafter | 635216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2834137 |

---

Virtually all of the above debt requires ongoing compliance with certain financial covenants, including debt and tangible net worth ratios, minimum interest coverage ratios, and other eligibility criteria including asset type, customer and geographic concentration restrictions. The Company also has certain negative financial covenant obligations that relate to such items as liens, advances, changes in business, sales of assets, dividends and stock repurchases. Compliance with these covenants is tested either monthly, quarterly or annually, as required, and the Company was in full compliance with all financial covenant requirements at June 30, 2025.

**5. Derivative Instruments**

The Company periodically holds interest rate derivative instruments to mitigate exposure to changes in interest rates, predominantly one-month term SOFR, with $866.5 million and $914.9 million of variable rate borrowings at June 30, 2025 and December 31, 2024, respectively. As a matter of policy, management does not use derivatives for speculative purposes. As of June 30, 2025, the Company had seven interest rate swap agreements, with a total notional amount of $475.0 million. During 2021, the Company entered into four fixed-rate interest swap agreements, each having notional amounts of $100.0 million, two of which matured during the year ended December 31, 2024 and two of which had remaining terms of 7 months as of June 30, 2025. During the year ended December 31, 2024, the Company entered into three fixed-rate interest swap agreements, each having notional amounts of $50.0 million, and with remaining terms of 47 months as of June 30, 2025. During the year ended December 31, 2024, the Company also entered into one fixed-rate interest swap agreement, having a notional amount of $75.0 million, and with a remaining term of 47 months as of June 30, 2025. During the six months ended June 30, 2025, the Company entered into one fixed-rate interest swap agreement, having a notional amount of $50.0 million, and with a remaining term of 52 months as of June 30, 2025. The derivative instruments were each designated as cash flow hedges at inception and recorded at fair value.

The following table displays the total notional amount of the Company's outstanding fixed-rate interest swap agreements:

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| | | |
|:---|:---|:---|
| **Derivatives in Cash Flow Hedging Relationships** | | |
| **Derivatives in Cash Flow Hedging Relationships** | **As of June 30,**<br>**2025** | **As of December 31,**<br>**2024** |
|  | **(in thousands)** | **(in thousands)** |
| Interest rate contracts | $475000 | $425000 |

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The Company evaluated the effectiveness of the swap agreements to hedge the interest rate risk associated with its variable rate debt and concluded at the swap inception dates that each swap was highly effective in hedging that risk. The Company evaluates the effectiveness of the hedging relationships on an ongoing basis and concluded there was no ineffectiveness in the hedges for the period ended June 30, 2025.

The Company estimates the fair value of derivative instruments using a discounted cash flow technique. Valuation of the derivative instruments requires certain assumptions for underlying variables and the use of different assumptions would result in a different valuation. Management believes it has applied assumptions consistently during the period. The Company applies hedge accounting and accounts for the change in fair value of its cash flow hedges through other comprehensive income for all derivative instruments that are effective and for which the related forecasted transaction is probable of occurring.

The following table displays the total fair value of the Company's outstanding fixed-rate interest swap agreements in the Condensed Consolidated Balance Sheets:

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| | | | |
|:---|:---|:---|:---|
| | | **Derivative Assets** | **Derivative Assets** |
| **Derivatives in Cash Flow Hedging Relationships** | | | |
| **Derivatives in Cash Flow Hedging Relationships** |<br>**Balance Sheet Location** | **As of June 30,**<br>**2025** | **As of December 31,**<br>**2024** |
|  |  | **(in thousands)** | **(in thousands)** |
| Interest rate contracts | Other assets | $4423 | $10989 |

---

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| | | | |
|:---|:---|:---|:---|
| | | **Derivative Liabilities** | **Derivative Liabilities** |
| **Derivatives in Cash Flow Hedging Relationships** | | | |
| **Derivatives in Cash Flow Hedging Relationships** |<br>**Balance Sheet Location** | **As of June 30,**<br>**2025** | **As of December 31,**<br>**2024** |
|  |  | **(in thousands)** | **(in thousands)** |
| Interest rate contracts | Accounts payable and accrued expenses | $2377 | $— |

---

The Company recorded an adjustment to interest expense of $(2.5) million and $(3.1) million during the three months ended June 30, 2025 and 2024, respectively, from derivative instruments. The Company recorded an adjustment to interest expense of $(4.9) million and $(6.2) million during the six months ended June 30, 2025 and 2024, respectively, from derivative instruments.

*Effect of Derivative Instruments on Earnings on the Condensed Consolidated Statements of Income and Comprehensive Income* 

The following table provides additional information about the financial statement effects related to the cash flow hedges for the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives in Cash Flow Hedging Relationships** | **Amount of Loss Recognized in OCI on Derivatives<br>(Effective Portion)** | **Amount of Loss Recognized in OCI on Derivatives<br>(Effective Portion)** | **Amount of Loss Recognized in OCI on Derivatives<br>(Effective Portion)** | **Amount of Loss Recognized in OCI on Derivatives<br>(Effective Portion)** |
| **Derivatives in Cash Flow Hedging Relationships** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **Derivatives in Cash Flow Hedging Relationships** | **2025** | **2024** | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Interest rate contracts | $(3534) | $(2380) | $(8965) | $(3396) |
| Total | $(3534) | $(2380) | $(8965) | $(3396) |

---

The effective portion of the change in fair value on a derivative instrument designated as a cash flow hedge is reported as a component of other comprehensive income and is reclassified into earnings in the period during which the transaction being hedged affects earnings when it is determined to be improbable that the forecasted transaction will occur. The ineffective portion of the hedges, if any, is recorded in earnings in the current period.

*Counterparty Credit Risk*

The Company evaluates the creditworthiness of the counterparties under its hedging agreements. The counterparties for the interest rate swaps are large financial institutions that possess investment grade credit ratings. Based on these ratings, the Company believes that the counterparties are credit-worthy and that their continuing performance under the hedging agreements is probable and does not require the counterparties to provide collateral or other security to the Company.

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**6. Commitments, Contingencies, Guarantees and Indemnities**

*Other obligations*

Other obligations, such as certain purchase obligations are not recognized as liabilities in the consolidated financial statements but are required to be disclosed in the footnotes to the financial statements. As of June 30, 2025, the Company had $1.0 billion in purchase commitments of equipment that are expected to be satisfied within five fiscal years. The purchase obligations are subject to escalation based on the closing date of each transaction. Our purchase agreements generally contain terms that allow the Company to defer or cancel purchase commitments in certain situations. These deferrals or cancellations would not result in penalties or increased costs other than any potential increase due to the normal year-over-year change in engine list prices, which is akin to ordinary inflation.

In December 2020, we entered into definitive agreements for the purchase of 25 Pratt & Whitney aircraft engines. As part of the purchase, we have committed to certain future overhaul and maintenance services which are anticipated to range between $97.1 million and $126.6 million by 2030.

**7. Income Taxes**

Income tax expense for the three and six months ended June 30, 2025 was $13.9 million and $22.3 million, respectively. The effective tax rate for the three and six months ended June 30, 2025 was 18.7% and 22.4%, respectively. Income tax expense for the three and six months ended June 30, 2024 was $15.3 million and $24.3 million, respectively. The effective tax rate for the three and six months ended June 30, 2024 was 26.5% and 27.7% respectively. The Company's effective tax rates differed from the U.S. federal statutory rate of 21.0% primarily due to executive compensation exceeding $1.0 million as defined in Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code"), as well as the sale of the Company's entire issued share capital of BAML, for which no statutory tax was due on the gain recognized.

The Company records tax expense or benefit for unusual or infrequent items discretely in the period in which they occur. The Company's tax rate is subject to change based on changes in the mix of assets leased to domestic and foreign lessees, the proportion of revenue generated within and outside of California, the amount of executive compensation exceeding $1.0 million as defined in Section 162(m) of the Code, and numerous other factors, including changes in tax law.

H.R. 1., also known as the One Big Beautiful Bill Act ("OBBBA"), was enacted on July 4, 2025. The legislation includes several provisions that may impact the timing and magnitude of certain tax deductions. Key provisions include the permanent extension of several business tax benefits originally introduced under the 2017 Tax Cuts and Jobs Act. We are currently evaluating the provisions of the OBBBA to assess their potential impact on our financial position, results of operations and cash flows.

**8. Fair Value Measurements**

The fair value of a financial instrument represents the amount at which the instrument could be exchanged in a current transaction between willing parties in contrast to a forced sale or liquidation. Fair value estimates are made at a specific point in time, based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of judgment, and therefore cannot be determined with precision.

Accounting standards define fair value as the price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and also establishes the following three levels of inputs that may be used to measure fair value:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Cash and cash equivalents, restricted cash, receivables, and accounts payable*: The amounts reported in the accompanying Condensed Consolidated Balance Sheets approximate fair value due to their short-term nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Notes receivable*: The carrying amount of the Company's outstanding balance on its Notes receivable as of June 30, 2025 and December 31, 2024 was estimated to have a fair value of approximately $147.2 million and $176.7 million, respectively, based on the fair value of estimated future payments calculated using interest rates that approximate prevailing market rates at each period end (Level 2 inputs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Investments in sales-type leases:* The carrying amount of the Company's outstanding balance on its Investments in sales-type leases as of June 30, 2025 and December 31, 2024 was estimated to have a fair value of approximately $17.0 million and $21.5 million, respectively, based on the fair value of estimated future payments calculated using interest rates that approximate prevailing market rates at each period end (Level 2 inputs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Debt obligations*: The carrying amount of the Company's outstanding balance on its Debt obligations as of June 30, 2025 and December 31, 2024 was estimated to have a fair value of approximately $2,477.0 million and $1,928.3 million, respectively, based on the fair value of estimated future payments calculated using interest rates that approximate prevailing market rates at each period end (Level 2 inputs).

*Assets Measured and Recorded at Fair Value on a Recurring Basis and a Nonrecurring Basis*

As of June 30, 2025 and December 31, 2024, the Company measured the fair value of its interest rate swap agreements based on Level 2 inputs, due to the usage of inputs that can be corroborated by observable market data. The Company estimates the fair value of derivative instruments using a discounted cash flow technique. The net fair value of the interest rate swaps as of June 30, 2025 was $2.0 million, representing an asset of $4.4 million and a liability of $2.4 million, and reflected within Other assets and Accounts payable and accrued expenses on the Condensed Consolidated Balance Sheets, respectively. The net fair value of the interest rate swaps as of December 31, 2024 was $11.0 million, representing an asset and reflected within Other assets on the Condensed Consolidated Balance Sheets. The Company recorded an adjustment to interest expense of $(2.5) million and $(3.1) million during the three months ended June 30, 2025 and 2024, respectively, from derivative instruments. The Company recorded an adjustment to interest expense of $(4.9) million and $(6.2) million during the six months ended June 30, 2025 and 2024, respectively, from derivative instruments.

Goodwill is assessed for impairment annually, at each year end by comparing the fair values of the reporting units to their carrying amounts. The Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test.

The Company determines fair value of long-lived assets held and used, such as Equipment held for operating lease and Equipment held for sale, by reference to independent appraisals, quoted market prices (e.g. an offer to purchase) and other factors. An impairment charge is recorded when the carrying value of the asset exceeds its fair value. The Company uses Level 2 inputs to measure write-downs of equipment held for lease and equipment held for sale.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Losses** | **Total Losses** | **Total Losses** | **Total Losses** |
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Equipment held for lease | $11458 | $— | $13342 | $261 |
| Equipment held for sale |  |  | 225 |  |
| Total | $11458 | $— | $13567 | $261 |

---

Write-downs of equipment to their estimated fair values totaled $11.5 million for the three months ended June 30, 2025, reflecting the adjustments of the carrying values of six engines. Write-downs of equipment to their estimated fair values totaled $13.6 million for the six months ended June 30, 2025, reflecting the adjustment of the carrying value of 11 engines. Write-downs of equipment to their estimated fair values totaled $0.3 million for the six months ended June 30, 2024, reflecting the adjustment of the carrying value of one airframe.

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 **9. Earnings Per Share**

Basic earnings per common share is computed by dividing net income, less preferred stock dividends and accretion of preferred stock issuance costs, by the weighted average number of common shares outstanding for the period. Treasury stock is excluded from the weighted average number of shares of common stock outstanding. Diluted earnings per share attributable to common stockholders is computed based on the weighted average number of shares of common stock and dilutive securities outstanding during the period. Dilutive securities are common stock equivalents that are freely exercisable into common stock at less than market prices or otherwise dilute earnings if converted. The net effect of common stock equivalents is based on the incremental common stock that would be issued upon the vesting of restricted stock using the treasury stock method. Common stock equivalents are not included in diluted earnings per share when their inclusion is antidilutive. Additionally, redeemable preferred stock is not convertible and does not affect dilutive shares.

There were approximately 537,000 and 333,000 anti-dilutive weighted shares excluded from the computation of diluted weighted average income per common share for the three and six months ended June 30, 2025, respectively. There were approximately 3,000 anti-dilutive shares excluded from the computation of diluted weighted average income per common share for the three and six months ended June 30, 2024.

The following table presents the calculation of basic and diluted earnings per share (in thousands, except per share data):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income attributable to common shareholders | $58955 | $41664 | $74431 | $61621 |
| Basic weighted average common shares outstanding | 6789 | 6570 | 6698 | 6479 |
| Potentially dilutive common shares | 201 | 144 | 297 | 208 |
| Diluted weighted average common shares outstanding | 6990 | 6714 | 6995 | 6687 |
| Basic weighted average income per common share | $8.68 | $6.34 | $11.11 | $9.51 |
| Diluted weighted average income per common share | $8.43 | $6.21 | $10.64 | $9.22 |

---

**10. Equity**

**Common Stock Repurchase**

In December 2024, the Board of Directors (the "Board") approved the renewal of the existing common stock repurchase plan which allows for repurchases of up to $60.0 million of the Company's common stock, extending the plan through December 31, 2026. Repurchased shares are immediately retired. No shares were repurchased during each of the six months ended June 30, 2025 and 2024.

**Redeemable Preferred Stock**

In September 2024, the Company entered into a Series A Preferred Stock Purchase Agreement with Development Bank of Japan Inc. (the "Stock Purchase Agreement"), which refinanced and expanded the Company's Series A-1 and Series A-2 Preferred Stock into one $65.0 million Series A Preferred Stock series (the "Series A Preferred Stock"), which accrues quarterly dividends at the rate per annum of 8.35% per share. The net proceeds after deducting issuance costs were $13.1 million.

The rights and privileges of the Series A Preferred Stock are described below:

*Voting Rights*: Holders of the Series A Preferred Stock do not have general voting rights.

*Dividends*: Prior to the Stock Purchase Agreement, the Company's Series A-1 Preferred Stock accrued quarterly dividends at the rate per annum of 8.5% per share, and the Series A-2 Preferred Stock accrued quarterly dividends at the rate per annum of 6.5% per share. During each of the six months ended June 30, 2025 and 2024, the Company paid total preferred stock dividends of $3.0 million and $1.8 million, respectively. As of June 30, 2025, the Company had approximately $1.1 million in preferred stock dividends accrued but not paid, or approximately $0.35 per share of the Series A Preferred Stock.

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*Liquidation Preference*: The holders of the Series A Preferred Stock have preference in the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the corporation, including a merger or consolidation. Upon such liquidation event, the Preferred Stockholders are entitled to be paid out of the assets of the Company available for distribution to its stockholders after payment of all the Company's indebtedness and other obligations and before any payment shall be made to the holders of common stock or any other class or series of stock ranking on liquidation junior to the Preferred Stock an amount equal to $20.00 per share, plus any declared but unpaid dividends.

*Redemption:* The Series A Preferred Stock has no stated maturity date. The holders of the Series A Preferred Stock have the option to require the Company to redeem all or any portion of the Series A Preferred Stock for cash upon occurrence of any of the following: (i) a material breach of the Stock Purchase Agreement, (ii) changes in the ownership structure of the Company, including by means of a change of control transaction, (iii) incurrence of operating loss or ordinary loss by the Company for two consecutive fiscal years, (iv) the Company's surplus is less than its liquidation value at certain specified measurement dates, (v) occurrence of a merger, consolidation, or sale of greater than 50% of the Company's assets, or (vi) the occurrence of liquidity events as set forth in the Stock Purchase Agreement. The redemption price is $20.00 per share plus dividends accrued but not paid. The Company is accreting the Series A Preferred Stock to redemption value over the period from the date of issuance to the date first callable by the Series A Preferred stockholders (September 27, 2031), such that the carrying amount of the security will equal the redemption amount at the earliest redemption date.

**11. Stock-Based Compensation Plans**

The components of stock-based compensation expense were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| 2023 Incentive Stock Plan | $16711 | $4139 | $23568 | $7938 |
| Employee Stock Purchase Plan | 40 | 10 | 90 | 24 |
| Total Stock Compensation Expense | $16751 | $4149 | $23658 | $7962 |

---

Under the 2023 Incentive Stock Plan (the "2023 Plan"), stock-based compensation is in the form of restricted stock awards ("RSAs"). The RSAs are subject to either service-based vesting, which is typically between one and four years, in which a specific period of continued employment must pass before an award vests, or performance-based vesting, which is typically between one and three years. The expense associated with these awards is recognized on a straight-line basis over the respective vesting period, with forfeitures accounted for as they occur. For any vesting tranche of an award, the cumulative amount of compensation cost recognized is equal to the portion of the grant-date fair value of the award tranche that is actually vested at that date.

As of June 30, 2025, the Company had granted 2,658,196 RSAs under the 2023 Plan and had 991,264 shares available for future issuance. The fair value of the RSAs equaled the stock price at the grant date.

The following table summarizes the restricted stock activity during the six months ended June 30, 2025:

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| | |
|:---|:---|
| | **Shares** |
| Balance of unvested shares as of December 31, 2024 | 569425 |
| Shares granted | 603509 |
| Shares forfeited | (9653) |
| Shares vested | (326549) |
| Balance of unvested shares as of June 30, 2025 | 836732 |

---

Under the Employee Stock Purchase Plan ("ESPP"), as amended and restated effective November 2021, 425,000 shares of common stock have been reserved for issuance. Eligible employees may designate no more than 10% of their base cash compensation to be deducted each pay period for the purchase of common stock under the ESPP. Participants may purchase the lesser of 1,000 shares or $25,000 of common stock in any one calendar year. Each January 31 and July 31, shares of common stock are purchased with the employees' payroll deductions from the immediately preceding six months at a price per share of 85% of the lesser of the market price of the common stock on the purchase date or the market price of the common stock on the date of entry into an offering period. During the six months ended June 30, 2025 and 2024, 1,531 and 5,532 shares of common stock, respectively, were issued under the ESPP. The Company issues new shares through its transfer agent upon an employee stock purchase.

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**12. Reportable Segments**

The Company has two reportable segments: (i) Leasing and Related Operations, which involves acquiring and leasing, primarily pursuant to operating leases, commercial aircraft, aircraft engines, and other aircraft equipment, the selective purchase and resale of commercial aircraft engines and other aircraft equipment, and service and maintenance related businesses and (ii) Spare Parts Sales, which involves the purchase and resale of after-market engine parts, whole engines, engine modules, and portable aircraft components.

The Company's Chief Operating Decision Maker ("CODM") is Austin Willis, Chief Executive Officer. The CODM evaluates the performance and allocation of resources to each of the segments based on income or loss from operations. While the Company believes there are synergies between the two business segments, the segments are managed separately because each requires different business strategies.

Prior period segment information is presented on a comparable basis to the basis on which current period segment information is presented and reviewed by the CODM.

The following tables present a summary of the reportable segments (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Three months ended June 30, 2025** | **Leasing and <br>Related Operations** | **Spare Parts Sales** | **Eliminations** | **Total** |
| Revenue: |  |  |  |  |
| Lease rent revenue | $72268 | $— | $— | $72268 |
| Maintenance reserve revenue | 50743 |  |  | 50743 |
| Spare parts and equipment sales | 21157 | 10421 | (1224) | 30354 |
| Interest revenue | 3649 |  |  | 3649 |
| Gain on sale of leased equipment | 27582 |  |  | 27582 |
| Maintenance services revenue | 8031 |  |  | 8031 |
| Other revenue | 2874 | 43 | (42) | 2875 |
| Total revenue | 186304 | 10464 | (1266) | 195502 |
| Expenses: |  |  |  |  |
| Depreciation and amortization expense | 27538 | 12 |  | 27550 |
| Cost of spare parts and equipment sales | 19768 | 9328 | (994) | 28102 |
| Cost of maintenance services | 8847 |  | (226) | 8621 |
| Write-down of equipment | 11458 |  |  | 11458 |
| General and administrative | 49162 | 1267 |  | 50429 |
| Technical expense | 7512 |  | (4) | 7508 |
| Net finance costs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 33569 |  |  | 33569 |
| Total finance costs | 33569 |  |  | 33569 |
| Total expenses | 157854 | 10607 | (1224) | 167237 |
| Income (loss) from operations | $28450 | $(143) | $(42) | $28265 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Three months ended June 30, 2024** | **Leasing and <br>Related Operations** | **Spare Parts Sales** | **Eliminations** | **Total** |
| Revenue: |  |  |  |  |
| Lease rent revenue | $55866 | $— | $— | $55866 |
| Maintenance reserve revenue | 62897 |  |  | 62897 |
| Spare parts and equipment sales | 209 | 9641 | (3664) | 6186 |
| Interest revenue | 2284 |  |  | 2284 |
| Gain on sale of leased equipment | 14428 |  |  | 14428 |
| Maintenance services revenue | 6781 |  |  | 6781 |
| Other revenue | 2598 | 139 | (59) | 2678 |
| Total revenue | 145063 | 9780 | (3723) | 151120 |
| Expenses: |  |  |  |  |
| Depreciation and amortization expense | 22148 | 19 |  | 22167 |
| Cost of spare parts and equipment sales | 21 | 8938 | (3522) | 5437 |
| Cost of maintenance services | 5735 |  | (64) | 5671 |
| General and administrative | 34035 | 652 |  | 34687 |
| Technical expense | 4596 |  | (78) | 4518 |
| Net finance costs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 24562 |  |  | 24562 |
| Total finance costs | 24562 |  |  | 24562 |
| Total expenses | 91097 | 9609 | (3664) | 97042 |
| Income from operations | $53966 | $171 | $(59) | $54078 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Six months ended June 30, 2025** | **Leasing and <br>Related Operations** | **Spare Parts Sales** | **Eliminations** | **Total** |
| Revenue: |  |  |  |  |
| Lease rent revenue | $140007 | $— | $— | $140007 |
| Maintenance reserve revenue | 105602 |  |  | 105602 |
| Spare parts and equipment sales | 23455 | 29101 | (3962) | 48594 |
| Interest revenue | 7583 |  |  | 7583 |
| Gain on sale of leased equipment | 32019 |  |  | 32019 |
| Gain on sale of financial assets | 378 |  |  | 378 |
| Maintenance services revenue | 13617 |  |  | 13617 |
| Other revenue | 5338 | 185 | (89) | 5434 |
| Total revenue | 327999 | 29286 | (4051) | 353234 |
| Expenses: |  |  |  |  |
| Depreciation and amortization expense | 52543 | 31 |  | 52574 |
| Cost of spare parts and equipment sales | 21275 | 25831 | (3681) | 43425 |
| Cost of maintenance services | 14223 |  | (273) | 13950 |
| Write-down of equipment | 13567 |  |  | 13567 |
| General and administrative | 95957 | 2192 |  | 98149 |
| Technical expense | 13746 |  | (8) | 13738 |
| Net finance costs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 65663 |  |  | 65663 |
| Total finance costs | 65663 |  |  | 65663 |
| Total expenses | 276974 | 28054 | (3962) | 301066 |
| Income from operations | $51025 | $1232 | $(89) | $52168 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Six months ended June 30, 2024** | **Leasing and <br>Related Operations** | **Spare Parts Sales** | **Eliminations** | **Total** |
| Revenue: |  |  |  |  |
| Lease rent revenue | $108747 | $— | $— | $108747 |
| Maintenance reserve revenue | 106767 |  |  | 106767 |
| Spare parts and equipment sales | 293 | 14037 | (4856) | 9474 |
| Interest revenue | 4553 |  |  | 4553 |
| Gain on sale of leased equipment | 23629 |  |  | 23629 |
| Maintenance services revenue | 12008 |  |  | 12008 |
| Other revenue | 4742 | 380 | (97) | 5025 |
| Total revenue | 260739 | 14417 | (4953) | 270203 |
| Expenses: |  |  |  |  |
| Depreciation and amortization expense | 44616 | 37 |  | 44653 |
| Cost of spare parts and equipment sales | 30 | 12792 | (4680) | 8142 |
| Cost of maintenance services | 11315 |  | (70) | 11245 |
| Write-down of equipment | 261 |  |  | 261 |
| General and administrative | 62221 | 2047 |  | 64268 |
| Technical expense | 12879 |  | (106) | 12773 |
| Net finance costs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 47565 |  |  | 47565 |
| Total finance costs | 47565 |  |  | 47565 |
| Total expenses | 178887 | 14876 | (4856) | 188907 |
| Income (loss) from operations | $81852 | $(459) | $(97) | $81296 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Leasing and <br>Related Operations** | **Spare Parts Sales** | **Eliminations** | **Total** |
| Total assets as of June 30, 2025 | $3879760 | $66685 | $— | $3946445 |
| Total assets as of December 31, 2024 | $3219856 | $77340 | $— | $3297196 |

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**13. Related Party Transactions**

*Joint Ventures*

During the six months ended June 30, 2025, WAML entered into an SPA, by and between WAML and WMES. Pursuant to the SPA, WAML sold the entire issued share capital of BAML, a United Kingdom-based aviation consultancy business, to WMES for a total purchase price of $45.0 million subject to certain working capital adjustments. The transaction closed on June 30, 2025, resulting in a gain on sale of business of approximately $43.0 million for the Company.

"Other revenue" on the Condensed Consolidated Statements of Income includes management fees earned of $1.8 million and $1.3 million during the three months ended June 30, 2025 and 2024, respectively, and $3.0 million and $2.7 million during the six months ended June 30, 2025 and 2024, respectively, related to the servicing of engines for the WMES lease portfolio.

During the six months ended June 30, 2025, the Company sold three engines and one airframe to WMES for a total of $32.2 million, which resulted in a total gain of $1.6 million for the Company. Additionally, during the six months ended June 30, 2025, the Company sold one engine to WMES for $21.1 million, which resulted in a trading profit of $1.4 million for the Company. During the six months ended June 30, 2024, the company sold three engines to WMES for $44.7 million, which resulted in a total gain of $12.0 million for the Company.

During the six months ended June 30, 2025, the Company purchased an engine from WMES for $7.2 million.

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During the six months ended June 30, 2025, the Company sold one engine to CASC Willis for $6.1 million, which resulted in no gain or loss for the Company.

As of June 30, 2025, the Company subleased two WMES engines to a third party, with WMES as the head lessor. As of June 30, 2025, the total ROU asset and lease liability balances under these leases were $1.5 million and $1.4 million, respectively. As of June 30, 2024, the Company subleased one WMES engine to a third party, with WMES as the head lessor. As of June 30, 2024, the ROU asset and lease liability balances under this lease were $2.5 million, each.

*Other*

During the six months ended June 30, 2024, the Company paid approximately $66,000 to Mikchalk Lake, LLC, an entity in which our Executive Chairman retains an ownership interest. These expenses were for lodging and other business-related services and were approved by the Board's Independent Directors.

**14. Subsequent Events**

On July 22, 2025, Willis Warehouse Facility LLC (the "Borrower"), a wholly owned subsidiary of the Company, entered into Amendment No. 1 to the Secured Credit Agreement (the "Amended Credit Agreement"). The Amended Credit Agreement primarily includes the following changes, among other things, (i) an extension of the availability period of the commitments from May 3, 2026, to May 3, 2027, (ii) an extension of the final repayment date from May 3, 2029 to May 3, 2030, (iii) more favorable asset advance rates available to the Borrower, and (iv) reduced fees charged on undrawn loan commitments.

On July 30, 2025, the Board declared the Company's recurring quarterly dividend of $0.25 per share of common stock outstanding. The dividend is expected to be paid on August 21, 2025 to shareholders of record at the close of business on August 12, 2025.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

The following discussion should be read in conjunction with the Unaudited Condensed Consolidated Financial Statements and notes thereto included under Part I, Item 1 of this Quarterly Report on Form 10-Q. In addition, reference should be made to our Audited Consolidated Financial Statements and notes thereto and related "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the "2024 Form 10-K"). In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs, including the potential impact of changes in interest rates or inflation, as well as the impact of new or increased tariffs on our business, results of operations and financial condition. Our actual results may differ materially from those contained in or implied by any forward-looking statements. The financial information included in this discussion and in our consolidated financial statements may not be indicative of our consolidated financial position, operating results, changes in equity and cash flows in the future. See "Special Note Regarding Forward-Looking Statements" included earlier in this report.

**Overview**

Our core business is acquiring and leasing commercial aircraft and aircraft engines and related aircraft equipment pursuant to operating leases, all of which we sometimes collectively refer to as "equipment." As of June 30, 2025, the majority of our leases were operating leases, with the exception of certain failed sale-leaseback transactions classified as notes receivable under the guidance provided by Accounting Standards Codification ("ASC") 842 and investments in sales-type leases. As of June 30, 2025, we had 69 lessees in 36 countries. Our portfolio is continually changing due to equipment acquisitions and sales. As of June 30, 2025, we had $2,606.6 million of equipment held in our operating lease portfolio, $171.8 million of notes receivable, $34.7 million of maintenance rights, and $16.8 million of investments in sales-type leases, which represented 348 engines, 15 aircraft, one marine vessel, and other leased parts and equipment. As of June 30, 2025, we also managed 284 engines, aircraft and related equipment on behalf of other parties.

Willis Aeronautical Services, Inc. is a wholly-owned and vertically-integrated subsidiary whose primary focus is the sale of aircraft engine parts and materials through the acquisition or consignment of aircraft and engines. Additionally, through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company's service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

We actively manage our portfolio and structure our leases to maximize the residual values of our leased assets. Our leasing business focuses on popular Stage IV commercial jet engines manufactured by CFMI, General Electric, Pratt & Whitney, Rolls Royce and International Aero Engines.

**Risks and Uncertainties** 

Given the uncertainty in the rapidly changing market and economic conditions related to the potential impact of changes in interest rates or inflation, as well as the impact of new or increased tariffs, we will continue to evaluate the nature and extent of the impact to the Company's business and financial position. The ultimate extent of changes in interest rates or inflation, as well as the impact of new or increased tariffs, on the Company will depend on future developments, and such effects could exist for an extended period of time.

**Critical Accounting Policies and Estimates**

There have been no material changes to our critical accounting policies and estimates from the information provided in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations included in our 2024 Form 10-K.

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**Results of Operations**

***Three months ended June 30, 2025 compared to the three months ended June 30, 2024***

Revenue is summarized as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** |
| | **2025** | **2024** | **% Change** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Lease rent revenue | $72268 | $55866 | 29.4% |
| Maintenance reserve revenue | 50743 | 62897 | (19.3)% |
| Spare parts and equipment sales | 30354 | 6186 | 390.7% |
| Interest revenue | 3649 | 2284 | 59.8% |
| Gain on sale of leased equipment | 27582 | 14428 | 91.2% |
| Maintenance services revenue | 8031 | 6781 | 18.4% |
| Other revenue | 2875 | 2678 | 7.4% |
| Total revenue | $195502 | $151120 | 29.4% |

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*Lease Rent Revenue.* Lease rent revenue consists of rental income from long-term and short-term engine leases, aircraft leases, and other leased parts and equipment. Lease rent revenue increased by $16.4 million, or 29.4%, to $72.3 million in the three months ended June 30, 2025 from $55.9 million for the three months ended June 30, 2024. The increase is due to an increase in the average size of the portfolio as compared to that of the prior year period as well as an increase in average utilization (based on net book value of equipment held for operating lease, maintenance rights, and notes receivable and investments in sales-type leases net of allowance) of equipment held in our operating lease portfolio.

Two customers accounted for approximately 13% and 10% of total lease rent revenue of the Company during the three months ended June 30, 2025, and one customer accounted for approximately 10% of total lease rent revenue during the three months ended June 30, 2024.

At June 30, 2025, the Company had $2,606.6 million of equipment held in our operating lease portfolio, $171.8 million of notes receivable, $34.7 million of maintenance rights, and $16.8 million of investments in sales-type leases. At June 30, 2024, the Company had $2,317.9 million of equipment held in our operating lease portfolio, $115.5 million of notes receivable, $25.5 million of maintenance rights, and $6.2 million of investments in sales-type leases. Average utilization (based on net book value of equipment held for operating lease, maintenance rights, and notes receivable and investments in sales-type leases net of allowances) was approximately 87.2% and 83.0% for the three months ended June 30, 2025 and 2024, respectively. Utilization at June 30, 2025 was 88.3%.

*Maintenance Reserve Revenue*. Maintenance reserve revenue decreased $12.2 million, or 19.3%, to $50.7 million for the three months ended June 30, 2025 from $62.9 million for the three months ended June 30, 2024. Long-term maintenance revenue is influenced by end of lease compensation and the realization of long-term maintenance reserves associated with engines coming off lease. We recognized $0.5 million in long-term maintenance revenue for the three months ended June 30, 2025, compared to $17.0 million in long-term maintenance revenue recognized in the comparable prior period as significantly fewer engines came off leases with long-term maintenance conditions during the second quarter of 2025 as compared to the second quarter of 2024. Engines on lease with "non-reimbursable" usage fees generated $50.2 million of short-term maintenance revenues, compared to $45.9 million in the comparable prior period, an increase of $4.4 million or 9.5%. The increase in short-term maintenance reserve revenue was influenced by an increase in the number of engines on short-term lease conditions, and the systematic, contractual increase in the hourly and cyclical usage rates on our engines.

*Spare Parts and Equipment Sales*. Spare parts and equipment sales increased by $24.2 million, or 390.7%, to $30.4 million for the three months ended June 30, 2025, compared to $6.2 million for the three months ended June 30, 2024. Spare parts sales were $9.2 million and $6.2 million for the three months ended June 30, 2025 and 2024, respectively, an increase of $3.1 million, or 49.3%, compared to the same period in 2024. The increase in spare parts sales for the three months ended June 30, 2025 reflects the demand for surplus material as operators extend the lives of their current generation engine portfolios. Equipment sales for the three months ended June 30, 2025 were $21.1 million for the sale of one engine. There were no equipment sales for the three months ended June 30, 2024.

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*Interest Revenue.* Interest revenue increased by $1.4 million, or 59.8%, to $3.6 million for the three months ended June 30, 2025, from $2.3 million for the three months ended June 30, 2024. The increase primarily reflects an increase in notes receivable related to failed sale-leasebacks in which the Company was the buyer-lessor.

*Gain on Sale of Leased Equipment.* During the three months ended June 30, 2025, we sold 14 engines, two airframes, and other parts and equipment from the lease portfolio for $91.1 million less economic closing adjustments, resulting in a net gain of $27.6 million. During the three months ended June 30, 2024, we sold seven engines, eight airframes, and other parts and equipment from the lease portfolio for $68.5 million less economic closing adjustments, resulting in a net gain of $14.4 million.

*Maintenance Services Revenue*. Maintenance services revenues predominately represent fleet management, engine and aircraft storage and repair services, and revenue related to fixed base operator services provided to third parties, such as refueling, maintenance, and hangar services. Maintenance services revenue increased by $1.3 million, or 18.4%, to $8.0 million for the three months ended June 30, 2025, from $6.8 million for the three months ended June 30, 2024. The increase primarily reflects an increase in service fee revenue.

*Other Revenue.* Other revenue increased by $0.2 million, or 7.4%, to $2.9 million for the three months ended June 30, 2025 from $2.7 million for the three months ended June 30, 2024. Other revenue consists primarily of managed service fee revenue related to the servicing of engines for the Willis Mitsui & Company Engine Support Limited ("WMES") lease portfolio. These services include management of the WMES lease portfolio, which occurs on an ongoing basis, as well as marketing, which occurs on a transactional basis.

*Depreciation and Amortization Expense.* Depreciation and amortization expense increased by $5.4 million, or 24.3%, to $27.6 million for the three months ended June 30, 2025, compared to $22.2 million for the three months ended June 30, 2024. The increase is primarily due to an increase in the size of our lease portfolio, as well as the timing of placing acquired engines on lease.

*Cost of Spare Parts and Equipment Sales*. Cost of spare parts and equipment sales increased by $22.7 million, or 416.9%, to $28.1 million for the three months ended June 30, 2025, compared to $5.4 million for the three months ended June 30, 2024. Cost of spare parts sales were $8.3 million and $6.2 million for the three months ended June 30, 2025 and 2024, respectively, an increase of $2.1 million, or 34.7%, reflecting the increase in spare parts sales. Cost of equipment sales were $19.8 million for the three months ended June 30, 2025. There were no equipment or cost of equipment sales for the three months ended June 30, 2024.

*Cost of Maintenance Services.* Cost of maintenance services predominately represent the costs of fleet management, engine and aircraft storage and repair services, and the management of fixed base operator services provided to third parties. Cost of maintenance services increased by $3.0 million, or 52.0%, to $8.6 million for the three months ended June 30, 2025, compared to $5.7 million for the three months ended June 30, 2024. The increase is primarily related to an increase in personnel as well as project-related costs, as a result of expansion of our aircraft tear down and repair services business.

*Write-down of Equipment.* There was $11.5 million in write-downs of equipment for the three months ended June 30, 2025, reflecting the write-down of six engines. Write-downs were predominantly related to engines moved from Equipment held for operating lease to Equipment held for sale. There was no write-down of equipment for the three months ended June 30, 2024.

*General and Administrative Expenses.* General and administrative expenses increased by $15.7 million, or 45.4%, to $50.4 million for the three months ended June 30, 2025, compared to $34.7 million for the three months ended June 30, 2024. The increase primarily reflects a $15.0 million increase in personnel costs. Increased personnel costs included approximately $12.6 million of increased share-based compensation. Of the $12.6 million increase in share-based compensation, $5.3 million related to the acceleration of the vesting of shares upon the resignation of our prior General Counsel, and the remainder primarily related to the rapid appreciation of the market value of the Company's equity.

*Technical Expense.* Technical expense consists of the non-capitalized cost of engine repairs, engine thrust rental fees, outsourced technical support services, sublease engine rental expense, engine storage and freight costs. Technical expense increased by $3.0 million to $7.5 million for the three months ended June 30, 2025, compared to $4.5 million for the three months ended June 30, 2024, primarily due to an increased level of engine repair activity as compared to that of the prior period.

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*Net Finance Costs.* Net finance costs increased $9.0 million, or 36.7%, to $33.6 million for the three months ended June 30, 2025, compared to $24.6 million for the three months ended June 30, 2024, primarily due to an overall increased level of debt obligations and an increased weighted average borrowing cost. Interest expense associated with the Company's credit facility increased by $4.4 million for the three months ended June 30, 2025, due to an increase in the average outstanding balance of the credit facility for the three months ended June 30, 2025, as compared to that of the prior year period. Further, there was additional interest expense of $3.7 million for the three months ended June 30, 2025 associated with Willis Warehouse Facility LLC ("WWFL"), as the senior secured warehouse facility was not entered into until May 2024 and $1.2 million of additional interest expense associated with the Willis Engine Structured Trust VIII ("WEST VIII") notes offering which closed in June 2025. Further, both the Company's credit facility and WWFL have a floating rate of interest of one-month term Secured Overnight Financing Rate ("SOFR") plus a certain spread, so fluctuations in SOFR impact interest expense as well. Additionally, derivative-related receipts were $2.5 million for the three months ended June 30, 2025, as compared to $3.1 million for the three months ended June 30, 2024, as certain interest rate swap positions ran off.

*Gain on Sale of Business.* During the three months ended June 30, 2025, Willis Asset Management Limited ("WAML"), a wholly-owned subsidiary of the Company entered into a Share Purchase Agreement (the "SPA"), by and between WAML and WMES. Pursuant to the SPA, WAML sold the entire issued share capital of Bridgend Asset Management Limited ("BAML"), a United Kingdom-based aviation consultancy business, to WMES for a total purchase price of $45.0 million subject to certain working capital adjustments. The transaction closed on June 30, 2025, resulting in a gain on sale of business of approximately $43.0 million for the Company.

*Income Tax Expense.* Income tax expense was $13.9 million for the three months ended June 30, 2025, compared to income tax expense of $15.3 million for the three months ended June 30, 2024. The effective tax rate for the second quarter of 2025 was 18.7%, compared to 26.5% in the prior year period. The Company's effective tax rate differed from the U.S. federal statutory rate of 21.0% primarily due to executive compensation exceeding $1.0 million as defined in Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code"), as well as the sale of the Company's entire issued share capital of BAML, for which no statutory tax was due on the gain recognized.

***Six months ended June 30, 2025 compared to the six months ended June 30, 2024***

Revenue is summarized as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **% Change** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Lease rent revenue | $140007 | $108747 | 28.7% |
| Maintenance reserve revenue | 105602 | 106767 | (1.1)% |
| Spare parts and equipment sales | 48594 | 9474 | 412.9% |
| Interest revenue | 7583 | 4553 | 66.5% |
| Gain on sale of leased equipment | 32019 | 23629 | 35.5% |
| Gain on sale of financial assets | 378 |  | nm |
| Maintenance services revenue | 13617 | 12008 | 13.4% |
| Other revenue | 5434 | 5025 | 8.1% |
| Total revenue | $353234 | $270203 | 30.7% |

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*Lease Rent Revenue.* Lease rent revenue increased by $31.3 million, or 28.7%, to $140.0 million for the six months ended June 30, 2025, compared to $108.7 million for the six months ended June 30, 2024. The increase is due to an increase in the average size of the portfolio as compared to that of the prior year period and an increase in the average lease rate factor.

Two customers accounted for approximately 13% and 10% of the total lease rent revenue of the Company during the six months ended June 30, 2025, and two customers accounted for approximately 11%, each, of the Company's total lease rent revenue during the six months ended June 30, 2024.

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At June 30, 2025, the Company had $2,606.6 million of equipment held in our operating lease portfolio, $171.8 million of notes receivable, $34.7 million of maintenance rights, and $16.8 million of investments in sales-type leases. At June 30, 2024, the Company had $2,317.9 million of equipment held in our operating lease portfolio, $115.5 million of notes receivable, $25.5 million of maintenance rights, and $6.2 million of investments in sales-type leases. Average utilization (based on net book value of equipment held for operating lease, maintenance rights, and notes receivable and investments in sales-type leases net of allowances) was approximately 83.6% and 83.5% for the six months ended June 30, 2025 and 2024, respectively. Utilization at June 30, 2025 was 88.3%.

*Maintenance Reserve Revenue.* Maintenance reserve revenue decreased $1.2 million, or 1.1%, to $105.6 million for the six months ended June 30, 2025 from $106.8 million for the six months ended June 30, 2024. Long-term maintenance revenue was $10.1 million for the six months ended June 30, 2025 compared to $23.3 million in the prior year period. Long-term maintenance revenue is influenced by end of lease compensation and the realization of long-term maintenance reserves associated with engines coming off lease. Engines on lease with "non-reimbursable" usage fees generated $95.5 million of short-term maintenance revenues compared to $83.4 million in the comparable prior period, an increase of $12.1 million or 14.5%. The increase in short-term maintenance reserve revenue was influenced by an increase in the number of engines on short-term lease conditions, and the systematic, contractual increase in the hourly and cyclical usage rates on our engines.

*Spare Parts and Equipment Sales.* Spare parts and equipment sales increased by $39.1 million, or 412.9%, to $48.6 million for the six months ended June 30, 2025 compared to $9.5 million in the prior year period. Spare parts sales were $25.3 million and $9.5 million for the six months ended June 30, 2025 and 2024, respectively, an increase of $15.8 million, or 166.8%, compared to the same period in 2024. The increase in spare parts sales for the six months ended June 30, 2025 reflects the demand for surplus material as operators extend the lives of their current generation engine portfolios. In addition, the increase includes a discrete $7.0 million sale. Equipment sales for the six months ended were $23.3 million for the sale of two engines. There were no equipment sales for the six months ended June 30, 2024.

*Interest Revenue.* Interest revenue increased by $3.0 million, or 66.5%, to $7.6 million for the six months ended June 30, 2025 compared to $4.6 million for the six months ended June 30, 2024. The increase primarily reflects an increase in notes receivable related to failed sale-leasebacks in which the Company was the buyer-lessor and on sales-type leases.

*Gain on Sale of Leased Equipment.* During the six months ended June 30, 2025, we sold 21 engines, three airframes, and other parts and equipment from the lease portfolio for $138.8 million less economic closing adjustments, resulting in a net gain of $32.0 million. During the six months ended June 30, 2024, we sold 15 engines, eight airframes, and other parts and equipment from the lease portfolio for $104.7 million less economic closing adjustments, resulting in a net gain of $23.6 million.

*Gain on Sale of Financial Assets.* During the six months ended June 30, 2025, we sold two investments in sales-type lease assets for a net gain of $0.4 million. There was no gain on sale of financial assets during the six months ended June 30, 2024.

*Maintenance Services Revenue*. Maintenance services revenue increased by $1.6 million, or 13.4%, to $13.6 million for the six months ended June 30, 2025, from $12.0 million for the six months ended June 30, 2024. The increase primarily reflects an increase in service fee revenue.

*Other Revenue.* Other revenue increased by $0.4 million, or 8.1%, to $5.4 million for the six months ended June 30, 2025 from $5.0 million for the six months ended June 30, 2024. Other revenue consists primarily of managed service fee revenue related to the servicing of engines for the WMES lease portfolio. These services include management of the WMES lease portfolio, which occurs on an ongoing basis, as well as marketing, which occurs on a transactional basis.

*Depreciation and Amortization Expense.* Depreciation and amortization expense increased by $7.9 million, or 17.7%, to $52.6 million for the six months ended June 30, 2025 compared to $44.7 million for the six months ended June 30, 2024. The increase is primarily due to an increase in the size of our lease portfolio, as well as the timing of placing acquired engines on lease.

*Cost of Spare Parts and Equipment Sales.* Cost of spare parts and equipment sales increased by $35.3 million, or 433.3%, to $43.4 million for the six months ended June 30, 2025 compared to $8.1 million for the six months ended June 30, 2024. Cost of spare parts sales were $22.2 million and $8.1 million for the six months ended June 30, 2025 and 2024, respectively, an increase of $14.0 million, or 172.1%, reflecting the increase in spare parts sales. Cost of equipment sales were $21.3 million for the six months ended June 30, 2025. There were no equipment or cost of equipment sales for the six months ended June 30, 2024.

*Cost of Maintenance Services.* Cost of maintenance services increased by $2.7 million, or 24.1%, to $14.0 million for the six months ended June 30, 2025, compared to $11.2 million for the six months ended June 30, 2024. The increase is primarily related to an increase in personnel costs, as a result of expansion of our aircraft tear down and repair services business.

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*Write-down of Equipment.* Write-down of equipment was $13.6 million for the six months ended June 30, 2025, primarily reflecting the write-down of 11 engines. Write-downs were predominantly related to engines moved from Equipment held for operating lease to Equipment held for sale. Write-down of equipment was $0.3 million for the six months ended June 30, 2024, primarily reflecting the write-down of one airframe.

*General and Administrative Expenses.* General and administrative expenses increased by $33.9 million, or 52.7%, to $98.1 million for the six months ended June 30, 2025 compared to $64.3 million for the six months ended June 30, 2024. The increase primarily reflects a $19.3 million increase in personnel costs. Increased personnel costs included approximately $15.6 million of increased share-based compensation. Of the $15.6 million increase in share-based compensation, $5.3 million related to the acceleration of the vesting of shares upon the resignation of our prior General Counsel, and the remainder primarily related to the rapid appreciation of the market value of the Company's equity. Further, there was a $6.3 million increase in consultant-related fees, primarily related to the Company's sustainable aviation fuel project, as well as a $3.4 million increase in legal fees.

*Technical Expense.* Technical expense increased by $1.0 million, or 7.6%, to $13.7 million for the six months ended June 30, 2025 compared to $12.8 million for the six months ended June 30, 2024, primarily due to an increased level of engine repair activity as compared to that of the prior period.

*Net Finance Costs.* Net finance costs increased by $18.1 million, or 38.0%, to $65.7 million for the six months ended June 30, 2025 compared to $47.6 million for the six months ended June 30, 2024, primarily due to an overall increased level of debt obligations and an increased weighted average borrowing cost. Interest expense associated with the Company's credit facility increased by $9.5 million for the six months ended June 30, 2025, due to an increase in the average outstanding balance of the credit facility for the six months ended June 30, 2025, as compared to that of the prior year period. Further, there was additional interest expense of $7.6 million for the six months ended June 30, 2025 associated with WWFL, as the senior secured warehouse facility was not entered into until May 2024, and $1.2 million of additional interest expense associated with the WEST VIII notes offering which closed in June 2025. Further, both the Company's credit facility and WWFL have a floating rate of interest of one-month term SOFR plus a certain spread, so fluctuations in SOFR impact interest expense as well. Additionally, derivative-related receipts were $4.9 million for the six months ended June 30, 2025, as compared to $6.2 million for the six months ended June 30, 2024 as certain interest rate swap positions ran off.

*Gain on Sale of Business.* During the six months ended June 30, 2025, WAML, a wholly-owned subsidiary of the Company entered into a SPA, by and between WAML and WMES. Pursuant to the SPA, WAML sold the entire issued share capital of BAML, a United Kingdom-based aviation consultancy business, to WMES for a total purchase price of $45.0 million subject to certain working capital adjustments. The transaction closed on June 30, 2025, resulting in a gain on sale of business of approximately $43.0 million for the Company.

*Income Tax Expense.* Income tax expense was $22.3 million for the six months ended June 30, 2025 compared to $24.3 million for the six months ended June 30, 2024. The effective tax rate for the six months ended June 30, 2025 was 22.4% compared to 27.7% in the prior year period. The Company's effective tax rate differed from the U.S. federal statutory rate of 21.0% primarily due to executive compensation exceeding $1.0 million as defined in Section 162(m) of the Code, as well as the sale of the Company's entire issued share capital of BAML, for which no statutory tax was due on the gain recognized.

**Financial Position, Liquidity and Capital Resources**

*Liquidity*

At June 30, 2025, the Company had $37.3 million of cash and cash equivalents and $745.3 million of restricted cash. We fund our operations primarily from cash provided by our leasing activities. We finance our growth through borrowings secured primarily by our equipment lease portfolio. Cash of approximately $851.1 million and $357.2 million for the six months ended June 30, 2025 and 2024, respectively, was derived from our borrowing activities, which included our $596.0 million WEST VIII capital raise in June 2025. In these same time periods, $309.6 million and $211.3 million, respectively, was used to pay down related debt.

For any interest rate swaps that we enter into, we will be exposed to risk in the event of non-performance of the interest rate hedge counter-parties. We may hedge additional amounts of our floating rate debt in the future.

*Cash Flows Discussion*

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Cash flows provided by operating activities were $145.2 million and $129.7 million for the six months ended June 30, 2025 and 2024, respectively. The $15.5 million, or 12.0%, increase in operating cash flows was primarily driven by a period over period $49.6 million increase in cash flows from changes in inventory, partially offset by a $22.2 million decrease in payments on sales-type leases and a period over period $10.9 million decrease in cash flows from changes in accounts payable and accrued expenses. These changes reflect significant inventory purchases made in the prior comparable period to meet the high demand for spare parts. Spare parts sales were $25.3 million and $9.5 million for the six months ended June 30, 2025 and 2024, respectively, an increase of $15.8 million, or 166.8%, compared to the same period in 2024. Cash flows from operations are driven significantly by payments made under our lease agreements, which comprise lease revenue, security deposits and maintenance reserves, and are offset by interest expense and general and administrative costs. Cash received as maintenance reserve payments for some of our engines on lease are partially restricted by our debt arrangements. The lease revenue stream, in the short term, is at fixed rates while a portion of our debt is at variable rates. If interest rates increase, it is unlikely we could increase lease rates in the short term, and this would cause a reduction in our earnings and operating cash flows. Revenue and maintenance reserves are also affected by the amount of equipment off lease. The average utilization rate (based on net book value of equipment held for operating lease, maintenance rights, and notes receivable and investments in sales-type leases net of allowances) for the six months ended June 30, 2025 and 2024 was approximately 83.6% and 83.5%, respectively. If there is an increase in off-lease rates or deterioration in lease rates that are not offset by reductions in interest rates, there will be a negative impact on earnings and cash flows from operations.

Cash flows used in investing activities were $2.2 million for the six months ended June 30, 2025 and primarily reflected $154.9 million for the purchase of equipment held for operating lease and for sale (including capitalized costs and prepaid deposits made in the period) and $17.1 million for the purchase of property, equipment and furnishings, which was primarily related to leasehold improvements, partially offset by proceeds from sale of equipment (net of selling expenses) of $141.9 million and proceeds from sale of business of $23.1 million. Cash flows used in investing activities were $275.0 million for the six months ended June 30, 2024 and primarily reflected $321.6 million for the purchase of equipment held for operating lease (including capitalized costs and prepaid deposits made in the period) and $26.7 million related to leases entered into which were classified as notes receivable under ASC 842, partly offset by proceeds from sale of equipment (net of selling expenses) of $70.0 million.

Cash flows provided by financing activities were $507.1 million for the six months ended June 30, 2025 and primarily reflected $851.1 million in proceeds from debt obligations, partially offset by $309.6 million in principal payments and $18.7 million in cancellation of restricted stock in satisfaction of withholding tax. Cash flows provided by financing activities were $125.2 million for the six months ended June 30, 2024 and primarily reflected $357.2 million in proceeds from debt obligations, partially offset by $211.3 million in principal payments and $7.1 million in cash dividends paid to common shareholders.

*Cash Dividends*

During the six months ended June 30, 2025, the Company paid cash dividends of $3.7 million to shareholders of common stock. During the six months ended June 30, 2024, the Company paid cash dividends of $7.1 million to shareholders of common stock.

*Preferred Stock Dividends*

In September 2024, the Company entered into a Series A Preferred Stock Purchase Agreement with Development Bank of Japan Inc. (the "Stock Purchase Agreement"), which refinanced and expanded the Company's Series A-1 and Series A-2 Preferred Stock into one $65.0 million Series A Preferred Stock series (the "Series A Preferred Stock"), which accrues quarterly dividends at the rate per annum of 8.35% per share.

Prior to the Stock Purchase Agreement, the Company's Series A-1 Preferred Stock accrued quarterly dividends at the rate per annum of 8.5% per share, and the Series A-2 Preferred Stock accrued quarterly dividends at the rate per annum of 6.5% per share. During each of the six months ended June 30, 2025 and 2024, the Company paid total preferred stock dividends of $3.0 million and $1.8 million, respectively.

*Debt Obligations and Covenant Compliance*

At June 30, 2025, debt obligations consisted of loans totaling $2,800.6 million, net of unamortized issuance costs and note discounts, payable with interest rates varying between approximately 3.1% and 8.0%. Substantially all of our assets are pledged to secure our obligations to creditors. For further information on our debt instruments, see Note 4 "Debt Obligations" in Part I, Item 1 of this Quarterly Report on Form 10-Q.

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Virtually all of our debt requires our ongoing compliance with certain financial covenants including debt/equity ratios, minimum tangible net worth and minimum interest coverage ratios, and other eligibility criteria including customer and geographic concentration restrictions. Under our revolving credit facility, we can borrow no more than 85% of an engine's net book value and 65% of the net book value of an airframe, spare parts or other assets. Therefore, we must have other available funds for the balance of the purchase price of any new equipment to be purchased. Our revolving credit facility, certain indentures and other debt related agreements also contain cross-default provisions. If we do not comply with the covenants or eligibility requirements, we may not be permitted to borrow additional funds and accelerated payments may become necessary. Additionally, much of the debt is secured by engines and aircraft, and to the extent that engines or aircraft are sold, repayment of that portion of the debt could be required.

At June 30, 2025, we were in compliance with the covenants specified in our revolving credit facility, including the Interest Coverage Ratio requirement of at least 2.25 to 1.00, and the Total Leverage Ratio requirement of not greater than 4.25 to 1.00. The Interest Coverage Ratio, as defined in the credit facility, is the ratio of earnings before interest, taxes, depreciation and amortization and other one-time charges to consolidated interest expense. The Total Leverage Ratio, as defined in the credit facility, is the ratio of total indebtedness to tangible net worth. At June 30, 2025, we were in compliance with the covenants specified in the WEST III, WEST IV, WEST V, WEST VI, WEST VII, WEST VIII, and WWFL indentures and servicing and other debt related agreements.

*Off-Balance Sheet Arrangements*

As of June 30, 2025, we had no material off-balance sheet arrangements or obligations that have or are reasonably likely to have a current or future effect on our financial condition, change in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that are material to investors.

*Contractual Obligations and Commitments*

Repayments of our gross debt obligations primarily consist of scheduled installments due under term loans and are funded by the use of unrestricted cash reserves and from cash flows from ongoing operations. The table below summarizes our contractual commitments at June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Payment due by period (in thousands)** | **Payment due by period (in thousands)** | **Payment due by period (in thousands)** | **Payment due by period (in thousands)** |
| |<br>**Total** | **Less than<br>1 Year** | **1-3 Years** | **3-5 Years** | **More than<br>5 Years** |
| Debt obligations | $2834137 | $281189 | $475971 | $1451421 | $625556 |
| Interest payments under debt obligations | 542008 | 134642 | 243830 | 143007 | 20529 |
| Purchase obligations | 961263 | 156259 | 339615 | 340074 | 125315 |
| Operating lease obligations | 19059 | 4382 | 5617 | 2786 | 6274 |
| Total | $4356467 | $576472 | $1065033 | $1937288 | $777674 |

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From time to time we enter into contractual commitments to purchase engines directly from original equipment manufacturers. We are currently committed to purchasing 30 additional new LEAP-1A engines and 21 additional new LEAP-1B engines for an aggregate total of $912.6 million by 2030. Further, we are currently committed to purchasing 16 used engines for approximately $48.7 million in 2025. The purchase obligations are subject to escalation based on the closing date of each transaction. Our purchase agreements generally contain terms that allow the Company to defer or cancel purchase commitments in certain situations. These deferrals or conversions would not result in penalties or increased costs other than any potential increase due to the normal year-over-year change in engine list prices, which is akin to ordinary inflation.

In December 2020, we entered into definitive agreements for the purchase of 25 Pratt & Whitney aircraft engines. As part of the purchase, we have committed to certain future overhaul and maintenance services which are anticipated to range between $97.1 million and $126.6 million by 2030.

We have estimated the interest payments due under debt obligations by applying the interest rates applicable at June 30, 2025 to the remaining debt, adjusted for the estimated debt repayments identified in the table above. Actual interest payments made will vary due to changes in the rates.

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We believe our equity base, internally generated funds and existing debt facilities are sufficient to maintain our level of operations for the next twelve months. The level of internally generated funds could decline if the amount of equipment off-lease increases, there is a decrease in availability under our existing debt facilities, or there is a significant increase in borrowing costs. Such decline would impair our ability to sustain our current level of operations. We continue to discuss additions to our capital base with our commercial and investment banks. If we are not able to access additional capital, our ability to continue to grow our asset base consistent with historical trends will be impaired and our future growth would be limited to that which can be funded from internally generated capital.

*Recent Accounting Pronouncements*

The most recent adopted accounting pronouncements and accounting pronouncements to be adopted by the Company are described in Note 1 to our Unaudited Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

**Item 3. Quantitative and Qualitative Disclosures about Market Risk**

Our primary market risk exposure is that of interest rate risk. A change in interest rates would affect our cost of borrowing. Increases in interest rates, which may cause us to raise the implicit rates charged to our customers, could result in a reduction in demand for our leases. Alternatively, we may price our leases based on market rates so as to keep the fleet on-lease and suffer a decrease in our operating margin due to interest costs that we are unable to pass on to our customers. As of June 30, 2025, $866.5 million of our outstanding debt is variable rate debt. We estimate that for every one percent increase or decrease in interest rates on our variable rate debt, net of our interest rate swaps, our annual interest expense would increase or decrease by $3.9 million.

We hedge a portion of our borrowings from time to time, effectively fixing the rate of these borrowings. This hedging activity, which at times is required by our borrowing facilities, helps protect us against reduced margins on longer term fixed rate leases. Such hedging activities may limit our ability to participate in the benefits of any decrease in interest rates but may also protect us from increases in interest rates. Furthermore, since lease rates tend to vary with interest rate levels, it is possible that we can adjust lease rates for the effect of changes in interest rates at the termination of leases. Other financial assets and liabilities are at fixed rates.

We are also exposed to currency devaluation risk. Substantially all of our leases require payment in U.S. dollars. During the six months ended June 30, 2025 and 2024, 71% and 70%, respectively, of our lease rent revenues came from non-United States domiciled lessees. If these lessees' currency devalues against the U.S. dollar, the lessees could potentially encounter difficulty in making their lease payments.

**Item 4. Controls and Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Evaluation of disclosure controls and procedures.* In accordance with Rule 13a-15(b) promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness and design of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Exchange Act), as of the end of the period covered by this report. Based on such evaluation, our CEO and CFO have concluded that as of June 30, 2025, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Inherent limitations on controls.* Management, including the CEO and CFO, does not expect that our disclosure controls and procedures will prevent or detect all error and fraud. Any control system, no matter how well designed and operated, is based upon certain assumptions and can provide only reasonable, not absolute, assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Changes in internal control over financial reporting.* There has been no change in our internal control over financial reporting during our fiscal quarter ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

**PART II — OTHER INFORMATION**

**Item 1. Legal Proceedings**

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*None.*

**Item 1A. Risk Factors**

Investors should carefully consider the risks in the "Risk Factors" in Part 1: Item 1A of our 2024 Form 10-K, filed with the SEC on March 11, 2025, and our other filings with the SEC. These risks are not the only ones facing the Company. Additional risks not currently known to us or that we currently believe are immaterial may also impair our business operations. Any of these risks could adversely affect our business, cash flows, financial condition and results of operations. The trading price of our common stock could fluctuate due to any of these risks, and investors may lose all or part of their investment. In assessing these risks, investors should also refer to the other information contained or incorporated by reference in this Quarterly Report on Form 10-Q. Other than as set forth below, there have been no material changes in our risk factors from those discussed in our 2024 Form 10-K.

*The Company's business may be materially adversely affected by the imposition of duties and tariffs and other trade barriers and retaliatory countermeasures implemented by the U.S. and other governments.*

Recently there have been significant changes to U.S. trade policies, sanctions, legislation, treaties and tariffs, including, but not limited to, trade policies and tariffs affecting products from outside of the U.S. The extent and duration of increased tariffs and the resulting impact on general economic conditions and on our business are uncertain and depend on various factors, such as negotiations between the U.S. and affected countries, the responses of other countries or regions, exemptions or exclusions that may be granted, availability and cost of alternative sources of supply, and demand for our business in affected markets. Additionally, it is possible that U.S. policy changes and uncertainty about such changes could increase market volatility and currency exchange rate fluctuations. As a result of these dynamics, we cannot predict the impact to our business of any future changes to the U.S.'s or other countries' trading relationships or the impact of new laws or regulations adopted by the U.S. or other countries.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *None.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *None.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Issuer Purchases of Equity Securities.* In December 2024, the Board of Directors approved the renewal of the existing common stock repurchase plan which allows for repurchases of up to $60.0 million of the Company's common stock, extending the plan through December 31, 2026. Repurchased shares are immediately retired. No shares were repurchased during the six months ended June 30, 2025. Share repurchase activity during the six months ended June 30, 2025 was as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **(a) Total Number of Shares Purchased** | **(b) Average Price Paid per Share** | **(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **d) Approximate Dollar Value of Shares that May Yet be Purchased under the Plans of Programs** |
| April 1, 2025 through April 30, 2025 |  |  |  | $39595 |
| May 1, 2025 through May 31, 2025 |  |  |  | $39595 |
| June 1, 2025 through June 30, 2025 |  |  |  | $39595 |
| Total |  |  |  | $39595 |

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**Item 3. Defaults Upon Senior Securities**

*None.*

**Item 4. Mine Safety Disclosures**

*Not applicable.*

**Item 5. Other Information**

*Rule 10b5-1 Trading Plans*

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During the quarter ended June 30, 2025, none of the Company's Section 16 officers or directors (as defined in Rule 16a-1 under the Exchange Act) informed us of the adoption, modification, or termination of a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as those terms are defined in Regulation S-K, Item 408, except as described in the table below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name & Title** | **Date Adopted** | **Character of Trading Arrangement** <sup>(1)</sup> | **Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to Trading Arrangement** | **Duration** <sup>(2)</sup> | **Other Material Items** | **Date Terminated** |
| Austin C. Willis, Chief Executive Officer | June 3, 2025 | Rule 10b5-1 Trading Arrangement | Up to 30,600 shares to be sold <sup>(3)</sup> | May 29, 2026 <sup>(4)</sup> | N/A | N/A |

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<sup>(1)</sup> Except as indicated by footnote, each trading arrangement marked as a "Rule 10b5-1 Trading Arrangement" is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended (the "Rule").

<sup>(2)</sup> Except as indicated by footnote, each trading arrangement permitted or permits transactions through and including the earlier to occur of (a) the completion of all purchases or sales or (b) the date listed in the table. Each trading arrangement marked as a "Rule 10b5-1 Trading Arrangement" only permitted or only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule.

<sup>(3)</sup> Austin C. Willis's trading plan provides for the sale of up to 30,600 shares of the Company's common stock, subject to price and volume limits.

<sup>(4)</sup> The arrangement also provides for automatic termination in the event of completion of all sales contemplated under the trading arrangement, Austin C. Willis's death or legal incapacity, written notice from Austin C. Willis of termination of the trading arrangement, determination by the broker that the trading arrangement has been terminated or that a breach by Austin C. Willis has occurred, or upon the broker's exercise of its termination rights under the trading arrangement.

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**Item 6.**

**EXHIBITS**

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 3.1 | [Amended and Restated Certificate of Incorporation, dated March 12, 1998, as amended by the Certificate of Amendment of Certificate of Incorporation, dated April 28, 1998 and further amended by the Certificate of Amendment to the Amended and Restated Certificate of Incorporation dated May 22, 2024 (incorporated by reference to Exhibit. 3.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 11, 2025).](https://www.sec.gov/Archives/edgar/data/1018164/000110465909021423/a09-1420_1ex3d1.htm) |
| 3.2 | [Bylaws, dated April 18, 2001 as amended by (1) Amendment to Bylaws, dated November 13, 2001, (2) Amendment to Bylaws, dated December 16, 2008, (3) Amendment to Bylaws, dated September 28, 2010, (4) Amendment to Bylaws, dated August 5, 2013, and (5) Amendment to Bylaws, dated October 7, 2016 (incorporated by reference to Exhibit 3.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 11, 2025).](https://www.sec.gov/Archives/edgar/data/1018164/000110465913062385/a13-18363_1ex3d1.htm) |
| 4.1 | [Rights Agreement dated as of September 24, 1999, as amended, by and between the Registrant and American Stock Transfer Company, as Rights Agent (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the SEC on October 4, 1999).](https://www.sec.gov/Archives/edgar/data/1018164/000104746999037618/0001047469-99-037618.txt) |
| 4.2 | [First Amendment to Rights Agreement dated as of November 30, 2000, by and between the registrant and American Stock Transfer and Trust Company, as Rights Agent (incorporated by reference to Exhibit 10.1 to our report on Form 8-K filed on December 15, 2000).](https://www.sec.gov/Archives/edgar/data/1018164/000091205700053700/a2033308zex-10_1.txt) |
| 4.3 | [Second Amendment to Rights Agreement dated as of December 15, 2005, by and between the registrant and American Stock Transfer and Trust Company, as Rights Agent (incorporated by reference to Exhibit 4.5 to our report on Form 10-K filed on March 31, 2009).](https://www.sec.gov/Archives/edgar/data/1018164/000110465909021423/a09-1420_1ex4d5.htm) |
| 4.4 | [Third Amendment to Rights Agreement dated as of September 30, 2008, by and between the registrant and American Stock Transfer and Trust Company, as Rights Agent (incorporated by reference to Exhibit 4.6 to our report on Form 10-K filed on March 31, 2009).](https://www.sec.gov/Archives/edgar/data/1018164/000110465909021423/a09-1420_1ex4d6.htm) |
| 4.5 | [Fourth Amendment to Rights Agreement dated August 27, 2018, by and between the registrant and American Stock Transfer and Trust Company, as Rights Agent (incorporated by reference to Exhibit 4.3.1 to our report on Form 10-K filed on March 12, 2020).](https://www.sec.gov/Archives/edgar/data/1018164/000101816420000008/wlfc-20191231xex431xfo.htm) |
| 10.1\*# | [Share Purchase Agreement, dated May 7, 2025, between Willis Asset Management Limited and Willis Mitsui & Co Engine Support Limited.](a101-tripleipaxspaexecut.htm) |
| 10.2\* | [Asset Purchase Agreement, dated as of June 18, 2025, between the Registrant and Willis Engine Structured Trust VIII.](a102-westviiixassetpurch.htm) |
| 10.3\* | [Trust Indenture, dated as of June 18, 2025, among, Willis Engine Structured Trust VIII, as the Issuer U.S. Bank National Association, as the Operating Bank and Trustee, the Registrant, as Administrative Agent, and MUFG Bank, Ltd., as the Initial Liquidity Facility Provider.](a103-westviiixtrustinden.htm) |
| 10.4\* | [Security Trust Agreement dated as of June 18, 2025, among, inter alia, Willis Engine Structured Trust VIII, as the Issuer, and U.S. Bank National Association, as Security Trustee and Operating Bank.](a104-westviiixsecuritytr.htm) |
| 10.5\* | [Servicing Agreement, dated as of June 18, 2025, among, inter alia, Willis Engine Structured Trust VIII and the Registrant, as Servicer and Administrative Agent.](a105-westviiixservicinga.htm) |
| 10.6\* | [Administrative Agency Agreement, dated as of June 18, 2025, among, inter alia, Willis Engine Structured Trust VIII, the Registrant, as the Administrative Agent, and U.S. Bank National Association, as Indenture Trustee and Security Trustee.](a106-westviiixadministra.htm) |
| 10.7\* | [Revolving Credit Agreement, dated as of June 18, 2025, among Willis Engine Structured Trust VIII, as Borrower, the Registrant, as Administrative Agent, and MUFG Bank, Ltd., as Initial Liquidity Facility Provider.](a107-westviiixrevolvingc.htm) |
| 31.1\* | [Certification of Austin C. Willis, pursuant to Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](wlfc-6302025x10qxex311.htm) |
| 31.2\* | [Certification of Scott B. Flaherty, pursuant to Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](wlfc-6302025x10qxex312.htm) |
| 32.1\*\* | [Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](wlfc-6302025x10qxex321.htm) |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101 | The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Redeemable Preferred Stock and Shareholders' Equity, (v) Condensed Consolidated Statements of Cash Flows and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

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________________________________________________________

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith.

#&nbsp;&nbsp;&nbsp;&nbsp;Portions of this exhibit have been omitted in accordance with Item 601(b)(10)(iv) of Regulation S-K.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 5, 2025

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| | |
|:---|:---|
| Willis Lease Finance Corporation | Willis Lease Finance Corporation |
| By: | /s/ Scott B. Flaherty |
|  | Scott B. Flaherty |
|  | Chief Financial Officer |
|  | (Principal Financial and Accounting Officer) |

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## Exhibit 10.1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*] Indicates that certain information in this exhibit has been excluded because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential. Dated 2025 WILLIS ASSET MANAGEMENT LIMITED and WILLIS MITSUI & CO ENGINE SUPPORT LIMITED AGREEMENT FOR THE SALE AND PURCHASE OF THE ENTIRE ISSUED SHARE CAPITAL OF BRIDGEND ASSET MANAGEMENT LIMITED Contents Clause Page 1 Definitions and interpretation .........................................................................................................1 2 Agreement to sell the Shares .........................................................................................................1 3 Condition and covenants up to Completion ...................................................................................1 4 Consideration .................................................................................................................................2 5 Completion .....................................................................................................................................3 6 The Warranties, the Buyer's Warranties and the Hive Down Indemnity ........................................4 7 Tax Schedule .................................................................................................................................6 8 Dealing with the Shares .................................................................................................................7 9 Access to books and records .........................................................................................................7 10 Entire agreement ............................................................................................................................8 11 Rights .............................................................................................................................................8 12 Further assurances ........................................................................................................................9 13 Remedies and waivers ...................................................................................................................9 14 Severance ......................................................................................................................................9 15 Set off .............................................................................................................................................9 16 Payments .......................................................................................................................................9 17 Variation ...................................................................................................................................... 10 18 Termination ................................................................................................................................. 10 19 Counterparts ................................................................................................................................ 11 20 Costs and expenses .................................................................................................................... 11 21 Transfer Taxes ............................................................................................................................ 11 22 Agreement binding ...................................................................................................................... 11 23 Assignment .................................................................................................................................. 11 24 Rights of third parties .................................................................................................................. 11 25 Announcements and confidentiality ............................................................................................ 12 26 Notices......................................................................................................................................... 13 27 No Agency, Joint Venture or Partnership .................................................................................... 14 28 Governing law ............................................................................................................................. 14 29 Jurisdiction .................................................................................................................................. 14 Information about the Company ......................................................................................... 16 The Warranties ................................................................................................................... 17 Buyer's Warranties ............................................................................................................. 30 Tax Schedule ...................................................................................................................... 32 Limitations on the liability of the Seller ............................................................................... 49 – Conditions Precedent ...................................................................................................... 58 – Covenants up to Completion ........................................................................................... 59 Completion ......................................................................................................................... 63 Completion Accounts ......................................................................................................... 66 Definitions and interpretation ............................................................................................ 73 Agreed form documents Accounts Amended and Restated Joint Venture Agreement Data Room Index Disclosure Letter 1 THIS AGREEMENT is dated ……………………….. 2025 and is made between: (1) WILLIS ASSET MANAGEMENT LIMITED (company registration number 10438325) whose registered office is at Aviation House, Brocastle Avenue, Waterton Industrial Estate, Bridgend, Wales, CF31 3XR (the Seller); and (2) WILLIS MITSUI & CO ENGINE SUPPORT LIMITED, a company duly incorporated and existing under the laws of Ireland (company registration number 497121), whose registered office is at 70 Sir John Rogerson's Quay, Dublin 2, Ireland (the Buyer). NOW IT IS HEREBY AGREED as follows: 1 Definitions and interpretation In addition to terms defined elsewhere in this Agreement, the definitions and other provisions in Schedule 10 (Definitions and interpretation) apply, unless the context requires otherwise. 2 Agreement to sell the Shares 2.1 With effect from Completion and on the terms of this Agreement, the Seller shall sell to the Buyer and the Buyer shall buy from the Seller the Shares with full title guarantee and free from all Encumbrances. 2.2 Title to, beneficial ownership of, and any risk attaching to, the Shares shall pass on Completion together with all associated rights and benefits attaching or accruing to them on or after Completion (including all dividends and distributions declared, made or paid on or after Completion) and shall until that point be retained by the Seller. 2.3 The Seller irrevocably and unconditionally waives and shall procure the waiver of any rights of pre-emption or other restrictions on transfer which may exist, conferred on it by the articles of association of the Company (or equivalent constitutional documents) or otherwise over any of the Shares, in respect of the transfer to the Buyer of the Shares. 2.4 The Buyer shall not be obliged to complete the purchase of any of the Shares unless the purchase of all the Shares is completed simultaneously. 3 Condition and covenants up to Completion 3.1 Condition The sale and purchase of the Shares is subject to the satisfaction and continued satisfaction at Completion or, where permitted, waiver of the Competition Condition. 3.2 Waiver

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&nbsp;&nbsp;&nbsp;&nbsp;2 To the extent that it is legally entitled to do so, the Buyer may in its absolute discretion waive the Competition Condition in whole or in part by giving notice to the Seller. 3.3 Procuring satisfaction (a) The parties shall use all reasonable endeavours to procure, to the extent each party is able, that the Competition Condition is satisfied as soon as practicably possible and in any event before the Longstop Date. The Buyer and the Seller shall co-operate to the extent necessary to procure the satisfaction of the Competition Condition. (b) In the case of the Buyer, the endeavours referred to in clause 3.3(a) shall, among other things, require the Buyer to use all reasonable endeavours to take any and all actions, including the giving of other appropriate undertakings, commitments or modifications which are necessary or reasonably appear to be necessary in order to satisfy the Competition Condition. 3.4 Notification Each party shall notify the other within three (3) Business Days of it becoming aware of the Competition Condition being satisfied and shall supply written evidence (if available) to the other demonstrating the fulfilment of the Competition Condition. Each party shall notify the other promptly upon becoming aware that the Competition Condition has become incapable of fulfilment on or before the Longstop Date. 3.5 Deadline for satisfaction If the Competition Condition: (a) is not satisfied or (where capable of waiver) expressly waived by the Buyer in writing by 5 p.m. on the Longstop Date; or (b) becomes incapable of fulfilment prior to the Longstop Date and has not been expressly waived by the Buyer in writing and the Buyer notifies the Seller that it has no intention of waiving the Competition Condition, either party may terminate this Agreement by giving notice to the other and clause 18 shall apply. 3.6 Pre-Completion undertakings The Seller shall comply with the requirements set out in Schedule 7 (Covenants up to Completion). 4 Consideration 3 4.1 The consideration for the sale of the Shares shall be the payment by the Buyer to the Seller of the Purchase Price in cash. Payment of the Initial Purchase Price 4.2 At Completion, the Buyer shall pay to the Seller, in accordance with clause 16.1 (Payments), an amount (the Initial Purchase Price) equal to [\*] plus the amount by which the Estimated Working Capital exceeds the Target Working Capital or less the amount by which the Estimated Working Capital falls below the Target Working Capital. 4.3 Not less than five (5) Business Days prior to Completion, the Seller shall provide the Buyer with its calculation of the Estimated Working Capital which shall be prepared in accordance with paragraph 2 of Part A of Schedule 9 (Completion Accounts). Determination of the Purchase Price 4.4 After Completion, such further payments as are provided for under clause 4.5 shall be made by the Buyer to the Seller or by the Seller to the Buyer (as the case may be) in accordance with those clauses. The provisions of Schedule 9 (Completion Accounts) shall apply in respect of the preparation and finalisation of the Completion Accounts and the consequent determination of the Purchase Price. 4.5 If the Actual Working Capital, as shown by the Completion Accounts, is: (a) less than the Estimated Working Capital, the Seller shall pay to the Buyer an amount equal to the difference; or (b) greater than the Estimated Working Capital, the Buyer shall pay to the Seller an amount equal to the difference; or (c) equal to the Estimated Working Capital, no payment shall be due from the Seller or the Buyer pursuant to this clause 4.5. 4.6 Any payment which the Buyer or the Seller is obliged to pay to the other under clause 4.5 shall be paid within three (3) Business Days after the date of finalisation of the Completion Accounts. Any such payment shall be made in accordance with clause 16.1 (Payments). 4.7 A payment made by one party to the other in satisfaction of a liability arising under this Agreement will be treated as far as possible as having adjusted the Purchase Price by the amount of the payment. 5 Completion 5.1 If the Competition Condition is satisfied or waived, Completion shall take place at 05.01 am on the first calendar day of the month immediately following the month in which it was so satisfied or 4 waived; provided that, if there is less than five (5) Business Days between those two dates, then Completion shall instead take place at 05.01 am on the first calendar day of the subsequent calendar month. Completion shall take place remotely or at such other place as the parties may agree in writing. 5.2 At Completion: (a) the Seller shall do those things listed in Part A of Schedule 8 (Completion); and (b) the Buyer shall do those things listed in Part B of Schedule 8 (Completion). Consequences of Default 5.3 If any of the obligations of the either party under clause 5.2 and Part A or Part B of Schedule 8 (Completion) are not complied with on the Completion Date, the non-defaulting party shall not be obliged to complete this Agreement and may without prejudice to all other rights or remedies available to it: (a) defer Completion by notice to the defaulting party to a date (being a Business Day) not less than ten (10) nor more than twenty (20) Business Days after the date set by clause 5.1 (and the provisions of this clause 5.3 (other than this clause 5.3(a)) shall apply to Completion as so deferred); (b) proceed to Completion so far as practicable and without prejudice to its rights and remedies under this Agreement; or (c) waive (to the extent that it is legally entitled to do so) any or all of the requirements contained in Part A or Part B (as applicable) of Schedule 8 (Completion) in its absolute discretion. Effect of postponement of Completion 5.4 If the non-defaulting party defers Completion to another date in accordance with clause 5.3(a), the provisions of this Agreement shall apply as if that other date is the Completion Date and references to the Completion Date will be construed as references to that date. If any of the obligations of the defaulting party under clause 5.2 and Part A or Part B (as applicable) of Schedule 8 (Completion) are not complied with on the deferred Completion Date, the non- defaulting party shall not be obliged to complete this Agreement and may without prejudice to its rights under clause 5.3 terminate the Agreement on such date by notice to the defaulting party. 6 The Warranties, the Buyer's Warranties and the Hive Down Indemnity 6.1 The Seller warrants to the Buyer that each of: 5 (a) the Warranties is true and accurate at the date of this Agreement; and (b) each of the Fundamental Warranties is true and accurate at Completion. 6.2 The Business Warranties are subject to and qualified by: (a) those matters Disclosed in the Disclosure Letter and the documents and information provided in the Data Room; and (b) all matters specifically provided for or noted in the Accounts. 6.3 In each Business Warranty, where any statement is qualified as being made "so far as the Seller is aware" or any similar expression, such statement shall be deemed to refer to the actual knowledge of Dean Poulakidas, Scott Flaherty, Garry Failler, Lynne McMillan and Andrew Mirsky after they have made reasonable enquiries of Gerard Mooney, Christopher Street, Stephanie Sutherland and Rachel Barbour. 6.4 Where any Business Warranty is qualified by reference to materiality (including the phrase "in all material respects" or any similar expression), such reference shall, unless specified to the contrary, be construed as a reference to materiality in the context of the business of the Company taken as a whole. 6.5 Each of the paragraphs in Schedule 2 (The Warranties) shall be construed as a separate and independent warranty and, except as expressly provided to the contrary in this Agreement, shall not be limited by reference to any other paragraphs of Schedule 2 (The Warranties) or to any other provision of this Agreement or the Tax Schedule and the Buyer shall have a separate claim and right of action in respect of every breach of a Warranty. 6.6 Without prejudice to the generality of clause 10 (Entire agreement), the Buyer acknowledges that the only warranties or other assurances of any kind given by or on behalf of the Seller are the Warranties and that accordingly the Seller makes no warranty or representation as to the information or documents made available to the Buyer or its advisers or Representatives prior to the date of this Agreement including such as may be contained in the Data Room. 6.7 The Seller shall not be liable in respect of any Relevant Claim in respect of which the directors of the Buyer who have been appointed by Mitsui have actual knowledge of the matter giving rise to that Relevant Claim on or before the date of this Agreement after having made all reasonable enquiries. 6.8 Except in relation to matters which are Disclosed in respect of the Business Warranties and Tax Warranties, none of the Warranties shall be qualified by any actual, imputed or constructive knowledge on the part of the directors of the Buyer appointed by WLFC and no such knowledge

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&nbsp;&nbsp;&nbsp;&nbsp;6 shall prejudice or be used as a defence to any Warranty Claim or Tax Claim or otherwise operate to reduce the amount recoverable. 6.9 Notwithstanding clause 6.8, the Buyer warrants that as at the date of this Agreement none of the directors of the Buyer appointed by Mitsui is aware of any matter that they know would enable the Buyer to bring a Relevant Claim. 6.10 Any Relevant Claim shall be subject to the limitations and other provisions set out in Schedule 5 (Limitations on liability of the Seller). 6.11 The satisfaction by the Seller of any Relevant Claim (including any Warranty Claim, Tax Schedule Claim and/or Hive Down Indemnity Claim) shall (as far as legally possible) be deemed to constitute a reduction in the consideration payable by the Buyer for the sale of the Shares. 6.12 The Buyer warrants to the Seller that each of the warranties set out in Schedule 3 (Buyer's warranties) is true and accurate at the date of this Agreement and as at Completion. 6.13 Save for its rights under the Hive Down Agreement and the Intra-Group Agreements, the Seller confirms that it has no claim or right of action of any kind against the Company or any of its directors or employees at the date of this Agreement and to the extent that any such claim or right of action arises prior to Completion, the Seller irrevocably and unconditionally: (a) releases and discharges the Company or any of its directors or employees from any obligation or liability (whether actual or contingent) owed to the Seller that is outstanding at Completion other than obligations or liabilities under or in connection with the Hive Down Agreement and/or any of the Intra-Group Agreements; and (b) waives all claims the Seller may have against the Company or any of its directors or employees at Completion other than claims under or in connection with the Hive Down Agreement and/or any of the Intra-Group Agreements. 6.14 This Agreement (other than obligations that have already been fully performed) remains in full force after Completion. 6.15 The Seller shall pay to the Buyer on demand the amount of all Losses incurred by the Buyer and the Company arising as a result of the sale and purchase of the consultancy and records management businesses and associated assets of the Seller by the Company (the Hive Down) having been carried out otherwise than in accordance with the Hive Down Agreement. 7 Tax Schedule The provisions of Schedule 4 (Tax Schedule) shall come into effect at Completion. 7 8 Dealing with the Shares 8.1 The Seller hereby declares that for so long as it remains the registered holder of any of the Shares after Completion it shall: (a) hold the Shares and the dividends and other distributions of profits or surplus or other assets declared, paid or made in respect of them after Completion and all rights arising out of or in connection with them on trust for the Buyer as the beneficial owner of the Shares, and its successors in title; (b) not exercise or appoint or allow any person to exercise any of the rights attaching to the Shares without the Buyer's consent; (c) give promptly to the Buyer a copy of all notices, written resolutions and other communications received by the Seller in respect of the Shares; and (d) deal with and dispose of the Shares and all such dividends, distributions and rights as the Buyer or any such successor may direct. 9 Access to books and records 9.1 The Buyer shall, and shall procure that the Company shall, for a seven (7) year period after Completion, retain and permit the Seller's Group to have reasonable access to (with the right to take copies at the expense of the relevant member of the Seller's Group) the books, records, documents and information of the Company to the extent they relate to periods prior to Completion and with the exception of Seller Excluded Materials (Transferred Records). Without prejudice to the foregoing, the Buyer shall permit the Seller to seek reasonable assistance of the employees of the Company, whilst they remain so to answer queries or otherwise assist the Seller with respect to the Transferred Records or any matters and information which the Seller may reasonably require to the extent that such matters and information relate to the Company and periods prior to Completion and are not Seller Excluded Materials. 9.2 The Seller shall, and shall procure that the relevant members of the Seller's Group shall, for a seven (7) year period after Completion, retain and permit the Buyer to have reasonable access to (with the right to take copies at the Buyer's expense) the books, records, documents and information of members of the Seller's Group to the extent they relate to the Company and to periods prior to Completion and with the exception of Buyer Excluded Materials (Retained Records). Without prejudice to the foregoing, the Seller shall permit the Buyer to seek the reasonable assistance of the Seller's employees (whilst they remain so) to answer queries or otherwise assist the Buyer with respect to the Retained Records or any matters and information which the Buyer may reasonably require to the extent that such matters and information relate to the Company and periods prior to Completion and are not Buyer Excluded Materials. 8 9.3 For the purposes of clause 9.1, Seller Excluded Materials shall mean such documentation and materials (or parts thereof) the disclosure of which would cause a risk of loss or waiver of privilege for the Buyer or where disclosure would be in breach of law or regulation and, for the purposes of clause 9.2, Buyer Excluded Materials shall mean Transaction Communications and such other documentation and materials (or parts thereof) the disclosure of which would cause a risk of loss or waiver of privilege for the Seller or where disclosure would be in breach of law or regulation. 10 Entire agreement 10.1 Each party acknowledges and agrees for itself (and as agent for each of its respective Related Undertakings) that: (a) the Share Purchase Documents constitute the entire agreement between the parties and supersede any prior agreement, understanding, undertaking or arrangement between the parties relating to the subject matter of the Share Purchase Documents; (b) in entering into the Share Purchase Documents, they do not rely on any statement, representation, assurance or warranty of any person (whether a party to the Share Purchase Documents or not and whether made in writing or not) other than as expressly set out in (and on the terms of) the Share Purchase Documents; (c) except as expressly provided in this Agreement, no party may rescind or terminate this Agreement for breach of contract or for negligent or innocent misrepresentation or otherwise; and (d) nothing in this clause, and no other limitation in this Agreement, shall exclude or limit any liability for fraud. 11 Rights 11.1 All provisions of this Agreement shall so far as they are capable of being performed or observed continue in full force and effect notwithstanding Completion except in respect of those matters then already performed and Completion shall not constitute a waiver of any of the Buyer's rights in relation to this Agreement. 11.2 Subject to clause 10, the rights, powers, privileges and remedies provided in this Agreement are cumulative and are not exclusive of any rights, powers, privileges or remedies provided by law or otherwise. 11.3 No failure to exercise nor any delay in exercising any right, power, privilege or remedy under this Agreement shall in any way impair or affect its exercise or operate as a waiver in whole or in part. 9 11.4 No single or partial exercise of any right, power, privilege or remedy under this Agreement shall prevent any further or other exercise or the exercise of any other right, power, privilege or remedy. 12 Further assurances Save as provided in clause 21, the Seller shall at its own cost (and shall use its reasonable endeavours to procure that any third parties shall) promptly execute and deliver to the Buyer such other documents in a form satisfactory to the Buyer, and take such other action, as may, in the opinion of the Buyer, be required to give to the Buyer the full benefit of all the provisions of this Agreement, including vesting in the Buyer the legal and beneficial title to the Shares. 13 Remedies and waivers The rights and remedies of each party to this Agreement are, except where expressly stated to the contrary, without prejudice to any other rights and remedies available to it, save that neither party shall be entitled to terminate this Agreement after Completion. No neglect, delay or indulgence by either party in enforcing any provision of this Agreement shall be construed as a waiver and no single or partial exercise of any rights or remedy of either party under this Agreement will affect or restrict the further exercise or enforcement of any such right or remedy. 14 Severance Each provision of this Agreement is severable and distinct from the others and, if any provision is, or at any time becomes, to any extent or in any circumstances invalid, illegal or unenforceable for any reason, that provision shall to that extent be deemed not to form part of this Agreement but the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected or impaired, it being the parties' intention that every provision of this Agreement shall be and remain valid and enforceable to the fullest extent permitted by law. 15 Set off Neither party shall be entitled to set off, deduct or retain from any sum due by it to the other party or the Company any amount in respect of a claim by it under this Agreement or any of the other Share Purchase Documents. 16 Payments 16.1 Unless otherwise expressly stated (or otherwise agreed in the case of a given payment), each payment under this Agreement shall be made on or before the date the payment is due by electronic funds transfer for value on that date to: (a) in the case of a payment to the Seller, the Seller's Bank Account; and

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&nbsp;&nbsp;&nbsp;&nbsp;10 (b) in the case of a payment to the Buyer, the Buyer's Bank Account, and receipt of the amount due into the Seller's Bank Account or the Buyer's Bank Account (as the case may be) shall constitute an effective and valid discharge of the relevant payment obligation. 17 Variation No amendment to this Agreement will be effective unless it is made in writing and signed by or on behalf of each of the parties. 18 Termination 18.1 Termination Events This Agreement may be terminated at any time prior to Completion: (a) by mutual written consent of the Seller and the Buyer; (b) by either party in accordance with clause 3.5; (c) by either party in accordance with clause 5.4; or (d) by the Buyer, if there is a breach of any Fundamental Warranty given on the Completion Date, each a "Termination Event". This Agreement may not be terminated for any other reason and any other right of termination arising under common law is excluded. 18.2 Notice of Termination This Agreement shall terminate if a Termination Event occurs prior to Completion and the party entitled to terminate gives notice to the other party that it wishes to terminate. 18.3 Surviving Provisions If this Agreement is terminated, this Agreement shall become void and of no further force and effect, except for: (a) any rights and obligations under clauses 10 (Entire Agreement), 13 (Remedies and waivers) to 22 (Agreement binding) and 24 (Rights of third parties) to 29 (Jurisdiction); and (b) any rights or liabilities which have accrued prior to termination. 11 19 Counterparts 19.1 This Agreement may be executed in any number of counterparts. Each counterpart, when duly exchanged or delivered, is an original, but the counterparts together are one and the same agreement. 19.2 Any counterpart may take the form of an electronic copy of this Agreement and that counterpart: (a) will be treated as an original counterpart; (b) is sufficient evidence of the execution of the original; and (c) may be produced in evidence for all purposes in place of the original. 19.3 Delivery of a counterpart of this Agreement by e-mail attachment or post shall be an effective mode of delivery. 20 Costs and expenses Except as otherwise provided in this Agreement, each of the parties shall be responsible for its respective legal and other costs incurred in relation to the negotiation, preparation and completion of this Agreement and all other Share Purchase Documents. 21 Transfer Taxes All Transfer Taxes in respect of the sale and purchase of the Shares shall be for the account of, and paid for by, the Buyer and the Purchase Price shall be exclusive of any such Transfer Taxes. 22 Agreement binding This Agreement shall be binding on and shall enure for the benefit of the successors in title of each party. 23 Assignment Neither of the parties shall be entitled to assign transfer, mortgage, charge, declare a trust of, or deal in any other way with any or all of its rights, interests or obligations under this Agreement. Any purported assignment in contravention of this clause 23 shall be void. 24 Rights of third parties A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms. 12 25 Announcements and confidentiality 25.1 Subject to clause 25.2, no announcement, circular or communication (each an Announcement) concerning the existence or content of this Agreement shall be made by either party (or any of its respective Related Undertakings) without the prior written approval of the other party (such approval not to be unreasonably withheld or delayed). 25.2 Clause 25.1 does not apply to any Announcement to the extent that it is required to be made by the rules of any stock exchange or any governmental, regulatory or supervisory body or court of competent jurisdiction (Relevant Authority) to which the party making the Announcement is subject, whether or not any of the same has the force of law, provided that any Announcement shall, so far as is practicable, be made after consultation with the other party and after taking into account its reasonable requirements regarding the content, timing and manner of despatch of the Announcement in question. 25.3 Subject to clause 25.4, each party shall treat as strictly confidential all information received or obtained as a result of entering into or performing this Agreement (and, in the case of the Seller, as a result of its ownership of the Company prior to Completion) which relates to: (a) the subject matter and provisions of this Agreement; (b) the negotiations relating to this Agreement; (c) the other party and/or its Related Undertakings; and/or (d) in the case of the Seller with effect only on and after Completion (and subject always to clause 25.4), the Company. 25.4 A party may disclose information which would otherwise be confidential to the extent: (a) required by the law of any relevant jurisdiction; (b) required by any Relevant Authority (other than a Taxation Authority) to which the party making the disclosure is subject, whether or not such requirement has the force of law; (c) the disclosure is made to a Taxation Authority where that Taxation Authority is under a statutory duty of confidentiality; (d) required to vest the full benefit of this Agreement in either party; (e) disclosure is made to its Related Undertakings and/or its Representatives, provided that any such Related Undertaking or Representative is first informed of the confidential nature of the information and such Related Undertaking or Representative acts in accordance with the provisions of clause 25.3 as if it were a party hereto; 13 (f) the information has come into the public domain through no fault of that party; or (g) the other party has, given its prior written approval to the disclosure, provided that prior to any disclosure pursuant to clause 25.4(a), (b) or (c), the party concerned shall, where not prohibited by law and so far as is reasonably practicable, consult with the other party. 26 Notices 26.1 A notice given under or in connection with this Agreement must be: (a) in writing; (b) in the English language; and (c) delivered by hand, pre-paid recorded delivery, pre-paid special delivery or courier using an internationally recognised courier company, or email to the Notified Address and for the attention of the relevant party. 26.2 The Notified Address of each of the parties is as set out below: Name of party Address E-mail Address Attention to: Seller Willis Asset Management Limited Aviation House, Brocastle Avenue, Waterton Industrial Estate, Bridgend, Wales, CF31 3XR [\*] [\*] Buyer Willis Mitsui & Co Engine Support Limited 70 Sir John Rogerson's Quay, Dublin 2, Ireland [\*] and [\*] [\*] or such other Notified Address as either party may, by notice to the other, substitute for their Notified Address set out above. 26.3 Any notice or document shall be deemed to have been served: (a) if delivered by hand or reputable courier, at the time of delivery; (b) if sent by first class, recorded or special delivery within the United Kingdom, at 10.00 a.m. on the second Business Day after it was posted; or (c) if sent by e-mail, when sent unless the sender has received notification that such e-mail has not been successfully delivered.

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&nbsp;&nbsp;&nbsp;&nbsp;14 26.4 In proving service of a notice or document under this Agreement: it shall be sufficient to prove that delivery was made in accordance with this clause 26: (a) if delivered by hand or reputable courier, it shall be sufficient to prove that hand delivery was made by producing a delivery receipt evidencing delivery to the relevant address; (b) if sent by first class, recorded or special delivery within the United Kingdom, it shall be sufficient to produce a postal receipt issued by the postal service and that the envelope containing such notice or document was properly addressed and delivered into the custody of the postal authorities; and (c) if sent by e-mail, it shall be sufficient to produce a system generated confirmation of successful dispatch of the e-mail. 27 No Agency, Joint Venture or Partnership Nothing contained in this Agreement shall constitute or be deemed to constitute an association, joint venture or partnership between the parties and no party shall be, or construed to be, the agent of the other party for any purpose or to have the authority to bind or incur any obligation on behalf of the other party, save as otherwise expressly provided in this Agreement. 28 Governing law 28.1 This Agreement and any non-contractual obligations connected with it shall be governed by English law. 28.2 The parties irrevocably agree that all disputes arising under or in connection with this Agreement, or in connection with the negotiation, existence, legal validity, enforceability or termination of this Agreement, regardless of whether the same shall be regarded as contractual claims or not, shall be exclusively governed by and determined only in accordance with English law. 29 Jurisdiction The parties irrevocably agree that the courts of England and Wales are to have exclusive jurisdiction, and that no other court is to have jurisdiction to: (a) determine any claim, dispute or difference arising under or in connection with this Agreement, any non-contractual obligations connected with it, or in connection with the negotiation, existence, legal validity, enforceability or termination of this Agreement, whether the alleged liability shall arise under the law of England and Wales or under the law of some other country and regardless of whether a particular cause of action may successfully be brought in the English courts (Proceedings); and 15 (b) grant interim remedies, or other provisional or protective relief. 30 Service of process The Buyer hereby irrevocably authorises and appoints the Company of Aviation House, Brocastle Avenue, Waterton Industrial Estate, Bridgend, Wales, CF31 3XR as process agent to receive on its behalf service of all legal process arising out of or in connection with any proceedings before the courts of England and Wales in connection with this Agreement. The Buyer agrees that: (a) failure by the Company to notify it of the process will not invalidate the proceedings concerned; and (b) if this appointment is terminated for any reason whatsoever or the process agent ceases to be able to act as process agent, or no longer has an address in England, it will appoint a replacement agent having an office or place of business in England or Wales and will notify the Seller of this appointment. This Agreement has been executed on the day and year first above written. 16 Information about the Company Date and place of incorporation 27 September 2024 England and Wales Registered number 15983255 Registered office Aviation House, Brocastle Avenue, Waterton Industrial Estate, Bridgend, Wales, CF31 3XR Registered email address [\*] Issued share capital [\*] ordinary shares of [\*] each, which are fully paid Shareholder Willis Asset Management Limited Directors Dean Michael Poulakidas Brian Richard Hole Austin Chandler Willis Secretary None Auditors N/A Accounting reference date or financial year end 31 December Registered Charges None 17 The Warranties 1 The Shares 1.1 The Shares have been validly issued and allotted and constitute the entire issued and allotted share capital of the Company and are fully paid up. 1.2 The Seller is the legal and beneficial owner of the Shares free from Encumbrances. 1.3 The Seller is entitled to sell and transfer or procure the sale and transfer of the full legal and beneficial ownership in the Shares to the Buyer on the terms set out in this Agreement. 1.4 There is no Encumbrance on, over or affecting the Shares, there is no agreement or commitment to give or create any such Encumbrance and no person has made any claim to be entitled to any right over or affecting the Shares. 1.5 There is no agreement, arrangement or commitment outstanding which calls for the allotment or issue or grants to any person the right to call for the allotment or issue of any share or loan capital of the Company. 2 Powers and obligations of the Seller 2.1 The Seller is duly incorporated and validly existing under the laws of its jurisdiction. 2.2 The Seller has the right, power and authority and has taken all action necessary to execute and deliver, and to exercise its rights and perform its obligations under, this Agreement and each of the other Share Purchase Documents to be executed at or before Completion, and each such document will, when executed, constitute legal, valid and binding obligations of the Seller enforceable in accordance with their respective terms. 2.3 Save as for the Competition Condition, no consent, authorisation, licence or approval of or notice to the Seller's shareholders or any governmental, administrative, judicial or regulatory body, authority or organisation is required to authorise the execution, delivery, validity, enforceability or admissibility in evidence of this Agreement or any of the other Share Purchase Documents or the performance by the Seller of its obligations under this Agreement or any of the other Share Purchase Documents. 2.4 The execution and delivery of this Agreement and the Share Purchase Documents to which the Seller is a party will not conflict with or constitute a default under: (a) any agreement or arrangement to which the Seller is bound;

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&nbsp;&nbsp;&nbsp;&nbsp;18 (b) any order, judgment, decree or other restriction applicable to the Seller; (c) the articles of association or other constitutional documents of the Seller; or (d) applicable law. 2.5 There are no outstanding judgments, orders, injunctions, decrees, actions or proceedings pending or threatened against the Seller which could have an adverse impact on the ability of the Seller to perform its obligations under this Agreement and the Share Purchase Documents to which it is a party. 2.6 In relation to the Seller: (a) the Seller is not insolvent or otherwise unable to pay its debts as they fall due under the laws of any jurisdiction; (b) no administrator, receiver or administrative receiver has been appointed in respect of it or any of its assets and no application for the same or for a moratorium in respect of it or any of its assets has been made or threatened; (c) there are no proceedings in relation to any compromise or arrangement with creditors or any winding up, bankruptcy or other insolvency proceedings concerning the Seller and no events have occurred which would justify such proceedings; and (d) none of the Seller's creditors has taken, or is entitled to take any steps to enforce, or has enforced any security over any of the Seller's assets. 3 Constitution, structure and Data Room 3.1 The Company is a private company limited by shares formed and registered under CA 2006 or other applicable law. The Company's shares are not now nor have they at any time been listed on any stock exchange or regulated market. 3.2 The information set out in Schedule 1 (Information about the Company) is complete and accurate. 3.3 No person has the right (whether exercisable now or in future and whether contingent or not) to call for the issue or transfer of any share or loan capital of the Company under any option or other agreement or otherwise. 3.4 The Company has no interest and has never had any interest in the shares or securities of, or other investment in, any body corporate. 3.5 All registers and minute books required by law to be kept by the Company have been properly maintained and contain records of the matters which are required by law to be recorded in them, 19 and the Company has not received any written application or request for rectification of its registers or any written notice or allegation that any of them is incorrect. 4 Compliance with legal requirements Laws and licensing 4.1 So far as the Seller is aware, the Company is conducting, and the Company or the Seller (as the case may be) has at all times within the last three (3) years prior to the date of this Agreement conducted, the Business in all material respects in accordance with all applicable laws and regulations of the United Kingdom, the European Union and in any other jurisdiction in which Business is conducted. 4.2 The Company has obtained all licences, permissions, consents and other approvals required for the carrying on of the Business in the places and in the manner in which the Business is now carried on and such licences, permissions, consents and approvals are in full force and effect and so far as the Seller is aware, there are no current circumstances which indicate that any of such licences, permissions, consents, or approvals will be revoked or not renewed. ABC and modern slavery 4.3 Neither the Seller nor the Company has been notified that any investigation, review, enquiry, proceeding or claim in respect of the affairs of the Company or the affairs of its Associated Persons is being or has been initiated, conducted or is threatened or pending by any governmental, administrative, judicial, regulatory or other body, authority or organisation in any jurisdiction in relation to any Financial Crime Law, the Modern Slavery Act 2015 or otherwise, and so far as the Seller is aware there are no circumstances likely to give rise to any such investigation, enquiry, proceeding or claim. 4.4 Neither the Company nor any of its respective directors, officers or Associated Persons is or has at any time engaged in any activity, practice or conduct or has taken any action or failed to act, directly or indirectly, which would constitute an offence under: (a) any Financial Crime Law; or (b) the UK Modern Slavery Act 2015. 4.5 The Company has at all times implemented, monitored, reviewed and ensured compliance with the Adequate Procedures adopted by the Seller's Group as regards itself and its Associated Persons. 20 Regulatory compliance 4.6 The Data Room includes details of the permissions, permits, consents or approvals granted by the Relevant Regulators (the Regulatory Permissions) to the Company. 4.7 The Regulatory Permissions are the only permissions and permits required by the Company in order to carry on its business as it is presently conducted and the Company has, at all material times, held such permissions and permits as are required from the Relevant Regulators to carry on its business. 4.8 So far as the Seller is aware, there are no current circumstances which indicate that any of the Regulatory Permissions may be suspended, varied, limited, modified, revoked or not renewed, or otherwise materially affected, in whole or in part, and the Company has not received written notice from the Relevant Regulator that it is or may be in default of, or carrying on business otherwise than in accordance with its Regulatory Permissions. 4.9 Each Regulatory Permission held by the Company is in full force and effect. 4.10 So far as the Seller is aware, within the last 3 (three) years, neither the Company nor the Seller (to the extent applicable) has committed any material breach of the rules of any applicable Relevant Regulator and so far as the Seller is aware, there are no grounds for any disciplinary enquiries or proceedings by any Relevant Regulator against the Company. 4.11 So far as the Seller is aware, within the last 3 (three) years, all material returns, reports, data and other information, applications and notices required to be filed with or otherwise provided to the Relevant Regulators in connection with the Business have been duly filed. 4.12 The Data Room contains copies of all material correspondence between the Company and the Relevant Regulators within the last 12 (twelve) months other than circulars or similar non-specific correspondence or communications. 4.13 Each person who, by virtue of his carrying out a particular function or having a particular role for or on behalf of the Company, is required to be approved for such purpose by a Relevant Regulator, is so approved. 4.14 The Company or the Seller (as the case may be) is not, nor has it been, within the last 3 (three) years, the subject of any formal investigation (other than routine visits by the applicable Relevant Regulator), enquiry or action, excluding non-specific communications or correspondence, in respect of the Business or any of its directors by an applicable Relevant Regulator. Sanctions 21 4.15 Neither the Company or Seller, nor the Company's or Seller's directors or employees, is a Sanctioned Person, or acts directly or indirectly on behalf of a Sanctioned Person. 4.16 The Company is not incorporated, located, resident or carrying on a trade or business in a Sanctioned Territory. 4.17 The Company is in compliance with all applicable Sanctions and is not engaged in any activities that would reasonably be expected to result in the Company being designated as a Sanctioned Person. 5 Accounting information The Accounts 5.1 The Accounts have been prepared with due care and skill and: (a) reflect with reasonable accuracy the financial position of the Company as at the date to which they have been prepared; and (b) are not false or misleading in any material respect. Accounting records 5.2 The accounting records of the Company have been properly written up and present and reflect in accordance with good accounting practice those transactions to which the Company has been a party and of those matters required in accordance with CA 2006 to be entered in them and are in the possession of the Company. 6 Transactions since the Hive Down Date 6.1 Since the Hive Down Date: (a) the Company has entered into transactions and incurred liabilities in the ordinary course of day-to-day trading operations and not otherwise; (b) the Company has not acquired or disposed of, or agreed to acquire or to dispose of, any material assets (including any interest in land or buildings), 'material' for these purposes meaning having an acquisition or disposal value in excess of [\*]; (c) the Company has not repaid or redeemed any share or loan capital or agreed to do so; (d) no dividend or distribution of profits or assets has been, or agreed to be, made, paid or declared by the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;22 (e) the Company has not issued or agreed to issue any share or loan capital or other similar interest; and (f) no resolution of the Company's shareholder has been passed. 7 Financial matters 7.1 The Company is not a party to, nor does it have any liability under any Guarantee whether given to support the obligations of any member of the Seller's Group or otherwise. 7.2 No Guarantee which remains outstanding has been given by any member of the Seller's Group or by any other person to support the obligations of the Company. 7.3 Other than Trade Debts and/or under the Intra-Group Agreements, there is no outstanding indebtedness on any account whatever owing by the Company to any member of the Seller's Group or by any member of the Seller's Group to the Company. 8 Assets 8.1 All material assets used in the Business are the property of the Company free from any agreement for payment on deferred terms, bill of sale, lien, Encumbrance or other adverse claim and have at all material times been and are in the possession of or under the control of the Company. 8.2 The Company owns or has, and will following Completion have, ownership of or the right to use all material assets and rights that it needs to carry on its Business as carried on immediately before Completion. 8.3 The Company has not factored any of its debts. 9 Contracts 9.1 The Data Room contains complete, up-to-date and accurate copies of all Material Contracts. 9.2 Other than the Material Contracts, the Company is not a party to (nor has it agreed to enter into) any contract, obligation or arrangement which is material in nature and: (a) is of an unusual or abnormal nature or outside the ordinary course of trading; or (b) so far as the Seller is aware, cannot readily be fulfilled or performed by the Company in accordance with its terms. 23 9.3 With regard to each of the Material Contracts so far as the Seller is aware: (a) each of the parties (including the Company) has complied with and is in compliance with its material obligations under such Material Contract; (b) there is no dispute in relation to any Material Contract nor so far as the Seller is aware do any circumstances exist which are likely to give rise to such a dispute; (c) there are no current circumstances which constitute a ground on which any such Material Contract may be terminated and the Company is not currently in receipt of a written notice to terminate any such Material Contract; and (d) each Material Contract is in full force and effect. 10 Environmental matters 10.1 The Company and the Seller (to the extent relevant) has at all times in the last three (3) years complied in all material respects with all Environmental Laws in respect of the Business. 10.2 So far as the Seller is aware, there are no current circumstances which it is known may give rise to any material non-compliance with or material contravention of any Environmental Laws or Environmental Permits by the Company. 10.3 The Company does not hold and is not required to hold under Environmental Laws any Environmental Permits for the operation of its business. 11 Employees 11.1 For the purposes of this paragraph 11, Employment Legislation means legislation applying in England and Wales or Portugal affecting contractual or other relations between employers and their employees or workers which is enforceable against the Company by any employee or worker or worker representative and Senior Employee means the senior leadership team of the Company. 11.2 The Data Room contains in respect of each employee or worker employed or engaged by the Company at the date of this Agreement complete and accurate details of the company which employs (if other than the Company) or engages them and workplace location, position or job title, length of employment (including continuous employment), holiday entitlement, hours of work, salary, contractual and non-contractual variable or incentive pay (for example bonus, profit- sharing or commission payments), contractual and non-contractual benefits and bonus, sick pay entitlement, any loan made to such employee, notice period required to be served to each employee or worker by the Company to terminate the employment or engagement; whether or not a member of a trade union; and whether a member of any share option or pension scheme. 24 11.3 The Data Room contains complete and accurate copies of the standard terms and conditions, staff handbooks and policies and details or rules of variable or incentive pay arrangements which apply to each employee and worker employed or engaged by the Company at the date of this Agreement. 11.4 Other than the Singapore Employees and US Employee, the Data Room includes anonymised details of all persons who are not employed by the Company but who are providing services to the Company, the written agreements relating to such services, the fees payable in relation to such services and details of how the arrangement works in practice. 11.5 No offer of employment or engagement has been made by the Company that has not yet been accepted, or which has been accepted but where the employment or engagement has not yet started where in any such case the annual salary of the individual concerned will exceed £70,000. 11.6 The Company has maintained in all material respects such records as are required by Employment Legislation regarding the service of each of its employees. 11.7 Since the Hive Down Date, other than as disclosed in the Data Room, no change has been made in the terms of employment or engagement of any Senior Employee or more than 10 employees at any one location and no such change, and no negotiation or request for such a change is due or expected. 11.8 The Data Room contains details of any contractual redundancy scheme which provides for payments on termination which are in addition to statutory redundancy pay (or the equivalent in any applicable jurisdiction). 11.9 The Data Room contains anonymised details of all employees or workers who are on secondment or statutory leave or are absent due to ill-health or for any other reason. 11.10 No amount due to or in respect of any employee, worker or former employee or former worker is in arrears and unpaid other than salary, wages, commission or pension for the month current at the date of this Agreement or in respect of the reimbursement of business expenses not exceeding [\*] for each such employee, worker or former employee or former worker. 11.11 No Senior Employee has given notice or has given notice in writing terminating their contract of employment or is under notice of dismissal from the Company. 11.12 In relation to the current and former employees and workers of the Company, no gratuitous payment or benefit or change to the rights or obligations of or acceleration of the payment or vesting of any benefit has been made or promised by the Seller or the Company in connection with the transactions contemplated by this Agreement or will be triggered by such transactions. 25 11.13 The Company is not involved, nor has it been involved since the Hive Down Date, in any dispute or negotiation with any of its Senior Employees or trade union or employee representative or any other such body. 11.14 No employee or worker is subject to a current disciplinary warning or procedure and no such warning or procedure is pending or threatened. 11.15 No current or former employee or worker has threatened a claim or has an ongoing claim against the Company or the Seller in connection with their employment or engagement, and no such employee or worker is owed any payment by the Company in relation to a settlement/compromise agreement or such a claim. 11.16 Other than the employee representative body established for the purposes of consultation on the Hive Down, the Company does not recognise any trade union and there are no permanent employee representative bodies. 11.17 Each employee or worker of the Company has, where necessary, current and appropriate permission to work in the jurisdiction in which they work and the Company has complied with the requirements of the Asylum and Immigration Act 2006 in respect of employees or workers in the UK and all other applicable immigration legislation in respect of all other employees or workers of the Company. 11.18 In the two years preceding the date of this Agreement, in respect of each current and former employee and worker, all holiday pay for periods of holiday taken under regulation 13, regulation 13A and regulation 15B of the Working Time Regulations 1998 (SI 1998/1833) (WTR 1998) have been calculated and paid in accordance with the WTR 1998 and, in respect of leave taken under regulation 13 before 1 January 2024, in accordance with Directive 2003/88/EC of the European Parliament and of the Council of 4 November 2003 concerning certain aspects of the organisation of working time. 12 Pensions 12.1 Other than the Pension Scheme, the Company is not a party to, and does not participate in or contribute to any pension scheme, agreement or arrangement for the provision of any benefits payment on retirement, disability or death. 12.2 All material details in relation to the Pension Scheme are contained in the Data Room. 12.3 The Pension Scheme provides benefits on a defined contribution basis only. 12.4 The Company does not have any exposure to any liabilities in respect of: (a) defined benefit pension schemes;

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&nbsp;&nbsp;&nbsp;&nbsp;26 (b) Beckmann liabilities (i.e. rights to enhanced early retirement or redundancy benefits that transferred under historic TUPE transfers); or (c) Contribution Notices or Financial Support Directions being imposed on the Company by the UK Pensions Regulator. 12.5 So far as the Seller is aware, the Pension Scheme has been operated in accordance with its governing documents and applicable law. 12.6 All contributions due to the Pension Scheme have been paid. 12.7 The Company has complied with its automatic enrolment obligations under the Pensions Act 2008. 12.8 There are no disputes or, so far as the Seller is aware, grounds for disputes in respect of the Pension Scheme. 13 Insurance 13.1 Particulars of such material insurance policies as are maintained by the Company and are currently in force (together the Policies) are contained the Data Room. 13.2 All premiums due on the Policies have been paid and neither the Seller nor the Company has received written notification that such Policies are invalid or unenforceable for any reason. 14 Intellectual Property Rights and Information Technology 14.1 So far as the Seller is aware, the Company is not infringing nor has it in the last 12 months infringed the Intellectual Property Rights of any third party, and so far as the Seller is aware, no third party is infringing, nor has it in the last 12 months infringed, any Intellectual Property Rights owned by the Company where, in either case, such infringement would have a material adverse effect on the Company. 14.2 So far as the Seller is aware, all Information Technology used by the Company is functioning, and has for the past 12 (twelve) months functioned, without any problems, defects or interruptions that have had a material adverse effect on the Company. 15 Data Protection and Cyber Security 15.1 The Company complies and has complied since incorporation in all material respects with Data Protection Legislation. 27 15.2 No Personal Data Breaches (as such term is defined in the Data Protection Legislation) have been reported by the Company to a relevant Supervisory Authority (as such term is defined in the Data Protection Legislation) since incorporation. 15.3 So far as the Seller is aware, the Company has taken appropriate and proportionate measures to: (a) manage the risks posed to the security of the IT and Data (including the ability to resist action that compromises the availability, authenticity, integrity or confidentiality of data or outputs, or a material systems failure, data loss or theft, unauthorised access, malware attack or other security breach or failure (each a Security Incident)), with such measures ensuring a level of security of the IT and Data appropriate to the risk posed; and (b) prevent and minimise the impact of a Security Incident affecting the security of the IT and Data, with a view to ensuring continuity of the operations of the Company. 15.4 In connection with the IT and Data, since incorporation, so far as the Seller is aware, the Company has not been the subject of a Security Incident which has had a significant impact on the continuity of its operations. 16 Connected party transactions Other than the Intra-Group Agreements and the Hive Down Agreement, there are no material agreements or arrangements between the Company and any member of the Seller's Group for the supply of any goods or services or the use by one company of the property, rights or assets of the other. 17 Litigation The Company is not engaged in any capacity in any material litigation, arbitration, prosecution or other legal proceedings or in any proceedings or hearings before any statutory or governmental body, department, board or agency and so far as the Seller is aware, no such matters are pending or have been threatened in writing. 18 Insolvency 18.1 The Company has not become insolvent under the laws of its jurisdiction of incorporation nor has it failed to pay or has no reasonable prospect of being unable to pay, any of its debts as they fall due, within the meaning of section 123 of the Insolvency Act 1986. 18.2 The Company has not ceased to carry on business by reason of its insolvency, nor stopped payment of its debts or any class of them or entered into any compromise or arrangement in respect of its debts or any class of them, nor has any step been taken to do any of those things. 28 18.3 The Company has not been dissolved or entered into liquidation, administration, moratorium, administrative receivership, receivership, a voluntary arrangement, a scheme of arrangement with creditors, any analogous or similar procedure in any jurisdiction or any other form of procedure relating to insolvency, reorganisation or dissolution in any jurisdiction, nor has a petition been presented or other step been taken by any person and which remains outstanding with a view to any of those things. 19 Taxation General Tax returns, corporation tax self-assessment and records 19.1 All returns, computations, notices, accounts, statements, reports or information which ought to have been made by or in respect of the Company for any Taxation purpose, have been properly and punctually submitted by the Company to the relevant Taxation Authority; all such returns, computations, notices, accounts, statements, reports and information supplied to any Taxation Authority are up-to-date, correct in all material respects and were made on a proper basis. 19.2 The Company has at all times maintained and supplied in all material respects and as required by law to the relevant Taxation Authorities complete, accurate and up to date records, invoices and other documents (as the case may be) appropriate or requisite for the purposes of Tax. Withholdings 19.3 The Company has made all deductions and retentions of or on account of Taxation as it was or is obliged or is entitled to make and has accounted to the Taxation Authority concerned for any such deductions and retentions for which it was obliged to account. Disputes 19.4 The Company is not involved in any current dispute with any Taxation Authority. The Company is not, nor has it in the four (4) years prior to the date of this Agreement been, the subject of any review, audit, investigation or non-routine visit by any Taxation Authority and, so far as the Seller is aware, there is no such review, audit, investigation or non-routine visit planned by any Taxation Authority. Penalties and interest 19.5 The Company is not liable, nor has been liable within four (4) years before the date of this Agreement, to pay any penalty, fine, surcharge or material amount of interest in connection with any Taxation. 29 Employees 19.6 The Company has paid all amounts due and payable to any Taxation Authority in respect of any employee (including any Tax deductible from amounts paid to an employee, and any social security, social fund or similar contributions required to be paid in respect of any employee) and the Company has made such deductions and maintained all such records as are required by the relevant Taxation Authority in respect of such amounts. Special arrangements with any Taxation Authority 19.7 No Taxation Authority has, in the last four (4) years, operated any concession, agreement or other formal or informal arrangement with the Company which is not based on relevant legislation or published practice. Residence 19.8 The Company is and has at all times been resident for Tax purposes in its place of incorporation and is not and has not been treated as resident in any other jurisdiction for any Taxation purposes (including for the purposes of any double taxation agreement). Stamp duty, stamp duty reserve tax and stamp duty land tax 19.9 All Transfer Taxes due in respect of any documents in the possession of the Company or to the production of which the Company is entitled have been paid and all such documents which attract stamp duty in the United Kingdom or elsewhere have been duly stamped or adjudicated not liable and any applicable Transfer Taxes in respect of such documents or transactions whether in the United Kingdom or elsewhere have been duly accounted for and paid by the Company (save in respect of the Property Lease between the Seller and the Company) and no such documents which are outside of the United Kingdom would attract stamp duty if they were brought into the United Kingdom. VAT 19.10 The Company is separately registered for VAT purposes and has been so registered at all times in the last 7 years that it has been required to be registered and has not in the past 7 years been a member of a group for VAT purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;30 Buyer's Warranties 1 The Buyer warrants to the Seller as follows: it has the right, power and authority and has taken all action necessary to execute and deliver, and to exercise its rights and perform its obligations under, this Agreement and each of the other Share Purchase Documents to be executed at or before Completion, and each such document will, when executed, constitute legal, valid and binding obligations of the Buyer enforceable in accordance with their respective terms; the execution and delivery of, and the performance by it of its obligations under, and compliance with the provisions of, this Agreement and the other Share Purchase Documents to be entered into pursuant to this Agreement will not result in any breach of: (i) or conflict with any provision of its constitutional documents; (ii) or constitute a default under, any instrument or agreement to which it is a party or by which it is bound; or (iii) any law or regulation in any jurisdiction having the form of law or of any order, judgment or decree of any court or governmental agency by which it is bound; save as for the Competition Condition, no consent, authorisation, licence or approval of its shareholders or of any governmental, administrative, judicial or regulatory body, authority or organisation is required, nor is any notice to or registration with such body required to be made, to authorise the execution, delivery, validity, enforceability or admissibility in evidence of this Agreement or any of the other Share Purchase Documents or the performance by the Buyer of its obligations under them; there are no outstanding, pending or threatened: (i) investigations, judgments, orders, injunctions or decrees of any governmental or regulatory body or arbitration tribunal against or affecting the Buyer or any member of the Buyer's Group; or (ii) lawsuits, actions or proceedings against or affecting the Buyer or any member of the Buyer's Group, which could have an adverse impact on the ability of the Buyer to perform its obligations under this Agreement and the Share Purchase Documents to which it is a party; 31 no order has been made and no resolution has been passed for the winding up of the Buyer nor for a provisional liquidator to be appointed in respect of the Buyer and no petition has been presented and no meeting has been convened for the purpose of winding up the Buyer; no administrator has been appointed and no legal proceedings or other procedure or step has been taken in relation to the appointment of an administrator in respect of the Buyer; no receiver (which expression shall include an administrative receiver) has been appointed in respect of the Buyer or in respect of all or any part of its assets; no voluntary arrangement has been proposed under section 1 Insolvency Act 1986 in respect of the Buyer and no step has been taken with a view to a composition, assignment or arrangement with any class of creditor of the Buyer; it is not insolvent or unable to pay its debts within the meaning of section 123 Insolvency Act 1986 and, for these purposes, sections 123(i)(e) and 123(2) Insolvency Act 1986 shall be deemed amended by deletion of the words "it is proved to the satisfaction of the Court that" and the Buyer has not stopped or suspended paying its debts as they fall due nor has it, by reason of actual or anticipated financial difficulties, commenced negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness; it has not been subject to and is not currently subject to any action, step or proceeding in any jurisdiction outside the United Kingdom in the nature of or analogous to any of those set out in paragraphs (e) to (i) above; it has or will at Completion have immediately available on an unconditional basis all required funds or financing in place to pay and deliver to the Seller the Purchase Price at Completion in accordance with this Agreement or otherwise meet its obligations under this Agreement; and it is resident for Tax purposes in its country of incorporation and is not acting through a permanent establishment in any other jurisdiction. 32 Tax Schedule 1 Definitions and interpretation 1.1 In this Schedule: Accounting Requirements in respect of any person, means any accounting requirements imposed by law, statements of standard accounting practice, financial reporting standards and any other accounting standards issued by any body from time to time charged with developing and/or applying the generally accepted accounting principles applying to that person, and any other accounting principle observance of which by that person is required in order to ensure its accounts, and those of any other person with which its accounts are consolidated, comply with applicable law Accounts Relief means a Relief, the availability of which has been shown as an asset in the Completion Accounts Actual Tax Liability in relation to any person, means a liability of that person to make a payment of Taxation or to make a payment in respect of Taxation where such liability is imposed by law, whether or not such Taxation is also or alternatively chargeable against or attributable to any other person Buyer's Relief means: (a) any Accounts Relief; or (b) a Relief which arises to the Company in respect of an Event occurring after Completion or in respect of a period commencing after Completion; or (c) a Relief which arises to a member of the Buyer's Tax Group other than the Company. Buyer's Tax Group means the Buyer and any other company that may be treated for the purposes of any Taxation as being at any time, whether before, on or after Completion, a member of the same group as or otherwise related to or connected with the Buyer (but shall not include any member of the Seller's Tax Group). Corresponding Saving means, if a Tax Liability which has resulted in the Seller being liable to make, or having made, a payment to the Buyer under paragraph 2.1 or the Tax Warranties, or the circumstances giving rise to such Tax Liability, gives rise to a Relief or entitlement to claim any Relief, the amount by which any Actual Tax Liability of the Company (other than an Actual Tax Liability for which the Seller is or would be liable under paragraph 2.1) is reduced as a result of such Relief 33 CTA 2009 means the Corporation Tax Act 2009 CTA 2010 means the Corporation Tax Act 2010 Deemed Tax Liability means: (a) the use, set off or deduction in whole or in part of a Buyer's Relief in circumstances where, but for such use or set off, the Company would have an Actual Tax Liability in respect of which the Seller would have been liable under paragraph 2.1, in which event the amount of the Deemed Tax Liability shall be the amount for which the Seller would have been so liable but for such use or set off; (b) the denial or loss of all or part of a right to repayment of Tax or a right to receive payment in respect of a Tax credit paid or payable by any Taxation Authority (whether by actual payment or set off) which is an Accounts Relief, in which event the amount of the Deemed Tax Liability shall be the amount of the repayment which would otherwise have been obtained or the amount by which such repayment is reduced, as the case may be; and (c) the denial or loss (otherwise than by application) of all or part of any Accounts Relief (other than a right to repayment of Tax) in which event the amount of the Deemed Tax Liability shall be the amount of Tax which would otherwise have been saved (but for such denial of loss) Event includes any event, supply, occurrence, transaction, receipt, act or omission (or any deemed event, supply, occurrence, transaction, receipt, act or omission) including any change in the residence of any person for Taxation purposes, any change in accounting reference date and the sale and purchase of the Shares pursuant to the Agreement or any step taken pursuant to or as contemplated by the Agreement Group Tax Relief means any (a) surrender of group relief pursuant to Part 5 CTA 2010, (b) tax refund surrenderable pursuant to Chapter 4, Part 22, CTA 2010 (as amended by regulations), (c) surrender of relievable tax pursuant to the Double Taxation Relief (Surrender of Relievable Tax within a Group) Regulations 2001, SI 2001/1163, (d) election under section 171A TCGA 1992, (e) election under section 179A TCGA 1992, (f) election under section 792 CTA 2009, (g) rollover relief under sections 152 to 158 TCGA 1992 as extended by section 175 TCGA 1992, (h) rollover relief pursuant to Chapter 7, Part 8 CTA 2009 as applied by section 777 CTA 2009, including Chapter 7 as further applied by section 791 and 794 CTA 2009, (i) election under section 200 TIOPA 2010 and/or election under section 202 TIOPA 2010, and (j) any other Relief available between members of a group or related persons for Taxation purposes whether in the United Kingdom or any other jurisdiction HMRC means His Majesty's Revenue and Customs

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&nbsp;&nbsp;&nbsp;&nbsp;34 Notice of Liability means any assessment, notice, demand or other document issued or action taken by or on behalf of any Taxation Authority, or any self-assessment return or amended return or equivalent, from which it appears that the Company is subject to, is sought to be made subject to, or might become subject to, any Tax Liability or that there has been, or will or may be, a breach of any Tax Warranty Overprovision means applying the accounting policies, principles and practices adopted in relation to the preparation of the Completion Accounts (and ignoring the effect of any change in law announced after Completion or action taken by the Buyer or the Company after Completion save where such action was required by applicable law or taken in accordance with the Agreement) the amount by which any provision for Tax (other than a provision for deferred Tax) in the Completion Accounts is overstated (except in each case to the extent that such overstatement results from the utilisation of a Buyer's Relief) Relief means any loss, allowance, exemption, set-off, deduction, repayment, credit or other relief relating to any Taxation or to the computation of income, profits or chargeable gains for the purposes of any Taxation Seller Relief means any Relief other than a Buyer's Relief Seller's Tax Group means the Seller and any other company, other than the Buyer and the Company, that may be treated for the purposes of any Taxation as being at any time, whether before, on or after Completion, either a member of the same group as the Seller or otherwise related to or connected to the Seller Straddle Period means any Tax Period current at Completion Tax Liability in relation to any person, means any Actual Tax Liability or liability of that person or any other liability of, or amount incurred by, or charged against, that person, in each case falling within any of paragraphs 2.1(a) to 2.1(c) (inclusive) Tax Period means any period in respect of which Taxation is assessed or charged TCGA 1992 means the Taxation of Chargeable Gains Act 1992 1.2 References to "profits" include income, profits or gains (including capital gains) of any description or from any source and references to profits earned, accrued or received include profits deemed to have been, or treated as, earned, accrued or received for Taxation purposes. 1.3 For the purposes of this Schedule, and in particular for determining to what extent any liability for Taxation arises in respect of or by reference to any profits earned, accrued or received on or before Completion or otherwise relates to the period ending on Completion, Completion shall be 35 deemed to be an actual accounting date of the Company and without prejudice to the generality of the foregoing: (a) any Relief which would on that basis arise after such date shall be deemed for the purposes of this Schedule to be a Relief which arises in respect of a period after such date or in respect of any Event occurring after such date; (b) any Relief which would on that basis arise on or before such date shall be deemed for the purposes of this Schedule to be a Relief which arises in respect of a period on or before such date or in respect of any Event occurring on or before Completion; (c) any profits which would on that basis accrue after such date shall be deemed for the purposes of this Schedule to be profits earned, accrued or received after such date; and (d) any profits which would on that basis accrue on or before such date shall be deemed for the purposes of this Schedule to be profits earned, accrued or received on or before such date. 1.4 All payments made by the Seller to the Buyer or by the Buyer to the Seller under this Schedule, shall, so far as possible, be made by way of adjustment to the Purchase Price for the sale of the Shares under the Agreement. 1.5 Paragraph 3 of Schedule 10 shall not apply to statutory provisions in this Tax Schedule, save that any reference to a statutory provision shall include any provision superseding it or re-enacting it. 2 Covenant by the Seller 2.1 Subject to paragraph 3, the Seller hereby covenants with the Buyer to pay to the Buyer an amount equal to each of the following: (a) any Actual Tax Liability of the Company arising as a result of, in respect of, or by reference to: (i) any Event occurring, or deemed for the purposes of any Taxation to occur, on or before Completion; or (ii) any profits (not falling within (i) above) earned, accrued or received on or before, or in respect of any period ending on or before, Completion, (b) any Deemed Tax Liability; and (c) any reasonable costs and expenses properly incurred by the Buyer or the Company as a result of any such liability or amount as is referred to paragraphs 2.1(a) to 2.1(b) and in respect of which the Seller is liable under this Schedule. 36 3 Limitations 3.1 The Seller shall not be liable to make any payment under paragraph 2.1 or for a breach of any Tax Warranty (or other Warranty to the extent it relates to Tax) in respect of any Tax Liability of any person to the extent that: (a) such Tax Liability has been provided for in the Completion Accounts or to the extent that such Tax Liability was taken into account in the preparation of the Completion Accounts; or (b) such Tax Liability was paid before Completion and such payment was reflected in the Completion Accounts (whether by way of reduction of the net assets of the Company or otherwise); or (c) such Tax Liability arises or is increased as a result of: (i) the official announcement after the date of this Agreement of, or any introduction or change after the date of this Agreement in, any law, rule, regulation (or their interpretation by any court of law or tribunal) or published practice of any Taxation Authority of general application (including, without limitation, any HMRC Statement of Practice, Extra-statutory Concession and the HMRC Manuals); (ii) any change in rates of Taxation which is officially announced after the date of this Agreement (save where it relates to the change in rate of interest and penalties after the date of this Agreement), (d) such Tax Liability would not have arisen but for a change in the accounting bases, method, policy or practice applying to, or in any way affecting, that person, introduced or having effect after Completion save where such change is made in order to comply with this Agreement or with legislation or generally accepted accounting principles (including, where relevant, international financial reporting standards) in existence at Completion to the extent applicable to the Company (and to the extent that the Company would otherwise have not been compliant); or (e) such Tax Liability would not have arisen but for any act or transaction done, made or carried out by any one or more of the Buyer and the Company or any of their respective directors, employees or agents after Completion, which the Buyer or the Company knew or ought reasonably to have known would give rise to the liability, and which could reasonably have been avoided, where such act or transaction was not done, made or carried out: (i) as required by any legislation, regulation, or any published practice of (or at the request of) any Taxation Authority, as such legislation, regulation or published practice (or request) is in force or applies at Completion; 37 (ii) pursuant to a legally binding commitment of the Company created on or before Completion; (iii) in the ordinary course of business of the Company in question as carried on immediately before Completion; (iv) carried out with the prior written consent or at the written request of the Seller; or (v) carried out in order to make a voluntary disclosure to a Taxation Authority where the Buyer's professional advisers have advised them that such a disclosure is reasonable to make, provided that the presentation of any document for stamping or notarisation where it is required in order to register or enforce such document or where its production is required by any Taxation Authority shall be treated as being required by law; or (f) such Tax Liability arises as a result of the making after Completion of any claim, election, surrender or disclaimer and by the Company, the Buyer, or any person connected with any of them and where the Buyer or the Company knew or ought reasonably to have known would give rise to such liability, provided that this paragraph 3.1(f) shall not apply where either: (i) the making of that claim, election, surrender or disclaimer is or has been assumed in computing the provision for Taxation in the Completion Accounts; or (ii) the making of that claim, election, surrender or disclaimer is or was made or given at the direction or request of the Seller or pursuant to an obligation incurred by the Company prior to Completion; or (g) such Tax Liability would not have arisen but for the failure or the omission after Completion to (i) make any claim, election, surrender or disclaimer, or to give any notice or consent or to do any other thing, in circumstances where the making, giving or doing of that thing is or has been assumed in computing the provision for Taxation in the Completion Accounts and the Buyer knew or ought reasonably to have known needed to be done; or (ii) to comply with a written request of the Seller (such written request must give the Buyer sufficient detail of the action required and must be received by the Buyer within a reasonable period of time (being not less than ten (10) Business Days) before the expiry of any time limit for the taking of the relevant action); or (h) such Tax Liability would not have arisen but for the Company failing to make payment to the relevant Taxation Authority of an amount of Taxation equal to the payment made by or on behalf of the Seller to the Buyer hereunder in respect of such Taxation not later than ten (10) Business Days following the date such payment is made hereunder; or

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&nbsp;&nbsp;&nbsp;&nbsp;38 (i) such Tax Liability comprises interest or penalties arising by virtue of any underpayment of taxation payable in instalments under the Corporation Tax (Instalment Payments) Regulations 1998 for the accounting period commencing prior to Completion in so far as any such underpayment would not have been an underpayment but for an Event occurring after Completion; or (j) a Seller Relief is available or is made available in each case for no consideration to extinguish or reduce such Tax Liability; or (k) the Buyer or that person has received from any other person (other than the Company) a payment (or has otherwise been compensated) in respect of such Tax Liability for no cost; or (l) any profits to which that Tax Liability is attributable were actually earned or received by or accrue to the Company on or before Completion and were not reflected but should have been reflected in the Completion Accounts (based on the principles used to draw up the Completion Accounts) and, as a result of being so reflected, would have resulted in an increase in the price payable for the Company's net assets; and the benefit of which was retained in cash by the Company at Completion and except to the extent that the amount of the Tax Liability exceeds the amount of the relevant income, profits or gain; or (m) such Tax Liability arises as a result of (i) the Company ceasing to be a qualifying company after Completion for the purposes of Part 3 Schedule 7AC TCGA 1992 or (ii) the acquisition of the Company being part of arrangements for the disposal by the Buyer of the Company to another person for the purposes of section 782A CTA 2009, save where this arises as a result of an action after Completion which is proposed by a director of the Buyer appointed by WLFC, solely for the benefit of WLFC; or (n) such Tax Liability arises as a result of, in respect of, or by reference to, any income, profit or gains earned, accrued or received after Completion, or any Event occurring or deemed to occur after Completion. 3.2 The provisions of paragraph 3.1 shall also operate to limit or reduce the liability of the Seller in respect of claims under the Tax Warranties as if references in paragraph 3.1 to Tax Liability were references to the loss, circumstance or other liability giving rise to the breach of the relevant Tax Warranty. 39 4 Payment 4.1 The Seller shall pay to the Buyer in cleared funds any amount due under this Schedule, whether or not the Buyer or the Company is or may be entitled to claim reimbursement of the Tax Liability from any other body person or authority, on or before: (a) in the case of an Actual Tax Liability, the date which is the later of the date falling five Business Days after the Buyer has served written notice demanding that payment (Notice Date) and the date falling three (3) Business Days before the last date on which the Tax in question is required to be paid to the relevant Taxation Authority without any interest or penalties arising in respect of it; (b) in the case of a liability falling with sub-paragraph (a) of the definition of Deemed Tax Liability, the date which is the later of the Notice Date and three (3) Business Days before the last day on which Tax would have been payable (but for the application of the Relief) to the relevant Taxation Authority without any interest or penalties arising in respect of it; (c) in the case of a liability falling with sub-paragraph (b) of the definition of Deemed Tax Liability, the date which is the later of the Notice Date and the date on which such repayment would otherwise have been repaid by the relevant Taxation Authority; (d) in the case of a liability falling with sub-paragraph (c) of the definition of Deemed Tax Liability, the date which is the later of the Notice Date and three (3) Business Days before the last day on which such Tax which would have otherwise been saved becomes due and payable to the relevant Taxation Authority without any interest or penalties arising in respect of it; and (e) in any other case (including an amount claimed under paragraph 2.1(c)) which is not covered by the preceding paragraphs, the Notice Date where accompanied by satisfactory evidence that the relevant loss, cost, expense or payment has been incurred. 5 Withholdings 5.1 All sums payable by the Buyer or the Seller (for the purposes if this paragraph 5.1 and 5.2 below a Payor) under this Agreement (other than the Purchase Price) shall be paid free and clear of all deductions, withholdings, set-offs or counterclaims unless a deduction or withholding is required by law in which event the Payor shall: (i) provide such evidence of the relevant withholding or deduction as the recipient may reasonably require; and (ii) pay such additional amount as shall be required to ensure that the net amount received and retained by the recipient under this Agreement will (after such deduction or withholding has been made) equal the full amount that would have been received and retained by it had no such deduction or withholding been required to be made. 40 5.2 If a sum payable by a Payor to a recipient under this Agreement is increased by operation of paragraph 5.1 and the recipient receives, is granted or determines that a Relief attributable to such increased payment has been obtained, the recipient shall repay to the Payor such amount as the recipient determines will leave the recipient in the same after Tax position (after repayment) as it would have been in had an additional amount not been required to be paid under paragraph 5.1, and such repayment shall be made not later than five (5) Business Days after the recipient makes the relevant determination. 5.3 If any Taxation Authority charges to Tax any sum paid (the Original Payment) to the Buyer or the Seller under this Agreement (the Recipient) by the Buyer or Seller (the Payor) in respect of any breach, indemnity or other form of compensation (including, but not limited to, payments under this Schedule) the Payor shall be obliged to pay to the Recipient such additional amount (the Additional Payment) as will ensure that, after the payment of the Tax so charged on the Original Payment and any Tax chargeable on the Additional Payment (or in each case which would have been payable but for the use of a Relief), there shall remain a net sum equal to the amount of the Original Payment, such additional payment to be paid five (5) Business Days after the Recipient has served notice that Tax on the Original Payment has become due and payable, or would have become due and payable but for the availability of a Relief. 5.4 If the Buyer would, but for the availability of a Buyer's Relief, have a liability to Tax falling within paragraph 5.3, it shall be deemed for the purposes of paragraph 5.3 to have incurred and paid that liability to Tax. 5.5 For the avoidance of doubt any liability under this paragraph shall not be subject to any limitation pursuant to paragraph 3.1(c). 5.6 The obligation to pay any amount under this paragraph 5 shall be limited in the event of an assignment of or succession to the rights under this Agreement to such amount as would have been payable in the absence of such assignment or succession. 6 Corresponding Savings and Overprovisions 6.1 If the Buyer becomes aware that a Corresponding Saving or an Overprovision has arisen or may arise, it shall notify the Seller in accordance with clause 26 of the Agreement as soon as reasonably practicable. 6.2 Where any Corresponding Saving or Overprovision (in this paragraph 6.2 the Relevant Amount) has arisen: (a) first, the Relevant Amount shall be set off against any payment then due from (but not then paid by) the Seller under this Schedule or for breach of the Tax Warranties; 41 (b) second, to the extent that there is any excess, a refund shall be made to the Seller of any payment made under this Schedule or for breach of the Tax Warranties and not previously refunded under this paragraph (b) up to the amount of such excess; and (c) third, to the extent that the excess referred to in paragraph (b) is not exhausted under that paragraph, the remainder of that excess shall be carried forward and set off against any future payments which may become due from the Seller under this Schedule or for breach of the Tax Warranties. 6.3 If so requested by the Seller, the Buyer shall request the auditors for the time being of the Company to certify the amount of any Corresponding Saving or Overprovision. 7 Secondary Liabilities 7.1 The Buyer covenants with the Seller to pay to the Seller an amount equal to any Tax or any amount on account of Tax which any member of the Seller's Tax Group is required to pay to a Taxation Authority as a result of (a) a failure by the Company, or any other member of the Buyer's Tax Group, to discharge that Tax Liability when payable; or (b) save where arising as a result of an action after Completion which is proposed by a director of the Buyer appointed by WLFC, solely for the benefit of WLFC, the Company ceasing to be a qualifying company after Completion for the purposes of Schedule 7AC TCGA 1992. 7.2 The Seller covenants with the Buyer to pay to the Buyer an amount equal to any Tax or any amount on account of Tax which any member of the Buyer's Tax Group is required to pay to a Taxation Authority after Completion as a result of (a) a failure by any member of the Seller's Tax Group, to discharge that Tax; and (b) the Company at any time on or before Completion being a member of the same group of companies or otherwise connected or associated with Seller's Tax Group. 7.3 The covenants contained in paragraphs 7.1 and 7.2 shall: (a) extend to any reasonable costs and expenses properly incurred in connection with such Tax or a successful claim under paragraphs 7.1 and 7.2, as the case may be; (b) in the case of paragraph 7.1 not apply to Tax to the extent that the Buyer could claim payment in respect of it under paragraph 2 or for breach of the Tax Warranties (or would have been able to claim but for paragraphs 1 and 2 of Schedule 5), except to the extent a payment has been made by the Seller pursuant to paragraph 2 of this Schedule or the Tax Warranties; and (c) not extend to any Taxation which has been recovered by the Seller or the Buyer under any relevant statutory provision (and the Buyer or the Seller (as the case may be) shall procure that no such recovery is sought to the extent that payment is made hereunder); and

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&nbsp;&nbsp;&nbsp;&nbsp;42 (d) in the case of paragraph 7.2 not extend to any Tax arising in the circumstances set out in paragraph 3.1. 7.4 Paragraphs 4 (Payment), 5 (Withholdings), and 9 (Conduct of Tax Claims) shall apply to the covenants contained in paragraphs 7.1 and 7.2 as they apply to the covenants contained in paragraph 2, replacing references to the "Seller" with the "Buyer" (and vice versa) where appropriate, and making any other necessary modifications. 8 Taxation Compliance and Conduct of Taxation Claims 8.1 The Seller shall deal with all matters (including preparing and dealing with all correspondence and any other documentation) relating to the Taxation affairs of the Company for all Tax Periods ended on or before Completion (in this paragraph, the Seller Tax Conduct Periods). 8.2 The Seller covenants with the Buyer that they shall: (a) provide to the Buyer (or its duly authorised agent or Representative): (i) within five (5) Business Days of the receipt thereof, a copy of any material communication from the relevant Taxation Authority relating to the Company received after Completion by the Seller (or their duly authorised agent or Representative); (ii) not less than ten (10) Business Days before the date of intended submission, or, in the case of any computations or returns, twenty (20) Business Days before the date of intended submission, a copy of any material communication, including Tax returns and computations (together with a copy of any supporting material) relating to the Company, which is proposed to be submitted after Completion to the relevant Taxation Authority, together with details of the date on which the same is intended to be submitted; and (iii) without prejudice to paragraph 8.2(a)(ii), within five (5) Business Days after the dispatch of such communication, a copy of any communication sent to any Taxation Authority after Completion relation to the Company; (b) consider and take account of any reasonable comments made by or on behalf of the Buyer in relation to any communication referred to in paragraph 8.2(a)(ii) before submission to the relevant Taxation Authority, provided that the Seller shall not be obliged so to amend the communication unless the Buyer has delivered such comments in writing to the Seller not less than five (5) Business Days before the date notified by the Seller to the Buyer as the date on which the relevant communication is intended by the Seller to be delivered to the relevant Taxation Authority; and 43 (c) notify the Buyer of any intended oral communication or meeting with the relevant Taxation Authority at least five (5) Business Days in advance of the date of such communication or meeting, and allow the Buyer or their Representatives to participate therein. 8.3 The Buyer shall procure that the Company shall, in relation to and in so far as it concerns any matter in respect of any Seller Tax Conduct Period provide to the Seller (or their duly authorised agent or Representative), within five (5) Business Days of receipt thereof, a copy of any material communication from the relevant Taxation Authority received after Completion by or on behalf of the Company and, to the extent the Seller (or their duly authorised agent or Representative) are not in attendance for such oral communication or meeting, any notes of any oral communication or meeting with the relevant Taxation Authority. Straddle Period 8.4 The Buyer shall, or shall procure that the Company shall, deal with all matters (including preparing and dealing with all correspondence and any other documentation) relating to the Tax affairs of the Company for the Straddle Period. 8.5 The Buyer shall procure that in respect of the Straddle Period, the Tax returns of the Company are prepared on a basis which is consistent with the manner in which those Tax returns were prepared for Tax Periods ending prior to the Completion other than to the extent required by a change in law or generally accepted accounting practice applying to the Company. 8.6 The Buyer shall procure that the Company notifies the Seller of any proposal to amend or withdraw any return or computation, or any claim, election, surrender or consent made by it for its accounting periods or any part-of any accounting period ended on or before Completion and provides the Seller with a copy of any amended return, computation, claim, election, surrender or consent. The Buyer shall procure that the Company does not submit any such amendment or withdrawal without the Seller's consent. 8.7 The Buyer shall: (a) in relation to and in so far as it concerns any matter relating to the Straddle Period which could give rise to a claim under this Schedule or result in a liability in respect of a breach of any Tax Warranty provided to the Seller (or their duly authorised agent or Representative): (i) within ten (10) Business Days of the receipt thereof, a copy of any material communication from the relevant Taxation Authority received after Completion by the Buyer, the Company (or their duly authorised agent or Representative); (ii) not less than ten (10) Business Days before the date of intended submission, or, in the case of any computations or returns, twenty (20) Business Days before the date 44 of intended submission, a copy of any material communication, including Tax returns and computations (together with a copy of any supporting material) relating to the Company, which is proposed to be submitted after Completion to the relevant Taxation Authority, together with details of the date on which the same is intended to be submitted; (iii) without prejudice to paragraph 8.7(a)(ii), within five (5) Business Days after the dispatch of such communication, a copy of any communication sent to any Taxation Authority after Completion relating to the Company; (iv) incorporate any reasonable comments made by or on behalf of the Seller in relation to any communication referred to in paragraph 8.7(a)(ii) before submission to the relevant Taxation Authority, provided that the Buyer shall not be obliged so to take the same into account unless the Seller has delivered such comments in writing to the Buyer not less than five (5) Business Days before the date notified by the Buyer to the Seller as the date on which the relevant communication is intended by the Buyer to be delivered to the relevant Taxation Authority; and (v) notify the Seller of any intended oral communication or meeting with the relevant Taxation Authority relating to any communication referred to in paragraph 8.7(a)(ii) at least five (5) Business Days in advance of the date of such communication or meeting, and allow the Seller or their Representatives to participate therein. 8.8 The Buyer or its duly authorised agents or advisers shall have sole conduct of all Tax affairs of the Company which are not in respect of any period commencing before Completion and shall be entitled to deal with such Tax affairs in any way in which it, in its absolute discretion, considers fit (subject to paragraph 9 below). 8.9 Paragraph 9 and paragraph 10 shall take precedence over the provisions of this paragraph 8. 9 Conduct of Tax Claims 9.1 If the Buyer or the Company becomes aware of any issue which might give rise to a claim under this Schedule or result in a liability in respect of a breach of any Tax Warranty, the Buyer shall give written notice thereof (containing, so far as practicable, reasonable particulars of the circumstances relating to such issue including the due date for payment, time limits for any appeal and, so far as practicable the amount of any potential claim) to the Seller as soon as reasonably practicable (and, in any event, in the case of a Notice of Liability in relation to which an appeal may be made or other action taken within a specified period of time, within ten (10) Business Days of the Buyer or the Company becoming aware in reasonable detail thereof) provided that giving that notice shall not be a condition precedent to the Seller's liability under this Agreement. 45 9.2 As regards any such issue, the Buyer shall take or cause to be taken such action as the Seller may, by written notice given to the Buyer, reasonably request to mitigate or, in the case of any Notice of Liability, to dispute, resist, appeal against, compromise, settle or defend any determination in respect thereof, or to apply to postpone (so far as legally possible) the payment of any Taxation pending the determination of any appeal, but subject to the Buyer and Company: (a) being indemnified to the reasonable satisfaction of the Buyer against all losses (including any additional Actual Tax Liability), interest, costs, damages and expenses which may be thereby suffered or incurred by the Buyer or the Company; and (b) having been paid in cleared funds an amount equal to the Tax which is the subject matter of the Notice of Liability (the Disputed Tax) where it is necessary to pay the Disputed Tax in order to resist or otherwise deal with the Notice of Liability. 9.3 In exercising its rights under any of the provisions of this Schedule, the Seller shall not be entitled to require the Buyer or the Company to take any proceedings before any court or any other appellate body (including any tribunal) unless it has been advised in writing, at the expense of the Seller, by appropriate tax counsel who has specialised in Tax matters for at least seven (7) years instructed by agreement between the Buyer and the Seller (the Buyer's and the Seller's agreement not to be unreasonably withheld or delayed) (the Tax Expert), that it is more likely than not that the Buyer or the Company will be successful in such proceedings. 9.4 The Buyer and the Seller shall each: (a) keep each other fully and promptly informed of all matters known to each of them or their advisers in connection with the Notice of Liability; (b) promptly provide to the other copies of all documents and correspondence related to the Notice of Liability; (c) procure that no substantive correspondence, pleading or other document is sent, submitted, issued, entered into or in any way published by the Buyer, the Company or their advisers (in the case of the Buyer) or the Seller or its advisers (in the case of the Seller) in connection with the relevant Notice of Liability without (in the case of the Buyer, the Company and their advisers) the Seller's prior written consent and (in the case of the Seller or their advisers) the Buyer's prior written consent, such consent not to be unreasonably withheld or delayed; and (d) procure that no Notice of Liability in respect of which the Seller could be required to make a payment under this Schedule is settled or otherwise compromised without (in the case of the Buyer, the Company and their advisers) the Seller's prior written consent and (in the

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&nbsp;&nbsp;&nbsp;&nbsp;46 case of the Seller or their advisers) the Buyer's prior written consent, such consents not to be unreasonably withheld or delayed, PROVIDED THAT: (i) if the Seller does not request the Buyer to take any appropriate action within a reasonable period of time (being no more than 20 Business Days) of having received notice under paragraph 9.1; or (ii) if the Tax Expert determines pursuant to paragraph 9.3 that an appeal against a relevant Notice of Liability is, on the balance of probability, unlikely to succeed; or (iii) should the Seller not have paid any Disputed Tax to the Buyer on its request (or otherwise compensated the Company) prior to any deadline required for any such appeal to be Disputed Tax to be paid, 9.5 if legal proceedings are commenced against the Seller with a view to its winding-up, insolvency, dissolution or administration, or for the appointment of a receiver, administrator, trustee or similar officer in respect of it or of any of its assets (otherwise than for the purpose of its voluntary reconstruction or amalgamation); the Buyer shall (without prejudice to its rights under this Schedule) be free to satisfy or settle the relevant Tax Liability on such terms as it determines in its absolute discretion; and the Buyer shall not be required to take any action pursuant to paragraph 9.2 in circumstances where the Seller has not first indemnified it pursuant to paragraph 9.2 to its reasonable satisfaction. The Seller shall not be entitled to make, or request the Buyer or the Company to make, any settlement or compromise of any Notice of Liability in respect of which the Seller may be liable under this Schedule or agree any matter in the conduct of such Notice of Liability which is likely to result in material prejudice to their business or Tax affairs. 9.6 If the Seller, or the Company before Completion, shall have committed acts or omissions which constitute dishonesty, fraud or wilful default giving rise to or in connection with the Notice of Liability, the rights of the Seller set out in this paragraph 9 in respect of the conduct of the Notice of Liability shall not apply and the Buyer shall (without prejudice to its rights under this Schedule or the Agreement) be free to satisfy or settle the relevant Notice of Liability or take such other action on such terms as it may in its absolute discretion think fit. 9.7 The Buyer shall provide and shall procure that the Company provides to the Seller such access to the books, accounts and records of the Company as the Seller reasonably requires for the purpose of enabling the Seller or its duly authorised agent or Representative to deal with matters arising in connection with this Schedule or the Tax Warranties. 47 10 Surrender of losses and capital gains and intangible asset re-allocation 10.1 The Seller shall be entitled, by notice in writing to the Buyer to require that the Company makes or joins in the making of any claim, or amended or revised claim for Group Tax Relief in consequence of which the amount of Taxation payable by the Company or a member of the Seller's Group (in this paragraph 10 the Counterparty) is less than it would have been but for such election or surrender having been made or is nil (the amount by which it is so less, or (in a case where the amount payable is nil) the whole of the amount which would have been payable but for such election or surrender, being the Tax Reduction). 10.2 A notice may only be given for the purposes of this paragraph 10 whilst a claim can be made within the relevant statutory time limits. Such notice, which may (on one or more occasions) be amended at any time prior to the expiry of such time limits, shall specify the amount of the Group Tax Relief which is to be surrendered or the election that is to be made, and shall be accompanied by the relevant notice or election which is required to be signed on behalf of the Company and any other company or companies and submitted to HMRC. 10.3 If, as a result of the Company taking any action pursuant to such a notice, the Company obtains a Tax Reduction: (a) in any case where the Seller would, but for such action, have been liable to make a payment under this Schedule or for breach of the Tax Warranties in respect of any Actual Tax Liability of the Company, no payment shall be made by the Company in respect of so much of the Tax Reduction as is equivalent to such Actual Tax Liability; and (b) subject thereto, the Buyer shall procure that the Company shall pay to the Counterparty an amount equal to the Tax Reduction, such payment to be made on the date or dates (determined in accordance with paragraph 4) on which (but for the Tax Reduction) the relevant Taxation would first fall due for payment. 10.4 The Buyer and the Seller undertake with each other that they shall take such steps as are in their control to procure that the Company and any Counterparty shall do anything it is required to do in accordance with this paragraph 10 and shall give all such consents and do all such things (including entering into any such agreement as is referred to in section 183(1) CTA 2010) as shall be required to ensure that such action is effective. 10.5 If any action taken pursuant to this paragraph 10 is subsequently determined to have been invalid or ineffective to any extent or excessive (other than, in the case of action intended to obtain a Tax Reduction for the Company, by reason of any act or omission (which shall include any claim to carry back losses from subsequent Tax Periods) of the Buyer (at any time) or the Company after Completion), the obligation as to payment pursuant to paragraph 10.3(b) shall be determined as if, to that extent, the action had never been taken. 48 10.6 Where a Tax Reduction is obtained for the Company, pursuant to this paragraph 10 in circumstances where the Seller has, prior to such Tax Reduction being obtained, made a payment (in this paragraph 10, the Relevant Payment) to the Buyer under this Schedule or the Tax Warranties in respect of the Taxation Liability which was wholly or partly extinguished by the Tax Reduction, the Buyer shall repay to the Seller so much of the Relevant Payment (disregarding, for these purposes, any part of the Relevant Payment as represents interest) as corresponds to so much of the Taxation Liability as was extinguished by the Tax Reduction. Payment shall be made pursuant to this paragraph on the date on which the Company obtains the repayment (by way of actual repayment, credit, set-off or otherwise) by reason of such Tax Reduction. In addition to any amounts due pursuant to this paragraph 10.6, the Buyer shall pay an amount equal to any interest or repayment supplement received (less any Taxation Liability in relation thereto) from HMRC in respect of such Tax Reduction. 10.7 Without prejudice to the provisions above, where as a result of an action after Completion which is proposed by a director of the Buyer appointed by WLFC, solely for the benefit of WLFC, a Tax Liability arises as a result of the acquisition of the Company by the Buyer being part of arrangements for the disposal of the Company to another person for the purposes of section 782A CTA 2009, the Seller and the Buyer agree that the Seller shall, and the Buyer shall procure that the Company shall, jointly enter into an election in accordance with sections 792 and 793 CTA 2009 to treat any Tax Liability as accruing to the Seller and not the Company. The Buyer shall, and shall procure that the Company shall, give the Seller and the Seller shall give the Buyer and the Company all such reasonable co-operation and assistance for the purposes of taking any action in respect of entering such election. 49 Limitations on the liability of the Seller 1 Financial limits Minimum claims 1.1 The Seller shall not be liable in respect of any Relevant Claim including any Tax Schedule Claim unless its liability in respect of the Relevant Claim exceeds [\*]. Aggregate minimum claims 1.2 The Seller shall not be liable in respect of any Relevant Claim including any Tax Schedule Claim unless its aggregate liability in respect of any and all Relevant Claims including any Tax Schedule Claim exceeds in aggregate [\*], in which case the Seller shall (subject to the other provisions of this Agreement) be liable for the whole of such Relevant Claims and not only the excess. Maximum liability 1.3 The Seller's maximum aggregate liability: (a) in respect of each Business Warranty Claim shall not exceed twenty five per cent (25%) of the Purchase Price; and (b) in respect of all Relevant Claims (including Fundamental Warranty Claims, Tax Schedule Claims, Business Warranty Claims and Hive Down Indemnity Claims) shall not exceed the Purchase Price. 2 Time limits Notice requirements 2.1 If the Buyer becomes aware of a matter or circumstance which gives rise to or may give rise to a Relevant Claim (other than a Tax Claim which shall be dealt with in accordance with paragraph 9 of the Tax Schedule), the Seller shall not be liable in respect of it unless the Buyer provides notice to the Seller in accordance with the provisions of this Agreement specifying that matter or circumstance in reasonable detail (including the Buyer's estimate of the amount of such Relevant Claim and such supporting evidence of such Relevant Claim as is available to the Buyer) within thirty (30) Business Days after the Buyer became aware of that matter or circumstance and in any event within the time periods set out in paragraph 2.2.

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&nbsp;&nbsp;&nbsp;&nbsp;50 Time periods 2.2 The Seller shall not be liable in respect of a Relevant Claim unless the Buyer has given notice in accordance with paragraph 2.1 and in the case of: (a) a Business Warranty Claim (other than a Tax Warranty Claim) by no later than the date falling eighteen (18) months after the Completion Date; and (b) in the case of a Fundamental Warranty Claim by no later than the date falling four (4) years after the Completion Date. 2.3 The Seller shall not be liable in respect of a Tax Claim unless notice is given by the Buyer to the Seller in accordance with this Agreement setting out details of the Tax Claim, including, where practicable, the Buyer's reasonable estimate of the amount of the Tax Claim, by no later than the date falling seven (7) years after the Completion Date. Commencement of proceedings 2.4 The Seller's liability in respect of any Relevant Claim (other than a Tax Claim) shall terminate (if such claim has not been previously remedied, satisfied or withdrawn) on the date falling nine (9) months after the date it was first notified to the Seller in accordance with paragraph 2.1 of this Schedule unless court proceedings in respect of it have been commenced within such period. For these purposes, court proceedings shall mean any proceedings, suit or action before the courts of England and Wales and court proceedings shall not be deemed to have been commenced unless they have been both issued and validly served on the Seller in accordance with relevant procedural rules. 3 Remediable breaches 3.1 Where the matter or default giving rise to a Relevant Claim (other than a Tax Schedule Claim) is capable of remedy, the Seller will not be liable for such Relevant Claim (other than a Tax Schedule Claim) unless the matter or default is not remedied to the reasonable satisfaction of the Buyer within twenty (20) Business Days after the date on which notice of such Relevant Claim (other than a Tax Schedule Claim) is given to the Seller pursuant to paragraph 2.1. 3.2 The Buyer shall procure that the Seller is given the opportunity in the twenty (20) Business Day period referred to in paragraph 3.1 to remedy the relevant matter or default (if capable of remedy) and shall provide (and procure that each member of the Buyer's Group shall provide) all reasonable assistance to the Seller to remedy the relevant matter or default. 51 4 General limitations 4.1 The Seller shall not be liable in respect of a Relevant Claim (other than a Tax Claim to which the limitations at paragraph 3 of the Tax Schedule shall apply) to the extent that the matter giving rise to, or the loss arising from, or any increase in that claim: (a) occurs in connection with the transaction implemented pursuant to and in accordance with the Hive Down Agreement (including any associated degrouping charges); (b) occurs as a result of or is otherwise attributable to any introduction, enactment, change, amendment or withdrawal of any enactment, regulation, rules of any regulator or administrative practice or guidance occurring after the date of this Agreement (whether or not that introduction, enactment, change, amendment or withdrawal purports to have retrospective effect in whole or in part), or any change in the interpretation of any of the foregoing by any court of law or tribunal after the date of this Agreement; (c) occurs as a result of or is otherwise attributable to: (i) any change in the financial year end of any member of the Buyer's Group after Completion; (ii) a change in the accounting or Taxation policies, bases or practices of any member of the Buyer's Group (including the method of submitting Tax returns) introduced or having effect after Completion; (iii) any increase after the date of this Agreement in any rate of Taxation or any change in the tax residence of any member of the Buyer's Group; (iv) any member of the Buyer's Group disclaiming any part of the benefit of capital or other allowances against Taxation claimed or proposed to be claimed on or before Completion or which was otherwise taken into account in computing the provisions for Taxation in the Accounts; (v) any failure or omission to make any valid claim, election, surrender or disclaimer, to give any valid notice or consent or to do any other thing under the provisions of any law, regulation or guidance relating to Taxation after Completion, which was claimed or proposed to be claimed on or before Completion or the making, giving or doing of which was taken into account in computing the amount of any allowance, provision or reserve for Taxation in the Accounts; or (vi) any claim, election, surrender or disclaimer made or notice or consent given after Completion under the provisions of any law, regulation or guidance relating to Taxation, other than any claim, election, surrender or disclaimer, notice or consent 52 assumed to have been made, given or done in computing the amount of any allowance, provision or reserve for Taxation in the Accounts; (d) would not have arisen or occurred but for: (i) an act, omission or transaction on the part of; or (ii) any change to, or non-compliance with, the operating procedures, policies or practices of the Company as at Completion by, any member of the Buyer's Group or any of their respective directors, employees or agents after Completion otherwise than as required by law or pursuant to a legally binding commitment of the Company created on or before Completion; (e) arises as a consequence of any act or omission carried out (i) in consequence of the execution and performance of and in accordance with the terms of this Agreement, or (ii) at the request or with the written consent or approval of a member of the Buyer's Group; (f) was taken into account in preparing the Accounts (including in the calculation of any allowance, provision or reserve in the Accounts), or was referred to in or in the notes to the Accounts or in accordance with generally accepted accounting principles has not been so taken account of or referred to; or (g) would not have arisen but for any change in ownership, reorganisation, amalgamation, restructuring (solvent or otherwise) or cessation of business of any member of the Buyer's Group. 5 No double recovery The Buyer agrees with the Seller that, in respect of any matter which may give rise to liability pursuant to a Relevant Claim: (a) no such liability shall be met more than once; and (b) any liability with respect to such matter to any member of the Buyer's Group shall be deemed to be satisfied by the satisfaction of the liability with respect to such matter to any other member of the Buyer's Group. 6 Insurance If, in respect of any matter which would otherwise give rise to a Relevant Claim, any member of the Buyer's Group makes a recovery under any policy of insurance, that Relevant Claim shall be reduced by the amount which that member of the Buyer's Group has recovered under such policy of insurance (less any reasonable costs incurred in obtaining such recovery by the relevant 53 member of the Buyer's Group, and Tax suffered in respect of such recovery and any related increase in future premiums payable for such insurance). In this regard, the Buyer is obliged to expeditiously pursue, and shall procure that the relevant members of the Buyer's Group expeditiously pursue, any such recoveries to which they are or might become entitled under any policy of insurance. 7 Claims by or against third parties 7.1 If any member of the Buyer's Group becomes aware of any matter: (a) which has given, or might give rise, to a claim being made by a third party against a member of the Buyer's Group which will or may give rise to a Relevant Claim (other than a Tax Claim); or (b) in respect of which any member of the Buyer's Group is or may become entitled to recover (whether by way of payment, discount, credit, set-off, counterclaim or otherwise) from any third party (other than pursuant to a policy of insurance referred to in paragraph 6) any sum in respect of any loss, damage or liability which has been, is or may become the subject of a Relevant Claim (other than a Tax Claim), in each case a Third Party Claim (including for the avoidance of doubt, a prospective claim), then the following provisions of this paragraph 7 shall apply. 7.2 The Buyer shall, upon any member of the Buyer's Group becoming aware of a Third Party Claim, give notice (containing reasonable details of the Third Party Claim) to the Seller of the matter forthwith and shall consult with the Seller with respect to that Third Party Claim and keep the Seller fully and promptly informed of all developments in relation to that Third Party Claim. 7.3 The Buyer shall not, and shall procure that no member of the Buyer's Group shall, make any admission of liability in respect of a Third Party Claim, or agree, compromise or settle a Third Party Claim, without the prior written consent of the Seller. 7.4 Subject to paragraph 7.8(d), the Buyer shall provide, and shall procure that each member of the Buyer's Group shall provide, the Seller and the Seller's professional advisers with reasonable access to premises and personnel and to all relevant documents, records, correspondence, accounts and other information within the power, possession or control of any member of the Buyer's Group for the purpose of investigating the Third Party Claim and/or ascertaining whether any member of the Buyer's Group has a right of recovery against any person other than the Seller and/or enabling the Seller to take such action as is referred to in paragraph 7.7. 7.5 Upon any member of the Buyer's Group becoming aware of a Third Party Claim, the Buyer shall, and shall procure that each member of the Buyer's Group shall, retain and preserve all relevant documents, records, correspondence, accounts and other information within the power,

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&nbsp;&nbsp;&nbsp;&nbsp;54 possession or control of any such persons which are or could reasonably be considered relevant in connection with the Third Party Claim for so long as any such Third Party Claim remains outstanding. 7.6 The Seller shall be entitled to copies of any of the documents, records and information referred to in paragraph 7.5 or, in the event that the Seller wishes to insure against its liabilities in respect of any actual or prospective Relevant Claim, any information that a prospective insurer may reasonably require before effecting such insurance. 7.7 The Buyer shall, and shall procure that each member of the Buyer's Group shall: (a) take such action and institute such proceedings, and give such information and assistance, as the Seller may request to dispute, resist, appeal, compromise, defend, remedy or mitigate the Third Party Claim or to enforce against any person (other than the Seller) the rights of any member of the Buyer's Group in relation to the Third Party Claim (including the assignment to the Seller or such other third party as the Seller may direct of any rights of action which any member of the Buyer's Group may have), and more generally co-operate fully and promptly with the Seller and its professional advisers; and (b) in connection with any proceedings related to the Third Party Claim (other than against the Seller) use professional advisers nominated by the Seller and, if the Seller so requests, permit the Seller to have exclusive conduct of the negotiations and/or proceedings, and the Seller shall indemnify the Buyer in respect of all losses, damages, costs, expenses and/or other amounts (including interest) properly and reasonably incurred by the Buyer and/or any other member of the Buyer's Group pursuant to its obligations under this paragraph 7.7. 7.8 Notwithstanding any other provision of this Agreement: (a) the Seller shall be entitled at any stage and at its sole discretion to settle any such Third Party Claim or direct the Buyer to settle such Third Party Claim as applicable and the Seller shall, where practicable, notify the Buyer in advance of its decision to do so; (b) if the Buyer declines or fails to comply with a direction to settle within ten (10) Business Days of a written direction to do so, the Seller shall thereupon cease to have any obligation to indemnify the Buyer in relation to such Third Party Claim pursuant to paragraph 7.7; (c) the Seller shall have no obligation to make payment to the Buyer in respect of any Relevant Claim until the Third Party Claim related thereto (if any) has been agreed by the Buyer and the Seller, determined by an non-appealable court decision or is withdrawn by the claimant in question; and 55 (d) the Buyer shall not be required to provide or procure the provision of any document in respect of which legal privilege can properly be claimed by the Buyer where to do so would cause the loss of such privilege in respect of the advice contained in such document / Seller Excluded Materials (as defined in clause 9.3). 7.9 For the avoidance of doubt, the provisions of this paragraph 7 shall not apply to any Tax Claim. 8 Calculating the liability of the Seller 8.1 If, before the Seller has made any payment in respect of a Relevant Claim including a Tax Claim, the Buyer or the Company is entitled to recover from a third party (including any Taxation Authority) (whether by payment, discount, credit, relief or otherwise) a sum which is referable to that Relevant Claim (a Potential Recovery Amount) then, subject to paragraph 8.3, the Buyer shall be obliged to procure the pursuit of such Potential Recovery Amount and any sums received by the Buyer or the Company as a result shall (after the deduction of reasonable costs incurred in achieving such recovery) reduce or satisfy the Relevant Claim. 8.2 If, after the Seller has made any payment in respect of a Relevant Claim including a Tax Claim, the Buyer or the Company recovers or becomes entitled to recover from a third party (including any Taxation Authority) (whether by payment, discount, credit, relief or otherwise) a sum which is referable to that payment (a Recovery Amount) then, subject to paragraph 8.3, the Buyer shall be obliged to procure the pursuit of such Recovery Amount (if not already received) and shall, on obtaining such Recovery Amount (or any portion thereof), forthwith repay (or procure the repayment) to the Seller of an amount equal to the lesser of any Recovery Amount (after the deduction of reasonable costs incurred in achieving such recovery) and the sum paid by the Seller. 8.3 The Buyer shall not be obliged to procure the pursuit of a Potential Recovery Amount or Recovery Amount if to do so would be reasonably likely to be materially detrimental to the business, present or future reputation or present or future trading relationships of the Buyer or the Company. 8.4 If the Buyer or the Company shall enjoy a saving or a net financial benefit arising from a Relevant Claim (including a Taxation saving) the Seller shall not be liable under this Agreement in an amount equal to such saving or net financial benefit. 8.5 In calculating the liability of the Seller, there shall be taken into account the amount by which any Taxation, for which any member of the Buyer's Group is now or would in the future be accountable or liable to be assessed, is or will be reduced or extinguished as a result of the matter or circumstance giving rise to the Relevant Claim in question, such Taxation to be calculated on the basis of rates of Taxation prevailing at the time of such Relevant Claim. 56 9 Recoverable losses Notwithstanding anything to the contrary in this Agreement, the Seller shall not in any circumstances be liable to the Buyer, whether in contract, tort or breach of statutory duty or otherwise for: (a) loss of or anticipated loss of profit, loss of or anticipated loss of revenue, business interruption, loss of any contract or other business opportunity or goodwill; (b) indirect loss or consequential loss; (c) any special, punitive or aggravated damages; (d) loss of reputation; or (e) any liability on the part of the Buyer to make payment unless the relevant payment has actually been made. 10 Successful claims constitute reduction in Purchase Price The satisfaction by the Seller of any claim under this Agreement (including the Warranties and the Tax Schedule) shall (to the extent legally possible) be deemed to constitute a reduction in the consideration payable by the Buyer for the purchase of the Shares. 11 Fraud Nothing in this Schedule, nor any other provision of this Agreement purporting to limit or exclude the Seller's liability, shall apply to any claim to the extent that it arises or is increased as a result of fraud or fraudulent misrepresentation on the part of the Seller. 12 Mitigation The Buyer shall (and shall procure that each member of the Buyer's Group shall) mitigate any loss suffered by it (or such member of the Buyer's Group) which has resulted in or could result in a Relevant Claim (other than a Tax Schedule Claim). 13 Buyer to provide access to information 13.1 Without prejudice to the Buyer's obligations in respect of Third Party Claims but subject to the exception in paragraph 7.8(d), the Buyer shall provide, and shall procure that each member of the Buyer's Group shall provide, the Seller and the Seller's professional advisers with reasonable access to premises and personnel and to all relevant documents, records, correspondence, accounts and other information within the power, possession or control of any member of the 57 Buyer's Group for the purpose of investigating a Relevant Claim and/or ascertaining whether any member of the Buyer's Group has a right of recovery against any person other than the Seller and/or enabling the Seller to take such action as is referred to in paragraph 7.7. 13.2 Upon any member of the Buyer's Group becoming aware of a Relevant Claim, the Buyer shall, and shall procure that each member of the Buyer's Group shall, retain and preserve all relevant documents, records, correspondence, accounts and other information within the power, possession or control of any such persons which are or could reasonably be considered relevant in connection with the Relevant Claim for so long as any such claim remains outstanding. 13.3 The Seller shall be entitled to copies of any of the documents, records and information referred to in this paragraph or, in the event that the Seller wishes to insure against its liabilities in respect of any actual or prospective Relevant Claim, any information that a prospective insurer may reasonably require before effecting such insurance.

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&nbsp;&nbsp;&nbsp;&nbsp;58 – Conditions Precedent 1 The condition to Completion is that a decision has been issued or made on terms that are unconditional or reasonably acceptable to the Buyer or is deemed to have been issued or made if there is no decision within the required time period with the effect that no proceedings will be initiated by the Competition Council of the Republic of Lithuania under Article 11(3) in so far as the Law on Competition of the Republic of Lithuania applies to the transaction (the Competition Condition). 59 – Covenants up to Completion 1 From the date of this Agreement until Completion, the Seller shall procure that, save with the prior written consent of the Buyer (such consent not to be unreasonably withheld or delayed) and save as required to comply with applicable law: the business of the Company is carried on in the ordinary course; the Buyer's Representatives and advisers shall be allowed such access as is reasonably requested, upon reasonable notice and during normal working hours, to: (i) the books and records of the Company (including all statutory books, minute books, leases, contracts, supplier lists and customer lists), with the right to take copies; and (ii) the premises used by the Company, and (iii) management of, the Company, and the Seller shall procure that the directors, officers, employees and consultants of the Company are instructed to give promptly all such information and explanations with respect to the business and affairs of the Company as the Buyer and its Representatives may reasonably request; the Company shall not: Corporate (i) create, allot, issue, purchase, reduce, repay or redeem any share or loan capital or effect any other reorganisation of any of its share capital; (ii) resolve to be voluntarily wound up or apply for a moratorium in respect of itself or any of its assets; (iii) undertake any reorganisation of the Company or discontinue any material part of its business; (iv) acquire or agree to acquire any shares or other interest in any company, partnership or other corporate body; (v) incorporate any company or voluntarily dissolve or strike-off the Company; (vi) adopt new articles of association; Finance and Accounts (vii) make any material change to its accounting principles and procedures except where such change is required by law; (viii) fail to keep proper accounting records or to make true and complete entries of all its dealings and transactions; 60 (ix) borrow any money (other than routine trade debts); (x) make or prepay any loan (other than routine trade debts or payables); (xi) give any guarantee, indemnity or other agreement to secure an obligation of a third party; (xii) incur any capital expenditure exceeding [\*]; (xiii) incur any operational expenditure exceeding [\*]; (xiv) dispose of or grant or create any Encumbrance over any part of its business, undertaking or any of its assets except in the ordinary course of trading; Contracts (xv) enter into, modify or agree to terminate any contract which involves expenditure or revenues exceeding [\*] per annum or which is otherwise of material importance to the business, profits or assets of the Company or which is otherwise entered into outside the ordinary course of the business; (xvi) enter into, notify or agree to terminate any material contract which is not on arms' length terms; (xvii) grant any lease or third party right in respect of or otherwise dispose of any properties owned or occupied by the Company; (xviii) enter into any leasing, hire purchase or other agreement or arrangements for payment on deferred terms; (xix) fail to observe or perform any term or condition of, or waive any rights under, any contract or arrangement; (xx) grant any power of attorney; Intellectual Property and IT (xxi) grant a licence or any other right in respect of (other than in the ordinary course of business), modify, agree to terminate, permit to lapse, abandon or surrender any of its Intellectual Property Rights; (xxii) enter into or terminate any contract, arrangement or commitment which would (or may reasonably be expected) to result in a material change to the functionality or operations of the Company's Information Technology; 61 Approvals (xxiii) contravene any statute, order or regulation or any legislation in any other jurisdiction; (xxiv) allow the termination, revocation or suspension of any licence or consent held by the Company; Employment (xxv) make any changes in the terms and conditions of employment or engagement of any of its directors, officers, employees or consultants or employ or terminate (except for good cause) the employment of any person; (xxvi) dismiss any of its employees or employ or engage (or offer to employ or engage) any person; (xxvii) make, or announce to any person any proposal to make, any change or addition to any retirement, disability, pension or other benefits of or in respect of any of its directors or employees or former directors or former employees (or any dependant of any such person); (xxviii) provide any non-contractual benefit to any of its directors, officers, employees, consultants or their dependants; Litigation (xxix) other than the collection of debts in the normal course of business, institute, settle or agree to settle any legal proceedings relating to its business; Tax (xxx) enter into any transaction or take any other action which could reasonably be expected to give rise to a material liability to Tax for the Company (or which could reasonably be expected to give rise to such a liability but for the availability of any Tax relief), other than a liability to Tax incurred in the ordinary course of business; (xxxi) file an application for, or enter into, a non-routine ruling in relation to Tax; (xxxii) change its Tax reporting or payment policy in any material respect or file a Tax return or any other document, election, claim or surrender relating to Tax on a basis which is materially inconsistent with prior practice; (xxxiii) enter into any settlement or compromise agreement with a Taxation Authority in respect of a material liability to Tax;

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&nbsp;&nbsp;&nbsp;&nbsp;62 (xxxiv) change its residence for Tax purposes or establish a new permanent establishment in any jurisdiction; Miscellaneous (xxxv) incur any liability or make any payment to the Seller (other than as required by any Intra-Group Agreement or other contract entered into between the Seller and Company prior to the date of this Agreement); (xxxvi) agree, conditionally or otherwise, to do any of the foregoing; or (xxxvii) take any action which is inconsistent with the provisions of this Agreement or any other Share Purchase Documents. 2 From the date of this Agreement until Completion, the Seller undertakes to the Buyer that, save with the prior consent in writing of the Buyer (such consent not to be unreasonably withheld or delayed) and save as required to comply with applicable law: it shall not dispose of any interest in the Shares or any of them or grant any option over, or Encumbrance over the Shares or any of them; it shall not permit the Company to pass any resolution in general meeting or by written resolution or otherwise; and it shall not induce, or attempt to induce, any of the employees of the Company to terminate their employment. 63 Completion Part A – Seller's obligations 1 At Completion, the Seller shall: deliver to the Buyer (or, in the case of the items described in paragraph 1(a)(ii), make available at the Company's registered office): (i) transfers in respect of the Shares duly executed and completed in favour of the Buyer (or as it may direct), together with the certificates for the Shares (if any); (ii) (as agents for the Company) all its statutory and minute books (complete to the Business Day immediately preceding Completion) and its common seal (if any), certificate of incorporation, any certificates of incorporation on change of name and other documents and records including a copy of its articles of association (or equivalent constitutional documents); (iii) letters of resignation (executed as deeds) from such of the directors of the Company as is required to ensure that the board of the Company will comprise the same individuals who are on the board of the Buyer, resigning their office as such and acknowledging that they have no claim outstanding for compensation for loss of office or otherwise, including redundancy and unfair dismissal, such resignations to be tendered at the board meetings referred to in paragraph 1(b) below; (iv) the Share Purchase Documents to which the Seller is a party duly executed by the Seller; (v) (if not previously delivered) a link to the contents of the Data Room via email; (vi) a certified copy of the minutes of each duly held board meeting, referred to in paragraph 1(b) below; (vii) a certified copy of the minutes of a duly held meeting of the directors of the Seller authorising the execution of this Agreement, and each of the other Share Purchase Documents to which it is or will be a party; (viii) the registered email address (as contemplated by section 88 CA 2006) and the email address, security code and authentication code used by the Company for making electronic filings with the Registrar of Companies together with confirmation as to membership of the Protected Online Filing Scheme; and 64 (ix) a counterpart of the Amended and Restated Joint Venture Agreement duly executed by WLFC and, to the extent provision is made for it to be a party thereto, the Company; procure that the Company holds a board meeting at which it is resolved that: (i) the transfers mentioned in paragraph 1(a)(i) be registered (subject only to their being duly stamped) notwithstanding any provision to the contrary in the articles of association of the Company; (ii) each of the persons nominated by the Buyer be validly appointed as additional directors and/or secretary, as the Buyer may direct, of the Company; and (iii) the resignations of the directors of the Company, referred to in paragraph 1(a)(iii) above, be tendered and accepted so as to take effect at the close of the meeting. 65 Part B – Buyer's obligations 1 At Completion, the Buyer shall: pay the Initial Purchase Price to the Seller in accordance with clause 16.1 (Payments); deliver to the Seller: (i) a counterpart of the Amended and Restated Joint Venture Agreement duly executed by the Buyer and Mitsui; (ii) the other Share Purchase Documents to which the Buyer is a party; and (iii) a certified copy of the minutes of a duly held meeting of the directors of the Buyer authorising the execution of this Agreement, and each of the other Share Purchase Documents to which it is or will be a party.

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&nbsp;&nbsp;&nbsp;&nbsp;66 Completion Accounts PART A - The Preparation of the Completion Accounts Preparation of draft Completion Accounts 1 By no later than sixty (60) Business Days following Completion, the Seller shall prepare and deliver to the Buyer a draft of the Completion Accounts (the draft Completion Accounts), such draft Completion Accounts to include or be accompanied by: a statement in the form set out in Part B of this Schedule 9; a statement of Actual Working Capital; and a statement as to the amount to be paid by either the Buyer or the Seller pursuant to clause 4.6. 2 In preparing the draft Completion Accounts: reference shall be made to the definitions of the relevant items to be included in the draft Completion Accounts as set out in this Agreement; in applying such definitions and determining the items and amounts to be included in the draft Completion Accounts, the following hierarchy of accounting treatment shall be applied: (i) first, the specific polices and accounting treatments set out in Part C of this Schedule 9; (ii) secondly, and to the extent not covered by paragraph (i) above, the same accounting principles, policies, evaluations, categorisations, procedures, techniques, methods, bases, practices and estimation techniques as were used in the preparation of the Accounts (which are prepared under US GAAP); and (iii) thirdly, to the extent not covered by paragraphs (i) and (ii) above, on a going concern basis in accordance with the Accounting Standards. Notification of Disputed Items and proposed adjustments 3 As soon as practicable after delivery of the draft Completion Accounts to the Buyer in accordance with paragraph 1 above, and in any event within forty (40) Business Days after such delivery (the Review Period), the Buyer shall review the draft Completion Accounts and shall give notice to the Seller (a Dispute Notice) specifying: 67 any item in the draft Completion Accounts that it wishes to dispute (a Disputed Item); its reasons for disputing each Disputed Item; and the adjustments that it believes need to be made to the draft Completion Accounts in respect of each Disputed Item in order for the draft Completion Accounts to comply with the requirements of paragraph 2. Finalisation of the Completion Accounts where there are no Disputed Items 4 If: during the Review Period, the Buyer gives notice to the Seller that there is no Disputed Item and that the Buyer does not believe that any adjustments need to be made to the draft Completion Accounts (an Agreement Notice); and/or by the expiry of the Review Period, no Dispute Notice has been given to the Seller, the draft Completion Accounts shall constitute the Completion Accounts for the purposes of this Agreement, and the date falling on the Business Day immediately after: (i) expiry of the Review Period; or (ii) if earlier, receipt by the Seller of an Agreement Notice, shall be the date of finalisation of the Completion Accounts for all purposes of this Agreement. Finalisation of the Completion Accounts where there are Disputed Items 5 If a Dispute Notice is given within the Review Period: except for any Disputed Item, the Buyer shall be deemed to have agreed all other items in the draft Completion Accounts; the Seller and the Buyer shall discuss any Disputed Item and endeavour to agree in writing the adjustments (if any) required to be made to the draft Completion Accounts in respect of each such Disputed Item; if, within twenty (20) Business Days after the end of the Review Period (the Resolution Period), the Seller and the Buyer agree in writing upon all adjustments required to be made to the draft Completion Accounts in respect of each Disputed Item (or agree that no such adjustments are required), the draft Completion Accounts as so agreed in writing between the Seller and the Buyer shall constitute the Completion Accounts for the purposes of this Agreement, and the date on which the Seller and the Buyer agree in writing on the last of the adjustments required to be made to the draft Completion Accounts in respect of each Disputed Item (or agree that no such adjustments or no further adjustments are required) shall be the date of finalisation of the Completion Accounts for all purposes of this Agreement; 68 if, by the expiry of the Resolution Period, there remains any Disputed Item in respect of which the Seller and the Buyer have not agreed in writing what adjustments are required to be made to the Completion Accounts (a Remaining Item), then: (i) each such Remaining Item (but no other matters) shall, upon notice from either the Buyer or the Seller to the other (a Referral Notice), be referred to the Independent Accountants who shall determine, in accordance with paragraphs 7 to 9 below, what adjustments (if any) are required to be made to the draft Completion Accounts in respect of each such Remaining Item; (ii) the draft Completion Accounts adjusted: (A) in respect of any Disputed Item, as agreed in writing between the Seller and the Buyer in accordance with paragraph 5(b) above (to the extent that, the Seller and the Buyer agree any such adjustments); and (B) in respect of any Remaining Item, as determined by the Independent Accountants in accordance with paragraph 5(i) above (to the extent that, the Independent Accountants determine that any such adjustments are required), shall constitute the Completion Accounts for the purposes of this Agreement; and the date on which the Independent Accountants determine the last of the adjustments required to be made to the draft Completion Accounts in respect of each Remaining Item (or determine that no such adjustments or no further adjustments are required) in accordance with paragraph 5(d)(i) shall be the date of finalisation of the Completion Accounts for all purposes of this Agreement. Finalised Completion Accounts to be binding 6 When the Completion Accounts have been finalised in accordance with the preceding paragraphs of this Schedule 9, then the Completion Accounts shall be final and binding on the parties and shall not be subject to question on any ground whatsoever. Independent Accountants 7 If and whenever any matter falls to be referred, in accordance with this Schedule 9, to Independent Accountants for determination, it shall be referred to such firm of independent chartered accountants: (i) as the Seller and the Buyer may agree in writing within twenty (20) Business Days after the service of a Referral Notice acting reasonably; or (ii) failing such agreement, as the President for the time being of the Institute of Chartered Accountants in England and Wales shall nominate on the application of the Seller and the Buyer jointly (or on the application of either the Seller or the Buyer, provided such application is accompanied by the 69 requisite court order, which order shall not be challenged by the other party) (the Independent Accountants). 8 The Independent Accountants shall act on the following basis: the Independent Accountants shall be instructed to notify the Seller and the Buyer of their determination of any such matter within forty (40) Business Days of such referral and shall be requested to give an unreasoned determination; the Independent Accountants shall be instructed to determine any dispute by reference to the accounting treatment specified in paragraph 2 of this Schedule 9 and, in making any such determination, the Independent Accountants shall have exclusive jurisdiction to determine the proper construction of paragraph 2; the Seller and the Buyer shall be entitled to make written submissions to the Independent Accountants, but subject thereto the Independent Accountants shall have power to determine the procedure to be followed in relation to their determination; any submissions to and the determination of the Independent Accountants shall be in the English language; in making such submissions, the Seller and the Buyer shall state their respective best estimates of monetary amounts of the matters referred for determination; in making their determination, the Independent Accountants shall act as experts and not as arbitrators, their decision as to any matter referred to them for determination shall be final and binding in all respects on the parties and shall not be subject to question on any ground whatsoever; no amendment may be made by the Independent Accountants to any items or amounts which are not Disputed Items; and the fees, costs and expenses of the Independent Accountants shall be borne and paid as the Independent Accountants shall direct and, failing such direction, by the Seller and the Buyer equally. 9 The Seller and the Buyer shall enter into an appropriate form of appointment of the Independent Accountants as soon as reasonably practicable (and in any event within ten (10) Business Days following the selection of the Independent Accountants in accordance with paragraph 7 above) and the Buyer and the Seller shall act reasonably in agreeing the terms and conditions of such appointment, including, without limitation, in respect of fees and any exclusions and limitations of liability where it can be reasonably demonstrated that such terms and conditions reflect market standard provisions for such appointments. 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&nbsp;&nbsp;&nbsp;&nbsp;70 conditions, either party shall be entitled to appoint the Independent Accountants on behalf of both the Buyer and the Seller and to agree such terms and conditions with the Independent Accountants as it shall determine, provided that it can be reasonably demonstrated that such terms and conditions broadly reflect market standard provisions for such appointments. Provision of Information 10 Until the Completion Accounts have been finalised in accordance with this Schedule 9: the Seller shall provide the Buyer with all information, assistance and access to books and records of account, documents, files, papers and information stored electronically which they may reasonably require for the purposes of this Schedule 9; the Buyer shall, and shall procure that the Company shall, provide the Seller with all information, assistance and access to books and records of account, documents, files, papers and information stored electronically which they may reasonably require for the purposes of this Schedule 9; and in the event that Independent Accountants are appointed, the Seller and the Buyer shall each provide and the Buyer shall procure that the Company shall provide, the Independent Accountants promptly with all information, assistance and access to books and records of account, documents, files, papers and information stored electronically which they may reasonably require for the purposes of this Schedule 9, and the Independent Accountants shall be entitled (to the extent they consider it appropriate) to base their determination on such information and on the accounting and other records of the Company. Costs of respective accountants and other expenses 11 The fees, costs and expenses of any accountants (other than the Independent Accountants) used by the Buyer or the Seller in respect of the matters dealt with by this Schedule 9 shall be for the account of the Buyer and the Seller respectively. 12 Each of the Buyer and the Seller shall bear its own fees, costs and expenses with respect to the finalisation of the Completion Accounts. 71 PART B - Actual Working Capital As at 1 January 2025 (illustrative purposes only) (US$) As adjusted post-Completion (Actual) (US$) [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] 72 PART C - Specific policies and accounting treatments to be used in preparing the Completion Accounts The Property Lease will be treated as a traditional operating lease as such term has historically been used for US GAAP purposes (a monthly expense item only) and not gross up the Completion Accounts for Right of Use Asset and Liability (accordingly, RoU lease impacts will be excluded from the Working Capital calculation). 73 Definitions and interpretation 1 In this Agreement: Accounting Standards means the accounting standards in force and applicable to the Company as at the Hive Down Date, being US GAAP Accounts means the unaudited balance sheet of the Company (in the agreed form) as at the Hive Down Date Actual Working Capital means the aggregate Working Capital of the Company at Completion, as ascertained after Completion in accordance with Schedule 9 (Completion Accounts) and as set out in the Completion Accounts Adequate Procedures means: such "prevention procedures" as it is reasonable to expect the relevant entity to have in place to ensure compliance with, and prevent and detect offences under, Part 3 of the Criminal Finances Act 2017 (defined also as "prevention procedures" in section 45 of the Criminal Finances Act 2017); such procedures as it is reasonable to expect the relevant entity to have in place to prevent and detect offences under the UK Bribery Act 2010; and in respect of the Company such, policies, procedures, processes and systems designed to ensure, and which are reasonably expected to ensure and to continue to ensure, compliance with, and prevent and detect breaches of, all applicable Financial Crime Laws Amended and Restated Joint Venture Agreement means the amended and restated aircraft engines joint venture agreement to be entered into between WLFC, Mitsui and the Buyer in the agreed form Announcement has the meaning given in clause 25.1 Associated Person means in relation to any entity, a person: who performs or has performed services (including within the meaning of section 8 of the Bribery Act 2010) for such entity; from whose activity, practice, conduct, action or failure to act, such entity has, directly or indirectly, received a benefit; or who otherwise acts on behalf of such entity in any capacity,

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&nbsp;&nbsp;&nbsp;&nbsp;74 and in respect of whose actions or inactions such entity may be liable under any Financial Crime Law Business means the consultancy and records management business of the Company acquired from the Seller on the Hive Down Date, pursuant to and on the terms and conditions of the Hive Down Agreement Business Day means a day other than a Saturday or Sunday on which banks are ordinarily open for the transaction of normal banking business in London and Dublin Business Warranties means all Warranties other than the Fundamental Warranties Business Warranty Claim means any claim, demand, action, proceeding or suit by the Buyer under or in connection with any of the Business Warranties, whether for damages, compensation or any other relief Buyer's Bank Account means the account at Sumitomo Mitsui Banking Corporation Europe Limited, with account name: Willis Mitsui & Co Engine Support Limited, account number: 314050 and sort-code: 40-51-25, or such other account as the Buyer notifies to the Seller Buyer's Group means the Buyer and each company which is for the time being (whether on or after the date of this Agreement) a Related Undertaking of the Buyer CA 2006 means the Companies Act 2006 Cash means the aggregate of the cash (whether in hand or credited to any account with any banking, financial, acceptance credit, lending or other similar institution or organisation) and cash equivalents of the Company as at Completion (including all uncleared receipts, lodgements, direct debits and unpresented cheques received by the Company but excluding any unpresented cheques, direct debits, standing orders or equivalent payments paid or written by the Company) Company means Bridgend Asset Management Limited (company registration number 5983255), further details of which are set out in Schedule 1 (Information about the Company) Competition Condition has the meaning given in paragraph 1 of Schedule 6 (Conditions Precedent) Completion means completion of the sale and purchase of the Shares by the performance by the parties of their respective obligations under clause 5 and Schedule 8 (Completion) Completion Accounts means the balance sheet of the Company as at the Completion Date, prepared pursuant to the provisions of Schedule 9 (Completion Accounts) 75 Completion Date means the date on which Completion occurs in accordance with this Agreement Data Protection Legislation means all laws and regulations applicable to the processing of Personal Data, including: the UK GDPR, the GDPR and other laws and regulations of the European Union, their member states and the United Kingdom relating to the processing of Personal Data, and privacy to the extent applicable in the United Kingdom; the corresponding laws and regulations of each jurisdiction in which the Company operates; and where applicable, the related codes of practice issued by the United Kingdom's Information Commissioner or any other regulator of each jurisdiction in which the Company operates Data Room means all documents, correspondence and other information made available by the Seller for inspection by the Buyer and its advisers in the electronic data room hosted at: [\*] as at 30 April 2025 at 5:00pm and as is listed in the Data Room Index Data Room Index means the index detailing the contents of the Data Room, in the agreed form Disclosed means disclosed in such manner and in such detail as to enable a buyer to make a reasonable assessment of the nature and scope of the matter concerned Disclosure Letter means the letter, in agreed form, of the same date as this Agreement from the Seller to the Buyer disclosing exceptions and certain matters in relation to the Warranties, together with all documents attached to it or listed in any schedule to it Dispute Notice has the meaning given in paragraph 3 of Part A of Schedule 9 (Completion Accounts) Employment Legislation has the meaning given in paragraph 11.1 of Schedule 2 (The Warranties) Encumbrance means any mortgage, charge, rent-charge, pledge, lien, option, restriction, right of first refusal, right of pre-emption, retention of title, claim, right, interest or preference granted to any third party, or any other encumbrance or security interest of any kind (or an agreement or commitment to create any of the same) Environment means the following media (alone or in combination): air (including the air within the buildings and the air within other natural or man-made structures whether above or below ground); water (including water under or within land or in drains or sewers and surface, ground, coastal and inland waters); land (including surface land, sub-surface strata, land under water and 76 natural and manmade structures); and any ecological systems and living organisms (including man) supported by that media including, in the case of man, his senses and his property Environmental Laws means all applicable laws (including all or any of statute, common law, rule, regulation, treaty, directive, direction, decision of the court, bye-law, code of practice, circular, guidance note, statutory guidance, order, notice, demand or official guideline of any Environmental Regulatory Authority) in force in any relevant jurisdiction (including the European Union) at any time up to and including the date of this Agreement to the extent that they relate to or concern the protection of human health or the Environment, energy efficiency, climate change and/or the conditions of the workplace and worker health and safety or they regulate, control or prohibit the generation, use, handling, emission, transportation, storage, treatment or disposal of any substance or any noise, vibration, odour, light or radioactivity or have as a purpose or effect the provision of remedies or compensation for harm or damage to the Environment or any loss arising therefrom or the condition, protection, maintenance, remediation, reinstatement, restoration of the Environment or any part of it Environmental Permits means any agreement, permission, permit, licence, authorisation, consent, registration, notification, exemption or other approval required pursuant to any Environmental Laws by the Company (including any condition or requirement thereof as modified from time to time) in order to carry out its operations Environmental Regulatory Authority means any person (including any governmental department or government agency or body, the Environment Agency (of the United Kingdom), local authorities or the Health & Safety Executive (of the United Kingdom) or their respective equivalents in any jurisdiction in question) having regulatory powers and/or authority at law and/or any court of law or tribunal in relation to the Environment or Environmental Laws Estimated Working Capital means the estimated Actual Working Capital as notified by the Seller to the Buyer in accordance with clause 4.3 Financial Crime Laws means all applicable laws, rules, regulations or other measures of any jurisdiction relating to the prevention of bribery, corruption, money laundering, terrorist financing, facilitation of tax evasion, fraud or similar or related activities or relating to financial sanctions, including the Foreign Corrupt Practices Act 1977 of the USA, the Terrorism Act 2010, the Proceeds of Crime Act 2002, the Bribery Act 2010, the Money Laundering Regulations 2017 and the Criminal Finances Act 2017, and Financial Crime Law means any of them Fundamental Warranties means those Warranties set out at paragraphs 1, 2 and 18 of Schedule 2 (The Warranties) 77 Fundamental Warranty Claim means any claim, demand, action, proceeding or suit by the Buyer under or in connection with any of the Fundamental Warranties, whether for damages, compensation or any other relief GDPR means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 Guarantee means any guarantee, indemnity, suretyship, letter of comfort or other assurance, security or right of set-off given or undertaken by a person to secure or support the obligations (actual or contingent) of any other person and whether given directly or by way of counter-indemnity to any other person who has provided a Guarantee Hive Down has the meaning given in clause 6.15 Hive Down Agreement means the Hive Down Agreement for the sale and purchase of the consultancy and records management businesses and associated assets of the Seller by the Company entered into between such parties on 1 January 2025 Hive Down Date means 1 January 2025, being the date on which the Company acquired the Business from the Seller; Hive Down Indemnity Claim means a claim for a breach of the indemnity provided by the Seller to the Buyer in clause 6.15 Independent Accountants has the meaning given in paragraph 7 of Part A of Schedule 9 (Completion Accounts) Information Technology means information and communications technology infrastructure (including, without limitation, hardware, software, (in both object and source code) firmware, networks and connecting media) and all manuals or other documents relating thereto Initial Purchase Price has the meaning given in clause 4.2 Intellectual Property Rights means copyright and related rights (including rights in computer software), patents, rights in inventions (including rights to claim priority from any patent application), trade marks, trade names, service marks, business names, internet domain names, design rights, database rights, rights in undisclosed or confidential information (such as Know-how, trade secrets and inventions (whether patentable or not)), and all other intellectual property or similar proprietary rights of whatever nature (whether registered or not and including applications to register or rights to apply for registration) which may now or in the future subsist anywhere in the world

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&nbsp;&nbsp;&nbsp;&nbsp;78 Intra-Group Agreements has the meaning given in the Hive Down Agreement IT and Data means: the Information Technology; and data (both Personal Data and other data) Know-how means all information owned by the Company or used, or required to be used, in, or in connection with, the business of the Company, held in any form (including that comprised in or derived from design drawings, prototypes, models, discoveries, improvements, data, formulae, specifications, component lists, instructions, manufacturing technology manuals, brochures, catalogues, processes, process descriptions and all other technical information and materials) and relating to: the manufacture, procurement, marketing or sale of services including customer names and lists and other details of customers, sales targets, sales statistics, market share statistics, prices, market research reports and surveys and advertising or other promotional materials; future projects, business development or planning, commercial relationships and negotiations; and/or any other aspect of the business of the Company Longstop Date means the date that is six (6) months after the date of this Agreement Losses means in relation to any matter, all losses, liabilities (whether actual or contingent), damages, claims, demands, actions, proceedings, interest, costs (including professional costs), expenses, fines, penalties, fees and expenses, relating to that matter, and any amounts paid or payable in relation to that matter either pursuant to an order or judgment of any court, tribunal or regulatory body, or pursuant to any settlement or agreement between the relevant parties to the matter Material Contract means: the Hive Down Agreement; the Intra-Group Agreements; and Transferring Customer Contracts Mitsui means Mitsui & Co. Ltd., a corporation organized and existing under the laws of Japan, having its registered office at 2-1, Otemachi 1-chome, Chiyoda-ku, Tokyo 100-8631, Japan 79 parties means the parties to this Agreement Pension Schemes means the Group Personal Pension Plan with Scottish Widows provided for current and former employees and directors of the Company Personal Data has the meaning in the Data Protection Legislation Potential Recovery Amount has the meaning given in paragraph 8.1 of Schedule 5 (Limitations on the liability of Seller) Proceedings has the meaning given in clause 29(a) Property Lease means the property lease between the Seller and the Company Purchase Price means an amount calculated by taking [\*] and from that amount if the Actual Working Capital is: (a) less than the Target Working Capital, subtracting an amount equal to the difference between the Actual Working Capital and the Target Working Capital; or (b) more than the Target Working Capital, adding an amount equal to the difference between the Actual Working Capital and the Target Working Capital; or (c) equal to the Target Working Capital, making no adjustment. Recovery Amount has the meaning given in 8.2 of Schedule 5 (Limitations on the liability of Seller) Referral Notice has the meaning given in paragraph 5(d)(i) of Part A of Schedule 9 (Completion Accounts) Regulatory Permissions has the meaning given in paragraph 4.6 of Schedule 2 (The Warranties) Related Undertaking in relation to any company means any subsidiary or holding company of that company or any subsidiary of any such holding company, provided that for so long as WLFC is a co-shareholder in Buyer, the Seller's Related Undertakings shall exclude the Buyer, its subsidiaries, and its holding companies other than WLFC (to the extent they would each otherwise constitute Related Undertakings of the Seller), and the Buyer's Group shall be limited to the Buyer and its subsidiaries Relevant Authority has the meaning given in clause 25.2 80 Relevant Claim means any claim, demand, action, proceeding or suit by the Buyer under or in connection with this Agreement (including a Tax Claim or Hive Down Indemnity Claim), whether for damages, compensation or any other relief Relevant Regulators means European Union Aviation Safety Agency and the UK Civil Aviation Authority Relief means any loss, relief, allowance, exemption, set-off, deduction, credit, repayment or other relief relating to any Taxation or to the computation of income, profits or gains for the purposes of any Taxation Remaining Item has the meaning given in paragraph 5(d) of Part A of Schedule 9 (Completion Accounts) Representatives means, in relation to any person, its directors, officers, employees, agents, advisers, accountants and/or consultants Resolution Period has the meaning given in paragraph 5(c) of Part A of Schedule 9 (Completion Accounts) Retained Records has the meaning given in clause 9.2 Review Period has the meaning given in paragraph 3 of Part A of Schedule 9 (Completion Accounts) Sanctioned Person means a person that is listed on, or owned or controlled by, or acting on behalf of, a person listed on any Sanctions List Sanctioned Territory means Cuba, Iran, North Korea, Syria, Venezuela, the so-called Donetsk and Luhansk Peoples' Republics, the Zaporizhzhia and Kherson Oblasts, and other Ukrainian territories claimed to be annexed by Russia, or any country or region which is, or whose government is, or becomes, a target of comprehensive, country-wide or territory-wide Sanctions Sanctions means any laws or regulations relating to economic or financial sanctions or trade embargoes or export controls or related restrictive measures or similar measures (including "secondary" sanctions) imposed, administered or enforced from time to time by a Sanctions Authority Sanctions Authority means (i) the United Nations Security Council; (ii) the United States government; (iii) the European Union; (iv) the United Kingdom government; (v) the respective governmental institutions and agencies of any of the foregoing, including without limitation, the Office of Foreign Assets Control of the US Department of Treasury (OFAC), the United States Department of State and Department of Commerce, and HM Treasury; and (vi) any other 81 governmental institution or agency with responsibility for imposing, administering or enforcing Sanctions with jurisdiction over the Company Sanctions List means: (a) the consolidated United Nations Security Council sanctions list; (b) the "Specifically Designated Nationals and Blocked Persons List", "Denied Persons List", "Entities List" and any list maintained by OFAC within its "Consolidated Sanctions List"; (c) the "Sectoral Sanctions Identification List" maintained by OFAC; (d) the "Consolidated List of Persons, Groups, and Entities subject to EU Financial Sanctions" maintained by the EU Commission; and/or any list of persons or entities targeted by a restrictive measure that has been implemented pursuant to any European Council or Commission Regulation or Decision adopted pursuant to a Common Position in furtherance of the European Union's Common Foreign and Security Policy; (e) the Consolidated List of Financial Sanctions Targets (including both the version of the list covering "Asset Freeze Targets" and the version of the list covering "Investment Bank Targets") maintained by the HM Treasury and the "UK Sanctions List"; and/or (f) or any other list issued or maintained by any Sanctions Authority of persons subject to Sanctions, in each case as amended, supplemented or substituted from time to time Seller's Bank Account means the account at Barclays Bank UK PLC, with account name: Willis Asset Management Limited, account number: [\*] and sort-code: [\*], or such other account as the Seller notifies to the Buyer Seller's Group means the Seller, and each company which is for the time being a Related Undertaking of the Seller other than, after Completion, the Company Senior Employee has the meaning given in paragraph 11.1 of Schedule 2 (The Warranties) Share Purchase Documents means this Agreement and all documents to be entered into pursuant to this Agreement Shares means the entire issued share capital of the Company Target Working Capital means [\*], being the parties' agreed target amount of the Working Capital as at Completion Tax Claim means a Tax Schedule Claim and/or a Tax Warranty Claim

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&nbsp;&nbsp;&nbsp;&nbsp;82 Tax Schedule means Schedule 4 (Tax Schedule) Tax Schedule Claim means any claim, demand, action, proceeding or suit by the Buyer under or in connection with or arising out of the Tax Schedule or any other matters which are the subject of the Tax Schedule, whether for damages, compensation or any other relief Tax Warranties means the Warranties contained in paragraph 19 of Schedule 2 (The Warranties) Tax Warranty Claim means any claim, demand, action, proceeding or suit by the Buyer under or in connection with any of the Tax Warranties, whether for damages, compensation or any other relief Taxation or Tax means: all forms of tax, levy, duty, charge, impost, withholding or other amount whenever created or imposed payable to or imposed by any Taxation Authority; and all charges, interest, penalties and fines incidental or relating to any Taxation falling within paragraph (a) above or which arise as a result of the failure to pay any Taxation on the due date or to comply with any obligation relating to Taxation Taxation Authority means any taxing or other authority competent to impose any liability in respect of Tax or responsible for the administration or collection of Taxation or enforcement of any law in relation to Tax Termination Event has the meaning given in clause 18.1 Third Party Claim has the meaning given in paragraph 7 of Schedule 5 (Limitations on the liability of Seller) Trade Debts means amounts owing by way of trade credit in the ordinary course of trading as a result of goods and/or services supplied and Trade Debtors shall be construed accordingly Transaction Communications means all communications between the Seller and the Company (including, without limitation, those to which the Seller's solicitors are also party), relating to the negotiation, preparation, execution and completion of this Agreement and the transactions contemplated by it Transfer Taxes means stamp duty, stamp duty land tax and all other applicable sales, transfer, real estate transfer, stamp, registration charges, documentary or similar taxes in any jurisdiction including any interest or penalties on any of the same Transferred Records has the meaning given in clause 9.1 83 Transferring Customer Contracts has the meaning given to that term in the Hive Down Agreement UK GDPR means GDPR as amended and transposed into the laws of the United Kingdom pursuant to the European Union (Withdrawal) Act 2018 and the European Union (Withdrawal Agreement) Act 2020 VAT means any value added tax imposed by the Value Added Tax Act 1994 and any other tax of a similar nature, imposed elsewhere Warranties means the warranties set out in Schedule 2 (The Warranties) Warranty Claim means a Business Warranty Claim, a Fundamental Warranty Claim and/or a Tax Warranty Claim WLFC means Willis Lease Finance Corporation, a company incorporated in the State of Delaware, United States of America, having its principal office at 4700 Lyons Technology Parkway Coconut Creek, Florida 33073, United States of America Working Capital means the aggregate working capital of the Company, being for these purposes those line items set out in Part B of Schedule 9 (Completion Accounts). 2 In this Agreement, unless the context requires otherwise: a document expressed to be in the agreed form means a document in a form which has been agreed by the parties on or before the execution of this Agreement and signed or initialled by them or on their behalf, for the purposes of identification; the table of contents and the headings are inserted for convenience only and do not affect the interpretation of this Agreement; references to clauses and Schedules are to clauses of, and schedules to, this Agreement, references to this Agreement include its Schedules and references to a Part or paragraph are to a Part or paragraph of a Schedule to this Agreement; references to this Agreement or any other document or to any specified provision of this Agreement or any other document are to this Agreement, that document or that provision as from time to time amended in accordance with the terms of this Agreement or that document or, as the case may be, with the agreement of the relevant parties; words importing the singular include the plural and vice versa, words importing a gender include every gender; 84 references to a person include an individual, corporation, partnership, any unincorporated body of persons and any government entity; references to any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, Court, official or any legal concept or thing shall in respect of any jurisdiction other than England be deemed to include what most nearly approximates in that jurisdiction to the English legal term; any amount to be converted from one currency into another currency for the purposes of this Agreement shall be converted into an equivalent amount at the Conversion Rate prevailing at the Relevant Date. For the purposes of this paragraph: Conversion Rate means the close spot mid-trade composite (London) rate for a transaction between the two currencies in question as quoted on Bloomberg on the Business Day immediately preceding the Relevant Date or, if no such rate is quoted on that date, on the preceding date on which such rates are quoted; and Relevant Date means, save as otherwise provided in this Agreement, the date on which a payment or assessment is to be made, save that for the purposes of Schedule 2 (Warranties), the monetary amounts set out in Schedule 5 (Limitations on the liability of Seller), the Relevant Date shall be the date of this Agreement; references to time are to London time; references to dollars or US$ are to the lawful currency from time to time of the United States of America; the rule known as the ejusdem generis rule shall not apply, and accordingly words introduced by words and phrases such as include, including, other and in particular shall not be given a restrictive meaning or limit the generality of any preceding words or be construed as being limited to the same class as the preceding words where a wider construction is possible; a company is a subsidiary of another company, its holding company, if that other company: (i) holds a majority of voting rights in it; or (ii) is a shareholder of it and has the right to appoint a majority of its board of directors; or (iii) is a shareholder of it and controls alone, or pursuant to an agreement with other shareholders, a majority of the voting rights in it; 85 or if it is a subsidiary of a company that is itself a subsidiary of that other company, and in interpreting this paragraph for the purposes of this Agreement, a company is to be treated as a shareholder of a subsidiary even if its shares are registered in the name of (a) a nominee or (b) a person holding security over those shares, or that secured party's nominee; the word company, except where used in reference to the Company, shall be deemed to include any partnership, undertaking or other body of persons, whether incorporated or not incorporated and whether now existing or formed after the date of this Agreement; and the phrase "to the extent" shall mean, "if, but only to the extent". 3 In this Agreement, unless the context requires otherwise, a reference to any statute or statutory provision (whether of the United Kingdom or any other jurisdiction) includes: any subordinate legislation (as defined by section 21(1) Interpretation Act 1978) made under it; and any provision which it has superseded or re-enacted (with or without modification), and any provision superseding it or re-enacting it (with or without modification), before or on the date of this Agreement, or after the date of this Agreement except to the extent that the liability of any party is thereby increased or extended, and any such statute, statutory provision or subordinate legislation as is in force at the date of this Agreement shall be interpreted as it is interpreted at the date of this Agreement and no account shall be taken of any change in the interpretation of any of the foregoing by any court of law or tribunal made after the date of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Signature page to the Share Purchase Agreement) EXECUTED by) WILLIS ASSET MANAGEMENT LIMITED) acting by:) /s/ Brian R. Hole Director EXECUTED by) WILLIS MITSUI & CO ENGINE SUPPORT LIMITED) acting by:) /s/ Akira Kaido Director

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## Exhibit 10.2

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[\*] Indicates that certain information in this exhibit has been excluded because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential. Execution Version 4916-2447-8548.v2 ASSET PURCHASE AGREEMENT dated as of June 18, 2025 between WILLIS LEASE FINANCE CORPORATION and WILLIS ENGINE STRUCTURED TRUST VIII i 4916-2447-8548.v2 **Table of Contents** Page ARTICLE I DEFINITIONS ............................................................................................................1 Section 1.01. Definitions....................................................................................................1 ARTICLE II TRANSFER OF ASSETS ..........................................................................................2 Section 2.01. Transfer of Interests .....................................................................................2 Section 2.02. Damage to Initial Assets ..............................................................................4 Section 2.03. Rental Payments (other than Usage Fees) ...................................................5 Section 2.04. Usage Fees; Lessee Reimbursements ..........................................................6 Section 2.05. [Intentionally Omitted] ................................................................................7 Section 2.06. True Sale; Security Agreement ....................................................................7 Section 2.07. DISCLAIMER .............................................................................................8 ARTICLE III REPRESENTATIONS AND WARRANTIES .........................................................8 Section 3.01. Representations and Warranties of Willis (Corporate and Initial Asset Interests) .............................................................................................8 Section 3.02. Representations and Warranties of Willis (Initial Assets) .........................10 Section 3.03. Representations and Warranties of Willis (Initial Asset Trusts) ...............13 Section 3.04. Representations and Warranties of WEST ................................................15 Section 3.05. Independent Representations .....................................................................16 Section 3.06. Benefit of Representations .........................................................................16 Section 3.07. Reliance on Representations ......................................................................16 ARTICLE IV ADDITIONAL AGREEMENTS ............................................................................16 Section 4.01. Regulatory and Other Authorizations; Notices and Consents ...................16 Section 4.02. Willis Covenants ........................................................................................16 Section 4.03. Further Action ............................................................................................16 ARTICLE V CONDITIONS PRECEDENT .................................................................................17 Section 5.01. Conditions to Willis's Obligations.............................................................17 Section 5.02. Conditions to WEST's Obligations ...........................................................17 ARTICLE VI SURVIVAL; LIABILITY LIMITATIONS; INDEMNIFICATION .....................17 Section 6.01. Survival and Liability Limitations .............................................................17 Section 6.02. Indemnification by Willis ..........................................................................17 Section 6.03. Indemnification by WEST .........................................................................18 Section 6.04. Notice, Etc..................................................................................................19 Section 6.05. Indemnification by WEST .........................................................................20 ii 4916-2447-8548.v2 ARTICLE VII WAIVER ...............................................................................................................20 Section 7.01. Waiver by WEST .......................................................................................20 Section 7.02. Waiver by Willis ........................................................................................20 ARTICLE VIII MISCELLANEOUS PROVISIONS ....................................................................21 Section 8.01. Expenses ....................................................................................................21 Section 8.02. Notices .......................................................................................................21 Section 8.03. Headings ....................................................................................................22 Section 8.04. Severability ................................................................................................22 Section 8.05. Entire Agreement .......................................................................................22 Section 8.06. Assignment ................................................................................................22 Section 8.07. No Third Party Beneficiaries .....................................................................22 Section 8.08. Amendment ................................................................................................22 Section 8.09. Governing Law ..........................................................................................22 Section 8.10. Waiver of Jury Trial ...................................................................................23 Section 8.11. Counterparts ...............................................................................................23 Section 8.12. Specific Performance .................................................................................23 APPENDIX A Definitions EXHIBIT A Form of Beneficial Interest Assignment EXHIBIT B Form of Warranty Bill of Sale SCHEDULE 1 List of Initial Assets SCHEDULE 2 Lease Documents SCHEDULE 3 Conditions Precedent 1 4916-2447-8548.v2 ASSET PURCHASE AGREEMENT THIS ASSET PURCHASE AGREEMENT, dated as of June 18, 2025 (this "Agreement"), is entered into by and between WILLIS LEASE FINANCE CORPORATION ("Willis"), a Delaware corporation, and WILLIS ENGINE STRUCTURED TRUST VIII ("WEST"), a Delaware statutory trust. W I T N E S S E T H: WHEREAS, Willis wishes to transfer to WEST all of its right, title and interest in and to the Asset Interests in each of the Asset Trusts (each, an "Initial Asset Trust", and the Asset Interest therein, the "Initial Asset Interest") which, as of the applicable Delivery Date therefor, will have acquired and own the Aircraft Engines and Airframes described in Schedule 1 or, in lieu of any such Aircraft Engine or Airframes, any Substitute Asset therefor, (the "Initial Assets") or in the case of certain Initial Assets to be identified by Willis to WEST prior to the applicable Delivery Date therefor (the "Title Transfer Assets"), Willis wishes to transfer or cause to be transferred all right, title and interest to such Initial Asset to an Issuer Group Member, in each case in consideration for the issuance by WEST of the Beneficial Interest Certificates in WEST pursuant to the Trust Agreement and the payment and distribution by WEST to Willis of the Cash Portion of the Purchase Price pursuant to this Agreement for each Initial Asset Interest and each Title Transfer Asset, which will be financed through the issue of the Initial Notes; WHEREAS, WEST and each Issuer Group Member will collaterally assign its interests in the Initial Asset Interests, the Initial Assets and its other assets to the Security Trustee pursuant to the Security Trust Agreement, as collateral for payment of the Initial Notes pursuant to the terms of the Indenture and as collateral for payment and performance of the other obligations of WEST and the Issuer Group Members to the Secured Parties; and WHEREAS, Willis and WEST agree that all representations, warranties, covenants and agreements made by Willis and WEST herein shall be for the benefit of the Secured Parties; NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: ARTICLE I DEFINITIONS Section 1.01. Definitions. The terms used herein have the meanings assigned to them in Appendix A. Unless otherwise defined herein, all capitalized terms used but not defined herein have the meanings assigned to such terms in the Indenture.

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&nbsp;&nbsp;&nbsp;&nbsp;2 4916-2447-8548.v2 ARTICLE II TRANSFER OF ASSETS Section 2.01. Transfer of Interests. (a) Upon the terms and subject to the conditions of this Agreement and the Trust Agreement, during the Transfer Period, Willis shall sell, transfer and contribute to WEST, and WEST shall acquire from Willis, in the manner set forth in clause (c), all of Willis's right, title and interest in, to and under the Initial Asset Interests in each Initial Asset Trust, the related Initial Asset and each Related Asset, and shall sell, transfer and contribute (or cause to be sold, transferred or contributed to an Issuer Group Member identified by WEST) all right, title and interest in, to and under each Title Transfer Asset and each Related Asset in each case free from any Encumbrance other than Permitted Encumbrances (all of the foregoing, collectively, the "Transferred Property") but reserving, however, to Willis or the relevant Title Transferor, in respect of each Initial Asset Interest, all claims for indemnities payable to Willis or the relevant Title Transferor (or the applicable Asset Trust) under the related Lease in respect of any act or omission or events occurring prior to the Delivery Date for such Asset Interest (the "Retained Rights"), in exchange for the Cash Portion of the Purchase Price in respect of each such Initial Asset Interest (or Title Transfer Asset, as applicable) to be remitted to Willis on the Delivery Date for the relevant Transferred Property (or such later date as described in Section 2.01(c)(iii)), and Willis shall be deemed to have made a capital contribution to WEST in an amount equal to the excess of the Purchase Price of such Transferred Property over the Cash Portion of such Purchase Price, reduced by the aggregate amount of the Rental Payments and Usage Fees reported by Willis to WEST in respect of the relevant Initial Asset pursuant to Sections 2.03(b) and 2.04(b) and transferred from the Asset Purchase Account, and increased by any investment earnings of WEST on the Cash Portion of such Purchase Price. (b) Effective on and as of the relevant Delivery Date as agreed by Willis and WEST during the Transfer Period (which, for the avoidance of doubt, may be a separate Delivery Date for the sale, transfer and assignment of each of the Initial Asset Interests or Title Transfer Assets, as applicable) and subject to the terms and conditions contained in this Agreement, the sale, transfer and assignment of the Transferred Property will take place on such Delivery Date and WEST agrees to accept all ownership interests in, and Willis shall cease to have any direct ownership interest in, the Transferred Property; provided that Willis and WEST may agree to postpone the Delivery Date for any Transferred Property after it is established pursuant to the preceding sentence but not to a date after the end of the Transfer Period; provided further that Willis shall have no liability to WEST in respect of any Initial Asset Interest or Title Transfer Asset that has not been transferred to WEST by the end of the Transfer Period. (c) On the Delivery Date for each Initial Asset Interest or Title Transfer Asset, as applicable, subject to satisfaction of the conditions set forth in Section 5.01 and 5.02 to the obligations of Willis and WEST related thereto, respectively, the following actions will be taken by Willis or WEST, as indicated, and will be deemed to have taken place in the order set forth below; provided that the obligation of WEST or Willis to take each such action will be subject to Willis or WEST, respectively, having performed each of the actions that is to be taken prior to such action: 3 4916-2447-8548.v2 (i) on the Initial Closing Date, WEST shall have deposited, in the Asset Purchase Account, the aggregate Cash Portion of the Purchase Price for all Initial Asset Interests or Title Transfer Assets, as applicable (other than any Initial Asset Interests transferred to WEST on the Initial Closing Date, the aggregate Cash Portion for which shall have been deposited in the Collections Account); (ii) Willis shall deliver to WEST a duly executed Beneficial Interest Assignment in respect of the Initial Asset Interest, or a duly executed Bill of Sale in respect of the Title Transfer Asset (and, if applicable, a duly executed Lease Assignment if the applicable Title Transfer Asset is subject to a Lease immediately prior to the Transfer of such Title Transfer Asset), in each case, to be transferred on such Delivery Date; (iii) WEST shall cause the Cash Portion of the Purchase Price in respect of such Initial Asset Interest or Title Transfer Asset, as applicable, to be remitted to Willis or to such other Person as Willis shall specify in writing to WEST; provided that such Cash Portion shall not be remitted to Willis (or such other Person) until on or after the first day on which both of the following conditions are met (A) the Delivery Date shall have occurred in accordance with this Agreement and (B) the applicable Initial Asset is off lease or, if on lease, there is not an event of default continuing under the Lease of such Initial Asset that is (x) the failure of the applicable Lessee to pay Rental Payments and (y) such Rental Payments are more than 30 days past due; (iv) Willis shall deliver a receipt to WEST for the Purchase Price in respect of such Initial Asset Interest or Title Transfer Asset, as applicable; and (v) Willis shall cause the release and termination of all of the Prior Mortgages in the relevant Transferred Property to be effective on such Delivery Date and shall cause the transfer to the Security Trustee of all Related Assets relating to such Transferred Property. (d) Willis shall be responsible for the payment of any transfer taxes due in respect of the transfers of the Transferred Property. (e) Willis agrees to record, file or register, and provide evidence of the recordation, filing or registration of, at its own expense no later than such Delivery Date, the following UCC financing statements, releases and discharges, in each case in the indicated location: (i) in the appropriate UCC filing offices, UCC financing statement amendments terminating the UCC financing statements in respect of the Prior Mortgages relating to the Transferred Property; (ii) with the FAA, releases of the Prior Mortgages relating to the Assets included in the Transferred Property; 4 4916-2447-8548.v2 (iii) on the International Registry, the discharges of the international interests in respect of the Prior Mortgages on the Transferred Property that have been registered on the International Registry; and (iv) such other documents in such other locations as may be required by the Security Trust Agreement or as WEST may reasonably direct. (f) All such UCC financing statement amendments, releases, discharges and documents described in clause (e) shall meet the requirements of Applicable Law with respect to their form and the manner of their filing, recordation or registration. Willis shall, promptly following the relevant Delivery Date, deliver to WEST (with copies to the Indenture Trustee), (i) with respect to such UCC financing statement amendments, file-stamped copies of such UCC financing statement amendments or, in the event that a file-stamped copy of such UCC financing statement amendments cannot be obtained in any given jurisdiction, a certificate signed by the relevant filing agent indicating that he/she filed such UCC financing statement amendments with the relevant governmental authority in such jurisdiction, (ii) with respect to the releases filed with the FAA, evidence of submission of the applicable documents for recordation and (iii) with respect to the discharges registered on the International Registry, a copy of a priority search certificate reflecting such discharges. Section 2.02. Damage to Initial Assets. (a) If during the Transfer Period, any Initial Asset suffers damage that does not constitute a Total Loss, Willis shall: (i) promptly notify WEST of such damage; (ii) notify WEST as soon as reasonably practicable of its opinion as to whether such damage is repairable by the end of the Transfer Period; and (iii) if repairs of such damage can reasonably be expected to be completed by the end of the Transfer Period, use reasonable efforts to procure the repair of such damage as soon as reasonably practicable, provided that Willis shall have no liability to WEST or the applicable Initial Asset Trust if such repairs are not completed by the end of the Transfer Period. (b) If Willis determines that it is unable to effect the transfer of any Initial Asset Interest or Title Transfer Asset, the related Initial Asset and the Related Assets to WEST within the Transfer Period for any reason (each such Initial Asset Interest and Title Transfer Asset, a "Removed Asset Interest" and the Initial Asset and the Initial Asset Trust corresponding thereto, respectively, a "Removed Asset" and, a "Removed Asset Trust"), (i) the Removed Asset Interest, the Removed Asset and the Related Assets shall not be transferred hereunder, (ii) the Removed Asset Interest, the Removed Asset and the Removed Asset Trust shall cease to be, respectively, an "Initial Asset Interest", "Title Transfer Asset", "Initial Asset" and "Initial Asset Trust" for the purposes of this Agreement, and (iii) the Schedules to this Agreement shall be amended to reflect the removal of the Removed Asset and related Lease Documents. Willis may, at its option, elect to provide a Substitute Asset and Related Assets in place of such Removed Asset together with the Related Assets at any time thereafter but no later 5 4916-2447-8548.v2 than five (5) Business Days prior to the Delivery Expiry Date; provided that the following conditions shall be required to be met: (i) no Concentration Violation will result from the acquisition by WEST of the Substitute Asset; (ii) the Substitute Asset is an Aircraft Engine or Airframe model that is one of the models of the Initial Assets as of the Initial Closing Date or a newer technology model, and the model has received FAA and EASA certification which certification remains in effect; (iii) if the Substitute Asset is subject to a lease, such lease includes the Core Lease Provisions, and if the Substitute Asset is an airframe, it is subject to a lease with substantially similar economic terms; (iv) the acquisition of the Substitute Asset has been approved by a unanimous resolution of the Controlling Trustees including the Independent Controlling Trustee; and (v) prior written notice of the substitution with such Substitute Asset has been provided to the Rating Agencies. (c) If, in respect of any Removed Asset, Willis does designate a Substitute Asset pursuant to clause (b) above, the Schedules to this Agreement shall be amended to reflect the addition of such Substitute Asset, including, the addition of the Lease Documents and Asset Trust relating thereto. On the effective date stated in a prior written notice to WEST of the election pursuant to clause (b) above, such Substitute Asset and the Related Assets shall become and thereafter be subject to the terms and conditions of this Agreement, such Substitute Asset and the corresponding Asset Interest and Asset Trust shall be treated, respectively, as an Initial Asset, an Initial Asset Interest, a Title Transfer Asset and an Initial Asset Trust for purposes of this Agreement. Section 2.03. Rental Payments (other than Usage Fees). (a) Willis and WEST agree that (i) all Rental Payments (other than Usage Fees) due and payable under the Lease of an Initial Asset for any period ending prior to the Initial Closing Date shall belong to and promptly be distributed by the applicable Initial Asset Trust to Willis, (ii) all Rental Payments (other than Usage Fees) due and payable under a Lease of an Initial Asset for any period beginning on and after the Initial Closing Date shall belong to and promptly be distributed by the applicable Initial Asset Trust to WEST, and (iii) all Rental Payments (other than Usage Fees) due and payable under a Lease of an Initial Asset for any period beginning before and ending after the Initial Closing Date shall be allocated, between Willis, on the one hand, and WEST, on the other hand, in proportion to the number of days in such period before the Initial Closing Date and the number of days in such period on and after the Initial Closing Date, respectively, and shall promptly be distributed accordingly. WEST agrees that, if it receives a Rental Payment (other than a Usage Fee) for an Initial Asset that is allocable in whole or in part to a period prior to the Initial Closing Date, it will promptly remit such Rental Payment or part thereof to Willis, and Willis agrees that, if it receives a Rental Payment (other than a Usage Fee) for an Initial Asset

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&nbsp;&nbsp;&nbsp;&nbsp;6 4916-2447-8548.v2 that is allocable in whole or in part to a period on and/or after the Initial Closing Date, it will remit such Rental Payment or part thereof to WEST. (b) Willis agrees to provide notice to WEST, within two (2) Business Days after the receipt of all Rental Payments (other than Usage Fees) under a Lease of an Initial Asset during the period beginning on the Initial Closing Date and ending on the last day preceding the Delivery Date for such Initial Asset, setting forth the amount of each such Rental Payment and the portion, if less than all of such Rental Payment, that is allocable to the period on and after the Initial Closing Date, determined in accordance with the principles in clause (a) of this Section 2.03. From time to time, the amounts so reported shall be transferred from the Asset Purchase Account to the Collections Account in accordance with the Indenture. (c) In the event that an Initial Asset becomes a Removed Initial Asset in accordance with Section 2.02(b), then, no later than three (3) Business Days after the date such Initial Asset became a Removed Initial Asset, WEST agrees to refund to Willis (or such other person at the direction of Willis) all Rental Payments (other than Usage Fees) relating to the Removed Initial Asset paid to WEST; provided that, if such Removed Initial Asset is replaced by a Substitute Asset in accordance with Section 2.02(b), then, promptly upon the effective date of such substitution, (i) WEST agrees to refund to Willis (or such other person at the direction of Willis) all Rental Payments (other than Usage Fees) relating to such Removed Initial Asset paid to WEST for the period commencing on the Initial Closing Date and ending on the date of such substitution in excess of the Rental Payments (other than Usage Fees) relating to such Substitute Asset attributable to the same period, if any, and (ii) Willis agrees to pay to WEST all Rental Payments (other than Usage Fees) relating to such Substitute Asset paid for the period commencing on the Initial Closing Date and ending on the date of such substitution in excess of the Rental Payments (other than Usage Fees) relating to such Removed Initial Asset attributable to the same period, if any. Amounts received by WEST in respect of Rental Payments by transfer of such amount from the Asset Purchase Account shall not require a refund from WEST described hereunder. Section 2.04. Usage Fees; Lessee Reimbursements. (a) Willis and WEST agree that all Usage Fees received prior to the Initial Closing Date under a Lease of an Initial Asset shall belong to Willis, and that Usage Fees received on and after the Initial Closing Date under a Lease of an Initial Asset shall belong to and promptly be distributed by the related Initial Asset Trust to WEST or Willis, as the case may be, in each case without regard to when the usage of the Initial Asset or other measure of such Usage Fees, on the basis of which such Usage Fees were calculated, occurred. (b) Willis and WEST agree that Willis will be obligated to fund claims for Lessee Reimbursements under a Lease of an Initial Asset received prior to the Initial Closing Date and that WEST will be obligated to fund all claims for Lessee Reimbursements under a Lease of an Initial Asset received on and after the Initial Closing Date, in each case without regard to whether the maintenance in respect of such Lessee Reimbursement or other relevant event occurred prior to, on or after the Initial Closing Date. Willis agrees to provide notice to WEST after the receipt of all Usage Fees and claims for Lessee Reimbursements under a Lease of an Initial Asset during the period beginning on the Initial Closing Date and ending on the last day preceding the Delivery Date for such Initial Asset, setting forth each such amount. From 7 4916-2447-8548.v2 time to time, the amounts of Usage Fees so reported shall be transferred from the Asset Purchase Account to the Collections Account in accordance with the Indenture. (c) In the event that an Initial Asset becomes a Removed Initial Asset in accordance with Section 2.02(b), then, no later than three (3) Business Days after the date such Initial Asset became a Removed Initial Asset, WEST agrees to refund to Willis (or such other person at the direction of Willis) all Usage Fees relating to the Removed Initial Asset paid to WEST, less any Lessee Reimbursements for such Removed Initial Asset paid by WEST; provided that, if such Removed Initial Asset is replaced by a Substitute Asset in accordance with Section 2.02(b), then, promptly upon the effective date of such substitution, (i) WEST agrees to refund to Willis (or such other person at the direction of Willis) all Usage Fees relating to such Removed Initial Asset paid to WEST for the period commencing on the Initial Closing Date and ending on the date of such substitution (less any Lessee Reimbursements for such Removed Initial Asset paid by WEST during such period) in excess of the Usage Fees relating to such Substitute Asset paid during the same period (less any Lessee Reimbursements for such Substitute Asset paid by Willis during such period), if any, and (ii) Willis agrees to pay to WEST all Usage Fees relating to such Substitute Asset paid for the period commencing on the Initial Closing Date and ending on the date of such substitution (less any Lessee Reimbursements for such Substitute Asset paid by Willis during such period) in excess of the Usage Fees relating to such Removed Initial Asset paid during the same period (less any Lessee Reimbursements for such Removed Initial Asset paid by WEST during such period), if any. Amounts received by WEST in respect of Usage Fees by transfer of such amount from the Asset Purchase Account shall not require a refund from WEST described hereunder. Section 2.05. [Intentionally Omitted]. Section 2.06. True Sale; Security Agreement. (a) Willis and WEST intend that the transfer by Willis of the Transferred Property pursuant to Section 2.01 hereof shall constitute a valid sale, transfer and conveyance by Willis of the assets so transferred, that after the relevant Delivery Date, Willis shall retain no right, title or interest in the Transferred Property and Related Assets, other than through its ownership of Beneficial Interest Certificates in WEST, and that such assets shall not be part of Willis's estate in the event of the insolvency or bankruptcy of Willis. (b) Willis and WEST intend that their operations and business would not be substantively consolidated in the event of the bankruptcy or insolvency of Willis and that the separate existence of Willis and WEST would not be disregarded in the event of the insolvency or the bankruptcy of Willis. In the event that (i) any of the Transferred Property is held to be property of Willis's bankruptcy estate or (ii) this Agreement is held or deemed to create a security interest in any such asset, then (x) this Agreement shall constitute a security agreement within the meaning of Article 8 and Article 9 of the UCC as in effect in the State of New York and (y) the conveyances provided for in Section 2.01 hereof shall constitute a grant by Willis to WEST of a valid perfected security interest in all of Willis's right, title and interest in and to any such asset, which security interest has been assigned to the Security Trustee pursuant to the Security Trust Agreement and which security interest will be deemed to have been granted directly to the Security Trustee from Willis in the event of the consolidation of Willis and WEST 8 4916-2447-8548.v2 in any insolvency proceeding. In furtherance of the foregoing, (A) WEST shall have all of the rights of a secured party with respect to the Transferred Property pursuant to Applicable Law and (B) Willis shall execute and deliver all documents, including but not limited to UCC financing statements, as WEST may reasonably require to effectively perfect and evidence WEST's security interest in the Transferred Property. Section 2.07. DISCLAIMER. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, AND THE SCHEDULES HERETO AND IN EACH BENEFICIAL INTEREST ASSIGNMENT AND BILL OF SALE, WILLIS HEREBY DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER REGARDING THE MERCHANTABILITY, MARKETABILITY, PROFITABILITY, FUTURE PERFORMANCE, USAGE, FITNESS FOR A PARTICULAR PURPOSE OR WORKMANSHIP WITH RESPECT TO ANY OF THE INITIAL ASSETS (INCLUDING, FOR THE AVOIDANCE OF DOUBT, ANY SUBSTITUTE ASSET THEREFOR), ANY PART THEREOF, THE RELATED ASSETS AND THE OTHER TRANSFERRED PROPERTY. WEST ACKNOWLEDGES AND AGREES THAT, TO THE MAXIMUM EXTENT PERMITTED BY LAW, AND EXCEPT AS (AND SOLELY TO THE EXTENT) SET FORTH IN THIS AGREEMENT AND THE SCHEDULES HERETO AND IN EACH BENEFICIAL INTEREST ASSIGNMENT, THE INITIAL ASSETS (INCLUDING, FOR THE AVOIDANCE OF DOUBT, ANY SUBSTITUTE ASSET THEREFOR), ANY PART THEREOF, THE RELATED ASSETS AND THE OTHER TRANSFERRED PROPERTY THAT WEST IS ACQUIRING DIRECTLY OR INDIRECTLY AS A RESULT OF ITS ACQUISITION OF THE INITIAL ASSET INTERESTS OR INITIAL ASSETS WILL BE DEEMED "AS IS, WHERE IS" ON THE RELEVANT DELIVERY DATE IN THEIR THEN PRESENT CONDITION. ARTICLE III REPRESENTATIONS AND WARRANTIES Section 3.01. Representations and Warranties of Willis (Corporate and Initial Asset Interests). As an inducement to WEST and the other parties to enter into this Agreement, Willis hereby makes the following representations and warranties as of the Initial Closing Date and as of each Delivery Date: (a) Organization, Authority and Qualification of Willis. Willis is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all necessary power and authority to own its properties as such properties are currently owned and to conduct its business as such business is currently conducted, and to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. Willis is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the properties owned or leased by it or the operation of its business makes such licensing or qualification necessary, except to the extent that the failure to be so licensed or qualified would not adversely affect the ability of Willis to carry out its obligations under, and to consummate the transactions contemplated by, this Agreement. The execution and delivery of this Agreement by Willis, the performance by Willis of its obligations hereunder and the consummation by Willis of the transactions contemplated hereby have been duly authorized 9 4916-2447-8548.v2 by all requisite action on the part of Willis. This Agreement has been, and the Beneficial Interest Assignments and, where applicable, Bills of Sale to which Willis is a party will have been on the applicable Delivery Date, duly executed and delivered by Willis, and (assuming due authorization, execution and delivery by the other parties hereto) this Agreement constitutes, and each of the Beneficial Interest Assignments and Bills of Sale to which Willis is a party will constitute, a legal, valid and binding obligation of Willis enforceable against Willis in accordance with its terms. (b) Consent. Except for the filing with the SEC of a report on Form 8-K by Willis, the execution, delivery and performance of this Agreement by Willis and the consummation of the transactions contemplated hereby do not and will not require any consent, approval, authorization or other order of, action by, filing with or notification to any Governmental Authority, except as provided in Section 2.01(e). All other authorizations, consents, registrations and notifications required in connection with the entry into, performance, validity and enforceability of, this Agreement, the transactions contemplated by this Agreement have been (or will on or before the applicable Delivery Date) obtained or effected (as appropriate) and are (or will on their being obtained or effected be) in full force and effect. (c) No Conflict. The execution, delivery and performance of this Agreement by Willis do not and will not (i) violate, conflict with or result in the breach of any provision of the organizational documents of Willis, (ii) conflict with or violate (or cause an event which could have a material adverse effect on the business or financial condition of Willis as a result of) any Applicable Law or Governmental Order applicable to Willis or any of its assets, properties or businesses, including, without limitation, the Business, or (iii) conflict with, result in any breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of, or result in the creation of any Encumbrance on any asset or property of Willis pursuant to, any note, bond, mortgage or indenture, contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which Willis is a party or by which any of such assets or properties is bound or affected. (d) Compliance with Laws. Willis has conducted and continues to conduct the Business in accordance with Applicable Law and Governmental Orders applicable to it or any of its assets and is not in violation of any such Applicable Law or Governmental Order, which violation has had or could reasonably be expected to have a material adverse effect on the business or financial condition of Willis. There is no pending or threatened action, suit, proceeding, arbitration or claim against Willis before any court, arbitrator or other Governmental Authority in any way adversely affecting the transactions contemplated by this Agreement. (e) Full Disclosure. No representation or warranty of Willis in this Agreement, nor any statement, disclosure exhibit or schedule, or certificate furnished or to be furnished to WEST pursuant to this Agreement, or in connection with the transactions contemplated by this Agreement, contains or will contain any untrue statement of a material fact, or omits or will omit to state a material fact necessary to make the statements contained herein or therein, in the light of the circumstances under which they were made, not misleading.

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&nbsp;&nbsp;&nbsp;&nbsp;10 4916-2447-8548.v2 (f) Governing Law; Jurisdiction. The provisions of Section 8.09 concerning governing law and jurisdiction are valid and binding on Willis under the laws of its jurisdiction of organization, and no provision purporting to be binding on Willis of this Agreement or any of the other agreement contemplated hereby is prohibited, unlawful or unenforceable under the laws of its jurisdiction of organization. (g) No Liquidator. No liquidator, provisional liquidator, examiner or analogous or similar officer has been appointed in respect of all or any material part of the assets of Willis (or, to its knowledge, any non-material part of the assets of Willis which would, if it were subject to a liquidator, provisional liquidator, examiner or analogous or similar officer, have a material adverse effect on Willis's financial condition or its ability to perform its obligations hereunder) nor has any application been made to a court which is still pending for an order for, or any act, matter or thing been done which with the giving of notice, lapse of time or satisfaction of some other condition (or any combination thereof) will lead to, the appointment of any such officers or equivalent in any jurisdiction; and it is not entering into this Agreement with the intent to hinder, defraud or delay any creditor. Section 3.02. Representations and Warranties of Willis (Initial Assets). Willis hereby makes the following representations and warranties with respect to the transfer of any Initial Asset, on and as of the Initial Closing Date and the applicable Delivery Date relating to such Initial Asset (in each case, pertaining to the facts and circumstances then existing on such date): (a) Initial Assets. Schedule 1 lists the Initial Assets and related Initial Asset Trusts, all of which are owned by Willis as of the date hereof except for the Initial Assets that are Unowned Assets as of the date hereof as set forth therein or as listed on Schedule 3.02(a) to the First Disclosure Letter. (b) Appraisals. The appraisals of the Appraisers of the Initial Assets (other than any Substitute Assets) delivered to WEST on the Initial Closing Date are true and complete copies thereof. (c) Lease Documents. Except if and as set forth in the First Disclosure Letter and, with respect to each Initial Asset, any Supplemental Disclosure Letter relating to such Initial Asset, the Lease Documents listed in Schedule 2 (as Schedule 2 may be amended and supplemented to reflect the addition of a Substitute Asset and the removal of any Initial Asset substituted therefor) constitute the whole agreement between the relevant lessor and the relevant Lessee pertaining to the period on and after the Initial Closing Date and includes a complete list of all amendments, supplements, novations, and written consents, approvals and waivers relevant to the Lease and pertaining to the period on and after the Initial Closing Date, and there are no oral waivers in effect that would modify or amend the terms thereof in any material respect pertaining to the period on and after the Initial Closing Date. (d) No Lease Defaults. Except if and as set forth in the First Disclosure Letter and, with respect to each Initial Asset, any Supplemental Disclosure Letter relating to such Initial Asset, to Willis's knowledge no Material Default has occurred and is continuing under the Lease in respect of any Initial Asset. 11 4916-2447-8548.v2 (e) No Outstanding Lessee Claims. Except as set forth in the First Disclosure Letter and, with respect to each Initial Asset, any Supplemental Disclosure Letter relating to such Initial Asset, there are no outstanding claims which have been asserted by any Lessee against Willis, any Initial Asset Trust or any Asset Trustee arising out of the relevant Lease (other than claims constituting Permitted Encumbrances and other than claims for Lessee Reimbursements that will be the responsibility of Willis or for other payments that will be the responsibility of Willis). (f) Ownership of Initial Asset Trusts. The Asset Interest in each Initial Asset Trust has been duly authorized, validly issued and fully paid for and non-assessable, and there is no other agreement outstanding that provides for the issuance of additional beneficial interests in such Initial Asset Trust, or that entitles any Person to exercise preemptive rights or to manage or direct any such Initial Asset Trust other than in accordance with the Asset Trust Agreements. In respect of each Initial Asset Interest, immediately prior to the relevant Delivery Date, Willis has, and will continue to have full legal and beneficial title to such Initial Asset Interest purported to be owned by it, in each case, free and clear of all Encumbrances except Permitted Encumbrances. (g) Initial Assets; Legal and Beneficial Title to Initial Assets. (i) Schedule 1 lists the Initial Assets, all of which, immediately prior to the applicable Delivery Date, are owned by (x) Willis and, if applicable, the applicable Initial Asset Trust or (y) the applicable Title Transferor; (ii) each Initial Asset Trust and each Title Transferor that purports to own an Initial Asset has, on the applicable Delivery Date, full legal title to such Initial Asset, free from Encumbrances other than Permitted Encumbrances; (iii) the Beneficial Interest Assignment delivered by Willis to WEST in respect of the Initial Asset Interest relating to such Initial Asset was effective to irrevocably transfer such Initial Asset Interest; (iv) the Bill of Sale delivered to WEST's nominee that is an Issuer Group Member by a Title Transferor in respect of the Title Transfer Asset was effective to irrevocably transfer such Title Transfer Asset; and (v) the transfer of such Initial Asset Interest or Title Transfer Asset, as applicable, is not avoidable or otherwise subject to rescission by reason of any lawful claim of any other Person, including by or through any Initial Asset Trust or any Initial Asset Interest (including any prior transferor thereof or any Person acting on behalf of or claiming through any such transferor). (h) No Lessee Encumbrances. To Willis's knowledge, and except if and as disclosed in the First Disclosure Letter and, with respect to each Initial Asset, any Supplemental Disclosure Letter relating to such Initial Asset, there are no Lessee Encumbrances as of the applicable Delivery Date that are not permitted pursuant to the terms of the relevant Lease document. (i) No Unrepaired Damage to Initial Assets. To Willis's knowledge, and except if and as disclosed in the First Disclosure Letter and, with respect to each Initial Asset, any Supplemental Disclosure Letter relating to such Initial Asset, (i) no Initial Asset has been involved in any incident that caused damage in excess of the amount required to be disclosed to the relevant lessor under the relevant Lease, and (ii) information provided by Willis and its representatives to the Appraisers with respect to the Initial Assets and on which the Appraisers relied in making their appraisals is true and correct in all material respects and there are no facts 12 4916-2447-8548.v2 or circumstances known to Willis that would render any of the assumptions contained in the Appraisals for the Initial Assets materially inaccurate. (j) No Outstanding Compulsory Airworthiness Directives. To Willis's knowledge, and except if and as disclosed in the First Disclosure Letter and, with respect to each Initial Asset, any Supplemental Disclosure Letter relating to such Initial Asset, no compulsory airworthiness directives are outstanding against any Initial Asset which would require the lessor of such Initial Asset to make contributions to the cost of compliance therewith as required under the provisions of the relevant Lease, unless the timeframe allowed therefor by the relevant airworthiness directive has not expired. (k) No Exercise of Purchase, Extension or Termination Options. To Willis's knowledge, and except if and as disclosed in the First Disclosure Letter and, with respect to each Initial Asset, any Supplemental Disclosure Letter relating to such Initial Asset, no options to purchase any Initial Asset, extend or terminate the relevant Lease have been exercised by the relevant Lessee under the relevant Lease Documents. (l) Disclosure Schedule True and Accurate. The information set forth in the First Disclosure Letter and each Supplemental Disclosure Letter with respect to each Initial Asset is or will be when issued true and accurate in all material respects. (m) Grant of Security Deposits Remain Effective. Except if and as set forth in the First Disclosure Letter and each Supplemental Disclosure Letter, to Willis's knowledge the provisions of each Lease relating to any Security Deposit thereunder remain in full force and effect. (n) No Grounds for Termination of Leases by Lessees. To Willis's knowledge, and except if and as disclosed in the First Disclosure Letter and, with respect to each Initial Asset, any Supplemental Disclosure Letter relating to such Initial Asset, no event has occurred or act or thing done or omitted to be done by the lessor of any Initial Asset pursuant to which or as a result of which the relevant Lease can be terminated by the applicable Lessee in accordance with the terms of the relevant Lease or the obligations of any such party thereunder would be rendered invalid or unenforceable. (o) No Sub-Leases. To Willis's knowledge, and except if and as disclosed in the First Disclosure Letter and, with respect to each Initial Asset, any Supplemental Disclosure Letter relating to such Initial Asset, no Initial Asset is subject to any sub-lease between the relevant Lessee and any other Person; (p) No Forward Sale Agreement, Purchase Option or Conditional Sale Agreement. To Willis's knowledge, and except if and as disclosed in the First Disclosure Letter and, with respect to each Initial Asset, any Supplemental Disclosure Letter relating to such Initial Asset, no Initial Asset is, subject to any forward sale agreement, purchase option, or conditional sale agreement or other similar agreements or options. (q) Acceptance of Initial Assets under Leases by Lessees. To Willis's knowledge, and except if and as disclosed in the First Disclosure Letter and, with respect to each Initial Asset, any Supplemental Disclosure Letter relating to such Initial Asset, each Initial Asset 13 4916-2447-8548.v2 has been accepted by the relevant Lessee under the Lease thereof without qualification or exception or to the extent that any such acceptance was given subject to any qualification or exception or subject to any liability on the part of the lessor of such Initial Asset to pay or reimburse any costs or expenses or to undertake any repairs or modifications at the expense of such lessor, such qualifications and exceptions have been discharged or waived by the Lessee and have ceased to apply and no such costs or expenses remain to be reimbursed and all defects referred to therein have been duly rectified or waived by such Lessee. (r) Lease Document Information True and Complete. Except if and as disclosed in the First Disclosure Letter and, with respect to each Initial Asset, any Supplemental Disclosure Letter relating to such Initial Asset, the information and statements with respect to each Initial Asset as to and relating to the relevant Lease and the Lease Documents set forth in Schedule 2 are, true and complete. (s) Sale of Initial Assets. The sale of each Initial Asset and Initial Asset Interest contemplated by this Agreement and the relevant Beneficial Interest Assignment or Bill of Sale constitutes a valid and irrevocable transfer of all of the Willis's and the Title Transferor's (if applicable) right, title and interest in and to such Initial Asset to WEST and thereafter Willis and the Title Transferor, if applicable, shall retain no right, title or interest in such Initial Asset or such Initial Asset Interest; (t) Payment of Lessee Reimbursements. The lessor under each Lease pertaining to an Initial Asset has paid to the relevant Lessee all amounts due and payable by such lessor to such Lessee in respect of Lessee Reimbursements as required by the relevant Lease Documents. (u) Transfer of Initial Assets. Willis intends for the sale of each Initial Asset Interest and each Title Transfer Asset to constitute a valid transfer of such asset and the related Transferred Property to WEST and intends that after the relevant Delivery Date, Willis shall retain no right, title or interest in such asset (other than through its ownership of Beneficial Interest Certificates in WEST). (v) Permits of Initial Asset Trusts. Except to the extent that same is the responsibility of the Lessee under a Lease, each of Willis and each Initial Asset Trust has obtained and is maintaining all permits, licenses, authorizations, certifications, exemptions and approvals necessary to enable it to carry on its business as presently conducted (collectively, "Permits"), and all such Permits are in full force and effect. Section 3.03. Representations and Warranties of Willis (Initial Asset Trusts). Willis hereby makes the following representations and warranties as of the Initial Closing Date and the relevant Delivery Date with respect to each of the Initial Asset Trusts (in each case, pertaining to the facts and circumstances then existing on such date): (a) Initial Assets. Except for the Initial Assets and Related Assets, and any rights arising under the Related Documents and the Lease Documents, the Initial Asset Trusts have no other assets.

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&nbsp;&nbsp;&nbsp;&nbsp;14 4916-2447-8548.v2 (b) Liabilities. Except for the Related Documents and the Lease Documents, the Initial Asset Trusts have no other liabilities. (c) Contracts. Except (i) for the Related Documents and Lease Documents, all of which are legal, valid and binding on the Initial Asset Trusts that are parties thereto, and are in full force and effect in accordance with their respective terms with respect to each such entity and upon completion of the transactions contemplated by this Agreement, shall continue in full force and effect with respect to each such entity, without penalty or adverse consequence and (ii) if and as disclosed in the First Disclosure Letter and, with respect to each Initial Asset, any Supplemental Disclosure Letter relating to such Initial Asset, none of the Initial Asset Trusts is, as of the relevant Delivery Date, a party to any other contract or agreement. Neither Willis, nor any Initial Asset Trust is in breach of, or default under, any contract or agreement to which it is a party. (d) Encumbrances. Except for the Lease Documents or as set forth in First Disclosure Letter and with respect to each Initial Asset, any Supplemental Disclosure Letter relating to such Initial Asset, there are, as of the relevant Delivery Date, no Encumbrances (other than Permitted Encumbrances) on any of the assets or properties of any Initial Asset Trust or on the Title Transfer Assets or Related Assets. (e) No Employees. No Initial Asset Trust has any employees. (f) No Governmental Orders. To Willis's knowledge, there are no Governmental Orders outstanding against any Initial Asset Trust. (g) No Violation of Applicable Law or Governmental Order. Each Initial Asset Trust is not and has not at any time since its organization as an entity been, or has received any notice that it is or has at any time since its organization as an entity been, in violation of or in default under, in any material respect, Applicable Law or Governmental Order applicable to such entity or any of its assets or properties; (h) No Liquidator. No liquidator, provisional liquidator, examiner or analogous or similar officer has been appointed in respect of all or any part of the assets of any Initial Asset Trust nor has any application been made to a court which is still pending for an Order for, or any act, matter or thing been done which with the giving of notice, lapse of time or satisfaction of some other condition (or any combination thereof) will lead to, the appointment of any such officers or equivalent in any jurisdiction; (i) Insurance Coverage. At all times that any Initial Asset Trust has been the owner of an Initial Asset, such Initial Asset Trust has been covered by aviation liability insurance policies in such types and amounts and covering such risks and with such insurers as are substantially consistent with Willis's customary practices and such Initial Asset Trust will continue to be so covered on and after the applicable Delivery Date for such Initial Asset. (j) Disregarded Entity Status. Each Initial Asset Trust is and has been at all time from its organization an entity taxable either as a grantor trust or as a disregarded entity for Federal income tax purposes and Willis has made an election, where it is required, to treat each 15 4916-2447-8548.v2 Initial Asset Trust at all times from its organization as an entity taxable as a disregarded entity for Federal, state and local income tax purposes. (k) No Unpaid Taxes. Each Initial Asset Trust has paid all material Taxes that are due or claimed or asserted by any taxing authority to be due from such entity on or prior to the applicable Delivery Date and there are no Tax liens upon the assets of such entity except liens for Taxes not yet due; (l) Compliance with Tax Laws, Rules and Regulations. Each Initial Asset Trust has materially complied with all applicable laws, rules, and regulations relating to the payment and withholding of Taxes (including withholding and reporting requirements under Code Sections 1441 through 1464, 1471 through 1474, 3401 through 3406, 6041 and 6049 and similar provisions under any other Applicable Laws) and has, to the extent material, within the time and in the manner prescribed by law, withheld from employee wages and paid over to the proper governmental authorities all required amounts. Section 3.04. Representations and Warranties of WEST. As an inducement to the other parties to enter into this Agreement, WEST hereby makes the following representations and warranties as of the Initial Closing Date and as of each Delivery Date: (a) Organization and Authority of WEST. WEST is a statutory trust duly organized, validly existing and in good standing under the laws of the State of Delaware and has all necessary power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by WEST, the performance by WEST of its obligations hereunder and the consummation by WEST of the transactions contemplated hereby have been duly authorized by all requisite action on the part of WEST. This Agreement has been duly executed and delivered by WEST, and (assuming due authorization, execution and delivery by the other parties hereto) this Agreement constitutes, a legal, valid and binding obligation of WEST enforceable against WEST in accordance with its terms. (b) Governmental Consents and Approvals. The execution, delivery and performance of this Agreement by WEST do not and will not require any consent, approval, authorization or other order of, action by, filing with or notification to any Governmental Authority. (c) No Conflict. Except as may result from any facts or circumstances relating solely to Willis, the execution, delivery and performance of this Agreement by WEST do not and will not (i) violate, conflict with or result in the breach of any provision of the Trust Agreement of WEST, (ii) conflict with or violate any Applicable Law or Governmental Order applicable to WEST or (iii) conflict with, or result in any breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension, revocation, or cancellation of, or result in the creation of any Encumbrance on any of the assets or properties of WEST pursuant to, any note, bond, mortgage or indenture, contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which WEST is a party or by which any of such assets or properties are bound or affected which 16 4916-2447-8548.v2 would have a material adverse effect on the ability of WEST to consummate the transactions contemplated by this Agreement. (d) Investment Purpose. WEST is acquiring the Transferred Property solely for the purpose of investment and not with a view to, or for offer or sale in connection with, any distribution thereof. Section 3.05. Independent Representations. Each of the representations and warranties shall be construed as a separate and independent representation and warranty and shall not be limited or restricted by reference to the terms of any other provision of this Agreement, any other Related Document or any other representation or warranty. Section 3.06. Benefit of Representations. Subject to Section 6.01, the benefit of the representations and warranties set forth in this Agreement shall run to the Security Trustee. Section 3.07. Reliance on Representations. Willis acknowledges that WEST is entering into this Agreement and the other Related Documents in reliance upon the accuracy of each of the representations and warranties of Willis set forth in this Agreement. ARTICLE IV ADDITIONAL AGREEMENTS Section 4.01. Regulatory and Other Authorizations; Notices and Consents. Willis shall use its reasonable efforts to obtain all authorizations, consents, orders and approvals of all Governmental Authorities and officials that may become necessary in the future for the performance of its obligations pursuant to this Agreement and will cooperate fully with WEST in promptly seeking to obtain all such authorizations, consents, orders and approvals. Section 4.02. Willis Covenants. Willis covenants and agrees that it will not, prior to the date that is one year and one day after the payment in full of all amounts owing pursuant to the Indenture, institute against any Issuer Group Member, or join any other Person in instituting against any Issuer Group Member, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar proceedings under the laws of any applicable jurisdiction. This Section 4.02 shall survive the termination of this Agreement. Section 4.03. Further Action. Each of the parties hereto shall use all reasonable efforts to take, or cause to be taken, all appropriate action, do or cause to be done all things necessary, proper or advisable under Applicable Law, and execute and deliver such documents and other papers, as may be required to carry out the provisions of this Agreement and consummate and make effective the transactions contemplated by this Agreement. 17 4916-2447-8548.v2 ARTICLE V CONDITIONS PRECEDENT Section 5.01. Conditions to Willis's Obligations. The obligations of Willis to transfer any Transferred Property on the applicable Delivery Date shall be subject to the satisfaction of, or waiver by Willis of, the conditions set forth in Schedule 3, Part 1 hereto. Section 5.02. Conditions to WEST's Obligations . The obligations of WEST to acquire any Transferred Property on the applicable Delivery Date shall be subject to the satisfaction of, or waiver by WEST of, the conditions set forth in Schedule 3, Part 2 hereto. ARTICLE VI SURVIVAL; LIABILITY LIMITATIONS; INDEMNIFICATION Section 6.01. Survival and Liability Limitations. (a) The representations and warranties set forth in Article III, each Beneficial Interest Assignment, each Bill of Sale, and any certificate, or report or other document delivered pursuant to this Agreement or in connection with the transactions contemplated by this Agreement shall continue and survive in full force and effect after the Initial Closing Date or the relevant Delivery Date, as applicable, for a period ending on the date of the payment in full of the Notes. (b) Notwithstanding anything to the contrary contained in this Agreement, the maximum aggregate liability of Willis arising out of or resulting from or by reason of any claims under or pursuant to: (i) a breach of the representations and warranties set forth in this Agreement, (ii) the indemnity given by Willis set forth in Section 6.02 and/or (iii) otherwise under this Agreement, shall not exceed $250,000,000; provided that such limit shall not apply in respect of any breach of the representations and warranties set forth in representations and warranties set forth in Section 3.02(c) and Section 3.02(g). (c) Willis shall only be liable in respect of any claim brought by WEST for (i) a breach of the representations and warranties set forth in Article III, each Beneficial Interest Assignment, each Bill of Sale, and any certificate, or report or other document delivered pursuant to this Agreement or in connection with the transactions contemplated by this Agreement and (ii) the indemnity given by Willis set forth in Section 6.02, in each case if the aggregate liability of Willis for any individual claim would exceed in aggregate $100,000. In the event that such claim exceeds $100,000, Willis shall be liable (subject to clause (b) above) for the full amount of such claim. Section 6.02. Indemnification by Willis. Willis hereby agrees to indemnify and hold harmless WEST, its Affiliates and their successors and assigns, and the trustees and agents of WEST, its Affiliates and their successors and assigns (each, a "WEST Indemnified Party") for any and all Losses, arising out of or resulting from or relating to:

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&nbsp;&nbsp;&nbsp;&nbsp;18 4916-2447-8548.v2 (a) the breach or inaccuracy of any representation or warranty made by Willis contained in the Transfer Documents; (b) the breach of any covenant or agreement by Willis contained in the Transfer Documents; (c) Liabilities of Initial Asset Trusts arising from or relating to the ownership of the Initial Assets or the Initial Asset Interests or actions or inactions of Willis or the Initial Asset Trusts or the conduct of their respective businesses prior to the relevant Delivery Date; or (d) any and all Losses suffered or incurred by WEST and Initial Asset Trusts by reason of or in connection with any claim or cause of action of any third party to the extent arising out of any action, inaction, event, condition, liability or obligation of Willis or the Initial Asset Trusts occurring or existing prior to the relevant Delivery Date, except to the extent such Losses are due to the gross negligence, fraud or willful misconduct of any WEST Indemnified Party. Neither the foregoing indemnity nor any other term or provision of this Agreement shall impose (or be construed to impose) any liability on Willis arising out of the failure of any Lessee to perform its obligations under a Lease or to provide WEST or any WEST Indemnified Party with protection against credit losses or other economic risks of owning any Aircraft, Lease or related assets following any transfer. Without limiting the foregoing, no WEST Indemnified Party has recourse to Willis for the bankruptcy or insolvency of any Lessee or the financial inability of a Lessee to make payments pursuant to any Lease. Section 6.03. Indemnification by WEST. WEST hereby agrees to indemnify and hold harmless Willis, its Affiliates and their successors and assigns, and the trustees and agents of Willis, its Affiliates and their successors and assigns (each an "Willis Indemnified Party") for any and all Losses, arising out of or resulting from or relating to: (a) the breach or inaccuracy of any representation or warranty made by WEST contained in the Transfer Documents; (b) the breach of any covenant or agreement by WEST contained in the Transfer Documents; (c) Liabilities of WEST and the Initial Asset Trusts arising from or relating to the ownership of the Initial Assets or the Initial Asset Interests or actions or inactions of WEST, the Initial Asset Trusts or the conduct of their respective businesses after the relevant Delivery Date; or (d) any and all Losses suffered or incurred by Willis or the Initial Asset Trusts by reason of or in connection with any claim or cause of action of any third party to the extent arising out of any action, inaction, event, condition, liability or obligation of WEST or the Initial Asset Trusts occurring or existing after the relevant Delivery Date, except to the extent such Losses are due to the gross negligence, fraud or willful misconduct of any Willis Indemnified Party. 19 4916-2447-8548.v2 Section 6.04. Notice, Etc. (a) To the extent that undertakings of any Indemnifying Party set forth in this Article VI may be unenforceable, such Indemnifying Party shall contribute the maximum amount that it is permitted to contribute under Applicable Law to the payment and satisfaction of all Losses incurred by the Indemnified Party. (b) An Indemnified Party shall give Willis or WEST, as the applicable indemnifying party (the "Indemnifying Party") notice of any matter which an Indemnified Party has determined has given or could give rise to a right of indemnification under this Agreement, within 60 days of such determination, stating the amount of the Loss, if known, and method of computation thereof, and containing a reference to the provisions of this Agreement in respect of which such right of indemnification is claimed or arises; provided, however, that the failure to provide such notice shall not release the Indemnifying Party from any of its obligations under this Article VI except to the extent the Indemnifying Party is materially prejudiced by such failure and shall not relieve the Indemnifying Party from any other obligation or Liability that it may have to any Indemnified Party otherwise than under this Article VI. The obligations and Liabilities of the Indemnifying Party under this Article VI with respect to Losses arising from claims of any third party which are subject to the indemnification provided for in this Article VI ("Third Party Claims") shall be governed by and contingent upon the following additional terms and conditions: if an Indemnified Party shall receive notice of any Third Party Claim, the Indemnified Party shall give the Indemnifying Party notice of such Third Party Claim within 30 days of the receipt by the Indemnified Party of such notice; provided, however, that the failure to provide such notice shall not release the Indemnifying Party from any of its obligations under this Article VI except to the extent the Indemnifying Party is materially prejudiced by such failure and shall not relieve the Indemnifying Party from any other obligation or Liability that it may have to any Indemnified Party otherwise than under this Article VI. If the Indemnifying Party acknowledges in writing its obligation to indemnify the Indemnified Party hereunder against any Losses that may result from such Third Party Claim, then the Indemnifying Party shall be entitled to assume and control the defense of such Third Party Claim at its expense and through counsel of its choice if it gives notice of its intention to do so to the Indemnified Party within five days of the receipt of such notice from the Indemnified Party; provided, however, that if there exists or is reasonably likely to exist a conflict of interest that would make it inappropriate in the judgment of the Indemnified Party, in its sole and absolute discretion, for the same counsel to represent both the Indemnified Party and the Indemnifying Party, then the Indemnified Party shall be entitled to retain its own counsel, in each jurisdiction for which the Indemnified Party determines counsel is required, at the expense of the Indemnifying Party. In the event the Indemnifying Party exercises the right to undertake any such defense against any such Third Party Claim as provided above, the Indemnified Party shall cooperate with the Indemnifying Party in such defense and make available to the Indemnifying Party, at the Indemnifying Party's expense, all witnesses, pertinent records, materials and information in the Indemnified Party's possession or under the Indemnified Party's control relating thereto as is reasonably required by such Indemnifying Party. Similarly, in the event the Indemnified Party is, directly or indirectly, conducting the defense against any such Third Party Claim, the Indemnifying Party shall cooperate with the Indemnified Party in such defense and make available to the Indemnified Party, at such Indemnifying Party's expense, all such witnesses, records, materials and information in the Indemnifying Party's possession or under the 20 4916-2447-8548.v2 Indemnifying Party's control relating thereto as is reasonably required by the Indemnified Party. No such Third Party Claim may be settled by the Indemnifying Party without the prior written consent of the Indemnified Party. Section 6.05. Indemnification by WEST. Except as specifically set forth in this Agreement (and any rights or claims arising as a breach of an obligation contained in this Agreement), effective as of the Delivery Date in respect of an Initial Asset Interest or a Title Transfer Asset, as applicable, WEST waives any rights and claims WEST or any of its Affiliates may have against Willis or any of its Affiliates, whether in law, in equity or otherwise, relating to such Initial Asset Interest or Title Transfer Asset, as applicable, the corresponding Initial Asset Trust, Initial Asset and Related Assets and the transactions contemplated by this Agreement. The rights and claims waived by WEST include claims for contribution or other rights of recovery arising out of or relating to claims for breach of contract, breach of representation or warranty, negligent misrepresentation other claims for breach of duty and all other claims under any other theory of law or equity. After the relevant Delivery Date, this Article VI and Section 8.12 will provide the sole and exclusive remedy for WEST relating to such Initial Asset Interest or Title Transfer Asset, as applicable, the corresponding Initial Asset Trust, Initial Asset and Related Assets and the transactions contemplated by this Agreement. ARTICLE VII WAIVER Section 7.01. Waiver by WEST. WEST may (a) extend the time for the performance of any of the obligations or other acts of Willis, (b) waive any inaccuracies in the representations and warranties of any such party contained herein or in any document delivered by any such party or (c) waive compliance with any of the agreements or conditions of any such party contained herein. Written notice shall be provided to each Rating Agency of the waiver of a condition precedent set forth on Schedule 3, Part 2 hereto. Any waiver of any term or condition shall not be construed as a waiver of any subsequent breach or a subsequent waiver of the same term or condition, or a waiver of any other term or condition, of this Agreement. The failure of any party to assert any of its rights hereunder shall not constitute a waiver of any of such rights. Section 7.02. Waiver by Willis. Willis may (a) extend the time for the performance of any of the obligations or other acts of WEST, (b) waive any inaccuracies in the representations and warranties of WEST contained herein or in any document delivered by WEST or (c) waive compliance with any of the agreements or conditions of WEST contained herein. Any waiver of any term or condition shall not be construed as a waiver of any subsequent breach or a subsequent waiver of the same term or condition, or a waiver of any other term or condition, of this Agreement. The failure of any party to assert any of its rights hereunder shall not constitute a waiver of any of such rights. 21 4916-2447-8548.v2 ARTICLE VIII MISCELLANEOUS PROVISIONS Section 8.01. Expenses. Except as otherwise specified in this Agreement, all costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by Willis, whether or not the Initial Closing Date shall have occurred. Section 8.02. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by recognized courier service or by facsimile (with a copy by recognized courier service) to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 8.02): (a) if to Willis at any time or any Initial Asset Trust prior to the relevant Delivery Date: Willis Lease Finance Corporation 4700 Lyons Technology Parkway Coconut Creek, Florida 33073 Attention: General Counsel Telephone: +1 (561) 349-9989 (b) if to WEST at any time or to any Initial Asset Trust on and after the relevant Delivery Date: Willis Engine Structured Trust VIII c/o Wilmington Trust Company Rodney Square North Wilmington, Delaware 19890 Attention: Corporate Trust Administrator Fax: +1 (302) 651-8882 With a copy to: Willis Lease Finance Corporation 4700 Lyons Technology Parkway Coconut Creek, Florida 33073 Attention: General Counsel Telephone: +1 (561) 349-9989 In connection with the performance of their respective duties hereunder, each party may give notices, consents, directions, approvals, instructions and requests to, and otherwise communicate with, each other using electronic means, including email transmission to such email addresses as each such party shall designate to the other parties.

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&nbsp;&nbsp;&nbsp;&nbsp;22 4916-2447-8548.v2 Section 8.03. Headings. The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Section 8.04. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any Applicable Law or public policy in a jurisdiction, then such term or provision shall only be invalid in such jurisdiction and all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. Section 8.05. Entire Agreement. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and thereof and supersedes all prior agreements and undertakings, both written and oral, among Willis and WEST with respect to the subject matter hereof and thereof. Section 8.06. Assignment. Except as described in the recitals hereto, this Agreement may not be assigned by operation of law or otherwise without the express written consent of Willis and WEST (which consent may be granted or withheld in the sole discretion of Willis and WEST). Notwithstanding anything herein to the contrary, the parties hereto acknowledge and agree that WEST has assigned this Agreement (including all of it rights hereunder) as security to the Security Trustee. Section 8.07. No Third Party Beneficiaries. Except as described in the recitals hereto, and except for the provisions of Article VI relating to Indemnified Parties, this Agreement shall be binding upon and inure solely to the benefit of the parties hereto and their permitted assigns (including the Security Trustee) and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. Section 8.08. Amendment. This Agreement may not be amended or modified except (a) by an instrument in writing signed by or on behalf of Willis and WEST or (b) by a waiver in accordance with Section 7.01. Section 8.09. Governing Law. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW. Each of the parties hereto agrees that the Supreme Court of the State of New York sitting in the Borough of Manhattan, and the United States District Court for the Southern District of New York sitting in the Borough of Manhattan, and any appellate court from any thereof, shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and, for such purposes, submits to the jurisdiction of such courts. Each of the parties 23 4916-2447-8548.v2 hereto waives any objection which it might now or hereafter have to such New York State or, to the extent permitted by law, such U.S. federal court being nominated as the forum to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and agrees not to claim that any such court is not a convenient or appropriate forum. Each of the parties hereto agrees that the process by which any suit, action or proceeding is begun in such New York State or U.S. federal court may be served on it by being delivered in connection with any such suit, action or proceeding directly to its address determined for such party pursuant to Section 8.02. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. Each of the parties hereto hereby consents generally in respect of any legal action or proceeding arising out of or in connection with this Agreement and the transactions contemplated hereby to the giving of any relief or the issue of any process in connection with such action or proceeding, including the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such action or proceeding Section 8.10. Waiver of Jury Trial. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES THE RIGHT TO DEMAND A TRIAL BY JURY, IN ANY SUCH SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, THE OTHER RELATED DOCUMENTS, OR THE SUBJECT MATTER HEREOF OR THEREOF OR THE OVERALL TRANSACTION BROUGHT BY ANY OF THE PARTIES HERETO OR THEIR SUCCESSORS OR ASSIGNS. Section 8.11. Counterparts. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Section 8.12. Specific Performance. The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity. [Signature Page Follows] - Signature Page - Asset Purchase Agreement WEST VIII 4916-2447-8548.v2 IN WITNESS WHEREOF, Willis and WEST have caused this Agreement to be duly executed by their respective officers or authorized representatives as of the day and year first above written. WILLIS LEASE FINANCE CORPORATION By: /s/ Scott B. Flaherty Name: Scott B. Flaherty Title: Executive Vice President - Signature Page - Asset Purchase Agreement WEST VIII 4916-2447-8548.v2 WILLIS ENGINE STRUCTURED TRUST VIII By: /s/ Z. Clifton Dameron IV Name: Z. Clifton Dameron IV Title: Controlling Trustee

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&nbsp;&nbsp;&nbsp;&nbsp;26 4916-2447-8548.v2 APPENDIX A ASSET PURCHASE AGREEMENT DEFINITIONS "Action" means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any Governmental Authority. "Asset Interest" means, with respect to any Airframe or Aircraft Engine that is owned by an Asset Trust, the beneficial ownership interest in such Asset Trust. The acquisition or disposition of all of the Asset Interest with respect to an Asset Trust that holds an Airframe or Aircraft Engine constitutes, respectively, the acquisition or disposition of that Airframe or Aircraft Engine. "Asset Trust" means the common law trust estate created pursuant to an Asset Trust Agreement. "Asset Trust Agreement" means each trust agreement with an Asset Trustee under which a common law trust estate is created with respect to an Initial Asset or the right to acquire an Asset and Willis holds the Asset Interest. "Asset Trustee" means U.S. Bank National Association, Wells Fargo Trust Company, National Association or Bank of Utah. "Beneficial Interest Assignment" means, in respect of transfer of the each Initial Asset Interest hereunder, an assignment thereof, substantially in the form of Exhibit A to this Agreement. "Beneficial Interest Certificates" means the certificates evidencing a beneficial interest in WEST issued by WEST pursuant to the Trust Agreement. "Bill of Sale" means, in respect of transfer of an Initial Asset with respect to which no Initial Asset Interest is transferring, a warranty bill of sale transferring title to such Initial Asset in substantially the form of Exhibit B to this Agreement or such other form as is acceptable to Willis and WEST. "Business" means, in respect of WEST, the business of owning the Assets and leasing Assets to third-party lessees and, in respect of Willis, the business of owning, inter alia, the Initial Assets and leasing, inter alia, the Initial Assets to third-party lessees. "Cape Town Convention" means the Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, signed in Cape Town, South Africa on November 16, 2001, together with all regulations and procedures issued in connection therewith, and all other rules, amendments, supplements, modifications, and revisions thereto, all as in effect under the laws of the United States of America, as a contracting state. Except to the extent otherwise defined in this Agreement, terms used in this Agreement that are defined in the Cape Town 27 4916-2447-8548.v2 Convention shall, when used in relation to the Cape Town Convention, have the meanings ascribed to them in the Cape Town Convention. "Cash Portion" means, for each Initial Asset (and the Initial Asset Trust, if applicable, and Related Assets relating thereto), an amount equal to the product of (x) the sum of (i) the Net Cash Proceeds of the Series A Notes received on the Initial Closing Date and (ii) the Net Cash Proceeds of the Series B Notes received on the Initial Closing Date and (y) a fraction, the numerator of which is the Initial Appraised Value of that Initial Asset or, in the case of an Initial Asset that is a Substitute Asset, for any Removed Asset replaced by such Substitute Asset, and the denominator of which is the Aggregate Initial Appraised Value; provided that the Cash Portion in respect of any such Substitute Asset shall not be greater than the amount available in the Asset Purchase Account allocable to the originally replaced Initial Asset (provided that such calculation may be made on an aggregate basis with respect to each Substitute Asset and replaced Initial Asset). "Delivery Date" means the date on which the sale, transfer and assignment of an Initial Asset Interest or a Title Transfer Asset occurs pursuant to the terms of this Agreement. "Delivery Expiry Date" means the date that is two hundred seventy (270) days after the Initial Closing Date. "FAA" means the United States Federal Aviation Administration and any successor agency or agencies thereto. "First Disclosure Letter" means a letter from Willis to WEST dated the Initial Closing Date setting out certain information as at the date hereof. "Governmental Authority" means any transnational, domestic or foreign, federal, state or local, governmental authority, department, court, agency or official, including any political subdivision of any of the foregoing. "Governmental Order" means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority. "Indemnified Party" means a WEST Indemnified Party or a Willis Indemnified Party, as the context may require. "Indemnifying Party" has the meaning specified in Section 6.04 hereof. "Indenture" means the Trust Indenture, dated as of June 18, 2025, among WEST, the Indenture Trustee, the Administrative Agent and the Initial Liquidity Facility Provider, as amended, restated, supplemented or otherwise modified from time to time. "Initial Asset Interests" has the meaning specified in the recitals of this Agreement. "Initial Asset Trusts" has the meaning specified in the recitals of this Agreement. "Initial Assets" has the meaning specified in the recitals of this Agreement. 28 4916-2447-8548.v2 "International Registry" has the meaning set forth in the Cape Town Convention. "Lease Assignment" means, for any Title Transfer Asset, a lease novation or assignment, as the case may be, to be entered into among the lessor under the Lease, as existing lessor, the applicable Issuer Subsidiary, as new lessor, and the relevant Lessee, pursuant to which such Issuer Subsidiary will become the lessor of such Title Transfer Asset under the Lease. "Lease Documents" means, for any Initial Asset, all agreements identified as such in Schedule 2 concerning such Initial Asset, as such may be amended by any First Disclosure Letter or Supplemental Disclosure Letter the contents of which have been agreed to by WEST. "Liabilities" means any and all debts, liabilities and obligations, whether accrued or fixed, absolute or contingent, matured or unmatured or determined or determinable, including, without limitation, those arising under any Applicable Law, Action or Governmental Order and those arising under any contract, agreement, arrangement, commitment or undertaking. "Loss" means all Liabilities, losses, damages, claims, costs and expenses, interest, awards, judgments and penalties (including, without limitation, attorneys' and consultants' fees and expenses) actually suffered or incurred by them (including, without limitation, any of the foregoing arising from any Action brought or otherwise initiated by any of them). "Material Adverse Effect" means any circumstance, change in, or effect on the Business of WEST and the Issuer Subsidiaries that, individually or in the aggregate with any other circumstances, changes in, or effects on, the Business of WEST and the Issuer Subsidiaries: (a) is, or would be, materially adverse to the business, operations, assets or liabilities, employee relationships, customer or supplier relationships, prospects, results of operations or the condition (financial or otherwise) of WEST and the Issuer Subsidiaries or (b) would materially adversely affect the ability of WEST and the Issuer Subsidiaries to operate or conduct the Business in the manner in which it is currently operated or conducted by WEST and the Issuer Subsidiaries. "Material Default" means, for any Lease: (a) any Event of Default as defined in such Lease that is a failure of a Lessee to pay Rental Payments under such Lease (but excluding any Rental Payments that are less than 30 days past due); or (b) any other Event of Default under such Lease which, if not cured, will have a material adverse effect on the applicable Asset or the rights of the relevant Asset Trust in such Asset or under such Lease. "Prior Mortgages" means, with respect to an Initial Asset, the security interests granted by the applicable Initial Asset Trust or Title Transferor in respect of such Initial Asset and the Related Assets prior to the Delivery Date for such Initial Asset, in relation to a prior financing or refinancing thereof. "Purchase Price" means, with respect to each Initial Asset Interest and Title Transfer Asset, an amount equal to the sum of (i) the Initial Appraised Value of the Initial Assets 29 4916-2447-8548.v2 corresponding to such Initial Asset Interest or Title Transfer Asset, as applicable, and (ii) the net book value of the Related Assets on such Delivery Date. "Related Assets" means, with respect to any Initial Asset, all of the following: (a) any Lease of such Initial Asset together with all related Lease Documents, (b) security deposits, letters of credit, advance payments and any other property provided by the Lessee of such Initial Asset as security for the payment and performance of the obligations of such Lessee under the Lease of such Initial Asset, (c) any agreement or warranty relating to such Initial Asset with or from (i) the manufacturer of such Initial Asset or any part thereto, (ii) each predecessor owner (other than the manufacturer) of such Initial Asset and each immediately succeeding owner up to and including the Initial Asset Trust or the relevant Title Transferor, as applicable, owning such Initial Asset as of the applicable Delivery Date, and (iii) each predecessor lessor of the Lease of such Initial Asset and each immediately succeeding lessor up to and including the Initial Asset Trust or the relevant Title Transferor, as applicable, owning such Initial Asset as of the applicable Delivery Date, as amended and supplemented through the applicable Delivery Date, (d) all Technical Records, (e) all income payments and proceeds of the foregoing in connection with any substitution, release or disposition, (f) any goodwill associated with such Initial Asset, and (g) any management services agreement relating to such Initial Asset or any right to receive management services in respect of such Initial Asset. "Retained Rights" has the meaning specified in Section 2.01(a). "Supplemental Disclosure Letter" means a letter from Willis to WEST dated as of a Delivery Date setting out certain information as at such date. "Technical Records" means, with respect to any Initial Asset, all logs, technical data, manuals and maintenance and historical records and inspection reports relating to such Initial Asset (including engine records and, if the Initial Asset is an Airframe, aircraft records and documents as referred to in the relevant Lease). "Third Party Claims" has the meaning specified in Section 6.03 hereof. "Title Transfer Assets" has the meaning specified in the recitals of this Agreement. "Title Transferor" means the Person holding title to a Title Transfer Asset immediately prior to its transfer to an Issuer Subsidiary pursuant hereto, which will be either Willis or a Person that is not an Affiliate of Willis or WEST. "Transfer Documents" means this Agreement and each Beneficial Interest Assignment. "Transfer Period" means the period beginning on the date hereof and ending on the Delivery Expiry Date. "Transferred Property" has the meaning specified in Section 2.01(a). "Trust Agreement" means the Amended and Restated Trust Agreement of WEST, dated as of June 18, 2025, between, inter alios, Willis, as depositor, and Wilmington Trust Company, as Owner Trustee.

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&nbsp;&nbsp;&nbsp;&nbsp;30 4916-2447-8548.v2 "UCC" means the Uniform Commercial Code as in effect in the State of New York. "WEST" has the meaning specified in the preamble of this Agreement. "WEST Indemnified Party" has the meaning specified in Section 6.02 hereof. "Willis" has the meaning specified in the preamble of this Agreement. "Willis Indemnified Party" has the meaning specified in Section 6.03 hereof. 31 4916-2447-8548.v2 EXHIBIT A ASSET PURCHASE AGREEMENT FORM OF BENEFICIAL INTEREST ASSIGNMENT This Beneficial Interest Assignment, dated as of [_________], 20[__], is given by the undersigned, Willis Lease Finance Corporation (the "Seller"), in favor of Willis Engine Structured Trust VIII, a Delaware statutory trust (the "Purchaser"). We refer to that certain [description of Trust Agreement] dated as of [_________] (the "Trust Agreement"), between the Seller, as Owner Participant, and [__], not in its individual capacity but solely as owner trustee (in such capacity, the "Owner Trustee"). The Seller, as the sole Owner Participant under the Trust Agreement and the sole legal and beneficial owner of the beneficial interest (the "Beneficial Interest") in the Trust Estate (as defined in the Trust Agreement), hereby sells, assigns, conveys, transfers and sets over to the Purchaser, all of the Seller's right, title and interest in and to the Beneficial Interest, including, without limitation, the Trust Estate other than the Retained Rights (as such term is defined in that certain Asset Purchase Agreement dated as of June 18, 2025 (the "Purchase Agreement") among the parties hereto and others). The Seller hereby warrants to the Purchaser, its successors and assigns, that (i) there is hereby irrevocably conveyed to the Purchaser full legal and beneficial title to the Beneficial Interest, free and clear of all Encumbrances (other than Permitted Encumbrances) and (ii) the Owner Trustee holds full legal title to the [aircraft][aircraft engine] listed in Schedule I hereto (the "Asset") for the benefit of the Seller as sole holder of the Beneficial Interest free and clear of all Encumbrances (other than Permitted Encumbrances). The Seller agrees with the Purchaser, and its successors and assigns, that the Seller will warrant and defend such title to the Beneficial Interest and such title of the Owner Trustee in the Asset forever against all claims and demands whatsoever (other than Permitted Encumbrances). The Asset was located at the location specified on Schedule 1 hereto at the time of delivery of this Beneficial Interest Assignment. This Beneficial Interest Assignment is being made and entered into pursuant to the Purchase Agreement among the parties hereto and others) and shall be governed by and construed in accordance with the laws of the State of New York. Except as otherwise provided in the Purchase Agreement, the Beneficial Interest (and the Owner Trustee's interest in the Asset) is sold "AS IS" and "WHERE IS". This Beneficial Interest Assignment may be executed in any number of separate counterparts by the parties, and each counterpart shall when executed and delivered be an original document, but all counterparts shall together constitute one and the same instrument. Capitalized terms used herein and not otherwise defined shall have the meanings attributed thereto in the Purchase Agreement. [Signature pages follow] 32 4916-2447-8548.v2 IN WITNESS WHEREOF, Seller has caused this Beneficial Interest Assignment to be duly executed by its officers or authorized representatives as of the day and year first above written. WILLIS LEASE FINANCE CORPORATION By: _________________________________ Name: Title: The above and foregoing Beneficial Interest Assignment is hereby accepted and agreed to as of the day and year first above written WILLIS ENGINE STRUCTURED TRUST VIII By: _________________________________ Name: Title: Controlling Trustee The above and foregoing Beneficial Interest Assignment is hereby acknowledged and consented to by the undersigned, as Owner Trustee under the Trust Agreement, as of the day and year first above written [__], not in its individual capacity but solely as Owner Trustee By: _________________________________ Name: Title: 33 4916-2447-8548.v2 SCHEDULE 1 BENEFICIAL INTEREST ASSIGNMENT ASSET Manufacturer Model [ESN][MSN]

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&nbsp;&nbsp;&nbsp;&nbsp;34 4916-2447-8548.v2 EXHIBIT B ASSET PURCHASE AGREEMENT FORM OF WARRANTY BILL OF SALE For and in consideration of the sum of Ten Dollars ($10.00) and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, [______________], a [_________] organized and existing under the laws of [________] ("Seller"), owner of the full legal and beneficial title to the equipment and documents described below (hereinafter referred to as the "Engine"): One (1) [ ] model [ ] [aircraft] [aircraft engine] bearing manufacturer's serial number [ ], together with all parts and attachments and all Technical Records related thereto in respect of which title is held by Seller, [with QEC], and with an Engine Stand, does hereby sell, grant, transfer and deliver all its right, title and interest in and to said Engine unto [______________], a [_________] organized and existing under the laws of [________] ("Buyer"), its successors and assigns, to have and to hold said Engine forever. Seller is the lawful owner of, and has good title to, the Engine, free and clear of any Encumbrances other than Permitted Encumbrances. EXCEPT AS TO THE FOREGOING MATTERS OF TITLE, SELLER GIVES NO WARRANTIES, EITHER EXPRESSED, IMPLIED OR ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE, INCLUDING WITHOUT LIMITATION NO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, IT BEING UNDERSTOOD AND AGREED THAT SAID ENGINE IS BEING SOLD AS IS, WHERE IS. This Bill of Sale is being delivered pursuant to the Asset Purchase Agreement dated as of [_______], 2025 between Willis Lease Finance Corporation and Willis Engine Structured Trust VIII (the "Purchase Agreement"). Capitalized terms used but not otherwise defined herein shall have the same meanings as used in the Purchase Agreement. IN WITNESS WHEREOF, we have set our hand and seal this [ ] day of [ ], [ ]. [ ] By: _________________________ Name: Title: __________________ 35 4916-2447-8548.v2 SCHEDULE 1 ASSET PURCHASE AGREEMENT INITIAL ASSETS Trust Trust Agreement 1. [\*] [\*] 2. [\*] [\*] 3. [\*] [\*] 4. [\*] [\*] 5. [\*] [\*] 6. [\*] [\*] 7. [\*] [\*] 8. [\*] [\*] 9. [\*] [\*] 10. [\*] [\*] 11. [\*] [\*] 12. [\*] [\*] 13. [\*] [\*] 14. [\*] [\*] 15. [\*] [\*] 16. [\*] [\*] 17. [\*] [\*] 18. [\*] [\*] 19. [\*] [\*] 20. [\*] [\*] 36 4916-2447-8548.v2 Trust Trust Agreement 21. [\*] [\*] 22. [\*] [\*] 23. [\*] [\*] 24. [\*] [\*] 25. [\*] [\*] 26. [\*] [\*] 27. [\*] [\*] 28. [\*] [\*] 29. [\*] [\*] 30. [\*] [\*] 31. [\*] [\*] 32. [\*] [\*] 33. [\*] [\*] 34. [\*] [\*] 35. [\*] [\*] 36. [\*] [\*] 37. [\*] [\*] 38. [\*] [\*] 39. [\*] [\*] 40. [\*] [\*] 41. [\*] [\*] 42. [\*] [\*] 43. [\*] [\*] 37 4916-2447-8548.v2 Trust Trust Agreement 44. [\*] [\*] 45. [\*] [\*] 46. [\*] [\*] 47. [\*] [\*] 48. [\*] [\*] 49. [\*] [\*] 50. [\*] [\*] 51. [\*] [\*] 52. [\*] [\*] 53. [\*] [\*] 54. [\*] [\*] 55. [\*] [\*] 56. [\*] [\*] 57. [\*] [\*] 58. [\*] [\*] 59. [\*] [\*] 60. [\*] [\*] Serial Number Model 1. [\*] [\*] 2. [\*] [\*] 3. [\*] [\*] 4. [\*] [\*]

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&nbsp;&nbsp;&nbsp;&nbsp;38 4916-2447-8548.v2 Serial Number Model 5. [\*] [\*] 6. [\*] [\*] 7. [\*] [\*] 8. [\*] [\*] 9. [\*] [\*] 10. [\*] [\*] 11. [\*] [\*] 12. [\*] [\*] 13. [\*] [\*] 14. [\*] [\*] 15. [\*] [\*] 16. [\*] [\*] 17. [\*] [\*] 18. [\*] [\*] 19. [\*] [\*] 20. [\*] [\*] 21. [\*] [\*] 22. [\*] [\*] 23. [\*] [\*] 24. [\*] [\*] 25. [\*] [\*] 26. [\*] [\*] 27. [\*] [\*] 39 4916-2447-8548.v2 Serial Number Model 28. [\*] [\*] 29. [\*] [\*] 30. [\*] [\*] 31. [\*] [\*] 32. [\*] [\*] 33. [\*] [\*] 34. [\*] [\*] 35. [\*] [\*] 36. [\*] [\*] 37. [\*] [\*] 38. [\*] [\*] 39. [\*] [\*] 40. [\*] [\*] 41. [\*] [\*] 42. [\*] [\*] 43. [\*] [\*] 44. [\*] [\*] 45. [\*] [\*] 46. [\*] [\*] 47. [\*] [\*] 48. [\*] [\*] 49. [\*] [\*] 50. [\*] [\*] 40 4916-2447-8548.v2 Serial Number Model 51. [\*] [\*] 52. [\*] [\*] 53. [\*] [\*] 54. [\*] [\*] 55. [\*] [\*] 56. [\*] [\*] 57. [\*] [\*] 58. [\*] [\*] 59. [\*] [\*] 60. [\*] [\*] 61. [\*] [\*] 62. [\*] [\*] 63. [\*] [\*] 64. [\*] [\*] 41 4916-2447-8548.v2 SCHEDULE 2 ASSET PURCHASE AGREEMENT LEASE DOCUMENTS 1. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 2. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 3. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 4. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 5. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 6. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 7. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*]

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&nbsp;&nbsp;&nbsp;&nbsp;42 4916-2447-8548.v2 8. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 9. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 10. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 11. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 12. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 13. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 14. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 15. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 43 4916-2447-8548.v2 16. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 17. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 18. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 19. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 20. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 21. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 22. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 23. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 44 4916-2447-8548.v2 24. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 25. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 26. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 27. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 28. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 29. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 30. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 31. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 45 4916-2447-8548.v2 32. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 33. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 34. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 35. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 36. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 37. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 38. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 39. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*]

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&nbsp;&nbsp;&nbsp;&nbsp;46 4916-2447-8548.v2 40. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 41. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 42. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 43. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 44. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 45. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 46. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 47. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 47 4916-2447-8548.v2 48. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 49. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 50. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 51. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 52. Model and Serial Number: [\*] Lessee: [\*] Lease Documents: [\*] 48 4916-2447-8548.v2 SCHEDULE 3 ASSET PURCHASE AGREEMENT CONDITIONS PRECEDENT Part 1 Conditions in favor of Willis (a) All representations and warranties of WEST contained in this Agreement shall be true and correct in all material respects as of the relevant Delivery Date, and the covenants and agreements contained in this Agreement to be complied with by WEST on or before such Delivery Date shall have been complied with in all material respects, and Willis shall have received a certificate from WEST to such effect signed by a Controlling Trustee of WEST. (b) No proceeding shall have been commenced by or before any Governmental Authority against Willis or WEST seeking to restrain or materially and adversely alter the transactions contemplated by this Agreement which, in the reasonable, good faith determination of Willis, is likely to render it impossible or unlawful to consummate such transactions; provided, however, that the provisions of this paragraph (b) shall not apply if Willis has directly or indirectly solicited or encouraged any such proceeding. (c) Willis shall have received a true and complete copy, certified by a Controlling Trustee of WEST, of the organizational documents of WEST and Trustee Resolutions duly and validly adopted by the Controlling Trustees of WEST evidencing their authorization of the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby. (d) Willis shall have received a certificate of a Controlling Trustee of WEST certifying the names, signatures and offices of the persons authorized to sign this Agreement and the other documents to be delivered hereunder. (e) WEST shall have deposited in the Asset Purchase Account the Cash Portion of the Purchase Price in respect of each Initial Asset that is the subject of the transfer on such Delivery Date. (f) No event or events shall have occurred, or be reasonably likely to occur, which, individually or in the aggregate, have, or could have, a Material Adverse Effect. (g) Each of the items listed in Section 2.01(c) shall be in form and substance satisfactory to Willis in its sole and absolute discretion. (h) With respect to each Initial Asset that is subject of the transfer on such Delivery Date (each, a "Relevant Asset"), no Total Loss shall have occurred as of such Delivery Date for such Relevant Asset. 49 4916-2447-8548.v2 Part 2 Conditions in favor of WEST (a) All representations and warranties of Willis contained in this Agreement shall be true and correct in all material respects as of the relevant Delivery Date, and the covenants and agreements contained in this Agreement to be complied with by Willis on or before such Delivery Date shall have been complied with in all material respects, and WEST shall have received a certificate from Willis to such effect signed by the president or a vice-president of Willis. (b) No proceeding shall have been commenced by or before any Governmental Authority against Willis or WEST seeking to restrain or materially and adversely alter the transactions contemplated by this Agreement which, in the reasonable, good faith determination of WEST, is likely to render it impossible or unlawful to consummate such transactions; provided, however, that the provisions of this paragraph (b) shall not apply if WEST has directly or indirectly solicited or encouraged any such proceeding. (c) WEST shall have received a true and complete copy, certified by the secretary or an assistant secretary of Willis, of (i) the organizational documents of Willis and (ii) the resolutions duly and validly adopted by the board of directors of Willis evidencing its authorization of the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby. (d) WEST shall have received a certificate of the secretary or an assistant secretary of Willis certifying the names and signatures of the officers of Willis authorized to sign this Agreement and the other documents to be delivered hereunder; (e) The Notes shall have been issued and WEST shall have received the net proceeds thereof. (f) Each of the items listed in Section 2.01(c) shall be in form and substance satisfactory to WEST in its sole and absolute discretion. (g) WEST shall have received, on or before the Initial Closing Date, the First Disclosure Letter duly executed by Willis. (h) For each Relevant Asset, WEST shall have received, on or before the Initial Closing Date, a Supplemental Disclosure Letter relating to each such Relevant Asset duly executed by Willis. (i) For each Relevant Asset, the Lessee of such Initial Asset shall have provided to WEST: (i) a revised insurance certificate and reinsurance certificate, if applicable, required to be maintained pursuant to the Lease for such Initial Asset together, if applicable, with a letter or report from an independent firm of insurance brokers (which in each case may be in an electronic format) naming the applicable persons as additional insureds and loss payees/contract parties as required by the Indenture; (ii) an acknowledgment (in form and substance reasonably acceptable to the Security Trustee) to include confirmation that on the enforcement of the lease assignment, the lessee shall deal with the Security Trustee (or its nominee) to the exclusion of the

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&nbsp;&nbsp;&nbsp;&nbsp;50 4916-2447-8548.v2 lessor under such Lease or Servicer, and (iii) any other documents required to be provided and the satisfaction (or waiver) of all conditions precedent (if any), in each case, pursuant to the terms of such acknowledgment. (j) For each Relevant Asset, WEST shall have received: (i) any UCC searches, lien memos prepared by IR counsel, International Registry priority search certificates relating to such Relevant Asset or comparable evidence from the jurisdiction of the principal place of business of the Lessee of such Relevant Asset ("Habitual Base"), in each case as reasonably requested by WEST; and (ii) evidence that any mortgage, charge, pledge or other security over such Relevant Asset or related Lease has been irrevocably released, in each case in form and substance satisfactory to WEST. (k) For each Relevant Asset, WEST shall have received, for the Relevant Asset that is an Airframe, an opinion issued by independent counsel in the jurisdiction of registration of such Relevant Asset, and for each other Relevant Asset, other than for a Relevant Asset leased to any Lessee for which the Habitual Base in the United States, an opinion issued by independent counsel in the jurisdiction of the Habitual Base, in each case in form and substance reasonably satisfactory to WEST (or assurances that such opinion shall be delivered promptly after completion of any relevant registrations and filings referred to therein). (l) For each Relevant Asset, WEST shall have received an opinion (reasonably acceptable to WEST) as to the registration of the international interests created pursuant to the Security Trust Agreement promptly after the effective time of the transfer of such Relevant Asset (including the filing of any aircraft mortgage and lease assignments or trust documents, if applicable, with the FAA) (or assurances that such opinion shall be delivered promptly after completion of the relevant registrations and filings referred to therein). (m) For each Relevant Asset, WEST shall have received an opinion (reasonably acceptable to WEST) dated as of such Delivery Date as to the laws of the jurisdiction of the relevant Asset Trust as to its formation, execution, delivery and performance, and the enforceability, of the documents to which it is a party contemplated by this Agreement and related matters. (n) For each Relevant Asset, WEST shall have received an opinion (reasonably acceptable to WEST) of Norton Rose Fulbright US LLP dated as of such Delivery Date as to the enforceability of the documents governed by New York law entered into in connection with the transfer of the relevant Asset and related matters. (o) For each Relevant Asset, WEST shall have received an opinion (reasonably acceptable to WEST) dated as of such Delivery Date as to the laws of the State of Delaware in respect of the execution, delivery and performance, and the enforceability, of the documents to which Willis is a party contemplated by this Agreement and related matters. (p) For each Relevant Asset, WEST shall have received one or more legal opinions (reasonably acceptable to WEST) in relation to the true sale and valid contribution and valid transfer of title from Willis to the Assets to be sold on that Delivery Date and other matters relation to consolidation under applicable laws. 51 4916-2447-8548.v2 (q) For each Relevant Asset, no Total Loss shall have occurred as of such Delivery Date for such Relevant Asset. (r) The Delivery Expiry Date shall not have occurred. (s) WEST shall have received fully executed copies of each Transfer Document for such Relevant Asset and each document required to be delivered thereunder. (t) Insofar as not already provided to WEST, a copy of the applicable Lease (which shall be in compliance with the requirements of the Indenture), together with, if required by the terms of the Security Trust Agreement, a chattel paper original of such Lease (to the extent available or if not available, a certification that no such chattel paper original exists or that it has been lost) and the other Lease Documents relating to the Relevant Asset. (u) For each Relevant Asset identified on Schedule 2 as being leased to a Willis subsidiary (the "Prior Leasing Subsidiary") by the applicable Asset Trust, which such Prior Leasing Subsidiary leases to a Lessee, a novation or lease assignment of the Lease from such Prior Leasing Subsidiary to a Subsidiary of WEST (a "New Leasing Subsidiary") and a head lease between the Asset Trust and the New Leasing Subsidiary (or a novation or lease assignment of the prior head lease from the Prior Leasing Subsidiary to the New Leasing Subsidiary), in each case in form and substance reasonably satisfactory to WEST, shall each have been executed and delivered by the parties thereto and the effective date thereunder shall occur as of the Delivery Date.

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## Exhibit 10.3

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[\*] Indicates that certain information in this exhibit has been excluded because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential. Execution Version TRUST INDENTURE dated as of June 18, 2025 among WILLIS ENGINE STRUCTURED TRUST VIII, as the Issuer U.S. BANK NATIONAL ASSOCIATION, as the Operating Bank and Trustee WILLIS LEASE FINANCE CORPORATION, as the Administrative Agent and MUFG BANK, LTD., as the Initial Liquidity Facility Provider - i – **TABLE OF CONTENTS** ARTICLE I DEFINITIONS ........................................................................................................... 1 Section 1.01 Definitions................................................................................................... 1 Section 1.02 Rules of Construction ............................................................................... 49 Section 1.03 Compliance Certificates and Opinions ..................................................... 51 Section 1.04 Acts of Holders ......................................................................................... 52 ARTICLE II THE NOTES ........................................................................................................... 53 Section 2.01 Authorized Amount; Terms; Form; Execution and Delivery ................... 53 Section 2.02 Restrictive Legends ................................................................................... 57 Section 2.03 Registrar and Paying Agent ...................................................................... 65 Section 2.04 Paying Agent to Hold Money in Trust ...................................................... 66 Section 2.05 Method of Payment ................................................................................... 67 Section 2.06 Minimum Denomination ........................................................................... 68 Section 2.07 Transfer and Exchange; Cancellation ....................................................... 69 Section 2.08 Mutilated, Destroyed, Lost or Stolen Notes.............................................. 71 Section 2.09 Payments of Transfer Taxes ...................................................................... 71 Section 2.10 Refinancing; Additional Notes ................................................................. 71 Section 2.11 [Reserved] ................................................................................................. 73 Section 2.12 Special Transfer Provisions ...................................................................... 74 Section 2.13 [Reserved] ................................................................................................. 77 Section 2.14 Statements to Holders ............................................................................... 77 Section 2.15 CUSIP and ISIN Numbers ........................................................................ 79 Section 2.16 Holder Covenants...................................................................................... 79 ARTICLE III ACCOUNTS; PRIORITY OF PAYMENTS ......................................................... 81 Section 3.01 Accounts ................................................................................................... 81 Section 3.02 Investments of Cash .................................................................................. 92 Section 3.03 Initial Closing Date Deposits, Withdrawals and Transfers ....................... 93 Section 3.04 Interim Deposits, Transfers and Withdrawals .......................................... 95 Section 3.05 Withdrawals and Transfers Relating to the Acquisition of Assets ........... 96 Section 3.06 Interim Deposits and Withdrawals for Asset Disposition......................... 98 Section 3.07 Calculation Date Calculations ................................................................... 98 Section 3.08 Payment Date First Step Withdrawals and Transfers ............................. 103 - ii – Section 3.09 Payment Date Second Step Withdrawals ................................................ 105 Section 3.10 Reserved .................................................................................................. 110 Section 3.11 Certain Redemptions ............................................................................... 110 Section 3.12 Cure Advances ........................................................................................ 113 Section 3.13 Eligible Credit Facilities ......................................................................... 114 Section 3.14 Initial Liquidity Facility .......................................................................... 114 ARTICLE IV DEFAULT AND REMEDIES............................................................................. 119 Section 4.01 Events of Default .................................................................................... 119 Section 4.02 Acceleration, Rescission and Annulment ............................................... 121 Section 4.03 Other Remedies ....................................................................................... 122 Section 4.04 Limitation on Suits .................................................................................. 123 Section 4.05 Waiver of Existing Defaults .................................................................... 123 Section 4.06 Restoration of Rights and Remedies ....................................................... 124 Section 4.07 Remedies Cumulative ............................................................................. 124 Section 4.08 Authority of Courts Not Required .......................................................... 124 Section 4.09 Rights of Holders to Receive Payment ................................................... 124 Section 4.10 Trustee May File Proofs of Claim .......................................................... 124 Section 4.11 Undertaking for Costs ............................................................................. 125 Section 4.12 Remedies; Rights of Controlling Party ................................................... 125 Section 4.13 Purchase Rights of Holders of Series B Notes........................................ 125 Section 4.14 Purchase Rights of Holders of Series C Notes........................................ 126 Section 4.15 Purchase Rights of Certificate Holders ................................................... 127 ARTICLE V REPRESENTATIONS, WARRANTIES AND COVENANTS........................... 128 Section 5.01 Representations and Warranties .............................................................. 128 Section 5.02 General Covenants .................................................................................. 132 Section 5.03 Operating Covenants ............................................................................... 148 Section 5.04 Compliance Through Agents .................................................................. 153 ARTICLE VI THE TRUSTEE ................................................................................................... 153 Section 6.01 Acceptance of Trusts and Duties ............................................................ 153 Section 6.02 Absence of Duties ................................................................................... 153 Section 6.03 Representations or Warranties ................................................................ 153 Section 6.04 Reliance; Agents; Advice of Counsel ..................................................... 154 - iii – Section 6.05 Not Acting in Individual Capacity .......................................................... 157 Section 6.06 No Compensation from Holders ............................................................. 157 Section 6.07 Notice of Defaults ................................................................................... 157 Section 6.08 Trustee May Hold Securities .................................................................. 157 Section 6.09 Corporate Trustee Required; Eligibility.................................................. 157 Section 6.10 Reports by the Issuer ............................................................................... 158 Section 6.11 Compensation ......................................................................................... 158 Section 6.12 Holder Lists ............................................................................................. 158 Section 6.13 Preservation of Information; Communications to Holders ..................... 158 Section 6.14 Force Majeure ......................................................................................... 159 ARTICLE VII SUCCESSOR TRUSTEES ................................................................................ 159 Section 7.01 Resignation and Removal of Trustee ...................................................... 159 Section 7.02 Appointment of Successor ...................................................................... 160 ARTICLE VIII INDEMNITY .................................................................................................... 161 Section 8.01 Indemnity ................................................................................................ 161 Section 8.02 Holders' Indemnity ................................................................................. 161 Section 8.03 Survival ................................................................................................... 161 ARTICLE IX MODIFICATION ................................................................................................ 161 Section 9.01 Modification with Consent of Holders and the Initial Liquidity Facility Provider...................................................................................... 162 Section 9.02 Modification Without Consent of Holders ............................................. 163 Section 9.03 Subordination and Priority of Payments ................................................. 163 Section 9.04 Execution of Amendments by Trustee .................................................... 164 ARTICLE X SUBORDINATION .............................................................................................. 164 Section 10.01 Subordination of the Notes and Other Subordinated Obligations .......... 164 Section 10.02 Rights of Subrogation ............................................................................. 165 Section 10.03 Further Assurances of Junior Representatives ........................................ 165 Section 10.04 Enforcement ............................................................................................ 165 Section 10.05 Continued Effectiveness ......................................................................... 165 Section 10.06 Senior Claims and Junior Claims Unimpaired........................................ 165 ARTICLE XI DISCHARGE OF INDENTURE; DEFEASANCE ............................................ 165 Section 11.01 Discharge of Liability on the Notes; Defeasance ................................... 166 Section 11.02 Conditions to Defeasance ....................................................................... 166

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- iv – Section 11.03 Application of Trust Money .................................................................... 168 Section 11.04 Repayment to Issuer ................................................................................ 168 Section 11.05 Indemnity for Government Obligations .................................................. 168 Section 11.06 Reinstatement .......................................................................................... 168 ARTICLE XII MISCELLANEOUS ........................................................................................... 168 Section 12.01 Right of Trustee to Perform .................................................................... 168 Section 12.02 Waiver ..................................................................................................... 169 Section 12.03 Severability ............................................................................................. 169 Section 12.04 Restrictions on Exercise of Certain Rights ............................................. 169 Section 12.05 Notices .................................................................................................... 169 Section 12.06 Assignments; Third Party Beneficiary .................................................... 171 Section 12.07 Currency Conversion .............................................................................. 172 Section 12.08 Application to Court ............................................................................... 172 Section 12.09 Governing Law ....................................................................................... 173 Section 12.10 Jurisdiction .............................................................................................. 173 Section 12.11 Counterparts; Electronic Execution ........................................................ 174 Section 12.12 **Table of Contents**, Headings, Etc ........................................................... 174 Section 12.13 Compliance with Applicable Regulations .............................................. 174 Section 12.14 Limited Recourse .................................................................................... 174 Section 12.15 Contractual Recognition of Bail-In ......................................................... 175 - v – Schedules Schedule 1 – Initial Assets Schedule 2 – Issuer Subsidiaries Schedule 3 – Asset Subsidiaries Schedule 4 – Asset Trust Agreements Schedule 5 – Scheduled Series Percentage Schedule 6 – Maintenance Reduction Amount Exhibits Exhibit A-1 – Form of Series A Note Exhibit A-2 – Form of Series B Note Exhibit A-3 – Form of Series C Note Exhibit B – Concentration Limits Exhibit C – Insurance Provisions Exhibit D-1 – Form of Series B Purchase Option Notice Exhibit D-2 – Form of Series C Purchase Option Notice Exhibit D-3 – Form of Certificate Holder Purchase Option Notice Exhibit E-1 – Form of Monthly Report to Each Holder Exhibit E-2 – Annual Report to Each Holder Exhibit F – Form of Certificate of Transfer Exhibit G – Core Lease Provisions Exhibit H – Form of Compliance Certificate - 1 - This TRUST INDENTURE, dated as of June 18, 2025 (this "Indenture"), is made among WILLIS ENGINE STRUCTURED TRUST VIII (the "Issuer"), U.S. BANK NATIONAL ASSOCIATION, a national banking association, as the Trustee and Operating Bank, WILLIS LEASE FINANCE CORPORATION, in its capacity as Administrative Agent, and MUFG BANK, LTD., ("MUFG"), as the Initial Liquidity Facility Provider. For the consideration set forth herein and other good and valuable consideration, the adequacy, receipt and sufficiency of which are hereby acknowledged, each of the parties hereto hereby agree as follows: ARTICLE I DEFINITIONS Section 1.01 Definitions. For purposes of this Indenture, the following terms have the meanings indicated below: "Accelerated" has a meaning correlative to the meaning of Acceleration. "Acceleration" means, with respect to the principal, interest and other amounts payable in respect of the Notes, such amounts becoming immediately due and payable by declaration or otherwise. "Acceleration Default" means any Event of Default of the type described in Section 4.01(e) or 4.01(f). "Account" means any or, in its plural form, all of the accounts established pursuant to Section 3.01(a) and any ledger accounts and ledger subaccounts maintained therein in accordance with this Indenture. "Acquisition Agreement" means the Asset Purchase Agreement and any acquisition agreement pursuant to which one or more Replacement Assets (or related Asset Interests) are acquired. "Acquisition Balance Redemption" has the meaning given to such term in Section 3.11(a). "Act" has, with respect to any Holder, the meaning given to such term in Section 1.04(a). "Additional Advances" means the proceeds of the issuance of Additional Certificates. "Additional Certificates" means any Beneficial Interest Certificates issued pursuant to the Trust Agreement, the proceeds of which are used, in substantial part, to fund (a) the cost of Discretionary Asset Modifications, other Asset modifications (including cargo conversions in respect of an Asset that is an Airframe) and maintenance on an Asset; (b) an increase in the amount on deposit in the Asset Disposition Contribution Account, (c) the Redemption of a Series of Notes in accordance with Section 3.11, or (d) additional amounts to be included in the Net Sale Proceeds in respect of any Asset Disposition. - 2 - "Additional Issuance" has the meaning given to such term in Section 2.10(a). "Additional Issuance Supplement" means an amendment or indenture supplement, or Trustee Resolution referred to in Section 2.10, providing for the issuance of Refinancing Notes or Additional Notes. "Additional Lease" means, with respect to each Asset other than an Initial Asset, each lease agreement, conditional sale agreement, hire purchase agreement or other similar arrangement with respect to such Asset on the Delivery Date therefor, provided that if, under any sub-leasing arrangement with respect to an Asset (other than an Initial Asset), the lessor agrees to receive payments or collateral directly from, or is to make payments directly to, the sub-lessee, in any such case to the exclusion of the related Lessee, then the relevant sub-lease shall constitute the "Additional Lease", and the sub-lessee shall constitute the related "Lessee" with respect to such Asset, but only to the extent of the provisions of such sub-lease agreement relevant to such payments and collateral and to the extent agreed by the relevant lessor. "Additional Maintenance Reserve Amount" has the meaning given to such term in Section 5.03(g). "Additional Notes" means the Series C Notes issued pursuant to Section 2.10. "Additional Prepayment Amount" means, with respect to any Series of Notes as of any Payment Date, the sum of: (a) the Additional Prepayment Amount on the immediately preceding Payment Date (or, on the first Payment Date, zero) plus (b) all Rapid Amortization Amounts applied to such Series on the immediately preceding Payment Date plus (c) if the Disposition Date for an Asset (other than a Part-Out Asset) occurred during the related Collection Period or the Part-Out Sale Completion Date for a Part-Out Asset occurred during the related Collection Period (excluding an Exempted Disposition of an Asset or a Part-Out Asset), the greater of (i) zero and (ii) (A) the Disposition Paydown Amount for such Asset and such Series (minus, for any Part-Out Asset, any amounts previously applied to the Additional Prepayment Amount for such Part-Out Asset pursuant to clause (d)) plus (B) any Excess Proceeds Applied Amounts for such Asset and such Series on the immediately preceding Payment Date minus (C) (1) the Allocable Notional Series Amount for such Asset and such Series on the immediately preceding Payment Date multiplied by (2) the Scheduled Series Percentage for such Asset and such Series on the immediately preceding Payment Date plus (d) if Net Sale Proceeds are received from a Part-Out Asset (excluding an Exempted Disposition) during the related Collection Period but the Part-Out Sale Completion Date has not yet occurred for such Part-Out Asset, (i) the lesser of (A) the amount of Net Sale Proceeds received during the related Collection Period for such Part-Out Asset and (B) the Disposition Paydown Amount for such Asset (minus the aggregate amount of Net Sale Proceeds received during any prior Collection Period for such Part-Out Asset) minus (ii) the Allocable Notional Series Amount for such Part-Out Asset and such Series as of the Designated Payment Date multiplied by the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 3 - difference between (A) the Scheduled Series Percentage for such Series and such Asset on the Designated Payment Date and (B) the Scheduled Series Percentage for such Series and such Asset on such Payment Date plus (e) all Cash Trap Principal Payments applied to such Series on the immediately preceding Payment Date. "Additional Security Deposit Reserve Amount" means, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the Target Security Deposit Amount as of such Payment Date over (b) the Balance of the Security Deposit Account as of such Payment Date (determined after giving effect to all other deposits to, and withdrawals from, the Security Deposit Account to be made on such Payment Date). "Additional Series C Reserve Amount" has the meaning set forth in Section 3.01(q). "Adjusted Base Value" means, with respect to any Asset on any Calculation Date or any other date (such date of determination, for the purposes only of this definition, the "Appraisal Date"), the average of the Maintenance Adjusted Base Values of such Asset as determined by the most recent appraisals of such Asset provided pursuant to Section 5.02(u); provided that, unless the Adjusted Base Value of such Asset is being calculated in order to determine the Allocable Debt Balance or an Allocable Series Amount in connection with the Asset Disposition of such Asset, the "Adjusted Base Value" of any Asset which has been sold, transferred or otherwise disposed of on or prior to such Appraisal Date for which the Net Sale Proceeds thereof are retained in the Asset Replacement Account or a Qualified Escrow Account as of such Appraisal Date shall be deemed to equal the amount of such Net Sale Proceeds so retained (including, without duplication, any Asset Disposition Accrual Amounts on deposit in the Asset Disposition Contribution Account relating to such Asset and any Additional Advances applied or to be applied to such Net Sale Proceeds). "Adjusted Portfolio Value" means, in respect of any date, the sum of the Adjusted Base Value of each Asset on such date. For purposes of calculating the Adjusted Portfolio Value, an Asset to be delivered during the period prior to the Delivery Expiry Date pursuant to the Asset Purchase Agreement shall be deemed to be an Asset from the Initial Closing Date, adjusted from time to time in respect of any Substitute Assets therefor. "Administrative Agency Agreement" means the Administrative Agency Agreement dated as of the Initial Closing Date among the Administrative Agent, the Issuer, the Issuer Subsidiaries party thereto, the Security Trustee and the Trustee. "Administrative Agent" means the Person acting, at the time of determination, in the capacity as the administrative agent of the Issuer Group Members under the Administrative Agency Agreement or any replacement agreement therefor. The initial Administrative Agent is Willis Lease. "Affected Financial Institution" means (a) any EEA Financial Institution or (b) any UK Financial Institution. "Affected Notes" has the meaning given to such term in Section 3.11(b)(i). - 4 - "Affiliate" means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with, such Person or is a director or officer of such Person; "control" of a Person means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting Stock, by contract or otherwise. "Aggregate Half-Life Base Value" means, in respect of any date, the sum of the Base Values of each Asset on such date. "Aggregate Initial Appraised Value" means the sum of the Initial Appraised Values of the Initial Assets. "Aggregate Maintenance Adjusted Base Value" means, in respect of any date, the sum of the Adjusted Base Value of each Asset on such date; provided that if the Lease for any Asset contains return conditions that specify a remaining life threshold for such Asset that is higher than the then current maintenance status used in determining the Adjusted Base Value of such Asset, then solely for purposes of calculating the Aggregate Maintenance Adjusted Base Value, the Adjusted Base Value of such Asset will be adjusted upward to reflect the condition in which the Asset must be returned at the end of such Lease. "Aggregate Maintenance Ratio Amount" means, on any date where the ratio of the Aggregate Maintenance Adjusted Base Value to the Aggregate Half-Life Base Value is less than 0.9, an amount equal to (a) the product of (x) the Aggregate Half-Life Base Value multiplied by (y) 0.9 minus (b) the Aggregate Maintenance Adjusted Base Value. "Agreed Currency" has the meaning given to such term in Section 12.07(a). "Agreed Value Payment" means a payment to be made by or on behalf of a Lessee under a Lease upon or following a Total Loss of an Asset with respect to such Total Loss. "Aircraft Engine" means a basic power jet propulsion or turboprop engine assembly for an aircraft that is Stage 3 or later compliant (without reliance on a noise reduction or "hush" kit), including its essential accessories as supplied by the manufacturer of such Aircraft Engine, but excluding the nacelle, and including any QEC Kit and any and all modules and Parts incorporated in, installed on or attached to each such engine from time to time and any substitutions therefor. "Airframe Interest" means (a) the Stock in any Person that owns an Airframe, including, without limitation, a trust or (b) the Person that holds, directly or indirectly, the interest referred to in clause (a) above. The acquisition or disposition of all of the Airframe Interests with respect to an Airframe constitutes, respectively, the acquisition or disposition of that Airframe. "Airframes" means each Initial Asset (or, if the context requires, related Asset Interests) and any Replacement Asset (or, if the context requires, related Asset Interests) that is an airframe (including any and all modules and Parts incorporated in, installed on or attached to such airframe from time to time and any substitutions therefor, except in each case, any Aircraft Engine), in each case that are owned by any Issuer Group Member from time to time. - 5 - "Allocable Debt Balance" means, for any Asset on any date, the sum of each Allocable Series Amount for each Series of Notes for such Asset on such date. "Allocable Notional Series Amount" means, for any Asset and any Series (applying the Reinvestment Rules of Construction, if applicable), (i) on the first Payment Date, the product of (a) the Designated Percentage of such Asset and (b) the Outstanding Principal Balance of such Series, in each case as of the Initial Closing Date and (ii) on any subsequent Payment Date, the greater of (a) zero and (b)(x) the Allocable Notional Series Amount of such Asset and such Series on the immediately preceding Payment Date minus (y) (1) any Excess Proceeds Applied Amount for such Asset and such Series on the immediately preceding Payment Date divided by (2) the Scheduled Series Percentage of such Series and such Asset on the immediately preceding Payment Date minus (z) if such Asset was subjected to an Asset Disposition during the period commencing on the second preceding Calculation Date to the Calculation Date immediately preceding such Payment Date, the amount of clause (ii)(b)(x). "Allocable Series Amount" means, for any Asset and any Series of Notes on any Calculation Date, the product of (a) (x) the Outstanding Principal Balance of such Series as of such Calculation Date plus (y) the sum of all Excess Proceeds Applied Amounts for such Series from the Initial Closing Date to and including the immediately preceding Payment Date for all Assets which were Assets on such Calculation Date multiplied by (b) the Designated Percentage for such Asset on such Calculation Date. "Allowed Restructuring" has the meaning given to such term in Section 5.02(f)(i). "Alton" means Alton Aviation Consultancy LLC. "Annual Budget" means an operating budget and an Asset expenses budget that has been adopted by the Issuer for the period beginning on the Initial Closing Date and ending December 31, 2025, and that will be adopted for each succeeding calendar year. "Annual Report" has the meaning given to such term in Section 2.14(a). "Anti-Money Laundering Laws" has the meaning given to such term in Section 5.01(r). "Applicable Aviation Authority" means the FAA, the EASA and/or any other governmental authority which, from time to time, has control or responsibility for supervision of civil aviation or has jurisdiction over the airworthiness, operation and/or maintenance of an Asset. "Applicable Law" means, with respect to any Person, all laws, rules, regulations and orders of governmental or regulatory authorities applicable to such Person, including, without limitation, the regulations of each Applicable Aviation Authority applicable to such Person or the Asset owned or operated by it or as to which it has a contractual responsibility. "Applicable Procedures" means, with respect to any transfer or exchange of Beneficial Interests, the rules and procedures of the Depositary, Euroclear or Clearstream and any of their Participants and Indirect Participants that apply to such transfer or exchange. "Applicable Regulations" has the meaning given to such term in Section 12.13. - 6 - "Appraisers" means, initially, Avitas, Inc., IBA Group Limited and Collateral Verifications LLC and, thereafter, any independent appraiser that is approved by a Special Majority of the Controlling Trustees and that is a member of the International Society of Transport Aircraft Trading ("ISTAT") or, if ISTAT ceases to exist, any similar professional aircraft appraiser organization in which at least one of the such Appraisers is a member, and the Issuer shall notify the Rating Agencies of any change in Appraiser. "Asset" means each Airframe and each Engine (including, in each case, each Asset for which Excess Proceeds have been received and applied in accordance with Section 3.09), in each case that has not been subjected to an Asset Disposition; provided that a Part-Out Asset shall continue to be an Asset until the applicable Part-Out Sale Completion Date. In addition, when used to refer to an Asset Disposition, the term "Asset" shall include the Asset that is (or is contemplated to be pursuant to a binding, written agreement) subjected to such Asset Disposition, but otherwise "Asset" does not include a disposed Asset. "Asset Agreement" means any lease, sublease, conditional sale agreement, finance lease, hire purchase agreement or other agreement (other than an agreement relating to maintenance, modification or repairs) between an Issuer Group Member and any Person (other than an Issuer Group Member) or any Purchase Option granted to a Person (other than an Issuer Group Member) to purchase an Asset, in each case, pursuant to which such Person acquires or is entitled to acquire legal title to, or the economic benefits of ownership of, such Asset. "Asset Disposition" means any sale, transfer or other disposition of any Asset (or the related Asset Interest), including by reason of (a) the occurrence of a Part-Out Sale Completion Date with respect to a Part-Out Asset or (b) such Asset suffering a Total Loss. "Asset Disposition Accrual Amount" means, in respect of an Asset Disposition, the positive amount, if any, of an amount equal to (i) the Disposition Paydown Amount less (ii) the Net Sale Proceeds received in respect of such Asset Disposition; provided that any Asset disposed of by way of consignment or similar agreement shall be considered disposed of at any time the relevant Issuer Group Member received substantially all of the Net Sale Proceeds that the Servicer expects in good faith to receive from such consignment (or similar arrangement) for all purposes. "Asset Disposition Accrual Deposit" means, on any Payment Date, the amount, if any, to be deposited in the Asset Disposition Contribution Account pursuant to Section 3.09(a)(xxiii) on such Payment Date, as directed by the Certificate Holders. "Asset Disposition Contribution Account" has the meaning given to such term in Section 3.01(a). "Asset Disposition Shortfall" means, with respect to any proposed Asset Disposition, the failure of the Net Sale Proceeds to equal or exceed an amount equal to the Disposition Paydown Amount. "Asset Interest" means an Airframe Interest or an Engine Interest (all Airframe Interests and Engine Interests, collectively, the "Asset Interests"). "Asset Mortgage" has the meaning given to such term in the Security Trust Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 7 - "Asset Mortgage and Lease Security Assignment" has the meaning given to such term in the Security Trust Agreement. "Asset Purchase Account" has the meaning given to such term in Section 3.01(a). "Asset Purchase Agreement" means the Asset Purchase Agreement dated as of the Initial Closing Date, between Willis Lease and the Issuer. "Asset Related Documents" means all Issuer Group Leases and related documents and other contracts and agreements including any side letters, assignments of warranties or option agreements of Issuer Group Members the terms of which affect the rights or obligations of any Issuer Group Member in respect of any of the Assets. "Asset Replacement Account" has the meaning given to such term in Section 3.01(a). "Asset Subsidiaries" means, as of the Initial Closing Date, those Persons set forth on Schedule 3 to this Indenture as Asset Subsidiaries and their successors, together with any other Issuer Subsidiary (other than any Asset Trust) holding title to Assets or holding Asset Interests. "Asset Trust Agreement" means, each trust agreement with an Asset Trustee under which an owner trust or statutory trust estate is created with respect to an Asset and an Asset Subsidiary holds the Asset Interest, whether or not such Asset Subsidiary was the original grantor of such owner trust estate or holder of such Asset Interest. "Asset Trustee" means, as of the Initial Closing Date, each Person that acts as an owner trustee or statutory trustee under any Asset Trust Agreement. "Asset Trusts" means the owner trust or statutory trust estates created pursuant to the Asset Trust Agreements. "Assumed Disposition Premium" means (i) with respect to any Purchase Option having a Purchase Option Date prior to the fourth anniversary of the Initial Closing Date, an amount equal to the Disposition Premium that would be payable for the relevant purchase option price and (ii) with respect to any Purchase Option having a Purchase Option Date on or after the fourth anniversary of the Initial Closing Date, zero. "Assumed Note Target Price" means, in respect of any Asset for purposes of any Asset Disposition by way of a Purchase Option, an amount equal to the sum of (i) 105% of the aggregate Allocable Series Amounts for the Notes as of the Purchase Option Date for such Asset (calculated by assuming that, from the date of the applicable agreement granting the Purchase Option to the Purchase Option Date, no other Asset Dispositions occur and no principal payments are made on the Notes other than Scheduled Principal Payment Amounts), (ii) any Disposition Fee and (iii) the Assumed Disposition Premium, in each case relating to or resulting from such Asset Disposition. "Authorized Agent" means, with respect to a Series of Notes, the authorized Paying Agent or Registrar for such Series of Notes. - 8 - "Available Amount" means, subject to the proviso contained in Section 3.14(g), at any date of determination, (a) the Maximum Facility Commitment at such time less (b) the aggregate amount of all Facility Drawings under the Initial Liquidity Facility outstanding at such time; provided that following a Downgrade Drawing, a Final Drawing or a Non-Extension Drawing, the Available Amount shall be zero; provided further that, in the case of a Downgrade Drawing, if the Initial Liquidity Facility ceases to be a Downgraded Facility, the Available Amount shall initially be reinstated to an amount equal to the amount of any Unapplied Provider Advance (as defined in the Initial Liquidity Facility) that is reimbursed to the Initial Liquidity Facility Provider pursuant to Section 2.06(c) of the Initial Liquidity Facility and thereafter the Available Amount shall be determined as if no Downgrade Drawing had occurred. "Available Collections" means, as of the close of business on any Calculation Date, amounts on deposit in the Collections Account for distribution on the relevant Payment Date, taking into account certain transfers between the Collections Account and certain other Accounts during the period between such Calculation Date and such Payment Date. The Available Collections with respect to any payment to be made therefrom shall be determined after giving effect to all payments, if any, having priority to such payment under Section 3.09. "Available Scheduled Principal Amount" has the meaning given to such term in Section 3.07(h). "Available Security Deposit Amount" means, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the aggregate Remaining Security Deposits on such Payment Date over (b) the Target Security Deposit Amount for such Payment Date; provided that, for the avoidance of doubt, if such amount is less than zero, the "Available Security Deposit Amount" shall be zero. "Bail-In Action" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. "Bail-In Legislation" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). "Balance" means, with respect to any Account as of any date, the sum of the cash deposits in such account and the value of any Permitted Account Investments held in such Account as of such date, as determined in accordance with Section 1.02(j). "Base Value" means, with respect to any Asset on any Calculation Date or any other date, the average of the Half-Life Base Values of such Asset as determined by the most recent appraisals of such Asset provided pursuant to Section 5.02(u). - 9 - "Below Value Disposition" means (a) an Asset Disposition in respect of which (i) the sum of (A) the Net Sale Proceeds on the Disposition Date (or, with respect to a Part-Out Asset, the Part-Out Sale Completion Date) and (B) the aggregate amount of the Excess Proceeds Applied Amounts from each Payment Date relating to such Asset are less than the sum of (ii) (A) an amount equal to the Disposition Paydown Amount for such Asset with respect to the Notes, (B) the amount of any Hedge Termination Payment payable in connection with such Asset Disposition, (C) the Disposition Fee relating to such Asset Disposition and (D) the Disposition Premium for such Asset with respect to the Notes or (b) an Asset Disposition of an Asset pursuant to a Below Value Purchase Option. "Below Value Purchase Option" means, with respect to an Asset, a Purchase Option held by a lessee under a Lease of such Asset if (a) the purchase option price will be less than fair market value as of the Purchase Option Date and (b) the projected Allocable Debt Balance of such Asset (calculated as of the Purchase Option Date) is greater than the sum of all contracted Rental Payments and projected net Usage Fees due from the date such Purchase Option is granted to the Purchase Option Date plus the purchase option price referred to in clause (a) of this definition. "Beneficial Interest" means a beneficial interest in a Global Note held in book-entry form by the Depositary. "Beneficial Interest Certificate" has the meaning set forth in the Trust Agreement. "Business Day" means any date except a Saturday, Sunday or other day on which commercial banks in New York, New York, San Francisco, California, St. Paul, Minnesota, Chicago, Illinois or, if applicable, the place of payment are authorized by law to close. "Calculation Date" means, with respect to each Payment Date, the last day of the calendar month immediately preceding the month in which such Payment Date occurs, provided that if any Calculation Date would otherwise fall on a day that is not a Business Day, such Calculation Date will be the first preceding day that is a Business Day. "Cash Collateral Account" means each other Eligible Credit Facility established as an Account pursuant to Section 3.01(o). "Cash Payment Amount" means, with respect to each Initial Asset, an amount equal to the product of (a) the Net Cash Proceeds of the Notes on the Initial Closing Date, and (b) a fraction, the numerator of which is the Initial Appraised Value for such Initial Asset or, in the case of an Initial Asset that is a Substitute Asset, for the Initial Asset replaced by such Substitute Asset, and the denominator of which is the Aggregate Initial Appraised Value, reduced by amounts transferred from the Asset Purchase Account to other Accounts in respect of Rental Payments and Usage Fees as provided herein and in the Asset Purchase Agreement; provided that the Cash Payment Amount for a Substitute Asset will not be greater than the amount available in the Asset Purchase Account allocable to the applicable Initial Asset. "Cash Trap Principal Payments" has the meaning given to such term in Section 3.08(m). "Certificate Holder" means, as of any date of determination, any Person in whose name a Beneficial Interest Certificate is issued. - 10 - "Certificate Holder Purchase Date" has the meaning given to such term in Section 4.14. "Certificate Holder Purchase Option Notice" has the meaning given to such term in Section 4.14. "Certificate Holder Purchaser" has the meaning given to such term in Section 4.14. "Certificate of Trust" means that certain Certificate of Trust, dated April 17, 2025, by the Owner Trustee. "Certified Holder" has the meaning given to such term in Section 2.14(a). "Clearstream" means Clearstream Banking, société anonyme, Luxembourg. "Code" means the Internal Revenue Code of 1986, as amended. "Collateral" has the meaning given to such term in the Security Trust Agreement. "Collection Period" means (a) with respect to each Payment Date other than the first Payment Date in respect of a Series, the period commencing on the first day following the Calculation Date related to the prior Payment Date and ending on the Calculation Date related to such Payment Date, (b) in the case of the first Payment Date in respect of the Initial Notes, the period commencing on the Initial Closing Date and ending on the Calculation Date related to such Payment Date and (c) in the case of the first Payment Date in respect of each Series of Refinancing Notes or Series of Additional Notes, the period commencing on the Issuance Date in respect of such Refinancing Notes or Additional Notes and ending on the Calculation Date related to such Payment Date. "Collections" means without duplication (a) Rental Payments, Usage Fees and all other amounts received by any Issuer Group Member pursuant to any Lease or Related Collateral Document, (b) amounts transferred from any Cash Collateral Account to the Collections Account in accordance with the Trustee Resolution providing for the establishment of such Cash Collateral Account as contemplated by Section 3.01(o), (c) amounts received in respect of claims for damages or in respect of any breach of contract for nonpayment of any of the foregoing, (d) if a Rapid Amortization Event or an Event of Default has occurred and is continuing, amounts received by an Issuer Group Member in connection with any Asset Disposition or otherwise received under any Asset Agreement, including Net Sale Proceeds, Agreed Value Payments, Requisition Compensation and all Partial Loss Proceeds, less, in each case, any expenses payable by such Issuer Group Member to any Person that is not an Issuer Group Member in connection therewith, (e) amounts received by any Issuer Group Member from insurance with respect to any Asset, (f) any proceeds or other payments received under the Related Documents, including amounts transferred from a Lessee Funded Account, the Maintenance Reserve Account, the Asset Replacement Account and/or a Qualified Escrow Account into the Collections Account in accordance with Section 3.08, (g) amounts applied from or drawn under any Security Deposit or other assurance in respect of a Lessee's obligations under a Lease (other than amounts withdrawn at the direction of the Certificate Holders pursuant to Section 3.01(e)(iii) and 3.08(d)), (h) net payments to the Issuer under any Currency Hedge Agreement maintained in accordance with the terms of this Indenture, (i) the proceeds of any Investments of the funds in the Accounts (except

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 11 - (i) to the extent that any such proceeds are required to be paid over to any Lessee under a Lease or (ii) the proceeds of any Investments of the funds in the Liquidity Facility Reserve Account, the Asset Replacement Account and a Qualified Escrow Account), (j) any amounts transferred from the Asset Purchase Account into the Collections Account in accordance with Section 3.04 or 3.05 hereof, (k) any amounts received by an Issuer Group Member under an Acquisition Agreement and (l) any other amounts received by any Issuer Group Member (including any amounts received from any other Issuer Group Member, whether by way of distribution, dividend, repayment of a loan or otherwise, and any proceeds received in connection with any Allowed Restructuring); provided that Collections shall not include (i) Segregated Funds transferred to a Lessee Funded Account, (ii) any amounts required pursuant to the terms hereof to be (only for so long as such amounts are so required to be) deposited and held in the Security Deposit Account, the Maintenance Reserve Account, the Asset Replacement Account, a Qualified Escrow Account and the Asset Disposition Contribution Account, (iii) amounts deposited in the Defeasance/Redemption Account or the Refinancing Account in connection with a Redemption (except any amounts transferred thereto from another Account which were not deposited in such Account solely in anticipation of transferring such amount to the Defeasance/Redemption Account or the Refinancing Account), (iv) amounts received in connection with a Refinancing, (v) except as provided above with respect to any amounts transferred therefrom to the Collections Account, amounts in any Cash Collateral Account and the Asset Purchase Account, (vi) amounts not payable to an Issuer Group Member or amounts otherwise not to be included as Collections pursuant to any Related Document, (vii) so long as no Rapid Amortization Event or Event of Default has occurred and is continuing, Net Sale Proceeds, (viii) the proceeds of any Cure Advances for the payment of Cure Amounts and (ix) payments under the Initial Liquidity Facility, in each case subject to the restrictions set forth in this Indenture. "Collections Account" has the meaning given to such term in Section 3.01(a). "Commission" means the U.S. Securities and Exchange Commission. "Concentration Limits" means the limits set forth in Exhibit B hereto, as such limits may be adjusted from time to time as provided in Section 5.02(t). "Concentration Violation" means a breach of the covenant set forth in Section 5.02(t) hereof if effect were given to any sale, transfer, lease or other disposition or any purchase or other acquisition pursuant to an Asset Agreement regardless of whether such sale, transfer, lease or other disposition or purchase or other acquisition is scheduled or expected to occur after the date on which such Asset Agreement becomes binding on the Issuer or any Issuer Subsidiary. "Consent Fee" means any fee paid to the Holders of any Series of Notes in connection with their review and/or approval of proposed amendments of this Indenture or any other matter requiring their consent, whether by a Required Majority of such Series or by all Holders of such Series, as such fee may be approved in accordance with Section 5.02(d), provided that the aggregate amount of such fee paid in connection with any such review and/or approval shall not exceed an amount equal to the product of (a) the Outstanding Principal Balance of such Series of Notes as of the date such fee is to be paid and (b) 0.001. - 12 - "Controlling Party" means, at any time of determination, the Senior Trustee; provided, however, that at any time from and including the date that is no earlier than 30 months from the earlier to occur of (a) the date on which the entire amount available under the Initial Liquidity Facility shall have been drawn (except as a result of (i) a Downgrade Drawing or (ii) a Non- Extension Drawing, in each case not applied to pay any Required Expenses Shortfalls, Senior Hedge Payment Shortfalls, Series A Interest Shortfalls or Series B Interest Shortfalls) and remain unreimbursed and (b) the date on which the Notes shall have been Accelerated, the Initial Liquidity Facility Provider shall have the right to elect, by at least 15 Business Days' prior Written Notice to the Trustee, to become the Controlling Party (in place of the Senior Trustee) thereafter but only for so long as any Credit Facility Obligations due to the Initial Liquidity Facility Provider remain unpaid. At any time after such 30-month period, if the Initial Liquidity Facility Provider does not elect to be the Controlling Party or if no Credit Facility Obligations remain outstanding (and the Senior Trustee receives a written notice from the Administrative Agent stating that no Credit Facility Obligations remain outstanding), then the Senior Trustee shall continue to be the Controlling Party. "Controlling Trustee" means each of the trustees of the Issuer designated as such in accordance with the terms of the Trust Agreement. "Core Lease Provisions" means the requirements for Leases set forth in Exhibit G. "Corporate Trust Office" means, with respect to the Trustee for a Series of Notes, the office of such Trustee at which at any particular time its corporate trust business shall be administered. The initial Corporate Trust Office is (a) for Note transfer purposes and for purposes of presentment and surrender of any Notes for final payment thereon, 111 Fillmore Ave., St. Paul, MN 55107, and (b) for all other purposes, the address of the Trustee set forth in Section 12.05. "Costs" means liabilities, obligations, damages, judgments, settlements, penalties, claims, actions, suits, costs, expenses and disbursements (including, without limitation, reasonable fees and disbursements of legal counsel and costs of investigation). "Covenant Defeasance" has the meaning given to such term in Section 11.01(b). "Credit Facility Advance Obligations" means all Credit Facility Obligations other than (a) Credit Facility Expenses and (b) Indemnification Amounts. "Credit Facility Expenses" means all Credit Facility Obligations other than (a) the principal amounts under, or the principal amount of any drawings under, any Eligible Credit Facility, (b) interest accrued on Credit Facility Obligations and (c) Indemnification Amounts. "Credit Facility Obligations" means all principal, interest, fees, expenses, indemnities, costs and other amounts owing to or incurred by the providers of Eligible Credit Facilities. "Cure Advances" means advances by any Certificate Holder, other than Additional Advances, the proceeds of which are to be used to fund the payment of Cure Amounts. "Cure Amounts" has the meaning given to such term in Section 3.12. - 13 - "Cure Period" has the meaning given to such term in Section 4.02(a). "Currency Hedge Agreements" means an ISDA currency swap, option, and any other similar hedging arrangement (including the current or forward purchase and sale of non-Dollar currency) between the Issuer and the Eligible Hedge Counterparty named therein, including any schedules and confirmations prepared and delivered in connection therewith, approved by the Controlling Trustees and in form and substance meeting such requirements as the Rating Agencies may publish from time to time that are applicable to the Issuer, and with respect to which prior notice has been given to the Rating Agencies, pursuant to which (i) the Issuer will receive payments from, or make payments to, the Eligible Hedge Counterparty as provided therein and (ii) recourse by the Eligible Hedge Counterparty to the Issuer is limited to distributions in accordance with the priority of payments set forth in Section 3.09. "Custodian Agreement" has the meaning given to such term in the Security Trust Agreement. "Default" means a condition, event or act that, with the giving of notice or the lapse of time or both, would constitute an Event of Default. "Default Notice" means a notice given pursuant to Section 4.02, declaring all outstanding principal of and accrued and unpaid interest on the Notes to be immediately due and payable. "Defeasance/Redemption Account" has the meaning given to such term in Section 3.01(a). "Definitive Notes" has the meaning given to such term in Section 2.07(a). "Delivery Date" means, with respect to an Initial Asset or Replacement Asset, the date on which the Issuer acquires direct or indirect ownership of such Initial Asset or Replacement Asset or an Asset Trust owning such Initial Asset or Replacement Asset. "Delivery Expiry Date" means, with respect to the Remaining Initial Assets, the 270th day after the Initial Closing Date. "Depositary" means DTC, in its capacity as depositary, including its successors in interest and permitted assigns. "Designated Payment Date" means, for any Part-Out Asset, the Payment Date related to the Collection Period in which such Part-Out Asset was first subjected to a Part-Out Agreement. "Designated Percentage" means, for any Asset on any date, (a) the Adjusted Base Value of such Asset divided by (b) the Adjusted Portfolio Value, in each case as of such date. "Designated Shortfall" means, with respect to any Payment Date, any Required Expenses Shortfall, Senior Hedge Payment Shortfall, Series A Interest Shortfall, Series B Interest Shortfall or any shortfall, after giving effect to the application of Available Collections (taking into account all transfers to the Collections Account to be made pursuant to Section 3.08) in accordance with the payment priorities set forth in Section 3.09(a), in amounts available under Section 3.09(a) to - 14 - make payments in respect of the Scheduled Principal Payment Amount for the Series A Notes or Series B Notes as of such Payment Date. "Direction" has the meaning given to such term in Section 1.04(c). "Discretionary Asset Modification" means a modification or improvement of an Asset made after the Delivery Date for such Asset, the cost of which is capitalized in accordance with GAAP and which is not a Mandatory Asset Modification. "Disposition Date" means (a) with respect to any Part-Out Asset, the Part-Out Sale Completion Date and (b) with respect to any Asset Disposition, the date on which the Asset Disposition occurs; provided that if the Net Sale Proceeds of such Asset Disposition shall have been deposited in the Asset Replacement Account or a Qualified Escrow Account as permitted hereunder, no Disposition Date shall occur for such Asset (i) for so long as such proceeds remain on deposit in the Asset Replacement Account or Qualified Escrow Account in accordance with the terms hereof or (ii) if a Replacement Asset is acquired using all or a portion of such Net Sale Proceeds. "Disposition Fee" has the meaning given to such term in the Servicing Agreement. "Disposition Paydown Amount" means, for any Series and with respect to any Subject Disposition, the greater of (a) zero and (b) (i) 105% of the Allocable Series Amount for the Subject Asset and such Series on the related Calculation Date minus (ii) the sum of all Excess Proceeds Applied Amounts for such Asset and such Series from the Initial Closing Date to and including the immediately preceding Payment Date. "Disposition Premium" means (a) zero (i) with respect to any Asset Disposition that results from a Total Loss at any time, (ii) with respect to any Asset Disposition that occurs during the continuation of an Event of Default, (iii) in connection with an Acquisition Balance Redemption, (iv) with respect to any Asset Disposition that occurs on or after the fourth anniversary of the Initial Closing Date and (v) with respect to any Asset Disposition if the Premium Threshold Amount has not been exceeded after giving effect to the distribution of the Net Sale Proceeds relating to such Asset Disposition and (b) for any Asset Dispositions (other than an Asset Disposition described in clause (a)) occurring prior to the fourth anniversary of the Initial Closing Date after the applicable Premium Threshold Amount has been exceeded after giving effect to the distribution of the Net Sale Proceeds relating to such Asset Disposition, an amount equal to the Redemption Premium that would be payable with respect to the amount of principal being prepaid in connection with such Asset Disposition as if such prepayment were an Optional Redemption, in each case treating the Payment Date on which such Net Sale Proceeds are distributed as the Redemption Date and references to "Redemption Date" in the definitions of Redemption Premium and Redemption Price were references to such Payment Date; provided that in the case of clause (b), if only a portion of the amount of the Outstanding Principal Balance of the Initial Notes being repaid in connection with any such Asset Disposition exceeds the applicable Premium Threshold Amount, then the Disposition Premium will only apply to such portion that is in excess of such Premium Threshold Amount.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 15 - "Disposition Test Date" means (a) for an Asset (other than a Part-Out Asset), the Disposition Date for such Asset and (b) for a Part-Out Asset, the date such Part-Out Asset is subjected to a Part-Out Agreement. "Dollars" or "$" means the lawful currency of the United States of America. "Downgrade Date" means the date on which a Downgrade Event occurs. "Downgrade Drawing" has the meaning given to such term in Section 3.14(c). "Downgrade Event" has the meaning given to such term in the Initial Liquidity Facility. "Downgrade Period" has the meaning given to such term in the Initial Liquidity Facility. "Downgraded Facility" has the meaning given to such term in the Initial Liquidity Facility. "DSCR" means, as of any Calculation Date, the ratio of (a) the amount of DSCR Available Cash to (b) the sum of (i) the DSCR Aggregate Interest Amount and (ii) the DSCR Scheduled Principal Amount, in each case as of such Calculation Date. "DSCR Aggregate Interest Amount" means, as of any Calculation Date, the sum of (a) the Interest Amount on the Series A Notes and the Series B Notes for the related Payment Date plus (b) (without duplication) the aggregate Interest Amount on the Series A Notes and the Series B Notes for the previous two Payment Dates; provided that, if an Asset Disposition has occurred with respect to any Asset during such three-month period, the Interest Amount attributable to such Asset as of each such Payment Date shall be disregarded for the purposes of the calculation of Interest Amount for such period. "DSCR Amortization Event" means, on any Payment Date occurring on or after the sixth Payment Date after the Initial Closing Date, a DSCR of less than 1.10 for such Payment Date or either of the two immediately prior Payment Dates (to the extent such prior Payment Dates occurred on or after the sixth Payment Date after the Initial Closing Date). "DSCR Available Cash" means, as of any Calculation Date, an amount equal to the amount, if positive, equal to (a) the sum of, without duplication, (1)(x) the aggregate Rental Payments, Usage Fees and End of Lease Payments actually received by an Issuer Group Member, (y) the aggregate amount of Rental Payments and Usage Fees transferred from the Asset Purchase Account to the Collections Account pursuant to the terms of this Indenture and (z) the sum of (i) the aggregate amounts transferred from the Available Security Deposit Amount in the Security Deposit Account to the Expense Account or to the applicable Series Account or to the Liquidity Facility Reserve Account or paid to the Initial Liquidity Facility Provider, as applicable, and (ii) the aggregate Excess Proceeds Applied Amount for the Initial Notes, in each case, on any of the previous two Payment Dates or on such related Payment Date, and in the case of clauses (a)(1)(x), (y) and (z) during the three-month period ending on such Calculation Date and (2) the Available Security Deposit Amount (if any) in the Security Deposit Account on such Payment Date minus (b) the sum of (x) the sum of the aggregate Senior Rent Based Fees actually paid by each Issuer Group Member and (y) the aggregate Unfunded Maintenance Reimbursement Amount, in the case - 16 - of clauses (b)(x) and (y), during the three-month period ending on such Calculation Date; provided that, if an Asset Disposition has occurred with respect to any Asset during such three-month period, the amounts described in clauses (a) and (b) of this definition attributable to such Asset as of each such Payment Date shall be disregarded for the purposes of the calculation of DSCR Available Cash for such period. "DSCR Cash Trap Account" has the meaning given to such term in Section 3.01(a). "DSCR Cash Trap Event" means, on any Calculation Date related to a Payment Date occurring on or after the sixth Payment Date after the Initial Closing Date, a DSCR of less than 1.15 for such Calculation Date or either of the two immediately prior Calculation Dates (to the extent such prior Calculation Dates occurred on or after the sixth Payment Date after the Initial Closing Date). "DSCR Scheduled Principal Amount" means, for any Calculation Date and the related Payment Date, the greater of (i) zero and (ii) the sum of (a) the Scheduled Principal Payment Amount on the Series A Notes and the Series B Notes for such Payment Date plus (b) (without duplication) the aggregate Scheduled Principal Payment Amount on the Series A Notes and the Series B Notes for the previous two Payment Dates (in each case calculated as if the definition of Additional Prepayment Amount did not include clauses (c) and (d) thereof) minus (c) all Rapid Amortization Amounts applied on any of the Payment Dates referred to in clause (a) or (b); provided that, if an Asset Disposition has occurred with respect to any Asset, or any Asset has become a Part-Out Asset, during such three-month period, the Scheduled Principal Payment Amount attributable to such Asset as of each such Payment Date shall be disregarded for the purposes of the calculation of DSCR Scheduled Principal Amount for such period. "DTC" means The Depository Trust Company, its nominee and its respective successors, as the registered holder of the Global Notes. "Early Collections Period Lease Payment" has the meaning given to such term in Section 3.01(b)(ii). "EASA" means the European Aviation Safety Agency. "EEA Financial Institution" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated supervision with its parent. "EEA Member Country" means any of the member states of the European Union, Iceland, Liechtenstein and Norway. "EEA Resolution Authority" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. - 17 - "Eligibility Requirements" has the meaning given to such term in Section 2.03(b). "Eligible Account" means (a) a segregated non-interest bearing trust account maintained on the books and records of an Eligible Institution for the benefit of the Security Trustee on behalf of the Secured Parties as a Securities Account under, and as defined in, the Security Trust Agreement; provided that no Cash Collateral Account may be maintained with an Eligible Provider at any time at which the Issuer holds any participation in the Eligible Credit Facility unless a Rating Agency Confirmation shall have been received prior to such time to the effect that such maintenance of the Cash Collateral Account with such Eligible Provider will not result in a withdrawal or downgrading of the ratings of the Notes, and (b) an account maintained on the books and records of an Eligible Institution in the name of an Issuer Group Member as a Lessor Account in compliance with the terms of the Security Trust Agreement; provided that, if the Servicer determines that a Lessor Account needs to be maintained with a bank or financial institution that is not an Eligible Institution, including a foreign bank not licensed under the laws applicable to Eligible Institutions, such Lessor Account may be established with such bank or financial institution and such account may be an Eligible Account, subject to such bank or financial institution entering into an appropriate "lock-box account" or similar agreement with the Security Trustee pursuant to which all amounts deposited in such Lessor Account are pledged to the Security Trustee and are remitted in accordance with Section 3.01(l). "Eligible Credit Facility" means (a) the Initial Liquidity Facility provided by the Initial Liquidity Facility Provider, (b) any credit agreement, letter of credit, guarantee, financial guarantee insurance policy, credit or liquidity enhancement facility, term loan facility or other credit facility provided by, or supported by, an Eligible Provider in favor of any Issuer Group Member and subjected to the lien of the Security Trust Agreement and designated by the Controlling Trustees as an Eligible Credit Facility and (c) any Eligible Account established for the purpose of providing like credit or liquidity support and designated by the Controlling Trustees as an Eligible Credit Facility. "Eligible Hedge Counterparty" means either of the following: (a) at the time of execution and delivery of the related Currency Hedge Agreement, any bank or other financial institution (or any party providing credit support on such Person's behalf) that has a published long-term issuer credit or senior unsecured debt rating of A or better (or, if there are not then any Series A Notes Outstanding, of BBB or better) by Standard & Poor's or Fitch, or is otherwise covered by a Rating Agency Confirmation or (b), at the time of any transfer of a Currency Hedge Agreement, any bank or other financial institution (or any party providing credit support on such Person's behalf) that satisfies the criteria in clause (a). "Eligible Institution" means U.S. Bank National Association, in its capacity as the Operating Bank and as Trustee in respect of any Eligible Account, or any other bank organized under the laws of the United States of America or any state thereof or the District of Columbia (or any branch of a foreign bank licensed under any such laws), in each case so long as it (i) has either (A) a long-term unsecured debt rating or long-term issuer rating of BBB or better by Fitch or Standard & Poor's or (B) a short-term unsecured debt rating or short-term issuer rating of A-2 or better by Standard & Poor's or F-2 or better by Fitch and (ii) can act as a securities intermediary under the New York Uniform Commercial Code, including a Person providing an Eligible Credit - 18 - Facility so long as such Person shall otherwise so qualify and shall have waived all rights of set- off and counterclaim with respect to the account to be maintained as an Eligible Account. "Eligible Provider" means a Person (other than any Issuer Group Member or any Affiliate thereof) having at least the Threshold Rating, or whose obligations under the Initial Liquidity Facility or any other Eligible Credit Facility are guaranteed by an Affiliate of such Person having at least the Threshold Rating, or is otherwise designated as an Eligible Provider by the Controlling Trustees subject to receipt of a Rating Agency Confirmation. "Encumbrance" means any mortgage, pledge, lien, encumbrance, charge or security interest, including, without limitation, any conditional sale, any sale without recourse against the sellers, or any agreement to give any security interest over or with respect to any Issuer Group Member's assets (excluding Lessee Funds that are Segregated Funds), including, without limitation, all Asset Interests and Stock and any Indebtedness of any Issuer Subsidiary held by the Issuer or any other Issuer Group Member. "End of Lease Payments" means all payments under a Lease that are paid by or on behalf of the Lessee to the Lessor (other than Rental Payments and Usage Fees) in connection with the return of the applicable Asset under the Lease or relating to the termination or expiration of such Lease, in each case, whether as expressly set forth in such Lease in connection with a return condition settlement or otherwise. "Engine" means each Initial Asset (or, if the context requires, related Asset Interests) and any Replacement Asset (or, if the context requires, related Asset Interests) that is an Aircraft Engine, in each case that are owned by any Issuer Group Member from time to time. "Engine Interest" means (a) the Stock in any Person that owns an Engine, including, without limitation, a trust that owns an Engine or (b) the Person that holds, directly or indirectly, the interest referred to in clause (a) above. The acquisition or disposition of all of the Engine Interest with respect to an Engine constitutes, respectively, the acquisition or disposition of that Engine. "EU Bail-In Legislation Schedule" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. "Euroclear" means Euroclear Bank, S.A./N.V., as operator of the Euroclear System. "Event of Default" has the meaning given to such term in Section 4.01. "Excess Indemnification Amounts" means any Indemnification Amounts that are excluded from payment as "Expenses" due to the limitation on the amount so payable set forth in the first proviso to the definition of "Expenses". "Excess Proceeds" means any (a) End of Lease Payments, (b) proceeds or fees associated with the restructuring of a Lease or the termination of a Lease and the re-leasing of all or part of the same airframe or engine to the same Lessee, (c) to the extent that a Maintenance Ratio Trigger Event has occurred and is continuing, Maintenance Ratio Amounts, (d) the Specified Engine Use Fees and (e) other payments by a Lessee in lieu of maintenance, future Lease Payments or any

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 19 - other obligations under a Lease, other than amounts which are equal to amounts that are either used or reasonably expected to be used (as reasonably determined by the Servicer) to discharge the cost of performing any maintenance or repair of an Asset. "Excess Proceeds Applied Amounts" means, for any Asset and any Series on any Payment Date, the amount actually applied in respect of the Excess Proceeds Series Payment for such Asset and such Series on such Payment Date; provided that if for any Series on any Payment Date, the aggregate Excess Proceeds Applied Amounts are less than the aggregate Excess Proceeds Series Payments, then Excess Proceeds Series Payments will apply to the applicable Assets pro rata based on the Excess Proceeds Series Payments due for such Series for each such Asset. "Excess Proceeds Series Payment" means, for any Asset and any Series on any Payment Date, (a) any Excess Proceeds Series Payment for such Asset and such Series on the immediately preceding Payment Date (or, on the first Payment Date, zero) minus (b) any Excess Proceeds Applied Amount for such Asset and such Series on the immediately preceding Payment Date plus (c) (x) 105% multiplied by (y) the Pro Rata Percentage of such Series on the related Calculation Date multiplied by (z) any Excess Proceeds collected (or accrued in the case of Maintenance Ratio Amounts) for such Asset during the period commencing on the second Calculation Date preceding such Payment Date and ending on the first Calculation Date preceding such Payment Date. "Exchange Act" means the U.S. Securities Exchange Act of 1934, as amended. "Exempted Disposition" means any Asset Disposition (a) as part of a Replacement Exchange, (b) involving Assets replaced or to be replaced pursuant to a Lease or (c) where an Issuer Group Member retains the beneficial or economic ownership of the disposed Asset. "Expected Final Payment Date" means with respect to (a) the Initial Notes, June 15, 2031 and (b) any Refinancing Notes or Additional Notes, the Expected Final Payment Date, if any, established by or pursuant to a Trustee Resolution or in any Additional Issuance Supplement providing for the issuance of such Notes or specified in the form of such Notes; provided that each reference herein to the Expected Final Payment Date without specifying the Notes to which it relates (unless the context otherwise requires) shall mean the Expected Final Payment Date for the Initial Notes so long as any Initial Notes are Outstanding. "Expense Account" has the meaning given to such term in Section 3.01(a). "Expenses" means, collectively, any fees, costs or expenses Incurred or other amounts payable by an Issuer Group Member in the course of the business activities permitted under Section 5.02(f), including, without limitation, (i) (x) Trustee Fees, any fees payable to the Controlling Trustees, and any other Service Provider Fees (including the Senior Rent Based Fees and Disposition Fees, but excluding the Subordinated Rent Based Fees) and (y) expenses and Indemnification Amounts (including, without limitation, any and all claims, expenses, obligations, liabilities, losses, damages and penalties) of, or owing to, the Trustee, the Controlling Trustees, any officer of any Issuer Group Member, the Security Trustee, any Authorized Agent, any Seller and any other Service Provider; provided that such Indemnification Amounts distributed as "Expenses" (excluding any Indemnification Amount payable by any Issuer Group Member pursuant to any Lease document (or any lessee consent with respect to such Lease); provided that - 20 - the Issuer Group shall have notified the Rating Agencies of such Lease (or such lessee consent)) shall not exceed $6,000,000 in the aggregate (and if Indemnification Amounts which will cause the $6,000,000 threshold to be exceeded are due and payable to more than one Person, then Indemnification Amounts which may be distributed as "Expenses" without causing the $6,000,000 threshold to be exceeded will be allocated to such Persons pro rata based upon the amount of Indemnification Amounts due and payable to each such Person) (provided that any amounts paid by the Issuer that at a later date are reimbursed by an insurer or other third party indemnitor shall be deemed not claimed against or paid by the Issuer for the purposes of such threshold); provided further that the foregoing limitation shall not apply following the occurrence and during the continuance of an Event of Default, the delivery of a Default Notice or during the continuance of an Acceleration Default (even if the applicable Indemnification Amount accrued or was claimed prior to the delivery of a Default Notice and the occurrence of an Acceleration Default), (ii) any premiums on the liability insurance required to be maintained for the benefit of the Controlling Trustees, (iii) all Taxes payable by the Issuer Group Members by reason of the business activities permitted under Section 5.02(f) and the other activities described in and permitted under the Related Documents, (iv) any Credit Facility Expenses (other than Subordinated Expenses), (v) Maintenance and Modification Expenses (but only to the extent not funded out of the Maintenance Reserve Account), (vi) any amounts payable to Lessees in accordance with the Leases (to the extent not otherwise provided for by Segregated Funds in a Lessee Funded Account), including without limitation, payments relating to maintenance reserves, security deposits and guaranties of obligations of any Issuer Group Member (without any duplication of any funds on deposit in any Lessee Funded Account) and (vii) any up-front payments payable by the Issuer in connection with any future hedge arrangements permitted under Section 5.02(f)(iv); provided, however, that, except as expressly provided herein, Expenses shall not include (i) any amount payable on the Notes or under any Currency Hedge Agreement, any Special Indemnity Payment, any Special Litigation Expenses or any Credit Facility Advance Obligations or (ii) to the extent there would otherwise be a deduction for an Expense of an amount already deducted in the determination of "Collections", any expense referred to in clause (d) of the definition of "Collections". "Expiry Date" has the meaning given to such term in the Initial Liquidity Facility. "Extension Request" has the meaning given to such term in the Initial Liquidity Facility. "FAA" means the United States Federal Aviation Administration or any governmental authority succeeding to the functions thereof. "Facility Drawing" has the meaning given to such term in Section 3.14(a). "FATCA" means Sections 1471 through 1474 of the Code as of the date of this Indenture (or any amended or successor versions of Sections 1471 through 1474 of the Code that are substantively comparable), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreements (including any foreign legislation, rules, regulations, guidance notes or similar guidance adopted pursuant to or implementing such agreements) entered into in connection with such Sections. - 21 - "FATCA Responsible Officer" means the "responsible officer" (as such term is defined in Treasury Regulation §1.1471-1(b)(116)) of the Issuer as appointed by the Controlling Trustees. "Final Drawing" has the meaning given to such term in Section 3.14(i). "Final Maturity Date" means with respect to (a) the Initial Notes, June 15, 2050 and (b) any Refinancing Notes or Additional Notes, the date specified in the form of such Notes. "Fitch" means Fitch Ratings, Inc. "Funds Flow" has the meaning given to such term in Section 3.03(a). "Future Lease" means, with respect to each Asset, any lease agreement, conditional sale agreement, hire purchase agreement or other similar arrangement as may be in effect at any time after the Delivery Date with respect to such Asset between an Issuer Group Member (as lessor) and a Person not an Issuer Group Member (as lessee), in each case other than any Initial Lease or Additional Lease; provided that if, under any sub-leasing arrangement with respect to an Asset, the lessor thereof agrees to receive payments or collateral directly from, or is to make payments directly to, the sub-lessee, in any such case to the exclusion of the related Lessee, then the relevant sub-lease shall constitute the "Future Lease", and the sub-lessee shall constitute the related "Lessee" with respect to such Asset, but only to the extent of the provisions of such sub-lease agreement relevant to such payments and collateral and to the extent agreed by the relevant lessor. "GAAP" means generally accepted accounting principles in the United States of America. "Global Notes" means any Rule 144A Global Notes and Regulation S Global Notes. "Group 1 Assets" means each Engine that is a variant that is currently in production and that is not a Group 2 Asset. "Group 2 Assets" means each Engine that is (a) a PW1100, PW1500, PW 127, PW1900, GEnx, LEAP, GTF, Trent XWB or GE9x model Aircraft Engine or (b) a model of Aircraft Engine that is a future variant of the model of any Engine (or prior Engine). "Group 3 Assets" means each Airframe. "Guarantee" means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation of such other Person or (ii) entered into for purposes of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided that the term "Guarantee" shall not include endorsements for collection or deposit in the ordinary course of business. The term "Guarantee" when used as a verb has a corresponding meaning. "Half-Life Base Value" means an Appraiser's opinion of the value of an Asset in an open, unrestricted, stable market environment with a reasonable balance of supply and demand, and with - 22 - full consideration of the Asset's "highest and best use", presuming an arm's-length, cash transaction between willing, able and knowledgeable parties, acting prudently, with an absence of duress and with a reasonable period of time available for marketing. "Hedge Payment" means Periodic Hedge Payments and Hedge Termination Payments. "Hedge Provider" means, in the singular, any one of, and in the plural, all of, the Eligible Hedge Counterparties and their successors and permitted assigns which have entered into a Currency Hedge Agreement. "Hedge Termination Payment" means any payment due under a Currency Hedge Agreement as a result of the termination of such Currency Hedge Agreement for whatever reason. "Hedge Termination Payment Account" has the meaning given to such term in Section 3.01. "Holder" means any Person in whose name a Note is registered from time to time. "Incur" has the meaning given to such term in Section 5.02(c). "Indebtedness" means, with respect to any Person at any date of determination (without duplication), (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person in respect of letters of credit or other similar instruments (including reimbursement obligations with respect thereto), (d) all the obligations of such Person to pay the deferred and unpaid purchase price of property or services, which purchase price is due more than six months after the date of purchasing such property or service or taking delivery and title thereto or the completion of such services, and payment deferrals arranged primarily as a method of raising finance or financing the acquisition of such property or service, (e) all obligations of such Person under a lease of (or other agreement conveying the right to use) any property (whether real, personal or mixed) that is required to be classified and accounted for as a capital lease obligation under GAAP, (f) all Indebtedness of other Persons secured by a lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person, and (g) all Indebtedness of other Persons guaranteed by such Person. "Indemnification Amounts" means any amounts payable by an Issuer Group Member to any Person pursuant to an indemnification covenant (including those set forth in any Related Document), including, without limitation, any and all such amounts payable thereunder in respect of claims, expenses, obligations, liabilities, losses, damages and penalties, but excluding any and all Special Indemnity Payments, Special Litigation Expenses and Service Provider Fees. "Indenture" has the meaning given to such term in the preamble hereof. "Independent Controlling Trustee" means (a) in respect of the Issuer, the Controlling Trustee designated as such in the Trust Agreement and (b) in respect of any other Issuer Group Member, a trustee, director or manager thereof (as applicable) that satisfies the requirements set forth in the Trust Agreement for an Independent Controlling Trustee of the Issuer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 23 - "Indirect Participant" means a Person who holds an interest through a Participant. "Initial Appraised Value" means (a) in the case of each Initial Asset (other than a Substitute Asset), the average of the Maintenance Adjusted Base Values in respect of such Initial Asset (by reference to Base Value appraisals by each of the initial Appraisers as of March 31, 2025, March 2025, and the first quarter of 2025, as applicable) as adjusted by maintenance adjustments determined by the Maintenance Evaluator as of May 2025 (b) in the case of any Substitute Asset, the average of the Maintenance Adjusted Base Values in respect of such Substitute Asset by reference to Base Value appraisals by each of the initial Appraisers as of a date occurring during the period from March 2025 to the date such Substitute Asset is acquired by the Issuer as adjusted by maintenance adjustments determined by the Maintenance Evaluator as of a date on or about the date of such Base Value appraisals and (c) in the case of any Replacement Asset, the average of the Maintenance Adjusted Base Values in respect of such Replacement Asset rendered by three of the Appraisers as of a date not more than six months prior to the date of the acquisition of such Asset as adjusted by maintenance adjustments determined by the Maintenance Evaluator as of a date on or about the date of such Base Value appraisals. "Initial Asset" means each of the Aircraft Engines and Airframes identified on Schedule 1 (including any related Parts) and any Substitute Assets that are substituted therefor, excluding (a) any such Aircraft Engine or Airframes (or related Asset Interest) sold or disposed of (directly or indirectly) by way of a completed Asset Disposition and (b) any such Aircraft Engine or Airframe (or related Asset Interest) for which a Substitute Asset is substituted pursuant to the Asset Purchase Agreement or which will otherwise not be acquired pursuant to the Asset Purchase Agreement. "Initial Closing Date" means June 18, 2025. "Initial Expenses" means Expenses related to the issuance of the Initial Notes and the acquisition of the Initial Assets on the Initial Closing Date, except that the foregoing shall not include any Expenses related to the acquisition of any Remaining Initial Assets incurred after the Initial Closing Date. "Initial Lease" means, with respect to each Initial Asset or Substitute Asset, each lease agreement, conditional sale agreement, hire purchase agreement or other similar arrangement with respect to such Initial Asset specified in Schedule 2 to the Asset Purchase Agreement (as updated in the First Disclosure Letter or a Supplemental Disclosure Letter as defined in the Asset Purchase Agreement), as such agreement may be amended, modified, extended, supplemented, assigned or novated from time to time, provided that if, under any sub-leasing arrangement with respect to an Initial Asset, the lessor thereof agrees to receive payments or collateral directly from, or is to make payments directly to, the sub-lessee, in any such case to the exclusion of the related Lessee, then the relevant sub-lease shall constitute the "Initial Lease", and the sub-lessee shall constitute the related "Lessee" with respect to such Initial Asset, but only to the extent of the provisions of such sub-lease agreement relevant to such payments and collateral and to the extent agreed by the relevant lessor. - 24 - "Initial Liquidity Facility" means the Revolving Credit Agreement dated as of the Initial Closing Date among the Initial Liquidity Facility Provider, the Issuer and the Administrative Agent, as amended from time to time in accordance with its terms and as replaced and so designated pursuant to Section 3.14(e)(iii), provided that, if the Initial Liquidity Facility is replaced by any Replacement Liquidity Facility, the term "Initial Liquidity Facility" shall be deemed to refer to such Replacement Liquidity Facility and any subsequent Replacement Liquidity Facility that replaces any prior Replacement Liquidity Facility. "Initial Liquidity Facility Provider" means MUFG, and its successors and permitted assigns; provided that, if the Initial Liquidity Facility Provider is replaced by any Replacement Liquidity Facility Provider, the term "Initial Liquidity Facility Provider" shall be deemed to refer to such Replacement Liquidity Facility Provider and any subsequent Replacement Liquidity Facility Provider that replaces any prior Replacement Liquidity Facility Provider. "Initial Liquidity Payment Account" has the meaning given to such term in Section 3.01(a). "Initial Maintenance Reserve Amount" means $10,000,000. "Initial Notes" means the Initial Series A Notes and the Initial Series B Notes. "Initial Purchasers" means MUFG Securities Americas Inc., Wells Fargo Securities, LLC, BofA Securities, Inc., BNP Paribas Securities Corp. and Credit Agricole Securities (USA) Inc. "Initial Security Deposit Amount" means $5,471,797.49. "Initial Series A Notes" means the Series A 2025-A Fixed Rate Notes in the initial Outstanding Principal Balance of $524,000,000 issued on the Initial Closing Date and designated "Series A Notes". "Initial Series B Notes" means the Series B 2025-A Fixed Rate Notes in the initial Outstanding Principal Balance of $72,000,000, issued on the Initial Closing Date and designated "Series B Notes". "Insured Value" means, with respect to any Asset other than a Part-Out Asset in any year, 105% of the Allocable Debt Balance for such Asset as of January 1 of that year. "Intercompany Loan" has the meaning given to such term in Section 5.02(c). "Interest Accrual Period" means, as to each Series of Notes, each of the following periods: (a) the period beginning on (and including) the Initial Closing Date, in the case of the Initial Notes, and the relevant Issuance Date, in the case of any Refinancing Notes or Additional Notes, and ending on (but excluding) the first Payment Date thereafter and (b) each successive period beginning on (and including) the Payment Date immediately following the last day of the previous Interest Accrual Period and ending on (but excluding) the next succeeding Payment Date; provided that the final Interest Accrual Period with respect to any Notes shall end on but exclude the date such Notes are repaid in full; provided further that Account balances with respect to each - 25 - Interest Accrual Period shall be determined by reference to the balances of funds on deposit in the Accounts as of the close of business on the Calculation Date immediately preceding the Payment Date at the end of such Interest Accrual Period. "Interest Amount" means, with respect to any Series of Notes, on any Payment Date, (a) the amount of interest (other than Step-Up Interest) accrued and unpaid to such Payment Date at the Stated Rate with respect to such Series for the Interest Accrual Period ending on such Payment Date plus (b) interest at the Stated Rate on any Interest Amount due but not paid on any prior Payment Date. "Investment" means any loan or advance to a Person, any purchase or other acquisition of any Stock or Indebtedness of such Person, any capital contribution to such Person or any other investment in such Person. "Investment Company Act" means the Investment Company Act of 1940, as amended. "Investment Earnings" means investment earnings on funds on deposit in any Account net of losses and investment expenses of the Operating Bank in making such investments. "Issuance Date" means, with respect to any Series of Notes, the date such Series is issued under and in accordance with the provisions of this Indenture or, in respect of any Additional Notes or Refinancing Notes, the date set forth in any Additional Issuance Supplement providing for the issuance of such Additional Notes or Refinancing Notes. "Issuer" has the meaning set forth in the preamble hereof. "Issuer Beneficial Interest" means, with respect to the Issuer, a beneficial interest in the Issuer consisting of a specified percentage interest in the residual value of the Issuer, the right to the allocations and distributions in respect of such beneficial interest and all other rights of a holder of a beneficial interest in the Issuer as a statutory trust. "Issuer Group" means the Issuer and each Issuer Subsidiary. "Issuer Group Member" means the Issuer or an Issuer Subsidiary. "Issuer Subsidiaries" means, as of the Initial Closing Date, those Persons set forth on Schedule 2 to this Indenture and the Asset Trusts referenced on Schedule 4, together with any other direct or indirect Subsidiary (including any Asset Subsidiary and any Asset Trust) of the Issuer. "Junior Claim" means (a) with respect to Expenses, all other Obligations and (b) with respect to any other Obligations, all Obligations, in each case, as to which the payment of such other Obligations constitute a Prior Ranking Amount. "Junior Claimant" means the holder of a Junior Claim. "Junior Representative" means, as applicable, the trustee with respect to any Junior Claim consisting of the applicable Series of Notes and any other Person acting as the representative of one or more Junior Claimants. - 26 - "KBRA" means Kroll Bond Rating Agency, LLC. "Lease Payments" means all lease payments and other amounts payable by or on behalf of a Lessee under a Lease or (without duplication) a lessee under a head lease of an Asset, and all rights of any Issuer Group Member to receive moneys due and to become due under or pursuant to such Lease or (without duplication) head lease, including Rental Payments, Usage Fees, End of Lease Payments and Security Deposits. "Lease Security Assignment" has the meaning given to such term in the Security Trust Agreement. "Leases" means the Initial Leases, the Future Leases and the Additional Leases. "Legal Defeasance" has the meaning given to such term in Section 11.01(b). "Lessee" means each Person who is the lessee of an Asset from time to time leased from an Issuer Group Member pursuant to a Lease. "Lessee Funded Account" has the meaning given to such term in Section 3.01(a). "Lessee Funds" means, either or both as the context may require, of (a) any Security Deposits provided by a Lessee under a Lease and (b) any Usage Fees that a Lessee is obligated to pay under a Lease and that are Segregated Funds. "Lessee Reimbursement" means any amounts that a Lessor is obligated to pay to or for the benefit of a Lessee pursuant to the terms of the applicable Lease, including, without limitation, reimbursement for maintenance performed by such Lessee or maintenance contributions measured by reference to Usage Fees, costs of compliance with airworthiness directives and payments with respect to the maintenance condition of an Asset upon the expiration of the applicable Lease. "Lessor" means, with respect to any Lease, the Issuer Group Member that is the lessor or vendor under such Lease. "Lessor Account" has the meaning given to such term in Section 3.01(a)(l). "Liquidity Facility Event of Default" has the meaning assigned to such term in the Initial Liquidity Facility. "Liquidity Facility Non-Consent Event" means the occurrence of (i) the payment of the Series A Notes and Series B Notes in full (other than any Refinancing Notes that are Series A Notes or Series B Notes so long as such Refinancing Notes are not covered by the Initial Liquidity Facility and the Initial Liquidity Facility has been terminated in connection with the relevant Refinancing), (ii) the termination of the Initial Liquidity Facility and (iii) the payment of all Credit Facility Obligations owed to the Initial Liquidity Facility Provider in full. "Liquidity Facility Reserve Account" has the meaning given to such term in Section 3.01(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 27 - "Maintenance Adjusted Base Value" means the Base Value of an Asset as adjusted by an amount calculated by the Maintenance Evaluator, based on the actual maintenance status and actual specifications and modification status of such Asset, as of a date on or about the date on which the related Appraisal to such Asset was determined. "Maintenance and Modification Expenses" means (a) the cost of performing any maintenance or repair of an Asset and of performing a Mandatory Asset Modification (but excluding the cost of performing Discretionary Asset Modifications) and (b) the cost of Lessee Reimbursements. "Maintenance Annual Estimate" means an estimate prepared by the Servicer each year as to the projected maintenance costs of the Assets over the 21-month period beginning on each anniversary of the Initial Closing Date. "Maintenance Evaluator" means Alton, or another Person (including the Servicer or an Affiliate of the Servicer) with similar professional aircraft and aviation market experience appointed by the Issuer. "Maintenance Minimum Amount" means (a) the lesser of (i) $1,000,000 and (ii) the Outstanding Principal Balance of the Notes as of the applicable Payment Date prior to giving effect to the application of amounts pursuant to Section 3.09 multiplied by (b) the amount equal to (i) one minus (ii) the sum of the Maintenance Reduction Factors for (A) each Initial Asset that was not acquired or will not be acquired, and for which no Substitute Asset was or will be acquired, under the Asset Purchase Agreement, (B) each Initial Asset for which a Disposition Date shall have occurred that was not subject to a Replacement Exchange relating to such Asset Disposition (or otherwise replaced by a Replacement Asset) and (C) each Initial Asset that was replaced by a Substitute Asset or Replacement Asset, and a Disposition Date shall have occurred for such Substitute Asset (or Replacement Asset therefor) and such Substitute Asset or Replacement Asset was not subject to a Replacement Exchange relating to such Asset Disposition (or otherwise replaced by a Replacement Asset). "Maintenance Ratio Amount" means, for any Asset on any date, the product of (a) the Designated Percentage of such Asset and (b) the Aggregate Maintenance Ratio Amount. "Maintenance Ratio Trigger Event" means (a) as of any Payment Date, that (i) the aggregate Outstanding Principal Balance of the Series A Notes and the Series B Notes on such Payment Date after giving effect to all principal payments made on such Payment Date divided by (ii) (x) the Adjusted Portfolio Value as of the related Calculation Date plus (y) the balance in the Maintenance Reserve Account on such Payment Date after giving effect to the transfers and deposits on such Payment Date, expressed as a percentage, exceeds 85.0% and (b) as of any other date, that a Maintenance Ratio Trigger Event (determined as provided in clause (a)) occurred as of the most recent Payment Date. "Maintenance Reduction Factor" means, with respect to each Initial Asset, the number opposite such Initial Asset as set forth on Schedule 6. "Maintenance Required Amount" means, with respect to any Payment Date (such Payment Date, for purposes of this definition, the "Relevant Payment Date"), an amount equal - 28 - to the greater of (a) the Maintenance Minimum Amount and (b) an aggregate amount equal to the sum of (1) 100% of the projected maintenance costs of each Asset (with respect to any Asset subject to a Lease, which are payable by the applicable Lessor rather than the Lessee) ("Projected Maintenance Costs") from such Relevant Payment Date to but excluding the first Payment Date succeeding the Relevant Payment Date, (2) 94% of the Projected Maintenance Costs from the first Payment Date succeeding the Relevant Payment Date to but excluding the second Payment Date succeeding the Relevant Payment Date, (3) 89% of the Projected Maintenance Costs from the second Payment Date succeeding the Relevant Payment Date to but excluding the third Payment Date succeeding the Relevant Payment Date, (4) 83% of the Projected Maintenance Costs from the third Payment Date succeeding the Relevant Payment Date to but excluding the fourth Payment Date succeeding the Relevant Payment Date, (5) 78% of the Projected Maintenance Costs from the fourth Payment Date succeeding the Relevant Payment Date to but excluding the fifth Payment Date succeeding the Relevant Payment Date, (6) 72% of the Projected Maintenance Costs from the fifth Payment Date succeeding the Relevant Payment Date to but excluding the sixth Payment Date succeeding the Relevant Payment Date, (7) 67% of the Projected Maintenance Costs from the sixth Payment Date succeeding the Relevant Payment Date to but excluding the seventh Payment Date succeeding the Relevant Payment Date, (8) 61% of the Projected Maintenance Costs from the seventh Payment Date succeeding the Relevant Payment Date to but excluding the eighth Payment Date succeeding the Relevant Payment Date, (9) 56% of the Projected Maintenance Costs from the eighth Payment Date succeeding the Relevant Payment Date to but excluding the ninth Payment Date succeeding the Relevant Payment Date, (10) 50% of the Projected Maintenance Costs from the ninth Payment Date succeeding the Relevant Payment Date to but excluding the tenth Payment Date succeeding the Relevant Payment Date, (11) 44% of the Projected Maintenance Costs from the tenth Payment Date succeeding the Relevant Payment Date to but excluding the eleventh Payment Date succeeding the Relevant Payment Date, (12) 39% of the Projected Maintenance Costs from the eleventh Payment Date succeeding the Relevant Payment Date to but excluding the twelfth Payment Date succeeding the Relevant Payment Date, (13) 33% of the Projected Maintenance Costs from the twelfth Payment Date succeeding the Relevant Payment Date to but excluding the thirteenth Payment Date succeeding the Relevant Payment Date, (14) 28% of the Projected Maintenance Costs from the thirteenth Payment Date succeeding the Relevant Payment Date to but excluding the fourteenth Payment Date succeeding the Relevant Payment Date, (15) 22% of the Projected Maintenance Costs from the fourteenth Payment Date succeeding the Relevant Payment Date to but excluding the fifteenth Payment Date succeeding the Relevant Payment Date, (16) 17% of the Projected Maintenance Costs from the fifteenth Payment Date succeeding the Relevant Payment Date to but excluding the sixteenth Payment Date succeeding the Relevant Payment Date, (17) 11% of the Projected Maintenance Costs from the sixteenth Payment Date succeeding the Relevant Payment Date to but excluding the seventeenth Payment Date succeeding the Relevant Payment Date and (18) 6% of the Projected Maintenance Costs from the seventeenth Payment Date succeeding the Relevant Payment Date to but excluding the eighteenth Payment Date succeeding the Relevant Payment Date. The Projected Maintenance Costs shall be determined on the basis of the most recent Maintenance Annual Estimate delivered by the Issuer pursuant to Section 5.03(g), as well as information (including information provided by the Servicer) relating to any change in the actual timing of such Projected Maintenance Costs from the timing projected by such Maintenance Annual Estimate. - 29 - "Maintenance Reserve Account" has the meaning given to such term in Section 3.01(a). "Mandatory Asset Modification" means a modification or improvement of an Asset made after the Delivery Date for such Asset, the cost of which is capitalized in accordance with GAAP, required pursuant to the terms of the related Lease or the terms of Applicable Law or which, in the reasonable determination of the Servicer, is commercially necessary in order to place such Asset in the minimum condition required to lease or re-lease such Asset. "Maximum Facility Commitment" has the meaning assigned to such term in the Initial Liquidity Facility. "Merger Transaction" has the meaning given to such term in Section 5.02(g). "Modification Payment" has the meaning given to such term in Section 5.02(r). "Monthly Report" has the meaning given to such term in Section 2.14(a). "MUFG" has the meaning set forth in the preamble. "Net Cash Proceeds" means an amount equal to the gross proceeds of the sale of the Initial Notes reduced by (a) the amount of the Initial Expenses, (b) the initial Required Expense Amount, (c) the Initial Maintenance Reserve Amount and (d) the Initial Security Deposit Amount. "Net Sale Proceeds" means, with respect to any Asset Disposition, the aggregate amount of cash (including proceeds of casualty insurance) received or to be received from time to time (whether as initial or deferred consideration) by or on behalf of the seller in connection with such transaction, including Purchase Option payments, after deducting therefrom (without duplication) (a) (i) reasonable and customary brokerage commissions and other similar fees and commissions (including the Disposition Fee received by the Servicer under the Servicing Agreement), (ii) the amount of taxes payable in connection with or as a result of such transaction, (iii) the cost of any modifications to the Asset made in connection with its sale or other disposition, in each case to the extent, but only to the extent, that amounts described in this clause (a) and so deducted are, at the time of receipt of such cash, actually paid to a Person that is not an Affiliate of the seller and are properly attributable to such transaction or to the Asset that is the subject thereof, (b) the aggregate amount of Additional Advances (if any) made by a Certificate Holder for purposes of increasing the Net Sale Proceeds in respect of such Asset Disposition, (c) the aggregate amount (if any) transferred from the Asset Disposition Contribution Account to the Collections Account, the Asset Replacement Account and/or a Qualified Escrow Account, as applicable, in respect of the relevant Asset Disposition and (d) the amount (if any) of any Excess Proceeds received with respect to the Asset that is the subject of such Asset Disposition during the period in which other Net Sale Proceeds are received in respect of such Asset. "Non-Extension Drawing" has the meaning given to such term in Section 3.14(d). "Non-Extension Notice" has the meaning given to such term in Section 3.14(d). "Non-Significant Subsidiary" means an Issuer Subsidiary with respect to which an order or decree described in Section 4.01(e) has been entered or an event described in Section 4.01(f) - 30 - has occurred if, as of the date of the entry of such order or decree or of such event, as the case may be, such Issuer Subsidiary, together with all of the Issuer Subsidiaries that have been and continue to be subject to such an order or decree or event, as the case may be, since the Initial Closing Date, own or lease Assets having an aggregate Adjusted Base Value of less than 10% of the then Adjusted Portfolio Value as of such applicable date of such order or decree or event. "Note Purchase Agreement" means the Purchase Agreement dated June 5, 2025 among the Issuer, Willis Lease and the Initial Purchasers. "Notes" means the Initial Notes, all Refinancing Notes, if any, and all Additional Notes if any, and all notes, if any, issued in replacement or substitution of any such Notes. "Notices" has the meaning given to such term in Section 12.05. "Notional Outstanding Principal Balance" means, as of any date, with respect to any Series of Notes, as applicable, the Outstanding Principal Balance of such Series plus the Additional Prepayment Amount for such Series, in each case as of such date. "Obligations" means the Secured Obligations and the payments made to the Issuer or any other party pursuant to Section 3.09. "Officer's Certificate" means a certificate signed by, with respect to the Issuer, any Signatory Trustee and, with respect to any other Person, any authorized officer, director, trustee or equivalent representative of such Person. "Operating Bank" means the Person acting, at the time of determination, as the Operating Bank under this Indenture and the Security Trust Agreement. The initial Operating Bank is U.S. Bank National Association. "Opinion of Counsel" means a written opinion signed by legal counsel, who may be an employee of or counsel to the Issuer, that meets the requirements of Section 1.03. "Optional Redemption" has the meaning given to such term in Section 3.11(a). "Outstanding" means (a) with respect to any Series of Notes at any time, all Notes of such Series have been, at such time, authenticated and delivered by the Trustee except (i) any such Notes cancelled by, or delivered for cancellation to, the Trustee; (ii) any such Notes, or portions thereof, the payment of principal of and accrued and unpaid interest on which moneys have been deposited in the applicable Series Account or distributed to Holders by the Trustee and any such Notes, or portions thereof, the payment or redemption of which moneys in the necessary amount have been deposited in the Defeasance/Redemption Account; provided that if such Notes are to be redeemed prior to the maturity thereof in accordance with the requirements of Section 3.11(a) or 3.11(b), notice of such redemption shall have been given as provided in Section 3.11(c), or provision satisfactory to the Trustee shall have been made for giving such notice; and (iii) any such Notes in exchange or substitution for which other Notes have been authenticated and delivered, or which have been paid pursuant to the terms of this Indenture (unless proof satisfactory to the Trustee is presented that any of such Note is held by a Person in whose hands such Note is a legal, valid and binding obligation of the Issuer); and (b) when used with respect to any evidence of

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 35 - "Rapid Amortization Amounts" means, in respect of any Series on any Payment Date, the amounts actually applied to such Series on such Payment Date pursuant to Section 3.09(a)(xi)(b) and Error! Reference source not found.(b). "Rapid Amortization Event" means, with respect to any Payment Date, any of the following exist with respect to such Payment Date: (a) a DSCR Amortization Event; (b) the Expected Final Payment Date shall have occurred; or (c) as of any Payment Date occurring after the end of the Delivery Period, there are fewer than eight Assets (for these purposes, including any Asset that was subjected to an Asset Disposition where the Net Sales Proceeds thereof are reserved for Asset Substitutions) and the aggregate Outstanding Principal Balance of the Notes is less than an amount equal to the sum of the following determined for each Series: (x) 1/3 multiplied by (y) the initial Outstanding Principal Balance of the Notes of such Series multiplied by (z) the applicable Scheduled Series Percentage for such Series as of such Payment Date. "Rating Agency" means each of KBRA, Fitch and any other nationally recognized statistical rating organization designated by the Issuer; provided that such organizations shall only be deemed to be a Rating Agency for purposes of this Indenture with respect to the Notes they are then rating. "Rating Agency Confirmation" means (i) that the Rating Agency has received ten Business Days prior notice of such action or transaction and (ii) only if the Rating Agency is notified of the issuance of any Refinancing Notes by the Issuer, a prior written confirmation from the Rating Agency received by the Issuer and the Trustee to the effect that a specified action or event shall not result in the downgrade, qualification or withdrawal of the Rating Agency's then current credit rating, if any, of any such Notes then Outstanding that are then rated by such Rating Agency; provided that in the event one of the following applies with respect to a Rating Agency, and the Issuer or Administrative Agent shall have delivered an Officer's Certificate to the Trustee certifying that one of the following applies with respect to a Rating Agency, a Rating Agency Confirmation means a written notice to such Rating Agency of such specified action or event and: (a) such Rating Agency has made a public statement to the effect that it will no longer review events or circumstances of the type requiring receipt of Rating Agency Confirmation for purposes of evaluating whether to confirm the then-current ratings of obligations rated by such Rating Agency or (b) such Rating Agency has communicated to the Issuer, the Servicer, the Administrative Agent or the Trustee (or their legal counsel or agent) that it will not review such event or circumstance for purposes of evaluating whether to confirm the then-current rating of the Notes. "Received Currency" has the meaning given to such term in Section 12.07(a). "Receiver" means any Person or Persons appointed as (and any additional Person or Persons appointed or substituted as) administrative receiver, receiver, manager or receiver and manager. - 36 - "Record Date" means, with respect to each Payment Date or Redemption Date, the close of business on the last Business Day prior to such Payment Date or Redemption Date, and, with respect to the date on which any Direction is to be given by the Holders, unless otherwise provided pursuant to Section 1.04(d), the close of business on the last Business Day prior to the solicitation of such Direction. "Redemption" means an Optional Redemption (including an Acquisition Balance Redemption and a Redemption after the occurrence and during the continuance of an Event of Default) or a Tax Redemption, as the context may require. "Redemption Date" means the date, which, in the case of a Redemption in part, shall be a Payment Date, and in the case of a Redemption in whole, shall be a Business Day, on which any Series of Notes are to be redeemed pursuant to a Redemption. "Redemption Premium" means, with respect to a Redemption of any Series of Notes (a) for so long as no Event of Default has occurred and is continuing on the relevant Redemption Date, unless clause (b) applies, an amount equal to (1) with respect to a Redemption occurring prior to the first anniversary of the Initial Closing Date, so long as (and to the extent) the applicable Premium Threshold Amount has been exceeded, an amount equal to the Outstanding Principal Balance for such Series being redeemed on such Redemption Date, multiplied by the applicable Stated Rate, (2) with respect to a Redemption occurring on or after the first anniversary of the Initial Closing Date but prior to the second anniversary of the Initial Closing Date, so long as (and to the extent) the applicable Premium Threshold Amount has been exceeded, an amount equal to 75% of the Outstanding Principal Balance for such Series being redeemed on such Redemption Date, multiplied by the applicable Stated Rate, (3) with respect to a Redemption occurring on or after the second anniversary of the Initial Closing Date but prior to the third anniversary of the Initial Closing Date, so long as (and to the extent) the applicable Premium Threshold Amount has been exceeded, an amount equal to 50% of the Outstanding Principal Balance for such Series being redeemed on such Redemption Date, multiplied by the applicable Stated Rate and (b) (i) until the third anniversary of the Initial Closing Date for so long as the applicable Premium Threshold Amount has not been exceeded, (ii) on and after the third anniversary of the Initial Closing Date or (iii) during the continuance of an Event of Default, an amount equal to zero. "Redemption Price" means, (a) with respect to any Series of Notes that will be the subject of a Refinancing or an Optional Redemption (other than an Acquisition Balance Redemption), an amount equal to the Outstanding Principal Balance of the Series of Notes being repaid together with all accrued and unpaid interest thereon and the Redemption Premium (if any), (b) with respect to any Series of Notes that will be the subject of an Acquisition Balance Redemption, the amount allocated to such Series as described in Section 3.11(a), and without any Redemption Premium, (c) with respect to any Series of Notes that will be the subject of a Tax Redemption or Redemption pursuant to Section 3.11(a) after the occurrence and during the continuance of an Event of Default, the Outstanding Principal Balance of such Series of Notes together with accrued and unpaid interest thereon but without any Redemption Premium and (d) with respect to any Series of Notes redeemed with Excess Proceeds Applied Amounts, the amount allocated to such Series as described in Section 3.09(a) or (b) (to the extent of applicable available amounts), and without any Redemption Premium. - 37 - "Refinancing" has the meaning given to such term in Section 2.10(a). "Refinancing Account" has the meaning given to such term in Section 3.01(a). "Refinancing Expenses" means all out-of-pocket costs and expenses Incurred in connection with a Refinancing, including all expenses in connection with an offering and issuance of Refinancing Notes or borrowing under a loan, credit agreement or other debt instrument, as applicable. "Refinancing Notes" means notes issued by the Issuer under this Indenture at any time and from time to time after the date hereof, in a Refinancing in accordance with Section 2.10 (subject to Section 1.02(n)). "Register" has the meaning given to such term in Section 2.03(a). "Registrar" has the meaning given to such term in Section 2.03(a). "Regulation S" means Regulation S under the Securities Act. "Regulation S Global Note" means a Regulation S Temporary Global Note or a Regulation S Permanent Global Note, as the context may require. "Regulation S Permanent Global Note" means a permanent global Note bearing the restrictive legends specified in Section 2.02 deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of any Regulation S Temporary Global Note that may be issued from time to time upon expiration of the applicable Restricted Period. "Regulation S Temporary Global Note" means each temporary global Note containing the legend set forth in Section 2.02(c) deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the principal amount of any Initial Notes, Additional Notes or Refinancing Notes initially sold or to be sold in reliance on Rule 903 of Regulation S. "Reinvestment Rules of Construction" means the following rules of construction, which shall be applicable only where expressly stated to apply: (a) If an Asset was subjected to an Asset Disposition but the Net Sale Proceeds thereof were deposited into the Asset Replacement Account or a Qualified Escrow Account in accordance with the terms hereof, then such Asset shall be treated as not having been subjected to an Asset Disposition for the period in which such Net Sale Proceeds remain in the Asset Replacement Account or Qualified Escrow Account in accordance with the terms hereof. (b) If a Replacement Asset was not a part of the Portfolio on the date referenced (or if applicable for such calculation, on the Calculation Date), each reference to an amount for such Asset on such date shall be calculated as the applicable amount for the Asset to which such Replacement Asset is Related. - 38 - (c) A Replacement Asset shall be "Related" to an Initial Asset and (if any) another Replacement Asset if such Replacement Asset shall have been acquired with Net Sale Proceeds in the Asset Replacement Account or a Qualified Escrow Account from the Asset Disposition of (x) such Initial Asset or (y) such other Replacement Asset that was Related to such Initial Asset. "Related Collateral Document" means any letter of credit, third party or bank guarantee or cash collateral provided by or on behalf of a Lessee to secure such Lessee's obligations under a Lease. "Related Documents" means the Administrative Agency Agreement, each Eligible Credit Facility, this Indenture, the Notes, the Security Documents, the Servicing Agreement, the Asset Purchase Agreement, any Currency Hedge Agreements, the Note Purchase Agreement and the constitutional documents (including trust documents) of the Issuer Group Members. References to "Related Documents" will also include, where the context requires, any Refinancing Notes, any Additional Notes and any Acquisition Agreements, guarantees, asset or stock purchase agreements, swap or other interest rate, currency or other hedging agreements or any other agreement entered into or security offered by any Issuer Group Member in connection with any acquisition of Replacement Assets. "Relevant Information" means any information provided to the Administrative Agent by the Trustee, the Security Trustee, the Operating Bank, any Authorized Agent, the Issuer, the Controlling Trustees or any Service Provider. "Remaining Initial Assets" means each of the Initial Assets in respect of which the corresponding Asset Interest was not sold, assigned and transferred to the Issuer on the Initial Closing Date. "Remaining Security Deposit" means, as of any date of determination, the aggregate amount of each Security Deposit for an Asset that (a) does not constitute Segregated Funds and (b) as of such date of determination may, under the applicable Lease, be required to be repaid to the applicable Lessee. "Rent Based Fees" means the Senior Rent Based Fees and the Subordinated Rent Based Fees. "Rental Payments" means all rental payments and other amounts equivalent to a rental payment payable by or on behalf of a Lessee under a Lease. "Replacement Asset" means (a) any Airframe or Aircraft Engine acquired in a Replacement Exchange by any Issuer Group Member from a Seller after the Initial Closing Date in accordance with Section 3.01(i) and 5.02(q), or (b) any Aircraft Engine replacing a prior Aircraft Engine pursuant to a Lease as provided in Sections 4.01 and 4.02 of Schedule 2.02(a) of the Servicing Agreement, but in each case, excluding any Airframe or Engine after it has been sold or disposed of by way of a completed Asset Disposition. "Replacement Exchange" means the acquisition by any Issuer Group Member of one or more Replacement Assets in a Permitted Asset Acquisition with all or a portion of the Net Sale Proceeds from one or more Permitted Asset Dispositions by any Asset Subsidiary or Asset Trust

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 39 - within the Replacement Period applicable to such Permitted Asset Disposition; provided that the Issuer shall have elected to use all or such portion of such Net Sale Proceeds in a Replacement Exchange in accordance with Section 3.01(i) hereof. A Replacement Exchange shall commence on the date of the first Permitted Asset Disposition that is a part of the Replacement Exchange and shall terminate on the date of the last Permitted Asset Acquisition that is a part of the Replacement Exchange. "Replacement Liquidity Facility" means, for the Initial Liquidity Facility (including any Replacement Liquidity Facility that is referred to as the Initial Liquidity Facility as provided in the definition of that phrase), an irrevocable revolving credit agreement (or agreements), complying with all of the requirements of Section 3.14(e), in substantially the form of the Initial Liquidity Facility (or such Replacement Liquidity Facility), including reinstatement provisions, or in such other form or forms (which may include a letter of credit, surety bond, swap, financial insurance policy or guaranty) as shall permit the Rating Agencies to confirm in writing their respective ratings then in effect for the Notes (before downgrading of such ratings, if any, as a result of the downgrading of the ratings of the replaced Initial Liquidity Facility Provider (or the Replacement Liquidity Facility Provider referred to as the Initial Liquidity Facility Provider as provided in the definition of that phrase)), in a face amount (or in an aggregate face amount) equal to the then Maximum Facility Commitment under the replaced Initial Liquidity Facility (or such Replacement Liquidity Facility) and issued by an Eligible Provider or Eligible Providers. Without limitation of the form that a Replacement Liquidity Facility otherwise may have pursuant to the preceding sentence, a Replacement Liquidity Facility may have a stated expiration date earlier than 15 days after the Final Maturity Date of the Initial Notes so long as such Replacement Liquidity Facility provides for a Non-Extension Drawing as contemplated by Section 3.14(d). "Replacement Liquidity Facility Provider" means a Person (or Persons) who issues a Replacement Liquidity Facility. "Replacement Period" means, with respect to any portion of the Net Sale Proceeds realized from a Permitted Asset Disposition that the Issuer elects to use to acquire Replacement Assets in a Replacement Exchange pursuant to Section 3.01(i) hereof, the period beginning on the date of such Asset Disposition and ending on the earlier of (a) (i) in the case of Net Sale Proceeds realized from a Permitted Asset Disposition with respect to which the Net Sale Proceeds were equal to or greater than $[\*] (such amount, the "Sale Proceeds Threshold Amount"), the [\*]th day after the date of such Asset Disposition or (ii) in the case of Net Sale Proceeds realized from Permitted Asset Dispositions with respect to which the Net Sale Proceeds were less than the Sale Proceeds Threshold Amount that are deposited in a Qualified Escrow Account, the [\*]th day after the date of such Asset Disposition or (iii) in the case of Net Sale Proceeds realized from Permitted Asset Dispositions with respect to which the Net Sale Proceeds were less than Sale Proceeds Threshold Amount that are not deposited in a Qualified Escrow Account, the earlier of (A) the final day of such longer period as the Issuer may elect and (B) the date on which such Net Sale Proceeds are required to be transferred to the Asset Purchase Account in accordance with Section 3.01(i)(iii) and (b) the occurrence of an Event of Default. "Required Amount" means, with respect to the Liquidity Facility Reserve Account, (a) initially zero; provided that, if a Downgrade Drawing or a Non-Extension Drawing shall have occurred, the Required Amount as of any Calculation Date shall be an amount equal to the - 40 - Maximum Facility Commitment as of such Calculation Date, and (b) with respect to any other Eligible Credit Facility, such amount as the Controlling Trustees have unanimously determined (and for which a Rating Agency Confirmation and, if the Initial Liquidity Facility is then in effect, the prior written consent of the Initial Liquidity Facility Provider have been received), plus the increase, if any, in the Required Amount for the applicable Cash Collateral Account or Eligible Credit Facility provided for by the terms of any Refinancing Notes. "Required Expense Amount" means, with respect to each Payment Date, an amount equal to the Expenses (other than Service Provider Fees consisting of the Rent Based Fees) payable during the three succeeding Interest Accrual Periods beginning on such Payment Date or reasonably anticipated by the Administrative Agent to become due and payable during such period, the accrual of which would be prudent in light of the size and timing of such Expenses. "Required Expenses Shortfall" has the meaning given to such term in Section 3.07(g)(i). "Required Majority" means the Holders representing more than 50% of the then Outstanding Principal Balance of the Notes who shall approve or direct any proposed action to be taken pursuant to the terms of this Indenture, provided that, in making such a determination, each Holder shall be required to vote the entire Outstanding Principal Balance of the Notes held by such Holder in favor of, or in opposition to, such proposed action, as the case may be. "Requisition Compensation" means all monies or other compensation receivable by any Issuer Group Member from any government, whether civil, military or de facto, or public or local authority in relation to an Asset in the event of its requisition for title, confiscation, restraint, detention, forfeiture or compulsory acquisition or seizure or requisition for hire by or under the order of any government or public or local authority. "Resolution Authority" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. "Responsible Officer" means (a) with respect to the Trustee, the Security Trustee or the Operating Bank, as the case may be, any officer within the Corporate Trust Office, or any other officer of the Trustee, the Security Trustee or the Operating Bank, as applicable, customarily performing functions similar to those performed by an officer within the Corporate Trust Office and, in each case, with direct responsibility for the administration of the Related Documents to which the Trustee, the Security Trustee or the Operating Bank is a party and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer's knowledge and familiarity with the particular subject, (b) with respect to the Issuer, any Signatory Trustee and (c) with respect to any Person providing an Eligible Credit Facility and the Administrative Agent, any authorized officer of such Person. "Restricted Debt Notes" has the meaning given to such term in Section 2.12(c)(i). "Restricted Period" has the meaning given to such term in Section 2.12(c)(i). "Restrictive Legend" means the legend in the form set forth in Section 2.02(a). "Rule 144A" means Rule 144A under the Securities Act. - 41 - "Rule 144A Global Notes" has the meaning given to such term in Section 2.01(b). "Sale Proceeds Threshold Amount" has the meaning given to such term in the definition of "Replacement Period". "Sanctions Authority" has the meaning given to such term in Section 5.01(s). "Scheduled Collections Period" has the meaning given to such term in Section 3.01(b)(ii). "Scheduled Principal Payment Amount" means, with respect to any Series on any Payment Date, the excess, if any, of the Notional Outstanding Principal Balance of such Series of Notes over the Scheduled Target Principal Balance of such Series of Notes on such Payment Date, in each case before giving effect to the application of funds pursuant to Section 3.09(a) on such Payment Date but after giving effect to any partial Redemption of such Series of Notes on such Payment Date; provided that in no event shall the Scheduled Principal Payment Amount of any Series exceed the Outstanding Principal Balance of such Series. "Scheduled Series Percentage" means, with respect to any Series of Notes and Asset on any Payment Date, the related percentage for such Series and Asset set forth in Schedule 5 for the Calculation Date relating to such Payment Date; provided that for any Group 3 Asset that is not an Airframe identified herein on the Initial Closing Date, the Scheduled Series Percentage (x) for the Series A Notes and the Series B Notes shall be the related percentage for such Series and Asset set forth in a schedule to be prepared by the Administrative Agent and delivered to the Issuer (with a copy to the Trustee) in connection with the acquisition of such Airframe, which shall be prepared based on straight line amortization to zero over a period equal to the lower of (i) 12 years and (ii) 25 years minus the age of the Airframe at the time it is included in the Portfolio, until the Expected Final Payment Date, and (y) for any Additional Notes, the percentage set forth in the Additional Issuance Supplement for such Additional Notes. "Scheduled Target Principal Balance" means, for each Series of Notes and Asset on any Payment Date, the sum of (a) the product of (i) the Scheduled Series Percentage of such Series on such Payment Date for Group 1 Assets and (ii) the sum of the Allocable Notional Series Amount of each Group 1 Asset that was an Asset on the related Calculation Date, (b) the product of (i) the Scheduled Series Percentage of such Series on such Payment Date for Group 2 Assets and (ii) the sum of the Allocable Notional Series Amount of each Group 2 Asset that was an Asset on the related Calculation Date and (c) the product of (i) the Scheduled Series Percentage of such Series on such Payment Date for Group 3 Assets and (ii) the sum of the Allocable Notional Series Amount of each Group 3 Asset that was an Asset on the related Calculation Date. "Secured Obligations" has the meaning given to such term in the Security Trust Agreement. "Secured Parties" has the meaning given to such term in the Security Trust Agreement. "Securities" means the Initial Notes, all Additional Notes, if any, and all Refinancing Notes, if any. "Securities Act" means the U.S. Securities Act of 1933, as amended. - 42 - "Security Deposit" means any cash deposits and other collateral provided by, or on behalf of, a Lessee to secure the obligations of such Lessee under a Lease. "Security Deposit Account" has the meaning given to such term in Section 3.01(a). "Security Documents" means the Security Trust Agreement, the Custodian Agreement, the Asset Mortgages, the Asset Mortgage and Lease Security Assignments, the Lease Security Assignments and each guarantee, security assignment, consent, letter, acknowledgement, notice and power of attorney and any document or certificate executed pursuant to or in connection with the Security Trust Agreement or in the Security Trustee's capacity as Security Trustee thereunder, or otherwise, for the purpose of granting a security interest in any Collateral to the Security Trustee for the benefit of the Secured Parties or for the purpose of perfecting such security interest (but not including any Lease document or Lessee consent). "Security Interests" means the security interests granted or expressed to be granted in the Collateral pursuant to the Security Trust Agreement or any other Security Document. "Security Trust Agreement" means the Security Trust Agreement dated as of the Initial Closing Date, among the Issuer, the Security Trustee and each other party thereto. "Security Trustee" means the Person appointed, at the time of determination, as the trustee for the benefit of the Secured Parties pursuant to Section 7.01 of the Security Trust Agreement. The initial Security Trustee is U.S. Bank National Association. "Segregated Funds" means, with respect to each Lease, (a) all Security Deposits provided for under such Lease that have been received from the relevant Lessee or pursuant to the relevant Acquisition Agreement with respect to such Lease, (b) any security deposit pledged to the relevant Lessee by an Issuer Group Member and (c) all other funds, including any Usage Fee payments, received from the relevant Lessee or pursuant to the relevant Acquisition Agreement with respect to such Lease and in each case of clause (a), (b) and (c) not permitted, pursuant to the terms of such Lease, to be commingled with the funds of the Issuer Group. "Seller" means (i), with respect to the Asset Purchase Agreement, Willis Lease, and (ii) with respect to any other Acquisition Agreement, Willis Lease or any other seller of an Asset in a Permitted Asset Acquisition. "Senior Claim" means, with respect to any Obligations, all other Obligations the payment of which constitutes a Prior Ranking Amount with respect thereto. "Senior Claimant" means the holder of a Senior Claim. "Senior Hedge Payment Shortfall" has the meaning given to such term in Section 3.07(g)(ii). "Senior Hedge Payments" means Hedge Payments other than Subordinated Hedge Payments. "Senior Rent Based Fees" has the meaning given to such term in the Servicing Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 43 - "Senior Series" means (a) so long as any Series A Notes are Outstanding or amounts are payable to the Holders of the Series A Notes, the Series A Notes, (b) after the Series A Notes have been repaid in full and all amounts due to the Holders of the Series A Notes have been paid in full and so long as any Series B Notes are Outstanding or amounts are payable to the Holders of the Series B Notes, the Series B Notes and (c) after the Series A Notes and the Series B Notes have been repaid in full and all amounts due to the Holders of the Series A Notes and the Series B Notes have been paid in full and so long as any Series C Notes are Outstanding or amounts are payable to the Holders of the Series C Notes, the Series C Notes. "Senior Trustee" means (a) so long as any Series A Notes are Outstanding or amounts are payable to the Holders of the Series A Notes, the Trustee of the Series A Notes (acting at the written direction of the Holders of a majority of the Outstanding Principal Balance of such Series), (b) after the Series A Notes have been repaid in full and all amounts due to the Holders of the Series A Notes have been paid in full (as certified in writing to the Trustee) and so long as any Series B Notes are Outstanding or amounts are payable to the Holders of the Series B Notes, the Trustee of the Series B Notes (acting at the written direction of the Holders of a majority of the Outstanding Principal Balance of such Series) and (c) after the Series A Notes and the Series B Notes have been repaid in full and all amounts due to the Holders of the Series A Notes and the Series B Notes have been paid in full (as certified in writing to the Trustee) and so long as any Series C Notes are Outstanding or amounts are payable to the Holders of the Series C Notes, the Trustee of the Series C Notes (acting at the written direction of the Holders of a majority of the Outstanding Principal Balance of such Series). "Series" means any series of Notes established pursuant to this Indenture. "Series A Interest Shortfall" has the meaning given to such term in Section 3.07(g)(ii). "Series A Note" means any Note, in substantially the form of Exhibit A-1 hereto, issued as part of a Series of Notes that is designated as "Series A", which may be further differentiated by a numeric designation consisting of the year in which such Series is issued and consecutive numbers in chronological order of issuance to differentiate the Notes of each such Series of Series A Notes from the Notes of any other Series of Series A Notes, provided that two or more Series of Series A Notes issued at the same time may be given additional alphanumeric designations to differentiate such Series among themselves. "Series Account" has the meaning given to such term in Section 3.01(a). "Series B Interest Shortfall" has the meaning given to such term in Section 3.07(g)(iii). "Series B Note" means any Note, in substantially the form of Exhibit A-2 hereto, issued as part of a Series of Notes that is designated as "Series B", which may be further differentiated by a numeric designation consisting of the year in which such Series is issued and consecutive numbers in chronological order of issuance to differentiate the Notes of each such Series of Series B Notes from the Notes of any other Series of Series B Notes, provided that two or more Series of Series B Notes issued at the same time may be given additional alphanumeric designations to differentiate such Series among themselves. "Series B Purchase Date" has the meaning given to such term in Section 4.13. - 44 - "Series B Purchase Option Notice" has the meaning given to such term in Section 4.13. "Series B Purchaser" has the meaning given to such term in Section 4.13. "Series C Excess Proceeds Series Payment Shortfall" has the meaning given to such term in Section 3.07(g)(vi). "Series C Interest Shortfall" has the meaning given to such term in Section 3.07(g)(iv). "Series C Note" means any Additional Notes, in substantially the form of Exhibit A-3 hereto, issued as Additional Notes and designated as "Series C", which may be further differentiated by a numeric designation consisting of the year in which such Series is issued and consecutive numbers in chronological order of issuance to differentiate the Notes of each such Series of Series C Notes from the Notes of any other Series of Series C Notes, provided that two or more Series of Series C Notes issued at the same time may be given additional alphanumeric designations to differentiate such Series among themselves. "Series C Purchase Date" has the meaning given to such term in Section 4.14. "Series C Purchase Option Notice" has the meaning given to such term in Section 4.14. "Series C Purchaser" has the meaning given to such term in Section 4.14. "Series C Reserve Account" has the meaning given to such term in Section 3.01. "Series C Scheduled Principal Shortfall" has the meaning given to such term in Section 3.07(g)(v). "Series C Shortfall" means a Series C Interest Shortfall, a Series C Scheduled Principal Shortfall or a Series C Excess Proceeds Series Payment Shortfall. "Service Provider" means each of the Trustee, the Servicer, the Administrative Agent, the Operating Bank, the Security Trustee and any other service provider retained from time to time by an Issuer Group Member pursuant to the Related Documents. "Service Provider Fees" means any fees, expenses and other amounts (of whatever nature), except for Indemnification Amounts, Special Litigation Expenses and Special Indemnity Payments, due or reimbursable to Service Providers in accordance with the applicable agreements with such Service Providers (including the Related Documents). "Servicer" means the Person acting, at the time of determination, in the capacity of the Servicer under the Servicing Agreement. The initial Servicer is Willis Lease. "Servicing Agreement" means the Servicing Agreement dated as of the Initial Closing Date among the Servicer, the Administrative Agent, the Issuer Subsidiaries party thereto and the Issuer. - 45 - "Shortfall" means a Required Expenses Shortfall, a Series A Interest Shortfall, a Series B Interest Shortfall or a Senior Hedge Payment Shortfall. "Signatory Trustee" means the Owner Trustee, any Controlling Trustee or such other trustee as the Controlling Trustees shall from time to time direct in accordance with the Trust Agreement. "Special Indemnity Payments" means (a) any indemnity amounts owing at any time and from time to time by the Issuer to any Holder and (b) any other indemnity amounts owing at any time and from time to time to any other Person party to a Related Document (other than the Servicer under the Servicing Agreement) which arise from violations of the Securities Act, the Exchange Act or any other securities law. "Special Litigation Expenses" means any amounts payable by an Issuer Group Member in order to satisfy any final, non-appealable judgment against such Issuer Group Member pursuant to a litigation proceeding to which such Issuer Group Member is a named party (excluding any amounts that an Issuer Group Member is contractually obligated to pay); provided that any such amounts payable by any Issuer Group Member to any Seller or Service Provider shall not be deemed to be a Special Litigation Expense. "Special Majority" has the meaning given to such term in the Trust Agreement. "Specified Engine Use Fees" means use fees (as such term or a substantially equivalent term is defined in the applicable Initial Leases) received from the applicable Lessee pursuant to the Initial Leases (as identified in the Asset Purchase Agreement as of the date hereof) of the Aircraft Engines bearing manufacturer's serial numbers [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*], [\*] and [\*] (or replacements thereof under such Initial Leases). "Standard & Poor's" means S&P Global Ratings, acting through Standard & Poor's Financial Services LLC. "Stated Expiration Date" has the meaning given to such term in Section 3.14(d). "Stated Rate" means, with respect to a Note, as of any date of determination thereof, the interest rate set forth as the Stated Rate in such Note. "Step-Up Interest" means, on each Payment Date following the Expected Final Payment Date, so long as there are Initial Notes or Series C Notes outstanding, interest at the rate of 2.0% per annum, compounded monthly, on the Outstanding Principal Balance of the Initial Notes for the Interest Accrual Period ending on such Payment Date. "Step-Up Interest Amount" means, with respect to any Initial Notes and any Series C Notes, on each Payment Date following the Expected Final Payment Date, the accrued and unpaid Step-Up Interest in respect of such Series of Notes as of such Payment Date, including any interest at the rate of 2.0% per annum accrued on unpaid Step-Up Interest. - 46 - "Stock" means all shares of capital stock, all beneficial interests in trusts, all membership interests in limited liability companies, all ordinary shares and preferred shares and any options, warrants and other rights to acquire such shares or interests. "Subject Asset" means, in respect of any Subject Disposition, the Asset disposed in such Subject Disposition. "Subject Disposition" means, in respect of any Collection Period, an Asset Disposition occurring during such Collection Period. "Subordinated Expenses" means Special Indemnity Payments, Special Litigation Expenses and Excess Indemnification Amounts. "Subordinated Hedge Payments" means (a) any Hedge Termination Payment with respect to the termination of a Currency Hedge Agreement resulting from a voluntary termination by an Issuer Group Member of a Currency Hedge Agreement (unless such voluntary termination is related to an Asset Disposition) or a default of the Hedge Provider or in which the Hedge Provider is the sole "affected party" as a result of a termination of a Currency Hedge Agreement (other than for a termination due to an illegality or tax event as such events are defined in the Currency Hedge Agreement) and (b) any Hedge Termination Payment which by the terms of the applicable Currency Hedge Agreement is to be subordinated in accordance with Section 3.09. "Subordinated Rent Based Fees" has the meaning given to such term in the Servicing Agreement. "Subsidiary" means, as to any Person, a corporation, partnership, limited liability company, trust or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership, limited liability company, trust or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. "Substitute Asset" means any Aircraft Engine or Airframe that is to be substituted for any Removed Asset (as defined in the Asset Purchase Agreement). "Target Security Deposit Amount" means, with respect to any Payment Date (for the purposes of this definition only, the "Relevant Payment Date"), an amount equal to the greater of (i) $1,000,000 and (ii) the sum of (a) 100% of the Remaining Security Deposits relating to Leases expected to expire during the period from the Relevant Payment Date to but excluding the first Payment Date succeeding the Relevant Payment Date, plus (b) 75% of the Remaining Security Deposits relating to Leases expected to expire during the period from the first Payment Date succeeding the Relevant Payment Date to but excluding the second Payment Date succeeding the Relevant Payment Date, plus (c) 50% of the Remaining Security Deposits relating to Leases expected to expire during the period from the second Payment Date succeeding the Relevant Payment Date to but excluding the third Payment Date succeeding the Relevant Payment Date, plus (d) 25% of the Remaining Security Deposits relating to Leases expected to expire during the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 47 - period from the third Payment Date succeeding the Relevant Payment Date to but excluding the fourth Payment Date succeeding the Relevant Payment Date. "Tax Redemption" has the meaning given to such term in Section 3.11(b). "Taxes" mean any and all taxes, fees, levies, duties, tariffs, imposts, and other charges of any kind (together with any and all interest, penalties, loss, damage, liability, expense, additions to tax and additional amounts or costs Incurred or imposed with respect thereto) imposed or otherwise assessed by the United States of America or by any state, local or foreign government (or any subdivision or agency thereof) or other taxing authority, including, without limitation: taxes or other charges on or with respect to income, franchises, windfall or other profits, gross receipts, property, sales, use, capital stock, payroll, employment, social security, workers' compensation, unemployment compensation, or net worth and similar charges; and taxes or other charges in the nature of excise, withholding, ad valorem, stamp, transfer, value added, taxes on goods and services, gains taxes, license, registration and documentation fees, customs duties, tariffs, and similar charges. "Termination Notice" has the meaning assigned to such term in the Initial Liquidity Facility. "Third Party Event" has the meaning given to such term in Section 5.03. "Threshold Rating" means a published long-term issuer credit, long-term issuer default or senior unsecured debt rating of (a) BBB (or the equivalent) by Fitch and (b) if KBRA then rates the Initial Liquidity Facility Provider, at least BBB- (or the equivalent) by KBRA. "Total Loss" means, with respect to any Asset (a) if the same is subject to a Lease, an Event of Loss (as defined in such Lease) or the like (however so defined); or (b) if the same is not subject to a Lease, (i) its actual, constructive, compromised, arranged or agreed total loss, (ii) its destruction, damage beyond economic repair or being rendered permanently unfit for normal use for any reason whatsoever, (iii) its requisition for title, confiscation, restraint, detention, forfeiture or any compulsory acquisition or seizure or requisition for hire (other than a requisition for hire for a temporary period not exceeding 180 days) by or under the order of any government (whether civil, military or de facto) or public or local authority or (iv) its hijacking, theft or disappearance, resulting in loss of possession by the owner or operator thereof for a period of ninety (90) consecutive days or longer. A Total Loss with respect to any Asset shall be deemed to occur on the date on which such Total Loss is deemed pursuant to the relevant Lease to have occurred or, if such Lease does not so deem or the relevant Asset is not subject to a Lease, (A) in the case of an actual total loss or destruction, damage beyond economic repair or being rendered permanently unfit, the date on which such loss, destruction, damage or rendering occurs (or, if the date of loss or destruction is not known, the date on which the relevant Asset was last heard of); (B) in the case of a constructive, compromised, arranged or agreed total loss, the earlier of (1) the date 30 days after the date on which notice claiming such total loss is issued to the insurers or brokers and (2) the date on which such loss is agreed or compromised by the insurers; (C) in the case of requisition for title, confiscation, restraint, detention, forfeiture, compulsory acquisition or seizure, the date on which the same takes effect; (D) in the case of a requisition for hire, the expiration of a period of 180 days from the date on which such requisition commenced (or, if - 48 - earlier, the date upon which insurers make payment on the basis of a Total Loss); or (E) in the case of clause (iv) above, the final day of the period of 90 consecutive days referred to therein. "Trust Agreement" means that certain Amended and Restated Trust Agreement of Willis Engine Structured Trust VIII, dated as of the date hereof, among the Controlling Trustees identified therein, the Owner Trustee and Willis Lease, as Depositor. "Trustee" means, with respect to each Series of Notes, the Person appointed, at the time of determination, as the trustee of such Series of Notes in accordance with this Indenture, as applicable. The initial Trustee for each Series of Notes is U.S. Bank National Association. "Trustee Fees" means, the fees payable to the Trustee as set forth in a fee letter between the Issuer and the Trustee. "Trustee Resolution" means a resolution adopted by a majority of the Controlling Trustees, evidenced by a certified copy of such resolution signed by a Signatory Trustee. "Trustee's Website" means the Trustee's password protected internet website initially located at https://pivot.usbank.com. "UK Financial Institution" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. "UK Resolution Authority" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. "Unfunded Maintenance Reimbursement Amount" means, in respect of any Calculation Date, (a) the aggregate amount of Maintenance and Modification Expenses during the three-month period ending on such Calculation Date, less (b) the sum of (i) the aggregate of the amounts available in the Maintenance Reserve Account during the three-month period ending on such Calculation Date and (ii) any Cure Advances made to fund such Maintenance and Modification Expenses during the three-month period ending on such Calculation Date. "United States Person" means a United States person (as defined in Section 7701(a)(30) of the Code) that is not treated for U.S. federal income tax purposes as a trust described in Subpart E of Subchapter J in Chapter 1 of the Code. "Unrestricted Debt Notes" has the meaning given to such term in Section 2.12(c)(i). "U.S. Government Obligations" has the meaning given to such term in Section 11.02(a). "U.S. Tax Counsel" shall mean a law firm with a nationally recognized U.S. federal taxation practice. - 49 - "Usage Fees" means rent (whether called usage fee, supplemental rent, utilization rent, maintenance reserve or any similar term) that is in addition to a base rent for the Asset (regardless of how such base rent is calculated) payable under a Lease, including such additional rent that is based on hours or cycles of operation of the life-limited parts of an Asset. "Website" has the meaning given to such term in Section 5.03(j). "Willis Lease" means Willis Lease Finance Corporation, a Delaware corporation. "Write-Down and Conversion Powers" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. "Written Notice" means, with reference to the Issuer, the Trustee, the Operating Bank, the Security Trustee, the Administrative Agent or the provider of any Eligible Credit Facility, a written instrument executed by a Responsible Officer of such Person. Section 1.02 Rules of Construction. Unless the context otherwise requires: (a) A term has the meaning assigned to it and an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP. (b) The terms "herein", "hereof" and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. (c) Unless otherwise indicated in context, all references to Articles, Sections, Schedules or Exhibits refer to an Article or Section of, or a Schedule or Exhibit to, this Indenture. (d) Words of the masculine, feminine or neuter gender shall mean and include the correlative words of other genders, and words in the singular shall include the plural, and vice versa. (e) The terms "include", "including" and similar terms shall be construed as if followed by the phrase "without limitation". (f) References in this Indenture to an agreement or other document (including this Indenture) include references to such agreement or document as amended, replaced or otherwise modified (without, however, limiting the effect of the provisions of this Indenture with regard to any such amendment, replacement or modification), and the - 50 - provisions of this Indenture apply to successive events and transactions. References to any Person shall include such Person's successors in interest and permitted assigns. (g) References in this Indenture to any statute or other legislative provision shall include any statutory or legislative modification or re-enactment thereof, or any substitution therefor, and references to any governmental Person shall include reference to any governmental Person succeeding to the relevant functions of such Person. (h) References in this Indenture to the Notes or to a Series of Notes include the conditions applicable to such Notes or such Series; and any reference to any amount of money due or payable by reference to such Notes or such Series shall include any sum covenanted to be paid by the Issuer under this Indenture. (i) References in this Indenture to any action, remedy or method of judicial proceeding for the enforcement of the rights of creditors or of security shall be deemed to include, in respect of any jurisdiction other than the State of New York, references to such action, remedy or method of judicial proceeding for the enforcement of the rights of creditors or of security available or appropriate in such jurisdiction as shall most nearly approximate such action, remedy or method of judicial proceeding described or referred to in this Indenture. (j) Where any payment is to be made, any funds are to be applied or any calculation is to be made hereunder on a day which is not a Business Day, unless any Related Document otherwise provides, such payment shall be made, funds shall be applied and calculation shall be made on the next succeeding Business Day, and payments (unless otherwise provided for in respect of the Notes) shall be adjusted accordingly. Where any calculation is to be made hereunder on a Calculation Date or any amount hereunder is in respect of a Calculation Date, such calculation shall be made as of the close of business on such Calculation Date and such amount shall be in respect of the close of business on such Calculation Date. (k) Where the Servicer or any replacement servicer is performing or may perform lease management and/or remarketing services pursuant to a Related Document in relation to one or more Assets at the same time, a reference in this Indenture to the "Servicer" shall be construed as a reference to each of the Servicer or such replacement servicer and the rights and obligations of the parties hereto shall be construed accordingly. (l) Any provision in this Indenture providing for a transfer to, or a withdrawal from, an Account or any other bank account by the Administrative Agent shall be construed to be a transfer to, or a withdrawal from, as the case may be, such Account or other bank account by the Operating Bank or other Eligible Institution at which the applicable account or accounts are located at the written, electronic or other automated funds transfer direction of the Administrative Agent. Such direction may be made by the Administrative Agent unless the Administrative Agent shall have defaulted under the Administrative Agency Agreement, and any such direction (i) shall be in writing, (ii) shall give full details of the amount to be transferred or withdrawn, the Account or other bank account to be debited, the Account or other bank account to be credited and the date of the relevant payment and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 51 - (iii) shall certify that such request is made pursuant to and in accordance with the terms of this Indenture. The Operating Bank and the Trustee shall be entitled to act in accordance with such a request, without further question or inquiry, and shall have no obligation to give any direction to any other Eligible Institution at which an account or accounts are located unless and until it receives such a request from the Administrative Agent; provided that the Administrative Agent shall at all times comply with the relevant provisions of the Administrative Agency Agreement with respect to any such direction. (m) For purposes of determining the balance of amounts credited to and/or deposited in an Account, the "value" of Permitted Account Investments deposited in and/or credited to an Account shall be the lower of the acquisition cost thereof and the then fair market value thereof and the "value" of Dollars and cash equivalents of Dollars (other than cash equivalents of Dollars included in the definition of Permitted Account Investments) shall be the face value thereof. (n) Each reference in a Related Document to Refinancing Notes may also include loans or other debt instruments borrowed or issued, as applicable, to refinance any Notes whether or not an instrument is issued to represent such debt, and the provisions of the Related Document shall be construed accordingly. Without limiting the foregoing, each reference in a Related Document to Refinancing Notes or any Additional Issuance Supplement providing for the issuance of Refinancing Notes may include, as the context may require, such refinancing loan or other debt instrument and any credit agreement under which a refinancing loan is borrowed as applicable, any references to Notes shall be construed to include such loan, other debt instrument or credit agreement as applicable, and any references to Holders shall be construed to include the lenders of any such loan as applicable; provided that any provisions of any Related Document as would only be applicable if an instrument is issued to represent such debt shall either be construed as referring to a borrowing rather than an issuance or, if the context so requires, shall not be applicable if no instrument or security is issued. Section 1.03 Compliance Certificates and Opinions. Upon any application or request by the Issuer to the Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Trustee an Officer's Certificate stating that, in the opinion of the signer thereof, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture or any indenture supplemental hereto shall include: (a) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions in this Indenture relating thereto; - 52 - (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (c) a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (d) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. Section 1.04 Acts of Holders. (a) Any direction, consent, waiver or other action provided by this Indenture in respect of the Notes to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent or proxy duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee, to each Rating Agency where it is hereby expressly required pursuant to this Indenture and to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the "Act" of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose under this Indenture and conclusive in favor of the Trustee or the Issuer, if made in the manner provided in this Section. (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the certificate of any notary public or other officer of any jurisdiction authorized to take acknowledgments of deeds or administer oaths that the Person executing such instrument acknowledged to him the execution thereof, or by an affidavit of a witness to such execution sworn to before any such notary or such other officer and where such execution is by an officer of a corporation or association, trustee of a trust or member of a partnership, on behalf of such corporation, association, trust or partnership, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other reasonable manner which the Trustee deems sufficient. (c) In determining whether the Holders have given any direction, consent, request, demand, authorization, notice, waiver or other Act (a "Direction"), under this Indenture, Notes owned by the Issuer, the Servicer or any Certificate Holder or any Affiliate of such Person shall be disregarded and deemed not to be Outstanding for purposes of any such determination. In determining whether the Trustee shall be protected in relying upon any such Direction, only Notes which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Notwithstanding the foregoing, (i) if any such Person individually or collectively owns 100% of any Series of Notes Outstanding, such Series of Notes shall not be so disregarded as aforesaid, and (ii) if any amount of Notes so owned by any such Person have been pledged in good faith, such Notes shall not be disregarded as aforesaid if the pledgee establishes to the satisfaction of the - 53 - Trustee the pledgee's right so to act with respect to such Notes and that the pledgee is not the Issuer, the Servicer or a Certificate Holder or any Affiliate of any such Person. (d) The Issuer may at its option, by delivery of Officer's Certificates to the Trustee, set a record date other than the Record Date to determine the Holders in respect of the Notes entitled to give any Direction in respect of such Notes. Such record date shall be the record date specified in such Officer's Certificate which shall be a date not more than 30 days prior to the first solicitation of Holders in connection therewith. If such a record date is fixed, such Direction may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Notes have authorized or agreed or consented to such Direction, and for that purpose the Outstanding Notes shall be computed as of such record date; provided that no such Direction by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than one year after the record date. (e) Any Direction or other action by the Holder of any Note shall bind the Holder of every Note issued upon the transfer thereof or in exchange therefor or in lieu thereof, whether or not notation of such action is made upon such Note. (f) Each Direction by the Holders with respect to any Series of Notes shall be given to the Trustee or the Senior Trustee, as applicable, in writing on behalf of such Holders, pursuant to Section 12.05. The Trustee or Senior Trustee shall vote or give consent if such Direction is received from the Holders of the applicable percentage of the aggregate Outstanding Principal Balance of the relevant Notes as provided for in this Indenture or in any other Related Document. Notwithstanding anything to the contrary in any Related Document, (i) the Trustee or the Senior Trustee shall make each determination as to whether a Holder has given, or is entitled under this Indenture or any other Related Document to give, a Direction and each determination as to whether any Notes shall be disregarded as set forth in this Section 1.04 and (ii) the Trustee or the Senior Trustee, as applicable, shall be entitled to conclusively rely (without any independent investigation, inquiry or verification) on any Direction from the Holders of any Series of Notes. In determining the identity and holdings of each Holder, the Trustee or Senior Trustee shall be permitted to conclusively rely on the Register. ARTICLE II THE NOTES Section 2.01 Authorized Amount; Terms; Form; Execution and Delivery. (a) The Outstanding Principal Balance of any Series of Notes which may be authenticated and delivered from time to time under this Indenture shall not exceed the initial Outstanding Principal Balance set forth for such Series of Notes, in the case of the Initial Notes, in the definition of the Initial Series A Notes or the Initial Series B Notes, as applicable, or, with respect to any Additional Notes or Refinancing Notes, as authorized in a Trustee Resolution. All Initial Notes shall be issued at the same time and no additional Notes shall be issued under this Indenture; provided that - 54 - Additional Notes and Refinancing Notes may be issued without the consent of any Holder in accordance with Sections 2.10 and 5.02 and any other applicable provision of this Indenture; provided that at no time may the Outstanding Principal Balance of any Series of Refinancing Notes issued in connection with a Refinancing exceed the Redemption Price of the Series of Notes being refinanced thereby plus Refinancing Expenses relating thereto. The Initial Notes shall be issued on the Initial Closing Date and shall consist of the Initial Series A Notes and the Initial Series B Notes. The number of Series of Notes that may be issued in accordance with this Indenture is limited as set forth in this Section 2.01(a). Any Series of Additional Notes shall be designated as "Series C". Any Series of Refinancing Notes shall be designated as "Series A", "Series B" or "Series C", in the same Series as the Notes being refinanced by such Refinancing Notes. Interest at the Stated Rate shall accrue on any Notes from the relevant Issuance Date of such Note and shall be computed for each Interest Accrual Period on the basis of (i) in the case of the first Interest Accrual Period and any incomplete Interest Accrual Period, a 360-day year consisting of twelve 30-day months and (ii) otherwise, a 360-day year and one-twelfth of an annual interest payment on the Outstanding Principal Balance of such Notes. In addition, Step-Up Interest shall accrue on the Initial Notes and any Series C Notes from the Expected Final Payment Date and shall be computed for each applicable Interest Accrual Period on the basis of a 360-day year consisting of twelve 30-day months. Any amount of Redemption Premium on any Notes not paid when due shall, to the fullest extent permitted by Applicable Law, bear interest at an interest rate per annum equal to the Stated Rate for such Notes from the date when due until such amount is paid or duly provided for, payable on the next succeeding Payment Date, subject to the availability of the Available Collections therefor in accordance with the priority of payments under Section 3.09. (b) There shall be issued and delivered and authenticated on the Initial Closing Date (or, in the case of a Refinancing or issuance of Additional Notes, on the Issuance Date of the Refinancing Notes or Additional Notes, as applicable), to each of the Holders, Notes in the principal amounts and maturities and bearing the interest rates, set forth therein, substantially in the form set forth in Exhibit A-1, A-2 or A-3 (as applicable) to this Indenture or any Additional Issuance Supplement, with such appropriate insertions, legends, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements printed, lithographed or engraved thereon, as may be required to comply with the rules of any securities exchange on which such Notes may be listed, to comply with the rules of the Depositary, or to conform to any usage in respect thereof, or as may, consistently herewith, be prescribed by the Signatory Trustee executing such Notes, such determination by the Signatory Trustee to be evidenced by his or her execution of the Notes. Definitive Notes shall be printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other manner permitted by the rules of any securities exchange on which the Notes may be listed, or to comply with the rules of the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 55 - Depositary, all as determined by the Signatory Trustee executing such Notes, as evidenced by his or her execution of such Notes. Each Series of Notes offered and sold in reliance on Rule 144A shall be issued initially in the form of one or more permanent global Notes in registered form ("Rule 144A Global Notes") without interest coupons and with such applicable legends as are provided for in Section 2.02, substantially in the form set forth in Exhibit A-1, A-2 or A-3 (as applicable) to this Indenture or in any indenture supplemental hereto registered in the name of Cede & Co., as nominee of the Depositary, deposited with the Depositary or a custodian therefor in accordance with the Applicable Procedures and duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. Each Series of Notes offered and sold in offshore transactions in reliance on Regulation S shall be issued initially in the form of one or more Regulation S Temporary Global Notes in registered form without interest coupons and with such applicable legends as are provided for in Section 2.02, substantially in the form set forth in Exhibit A-1, A-2 or A-3 (as applicable) to this Indenture or in any indenture supplemental hereto, registered in the name of Cede & Co., as nominee of the Depositary, deposited with the Depositary or a custodian therefor in accordance with the Applicable Procedures and duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. Until the 40th day after the later of the commencement of the offering of any series of Notes (including any Refinancing Notes or Additional Notes) initially issued in the form of a Regulation S Temporary Global Note or the Initial Closing Date (or, in the case of a Refinancing or issuance of Additional Notes, on the Issuance Date of such Refinancing Notes or Additional Notes), interests in such Regulation S Temporary Global Note may be held only through Participants acting for and on behalf of Euroclear and Clearstream. The Restricted Period will be terminated upon the receipt by the Trustee of any certifications required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, which certifications may be (but need not be) provided in accordance with the Applicable Procedures, which certifications or Applicable Procedures the Trustee shall have no duty to monitor or confirm compliance with; provided that, if no such certifications are required, then the Restricted Period shall terminate on the last day thereof. Following the termination of the applicable Restricted Period, Beneficial Interests in the Regulation S Temporary Global Note shall be exchanged for Beneficial Interests in the Regulation S Permanent Global Note pursuant to the Applicable Procedures. If the Issuer shall be required to issue a Regulation S Permanent Global Note in place of a Regulation S Temporary Global Note, simultaneously with the authentication by the Trustee of the Regulation S Permanent Global Note pursuant to Issuer order, the Trustee shall cancel the Regulation S Temporary Global Note in accordance with its customary procedures and the Applicable Procedures in effect from time to time. The Outstanding Principal Balance of each Rule 144A Global Note may from time to time be increased or decreased by adjustments made by the Trustee on the applicable Global Note or on the records of the Trustee as hereinafter provided in accordance with the instructions and the Applicable Procedures of the Depositary. The Outstanding Principal Balance of each Regulation S Global Note may from time to time be increased or decreased by adjustments made by the Trustee on the applicable Global Note or on the records of the Trustee as hereinafter provided in accordance with the instructions and the Applicable Procedures of the Depositary. - 56 - (c) On the date of any Refinancing, the Issuer shall issue and deliver as provided in Section 2.10 an aggregate principal amount of Refinancing Notes having the maturities and bearing the interest rates and such other terms authorized by one or more Trustee Resolutions or in any Additional Issuance Supplement providing for the issuance of such Notes or specified in the form of such Notes, in each case in accordance with Section 2.10. (d) On the date of the issuance of any Additional Notes, the Issuer shall issue and deliver as provided in Section 2.10 an aggregate principal amount of Additional Notes having the maturities and bearing the interest rates and such other terms authorized by one or more Trustee Resolutions or any Additional Issuance Supplement providing for the issuance of such Notes or specified in the form of such Notes, in each case in accordance with Section 2.10. (e) The Notes shall be executed on behalf of the Issuer by the manual, facsimile or electronic signature of a Signatory Trustee. (f) Each Note bearing the manual, facsimile or electronic signature of any individual who was at the time such Note was executed a Signatory Trustee shall bind the Issuer, notwithstanding that any such individual has ceased to hold such office prior to the authentication and delivery of such Note or any payment thereon. (g) At any time and from time to time after the execution of any Notes, the Issuer may deliver such Notes to the Trustee for authentication and, subject to the provisions of clause (h) below, the Trustee shall authenticate such Notes by manual signature upon receipt by it of an Officer's Certificate of the Issuer certifying that all conditions precedent in connection with the issuance of such Notes have been satisfied and directing the Trustee to authenticate such Notes. The Notes shall be authenticated on behalf of the Trustee by any Responsible Officer of the Trustee. (h) No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless it shall have been executed on behalf of the Issuer as provided in clause (e) above and authenticated by or on behalf of the Trustee as provided in clause (g) above. Such signatures shall be conclusive evidence that such Note has been duly executed and authenticated under this Indenture. Each Note shall be dated the date of its authentication. (i) The Issuer shall execute and the Trustee shall, in accordance with this Section 2.01(i) and at the written direction of the Issuer, authenticate the Global Notes and retain the Global Notes as custodian for and on behalf of the Depositary. Upon deposit with the Trustee of each Global Note authenticated by the Trustee, the Depositary shall credit, on its internal system, the respective principal amounts of individual Beneficial Interests to the accounts of the beneficial owners thereof or their respective custodians or nominees who have accounts with the Depositary. Ownership of Beneficial Interests will be limited to Participants or Persons who hold Beneficial Interests through Participants. Ownership of Beneficial Interests will be shown on, and the transfer of that ownership will be effected only through, records maintained in book-entry form by the Depositary (with - 57 - respect to interests of Participants) and the records of Participants (with respect to interests of Persons other than Participants). Participants shall have no rights under this Indenture with respect to any Beneficial Interest in a Global Note held on their behalf by the Depositary. The Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner of such Global Note for all purposes whatsoever (except to the extent otherwise provided herein). Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Participants, the operation of customary practices of the Depositary governing the exercise of the rights of an owner of a Beneficial Interest in any Global Note. The Depositary, as a Holder, may grant proxies and otherwise authorize any Person, including its Participants and Persons that may hold interests through Participants, to take any action which a Holder is entitled to take under this Indenture or the Notes. Section 2.02 Restrictive Legends. (a) Each Global Note and, except as provided in Section 2.12(f), each Definitive Note (and all Notes issued in exchange therefor or upon registration of transfer or substitution thereof), except as provided in Section 2.12(f), shall bear the following legends (in addition to any other applicable legends or restrictions): NEITHER THIS NOTE, NOR ANY INTEREST HEREIN HAS BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY SECURITIES REGULATORY AUTHORITY IN ANY JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER OR BENEFICIAL OWNER OF AN INTEREST HEREIN (i) REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER" (A "QUALIFIED INSTITUTIONAL BUYER") AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") AND HAS ACQUIRED THIS NOTE OR AN INTEREST HEREIN IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE OR AN INTEREST HEREIN IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT ("REGULATION S"); (ii) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE OR AN INTEREST HEREIN EXCEPT (A) TO WILLIS ENGINE STRUCTURED TRUST VIII (THE "ISSUER") OR ANY OF ITS AFFILIATES (AS DEFINED IN RULE 501(b) OF REGULATION D), (B) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A, (C) IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S, (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION IN ACCORDANCE WITH RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND, IN EACH OF THE CASES (A) THROUGH (E) ABOVE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE IN THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION; AND (iii) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST - 58 - HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IF THE PROPOSED TRANSFER IS PURSUANT TO AN EXEMPTION FROM REGISTRATION IN ACCORDANCE WITH RULE 144 UNDER THE SECURITIES ACT OR PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS "OFFSHORE TRANSACTION", "UNITED STATES" AND "U.S. PERSONS" HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S. THE TRUST INDENTURE (THE "INDENTURE") DATED AS OF JUNE 18, 2025, AMONG THE ISSUER, U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE AND OPERATING BANK, WILLIS LEASE FINANCE CORPORATION, AS ADMINISTRATIVE AGENT AND MUFG BANK, LTD., AS THE INITIAL LIQUIDITY FACILITY PROVIDER CONTAINS A PROVISION REQUIRING THE REGISTRAR TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE OR AN INTEREST HEREIN IN VIOLATION OF THE FOREGOING RESTRICTIONS. EACH HOLDER AND BENEFICIAL OWNER OF A NOTE, BY THE ACCEPTANCE OF SUCH NOTE OR ACQUISITION OF ANY BENEFICIAL INTEREST THEREIN, COVENANTS AND AGREES, FOR THE BENEFIT OF THE ISSUER, TO THE EXTENT IT IS LEGALLY ABLE TO DO SO, TO PROVIDE TO THE ADMINISTRATIVE AGENT, THE ISSUER OR THE TRUSTEE SUCH PROPERLY COMPLETED AND EXECUTED DOCUMENTATION, INFORMATION OR CERTIFICATION (INCLUDING, BUT NOT LIMITED TO, INTERNAL REVENUE SERVICE FORMS W-8BEN, W-8BEN-E, W-8IMY, W-8ECI, W-8EXP AND W-9 (OR ANY SUCCESSOR FORMS)) AS (1) WOULD REDUCE OR ELIMINATE (I) ANY TAXES PAYABLE BY, OR WITHHELD WITH RESPECT TO AMOUNTS PAYABLE TO, THE ISSUER OR ANY OTHER ISSUER GROUP MEMBER OR (II) WITHHOLDING TAXES IMPOSED ON ANY AMOUNT PAYABLE BY THE TRUSTEE OR ANY AMOUNT PAID OR PAYABLE BY THE ISSUER UNDER THE INDENTURE AND/OR (2) MAY BE HELPFUL (AS REASONABLY DETERMINED BY THE ADMINISTRATIVE AGENT, THE ISSUER OR THE TRUSTEE EACH IN ITS SOLE DISCRETION) FOR THE TRUSTEE OR THE ISSUER TO SATISFY ITS OBLIGATIONS RELATING TO FATCA, WITHHOLDING (INCLUDING BACKUP WITHHOLDING) AND INFORMATION REPORTING UNDER THE CODE AND ANY OTHER APPLICABLE LAW. EACH HOLDER AND BENEFICIAL OWNER OF A NOTE, BY THE ACCEPTANCE OF SUCH NOTE OR ACQUISITION OF ANY BENEFICIAL INTEREST THEREIN, COVENANTS AND AGREES, FOR THE BENEFIT OF THE ISSUER, (I) AT THE TIME OR TIMES PRESCRIBED BY APPLICABLE LAW FOLLOWING A REASONABLE WRITTEN REQUEST BY THE ADMINISTRATIVE AGENT, THE ISSUER OR THE TRUSTEE OR THEIR AGENTS, TO OBTAIN AND PROVIDE THE

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 59 - ADMINISTRATIVE AGENT, THE ISSUER OR THE TRUSTEE, THE FATCA RESPONSIBLE OFFICER OR THEIR AGENTS WITH INFORMATION OR DOCUMENTATION RELATING TO SUCH PERSON, AND TO UPDATE OR CORRECT SUCH INFORMATION OR DOCUMENTATION, AS IS NECESSARY OR HELPFUL (IN THE GOOD FAITH SOLE DETERMINATION OF THE ISSUER, THE TRUSTEE OR THEIR AGENTS AS APPLICABLE) FOR THE ISSUER, ANY OTHER ISSUER GROUP MEMBER AND THE TRUSTEE, OR THEIR AGENTS, TO COMPLY WITH THEIR OBLIGATIONS UNDER FATCA, AND (II) THAT THE ISSUER, ANY OTHER ISSUER GROUP MEMBER, THE TRUSTEE AND/OR THE FATCA RESPONSIBLE OFFICER MAY (1) PROVIDE SUCH INFORMATION AND DOCUMENTATION AND ANY OTHER INFORMATION CONCERNING AN INVESTMENT IN THE NOTES TO THE UNITED STATES INTERNAL REVENUE SERVICE AND ANY OTHER RELEVANT TAXING AUTHORITY AND (2) TAKE SUCH OTHER STEPS AS THEY DEEM NECESSARY OR HELPFUL TO COMPLY WITH THEIR OBLIGATIONS (OR THE OBLIGATIONS OF ANY OTHER ISSUER GROUP MEMBER) UNDER FATCA. (b) Each Global Note shall also bear the following legend: UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IN EXCHANGE FOR THIS NOTE IS REGISTERED IN THE NAME OF CEDE & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE. [Insert for each Note that is not subject to the rules for contingent payment debt, but in the case of a Series A Note, only if such Series A Note is issued with more than de minimis OID, as determined under U.S. federal income tax principles.] [THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT ("OID") FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE CODE. FOR INFORMATION REGARDING THE ISSUE DATE, ISSUE PRICE, YIELD TO MATURITY AND AMOUNT OF OID, PLEASE CONTACT WILLIS LEASE FINANCE CORPORATION, 4700 LYONS TECHNOLOGY PARKWAY, COCONUT CREEK, FL 33073, ATTENTION: GENERAL COUNSEL.] - 60 - [In lieu of the prior OID legend, insert for any Series of Notes treated as subject to the rules for contingent payment debt for U.S. federal income tax purposes] [THE FOLLOWING INFORMATION IS SUPPLIED SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES. THIS NOTE IS SUBJECT TO THE RULES FOR DEBT INSTRUMENTS WITH CONTINGENT PAYMENTS UNDER TREASURY REGULATION SECTION 1.1275-4. FOR INFORMATION REGARDING THE ISSUE PRICE, THE ISSUE DATE, THE COMPARABLE YIELD AND THE PROJECTED PAYMENT SCHEDULE FOR THIS NOTE, HOLDERS SHOULD SUBMIT A WRITTEN REQUEST TO THE ISSUER C/O WILLIS LEASE FINANCE CORPORATION, 4700 LYONS TECHNOLOGY PARKWAY, COCONUT CREEK, FL 33073, ATTENTION: GENERAL COUNSEL.] THE HOLDER AND EACH BENEFICIAL OWNER OF THIS NOTE COVENANTS AND AGREES THAT IT WILL TREAT THIS NOTE AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND WILL NOT TAKE ANY ACTION CONTRARY TO SUCH CHARACTERIZATION, INCLUDING, WITHOUT LIMITATION, FILING ANY TAX RETURNS OR FINANCIAL STATEMENTS INCONSISTENT THEREWITH. (c) Each Regulation S Temporary Global Note shall bear the following legend: PRIOR TO THE EXPIRATION OF A RESTRICTED PERIOD ENDING ON THE EXPIRATION OF THE 40-DAY "DISTRIBUTION COMPLIANCE PERIOD" (AS DEFINED IN RULE 902(F) OF REGULATION S) OR SUCH LATER DATE AS THE ISSUER MAY NOTIFY TO THE TRUSTEE, THIS NOTE, OR ANY BENEFICIAL INTEREST HEREIN, MAY NOT BE RESOLD OR OTHERWISE TRANSFERRED EXCEPT (A) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S OR (B) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A AND, IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION. (d) Each Definitive Note shall also bear the following legend: IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR SUCH CERTIFICATES AND OTHER INFORMATION AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS AND THE OTHER RESTRICTIONS CONTAINED IN THE INDENTURE. [Insert for each Note that is not subject to the rules for contingent payment debt, but in the case of a Series A Note, only if such Series A Note is issued with more than de minimis OID, as determined under U.S. federal income tax principles.] [THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT ("OID") FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE CODE. FOR INFORMATION REGARDING THE ISSUE DATE, ISSUE PRICE, YIELD TO MATURITY AND AMOUNT OF OID, PLEASE CONTACT - 61 - WILLIS LEASE FINANCE CORPORATION, 4700 LYONS TECHNOLOGY PARKWAY, COCONUT CREEK, FL 33073, ATTENTION: GENERAL COUNSEL.] [In lieu of the prior OID legend, insert for any Series of Notes treated as subject to the rules for contingent payment debt for U.S. federal income tax purposes] [THE FOLLOWING INFORMATION IS SUPPLIED SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES. THIS NOTE IS SUBJECT TO THE RULES FOR DEBT INSTRUMENTS WITH CONTINGENT PAYMENTS UNDER TREASURY REGULATION SECTION 1.1275-4. FOR INFORMATION REGARDING THE ISSUE PRICE, THE ISSUE DATE, THE COMPARABLE YIELD AND THE PROJECTED PAYMENT SCHEDULE FOR THIS NOTE, HOLDERS SHOULD SUBMIT A WRITTEN REQUEST TO THE ISSUER C/O WILLIS LEASE FINANCE CORPORATION, 4700 LYONS TECHNOLOGY PARKWAY, COCONUT CREEK, FL 33073, ATTENTION: GENERAL COUNSEL.] THE HOLDER AND EACH BENEFICIAL OWNER OF THIS NOTE COVENANTS AND AGREES THAT IT WILL TREAT THIS NOTE AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND WILL NOT TAKE ANY ACTION CONTRARY TO SUCH CHARACTERIZATION, INCLUDING, WITHOUT LIMITATION, FILING ANY TAX RETURNS OR FINANCIAL STATEMENTS INCONSISTENT THEREWITH. (e) Each Series A Note shall also bear the following legend: BY ITS ACQUISITION OR ACCEPTANCE OF THIS NOTE OR ANY INTEREST HEREIN, THE HOLDER WILL BE DEEMED TO HAVE AGREED AND ACKNOWLEDGED THAT UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, THE HOLDERS OF THE SERIES B NOTES, THE HOLDERS OF ANY SERIES C NOTES AND THE CERTIFICATE HOLDERS WILL HAVE THE RIGHT TO PURCHASE ALL SERIES A NOTES ISSUED UNDER THE INDENTURE TO WHICH THIS NOTE RELATES, INCLUDING THIS NOTE, IN ACCORDANCE WITH THE TERMS OF SECTION 4.13, 4.14 OR 4.15, AS APPLICABLE, OF THE INDENTURE TO WHICH THIS NOTE RELATES. BY ITS ACQUISITION OR ACCEPTANCE OF THIS NOTE OR ANY INTEREST HEREIN, THE HOLDER WILL BE DEEMED TO HAVE REPRESENTED, WARRANTED AND AGREED (OR IN THE CASE OF A DEFINITIVE NOTE WILL BE REQUIRED TO REPRESENT, WARRANT AND AGREE) THAT EITHER: (A) NO ASSETS OF (I) AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), (II) A PLAN SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), (III) A PLAN, ACCOUNT OR ARRANGEMENT (SUCH AS A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN) THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER NON- U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE ("SIMILAR LAW") OR (IV) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE ASSETS OF ANY SUCH - 62 - EMPLOYEE BENEFIT PLAN, PLAN, ACCOUNT OR ARRANGEMENT, HAVE BEEN USED TO ACQUIRE OR HOLD THIS NOTE OR ANY INTEREST HEREIN; OR (B) THE ACQUISITION AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN BY THE HOLDER DO NOT AND WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW, AS APPLICABLE. (f) Each Series B Note shall also bear the following legend: BY ITS ACQUISITION OR ACCEPTANCE OF THIS NOTE OR ANY INTEREST HEREIN, THE HOLDER WILL BE DEEMED TO HAVE AGREED AND ACKNOWLEDGED THAT UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, THE HOLDERS OF ANY SERIES C NOTES AND THE CERTIFICATE HOLDERS WILL HAVE THE RIGHT TO PURCHASE ALL SERIES B NOTES ISSUED UNDER THE INDENTURE TO WHICH THIS NOTE RELATES, INCLUDING THIS NOTE, IN ACCORDANCE WITH THE TERMS OF SECTION 4.14 OR 4.15, AS APPLICABLE, OF THE INDENTURE TO WHICH THIS NOTE RELATES. BY ITS ACQUISITION OR ACCEPTANCE OF THIS NOTE OR ANY INTEREST HEREIN, THE HOLDER WILL BE DEEMED TO HAVE REPRESENTED, WARRANTED AND AGREED (OR IN THE CASE OF A DEFINITIVE NOTE WILL BE REQUIRED TO REPRESENT, WARRANT AND AGREE) THAT EITHER: (A) NO ASSETS OF (I) AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), (II) A PLAN SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), (III) A PLAN, ACCOUNT OR ARRANGEMENT (SUCH AS A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN) THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER NON- U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE ("SIMILAR LAW") OR (IV) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN, PLAN, ACCOUNT OR ARRANGEMENT, HAVE BEEN USED TO ACQUIRE OR HOLD THIS NOTE OR ANY INTEREST HEREIN; OR (B) THE ACQUISITION AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN BY THE HOLDER DO NOT AND WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW, AS APPLICABLE. (g) Each Series C Note shall also bear the following legend: BY ITS ACQUISITION OR ACCEPTANCE OF THIS NOTE OR ANY INTEREST HEREIN, THE HOLDER WILL BE DEEMED TO HAVE REPRESENTED, WARRANTED AND AGREED (OR IN THE CASE OF A DEFINITIVE NOTE WILL BE REQUIRED TO REPRESENT, WARRANT AND AGREE) THAT, OTHER THAN

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 63 - A PURCHASER ON THE CLOSING DATE OF THE ISSUANCE OF SUCH NOTE THAT HAS EXECUTED AN ERISA CERTIFICATE, NO ASSETS OF (I) AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), (II) A PLAN SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), (III) A PLAN, ACCOUNT OR ARRANGEMENT (SUCH AS A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN) THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE ("SIMILAR LAW") OR (IV) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN, PLAN, ACCOUNT OR ARRANGEMENT, HAVE BEEN USED TO ACQUIRE OR HOLD THIS NOTE OR ANY INTEREST HEREIN. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THE INDENTURE, THE ISSUER AND EACH HOLDER OF A SERIES C NOTE AGREES (AND EACH PERSON BY VIRTUE OF ACQUIRING A BENEFICIAL INTEREST IN A SERIES C NOTE (OR BY VIRTUE OF AGREEING TO ACT AS AN AGENT, REPRESENTATIVE OR INTERMEDIARY OF OR WITH RESPECT TO THE HOLDER OF SUCH A BENEFICIAL INTEREST) IS DEEMED TO AGREE) THAT HE, SHE OR IT SHALL NOT MAKE ANY ISSUANCE, DELIVERY, SALE, TRANSFER OR OTHER DISPOSITION OF ANY SERIES C NOTE (OR ANY BENEFICIAL INTEREST IN A SERIES C NOTE), AND ANY ISSUANCE, DELIVERY, SALE, TRANSFER OR OTHER DISPOSITION OF A SERIES C NOTE (OR ANY BENEFICIAL INTEREST IN A SERIES C NOTE) WILL NOT BE EFFECTIVE AND WILL BE VOID AB INITIO, IF IT WOULD RESULT IN THE ISSUER BEING CLASSIFIED AS AN ASSOCIATION (OR A PUBLICLY TRADED PARTNERSHIP) TAXABLE AS A CORPORATION FOR U.S. FEDERAL INCOME TAX PURPOSES. WITHOUT LIMITING THE FOREGOING, EACH HOLDER OF A SERIES C NOTE AGREES (AND EACH PERSON BY VIRTUE OF ACQUIRING A BENEFICIAL INTEREST IN A SERIES C NOTE (OR BY VIRTUE OF AGREEING TO ACT AS AN AGENT, REPRESENTATIVE OR INTERMEDIARY OF OR WITH RESPECT TO THE HOLDER OF SUCH A BENEFICIAL INTEREST) IS DEEMED TO AGREE) THAT HE, SHE OR IT SHALL NOT MAKE ANY TRANSFER, ASSIGNMENT, PARTICIPATION, PLEDGE OR OTHER DISPOSITION OF THIS NOTE (OR BENEFICIAL INTEREST IN A SERIES C NOTE), INCLUDING DERIVATIVELY, AND ANY TRANSFER, ASSIGNMENT, PARTICIPATION, PLEDGE OR OTHER DISPOSITION OF ANY SERIES C NOTE (OR BENEFICIAL INTEREST IN A SERIES C NOTE), INCLUDING DERIVATIVELY, WILL NOT BE EFFECTIVE AND WILL BE VOID AB INITIO, IF SUCH DISPOSITION PURPORTS TO BE A TRADE ON OR THROUGH ANY "ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(B)(1) OF THE CODE, INCLUDING AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS. IN ADDITION, NOTWITHSTANDING THE FOREGOING OR ANYTHING ELSE IN THE INDENTURE TO THE CONTRARY, THE ISSUER AND EACH HOLDER OF A SERIES C NOTE AGREES (AND EACH PERSON BY VIRTUE OF ACQUIRING A BENEFICIAL INTEREST IN A SERIES C - 64 - NOTE (OR BY VIRTUE OF AGREEING TO ACT AS AN AGENT, REPRESENTATIVE OR INTERMEDIARY OF OR WITH RESPECT TO THE HOLDER OF SUCH A BENEFICIAL INTEREST) IS DEEMED TO AGREE) THAT HE, SHE OR IT SHALL NOT MAKE ANY ISSUANCE OR TRANSFER OF A SERIES C NOTE (OR ANY BENEFICIAL INTEREST THEREIN), INCLUDING DERIVATIVELY, AND ANY ISSUANCE OR TRANSFER OF A SERIES C NOTE (OR ANY BENEFICIAL INTEREST THEREIN), WILL NOT BE EFFECTIVE AND WILL BE VOID AB INITIO, IF IMMEDIATELY FOLLOWING SUCH ISSUANCE OR TRANSFER, MORE THAN 85 PERSONS IN THE AGGREGATE WOULD HOLD THE SERIES C NOTES (OR BENEFICIAL INTERESTS THEREIN). BY ITS ACQUISITION OF A SERIES C NOTE, EACH HOLDER OF A SERIES C NOTE (EACH A "RELEVANT HOLDER") REPRESENTS AND WARRANTS (AND BY ITS ACQUISITION OF ANY BENEFICIAL INTEREST IN A SERIES C NOTE, THE HOLDER OF SUCH BENEFICIAL INTEREST (AN "INTEREST HOLDER") IS DEEMED TO REPRESENT AND WARRANT) TO THE ISSUER THAT, TO THE EXTENT SUCH RELEVANT HOLDER (OR INTEREST HOLDER) IS A PARTNERSHIP, A LIMITED LIABILITY COMPANY OR OTHER ENTITY OR ARRANGEMENT TREATED AS A PARTNERSHIP, A GRANTOR TRUST OR AN "S" CORPORATION, IN EACH CASE FOR U.S. FEDERAL INCOME TAX PURPOSES, (EACH, A "FLOW-THROUGH ENTITY"), (A) NO PERSON OWNS, DIRECTLY OR INDIRECTLY THROUGH ONE OR MORE FLOW-THROUGH ENTITIES, AN INTEREST IN SUCH RELEVANT HOLDER (OR INTEREST HOLDER) SUCH THAT SUBSTANTIALLY ALL (WITHIN THE MEANING OF TREASURY REGULATION SECTION 1.7704-1(H)(3)) OF THE VALUE OF SUCH PERSON'S INTEREST IN SUCH RELEVANT HOLDER (OR INTEREST HOLDER) IS ATTRIBUTABLE TO SUCH RELEVANT HOLDER'S (OR INTEREST HOLDER'S) INVESTMENT IN SERIES C NOTES OF ANY SERIES OR OTHER INTERESTS IN THE ISSUER TREATED AS EQUITY FOR U.S. FEDERAL INCOME TAX PURPOSES (OR BENEFICIAL INTERESTS THEREIN) OR (B) IF SUCH A PERSON DOES OWN SUCH AN INTEREST, IT IS NOT A PRINCIPAL PURPOSE OF THE USE OF A TIERED ARRANGEMENT AMONG SUCH PERSON, SUCH RELEVANT HOLDER (OR INTEREST HOLDER), AND THE ISSUER TO PERMIT THE ISSUER TO SATISFY THE 100-PARTNER LIMITATION IN TREASURY REGULATION SECTION 1.7704(H)(1)(II). EACH HOLDER OF A SERIES C NOTE AND ANY OWNER OF A BENEFICIAL INTEREST IN SUCH SERIES C NOTE (EXCLUDING, FOR THE AVOIDANCE OF DOUBT, ANY INITIAL PURCHASER ACTING IN ITS CAPACITY AS SUCH) REPRESENTS AND AGREES (OR BY ACQUIRING A BENEFICIAL INTEREST IN SUCH SERIES C NOTE SHALL BE DEEMED TO REPRESENT AND AGREE) THAT NEITHER SUCH HOLDER (OR OWNER) NOR ANY OF ITS EXPANDED AFFILIATES (OR, IF IT IS A DISREGARDED ENTITY, THE EXPANDED AFFILIATES OF THE CORPORATION OF WHICH IT IS A BRANCH) OWNS OR WILL THEREAFTER (FOR SO LONG AS SUCH SERIES C NOTE IS OWNED BY THE HOLDER (OR A BENEFICIAL INTEREST THEREIN IS OWNED BY SUCH OWNER)) OWN ANY NOTES OF A SERIES SENIOR TO SUCH SERIES C NOTE ("SENIOR NOTES"), UNLESS SUCH HOLDER (OR OWNER) HAS (1) RECEIVED - 65 - A PRIOR EXPRESS WRITTEN WAIVER OF THIS REQUIREMENT FROM THE ISSUER OR ITS AGENTS OR (2) OBTAINED AND PROVIDED TO THE ISSUER AN OPINION OF U.S. TAX COUNSEL TO THE EFFECT THAT, UNDER THEN- EXISTING LAW, SUCH ACQUISITION AND OWNERSHIP OF SENIOR NOTES SHOULD NOT (ASSUMING SOLELY FOR THIS PURPOSE THAT THE SERIES C NOTES ARE TREATED FOR U.S. FEDERAL INCOME TAX PURPOSES AS EQUITY) CAUSE SECTION 385 OF THE CODE, AND ANY PROPOSED, TEMPORARY, OR FINAL REGULATIONS OF THE U.S. DEPARTMENT OF TREASURY PROMULGATED THEREUNDER, TO APPLY TO SUCH NOTES SO AS TO CAUSE ANY SUCH SENIOR NOTES TO BE RECLASSIFIED AS EQUITY FOR U.S. FEDERAL INCOME TAX PURPOSES. BY ITS ACQUISITION OR ACCEPTANCE OF THIS NOTE OR ANY INTEREST HEREIN, THE HOLDER WILL BE DEEMED TO HAVE AGREED AND ACKNOWLEDGED THAT UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, THE CERTIFICATE HOLDERS WILL HAVE THE RIGHT TO PURCHASE ALL SERIES C NOTES ISSUED UNDER THE INDENTURE TO WHICH THIS NOTE RELATES, INCLUDING THIS NOTE, IN ACCORDANCE WITH THE TERMS OF SECTION 4.15 OF THE INDENTURE TO WHICH THIS NOTE RELATES. Section 2.03 Registrar and Paying Agent. (a) With respect to each Series of Notes, there shall at all times be maintained an office or agency in the location set forth in clause (a) of the definition of Corporate Trust Office, in the case of the Trustee, where such Notes may be presented or surrendered for registration of transfer or for exchange (each, a "Registrar") and for payment thereof (each, a "Paying Agent") and where notices and demands in respect of the payment of such Notes may be served. For so long as a Series of Notes are listed on any stock exchange, the Issuer shall appoint and maintain a Paying Agent in respect of such Series and a listing agent in the jurisdiction in which such stock exchange is located. The Issuer shall cause the Registrar of such Series (acting as agent of the Issuer, solely for U.S. federal income tax purposes) to keep a register of each registered holder of each Note in such Series, of the increase and decrease thereof, and of their transfer and exchange, as well as the Outstanding Principal Balance of, each Outstanding Note (which, absent manifest error, shall be conclusive evidence of the Outstanding Principal Balance of, each Outstanding Note) (the "Register"). Written notice of any change of location of such office or agency shall be given by the Trustee to the Issuer and the Holders of such Series. In the event that no such office or agency shall be maintained or no such notice of location or of change of location shall be given, presentations and demands may be made and notices may be served at the Corporate Trust Office of the Trustee, who shall act as the Registrar. (b) Each Authorized Agent shall be a bank, corporation or trust company organized and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, with a combined capital and surplus of at least $250,000,000 (or having a combined capital and surplus in excess of $5,000,000 and the obligations of which, whether now in existence or hereafter incurred, are fully and unconditionally Guaranteed by a corporation organized and doing business under the laws of the United States of America, any state or territory thereof or of the District of Columbia and having a combined capital and surplus of at least $250,000,000) and shall be authorized under the laws of the United States of America or any state or territory thereof to exercise - 66 - corporate trust powers, subject to supervision by federal or state authorities, as applicable (such requirements, the "Eligibility Requirements"). The Trustee shall initially be the Paying Agent and Registrar hereunder with respect to each Series of Notes. Each Registrar, other than the Trustee shall furnish to the Trustee, at stated intervals of not more than six months, and at such other times as the Trustee may request in writing, a copy of the Register maintained by such Registrar. (c) Any Person into which any Authorized Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, consolidation or conversion to which any Authorized Agent shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of any Authorized Agent, shall be the successor of such Authorized Agent hereunder, if such successor Person is otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the parties hereto or such Authorized Agent or such successor Person. (d) Any Authorized Agent may at any time resign by giving Written Notice of resignation to the Trustee and the Issuer. The Issuer may, and at the request of the Trustee shall, at any time terminate the agency of any Authorized Agent by giving Written Notice of termination to such Authorized Agent and to the Trustee. Upon the resignation or termination of an Authorized Agent or if at any time any such Authorized Agent shall cease to be eligible under this Section (when, in either case, no other Authorized Agent performing the functions of such Authorized Agent shall have been appointed by the Trustee), the Issuer shall promptly appoint one or more qualified successor Authorized Agents, reasonably satisfactory to the Trustee, to perform the functions of the Authorized Agent which has resigned or whose agency has been terminated or who shall have ceased to be eligible under this Section. The Issuer shall give Written Notice of any such appointment made by it to the Trustee; and in each case the Trustee shall provide notice of such appointment to all Holders of the related Series as their names and addresses appear on the Register. (e) The Issuer agrees to pay, or cause to be paid, from time to time to each Authorized Agent reasonable compensation for its services and to reimburse it for its reasonable expenses to be agreed to pursuant to separate agreements with each such Authorized Agent. Section 2.04 Paying Agent to Hold Money in Trust. The Trustee shall require each Paying Agent other than the Trustee to agree in writing that all moneys deposited with any Paying Agent for the purpose of any payment on the Notes shall be deposited and held in trust for the benefit of the Holders (with regard to payments on the Notes), subject to the provisions of this Section. Moneys so deposited and held in trust shall constitute a separate trust fund for the benefit of the Holders with respect to which such money was deposited. The Trustee may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, direct any Paying Agent to pay to the Trustee all sums held in trust by such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 67 - Section 2.05 Method of Payment. (a) On each Payment Date and each Redemption Date, the Trustee shall, or shall instruct a Paying Agent for each Series to, pay, to the extent of the Available Collections or other amounts therefor transferred to a Series Account of such Series, to the Holders all principal, Redemption Price or Outstanding Principal Balance of, and Interest Amount (and if applicable, Step-Up Interest Amount) on, the Notes of such Series (and such other interest as is payable hereunder in respect of the foregoing); provided that in the event and to the extent receipt of any payment is not confirmed by the Trustee or Paying Agent by 1:00 p.m. (New York City time) on such Payment Date or Redemption Date, distribution thereof shall be made on the Business Day following the Business Day such payment is received. Each payment with respect to any Series of Notes shall be made by the Trustee or Paying Agent to the Holders as of the Record Date for such payment. (b) Payments on a Payment Date with respect to (i) any Notes in the form of Global Notes shall be made by wire transfer to or as instructed by the Depositary (which such instructions shall be delivered at least five Business Days before the applicable Payment Date) so long as it is the Holder thereof and (ii) Notes in the form of Definitive Notes shall be made by check mailed to each Holder of a Definitive Note determined on the applicable Record Date, at its address appearing in the applicable Register; alternatively, Holders of Definitive Notes, upon application in writing to the Trustee, not later than the applicable Record Date, may have such payment made by wire transfer to an account designated by such Holder at a financial institution in the United States (or other location agreed by the Trustee); provided that Holders of Definitive Notes having an aggregate principal amount of not less than $1,000,000 shall have such payment made by wire transfer to an account designated by such Holder at a financial institution in the United States (or other location agreed by the Trustee). The final payment with respect to any Global Note or Definitive Note, however, shall be made only upon presentation and surrender of such Note by the Holder or its agent at the Corporate Trust Office or agency of the Trustee or Paying Agent specified in the notice given by the Trustee or Paying Agent with respect to such final payment or in the applicable redemption notice. The Trustee or Paying Agent shall provide such notice of the final payment of each Note to the Holder thereof, specifying the date and amount of such final payment, no later than five Business Days prior to such final payment, except that if the final payment is made in connection with a Redemption or Refinancing on a Redemption Date, notice of such final payment, including the date and amount of such final payment, will be included in the applicable redemption notice. (c) Any and all payments and deposits required to be made under this Indenture or the Notes by the Issuer to or for the benefit of a Holder shall, except as otherwise required by Applicable Law, be made free and clear of, and without deduction for any and all present or future Taxes and all liabilities with respect thereto, now or hereafter imposed, levied, collected, withheld or assessed by any governmental authority. (d) Upon the request of the Trustee, the Issuer or the Issuer Subsidiaries, the Administrative Agent shall use commercially reasonable efforts to cause each Holder (by reference to the obligations of each Holder and beneficial owner of a Note set forth in Section 2.16) or any other Person to whom the Issuer, the Issuer Subsidiaries, the Trustee, the Security Trustee or the Operating Bank is to make a payment to provide, to the extent - 68 - such Holder or such Person is legally able to do so, such properly completed and executed documentation, information or certification (including, but not limited to, Internal Revenue Service Forms W-8BEN, W-8BEN-E, W-8IMY, W-8ECI, W-8EXP and W-9 (or any successor forms)) as (i) would reduce or eliminate withholding Taxes (including backup withholding Taxes) imposed on any amount paid or payable to the Issuer or an Issuer Subsidiary or by the Trustee and/or (ii) may be helpful (as reasonably determined by the Issuer, the Issuer Subsidiaries or the Trustee each in its sole discretion) for the Trustee, the Issuer and the Issuer Subsidiaries to satisfy its obligations relating to FATCA, withholding (including backup withholding) and information reporting under the Code and any other Applicable Law. Upon the request of the Trustee, the Issuer or the Issuer Subsidiaries, the Administrative Agent shall direct a tax advisor to provide a written statement to the Trustee, the Issuer or the Issuer Subsidiaries as to the source and character for U.S. federal income Tax purposes of any payment described in the preceding sentence. (e) The Trustee shall distribute all amounts deposited in the Series Account for a Series of Notes to the Holders of such Series in proportion to each Holder's portion of the Outstanding Principal Balance of such Series, unless the Administrative Agent instructs the Trustee otherwise in accordance with the terms of this Indenture. (f) Neither the Trustee, the Administrative Agent nor the Paying Agent shall have any duties or obligations in connection with withholding taxes in respect of any non- U.S. jurisdiction, except to make payments in connection therewith in accordance with the written instructions of the Administrative Agent. Notwithstanding the foregoing, in the event that the Administrative Agent is explicitly made aware (based on information and notices provided to it by the Holders and instructions of the Issuer) that the Issuer is required pursuant to Applicable Laws to withhold amounts of payments of interest payable to any Holders, the Administrative Agent shall so notify the Trustee in writing and, for each Payment Date (or other date on which a payment is to be made hereunder) for which such withholding is required, (i) specify the principal, interest and distribution amounts to be distributed to each Holder (allocated by Holder in the case of distributions to the Holders) in the applicable Written Notice, (ii) specify how to apply the amount withheld in the applicable Written Notice, and (iii) provide the Written Notice for each such Payment Date (or other date on which a payment is to be made hereunder) no later than 10:00 a.m. (New York time) four Business Days prior to the relevant Payment Date (or other date on which a payment is to be made hereunder). (g) If the Issuer, the Trustee, the Administrative Agent or the Paying Agent determines that any amounts are required under Applicable Law to be withheld from any payment to a Holder, the Issuer, the Trustee, the Administrative Agent or the Paying Agent may withhold such amounts, and any such amounts so withheld shall be treated as having been paid to the Person from whom such withholding was made (and for the avoidance of doubt, no additional amounts shall be paid to such Person with respect thereto). The consent of the Holders shall not be required for such withholding. Section 2.06 Minimum Denomination. The Notes shall be issued and may be transferred or exchanged only in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof, except, in the case of an Additional Issuance for the Additional Notes, as otherwise - 69 - set forth in the Additional Issuance Supplement providing for the issuance of such Additional Notes. Section 2.07 Transfer and Exchange; Cancellation. (a) Certain Transfers and Exchanges. A Global Note and the corresponding Beneficial Interests therein shall only be transferred in accordance with the Applicable Procedures of the Depositary and the circumstances described in this Indenture. All Global Notes will be exchanged by the Issuer for Notes in definitive registered form substantially as set forth in Exhibit A-1, A-2 or A-3 (as applicable) to this Indenture (each, a "Definitive Note") if (i) the Depositary notifies the Issuer or the Trustee in writing that it is no longer willing or able to properly discharge its responsibilities as depositary with respect to the Global Notes and a successor depositary is not appointed by the Depositary at the request of the Issuer within 90 days of such notice or (ii) after the occurrence of an Event of Default with respect to any Series of Notes the Holders representing a majority of the aggregate Outstanding Principal Balance of such Notes advise the Issuer, the Trustee and the Depositary through the Participants in writing that the continuation of a book-entry system through the Depositary (or a successor thereto) is no longer in the best interests of such Holders; provided that in no event shall the Regulation S Temporary Global Note be exchanged by the Issuer for Definitive Notes prior to (a) the expiration of the Restricted Period and (b) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. Upon surrender to the Trustee of the Global Notes of any Series, accompanied by registration instructions from the Holder of such Global Note as provided in this Indenture (and any other documentation reasonably requested by the Trustee), the Issuer shall issue and, upon written instructions of the Issuer, the Trustee shall authenticate and deliver Definitive Notes to the owners of Beneficial Interests therein. None of the Issuer, the Paying Agent or the Trustee shall be liable for any delay in delivery of such registration instructions and may conclusively rely on, and shall be fully protected in relying on, such registration instructions as provided in accordance with the terms of this Indenture. Upon the issuance of Definitive Notes of any Series, the Trustee shall recognize the Persons in whose name such Definitive Notes of such Series are registered in the Register as Holders of such Series hereunder. Neither the Issuer nor the Trustee shall be liable if the Trustee or the Issuer is unable to appoint a successor Depositary. The transfer and exchange of Beneficial Interests in Global Notes shall be effected through the Depositary, in accordance with this Indenture and the Applicable Procedures of the Depositary therefor. The transfer and exchange of Beneficial Interests shall be subject to restrictions on transfer comparable to those set forth in Section 2.12 and elsewhere herein. The Trustee shall have no obligation to ascertain the Depositary's compliance with any such restrictions on transfer or exchange. Any Beneficial Interest in one of the Global Notes of any Series that is transferred to a Person who will hold such Beneficial Interest in the form of an interest in another Global Note of such Series will, upon transfer, cease to be an interest in such first Global Note and become an interest in such other Global Note and, accordingly, will thereafter be subject to all transfer restrictions, if any, and other procedures applicable to Beneficial Interests in such other Global Note for as long as it holds such an interest therein. - 70 - Global Notes may also be exchanged or replaced, in whole or in part, as provided in Section 2.08. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof pursuant to Section 2.08 shall be authenticated and delivered in the form of, and shall be, a Global Note in registered form. A Global Note may not be exchanged for another Note other than as provided in Sections 2.07(a) and 2.08. (b) Transfer and Exchange of Definitive Notes. A Holder may transfer a Definitive Note only by written application to the Registrar stating the name of the proposed transferee (and, if applicable, by providing any other documentation reasonably requested by the Trustee) and otherwise complying with the terms of this Indenture. No such transfer shall be effective until, and such transferee shall succeed to the rights of a Holder only upon, final acceptance and registration of the transfer by the Registrar in the Register. Prior to the due presentment for registration of a transfer of a Definitive Note, the Issuer and the Trustee may deem and treat the applicable registered Holder as the absolute owner and holder of such Definitive Note for the purpose of receiving payment of all amounts payable with respect to such Definitive Note and for all other purposes and shall not be affected by any Written Notice to the contrary. The Registrar (if different from the Trustee) shall promptly notify the Trustee and the Trustee shall promptly notify the Issuer of each request for a registration of transfer of a Definitive Note. When Definitive Notes are presented to the Registrar with a request to register their transfer or to exchange them for Definitive Notes in authorized denominations that equal an aggregate equal principal amount of the exchanged Definitive Notes, the Registrar shall register the transfer or make the exchange as requested if its requirements for such transactions are met (including, in the case of a transfer, that such Definitive Notes are accompanied by a completed transfer notice in the form attached to such Definitive Notes duly executed by the Holder thereof (or by an attorney who is authorized in writing to act on behalf of the Holder)). To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall, upon the written order of the Issuer, authenticate Definitive Notes. Except as set forth in Sections 2.08 and 2.09, no service charge shall be made for any registration of transfer or exchange of any Definitive Notes. Neither the Registrar nor the Issuer shall be required to exchange or register the transfer of any Definitive Notes as above provided during the 15-day period preceding the Final Maturity Date of any such Notes or during the 15-day period after the first provision of any notice of Redemption of Notes to be redeemed. Neither the Registrar nor the Issuer shall be required to exchange or register the transfer of any Definitive Notes that have been selected, called or are being called for Redemption except, in the case of any Definitive Notes where notice has been given that such Definitive Notes are to be redeemed in part, the portion thereof not so to be redeemed. (c) Cancellation. The Issuer at any time may deliver Notes to the Trustee for cancellation. Each Registrar and Paying Agent shall forward to the Trustee for cancellation any Notes surrendered to them for transfer, exchange, payment or purchase. The Trustee and no one else shall cancel and destroy in accordance with its customary practices in effect from time to time any such Notes, together with any other Notes surrendered to it for

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 71 - registration of transfer, exchange or payment. The Issuer may not issue new Notes (other than Refinancing Notes issued in connection with any Refinancing) to replace Notes it has redeemed, paid or delivered to the Trustee for cancellation. Section 2.08 Mutilated, Destroyed, Lost or Stolen Notes. If any Definitive Note or Global Note shall become mutilated, destroyed, lost or stolen, the Issuer shall, upon the written request of the Holder thereof and presentation of such Note or satisfactory evidence of destruction, loss or theft thereof to the Trustee or Registrar, issue, and the Trustee shall, upon written order of the Issuer, authenticate and the Trustee or Registrar shall deliver in exchange therefor or in replacement thereof, a new Definitive Note or Global Note of the same Series, payable to such Holder in the same principal amount, of the same maturity, with the same payment schedule, bearing the same interest rate and dated the date of its authentication. If the Definitive Note or Global Note being replaced has become mutilated, such Note shall be surrendered to the Trustee or the Registrar and forwarded to the Issuer by the Trustee or the Registrar. If the Definitive Note or Global Note being replaced has been destroyed, lost or stolen, the Holder thereof shall furnish to the Issuer, the Trustee or the Registrar (a) such security or indemnity as may be required by them to hold the Issuer, the Trustee and the Registrar harmless and (b) evidence satisfactory to the Issuer, the Trustee and the Registrar of the destruction, loss or theft of such Definitive Note or Global Note and of the ownership thereof, provided that the requirements of this sentence with respect to any Holder that is a QIB shall be satisfied by delivery of an indemnity of such Holder in form and substance satisfactory to the Trustee and an affidavit of such Holder as to the destruction, loss or theft. The Holder(s) will be required to pay any Tax or other governmental charge imposed in connection with such exchange or replacement and any other expenses (including the fees and expenses of the Trustee and the Registrar) connected therewith. Section 2.09 Payments of Transfer Taxes. Upon the transfer of any Note or Notes pursuant to Section 2.07, the Issuer or the Trustee may require from the party requesting such new Note or Notes payment of a sum to reimburse the Issuer or the Trustee for, or to provide funds for the payment of, any transfer tax or similar governmental charge payable in connection therewith. Section 2.10 Refinancing; Additional Notes. (a) Subject to the remaining provisions of this Section 2.10 and Section 5.02(c)(ii), the Issuer may issue Refinancing Notes pursuant to this Indenture, the proceeds of which shall be used to fund a refinancing of a previously issued Series of Notes or may issue Additional Notes pursuant to this Indenture (an "Additional Issuance"). Each (i) refinancing of any such Series of Notes with the proceeds of an offering of Refinancing Notes (a "Refinancing") and (ii) Additional Issuance, in each case, shall be authorized pursuant to one or more Trustee Resolutions. A Refinancing shall be effected only following a Rating Agency Confirmation of the Series of Notes subject to such refinancing (unless all of the Notes of each Series then rated by the Rating Agencies will be refinanced in such Refinancing) and a Refinancing of Series A Notes or Series B Notes shall be effected only upon obtaining the prior written consent of the Initial Liquidity Facility Provider (unless a Liquidity Facility Non-Consent Event has occurred or will occur at the time of, or immediately after giving effect to, such Refinancing), such consent not to be unreasonably withheld or delayed. An Additional issuance shall be effected only following prior written notice to the Rating Agencies. The Issuer may only issue Refinancing Notes or Additional Notes if no Event of Default has occurred and is then continuing or will occur as a result of such Refinancing and issuance of any Refinancing Notes or as a result of such Additional Issuance and issuance of any Additional Notes, as applicable. Each - 72 - Refinancing Note and Additional Note shall constitute a "Note" for all purposes under this Indenture, and shall have the class or subclass designation and such further designations added or incorporated in such title as specified in the related Trustee Resolutions and in any Additional Issuance Supplement providing for the issuance of such Notes or specified in the form of such Notes, as the case may be. (b) A Refinancing of any Series of Notes in whole may occur on any Business Day after the Initial Closing Date and shall be effected as an Optional Redemption pursuant to Section 3.11(a). No partial Refinancing of any Series of Notes shall be permitted. On the date of any Refinancing, the Issuer shall issue and sell an aggregate principal amount of Refinancing Notes in an amount at least equal to the Redemption Price of the Notes being refinanced thereby (including any accrued and unpaid interest) plus the Refinancing Expenses relating thereto and any amount to be deposited in any Cash Collateral Account for such Refinancing Notes. The proceeds of each sale of Refinancing Notes shall be used to make the deposit required by Section 3.11(d), to pay such Refinancing Expenses, to fund any such Cash Collateral Account and for such other purposes as may be specified in the Trustee Resolution. (c) Each Additional Note and Refinancing Note shall contain such terms as may be established in or pursuant to the related Trustee Resolution (subject to Section 2.01), and any Additional Issuance Supplement providing for the issuance of such Notes or specified in the form of such Notes to the extent permitted below, and shall have the same ranking pursuant to Section 3.09 hereof with respect to all other obligations hereunder as to such Series to which such Additional Notes or Refinancing Notes belong. Prior to any Refinancing or Additional Issuance, any or all of the following, as applicable, with respect to the related issue of Refinancing Notes or Additional Notes shall have been determined by the Issuer and set forth in one or more Trustee Resolutions, in any Additional Issuance Supplement or specified in the form of such Notes, as the case may be: (i) the Series of Notes to be refinanced by such Refinancing Notes; and (ii) with respect to each Series of Refinancing Notes or Additional Notes to be issued: (A) the aggregate principal amount of such Refinancing Notes or Additional Notes that may be issued; (B) the proposed date of such Refinancing or Additional Issuance; (C) the Expected Final Payment Date, if applicable, and the Final Maturity Date of such Refinancing Notes or Additional Notes; (D) whether such Refinancing Notes or Additional Notes are to have the benefit of any Eligible Credit Facility and, if so, the amount and other terms thereof and/or the existence of any Cash Collateral Account and/or any increase in the Required Amount for any Cash Collateral Account; - 73 - (E) the rate at which such Refinancing Notes or Additional Notes shall bear interest or the method by which such rate shall be determined; (F) if other than denominations of $250,000 or higher integral multiples of $1,000 (with respect to Notes), the denomination or denominations in which such Refinancing Notes or Additional Notes shall be issuable; (G) whether beneficial owners of interests in any such permanent global Refinancing Note or Additional Notes may exchange such interests for Refinancing Notes or Additional Notes, as applicable, under which any such exchanges may occur, if other than in the manner provided in Section 2.07, and the circumstances under which and the place or places where any such exchanges may be made and the identity of any initial depositary therefor if not the Depositary; (H) the Series to which such Refinancing Notes belong; and (I) any other terms, conditions, rights and preferences (or limitations on such rights and preferences) relating to such Refinancing Notes or Additional Notes (which terms shall comply with Applicable Law and not be inconsistent with the requirements or restrictions of this Indenture, including Section 5.02(c)(ii)). If any of the terms of any issue of Refinancing Notes or Additional Notes are established by action taken pursuant to one or more Trustee Resolutions, such Trustee Resolutions shall be delivered by the Issuer to the Trustee setting forth the terms of such Refinancing Notes or Additional Notes. (d) In the case of Additional Notes, the Issuer shall have received prior written consent from the Servicer and the Certificate Holders. (e) In connection with any Refinancing or Additional Issuance, the Issuer shall pay to all parties to the Related Documents all reasonable costs and expenses related thereto. (f) Prior to issuance of any Additional Notes or Refinancing Notes after the Initial Closing Date, the Issuer shall obtain an opinion of counsel from U.S. Tax Counsel addressed to the Issuer and the Trustee, which opinion is based on and subject to only customary representations, assumptions and qualifications for an opinion of this nature, that such Notes either (x) will be treated as debt for U.S. federal income tax purposes (such notes, "Unrestricted Debt Notes") or (y) should be treated as debt for U.S. federal income tax purposes (such notes, "Restricted Debt Notes"). No Additional Notes may be issued unless they are either Unrestricted Debt Notes or Restricted Debt Notes. Section 2.11 [Reserved]. - 74 - Section 2.12 Special Transfer Provisions. (a) Certain Transfers and Exchanges of Beneficial Interests. In connection with all transfers and exchanges of a Beneficial Interest in a Global Note for a Definitive Note, the transferor of such Beneficial Interest must deliver to the Trustee either (i) (A) instructions given in accordance with the Applicable Procedures from a Participant directing the Depositary to credit or cause to be credited a Beneficial Interest corresponding to the specified Global Note in an amount equal to the Beneficial Interest to be transferred or exchanged, (B) a written order given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase in connection with such transfer or exchange and (C) instructions given by the Depositary to effect the transfer referred to in (i)(A) and (i) (B) above or (ii) (A) instructions given in accordance with Applicable Procedures from a Participant directing the Depositary to direct the Trustee to cause to be issued a Definitive Note by means of the process set forth in Section 2.07(a) (if permitted pursuant to Section 2.07) in an amount equal to the Beneficial Interest to be transferred or exchanged and (B) instructions given by the Holder of the Beneficial Interest in such Global Note to effect the transfer referred to in (ii)(A) above. (b) Transfer of Beneficial Interests in the Same Global Note. Beneficial Interests in a Global Note may be transferred to Persons who will hold such Beneficial Interest in the same Global Note in accordance with the transfer restrictions set forth in the Restrictive Legend and the Applicable Procedures. (c) Transfer of Beneficial Interests to Another Global Note. Beneficial Interests in one of the Global Notes may be transferred to Persons who will hold such Beneficial Interest in another Global Note subject to the following: (i) If a Holder of a Beneficial Interest in a Rule 144A Global Note deposited with the Depositary wishes at any time to exchange its Beneficial Interest in such Rule 144A Global Note for a Beneficial Interest in the Regulation S Global Note, or to transfer its Beneficial Interest in such Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of a Beneficial Interest in the corresponding Regulation S Global Note, the transferor of such Beneficial Interest must deliver to the Trustee (A) written instructions given in accordance with the Applicable Procedures from a Participant directing the Trustee, as Registrar, to cause to be credited a Beneficial Interest in the corresponding Regulation S Global Note in an amount equal to the Beneficial Interest in the Rule 144A Global Note to be exchanged or transferred, but not less than the minimum denomination applicable to Notes held through such Regulation S Global Note, (B) a written order given in accordance with the Applicable Procedures containing information regarding the Participant account of the Depositary and, in the case of a transfer or exchange pursuant to and in accordance with Regulation S, the Euroclear or Clearstream account to be credited with such increase and (C) a certificate in the form of Exhibit F hereto, including the certifications in item (2) thereof. The Trustee, as Registrar, will instruct the Depositary to reduce the principal amount of the Rule 144A Global Note and to increase the principal amount of the corresponding Regulation S Global Note by the aggregate principal amount of the Beneficial Interest in the Rule 144A Global Note to be exchanged or transferred, and to credit or cause to be credited to the account of the Person

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 75 - specified in such instructions a Beneficial Interest in such Regulation S Global Note equal to the reduction in the principal amount of the Rule 144A Global Note. (ii) If a Holder of a Beneficial Interest in a Regulation S Global Note deposited with the Depositary wishes at any time to exchange its Beneficial Interest in such Regulation S Global Note for a Beneficial Interest in the Rule 144 A Global Note or to transfer its Beneficial Interest in such Regulation S Global Note to a Person who wishes to take delivery thereof in the form of a Beneficial Interest in the corresponding Rule 144A Global Note, the transferor of such Beneficial Interest must deliver to the Trustee (A) written instructions from Euroclear and Clearstream or the Depositary, as the case may be, directing the Trustee, as Registrar, to cause to be credited a Beneficial Interest in the corresponding Rule 144A Global Note in an amount equal to the Beneficial Interest in the Regulation S Global Note to be exchanged or transferred but not less than the minimum denomination applicable to Notes held through such Rule 144A Global Notes, such instructions to contain information regarding the Participant account with the Depositary to be credited with such increase and (B) prior to or on the 40th day after the later of the commencement of the offering of the Notes and the Initial Closing Date (or, in the case of a Refinancing, on the date on which the Refinancing Notes relating to such Refinancing were issued, or in the case of the issuance of any Additional Notes on the date on which the Additional Notes were issued) (the "Restricted Period"), a certificate in the form of Exhibit F hereto, including the certifications in item (1) thereof. After the expiration of the Restricted Period the certification requirements of this clause (ii)(B) will no longer apply to such transfers. The Trustee, as Registrar, will instruct the Depositary to reduce the principal amount of the Regulation S Global Note and to increase the principal amount of the corresponding Rule 144A Global Note by the aggregate principal amount of the Beneficial Interest in the Regulation S Global Note to be transferred or exchanged and to credit or cause to be credited to the account of the Person specified in such instructions a Beneficial Interest in such Rule 144A Global Note equal to the reduction in the principal amount of the Regulation S Global Note. (d) Notation by the Trustee of Transfer of Beneficial Interests Among Global Notes. Upon satisfaction of the requirements for transfer of Beneficial Interests pursuant to paragraphs (a) and (c) above, the Depositary shall present to the Trustee (x) the relevant Global Note from which the Beneficial Interests are being transferred to reduce the principal amount of such Global Note and (y) the relevant Global Note to which the Beneficial Interests are being transferred to increase the principal amount of such Global Note, in each case, by the principal amount of such Beneficial Interests being transferred (and an appropriate notation shall be made thereon by the Trustee). The Trustee shall then promptly deliver appropriate instructions to the Depositary to reduce or reflect on its records a reduction of the Beneficial Interests, if any, in the Global Note from which the Beneficial Interests are being transferred by the principal amount of such Beneficial Interests, if any, and the Trustee shall promptly deliver appropriate instructions to the Depositary concurrently with such reduction, to increase or reflect on its records an increase of the Beneficial Interests, if any, in the Global Note to which Beneficial Interests are being transferred by the principal amount of such Beneficial Interests, and to credit or - 76 - cause to be credited to the account of the Participant specified in the instructions delivered by the transferor of such Beneficial Interests pursuant to paragraph (a) of this Section 2.12 the Beneficial Interests being transferred. (e) Exchange of Beneficial Interests for Definitive Notes. Any Definitive Note delivered in exchange for a Beneficial Interest corresponding to a Rule 144A Global Note or Regulation S Global Note, as the case may be, pursuant to this Indenture and Section 2.07(a) shall, except as otherwise provided by paragraph (f) of this Section 2.12, bear the Restrictive Legend set forth in Section 2.02. (f) Restrictive Legend. Upon the transfer, exchange or replacement of Definitive Notes not bearing the Restrictive Legend, the Registrar shall deliver Definitive Notes that do not bear the Restrictive Legend. Upon the transfer, exchange or replacement of Definitive Notes bearing the Restrictive Legend, the Registrar shall deliver only Definitive Notes that bear the Restrictive Legend unless, in the case of Initial Notes, there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Issuer and the Trustee to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. (g) General. By its acceptance of any Note bearing the Restrictive Legend, each Holder of such Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Restrictive Legend and agrees that it will transfer such Note only as provided in this Indenture and in such Note. By its acceptance of a Beneficial Interest corresponding to any Global Note, each such owner acknowledges the restrictions on transfer of such Beneficial Interest set forth in this Indenture and agrees that it will transfer such Beneficial Interest only as set forth in this Indenture. The Registrar shall not register a transfer of any Definitive Note unless such transfer complies with the restrictions on transfer of such Definitive Note set forth in this Indenture. In connection with any transfer of Notes or Beneficial Interests corresponding thereto, each Holder or owner thereof agrees by its acceptance of such Notes or such Beneficial Interests to furnish the Trustee or the Depositary, as the case may be, the certifications and legal opinions described herein to confirm that such transfer is being made pursuant to an exemption from, or a transaction not subject to, the registration requirements of the Securities Act; provided that the Trustee or Depositary, as the case may be, shall not be required to determine (but may rely on a determination made by the Issuer with respect to) the sufficiency of any such certifications or legal opinions. (h) Transfers of Global Notes. Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to nominees of the Depositary or to a successor of the Depositary or such successor's nominee. None of the Registrar, the Paying Agent or the Trustee shall be liable for any delivery of any instructions and each many conclusively rely on, and shall be fully protected in relying on, any registration instructions. Upon the issuance of Definitive Notes of any Series, the Trustee shall recognize the Persons in whose name the Definitive Notes are registered in the Register as Holders hereunder. The Trustee shall not be liable if the Issuer is unable to locate a qualified successor Depositary. - 77 - The Trustee shall retain copies of all letters, notices and other written communications received pursuant to this Section 2.12 in accordance with its customary procedures. The Issuer shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time during normal business hours upon the giving of reasonable Written Notice to the Trustee. Notwithstanding anything to the contrary contained herein, neither the Trustee nor any Authorized Agent shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among participants or indirect participants in any Global Note or any restrictions on transfer imposed under Section 2.16) other than, in the case of a transfer of a Note to a new Holder, to require delivery of such certificates and other documentation or evidence as are expressly required to be delivered to it by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. Section 2.13 [Reserved]. Section 2.14 Statements to Holders. (a) On the last Business Day before each Payment Date, the Issuer shall cause the Administrative Agent to deliver to the Trustee and the Controlling Trustees, and the Trustee shall promptly thereafter (but not later than such Payment Date) make available on the Trustee's Website to each Holder who has registered on the Trustee's Website and provided proof of its ownership of the Notes to the Trustee (each such Holder a "Certified Holder"), the Initial Liquidity Facility Provider, each Rating Agency and the Eligible Hedge Counterparties (or shall instruct the Paying Agent to distribute to such Persons), a written report signed by a Responsible Officer of the Administrative Agent, substantially in the form attached as Exhibit E-1 hereto prepared by the Administrative Agent and setting forth the information described therein (each, a "Monthly Report"). In addition, the Issuer shall cause the Administrative Agent to deliver a copy of each Monthly Report to Intex Solutions, Inc. The Issuer shall cause the Administrative Agent to deliver a copy of the Annual Budget for each year with the Monthly Report for January in such year, and the Trustee shall include a copy of such Annual Budget with the Monthly Report for January made available on the Trustee's Website to the Certified Holders. The Issuer shall cause the Administrative Agent to deliver to the Trustee, the Controlling Trustees, each Rating Agency, and the Initial Liquidity Facility Provider with the Monthly Report for each June (beginning in 2026), and the Trustee shall make available on the Trustee's Website with the Monthly Report for each June (beginning in 2026) to the Certified Holders, a written report signed by a Responsible Officer of the Administrative Agent, substantially as described in Exhibit E-2 hereto prepared by the Administrative Agent and setting forth the information described therein with respect to the prior calendar year (each, an "Annual Report"). The Trustee shall make available on the Trustee's Website a copy of each Monthly Report and Annual Report to any Certified Holder. The Trustee shall be permitted to change the method by which the Monthly Report or the Annual Report is distributed to Holders in order to make such distribution more convenient and/or more accessible to the Holders. The Trustee shall provide timely and adequate notification to the Holders of any such change. If a Series of Notes is then listed on any stock exchange, the Trustee also shall provide a copy of each Monthly Report - 78 - and each Annual Report to the applicable listing agent on behalf of such stock exchange if directed to do so by the Administrative Agent. (b) The Issuer shall cause the Administrative Agent to deliver, after the end of each calendar year, but not later than the latest date permitted by law, to the Trustee, the Initial Liquidity Facility Provider and the Controlling Trustees, and the Trustee shall (or shall instruct any Paying Agent to) furnish to each Person who at any time during such calendar year was a Holder of Notes during such calendar year, a statement prepared by the Administrative Agent containing the sum of the amounts determined pursuant to Exhibit E-1 hereto with respect to each Series of Notes for such calendar year or, in the event such Person was a Holder of Notes during only a portion of such calendar year, for the applicable portion of such calendar year, and such other items as are readily available to the Administrative Agent and which a Holder shall reasonably request as necessary for the purpose of such Holder's preparation of its U.S. federal income or other tax returns. So long as any of the Notes are Global Notes held by the Depositary or its nominee, such report and such other items will be prepared on the basis of such information supplied to the Administrative Agent by the Depositary, and will be delivered by the Trustee, when received from the Administrative Agent, to the Depositary in the manner described above. In the event that any such information has been provided by any Paying Agent directly to such Person through other tax-related reports or otherwise, the Trustee in its capacity as Paying Agent shall not be obligated to comply with such request for information. (c) The Issuer shall cause a copy of each statement, report or document described in Section 2.14(a) and Section 6.10 to be concurrently delivered by the Administrative Agent to each Rating Agency and the Servicer. (d) Any report required to be delivered to any Person other than the Trustee under this Section 2.14 may be furnished by mail, posting to the Trustee's Website or other electronic distribution. Any reports distributed by mail to any Holder shall be sent to the address of each such Holder as set forth in the Register. Access to the Trustee's Website will be password protected. Each Person to whom a report or other information is required to be given pursuant to this Section 2.14 will be required to register at the website, to complete a certification of holdings of Notes, or of its role in this transaction (upon which the Trustee shall be fully protected in relying) and shall be subject to the terms and other restrictions contained on the Trustee's Website. The Trustee may grant access to its website to the Persons referenced in Section 2.14(a) that appropriately complete such registration and certification process as described in the previous sentence. (e) At such time, if any, as the Notes are issued in the form of Definitive Notes, the Trustee shall deliver the information described in Section 2.14(b) to each Holder of a Definitive Note for the relevant period of ownership of such Definitive Note as appears on the records of the Registrar. (f) Following each Payment Date and any other date specified herein for distribution of any payments with respect to the Notes and prior to a Refinancing or Redemption (unless the Administrative Agent is required to provide such notice pursuant hereto), the Trustee shall cause notice thereof to be given, so long as such Notes are

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 79 - registered with DTC, Euroclear and/or Clearstream, to DTC, Euroclear and/or Clearstream for communication by them to Holders. If a Series of Notes is listed on a stock exchange, the Trustee shall provide such notices regarding a Refinancing or Redemption of such Series, amendment relating to the terms of such Series or other matters as the Administrative Agent shall direct. (g) The Trustee shall be at liberty to sanction some other method of giving notice to the Holders if, in its opinion, such other method is reasonable, having regard to the number and identity of the Holders and/or to market practice then prevailing, is in the best interests of the Holders and will comply with the rules of any stock exchange on which any Notes are listed as confirmed by the listing agent for such stock exchange or such other stock exchange (if any) on which the Notes are then listed, and any such notice shall be deemed to have been given on such date as the Trustee may approve; provided that notice of such method is given to the Holders in such manner as the Trustee shall require. (h) Notwithstanding the above, any notice to the Holders of any Series of Global Notes shall be validly given by delivery of the relevant notice to the Depositary, Euroclear and/or Clearstream for communication by them to such Holders. Any such notice shall be deemed to have been given on the first day on which any of such conditions shall have been met. Section 2.15 CUSIP and ISIN Numbers. The Issuer in issuing the Notes may use "CUSIP", "ISIN" or other identification numbers (if then generally in use), and if so, the Trustee shall use CUSIP numbers, ISIN numbers or other identification numbers, as the case may be, in notices of redemption or exchange as a convenience to Holders; provided that any such notice shall state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption or exchange and that reliance may be placed only on the other identification numbers printed on the Notes; provided further, that failure to use "CUSIP", "ISIN" or other identification numbers in any notice of redemption or exchange shall not affect the validity or sufficiency of such notice. Section 2.16 Holder Covenants. (a) Each Holder and beneficial owner of a Note, by the acceptance of such Note or acquisition of any beneficial interest therein, covenants and agrees, for the benefit of the Issuer, that it will treat such Note as indebtedness for all purposes and will not take any action contrary to such characterization, including filing any tax returns or financial statements inconsistent therewith. (b) Each Holder and beneficial owner of a Note, by the acceptance of such Note or acquisition of any beneficial interest therein, covenants and agrees, for the benefit of the Issuer, to the extent it is legally able to do so, to provide to the Administrative Agent, the Issuer or the Trustee such properly completed and executed documentation, information or certification (including, but not limited to, Internal Revenue Service Forms W-8BEN, W-8BEN-E, W-8IMY, W-8ECI, W-8EXP and W-9 (or any successor forms)) as (1) would reduce or eliminate (i) any Taxes payable by, or withheld with respect to amounts payable to, the Issuer or any other Issuer Group Member or (ii) withholding Taxes imposed on any amount payable by the Trustee or any - 80 - amount paid or payable by the Issuer under this Indenture and/or (2) may be helpful (as reasonably determined by the Administrative Agent, the Issuer or the Trustee each in its sole discretion) for the Trustee or the Issuer to satisfy its obligations relating to FATCA, withholding (including backup withholding) and information reporting under the Code and any other Applicable Law. (c) Each Holder and beneficial owner of a Note, by the acceptance of such Note or acquisition of any beneficial interest therein, covenants and agrees, for the benefit of the Issuer, (i) at the time or times prescribed by Applicable Law following a reasonable written request by the Administrative Agent, the Issuer or the Trustee or their agents, to obtain and provide the Administrative Agent, the Issuer or the Trustee, the FATCA Responsible Officer or their agents with information or documentation relating to such Person, and to update or correct such information or documentation, as is necessary or helpful (in the good faith sole determination of the Issuer, the Trustee or their agents as applicable) for the Issuer, any other Issuer Group Member and the Trustee, or their agents, to comply with their obligations under FATCA, and (ii) that the Issuer, any other Issuer Group Member, the Trustee and/or the FATCA Responsible Officer may (1) provide such information and documentation and any other information concerning an investment in the Notes to the United States Internal Revenue Service and any other relevant taxing authority and (2) take such other steps as they deem necessary or helpful to comply with their obligations (or the obligations of any other Issuer Group Member) under FATCA. (d) Each Holder of a Restricted Debt Note covenants, warrants and agrees (and each person by virtue of acquiring a beneficial interest in a Restricted Debt Note (or by virtue of agreeing to act as an agent, representative or intermediary of or with respect to the holder of such a beneficial interest) is deemed to covenant and agree) that he, she or it: (i) shall not make any issuance, delivery, sale, transfer or other disposition of any Restricted Debt Note (or any beneficial interest in a Restricted Debt Note), and any issuance, delivery, sale, transfer or other disposition of a Restricted Debt Note (or any beneficial interest in a Restricted Debt Note) will not be effective and will be void ab initio, if it would result in the Issuer being classified as an association (or a publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes; (ii) shall not make any transfer, assignment, participation, pledge or other disposition of any Restricted Debt Note (or beneficial interest in a Restricted Debt Note), including derivatively, and any transfer, assignment, participation, pledge or other disposition of a Restricted Debt Note (or beneficial interest in a Restricted Debt Note), including derivatively, will not be effective and will be void ab initio, if such disposition purports to be a trade on or through any "Established Securities Market" within the meaning of Section 7704(b)(1) of the Code, including an interdealer quotation system that regularly disseminates firm buy or sell quotations; (iii) shall not make any issuance or transfer of a Restricted Debt Note (or any beneficial interest therein), including derivatively, and any issuance or transfer of a Restricted Debt Note (or any beneficial interest therein), will not be effective and will be void ab initio, if immediately following such issuance or transfer, more than 85 persons in the aggregate would hold Restricted Debt Notes (or beneficial interests therein); and - 81 - (iv) to the extent such Holder (or beneficial interest holder) is a partnership, a limited liability company or other entity or arrangement treated as a partnership, a grantor trust or an "S" corporation, in each case for U.S. federal income tax purposes, (each, a "flow-through entity"), (a) no person owns, directly or indirectly through one or more flow-through entities, an interest in such relevant Holder (or interest holder) such that substantially all (within the meaning of treasury regulation section 1.7704-1(h)(3)) of the value of such person's interest in such relevant Holder (or interest holder) is attributable to such relevant Holder's (or interest holder's) investment in Restricted Debt Notes or other interests in the Issuer treated as equity for U.S. federal income tax purposes (or beneficial interests therein) or (b) if such a Person does own such an interest, it is not a principal purpose of the use of a tiered arrangement among such person, such relevant Holder (or interest holder), and the Issuer to permit the Issuer to satisfy the 100-partner limitation in Treasury Regulation section 1.7704(h)(1)(ii). (e) Each Holder of a Restricted Debt Note and any owner of a beneficial interest in such Restricted Debt Note (excluding, for the avoidance of doubt, any Initial Purchaser acting in its capacity as such) covenants, warrants and agrees (or by acquiring a beneficial interest in a Restricted Debt Note shall be deemed to covenant, warrant and agree) that neither such Holder (or owner) nor any of its expanded affiliates (or, if it is a disregarded entity, the expanded affiliates of the corporation of which it is a branch) owns or will thereafter (for so long as such Restricted Debt Note is owned by the Holder (or a beneficial interest therein is owned by such owner)) own any Notes of a Series senior to such Restricted Debt Note ("Senior Notes"), unless such Holder (or owner) has (1) received a prior express written waiver of this requirement from the Issuer or its agents or (2) obtained and provided to the Issuer an opinion of U.S. tax counsel to the effect that, under then-existing law, such acquisition and ownership of Senior Notes should not (assuming solely for this purpose that the Restricted Debt Notes are treated for U.S. federal income tax purposes as equity) cause Section 385 of the Code, and any proposed, temporary, or final regulations of the U.S. Department of Treasury promulgated thereunder, to apply to such notes so as to cause any such Senior Notes to be reclassified as equity for U.S. federal income tax purposes. ARTICLE III ACCOUNTS; PRIORITY OF PAYMENTS Section 3.01 Accounts. The Administrative Agent, shall direct the Operating Bank (which may be the Trustee) in writing to establish and maintain on its books and records for the benefit of the Security Trustee on behalf of the Secured Parties all of the following accounts: (i) a collections account (the "Collections Account"), one or more lessee funded accounts as provided in the Administrative Agency Agreement (each, a "Lessee Funded Account"), a security deposit account (the "Security Deposit Account"), an expense account (the "Expense Account"), one account (each, a "Series Account") for each Series of Initial Notes, an Asset purchase account (the "Asset Purchase Account"), an Asset replacement account (the "Asset Replacement Account"), a liquidity facility reserve account for the Notes (the "Liquidity Facility Reserve Account"), a payment account for the Initial Liquidity Facility (the "Initial Liquidity Payment Account"), a maintenance reserve account (the "Maintenance Reserve Account"), an Asset disposition contribution account (the "Asset Disposition Contribution Account"), an account to - 82 - accrue amounts during the continuance of a DSCR Cash Trap Event (the "DSCR Cash Trap Account"), and a hedge termination payment account (the "Hedge Termination Payment Account"), in each case on or before the Initial Closing Date and (ii) thereafter any additional Lessee Funded Accounts, a defeasance/redemption account (the "Defeasance/Redemption Account"), a refinancing account (the "Refinancing Account"), any additional Series Accounts for any Series of Refinancing Notes and/or Additional Notes the establishment of which is set forth in an Additional Issuance Supplement, a Series C reserve account (the "Series C Reserve Account") the establishment of which is set forth in an Additional Issuance Supplement and any other Account (including, any Cash Collateral Account) the establishment of which is set forth in a Trustee Resolution delivered to the Security Trustee and the Administrative Agent, in each case at such time as is set forth in this Section 3.01 or in such Trustee Resolution. The Administrative Agent shall also establish and maintain any Lessor Account in accordance with Section 3.01(l). Each Account shall be established and maintained as an Eligible Account in accordance with the terms of, and be subject to, the Security Trust Agreement so as to create, perfect and establish the priority of the security interest of the Security Trustee in such Account and all cash, Investments and other property therein under the Security Trust Agreement and otherwise to effectuate the Security Trust Agreement (except as otherwise provided herein). Each new Account established pursuant to Section 2.04 of the Administrative Agency Agreement shall, when so established, be the Account of such name and purposes for all purposes of this Indenture. (a) Eligible Accounts. If, at any time, any Account ceases to be an Eligible Account, the Administrative Agent or an agent thereof shall, subject to the Operating Bank's account opening procedures, within ten Business Days to the extent practicable, establish a new account meeting the conditions set forth in this Section 3.01 in respect of such Account and transfer any cash or Permitted Account Investments in the existing Account to such new account; and from the date such new account is established, it shall have the same designation as the existing Account. If the Operating Bank should change at any time (including, any replacement of the Operating Bank for failing to be an Eligible Institution), then the Administrative Agent, acting on behalf of the Security Trustee, shall thereupon promptly establish replacement accounts as necessary at the successor Operating Bank and transfer the balance of funds in each Account then maintained at the former Operating Bank pursuant to the terms of the Administrative Agency Agreement to such successor Operating Bank. (b) Withdrawals, Transfers and Scheduled Lease Payments. (i) Withdrawals and Transfers Generally. The Security Trustee shall have sole dominion and control over the Accounts (including, inter alia, the sole power to direct withdrawals or transfers from the Accounts); provided that, prior to the delivery of a Default Notice, any provision of this Indenture relating to any deposit, withdrawal or transfer to or from, any Account shall be effected by the Administrative Agent directing the Operating Bank by a Written Notice of the Administrative Agent (such Written Notice to be provided to the Operating Bank by 1:00 p.m. (New York City time) on the date of such deposit, withdrawal or transfer) given in accordance with the terms of this Indenture, the Administrative Agency Agreement and the Security Trust Agreement. Each such Written Notice to the Operating Bank shall be also communicated in computer file format or in

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 83 - such other form as the Administrative Agent, the Operating Bank, the Trustee and the Security Trustee agree; provided that, in the case of communication in computer file format or any other form other than a written tangible form, a written tangible form thereof shall promptly thereafter be sent to the Operating Bank. No deposit, withdrawal or transfer to or from any Account shall be made except in accordance with the terms of this Indenture, the Security Trust Agreement and the Administrative Agency Agreement or by any Person other than the Trustee or the Operating Bank (only upon the Written Notice of the Administrative Agent). Each of the parties to this Indenture acknowledges that the terms of this Indenture contemplate that the Administrative Agent will receive certain information from other parties to this Indenture and the other Related Documents in order for the Administrative Agent to be able to perform all or any part of its obligations hereunder, that the Administrative Agent will be able to perform its obligations hereunder only to the extent such information is provided to the Administrative Agent by the relevant parties and that the Administrative Agent may conclusively rely, absent manifest error, on such information as it receives without undertaking any independent verification of that information. The Administrative Agent agrees that if it is aware that another party has information required to be delivered by such party to the Administrative Agent to perform its obligations hereunder, but the Administrative Agent has not received such information, the Administrative Agent will promptly notify the party who was to provide such information of such failure. (ii) Scheduled Lease Payments. Notwithstanding anything to the contrary in this Indenture, if any Lease Payment is received (i) prior to its stated due date under the relevant Lease (without regard to any business day convention in such Lease that would automatically move the actual due date forward if the stated due date falls on a non-business day) and (ii) prior to the period commencing on a Calculation Date and ending on the next succeeding Calculation Date in which such payment would have been received had it been received on such stated due date (a "Scheduled Collections Period", and such Lease Payment, an "Early Collections Period Lease Payment"), unless a Default Notice has been issued (other than a Default Notice that has been rescinded and annulled in accordance with Section 4.02) or an Acceleration Default has occurred and is continuing, such Early Collections Period Lease Payment shall be held in the Collections Account until the Payment Date immediately following the end of such Scheduled Collections Period; provided that, if there is a Designated Shortfall on the Payment Date immediately following the end of such Scheduled Collections Period, then such Early Collections Period Lease Payment shall be applied on such Payment Date immediately following the end of such Scheduled Collections Period (to the extent of such Designated Shortfall) as part of the Available Collections pursuant to Section 3.09. (c) Collections Account. All Collections (including all Rental Payments and Usage Fees transferred from the Lessor Accounts, Partial Loss Proceeds and any amounts transferred from the Security Deposit Account) shall be, when received, deposited in the Collections Account, and all cash, Investments and other property in the Collections - 84 - Account shall be transferred from or retained in the Collections Account in accordance with the terms of this Indenture. (d) Lessee Funded Account. Any Segregated Funds received from time to time from any Lessee or pursuant to any Acquisition Agreement shall be transferred by the Operating Bank at the written direction of the Administrative Agent from the Collections Account into the related Lessee Funded Account. The Administrative Agent shall not make any withdrawal from, or transfer from, any Lessee Funded Account in respect of any Segregated Funds that is contrary to the requirements of the respective Leases as to Segregated Funds and the requirements of the Security Trust Agreement (including the agreement of the Security Trustee that it designate on its account records that it holds its interest in each Lessee Funded Account for the benefit of the respective Lessee in respect of whom such Segregated Funds are held). Without limiting the foregoing, no cash, Investment and other property in a Lessee Funded Account may be used to make payments, other than as permitted under Section 3.08, in respect of the Notes at any time, including after the delivery of a Default Notice. Any Segregated Funds relating to an expired or terminated Lease that remain in a Lessee Funded Account after expiration or termination of such Lease and that are not due and owing to the relevant Lessee under such expired or terminated Lease shall, if so required under the terms of a subsequent Lease, if any, relating to such Asset, be credited in a Lessee Funded Account for the benefit of the next Lessee of the relevant Asset to the extent required under the terms of such subsequent Lease and, to the extent not so required, transferred to the Collections Account. When and as provided in the Administrative Agency Agreement, the Administrative Agent shall cause to be established such additional Lessee Funded Accounts. (e) Security Deposit Account. (i) Upon receipt by an Issuer Group Member of a Security Deposit (other than any Segregated Funds, which shall be applied as provided in Section 3.01(d)), the Administrative Agent shall, or shall direct the Operating Bank to, transfer such Security Deposit from the Account to which it was paid to the Security Deposit Account. Subject to paragraph (iii) below, the Administrative Agent will maintain Lease sub-accounts allocating the balance in the Security Deposit Account to each Lease in respect of which Security Deposits were deposited therein, provided that, if any Security Deposits are required, pursuant to the terms of the applicable Leases, to be maintained as Segregated Funds, such amounts shall be held in a Lessee Funded Account. A Lease sub-account refers to the record maintained by the Administrative Agent of the amounts on deposit in the Security Deposit Account with respect to a particular Lease. Neither the Trustee nor the Operating Bank shall have any obligation in connection with maintaining the Lease sub-accounts. (ii) On each Payment Date on which Available Collections are to be distributed pursuant to Section 3.09(a), if the Balance on deposit in the Security Deposit Account is less than the Target Security Deposit Amount, the Trustee shall, as directed by the Administrative Agent pursuant to Section 3.08(o) deposit funds into the Security Deposit Account up to, if applicable, the Additional Security - 85 - Deposit Reserve Amount, to the extent of Available Collections as provided in Section 3.09(a). (iii) The Trustee shall, as directed by the Administrative Agent (acting upon the instructions of the Certificate Holders), from time to time withdraw an amount up to the Available Security Deposit Amount on deposit in the Security Deposit Account at such time and shall apply such withdrawn amount to pay any Designated Shortfalls (if any) for any Payment Date, in each case, as directed by the Certificate Holders to the Administrative Agent for application pursuant to Section 3.08(d). (iv) If a Lessee does not have any right to receive a refund or reimbursement of its Security Deposit, or a Lessee relinquishes its right to receive a refund or reimbursement of its Security Deposit upon the expiration or earlier termination of a Lease (including a termination as the result of the occurrence of an event of default under such Lease), or a Security Deposit is not transferred to the purchaser in an Asset Disposition of the Asset subject to such Lease or is not refundable to the Lessee, the Administrative Agent shall direct the Trustee, in writing, to transfer such Security Deposit to the Collections Account upon such expiration or earlier termination, except as otherwise provided in Section 3.01(d) above. (f) Expense Account. On each Payment Date, such amounts as are provided in Section 3.09 in respect of the Required Expense Amount shall be deposited into the Expense Account from the Collections Account. Expenses shall be paid from the Expense Account as provided in Section 3.04. If an Event of Default shall have occurred and be continuing and a Default Notice shall have been delivered by the Trustee (other than a Default Notice that has been rescinded and annulled in accordance with Section 4.02) or an Acceleration Default shall have occurred and be continuing, then the Controlling Party may direct the Trustee to transfer to the Collections Account all or a portion of the Balance in the Expense Account, after paying any Expenses then due and payable. (g) Series Account. The Administrative Agent shall cause the Operating Bank to establish and maintain a Series Account for each Series of the Initial Notes (and upon the issuance of any Refinancing Notes or any Additional Notes, any additional Series Accounts as may be applicable for each such Series of Refinancing Notes or Series of Additional Notes) in accordance with the first paragraph of Section 3.01(a) for the benefit of the Security Trustee for the benefit of the Holders of such Series of Notes. Upon the transfer of any amounts to the applicable Series Accounts in accordance with Section 3.08, Section 3.09 or Section 3.14, the Trustee on the same day shall, or shall cause the Operating Bank to, pay all such amounts to the Holders of Notes as of the related Record Date in accordance with the terms of this Indenture. (h) Asset Purchase Account. As and to the extent provided in Section 3.03(a), an amount equal to the aggregate Cash Payment Amounts for the Remaining Initial Assets will be transferred from the Collections Account out of the proceeds of the Initial Notes (after any other deposits or transfer out of such proceeds) to the Asset Purchase Account. - 86 - The amount so deposited shall be held in such Account and invested in Permitted Account Investments until applied as provided in Section 3.04 or Section 3.05, as applicable. The Administrative Agent shall give Written Notice to the Security Trustee, the Trustee and the Operating Bank of the satisfaction or waiver (specifying which) of all conditions for the payment of the Cash Payment Amount for any Remaining Initial Asset, and no amounts may be withdrawn or transferred from the Asset Purchase Account with respect to the Cash Payment Amount for such Remaining Initial Asset until receipt of such notice as to such Remaining Initial Asset, except as provided in Section 3.04(l) and Section 3.08(i). (i) Asset Replacement Account. (i) So long as no Event of Default has occurred and is continuing and no Default Notice has been delivered (other than a Default Notice that has been rescinded and annulled in accordance with Section 4.02) and no Rapid Amortization Event has occurred and is continuing, the Issuer may elect, by notice to the Trustee in writing, not later than the last Business Day preceding the later of the date of any Permitted Asset Disposition and the date on which the Net Sale Proceeds of such Permitted Asset Disposition are received, to deposit all or a portion of the Net Sale Proceeds realized from such Permitted Asset Disposition, whether or not initially deposited in the Collections Account, in (x) the Asset Replacement Account or (y) a Qualified Escrow Account maintained by a Qualified Intermediary, provided that such written direction shall be accompanied by a Trustee Resolution that such election has been made and that the requirements of Section 5.02(p) in respect of such Permitted Asset Disposition have been satisfied. The Trustee shall, or shall cause the Operating Bank to, transfer to and retain in the Collections Account all or any portion of the Net Sale Proceeds realized from any Permitted Asset Disposition as to which the direction described in the preceding sentence is not received by the end of the last Business Day preceding the later of the date of any Asset Disposition and the date on which such Net Sale Proceeds are received. For the avoidance of doubt, to the extent the Issuer has elected to retain all or a portion of the Net Sale Proceeds of a Permitted Asset Disposition in the Asset Replacement Account or a Qualified Escrow Account, as applicable, in accordance with this Section, the Disposition Fee related to such Permitted Asset Disposition shall be paid by the Issuer on the Payment Date immediately succeeding the date of such Permitted Asset Disposition in accordance with Section 3.09. (ii) The Issuer may elect to apply the Net Sale Proceeds from a Permitted Asset Disposition deposited in the Asset Replacement Account or a Qualified Escrow Account pursuant to Section 3.01(i)(i) to the purchase price for a Permitted Asset Acquisition to the extent permitted under Section 5.02(q). (iii) At any time, (A) the Issuer may elect to direct the Administrative Agent to direct the Trustee to transfer some or all of the amounts on deposit in the Asset Replacement Account or a Qualified Escrow Account, as applicable, to the Collections Account and (B) upon Written Notice from the Administrative Agent (1) the Qualified Intermediary shall transfer any Net Sale Proceeds from an Asset

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 87 - Disposition remaining in a Qualified Escrow Account at the end of the applicable Replacement Period for such Asset Disposition to the Collections Account on the next Business Day after the end of such Replacement Period and (2) the Operating Bank shall transfer any Net Sale Proceeds from an Asset Disposition remaining in the Asset Replacement Account at the end of the applicable Replacement Period for such Asset Disposition to the Collections Account on the next Business Day after the end of such Replacement Period. (iv) If an Event of Default shall have occurred and be continuing and a Default Notice shall have been delivered (other than a Default Notice that has been rescinded and annulled in accordance with Section 4.02) or an Acceleration Default shall have occurred and be continuing, or if the Expected Final Payment Date shall have occurred, then the Controlling Party may direct the Trustee to transfer to the Collections Account all or any portion of the Balance in the Asset Replacement Account and any Qualified Escrow Account. (j) Liquidity Facility Reserve Account. Following the funding of the Liquidity Facility Reserve Account with a Downgrade Drawing, a Final Drawing or a Non-Extension Drawing, if the Administrative Agent determines in accordance with Section 3.07(g) that on any Payment Date after making all withdrawals and transfers to be made with respect to such Payment Date (and after giving effect to the transfers to be made on such Payment Date pursuant to Section 3.08(d)), there will be (i) a Required Expenses Shortfall, (ii) a Senior Hedge Payment Shortfall, (iii) a Series A Interest Shortfall and/or (iv) a Series B Interest Shortfall, the Administrative Agent shall so notify the Trustee in writing and shall direct the Operating Bank in writing on such Payment Date to withdraw from the Liquidity Facility Reserve Account the least of (A) the amount equal to the aggregate of the Shortfalls in clauses (i), (ii), (iii) and (iv) above (in each case such Shortfalls as reduced by any transfers made on such Payment Date from the Security Deposit Account pursuant to Section 3.08(d)(i), (ii) and (iii)), (B) the amount on deposit therein and (C) the Required Amount. The Trustee shall, or shall cause the Operating Bank to, as set out in the Written Notice from the Administrative Agent, apply the amount so withdrawn, first, to the Expense Account the Required Expenses Shortfall for such Payment Date; second, in no order of priority inter se, but pro rata, (1) to the Series Account for the Initial Series A Notes, the Series A Interest Shortfall for such Payment Date and (2) pro rata, to each Hedge Provider, an amount equal to the Senior Hedge Payment Shortfall for such Payment Date and third, to the Series Account for the Initial Series B Notes, the Series B Interest Shortfall for such Payment Date (in each case such Shortfall as reduced by any transfers made on such Payment Date from the Security Deposit Account pursuant to Section 3.08(d)(i), (ii) and (iii)). In the event the Liquidity Facility Reserve Account has been funded with a Downgrade Drawing and subsequently the Initial Liquidity Facility shall cease to be a Downgraded Facility, following notice from the Initial Liquidity Facility Provider, the Administrative Agent shall so notify the Trustee in writing and shall direct the Operating Bank in writing to withdraw from the Liquidity Facility Reserve Account any Unapplied Downgrade Advance (as defined in the Initial Liquidity Facility) to be repaid to the Initial Liquidity Facility Provider. - 88 - (k) Initial Liquidity Payment Account. On the date of any Facility Drawing the proceeds of such drawing shall be deposited into the Initial Liquidity Payment Account and withdrawn on the applicable Payment Date for distribution, in each case in accordance with Section 3.14(b). (l) Lessor Accounts. All Rental Payments, Usage Fees and other amounts received pursuant to any Lease or Related Collateral Document shall be deposited into the Collections Account. However, if the Administrative Agent determines that it is necessary or appropriate, including for any tax, regulatory or legal reason, any such Collections may not be deposited into the Collections Account or another Account for the benefit of the Security Trustee on behalf of the Secured Parties, then, notwithstanding the requirements of the first paragraph of Section 3.01(a), the relevant Issuer Group Member may establish one or more accounts (each a "Lessor Account") for such Collections in its own name (but subject to the direction and control of the Administrative Agent) at any Eligible Institution or with a financial institution other than an Eligible Institution to the extent provided in the definition of "Eligible Account". For so long as a Lessor Account is an Eligible Account and all actions as shall be necessary to establish and perfect the security interest of the Security Trustee in such Lessor Account pursuant to the Security Trust Agreement shall have been taken, then the Administrative Agent shall direct the transfer of all funds on deposit in any Lessor Account (other than any Segregated Funds that the applicable Issuer Group Member is obligated to maintain in such Lessor Account pursuant to the applicable Lease or other applicable document) on any Calculation Date to the Collections Account, Security Deposit Account or Lessee Funded Account (as applicable) on or promptly after such Calculation Date for inclusion (with respect to amounts not constituting Segregated Funds) in the Available Collections for the related Payment Date, and shall direct such more frequent transfers of such funds to the Collections Account as are necessary or prudent taking into account transfers, deposits and withdrawals required or permitted pursuant to Section 3.04 (and other than amounts not required to be so transferred as provided in the last sentence of this clause (l)). If the Administrative Agent reasonably determines that it is commercially impracticable or unduly burdensome to take such actions as shall be necessary to establish and perfect the security interest of the Security Trustee in such Lessor Account pursuant to the Security Trust Agreement, the Administrative Agent shall direct the financial institution at which such Lessor Account is maintained to transfer all funds deposited in such Lessor Accounts (other than amounts not required to be so transferred as provided in the last sentence of this clause (l)) to the Collections Account, Security Deposit Account or Lessee Funded Account, as applicable, within three Business Days of their receipt. The Administrative Agent shall not be required to transfer from the Lessor Account any amounts, if any, that for local tax or other regulatory or legal reasons must be retained on deposit or as to the transfer of which the Administrative Agent determines there is any substantial uncertainty. (m) Defeasance/Redemption Account. Upon Written Notice of the Issuer to it, or a Trustee Resolution provided to it authorizing that a Series of Notes are to be redeemed pursuant to Section 3.11 (other than in a Refinancing) or defeased under Article XI, the Administrative Agent shall cause the Operating Bank to establish and maintain a Defeasance/Redemption Account pursuant to the first paragraph of Section 3.01(a) for the benefit of the Security Trustee on behalf of the Secured Parties. All amounts received for - 89 - the purpose of any such redemption or defeasance shall be deposited in the Defeasance/Redemption Account in accordance with Section 3.11 or Article XI hereof, as applicable, and disbursed therefrom in accordance with Section 3.11 or Article XI hereof, as applicable. (n) Refinancing Account. Upon Written Notice of the Issuer to it of, or a Trustee Resolution provided to it authorizing, a Refinancing, the Administrative Agent shall cause the Operating Bank to establish and maintain a Refinancing Account pursuant to the first paragraph of Section 3.01(a) for the benefit of the Security Trustee for the benefit of the Holders of the Notes, if any, to be refinanced. All net cash proceeds of such Refinancing shall be deposited in the Refinancing Account and shall be held in such Account until such proceeds are applied to pay the Redemption Price (including all accrued and unpaid interest) of the Notes being redeemed until such Notes are cancelled by the Trustee and Refinancing Expenses with respect thereto (except to the extent the Controlling Trustees have determined, as evidenced by a Trustee Resolution, to pay the same from funds available therefor in the Expense Account) and as otherwise provided in Section 5.02(c)(ii). (o) Additional Cash Collateral Accounts. Upon receipt by the Administrative Agent of a Trustee Resolution providing for the establishment of any additional Cash Collateral Account as an Eligible Credit Facility for the Notes or in respect of any other Obligation, the Administrative Agent shall, by Written Notice, cause the Operating Bank to establish (within three (3) Business Days of the giving of such Written Notice) and maintain such Cash Collateral Account pursuant to the first paragraph of Section 3.01(a) for the benefit of the Security Trustee for the benefit of the Holders of the Notes and/or the Secured Parties holding such other Obligation. All amounts provided in connection with any such Trustee Resolution for deposit in such Account and all amounts to be deposited in such Account under Section 3.09 as an Eligible Credit Facility shall be held in such Cash Collateral Account for application, and all replenishment shall be made, in accordance with the terms of the Trustee Resolution relating to such Eligible Credit Facility, which Trustee Resolution shall include the basis of any replenishment of the Cash Collateral Account. (p) Maintenance Reserve Account. (i) On each Payment Date on which Available Collections are to be distributed pursuant to Section 3.09(a), the Trustee shall, as directed by the Administrative Agent pursuant to Section 3.08(o) hereof, deposit funds into the Maintenance Reserve Account equal to, if applicable, the Additional Maintenance Reserve Amount, to the extent of Available Collections as provided in Section 3.09(a). (ii) On the Payment Date on which any adjustment in the Maintenance Required Amount becomes effective or as of which the amount on deposit in the Maintenance Reserve Account exceeds the then applicable Maintenance Required Amount (after giving effect to all other payments to be made on such Payment Date), the Administrative Agent shall direct the Trustee in writing to transfer from the Maintenance Reserve Account to the Collections Account, for inclusion in - 90 - Available Collections on such Payment Date, the excess, if any, of the Balance in the Maintenance Reserve Account over the Maintenance Required Amount, as so adjusted (if applicable). (iii) If (A) an Event of Default shall have occurred and be continuing and a Default Notice shall have been delivered by the Trustee (other than a Default Notice that has been rescinded and annulled in accordance with Section 4.02) or an Acceleration Default shall have occurred and be continuing, or (B) all Assets shall have been sold or otherwise disposed of, then the Controlling Party may direct the Trustee to transfer to the Collections Account all or any portion of the Balance in the Maintenance Reserve Account. (q) Series C Reserve Account. If any Series C Notes are issued pursuant to an Additional Issuance Supplement, then: (i) On each Calculation Date, the Administrative Agent shall calculate the difference between the Series C Reserve Amount and the amount available in the Series C Reserve Account as of such Calculation Date (such difference, if positive, the "Additional Series C Reserve Amount" for the immediately succeeding Payment Date). On each Payment Date on which Available Collections are to be distributed pursuant to Section 3.09(a), the Operating Bank shall, as directed by the Administrative Agent pursuant to Section 3.09(a) hereof, transfer funds into the Series C Reserve Account from the Collections Account equal to, if applicable, the Additional Series C Reserve Amount, to the extent of Available Collections as provided in Section 3.09(a). (ii) If the Administrative Agent determines in accordance with Section 3.07(g) that on any Payment Date after making all withdrawals and transfers to be made with respect to such Payment Date (and after giving effect to the transfers to be made on such Payment Date pursuant to Section 3.08(d)), there will be a Series C Interest Shortfall, a Series C Scheduled Principal Shortfall or a Series C Excess Proceeds Series Payment Shortfall, the Administrative Agent shall so notify the Trustee in writing and shall, in accordance with Section 3.08(k), direct the Operating Bank in writing to withdraw on such Payment Date from the Series C Reserve Account, but in each case only to the extent the Additional Issuance Supplement provides for the application of funds on deposit in the Series C Reserve Account to any such shortfall, the least of (A) the amount equal to the aggregate of the Series C Interest Shortfall, Series C Scheduled Principal Shortfall or Series C Excess Proceeds Series Payment Shortfall, as applicable, and (B) the amount on deposit therein, and deposit such amount in the Series Account for the Series C Notes. The Trustee shall, or shall cause the Operating Bank to, as set out in the Written Notice from the Administrative Agent, apply the amount so deposited in the Series Account for the Series C Notes, first, to the Series C Interest Shortfall for such Payment Date, second, to the Series C Scheduled Principal Shortfall for such Payment Date and third, to the Series C Excess Proceeds Series Payment Shortfall for such Payment Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 91 - (r) Asset Disposition Contribution Account. (i) On each Payment Date on which Available Collections are to be distributed pursuant to Section 3.09(a), the Trustee shall, as directed by the Administrative Agent pursuant to Section 3.08(o) hereof, deposit the Asset Disposition Accrual Deposit, if any, authorized by the Certificate Holders into the Asset Disposition Contribution Account pursuant to Section 3.09(a)(xxiii) to the extent of Available Collections as provided in Section 3.09(a). (ii) On the Payment Date immediately succeeding the Disposition Date for an Asset Disposition that shall have resulted in an Asset Disposition Shortfall and for which an Asset Disposition Accrual Deposit will be made pursuant to Section 3.09(a)(xxiii), the Administrative Agent shall direct the Trustee to transfer the applicable Asset Disposition Accrual Amount (or, if less, the Balance in the Asset Disposition Contribution Account) from the Asset Disposition Contribution Account to the Collections Account together with the applicable Net Sale Proceeds for such Asset Disposition. (iii) If an Event of Default shall have occurred and be continuing and a Default Notice shall have been delivered by the Trustee (other than a Default Notice that has been rescinded and annulled in accordance with Section 4.02) or an Acceleration Default shall have occurred and be continuing, then the Controlling Party may direct the Trustee to transfer to the Collections Account all or any portion of the Balance in the Asset Disposition Contribution Account. (iv) If at any time following the deposit of amounts in the Asset Disposition Contribution Account pursuant to Section 3.02(r)(i) above, the Controlling Trustees have passed a Trustee Resolution approving the release of all or a portion of the funds in the Asset Disposition Contribution Account, the Administrative Agent shall transfer the amount specified in the Trustee Resolution from the Asset Disposition Contribution Account to the Collections Account for application in accordance with Section 3.09 on the next Payment Date. (v) If the amount on deposit in the Asset Disposition Contribution Account is to be increased through the funding of Additional Advances, the Trustee, at the written direction of the Administrative Agent, will deposit such Additional Advances received by it into the Asset Disposition Contribution Account. The Certificate Holders shall notify the Administrative Agent in writing of the amount of such Additional Advance, and the Administrative Agent shall notify the Trustee in writing within one Business Day after the making of any Additional Advance that such Additional Advance has been made. (s) DSCR Cash Trap Account. Amounts shall be deposited in the DSCR Cash Trap Account in accordance with Section 3.09(a) hereof. Amounts in the DSCR Cash Trap Account shall be subject to withdrawal and application in accordance with Section 3.08(m). - 92 - (t) Hedge Termination Payment Account. The amount of any Hedge Termination Payments shall be deposited in the Hedge Termination Payment Account, and the Administrative Agent shall direct the Trustee in writing to disburse funds out of the Hedge Termination Payment Account in accordance with this Indenture. If an Event of Default shall have occurred and be continuing and a Default Notice shall have been delivered by the Trustee (other than a Default Notice that has been rescinded and annulled in accordance with Section 4.02) or an Acceleration Default shall have occurred and be continuing, then the Controlling Party may direct the Trustee to transfer to the Collections Account all or any portion of the Balance in the Hedge Termination Payment Account. Section 3.02 Investments of Cash. (a) For so long as any Notes remain Outstanding, the Administrative Agent shall, or shall direct the Operating Bank in writing to, invest and reinvest the funds on deposit in the Accounts in Permitted Account Investments specified by the Administrative Agent in such written instructions, all in accordance with the terms of the following provisions; provided that the Initial Liquidity Facility Provider shall be entitled to direct the Administrative Agent to invest the amounts on deposit (if any) in the Liquidity Facility Reserve Account in Permitted Account Investments: (i) the Permitted Account Investments shall have maturities and other terms such that sufficient funds shall be available to make required payments pursuant to this Indenture (A) before the next Payment Date after which such investment is made, in the case of investments of funds on deposit in the Collections Account and the Expense Account, (B) as directed in writing by the Servicer acting at the direction of the Controlling Trustees in accordance with the requirements of the relevant Leases or Asset Disposition agreements, in the case of investments of funds on deposit in the Lessee Funded Account, the Maintenance Reserve Account, the Asset Replacement Account, any Qualified Escrow Account or the Security Deposit Account or (C) on the same day as a payment request is made, in the case of funds on deposit in the Asset Purchase Account; provided that an investment maturing within one year of the date of investment shall nevertheless be a Permitted Account Investment if it has been acquired with funds which are not reasonably anticipated, at the discretion of the Administrative Agent, to be required to be paid to any other Person or otherwise transferred from the applicable Account prior to such maturity; (ii) if any funds to be invested are not received in the Accounts by 1:00 p.m., New York City time, on any Business Day, such funds shall be invested in accordance with clause (i) of this Section 3.02(a) on the next succeeding Business Day; provided that none of the Administrative Agent, the Trustee, the Security Trustee, the Operating Bank or the Initial Liquidity Facility Provider shall be liable for any losses incurred in respect of the failure to invest funds not thereby received; (iii) if required by the terms of a Lease, any investments of Segregated Funds on deposit in a Lessee Funded Account or funds on deposit in the Security Deposit Account shall be made on behalf of the relevant Lessee in such investments as may be required thereunder; and - 93 - (iv) if the Permitted Account Investment in which the Administrative Agent (acting at the direction of the Controlling Trustees) has directed the Operating Bank to invest any funds in any Account ceases to be a Permitted Account Investment pursuant to the definition thereof, the Administrative Agent (acting at the direction of the Controlling Trustees) shall provide the Operating Bank with new specific written investment directions. None of the Trustee, the Security Trustee or the Operating Bank shall have any duty or obligation to monitor whether an investment meets the requirements of a Permitted Account Investment nor have any liability with respect to any investment which ceases to be a Permitted Account Investment. (b) The Trustee or its Affiliates is permitted to receive additional compensation (which compensation should be decided on an arm's length basis) that could be deemed to be in their respective economic self interest for (i) serving as an investment advisor, administrator, shareholder servicing agent, custodian or sub-custodian with respect to certain Permitted Account Investments, (ii) using Affiliates to effect transactions in certain Permitted Account Investments and (iii) effecting transactions in certain Permitted Account Investments. (c) Except as expressly provided hereunder, none of the Trustee, the Security Trustee or the Operating Bank shall have any obligation to invest and reinvest any cash held in the Accounts in the absence of timely and specific written investment direction from the Administrative Agent or the Initial Liquidity Facility Provider, as the case may be. In no event shall the Trustee, the Security Trustee or the Operating Bank be liable for the selection of investments or for investment losses incurred thereon. None of the Administrative Agent, the Trustee, the Security Trustee or the Operating Bank shall have any liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity or the failure of the Issuer or the Initial Liquidity Facility Provider, as the case may be, to provide timely written investment direction. None of the Administrative Agent, the Trustee, the Security Trustee or the Operating Bank guarantees the performance of any Permitted Account Investment. If the Permitted Account Investment in which the Administrative Agent or the Initial Liquidity Facility Provider has directed the Trustee or the Operating Bank to invest any funds in any Account ceases to be a Permitted Account Investment pursuant to the definition thereof, the Administrative Agent or the Initial Liquidity Facility Provider, as the case may be, shall provide the Trustee and/or the Operating Bank with new specific written investment directions. None of the Trustee, the Security Trustee or the Operating Bank shall have any duty or obligation to monitor whether an investment meets the requirements of a Permitted Account Investment nor shall it have any liability with respect to any investment which ceases to be a Permitted Account Investment. Section 3.03 Initial Closing Date Deposits, Withdrawals and Transfers. The Administrative Agent shall, upon its receipt of written direction of the Issuer, make, or direct the Operating Bank to make, to the extent of funds on deposit in the Accounts, the following deposits and transfers to and from the Accounts in each case as specified in a prior Written Notice of the Administrative Agent to the Trustee, the Security Trustee and the Operating Bank: - 94 - (a) on the Initial Closing Date, (i) (A) deposit in the Collections Account the proceeds of the issuance of the Initial Notes as further described in the funds flow memorandum dated the Initial Closing Date (the "Funds Flow"), (B) transfer to the Collections Account the amounts described in the Funds Flow and (C) make such other transfers and payments as are provided in the Funds Flow and not otherwise described below; (ii) prior to making the deposits, transfers and payments described in clauses (iii) through (vii), (A) deposit in the Security Deposit Account the amount of the initial Security Deposits received pursuant to the terms of the Asset Purchase Agreement (other than Security Deposits that are Segregated Funds), if any, and (B) deposit in any Lessee Funded Account an amount equal to any Segregated Funds (including any Security Deposits that are Segregated Funds), if any, for each Lease related to any Asset being acquired from a Seller on the Initial Closing Date, in each case in the amounts and from the Accounts specified in the Funds Flow to the extent applicable; (iii) transfer from the Collections Account to the Expense Account such amount as is necessary so that the amount on deposit in the Expense Account is an amount equal to the Required Expense Amount for the initial Interest Accrual Period and the Initial Expenses, as specified in a Written Notice of the Administrative Agent to the Trustee and the Operating Bank; (iv) transfer from the Collections Account to the Initial Maintenance Reserve Amount and the Initial Security Deposit Amount, respectively, to the Maintenance Reserve Account and the Security Deposit Account, respectively; (v) subject to receiving Written Notice of the Issuer to the effect that the conditions to the acquisition of all or some of the Initial Assets specified in the Asset Purchase Agreement have been fulfilled, pay from the Collections Account to the Seller the Cash Payment Amounts for such Initial Assets; (vi) after making the deposits, transfers and payments described in clauses (i) through (v), transfer from the Collections Account to (A) the Asset Purchase Account the aggregate amount of the Cash Payment Amounts for the Remaining Initial Assets and (B) retain in the Collections Account the amounts set forth in the Funds Flow; and (vii) withdraw from the Expense Account such amount as is needed to discharge any portion of the Initial Expenses then due and payable on the Initial Closing Date and pay such amount to the appropriate payees thereof as specified in the Written Notice of the Administrative Agent; and (b) on the relevant Payment Date involving the issuance of Refinancing Notes, deposit the proceeds of such Refinancing into the Refinancing Account for application in accordance with Section 3.08(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 95 - Section 3.04 Interim Deposits, Transfers and Withdrawals. On any Business Day, the Administrative Agent may make, or direct the Operating Bank to make, without duplication, to the extent of funds on deposit in the Accounts, the following deposits, transfers and withdrawals to and from the Accounts, in each case as specified in a prior Written Notice of the Administrative Agent to the Trustee, the Security Trustee and the Operating Bank: (a) withdraw from a Lessee Funded Account to the extent that funds on deposit therein or available thereunder may be withdrawn or drawn pursuant to the terms of the related Lease for payment thereof, to discharge any Expense then due and payable and pay such amount to the appropriate payees thereof; (b) withdraw from the Expense Account (to the extent of funds on deposit therein) such amount as is needed to discharge any Expenses then due and payable that were included in any prior Required Expense Amount and pay such amount to the appropriate payees thereof; (c) transfer from the Collections Account from time to time (but in no event on less than one Business Day prior Written Notice to the Trustee and the Operating Bank (unless such one Business Day notice requirement is waived by the Trustee)) other amounts to the Expense Account, in each case only to the extent that such funds are to be applied to Expenses that become due and payable during such Interest Accrual Period and for the payment of which there are insufficient funds in the Expense Account; provided that no such transfer from the Collections Account in respect of Expenses shall be made prior to the next succeeding Payment Date if, in the reasonable judgment of the Administrative Agent, such transfer would have a material adverse effect on the ability of the Issuer to make payments of accrued and unpaid interest on the Notes then Outstanding on the next Payment Date therefor in accordance with Section 3.09; (d) withdraw Segregated Funds from a Lessee Funded Account or draw under or cause to be drawn under any applicable Related Collateral Document, in any case to the extent required by or necessary in connection with a Lease or any documents related thereto and the Related Collateral Documents, for deposit in the Collections Account to satisfy any default in Rental Payments or Usage Fees under any related Lease; (e) transfer any Segregated Funds (including Security Deposits that are Segregated Funds) from the Collections Account to a Lessee Funded Account in accordance with the terms of any Lease; (f) transfer any Security Deposits (other than Security Deposits that are Segregated Funds) from the Collections Account to the Security Deposit Account; (g) withdraw funds on deposit in the Security Deposit Account and transfer such funds to the Collections Account in satisfaction of the obligations of the Lessee under the applicable Lease, but only to the extent of the Security Deposit allocable to such Lease and as may be required or permitted under the terms of the relevant Lease; (h) withdraw funds from the Maintenance Reserve Account for any or all of the following purposes: (i) to fund any Lessee Reimbursements, (ii) to fund maintenance - 96 - performed on an Asset by the Issuer or an Issuer Subsidiary or the Servicer, (iii) to pay for the cost of performing Mandatory Asset Modifications and (iv) to make the transfers and payments described in Section 3.01(p)(ii); (i) withdraw from the Hedge Termination Payment Account (to the extent of funds on deposit therein) such amount as is needed to pay any Hedge Termination Payments then due and payable and pay such amount to the appropriate payees thereof; (j) in the case of any specified amount to be released from the Asset Disposition Contribution Account pursuant to a Trustee Resolution as provided for in Section 3.01(r)(iv), on or prior to the next Calculation Date, transfer such specified amount from the Asset Disposition Contribution Account to the Collections Account for application on the next Payment Date in accordance with Section 3.09 hereof; (k) in the case of any specified amount to be released from the Security Deposit Account as directed by the Administrative Agent (acting at the direction of the Certificate Holders) as provided in Section 3.01(e)(iii), on or prior to the next Calculation Date, transfer such specified amount from the Security Deposit Account to the applicable Account for application on the next Payment Date in accordance with Section 3.09 hereof; and (l) upon written notice to the Administrative Agent from Willis Lease that an Asset Trust has in fact received any Rental Payments under the Lease for such Remaining Initial Asset that are allocable to periods on and after the Initial Closing Date, or Usage Fees under the Lease for such Remaining Initial Asset that are received on or after the Initial Closing Date, transfer from the Asset Purchase Account to the Collections Account the amount of such Rental Payments and Usage Fees. Section 3.05 Withdrawals and Transfers Relating to the Acquisition of Assets. (a) Acquisition of Remaining Initial Assets. On the Delivery Date with respect to any Remaining Initial Asset, the Administrative Agent may make, or direct the Operating Bank to make, to the extent of funds on deposit in the Accounts, the following deposits, withdrawals and transfers to and from the Accounts, in each case as specified in a Written Notice of the Administrative Agent to the Trustee, the Security Trustee and the Operating Bank (which Written Notice of the Administrative Agent shall, as a condition to any such deposit, withdrawal and transfer, include written confirmation by the Administrative Agent that the conditions to payment for the Remaining Initial Asset specified in the Asset Purchase Agreement have been fulfilled): (i) deposit into the Security Deposit Account the amount of the Security Deposits (other than Security Deposits that are Segregated Funds) received in respect of such Remaining Initial Asset under the Asset Purchase Agreement; (ii) deposit into the relevant Lessee Funded Account the amount of any Segregated Funds (including Security Deposits that are Segregated Funds) received in respect of such Remaining Initial Asset under the Asset Purchase Agreement; and - 97 - (iii) pay out of the Asset Purchase Account to the applicable Seller the Cash Payment Amount for such Remaining Initial Asset (as reduced by any amounts transferred with respect to such Remaining Initial Asset in accordance with Section 3.04(l)) plus the Investment Earnings thereon. (b) Acquisition of Replacement Assets. On each Delivery Date during the Replacement Period in respect of a Permitted Asset Disposition and on which the Issuer acquires a Replacement Asset (or an Asset Interest with respect to a Replacement Asset) from a Seller in a Permitted Asset Acquisition, the Administrative Agent may make, or direct the Operating Bank (and, if applicable, the Qualified Intermediary in respect of any Qualified Escrow Account) to make to the extent of funds on deposit in the Accounts, the following deposits, withdrawals and transfers to and from the Accounts, in each case as specified in a Written Notice of the Administrative Agent to the Trustee, the Security Trustee and the Operating Bank (which Written Notice of the Administrative Agent shall, as a condition to any such deposit, withdrawal and transfer, include written confirmation by the Administrative Agent that the conditions to payment for the Replacement Asset specified in the applicable Acquisition Agreement have been fulfilled): (i) deposit into the Security Deposit Account the amount of the Security Deposits (other than Security Deposits that are Segregated Funds) received in respect of such Replacement Asset under the applicable Acquisition Agreement; (ii) deposit into the relevant Lessee Funded Account the amount of any Segregated Funds (including Security Deposits that are Segregated Funds) received in respect of such Replacement Asset under the applicable Acquisition Agreement; (iii) except to the extent provided in clauses (i) and (ii) above, deposit into the Collections Account any amounts received in respect of such Replacement Asset under the applicable Acquisition Agreement; and (iv) transfer funds in an amount equal to the purchase price for such Replacement Asset provided in the Trustee Resolution unanimously approved by the Controlling Trustees from the Asset Replacement Account to the applicable Seller (or direct the Qualified Intermediary to apply the funds on deposit in the applicable Qualified Escrow Account to the acquisition of such Replacement Asset and transfer such Replacement Asset to the applicable Issuer Subsidiary). (c) Asset Payments. The payment of the Cash Payment Amount for any Remaining Initial Asset to be made pursuant to Section 3.05(a)(iii) to any Seller shall, subject to the delivery as to such Asset of the Written Notice referred to in Section 3.05(a), be made as so provided notwithstanding the giving of any Default Notice or any other exercise of remedies hereunder. (d) Delivery Expiry Date. Concurrently with Written Notice of the Administrative Agent to the Trustee, the Security Trustee and the Operating Bank that (i) the Issuer is no longer required, pursuant to the terms of the Asset Purchase Agreement, to purchase any Remaining Initial Asset (whether by reason of the passing of the Delivery - 98 - Expiry Date, the exercise by the Issuer of any termination right under the Asset Purchase Agreement or otherwise), and the amounts in the Asset Purchase Account are not being applied to acquire a Substitute Asset in lieu of such Remaining Initial Asset or (ii) the Delivery Expiry Date has occurred, the Administrative Agent shall direct the Operating Bank to transfer from the Asset Purchase Account to the Defeasance/Redemption Account (for application in accordance with Section 3.11 as an Acquisition Balance Redemption) the amounts in the Asset Purchase Account relating to each such Remaining Initial Asset (and that are not being applied to acquire a Substitute Asset in lieu of such Remaining Initial Asset), or all amounts remaining in the Asset Purchase Account if the Delivery Expiry Date has occurred. Section 3.06 Interim Deposits and Withdrawals for Asset Disposition. On the first Business Day occurring on or after the date of an Asset Disposition, the Administrative Agent shall direct the Operating Bank to deposit (a) any and all proceeds received in respect of any Asset Disposition by or on behalf of any Issuer Group Member in the Collections Account (other than in connection with any sale of all or substantially all of the assets of the Issuer Group, in which case the Administrative Agent shall direct the Operating Bank to deposit any and all proceeds thereof into the Defeasance/Redemption Account in connection with the redemption of the Notes) in each case as specified in a Written Notice by the Administrative Agent to the Trustee, the Security Trustee and the Operating Bank and (b) if so elected by the Certificate Holders, the Asset Disposition Accrual Amount in respect of such Asset Disposition, if any, in the Collections Account. Any funds then on deposit in a Lessee Funded Account or the Security Deposit Account related to the Asset subject to such sale or other disposition shall be applied on a basis consistent with the terms of the Lease related to such Asset, if any, or as otherwise provided by the relevant agreements related to such sale or other disposition. After making the deposit required by the first sentence of this Section 3.06, the Administrative Agent shall direct the Operating Bank to transfer Net Sale Proceeds from the Collections Account to the Asset Replacement Account (or a Qualified Escrow Account maintained by a Qualified Intermediary) in such amount as has been elected by the Issuer in accordance with Section 3.01(i)(i). Section 3.07 Calculation Date Calculations. (a) Calculation of Required Amounts. The Administrative Agent shall determine, as soon as practicable after each Calculation Date, but in no event later than four Business Days preceding the immediately succeeding Payment Date, based on information known to the Administrative Agent or Relevant Information provided to the Administrative Agent, the Collections received during the period commencing on the close of business on the preceding Calculation Date and ending on the close of business on such Calculation Date and calculate the following amounts: (i) (A) the Balance of funds on deposit in the Accounts on the Calculation Date and the amount available under all Eligible Credit Facilities on such Calculation Date and (B) the amount of Investment Earnings (net of losses and investment expenses), if any, on Investments of funds on deposit in the Accounts during such period;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 99 - (ii) the Required Expense Amount for such Payment Date (taking into account any Expenses paid or to be paid with amounts that constitute all or a portion of an Available Security Deposit Amount); (iii) the Available Collections for such Payment Date, taking into account all transfers to be made on such Payment Date pursuant to Section 3.08; (iv) the net Segregated Funds, if any, and any amounts on deposit in the Security Deposit Account and the Maintenance Reserve Account available to be transferred into the Collections Account on such Calculation Date as and to the extent expressly provided herein; (v) any amount to be transferred from the Asset Purchase Account to the Collections Account as provided in Section 3.05(d); (vi) any amount to be transferred from the Asset Replacement Account and/or any Qualified Escrow Account to the Collections Account as provided in Section 3.01(i)(iii); (vii) the Additional Maintenance Reserve Amount for such Payment Date, if any; (viii) the Additional Security Deposit Reserve Amount, if any; (ix) the Excess Proceeds Series Payments for each Series for such Payment Date, if any; (x) the Required Amount for any Cash Collateral Account and any amounts to be transferred in respect of the Initial Liquidity Facility and any other Eligible Credit Facilities under Section 3.09(a)(iv) or 3.09(b)(ii); and (xi) any other information, determinations and calculations reasonably required in order to give effect to the terms of this Indenture and the other Related Documents, including the preparation of the Monthly Report and the Annual Report; provided that, if the Administrative Agent has not received all of the Relevant Information for such Payment Date, the Administrative Agent shall make reasonable assumptions for purposes of the calculations contemplated by this Section 3.07. (b) Calculation of Interest and Other Amounts. The Administrative Agent shall, not later than four Business Days prior to each Payment Date, make the following calculations or determinations with respect to Interest Amounts and fees of the Initial Liquidity Facility Provider due on such Payment Date: (i) the Interest Amount in respect of Series A Notes on such Payment Date; - 100 - (ii) the Interest Amount in respect of Series B Notes on such Payment Date; (iii) the Interest Amount in respect of any Series C Notes on such Payment Date; (iv) the Step-Up Interest Amount for the Series A Notes, if applicable; (v) the Step-Up Interest Amount for the Series B Notes, if applicable; (vi) the Step-Up Interest Amount for any Series C Notes, if applicable (vii) any interest and fees due and owing to the Initial Liquidity Facility Provider on such Payment Date; (viii) the Outstanding Disposition Premium for each Series of Notes, if any; (ix) the Redemption Premium for each Series of Notes, if any; and (x) the Additional Maintenance Reserve Amount, if any. (c) Calculation of Principal Payment Amounts. The Administrative Agent shall, not later than four Business Days prior to each Payment Date, calculate or determine the following with respect to principal payments due on such Payment Date and certain other amounts in respect of such Payment Date: (i) from and after the seventh Payment Date following the Initial Closing Date, the DSCR as of such Payment Date; (ii) the Outstanding Principal Balance of each Series of Notes on such Payment Date immediately prior to any principal payment on such date; (iii) the Adjusted Base Value for each Asset and the Adjusted Portfolio Value on such Payment Date; (iv) the Scheduled Principal Payment Amount on such Payment Date with respect to each Series of Notes; and (v) the Outstanding Principal Balance for each Series of Notes on such Payment Date after all principal payments on such date. (d) Calculation of Refinancing or Redemption Amounts. The Administrative Agent shall, not later than four Business Days prior to each Redemption Date on which a Refinancing or Redemption of any Series of Notes is scheduled to occur, perform the calculations necessary to determine the Redemption Price (including accrued and unpaid interest) of such Series. - 101 - (e) Application of the Available Collections. The Administrative Agent shall, not later than 1:00 p.m. New York City time on the third Business Day prior to each Payment Date, determine the amounts to be applied on such Payment Date to make each of the payments contemplated by Section 3.09(a) or 3.09(b), as applicable, setting forth separately, the amount to be applied on such Payment Date pursuant to each clause of Section 3.09(a) or 3.09(b), as applicable. (f) Asset Acquisitions. No later than the last Business Day prior to the anticipated Delivery Date for each Remaining Initial Asset or Replacement Asset, the Administrative Agent shall determine, and give the Trustee and Security Trustee a Written Notice setting out, the amounts to be paid or transferred, as applicable, under Section 3.03 or Section 3.05 in respect of the applicable Remaining Initial Asset or Replacement Asset (as applicable) on such Delivery Date, and on the Delivery Date for such Remaining Initial Asset or Replacement Asset, the Administrative Agent shall deliver a Written Notice to the Trustee and the Security Trustee to the effect that the conditions to the purchase of such Remaining Initial Asset or Replacement Asset set forth in the Asset Purchase Agreement or the Acquisition Agreement (as applicable) have been fulfilled. (g) Calculations in respect of Shortfalls and Series C Shortfalls. As soon as practicable after each Calculation Date, but in no event later than 12:00 noon New York City time on the date which is the fourth Business Day prior to each Payment Date, the Administrative Agent shall determine (after giving effect to the application of Available Collections, taking into account all transfers to the Collections Account to be made pursuant to Section 3.08, in accordance with the applicable payment priorities set forth in Section 3.09(a) or 3.09(b), as applicable) whether a Shortfall or a Series C Shortfall exists as of such Calculation Date in the Available Collections: (i) to pay on the next succeeding Payment Date the Required Expense Amount due on such Payment Date (any such shortfall in respect of the Required Expense Amount on any Payment Date, a "Required Expenses Shortfall"); (ii) to pay the aggregate of the Interest Amounts due in respect of the Series A Notes and Senior Hedge Payments, in each case on such Payment Date, allocated pro rata among (x) such Interest Amounts (any such shortfall in respect of the Series A Notes, a "Series A Interest Shortfall"), and (y) such Senior Hedge Payments (any such shortfall in respect of Senior Hedge Payments, a "Senior Hedge Payment Shortfall"); (iii) to pay Interest Amount due in respect of the Series B Notes on such Payment Date (any such shortfall in respect of the Series B Notes, a "Series B Interest Shortfall"); (iv) to pay Interest Amount due in respect of any Series C Notes on such Payment Date (any such shortfall in respect of any Series C Notes, a "Series C Interest Shortfall"); - 102 - (v) to pay Scheduled Principal Payment Amount due in respect of any Series C Notes on such Payment Date (any such shortfall in respect of any Series C Notes, a "Series C Scheduled Principal Shortfall"); and (vi) to pay the Excess Proceeds Series Payments in respect of any Series C Notes on such Payment Date (any such shortfall, the "Series C Excess Proceeds Series Payment Shortfall"). (h) Notification of Calculations in respect of Available Scheduled Principal Amounts. So long as a Default Notice has not been issued (which has not been rescinded and annulled in accordance with Section 4.02), an Acceleration Default has not occurred and the Expected Final Payment Date has not occurred, as soon as practicable after each Calculation Date, but in no event later than 12:00 noon (New York City time) on the date which is the third Business Day prior to the related Payment Date, the Administrative Agent shall provide notice to the Issuer of its calculation of the amount (the "Available Scheduled Principal Amount") available (after giving effect to all Prior Ranking Amounts) to pay the Scheduled Principal Payment Amount for each Series of Initial Notes (for application in accordance with Section 3.09(a) or 3.09(b), as applicable) for such Payment Date. The Available Scheduled Principal Amount shall be applied in accordance with Section 3.09(a) or 3.09(b), as applicable, towards the Scheduled Principal Payment Amount payable for such Payment Date. (i) DSCR Failure. In the event that the Administrative Agent determines that a DSCR Cash Trap Event or a DSCR Amortization Event has occurred and is continuing with respect to any Payment Date, the Administrative Agent shall provide written notice thereof, not later than two Business Days prior to such Payment Date, to the Issuer, the Trustee and the Initial Liquidity Facility Provider. (j) Calculation of Net Sale Proceeds. Not later than 12:00 noon (New York City time) on the fourth Business Day prior to each Payment Date in respect of which the Net Sale Proceeds of one or more Asset Dispositions are to be applied in accordance with Section 3.09, the Issuer shall cause the Administrative Agent, based on information known to it or Relevant Information provided to it, to calculate the following with respect to Net Sale Proceeds on each Series of Notes due on such Payment Date and the amounts distributable to the Initial Liquidity Facility Provider and the Servicer on such Payment Date, as applicable: (i) the Asset Disposition Accrual Amount in respect of each Asset Disposition, if any; (ii) the Allocable Series Amount and Allocable Debt Balance in respect of each such Asset Disposition and the allocation thereof among the Series of Notes; (iii) the amount of any Hedge Termination Payments in respect of each Asset Disposition, if any;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 103 - (iv) the balance of any Disposition Fees in respect of each Asset Disposition; and (v) the Disposition Premium, if any. (k) Calculation of Excess Proceeds. Not later than 12:00 noon (New York City time) on the third Business Day prior to each Payment Date in respect of which Excess Proceeds are to be applied in accordance with Section 3.09(a), the Issuer shall cause the Administrative Agent, based on information known to it or Relevant Information provided to it, to calculate the Excess Proceeds Series Payment for each Series of Notes due on such Payment Date. Section 3.08 Payment Date First Step Withdrawals and Transfers. Two Business Days prior to each Payment Date, the Administrative Agent shall direct the Operating Bank to make, on such Payment Date, to the extent of funds on deposit in the Accounts, the following withdrawals from and transfers to the Accounts in each case as specified in a Written Notice of the Administrative Agent to the Trustee, the Security Trustee and the Operating Bank: (a) transfer the net proceeds of any Refinancing of a Series of Notes from the Refinancing Account to any Cash Collateral Account established for the related Refinancing Notes (up to the Required Amount therefor in accordance with Section 3.03) and the balance to the applicable Series Accounts, in each case in accordance with Sections 2.10(b) and 5.02(c); (b) transfer any amounts on deposit in the Defeasance/Redemption Account in respect of any Redemption that is not a Refinancing to the applicable Series Accounts; (c) transfer from each Lessee Funded Account to the Collections Account any available Segregated Funds that are no longer required to be maintained (including by way of the termination of the applicable Leases) in a segregated account under the applicable Leases, and to the Expense Account amounts from the applicable Lessee Funded Account that are being repaid to the applicable Lessees; (d) if so directed by the Certificate Holders, withdraw from the Security Deposit Account and transfer to the Expense Account, the applicable Series Account, the Liquidity Facility Reserve Account or the Hedge Termination Payment Account, as applicable, prior to making any transfers pursuant to Section 3.08(e), an amount not to exceed the Available Security Deposit Amount for such Payment Date for application to (i) first, the Required Expenses Shortfall (if any) on such Payment Date, (ii) second, in no order of priority inter se, but pro rata (A) the Series A Interest Shortfall (if any) on such Payment Date and (B) the Senior Hedge Payment Shortfall (if any) on such Payment Date, (iii) third, the Series B Interest Shortfall (if any) on such Payment Date, (iv) fourth, in no order of priority inter se, but pro rata (A) to the Liquidity Facility Reserve Account, such amount so that the amount on deposit in such Account is equal to the Required Amount therefor and (B) to the Initial Liquidity Facility Provider, any Credit Facility Advance Obligations, (v) fifth, the Designated Shortfall (if any) (but not including any shortfall paid pursuant to the preceding clause second) with respect to the Scheduled Principal Payment - 104 - Amount on the Series A Notes for such Payment Date and (vi) sixth, the Designated Shortfall (if any) (but not including any shortfall paid pursuant to the preceding clause third) with respect to the Scheduled Principal Payment Amount on the Series B Notes for such Payment Date, in each case pursuant to Section 3.01(e)(iii); provided that the amount described in Section 3.08(d)(iv) shall be determined after giving effect to any funds to be applied pursuant to Sections 3.08(d)(i), (ii) and (iii) and the application of any drawings from the Liquidity Facility Reserve Account on such Payment Date; (e) if there are one or more Shortfalls on such Payment Date, after taking into consideration any transfers made pursuant to Section 3.08(d), (i) withdraw Facility Drawings from the Initial Liquidity Payment Account and apply the same in accordance with Section 3.14(b) or (ii) withdraw amounts from the Liquidity Facility Reserve Account and apply the same in accordance with Section 3.01(j), as applicable; (f) transfer from the Collections Account to the relevant Lessee Funded Accounts the amount of any Segregated Funds then on deposit in the Collections Account; (g) withdraw from the Maintenance Reserve Account and deposit in the Collections Account the amount, if any, of the Lessee Reimbursements included in Expenses for such Payment Date; (h) transfer from any Account (other than the Collections Account, the Initial Liquidity Payment Account, the Liquidity Facility Reserve Account, the Asset Replacement Account and the Asset Purchase Account) to the Collections Account the amount of Investment Earnings (net of losses and investment expenses), if any, on investments of funds on deposit therein during the preceding Interest Accrual Period, except that (i) earnings on any portion of the funds on deposit in any Account required under the terms of the related Lease to be repaid to the related Lessee shall be retained therein and (ii) in the case of the Asset Purchase Account, any earnings on the purchase price funds on deposit in the Asset Purchase Account shall be retained therein for application in accordance with Section 3.05; (i) transfer from the Asset Purchase Account to the Collections Account the amount of any Rental Payments described in Section 3.04(l) that have not already been so transferred; (j) transfer to the Expense Account, as directed by the Administrative Agent, such amounts as are required to pay any fees, expenses or other amounts (including Taxes) required to maintain the Issuer in good standing under United States federal law and the laws of the State of Delaware; (k) if there are one or more Series C Shortfalls on such Payment Date, withdraw amounts from the Series C Reserve Account and deposit the same in the Series Account for any Series C Notes in accordance with Section 3.01(q); (l) [Reserved]; - 105 - (m) withdraw the Balance available in the DSCR Cash Trap Account and deposit such amounts in the Collections Account; provided that, so long as no Event of Default or Rapid Amortization Event shall have occurred and is continuing, if a DSCR Cash Trap Event has occurred and is continuing and the Certificate Holders shall have notified the Trustee and the Administrative Agent in writing no later than five Business Days prior to such Payment Date that they elect to apply all or a portion of the Balance in the DSCR Cash Trap Account to the Outstanding Principal Balance of the Series A Notes or, if no Series A Notes are Outstanding, the Outstanding Principal Balance of the Series B Notes on such Payment Date, in each case after giving effect to all other distributions made in accordance with Section 3.09 on such Payment Date (any such principal payments, the "Cash Trap Principal Payments"), withdraw an amount up to the Balance available in the DSCR Cash Trap Account and deposit such amounts in the applicable Series Account; (n) after the giving of a Default Notice, during the continuation of an Acceleration Default or following the Interest Accrual Period in which an Asset Disposition occurs with respect to the last remaining Asset, transfer any amounts remaining in the relevant Lessee Funded Account (other than amounts required to be maintained in such account pursuant to the terms of the related Lease or Asset Agreement) into the Collections Account; and (o) any other deposit, transfer, withdrawal or payment not described in paragraphs (a) through (n) of this Section 3.08 but required to be made pursuant to Section 3.07(e). Section 3.09 Payment Date Second Step Withdrawals. (a) Subject to Section 3.09(b), on each Payment Date, after the withdrawals and transfers provided for in Section 3.08 have been made, the Administrative Agent shall direct the Operating Bank to distribute from the Collections Account in each case as specified in a Written Notice of the Administrative Agent to the Trustee, the Security Trustee and the Operating Bank at least two Business Days prior to such Payment Date, the amounts set forth below in the order of priority set forth below but, in each case, only to the extent that funds are available for such distributions and to the extent that all Prior Ranking Amounts then required to be paid have been paid. All payments of Available Collections to be made to or for the account of Holders of Notes pursuant to this Section 3.09 shall be made through a direct transfer of funds to the applicable Series Account with respect to the applicable Series of Notes. (i) to the Expense Account, an amount such that the amount on deposit therein is equal to the Required Expense Amount for such Payment Date, for payment of Expenses (including, without limitation, any amount payable by any Issuer Group Member to any Lessee pursuant to a Lease, Indemnification Amounts (other than Excess Indemnification Amounts), Trustee Fees and all Service Provider Fees (including the Senior Rent Based Fees and Disposition Fees, but excluding the Subordinated Rent Based Fees), but excluding, for the avoidance of doubt, the portion of any Maintenance and Modification Expenses funded from the Maintenance Reserve Account, and excluding any Credit Facility Advance Obligations) that are due and payable or reimbursable on such Payment Date and - 106 - included in the Required Expense Amount for such Payment Date, with the balance to be retained in the Expense Account, in each case less the amount of any withdrawals from the Liquidity Facility Reserve Account or any Facility Drawings in respect of the Required Expenses Shortfall for such Payment Date withdrawn or paid (as applicable) on or before such Payment Date in respect of such Payment Date; (ii) in no order of priority inter se, but pro rata as to the amounts described in clauses (A) and (B) as follows: (A) to the Series Account for the Series A Notes, the Interest Amount on such Series A Notes and (B) pro rata, to any Eligible Hedge Counterparties, an amount equal to any Senior Hedge Payments due from any Issuer Group Member pursuant to any Currency Hedge Agreement, less in the case of clauses (A) and (B) the amount of any withdrawals from the Liquidity Facility Reserve Account or any Facility Drawings in respect of the Series A Interest Shortfall or the Senior Hedge Payment Shortfall (as applicable) for such Payment Date withdrawn or paid (as applicable) on or before such Payment Date in respect of such Payment Date; (iii) to the Series Account for the Series B Notes, the Interest Amount on such Series B Notes, less the amount of any withdrawals from the Liquidity Facility Reserve Account or any Facility Drawings in respect of the Series B Interest Shortfall for such Payment Date withdrawn or paid (as applicable) on or before such Payment Date in respect of such Payment Date; (iv) first, to any Persons providing any Eligible Credit Facilities, pro rata inter se, any Credit Facility Advance Obligations consisting of interest and second, in no order of priority inter se, but pro rata as to the amounts described in clauses (A) and (B) as follows: (A) to the Liquidity Facility Reserve Account (following a Downgrade Drawing, a Final Drawing or a Non-Extension Drawing), such amount so that the amount on deposit in such Account is equal to the applicable Required Amount therefor, and (B) to any Persons providing any Eligible Credit Facilities, any other Credit Facility Advance Obligations payable to such Persons under the terms of their respective Eligible Credit Facilities and, to the extent any such Eligible Credit Facility consists of a Cash Collateral Account (other than the Liquidity Facility Reserve Account), such amount so that the amount on deposit in each such Account is equal to the applicable Required Amount therefor; (v) so long as no Rapid Amortization Event has occurred and is continuing, to the Series Account for the Series A Notes, an amount equal to the Scheduled Principal Payment Amount of the Series A Notes for such Payment Date; (vi) so long as no Rapid Amortization Event has occurred and is continuing, to the Series Account for the Series B Notes, an amount equal to the Scheduled Principal Payment Amount of the Series B Notes for such Payment Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 107 - (vii) to the Security Deposit Account, an amount equal to the Additional Security Deposit Reserve Amount; (viii) to the Maintenance Reserve Account, (A) so long as no Rapid Amortization Event (other than the Expected Final Payment Date) has occurred and is continuing, the lesser of (1) an amount equal to the Additional Maintenance Reserve Amount and (2) 85% of the Available Collections after giving effect to clauses (i) through (vii) above or (B) if a Rapid Amortization Event (other than the Expected Final Payment Date) has occurred and is continuing, an amount equal to the Additional Maintenance Reserve Amount; (ix) so long as no Rapid Amortization Event has occurred and is continuing, first, to the Series Account for the Series A Notes, the Excess Proceeds Series Payment for the Series A Notes for such Payment Date and, second, to the Series Account for the Series B Notes, the Excess Proceeds Series Payment for the Series B Notes for such Payment Date; (x) if a DSCR Cash Trap Event has occurred and is continuing, but no Rapid Amortization Event has occurred and is continuing, to the DSCR Cash Trap Account, all remaining amounts; (xi) if a Rapid Amortization Event has occurred and is continuing, to the Series Account for the Series A Notes, (a) first, an amount equal to the Scheduled Principal Payment Amount of the Series A Notes for such Payment Date and (b) second, an amount equal to the Outstanding Principal Balance of such Series A Notes; (xii) if a Rapid Amortization Event has occurred and is continuing, to the Series Account for the Series B Notes, (a) first, an amount equal to the Scheduled Principal Payment Amount of the Series B Notes for such Payment Date and (b) second, an amount equal to the Outstanding Principal Balance of such Series B Notes; (xiii) to the Series Account for the Series C Notes, the Interest Amount on such Series C Notes; (xiv) to the Series Account for the Series C Notes, an amount equal to the Scheduled Principal Payment Amount of the Series C Notes for such Payment Date; (xv) to the Series Account for the Series C Notes, the Excess Proceeds Series Payment for the Series C Notes for such Payment Date; (xvi) to the Series C Reserve Account, the Additional Series C Reserve Amount; (xvii) after the Expected Final Payment Date, to the Series Account for the Series A Notes, the Step-Up Interest Amount for the Series A Notes; - 108 - (xviii) after the Expected Final Payment Date, to the Series Account for the Series B Notes, the Step-Up Interest Amount for the Series B Notes; (xix) after the Expected Final Payment Date, to the Series Account for the Series C Notes, the Step-Up Interest Amount for the Series C Notes; (xx) to the Servicer, the Subordinated Rent Based Fees; (xxi) in no order of priority inter se, but pro rata (A) to the Eligible Hedge Counterparties, in no order of priority inter se, but pro rata, to pay the Subordinated Hedge Payments, and (B) to pay Subordinated Expenses to the applicable parties in no order of priority inter se, but pro rata; (xxii) first, to the payment of any Outstanding Disposition Premium, to the Series Account for the Series A Notes, second, to the payment of any Outstanding Disposition Premium, to the Series Account for the Series B Notes and third, to the payment of any Outstanding Disposition Premium, to the Series Account for the Series C Notes; (xxiii) to the Asset Disposition Contribution Account, the Asset Disposition Accrual Deposit, if any, specified by the Certificate Holders; (xxiv) to the Asset Purchase Account, such amounts as have been approved by a Trustee Resolution in accordance with Section 5.02(r) hereof for Discretionary Asset Modifications; and (xxv) to the Issuer, all remaining amounts. (b) Anything to the contrary contained in Section 3.09(a) notwithstanding, after delivery to the Issuer and the Administrative Agent of a Default Notice or during the continuance of an Acceleration Default, the allocation of payments described in Section 3.09(a) shall not apply and the Administrative Agent shall direct the Operating Bank in writing to cause all amounts on deposit in the Collections Account to be applied on each Payment Date in the following order of priority: (i) to the Expense Account, an amount such that the amount on deposit therein is equal to the Required Expense Amount for such Payment Date, for payment of Expenses (including, without limitation, any amount payable by any Issuer Group Member to any Lessee pursuant to a Lease, Indemnification Amounts, Subordinated Expenses, Special Litigation Expenses, Trustee Fees and all Service Provider Fees (including the Senior Rent Based Fees and Disposition Fees, but excluding the Subordinated Rent Based Fees), but excluding, for the avoidance of doubt, the portion of any Maintenance and Modification Expenses funded from the Maintenance Reserve Account, and excluding any Credit Facility Advance Obligations) that are due and payable or reimbursable on such Payment Date and included in the Required Expense Amount for such Payment Date, with the balance to be retained in the Expense Account, in each case less the amount of any withdrawals from the Liquidity Facility Reserve Account or any Facility Drawings - 109 - in respect of the Required Expenses Shortfall for such Payment Date withdrawn or paid (as applicable) on or before such Payment Date in respect of such Payment Date; (ii) to any Persons providing any Eligible Credit Facilities, pro rata inter se, first, any Credit Facility Obligations consisting of interest and second, any other Credit Facility Advance Obligations, in each case payable to such Persons under the terms of their respective Eligible Credit Facilities; (iii) in no order of priority inter se, but pro rata as to the amounts described in clauses (A) and (B) as follows: (A) to the Series Account for the Series A Notes, the Interest Amount on such Series A Notes and (B) pro rata, to any Eligible Hedge Counterparties, an amount equal to any Senior Hedge Payments due from any Issuer Group Member pursuant to any Currency Hedge Agreement; (iv) to the Series Account for the Series A Notes, an amount equal to the Outstanding Principal Balance of such Series A Notes; (v) to the Series Account for the Series B Notes, the Interest Amount on such Series B Notes; (vi) to the Series Account for the Series B Notes, an amount equal to the Outstanding Principal Balance of such Series B Notes; (vii) to the Series Account for the Series C Notes, the Interest Amount on such Series C Notes; (viii) to the Series Account for the Series C Notes, an amount equal to the Outstanding Principal Balance of such Series C Notes; (ix) after the Expected Final Payment Date, to the Series Account for the Series A Notes, the Step-Up Interest Amount for the Series A Notes; (x) after the Expected Final Payment Date, to the Series Account for the Series B Notes, the Step-Up Interest Amount for the Series B Notes; (xi) after the Expected Final Payment Date, to the Series Account for the Series C Notes, the Step-Up Interest Amount for the Series C Notes; (xii) to the Servicer, the Subordinated Rent Based Fees; (xiii) to the Eligible Hedge Counterparties, pro rata inter se, the Subordinated Hedge Payments; (xiv) first, to the payment of any Outstanding Disposition Premium, to the Series Account for the Series A Notes, second, to the payment of any Outstanding Disposition Premium, to the Series Account for the Series B Notes and third, to the - 110 - payment of any Outstanding Disposition Premium, to the Series Account for the Series C Notes; and (xv) to the Issuer, all remaining amounts. Section 3.10 Reserved. Section 3.11 Certain Redemptions. (a) Optional Redemption. Subject to the provisions of Section 3.11(c), the Issuer may elect to redeem (including in connection with any Refinancing) any Series of Notes in whole on any Business Day or in part on any Payment Date (any such redemption, an "Optional Redemption"), out of amounts available in the Defeasance/Redemption Account or, in the case of a Refinancing, the Refinancing Account, for such purpose, if any, other than, in either such case, any funds constituting part of the Available Collections, at the applicable Redemption Price (including after giving effect to any payment of accrued and unpaid interest on such Redemption Date, if any, under Section 3.09) on such Notes to be redeemed on the Redemption Date; provided that an Optional Redemption in respect of any Series of Notes funded with Refinancing Notes may only be in whole; and provided further that after the giving of a Default Notice or the Acceleration of any Notes (other than a Default Notice that has been rescinded and annulled in accordance with Section 4.02), the Notes may be redeemed only in whole but not in part pursuant to this Section 3.11(a); and provided further that Written Notice of any such Redemption shall be given by the Issuer (or the Administrative Agent on its behalf) to the Trustee and, for so long as any Series of Notes are listed on any stock exchange, to the applicable listing agent and such stock exchange within such time period prior to such Redemption Date as is required to comply with the rules of such stock exchange as confirmed by the listing agent for such stock exchange or such stock exchange. Such Written Notice shall include the information required to be provided in the notice of Redemption pursuant to Section 3.11(c). Any Balance in the Asset Purchase Account remaining on the Delivery Expiry Date (or remaining with respect to an Initial Asset that will no longer be acquired pursuant to the Asset Purchase Agreement after application of amounts therein to any Substitute Asset acquired in lieu thereof) shall be transferred to the Defeasance/Redemption Account and applied as an Optional Redemption (an "Acquisition Balance Redemption") in part of the Notes on the next succeeding Payment Date, allocated between the Series on the basis of the applicable Allocable Notional Series Amount for each Series minus an amount equal to the Designated Percentage for such Asset multiplied by the Scheduled Principal Payment Amounts actually paid for such Series prior to such Acquisition Balance Redemption. Sections 3.11(c) and (d) shall not apply to any Acquisition Balance Redemption. (b) Redemption for Taxation Reasons. Subject to the provisions of Section 3.11(c), if, at any time, (i) the Issuer is, or on the next succeeding Payment Date will be, required to make any withholding or deduction under the laws or regulations of any applicable Tax authority with respect to any payment on any Notes (the "Affected Notes"); or (ii) the Issuer is or will be subject to any circumstance (whether by reason of any law, regulation, regulatory requirement or double-taxation

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 111 - convention, or the interpretation or application thereof, or otherwise) that has resulted or will result in the imposition of a Tax (whether by direct assessment or by withholding at source) or other similar imposition by any jurisdiction that would (A) materially increase the cost to the Issuer of making payments in respect of the Affected Notes or of complying with its obligations under or in connection with the Affected Notes; or (B) otherwise obligate the Issuer or any of its subsidiaries to make any material payment with respect to, or calculated by reference to, the amount of any sum received or receivable by the Issuer, or by the Administrative Agent on behalf of the Issuer Group as contemplated by the Administrative Agency Agreement; then the Issuer shall inform the Trustee in writing at such time of any such requirement or imposition and shall use commercially reasonable efforts to avoid the effect of the same; provided that no actions shall be taken by the Issuer to avoid such effects without a Rating Agency Confirmation. If, after using commercially reasonable efforts to avoid the adverse effects described above, any Issuer Group Member has not avoided such effects, the Issuer may, at its election, redeem the Affected Notes on any Payment Date, in whole, at the Outstanding Principal Balance thereof plus accrued and unpaid interest (after giving effect to any payment thereof on such Redemption Date under Section 3.09) thereon, but without premium, after paying the Required Expense Amount and all unpaid Credit Facility Obligations as of such Payment Date (any such redemption, a "Tax Redemption"); provided, however, that any such Redemptions may not occur more than 30 days prior to such time as the requirement or imposition described in (i) or (ii) above is to become effective and the Trustee shall have received a certification from the Issuer certifying that the applicable Issuer Group Member has been unable, after using commercially reasonable efforts, to avoid the adverse effects described above; provided further that Written Notice of any such Redemption shall be given by the Issuer (or the Administrative Agent on its behalf) to the Trustee and, for so long as any Series of Notes is listed on any stock exchange and traded on such stock exchange, to the applicable listing agent and such stock exchange within such time period prior to the Redemption Date for such Redemption as is required to comply with the rules of such stock exchange as confirmed by the listing agent for such stock exchange or such stock exchange. (c) Method of Redemption. The Issuer or the Administrative Agent shall give Written Notice in respect of any such Redemption of Notes (other than an Acquisition Balance Redemption) under Section 3.11(a) or 3.11(b) to the Trustee, the Holders and the Initial Liquidity Facility Provider. The Depositary shall forward such notice of Redemption to its Participants or the beneficial owners of the Global Notes with any additional instructions applicable to owners of Beneficial Interests in accordance with its Applicable Procedures. If a Redemption of any Series of Notes is in part and not in whole, the amount of such Redemption will be applied pro rata according to the Outstanding Principal Balance of such Series, to the extent moneys are available. Except in the case of a Refinancing, no notice confirming a specific Redemption Date shall be delivered to the Holders under this Section 3.11(c) unless and until the Issuer or Administrative Agent shall have certified to the Trustee that the amounts required to be deposited pursuant to Section 3.11(d) are, or will on or before the Redemption Date be, deposited in the Defeasance/Redemption Account and the conditions precedent to such Redemption have been, or will on or before the Redemption Date be, satisfied; provided that the foregoing - 112 - shall not restrict notice from being given to the Holders advising them that a Redemption Date is anticipated. Each notice in respect of a Redemption given pursuant to this Section 3.11(c) shall state (i) the applicable Redemption Date (provided that such notice shall be permitted to provide that the related Redemption Date will occur on a date within a period of time described in such notice, so long as the Administrative Agent notifies (x) the Trustee of the specific Redemption Date by no later than 10:00 a.m. (New York time) at least two Business Days prior to the Redemption Date and (y) the Holders of the Notes to be redeemed of the specific Redemption Date before the Redemption occurs, or such earlier time or date as may be required by the applicable rules and procedures of the Depositary, if any), (ii) the source of funds for making payments due on any Redemption Date, (iii) the Redemption Price of the Outstanding Principal Balance of the Series of Notes to be redeemed (provided that if such notice provides that the related Redemption Date will occur on a date within a period of time described in such notice, the Redemption Price applicable to one or more days during such period may be set out in such notice or in a separate notice delivered on a later date, so long as the Redemption Price for the Redemption Date is set out in a notice delivered to the Trustee not later than 10:00 a.m. (New York time) at least two Business Days prior to the time of the Redemption), (iv) in the case of a Redemption of a Series of Notes in whole, the Series of Notes to be redeemed in whole must be surrendered to the Trustee to collect the Redemption Price (including accrued and unpaid interest on such Series) and (v) in the case of a Redemption of a Series of Notes in whole, that, unless the Issuer defaults in the payment of the Redemption Price (including any accrued and unpaid interest thereon), interest on such Series shall cease to accrue on and after the Redemption of such Series. Each notice in respect of a Redemption given pursuant to this Section 3.11(c) shall be revocable by written notice from the Administrative Agent, on behalf of the Issuer, to (x) the Trustee up until 10:00 a.m. (New York time) two Business Days prior to the Redemption Date stated therein (or, in the case of a notice of Redemption providing for the Redemption Date to occur within a described period of time, stated in a separate written notice delivered by not later than 10:00 a.m. (New York time) at least two Business Days prior to the Redemption Date stated therein) and (y) each Holder of the Notes to be redeemed until the latest Redemption Date stated in the Redemption Notice (or such earlier time or date as may be required by the applicable rules and procedures of the Depositary, if any). The Administrative Agent shall deliver a notice to the Trustee and the Holders of the Notes being redeemed setting forth the Redemption Premium (if any) not later than 10:00 a.m. (New York time) at least two Business Days preceding the Redemption Date. Without prejudice to the foregoing provisions of this Section 3.11(c), if a notice described above in this Section 3.11(c) will not be delivered to the Holders of the Notes to be redeemed at least five Business Days prior to a proposed Redemption Date, the Administrative Agent shall provide a written notice to the Trustee, the Holders and the Initial Liquidity Facility Provider advising them that a Redemption Date is anticipated at least five Business Days prior to such proposed Redemption Date and reflecting any of the information to be included in the redemption notice described above as is then known to the Administrative Agent. (d) Deposit of Redemption Amount. At or before 10:00 a.m. (New York City time) on the Redemption Date in respect of a Redemption under Section 3.11(a), the Issuer shall, to the extent an amount equal to the Redemption Price of Initial Notes to be redeemed (including all accrued and unpaid interest thereon (after giving effect to any payment - 113 - thereof on such Redemption Date under Section 3.09)) and all unpaid Credit Facility Obligations (only in respect of any amounts drawn from the Liquidity Facility Reserve Account or Facility Drawings, as the case may be, in respect of Series A Interest Shortfalls or Series B Interest Shortfalls) as of the Redemption Date is not then held on deposit therein, deposit or cause to be deposited in the Defeasance/Redemption Account or, in the case of a Refinancing, the Refinancing Account, other than, in either case, any funds constituting part of the Available Collections, an amount in immediately available funds equal to such amount. At or before 10:00 a.m. (New York City time) on the Redemption Date in respect of a Redemption under Section 3.11(b), the Issuer shall, to the extent an amount equal to the Outstanding Principal Balance of the Initial Notes to be redeemed and all accrued and unpaid interest (after giving effect to any payment thereof on such Redemption Date under Section 3.09) thereon and all unpaid Credit Facility Obligations (only in respect of any amounts drawn from the Liquidity Facility Reserve Account or Facility Drawings, as the case may be, in respect of Series A Interest Shortfalls or Series B Interest Shortfalls) as of the Redemption Date is not then held on deposit therein, deposit or cause to be deposited in the Defeasance/Redemption Account other than any funds constituting part of Available Collections, an amount in immediately available funds equal to such amount. The Administrative Agent shall instruct the Trustee to transfer to the applicable Series Accounts, on the Redemption Date, amounts on deposit in the Defeasance/Redemption Account or Refinancing Account as are required to pay the applicable Redemption Price, and shall instruct the Trustee to make such other transfers and payments as are contemplated hereunder to be made on such Redemption Date. (e) Notes Payable on Redemption Date. After notice has been given under Section 3.11(c) of a Redemption in whole, unless such notice has been revoked, the Outstanding Principal Balance of the Initial Notes to be redeemed on such Redemption Date shall become due and payable at the Corporate Trust Office of the Trustee, and from and after such Redemption Date (unless there shall be a default in the payment of the applicable amount to be redeemed) such principal amount shall cease to bear interest. Upon surrender of any Note for redemption in accordance with such notice, the Redemption Price or the Outstanding Principal Balance (as applicable) of such Note, together with accrued and unpaid interest on such Note shall be paid as provided for in this Section 3.11. If any Note to be redeemed shall not be so paid upon surrender thereof for redemption, the amount in respect thereof shall continue to bear interest until paid from the Redemption Date at the interest rate applicable to such Note. Section 3.12 Cure Advances. In the event that the amounts available for distribution under Section 3.09 hereof and from the Initial Liquidity Facility are insufficient to pay in full any Interest Amount, Scheduled Principal Payment Amount or any other amount then due and payable, the Administrative Agent shall promptly notify the Certificate Holders that any Certificate Holder(s) may elect, by written notice to the Trustee, the Administrative Agent and the Issuer to make Cure Advances in amounts (the "Cure Amounts") sufficient to fund the payment of such amounts, subject to the limitations in Section 4.02 with respect to Cure Advances made to cure any defaults in the payment of Interest Amount on the Senior Series. Such written notice shall specify the amount of the Cure Advances, the date on which such Cure Advances are to be made and the amounts that are to be paid with Cure Advances. Such Cure Advances shall be deposited in the applicable Account and the Administrative Agent shall direct the Trustee to pay such - 114 - amounts as are specified in the written notice from the applicable Certificate Holder(s). The Administrative Agent shall notify the Trustee in writing within one Business Day after the making of any Cure Advance that such Cure Advance has been made. All Cure Advances so deposited shall be paid to the applicable Person notwithstanding Section 3.09 hereof, Article X hereof or anything else to the contrary contained in this Indenture or the Security Trust Agreement. If the failure to have paid such amounts constitutes a Default or an Event of Default, the provisions of Section 4.02 shall govern the exercise of any remedies by the Trustee and the Security Trustee. Section 3.13 Eligible Credit Facilities. Notwithstanding Section 3.09, Article X, or anything else to the contrary contained in this Indenture or the Security Trust Agreement, all amounts available in any Cash Collateral Account or drawn against any other Eligible Credit Facility shall be paid to such Holders of Notes (and holders of other obligations) for whose benefit such Eligible Credit Facility is stated to be established except to the extent otherwise provided in the Trustee Resolutions providing for such Eligible Credit Facility. Section 3.14 Initial Liquidity Facility. (a) Facility Drawings. If the Administrative Agent determines in accordance with Section 3.07(g) hereof that after making all withdrawals (after giving effect to any withdrawals from the Liquidity Facility Reserve Account and transfers to be made with respect to the applicable Payment Date, including pursuant to Section 3.08), there is (i) a Required Expenses Shortfall, (ii) a Series A Interest Shortfall, (iii) a Senior Hedge Payment Shortfall and/or (iv) a Series B Interest Shortfall, in each case as calculated pursuant to Section 3.07(g), the Administrative Agent shall so notify the Trustee in writing and shall, no later than 5:00 p.m. (New York City time) four Business Days prior to such Payment Date, request a drawing (each such drawing, a "Facility Drawing") under the Initial Liquidity Facility, to be paid on or prior to such Payment Date, in an amount equal to the lesser of (A) the aggregate amount of the Shortfalls described in clauses (i), (ii), (iii) and (iv) above (reduced by any amounts withdrawn and transferred pursuant to Section 3.08(d)(i), (ii) and (iii)) and (B) the Available Amount under the Initial Liquidity Facility. (b) Application of Facility Drawings. The proceeds of any Facility Drawing in respect of any Payment Date shall be deposited into the Initial Liquidity Payment Account and withdrawn on such Payment Date by the Operating Bank, upon Written Notice from the Administrative Agent, for application as follows: The Trustee shall, or shall cause the Operating Bank to, as set out in the Written Notice from the Administrative Agent, apply such proceeds, first, to the Expense Account the Required Expenses Shortfall for such Payment Date; second, in no order of priority inter se, but pro rata, (1) to the Series Account for the Initial Series A Notes, the Series A Interest Shortfall for such Payment Date and (2) pro rata, to each Hedge Provider, an amount equal to the Senior Hedge Payment Shortfall; and third to the Series Account for the Initial Series B Notes, the Series B Interest Shortfall (in each case such Shortfall reduced by any transfers made on such Payment Date from the Security Deposit Account pursuant to Section 3.08(d)(i), (ii) and (iii)). (c) Downgrade Drawings. (i) The Initial Liquidity Facility Provider will promptly, but in any event within ten days of the occurrence of a Downgrade Event, deliver notice to the Trustee and the Administrative Agent of such Downgrade Event and the Downgrade Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 115 - (ii) If at any time a Downgrade Event has occurred, the Initial Liquidity Facility Provider or the Administrative Agent on behalf of the Issuer may arrange for a Replacement Liquidity Facility Provider to issue and deliver a Replacement Liquidity Facility to the Trustee and the Administrative Agent pursuant to Section 3.14(e)(ii) within the Downgrade Period (but not later than the expiration date of the Initial Liquidity Facility). (iii) After the occurrence of a Downgrade Event with respect to the Initial Liquidity Facility, if the Initial Liquidity Facility becomes a Downgraded Facility and is not replaced with a Replacement Liquidity Facility as provided in Section 3.14(c)(ii) within the Downgrade Period, the Administrative Agent shall, on the last day of the Downgrade Period, request a drawing in accordance with and to the extent permitted by the Initial Liquidity Facility (such drawing, a "Downgrade Drawing") of the Available Amount thereunder. Amounts drawn pursuant to a Downgrade Drawing shall be deposited into the Liquidity Facility Reserve Account and maintained and invested as provided in Section 3.14(f) hereof. (iv) If a Downgrade Drawing has been provided by the Initial Liquidity Facility Provider and subsequently the Initial Liquidity Facility ceases to be a Downgraded Facility, following written notice from the Initial Liquidity Facility Provider to the Administrative Agent that the Initial Liquidity Facility ceases to be a Downgraded Facility, any amounts of such Downgrade Drawing remaining in the Liquidity Facility Reserve Account shall be reimbursed to the Initial Liquidity Facility Provider in accordance with Section 3.01(j). (d) Non-Extension Drawings. If the Initial Liquidity Facility is to expire on a date (the "Stated Expiration Date") prior to the date that is 15 days after the Final Maturity Date with respect to the Initial Notes, then, no earlier than the 75th day and no later than the 30th day prior to the applicable Stated Expiration Date then in effect, the Administrative Agent may (but shall not be obligated to) request that the Initial Liquidity Facility Provider extend the Stated Expiration Date until the earlier of (i) the date which is 15 days after the Final Maturity Date with respect to the Initial Notes and (ii) the first anniversary of the Stated Expiration Date then in effect (unless the obligations of the Initial Liquidity Facility Provider are earlier terminated in accordance with the Initial Liquidity Facility). Whether or not the Issuer or the Administrative Agent has made such request, the Initial Liquidity Facility Provider shall have the right to advise the Issuer no earlier than the 40th day (or, if earlier, the date of the Initial Liquidity Facility Provider's receipt of such request, if any, from the Issuer) and no later than the 25th day prior to the then effective Expiry Date, whether, in its sole discretion, it has elected not to extend the Expiry Date or has rejected an Extension Request (a "Non-Extension Notice"). If the Initial Liquidity Facility Provider rejects the Extension Request or elects not to extend the then effective Expiry Date, the Initial Liquidity Facility Provider may, at its option in accordance with Section 3.14(e)(i), arrange for a Replacement Liquidity Facility to replace the Initial Liquidity Facility during the period no earlier than 45 days and no later than 10 days prior to the Stated Expiration Date. If, on or before the date which is 10 days prior to the Stated Expiration Date, the Initial Liquidity Facility Provider delivers a Non- - 116 - Extension Notice and a Replacement Liquidity Facility has not been provided, the Administrative Agent (on behalf of the Issuer) shall immediately request a drawing (a "Non-Extension Drawing") for the Available Amount. Amounts advanced pursuant to a Non-Extension Drawing shall be deposited into the Liquidity Facility Reserve Account to the extent of the Available Amount. If the Initial Liquidity Facility Provider does not give a Non-Extension Notice to the Issuer and the Administrative Agent by the 25th day prior to the Stated Expiration Date, then the effective Stated Expiration Date shall be automatically extended to the earlier of (i) the date that is 15 days after the Final Maturity Date with respect to the Notes, and (ii) the first anniversary of the then effective Stated Expiration Date. (e) Issuance of Replacement Liquidity Facility. (i) If the Initial Liquidity Facility Provider shall not extend the Stated Expiration Date in accordance with Section 3.14(d), then either the Initial Liquidity Facility Provider or the Issuer may, at their respective options, arrange for a Replacement Liquidity Facility to replace the Initial Liquidity Facility during the period no earlier than 45 days and no later than 10 days prior to the then effective Stated Expiration Date. (ii) If a Downgrade Event shall have occurred with respect to the Initial Liquidity Facility in accordance with Section 3.14(c), then either the Initial Liquidity Facility Provider or the Issuer may, at their respective options, arrange for a Replacement Liquidity Facility to replace the Initial Liquidity Facility within the Downgrade Period (but not later than the expiration date of the Initial Liquidity Facility); provided, however, that the Initial Liquidity Facility Provider may, at its option, arrange for a Replacement Liquidity Facility at any time following a Downgrade Drawing so long as the Administrative Agent on behalf of the Issuer has not already arranged for a Replacement Liquidity Facility. (iii) At any time after the Initial Closing Date, the Initial Liquidity Facility Provider may, at its option, arrange for a Replacement Liquidity Facility to replace the Initial Liquidity Facility. (A) No Replacement Liquidity Facility arranged by the Initial Liquidity Facility Provider or the Issuer in accordance with clauses (i), and (ii) and the first paragraph of clause (iii) shall become effective and no such Replacement Liquidity Facility shall be deemed an "Eligible Credit Facility" under this Indenture, unless and until (x) each of the conditions referred to in clauses (B) and (C) below shall have been satisfied, and (y) in the case of a Replacement Liquidity Facility arranged by the Initial Liquidity Facility Provider, such Replacement Liquidity Facility is acceptable to the Issuer. (B) In connection with the issuance of each Replacement Liquidity Facility, (x) the Administrative Agent shall, prior to the issuance of such Replacement Liquidity Facility, have received a Rating Agency Confirmation with respect to the Initial Notes (without regard to any downgrading of any rating of the Initial Liquidity Facility Provider being - 117 - replaced pursuant to this Section 3.14(e)), (y) all Credit Facility Obligations then owing to the replaced Initial Liquidity Facility Provider (which payment shall be made first from available funds in the Liquidity Facility Reserve Account and thereafter from any other available source, including, without limitation, a drawing under the Replacement Liquidity Facility) shall be paid by the Operating Bank upon receipt of a Written Notice of the Administrative Agent setting forth the amount of the Credit Facility Obligations then owing to the replaced Initial Liquidity Facility Provider and (z) the issuer of the Replacement Liquidity Facility shall deliver the Replacement Liquidity Facility to the Administrative Agent, together with a legal opinion opining that such Replacement Liquidity Facility has been duly authorized, executed and delivered by, and is an enforceable obligation of, such Replacement Liquidity Facility Provider, such legal opinion to be reasonably satisfactory to the Controlling Party unless the legal opinion of counsel to the Replacement Liquidity Facility Provider is in form and substance substantially the same as the legal opinion of counsel to the Initial Liquidity Facility Provider delivered on the Initial Closing Date. (C) Upon satisfaction of the conditions set forth in clauses (A) and (B) of this Section 3.14(e)(iii) with respect to a Replacement Liquidity Facility, (w) the replaced Initial Liquidity Facility shall terminate, (x) the Administrative Agent shall, if and to the extent so requested by the Issuer or the Initial Liquidity Facility Provider being replaced, execute and deliver any certificate or other instrument required in order to terminate the replaced Initial Liquidity Facility, shall surrender the replaced Initial Liquidity Facility to the Initial Liquidity Facility Provider being replaced and shall execute and deliver the Replacement Liquidity Facility, (y) each of the parties hereto shall enter into any amendments to this Indenture and any other Related Documents necessary to give effect to (1) the replacement of the applicable Initial Liquidity Facility Provider with the applicable Replacement Liquidity Facility Provider and (2) the replacement of the applicable Initial Liquidity Facility with the applicable Replacement Liquidity Facility and (z) such Replacement Liquidity Facility Provider shall be deemed to be a provider of an Eligible Credit Facility with the rights and obligations of the Initial Liquidity Facility Provider hereunder and under the other Related Documents and such Replacement Liquidity Facility shall be deemed to be an Eligible Credit Facility (and, if so designated by the Controlling Trustees, the "Initial Liquidity Facility") hereunder and under the other Related Documents. For purposes of clarification, an assignment to an Eligible Provider as permitted thereunder by the provider of the Initial Liquidity Facility or any other Eligible Credit Facility shall not be considered a Replacement Liquidity Facility; provided that written notification of such assignment shall have been provided to the Rating Agencies, and the assignee has delivered to the Administrative Agent legal opinions with respect to due authorization, execution, delivery and enforceability substantially similar in scope and substance to the legal opinions delivered by counsel to the Initial Liquidity Facility Provider on the Initial Closing Date. Following any assignment in accordance - 118 - with the provisions thereof and in the foregoing proviso, the assignee shall be deemed to be the "Initial Liquidity Facility Provider" for all purposes of the Related Documents. (f) Liquidity Facility Reserve Account; Withdrawals; Investments. All amounts drawn under the Initial Liquidity Facility by the Administrative Agent pursuant to Section 3.14(c), 3.14(d) or 3.14(i) hereof shall be deposited by the Administrative Agent into the Liquidity Facility Reserve Account. All amounts on deposit in the Liquidity Facility Reserve Account, including any amount deposited in accordance with clause (iv) of Section 3.09(a), shall be invested and reinvested in accordance with Section 3.02. Upon a request by the Initial Liquidity Facility Provider, the Administrative Agent shall provide the Initial Liquidity Facility Provider with the amount of Investment Earnings held in the Liquidity Facility Reserve Account as of the Calculation Date. On each Payment Date, the Administrative Agent shall direct the Operating Bank in writing to pay to the Initial Liquidity Facility Provider all Investment Earnings on amounts on deposit in the Liquidity Facility Reserve Account. Amounts on deposit in the Liquidity Facility Reserve Account shall be withdrawn by or at the direction of the Administrative Agent under the following circumstances: (i) in accordance with Section 3.01(k); (ii) on any Payment Date, if the amount in the Liquidity Facility Reserve Account exceeds the Maximum Facility Commitment, then the Administrative Agent shall direct the Operating Bank to withdraw, upon Written Notice from the Administrative Agent, from such Account such excess and pay such amount to the Initial Liquidity Facility Provider; (iii) if a Replacement Liquidity Facility is established following the date on which funds have been deposited into the Liquidity Facility Reserve Account, the Administrative Agent shall direct the Operating Bank to withdraw, upon Written Notice from the Administrative Agent, all amounts on deposit in the Liquidity Facility Reserve Account and shall pay such amounts to the replaced Initial Liquidity Facility Provider until all Credit Facility Obligations owed to such Person shall have been paid in full, and shall deposit any remaining amount in the Collections Account; (iv) in the event that (x) the Outstanding Principal Balance of, and accrued and unpaid interest on, the Notes have been paid in full or (y) the Initial Notes are no longer entitled to the benefits of the Initial Liquidity Facility in accordance with the terms thereof, the Administrative Agent shall direct the Operating Bank to withdraw, upon Written Notice from the Administrative Agent, all amounts from the Liquidity Facility Reserve Account and pay such amounts to the Initial Liquidity Facility Provider until all Credit Facility Obligations owed to the Initial Liquidity Facility Provider shall have been paid in full, and shall deposit any remaining amount in the Collections Account; and (v) 15 days after the Final Maturity Date with respect to the Initial Notes, the Operating Bank shall withdraw, upon Written Notice from the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 119 - Administrative Agent, all amounts on deposit in the Liquidity Facility Reserve Account and shall pay such amounts to the Initial Liquidity Facility Provider until all Credit Facility Obligations owed to such Person shall have been paid in full, and shall deposit any remaining amount in the Collections Account. (g) Reinstatement. With respect to any Facility Drawing under the Initial Liquidity Facility, upon the reimbursement to the Initial Liquidity Facility Provider in full or in part of the amount of such Facility Drawing, together with any accrued interest thereon, the Available Amount of the Initial Liquidity Facility shall be reinstated by an amount equal to the amount of such Facility Drawing so reimbursed to the Initial Liquidity Facility Provider but not to exceed the Maximum Facility Commitment; provided, however, that the Available Amount shall not be so reinstated in part or in full at any time (i) if a Liquidity Facility Event of Default shall have occurred and be continuing or (ii) if a Downgrade Drawing, Non-Extension Drawing or Final Drawing shall have been made. (h) Reimbursement. The amount of each Facility Drawing under the Initial Liquidity Facility and any amounts withdrawn from the Liquidity Facility Reserve Account following a Downgrade Drawing, a Non-Extension Drawing or a Final Drawing shall be due and payable, together with interest thereon, on the dates and at the rates, respectively, provided in the Initial Liquidity Facility but only to the extent that Available Collections are sufficient to pay such amounts in the order of priority set forth in Section 3.09. (i) Final Drawing. Upon receipt from the Initial Liquidity Facility Provider of a Termination Notice with respect to the Initial Liquidity Facility, the Administrative Agent shall, not later than the date specified in such Termination Notice, in accordance with the terms of the Initial Liquidity Facility, request in writing a drawing under the Initial Liquidity Facility of the Available Amount (a "Final Drawing"). Proceeds of a Final Drawing shall be deposited into the Liquidity Facility Reserve Account to the extent of the Available Amount, in accordance with clause (f) above. (j) Initial Liquidity Facility Provider Consent. To the extent that the Initial Liquidity Facility Provider's consent or approval is required under this Indenture or any other Related Document, or any notice or other document is required to be provided to the Initial Liquidity Facility Provider, such consent is not required and such notice or document is not required to be given in the event that a Liquidity Facility Non-Consent Event has occurred. ARTICLE IV DEFAULT AND REMEDIES Section 4.01 Events of Default. Each of the following events shall constitute an "Event of Default" hereunder, and each such Event of Default shall be deemed to exist and continue so long as, but only so long as, it shall not have been remedied: - 120 - (a) failure to pay when due the Interest Amount on the Series A Notes (or, if the Series B Notes are the Senior Series, the Series B Notes) and the continuance of such default is unremedied for a period of five Business Days after the same shall have become due and payable; (b) failure to pay the outstanding principal of any Note, or failure to pay all accrued and unpaid Interest Amount on any Note, in each case on the applicable Final Maturity Date; (c) failure to pay any amount (other than amounts provided for in clause (a) or (b) of this Section 4.01) when due and payable in connection with any Note to the extent that there are, on any Payment Date, amounts available for such payment in the Collections Account or under the Initial Liquidity Facility after payment of all Prior Ranking Amounts, and the continuance of such default for a period of ten Business Days after such Payment Date; (d) failure of any of the representations or warranties of the Issuer under this Indenture or the Security Trust Agreement to be true and correct or failure by the Issuer to comply with any of the covenants, obligations, conditions or provisions binding on it under this Indenture, the Security Trust Agreement or any of the Notes (other than a payment default for which provision is made in clause (a), (b) or (c) of this Section 4.01), if in any such case such failure materially adversely affects the Holders of the Senior Series and continues for a period of 30 days or more (or, if such failure is capable of remedy within 90 days (or in the case of a failure with respect to a covenant contained in Section 5.02(t) and in Section 5.03, 180 days) of the date of the written notice referred to below and the Administrative Agent has promptly provided the Trustee with a certificate stating that the Issuer has commenced, or will promptly commence, and diligently pursue all reasonable efforts to remedy such failure, 90 days (or 180 days, as applicable) or more so long as the Issuer or any Issuer Subsidiary is diligently pursuing such remedy but in any event no longer than 90 days (or 180 days, as applicable)) after written notice thereof has been given to the Issuer by the Controlling Party; (e) a court having jurisdiction in the premises enters a decree or order for (i) relief in respect of the Issuer or any direct or indirect subsidiary thereof (other than a Non-Significant Subsidiary), under any Applicable Law relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization, examination, relief of debtors or other similar law now or hereafter in effect; (ii) appointment of a receiver, liquidator, examiner, assignee, custodian, trustee, sequestrator or similar official of the Issuer or any direct or indirect subsidiary thereof (other than a Non-Significant Subsidiary); or (iii) the winding up or liquidation of the affairs of the Issuer or any direct or indirect subsidiary thereof (other than a Non-Significant Subsidiary) and, in each case, such decree or order shall remain unstayed or such writ or other process shall not have been stayed or dismissed within 90 days from entry thereof; (f) the Issuer or any direct or indirect subsidiary thereof (other than a Non- Significant Subsidiary) (i) commences a voluntary case under any Applicable Law relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization, - 121 - examination, relief of debtors or other similar law now or hereafter in effect, or consents to the entry of an order for relief in any involuntary case under any such law; (ii) consents to the appointment of or taking possession by a receiver, liquidator, examiner, assignee, custodian, trustee, sequestrator or similar official of the Issuer or any direct or indirect subsidiary thereof (other than a Non-Significant Subsidiary) or for all or substantially all of the property and assets of the Issuer or any direct or indirect subsidiary thereof (other than a Non-Significant Subsidiary); or (iii) effects any general assignment for the benefit of creditors; or (g) one or more judgments or orders for the payment of money that are in the aggregate in excess of 5% of the Adjusted Portfolio Value (other than as a result of a judgment or order for the payment of any Indemnification Amounts or Special Litigation Expenses) shall be rendered against the Issuer or any Issuer Subsidiary (other than a Non- Significant Subsidiary) and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be any period of 10 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; provided, however, that any such judgment or order shall not be an Event of Default under this Section 4.01(g) if and for so long as (A)(i) the amount of such judgment or order is covered by a valid and binding policy of insurance between the defendant and the insurer covering payment thereof and (ii) such insurer, which shall be rated at least "A-" (or substantially equivalent rating) by A.M. Best Company or a similarly situated entity, has been notified of, and has not disputed the claim made for payment of, the amount of such judgment or order or (B) such judgment or order is for the payment of amounts (including Indemnification Amounts) owed or payable by the Issuer or any Issuer Subsidiary to any Secured Party under or pursuant to the Notes, this Indenture or any other Related Document and has been given in favor of a Person who has agreed to limit such Person's recourse to the Issuer or such Subsidiary on the terms set forth in Section 12.04 or on substantially similar terms set forth in any Related Document binding on such Person. Section 4.02 Acceleration, Rescission and Annulment. (a) If an Acceleration Default occurs and is continuing, the Outstanding Principal Balance of the Notes and all accrued and unpaid interest thereon shall automatically become due and payable without any further action by any party. If an Event of Default (other than an Acceleration Default) occurs and is continuing, the Trustee may, and upon the written direction of the Controlling Party shall, give a Default Notice to the Issuer, the Administrative Agent, the Initial Liquidity Facility Provider, the Servicer, the Senior Trustee and the Security Trustee declaring that an Event of Default has occurred and is continuing and declaring the Outstanding Principal Balance of the Notes and all accrued and unpaid interest thereon to be due and payable. Upon delivery of a Default Notice, the Outstanding Principal Balance of the Notes and all accrued and unpaid interest thereon shall be due and payable. At any time after the Controlling Party has declared the Outstanding Principal Balance of the Notes to be due and payable pursuant to a Default Notice and prior to the exercise of any other remedies pursuant to this Article IV, the Controlling Party may, by Written Notice to the Issuer, the Administrative Agent, the Initial Liquidity Facility Provider, the Servicer, the Senior Trustee (if not the Controlling Party) and the Security Trustee, subject to Section 4.05(a), rescind and annul such declaration and thereby annul its consequences if: (i) there has been paid to or deposited with the Senior Trustee an amount sufficient to pay all overdue installments of interest on the Senior - 122 - Series, and the principal or Redemption Price of the Notes that would have become due otherwise than by such declaration of Acceleration (including by reason of any Certificate Holder making Cure Advances as provided in the second paragraph of this Section 4.02(a)), (ii) the rescission or annulment would not conflict with any judgment or decree and (iii) all other Defaults and Events of Default, other than non-payment of interest and principal on the Notes that have become due solely because of such Acceleration have been cured or waived. The Certificate Holders shall, subject to the last sentence of this paragraph, have a period of 120 days from delivery of a Default Notice to take such actions as they shall deem appropriate to cure the Event of Default described in such Default Notice, including the making of Cure Advances sufficient to fund the payment of Cure Amounts, provided that the relevant Certificate Holders advises the Trustee and the Security Trustee no later than 30 days after receipt of such notice that it intends to make such Cure Advances. Promptly upon making any Cure Advances, the relevant Certificate Holders shall notify the Administrative Agent, the Security Trustee and the Trustee in writing of the amount thereof and the obligations toward which such Cure Advances shall be applied at the written direction of the Administrative Agent. If such Event of Default is based on the failure to have paid the Interest Amount due on the Senior Series, and so long as the Security Trustee shall not have instituted proceedings for the foreclosure of the Encumbrances against the Collateral, the Certificate Holders shall have until the end of such 120-day period to make Cure Advances in an amount sufficient to pay the Interest Amount due prior to and during such 120-day period and may continue to make Cure Advances sufficient to pay the Interest Amount on the Senior Series for up to two Payment Dates after the end of such 120-day period. Each of the period from the delivery of a Default Notice to the 30th day after such delivery, and the period during which any Certificate Holders make Cure Advances to fund the payment of such Cure Amounts after notice of a Certificate Holder's intention to make Cure Advances as provided above shall be referred to as the "Cure Period." The Cure Period may terminate prior to the end of the 30-day period described above, if the Certificate Holders at any time advise the Trustee and the Security Trustee that they do not intend to make any Cure Advances. During the Cure Period, neither the Security Trustee nor the Trustee shall exercise any remedies against the Collateral under this Indenture or the Security Trust Agreement (or any other Security Document). Notwithstanding anything in this paragraph to the contrary, in no event shall the Certificate Holders have the right to make any Cure Advance or otherwise cure any Event of Default with respect to more than six Payment Dates within any 24-month period. (b) Notwithstanding Section 4.01 and this Section 4.02, after the occurrence and during the continuance of an Event of Default, no Holders of the Series B Notes or any Series C Notes shall be permitted to give or direct the giving of a Default Notice, or to exercise any remedy in respect of such Event of Default until all interest and principal and premium, if any, on the Senior Series (if such Series is not the Senior Series) and all other amounts due to the Holders of the Senior Series (if such Series is not the Senior Series) shall have been paid in full. (c) The Trustee shall provide each Rating Agency with a copy of any Default Notice it receives pursuant to this Indenture. Section 4.03 Other Remedies. If an Event of Default occurs and is continuing, and no Cure Period is continuing, the Trustee may, and at the written direction of the Controlling Party

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 131 - (p) Investment Company Act. The Issuer is not required to register as an "investment company" as defined in the Investment Company Act, such determination by the Issuer having been made in reliance on one or more bases other than the exceptions from the definition of "investment company" provided in Sections 3(c)(1) and 3(c)(7) of the Investment Company Act, including that the Issuer does not come within the definition of "investment company" under Section 3(a)(1) of the Investment Company Act. (q) USA Patriot Act. To the extent applicable, the Issuer and each Issuer Subsidiary is in compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (ii) the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)). No part of the proceeds of the Notes will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. (r) Anti-Money Laundering Laws. Each of the Issuer and the Issuer Subsidiaries has not engaged in any transaction, investment, undertaking or activity in violation of the anti-corruption, anti-bribery anti-money laundering laws, rules or regulations of any jurisdiction in each case as they may be applicable to the Issuer or any of the Issuer Subsidiaries, all as amended (collectively, the "Anti-Money Laundering Laws"), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Issuer or any Issuer Subsidiary is, with respect to the Anti-Money Laundering Laws, pending or, to the knowledge of the Issuer, threatened. (s) Sanctions. Each of the Issuer and the Issuer Subsidiaries is not and, to the knowledge of the Issuer, no director, officer, agent, employee or Affiliate of the Issuer or any of the Issuer Subsidiaries is (or is owned or controlled by a Person that is), (A) the target of any economic sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the United Kingdom, the European Union or any member state thereof, or any governmental authority which has jurisdiction over the Issuer, any Issuer Subsidiary or any Secured Party (each, a "Sanctions Authority") or (B) located, organized or resident in a country which is the subject of any such economic sanctions; and the Issuer will not use, directly or indirectly, any of the proceeds of the Notes, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, for the purpose of conducting business in or with, engaging in any transaction in or with, or financing the activities of, any country or Person that is the target of any economic sanctions administered by any Sanctions Authority in any manner which will violate any such economic sanctions. (t) Covered Fund. The Issuer is not and, after giving effect to the offering and sale of the Notes and the application of the proceeds thereof as contemplated by the Related Documents, the Issuer will not be, a "covered fund" as defined in the final regulations - 132 - issued December 10, 2013, implementing the "Volcker Rule" (Section 619 of the Dodd- Frank Wall Street Reform and Consumer Protection Act). (u) Tax Treatment. The Issuer is treated for U.S. federal income tax purposes as a disregarded entity that is a branch of a Permitted Person. Each Issuer Subsidiary that is created or organized in or under the laws of the United States or any State thereof or the District of Columbia or that is subject to U.S. federal income tax on a net income basis is a disregarded entity for U.S. federal income tax purposes. Section 5.02 General Covenants. The Issuer hereby covenants as follows: (a) No Release of Obligations. The Issuer will not take, or knowingly permit any Issuer Subsidiary to take, any action which would amend, terminate or discharge or prejudice the validity or effectiveness of this Indenture (other than as permitted herein) or any other Related Document or permit any party to any such document to be released from such obligations, except, in each case, any such action in accordance with the requirements set forth therein or as otherwise permitted or contemplated by the terms of this Indenture or such other Related Documents (including making any necessary amendments in connection with the issuance of any Refinancing Notes or Additional Notes), provided that such actions may be taken or permitted if the Issuer will have first obtained a Trustee Resolution determining that such permitted action or release does not materially adversely affect the interests of the Holders and shall have given prior notice of such action or release to the Rating Agencies; provided further that, in any case, (i) the Issuer shall not enter into any amendment or modification to any conflicts standard or duty of care in such agreements and (ii) there must be at all times an Administrative Agent with respect to the Administrative Services (as defined in the Administrative Agency Agreement) and a Servicer with respect to all Assets in the Portfolio (provided that, if the Servicer terminates the Servicing Agreement in accordance with the terms thereof, this Section 5.02(a) shall not be violated if the Issuer uses its best efforts to obtain a successor servicer). (b) Encumbrances. The Issuer shall not, and shall not permit any Issuer Subsidiary to, create, incur, assume or suffer to exist any Encumbrance, other than: (i) any Permitted Encumbrance, (ii) Encumbrances over rights in or derived from Leases, subject to the approval of the Controlling Party and a Rating Agency Confirmation (provided that any transaction or series of transactions resulting in such Encumbrance, taken as a whole, does not materially adversely affect the amount of Collections that would have been received by the Issuer and any other Issuer Group Member from such Lease had such Encumbrance not been created), (iii) any Encumbrance the validity or applicability of which is being contested in good faith in appropriate proceedings by any Issuer Subsidiary; provided that the proceeding relating to such Encumbrance or the continued existence of such Encumbrance does not give rise to any reasonable likelihood of the sale, forfeiture or other loss of the affected asset or for which such Issuer Subsidiary shall have set aside adequate reserves, (iv) any Encumbrance consisting of any transfer of title to or Lease of an Asset (A) to or in favor of a trust or another entity for the purposes of registering the Asset under the laws of an applicable jurisdiction, or for tax or other regulatory purposes, so long as an Issuer Group Member retains the beneficial or economic ownership of the Asset, or (B) from such trust or another entity to an Issuer Group Member (subject, in the - 133 - case of subclause (A) of this subclause (iv) to the limitations set forth in Section 5.02(p)(vi)), and (v) any Encumbrance created in connection with a surety bond, letter of credit or similar instrument to be obtained by the Issuer or any Issuer Subsidiary in connection with the repossession of an Asset or other enforcement action under a Lease. (c) Indebtedness. The Issuer will not, and will not permit any Issuer Subsidiary to, incur, create, issue, assume, guarantee or otherwise become liable for or with respect to, or become responsible for the payment of, contingently or otherwise, whether present or future (in any such case, to "Incur"), Indebtedness, other than: (i) Indebtedness in respect of the Initial Notes; (ii) Indebtedness in respect of any Refinancing Notes or Additional Notes; provided that the requirements for the issuance of such Refinancing Notes or Additional Notes set forth in Section 2.10(a) have been met; (iii) Indebtedness in respect of Guarantees by any Issuer Group Member of any other Issuer Group Member; (iv) obligations to each Seller under any Acquisition Agreement and any related lease assignment and assumption agreements or novation agreements and obligations to Lessees and others under the documents related thereto, including any Indebtedness owed to any Lessee under any such agreement or the Lease or Future Lease with respect to maintenance contributions, redelivery condition adjustment payments or any other obligation of the Issuer or any Issuer Subsidiary to a Lessee; (v) Indebtedness under currency and interest rate exchange transactions described in Section 5.02(f)(iv), upon such terms and conditions as the Controlling Trustees see fit and otherwise meeting the requirements of this Indenture; (vi) Indebtedness under intercompany loans or any agreement between the Issuer and any Issuer Subsidiary or between any Issuer Group Members (each, an "Intercompany Loan"); provided that such Indebtedness shall be subordinated to the Notes; (vii) Indebtedness of the Issuer under the Initial Liquidity Facility and any Replacement Liquidity Facility entered into in accordance with Section 3.14(e); (viii) Indebtedness incurred in connection with repossession, detention or other enforcement action in respect of an Asset or under a Lease, and Indebtedness in favor of the provider of a surety bond, letter of credit or similar instrument to be obtained by the Issuer or any Issuer Subsidiary in connection with the repossession, detention or other enforcement action in respect of an Asset or under a Lease; (ix) Obligations to the Servicer under the Servicing Agreement and Indebtedness which the Servicer is expressly permitted under the Servicing - 134 - Agreement to Incur on behalf of any Issuer Group Member without seeking the approval of the Issuer; and (x) Indebtedness consisting of Additional Advances and Cure Advances made and applied in accordance with this Indenture. (d) Restricted Payments. The Issuer will not, and will not permit any Issuer Subsidiary to, (i) declare or pay any dividend or make any distribution on its Stock held by Persons other than any Issuer Group Member; provided that, so long as no Event of Default shall have occurred and be continuing and to the extent there are available funds therefor in the Collections Account on the applicable Payment Date, the Issuer may make payments on the Beneficial Interest Certificates to the extent of the aggregate amount of distributions made to the Issuer pursuant to Section 3.09 or any indenture supplemental hereto relating to the Notes; (ii) purchase, redeem, retire or otherwise acquire for value any Issuer Beneficial Interest in the Issuer or any shares of Stock in any Issuer Group Member held by or on behalf of Persons other than any Issuer Group Member or any Permitted Holder; (iii) make any payment of interest, principal or premium, if any, on any of the Notes or make any voluntary or optional repurchase, defeasance or other acquisition or retirement for value of Indebtedness of the Issuer or any Issuer Subsidiary that is not owed to a Person other than any Issuer Group Member other than in accordance with this Indenture or the other Related Documents; provided that the Issuer may repurchase, defease or otherwise acquire or retire any of the Notes from a source other than from Collections (other than out of amounts distributed to the Issuer in accordance with Section 3.09) so long as any Refinancing Notes of the Issuer issued in connection with such transactions has been issued in accordance with the terms of this Indenture, and provided further that the Issuer may pay a Consent Fee with the approval of a Special Majority of the Controlling Trustees, provided that such Consent Fee is not materially adverse to the Holders of any Series of Notes; or (iv) make any Investments, other than Permitted Account Investments and Investments permitted under Section 5.02(f) hereof. (e) Limitation on Dividends and Other Payments. The Issuer will not, and will not permit any Issuer Subsidiary to, create or otherwise suffer to exist any consensual limitation or restriction of any kind on the ability of the Issuer or any Issuer Subsidiary to (i) declare or pay dividends or make any other distributions permitted by Applicable Law, or purchase, redeem or otherwise acquire for value, any Issuer Beneficial Interest in the Issuer or the Stock of any such Issuer Subsidiary, as the case may be; (ii) pay any Indebtedness owed to the Issuer or such Issuer Subsidiary; (iii) make loans or advances to the Issuer or such Issuer Subsidiary; or (iv) transfer any of its property or assets to the Issuer or any Issuer Subsidiary; provided that this Section 5.02(e) shall not restrict any consensual encumbrances or other restrictions: (A) existing on the Initial Closing Date or, in the case of any Asset, the Delivery Date of such Asset, under any Related Document, and any amendments, extensions, refinancings, renewals or replacements of such documents; provided that such consensual encumbrances and restrictions in any such amendments, extensions, refinancings, renewals or replacements are no less favorable in any material respect to the Holders than those previously in effect and being amended, extended, refinanced, renewed or replaced; or (B) in the case of clause (iv), (x) that restrict in a customary manner the subletting, assignment or transfer of any property or asset or (y)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 135 - existing by virtue of any transfer of, agreement to transfer, option or right with respect to, or consensual encumbrance on, any property or assets of the Issuer or any Issuer Subsidiary not otherwise prohibited by this Indenture. Nothing contained in this Section 5.02(e) shall prevent the Issuer or any Issuer Subsidiary from creating, incurring, assuming or suffering to exist any Encumbrances not otherwise prohibited under this Indenture. (f) Business Activities. The Issuer will not, and will not permit any Issuer Subsidiary to, engage in any business or activity other than: (i) purchasing or otherwise acquiring (subject to Section 5.02(q) hereof), owning, holding, converting, maintaining, modifying, managing, operating, leasing, re-leasing and (subject to Section 5.02(p) hereof) selling or otherwise disposing of the Assets (or related Asset Interests) and entering into all contracts and engaging in all related activities incidental thereto, including from time to time accepting, exchanging, holding or permitting any Issuer Subsidiary to accept, exchange or hold promissory notes, contingent payment obligations or equity interests of Lessees or their Affiliates issued in connection with the bankruptcy, reorganization or other similar process, or in settlement of delinquent obligations or obligations anticipated to be delinquent of such Lessees or their respective Affiliates in the ordinary course of business (an "Allowed Restructuring"); (ii) issuing loans to, and guaranteeing or otherwise supporting the obligations and liabilities of any Issuer Subsidiary, in each case on such terms and in such manner as the Controlling Trustees shall see fit and (whether or not the Issuer or any Issuer Subsidiary derives a benefit therefrom) so long as such loans, guarantees or other supports are provided in connection with the purposes set forth in clause (i) of this Section 5.02(f); provided that written notification shall have been given to each Rating Agency of such loan, guarantee or other support if such loan, guarantee or other support is not being provided by an Issuer Group Member in respect of the lease, purchase, maintenance, modification, refurbishment, repair or sale of any Asset or otherwise consistent with the customary practices of the Servicer; (iii) financing or refinancing the business activities described in clause (i) of this Section 5.02(f) through the offer, sale and issuance of one or more Series of Notes (subject to the limitations of this Indenture) and any other securities of the Issuer, upon such terms and conditions as the Controlling Trustees see fit, for cash or in payment or in partial payment for any property purchased or otherwise acquired by any Issuer Group Member; (iv) engaging in currency and interest rate exchange transactions for the purposes of avoiding, reducing, minimizing, hedging against or otherwise managing the risk of any loss, cost, expense or liability arising, or which may arise, directly or indirectly, from any change or changes in any currency or interest rate exchange rate or in the price or value of any of the Issuer's or any Issuer Subsidiary's property or assets, within limits and with providers specified by the - 136 - Trustee Resolution providing therefor from time to time and submitted to the Rating Agencies and the Initial Liquidity Facility Provider, including, but not limited to, dealings, whether involving purchases, sales or otherwise, in foreign currency, spot and forward interest rate exchange contracts, forward interest rate agreements, caps, floors and collars, futures, options, swaps and any other currency, interest rate and other similar hedging arrangements and such other instruments as are similar to, or derivatives of, any of the foregoing; (v) (A) subject to the other limitations of this Indenture, establishing, promoting and aiding in promoting, constituting, forming or organizing companies, trusts (including entering into trust agreements in connection therewith), syndicates, partnerships or other entities of all kinds in any part of the world for the purposes set forth in clause (i) of this Section 5.02(f), (B) acquiring, holding and disposing of shares, securities and other interests in any such trust, company, syndicate, partnership or other entity and (C) disposing of shares, securities and other interests in, or causing the dissolution of, any Issuer Group Member; provided that any such disposition which results in the disposition of an Asset meets the requirements for a Permitted Asset Disposition; (vi) purchasing, acquiring, surrendering and assigning policies of insurance and assurances with any insurance company or companies which the Servicer determines to be necessary or appropriate in accordance with the Servicing Agreement and to pay the premiums thereon; (vii) executing, delivering and performing its obligations under the Related Documents; and (viii) taking any action that is incidental to, or necessary to effect, any of the actions or activities set forth above. (g) Limitation on Consolidation, Merger and Transfer of Assets. The Issuer will not consolidate with, merge with or into, or sell, convey, transfer, lease or otherwise dispose of its property and assets (as an entirety or substantially an entirety in one transaction or in a series of related transactions) to, any other Person or Persons, or permit any other Person to merge with or into the Issuer (any such consolidation, merger, sale, conveyance, transfer, lease or disposition, a "Merger Transaction"), except where: (i) unless the proceeds of the Merger Transaction are applied to redeem the Notes in whole, the resulting entity is a special purpose entity, the charter of which is substantially similar to the Trust Agreement, and, after such Merger Transaction, (A) payments from such resulting entity to the Holders do not give rise to any withholding tax payments less favorable to the Holders than the amount of any withholding tax payments which would have been required had such Merger Transaction not occurred, (B) such entity is not subject to taxation as a corporation, an association or a publicly traded partnership taxable as a corporation or subject to U.S. federal income taxation on a net income basis (or required to withhold such taxes with respect to any non-U.S. partners under Section 1446 of the Code) and - 137 - (C) such Merger Transaction does not result in the Rental Payments on any Lease becoming subject to withholding tax payments on a basis that cannot be avoided by having a Subsidiary be the lessor under such Lease; (ii) (A) such Merger Transaction has been unanimously approved by the Controlling Trustees including the Independent Controlling Trustee and (B) unless the proceeds of the Merger Transaction are applied to redeem the Notes in whole, the surviving successor or transferee entity shall expressly assume all of the obligations of the Issuer under this Indenture, the Notes and each other Related Document to which the Issuer is then a party (with, in the case of a transfer only, the Issuer thereupon being released), in each case pursuant to an agreement in substance and form reasonably satisfactory to the Controlling Trustees; (iii) immediately after giving effect to such Merger Transaction, no Event of Default shall have occurred and be continuing; (iv) unless the proceeds of the Merger Transaction are applied to redeem the Notes in whole, each of (A) a Rating Agency Confirmation and (B) the prior written consent of the Initial Liquidity Facility Provider has been obtained with respect to such Merger Transaction; (v) unless the proceeds of the Merger Transaction are applied to redeem the Notes in whole, for U.S. federal income tax purposes, such Merger Transaction does not result in the recognition of gain or loss by any Holder (unless consented to thereby); and (vi) the Issuer delivers to the Trustee an Officer's Certificate and an Opinion of Counsel in form and substance reasonably satisfactory to the Controlling Trustees and the Controlling Party, in each case stating that such Merger Transaction complies with the above criteria and that all conditions precedent provided for herein relating to such transaction have been complied with; provided that this Section 5.02(g) shall not apply to any such Merger Transaction (a) within and among the Issuer Group Members if such Merger Transaction would not materially adversely affect the Holders and, if the Issuer is a party to such Merger Transaction, the Issuer is the surviving party, (b) complying with the terms of Section 5.02(p) or (c) effected as part of a single transaction providing for the redemption or defeasance of Notes in accordance with Section 3.11 or Article XI, respectively. (h) Limitation on Transactions with Affiliates. The Issuer will not, and will not permit any Issuer Subsidiary to, directly or indirectly enter into, renew or extend any transaction (including, without limitation, the purchase, sale, lease or exchange of property or assets, or the rendering of any service) with any Affiliate of the Issuer or any Issuer Subsidiary, except upon fair and reasonable terms no less favorable to the Issuer or such Issuer Subsidiary than could be obtained, at the time of such transaction or at the time of the execution of the agreement providing therefor, in a comparable arm's-length - 138 - transaction with a Person that is not such an Affiliate, provided that the foregoing restriction does not limit or apply to the following: (i) any transaction in connection with the establishment of the Issuer, its acquisition of the Initial Assets (or related Asset Interests) or pursuant to the terms of the Related Documents; (ii) any transaction within and among the Issuer or any Issuer Subsidiary; provided that no such transaction, other than among the Issuer and any Issuer Subsidiary, shall be consummated if such transaction would materially adversely affect the Holders; (iii) the payment of reasonable and customary regular fees to, and the provision of reasonable and customary liability insurance in respect of, the Controlling Trustees; (iv) any payments on or with respect to the Notes or the Beneficial Interest Certificates in accordance with Section 3.09 of this Indenture and the Trust Agreement; (v) any acquisition of Replacement Assets in a Permitted Asset Acquisition complying with Section 5.02(q); (vi) any transaction involving the pooling of Engines or Parts, provided that (A) such transaction shall be on an arm's length basis and shall have been approved by a unanimous vote of the Controlling Trustees and (B) the Encumbrance of the Security Trustee in the Engine or Part subject to such pooling arrangement shall not be adversely affected; (vii) any payments of the types referred to in clause (i) or (ii) of Section 5.02(d) and not prohibited thereunder; or (viii) sale of Assets or any Issuer Subsidiary as part of a single transaction providing for the redemption or defeasance of the Notes in accordance with the terms of this Indenture. (i) Limitation on the Issuance, Delivery and Sale of Equity Interests. Except as expressly permitted by the Trust Agreement, the Issuer will not (i) issue, deliver or sell any Stock or (ii) sell, or permit any Issuer Subsidiary, directly or indirectly, to issue, deliver or sell, any Stock (in each case, however designated, whether voting or non-voting, other than the Issuer Beneficial Interests in the Issuer existing on the Initial Closing Date), except for the following: (i) the issuances, sale, delivery, transfer or pledge of Stock of any Issuer Group Member to or for the benefit of any Issuer Group Member; (ii) in respect of Cure Advances or Additional Advances or in accordance with the Asset Purchase Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 139 - (iii) issuances or sales of shares of Stock of any foreign Issuer Subsidiary to nationals in the jurisdiction of incorporation or organization of such Issuer Subsidiary, as the case may be, to the extent required by Applicable Law or necessary in the determination of the Controlling Trustees to avoid adverse tax consequences or to facilitate the registration or leasing of Assets (any such holder, a "Permitted Holder"); (iv) the pledge of the Stock in Issuer Group Members pursuant to the Security Trust Agreement; and (v) the sale of any Stock of any Issuer Group Member in order to effect the sale of all Assets owned by such Issuer Group Member in a Permitted Asset Disposition. Notwithstanding the foregoing, no issuance, delivery, sale, transfer or other disposition of any equity interest in the Issuer or any Issuer Subsidiary will be effective, and any such issuance, delivery, sale, transfer or other disposition will be void ab initio, if it would result in the Issuer or such Issuer Subsidiary being classified as an association (or a publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes. (j) Bankruptcy and Insolvency. The Issuer will promptly provide the Trustee, the Initial Liquidity Facility Provider and the Rating Agencies with Written Notice of the institution of any proceeding by or against the Issuer or any Issuer Subsidiary, as the case may be, seeking to adjudicate any of them a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of their debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for either all or for any substantial part of their property. The Issuer will not take any action to waive, repeal, amend, vary, supplement or otherwise modify its constitutional documents or any provision of the Trust Agreement or permit any Controlling Trustee to do so to any of its constitutional documents that would materially adversely affect the rights, privileges or preferences of any Holder, unless evidenced by a unanimous written resolution of the Controlling Trustees (including the Independent Controlling Trustee). The Issuer will not, without an affirmative unanimous written resolution of the Controlling Trustees (including the Independent Controlling Trustee), take any action to waive, repeal, amend, vary, supplement or otherwise modify the provision of the Trust Agreement which requires a unanimous resolution of the Controlling Trustees (including the Independent Controlling Trustee), or limits the actions of the Certificate Holders, with respect to voluntary insolvency proceedings or consents to involuntary insolvency proceedings. (k) Payment of Principal, Premium, if any, and Interest. The Issuer will duly and punctually pay the principal, premium, if any, and interest on the Notes in accordance with the terms of this Indenture and the Notes. (l) Limitation on Employees. The Issuer will not, and will not permit any Issuer Subsidiary to, employ or maintain any employees other than as required by any - 140 - provisions of local law. Trustees, directors and managers on the board of trustees, directors or managers of such entity (including in their capacity as officers of such entity), trustees of such entity if it is a trust, and officers of companies organized in a State of the United States who are not also directors or managers on the board of such entity (provided that such officers do not receive compensation for their services and their authority and responsibility is limited to signing documents that were approved by the applicable board of directors or managers and acting as FATCA Responsible Officers), shall not be classified as employees for purposes of this Section 5.02(l). (m) Currency Hedge Agreements. (i) Any Hedge Payments from an Eligible Hedge Counterparty (including Hedge Termination Payments) shall be deposited by the Issuer directly into the Collections Account, and any Hedge Payment due from the Issuer (including Hedge Termination Payments) will be made to the extent of Available Collections as provided in Section 3.09(a) or (b), together with any amounts drawn from the Initial Liquidity Facility or withdrawn from the Liquidity Facility Reserve Account for application thereto. (ii) The Issuer may maintain, directly or through one or more Issuer Subsidiaries, Currency Hedge Agreements in the event that any Assets are or become subject to Leases under which Lease Payments are denominated in a currency other than Dollars, and shall be required to maintain, directly or through one or more Issuer Subsidiaries, Currency Hedge Agreements if Assets are subject to any such Lease if the aggregate Adjusted Base Values of the Assets on Leases with Lease Payments denominated in a currency other than Dollars is in excess of 10% of the Adjusted Portfolio Value. (n) Delivery of Rule 144A Information. To permit compliance with Rule 144A in connection with offers and sales of Notes, the Issuer will promptly furnish upon request of a Holder of a Note to such Holder and a prospective purchaser designated by such Holder, the information required to be delivered under Rule 144A(d)(4) under the Securities Act if at the time of such request the Issuer is not a reporting company under Section 13 or Section 15(d) of the Exchange Act. The Issuer does not presently intend to become such a reporting company. (o) Compliance; Issuer Subsidiaries. The Issuer shall comply, and shall cause each Issuer Subsidiary to comply, with the provisions of the Related Documents. The Issuer shall ensure that title to each Asset (excluding any Asset not yet acquired pursuant to the applicable Acquisition Agreement) shall be held in a special purpose entity (including a trust) (but not the Issuer) that is an Issuer Subsidiary, and that each Issuer Subsidiary shall have organizational documents containing restrictions similar to the restrictions (including, but not limited to, the provisions regarding limited purpose, maintaining separateness from other entities, bankruptcy remoteness and compliance with the provisions of the Related Documents) contained in the organizational or constitutional documents of the Issuer Subsidiaries existing on the Initial Closing Date, except to the extent it is not permitted or advisable under Applicable Law to include such provisions. - 141 - (p) Asset Dispositions. The Issuer will not, and will not permit any Issuer Subsidiary to, sell, transfer or otherwise dispose of any Asset or any interest therein, including any interest in an Asset Subsidiary or an Asset Trust, except (x) in connection with a Lease of an Asset as permitted by this Indenture, as provided in Sections 3.01 and 4.01 of Schedule 2.02(a) of the Servicing Agreement and (y) the Issuer and each Issuer Subsidiary may sell, transfer or otherwise dispose of or part with possession of (A) any Parts, or (B) one or more Assets or Asset Interests, as follows (any such sale, transfer or disposition described below, a "Permitted Asset Disposition "): (i) an Asset Disposition pursuant to a Purchase Option or other agreements of a similar character (x) existing on the Initial Closing Date in the case of the Initial Assets (or, with respect to any Replacement Asset, on the date such asset becomes a Replacement Asset) or (y) granted to any Lessee under or in connection with a Lease of an Asset; provided that the purchase price under such Purchase Option with respect to such Asset shall be equal to or greater than the fair market value of such Asset as of the Purchase Option Date unless such Purchase Option is a Below Value Purchase Option that is approved by a Trustee Resolution and permitted under the proviso in clause (iv) below; provided further that, without a unanimous resolution of the Controlling Trustees, any such purchase price shall not be less than the Assumed Note Target Price of such Asset as of such Purchase Option Date; (ii) an Asset Disposition within or among the Issuer and the Issuer Subsidiaries without limitation, and among the Issuer and/or any Issuer Subsidiary; (iii) an Asset Disposition pursuant to receipt of insurance proceeds in connection with the Total Loss of an Asset; (iv) an Asset Disposition in the ordinary course of business (other than an Asset Disposition described in clause (i), (ii), (iii) or (v) of this Section 5.02(p)) so long as: (A) such Asset Disposition does not result in a Concentration Violation (unless approved pursuant to a Trustee Resolution and prior written notification has been provided to the Rating Agencies) (determined for these purposes as if any Asset Disposition occurring pursuant to a Part- Out Agreement occurred on the date the Asset was first subjected to the applicable Part-Out Agreement); (B) the Net Sale Proceeds to be received by the Issuer or any Issuer Subsidiary from such Asset Disposition are deposited, at the election of the Controlling Trustees, into (x) the Collections Account, (y) the Asset Replacement Account, or (z) a Qualified Escrow Account maintained by a Qualified Intermediary, or any combination of the foregoing; (C) the Administrative Agent shall determine whether a Below Value Disposition will occur after giving effect to such Asset Disposition - 142 - after giving effect to the Scheduled Principal Payment Amount projected to be actually paid for the Series A Notes and the Series B Notes on the next Payment Date (assuming for this purpose that such Asset Disposition did not occur); (D) no Default under Section 4.01(a), 4.01(e) or 4.01(f) shall have occurred and be continuing and no Event of Default shall have occurred and be continuing or would result from such Asset Disposition (with respect to any Asset Disposition occurring pursuant to a Part-Out Agreement, determined as of the date the Asset was first subjected to the applicable Part-Out Agreement); (E) if such Asset Disposition is pursuant to a Part-Out Agreement, at any time prior to the second anniversary of the Initial Closing Date, it would not result in more than 15% of the Portfolio by Adjusted Portfolio Value being subject to a Part-Out Agreement (as determined when such Part-Out Agreement was entered into and not at the time any particular Asset or Part is disposed of thereunder); (F) if such Asset Disposition is pursuant to a Part-Out Agreement, at any time on or after the second anniversary of the Initial Closing Date but prior to the fourth anniversary of the Initial Closing Date, it would not result in more than 20% of the Portfolio by Adjusted Portfolio Value being subject to a Part-Out Agreement (as determined when such Part-Out Agreement was entered into and not at the time any particular Asset or Part is disposed of thereunder); and (G) other than in the case of any part-out, consignment or similar arrangement for the part-out of an Asset and the major components of an aircraft (including the airframes, landing gear and auxiliary power units), such Asset Disposition is approved by a Trustee Resolution; provided no Below Value Disposition (or entry into a Below Value Purchase Option) which would result in more than 10% of the sum of the Initial Appraised Value in any calendar year having been made subject of a Below Value Disposition shall be permitted under this clause (iv) (or clause (i) above) unless (1) the Issuer shall have obtained a unanimous resolution of the Controlling Trustees with respect to such Below Value Disposition in excess of such threshold; and (2) the Issuer shall have delivered notice thereof to each Rating Agency; (v) an Asset Disposition approved by a Trustee Resolution for which the approval of the Controlling Party has been obtained; provided that notice thereof has been given to each Rating Agency; (vi) in connection with a transfer of title or another interest in an Asset (1) to or in favor of a trust or other entity for the purpose of registering the Asset under the laws of any applicable jurisdiction, or for tax or other regulatory purposes,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 143 - where an Issuer Group Member retains the beneficial or economic ownership of the Asset or (2) from such trust or entity to an Issuer Group Member; and (vii) to the extent constituting an Asset Disposition, a transaction permitted under clause (h) or (i) of this Section 5.02. (q) Asset Acquisitions. The Issuer will not, and will not permit any Issuer Subsidiary to, purchase or otherwise acquire any aircraft, engine or interest in any of the foregoing other than the Initial Assets or any interest therein, except that the Issuer and any Issuer Subsidiary will be permitted (A) to purchase or otherwise acquire, directly or indirectly, any Asset owned by another Issuer Group Member, (B) to purchase or otherwise acquire, directly or indirectly, any engine or any engine or airframe part, for the purposes of maintaining or modifying (each to the extent permitted under this Indenture) an Airframe, Engine or Part, or for the purposes of positioning an Airframe, Engine or Part for lease or sale, or as required under the terms of a Lease, as provided in Section 4.02 of Schedule 2.02(a) of the Servicing Agreement (and in order to facilitate the acquisition of such engines or parts, may purchase a whole aircraft or airframe that includes such engines or parts, with any remaining engines or parts to be disposed) and (C) to purchase or otherwise acquire, directly or indirectly Replacement Assets in connection with a Replacement Exchange, so long as the following requirements are satisfied (any such purchase or acquisition under this clause (C) satisfying all of the following conditions (i) through (x), a "Permitted Asset Acquisition"): (i) no Event of Default or Rapid Amortization Event shall have occurred and be continuing at the time of such purchase or acquisition or would result therefrom; (ii) such Replacement Exchange does not result in a Concentration Violation; (iii) if such Replacement Asset is an Engine, it is an Aircraft Engine model that is one of the models of the Initial Assets as of the Initial Closing Date or a newer technology model, and the model has received FAA and EASA certification which certification remains in effect; (iv) if such Replacement Asset is an Airframe, (A) it is in one of the following airframe model families: A320 ceo family, A320 neo family, 737NG family, 737MAX family or E190 family and (B) the aggregate Adjusted Base Values of all Airframes in the Portfolio on the date of such purchase or acquisition is not greater than 10% of the Aggregate Initial Appraised Value; (v) the cash purchase price amount payable by the applicable Issuer Group Member for such Replacement Asset shall not exceed an amount equal to the Net Sale Proceeds on deposit in the Asset Replacement Account or the Qualified Escrow Account (as applicable), plus amounts available in the applicable Lessee Funded Account, if any, and the Security Deposit Account allocable to the applicable disposed Asset or Assets from which such Net Sale Proceeds derived, - 144 - plus any Additional Advances made for the purpose of acquiring such Replacement Asset; (vi) if such Replacement Asset is (A) subject to a Lease, such Lease shall include the Core Lease Provisions and (B) an Airframe, it shall be subject to a Lease at the time it is purchased or acquired; (vii) the purchase or acquisition of such Replacement Asset has been approved by a unanimous resolution of the Controlling Trustees including the Independent Controlling Trustee; (viii) prior written notice of such Replacement Exchange has been provided to the Rating Agencies; (ix) the cumulative Adjusted Base Values of all Replacement Assets purchased or acquired within the 12-month period ending on the date such Replacement Asset is to be purchased or acquired shall not exceed 20% of the Adjusted Portfolio Value as of such date; and (x) the cumulative Initial Appraised Values of all Initial Assets that have been in a completed Replacement Exchange from the period beginning on the Initial Closing Date and ending on the date such Replacement Asset is to be purchased or acquired shall not exceed 50% of the Aggregate Initial Appraised Value; provided that if two or more Replacement Assets are being acquired or if Replacement Assets are being acquired with the Net Sale Proceeds related to two or more Assets in a single Replacement Exchange, the foregoing requirements shall be determined on an aggregate basis. (r) Modification Payments and Capital Expenditures. The Issuer will not, and will not permit any Issuer Subsidiary to, make any capital expenditures for the purpose of effecting any optional improvement or modification of any Asset (each such expenditure, a "Modification Payment"), except that (i) the Issuer or any Issuer Subsidiary may make Mandatory Asset Modifications as provided in the definition thereof that shall be funded out of Available Collections to the extent provided in Section 3.09 and (ii) the Issuer or any Issuer Subsidiary may make Discretionary Asset Modifications upon obtaining a Trustee Resolution authorizing such Discretionary Asset Modifications that shall be funded with proceeds from Additional Advances. (s) Leases. (i) The Issuer will not, and will not permit any Issuer Subsidiary to, surrender possession of any Asset to any Person that is not an Issuer Group Member other than for purposes of storage, maintenance or overhaul or pursuant to a Lease that includes the Core Lease Provisions. - 145 - (ii) The Issuer will, and will cause the Servicer in general to, use its pro forma lease agreement or agreements, as such pro forma lease agreement or agreements may be revised for purposes of the Issuer specifically or generally from time to time by the Servicer (collectively, the "Pro Forma Lease"), for use by the Servicer on behalf of the Issuer or any other Issuer Group Member as a starting point in the negotiation of Future Leases with Persons who are not Issuer Group Members or any of their respective Affiliates. However, with respect to any Future Lease entered into in connection with (x) the renewal or extension of a Lease, (y) the leasing of an Asset to a Person that is or was a Lessee under a pre-existing Lease, or (z) the leasing of an Asset to a Person that is or was a Lessee under an operating lease of an engine that is being managed or serviced by the Servicer, a form of lease substantially similar to such pre-existing Lease or operating lease, as the case may be, may be used by the Servicer, in lieu of the Pro Forma Lease on behalf of the Issuer or any other Issuer Group Member as a starting point in the negotiation of such Future Lease with Persons who are not an Issuer Group Member or any of their respective Affiliates. The terms of the Pro Forma Lease may be revised from time to time by the Servicer, provided that any such revisions shall be consistent with the Core Lease Provisions. (iii) The Issuer may enter into, and permit any Issuer Subsidiary to enter into, any Future Lease for which Rental Payments are denominated in a currency other than Dollars, provided that, if the aggregate Adjusted Base Value of Assets on Leases with any such currency is in excess of 10% of the Adjusted Portfolio Value, the currency exposure shall be hedged in accordance with Section 5.02(f)(iv). (iv) The Issuer may not enter into, and will not permit any Issuer Subsidiary to enter into, any Future Lease with any Person that is not an Issuer Group Member or any of their Affiliates, unless, (A) upon entering into such Future Lease, the Issuer is in compliance with the Concentration Limits, and (B) upon entering into such Future Lease (or within a commercially reasonable period thereafter), the Controlling Trustees obtain such legal opinions, if any, with regard to enforceability of the Future Lease and such other matters customary for such transactions to the extent that receiving such legal opinions is substantially consistent with the customary practice of leading international aircraft or aircraft engine operating lessors (as applicable) (which, so long as the Servicer is Willis Lease, shall be deemed to be the customary practice of Willis Lease). (v) The Controlling Trustees shall review the Core Lease Provisions annually. If the Controlling Trustees (acting pursuant to a Trustee Resolution) determine that the requirement for each Lease to be consistent with a Core Lease Provision is reasonably likely to have a material adverse effect on the Holders, taking into consideration any reasonably likelihood of risk that an Asset might not be able to be leased as a result of such requirement, then the Controlling Trustees (by Trustee Resolution) shall amend such Core Lease Provision. Any such amendment to the Core Lease Provisions shall become effective upon (a) signature thereto by the Issuer and (b) delivery of the fully executed copy of such amendment - 146 - and such written consent to the Servicer, the Trustee, the Administrative Agent and the Rating Agencies, together with a certification of the Issuer that the Controlling Trustees (acting pursuant to a Trustee Resolution) have determined that the accompanying amendment amends the Core Lease Provisions only to the extent necessary for the Controlling Trustees (acting pursuant to a Trustee Resolution) to determine that it is not reasonably likely that the requirement that a Lease be consistent with the Core Lease Provisions will result in a material adverse effect on the Holders. (t) Concentration Limits. The Issuer will not, and will not permit any Issuer Subsidiary to, sell, purchase, lease or otherwise take any action with respect to any Asset if entering into such proposed sale, purchase, lease or other action would cause the Portfolio to exceed any of the Concentration Limits, unless such sale, purchase or lease or other action has been approved by a unanimous resolution of the Controlling Trustees including the Independent Controlling Trustee and the Issuer shall have provided notice to the Rating Agencies with respect to such sale, purchase, or lease or other action, provided that the Issuer or any Issuer Subsidiary shall be entitled to renew or extend any Lease to the existing Lessee thereunder irrespective of the effect of such renewal or extension on the Concentration Limits (and the merger, combination or consolidation of two or more Lessees shall not be considered to result in the Assets exceeding any of the Concentration Limits). The Issuer shall not, and shall not permit any Issuer Subsidiary to, (i) lease (including any renewal or extension of any existing Lease) any Asset to any Lessee habitually based or domiciled in any of the jurisdictions which are "Prohibited" as such term is described in the last section of the Concentration Limits (each such jurisdiction, a "Prohibited Country"), (ii) enter into any Lease (including any renewal or extension of any existing Lease) that expressly permits the Lessee to sublease an Asset to a sublessee habitually based or domiciled in a Prohibited Country, or (iii) consent to a sublease of an Asset to a sublessee habitually based or domiciled in a Prohibited Country. Notwithstanding anything to the contrary in this Indenture, the Concentration Limits (including the description of Prohibited Countries) may be adjusted by the Issuer from time to time with the unanimous approval of the Controlling Trustees and notice to the Rating Agencies. (u) Appraisal of Assets. The Issuer will, at least once each year and within 31 days before or after the end of each calendar year, and in any event not later than January 31 of any such year, commencing in 2026 (such that such annual appraisal shall be delivered in December 2025 or January 2026), deliver to the Trustee and publish in the next Monthly Report (with no obligation of review or inquiry on the part of the Trustee) the Adjusted Base Value and the Base Value of each of the Assets in the Portfolio, based on appraisals from an Appraiser, each such appraisal to be dated within 30 days prior to its delivery as adjusted by a maintenance adjustment determined by the Maintenance Evaluator as of a date on or about the date as of which the appraisals were determined. The Issuer shall deliver to the Initial Liquidity Facility Provider a copy of the appraisal letter

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 147 - from each Appraiser containing the annual appraisals used to determine the Adjusted Base Value and Base Value of the Assets as described in the foregoing sentence. (v) Maintenance of Separate Existence. Except to the extent provided in this Indenture or the other Related Documents, the Issuer shall, and shall cause each Issuer Subsidiary to: (i) observe all corporate formalities necessary to remain a legal entity separate and distinct from, and independent of, the Servicer, the Administrative Agent and any other Person; (ii) maintain its own books and records and bank accounts separate from those of the Servicer, the Administrative Agent and any other Person except as otherwise contemplated by the constitutional documents of the Issuer Group Members or the other Related Documents; (iii) maintain its assets in such a manner that it is not difficult to segregate, identify or ascertain such assets; (iv) hold itself out to creditors and the public as a legal entity separate and distinct from the Servicer, the Administrative Agent and any other Person; (v) maintain separate financial statements, if any, from the Servicer, the Administrative Agent and any other Person, or if part of a consolidated group, then it will be shown as a separate member of such group; (vi) allocate and charge fairly and reasonably any common overhead shared with Affiliates; (vii) conduct business in its own name, use separate invoices, stationery and checks and strictly comply with all organizational formalities to maintain its separate existence; (viii) not commingle its assets or funds with those of any other Person (including the Servicer or the Administrative Agent); (ix) not hold out its credit or assets as being available to satisfy the obligations of others; (x) not assume, guarantee or pay the debts or obligations of any other Person or otherwise pledge its assets for the benefit of any other Person; (xi) correct any known misunderstanding regarding its separate identity; (xii) other than as expressly contemplated by this Indenture, pay its own liabilities only out of its own funds; - 148 - (xiii) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities; (xiv) not acquire the securities of the Servicer or the Administrative Agent; (xv) cause the Controlling Trustee and other representatives of the Issuer or such Issuer Subsidiary, as applicable, to act at all times with respect to the Issuer or such Issuer Subsidiary, as the case may be, consistently and in furtherance of the foregoing and in compliance with Applicable Law; (xvi) not enter into any transactions between it and the Servicer, the Administrative Agent or any other Person that are more favorable to such Person than transactions that the parties would have been able to enter into at such time on an arm's-length basis with a non-affiliated third party, other than any agreements in effect on the date hereof; and (xvii) transact all business with Affiliates on an arm's length basis. (w) Independent Controlling Trustee. The Issuer shall, and shall cause each of its Subsidiaries (except any Asset Trust of which the Issuer or an Issuer Subsidiary is the holder of the beneficial interest) to, have at least one Independent Controlling Trustee. The Independent Controlling Trustee of any Issuer Group Member may serve as the Independent Controlling Trustee of any other Issuer Group Member. (x) Tax Election. At all times on or after the date hereof, each Issuer Group Member that is a "foreign entity" within the meaning of Treasury regulation section 1.1473-1(e) shall maintain its status as a deemed-compliant FFI or a passive NFFE (as such terms are defined under FATCA), and shall identify and obtain any required documentation and, if it is treated as a passive NFFE, information from its substantial United States owners (as such term is defined under FATCA) and otherwise comply with the requirements under FATCA applicable to it so as to avoid the withholding or imposition of tax from or in respect of payments to or for the benefit of any Issuer Group Member. The Issuer (and each Issuer Subsidiary that is created or organized in or under the laws of the United States or any State thereof or the District of Columbia or that is subject to U.S. federal income tax on a net income basis) shall take such actions as are necessary (A) to cause the Issuer to be treated as either a partnership (other than a publicly traded partnership taxable as an association) wholly owned by partners that are Permitted Persons, or a disregarded entity of a Permitted Person and (B) to cause each Issuer Subsidiary to be treated as a disregarded entity of a Permitted Person. Section 5.03 Operating Covenants. The Issuer covenants with the Trustee as follows, provided that any of the following covenants with respect to the Assets shall not be deemed to have been breached by virtue of any act or omission of a Lessee or sub-lessee, or of any Person which has possession of an Asset for the purpose of repairs, maintenance, modification or storage, or by virtue of any requisition, seizure, or confiscation of an Asset (other than seizure or confiscation arising from a breach by the Issuer or any Issuer Subsidiary of such covenant) (each, - 149 - a "Third Party Event"), so long as (i) neither the Issuer nor any Issuer Subsidiary consents or has consented to such Third Party Event; and (ii) the Issuer or any Issuer Subsidiary which is the lessor or owner of such Asset promptly and diligently takes commercially reasonable actions consistent with the customary practices of the Servicer in respect of such Third Party Event, including, as deemed appropriate (taking into account, among other things, the laws of the jurisdiction in which such Asset is located), seeking to compel such Lessee or other relevant Person to remedy such Third Party Event or seeking to repossess the relevant Asset: (a) Ownership. The Issuer will, and will cause each Issuer Subsidiary to, (i) on all occasions on which the ownership of each Asset is relevant, make it clear to third parties that title to the same is held by the Issuer or any Issuer Subsidiary, as the case may be, and (ii) not do, or knowingly permit to be done, or omit, or knowingly permit to be omitted, any act or thing which might reasonably be expected to jeopardize the rights of the Issuer or any Issuer Subsidiary as owner of each Asset, except as contemplated by the Related Documents. (b) Compliance with Law; Maintenance of Permits. The Issuer will (i) comply, and cause each Issuer Subsidiary to comply, in all material respects with all Applicable Laws, (ii) obtain, and cause each Issuer Subsidiary to obtain, all material governmental (including regulatory) registrations, certificates, licenses, permits and authorizations required for the use and operation of the Assets owned by it, including a current certificate of airworthiness for each such Asset (issued by the Applicable Aviation Authority and in the appropriate category for the nature of the operations of such Asset), except that (A) no certificate of airworthiness shall be required for any Asset (x) during any period when such Asset is undergoing maintenance, modification or repair or is subject to a Part-Out Agreement, or (y) following the withdrawal or suspension by such Applicable Aviation Authority of certificates of airworthiness in respect of all aircraft or all engines, as applicable, of the same model or period of manufacture as such Asset (in which case the Issuer shall comply, and cause each Issuer Subsidiary to comply, with all directions of such Applicable Aviation Authority in connection with such withdrawal or suspension), (B) no registrations, certificates, licenses, permits or authorizations required for the use or operation of any Asset need be obtained with respect to any period when such Asset is not being operated and (C) no such registrations, certificates, licenses, permits or authorizations shall be required to be maintained for any Asset that is not the subject of a Lease, except to the extent required under Applicable Laws, (iii) not cause or knowingly permit, directly or indirectly, through any Issuer Subsidiary, any Lessee to operate any Asset under any Lease in any material respect contrary to any Applicable Law, and (iv) not knowingly permit, directly or indirectly, through any Issuer Subsidiary, any Lessee not to obtain all material governmental (including regulatory) registrations, certificates, licenses, permits and authorizations required for such Lessee's use and operation of any Asset under any operating Lease. (c) Forfeiture. The Issuer will not do anything, and will not permit any Issuer Subsidiary to do anything, and will not knowingly permit, directly or indirectly, through any Issuer Subsidiary, any Lessee to do anything, which may reasonably be expected to expose any Asset to forfeiture, impoundment, detention, appropriation, damage or destruction (other than any forfeiture, impoundment, detention or appropriation which is - 150 - being contested in good faith by appropriate proceedings if (i) adequate resources have been made available by the Issuer or an Issuer Subsidiary or the applicable Lessee for any payment which may arise or be required in connection with such forfeiture, impounding, detention or appropriation or proceedings taken in respect thereof, and (ii) such forfeiture, impounding, detention or appropriation or the continued existence thereof does not give rise to any material likelihood of the assets to which such forfeiture, impounding, detention or appropriation relates or any interest in such assets being sold, permanently forfeited or otherwise lost). In the event of a forfeiture, impoundment, detention or appropriation of such Asset not constituting a Total Loss, the Issuer will, or shall cause each Issuer Subsidiary to, use all commercially reasonable efforts to obtain the immediate release of such Asset. (d) Maintenance of Assets. The Issuer will, with respect to each Asset under Lease, cause, directly or indirectly, through any Issuer Subsidiary, such Asset to be maintained in a state of repair and condition consistent with the Standard of Care (as defined in the Servicing Agreement) with respect to similar aircraft or engines, as applicable, under lease, taking into consideration, among other things, the identity of the relevant Lessee (including the credit standing and operating experience thereof), the age and condition of the Asset and the jurisdiction in which the airframe that such Asset is installed on will be registered or in which the Lessee is based. In addition, the Issuer will, with respect to each Asset that is not subject to a Lease, maintain, and cause each Issuer Subsidiary to maintain, such Asset in a state of repair and condition consistent with the Standard of Care (as defined in the Servicing Agreement) with respect to similar aircraft or engines, as applicable, not under lease. To the extent that the Issuer needs to expend funds to perform maintenance on any Asset, such funds will be withdrawn first from the Maintenance Reserve Account, the Security Deposit Account or the Lessee Funded Account (as applicable) and, second, to the extent of any deficiency, from the Expense Account. (e) Notification of Loss, Theft, Damage or Destruction. The Issuer will notify the Trustee, the Security Trustee, the Administrative Agent and the Servicer, in writing, as soon as the Issuer or any Issuer Subsidiary becomes aware of any loss, theft, damage or destruction to any Asset if the potential cost of repair or replacement of such asset (without regard to any insurance claim related thereto) may exceed: (i) in the case of an Engine, the greater of $1,000,000 and the damage notification threshold contained in the applicable Lease and (ii) in the case of an Airframe, the greater of $5,000,000 and the damage notification threshold contained in the applicable Lease. (f) Insurance. The Issuer will maintain or cause, directly or indirectly through the Issuer Subsidiaries, to be maintained with reputable and responsible insurers or with insurers that maintain relevant reinsurance with reputable and responsible reinsurers (i) hull insurance for each Asset in an amount at least equal to the Insured Value for such Asset (or the equivalent thereof from time to time if such insurance is denominated in a currency other than Dollars), (ii) liability insurance denominated in Dollars (or the equivalent thereof from time to time if such insurance is denominated in a currency other than Dollars) for each Asset and occurrence in amounts at least equal to the relevant amount set forth on Exhibit C for each type of Asset; provided that Exhibit C may be amended by

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 151 - the Issuer from time to time, provided the Issuer shall give notice of such amendment to the Rating Agencies, (iii) war risk hull and liability insurance for each Asset in a manner consistent with the customary practice regarding similar Aircraft Engines or aircraft, as applicable, of leading international operating lessors of Aircraft Engines or aircraft, as applicable (which, so long as the Servicer is Willis Lease, shall be deemed to be the customary practice of Willis Lease regarding similar Aircraft Engines or aircraft, as applicable, owned or managed by it or its Affiliates) and (iv) political risk and repossession insurance for each Asset that will be registered, or based in or installed on an airframe registered, in a jurisdiction in which it is the customary practice of leading international operating lessors of Aircraft Engines or aircraft, as applicable (which, so long as the Servicer is Willis Lease, shall be deemed to be the customary practice of Willis Lease regarding similar Aircraft Engines or aircraft, as applicable, owned or managed by it or its Affiliates) to obtain political risk and repossession insurance in respect of aircraft and engines, as applicable, registered (or installed on airframes registered) in such jurisdiction in an amount at least equal to the Insured Value (or the equivalent thereof from time to time if such insurance is denominated in a currency other than Dollars). Deductibles and self-insurance for an Asset subject to a Lease may be maintained in an amount up to the higher of (x) $5,000,000 in the aggregate in respect of any one occurrence in respect of such Asset and (y) the amount obtained pursuant to commercially reasonable deductible and self-insurance arrangements (taking into account, inter alia, the lease terms and conditions customarily available to the applicable Lessee, experience of such Lessee, in the case of each Engine, the type of aircraft on which such Asset may be installed, and market practices in the commercial aviation industry generally). The coverage and terms (including endorsements, deductibles and self-insurance arrangements) of any insurance maintained with respect to any Asset not subject to a Lease shall be consistent with the customary practice for similar equipment of leading international operating lessors of Aircraft Engines or aircraft, as applicable (which, so long as the Servicer is Willis Lease, shall be deemed to be the customary practice of Willis Lease regarding similar Aircraft Engines or aircraft, as applicable, owned or managed by it or its Affiliates). The insurance arrangements required as described above shall include the Security Trustee as additional insured, in respect of liability insurances, and a loss payee/contract party, in respect of hull insurances. The Issuer shall use commercially reasonable efforts to cause Lessees to include the Trustee as named additional insured in connection with the required liability insurance. The obligation to so name the Security Trustee and, if applicable, the Trustee shall only apply for one insurance policy and only to the extent of the coverage required herein, to the extent more than one insurance policy provides the same required coverage (for example, if both the Lessee and the Issuer then carry the required insurance coverage) or provides coverage additional to that required herein. In determining the amount of insurance required to be maintained by this Section 5.03(f), the Issuer may take into account any indemnification from, or insurance provided by, any governmental, supranational or inter-governmental authority or agency, against any risk with respect to an Asset at least in an amount which, when added to the amount of insurance against such risk maintained by the Issuer (or which the Issuer has caused to be maintained), shall be at least equal to the amount of insurance against such risk otherwise required by this Section 5.03(f) (taking into account self-insurance permitted by this - 152 - Section 5.03(f)). Any such indemnification or insurance provided by such government shall provide substantially similar protection as the insurance required by this Section 5.03(f). The Issuer will not be required to maintain (or to cause to be maintained) any insurance otherwise required hereunder to the extent that such insurance is not generally available in the relevant insurance market at commercially reasonable rates from time to time. (g) Projected Maintenance Reserve. The Issuer shall, no later than the Calculation Date immediately following each anniversary of the Initial Closing Date, deliver to the Trustee, and the Trustee will include with the next Monthly Report (with no obligation of review or inquiry on the part of the Trustee), the Maintenance Annual Estimate. Promptly after receiving the annual Maintenance Annual Estimate, the Issuer shall cause the Administrative Agent to prepare, based on the Maintenance Annual Estimate (in no event later than the third Business Day before the Payment Date relating to the Calculation Date following such anniversary), the initial calculation of the Maintenance Required Amount for each Payment Date, which shall be adjusted as provided in the last sentence of the definition of Maintenance Required Amount. On each Calculation Date, the Administrative Agent shall calculate the difference between the Maintenance Required Amount for the related Payment Date and the amount available in the Maintenance Reserve Account as of such Payment Date (such difference, if positive, the "Additional Maintenance Reserve Amount" for such Payment Date). The Trustee shall apply Available Collections to make a deposit into the Maintenance Reserve Account on each such Payment Date in accordance with Section 3.09 hereof. The Maintenance Required Amounts and Additional Maintenance Reserve Amounts based on any prior Maintenance Annual Estimate will be recalculated after each annual Maintenance Annual Estimate, as adjusted for each Payment Date as provided in the definition thereof. (h) Indemnity. The Issuer will, and shall cause each Issuer Subsidiary to, include in each Lease an indemnity from the applicable Lessee in respect of any losses or liabilities arising from the use or operation of the related Asset during the term of such Lease, subject to such exceptions, limitations and qualifications as are consistent with the customary practice of leading international aircraft or aircraft engine operating lessors (as applicable) (which, so long as the Servicer is Willis Lease, shall be deemed to be the customary practice of Willis Lease) regarding similar aircraft or Aircraft Engines, as applicable, owned or managed by it or its Affiliates. (i) Fees and License. The Issuer will, and shall cause each Issuer Subsidiary to, promptly pay or cause to be promptly, paid all license and registration fees and all taxes of any nature (together with any penalties, fines or interest thereon) assessed and demanded by any government or any revenue authority (whether of the applicable country of registration of the Asset or otherwise), upon or with respect to any Assets or upon the purchase, ownership, delivery, leasing, possession, use, operation, return, sale or other disposition thereof or rentals, income or proceeds received with respect thereto. - 153 - (j) Website. To the extent required by a Rating Agency, the Issuer will cause the Administrative Agent to maintain or cause to be maintained a password protected Internet website (the "Website") containing (i) the Monthly Reports and Annual Reports and (ii) all information the Issuer provides, or contracts with a third party to provide, to any Rating Agency for the purpose of undertaking credit rating surveillance on the Notes. In furtherance of the foregoing, the Issuer agrees, to the extent required by a Rating Agency, it shall cause each notice or other information required hereby to be given by the Issuer to any Rating Agency to be delivered to such Rating Agency by the Administrative Agent on behalf of the Issuer and the Administrative Agent shall post such notice or other information to the Website. Section 5.04 Compliance Through Agents. The Issuer shall be entitled to delegate the performance of any of its covenants hereunder to one or more Service Providers pursuant to one or more Related Documents entered into in accordance with the terms of this Indenture so long as each such Related Document is subject to the Encumbrance of the Security Trust Agreement. Nothing in this Section 5.04 is intended to, or shall, relieve the Issuer from any liability or consequences hereunder arising from the failure of the Issuer or any such Service Provider to perform any such covenant strictly in accordance with the terms of this Indenture. ARTICLE VI THE TRUSTEE Section 6.01 Acceptance of Trusts and Duties. The duties and responsibilities of the Trustee shall be as expressly set forth herein. The Trustee accepts the trusts hereby created and applicable to it and agrees to perform the same but only upon the terms of this Indenture and agrees to receive and disburse all moneys received by it in accordance with the terms hereof. The Trustee in its individual capacity shall not be answerable or accountable under any circumstances, except for its own willful misconduct or negligence or breach of any of its representations and warranties set forth herein, and the Trustee shall not be liable for any action or inaction of the Issuer or any other parties to any of the Related Documents. The fees and out-of-pocket expenses of the Trustee shall be Expenses of the Issuer. Section 6.02 Absence of Duties. The Trustee shall have no duty to ascertain or inquire as to the performance or observance of any covenants, conditions or agreements on the part of any Lessee. Notwithstanding the foregoing, the Trustee, upon written request, shall furnish to any Holder, promptly upon receipt thereof, duplicates or copies of all reports, Notices, financial statements and other instruments furnished to the Trustee under this Indenture. Section 6.03 Representations or Warranties. The Trustee does not make and shall not be deemed to have made any representation or warranty as to the validity, legality or enforceability of this Indenture, the Notes, any other securities or any other document or instrument or as to the correctness of any statement contained in any thereof, except that the Trustee in its individual capacity hereby represents and warrants (i) that each such specified document to which it is a party has been or will be duly executed and delivered by one of its officers who is and will be duly authorized to execute and deliver such document on its behalf, and (ii) this Indenture is the legal, valid and binding obligation of the Trustee, enforceable against the Trustee in accordance with its - 154 - terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors' rights generally. Section 6.04 Reliance; Agents; Advice of Counsel. The Trustee may conclusively rely and shall be fully protected and incur no liability to anyone in acting or refraining from acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed (or if provided by electronic means, sent) by the proper party or parties. The Trustee shall have no obligation to confirm the veracity of the content of any such item provided to it (absent manifest error). The Trustee may accept a copy of a resolution of, in the case of the Issuer, the Controlling Trustees and, in the case of any other party to any Related Document, the governing body of such Person, certified in an accompanying Officer's Certificate as duly adopted and in full force and effect, as conclusive evidence that such resolution has been duly adopted and that the same is in full force and effect. As to any fact or matter the manner of ascertainment of which is not specifically described herein, the Trustee shall be entitled to receive and may for all purposes hereof conclusively rely on a certificate, signed by an officer of any duly authorized Person, as to such fact or matter, and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. The Trustee shall furnish to the Administrative Agent upon written request such information and copies of such documents as the Trustee may have and as are necessary for the Administrative Agent to perform its duties hereunder. The Trustee shall assume, and shall be fully protected in assuming, that the Issuer is authorized by its constitutional documents to enter into this Indenture and to take all action permitted to be taken by it pursuant to the provisions hereof, and shall not inquire into the authorization of the Issuer with respect thereto. The Trustee shall not be liable for any action it takes or omits to take in good faith that it reasonably believes to be authorized or within its rights or powers or for any action it takes or omits to take in accordance with the direction of the Controlling Party or any Holder, in accordance with the terms of this Indenture, including, without limitation, Section 4.12 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture. The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder. The Trustee may consult with counsel as to any matter relating to this Indenture and any Opinion of Counsel or any advice of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel. The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture, or to institute, conduct or defend any litigation hereunder or in relation hereto, at the request, order or direction of any of the Holders, pursuant to the provisions of this Indenture,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 155 - unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which may be Incurred therein or thereby. The Trustee shall not be required to expend or risk its own funds or otherwise Incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it, and none of the provisions contained in this Indenture shall in any event require the Trustee to perform, or be responsible or liable for the manner of performance of, any obligations of the Issuer or the Administrative Agent under this Indenture or any of the other Related Documents. The Trustee shall not be liable for any Costs or Taxes (except for Taxes relating to any compensation, fees or commissions of any entity acting in its capacity as Trustee hereunder) or in connection with the selection of Permitted Account Investments or for any investment losses resulting from Permitted Account Investments. When the Trustee Incurs expenses or renders services in connection with an Acceleration Default, such expenses (including the fees and expenses of its counsel) and the compensation for such services are intended to constitute expenses of administration under any bankruptcy law or law relating to creditors' rights generally. The Trustee shall not be charged with knowledge of an Event of Default unless a Responsible Officer of the Trustee obtains actual knowledge of such event, including receiving Written Notice of such event from the Issuer, the Administrative Agent, the Controlling Party or Holders of Notes aggregating not less than 10% of the Outstanding Principal Balance of the Notes. The Trustee shall have no duty to monitor the performance of the Issuer, the Administrative Agent or any other party to the Related Documents, nor shall it have any liability in connection with the malfeasance or nonfeasance by such parties. The Trustee shall have no liability in connection with the appointment of the Administrative Agent or compliance by the Issuer and the Administrative Agent or any Lessee under a Lease with statutory or regulatory requirements related to any Asset or any Lease. The Trustee shall have no obligation, or liability in respect thereto, to verify or recalculate any of the determinations made by the Administrative Agent pursuant to the Related Documents. The Trustee shall not make or be deemed to have made any representations or warranties with respect to any Asset or any Lease or the validity or sufficiency of any assignment or other disposition of any Asset or any Lease. The Trustee shall not be liable for any error of judgment reasonably made in good faith by an officer or officers of the Trustee, unless it shall be determined by a court of competent jurisdiction in a non-appealable judgment that the Trustee was grossly negligent or willfully blind in making such judgment. Except as expressly set forth in the Related Documents, the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, entitlement order, approval or other paper document, unless any such Related Document to which the Trustee is a party directs the Trustee to make such investigations. - 156 - Wherever this Indenture or any other Related Document provides for the Trustee to take action at the direction of the Senior Trustee or the Controlling Party or otherwise take any discretionary action, the Trustee shall at all times be entitled to conclusively rely upon and act at the written direction of the Senior Trustee or the Controlling Party, as applicable, and shall have no obligation to take any such action in the absence of such direction. Wherever the Senior Trustee shall have any right, duty or obligation under this Indenture or any other Related Document, the Senior Trustee shall at all times be entitled to conclusively rely upon and act at the written direction of the applicable Person(s) entitled (as described in the definition of Senior Trustee) to provide direction to the Senior Trustee and shall have no obligation to take any such action in the absence of such direction. Neither the Trustee nor the Operating Bank shall have any obligation to invest and reinvest any cash held in the Accounts in the absence of timely and specific written investment direction from the Administrative Agent or as expressly provided herein. In no event shall the Trustee or the Operating Bank be liable for the selection of investments or for investment losses incurred thereon in accordance with the Related Documents. Neither the Trustee nor the Operating Bank shall have any liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity in accordance with the Related Documents or by any other Person or the failure of the Administrative Agent to provide timely written investment direction. In no event shall the Trustee or the Operating Bank be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit), even if the Trustee or the Operating Bank has been advised of the likelihood of such loss or damage and regardless of the form of action. In no event shall the Trustee or the Operating Bank be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or other similar catastrophic acts and interruptions, epidemics or pandemics, loss or malfunctions of utilities, communications or computer services. The Trustee and the Operating Bank shall not have any duties or responsibilities except those expressly set forth in the Related Documents to which it is a party, and no implied duties or responsibilities shall be read into this Indenture or any other Related Document against the Trustee or the Operating Bank. The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under Applicable Law with respect to any transfer of any interest in any Notes other than, solely if and when expressly required by the terms of this Indenture, to require delivery of such certificates and other documentation as are expressly required to be delivered to it hereby and to examine the same to determine substantial compliance as to form with the express requirements hereof. The rights, privileges, protections, immunities, indemnities and benefits afforded to the Trustee under this Indenture are extended to, and shall be enforceable by, the Trustee in each Related Document to which it is a party or otherwise subject, whether or not specifically set forth - 157 - therein, and each entity serving as the Trustee in each of its capacities hereunder and under any other Related Document and each agent, custodian and other Person employed to act by the Trustee hereunder and under any other Related Document, whether or not such rights, privileges, protections, immunities, indemnities or benefits are specifically set forth herein or in any other Related Document, as the case may be, together with such other rights, privileges, protections, immunities, indemnities and benefits afforded to the applicable party hereunder or under any other Related Document. The permissive rights of the Trustee enumerated herein will not be construed as duties. Section 6.05 Not Acting in Individual Capacity. The Trustee acts hereunder solely as trustee unless otherwise expressly provided; and all Persons, other than the Holders to the extent expressly provided in this Indenture, having any claim against the Trustee by reason of the transactions contemplated hereby shall look, subject to the lien and priorities of payment as herein provided, only to the property of the Issuer for payment or satisfaction thereof. Section 6.06 No Compensation from Holders. The Trustee agrees that it shall have no right against the Holders or, except as provided in Article III hereof, for any fee as compensation for its services hereunder. Section 6.07 Notice of Defaults. As promptly as practicable after, and in any event within five Business Days after, the occurrence of any Default or Event of Default of which a Responsible Officer of the Trustee has actual knowledge, the Trustee shall transmit to the Issuer, any Paying Agent, the Initial Liquidity Facility Provider and the Holders of the Notes, notice of such Default or Event of Default actually known to a Responsible Officer of the Trustee, unless such Default or Event of Default shall have been cured or waived; provided, however, that, except in the case of a Default or Event of Default on the payment of the interest on or principal or Redemption Price of any Note, the Trustee shall be fully protected in withholding such notice if and so long as the Trustee in good faith determines that the withholding of such notice is in the best interests of the Holders of the Notes. Section 6.08 Trustee May Hold Securities. The Trustee, any Paying Agent, the Registrar or any of their Affiliates or any other agent in their respective individual or any other capacity, may become the owner or pledgee of the Notes and may otherwise deal with the Issuer with the same rights it would have if it were not Trustee, Paying Agent, Registrar or such other agent. Section 6.09 Corporate Trustee Required; Eligibility. There shall at all times be a Trustee which shall meet the Eligibility Requirements. If such corporation publishes reports of conditions at least annually, pursuant to law or to the requirements of federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section 6.09, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of conditions so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.09 to act as Trustee, the Trustee shall resign immediately as Trustee in the manner and with the effect specified in Section 7.01. - 158 - Section 6.10 Reports by the Issuer. (a) The Issuer shall furnish to the Trustee all Monthly Reports and Annual Reports. (b) The Issuer shall furnish to the Trustee, within 120 days after the end of each fiscal year, a brief certificate in the form of Exhibit H from a Signatory Trustee as to his or her knowledge of the Issuer's compliance with all conditions and covenants under this Indenture (it being understood that for purposes of this Section 6.10, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture). Section 6.11 Compensation. The Issuer covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, the fees and expenses agreed in writing between the Issuer and the Trustee, and will further pay or reimburse the Trustee upon its request for all reasonable expenses, any of the provisions hereof or any other documents executed in connection herewith (including the reasonable compensation and the reasonable expenses and disbursements of its counsel). Section 6.12 Holder Lists. If the Trustee is not acting as the Registrar, the Issuer will furnish or cause to be furnished to the Trustee with respect to the Notes: (a) semi-annually, not later than 15 days after such semi-annual dates as may be specified by the Trustee, a list, in such form as the Trustee may reasonably require, of the names and addresses of each Holder as of such semi-annual date, as the case may be, and (b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Issuer of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, excluding from any such list names and addresses received by the Trustee in its capacity as Registrar. Section 6.13 Preservation of Information; Communications to Holders. (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of each Holder contained in the most recent list furnished to the Trustee as provided in Section 6.12 and the names and addresses of Holders received by the Trustee in its capacity as Registrar. The Trustee may destroy any list furnished to it as provided in Section 6.12 upon receipt of a new list so furnished. (b) If any Holder or Holders representing more than 10% of the Outstanding Principal Balance of any Series of Notes (hereinafter referred to as "applicants") apply in writing to the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned a Note of such Series for a period of at least six months preceding the date of such application, and such application states that the applicants desire to communicate with the Holders of all Notes of such Series with respect to their rights under this Indenture or under such Notes and is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then the Trustee shall, within five Business Days after the receipt of such application, afford such applicants access to the information preserved at the time by the Trustee in accordance with Section 6.13(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 159 - If the Trustee shall elect not to afford such applicants access to such information, the Trustee shall, upon the written request of such applicants, provide to each Holder of a Note of such Series or to all Holders, as the case may be, whose names and addresses appear in the information preserved at the time by the Trustee in accordance with Section 6.13(a) hereof, a copy of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be provided and of payment, or provision for the payment, of the reasonable expenses in connection with such provision. (c) Every Holder, by receiving and holding its Notes, agrees with the Issuer and the Trustee that neither the Issuer nor the Trustee shall be held accountable by reason of the disclosure of any such information as to the names and addresses of such Holder in accordance with Section 6.13(b), regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of providing any material pursuant to a request made under Section 6.13(b). Section 6.14 Force Majeure. In no event shall the Trustee or Operating Bank be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, epidemics, pandemics nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee and Operating Bank shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. ARTICLE VII SUCCESSOR TRUSTEES Section 7.01 Resignation and Removal of Trustee. The Trustee may resign as to any or all of the Series A Notes, Series B Notes, or, to the extent issued as set forth herein Series C Notes at any time without cause by giving at least 90 days' prior Written Notice to the Issuer, the Initial Liquidity Facility Provider, the Administrative Agent and the Holders, provided that such resignation shall be effective only upon the acceptance of the appointment by a successor Trustee. A Required Majority of any Series of Notes, as applicable, (or, with respect to the Initial Series A Notes and the Initial Series B Notes, the Initial Liquidity Facility Provider, so long as it is the Controlling Party) may at any time remove the Trustee as to such Series without cause by an instrument in writing delivered to the Issuer, the Administrative Agent, the Servicer, the Security Trustee, the Senior Trustee, the Certificate Holders and the Trustee being removed, such removal to be effective only upon the acceptance of the appointment by a successor Trustee. In addition, the Issuer may remove the Trustee as to any Series of Notes if: (a) such Trustee fails to comply with Section 7.02(d) hereof, (b) such Trustee is adjudged a bankrupt or an insolvent, (c) a receiver or public officer takes charge of such Trustee or its property or (d) such Trustee becomes incapable of acting, such removal to be effective only upon the acceptance of the appointment by a successor Trustee. References to the Trustee in this Indenture include any successor Trustee as to all or any of the Series of the Notes appointed in accordance with this Article VII. The resignation or - 160 - removal of a Trustee and the appointment of a successor Trustee shall only become effective upon the successor Trustee's acceptance of appointment as provided in Section 7.02. Section 7.02 Appointment of Successor. (a) In the case of the resignation or removal of a Trustee as to any or all Series of Notes under Section 7.01, the Issuer shall promptly appoint a successor Trustee as to such Series; provided that a Required Majority of such Series may appoint, within one year after such resignation or removal, a successor Trustee as to such Series which may be other than the successor Trustee appointed by the Issuer, and such successor Trustee appointed by the Issuer shall be superseded by the successor Trustee so appointed by the Holders. If a successor Trustee as to any Series shall not have been appointed and accepted its appointment hereunder within 60 days after the Trustee gives notice of resignation or is removed, the retiring Trustee, the Issuer, the Administrative Agent, the Initial Liquidity Facility Provider or a majority of the Holders of the Outstanding Principal Balance of such Series (as to a Trustee for such Series) may petition any court of competent jurisdiction for the appointment of a successor Trustee as to such Series. Any successor Trustee so appointed by such court shall immediately and without further act be superseded by any successor Trustee appointed as provided in the first sentence of this paragraph within one year from the date of the appointment by such court. (b) Any successor Trustee as to any Series of Notes, however appointed, shall execute and deliver to the Issuer, the Administrative Agent, the Initial Liquidity Facility Provider and the predecessor Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the predecessor Trustee shall become effective and such successor Trustee, without further act, shall become vested with all the estates, properties, rights, powers, duties and trusts of such predecessor Trustee hereunder in the trusts hereunder applicable to it with like effect as if originally named the Trustee as to such Series herein; provided that, upon the written request of such successor Trustee, such predecessor Trustee shall, upon payment of all amounts due and owing to it, execute and deliver an instrument transferring to such successor Trustee, upon the trusts herein expressed applicable to it, all the estates, properties, rights, powers and trusts of such predecessor Trustee, and such predecessor Trustee shall duly assign, transfer, deliver and pay over to such successor Trustee all moneys or other property then held by such predecessor Trustee hereunder solely for the benefit of such Series of the Notes. (c) If a successor Trustee is appointed with respect to one or more (but not all) Series of the Notes, the Issuer, the predecessor Trustee and each successor Trustee with respect to each Series of Notes shall execute and deliver an amendment hereto which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor Trustee with respect to the Series of Notes as to which the predecessor Trustee is not retiring shall continue to be vested in the predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the Notes hereunder by more than one Trustee. (d) Each Trustee with respect to any Series of Notes shall be an Eligible Institution and shall meet the Eligibility Requirements, if there be such an institution willing, able and legally qualified to perform the duties of a Trustee hereunder; provided that the Rating Agencies shall receive notice of any replacement Trustee. - 161 - (e) Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation to which all or substantially all of the corporate trust business of the Trustee may be transferred, shall, subject to the terms of paragraph (d) of this Section 7.02, be the Trustee under this Indenture without further act. ARTICLE VIII INDEMNITY Section 8.01 Indemnity. The Issuer shall indemnify the Trustee (and its officers, directors, employees and agents) for, and hold it harmless against, any loss, liability or expense (including attorney's fees and expenses but other than any Tax based on net income or profits attributable to the Trustee's compensation for serving as such) Incurred by it in connection with the acceptance or administration of this Indenture and its duties under this Indenture, the Notes and the other Related Documents, including the costs and expenses of defending itself against any claim or liability and of complying with any process served upon it or any of its officers in connection with the exercise or performance of any of its powers or duties and hold it harmless against, any loss, liability or reasonable expense Incurred without negligence or bad faith on its part, arising out of or in connection with actions taken or omitted to be taken in performance of its duties hereunder. The Trustee shall notify the Issuer, the Holders, the Initial Liquidity Facility Provider and the Rating Agencies promptly of any claim asserted against the Trustee for which it may seek indemnity; provided, however, that failure to provide such notice shall not invalidate any right to indemnity hereunder. The Issuer shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Issuer shall pay reasonable fees and expenses of such counsel. The Issuer need not pay for any settlement made without its consent; provided that such consent shall not be unreasonably withheld or delayed. In no event shall the Issuer settle or compromise a claim against the Trustee (or its directors, employees, representatives or agents) on behalf of the Trustee (or its directors, employees, representatives or agents) without the consent of the Trustee (such consent not to be unreasonably withheld or delayed). The Issuer need not reimburse any expense or indemnity against any loss or liability Incurred by the Trustee through willful misconduct or negligence. Section 8.02 Holders' Indemnity. The Trustee shall be entitled to be indemnified (except with respect to losses, damages or obligations arising from the Trustee's willful misconduct or negligence) to its satisfaction by the Holders of any Notes before proceeding to exercise any right or power under this Indenture, the Notes, the Administrative Agency Agreement or the Security Trust Agreement at the request or direction of such Holders. Section 8.03 Survival. The provisions of Sections 8.01 and 8.02 shall survive the termination or assignment of this Indenture or the earlier resignation or removal of the Trustee. ARTICLE IX MODIFICATION - 162 - Section 9.01 Modification with Consent of Holders and the Initial Liquidity Facility Provider. With the consent of a Required Majority on the Record Date of any vote of the Holders (voting as a single class) and the consent of the Initial Liquidity Facility Provider, the Issuer, when authorized by a Trustee Resolution, may amend, modify or waive any breach of this Indenture; provided that, without the consent of the Trustee for a Series of Notes (acting at the direction of the Holders holding a majority of the Outstanding Principal Balance of such Series), no such amendment, modification or waiver may amend, modify or waive the provisions of this Indenture relating to such Series of Notes or have a disproportionately adverse effect on the Holders of such Series of Notes or the rights exercisable by the Holders of such Series as compared to the Holders of another Series; provided further that, without the consent of each Hedge Provider, the Initial Liquidity Facility Provider and each Holder, in each instance directly affected thereby, no such amendment, modification or waiver may amend, modify or waive the provisions of this Indenture or the Notes setting forth the frequency or the currency of payment of, the maturity of, or the method of calculation of the amount of, any interest, principal, premium, Redemption Price, Step-Up Interest Amount or distribution amount payable in respect of any Series of Notes, or reduce the percentage of the aggregate Outstanding Principal Balance of any Series of Notes required to approve any amendment, modification or waiver of this Section 9.01 or alter the manner or priority of payment of such Series of Notes; and provided further that without the prior written consent of the Trustee or the Operating Bank, no such amendment, modification or waiver may amend, modify or waive the provisions of this Indenture that could adversely affect the rights, protections, immunities, indemnities, duties or obligations of the Trustee or the Operating Bank, respectively; and provided further that without the prior written consent of the Servicer, no such amendment, modification or waiver may amend, modify or waive the provisions of this Indenture in a manner that could adversely affect the rights of the Servicer. It shall not be necessary for the consent of the Holders under this Section 9.01 to approve the particular form of any proposed amendment, modification or waiver, but it shall be sufficient if such consent approves the substance thereof. Any such amendment, modification or waiver approved by the Holders whose approval is required in accordance with this Section 9.01 will be binding on all Holders and each party to this Indenture. The Issuer shall give the Trustee, each Rating Agency and the Initial Liquidity Facility Provider prior notice of any amendment, modification or waiver under this Section 9.01 and any amendments of the organizational documents of the Issuer or any Issuer Subsidiary, and, after an amendment, modification or waiver under this Section 9.01 becomes effective, the Issuer shall provide to the Trustee, the Initial Liquidity Facility Provider and the Rating Agencies a notice briefly describing such amendment, modification or waiver. Any failure of the Issuer to provide such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, modification or waiver. After an amendment under this Section 9.01 becomes effective, it shall bind every Holder whether or not notation thereof is made on any Note held by such Holder. This Section 9.01 shall not limit the ability of (and no consent under this Section 9.01 shall be required for) the Issuer to amend or modify this Indenture to provide for the issuance of Additional Notes otherwise permitted under this Indenture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 167 - Notes in the case of Covenant Defeasance, in either case, to maturity or redemption, as the case may be; (b) the Issuer delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay principal and interest when due (i) on each Series of Notes being defeased, in the case of Legal Defeasance, or (ii) on all of the Notes in the case of Covenant Defeasance, in either case, to maturity or redemption, as the case may be; (c) 91 days pass after the deposit described in clause (a) above is made and during the 91-day period no Event of Default specified in Section 4.01(e) or (f) with respect to the Issuer occurs which is continuing at the end of the period; (d) the deposit described in clause (a) above does not constitute a default under any other agreement binding on the Issuer; (e) the Issuer delivers to the Trustee an Opinion of Counsel to the effect that the trust resulting from the deposit described in clause (a) is not required to register as, or is registered as, an investment company under the Investment Company Act; (f) in the case of the Legal Defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Issuer has received from, or there has been published by, the U.S. Internal Revenue Service a ruling, or (ii) since the date of this Indenture there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; (g) in the case of the Covenant Defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; (h) a Rating Agency Confirmation and (unless a Liquidity Facility Non- Consent Event has occurred or will occur at the time of or immediately after giving effect to such defeasance) the prior written consent of the Initial Liquidity Facility Provider is obtained relating to the defeasance contemplated by this Section 11.02; (i) all amounts due and owing to the Initial Liquidity Facility Provider have been paid; and - 168 - (j) the Issuer delivers to the Trustee an Opinion of Counsel and an Officer's Certificate that all conditions precedent to such defeasance have been satisfied. Section 11.03 Application of Trust Money. The Trustee shall hold in trust in the Defeasance/Redemption Account money or U.S. Government Obligations deposited with it pursuant to this Article XI. It shall apply the deposited money and the money from U.S. Government Obligations in accordance with this Indenture to the payment of principal, premium, if any, and interest on the Notes. Money and securities so held in trust are not subject to Article X hereof or to Article IX of the Security Trust Agreement. Section 11.04 Repayment to Issuer. The Trustee shall promptly turn over to the Issuer upon written request any excess money or securities held by it at any time after application of the appropriate defeasance option. Subject to any applicable abandoned property law, the Trustee shall pay to the Issuer upon written request any money held by it for the payment of principal or interest that remains unclaimed for two years and, thereafter, Holders entitled to the money must look to the Issuer for payment as general creditors. Section 11.05 Indemnity for Government Obligations. The Issuer shall pay and shall indemnify the Trustee against any Tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations, or the principal and interest received on such U.S. Government Obligations. Section 11.06 Reinstatement. If the Trustee is unable to apply any money or U.S. Government Obligations in accordance with this Article XI by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application or otherwise, the Issuer's obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article XI until such time as the Trustee is permitted to apply all such money or U.S. Government Obligations in accordance with this Article XI; provided, however, that, if the Issuer has made any payment of interest on or principal of any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee. ARTICLE XII MISCELLANEOUS Section 12.01 Right of Trustee to Perform. If the Issuer for any reason fails to observe or punctually to perform any of its obligations to the Trustee, whether under this Indenture or any of the other Related Documents or otherwise, the Trustee shall have power (but shall have no obligation), on behalf of or in the name of the Issuer or otherwise, to perform such obligations and to take any steps which the Trustee may, in its absolute discretion, consider appropriate with a view to remedying, or mitigating the consequences of, such failure by the Issuer; provided that no exercise or failure to exercise this power by the Trustee shall in any way prejudice the Trustee's other rights under this Indenture or any of the other Related Documents. - 169 - Section 12.02 Waiver. Any waiver by any party of any provision of this Indenture or any right, remedy or option hereunder shall only prevent and estop such party from thereafter enforcing such provision, right, remedy or option if such waiver is given in writing and only as to the specific instance and for the specific purpose for which such waiver was given. The failure or refusal of any party hereto to insist in any one or more instances, or in a course of dealing, upon the strict performance of any of the terms or provisions of this Indenture by any party hereto or the partial exercise of any right, remedy or option hereunder shall not be construed as a waiver or relinquishment of any such term or provision, but the same shall continue in full force and effect. No failure on the part of the Trustee to exercise, and no delay on its part in exercising, any right or remedy under this Indenture will operate as a waiver thereof, nor will any single or partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies provided in this Indenture are cumulative and not exclusive of any rights or remedies provided by law or in any other Related Document. Section 12.03 Severability. In the event that any provision of this Indenture or the application thereof to any party hereto or to any circumstance or in any jurisdiction governing this Indenture shall, to any extent, be invalid or unenforceable under any applicable statute, regulation or rule of law, then such provision shall be deemed inoperative to the extent that it is invalid or unenforceable and the remainder of this Indenture, and the application of any such invalid or unenforceable provision to the parties, jurisdictions or circumstances other than to whom or to which it is held invalid or unenforceable, shall not be affected thereby nor shall the same affect the validity or enforceability of this Indenture. The parties hereto further agree that the holding by any court of competent jurisdiction that any remedy pursued by the Trustee hereunder is unavailable or unenforceable shall not affect in any way the ability of the Trustee to pursue any other remedy available to it. Section 12.04 Restrictions on Exercise of Certain Rights. The Trustee and, during the continuance of a payment Default with respect to the Senior Series, the Senior Trustee, in its capacity as trustee of such Senior Series, except as otherwise provided in Section 4.04, may sue for recovery or take any other steps for the purpose of recovering any of the obligations hereunder or any other debts or liabilities whatsoever owing to it by the Issuer. Each of the Holders shall at all times be deemed to have agreed by virtue of accepting the Notes that only the Trustee and, during the continuance of a payment Default with respect to the Senior Series, the Senior Trustee, in its capacity as trustee of such Series and except as provided in Section 4.04, may (to the extent (if any) permitted hereunder or by Applicable Law), take any steps for the purpose of procuring the appointment of an administrative receiver, examiner, receiver or similar officer or the making of an administration order or for instituting any bankruptcy, reorganization, arrangement, insolvency, winding up, liquidation, composition, examinership or any like proceedings under the laws of any relevant jurisdiction. Section 12.05 Notices. All notices, demands, certificates, requests, directions, instructions and communications hereunder ("Notices") shall be in writing and shall be effective (a) upon receipt when sent via email or through the mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return receipt, or (b) one Business Day after delivery to an overnight courier, or (c) on the date personally delivered to an - 170 - authorized officer of the party to which sent, or (d) on the date transmitted by legible telecopier transmission with a confirmation of receipt, in all cases addressed to the recipient as follows: if to the Issuer, to: Willis Engine Structured Trust VIII c/o Wilmington Trust Company 1100 North Market Street Wilmington, Delaware 19890-1605 Attention: Corporate Trust Administrator Facsimile: (302) 651-8882 with a copy to: Willis Lease Finance Corporation 4700 Lyons Technology Parkway Coconut Creek, Florida 33073 Attention: General Counsel Telephone: +1 (561) 349-9989 if to the Administrative Agent or to the Servicer, to: Willis Lease Finance Corporation 4700 Lyons Technology Parkway Coconut Creek, Florida 33073 Attention: General Counsel Telephone: +1 (561) 349-9989 if to the Trustee, the Operating Bank, the Security Trustee, the Registrar or the Paying Agent, to: U.S. Bank National Association Global Corporate Trust 190 South LaSalle Street Chicago, IL 60603 Attention: Juan Hernandez (WEST VIII Administrator) Email: juan.hernandez3@usbank.com if to the Initial Liquidity Facility Provider, to: MUFG Bank, Ltd. 1251 Avenue of the Americas New York, NY 10020-1104 Attention: Aqmar Chowdhury, Gordon Cook, Gianna Peko Email: AqChowdhury@us.mufg.jp; Gcook@us.mufg.jp; gpeko@us.mufg.jp; aviationfo@us.mufg.jp

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 171 - if to any Holder of a Definitive Note, to such Holder at its address set forth in the Register as of the Record Date related to the Payment Date immediately preceding the issuance of such Notice; if to any Holder of a Global Note, to such Holder via the Depositary, Euroclear and/or Clearstream; and if to the Rating Agencies (so long as such listed agency is a Rating Agency), to the following, or such other notice address provided by such Rating Agency to the Administrative Agent: Fitch Ratings, Inc. globalcrosssectorsf@fitchratings.com Kroll Bond Rating Agency, LLC 805 Third Ave., 29th Floor New York, NY 10022 Attention: ABS Surveillance Email: abssurveillance@kbra.com A copy of each Notice given hereunder to any party hereto shall also be given to each of the other parties hereto. Each party hereto may, by Notice given in accordance herewith to each of the other parties hereto, designate any further or different address to which subsequent Notices shall be sent. In connection with the performance of their respective duties hereunder, each party may give notices, consents, directions, approvals, instructions and requests to, and otherwise communicate with, each other using electronic means, including email transmission to such email addresses as each such party shall designate to the other parties, and, if by electronic means to the Trustee, the Security Trustee or the Operating Bank, unless otherwise agreed by the applicable parties, delivered as a .PDF (Portable Document Format) or other attachment to email including a manual authorized signature on such attached notice, consent, direction, approval, instruction, request or other communication. The Trustee and Operating Bank shall have no liability for the use of digital signatures and electronic methods to submit communications to the Trustee and Operating Bank, including without limitation as a result of the risk of the Trustee and/or Operating Bank acting on unauthorized instructions as a result of such use, and the risk of interception and misuse by third parties. Section 12.06 Assignments; Third Party Beneficiary. This Indenture shall be a continuing obligation of the Issuer and shall (a) be binding upon the Issuer and its successors and assigns and (b) inure to the benefit of and be enforceable by the Trustee, the Operating Bank, the Administrative Agent and the Initial Liquidity Facility Provider, and by their respective successors, transferees and assigns. The Issuer may not assign any of its obligations under this Indenture. The Servicer and the Seller shall each be a third party beneficiary of each provision of this Indenture that affects any of its rights or obligations under this Indenture or any other Related Document, including providing for the priority of amounts payable to the Servicer or the Seller under the Servicing Agreement or the Asset Purchase Agreement or any other Related Document. - 172 - Section 12.07 Currency Conversion. (a) If any amount is received or recovered by the Administrative Agent or the Trustee in respect of this Indenture (whether as a result of the enforcement of the security created under the Security Trust Agreement or pursuant to this Indenture or any judgment or order of any court or in the liquidation or dissolution of the Issuer or by way of damages for any breach of any obligation to make any payment under or in respect of the Issuer's obligations hereunder or any part thereof or otherwise) in a currency (the "Received Currency") other than the currency in which such amount was expressed to be payable (the "Agreed Currency"), then the amount in the Received Currency actually received or recovered by the Trustee or the Administrative Agent shall, to the fullest extent permitted by Applicable Law, only constitute a discharge to the Issuer to the extent of the amount of the Agreed Currency which the Administrative Agent or the Trustee was or would have been able in accordance with its normal procedures to purchase on the date of actual receipt or recovery (or, if that is not practicable, on the next date on which it is so practicable), and, if the amount of the Agreed Currency which the Administrative Agent or Trustee is or would have been so able to purchase is less than the amount of the Agreed Currency which was originally payable by the Issuer, the Issuer shall pay to the Administrative Agent or the Trustee such amount as the Administrative Agent or the Trustee shall determine to be necessary to indemnify the Trustee and the Administrative Agent against any loss sustained by it as a result (including the cost of making any such purchase and any premiums, commissions or other charges paid or Incurred in connection therewith) and so that such indemnity, to the fullest extent permitted by Applicable Law, (i) shall constitute a separate and independent obligation of the Issuer distinct from its obligation to discharge the amount which was originally payable by the Issuer and (ii) shall give rise to a separate and independent cause of action and apply irrespective of any indulgence granted by the Administrative Agent or the Trustee and continue in full force and effect notwithstanding any judgment, order, claim or proof for a liquidated amount in respect of the amount originally payable by the Issuer or any judgment or order and no proof or evidence of any actual loss shall be required. (b) For the purpose of or pending the discharge of any of the moneys and liabilities hereby secured the Administrative Agent may, or cause the Operating Bank to, convert any moneys received, recovered or realized by the Administrative Agent under this Indenture (including the proceeds of any previous conversion under this Section 12.07) or any funds currently maintained in any account hereunder from their existing currency of denomination into the currency of denomination (if different) of such moneys and liabilities and any conversion from one currency to another for the purposes of any of the foregoing shall be made at the Trustee's then prevailing spot selling rate at its office by which such conversion is made. If not otherwise required to be applied in the Received Currency, the Administrative Agent, acting on behalf of the Security Trustee, shall promptly convert any moneys in such Received Currency other than U.S. dollars into U.S. dollars. Each previous reference in this Section 12.07 to a currency extends to funds of that currency and funds of one currency may be converted into different funds of the same currency. The cost and expense of any such conversion shall be added to and reflected in the rate obtained for conversion and in no event shall the Administrative Agent or any of its affiliates be liable in respect of the exchange rate obtained for any such conversion or any related cost or expense. Section 12.08 Application to Court. The Senior Trustee may at any time after the service of a Default Notice apply to any court of competent jurisdiction for an order that the terms of this - 173 - Indenture be carried into execution under the direction of such court and for the appointment of a Receiver of the Collateral or any part thereof and for any other order in relation to the administration of this Indenture as the Senior Trustee shall deem fit and the Senior Trustee may assent to or approve any application to any court of competent jurisdiction made at the instigation of any of the Holders and shall be indemnified by the Issuer against all out-of-pocket costs, charges and expenses Incurred by it in relation to any such application or proceedings. Section 12.09 Governing Law. THIS INDENTURE SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW. Section 12.10 Jurisdiction. (a) Each of the parties hereto agrees that the Supreme Court of the State of New York sitting in the Borough of Manhattan, and the United States District Court for the Southern District of New York sitting in the Borough of Manhattan, and any appellate court from any thereof, shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Indenture and, for such purposes, submits to the jurisdiction of such courts. Each of the parties hereto waives any objection which it might now or hereafter have to such New York State or, to the extent permitted by law, such U.S. federal court being nominated as the forum to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Indenture and agrees not to claim that any such court is not a convenient or appropriate forum. Each of the Issuer, the Administrative Agent and the Initial Liquidity Facility Provider agrees that the process by which any suit, action or proceeding is begun in such New York State or U.S. federal court may be served on it by being delivered in connection with any such suit, action or proceeding directly to its address determined for such party pursuant to Section 12.05. Nothing in this Indenture will affect the right of any party to this Indenture to serve process in any other manner permitted by law. (b) The submission to the jurisdiction of the courts referred to in Section 12.10(a) shall not (and shall not be construed so as to) limit the right of the Trustee or the Controlling Party to take proceedings against the Issuer in any other court of competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction, whether concurrently or not. (c) Each of the parties hereto hereby consents generally in respect of any legal action or proceeding arising out of or in connection with this Indenture to the giving of any relief or the issue of any process in connection with such action or proceeding, including the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such action or proceeding. (d) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES THE RIGHT TO DEMAND A TRIAL BY JURY, IN ANY SUCH SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS INDENTURE, THE OTHER RELATED DOCUMENTS, OR THE SUBJECT MATTER HEREOF OR THEREOF OR THE - 174 - OVERALL TRANSACTION BROUGHT BY ANY OF THE PARTIES HERETO OR THEIR SUCCESSORS OR ASSIGNS. Section 12.11 Counterparts; Electronic Execution. This Indenture may be executed in two or more counterparts by the parties hereto, and each such counterpart shall be considered an original and all such counterparts shall constitute one and the same instrument. The words "execution," "signed," "signature," and words of like import in this Indenture and any other Related Document shall be deemed to include electronic signatures or the keeping of records in electronic form (including, but not limited to DocuSign), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Section 12.12 **Table of Contents**, Headings, Etc. The **Table of Contents** and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms and provisions hereof. Section 12.13 Compliance with Applicable Regulations. In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including but not limited to those relating to the funding of terrorist activities and money laundering, including, without limitation, Section 326 of the USA PATRIOT Act of the United States ("Applicable Regulations"), each of the Trustee and the Operating Bank is required to obtain, verify and record and update certain information relating to individuals and entities which maintain a business relationship with the Trustee or the Operating Bank. Accordingly, each of the parties hereto agrees to provide to each of the Trustee and the Operating Bank upon its request from time to time such identifying information and documentation as may be available for such party in order to enable each of the Trustee and the Operating Bank to comply with Applicable Regulations. Section 12.14 Limited Recourse. Notwithstanding any other provision of this Indenture or any other Related Document, the obligations of the Issuer to make any payments under the Notes, this Indenture or any other Related Document shall from time to time and at all times be limited to the nominal amount of each payment or, if less, the actual amount derived from the Collateral (including the proceeds of any contingent claims that are included in the Collateral) at such time and available for application by or on behalf of the Issuer in making such payment in accordance with this Indenture and the other Related Documents from the Collateral, and no party hereto will have further recourse to the Issuer in respect of such obligations beyond its rights under this Indenture and the other Related Documents. On enforcement of this Indenture and the other Related Documents, after realization of the Collateral, including liquidation of any contingent claims that are included in the Collateral, and distribution of all proceeds of the Collateral, including the proceeds of any such contingent claims, in accordance with this Indenture and the other Related Documents, all obligations of and any remaining claims against the Issuer shall be extinguished and shall not thereafter revive and none of the parties hereto or to any other Related Document may take any further steps against the Issuer or against any shareholder, director,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 175 - manager, member or officer of the Issuer in respect of such obligations. No party hereto will, and by its acceptance of any Note, each Holder agrees that it will not, until the expiry of one year and one day after the payment of all sums outstanding and owing under the latest maturing Note, take any corporate action or other steps or legal proceedings under the laws of any jurisdiction for the winding-up, dissolution, bankruptcy, liquidation, arrangement, insolvency, composition, examinership or re-organization or like proceedings or for the appointment of a receiver, administrator, administrative receiver, bankruptcy trustee, liquidator, examiner, sequestrator or similar officer of the Issuer or any other Issuer Group Member, or against any of the revenues and assets of the Issuer or any other Issuer Group Member. Section 12.04 is subject to the terms of this Section 12.14. The provisions of this Section 12.14 shall survive the termination of this Indenture. Section 12.15 Contractual Recognition of Bail-In. Notwithstanding anything to the contrary in any Related Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Related Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: (a) the application of any Write-Down and Conversion Powers by the applicable Affected Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and (b) the effects of any Bail-in Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Indenture or any other Related Document; or (iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. [Remainder of Page Intentionally Left Blank] - Signature Page - Indenture WEST VIII IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, all as of the date first written above. WILLIS ENGINE STRUCTURED TRUST VIII By: /s/ Z. Clifton Dameron IV Name: Z. Clifton Dameron IV Title: Controlling Trustee - Signature Page - Indenture WEST VIII U.S. BANK NATIONAL ASSOCIATION, as the Operating Bank and Trustee By /s/ Maritza Hernandez Name: Maritza Hernandez Title: Vice President - Signature Page - Indenture WEST VIII WILLIS LEASE FINANCE CORPORATION, as the Administrative Agent By /s/ Scott B. Flaherty Name: Scott B. Flaherty Title: Executive Vice President

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Signature Page - Indenture WEST VIII MUFG BANK, LTD., as the Initial Liquidity Facility Provider By /s/ Aqmar Chowdhury Name: AQMAR CHOWDHURY Title: DIRECTOR S-1-1 INITIAL ASSETS Serial Number Model 1. [\*] [\*] 2. [\*] [\*] 3. [\*] [\*] 4. [\*] [\*] 5. [\*] [\*] 6. [\*] [\*] 7. [\*] [\*] 8. [\*] [\*] 9. [\*] [\*] 10. [\*] [\*] 11. [\*] [\*] 12. [\*] [\*] 13. [\*] [\*] 14. [\*] [\*] 15. [\*] [\*] 16. [\*] [\*] 17. [\*] [\*] 18. [\*] [\*] 19. [\*] [\*] 20. [\*] [\*] S-1-2 Serial Number Model 21. [\*] [\*] 22. [\*] [\*] 23. [\*] [\*] 24. [\*] [\*] 25. [\*] [\*] 26. [\*] [\*] 27. [\*] [\*] 28. [\*] [\*] 29. [\*] [\*] 30. [\*] [\*] 31. [\*] [\*] 32. [\*] [\*] 33. [\*] [\*] 34. [\*] [\*] 35. [\*] [\*] 36. [\*] [\*] 37. [\*] [\*] 38. [\*] [\*] 39. [\*] [\*] 40. [\*] [\*] 41. [\*] [\*] 42. [\*] [\*] 43. [\*] [\*] S-1-3 Serial Number Model 44. [\*] [\*] 45. [\*] [\*] 46. [\*] [\*] 47. [\*] [\*] 48. [\*] [\*] 49. [\*] [\*] 50. [\*] [\*] 51. [\*] [\*] 52. [\*] [\*] 53. [\*] [\*] 54. [\*] [\*] 55. [\*] [\*] 56. [\*] [\*] 57. [\*] [\*] 58. [\*] [\*] 59. [\*] [\*] 60. [\*] [\*] 61. [\*] [\*] 62. [\*] [\*] 63. [\*] [\*] 64. [\*] [\*]

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&nbsp;&nbsp;&nbsp;&nbsp;S-2-1 ISSUER SUBSIDIARIES Entity Jurisdiction None S-3-1 ASSET SUBSIDIARIES None. S-4-1 ASSET TRUST AGREEMENTS None. S-5-1 SCHEDULED SERIES PERCENTAGE Payment Date Series A Notes and Series B Notes— Group 1 Assets Series A Notes and Series B Notes— Group 2 Assets Series A Notes and Series B Notes— Group 3 Asset MSN [\*] Series A Notes and Series B Notes— Group 3 Asset MSN [\*] 2025-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2025-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2025-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2025-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2025-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2025-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2025-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2026-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2026-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2026-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2026-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2026-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2026-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2026-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2026-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2026-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2026-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2026-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2026-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2027-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2027-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2027-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2027-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2027-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2027-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2027-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2027-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2027-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2027-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2027-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2027-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2028-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2028-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2028-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2028-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2028-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2028-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2028-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2028-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2028-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2028-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2028-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2028-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2029-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2029-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2029-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2029-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2029-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2029-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2029-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2029-08-15 ........................................................................ [\*] [\*] [\*] [\*]

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&nbsp;&nbsp;&nbsp;&nbsp;S-5-2 Payment Date Series A Notes and Series B Notes— Group 1 Assets Series A Notes and Series B Notes— Group 2 Assets Series A Notes and Series B Notes— Group 3 Asset MSN [\*] Series A Notes and Series B Notes— Group 3 Asset MSN [\*] 2029-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2029-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2029-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2029-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2030-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2030-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2030-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2030-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2030-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2030-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2030-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2030-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2030-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2030-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2030-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2030-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2031-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2031-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2031-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2031-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2031-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2031-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2031-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2031-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2031-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2031-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2031-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2031-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2032-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2032-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2032-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2032-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2032-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2032-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2032-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2032-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2032-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2032-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2032-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2032-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2033-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2033-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2033-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2033-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2033-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2033-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2033-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2033-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2033-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2033-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2033-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2033-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2034-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2034-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2034-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2034-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2034-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2034-06-15 ........................................................................ [\*] [\*] [\*] [\*] S-5-3 Payment Date Series A Notes and Series B Notes— Group 1 Assets Series A Notes and Series B Notes— Group 2 Assets Series A Notes and Series B Notes— Group 3 Asset MSN [\*] Series A Notes and Series B Notes— Group 3 Asset MSN [\*] 2034-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2034-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2034-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2034-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2034-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2034-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2035-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2035-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2035-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2035-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2035-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2035-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2035-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2035-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2035-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2035-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2035-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2035-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2036-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2036-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2036-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2036-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2036-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2036-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2036-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2036-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2036-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2036-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2036-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2036-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2037-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2037-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2037-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2037-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2037-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2037-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2037-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2037-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2037-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2037-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2037-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2037-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2038-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2038-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2038-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2038-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2038-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2038-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2038-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2038-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2038-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2038-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2038-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2038-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2039-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2039-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2039-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2039-04-15 ........................................................................ [\*] [\*] [\*] [\*] S-5-4 Payment Date Series A Notes and Series B Notes— Group 1 Assets Series A Notes and Series B Notes— Group 2 Assets Series A Notes and Series B Notes— Group 3 Asset MSN [\*] Series A Notes and Series B Notes— Group 3 Asset MSN [\*] 2039-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2039-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2039-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2039-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2039-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2039-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2039-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2039-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2040-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2040-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2040-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2040-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2040-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2040-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2040-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2040-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2040-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2040-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2040-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2040-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2041-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2041-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2041-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2041-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2041-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2041-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2041-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2041-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2041-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2041-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2041-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2041-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2042-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2042-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2042-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2042-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2042-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2042-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2042-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2042-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2042-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2042-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2042-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2042-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2043-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2043-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2043-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2043-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2043-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2043-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2043-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2043-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2043-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2043-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2043-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2043-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2044-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2044-02-15 ........................................................................ [\*] [\*] [\*] [\*] S-5-5 Payment Date Series A Notes and Series B Notes— Group 1 Assets Series A Notes and Series B Notes— Group 2 Assets Series A Notes and Series B Notes— Group 3 Asset MSN [\*] Series A Notes and Series B Notes— Group 3 Asset MSN [\*] 2044-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2044-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2044-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2044-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2044-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2044-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2044-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2044-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2044-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2044-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2045-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2045-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2045-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2045-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2045-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2045-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2045-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2045-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2045-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2045-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2045-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2045-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2046-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2046-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2046-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2046-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2046-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2046-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2046-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2046-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2046-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2046-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2046-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2046-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2047-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2047-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2047-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2047-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2047-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2047-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2047-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2047-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2047-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2047-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2047-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2047-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2048-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2048-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2048-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2048-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2048-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2048-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2048-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2048-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2048-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2048-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2048-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2048-12-15 ........................................................................ [\*] [\*] [\*] [\*]

------

![](a103-westviiixtrustinden050.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;S-5-6 Payment Date Series A Notes and Series B Notes— Group 1 Assets Series A Notes and Series B Notes— Group 2 Assets Series A Notes and Series B Notes— Group 3 Asset MSN [\*] Series A Notes and Series B Notes— Group 3 Asset MSN [\*] 2049-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2049-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2049-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2049-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2049-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2049-06-15 ........................................................................ [\*] [\*] [\*] [\*] 2049-07-15 ........................................................................ [\*] [\*] [\*] [\*] 2049-08-15 ........................................................................ [\*] [\*] [\*] [\*] 2049-09-15 ........................................................................ [\*] [\*] [\*] [\*] 2049-10-15 ........................................................................ [\*] [\*] [\*] [\*] 2049-11-15 ........................................................................ [\*] [\*] [\*] [\*] 2049-12-15 ........................................................................ [\*] [\*] [\*] [\*] 2050-01-15 ........................................................................ [\*] [\*] [\*] [\*] 2050-02-15 ........................................................................ [\*] [\*] [\*] [\*] 2050-03-15 ........................................................................ [\*] [\*] [\*] [\*] 2050-04-15 ........................................................................ [\*] [\*] [\*] [\*] 2050-05-15 ........................................................................ [\*] [\*] [\*] [\*] 2050-06-15 ........................................................................ [\*] [\*] [\*] [\*] S-6-1 MAINTENANCE REDUCTION AMOUNT Initial Asset Maintenance Reduction Factor [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] S-5-2 Initial Asset Maintenance Reduction Factor [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] - A-1-1 – EXHIBIT A-1 FORM OF SERIES A NOTE NEITHER THIS NOTE, NOR ANY INTEREST HEREIN HAS BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY SECURITIES REGULATORY AUTHORITY IN ANY JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER OR BENEFICIAL OWNER OF AN INTEREST HEREIN (i) REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER" (A "QUALIFIED INSTITUTIONAL BUYER") AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") AND HAS ACQUIRED THIS NOTE OR AN INTEREST HEREIN IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE OR AN INTEREST HEREIN IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT ("REGULATION S"); (ii) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE OR AN INTEREST HEREIN EXCEPT (A) TO WILLIS ENGINE STRUCTURED TRUST VIII (THE "ISSUER") OR ANY OF ITS AFFILIATES (AS DEFINED IN RULE 501(b) OF REGULATION D), (B) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A, (C) IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S, (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION IN ACCORDANCE WITH RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND, IN EACH OF THE CASES (A) THROUGH (E) ABOVE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE IN THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION; AND (iii) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IF THE PROPOSED TRANSFER IS PURSUANT TO AN EXEMPTION FROM REGISTRATION IN ACCORDANCE WITH RULE 144 UNDER THE SECURITIES ACT OR PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS "OFFSHORE TRANSACTION", "UNITED STATES" AND "U.S. PERSONS" HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S. THE TRUST INDENTURE (THE "INDENTURE") DATED AS OF JUNE 18, 2025, AMONG THE ISSUER, U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE AND OPERATING BANK, WILLIS LEASE FINANCE CORPORATION, AS ADMINISTRATIVE AGENT AND MUFG BANK, LTD., AS THE INITIAL LIQUIDITY FACILITY PROVIDER CONTAINS A PROVISION REQUIRING THE REGISTRAR TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE OR AN INTEREST HEREIN IN VIOLATION OF THE FOREGOING RESTRICTIONS.

------

![](a103-westviiixtrustinden051.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- A-1-2 – BY ITS ACQUISITION OR ACCEPTANCE OF THIS NOTE OR ANY INTEREST HEREIN, THE HOLDER WILL BE DEEMED TO HAVE REPRESENTED, WARRANTED AND AGREED (OR IN THE CASE OF A DEFINITIVE NOTE WILL BE REQUIRED TO REPRESENT, WARRANT AND AGREE) THAT EITHER: (A) NO ASSETS OF (I) AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), (II) A PLAN SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), (III) A PLAN, ACCOUNT OR ARRANGEMENT (SUCH AS A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN) THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE ("SIMILAR LAW") OR (IV) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN, PLAN, ACCOUNT OR ARRANGEMENT, HAVE BEEN USED TO ACQUIRE OR HOLD THIS NOTE OR ANY INTEREST HEREIN; OR (B) THE ACQUISITION AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN BY THE HOLDER DO NOT AND WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW, AS APPLICABLE. EACH HOLDER AND BENEFICIAL OWNER OF A NOTE, BY THE ACCEPTANCE OF SUCH NOTE OR ACQUISITION OF ANY BENEFICIAL INTEREST THEREIN, COVENANTS AND AGREES, FOR THE BENEFIT OF THE ISSUER, TO THE EXTENT IT IS LEGALLY ABLE TO DO SO, TO PROVIDE TO THE ADMINISTRATIVE AGENT, THE ISSUER OR THE TRUSTEE SUCH PROPERLY COMPLETED AND EXECUTED DOCUMENTATION, INFORMATION OR CERTIFICATION (INCLUDING, BUT NOT LIMITED TO, INTERNAL REVENUE SERVICE FORMS W-8BEN, W-8BEN-E, W-8IMY, W- 8ECI, W-8EXP AND W-9 (OR ANY SUCCESSOR FORMS)) AS (1) WOULD REDUCE OR ELIMINATE (I) ANY TAXES PAYABLE BY, OR WITHHELD WITH RESPECT TO AMOUNTS PAYABLE TO, THE ISSUER OR ANY OTHER ISSUER GROUP MEMBER OR (II) WITHHOLDING TAXES IMPOSED ON ANY AMOUNT PAYABLE BY THE TRUSTEE OR ANY AMOUNT PAID OR PAYABLE BY THE ISSUER UNDER THE INDENTURE AND/OR (2) MAY BE HELPFUL (AS REASONABLY DETERMINED BY THE ADMINISTRATIVE AGENT, THE ISSUER OR THE TRUSTEE EACH IN ITS SOLE DISCRETION) FOR THE TRUSTEE OR THE ISSUER TO SATISFY ITS OBLIGATIONS RELATING TO FATCA, WITHHOLDING (INCLUDING BACKUP WITHHOLDING) AND INFORMATION REPORTING UNDER THE CODE AND ANY OTHER APPLICABLE LAW. EACH HOLDER AND BENEFICIAL OWNER OF A NOTE, BY THE ACCEPTANCE OF SUCH NOTE OR ACQUISITION OF ANY BENEFICIAL INTEREST THEREIN, COVENANTS AND AGREES, FOR THE BENEFIT OF THE ISSUER, (I) AT THE TIME OR TIMES PRESCRIBED BY APPLICABLE LAW FOLLOWING A REASONABLE WRITTEN REQUEST BY THE ADMINISTRATIVE AGENT, THE ISSUER OR THE TRUSTEE OR THEIR AGENTS, TO OBTAIN AND PROVIDE THE ADMINISTRATIVE AGENT, THE ISSUER OR THE TRUSTEE, THE FATCA RESPONSIBLE OFFICER OR THEIR AGENTS WITH INFORMATION OR DOCUMENTATION RELATING TO SUCH PERSON, AND TO UPDATE OR CORRECT SUCH INFORMATION OR DOCUMENTATION, AS IS - A-1-3 – NECESSARY OR HELPFUL (IN THE GOOD FAITH SOLE DETERMINATION OF THE ISSUER, THE TRUSTEE OR THEIR AGENTS AS APPLICABLE) FOR THE ISSUER, ANY OTHER ISSUER GROUP MEMBER AND THE TRUSTEE, OR THEIR AGENTS, TO COMPLY WITH THEIR OBLIGATIONS UNDER FATCA, AND (II) THAT THE ISSUER, ANY OTHER ISSUER GROUP MEMBER, THE TRUSTEE AND/OR THE FATCA RESPONSIBLE OFFICER MAY (1) PROVIDE SUCH INFORMATION AND DOCUMENTATION AND ANY OTHER INFORMATION CONCERNING AN INVESTMENT IN THE NOTES TO THE UNITED STATES INTERNAL REVENUE SERVICE AND ANY OTHER RELEVANT TAXING AUTHORITY AND (2) TAKE SUCH OTHER STEPS AS THEY DEEM NECESSARY OR HELPFUL TO COMPLY WITH THEIR OBLIGATIONS (OR THE OBLIGATIONS OF ANY OTHER ISSUER GROUP MEMBER) UNDER FATCA. BY ITS ACQUISITION OR ACCEPTANCE OF THIS NOTE OR ANY INTEREST HEREIN, THE HOLDER WILL BE DEEMED TO HAVE AGREED AND ACKNOWLEDGED THAT UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, THE HOLDERS OF THE SERIES B NOTES, THE HOLDERS OF ANY SERIES C NOTES AND THE CERTIFICATE HOLDERS WILL HAVE THE RIGHT TO PURCHASE ALL SERIES A NOTES ISSUED UNDER THE INDENTURE TO WHICH THIS NOTE RELATES, INCLUDING THIS NOTE, IN ACCORDANCE WITH THE TERMS OF SECTION 4.13, 4.14 OR 4.15, AS APPLICABLE, OF THE INDENTURE TO WHICH THIS NOTE RELATES. IF THIS NOTE IS REPRESENTED BY A GLOBAL NOTE, INSERT: UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IN EXCHANGE FOR THIS NOTE IS REGISTERED IN THE NAME OF CEDE & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE. [Insert for each Series A Note that is not subject to the rules for contingent payment debt, but only if such Series A Note is issued with more than de minimis OID, as determined under U.S. federal income tax principles.] [THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT ("OID") FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE CODE. FOR INFORMATION REGARDING THE ISSUE DATE, ISSUE PRICE, YIELD TO MATURITY AND AMOUNT OF OID, PLEASE CONTACT WILLIS LEASE FINANCE CORPORATION, 4700 LYONS - A-1-4 – TECHNOLOGY PARKWAY, COCONUT CREEK, FL 33073, ATTENTION: GENERAL COUNSEL.] [In lieu of the prior OID legend, insert for each Series A Note treated as subject to the rules for contingent payment debt for U.S. federal income tax purposes] [THE FOLLOWING INFORMATION IS SUPPLIED SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES. THIS NOTE IS SUBJECT TO THE RULES FOR DEBT INSTRUMENTS WITH CONTINGENT PAYMENTS UNDER TREASURY REGULATION SECTION 1.1275-4. FOR INFORMATION REGARDING THE ISSUE PRICE, THE ISSUE DATE, THE COMPARABLE YIELD AND THE PROJECTED PAYMENT SCHEDULE FOR THIS NOTE, HOLDERS SHOULD SUBMIT A WRITTEN REQUEST TO THE ISSUER C/O WILLIS LEASE FINANCE CORPORATION, 4700 LYONS TECHNOLOGY PARKWAY, COCONUT CREEK, FL 33073, ATTENTION: GENERAL COUNSEL.] THE HOLDER AND EACH BENEFICIAL OWNER OF THIS NOTE COVENANTS AND AGREES THAT IT WILL TREAT THIS NOTE AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND WILL NOT TAKE ANY ACTION CONTRARY TO SUCH CHARACTERIZATION, INCLUDING, WITHOUT LIMITATION, FILING ANY TAX RETURNS OR FINANCIAL STATEMENTS INCONSISTENT THEREWITH. IF THIS NOTE IS REPRESENTED BY A REGULATION S TEMPORARY GLOBAL NOTE, INSERT: PRIOR TO THE EXPIRATION OF A RESTRICTED PERIOD ENDING ON THE EXPIRATION OF THE 40-DAY "DISTRIBUTION COMPLIANCE PERIOD" (AS DEFINED IN RULE 902(F) OF REGULATION S) OR SUCH LATER DATE AS THE ISSUER MAY NOTIFY TO THE TRUSTEE, THIS NOTE, OR ANY BENEFICIAL INTEREST HEREIN, MAY NOT BE RESOLD OR OTHERWISE TRANSFERRED EXCEPT (A) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S OR (B) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A AND, IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION. IF THIS NOTE IS REPRESENTED BY A DEFINITIVE NOTE, INSERT: IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR SUCH CERTIFICATES AND OTHER INFORMATION AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS AND THE OTHER RESTRICTIONS CONTAINED IN THE INDENTURE. - A-1-5 – WILLIS ENGINE STRUCTURED TRUST VIII SERIES A 20___-__ FIXED RATE NOTE No. ______ CUSIP: ___________ ISIN: ___________ [Common Code: ___________] $____________ WILLIS ENGINE STRUCTURED TRUST VIII, a Delaware statutory trust (herein referred to as the "Issuer"), for value received, hereby promises to pay to [CEDE & Co.]1[____________________]2, or registered assigns, the principal sum [indicated on Schedule A hereto]3 [of [SPELL AMOUNT] DOLLARS ($_________________),]4 (or, if different, the then-Outstanding Principal Balance of this Note) on June 15, 2050 (the "Final Maturity Date") and to pay interest monthly in arrears on the Outstanding Principal Balance hereof at the rate of [___]% per annum (the "Stated Rate") from the date hereof until the Outstanding Principal Balance hereof is paid in full, payable on each Payment Date, and if this Series A Note (this "Note") remains outstanding on June 15, 2031 (the "Expected Final Payment Date"), then from the Expected Final Payment Date until the Outstanding Principal Balance hereof is paid in full, additional interest at the rate of 2.0% per annum, compounded monthly ("Step-Up Interest") on the Outstanding Principal Balance hereof (in accordance with the Indenture), payable on each Payment Date following the Expected Final Payment Date. Interest on this Note shall accrue from the relevant Issuance Date and shall be computed for each Interest Accrual Period on the basis of (i) in the case of the first Interest Accrual Period and any incomplete Interest Accrual Period, a 360-day year consisting of twelve 30-day months and (ii) otherwise, a 360-day year and one- twelfth of an annual interest payment on the Outstanding Principal Balance of this Note. This Note is one of a duly authorized issue of Series A Notes of the Issuer issued under the Trust Indenture dated as of June 18, 2025 (as amended or supplemented from time to time, the "Indenture"), among the Issuer, U.S. Bank National Association, as Operating Bank and as Trustee (the "Trustee"), Willis Lease Finance Corporation, as Administrative Agent (the "Administrative Agent") and MUFG Bank, Ltd., as Initial Liquidity Facility Provider (the "Initial Liquidity Facility Provider"). The Indenture provides for the issuance of Series A Notes in a single series. All capitalized terms used in this Note and not defined herein shall have the respective meanings assigned to such terms in the Indenture. Reference is made to the Indenture for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of Notes. This Note is subject to all of the terms of the Indenture. 1 Insert for a Global Note. 2 Insert for a Definitive Note, including name of registered Holder. 3 Insert for a Global Note. 4 Insert for a Definitive Note.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- A-1-6 – The Outstanding Principal Balance of this Note may be repaid prior to the Final Maturity Date through the application on the Payment Dates of the Available Collections to the principal hereof as provided in Section 3.09 of the Indenture (after making payments entitled to priority under Section 3.09 of the Indenture). In addition, the Issuer may optionally redeem all or part of the Outstanding Principal Balance of this Note, in the case of a redemption in whole, on any Business Day, and in the case of a redemption in part, on any Payment Date, at the applicable Redemption Price (calculated as provided in the Indenture), or, in the case of a Tax Redemption, at the Outstanding Principal Balance hereof plus accrued and unpaid interest hereon. Further, the Issuer may provide for the defeasance of this Note in accordance with Article XI of the Indenture. Interest, including Step-Up Interest, and premium on this Note that is not paid when due shall bear interest at the rate, and as and to the extent, provided in the Indenture. The indebtedness evidenced by the Series A Notes is, to the extent and in the manner provided in the Indenture and the Security Trust Agreement, subordinate and subject in right of payment to the prior payment in full of all Senior Claims, and this Note is issued subject to the provisions thereof providing for such subordination. Each Holder of this Note, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee and the Security Trustee on its behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in the Indenture and (c) appoints each of the Trustee and the Security Trustee its attorney-in-fact for such purpose. All payments or distributions upon or with respect to any Obligations, which include payment of principal, premium and interest on this Note, that are received by the Holder of this Note contrary to the priority of payment provisions of the Indenture or in excess of the amounts to which the Holder of this Note is entitled under Section 3.09 of the Indenture, shall be received for the benefit of the Senior Claimant, shall be segregated from other funds and property held by the Holder of this Note and shall be forthwith paid over to the Trustee in the same form as so received (with any necessary endorsement) to be applied (in the case of cash) to or held as collateral (in the case of non-cash property or securities) for the payment or prepayment of the Senior Claims in accordance with the terms of the Indenture. The maturity of this Note is subject to Acceleration upon the occurrence and during the continuance of the Events of Default specified in the Indenture. This Note is and will be secured, on a subordinated basis as referred to above, by the collateral pledged as security therefor as provided in the Security Trust Agreement. Subject to and in accordance with the terms of the Indenture, there will be distributed with respect to this Note monthly on each Payment Date commencing on [________], to the Holder hereof, such Holder's pro rata share (based on the aggregate percentage of the Outstanding Principal Balance of the Series A Notes held by such Holder) of the aggregate amount as may be distributable to all Holders of Series A Notes on such Payment Date pursuant to Section 3.09 of the Indenture. All amounts payable in respect of this Note shall be payable in U.S. dollars in immediately available funds in the manner provided in the Indenture to the Holder hereof. The final payment with respect to this Note, however, shall be made only upon presentation and surrender of this Note by the Holder or its agent at the Corporate Trust Office or agency of the Trustee or Paying - A-1-7 – Agent specified in the notice given by the Trustee or Paying Agent with respect to such final payment. At such time, if any, as this Note is issued in the form of one or more Definitive Notes, payments on a Payment Date shall be made by check mailed to each Holder of such a Definitive Note on the applicable Record Date at its address appearing on the Register maintained with respect to the Notes. Alternatively, upon application in writing to the Trustee, not later than the applicable Record Date, a Holder of one or more Definitive Notes, may have such payments made by wire transfer to an account designated by such Holder at a financial institution in the United States (or other location agreed by the Trustee); provided that Holders of Definitive Notes having an aggregate principal amount of not less than $1,000,000 shall have such payment made by wire transfer to an account designated by such Holder at a financial institution in the United States (or other location agreed by the Trustee). The Trustee or Paying Agent shall provide such notice of the final payment of a Note to the Holder thereof, specifying the date and amount of such final payment, no later than five Business Days prior to such final payment. The Series A Notes are issuable in a single series only in fully registered form without interest coupons. A Holder may transfer a Global Note by delivery thereof and otherwise complying with the terms of the Indenture. No transfer of a Definitive Note shall be effective until, and such transferee shall succeed to the rights of a Holder only upon, final acceptance and registration of the transfer by the Registrar in the Register; provided that in no event may any Note be transferred in any transaction that is required to be registered under the Securities Act. When a Definitive Note is presented to the Registrar with a request to register the transfer or to exchange it for Series A Notes of authorized denominations in an aggregate principal amount equal to the exchanged Notes, the Registrar shall register the transfer or make the exchange as requested if its requirements for such transactions are met (including, in the case of a transfer, that such Definitive Note is accompanied by a completed transfer notice in the form attached to this Note (if this Note is a Definitive Note) duly executed by the Holder hereof (or by an attorney who is authorized in writing to act on behalf of the Holder)). No service charge shall be made for any registration of transfer or exchange of a Definitive Note, but the party requesting such new Note or Notes may be required to pay a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith. Prior to the registration of transfer of a Definitive Note, the Issuer and the Trustee may deem and treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the absolute owner and holder hereof for the purpose of receiving payment of all amounts payable with respect to this Note and for all other purposes, and neither the Issuer nor the Trustee shall be affected by notice to the contrary. Article IX of the Indenture permits the amendment, modification or waiver of the Indenture and the Series A Notes, as specified in the Indenture. The Indenture also contains provisions that permit waiver of compliance by the Issuer with certain provisions of the Indenture and certain existing defaults under the Indenture and their consequences. Any such amendments, modifications or waivers of the Indenture in compliance with the Indenture shall be binding upon the Trustee, the Holders and the other parties to the Indenture, whether or not notation of such consent or waiver is made upon this Note. The term "Issuer" as used in this Note includes any successor to the Issuer under the Indenture. - A-1-8 – The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Holders of Notes under the Indenture. THIS NOTE SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. - A-1-9 – IN WITNESS WHEREOF, the Issuer has caused this Series A Note to be signed manually, by facsimile or by other electronic methods by its Responsible Officer. Date: ________________ WILLIS ENGINE STRUCTURED TRUST VIII By:_______________________________________ Name: Title: Controlling Trustee

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- A-1-10 – TRUSTEE'S CERTIFICATE OF AUTHENTICATION This is one of the Series A Notes designated by and referred to in the within-mentioned Indenture. Date: ________________ U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as the Trustee By:_______________________________________ Name: Title: - A-1-11 – SCHEDULE A5 SCHEDULE OF PRINCIPAL AMOUNT The initial principal amount of this Note shall be $__________________. The following decreases/increases in the principal amount of this Note have been made: Date of Decrease/ Increase Decrease in Principal Amount Increase in Principal Amount Total Principal Amount Following such Decrease/ Increase Notation Made by or on Behalf of Trustee _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ 5 Include Schedule A in a Global Note. - A-1-12 – [FORM OF] TRANSFER NOTICE6 FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto Insert Taxpayer Identification No.___________________________ (Please print or typewrite name and address including zip code of assignee) the within Note and all rights thereunder, hereby irrevocably constituting and appointing _____________________________ attorney to transfer said Note on the books of the Issuer with full power of substitution in the premises. The undersigned confirms that without utilizing any general solicitation or general advertising that this Note is being transferred: [Check One] to the Issuer or its affiliate (as defined in Rule 501(b) of Regulation D ("Regulation D") under the United States Securities Act of 1933, as amended (the "Securities Act")). to a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act. in compliance with Regulation S under the Securities Act. pursuant to an exemption from registration provided by Rule 144 under the Securities Act (if available) and, prior to the proposed transfer, the transferee is furnishing to the Trustee and the Issuer such certifications, legal opinions or other information as either of them may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. pursuant to another available exemption from registration under the Securities Act and, prior to the proposed transfer, the transferee is furnishing to the Trustee and the Issuer such certifications, legal opinions or other information as either of them may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. If none of the foregoing boxes is checked, the Trustee or other Registrar shall not be obligated to register this Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.12 of the Indenture shall have been satisfied. Date:___________________ {Signature of Transferor}_____________________ NOTICE: The signature to this assignment must correspond with the name as written upon the face 6 Include Transfer Notice in a Definitive Note. - A-1-13 – of the within-mentioned instrument in every particular, without alteration or any change whatsoever. The undersigned covenants and agrees that it will treat this Note as indebtedness for all purposes and will not take any action contrary to such characterization, including, without limitation, filing any tax returns or financial statements inconsistent therewith. [TO BE COMPLETED BY PURCHASER IF THE SECOND BOX ABOVE IS CHECKED:] The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act of 1933 ("Rule 144A") and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned's foregoing representations in order to claim the exemption from registration provided by Rule 144A. Date:___________________ {Signature of Transferor}_____________________ NOTICE: To be executed by an executive officer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- A-2-1 – EXHIBIT A-2 FORM OF SERIES B NOTE NEITHER THIS NOTE, NOR ANY INTEREST HEREIN HAS BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY SECURITIES REGULATORY AUTHORITY IN ANY JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER OR BENEFICIAL OWNER OF AN INTEREST HEREIN (i) REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER" (A "QUALIFIED INSTITUTIONAL BUYER") AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") AND HAS ACQUIRED THIS NOTE OR AN INTEREST HEREIN IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE OR AN INTEREST HEREIN IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT ("REGULATION S"); (ii) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE OR AN INTEREST HEREIN EXCEPT (A) TO WILLIS ENGINE STRUCTURED TRUST VIII (THE "ISSUER") OR ANY OF ITS AFFILIATES (AS DEFINED IN RULE 501(b) OF REGULATION D), (B) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A, (C) IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S, (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION IN ACCORDANCE WITH RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND, IN EACH OF THE CASES (A) THROUGH (E) ABOVE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE IN THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION; AND (iii) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IF THE PROPOSED TRANSFER IS PURSUANT TO AN EXEMPTION FROM REGISTRATION IN ACCORDANCE WITH RULE 144 UNDER THE SECURITIES ACT OR PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS "OFFSHORE TRANSACTION", "UNITED STATES" AND "U.S. PERSONS" HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S. THE TRUST INDENTURE (THE "INDENTURE") DATED AS OF JUNE 18, 2025. AMONG THE ISSUER, U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE AND OPERATING BANK, WILLIS LEASE FINANCE CORPORATION, AS ADMINISTRATIVE AGENT AND MUFG BANK, LTD., AS THE INITIAL LIQUIDITY FACILITY PROVIDER CONTAINS A PROVISION REQUIRING THE REGISTRAR TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE OR AN INTEREST HEREIN IN VIOLATION OF THE FOREGOING RESTRICTIONS. - A-2-2 – BY ITS ACQUISITION OR ACCEPTANCE OF THIS NOTE OR ANY INTEREST HEREIN, THE HOLDER WILL BE DEEMED TO HAVE REPRESENTED, WARRANTED AND AGREED (OR IN THE CASE OF A DEFINITIVE NOTE WILL BE REQUIRED TO REPRESENT, WARRANT AND AGREE) THAT EITHER: (A) NO ASSETS OF (I) AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), (II) A PLAN SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), (III) A PLAN, ACCOUNT OR ARRANGEMENT (SUCH AS A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN) THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE ("SIMILAR LAW") OR (IV) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN, PLAN, ACCOUNT OR ARRANGEMENT, HAVE BEEN USED TO ACQUIRE OR HOLD THIS NOTE OR ANY INTEREST HEREIN; OR (B) THE ACQUISITION AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN BY THE HOLDER DO NOT AND WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW, AS APPLICABLE. EACH HOLDER AND BENEFICIAL OWNER OF A NOTE, BY THE ACCEPTANCE OF SUCH NOTE OR ACQUISITION OF ANY BENEFICIAL INTEREST THEREIN, COVENANTS AND AGREES, FOR THE BENEFIT OF THE ISSUER, TO THE EXTENT IT IS LEGALLY ABLE TO DO SO, TO PROVIDE TO THE ADMINISTRATIVE AGENT, THE ISSUER OR THE TRUSTEE SUCH PROPERLY COMPLETED AND EXECUTED DOCUMENTATION, INFORMATION OR CERTIFICATION (INCLUDING, BUT NOT LIMITED TO, INTERNAL REVENUE SERVICE FORMS W-8BEN,W-8BEN-E, W-8IMY, W- 8ECI, W-8EXP AND W-9 (OR ANY SUCCESSOR FORMS)) AS (1) WOULD REDUCE OR ELIMINATE (I) ANY TAXES PAYABLE BY, OR WITHHELD WITH RESPECT TO AMOUNTS PAYABLE TO, THE ISSUER OR ANY OTHER ISSUER GROUP MEMBER OR (II) WITHHOLDING TAXES IMPOSED ON ANY AMOUNT PAYABLE BY THE TRUSTEE OR ANY AMOUNT PAID OR PAYABLE BY THE ISSUER UNDER THE INDENTURE AND/OR (2) MAY BE HELPFUL (AS REASONABLY DETERMINED BY THE ADMINISTRATIVE AGENT, THE ISSUER OR THE TRUSTEE EACH IN ITS SOLE DISCRETION) FOR THE TRUSTEE OR THE ISSUER TO SATISFY ITS OBLIGATIONS RELATING TO FATCA, WITHHOLDING (INCLUDING BACKUP WITHHOLDING) AND INFORMATION REPORTING UNDER THE CODE AND ANY OTHER APPLICABLE LAW. EACH HOLDER AND BENEFICIAL OWNER OF A NOTE, BY THE ACCEPTANCE OF SUCH NOTE OR ACQUISITION OF ANY BENEFICIAL INTEREST THEREIN, COVENANTS AND AGREES, FOR THE BENEFIT OF THE ISSUER, (I) AT THE TIME OR TIMES PRESCRIBED BY APPLICABLE LAW FOLLOWING A REASONABLE WRITTEN REQUEST BY THE ADMINISTRATIVE AGENT, THE ISSUER OR THE TRUSTEE OR THEIR AGENTS, TO OBTAIN AND PROVIDE THE ADMINISTRATIVE AGENT, THE ISSUER OR THE TRUSTEE, THE FATCA RESPONSIBLE OFFICER OR THEIR AGENTS WITH INFORMATION OR DOCUMENTATION RELATING TO SUCH PERSON, AND TO UPDATE OR CORRECT SUCH INFORMATION OR DOCUMENTATION, AS IS - A-2-3 – NECESSARY OR HELPFUL (IN THE GOOD FAITH SOLE DETERMINATION OF THE ISSUER, THE TRUSTEE OR THEIR AGENTS AS APPLICABLE) FOR THE ISSUER, ANY OTHER ISSUER GROUP MEMBER AND THE TRUSTEE, OR THEIR AGENTS, TO COMPLY WITH THEIR OBLIGATIONS UNDER FATCA, AND (II) THAT THE ISSUER, ANY OTHER ISSUER GROUP MEMBER, THE TRUSTEE AND/OR THE FATCA RESPONSIBLE OFFICER MAY (1) PROVIDE SUCH INFORMATION AND DOCUMENTATION AND ANY OTHER INFORMATION CONCERNING AN INVESTMENT IN THE NOTES TO THE UNITED STATES INTERNAL REVENUE SERVICE AND ANY OTHER RELEVANT TAXING AUTHORITY AND (2) TAKE SUCH OTHER STEPS AS THEY DEEM NECESSARY OR HELPFUL TO COMPLY WITH THEIR OBLIGATIONS (OR THE OBLIGATIONS OF ANY OTHER ISSUER GROUP MEMBER) UNDER FATCA. BY ITS ACQUISITION OR ACCEPTANCE OF THIS NOTE OR ANY INTEREST HEREIN, THE HOLDER WILL BE DEEMED TO HAVE AGREED AND ACKNOWLEDGED THAT UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, THE HOLDERS OF ANY SERIES C NOTES AND THE CERTIFICATE HOLDERS WILL HAVE THE RIGHT TO PURCHASE ALL SERIES B NOTES ISSUED UNDER THE INDENTURE TO WHICH THIS NOTE RELATES, INCLUDING THIS NOTE, IN ACCORDANCE WITH THE TERMS OF SECTION 4.14 OR 4.15, AS APPLICABLE, OF THE INDENTURE TO WHICH THIS NOTE RELATES. IF THIS NOTE IS REPRESENTED BY A GLOBAL NOTE, INSERT: UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IN EXCHANGE FOR THIS NOTE IS REGISTERED IN THE NAME OF CEDE & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE. [Insert if not subject to the rules for contingent payment debt] THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT ("OID") FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE CODE. FOR INFORMATION REGARDING THE ISSUE DATE, ISSUE PRICE, YIELD TO MATURITY AND AMOUNT OF OID, PLEASE CONTACT WILLIS LEASE FINANCE CORPORATION, 4700 LYONS TECHNOLOGY PARKWAY, COCONUT CREEK, FL 33073, ATTENTION: GENERAL COUNSEL. - A-2-4 – [In lieu of the prior OID legend, insert for any Series of Notes treated as subject to the rules for contingent payment debt for U.S. federal income tax purposes] [THE FOLLOWING INFORMATION IS SUPPLIED SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES. THIS NOTE IS SUBJECT TO THE RULES FOR DEBT INSTRUMENTS WITH CONTINGENT PAYMENTS UNDER TREASURY REGULATION SECTION 1.1275-4. FOR INFORMATION REGARDING THE ISSUE PRICE, THE ISSUE DATE, THE COMPARABLE YIELD AND THE PROJECTED PAYMENT SCHEDULE FOR THIS NOTE, HOLDERS SHOULD SUBMIT A WRITTEN REQUEST TO THE ISSUER C/O WILLIS LEASE FINANCE CORPORATION, 4700 LYONS TECHNOLOGY PARKWAY, COCONUT CREEK, FL 33073, ATTENTION: GENERAL COUNSEL.] THE HOLDER AND EACH BENEFICIAL OWNER OF THIS NOTE COVENANTS AND AGREES THAT IT WILL TREAT THIS NOTE AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND WILL NOT TAKE ANY ACTION CONTRARY TO SUCH CHARACTERIZATION, INCLUDING, WITHOUT LIMITATION, FILING ANY TAX RETURNS OR FINANCIAL STATEMENTS INCONSISTENT THEREWITH. IF THIS NOTE IS REPRESENTED BY A REGULATION S TEMPORARY GLOBAL NOTE, INSERT: PRIOR TO THE EXPIRATION OF A RESTRICTED PERIOD ENDING ON THE EXPIRATION OF THE 40-DAY "DISTRIBUTION COMPLIANCE PERIOD" (AS DEFINED IN RULE 902(F) OF REGULATION S) OR SUCH LATER DATE AS THE ISSUER MAY NOTIFY TO THE TRUSTEE, THIS NOTE, OR ANY BENEFICIAL INTEREST HEREIN, MAY NOT BE RESOLD OR OTHERWISE TRANSFERRED EXCEPT (A) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S OR (B) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A AND, IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION. IF THIS NOTE IS REPRESENTED BY A DEFINITIVE NOTE, INSERT: IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR SUCH CERTIFICATES AND OTHER INFORMATION AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS AND THE OTHER RESTRICTIONS CONTAINED IN THE INDENTURE.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- A-2-5 – WILLIS ENGINE STRUCTURED TRUST VIII SERIES B 20___-__ FIXED RATE NOTE No. ______ CUSIP: ____________ ISIN: ____________ [Common Code: ____________] $____________ WILLIS ENGINE STRUCTURED TRUST VIII, a Delaware statutory trust (herein referred to as the "Issuer"), for value received, hereby promises to pay to [CEDE & Co.]7[____________________]8, or registered assigns, the principal sum [indicated on Schedule A hereto] 9 [of [SPELL AMOUNT] DOLLARS ($_________________),]10(or, if different, the then-Outstanding Principal Balance of this Note) on June 15, 2050 (the "Final Maturity Date") and to pay interest monthly in arrears on the Outstanding Principal Balance hereof at the rate of [__]% per annum (the "Stated Rate") from the date hereof until the Outstanding Principal Balance hereof is paid in full, payable on each Payment Date, and if this Series B Note (this "Note") remains outstanding on June 15, 2031 (the "Expected Final Payment Date"), then from the Expected Final Payment Date until the Outstanding Principal Balance hereof is paid in full, additional interest at the rate of 2.0% per annum, compounded monthly ("Step-Up Interest") on the Outstanding Principal Balance hereof (in accordance with the Indenture), payable on each Payment Date following the Expected Final Payment Date. Interest on this Note shall accrue from the relevant Issuance Date and shall be computed for each Interest Accrual Period on the basis of (i) in the case of the first Interest Accrual Period and any incomplete Interest Accrual Period, a 360-day year consisting of twelve 30-day months and (ii) otherwise, a 360-day year and one- twelfth of an annual interest payment on the Outstanding Principal Balance of this Note. This Note is one of a duly authorized issue of Series B Notes of the Issuer issued under the Trust Indenture dated as of June 18, 2025 (as amended or supplemented from time to time, the "Indenture"), among the Issuer, U.S. Bank National Association, as Operating Bank and as Trustee (the "Trustee"), Willis Lease Finance Corporation, as Administrative Agent (the "Administrative Agent") and MUFG Bank, Ltd., as Initial Liquidity Facility Provider (the "Initial Liquidity Facility Provider"). The Indenture provides for the issuance of Series B Notes in a single series. All capitalized terms used in this Note and not defined herein shall have the respective meanings assigned to such terms in the Indenture. Reference is made to the Indenture 7 Insert for a Global Note. 8 Insert for a Definitive Note, including name of registered Holder. 9 Insert for a Global Note. 10 Insert for a Definitive Note. - A-2-6 – for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of Notes. This Note is subject to all of the terms of the Indenture. The Outstanding Principal Balance of this Note may be repaid prior to the Final Maturity Date through the application on the Payment Dates of the Available Collections to the principal hereof as provided in Section 3.09 of the Indenture (after making payments entitled to priority under Section 3.09 of the Indenture). In addition, the Issuer may optionally redeem all or part of the Outstanding Principal Balance of this Note, in the case of a redemption in whole, on any Business Day, and in the case of a redemption in part, on any Payment Date, at the applicable Redemption Price (calculated as provided in the Indenture), or, in the case of a Tax Redemption, at the Outstanding Principal Balance hereof plus accrued and unpaid interest hereon. Further, the Issuer may provide for the defeasance of this Note in accordance with Article XI of the Indenture. Interest, including Step-Up Interest, and premium on this Note that is not paid when due shall bear interest at the rate, and as and to the extent, provided in the Indenture. The indebtedness evidenced by the Series B Notes is, to the extent and in the manner provided in the Indenture and the Security Trust Agreement, subordinate and subject in right of payment to the prior payment in full of all Senior Claims, and this Note is issued subject to the provisions thereof providing for such subordination. Each Holder of this Note, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee and the Security Trustee on its behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in the Indenture and (c) appoints each of the Trustee and the Security Trustee its attorney-in-fact for such purpose. All payments or distributions upon or with respect to any Obligations, which include payment of principal, premium and interest on this Note, that are received by the Holder of this Note contrary to the priority of payment provisions of the Indenture or in excess of the amounts to which the Holder of this Note is entitled under Section 3.09 of the Indenture, shall be received for the benefit of the Senior Claimant, shall be segregated from other funds and property held by the Holder of this Note and shall be forthwith paid over to the Trustee in the same form as so received (with any necessary endorsement) to be applied (in the case of cash) to or held as collateral (in the case of non-cash property or securities) for the payment or prepayment of the Senior Claims in accordance with the terms of the Indenture. The maturity of this Note is subject to Acceleration upon the occurrence and during the continuance of the Events of Default specified in the Indenture. This Note is and will be secured, on a subordinated basis as referred to above, by the collateral pledged as security therefor as provided in the Security Trust Agreement. Subject to and in accordance with the terms of the Indenture, there will be distributed with respect to this Note monthly on each Payment Date commencing on [________], to the Holder hereof, such Holder's pro rata share (based on the aggregate percentage of the Outstanding Principal Balance of the Series B Notes held by such Holder) of the aggregate amount as may be distributable to all Holders of Series B Notes on such Payment Date pursuant to Section 3.09 of the Indenture. - A-2-7 – All amounts payable in respect of this Note shall be payable in U.S. dollars in immediately available funds in the manner provided in the Indenture to the Holder hereof. The final payment with respect to this Note, however, shall be made only upon presentation and surrender of this Note by the Holder or its agent at the Corporate Trust Office or agency of the Trustee or Paying Agent specified in the notice given by the Trustee or Paying Agent with respect to such final payment. At such time, if any, as this Note is issued in the form of one or more Definitive Notes, payments on a Payment Date shall be made by check mailed to each Holder of such a Definitive Note on the applicable Record Date at its address appearing on the Register maintained with respect to the Notes. Alternatively, upon application in writing to the Trustee, not later than the applicable Record Date, a Holder of one or more Definitive Notes, may have such payments made by wire transfer to an account designated by such Holder at a financial institution in the United States (or other location agreed by the Trustee); provided that Holders of Definitive Notes having an aggregate principal amount of not less than $1,000,000 shall have such payment made by wire transfer to an account designated by such Holder at a financial institution in the United States (or other location agreed by the Trustee). The Trustee or Paying Agent shall provide such notice of the final payment of a Note to the Holder thereof, specifying the date and amount of such final payment, no later than five Business Days prior to such final payment. The Series B Notes are issuable in a single series only in fully registered form without interest coupons. A Holder may transfer a Global Note by delivery thereof and otherwise complying with the terms of the Indenture. No transfer of a Definitive Note shall be effective until, and such transferee shall succeed to the rights of a Holder only upon, final acceptance and registration of the transfer by the Registrar in the Register; provided that in no event may any Note be transferred in any transaction that is required to be registered under the Securities Act. When a Definitive Note is presented to the Registrar with a request to register the transfer or to exchange it for Series B Notes of authorized denominations in an aggregate principal amount equal to the exchanged Notes, the Registrar shall register the transfer or make the exchange as requested if its requirements for such transactions are met (including, in the case of a transfer, that such Definitive Note is accompanied by a completed transfer notice in the form attached to this Note (if this Note is a Definitive Note) duly executed by the Holder hereof (or by an attorney who is authorized in writing to act on behalf of the Holder)). No service charge shall be made for any registration of transfer or exchange of a Definitive Note, but the party requesting such new Note or Notes may be required to pay a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith. Prior to the registration of transfer of a Definitive Note, the Issuer and the Trustee may deem and treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the absolute owner and holder hereof for the purpose of receiving payment of all amounts payable with respect to this Note and for all other purposes, and neither the Issuer nor the Trustee shall be affected by notice to the contrary. Article IX of the Indenture permits the amendment, modification or waiver of the Indenture and the Series B Notes, as specified in the Indenture. The Indenture also contains provisions that permit waiver of compliance by the Issuer with certain provisions of the Indenture and certain existing defaults under the Indenture and their consequences. Any such amendments, modifications or waivers of the Indenture in compliance with the Indenture shall be binding upon - A-2-8 – the Trustee, the Holders and the other parties to the Indenture, whether or not notation of such consent or waiver is made upon this Note. The term "Issuer" as used in this Note includes any successor to the Issuer under the Indenture. The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Holders of Notes under the Indenture. THIS NOTE SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- A-2-9 IN WITNESS WHEREOF, the Issuer has caused this Series B Note to be signed manually, by facsimile or by other electronic methods by its Responsible Officer. Date: ________________ WILLIS ENGINE STRUCTURED TRUST VIII By:_______________________________________ Name: Title: Controlling Trustee - A-2-10 - TRUSTEE'S CERTIFICATE OF AUTHENTICATION This is one of the Series B Notes designated by and referred to in the within-mentioned Indenture. Date: ________________ U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as the Trustee By:_______________________________________ Name: Title: - A-2-11 - SCHEDULE A11 SCHEDULE OF PRINCIPAL AMOUNT The initial principal amount of this Note shall be $__________________. The following decreases/increases in the principal amount of this Note have been made: Date of Decrease/ Increase Decrease in Principal Amount Increase in Principal Amount Total Principal Amount Following such Decrease/ Increase Notation Made by or on Behalf of Trustee _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ 11 Include Schedule A in a Global Note. - A-2-12 - [FORM OF] TRANSFER NOTICE12 FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto Insert Taxpayer Identification No.___________________________ (Please print or typewrite name and address including zip code of assignee) the within Note and all rights thereunder, hereby irrevocably constituting and appointing _____________________________ attorney to transfer said Note on the books of the Issuer with full power of substitution in the premises. The undersigned confirms that without utilizing any general solicitation or general advertising that this Note is being transferred: [Check One] to the Issuer or its affiliate (as defined in Rule 501(b) of Regulation D ("Regulation D") under the United States Securities Act of 1933, as amended (the "Securities Act")). to a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act. in compliance with Regulation S under the Securities Act. pursuant to an exemption from registration provided by Rule 144 under the Securities Act (if available) and, prior to the proposed transfer, the transferee is furnishing to the Trustee and the Issuer such certifications, legal opinions or other information as either of them may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. pursuant to another available exemption from registration under the Securities Act and, prior to the proposed transfer, the transferee is furnishing to the Trustee and the Issuer such certifications, legal opinions or other information as either of them may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. If none of the foregoing boxes is checked, the Trustee or other Registrar shall not be obligated to register this Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.12 of the Indenture shall have been satisfied. Date:___________________ {Signature of Transferor}_____________________ NOTICE: The signature to this assignment must correspond with the name as written upon the face 12 Include Transfer Notice in a Definitive Note.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- A-2-13 - of the within-mentioned instrument in every particular, without alteration or any change whatsoever. The undersigned covenants and agrees that it will treat this Note as indebtedness for all purposes and will not take any action contrary to such characterization, including, without limitation, filing any tax returns or financial statements inconsistent therewith. [TO BE COMPLETED BY PURCHASER IF THE SECOND BOX ABOVE IS CHECKED:] The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act of 1933 ("Rule 144A") and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned's foregoing representations in order to claim the exemption from registration provided by Rule 144A. Date:___________________ {Signature of Transferor}_____________________ NOTICE: To be executed by an executive officer. - A-3-1 – EXHIBIT A-3 FORM OF SERIES C NOTE NEITHER THIS NOTE, NOR ANY INTEREST HEREIN HAS BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY SECURITIES REGULATORY AUTHORITY IN ANY JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER OR BENEFICIAL OWNER OF AN INTEREST HEREIN (i) REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER" (A "QUALIFIED INSTITUTIONAL BUYER") AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") AND HAS ACQUIRED THIS NOTE OR AN INTEREST HEREIN IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE OR AN INTEREST HEREIN IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT ("REGULATION S"); (ii) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE OR AN INTEREST HEREIN EXCEPT (A) TO WILLIS ENGINE STRUCTURED TRUST VIII (THE "ISSUER") OR ANY OF ITS AFFILIATES (AS DEFINED IN RULE 501(b) OF REGULATION D), (B) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A, (C) IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S, (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION IN ACCORDANCE WITH RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND, IN EACH OF THE CASES (A) THROUGH (E) ABOVE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE IN THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION; AND (iii) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IF THE PROPOSED TRANSFER IS PURSUANT TO AN EXEMPTION FROM REGISTRATION IN ACCORDANCE WITH RULE 144 UNDER THE SECURITIES ACT OR PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS "OFFSHORE TRANSACTION", "UNITED STATES" AND "U.S. PERSONS" HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S. THE TRUST INDENTURE (THE "INDENTURE") DATED AS OF JUNE 18, 2025, AMONG THE ISSUER, U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE AND OPERATING BANK, WILLIS LEASE FINANCE CORPORATION, AS ADMINISTRATIVE AGENT AND MUFG BANK, LTD., AS THE INITIAL LIQUIDITY FACILITY PROVIDER CONTAINS A PROVISION REQUIRING THE REGISTRAR TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE OR AN INTEREST HEREIN IN VIOLATION OF THE FOREGOING RESTRICTIONS. - A-3-2 – BY ITS ACQUISITION OR ACCEPTANCE OF THIS NOTE OR ANY INTEREST HEREIN, THE HOLDER WILL BE DEEMED TO HAVE REPRESENTED, WARRANTED AND AGREED (OR IN THE CASE OF A DEFINITIVE NOTE WILL BE REQUIRED TO REPRESENT, WARRANT AND AGREE) THAT, OTHER THAN A PURCHASER ON THE CLOSING DATE OF THE ISSUANCE OF SUCH NOTE THAT HAS EXECUTED AN ERISA CERTIFICATE, NO ASSETS OF (I) AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), (II) A PLAN SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), (III) A PLAN, ACCOUNT OR ARRANGEMENT (SUCH AS A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN) THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE ("SIMILAR LAW") OR (IV) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN, PLAN, ACCOUNT OR ARRANGEMENT, HAVE BEEN USED TO ACQUIRE OR HOLD THIS NOTE OR ANY INTEREST HEREIN. EACH HOLDER AND BENEFICIAL OWNER OF A NOTE, BY THE ACCEPTANCE OF SUCH NOTE OR ACQUISITION OF ANY BENEFICIAL INTEREST THEREIN, COVENANTS AND AGREES, FOR THE BENEFIT OF THE ISSUER, TO THE EXTENT IT IS LEGALLY ABLE TO DO SO, TO PROVIDE TO THE ADMINISTRATIVE AGENT, THE ISSUER OR THE TRUSTEE SUCH PROPERLY COMPLETED AND EXECUTED DOCUMENTATION, INFORMATION OR CERTIFICATION (INCLUDING, BUT NOT LIMITED TO, INTERNAL REVENUE SERVICE FORMS W-8BEN,W-8BEN-E, W-8IMY, W- 8ECI, W-8EXP AND W-9 (OR ANY SUCCESSOR FORMS)) AS (1) WOULD REDUCE OR ELIMINATE (I) ANY TAXES PAYABLE BY, OR WITHHELD WITH RESPECT TO AMOUNTS PAYABLE TO, THE ISSUER OR ANY OTHER ISSUER GROUP MEMBER OR (II) WITHHOLDING TAXES IMPOSED ON ANY AMOUNT PAYABLE BY THE TRUSTEE OR ANY AMOUNT PAID OR PAYABLE BY THE ISSUER UNDER THE INDENTURE AND/OR (2) MAY BE HELPFUL (AS REASONABLY DETERMINED BY THE ADMINISTRATIVE AGENT, THE ISSUER OR THE TRUSTEE EACH IN ITS SOLE DISCRETION) FOR THE TRUSTEE OR THE ISSUER TO SATISFY ITS OBLIGATIONS RELATING TO FATCA, WITHHOLDING (INCLUDING BACKUP WITHHOLDING) AND INFORMATION REPORTING UNDER THE CODE AND ANY OTHER APPLICABLE LAW. EACH HOLDER AND BENEFICIAL OWNER OF A NOTE, BY THE ACCEPTANCE OF SUCH NOTE OR ACQUISITION OF ANY BENEFICIAL INTEREST THEREIN, COVENANTS AND AGREES, FOR THE BENEFIT OF THE ISSUER, (I) AT THE TIME OR TIMES PRESCRIBED BY APPLICABLE LAW FOLLOWING A REASONABLE WRITTEN REQUEST BY THE ADMINISTRATIVE AGENT, THE ISSUER OR THE TRUSTEE OR THEIR AGENTS, TO OBTAIN AND PROVIDE THE ADMINISTRATIVE AGENT, THE ISSUER OR THE TRUSTEE, THE FATCA RESPONSIBLE OFFICER OR THEIR AGENTS WITH INFORMATION OR DOCUMENTATION RELATING TO SUCH PERSON, AND TO UPDATE OR CORRECT SUCH INFORMATION OR DOCUMENTATION, AS IS NECESSARY OR HELPFUL (IN THE GOOD FAITH SOLE DETERMINATION OF THE ISSUER, THE TRUSTEE OR THEIR AGENTS AS APPLICABLE) FOR THE ISSUER, ANY - A-3-3 – OTHER ISSUER GROUP MEMBER AND THE TRUSTEE, OR THEIR AGENTS, TO COMPLY WITH THEIR OBLIGATIONS UNDER FATCA, AND (II) THAT THE ISSUER, ANY OTHER ISSUER GROUP MEMBER, THE TRUSTEE AND/OR THE FATCA RESPONSIBLE OFFICER MAY (1) PROVIDE SUCH INFORMATION AND DOCUMENTATION AND ANY OTHER INFORMATION CONCERNING AN INVESTMENT IN THE NOTES TO THE UNITED STATES INTERNAL REVENUE SERVICE AND ANY OTHER RELEVANT TAXING AUTHORITY AND (2) TAKE SUCH OTHER STEPS AS THEY DEEM NECESSARY OR HELPFUL TO COMPLY WITH THEIR OBLIGATIONS (OR THE OBLIGATIONS OF ANY OTHER ISSUER GROUP MEMBER) UNDER FATCA. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THE INDENTURE, THE ISSUER AND EACH HOLDER OF A SERIES C NOTE AGREES (AND EACH PERSON BY VIRTUE OF ACQUIRING A BENEFICIAL INTEREST IN A SERIES C NOTE (OR BY VIRTUE OF AGREEING TO ACT AS AN AGENT, REPRESENTATIVE OR INTERMEDIARY OF OR WITH RESPECT TO THE HOLDER OF SUCH A BENEFICIAL INTEREST) IS DEEMED TO AGREE) THAT HE, SHE OR IT SHALL NOT MAKE ANY ISSUANCE, DELIVERY, SALE, TRANSFER OR OTHER DISPOSITION OF ANY SERIES C NOTE (OR ANY BENEFICIAL INTEREST IN A SERIES C NOTE), AND ANY ISSUANCE, DELIVERY, SALE, TRANSFER OR OTHER DISPOSITION OF A SERIES C NOTE (OR ANY BENEFICIAL INTEREST IN A SERIES C NOTE) WILL NOT BE EFFECTIVE AND WILL BE VOID AB INITIO, IF IT WOULD RESULT IN THE ISSUER BEING CLASSIFIED AS AN ASSOCIATION (OR A PUBLICLY TRADED PARTNERSHIP) TAXABLE AS A CORPORATION FOR U.S. FEDERAL INCOME TAX PURPOSES. WITHOUT LIMITING THE FOREGOING, EACH HOLDER OF A SERIES C NOTE AGREES (AND EACH PERSON BY VIRTUE OF ACQUIRING A BENEFICIAL INTEREST IN A SERIES C NOTE (OR BY VIRTUE OF AGREEING TO ACT AS AN AGENT, REPRESENTATIVE OR INTERMEDIARY OF OR WITH RESPECT TO THE HOLDER OF SUCH A BENEFICIAL INTEREST) IS DEEMED TO AGREE) THAT HE, SHE OR IT SHALL NOT MAKE ANY TRANSFER, ASSIGNMENT, PARTICIPATION, PLEDGE OR OTHER DISPOSITION OF ANY SERIES C NOTE (OR BENEFICIAL INTEREST IN A SERIES C NOTE), INCLUDING DERIVATIVELY, AND ANY TRANSFER, ASSIGNMENT, PARTICIPATION, PLEDGE OR OTHER DISPOSITION OF A SERIES C NOTE (OR BENEFICIAL INTEREST IN A SERIES C NOTE), INCLUDING DERIVATIVELY, WILL NOT BE EFFECTIVE AND WILL BE VOID AB INITIO, IF SUCH DISPOSITION PURPORTS TO BE A TRADE ON OR THROUGH ANY "ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(B)(1) OF THE CODE, INCLUDING AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS. IN ADDITION, NOTWITHSTANDING THE FOREGOING OR ANYTHING ELSE IN THE INDENTURE TO THE CONTRARY, THE ISSUER AND EACH HOLDER OF A SERIES C NOTE AGREES (AND EACH PERSON BY VIRTUE OF ACQUIRING A BENEFICIAL INTEREST IN A SERIES C NOTE (OR BY VIRTUE OF AGREEING TO ACT AS AN AGENT, REPRESENTATIVE OR INTERMEDIARY OF OR WITH RESPECT TO THE HOLDER OF SUCH A BENEFICIAL INTEREST) IS DEEMED TO AGREE) THAT HE, SHE OR IT SHALL NOT MAKE ANY ISSUANCE OR TRANSFER OF A SERIES C NOTE (OR ANY BENEFICIAL INTEREST THEREIN), INCLUDING DERIVATIVELY, AND ANY

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- A-3-4 – ISSUANCE OR TRANSFER OF A SERIES C NOTE (OR ANY BENEFICIAL INTEREST THEREIN), WILL NOT BE EFFECTIVE AND WILL BE VOID AB INITIO, IF IMMEDIATELY FOLLOWING SUCH ISSUANCE OR TRANSFER, MORE THAN 85 PERSONS IN THE AGGREGATE WOULD HOLD THE SERIES C NOTES (OR BENEFICIAL INTERESTS THEREIN). BY ITS ACQUISITION OF A SERIES C NOTE, EACH HOLDER OF A SERIES C NOTE (EACH A "RELEVANT HOLDER") REPRESENTS AND WARRANTS (AND BY ITS ACQUISITION OF ANY BENEFICIAL INTEREST IN A SERIES C NOTE, THE HOLDER OF SUCH BENEFICIAL INTEREST (AN "INTEREST HOLDER") IS DEEMED TO REPRESENT AND WARRANT) TO THE ISSUER THAT, TO THE EXTENT SUCH RELEVANT HOLDER (OR INTEREST HOLDER) IS A PARTNERSHIP, A LIMITED LIABILITY COMPANY OR OTHER ENTITY OR ARRANGEMENT TREATED AS A PARTNERSHIP, A GRANTOR TRUST OR AN "S" CORPORATION, IN EACH CASE FOR U.S. FEDERAL INCOME TAX PURPOSES, (EACH, A "FLOW-THROUGH ENTITY"), (A) NO PERSON OWNS, DIRECTLY OR INDIRECTLY THROUGH ONE OR MORE FLOW- THROUGH ENTITIES, AN INTEREST IN SUCH RELEVANT HOLDER (OR INTEREST HOLDER) SUCH THAT SUBSTANTIALLY ALL (WITHIN THE MEANING OF TREASURY REGULATION SECTION 1.7704-1(H)(3)) OF THE VALUE OF SUCH PERSON'S INTEREST IN SUCH RELEVANT HOLDER (OR INTEREST HOLDER) IS ATTRIBUTABLE TO SUCH RELEVANT HOLDER'S (OR INTEREST HOLDER'S) INVESTMENT IN C NOTES OR OTHER INTERESTS IN THE ISSUER TREATED AS EQUITY FOR U.S. FEDERAL INCOME TAX PURPOSES (OR BENEFICIAL INTERESTS THEREIN) OR (B) IF SUCH A PERSON DOES OWN SUCH AN INTEREST, IT IS NOT A PRINCIPAL PURPOSE OF THE USE OF A TIERED ARRANGEMENT AMONG SUCH PERSON, SUCH RELEVANT HOLDER (OR INTEREST HOLDER), AND THE ISSUER TO PERMIT THE ISSUER TO SATISFY THE 100- PARTNER LIMITATION IN TREASURY REGULATION SECTION 1.7704(H)(1)(II). EACH HOLDER OF A SERIES C NOTE AND ANY OWNER OF A BENEFICIAL INTEREST IN SUCH SERIES C NOTE (EXCLUDING, FOR THE AVOIDANCE OF DOUBT, ANY INITIAL PURCHASER ACTING IN ITS CAPACITY AS SUCH) REPRESENTS AND AGREES (OR BY ACQUIRING A BENEFICIAL INTEREST IN SUCH SERIES C NOTE SHALL BE DEEMED TO REPRESENT AND AGREE) THAT NEITHER SUCH HOLDER (OR OWNER) NOR ANY OF ITS EXPANDED AFFILIATES (OR, IF IT IS A DISREGARDED ENTITY, THE EXPANDED AFFILIATES OF THE CORPORATION OF WHICH IT IS A BRANCH) OWNS OR WILL THEREAFTER (FOR SO LONG AS SUCH SERIES C NOTE IS OWNED BY THE HOLDER (OR A BENEFICIAL INTEREST THEREIN IS OWNED BY SUCH OWNER) OWN ANY NOTES OF A SERIES SENIOR TO SUCH SERIES C NOTE ("SENIOR NOTES"), UNLESS SUCH HOLDER (OR OWNER) HAS (1) RECEIVED A PRIOR EXPRESS WRITTEN WAIVER OF THIS REQUIREMENT FROM THE ISSUER OR ITS AGENTS OR (2) OBTAINED AND PROVIDED TO THE ISSUER AN OPINION OF U.S. TAX COUNSEL TO THE EFFECT THAT, UNDER THEN-EXISTING LAW, SUCH ACQUISITION AND OWNERSHIP OF SENIOR NOTES SHOULD NOT (ASSUMING SOLELY FOR THIS PURPOSE THAT THE SERIES C NOTES ARE TREATED FOR U.S. FEDERAL INCOME TAX PURPOSES AS EQUITY) CAUSE SECTION 385 OF THE CODE, AND ANY PROPOSED, TEMPORARY, OR FINAL REGULATIONS OF THE U.S. DEPARTMENT OF TREASURY PROMULGATED THEREUNDER, TO APPLY TO SUCH NOTES SO AS TO CAUSE ANY SUCH SENIOR NOTES TO BE RECLASSIFIED AS EQUITY FOR U.S. FEDERAL INCOME TAX PURPOSES.BY ITS ACQUISITION OR - A-3-5 – ACCEPTANCE OF THIS NOTE OR ANY INTEREST HEREIN, THE HOLDER WILL BE DEEMED TO HAVE AGREED AND ACKNOWLEDGED THAT UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, THE CERTIFICATE HOLDERS WILL HAVE THE RIGHT TO PURCHASE ALL SERIES C NOTES ISSUED UNDER THE INDENTURE TO WHICH THIS NOTE RELATES, INCLUDING THIS NOTE, IN ACCORDANCE WITH THE TERMS OF SECTION 4.15 OF THE INDENTURE TO WHICH THIS NOTE RELATES. IF THIS NOTE IS REPRESENTED BY A GLOBAL NOTE, INSERT: UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IN EXCHANGE FOR THIS NOTE IS REGISTERED IN THE NAME OF CEDE & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE. [Insert if not subject to the rules for contingent payment debt] THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT ("OID") FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE CODE. FOR INFORMATION REGARDING THE ISSUE DATE, ISSUE PRICE, YIELD TO MATURITY AND AMOUNT OF OID, PLEASE CONTACT WILLIS LEASE FINANCE CORPORATION, 4700 LYONS TECHNOLOGY PARKWAY, COCONUT CREEK, FL 33073, ATTENTION: GENERAL COUNSEL. [In lieu of the prior OID legend, insert for any Series of Notes treated as subject to the rules for contingent payment debt for U.S. federal income tax purposes] [THE FOLLOWING INFORMATION IS SUPPLIED SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES. THIS NOTE IS SUBJECT TO THE RULES FOR DEBT INSTRUMENTS WITH CONTINGENT PAYMENTS UNDER TREASURY REGULATION SECTION 1.1275-4. FOR INFORMATION REGARDING THE ISSUE PRICE, THE ISSUE DATE, THE COMPARABLE YIELD AND THE PROJECTED PAYMENT SCHEDULE FOR THIS NOTE, HOLDERS SHOULD SUBMIT A WRITTEN REQUEST TO THE ISSUER C/O WILLIS LEASE FINANCE CORPORATION, 4700 LYONS TECHNOLOGY PARKWAY, COCONUT CREEK, FL 33073, ATTENTION: GENERAL COUNSEL.] THE HOLDER AND EACH BENEFICIAL OWNER OF THIS NOTE COVENANTS AND AGREES THAT IT WILL TREAT THIS NOTE AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND WILL NOT TAKE ANY ACTION CONTRARY TO SUCH - A-3-6 – CHARACTERIZATION, INCLUDING, WITHOUT LIMITATION, FILING ANY TAX RETURNS OR FINANCIAL STATEMENTS INCONSISTENT THEREWITH. IF THIS NOTE IS REPRESENTED BY A REGULATION S TEMPORARY GLOBAL NOTE, INSERT: PRIOR TO THE EXPIRATION OF A RESTRICTED PERIOD ENDING ON THE EXPIRATION OF THE 40-DAY "DISTRIBUTION COMPLIANCE PERIOD" (AS DEFINED IN RULE 902(F) OF REGULATION S) OR SUCH LATER DATE AS THE ISSUER MAY NOTIFY TO THE TRUSTEE, THIS NOTE, OR ANY BENEFICIAL INTEREST HEREIN, MAY NOT BE RESOLD OR OTHERWISE TRANSFERRED EXCEPT (A) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S OR (B) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A AND, IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION. IF THIS NOTE IS REPRESENTED BY A DEFINITIVE NOTE, INSERT: IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR SUCH CERTIFICATES AND OTHER INFORMATION AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS AND THE OTHER RESTRICTIONS CONTAINED IN THE INDENTURE. - A-3-7 – WILLIS ENGINE STRUCTURED TRUST VIII SERIES C 20___-__ FIXED RATE NOTE No. ______ CUSIP: ___________ ISIN: ___________ [Common Code: ___________] $____________ WILLIS ENGINE STRUCTURED TRUST VIII, a Delaware statutory trust (herein referred to as the "Issuer"), for value received, hereby promises to pay to [CEDE & Co.]13[____________________]14, or registered assigns, the principal sum [indicated on Schedule A hereto]15 [of [SPELL AMOUNT] DOLLARS ($_________________),]16 (or, if different, the then-Outstanding Principal Balance of this Note) on June 15, 2030 (the "Final Maturity Date") and to pay interest monthly in arrears on the Outstanding Principal Balance hereof at the rate of [___]% per annum (the "Stated Rate") from the date hereof until the Outstanding Principal Balance hereof is paid in full, payable on each Payment Date, and if this Series C Note (this "Note") remains outstanding on June 15, 2031 (the "Expected Final Payment Date"), then from the Expected Final Payment Date until the Outstanding Principal Balance hereof is paid in full, additional interest at the rate of 2.0% per annum, compounded monthly ("Step-Up Interest") on the Outstanding Principal Balance hereof (in accordance with the Indenture), payable on each Payment Date following the Expected Final Payment Date. Interest on this Note shall accrue from the relevant Issuance Date and shall be computed for each Interest Accrual Period on the basis of (i) in the case of the first Interest Accrual Period and any incomplete Interest Accrual Period, a 360-day year consisting of twelve 30-day months and (ii) otherwise, a 360-day year and one- twelfth of an annual interest payment on the Outstanding Principal Balance of this Note. This Note is one of a duly authorized issue of Series C Notes of the Issuer issued under the Trust Indenture dated as of June 18, 2025 (as amended or supplemented from time to time, the "Indenture"), among the Issuer, U.S. Bank National Association, as Operating Bank and as Trustee (the "Trustee"), Willis Lease Finance Corporation, as Administrative Agent (the "Administrative Agent") and MUFG Bank, Ltd., as Initial Liquidity Facility Provider (the "Initial Liquidity Facility Provider"). The Indenture provides for the issuance of Series C Notes in a single series. All capitalized terms used in this Note and not defined herein shall have the respective meanings assigned to such terms in the Indenture. Reference is made to the Indenture for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of Notes. This Note is subject to all of the terms of the Indenture. 13 Insert for a Global Note. 14 Insert for a Definitive Note, including name of registered Holder. 15 Insert for a Global Note. 16 Insert for a Definitive Note.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- A-3-8 – The Outstanding Principal Balance of this Note may be repaid prior to the Final Maturity Date through the application on the Payment Dates of the Available Collections to the principal hereof as provided in Section 3.09 of the Indenture (after making payments entitled to priority under Section 3.09 of the Indenture). In addition, the Issuer may optionally redeem all or part of the Outstanding Principal Balance of this Note, in the case of a redemption in whole, on any Business Day, and in the case of a redemption in part, on any Payment Date, at the applicable Redemption Price (calculated as provided in the Indenture), or, in the case of a Tax Redemption, at the Outstanding Principal Balance hereof plus accrued and unpaid interest hereon. Further, the Issuer may provide for the defeasance of this Note in accordance with Article XI of the Indenture. Interest, including Step-Up Interest, and premium on this Note that is not paid when due shall bear interest at the rate, and as and to the extent, provided in the Indenture. The indebtedness evidenced by the Series C Notes is, to the extent and in the manner provided in the Indenture and the Security Trust Agreement, subordinate and subject in right of payment to the prior payment in full of all Senior Claims, and this Note is issued subject to the provisions thereof providing for such subordination. Each Holder of this Note, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee and the Security Trustee on its behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in the Indenture and (c) appoints each of the Trustee and the Security Trustee its attorney-in-fact for such purpose. All payments or distributions upon or with respect to any Obligations, which include payment of principal, premium and interest on this Note, that are received by the Holder of this Note contrary to the priority of payment provisions of the Indenture or in excess of the amounts to which the Holder of this Note is entitled under Section 3.09 of the Indenture, shall be received for the benefit of the Senior Claimant, shall be segregated from other funds and property held by the Holder of this Note and shall be forthwith paid over to the Trustee in the same form as so received (with any necessary endorsement) to be applied (in the case of cash) to or held as collateral (in the case of non-cash property or securities) for the payment or prepayment of the Senior Claims in accordance with the terms of the Indenture. The maturity of this Note is subject to Acceleration upon the occurrence and during the continuance of the Events of Default specified in the Indenture. This Note is and will be secured, on a subordinated basis as referred to above, by the collateral pledged as security therefor as provided in the Security Trust Agreement. Subject to and in accordance with the terms of the Indenture, there will be distributed with respect to this Note monthly on each Payment Date commencing on [________], to the Holder hereof, such Holder's pro rata share (based on the aggregate percentage of the Outstanding Principal Balance of the Series C Notes held by such Holder) of the aggregate amount as may be distributable to all Holders of Series C Notes on such Payment Date pursuant to Section 3.09 of the Indenture. All amounts payable in respect of this Note shall be payable in U.S. dollars in immediately available funds in the manner provided in the Indenture to the Holder hereof. The final payment with respect to this Note, however, shall be made only upon presentation and surrender of this Note by the Holder or its agent at the Corporate Trust Office or agency of the Trustee or Paying - A-3-9 – Agent specified in the notice given by the Trustee or Paying Agent with respect to such final payment. At such time, if any, as this Note is issued in the form of one or more Definitive Notes, payments on a Payment Date shall be made by check mailed to each Holder of such a Definitive Note on the applicable Record Date at its address appearing on the Register maintained with respect to the Notes. Alternatively, upon application in writing to the Trustee, not later than the applicable Record Date, a Holder of one or more Definitive Notes, may have such payments made by wire transfer to an account designated by such Holder at a financial institution in the United States (or other location agreed by the Trustee); provided that Holders of Definitive Notes having an aggregate principal amount of not less than $1,000,000 shall have such payment made by wire transfer to an account designated by such Holder at a financial institution in the United States (or other location agreed by the Trustee). The Trustee or Paying Agent shall provide such notice of the final payment of a Note to the Holder thereof, specifying the date and amount of such final payment, no later than five Business Days prior to such final payment. The Series C Notes are issuable in a single series only in fully registered form without interest coupons. A Holder may transfer a Global Note by delivery thereof and otherwise complying with the terms of the Indenture. No transfer of a Definitive Note shall be effective until, and such transferee shall succeed to the rights of a Holder only upon, final acceptance and registration of the transfer by the Registrar in the Register; provided that in no event may any Note be transferred in any transaction that is required to be registered under the Securities Act. When a Definitive Note is presented to the Registrar with a request to register the transfer or to exchange it for Series C Notes of authorized denominations in an aggregate principal amount equal to the exchanged Notes, the Registrar shall register the transfer or make the exchange as requested if its requirements for such transactions are met (including, in the case of a transfer, that such Definitive Note is accompanied by a completed transfer notice in the form attached to this Note (if this Note is a Definitive Note) duly executed by the Holder hereof (or by an attorney who is authorized in writing to act on behalf of the Holder)). No service charge shall be made for any registration of transfer or exchange of a Definitive Note, but the party requesting such new Note or Notes may be required to pay a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith. Prior to the registration of transfer of a Definitive Note, the Issuer and the Trustee may deem and treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the absolute owner and holder hereof for the purpose of receiving payment of all amounts payable with respect to this Note and for all other purposes, and neither the Issuer nor the Trustee shall be affected by notice to the contrary. Article IX of the Indenture permits the amendment, modification or waiver of the Indenture and the Series C Notes, as specified in the Indenture. The Indenture also contains provisions that permit waiver of compliance by the Issuer with certain provisions of the Indenture and certain existing defaults under the Indenture and their consequences. Any such amendments, modifications or waivers of the Indenture in compliance with the Indenture shall be binding upon the Trustee, the Holders and the other parties to the Indenture, whether or not notation of such consent or waiver is made upon this Note. The term "Issuer" as used in this Note includes any successor to the Issuer under the Indenture. - A-3-10 – The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Holders of Notes under the Indenture. THIS NOTE SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. - A-1-11 – IN WITNESS WHEREOF, the Issuer has caused this Series C Note to be signed manually, by facsimile or by other electronic methods by its Responsible Officer. Date: ________________ WILLIS ENGINE STRUCTURED TRUST VIII By:_______________________________________ Name: Title: Controlling Trustee

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- A-3-12 – TRUSTEE'S CERTIFICATE OF AUTHENTICATION This is one of the Series C Notes designated by and referred to in the within-mentioned Indenture. Date: ________________ U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as the Trustee By:_______________________________________ Name: Title: - A-3-13 – SCHEDULE A17 SCHEDULE OF PRINCIPAL AMOUNT The initial principal amount of this Note shall be $__________________. The following decreases/increases in the principal amount of this Note have been made: Date of Decrease/ Increase Decrease in Principal Amount Increase in Principal Amount Total Principal Amount Following such Decrease/ Increase Notation Made by or on Behalf of Trustee _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ 17 Include Schedule A in a Global Note. - A-3-14 – [FORM OF] TRANSFER NOTICE18 FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto Insert Taxpayer Identification No.___________________________ (Please print or typewrite name and address including zip code of assignee) the within Note and all rights thereunder, hereby irrevocably constituting and appointing _____________________________ attorney to transfer said Note on the books of the Issuer with full power of substitution in the premises. The undersigned confirms that without utilizing any general solicitation or general advertising that this Note is being transferred: [Check One] to the Issuer or its affiliate (as defined in Rule 501(b) of Regulation D ("Regulation D") under the United States Securities Act of 1933, as amended (the "Securities Act")). to a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act. in compliance with Regulation S under the Securities Act. pursuant to an exemption from registration provided by Rule 144 under the Securities Act (if available) and, prior to the proposed transfer, the transferee is furnishing to the Trustee and the Issuer such certifications, legal opinions or other information as either of them may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. pursuant to another available exemption from registration under the Securities Act and, prior to the proposed transfer, the transferee is furnishing to the Trustee and the Issuer such certifications, legal opinions or other information as either of them may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. If none of the foregoing boxes is checked, the Trustee or other Registrar shall not be obligated to register this Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.12 of the Indenture shall have been satisfied. Date:___________________ {Signature of Transferor}_____________________ NOTICE: The signature to this assignment must correspond with the name as written upon the face 18 Include Transfer Notice in a Definitive Note. - A-3-15 – of the within-mentioned instrument in every particular, without alteration or any change whatsoever. The undersigned covenants and agrees that it will treat this Note as indebtedness for all purposes and will not take any action contrary to such characterization, including, without limitation, filing any tax returns or financial statements inconsistent therewith. [TO BE COMPLETED BY PURCHASER IF THE SECOND BOX ABOVE IS CHECKED:] The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act of 1933 ("Rule 144A") and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned's foregoing representations in order to claim the exemption from registration provided by Rule 144A. Date:___________________ {Signature of Transferor}_____________________ NOTICE: To be executed by an executive officer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- B-1-1 - EXHIBIT B CONCENTRATION LIMITS Category Concentration Limit(3) Asset type [\*] [\*] [\*] [\*] [\*] [\*] Supported [\*] [\*] aircraft type [\*] [\*] [\*] [\*] Lessee(1) [\*] [\*] [\*] [\*] [\*] [\*] Region(2) [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] [\*] (1) Investment grade rated refers to a rating of "BBB" (or the equivalent) or better by Standard & Poor's, Fitch or Moody's Investors Service (or applicable affiliate). (2) The designation of regions is set out below. (3) This percentage is obtained by dividing (A) the sum of the aggregate Adjusted Base Values of all Portfolio Assets leased or to be leased to Lessees habitually based or domiciled in the applicable country or category by (B) the Adjusted Portfolio Value of all Assets then owned by the Issuer Group Members. For purposes of calculating such percentage, prior to the Delivery Expiry Date, an Asset to be delivered pursuant to the Asset Purchase Agreement shall be deemed to be an Asset from the Initial Closing Date. Region Country North America Canada and U.S. Latin America/Caribbean Argentina, Bahamas, Barbados, Bermuda, Brazil, Cayman Islands, Chile, Colombia, Costa Rica, El Salvador, Guatemala, Jamaica, Mexico, Panama, Peru and Trinidad & Tobago - B-1-2 - Western Europe European Union (excluding Bulgaria, Hungary and Poland), Iceland, Norway, Switzerland and the United Kingdom Eastern Europe Africa / Middle East Bulgaria, Hungary, Kazakhstan, Moldova, Poland and Turkey Algeria, Bahrain, Egypt, Ethiopia, Israel, Jordan, Kenya, Kuwait, Morocco, Nigeria, Oman, Qatar, Saudi Arabia, Senegal, South Africa, Tunisia and United Arab Emirates Asia / Pacific Australia, Cambodia, China, Guam, Hong Kong, India, Indonesia, Japan, Macau, Malaysia, New Zealand, Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand and Vietnam Undesignated All other countries Emerging Algeria, Argentina, Bahamas, Bahrain, Bangladesh, Barbados, Bermuda, Brazil, Bulgaria, Burma, Cayman Islands, Chile, China, Colombia, Costa Rica, Egypt, El Salvador, Ethiopia, Guam, Guatemala, India, Indonesia, Israel, Jamaica, Jordan, Kazakhstan, Kenya, Kuwait, Macau, Malaysia, Mexico, Morocco, Nigeria, Oman, Pakistan, Panama, Peru, Philippines, Qatar, Saudi Arabia, Senegal, South Africa, Sri Lanka, Taiwan, Thailand, Trinidad & Tobago, Tunisia, United Arab Emirates, Venezuela and Vietnam Prohibited (i) Any jurisdiction that, determined at the date of execution of a Lease (including any renewal or extension) or the commitment to lease (including any commitment to renew or extend a lease), is the subject of any sanctions administered or enforced by the U.S. Department of Treasury's Office of Foreign Assets Control, unless such Lease (including any renewal or extension) or commitment to lease (including any commitment to renew or extend a lease), is permitted pursuant to a general or specific license, exemption, exception or waiver issued by the U.S. Department of Treasury's Office of Foreign Assets Control and (ii) Russia, Ukraine (including the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, and the Crimea region of Ukraine) and Belarus. - C-1-1 - EXHIBIT C INSURANCE PROVISIONS Asset Type Model Liability Insurance Amount\* Engines  [\*]  [\*] [\*]  [\*]  [\*]  [\*]  [\*] [\*]  [\*]  [\*]  [\*]  [\*] [\*] Airframes  [\*] [\*]  [\*]  [\*] [\*] \* The applicable amount for each Engine operated on an aircraft that is, or Airframe that is, a non-passenger (cargo) aircraft is 75% of the amount set forth above. During periods while an Asset is off-lease or not being operated in commercial revenue service, the limit described above will not be applicable, but the applicable limit will be the amount substantially consistent with the customary practices of leading international aircraft or aircraft engine (as applicable) operating lessors (which so long as the Servicer is Willis Lease, shall be deemed to be the customary practice of Willis Lease) regarding similar aircraft or Aircraft Engines, as applicable, owned or managed by it or its Affiliates. - D-1-1 - EXHIBIT D-1 FORM OF SERIES B PURCHASE OPTION NOTICE [DATE] From: __________________ (the "Series B Holder") To: U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE (the "Trustee") Global Corporate Trust 190 South LaSalle Street Chicago, IL 60603 Attention: Juan Hernandez (WEST VIII Administrator) Email: juan.hernandez3@usbank.com Re: Purchase of the Series A Notes The Series B Holder hereby gives irrevocable notice that the Series B Holder has elected, pursuant to Section 4.13 of the Trust Indenture dated as of June 18, 2025 (as amended or supplemented from time to time, the "Indenture"), among Willis Engine Structured Trust VIII, as the Issuer, Willis Lease Finance Corporation, as Administrative Agent, U.S. Bank National Association, as Trustee and as Operating Bank and MUFG Bank, Ltd., as Initial Liquidity Facility Provider, to purchase all, but not less than all, of the Series A Notes. The purchase will occur on or before [__________], at which time the Series B Holder shall pay to the Trustee an amount equal to the Outstanding Principal Balance of the Series A Notes and all accrued and unpaid interest and premium, if any, thereon and all other amounts due to the Holders of the Series A Notes. Upon such payment, the Holders of the Series A Notes shall transfer their Series A Notes to the Series B Holder, in accordance with Section 4.13 of the Indenture. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. Very truly yours, [Name of Series B Holder] By:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- D-2-1 - EXHIBIT D-2 FORM OF SERIES C PURCHASE OPTION NOTICE [DATE] From: __________________ (the "Series C Holder") To: U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE (the "Trustee") Global Corporate Trust 190 South LaSalle Street Chicago, IL 60603 Attention: Juan Hernandez (WEST VIII Administrator) Email: juan.hernandez3@usbank.com Re: Purchase of the Series A Notes and the Series B Notes The Series C Holder hereby gives irrevocable notice that the Series C Holder has elected, pursuant to Section 4.14 of the Trust Indenture dated as of June 18, 2025 (as amended or supplemented from time to time, the "Indenture"), among Willis Engine Structured Trust VIII, as the Issuer, Willis Lease Finance Corporation, as Administrative Agent, U.S. Bank National Association, as Trustee and as Operating Bank and MUFG Bank, Ltd., as Initial Liquidity Facility Provider, to purchase all, but not less than all, of the Series A Notes and the Series B Notes. The purchase will occur on or before [__________], at which time the Series C Holder shall pay to the Trustee an amount equal to the Outstanding Principal Balance of the Series A Notes and the Series B Notes and all accrued and unpaid interest and premium, if any, thereon and all other amounts due to the Holders of the Series A Notes and the Series B Notes. Upon such payment, the Holders of the Series A Notes and the Series B Notes shall transfer their Series A Notes and Series B Notes to the Series C Holder, in accordance with Section 4.14 of the Indenture. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. Very truly yours, [Name of Series C Holder] By: - D-3-1 - EXHIBIT D-3 FORM OF CERTIFICATE HOLDER PURCHASE OPTION NOTICE [DATE] From: __________________ (the "Certificate Holder") To: U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE (the "Trustee") Global Corporate Trust 190 South LaSalle Street Chicago, IL 60603 Attention: Juan Hernandez (WEST VIII Administrator) Email: juan.hernandez3@usbank.com Re: Purchase of the Notes The Certificate Holder hereby gives irrevocable notice that the Certificate Holder has elected, pursuant to Section 4.15 of the Trust Indenture dated as of June 18, 2025 (as amended or supplemented from time to time, the "Indenture"), among Willis Engine Structured Trust VIII, as the Issuer, Willis Lease Finance Corporation, as Administrative Agent, U.S. Bank National Association, as Trustee and as Operating Bank and MUFG Bank, Ltd., as Initial Liquidity Facility Provider, to purchase all, but not less than all, of the Notes. The purchase will occur on or before [__________], at which time the Certificate Holder shall pay to the Trustee an amount equal to the Outstanding Principal Balance of the Notes and all accrued and unpaid interest and premium, if any, thereon and all other amounts due to the Holders. Upon such payment, the Holders shall transfer their Notes to the Certificate Holder, in accordance with Section 4.15 of the Indenture. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. Very truly yours, [Name of Certificate Holder] By: Authorized Signature - E-1-1 - EXHIBIT E-1 FORM OF MONTHLY REPORT TO EACH HOLDER Willis Engine Structured Trust VIII Monthly Report All amounts in US dollars unless otherwise stated, all Section references are to the Trust Indenture dated June 18, 2025 Current Payment Date: Current Calculation Date: Current Record Date: Last Payment Date: Last Calculation Date: Calculation Period: from the last Calculation Date to the current Calculation Date 1. Account Balances and Earnings on Current Calculation Date: Balance on Last Calculation Date Withdrawals during Calculation Period Deposits during Calculation Period Investment earnings during Calculation Period Balance on Current Calculation Date Account # Collections Account Expense Account Asset Purchase Account Asset Replacement Account Qualified Escrow Account Security Deposit Account Maintenance Reserve Account Liquidity Facility Reserve Account Initial Liquidity Payment Account Lessee Funded Account - E-1- 2 - Lessor Account(s) Series C Reserve Account 2. Initial Liquidity Facility Activity: Available Amount Description of drawings or withdrawals for Payment Date 3. Expense Account Activity: Last Calculation Date Balance Last Payment Date deposit Aggregate withdrawals during Calculation Period Investment earnings during Calculation Period Current Calculation Date Balance 4. Maintenance Reserve Account Activity: Maintenance Reserve Account Sizing Maintenance Minimum Amount: [see definition] Payment Date Projected Maintenance Costs Percentage Amount 01/15/20__ [\*] 02/15/20__ [\*] 03/15/20__ [\*] 04/15/20__ [\*] 05/15/20__ [\*] 06/15/20__ [\*] 07/15/20__ [\*] 08/15/20__ [\*] 09/15/20__ [\*] 10/15/20__ [\*] 11/15/20__ [\*] 12/15/20__ [\*] 01/15/20__ [\*] 02/15/20__ [\*] 03/15/20__ [\*] 04/15/20__ [\*] 05/15/20__ [\*] 06/15/20__ [\*] Maintenance Required Amount Last Calculation Date Balance Last Payment Date transfer to Collections Account Last Payment Date deposit from Available Collections Investment earnings transferred to Collections Account Last Payment Date Aggregate withdrawals during Calculation Period (other than above)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- E-1- 3 - Investment earnings during Collection Period Current Calculation Date Balance 5. Security Deposit Account Activity: Security Deposit Account Sizing Minimum Security Deposit Amount: $1,000,000 Payment Date Remaining Security Deposits of Leases expected to expire Percentage Amount 01/15/20__ [\*] 02/15/20__ [\*] 03/15/20__ [\*] 04/15/20__ [\*] Target Security Deposit Amount Description of any transfers pursuant to Section 3.08(d) Security Deposit Account Last Calculation Date Balance Last Payment Date transfer to Collections Account Last Payment Date deposit from Available Collections Investment earnings transferred to Collections Account Last Payment Date Aggregate withdrawals during Calculation Period (other than above) Investment earnings during Collection Period Current Calculation Date Balance 6. Collections Account Activity: Last Calculation Date Balance Aggregate Collections during Calculation Period Aggregate withdrawals during Calculation Period Investment earnings during Calculation Period Current Calculation Date Balance Relevant net transfers to/from other Accounts after Calculation Date for Payment Date Net transfers to/from Expense Account Net transfers to/from Asset Purchase Account Net transfers to/from Asset Replacement Account Net transfers to/from Qualified Escrow Account Net transfers to/from Security Deposit Account Net transfers to/from Maintenance Reserve Account Net transfers to/from Lessee Funded Account Net transfers to/from Liquidity Facility Reserve Account Net transfers to/from Initial Liquidity Payment Account Net transfers to/from Lessor Accounts Net transfers to/from Liquidity Facility Reserve Account Available Collections 7. Excess Proceeds Series Payments: Pro Rata Percentage - E-1- 4 - Series A Series B Series C Outstanding Principal Balance Adjusted Portfolio Value Pro Rata Percentage Maintenance Ratio Trigger Event (i) Outstanding Principal Balance of Series A Notes and Series B Notes after payments on Current Payment Date (ii) Adjusted Portfolio Value as of Current Calculation Date (i) divided by (ii) (expressed as percentage) % Maintenance Trigger Event (above exceeds 85.0%) Yes/No (if No, following two questions are N/A) Only if Yes above: Is ratio of Aggregate Maintenance Adjusted Base Value to Aggregate Half-Life Base Value less than 0.9 Yes/No (Ratio = __) Only if Yes above: Aggregate Maintenance Ratio Amount = (Aggregate Half-Life Base Value x 0.9) - Aggregate Maintenance Adjusted Base Value Maintenance Ratio Amount (N/A if "No" to either question above) MSN Designated Percentage Aggregate Maintenance Ratio Amount Maintenance Ratio Amount Series A MSN Asset Type Total Excess Proceeds collected during Calculation Period Excess Proceeds Series Payment on Last Payment Date Excess Proceeds Applied Amount on Last Payment Date 105% of Pro Rata Percentage Excess Proceeds Series Payment for Current Payment Date Excess Proceeds Applied Amount for Current Payment Date Series B MSN Asset Type Total Excess Proceeds collected during Calculation Period Excess Proceeds Series Payment on Last Payment Date Excess Proceeds Applied Amount on Last Payment Date 105% of Pro Rata Percentage Excess Proceeds Series Payment for Current Payment Date Excess Proceeds Applied Amount for Current Payment Date Series C MSN Asset Type Total Excess Proceeds collected Excess Proceeds Series Excess Proceeds Applied 105% of Pro Rata Percentage Excess Proceeds - E-1- 5 - during Calculation Period Payment on Last Payment Date Amount on Last Payment Date Series Payment 8. DSCR: DSCR Available Cash DSCR Aggregate Interest Amount DSCR Scheduled Principal Amount DSCR 9. Scheduled Principal Payment Amount: Series A Series B Series C Notional Outstanding Principal Balance Scheduled Series Percentage Aggregate Allocable Notional Series Amount of each Asset on Current Calculation Date Scheduled Target Principal Balance Scheduled Principal Payment Amount 10. Pre-EOD Priority of Payments (Section 3.09(a)): (i) Required Expense Amount to Expense Account (ii) (A) Interest Amount to Series A (B) Senior Hedge Payments (iii) Interest Amount to Series B (iv) first, Credit Facility Advance Obligations that are interest second (A) Liquidity Facility Reserve Account top- up (B) other Credit Facility Advance Obligations and top-of other Eligible Credit Facilities to Required Amount (v) if no Rapid Amortization Event, Scheduled Principal Payment Amount to Series A (vi) if no Rapid Amortization Event, Scheduled Principal Payment Amount to Series B (vii) Additional Security Deposit Reserve Amount (viii) Additional Maintenance Reserve Amount (if no Rapid Amortization Event (other than the occurrence of the Expected Final Payment Date), up to 85% of remaining Available Collections) (ix) if no Rapid Amortization Event, first, Excess Proceeds Series Payments to Series A - E-1- 6 - second, Excess Proceeds Series Payments to Series B (x) if no Rapid Amortization Event, but DSCR Cash Trap Event, then to the DSCR Cash Trap Account (xi) if Rapid Amortization Event, first, Scheduled Principal Payment Amount of the Series A Notes for such Payment Date second, Outstanding Principal Balance to Series A (xii) if Rapid Amortization Event, first, Scheduled Principal Payment Amount of the Series B Notes for such Payment Date second, Outstanding Principal Balance to Series B (xiii) Interest Amount to Series C (xiv) Scheduled Principal Payment Amount of the Series C Notes for such Payment Date (xv) Excess Proceeds Series Payments to Series C (xvi) Additional Series C Reserve Amount (xvii) after Expected Final Payment Date, Step-Up Interest Amount to Series A (xviii) after Expected Final Payment Date, Step-Up Interest Amount to Series B (xix) after Expected Final Payment Date, Step-Up Interest Amount to Series C (xx) Subordinated Rent Based Fees (xxi) pro rata (A) Subordinated Hedge Payments and (B) Subordinated Expenses (xxii) first, Outstanding Disposition Premium to Series A second, Outstanding Disposition Premium to Series B third, Outstanding Disposition Premium to Series C (xxiii) Asset Disposition Accrual Deposit (xxiv) accrual for Discretionary Asset Modifications (xxv) remaining amounts to Issuer 11. Application to Shortfall Amounts: Applied from Initial Liquidity Payment Account or Liquidity Facility Reserve Account Applied from Security Deposit Account (Section 3.08(d)) Applied from Series C Reserve Account Required Expense Amount -- Interest Amount to Series A -- Senior Hedge Payments -- Interest Amount to Series B -- Credit Facility Advance Obligations -- -- Scheduled Principal Payment Amount to Series A -- -- Scheduled Principal Payment Amount to Series B -- -- Interest Amount to Series C Scheduled Principal Payment Amount to Series C

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- E-1- 7 - Excess Proceeds Series Payment to Series C 12. Payments on Notes: Interest and Premium Series A Series B Series C Applicable Interest Rate [_____]% [____]% [____]% Opening Outstanding Principal Balance Interest Amount Disposition Premium Step-Up Interest Amount Principal Series A Series B Series C Opening Outstanding Principal Balance Scheduled Principal Payment Amount Excess Proceeds Applied Amount Rapid Amortization Event principal payments Closing Outstanding Principal Balance Payments per $1,000 initial Outstanding Principal Balance of Notes Series A Series B Series C Opening Outstanding Principal Balance Total principal payments Closing Outstanding Principal Balance Total interest and premium payments 13. Dispositions: Net Sale Proceeds for Subject Dispositions MSN Asset Type Gross Sale Proceeds Amounts netted Asset Disposition Accrual Amounts Excess Proceeds during Calculation Period Net Sale Proceeds Total Proceeds Disposition Paydown Amount MSN Series A – Allocable Series Amount Series A –Excess Proceeds Applied Amounts from Series A – Disposition Paydown Amount Series B – Allocable Series Amount Series B – Excess Proceeds Applied Series B – Disposition Paydown Amount - E-1- 8 - Initial Closing Date to immediately preceding Payment Date Amounts from Initial Closing Date to immediately preceding Payment Date MSN Series C – Allocable Series Amount Series C –Excess Proceeds Applied Amounts from Initial Closing Date to immediately preceding Payment Date Series C – Disposition Paydown Amount Dispositions during Calculation Period intended for Replacement Exchange MSN Amount deposited in Asset Replacement Account Disposition Fee: Last Payment Date unpaid Disposition Fee Current Payment Date Disposition Fee 14. Portfolio as of Calculation Date: MSN Asset Type Asset Status (i.e. Engine or Airframe) Lessee Adjusted Base Value Designated Percentage - E-2-1 - EXHIBIT E-2 ANNUAL REPORT TO EACH HOLDER With respect to the Notes, the Annual Report shall include a statement setting forth the sum of all interest (including Interest Amount and Step-Up Interest Amount) paid in respect of each Series of Notes for the most recent calendar year ended prior to the year in which the Annual Report is furnished, or, in the event a Person was a Holder of any Notes during only a portion of such calendar year, for the applicable portion of such calendar year. In addition, the following information shall be provided in the Annual Report: (i) audited financial statements of the Issuer for such calendar year; (ii) updated information regarding the Assets, the then current leases and then current lessees in the Portfolio (including Replacement Assets), by manufacturer, model and type of Asset and the countries, regions and markets in which the lessees of such Assets are based and, in the case of each Airframe, the jurisdiction in which it is registered; (iii) a statement of the Assets off-lease due to any repossession during such most recent calendar year; (iv) a comparison of actual against expected principal payments on each Series of Notes during such most recent calendar year; and (v) a comparison of the Issuer's performance to the Annual Budget and a statement setting forth an analysis of Collections Account activity, each for such most recent calendar year. - F-1-1 - EXHIBIT F FORM OF CERTIFICATE OF TRANSFER _______________, _______ U.S. BANK NATIONAL ASSOCIATION Global Corporate Trust 190 South LaSalle Street Chicago, IL 60603 Attention: Juan Hernandez (WEST VIII Administrator) Email: juan.hernandez3@usbank.com WILLIS ENGINE STRUCTURED TRUST VIII c/o Wilmington Trust Company 1100 North Market Street Rodney Square North Wilmington, Delaware 19890 Attention: Corporate Trust Administrator Re: WILLIS ENGINE STRUCTURED TRUST VIII (the "Issuer") Ladies and Gentlemen: Reference is hereby made to the Trust Indenture, dated as of June 18, 2025 (as amended, supplemented or otherwise modified and in effect from time to time, the "Indenture") among the Issuer, U.S. BANK NATIONAL ASSOCIATION, as Operating Bank and as Trustee, WILLIS LEASE FINANCE CORPORATION, as Administrative Agent and MUFG BANK, LTD., as Initial Liquidity Facility Provider. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. ______________________ (the "Transferor") owns and proposes to transfer Beneficial Interests corresponding to U.S. $_______________ principal amount of Series [A/B/C] Notes of the Issuer, to ____________________ (the "Transferee"). Pursuant to Section 2.12(c) of the Indenture, and in connection with such transfer (the "Transfer"), the Transferor hereby certifies that: [CHECK ALL THAT APPLY] 1. Check if Transferee will take delivery of a Beneficial Interest corresponding to a Rule 144A Global Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A, and, accordingly, the Transferor hereby further certifies that the Beneficial Interest is being transferred to a Person that the Transferor reasonably believes is purchasing the Beneficial Interest for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a QIB in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States or the securities laws

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- F-1-2 - of any other relevant jurisdiction. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred Beneficial Interest will be subject to the restrictions on transfer enumerated in the legend printed on the Rule 144A Global Note and in the Indenture and the Securities Act. 2. Check if Transferee will take delivery of a Beneficial Interest corresponding to a Regulation S Global Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with [Rule 903 or] Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of [Rule 903(b) or] Rule 904(b) under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, until the expiration of the Restricted Period, the transferred Beneficial Interest will be subject to the restrictions on transfer enumerated in the legend printed on the Regulation S Global Note and in the Indenture and the Securities Act. Each of you is entitled to rely upon this letter and is irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Very truly yours, By: Authorized Signature - G-1-1 - EXHIBIT G CORE LEASE PROVISIONS 1. The lease includes or requires representations and warranties or a legal opinion or other comfort acceptable to the lessor as to the due execution of the lease by the Lessee and the validity of the Lessee's obligations thereunder, due authorization of such lease and procurement of relevant licenses and permits in connection therewith. 2. The Lessee is obligated to comply with maintenance, return, alteration and replacement conditions typically found in financings and leases for aircraft engines (or aircraft, if applicable) and as necessary to maintain such Assets serviceability status pursuant to applicable governmental rules. 3. The Lessee is obligated to provide liability insurance, aircraft hull insurance covering all risks, ground and flight, coverage for damage/loss of the Asset, and war risk insurance (including the risk of confiscation and requisition by any government), and the Security Trustee is named as additional insured in respect of liability insurances and a loss payee/contract party in respect of hull insurances. The Issuer shall use commercially reasonable efforts to cause Lessees to include the Trustee as named additional insured in connection with liability insurance. 4. The lease requires that such Asset be kept and operated in locations covered by the requisite insurance and must not be flown or transported to any airport or country in violation of United States laws. 5. Any fixed price purchase option must be in compliance with Section 5.02(p). 6. The lease must be triple net and non-cancellable and contain a customary "hell or high water" clause under which the lessee is unconditionally obligated to make all lease payments without any right of setoff for liabilities of the Issuer or any Issuer Subsidiary due to the Lessee. 7. The lease must contain limitations on the ability of the Lessee to sublease such Asset or otherwise surrender possession of such Asset to other parties consistent with the requirements of this Indenture. 8. The lease shall not contain any provisions inconsistent with the obligations of the Issuer under this Indenture. 9. In the case of a lease to a Lessee that is a manufacturer, a maintenance, repair and overhaul facility or any other Person that is not an operator of aircraft that is approved by a Trustee Resolution, the requirements of paragraphs 1 through 8 of these Core Lease Provisions may be satisfied by a sublease from such a Lessee. 10. To the extent applicable in light of the Perfection Standards (as defined in the Security Trust Agreement) and consistent with customary practices of leading international aircraft or aircraft engine (as applicable) operating lessors (which so long as the Servicer is Willis - G-1-2 - Lease, shall be deemed to be the customary practice of Willis Lease), provisions relating to the registration of any "international interest" and the assignment by the lessor of "associated rights" under the lease. - H-1-1 - EXHIBIT H FORM OF COMPLIANCE CERTIFICATE WILLIS ENGINE STRUCTURED TRUST VIII This certificate is delivered pursuant to Section 6.10(b) of the Trust Indenture, dated as of June 18, 2025 (as amended, supplemented or otherwise modified and in effect from time to time, the "Indenture"), among WILLIS ENGINE STRUCTURED TRUST VIII, (the "Issuer"), U.S. BANK NATIONAL ASSOCIATION, as Operating Bank and as Trustee, WILLIS LEASE FINANCE CORPORATION, as Administrative Agent and MUFG BANK, LTD., as Initial Liquidity Facility Provider. Unless otherwise defined herein, capitalized terms used herein have the meanings provided in the Indenture. 1. The undersigned Signatory Trustee of the Issuer hereby certifies and warrants, to his or her knowledge (and without personal liability), that from ___________, 20____ to _____________, 20___ (the "Reporting Period"): (a) No Event of Default exists with respect to interest on the Senior Series, unless noted below; [List any Event of Default with respect to interest on the Senior Series] (b) [Insert number] Assets have been sold or otherwise disposed of since the Initial Closing Date and each of such sales or other dispositions complied with Section 5.02(p) of the Indenture; (c) The Issuer has not entered into any transactions with Affiliates (other than any Issuer Group Member), except as noted below, and each of such transactions, if any, complied with Section 5.02(h) of the Indenture; [List any transactions with Affiliates] (d) The Issuer in compliance with all Concentration Limits required under Section 5.02(t) of the Indenture, unless noted below; [List any incidents of non-compliance] (e) No events of bankruptcy or insolvency described in Section 4.01(e) or (f) of the Indenture exist or are threatened with respect to any Issuer Subsidiaries, unless noted below; [List any incidents of bankruptcy or insolvency] (f) No other Events of Default exist under the Indenture, other than as noted herein or below. [List any additional Event of Default under the Indenture not listed elsewhere in the certificate]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- H-1-2 - IN WITNESS WHEREOF, the undersigned has caused this Compliance Certificate to be delivered this ___ day of _______________, 20____. WILLIS ENGINE STRUCTURED TRUST VIII By:_______________________________________ Name: Title:

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## Exhibit 10.4

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[\*] Indicates that certain information in this exhibit has been excluded because it is both (i)not material and (ii) is the type that the registrant treats as private or confidential. Execution Version 4916-2421-6404.v2 SECURITY TRUST AGREEMENT dated as of June 18, 2025 among WILLIS ENGINE STRUCTURED TRUST VIII, as the Issuer EACH OF THE ADDITIONAL GRANTORS REFERRED TO HEREIN AND FROM TIME TO TIME MADE A PARTY HERETO and U.S. BANK NATIONAL ASSOCIATION as Security Trustee and Operating Bank i 4916-2421-6404.v2 **Table of Contents** Page ARTICLE I DEFINITIONS ........................................................................................................... 1 Section 1.01 Definitions................................................................................................ 1 Section 1.02 Terms Defined in the Cape Town Convention ........................................ 2 Section 1.03 Construction and Usage ........................................................................... 2 ARTICLE II SECURITY ............................................................................................................... 2 Section 2.01 Grant of Security ...................................................................................... 2 Section 2.02 Security for Obligations ........................................................................... 4 Section 2.03 Grantors Remain Liable ........................................................................... 5 Section 2.04 Security Trustee Appointed Attorney-in-Fact ......................................... 5 Section 2.05 Voting Rights; Dividends; Etc ................................................................. 5 Section 2.06 Performance of Obligations ..................................................................... 7 ARTICLE III COVENANTS ......................................................................................................... 7 Section 3.01 Collateral Supplements and Grantor Supplements .................................. 7 Section 3.02 Delivery of Collateral .............................................................................. 8 Section 3.03 Accounts .................................................................................................. 9 Section 3.04 Covenants Regarding Assigned Documents .......................................... 12 Section 3.05 Covenants Regarding Intangible Collateral ........................................... 14 Section 3.06 Further Assurances................................................................................. 16 Section 3.07 Place of Perfection; Records .................................................................. 17 Section 3.08 Transfers and Other Encumbrances; Additional Shares or Interests .................................................................................................. 17 Section 3.09 Security Trustee May Perform ............................................................... 18 Section 3.10 Covenant to Pay and Perform ................................................................ 18 Section 3.11 Annual Opinion ...................................................................................... 18 Section 3.12 Perfection Standards .............................................................................. 18 ARTICLE IV REPRESENTATIONS AND WARRANTIES ..................................................... 21 Section 4.01 Representations and Warranties of the Issuer ........................................ 21 Section 4.02 Representations and Warranties of the Grantors ................................... 24 ARTICLE V REMEDIES ............................................................................................................. 27 Section 5.01 Remedies ................................................................................................ 27 ii 4916-2421-6404.v2 Section 5.02 Delivery of Collateral, Power of Sale, etc ............................................. 29 Section 5.03 Right to Possession, etc.......................................................................... 30 Section 5.04 Application of Proceeds ......................................................................... 30 Section 5.05 Matters Involving Manner of Sale ......................................................... 31 Section 5.06 Relief Under Cape Town Convention.................................................... 32 Section 5.07 Issuer as Trustee ..................................................................................... 32 ARTICLE VI SECURITY INTEREST ABSOLUTE .................................................................. 33 Section 6.01 Security Interest Absolute ...................................................................... 33 ARTICLE VII THE SECURITY TRUSTEE AND OPERATING BANK.................................. 33 Section 7.01 Authorization and Action ....................................................................... 33 Section 7.02 Absence of Duties .................................................................................. 34 Section 7.03 Representations or Warranties ............................................................... 34 Section 7.04 Reliance; Agents; Advice of Counsel .................................................... 35 Section 7.05 No Individual Liability .......................................................................... 37 Section 7.06 Cape Town Convention ......................................................................... 37 Section 7.07 Operating Bank ...................................................................................... 37 Section 7.08 French Security ...................................................................................... 37 Section 7.09 Force Majeure ........................................................................................ 38 ARTICLE VIII SUCCESSOR TRUSTEES ................................................................................. 38 Section 8.01 Resignation and Removal of Security Trustee ....................................... 38 Section 8.02 Appointment of Successor ..................................................................... 39 ARTICLE IX INDEMNITY; EXPENSES; SUBORDINATION ................................................ 40 Section 9.01 Indemnity ............................................................................................... 40 Section 9.02 Survival .................................................................................................. 41 Section 9.03 No Compensation from Secured Parties ................................................ 42 Section 9.04 Security Trustee Fees ............................................................................. 42 Section 9.05 Subordination and Priority ..................................................................... 42 Section 9.06 Exercise of Remedies ............................................................................. 42 Section 9.07 Further Agreements of Subordination ................................................... 43 Section 9.08 Rights of Subrogation ............................................................................ 45 Section 9.09 Further Assurances of Subordinated Representatives............................ 45 Section 9.10 Miscellaneous Subordination Provisions ............................................... 45 iii 4916-2421-6404.v2 ARTICLE X MISCELLANEOUS ............................................................................................... 46 Section 10.01 Amendments; Waivers; Etc ................................................................... 46 Section 10.02 Addresses for Notices ............................................................................ 47 Section 10.03 No Waiver; Remedies ............................................................................ 48 Section 10.04 Severability ............................................................................................ 48 Section 10.05 Continuing Security Interest; Assignments ........................................... 48 Section 10.06 Release and Termination........................................................................ 48 Section 10.07 Currency Conversion ............................................................................. 49 Section 10.08 Governing Law ...................................................................................... 49 Section 10.09 Jurisdiction; Waiver of Jury Trial .......................................................... 50 Section 10.10 Counterparts ........................................................................................... 51 Section 10.11 **Table of Contents**, Headings, Etc .......................................................... 51 Section 10.12 Limited Recourse ................................................................................... 51 Section 10.13 Compliance with Applicable Regulations ............................................. 51 Section 10.14 Security Agent ....................................................................................... 52 Section 10.15 Senior Representative Direction ............................................................ 52 APPENDIX Appendix A Definitions SCHEDULES Schedule I Pledged Stock, Pledged Beneficial Interest, Pledged Membership Interest and Pledged Debt Schedule II Account Information Schedule III Principal Offices Schedule IV Process Agent Schedule V Asset Trusts Schedule VI Other Issuer Subsidiaries Schedule VII Leases Schedule VIII Assets EXHIBITS Exhibit A-1 Form of Secured Party Supplement Exhibit A-2 Form of Collateral Supplement Exhibit A-3 Form of Grantor Supplement Exhibit B Form of Account Letter Exhibit C Form of Consent and Agreement Exhibit D-1 Form of Asset Mortgage

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv 4916-2421-6404.v2 Exhibit D-2 Form of Asset Mortgage and Lease Security Assignment Exhibit D-3 Form of Lease Security Assignment Exhibit E Form of FAA Opinion 1 4916-2421-6404.v2 SECURITY TRUST AGREEMENT This SECURITY TRUST AGREEMENT (as amended, supplemented and otherwise modified from time to time, this "Agreement"), dated as of June 18, 2025, is made by and among WILLIS ENGINE STRUCTURED TRUST VIII, a Delaware statutory trust (the "Issuer"), each of the ISSUER SUBSIDIARIES (including each Asset Trust) party hereto from time to time as a grantor (such Issuer Subsidiaries, together with the Issuer, the "Grantors"), and U.S. BANK NATIONAL ASSOCIATION, a national banking association ("USB"), as Security Trustee (in such capacity, the "Security Trustee") and Operating Bank (in such capacity, the "Operating Bank"). WITNESSETH THAT: WHEREAS, the Issuer and USB, as Trustee, among others, entered into a Trust Indenture, dated as of June 18, 2025 (as amended, supplemented and otherwise modified from time to time, the "Indenture"); WHEREAS, pursuant to the Indenture, the Issuer is issuing the Initial Notes; WHEREAS, the Issuer is the owner, directly or indirectly, of all of the beneficial, membership and equity interests, as applicable, in the Asset Trusts and the other Issuer Subsidiaries, including any Subsidiary of the Issuer that becomes a party to this Agreement by the execution and delivery of a Grantor Supplement; WHEREAS, in order to secure the payment of the Notes by the Issuer and the payment and performance of all obligations of the Issuer and the other Grantors under the Related Documents, the Issuer and the other Grantors are entering into this Agreement to grant a security interest in the Collateral in favor of the Security Trustee for the benefit of the Secured Parties; WHEREAS, each Grantor will derive substantial direct and indirect benefit from the issuance of the Notes by the Issuer and from the execution, delivery and performance of the Related Documents, whether or not such Grantor is a party thereto; and WHEREAS, it is a condition precedent to the issuance of the Notes by the Issuer and the making of any Loans to the Issuer that each Grantor grant the security interests contemplated by this Agreement; NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged each Grantor hereby agrees with the Security Trustee, for its benefit and for the benefit of the other Secured Parties, as follows: ARTICLE I DEFINITIONS Section 1.01 Definitions. For all purposes of this Agreement, the capitalized terms set forth in Appendix A shall have the meanings specified therein, and all other capitalized terms 2 4916-2421-6404.v2 used, but not defined, in this Agreement shall have the respective meanings assigned to such terms in the Indenture. Section 1.02 Terms Defined in the Cape Town Convention. The following terms shall have the respective meanings ascribed thereto in the Cape Town Convention: "Administrator", "Aircraft Object"; "associated rights", "Contracting State", "Contract of Sale", "International Interest", "International Registry"; "power to dispose", "Professional User Entity", "Prospective Sale", "Prospective International Interest", "situated in" and "Transacting User Entity". Section 1.03 Construction and Usage. The conventions of construction and usage set forth in Section 1.02 of the Indenture are hereby incorporated by reference in this Agreement. ARTICLE II SECURITY Section 2.01 Grant of Security. To secure the payment and performance of the Secured Obligations, each Grantor hereby grants, assigns, conveys, mortgages, pledges, hypothecates and transfers to the Security Trustee, for the benefit of the Secured Parties (except as limited by the proviso at the end of this section in respect of certain Secured Parties in their capacity as Collateral Obligors), a security interest in and to all of such Grantor's right, title and interest in, to and under the following, whether now existing or hereafter created or acquired: (a) with respect to such Grantor, all of such Grantor's right, title and interest in and to the following (the "Asset Collateral"): (i) each Asset and Part as the same is now and will hereafter be constituted, and in the case of any such Asset that is an Engine or Part, whether or not any such Engine or Part shall be installed in or attached to any Airframe, aircraft or Engine, and including in each case all Aircraft Objects and all Related Asset Documents in respect of each such Asset and Part; (ii) all proceeds from the sale or other disposition of, all proceeds of insurance due to such Grantor on, and all proceeds of the total or partial loss or physical destruction, confiscation, condemnation or requisition due to such Grantor with respect to, each such Asset and all Parts, equipment, attachments, accessories, replacement and added Parts and components described in the preceding clause (i); (iii) each Lease of an Asset, whether or not owned by such Grantor, under which such Grantor is or may from time to time be the lessor, together with any and all such Related Asset Documents relating to such Lease (any such Leases, together with all Related Asset Documents, an "Assigned Lease"), including without limitation (A) all rights of such Grantor to all Lease Payments, however denominated, under such Assigned Leases, (B) all rights of such Grantor to receive proceeds of any insurance, indemnity, warranty or guaranty pursuant to or with respect to such Assigned Leases, (C) claims of such Grantor for damages arising out of or for breach or default under such Assigned Leases, (D) all rights of such Grantor to receive and any and all rights to amend, waive, modify and give notices, approvals and consents under such Assigned Leases, (E) all 3 4916-2421-6404.v2 rights of such Grantor under any such Assigned Lease with respect to any sublease of any such Asset, (F) all rights of such Grantor to terminate such Assigned Leases and to compel performance of, and otherwise to exercise all remedies under, any such Assigned Lease, whether arising under such Assigned Leases or by statute or at law or in equity, (G) all rights of such Grantor to discharge any registration of an International Interest with respect to such Asset or any such Assigned Lease made with the International Registry (except to the extent that after use of commercially reasonable efforts, the Lessee under any Assigned Lease will not consent to the right to discharge such Assigned Lease to be held by any person other than the Lessor) and (H) all other rights and property of such Grantor included therein together with all payments, including without limitation all rent, damages, expenses, indemnities and other amounts due to such Grantor (or any person claiming by, through or under such Grantor) thereunder; and (iv) each Part-Out Agreement relating to an Asset, whether or not owned by such Grantor, under which such Grantor is or may from time to time be a party (each an "Assigned Part-Out Agreement"), including, without limitation, (A) all rights of such Grantor to all disposition proceeds or lease payments, however denominated, under such Assigned Part-Out Agreement or related thereto or to any Asset which is the subject of an Assigned Part-Out Agreement, (B) all rights of such Grantor to receive proceeds of any insurance, indemnity, warranty or guaranty pursuant to or with respect to such Assigned Part-Out Agreement, (C) claims of such Grantor for damages arising out of or for breach or default under such Assigned Part-Out Agreement, (D) all rights of such Grantor to receive any and all rights to amend, waive, modify and give notices, approvals and consents under such Assigned Part-Out Agreement, (E) all rights of such Grantor to terminate such Assigned Part-Out Agreement and to compel performance of, and otherwise to exercise all remedies under, any such Assigned Part-Out Agreement, whether arising under such Assigned Part-Out Agreement or by statute or at law or in equity, (F) all rights of such Grantor to possession of any Asset under an Assigned Part- Out Agreement, and (G) all other rights and property of such Grantor included therein together with all payments, including, without limitation, all sales or disposition proceeds, rent, damages, expenses, indemnities and other amounts due to such Grantor (or any Person claiming by, through or under such Grantor) thereunder; (b) all Stock Collateral now owned or hereafter from time to time acquired by such Grantor; (c) all Debt Collateral now owned or hereafter from time to time acquired by such Grantor: (d) all Beneficial Interest Collateral now owned or hereafter from time to time acquired by such Grantor; (e) all Membership Interest Collateral now owned or hereafter from time to time acquired by such Grantor; (f) all Account Collateral now owned or hereafter from time to time acquired by such Grantor;

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&nbsp;&nbsp;&nbsp;&nbsp;4 4916-2421-6404.v2 (g) all Assigned Agreement Collateral now owned or hereafter from time to time acquired by such Grantor; (h) all of such Grantor's right, title and interest in and to all Service Provider Documents (the "Servicing Collateral"), subject to the proviso set forth below in respect of any Collateral Obligor with obligations to such Grantor under the Service Provider Documents; (i) all of such Grantor's right, title and interest in and to the Asset Purchase Agreement and the other Acquisition Agreements (the "Asset Purchase Collateral"), subject to the proviso set forth below in respect of any Collateral Obligor with obligations to such Grantor under the Asset Purchase Collateral; (j) all of such Grantor's right, title and interest in and to all Hedge Agreements, and all rights to administer and otherwise deal with each such Hedge Agreement (the "Hedge Collateral"), subject to the proviso set forth below in respect of any Collateral Obligor with obligations to such Grantor under the Hedge Collateral; (k) all of such Grantor's right, title and interest in and to the personal property identified in a Grantor Supplement or a Collateral Supplement executed and delivered by such Grantor to the Security Trustee; (l) all of such Grantor's right, title and interest in and to all other accounts, chattel paper, payment intangibles, commercial tort claims, documents, goods, fixtures, general intangibles, instruments, inventory, investment property, letters of credit, supporting obligations, deposit account rights (as all of the foregoing are defined in the UCC) and other property not described in clauses (a) through (k) of Section 2.01; and (m) all income, payments and proceeds of any and all of the foregoing (including income, payments and proceeds that constitute property of the types described in any of the subsections of this Section 2.01); all of the foregoing constituting the "Collateral," provided, however, that to the extent the Collateral consists of the obligations of any Collateral Obligor to such Grantor, such security interest in such Collateral shall not be for the benefit of such Collateral Obligor; and provided further that the Collateral shall not include Excluded Payments. Section 2.02 Security for Obligations. This Agreement and the FAA Security Documents secure the payment and performance of all Secured Obligations of each of the Grantors to each of the Secured Parties (subject to the subordination provisions of this Agreement, the Indenture and the other Related Documents) and shall be held by the Security Trustee in trust for the Secured Parties. Without limiting the generality of the foregoing, this Agreement and the FAA Security Documents secure the payment of all amounts that constitute part of the Secured Obligations and would be owed by any Grantor to any Secured Party without regard to the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving such Grantor. Each of the Secured Parties is an express intended third party beneficiary of this Agreement and the FAA Security Documents; provided that the rights of each individual Secured Party shall be subject to the terms and conditions of the Indenture, including without limitation the provisions of Article III 5 4916-2421-6404.v2 and Sections 4.02 and 4.03 of the Indenture with respect to the manner in which proceeds of the Collateral will be distributed, Article IV of the Indenture governing the exercise of remedies under the Indenture and this Agreement, and Article X of the Indenture providing for the subordination of claims to Senior Claims; provided further that each Secured Service Provider, each Secured Hedge Provider, each Secured Credit Facility Provider and each Secured Seller shall enter into a Secured Party Supplement (if not a party hereto). Section 2.03 Grantors Remain Liable. Anything contained herein to the contrary notwithstanding, (a) each Grantor shall remain liable under the contracts and agreements included in the Collateral to which it is a party or by which it is bound to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement, the FAA Security Documents and each other Security Document had not been executed, (b) the exercise by the Security Trustee of any of its rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral to which it is a party or by which it is bound, and (c) no Secured Party shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement, any FAA Security Document or any Security Document nor shall any Secured Party be obligated to perform any of the obligations or duties of any Grantor under the contracts and agreements included in the Collateral or to take any action to collect or enforce any claim for payment assigned under this Agreement. Section 2.04 Security Trustee Appointed Attorney-in-Fact. Each Grantor hereby irrevocably appoints the Security Trustee by way of security such Grantor's attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor or otherwise, following the delivery of a Default Notice (and so long as such Default Notice shall not have been rescinded and annulled as set forth in Section 4.02 of the Indenture), but not prior to the expiration of any Cure Period under the Indenture, or during the continuation of an Acceleration Default, to take any action and to execute any instrument that the Security Trustee may deem necessary, advisable or desirable to accomplish the purposes of this Agreement or any other Related Document, including: (i) to ask for, demand, collect, sue for, recover, compromise, receive and give acquaintance and receipts for monies due and to become due under or in respect of any of the Collateral; (ii) to receive, indorse and collect any drafts or other instruments and documents in connection included in the Collateral; and (iii) to file any claims or take any action or institute any proceedings that the Security Trustee may deem necessary, advisable or desirable for the collection of any of the Collateral or otherwise to enforce the rights of the Security Trustee with respect to any of the Collateral. Section 2.05 Voting Rights; Dividends; Etc. (a) So long as (x) no Default Notice shall have been delivered to the Issuer (or, if a Default Notice shall have been delivered, such Default Notice shall have been rescinded and annulled as set forth in Section 4.02 of the Indenture), and 6 4916-2421-6404.v2 prior to the expiration of any Cure Period under the Indenture, and (y) no Acceleration Default shall have occurred and be continuing: (i) Each of the Grantors shall be entitled to exercise any and all voting and other consensual rights pertaining to all or any part of the Stock Collateral, Debt Collateral, Membership Interest Collateral and Beneficial Interest Collateral pledged by such Grantor for any purpose not inconsistent with the terms of this Agreement, the organizational documents of such Grantor, the Indenture or any other Related Document; provided, however, that such Grantor shall not exercise or shall refrain from exercising any such right if such action would reasonably be expected to have a material adverse effect on the value of all or any part of the Stock Collateral, Debt Collateral, Membership Interest Collateral or the Beneficial Interest Collateral; and (ii) The Security Trustee shall execute and deliver (or cause to be executed and delivered) to such Grantor all such proxies and other instruments as such Grantor may reasonably request in writing and provide for the purpose of enabling such Grantor to exercise the voting and other rights that it is entitled to exercise pursuant to Section 2.05(a)(i). (b) Whether or not any Default or Event of Default shall have occurred, any and all distributions, dividends, interest, income, payments and proceeds paid or received in respect of the Collateral, including any and all (i) distributions, dividends and interest paid or payable other than in cash in respect of, and instruments and other property received, receivable or otherwise distributed in respect of, or in exchange for, such Collateral; (ii) distributions, dividends and other distributions paid or payable in cash in respect of such Stock Collateral, Membership Interest Collateral or Beneficial Interest Collateral in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in surplus; and (iii) cash paid, payable or otherwise distributed in respect of principal of, or in redemption of, or in exchange for, any Collateral shall be paid into the Collections Account or shall be forthwith delivered to the Security Trustee, as applicable and, if received by such Grantor, shall be received in trust for the benefit of the Security Trustee, be segregated from the other property or funds of such Grantor and be forthwith paid to the Collections Account or delivered to the Security Trustee in the same form as so received (with any necessary indorsement). (c) Upon the delivery of a Default Notice to the Issuer or any of its Subsidiaries (and so long as such Default Notice shall not have been rescinded and annulled as set forth in Section 4.02 of the Indenture), but not prior to the expiration of any Cure Period under the Indenture, or during the continuance of an Acceleration Default, all rights of each Grantor to exercise or refrain from exercising the voting and other consensual rights that it would otherwise be entitled to exercise pursuant to Section 2.05(a)(i) shall cease, and the Security Trustee thereupon shall have the sole right to exercise or refrain from exercising such voting and other consensual rights (including, but not limited to, the right, subject to the restrictions set forth in the applicable organizational documents, to remove or appoint any trustee, directors and officers of any Issuer Subsidiary), provided, however, the Security Trustee shall have no obligation to exercise such voting or consensual right without instruction from the Noteholders. 7 4916-2421-6404.v2 Section 2.06 Performance of Obligations. If any Grantor fails to perform or comply with any of its agreements contained in the Related Documents, then the Security Trustee may perform or comply with such agreement but shall not be obligated to do so, and the amount of such payment and the amount of the reasonable expenses of Security Trustee incurred in connection with the performance of or compliance with such agreement, as the case may be shall be deemed an Expense, to be paid out of the Available Collections on the next succeeding Payment Date in accordance with Section 3.09 of the Indenture. ARTICLE III COVENANTS Section 3.01 Collateral Supplements and Grantor Supplements. (a) Upon the acquisition by any Grantor of any Collateral, such Grantor shall concurrently execute and deliver to the Security Trustee a Collateral Supplement duly completed with respect to such Collateral and shall take such steps with respect to the perfection of the security interest in such Collateral as are called for by this Agreement for Collateral of the same type, consistent with the Perfection Standards; provided that the foregoing shall not be construed to impair or otherwise derogate from any restriction on any such action in any Related Document and provided further that the failure of any Grantor to deliver any Collateral Supplement as to any such Collateral shall not impair the lien of this Agreement to attach and otherwise extend as to such Collateral. Each Collateral Supplement shall be required to set out in the annexes thereof only such information as has not been reflected in the schedules to this Agreement as supplemented prior to the date of such Collateral Supplement. Notwithstanding the foregoing, no Grantor shall be required to deliver a Collateral Supplement solely in respect of a Lease. (b) Upon the acquisition, formation or other organization of any Issuer Subsidiary, the Issuer shall cause such Issuer Subsidiary to execute and deliver to the Security Trustee a Grantor Supplement, and upon such acquisition, formation or other organization, each such Issuer Subsidiary (i) shall be referred to as an "Additional Grantor" and shall be and become a Grantor hereunder, and each reference in this Agreement to "Grantor" shall also mean and be a reference to such Additional Grantor, (ii) shall be deemed to have granted a security interest to the Security Trustee in all of its assets and other property, including, without limitation, all of its right, title and interest in, to and under each type of Collateral described in Section 2.01, and (iii) shall be a Grantor for all purposes under this Agreement and shall be bound by the obligations of the Grantors hereunder. (c) The Issuer undertakes with the Security Trustee to enter into a Local Law Security Document in respect of the Stock held by it of any Issuer Subsidiary governed by the laws of the jurisdiction in which such Issuer Subsidiary is incorporated (other than any Asset Trust or any other Issuer Subsidiary organized in the United States), in each case on the date on which the Issuer acquires such Stock.

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&nbsp;&nbsp;&nbsp;&nbsp;8 4916-2421-6404.v2 Section 3.02 Delivery of Collateral. (a) All certificates, instruments, documents or chattel paper representing or evidencing any Collateral (other than Account Collateral) shall be delivered to and held by the Security Trustee at the Designated Address, and held by or on behalf of the Security Trustee in the United States and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to evidence the security interests granted hereby or under such other Security Document, as applicable, or as may be reasonably requested by the Security Trustee. Upon the delivery of a Default Notice (and so long as such Default Notice shall not have been rescinded and annulled as set forth in Section 4.02 of the Indenture), but not prior to the expiration of any Cure Period under the Indenture, or during the continuance of an Acceleration Default, the Security Trustee shall have the right, without notice to any Grantor, to transfer to or to register in the name of the Security Trustee or any of its nominees any or all of the Pledged Stock, the Pledged Debt, Pledged Membership Interest and Pledged Beneficial Interest, subject only to the revocable rights specified in Section 2.05(a). In addition, the Security Trustee shall have the right at any time to exchange certificates or instruments representing or evidencing any Collateral (other than Account Collateral) for certificates or instruments of smaller or larger denominations. (b) To the extent that any Assigned Lease constitutes "tangible chattel paper" and is not a Cape Town Lease, the Grantors shall cause the original of such Assigned Lease to be designated and to be delivered to the Security Trustee promptly (and in any case no later than 10 Business Days) (i) after the Initial Closing Date, in the case of the Initial Leases of the Initial Assets delivered on such date, (ii) after the Delivery Date of the applicable Asset, Asset Trust or other Issuer Subsidiary in the case of the Initial Leases of the other Assets, or (iii) after the execution and delivery of any other Assigned Lease by all its parties, provided that, in the case of any Initial Lease, if the Issuer represents in writing to the Security Trustee that no fully executed counterpart of the Assigned Lease has been designated as a chattel paper original or that the chattel paper original of an Assigned Lease has been lost or destroyed, the Grantor that is the lessor under such Assigned Lease shall be excused from the obligation to deliver a chattel paper original of such Assigned Lease, and provided further that the Grantor also shall be excused from the obligation to deliver a chattel paper original under any Assigned Lease that has an initial term or remaining term of less than one year. The Grantors shall deliver to the Security Trustee a certified true copy of any Assigned Lease in respect of which a chattel paper original is not delivered to the Security Trustee pursuant to the preceding sentence. Any obligation to deliver any chattel paper original Assigned Lease to the Security Trustee hereunder shall be satisfied by the applicable Grantor delivering such original to the Custodian, it being understood and agreed that in no event shall the Security Trustee have any responsibility or liability in connection with such delivery or the maintenance of any chattel paper original by the Custodian. (c) With respect to any Assigned Lease that is a Future Lease, the Grantors shall (a) cause the lessor and the lessee of such Future Lease to designate one executed copy thereof the original by adding language in substantially the following form to the cover page thereof; provided that, where such Future Lease incorporates the terms of a general terms agreement or master agreement, on the cover page only of the specific lease agreement constituting the Future Lease and need not appear on the cover page of such general terms 9 4916-2421-6404.v2 agreement or such master agreement: "COUNTERPART NO. __ OF [__] SERIALLY NUMBERED, MANUALLY EXECUTED COUNTERPARTS. TO THE EXTENT, IF ANY, THAT THIS LEASE CONSTITUTES CHATTEL PAPER UNDER THE UCC, NO SECURITY INTEREST IN THIS LEASE MAY BE CREATED THROUGH THE TRANSFER AND POSSESSION OF ANY COUNTERPART OTHER THAN COUNTERPART NO. 1", (b) notify the Lessee in writing of the security assignment of such Future Lease to the Security Trustee pursuant to the Security Trust Agreement (which notice may be contained in such Future Lease or in a separate document) and (c) obtain from the Lessee a written acknowledgement (which may be contained in such Future Lease or in a separate document) addressed to, or for the benefit of, the Security Trustee (1) acknowledging receipt of notification of such security assignment and (2) containing the agreement of the Lessee to continue to make all payments required to be made to the Lessor under such Future Lease to the account specified in such Future Lease unless and until the applicable Lessor or, if a Default Notice shall have been delivered (and so long as such Default Notice shall not have been rescinded and annulled as set forth in Section 4.02 of the Indenture), but not prior to the expiration or termination of any Cure Period under the Indenture, or if an Acceleration Default shall have occurred and be continuing, the Security Trustee, otherwise directs (it being understood that the account specified in such Future Lease will be the account specified by the Administrative Agent to the Servicer as contemplated by Section 1.1(a) of Schedule 2.02(a) to the Servicing Agreement and subject in each case to applicable legal or tax constraints). Each Grantor hereby instructs the Security Trustee to enter into all lease-related documents and instruments on this date and as may arise from time to time, as reasonably requested by such Grantor, for the purposes of, subject to the Perfection Standards, assisting the applicable Grantor in establishing and maintaining the Security Trustee's security interest for and on behalf of itself and for the benefit of the other Secured Parties in respect of any Assigned Lease. In connection with any Assigned Lease, each Grantor and the Security Trustee shall (x) cooperate with the Servicer by providing upon request of the Servicer a letter of quiet enjoyment by such Grantor or the Security Trustee, as applicable, addressed to the relevant Lessee with respect to such Assigned Lease in a form reasonably acceptable to such Lessee and, if to be provided by the Security Trustee, the Security Trustee and (y) provide all other reasonable assistance and cooperation to the Servicer in connection with the foregoing. Section 3.03 Accounts. (a) Security Trustee Accounts. (i) USB hereby agrees to act as the Operating Bank under this Agreement. Upon the execution of this Agreement and from time to time thereafter as called for by Section 3.01 of the Indenture, the Operating Bank shall establish and maintain on the books and records of its office specified in Section 10.02 and maintain for the benefit of the Security Trustee (on behalf of the Secured Parties) each respective Security Trustee Account (as an Eligible Account) to be established on the Initial Closing Date or at such other time. If, at any time, any Security Trustee Account ceases to be an Eligible Account, the Operating Bank shall, promptly after notice from the Administrative Agent, cooperate with the Administrative Agent to facilitate its establishment of a new Security Trustee Account having the same characteristics as such other Account and transfer all property related to such old Account to such new Account. The Operating Bank also agrees to cooperate with any replacement Operating Bank as to the transfer of any property in, or records relating to, any Security Trustee Account maintained by it. Except as a Secured Party in accordance with the provisions of this Agreement and the Indenture, the Operating Bank waives any claim or lien 10 4916-2421-6404.v2 against any Account it may have, by operation of law or otherwise, for any amount owed to it by any Grantor. (ii) The Operating Bank hereby agrees that (A) it is a "bank" (as defined in Section 9-102(a)(8) of the UCC) and a "securities intermediary" (as defined in Section 8-102(a)(14) of the UCC) and is acting as a securities intermediary with respect to each Security Trustee Account, (B) each Security Trustee Account is and will be maintained as a Securities Account of which it is the Securities Intermediary and in respect of which the Security Trustee is the "entitlement holder" (as defined in Section 8-102(a)(7) of the UCC) of the "security entitlement" (as defined in Section 8-102(a)(17) of the UCC) with respect to each "financial asset" (as defined in Section 8-102(a)(9) of the UCC) credited to such Account and the Operating Bank shall comply with all "entitlement orders" (as defined in Section 8-102(a)(8) of the UCC) and "instructions" (as defined in Section 8- 102(a)(12) of the UCC) issued by the Security Trustee without further consent of the Grantors or any other Person, (C) all Collections and other cash required to be deposited in any such Account and Permitted Account Investments and all other property acquired with cash credited to any such Account will be credited to such Account, (D) all items of property (whether cash, investment property, Permitted Account Investments, other investments, securities, instruments or other property credited to each Security Trustee Account will be treated as a "financial asset" (as defined in Section 8-102(a)(9) of the UCC) under Article 8 of the UCC, (E) its "securities intermediary's jurisdiction" (as defined in Section 8-110(e) of the UCC) and the "bank's jurisdiction" (within the meaning of Section 9-304 of the UCC) with respect to each Account is the State of New York, (F) (1) the law of the State of New York governs all issues specified in Article 2(1) of the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary and, to the extent not so provided in any account agreement governing the Security Trustee Accounts established pursuant to this Section 3.03, such account agreement is hereby amended to so provide and (2) it will not modify the law applicable to such issues or (so long as this Agreement is in effect) under such account agreement, and (G) all securities, instruments and other property in order or registered from and credited to any Security Trustee Account shall be payable to or to the order of, or registered in the name of, the Operating Bank or shall be indorsed to the Operating Bank or in blank, and in no case whatsoever shall any "financial asset" (as defined in Section 8-102(a)(9) of the UCC) credited to any Security Trustee Account be registered in the name of any Grantor, payable to or to the order of any Grantor or specially indorsed to any Grantor except to the extent the foregoing have been specially endorsed by a Grantor to the Operating Bank or in blank. (iii) The Operating Bank acknowledges that the Security Trustee has appointed the Administrative Agent pursuant to the Administrative Agency Agreement, as its agent for, among other things, dealings with respect to the Security Trustee Accounts. The Operating Bank agrees that, until otherwise notified in writing by the Security Trustee, the Operating Bank will follow the written directions and instructions of the Administrative Agent, as the agent for the Security Trustee, to the extent it is required to follow those of the Security Trustee except that, with respect to withdrawals from any Series Account, the Operating Bank agrees that it will follow the directions and instructions of the Trustee, as the agent for the Security Trustee (the Security Trustee 11 4916-2421-6404.v2 hereby appoints the Trustee as its agent for such purposes and the Trustee by executing a Secured Party Supplement hereto accepts such appointment). (iv) The Security Trustee agrees that it will hold its "security entitlement" to the "financial asset" credited to each Security Trustee Account in trust (A) to the extent of any Segregated Funds in the Lessee Funded Account or the Security Deposit Account, for the benefit of the relevant Lessees, (B) in the case of the Series Account for each Series of Notes, the respective Series Account for such Series of Notes, for the benefit of the Holders holding such Series of Notes, respectively, and (to the extent applicable) each Secured Credit Facility Provider the proceeds of which funded such applicable Account, (C) in the case of the Asset Purchase Account, for the Secured Parties, and (D) in the case of any other Account, for the benefit of the Secured Parties (but subject to the subordination provisions hereof and of the Indenture). (b) Lessor Accounts. So long as any Secured Obligations remain unpaid: (i) Other than accounts with a nominal balance established by a Grantor in its jurisdiction of organization or incorporation solely to comply with local laws or regulations relating to its establishment, no Grantor shall establish any Account except to the extent that it is entitled, pursuant to the Indenture and in compliance with this Section 3.03(b)(i), to establish one or more Lessor Accounts. Except to the extent that any payment is permitted by the Indenture to be deposited in a Lessor Account, each Grantor shall instruct each Obligor to make such payment to the Collections Account in accordance with the Indenture and shall instruct each other Person obligated to make any other payment to such Grantor to the Collections Account in accordance with the Indenture. (ii) With respect to each Lessor Account: (A) Each Grantor shall maintain (or cause the Administrative Agent on such Grantor's behalf to maintain) each Lessor Account (as an Eligible Account) in its name only with (x) the Operating Bank, (y) an Eligible Institution or (z) another bank or financial institution so long as such Lessor Account meets the definition of an Eligible Account at all times (a "Lessor Account Bank"). Unless not required pursuant to Section 3.01(l) of the Indenture, each Grantor shall cause any such Lessor Account Bank to establish and maintain such Lessor Account in the name of such Grantor on its books and records and to enter into a letter agreement in substantially the form of Exhibit B (or such other form as is reasonably acceptable to the Security Trustee) (the "Account Letter") or a Local Law Security Document, or to make such other arrangements as are acceptable to the Security Trustee and consistent with the requirements of Section 3.01(l) of the Indenture with respect to such Lessor Account. Each Grantor shall cause the Administrative Agent to direct the transfer of funds on deposit in any Lessor Account in accordance with Section 3.01(l) of the Indenture. (B) Each Grantor shall immediately instruct each Obligor to make any Lease Payment not required, as provided in Section 3.03(b)(i), to be

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&nbsp;&nbsp;&nbsp;&nbsp;12 4916-2421-6404.v2 made to a Security Trustee Account to a Lessor Account meeting the requirements of Section 3.03(b)(ii)(A). (C) Upon any termination of any Account Letter, Local Law Security Document or other agreement with respect to the maintenance of a Lessor Account by any Grantor or any Lessor Account Bank or other bank or financial institution pursuant to clause (ii)(A) above, such Grantor shall immediately notify all Obligors that were making payments to such Lessor Account to make all future payments to another Account meeting the requirements of this Section 3.03(b)(ii). Subject to the terms of any Lease, upon request by the Security Trustee, each Grantor shall, and if prohibited from doing so by the terms of any Lease, shall use commercially reasonable efforts to seek the consent of the relevant Lessee to, terminate any or all of its Lessor Accounts, in which case Section 3.03(b)(i) shall apply (c) Covenant Regarding Control. No Grantor shall cause or permit any Person other than the Security Trustee to have "control" (as defined in Section 9-104, 9-105, 9 106, or 9-107 of the UCC) of any Collateral consisting of a "deposit account," "electronic chattel paper," "investment property," "supporting obligations" or "letter of credit right" (as such terms are defined in Article 9 of the UCC); provided that the Servicer on behalf of, and under the directions and control of, the Security Trustee shall be permitted to hold any letter of credit provided by a Lessee or otherwise pursuant to a Lease Section 3.04 Covenants Regarding Assigned Documents. (a) Upon the inclusion of any Assigned Document in the Collateral, the relevant Grantor will deliver to the Security Trustee a Consent and Agreement, in substantially the form of Exhibit C and executed by each party to such Assigned Document or (where the terms of such Assigned Document expressly provide for a consent to its assignment for security purposes to substantially the same effect as Exhibit C) will give due notice to each such other party to such Assigned Document of its assignment pursuant to this Agreement. Each Grantor shall file any UCC financing statement or amendments thereto in any jurisdiction required to perfect the security interest in such Assigned Document and also ratifies its authorization for the Security Trustee to have filed in any jurisdiction any UCC financing statement or amendments thereto if filed prior to the date hereof. (b) Upon the inclusion of any Assigned Lease in the Collateral, the relevant Grantor will deliver to the Security Trustee (or the applicable Lease shall contain) a notice and acknowledgement of the applicable Lessee of (and to the extent required under the Assigned Lease, consent of the applicable Lessee to) the security interest of the Security Trustee in such Assigned Lease which reflects that all Lease Payments under such Assigned Lease will be paid to the appropriate Account in accordance with the terms of the Indenture; provided that, to the extent not required for perfection, such Grantor shall not be required to provide an acknowledgment of the applicable Lessee if the same is not obtainable after using commercially reasonable efforts, so long as the insurance requirements set out in the relevant notice to such Lessee are satisfied and notice thereof has been provided to the Rating Agencies. 13 4916-2421-6404.v2 (c) Upon written request of any Grantor, the Security Trustee (solely in its capacity as such) will execute such undertakings of quiet enjoyment in favor of the Lessee under any Assigned Lease as are (in the case of any Assigned Lease that is an Initial Lease) provided for in the Lease Assignment Documents or as are (in the case of any other Assigned Lease) substantially to the same effect as such undertakings or otherwise agreed with the Lessee, in each case, to the extent otherwise reasonably acceptable to the Security Trustee, and will cooperate with such Grantor and such Lessee in the filing or registration of interests in, including any International Interests in respect of, such Assigned Lease or the related Aircraft Objects that are the subject of such Assigned Lease so as to preserve such Lessee's rights of quiet enjoyment under such Assigned Lease as may be reasonably requested from time to time hereunder, in each case at the sole expense of the Issuer, provided that the Security Trustee shall have no liability to any Issuer Group Member or any Secured Party in respect of any such undertakings or to any Person lawfully claiming by, through or under any of the foregoing Persons in respect of any such undertakings. The Security Trustee shall be deemed to have the authority, on its own behalf and on behalf of the other Secured Parties, to execute and agree to the terms and conditions (including, without limitation, representations, warranties, covenants and undertakings that must be made or performed by the Secured Parties) set forth in any such undertakings provided to it by a Grantor for execution in accordance with this Section 3.04 and the Indenture. (d) Upon (i) the inclusion of any Assigned Document in the Collateral, (ii) the amendment or replacement of any Assigned Document or (iii) the entering into of any new Assigned Document, the relevant Grantor will deliver a copy thereof to the Security Trustee and will take such other action as may be necessary, advisable or, if reasonably requested by the Security Trustee, desirable to perfect the lien of this Agreement as to such Assigned Document. (e) Each Grantor shall, at its expense but subject to the Indenture and the other Related Documents: (i) perform and observe (or cause to be performed or observed) all the terms and provisions of the Assigned Documents to be performed or observed by it, enforce (or cause to be enforced) the Assigned Documents in accordance with their terms and take all such action to such end as may be from time to time requested by the Security Trustee; and (ii) furnish (or cause to be furnished) to the Security Trustee promptly upon receipt copies of all notices, requests and other documents received by such Grantor under or pursuant to the Assigned Documents, and from time to time, furnish (or cause to be furnished) to the Security Trustee such information and reports regarding the Collateral as the Security Trustee may reasonably request and, upon request of the Security Trustee make (or cause to be made) to each other party to any Assigned Document such demands and requests for information and reports or for action as such Grantor is entitled to make thereunder. (f) Each Grantor will, at its expense and upon the request of the Security Trustee on behalf of any Secured Party that is a Service Provider, pursue for the benefit of such Secured Party and each other Secured Party that is a Service Provider any claim that such 14 4916-2421-6404.v2 Secured Party (or the Security Trustee on their behalf) has or may have under any Assigned Document for indemnity or otherwise. Section 3.05 Covenants Regarding Intangible Collateral. (a) All Intangible Collateral shall be delivered by the Issuer or the applicable Grantor to the Security Trustee, as follows: (i) in the case of each Certificated Security, Instrument or other item of Intangible Collateral for which a security interest is granted and/or perfected by delivery to or possession by the Security Trustee, by (A) causing the delivery of such Certificated Security, Instrument or other item of Intangible Collateral to the Security Trustee at the Designated Address registered in the name of the Security Trustee or duly endorsed by an appropriate person to the Security Trustee or in blank and, in each case, held by the Security Trustee in the United States, or (B) if such Certificated Security, Instrument or other item of Intangible Collateral is registered in the name of any securities intermediary of any Securities Intermediary on the books of the issuer thereof or on the books of any securities intermediary of a Securities Intermediary, by causing such Securities Intermediary to continuously credit by book entry such Certificated Security, Instrument or other item of Intangible Collateral to a Securities Account maintained by such Securities Intermediary for the benefit of the Security Trustee (on behalf of the Secured Parties) and confirming to the Security Trustee that it has been so credited; (ii) in the case of each Uncertificated Security not perfected by delivery thereof to the Security Trustee, by (A) causing such Uncertificated Security to be continuously registered on the books of the issuer thereof in the name of the Security Trustee and causing such issuer to agree that it will comply with the instructions originated by the Security Trustee without further consent of any other Person or (B) if such Uncertificated Security is registered in the name of a Securities Intermediary on the books of the issuer thereof or on the books of any securities intermediary of a Securities Intermediary, by causing such Securities Intermediary to continuously credit by book entry such Uncertificated Security to a Securities Account maintained by such Securities Intermediary for the benefit of the Security Trustee (on behalf of the Secured Parties) and confirming to the Security Trustee that it has been so credited and causing each such securities intermediary to agree that it will comply with the instructions originated by the Security Trustee without further consent of any other Person; (iii) in the case of each Government Security registered in the name of any Securities Intermediary on the books of the Federal Reserve Bank of New York or on the books of any securities intermediary of such Securities Intermediary or any "securities entitlement" (as defined in Section 8-102(a)(17) of the UCC), by causing such Securities Intermediary to continuously credit by book entry such security to the Securities Account maintained by such Securities Intermediary for the benefit of the Security Trustee (on behalf of the Secured Parties), confirming to the Security Trustee that it has been so credited and confirming that it will comply with the "entitlement orders" (as defined in Section 8-102(a)(8) of the UCC) originated by the Security Trustee without further consent of any other Person; and 15 4916-2421-6404.v2 (iv) in the case of any Instrument, Beneficial Interest Collateral or Membership Interest Collateral by (A) to the extent that the grant of the security interest to the Security Trustee in any Instrument, Beneficial Interest Collateral or Membership Interest Collateral or the transfer of any Instrument, Beneficial Interest Collateral or Membership Interest Collateral upon exercise of remedies by the Security Trustee is subject to any restrictions on transfer or any consent requirements, by obtaining all necessary consents and approvals thereof and (B)(1) if any Instrument, Beneficial Interest Collateral or Membership Interest Collateral constitutes a securities entitlement (as defined above), Certificated Security, Instrument or Uncertificated Security, complying with clauses (i) or (ii) above, as applicable or (2) if Beneficial Interest Collateral or Membership Interest Collateral constitutes a general intangible, by causing an appropriate financing statement covering each such Beneficial Interest Collateral or Membership Interest Collateral to be filed in the appropriate office necessary to perfect the security interest of the Security Trustee therein. (b) Each Grantor consents to the grant by each other Grantor of a lien in all Intangible Collateral to the Security Trustee and without limiting the generality of the foregoing consents to the transfer of any Stock Collateral, Beneficial Interest Collateral or Membership Interest Collateral to the Security Trustee or its designee following an Event of Default and to the substitution of the Security Trustee or its designee as a partner in any partnership or as a member in any limited liability company with all the rights and powers related thereto. (c) Each of the Issuer and the Security Trustee hereby represents and warrants, with respect to the Intangible Collateral, that it has not entered into, and hereby agrees that it will not enter into, any agreement (i) with any Person specifying any jurisdiction other than the State of New York or California as the jurisdiction of each Securities Intermediary in connection with each Securities Account for purposes of 31 C.F.R. Section 357.11(b), Section 8- 110(e) of the UCC or any similar state or Federal or Applicable Law, or (ii) with any other person relating to any Securities Account or the financial assets credited thereto pursuant to which it has agreed that any Securities Intermediary may comply with entitlement orders made by such Person. The Security Trustee represents that, to the extent requested by the Administrative Agent, the Issuer or the applicable Grantor, it will, by express agreement with each Securities Intermediary, provide for each item of property constituting Intangible Collateral held in and/or credited to the applicable Securities Account, including cash, to be treated as a "financial asset" within the meaning of Section 8-102(a)(9) of the UCC for the purposes of Article 8 of the UCC. (d) In addition to the foregoing, each applicable Grantor organized or incorporated under the laws of any jurisdiction located outside of the United States shall take all steps required under the laws of such jurisdiction in order to ensure the validity, perfection, priority and enforceability of the security interests and charge granted hereunder, including entering into one or more Local Law Security Documents, if any, but, notwithstanding anything to the contrary herein, no such actions shall be required to be taken in respect of a De Minimis Account. (e) Without limiting the foregoing, the Issuer shall cause each Securities Intermediary to take such different or additional action as may be required based upon any Opinion of Counsel received pursuant to Section 3.11 in order to maintain the perfection and

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&nbsp;&nbsp;&nbsp;&nbsp;24 4916-2421-6404.v2 applicable, has been delivered to the Security Trustee. Each Assigned Agreement as of the Initial Closing Date or as of the date of any Grantor Supplement or Collateral Supplement, as applicable, has been duly authorized, executed and delivered by the relevant Grantor, will be in full force and effect and will be binding upon and enforceable against all parties thereto in accordance with its terms. (k) A true and complete certified copy of each Lease to which any Issuer Group Member is a party will be delivered to the Security Trustee within 10 Business Days of the Purchase Date of the related Asset (or the Issuer Subsidiary owning such Asset) in the case of any Initial Lease or, in the case of any other Lease, within 10 Business Days of entry into such Lease. Each such Lease is in full force and effect and is binding and enforceable against each Issuer Group Member which is a party thereto in accordance with its terms. (l) A true and complete certified copy of each Part-Out Agreement to which any Issuer Group Member is a party will be delivered to the Security Trustee within 10 Business Days of the relevant Delivery Date of the related Asset (or the Issuer Subsidiary owning such Asset) in the case of any Part-Out Agreement existing on the date hereof or, in the case of any other Part-Out Agreement, within 10 Business Days of entry into such Part-Out Agreement. Each such Part-Out Agreement is in full force and effect and is binding and enforceable against each Issuer Group Member which is a party thereto in accordance with its terms. (m) Each Account that exists on the Initial Closing Date or that is established and maintained thereafter in accordance with Sections 3.01 of the Indenture constitutes a "deposit account" within the meaning of Section 9-102(a)(29) of the UCC and, to the extent that the Trustee invests the Balance therein in Permitted Investments, a "securities account" within the meaning of Section 8-501 of the UCC. (n) Each of the Hedge Agreements and the Asset Interests constitute "general intangibles" within the meaning of Section 9-102(a)(42) of the UCC. Section 4.02 Representations and Warranties of the Grantors. Each Grantor (other than the Issuer) represents and warrants as of the Initial Closing Date, if it is a party to this Agreement on such date, or as of the date such Grantor becomes a party to this Agreement by the execution and delivery of a Grantor Supplement and, with respect to all Collateral, as of the date such Collateral becomes a part of the Collateral, as follows: (a) Such Grantor is the legal and beneficial owner of the Collateral pledged by it hereunder free and clear of any and all Encumbrances (other than Permitted Encumbrances). (b) This Agreement creates a valid and, upon the taking of the actions required hereby, perfected security interest in the Collateral (other than (a) the Assets and Assigned Leases to the extent the registrations and filings provided in Section 3.12 are insufficient for such purpose, (b) with respect to insurance policies to the extent that Article 9 of the UCC does not apply to such Collateral and (c) letters of credit, except to the extent any such letter of credit constitutes supporting obligations of any Assigned Lease) as security for the Secured Obligations, subject in priority to no other Encumbrances (other than Permitted Encumbrances), and all filings and other actions necessary or desirable to perfect and protect 25 4916-2421-6404.v2 such security interest have been duly taken (but only to the extent provided in Section 3.12 with respect to Assets and Assigned Leases). Other than the security interest granted to the Security Trustee pursuant to this Agreement or any security interest previously granted that shall be terminated, released and/or discharged as of the date this representation and warranty is given, such Grantor has not pledged, assigned, sold or granted a security interest in any of the Collateral or authorized, and is not aware of, the filing of any financing statements or other instruments similar in effect or the registration of any International Interest or Prospective International Interest against such Grantor, any Asset or the Collateral other than any financing statement or registration of an International Interest or Prospective International Interest relating to the security interest granted to the Security Trustee hereunder or otherwise in respect of Required Cape Town Registrations or that has been terminated (or that relate to any security interest previously granted that has been terminated and such filing is in the course of being terminated), in each case as of the date this representation and warranty is given as to such Grantor, Asset and Collateral. There are no judgment or tax lien filings against any Grantor. (c) The name of such Grantor as it appears on the signature pages hereto or on the applicable Grantor Supplement is its name as it appears on the public record of its jurisdiction of organization or incorporation or, in the case of a trust, provides the name specified for the trust in its organizational documents and indicates that it is a trust. (d) No consent of any other Person and no authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or other third party is required either (i) for the grant by such Grantor of the assignment and security interest granted hereby, (ii) for the execution, delivery or performance of this Agreement or any other Related Document by such Grantor or (iii) for the perfection or maintenance of the pledge, assignment and security interest created hereby (but only to the extent provided in Section 3.12 with respect to Assets and Assigned Leases), except for (A) the filing of financing and continuation statements under the UCC, (B) the Required Cape Town Registrations, (C) such filings with the FAA and any other Applicable Aviation Authority, (D) as otherwise described in a Grantor Supplement or Collateral Supplement, (E) such other filings as are required under other relevant local law and (F) consents to, or authorizations or approvals of, filings, in each case that have been or will be given, obtained or made, as the case may be. (e) The jurisdiction of organization or incorporation of such Grantor is set forth on Schedule III, as supplemented by any Grantor Supplement, and, if applicable to determine such Grantor's location for purposes of the UCC, the office where such Grantor keeps records of or relating to the Collateral is located at the address specified opposite the name of such Grantor on Schedule III, as supplemented by any Grantor Supplement. (f) The Pledged Stock issued or held by such Grantor (if any) constitutes the percentage of the issued and outstanding Stock of such Grantor indicated on Schedule I, as supplemented by any Grantor Supplement or Collateral Supplement executed and delivered by any Grantor. The Pledged Beneficial Interests issued or held by such Grantor (if any) constitute the percentage of the Beneficial Interests of the issuers thereof indicated on Schedule I, as supplemented by any Grantor Supplement or Collateral Supplement executed and delivered by any Grantor. 26 4916-2421-6404.v2 (g) If such Grantor is a trust or company (including an Asset Trustee) that holds legal title to an Asset, it is situated in a Contracting State (or another jurisdiction if necessary or desirable for tax, registration or other lease or ownership structuring reasons) and has the power to dispose of each Asset that it owns and the right to assign the International Interest provided for in each Cape Town Lease under which it is the lessor and all associated rights in respect of such Cape Town Lease that form part of the Collateral. If such Grantor is the lessor under a Cape Town Lease, upon the registration of such Cape Town Lease as an International Interest, it shall have the right to assign the International Interest provided for in such Cape Town Lease and all associated rights in respect of such Cape Town Lease that form part of the Collateral. (h) The Pledged Stock and the Pledged Beneficial Interests (and, as applicable, the interests constituting the Membership Interest Collateral (if any)) that are issued or held by such Grantor (i) have been duly authorized and validly issued and are fully paid up and nonassessable (or, in the case of the Pledged Beneficial Interests (or, as applicable, Membership Interest Collateral), not subject to any capital call or other additional capital requirement) and not subject to any preemptive rights, warrants, options or similar rights or restrictions in favor of third parties or any contractual or other restrictions upon transfer other than in favor of Lessees or otherwise as permitted or required under the Indenture and (ii) constitute all of the outstanding shares of capital stock, all of the beneficial interests and, as applicable, all of the membership interests in all of the direct and indirect Issuer Subsidiaries as of the date hereof. The Pledged Debt that is issued or held by such Grantor has been duly authorized, authenticated or issued and delivered, is the legal, valid and binding obligation of each obligor thereunder and is not in default. (i) A true and complete copy of each Assigned Agreement and each Assigned Part-Out Agreement in effect to which such Grantor is a party on the Initial Closing Date or on the date of any Grantor Supplement or Collateral Supplement to which such Grantor is a party, as applicable, has been delivered to the Security Trustee. Each such Assigned Agreement and each such Assigned Part-Out Agreement, as of the Initial Closing Date or as of the date of such Grantor Supplement or Collateral Supplement, as applicable, has been duly authorized, executed and delivered, is in full force and effect and is binding upon and enforceable against all parties thereto in accordance with its terms. (j) Each Account that exists on the Initial Closing Date or that is established and maintained thereafter for the benefit of such Grantor in accordance with Section 3.01 of the Indenture constitutes a "deposit account" within the meaning of Section 9-102(a)(29) of the UCC and, to the extent that the Trustee invests the Balance therein in Permitted Investments, a "securities account" within the meaning of Section 8-501 of the UCC. (k) Each of the Hedge Agreements and Asset Interests constitute "general intangibles" within the meaning of Section 9-102(a)(42) of the UCC. (l) The Pledged Stock and the Pledged Beneficial Interests issued or held by such Grantor (if any) constitute "certificated securities" within the meaning of Section 8- 102(a)(4) of the UCC, other than (i) the Membership Interest Collateral that does not expressly provide that such Membership Interest Collateral shall be governed by Article 8 of the UCC as in 27 4916-2421-6404.v2 effect in the jurisdiction of the issuer of such Membership Interest Collateral, (ii) any Pledged Stock or Pledged Beneficial Interests which constitute "uncertificated securities" within the meaning of Section 8-102(a)(18) of the UCC or (iii) any Pledged Beneficial Interests which do not constitute "securities" within the meaning of Section 8-102(a)(15) of the UCC. The Pledged Stock and the Pledged Beneficial Interests issued or held by such Grantor (if any) that constitute certificated securities have been delivered to the Security Trustee and either (A) are in bearer form, (B) have been indorsed, by an effective indorsement, to the Security Trustee or in blank or (C) have been registered in the name of the Security Trustee. The Security Trustee is the registered holder of the Pledged Stock and the Pledged Beneficial Interests issued or held by such Grantor (if any) constituting uncertificated securities which are registered. None of the Pledged Stock or the Pledged Beneficial Interests issued or held by such Grantor (if any) that constitute or evidence the Collateral have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Security Trustee. (m) Each Asset Trust (or Asset Trustee in respect of each Asset Trust) that is a Grantor hereunder represents and warrants as of the Initial Closing Date if it is a party to this Agreement as of such date or if it is not a party as of such date, as of the date it becomes a party to this Agreement, and as of each subsequent date on which such Grantor acquires an Asset, that it is duly qualified to act as a trust or a trustee (as applicable) in each jurisdiction necessary in order for the Security Trustee to enforce its rights in the Collateral, that it has the power and authority to execute and deliver this Agreement and the other Related Documents to which it is a party and to carry out their terms and to grant the security interest in the Collateral to the Security Trustee, and that the execution, delivery and performance of this Agreement and the other Related Documents to which such Grantor is a party have been duly authorized by all necessary action. ARTICLE V REMEDIES Section 5.01 Remedies. Upon delivery of a Default Notice to the Security Trustee pursuant to Section 4.02 of the Indenture (and so long as such Default Notice shall not have been rescinded and annulled as set forth in Section 4.02 of the Indenture), but not prior to the expiration of any Cure Period under the Indenture, or during the continuance of any Acceleration Default, the Security Trustee may, and upon the direction of the Trustee, shall: (a) apply to a court of competent jurisdiction to obtain specific performance or observance by the Issuer and any or all of the other Grantors of any covenant, agreement or undertaking on the part of the Issuer or any such Grantor hereunder that the Issuer or any such Grantor shall have failed to observe or perform or to obtain to aid in the execution of any power granted herein; and/or (b) require any Grantor to assemble, and such Grantor hereby agrees that it shall at its expense and upon request of the Security Trustee forthwith assemble, but subject to the rights of the Lessees, all or part of the Collateral as directed by the Security Trustee and make it available to the Security Trustee at a place to be designated by the Security Trustee that is reasonably convenient to both parties; and/or

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&nbsp;&nbsp;&nbsp;&nbsp;28 4916-2421-6404.v2 (c) without notice except as specified below, sell or cause the sale of the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Security Trustee's offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Security Trustee may deem commercially reasonable; and/or (d) exercise all rights of the applicable Grantors under any other agreement in respect of any Intercompany Loan with any Issuer Group Member or of any Grantor under any lease agreement entered into with any other Issuer Group Member; and/or (e) proceed to foreclose against the Collateral or any part thereof pursuant to this Agreement, and according to the Applicable Law of the jurisdiction or jurisdictions in which such Collateral or part thereof shall at the time be located and according to the Cape Town Convention, by doing any one or more or all of the following acts, as the Security Trustee, in its sole and complete discretion (acting in good faith), may then elect, or as directed by the Trustee: (i) exercise all the rights and remedies, in foreclosure and otherwise, available to it as Security Trustee and a secured party under the provisions of Applicable Law; (ii) institute legal proceedings to foreclose upon and against the security interest granted in and by this Agreement, the FAA Security Documents and the other Security Documents, to recover judgment for all amounts then due and owing as indebtedness secured hereby, and to collect the same out of any of the Collateral or the proceeds of any sale thereof; (iii) institute legal proceedings for the sale, under the judgment or decree of any court of competent jurisdiction, of any or all of the Collateral; (iv) without regard to the adequacy of the Collateral for the Indenture or any other agreement between the Security Trustee and the Issuer, any Grantor and their Affiliates, by virtue of this Agreement, any FAA Security Document, any other Security Document or otherwise, or any other collateral or other security or to the solvency of the Grantor, institute legal proceedings for the appointment of a receiver or receivers pending foreclosure hereunder or for the sale of any of the Collateral under the order of a court of competent jurisdiction or under other legal process; or (v) personally, or by agents or attorneys, enter upon any premises where the Collateral or any part thereof may then be located, and take possession of all or any part thereof or render it unusable; and without being responsible for loss or damage to such Collateral, sell, hold, store and keep idle, or lease, operate or otherwise use or permit the use of, the same or any part thereof, and demand, collect and retain all hire, earnings and other sums due and to become due in respect of the same from any party whomsoever, accounting for net earnings, if any, arising from such use and charging against all receipts from the use of the same or from the sale thereof, by court proceedings or pursuant to Section 5.02, all other costs, reasonable expenses, charges, damages and other losses resulting from such use in good faith. 29 4916-2421-6404.v2 The Security Trustee shall incur no liability as a result of the sale or lease of such Collateral or any part thereof at any sale pursuant to Section 5.02 conducted in a commercially reasonable manner (it being agreed that any such repossession, sale or lease conducted as provided in Section 5.02 shall be deemed to have been conducted in a commercially reasonable manner), and the Issuer and each Grantor hereby waives any claims against the Security Trustee arising by reason of the fact that the price at which such Collateral may have been sold at such sale was less than the price that might have been obtained, even if the Security Trustee accepts the first offer received and does not offer such Collateral to more than one Person. All reasonable expenses of obtaining any such judgment, bringing any such legal proceeding or of pursuing, searching for and taking the Collateral shall, until paid, be secured by the Encumbrance of this Agreement. Each Grantor shall permit representatives of the Security Trustee to be present at such Grantor's place of business to receive copies of all communications and remittances relating to the Collateral and shall forward copies of any notices or communications received with respect to the Collateral, all in such manner as the Security Trustee may require. Section 5.02 Delivery of Collateral, Power of Sale, etc. (a) If the Security Trustee should elect, or be directed by the Trustee, to foreclose upon and against the security interest created in and by this Agreement, each Grantor shall, at its expense and upon demand of the Security Trustee, deliver to the Security Trustee all or any part of the Collateral at such time or times and place or places as the Security Trustee may specify; and the Security Trustee is hereby authorized and empowered, in accordance with Applicable Law and without being responsible for loss or damage to such Collateral incurred other than solely by reason of the Security Trustee's gross negligence or willful misconduct, to enter upon any premises where the Collateral or any part thereof may be located and take possession of and remove the same. The Security Trustee may thereafter sell and dispose of, or cause to be sold and disposed of, all or any part of the Collateral pledged by any Grantor at one or more public or private sales, at such places and times and on such terms and conditions as the Security Trustee may deem fit in good faith (it being acknowledged that the Security Trustee shall not be liable to any of the Secured Parties in respect of any claim that any such purchase price was not the highest obtainable, provided that the Security Trustee shall have complied with the requirements of Applicable Law), with or without any previous demand to the Issuer, such Grantor or any other person, or advertisement of any such sale or other disposal upon notice to such Grantor (it being understood and agreed that such provision of notice to such Grantor shall not be deemed to limit or otherwise restrict the Security Trustee's rights and remedies hereunder or under any other agreement); and for the aforesaid purpose, any other notice of sale, any advertisement and other notice or demand, any right of equity of redemption and any obligation of a prospective purchaser to inquire as to the power and authority of the Security Trustee to sell or the application by the Security Trustee of the proceeds of sale or otherwise that would otherwise be required by, or available to such Grantor under, Applicable Law are hereby expressly waived by the Issuer and each other Grantor to the fullest extent permitted by such Applicable Law, except that the Security Trustee shall be obligated to deliver the notice of any proposed sale or lease of an Asset required by the Cape Town Convention. The Security Trustee shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. In the event that any mandatory requirement of Applicable Law shall obligate the Security Trustee to give different, additional or prior notice to the Issuer or any Grantor of any of the foregoing acts, the Issuer and 30 4916-2421-6404.v2 each Grantor hereby agrees that, to the extent permitted by Applicable Law, a written notice sent to it by mail or by facsimile, so as reasonably to be expected to be delivered to the Issuer or such Grantor at least five (5) Business Days before the date of any such act shall be deemed to be reasonable notice of such act and, specifically, reasonable notification of the time after which any private sale or other disposition intended to be made hereunder is to be made. (b) The Security Trustee shall not have any duty or obligation to use, operate, store, lease, control, manage, sell, dispose of or otherwise deal with the Assets or any other part of the Collateral, or otherwise to take or refrain from taking any action under, or in connection with, this Agreement or any Lease. If an Event of Default under the Indenture shall occur and be continuing and the Security Trustee shall have obtained possession of or title to any Asset, the Security Trustee shall not be obligated to use or operate such Asset or cause such Asset to be used or operated directly or indirectly by itself or through agents or other representatives or to lease, license or otherwise permit or provide for the use or operation of such Asset by any other Person unless the Security Trustee shall have been directed herewith by the Trustee, and indemnified to its satisfaction by the other Secured Parties, to do so and shall have been able to obtain insurance in kinds, at rates and in amounts satisfactory to the Trustee (and otherwise acceptable to the Security Trustee) to protect the Collateral and the Security Trustee against any and all liability for loss or damage to such Asset and for public liability and property damage resulting from use or operation of such Asset and funds are available in the Collateral to pay for all such insurance or, in lieu of such insurance, the Security Trustee is furnished with indemnification from any other Person upon terms and in amounts satisfactory to the Trustee (and otherwise acceptable to the Security Trustee) to protect the Collateral and the Security Trustee, both as Security Trustee and individually, against any and all such liabilities. Section 5.03 Right to Possession, etc. To the fullest extent each Grantor may lawfully agree, the right of the Security Trustee to take possession of and sell any of the Collateral in compliance with the provisions of this Article V shall not be affected by the provisions of any applicable reorganization or other similar law of any jurisdiction; and the Issuer and each Grantor shall not take advantage of any such law or agree to allow any agent, assignee or other party to take advantage of such law in its place, to which end the Issuer and each Grantor, for itself and all who may claim through it, as far as it or they now or hereafter lawfully may do so, hereby waives, to the fullest extent permitted under Applicable Law, any rights or defenses arising under any such law, and all rights to have the Collateral marshalled upon any foreclosure hereof, and hereby agrees that any court having jurisdiction to foreclose upon and against the security interest created in this Agreement may order the sale of the Collateral subject to such jurisdiction as an entirety or severally. Section 5.04 Application of Proceeds. (a) Following the occurrence and continuance of an Event of Default, all proceeds received by the Security Trustee under or pursuant to this Agreement, and all amounts received by the Trustee pursuant to the Indenture, shall be applied in the first place to pay all such payments, disbursements, expenses and losses whatsoever (together with interest thereon as hereinbefore provided for) as may have been incurred by the Security Trustee in or about or incidental to the exercise by the Security Trustee of the rights and powers specified in this Agreement, the Indenture, the Related Documents or in any other agreement or any of them and the balance shall be applied by the Trustee as provided in Sections 3.09 and 4.02 of the Indenture. 31 4916-2421-6404.v2 (b) Subject to the terms and conditions of this Agreement and the Indenture, the Security Trustee shall distribute (pursuant to the instructions of the Administrative Agent, acting in accordance with information provided by the Servicer, if applicable) to the Issuer and each Grantor, or any other Person entitled thereto, any payments in respect of Excluded Payments received by the Security Trustee promptly upon receipt thereof by the Security Trustee. Section 5.05 Matters Involving Manner of Sale. (a) At any sale pursuant to this Article V, whether by virtue of judicial proceedings contemplated in Section 5.01 or under the power of sale granted in Section 5.02, it shall not be necessary for the Security Trustee or a public officer under order of a court to have present physical or constructive possession of the Collateral to be sold. The recitals contained in any conveyances and receipts made and given by the Security Trustee in good faith or such public officer to any purchaser at any sale made pursuant to this Agreement shall, to the extent permitted by Applicable Law, conclusively establish the truth and accuracy of the matters therein stated (including, without limiting the generality of the foregoing, the amounts due and payable under the Indenture and the Related Documents and any other indebtedness secured hereby, the accrual and nonpayment thereof and advertisement and conduct of such sale in the manner provided herein and by Applicable Law) other than in the case of manifest error; and all prerequisites to such sale shall be presumed to have been satisfied and performed. (b) At any sale or sales made pursuant to this Article V, the Security Trustee or its agents may bid for or purchase, free from any right or equity of redemption in favor of the Issuer, the relevant Grantor and any person claiming by, through or under them (all such rights being in this Article V waived and released), any part of or all the Collateral offered for sale, and may make payment on account thereof by using any claim for moneys then due and payable to the Security Trustee or any Secured Party by the Issuer and such Grantor as a credit against the purchase price; and the Security Trustee upon compliance with the terms of sale, may hold, retain and dispose of such Collateral without further accountability therefor to the Issuer, the Grantor or any third party, except as expressly required by Applicable Law. In any such sale the Security Trustee shall not be obligated to make any representations or warranties with respect to the Collateral or any part thereof, and the Security Trustee shall not be chargeable with any of the obligations or liabilities of the Issuer or such Grantor with respect thereto. The Issuer and each Grantor hereby agrees (i) that it will indemnify and hold the Security Trustee harmless from and against any and all claims with respect to the Collateral asserted before the taking of actual possession or control thereof by the Security Trustee or its agents pursuant to this Article V, or arising out of any act of, or omission to act on the part of, any party other than the Security Trustee or any of its agents prior to such taking of actual possession or control by the Security Trustee, or arising out of any act of, or omission to act on the part of, the Issuer, the Grantor or any person claiming by, through or under the Issuer or such Grantor (not including the Security Trustee or any Person claiming by, through or under the Security Trustee) or any of their Affiliates or agents before or after the commencement of such actual possession or control by the Security Trustee or any of its agents; and (ii) that the Security Trustee shall have no liability or obligation arising out of any such claim.

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&nbsp;&nbsp;&nbsp;&nbsp;32 4916-2421-6404.v2 (c) Nothing herein contained shall be deemed to impair in any manner the absolute right of the Security Trustee to sell and convey title to the Collateral to the purchaser(s) at such sale(s) or to grant options with respect to or otherwise to realize upon all or such portion of the Collateral, at such time, and in such order, as it may elect in its sole and complete discretion in good faith, or to enforce any one or more remedies relative hereto either successively or concurrently; and the Grantor hereby agrees that the security interest, options and other rights hereby given to the Security Trustee shall remain unimpaired and unprejudiced until all the Collateral shall have been sold or this Agreement shall otherwise have ceased to be of any force or effect according to its terms, and that the enforcement of any right or remedy shall not operate to bar or estop the Security Trustee from exercising any other right or remedy available hereunder or under any other agreement between the Security Trustee and any of its Affiliates, on the one hand, and the Grantor, the Issuer or any person claiming by, through or under the Grantor, the Issuer and their Affiliates on the other hand, or otherwise, available at law, in equity or otherwise. Section 5.06 Relief Under Cape Town Convention. The parties agree that the Security Trustee may, in addition to or in connection with the remedies available hereunder or under any other Applicable Law, exercise of any and all remedies granted in the Cape Town Convention as it shall determine in its sole discretion. In connection therewith, the parties hereby agree to the extent permitted by Applicable Law that: (a) Article 9(1) and Article 9(2) of the Cape Town Convention, wherein the parties may agree or the court may order that any Collateral shall vest in the Security Trustee in or towards satisfaction of the Secured Obligations, shall not preclude the Security Trustee from obtaining title to any Collateral pursuant to any other remedies available under Applicable Law (including but not limited to Article 9-620 of the UCC); (b) any surplus of cash or cash proceeds held by the Security Trustee and remaining after payment in full of all the Secured Obligations shall be paid over to the Issuer upon its written direction or whomsoever may be lawfully entitled to receive such surplus; (c) the Security Trustee may obtain from any applicable court, pending final determination of any claim resulting from an Event of Default, speedy relief in the form of any of the orders specified in Article 13 of the Cape Town Convention and Article X of the Protocol as the Security Trustee shall determine in its sole and absolute discretion, subject to any procedural requirements prescribed by Applicable Laws; and (d) each Grantor consents to the discharge of any International Interest with respect to any Asset or Assigned Lease made with the International Registry by the Security Trustee (and further agrees that this Agreement shall constitute evidence of such consent to the International Registry). Section 5.07 Issuer as Trustee. The Security Trustee may, by notice to the Issuer or any Grantor, direct it to, and thereupon the Issuer or such Grantor shall, receive all proceeds of Collateral in trust for the Security Trustee, not commingle the same with any other property or funds of the Issuer or such Grantor and, unless the Security Trustee shall have otherwise instructed the Issuer or such Grantor, deliver or cause to be delivered all such proceeds in the 33 4916-2421-6404.v2 exact form received, together with any necessary endorsement, to the Security Trustee or to such Person or Persons as the Security Trustee may designate, except as provided in Article III of the Indenture. ARTICLE VI SECURITY INTEREST ABSOLUTE Section 6.01 Security Interest Absolute. A separate action or actions may be brought and prosecuted against each Grantor to enforce this Agreement, irrespective of whether any action is brought against any other Grantor or whether any other Grantor is joined in any such action or actions. All rights of the Security Trustee and the security interest and lien granted under, and all obligations of each Grantor under, this Agreement shall be absolute and unconditional, irrespective of: (a) any lack of validity or enforceability of any Related Document, Assigned Document, Assigned Lease or Hedge Agreement or any other agreement or instrument relating thereto; (b) any change in the time, manner or place of payment of, the security for, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from any Related Document, Assigned Document, Assigned Lease or Hedge Agreement or any other agreement or instrument relating thereto; (c) any taking, exchange, release or non-perfection of the Collateral or any other collateral or taking, release or amendment or waiver of or consent to departure from any guaranty, for all or any of the Secured Obligations; (d) any manner of application of collateral, or proceeds thereof, to all or any of the Secured Obligations, or any manner of sale or other disposition of any collateral for all or any of the Secured Obligations or any other assets of such Grantor; (e) any change, restructuring or termination of the corporate structure, partnership or trust or existence as applicable of any Grantor; or (f) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor or a third-party grantor of a security interest or a Person deemed to be a surety. ARTICLE VII THE SECURITY TRUSTEE AND OPERATING BANK Section 7.01 Authorization and Action. (a) Each Secured Party by its acceptance of the benefits of this Agreement shall be deemed to have appointed and authorized the Security Trustee to take such action as trustee on behalf of the Secured Parties and to exercise such powers and discretion under this 34 4916-2421-6404.v2 Agreement, the FAA Security Documents and the other Related Documents as are specifically delegated to the Security Trustee by the terms of, and to take instructions and directions from the Administrative Agent pursuant to, this Agreement, the FAA Security Documents and of the other Related Documents, and no implied duties and covenants shall be deemed to arise against the Security Trustee. For the avoidance of doubt, each Secured Party by its acceptance of the benefits of this Agreement hereby requests and instructs the Security Trustee to enter into all Assigned Lease-related documents and instruments which it is requested by any Grantor to enter into on this date and as may arise from time to time for the purpose of establishing and maintaining its security interest for itself and for the benefit of the other Secured Parties in respect of any Assigned Lease and each Grantor and Secured Party hereby agrees that the Security Trustee shall be afforded the same rights, protections, immunities and indemnities afforded to it hereunder, mutatis mutandis, in connection with the same (including, without limitation, any applicable Lease document or Lessee consent). (b) The Security Trustee accepts such appointment and agrees to perform the same but only upon the terms of this Agreement and the Indenture and agrees to receive and disburse all moneys received by it in accordance with the terms of this Agreement and the Indenture. The Security Trustee in its individual capacity shall not be answerable or accountable under any circumstances, except for its own willful misconduct or gross negligence (or simple negligence in the handling of funds) or breach of any of its representations and warranties set forth in this Agreement, and the Security Trustee shall not be liable for any action or inaction of any Grantor or any other parties to any of the Related Documents. Section 7.02 Absence of Duties. The powers conferred on the Security Trustee under this Agreement, each FAA Security Document and each other Security Documents with respect to the Collateral are solely to protect its interest in this Agreement and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession (which, for the avoidance of doubt, shall not include any Collateral held by the Custodian) and the accounting for moneys actually received by it under this Agreement, any FAA Security Document or any other Security Document, the Security Trustee shall have no duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not any Secured Party has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve or perfect rights against any parties or any other rights pertaining to any Collateral. The Security Trustee shall have no duty to ascertain or inquire into or verify the performance or observance of any covenants, conditions or agreements on the part of any Grantor or Lessee or other party to the Related Documents. Section 7.03 Representations or Warranties. The Security Trustee does not make, and shall not be deemed to have made, any representation or warranty as to any recital, statement, representation or warranty (whether written or oral) set forth in on in connection with this Agreement, any FAA Security Document, any other Related Document or any certificate or other document referred to or provided for in, or received by any of them under, any Related Document (other than such representations and warranties of the Security Trustee as expressly set forth in this Section 7.03), the validity, legality or enforceability of this Agreement, any FAA Security Document, any other Related Document or any other document or instrument or as to the correctness of any statement contained in any thereof, or as to the validity or sufficiency of 35 4916-2421-6404.v2 any of the pledge and security interests granted hereby, except that the Security Trustee in its individual capacity hereby represents and warrants (a) that each such specified document to which it is a party has been or will be duly executed and delivered by one of its officers who is and will be duly authorized to execute and deliver such document on its behalf, and (b) this Agreement, each FAA Security Document and each other Security Document is the legal, valid and binding obligation of the Security Trustee, enforceable against the Security Trustee in accordance with its terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors' rights generally. Section 7.04 Reliance; Agents; Advice of Counsel. (a) The Security Trustee shall incur no liability to anyone as a result of acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document believed by it to be genuine and believed by it to be signed by the proper party or parties. The Security Trustee may accept a copy of a resolution of the board or other governing body of any party to this Agreement, any FAA Security Document or any Related Document, certified by the Secretary or an Assistant Secretary thereof or other duly authorized Person of such party as duly adopted and in full force and effect, as conclusive evidence that such resolution has been duly adopted by said board or other governing body and that the same is in full force and effect. As to any fact or matter the manner of ascertainment of which is not specifically described in this Agreement, or any FAA Security Document, the Security Trustee shall be entitled to receive and may for all purposes hereof conclusively rely on a certificate, and shall be fully protected in acting or refraining from acting upon, signed by an officer of any duly authorized Person, as to such fact or matter, and such certificate shall constitute full protection to the Security Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. The Security Trustee shall furnish to each Service Provider upon request such information and copies of such documents as the Security Trustee may have and as are necessary for such Service Provider to perform its duties under the applicable Related Documents. The Security Trustee shall assume, and shall be fully protected in assuming, that each other party to this Agreement and any FAA Security Document is authorized by its organizational documents to enter into this Agreement, any such FAA Security Document and to take all action permitted to be taken by it pursuant to the provisions of this Agreement or such FAA Security Document, as applicable, and shall not have any duty to inquire into the authorization of such party with respect thereto. (b) The Security Trustee may execute any of the powers hereunder or perform any duties under this Agreement or any FAA Security Document either directly or by or through agents, including financial advisors, or attorneys or a custodian or nominee, and the Security Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder. (c) The Security Trustee may consult with counsel and any opinion or advice of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it under this Agreement or any FAA Security Document in good faith and in accordance with such opinion or advice of such counsel.

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&nbsp;&nbsp;&nbsp;&nbsp;36 4916-2421-6404.v2 (d) The Security Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement or any FAA Security Document, or to institute, conduct or defend any litigation under this Agreement or any FAA Security Document or in relation hereto or thereto, at the request, order or direction of any of the Secured Parties, pursuant to the provisions of this Agreement, unless such Secured Party shall have offered to the Security Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred therein or thereby. (e) The Security Trustee shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it, and none of the provisions contained in this Agreement or any FAA Security Document shall in any event require the Security Trustee to perform, or be responsible or liable for the manner of performance of, any obligations of the Issuer, the Administrative Agent or any other Person under any of the Related Documents. (f) The Security Trustee shall not be liable for any costs, Taxes or the selection of Permitted Investments made in accordance with this Agreement, the FAA Security Documents and the Indenture or for any investment losses resulting from Permitted Investments made in accordance with this Agreement, the FAA Security Documents and the Indenture. (g) When the Security Trustee incurs expenses or renders services in connection with an exercise of remedies specified in Section 5.01 or during an insolvency case or proceeding, such expenses (including the fees and expenses of its counsel) and the compensation for such services are intended to constitute expenses of administration under any bankruptcy law or law relating to creditors' rights generally. (h) The Security Trustee shall not be charged with knowledge of an Event of Default unless a Responsible Officer of the Security Trustee obtains actual knowledge of such event or the Security Trustee receives written notice of such event from any of the Secured Parties or the Administrative Agent. (i) The Security Trustee shall have no duty to (i) monitor the performance of the Issuer, the Administrative Agent or any other party to the Related Documents or (ii) monitor or maintain the priority or perfection of the security interest in the Collateral, nor shall it have any liability in connection with the appointment of the Administrative Agent, or the malfeasance or nonfeasance by such parties. The Security Trustee shall have no liability in connection with non-compliance by the Issuer, the Administrative Agent, the Servicer or any Lessee under a Lease with statutory or regulatory requirements related to the Collateral, any Asset or any Lease. The Security Trustee shall not make or be deemed to have made any representations or warranties with respect to the Collateral, any Asset or any Lease or the validity or sufficiency of any assignment or other disposition of the Collateral, any Asset, or any Lease. (j) In no event shall the Security Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not 37 4916-2421-6404.v2 limited to, loss of profit), even if the Security Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. (k) In no event shall the Security Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or other similar catastrophic acts and interruptions, loss or malfunctions of utilities, communications or computer services. Section 7.05 No Individual Liability. The Security Trustee shall have no individual liability in respect of all or any part of the Secured Obligations, and all shall look, subject to the lien and priorities of payment provided herein and in the Indenture, only to the property of the Grantors for payment or satisfaction of the Secured Obligations. Section 7.06 Cape Town Convention. The Security Trustee, during the term of this Agreement, shall establish and maintain a valid and existing account as a Transacting User Entity with the International Registry and, at the request of the applicable Grantor, the Administrative Agent or the Servicer or their respective agents or counsel, appoint an Administrator and/or a Professional User Entity to make registrations and deregistrations in regard to the Collateral as required by this Agreement in accordance with the Perfection Standards. Without limiting the foregoing, so long as no Event of Default has occurred and is continuing, the Security Trustee shall, at the request and sole expense of the Grantor, take such actions as reasonably required to the discharge of any International Interest with respect to any Asset or Assigned Lease upon certification by the applicable Issuer (or applicable Servicer on its behalf) that the related Lease has expired or terminated or related Asset has been disposed of in a transaction permitted by the Indenture. Section 7.07 Operating Bank. (a) If at any time the Person acting as the Operating Bank is no longer the Security Trustee, the Security Trustee shall so notify the Administrative Agent, the Trustee and the Issuer, and the Security Trustee shall cause the Administrative Agent to establish and maintain the Security Trustee Accounts with the Person then acting as the Security Trustee as provided in the Administrative Agreement and the Person then acting as the Security Trustee shall assume the obligations of the Operating Bank under this Agreement. (b) The Operating Bank shall not be liable for any actions taken or omitted to be taken except to the extent of its own gross negligence or willful misconduct (or simple negligence in its handling of funds), and no implied duties shall be deemed to arise against the Operating Bank. The Operating Bank shall be entitled to the rights, privileges, immunities and indemnities afforded to the Security Trustee under this Agreement. The Operating Bank agrees to perform its duties hereunder in accordance with the requirements of, and subject to the limitations of the duties of, a Securities Intermediary under the UCC. Section 7.08 French Security. Without limiting the generality of the foregoing provisions of this Article VII or any other provision hereof, the appointment of the Security 38 4916-2421-6404.v2 Trustee shall include the appointment of the Security Trustee as the security agent (agent des sûretés) of the Secured Parties for the purposes, inter alia, of receiving, administering and enforcing, each solely in accordance with the express terms of the Related Documents to which it is a party, any security granted over shares or assets located in France and/or any rights or claims governed by French law (collectively, "French Security"), in the Security Trustee's own name for the benefit of such Secured Parties, as creditors of the Secured Obligations, in accordance with articles 2488-6 to 2488-12 of the French Civil Code (Code civil), and that accordingly the Security Trustee shall, in such capacity, enjoy the rights and prerogatives of an agent des sûretés in respect thereto. Each of the foregoing provisions of this Article VII and the provisions of Article VIII hereof shall apply with respect to such appointment of the Security Trustee as agent des sûretés and are repeated mutatis mutandis in this Section 7.08 with respect to its appointment as agent des sûretés, and each of the parties hereto acknowledge and agree that in accordance with such appointment as agent des sûretés: (a) the agent des sûretés, will, in such capacity, be the direct title holder (titulaire) of any French Security and the direct beneficiary of such French Security; (b) the rights and assets acquired by the agent des sûretés in carrying out its functions in such capacity will constitute separate property (patrimoine affecté) allocated thereto, distinct from its own property (patrimoine propre); (c) the foregoing provisions of this Article VII and the provisions of Article VIII hereof set forth the capacity in which the agent des sûretés has been so appointed, the purpose and the term of such appointment and the scope of its power in connection with such appointment for the purposes of Article 2488-7 of the French Civil Code; and (d) the agent des sûretés shall be entitled, without being required to prove the existence of a special mandate, to exercise any action necessary in order to defend the interests of the creditors of the Secured Obligations in connection with any French Security, including filing claims in insolvency proceedings. Section 7.09 Force Majeure. In no event shall the Security Trustee or Operating Bank be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, epidemics, pandemics nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Security Trustee and Operating Bank shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. ARTICLE VIII SUCCESSOR TRUSTEES Section 8.01 Resignation and Removal of Security Trustee. The Security Trustee may resign at any time without cause by giving at least sixty (60) days' prior written notice to the 39 4916-2421-6404.v2 Issuer, the Trustee, the Servicer and the Administrative Agent. The Controlling Party may at any time remove the Security Trustee without cause by an instrument in writing delivered to the Issuer, the Servicer, the Administrative Agent and the Security Trustee. In addition, if the Security Trustee is also the Trustee, any removal of the Trustee pursuant to Section 7.01 of the Indenture shall (unless otherwise provided in the document or instrument removing the Trustee) be automatically a removal of the Security Trustee under this Agreement. No termination of or resignation by the Security Trustee pursuant to this Section 6.01 shall become effective prior to the date of appointment by the Controlling Party of a successor Security Trustee and the acceptance of such appointment by such successor Security Trustee. Section 8.02 Appointment of Successor. (a) In the case of the resignation or removal of the Security Trustee, the Issuer shall promptly appoint a successor Security Trustee; provided that the Controlling Party, on behalf of the Secured Parties, may appoint, within one year after such resignation or removal, a successor Security Trustee. If a successor Security Trustee shall not have been appointed and accepted its appointment hereunder within sixty (60) days after the Security Trustee gives notice of resignation or is removed, the retiring or removed Security Trustee, the Issuer, the Administrative Agent, the Servicer or a Controlling Party may petition any court of competent jurisdiction for the appointment of a successor Security Trustee. Any successor Security Trustee so appointed by such court shall immediately and without further act be superseded by any successor Security Trustee appointed as provided in the first sentence of this paragraph within one year from the date of the appointment by such court. (b) Any successor Security Trustee shall execute and deliver to the Secured Parties an instrument accepting such appointment. Upon the acceptance of any appointment as Security Trustee hereunder, a successor Security Trustee, upon the execution and filing or recording of such financing statements, or amendments thereto, and such amendments or supplements to this Agreement, such discharges and registrations with the International Registry, the FAA or any other Applicable Aviation Authority, the FAA Security Documents and such other instruments or notices, as may be necessary or desirable, or as the Senior Trustee may request, in order to continue the perfection (if any) of the liens granted or purported to be granted hereby, shall succeed to and become vested with all the rights, powers, discretion, privileges and duties of the retiring Security Trustee, and the retiring Security Trustee shall be discharged from its duties and obligations under this Agreement, the FAA Security Documents and the other Related Documents. The retiring Security Trustee shall take all steps necessary to transfer all Collateral in its possession and all its control over the Collateral to the successor Security Trustee. After any retiring Security Trustee's resignation or removal hereunder as to any actions taken or omitted to be taken by it while it was Security Trustee, the provisions of all of Article VII and Article IX shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Security Trustee under this Agreement. (c) Each Security Trustee shall be an Eligible Institution, so long as there is such an institution willing, able and legally qualified to perform the duties of a Security Trustee hereunder, and shall meet the Eligibility Requirements; provided that the Rating Agencies shall receive notice of any replacement Security Trustee.

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&nbsp;&nbsp;&nbsp;&nbsp;40 4916-2421-6404.v2 (d) Any corporation or other entity into which the Security Trustee may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Security Trustee shall be a party, or any corporation to which all or substantially all of the corporate trust business of the Security Trustee may be transferred, shall, subject to Section 8.02(c), be the Security Trustee under this Agreement and any other Related Document without further act. (e) Following the resignation or removal of the Security Trustee, and the appointment and acceptance of such appointment by a successor Security Trustee, all references to "New York" herein shall be deemed to refer to the state in which the Security Trustee is physically located. Upon acceptance of such appointment by a successor Security Trustee (unless any provider of an Eligible Credit Facility is the Controlling Party and as Controlling Party has removed the original Security Trustee), the Issuer shall cause to be delivered to the Security Trustee and the Trustee an opinion of counsel setting forth any actions that must be taken to maintain the perfection and priority of the lien of this Agreement on the Collateral and the Issuer shall cause such action to be taken (provided that such counsel shall not be required to opine on the actual priority of such lien and that the Grantors shall not be obligated to take any action described in such opinion that is inconsistent with the Perfection Standards). Thereafter, any opinions delivered in connection with such successor Security Trustee shall be delivered in place of the applicable New York law opinions to be delivered hereunder. ARTICLE IX INDEMNITY; EXPENSES; SUBORDINATION Section 9.01 Indemnity (a) The Issuer shall indemnify the Security Trustee (and its officers, directors, employees, representatives and agents) for, and defend and hold it harmless against, any loss, liability or expense (including reasonable legal fees and expenses) incurred by it in connection with the acceptance or administration of this Agreement, the FAA Security Documents and any other Security Documents and its duties hereunder and thereunder, including the costs and expenses of defending itself against any claim or liability and of complying with any process served upon it or any of its officers in connection with the exercise or performance of any of its powers or duties hereunder and hold it harmless against, any loss, liability or reasonable expense incurred without negligence or bad faith on its part. The Security Trustee shall notify the Issuer promptly of any claim asserted against the Security Trustee for which it may seek indemnity; provided, however, that failure to provide such notice shall not invalidate any right to indemnity hereunder. The Issuer shall defend the claim and the Security Trustee shall cooperate in the defense. The Security Trustee may have separate counsel and the Issuer shall pay reasonable fees and expenses of such counsel. The Issuer need not pay for any settlements made without its consent; provided that such consent shall not be unreasonably withheld or delayed. In no event shall the Issuer settle or compromise a claim against the Security Trustee (or its directors, employees, representatives or agents) on behalf of the Security Trustee (or its directors, employees, representatives or agents) without the consent of the Security Trustee (such consent not to be unreasonably withheld or delayed). The Issuer need not reimburse any expense or indemnity against any loss or liability incurred by the Security Trustee through negligence or 41 4916-2421-6404.v2 willful misconduct. Notwithstanding anything contained herein to the contrary, it is expressly understood that (i) the Security Trustee shall not be liable to the Issuer, any Grantor or any other Person for any act taken by or omission to act by a Lessee and (ii) any act or omission in respect of any obligation of the Security Trustee undertaken on behalf of the applicable lessor in compliance with and pursuant to the terms of the applicable Lease, or any document or instrument delivered pursuant to or in relation thereto, resulting in loss, liability or expense incurred by the Security Trustee, based upon a claim by the related Lessee, shall not constitute negligence or willful misconduct for the purposes of this Section 9.01. (b) The Issuer shall on the Payment Date following demand therefor pay to the Security Trustee the amount of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and of any experts and agents, that the Security Trustee may incur in connection with (i) the administration of this Agreement, (ii) the custody, preservation, use or operation of, or the sale of, collection from or other realization upon, any of the Collateral, (iii) the exercise or enforcement of any of the rights of the Security Trustee or any other Secured Party against any Grantor hereunder, or (iv) the failure by any Grantor to perform or observe any of the provisions hereof. (c) The Issuer shall indemnify the Operating Bank (and its officers, directors, employees, representatives and agents) for, and hold it harmless against, any loss, liability or expense (including reasonable legal fees and expenses) incurred by it without negligence or bad faith on its part in connection with the acceptance or administration of this Agreement and its duties hereunder, including the costs and expenses of defending itself against any claim or liability and of complying with any process served upon it or any of its officers in connection with the exercise or performance of any of its powers or duties hereunder and hold it harmless against, any loss, liability or reasonable expense incurred without negligence or bad faith on its part. The Operating Bank shall notify the Issuer promptly of any claim asserted against the Operating Bank for which it may seek indemnity; provided, however, that failure to provide such notice shall not invalidate any right to indemnity hereunder. The Issuer shall defend the claim and the Operating Bank shall cooperate in the defense. The Operating Bank may have separate counsel and the Issuer shall pay reasonable fees and expenses of such counsel. The Issuer need not pay for any settlements made without its consent; provided that such consent shall not be unreasonably withheld or delayed. In no event shall the Issuer settle or compromise a claim on behalf of the Operating Bank (or its officers, directors, employees, representatives or agents) without the consent of the Operating Bank (such consent not to be unreasonably withheld or delayed). The Issuer need not reimburse any expense or indemnity against any loss or liability incurred by the Operating Bank through negligence or willful misconduct. (d) The Security Trustee shall be entitled to be indemnified (subject to the limitations and requirements described in Section 9.01(a)) by the other Secured Parties to the sole satisfaction of the Security Trustee before proceeding to exercise any right or power under this Agreement or any other Security Document at the request or direction of the Senior Representative. Section 9.02 Survival. The provisions of Section 9.01 and this Section 9.02 shall survive the termination of this Agreement or the earlier resignation or removal of the Security Trustee or the Operating Bank. 42 4916-2421-6404.v2 Section 9.03 No Compensation from Secured Parties. Each of the Security Trustee and the Operating Bank agrees that it shall have no right against the Secured Parties for any fee as compensation for its services in such capacity. Section 9.04 Security Trustee Fees. In consideration of the Security Trustee's performance of the services provided for under this Agreement, the FAA Security Documents and the other Security Documents, the Issuer shall pay to the Security Trustee an annual fee set forth under a separate agreement between the Issuer and the Security Trustee in accordance with Article III of the Indenture. Section 9.05 Subordination and Priority (a) Notwithstanding the date, manner or order of attachment or perfection (if any) or the description of any collateral or security interests, liens, claims or encumbrances covered or granted by Section 2.01, each Subordinated Representative, by its execution of a Secured Party Supplement or this Agreement, agrees that the respective rights and interest of the Subordinated Secured Claimants in the Collateral are and shall be subordinate, to the extent and in the manner set forth hereinafter and in Articles III and X of the Indenture, to all rights and interest of the Senior Secured Claimants in the Collateral, and that the Senior Secured Claimants shall have at all times interests prior and senior to that of the Subordinated Secured Claimants in all Collateral until the payment in full of all Senior Secured Claims owed to such Senior Secured Claimants. (b) For the purposes of this Agreement, no Senior Secured Claims shall be deemed to have been paid in full until and unless such Senior Secured Claims shall have been paid in full in cash to the applicable recipient in respect of such Senior Secured Claims. (c) Notwithstanding anything contained herein to the contrary, payments from any property (or the proceeds thereof) deposited in the Redemption/Defeasance Account or the Refinancing Account pursuant to Section 3.11 of the Indenture or Article XI of the Indenture shall not be subordinated to the prior payment of any Senior Secured Claimants in respect of any Senior Secured Claims or subject to any other restrictions set forth in this Article IX, and none of the Holders or, if applicable, Certificate Holders or other Persons (including any Subordinated Representative), shall be obligated to pay over any such payments from any such property to the Security Trustee or any other creditor of any of the Grantors. Section 9.06 Exercise of Remedies (a) Until the date on which all the Senior Secured Claims shall have been paid in full, the Senior Representative, in its sole discretion and to the exclusion of the Subordinated Representatives, shall have, whether or not any default under the Indenture shall have occurred and be continuing and both before and after the commencement of any proceeding referred to in Section 9.07(a), the sole and exclusive right (as between the Senior Representative, on the one hand, and the Subordinated Representatives, on the other) to direct the Security Trustee to take all action with respect to the Collateral, including the right to exercise or direct voting or other consensual rights, to foreclose or forebear from foreclosure in respect of the Collateral and to accept the Collateral in full or partial satisfaction of any Senior Secured Claim, all in accordance with the terms of this Agreement. The Subordinated Representatives agree 43 4916-2421-6404.v2 that, until the Senior Secured Claims have been paid in full, the only right of the Subordinated Secured Claimants under this Agreement is for the Subordinated Secured Claims to be secured by the Collateral for the period and to the extent provided for herein or in the Indenture and to receive a share of the proceeds of the Collateral, if any, subject to payment priorities set forth in Article III of the Indenture. (b) The Subordinated Representatives agree that, so long as any of the Senior Secured Claims shall remain unpaid, they and the Subordinated Secured Claimants will not commence, or join with any creditor other than the Security Trustee and the Senior Secured Claimants in commencing, any enforcement, collection, execution, levy or foreclosure proceeding with respect to the Collateral or proceeds of Collateral. Upon request by the Senior Representative, the Subordinated Representatives and the Subordinated Secured Claimants will, at the expense of the Issuer, join in enforcement, collection, execution, levy or foreclosure proceedings and otherwise cooperate fully in the maintenance of such proceedings by the Security Trustee, including by executing and delivering all such consents, pleadings, releases and other documents and instruments as the Security Trustee may reasonably request in connection therewith, it being understood that the conduct of such proceedings shall at all times be under the exclusive control of the Security Trustee acting upon the directions of the Senior Representative. (c) The Subordinated Representatives agree, upon written request by the Senior Representative, to release the liens and security interests in favor of the Subordinated Secured Claimants in any Collateral and to execute and deliver all such directions, consents, pleadings, releases and other documents and instruments as the Senior Representative may reasonably request in connection therewith, upon any sale, lease, transfer or other disposition of such Collateral or part thereof in accordance with, or for application of proceeds pursuant to, Section 9.05(a). (d) The Subordinated Representatives agree that neither they nor any Subordinated Secured Claimants will contest, or bring (or join in) any action or proceeding for the purpose of contesting, the validity, perfection or priority of, or seeking to avoid, the rights of the Senior Representative or the Senior Secured Claimants in or with respect to the Collateral. Section 9.07 Further Agreements of Subordination. The Subordinated Representatives agree as follows: (a) Upon any distribution of all or any of the Collateral or proceeds of Collateral to creditors of any Grantor upon the dissolution, winding-up, liquidation, arrangement, reorganization, adjustment, protection, relief or composition of such Grantor or its debts, whether in any bankruptcy, insolvency, arrangement, reorganization, receivership, relief or similar case or proceedings or upon an assignment for the benefit of creditors or any other marshaling of the assets and liabilities of such Grantor, or otherwise, any distribution of any kind of Collateral or proceeds of Collateral that otherwise would be deliverable upon or with respect to the Subordinated Secured Claims shall be delivered directly to the Security Trustee for application (in the case of cash) to or as collateral (in the case of non-cash property or securities) for the payment or prepayment of the Senior Secured Claims until the Senior Secured Claims shall have been paid in full.

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&nbsp;&nbsp;&nbsp;&nbsp;44 4916-2421-6404.v2 (b) If any case or proceeding referred to in Section 9.07(a) is commenced by or against any Grantor: (i) the Security Trustee is hereby irrevocably authorized and empowered (in its own name or in the name of the Secured Parties or otherwise), but shall have no obligation, to demand, sue for, collect and receive every distribution referred to in subsection (a) above and give acquittance therefor and to file claims and proofs of claim and take such other action (including enforcing this Agreement) as it may deem necessary or advisable, or as the Senior Representative may direct, for the exercise or enforcement of any of the rights or interests of the Senior Secured Claimants hereunder; and (ii) the Subordinated Representatives shall duly and promptly take such action, at the expense of the Issuer, as the Senior Representative may request (A) to collect Collateral and proceeds of Collateral for the account of the Senior Secured Claimants and to file appropriate claims or proofs of claim in respect of Collateral and proceeds of Collateral, (B) to execute and deliver to the Security Trustee such powers of attorney, assignments or other instruments as the Senior Representative may request in order to enable it to enforce any and all claims with respect to the Collateral and proceeds of Collateral and (C) to collect and receive any and all payments or distributions that may be payable or deliverable upon or with respect to the Collateral or proceeds of Collateral. Without limiting the generality of any of the foregoing, if any proceeding referred to in Section 9.07(a) is commenced by or against any Grantor, the Subordinated Secured Claimants shall, upon written demand from the Senior Representative or the Security Trustee, file such claims in such proceeding as the Senior Representative or the Security Trustee, as applicable, shall request in such written demand or any subsequent written demand provided in connection therewith; provided, however, that should one or more Subordinated Secured Claimants fail to comply fully with any such demand within 30 days of receipt by such Subordinated Secured Claimant of the relevant demand, such Subordinated Secured Claimant (by holding its respective Notes or Beneficial Interest Certificate or the execution of a Secured Party Supplement or this Agreement) shall be deemed to have irrevocably appointed the Security Trustee its attorney-in-fact to file and prosecute any such claim and to dispose of any proceeds of such filing or prosecution in accordance with the terms hereof and of the other Related Documents. (c) All payments or distributions upon or with respect to the Collateral or proceeds of Collateral that are received by the Subordinated Representatives or the Subordinated Secured Claimants contrary to the provisions of this Agreement shall be received for the benefit of the Senior Secured Claimants, shall be segregated from other funds and property held by the Subordinated Representatives or the Subordinated Secured Claimants and shall be forthwith paid over to the Security Trustee in the same form as so received (with any necessary endorsement) to be applied (in the case of cash) to or held as collateral (in the case of non-cash property or securities) for the payment or prepayment of the Senior Secured Claims in accordance with the terms thereof. (d) The Senior Representative is hereby authorized to demand specific performance of this Agreement at any time when any of the Subordinated Representatives or the 45 4916-2421-6404.v2 Subordinated Secured Claimants shall have failed to comply with any of the provisions of this Agreement applicable to them. The Subordinated Representatives hereby irrevocably waive, on their own behalf and on behalf of the Subordinated Secured Claimants, to the fullest extent permitted by applicable law, any defense based on the adequacy of a remedy at law that might be asserted as a bar to such remedy of specific performance. Section 9.08 Rights of Subrogation. The Subordinated Representatives agree that no payment or distributions to the Senior Representative or the Senior Secured Claimants pursuant to the provisions of this Agreement shall entitle any Subordinated Representative or any Subordinated Secured Claimant to exercise any rights of subrogation in respect thereof until all obligations constituting Senior Secured Claims with respect to such Person shall have been paid in full. Section 9.09 Further Assurances of Subordinated Representatives. Each of the Subordinated Representatives shall, at the expense of the Issuer, at any time and from time to time promptly execute and deliver all further instruments and documents, and take all further action, that the Senior Representative or the Security Trustee may reasonably request, in order to protect any right or interest granted or purported to be granted hereby or to enable the Senior Representative and the Security Trustee to exercise and enforce their rights and remedies hereunder. Section 9.10 Miscellaneous Subordination Provisions. (a) The Subordinated Representatives and the Subordinated Secured Claimants will not sell, assign, pledge, encumber or otherwise dispose of any of their rights in the Collateral as such or in proceeds of Collateral as such, without the prior written consent of the Senior Representative. Nothing in this Section 9.10(a) shall limit the right of any Subordinated Secured Claimant (i) to transfer any Subordinated Secured Claim including any Note or Beneficial Interest Certificate or (ii) to sell, assign, pledge, encumber or otherwise dispose of any Note or Beneficial Interest Certificate or Collateral, if permitted or required pursuant to a Related Document. (b) Each of the Subordinated Representatives waives, on its own behalf and on behalf of the Subordinated Secured Claimants, to the fullest extent permitted by applicable law, any requirement regarding, and agrees not to demand, request, plead or otherwise claim the benefit of, any marshaling, appraisement, valuation or other similar right with respect to the Collateral that may otherwise be available under applicable law or any other similar rights a junior creditor or junior secured creditor may have under applicable law. (c) Nothing in this Agreement shall impair (i) as between the Issuer and any Secured Party, the obligations of the Issuer to such Secured Party, including the Senior Secured Claims and the Subordinated Secured Claims, or (ii) as between the Senior Secured Claimants and the Subordinated Secured Claimants, the provisions relating to the priority of payments in the Indenture; provided that it is understood that the enforcement of rights and remedies against the Collateral shall be subject to the terms of this Agreement. 46 4916-2421-6404.v2 (d) Upon the payment in full of the Senior Secured Claims in respect of which it is acting as Security Trustee, the Security Trustee shall, without any further action on its part, be relieved of any obligation under this Agreement with respect to such discharged Senior Secured Claims and this Agreement shall continue in effect as an agreement among the remaining Secured Parties. (e) Prior to the date which is one year and one day after the payment in full of the Notes, each Secured Party agrees by signing the Secured Party Supplement or this Agreement that in respect of amounts due to any Secured Party hereunder not to directly or indirectly take any steps or action against the Issuer or any Issuer Subsidiary, seeking to adjudicate any of them as bankrupt or insolvent; seeking liquidation, bankruptcy, winding up, examination, reorganization, arrangement, adjustment, protection, relief or composition of its debt under any law relating to bankruptcy, insolvency or reorganization or relief of debtors; or seeking the entry of an order for relief of the appointment of a receiver (other than pursuant to Section 5.01(e)(iv)), bankruptcy trustee, liquidator, administrator or other similar official for either all or any substantial part of its property; provided, however, that nothing herein shall prevent the Security Trustee from otherwise participating in such bankruptcy proceeding instituted by any other Person. ARTICLE X MISCELLANEOUS Section 10.01 Amendments; Waivers; Etc. (a) No amendment or waiver of any provision of this Agreement, and no consent to any departure by any party from the provisions of this Agreement, shall in any event be effective unless the same shall be in writing and signed by the Issuer and the Security Trustee, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No failure on the part of the Security Trustee to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. In executing and delivering any amendment or modification to this Agreement, the Security Trustee shall be entitled to (i) an Opinion of Counsel stating that such amendment is authorized and permitted pursuant to the Indenture and this Agreement and that such amendment or modification complies with the terms thereof and hereof and (ii) an Officer's Certificate stating that all conditions precedent to the execution, delivery and performance of such amendment have been satisfied in full. The foregoing provisions shall not apply to the execution and delivery of any supplement hereto as provided for herein (including, without limitation, any Grantor Supplement or Collateral Supplement) to the extent that any such supplement does not purport to amend, modify or waive any provision of this Agreement other than as contemplated by clauses (b) and (c) below. The Security Trustee and the Operating Bank may, but shall have no obligation to, execute and deliver any amendment or modification which would affect its duties, powers, rights, immunities or indemnities hereunder. (b) Upon the execution and delivery by an Additional Grantor of a Grantor Supplement, Annexes I, II, III, IV and V attached to such Grantor Supplement shall be 47 4916-2421-6404.v2 incorporated into, become a part of and supplement Section 2.01 and Schedules I, II, III, IV and V, respectively, and the Security Trustee may attach such Annexes as supplements to such Schedules; and each reference to such Schedules shall be a reference to such Schedules as so supplemented. (c) Upon the execution and delivery by a Grantor of a Collateral Supplement, Annexes I, II and V attached to such Collateral Supplement shall be incorporated into, become a part of and supplement Schedules I, II and V, respectively, and the Security Trustee may attach such Annexes as supplements to such Schedules; and each reference to such Schedules shall be a reference to such Schedules as so supplemented. Section 10.02 Addresses for Notices. All notices, demands, certificates, requests, directions, instructions and communications hereunder shall be in writing and shall be effective (i) upon receipt when sent through the mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return receipt, or (ii) one Business Day after delivery to an overnight courier, or (iii) on the date personally delivered to an authorized officer of the party to which sent, (iv) on the date transmitted by legible telecopier transmission with a confirmation of receipt, or (v) on the date transmitted by e-mail, in all cases addressed to the recipient as follows: (a) For each Grantor: Willis Engine Structured Trust VIII c/o Wilmington Trust Company 1100 North Market Street Rodney Square North Wilmington, Delaware 19890 Attention: Corporate Trust Administrator Fax: (301) 651-8882 with a copy to: Willis Lease Finance Corporation 4700 Lyons Technology Parkway Coconut Creek, Florida 33073 Attention: General Counsel Telephone: +1 (561) 349-9989 (b) For the Security Trustee, the Operating Bank and the Trustee: U.S. Bank National Association Global Corporate Trust 190 South LaSalle Street Chicago, IL 60603 Attention: Juan Hernandez (West VIII Administrator) E-mail: juan.hernandez3@usbank.com

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&nbsp;&nbsp;&nbsp;&nbsp;48 4916-2421-6404.v2 or, as to each party, at such other address as shall be designated by such party in a written notice to each other party complying as to delivery with the terms of this Section 8.02. Each party also shall provide a copy of each notice, demand, certificate, request, direction, instruction and communication to the Trustee, but the failure to do so shall not affect the validity of such notice, demand, certificate, request, direction, instruction or communication. In connection with the performance of their respective duties hereunder, each party may give notices, consents, directions, approvals, instructions and requests to, and otherwise communicate with, each other using electronic means, including email transmission to such email addresses as each such party shall designate to the other parties, and, if by electronic means to the Trustee, the Security Trustee or the Operating Bank, unless otherwise agreed by the applicable parties, delivered as a .PDF (Portable Document Format) or other attachment to email including a manual authorized signature on such attached notice, consent, direction, approval, instruction, request or other communication. The Security Trustee and the Operating Bank shall have no liability for the use of digital signatures and electronic methods to submit communications to the Security Trustee and the Operating Bank, including without limitation as a result of the risk of the Security Trustee and/or the Operating Bank acting on unauthorized instructions as a result of such use, and the risk of interception and misuse by third parties. Section 10.03 No Waiver; Remedies. No failure on the part of the Security Trustee (or any beneficiary of the security interest in favor of the Secured Party pursuant to this Agreement) to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. Section 10.04 Severability. If any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired. Section 10.05 Continuing Security Interest; Assignments. Subject to Section 10.06(c), this Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the earlier of the payment in full in cash of the Secured Obligations and the circumstances specified in Section 10.06(c), (b) be binding upon each Grantor, its successors and assigns and (c) inure, together with the rights and remedies of the Security Trustee hereunder, to the benefit of the Secured Parties and their respective successors, transferees and assigns. Without limiting the generality of the foregoing subsection (c), any Secured Party may assign or otherwise transfer all or any portion of its rights and obligations under any Related Document to which it is a party in accordance with the terms thereof to any other Person or entity, and such other Person or entity shall thereupon become vested with all the rights in respect thereof granted to such Secured Party herein or otherwise. Section 10.06 Release and Termination. (a) Upon any sale, lease, re-lease, transfer, release or other disposition of any item of Collateral or the Security Trustee's security interest therein in accordance with the terms of the Related Documents, the Security Trustee will, at the Issuer's expense, execute and deliver 49 4916-2421-6404.v2 to the Grantor of such item of Collateral such documents as such Grantor shall reasonably request in writing and provide to the Security Trustee to evidence the release of such item of Collateral from the assignment and security interest granted hereby, and shall take all actions as shall be requested in writing by such Grantor necessary to discharge any interests in the Collateral registered on the International Registry in favor of the Security Trustee. (b) Except as otherwise provided in Section 10.06(c), upon the payment in full in cash of the Secured Obligations, the pledge, assignment and security interest granted hereby shall terminate and all rights to the Collateral shall revert to the Grantors and all Collateral held by the Security Trustee shall be returned to the Issuer. Upon any such termination, the Security Trustee will, at the Issuer's expense, execute and deliver to each relevant Grantor such documents as such Grantor shall prepare and reasonably request in writing to evidence such termination, and shall take all actions as shall be requested in writing by such Grantor necessary to discharge any interests in the Collateral registered on the International Registry in favor of the Security Trustee. (c) If at any time all Notes have been defeased pursuant to Article XII of the Indenture, the pledge, assignment and security interest in the Collateral shall be released and the certificates or other instruments representing or evidencing any of the Collateral held by the Security Trustee, shall be returned to the Issuer and the Security Trustee shall, at the expense of the Issuer, execute and deliver to the Issuer such documents as the Issuer shall prepare and reasonably request in writing to evidence such termination. Section 10.07 Currency Conversion. If any amount is received or recovered by the Security Trustee in a Received Currency other than the Agreed Currency, then the amount in the Received Currency actually received or recovered by the Security Trustee, to the extent permitted by law, shall, to the fullest extent permitted by Applicable Law, only constitute a discharge of the relevant Grantor to the extent of the amount of the Agreed Currency which the Security Trustee was or would have been able in accordance with its or his normal procedures to purchase on the date of actual receipt or recovery (or, if that is not practicable, on the next date on which it is so practicable), and, if the amount of the Agreed Currency which the Security Trustee is or would have been so able to purchase is less than the amount of the Agreed Currency which was originally payable by the relevant Grantor, such Grantor shall pay to the Security Trustee such amount as it shall determine to be necessary to indemnify the Security Trustee against any Loss sustained by it as a result (including the cost of making any such purchase and any premiums, commissions or other charges paid or incurred in connection therewith) and so that such indemnity, to the fullest extent permitted by Applicable Law, (i) shall constitute a separate and independent obligation of each Grantor distinct from its obligation to discharge the amount which was originally payable by such Grantor and (ii) shall give rise to a separate and independent cause of action and apply irrespective of any indulgence granted by the Security Trustee and continue in full force and effect notwithstanding any judgment, order, claim or proof for a liquidated amount in respect of the amount originally payable by any Grantor or any judgment or order and no proof or evidence of any actual loss shall be required. Section 10.08 Governing Law. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW 50 4916-2421-6404.v2 YORK GENERAL OBLIGATIONS LAWS BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. Section 10.09 Jurisdiction; Waiver of Jury Trial. (a) Each of the parties hereto agrees that the Supreme Court of the State of New York sitting in the Borough of Manhattan, and of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan, and any appellate court from any thereof, shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and, for such purposes, submits to the jurisdiction of such courts. Each of the parties hereto waives any objection which it might now or hereafter have to such New York State or, to the extent permitted by law, such U.S. federal court being nominated as the forum to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and agrees not to claim that any such court is not a convenient or appropriate forum. Each of the Issuer and the Issuer Subsidiaries party hereto from time to time agrees that the process by which any suit, action or proceeding is begun in such New York State or U.S. federal court may be served on it by being delivered in connection with any such suit, action or proceeding directly to its address determined for such party pursuant to Section 10.02 or in the applicable Grantor Supplement or, in the case of any Grantor who does not have a place of business in the United States, (a) in the case of each such Grantor party to this Agreement on the date hereof, to Corporation Service Company having an address as of the date hereof at 1180 Avenue of the Americas, Suite 210, New York, NY 10036, as process agent thereof and (b) in the case of each such Grantor executing a Grantor Supplement, to the Person named as the process agent of such party (each such process agent, a "Process Agent") in such Grantor Supplement. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. (b) The submission to the jurisdiction of the courts referred to in Section 10.09(a) shall not (and shall not be construed so as to) limit the right of the Security Trustee to take proceedings against any Grantor in any other court of competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction, whether concurrently or not. (c) Each of the parties hereto hereby consents generally in respect of any legal action or proceeding arising out of or in connection with this Agreement to the giving of any relief or the issue of any process in connection with such action or proceeding, including the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such action or proceeding. (d) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES THE RIGHT TO DEMAND A TRIAL BY JURY, IN ANY SUCH SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, THE OTHER RELATED DOCUMENTS, OR THE SUBJECT MATTER HEREOF OR THEREOF OR THE OVERALL TRANSACTION BROUGHT BY ANY OF THE PARTIES HERETO OR THEIR SUCCESSORS OR ASSIGNS. 51 4916-2421-6404.v2 Section 10.10 Counterparts. This Agreement may be executed in two or more counterparts by the parties hereto, and each such counterpart shall be considered an original and all such counterparts shall constitute one and the same instrument. The words "execution," "signed," "signature," and words of like import in this Agreement and any other Related Document shall be deemed to include electronic signatures or the keeping of records in electronic form (including, but not limited to DocuSign), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Section 10.11 **Table of Contents**, Headings, Etc. The **Table of Contents** and headings of the Articles and Sections of this Agreement have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms and provisions hereof. Section 10.12 Limited Recourse. Notwithstanding any other provision of this Agreement, the Indenture or any other Related Document, the obligations of the Issuer and each Additional Grantor to make any payments under the Notes, this Agreement, the Indenture or any other Related Document shall be equal to the nominal amount of each payment or, if less, the actual amount received or recovered from time to time by or on behalf of the Issuer or each Additional Grantor, as applicable, which consists of funds which are entitled to be applied by the Issuer or each Additional Grantor, as applicable, in making such payment in accordance with this Agreement, the Indenture and the other Related Documents from the Collateral, including the proceeds of any contingent claims that are included in the Collateral, and no Secured Party will have further recourse to the Issuer or each Additional Grantor in respect of such obligations beyond its rights under this Agreement, the Indenture or the Related Documents. On enforcement of this Agreement, after realization of the Collateral, including liquidation of any contingent claims that are included in the Collateral, and distribution of all proceeds the Collateral, including the proceeds of any such contingent claims, in accordance with this Agreement and the Indenture, none of the Secured Parties may take any further steps against the Issuer or each Additional Grantor or against any shareholder, director or officer of the Issuer or each Additional Grantor in respect of such obligations. This provision shall not prevent any payment becoming due for the purposes of an Event of Default. Section 10.13 Compliance with Applicable Regulations. In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including but not limited to those relating to the funding of terrorist activities and money laundering, including without limitation, Section 326 of the USA PATRIOT Act of the United States ("Applicable Regulations"), each of the Security Trustee and the Operating Bank is required to obtain, verify and record and update certain information relating to individuals and entities which maintain a business relationship with the Security Trustee or the Operating Bank. Accordingly, each of the parties hereto agrees to provide to each of the Security Trustee and the Operating Bank, upon its request from time to time, such identifying information and documentation as may be available for such party in order to enable each of the Security Trustee and the Operating Bank to comply with Applicable Regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;52 4916-2421-6404.v2 Section 10.14 Security Agent. If the capacity of the Security Trustee as security trustee under this Agreement is not recognized under the Applicable Law of any jurisdiction, then the capacity of the Security Trustee as security trustee shall, for purposes of enforcement of this Agreement in such jurisdiction, be deemed to be replaced by the capacity of a security agent, and all references to "Security Trustee" in this Agreement shall be deemed references to "Security Agent" for such purposes; provided that all of the rights, powers, protections, immunities and indemnities of the Security Trustee set forth in this Agreement shall apply to the "Security Agent", notwithstanding such designation. Section 10.15 Senior Representative Direction. Except as otherwise provided in this Agreement or any other Related Document, the Senior Representative (if the Senior Representative is also the Senior Trustee) shall be entitled to rely upon and act at the written direction of the Holders of a majority of the Outstanding Principal Balance of the Senior Series), as specified in the definition of Senior Trustee and following notice to Holders of the Senior Series of any event following which the Senior Representative may take or omit to take any action, the Senior Representative shall have no obligation to take any remedial action in the absence of such direction. [Signature Pages Follow] - Signature Page - Security Trust Agreement WEST VIII 4916-2421-6404.v2 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by its representative or officer thereunto duly authorized as of the date first above written. U.S. BANK NATIONAL ASSOCIATION, as Security Trustee By: /s/ Maritza Hernandez Name: Maritza Hernandez Title: Vice President - Signature Page - Security Trust Agreement WEST VIII 4916-2421-6404.v2 U.S. BANK NATIONAL ASSOCIATION, as Operating Bank By: /s/ Maritza Hernandez Name: Maritza Hernandez Title: Vice President - Signature Page - Security Trust Agreement WEST VIII 4916-2421-6404.v2 WILLIS ENGINE STRUCTURED TRUST VIII, as the Issuer By: /s/ Z. Clifton Dameron IV Name: Z. Clifton Dameron IV Title: Controlling Trustee

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 4916-2421-6404.v2 Appendix A SECURITY TRUST AGREEMENT DEFINITIONS For all purposes of this Agreement, all capitalized terms used, but not defined, in this Agreement shall have the respective meanings assigned to such terms in the Indenture, and the following terms have the meanings indicated below: "Account Collateral" means (i) all right of a Grantor in and to each Account, deposit account and/or securities account at any time or from time to time established; (ii) all cash, investment property, Permitted Investments, other investments, securities, instruments, investment property or other property (including all "financial assets" within the meaning of Section 8-102(a)(9) of the UCC) at any time or from time to time on deposit in or credited to, or required to be deposited or credited to, any such Account, deposit account and/or securities account, and (iii) all interest, dividends, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing. "Account Letters" has the meaning specified in Section 3.03(b)(ii)(A). "Additional Grantor" means each Issuer Subsidiary that executes and delivers a Grantor Supplement in accordance with Section 3.01(b). "Agreement" has the meaning specified in the recital of parties to this Agreement. "Asset Collateral" has the meaning specified in Section 2.01(a). "Asset Mortgage" means an Asset Mortgage substantially in the form of Exhibit D-1 attached hereto. "Asset Mortgage and Lease Security Assignment" means an Asset Mortgage and Lease Security Assignment substantially in the form of Exhibit D-2 attached hereto. "Asset Purchase Collateral" has the meaning specified in Section 2.01(i). "Asset Trusts" has the meaning specified in the recital of parties to this Agreement. "Assigned Agreement Collateral" means (i) all of each Grantor's right, title and interest in and to all Assigned Agreements; and (ii) all of each Grantor's right, title and interest in and to all deposit accounts, all funds or other property held in such deposit accounts, all certificates and instruments, if any, from time to time representing or evidencing such deposit accounts and all other property of whatever nature, in each case pledged, assigned or transferred to it or mortgaged or charged in its favor pursuant to any Assigned Agreement and all supporting obligations (as defined in Section 9-102(a)(77) of the UCC) relating to any Assigned Agreement. 57 4916-2421-6404.v2 "Assigned Agreements" means, in respect of any Grantor, all security assignments, cash deposit agreements and other security agreements executed in its favor, in each case as such agreements may be amended or otherwise modified from time to time. "Assigned Documents" means, collectively, the Assigned Agreements, the Assigned Part-Out Agreements, the Service Provider Documents included in the Servicing Collateral and the Asset Purchase Agreement and Acquisition Agreements included in the Asset Purchase Collateral. "Assigned Lease" has the meaning specified in Section 2.01(a)(iii). "Assigned Part-Out Agreement" has the meaning specified in Section 2.01(a)(iv). "Assigned U.S. Lease" means an Assigned Lease in respect of which the Lessee is a U.S. Lessee. "Beneficial Interest Collateral" means (i) the Pledged Beneficial Interests, all certificates, if any, from time to time representing such Pledged Beneficial Interests, any contracts and instruments pursuant to which any such Pledged Beneficial Interests are created or issued and all distributions, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Beneficial Interest after the Initial Closing Date; and (ii) all additional beneficial interests in any Issuer Subsidiary (including any Asset Trust or other Issuer Subsidiary the ownership of which is represented by beneficial interests), from time to time acquired by each Grantor in any manner, including the beneficial interests in any Issuer Subsidiary that may be formed from time to time, and all options and other rights to acquire beneficial interests, and all certificates and/or instruments, if any, from time to time representing such additional beneficial interests and all distributions, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all such additional beneficial interests. "Book-Entry Rules" means 31 C.F.R. § 357 (Treasury bills, notes and bonds); 12 C.F.R. § 615 (book-entry securities of the Farm Credit Administration); 12 C.F.R. §§ 910 and 912 (book-entry securities of the Federal Home Loan Banks); 24 C.F.R. § 81 (book-entry securities of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation); 12 C.F.R. § 1511 (book-entry securities of the Resolution Funding Corporation or any successor thereto); 31 C.F.R. § 354 (book-entry securities of the Student Loan Marketing Association); and any substantially comparable book-entry rules of any other Federal agency or instrumentality. "Cape Town Convention" means the Convention on International Interests in Mobile Equipment and its Protocol on Matters Specific to Aircraft Equipment, concluded in Cape Town on 16 November 2001. "Cape Town Lease" means any Lease either (a) that is entered into, extended or novated after March 1, 2006 with a Cape Town Lessee or (b) that is a Lease of an Airframe (that qualifies 58 4916-2421-6404.v2 as an Aircraft Object) that is registered in a "Contracting State" at the time such Lease was or is entered into or novated or at the time such Lease's term was amended. "Cape Town Lessee" means a lessee of an Asset (that qualifies as an Aircraft Object) under a Lease that is "situated in" a "Contracting State" at the time such Lease was or is entered into or novated or at the time such Lease's term was amended. "Certificated Security" means a certificated security (as defined in Section 8-102(a)(4) of the UCC) other than a Government Security. "Collateral" has the meaning specified in Section 2.01. "Collateral Obligors" means the parties, other than the Issuer or any Issuer Subsidiary, to the Service Provider Documents, the Hedge Agreements, the Initial Liquidity Facility or any Eligible Credit Facility, the Asset Purchase Agreement and any Acquisition Agreement. "Collateral Supplement" means a supplement to this Agreement in substantially the form attached hereto as Exhibit A-2 executed and delivered by a Grantor. "Consent and Agreement" means a consent executed by each party to an Assigned Document delivered in accordance with Section 3.04(a) in substantially the form attached hereto as Exhibit C. "Contracting State" has the meaning set forth in the Cape Town Convention. "Contract of Sale" has the meaning set forth in the Cape Town Convention. "Custodian" means the Person appointed as custodian under the Custodian Agreement. The initial Custodian shall be McAfee & Taft. "Custodian Agreement" means the Custodian Agreement dated as of June 18, 2025 between the Security Trustee, the Issuer and the Custodian. "De Minimis Account" means an account of an Issuer Subsidiary established for local tax or other regulatory or legal reasons to hold a de minimis amount of funds. "Debt Collateral" means the following: (i) the Pledged Debt and all instruments evidencing the Pledged Debt, and all interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Debt after the Initial Closing Date; and (ii) all additional indebtedness from time to time owed to each Grantor by any Issuer Subsidiary and the certificates and/or instruments evidencing such indebtedness, and all interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such indebtedness. "Delivery Date" has the meaning set forth in the Asset Purchase Agreement. 59 4916-2421-6404.v2 "Designated Address" means Global Corporate Trust, 190 South LaSalle Street, Chicago, IL 60603, Attention: Juan Hernandez or such other location in the United States as may be notified in writing by the Security Trustee to the Issuer and the Trustee from time to time. "Excluded Payments" means payments in respect of (i) indemnities (including interest thereon, if applicable) payable (directly or indirectly) by a Lessee to an indemnitee (other than to a Grantor for its own account) pursuant to a Lease and (ii) proceeds of public liability insurance in respect of the Assets payable, directly or indirectly, as a result of insurance claims paid, or losses suffered, by a Person (other than a Grantor for its own account) and including, for the avoidance of doubt, the Lessee. "FAA Security Documents" means, collectively, each Asset Mortgage, each Asset Mortgage and Lease Security Assignment and each Lease Security Assignment. "French Security" has the meaning specified in Section 7.08. "Government Security" means any security that is issued or guaranteed by the United States of America or an agency or instrumentality thereof and that is maintained in book-entry on the records of the Federal Reserve Bank of New York and is subject to the Book-Entry Rules. "Grantors" has the meaning specified in the recital of parties to this Agreement. "Grantor Supplement" means a supplement to this Agreement in substantially the form attached hereto as Exhibit A-3 executed and delivered by an Issuer Subsidiary. "Hedge Agreements" means any interest rate or currency swap, cap, floor, Swaption, or other interest rate or currency hedging agreement between the Issuer and any hedge provider entered into in accordance with Section 5.02(f)(iv) of the Indenture. "Hedge Collateral" has the meaning specified in Section 2.01(j). "Indenture" has the meaning specified in the preliminary statements to this Agreement. "Indenture Obligations" means all obligations of the Issuer under and in respect of all Notes and/or the Indenture including all obligations of the Issuer to make payments of principal of and interest (including the Step-Up Interest Amount and interest following the filing of a petition initiating any insolvency proceeding) and premium, if any, on the Notes and all obligations of the Issuer to pay any fees, expenses or other amounts under or in respect of the Notes, the Indenture, or any other Related Document in respect of the Notes, and all obligations in respect of any amendment, modification, extension, renewal or refinancing of the Notes. "Initial Liquidity Facility Provider" means MUFG Bank, Ltd., and its successors and permitted assigns, or any provider of an Eligible Credit Facility so designated by a Trustee Resolution. "Instrument" means any "instrument" as defined in Section 9-102(a)(47) of the UCC.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 4916-2421-6404.v2 instruments, if any, representing such additional shares of the capital stock and all dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all such additional shares. "Subordinated Representative" means, at any time, any trustee or representative of any holders or owners (or, in the absence of any such Person, such holders and owners) of any Secured Obligations other than the Senior Representative at such time. "Subordinated Secured Claimants" means, at any time, the holders and owners of Subordinated Secured Claims. "Subordinated Secured Claims" means (a) with respect to any Expenses, all other Secured Obligations and (b) with respect to any other Secured Obligations, all Secured Obligations as to which the payment of such other Secured Obligation constitutes a Prior Ranking Amount. "UCC" means the Uniform Commercial Code as in effect on the date of determination in the State of New York; provided that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, "UCC" means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions of this Agreement relating to such perfection or effect of perfection or non-perfection. "Uncertificated Security" means an uncertificated security (as defined in Section 8- 102(a)(18) of the UCC) other than a Government Security. "USB" has the meaning specified in the recital of parties to this Agreement. "U.S. Lessee" means a Lessee that has its principal place of business in the United States of America. 68 4916-2421-6404.v2 Schedule I SECURITY TRUST AGREEMENT PLEDGED STOCK Stock Issuer Par Value Certificate No(s). Number of Issued Shares Percentage of Issued Shares N/A N/A N/A N/A N/A PLEDGED MEMBERSHIP INTERESTS Issuer Certificate No. Percentage of Membership Interest N/A N/A N/A PLEDGED BENEFICIAL INTERESTS Issuer Certificate No. Percentage of Beneficial Interest N/A N/A N/A PLEDGED DEBT Debt Issuer Description of Debt Date N/A N/A N/A 69 4916-2421-6404.v2 Schedule II SECURITY TRUST AGREEMENT ACCOUNT INFORMATION The following are the wire instructions for all payments: U.S. Bank N.A ABA: [\*] BNF: U.S. Bank N.A. A/C: [\*] OBI: WEST VIII ACCT # (See table below) Portfolio Number Account [\*] Collections Account [\*] Lessee Funded Account [\*] Security Deposit Account [\*] Expense Account [\*] Series Account for Series A Notes [\*] Series Account for Series B Notes [\*] Asset Purchase Account [\*] Asset Replacement Account [\*] Liquidity Facility Reserve Account [\*] Initial Liquidity Payment Account [\*] Maintenance Reserve Account [\*] Asset Disposition Contribution Account [\*] DSCR Cash Trap Account [\*] Hedge Termination Payment Account 71 4916-2421-6404.v2 Schedule III SECURITY TRUST AGREEMENT PRINCIPAL OFFICES Name of Grantor Chief Executive Office, Chief Place of Business and Registered Office Willis Engine Structured Trust VIII Willis Engine Structured Trust VIII c/o Wilmington Trust Company 1100 North Market Street Wilmington, Delaware 19890-1605 Attention: Corporate Trust Administrator Facsimile: (302) 651-8882

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 4916-2421-6404.v2 Schedule IV SECURITY TRUST AGREEMENT PROCESS AGENT Name of Grantor Process Agent N/A N/A 69 4916-2421-6404.v2 Schedule V SECURITY TRUST AGREEMENT ASSET TRUSTS None 70 4916-2421-6404.v2 Schedule VI SECURITY TRUST AGREEMENT OTHER ISSUER GROUP SUBSIDIARIES None 71 4916-2421-6404.v2 Schedule VII SECURITY TRUST AGREEMENT LEASES None

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 4916-2421-6404.v2 Schedule VIII SECURITY TRUST AGREEMENT ASSETS None 77 4916-2421-6404.v2 Exhibit A-1 SECURITY TRUST AGREEMENT FORM OF SECURED PARTY SUPPLEMENT U.S. Bank National Association, as Security Trustee Global Corporate Trust 190 South LaSalle Street Chicago, IL 60603 Attention: Juan Hernandez (West VIII Administrator) Email: juan.hernandez3@usbank.com [Date] Re: Security Trust Agreement, dated as of June 18, 2025 Ladies and Gentlemen: Reference is made to the Security Trust Agreement (as amended from time to time, the "Security Trust Agreement"), dated as of June 18, 2025 among WILLIS ENGINE STRUCTURED TRUST VIII, a Delaware statutory trust (the "Issuer"), each of the ISSUER SUBSIDIARIES (including each Asset Trust) party thereto from time to time as a grantor (such Subsidiaries, together with the Issuer and the Asset Trusts, the "Grantors"), and U.S. BANK NATIONAL ASSOCIATION, a national banking association ("USB"), as Security Trustee (in such capacity, the "Security Trustee") and as operating bank. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Security Trust Agreement. The undersigned hereby: 1. confirms that delivered herewith is a true and complete copy of the [describe agreement], between [the Issuer][applicable Issuer Subsidiary] and the undersigned, dated as of ____ ], which is [a Hedge Agreement][a Servicer Provider Document][an Acquisition Agreement][the Initial Liquidity Facility] referred to in the Security Trust Agreement [FOR HEDGE PROVIDERS ENTITLED TO SENIOR HEDGE PAYMENTS ADD: payments under which constitute Hedge Payments under and as defined in the Indenture, entitled to the priority of payments specified in Section 3.09(a)(ii) of the Indenture and Section 3.09(b)(iii) of the Indenture; 2. confirms that it has received a copy of the Security Trust Agreement and such other documents and information as it deems appropriate to make a decision to enter into this Secured Party Supplement; 3. confirms that, upon delivery of this Secured Party Supplement, each reference in the Security Trust Agreement to a "Secured Party" shall also mean and be a reference to the undersigned and the undersigned accepts the benefits of the Security Trust Agreement subject to the terms and provisions thereof (including Article IX thereof); 74 4916-2421-6404.v2 4. in its capacity as a Secured Party, appoints and authorizes the Security Trustee to take any and all actions in respect of the Collateral as are delegated to the Security Trustee by the terms of the Security Trust Agreement, together with any such powers and discretion as are reasonably incidental thereto; 5. in its capacity as a Secured Party, confirms its agreement to the limitations and qualifications of the Security Trustee's obligations set forth in Article VII of the Security Trust Agreement and acknowledges that the rights of the Security Trustee as a collateral assignee of the Servicing Agreement are limited as provided by Section 12.01 of the Servicing Agreement; 6. confirms that notwithstanding any other provision of this Secured Party Supplement, the Security Trust Agreement, the Indenture or any other Related Document, the obligations of the Issuer to make any payments under the Notes, the Security Trust Agreement, the Indenture or any other Related Document shall be equal to the nominal amount of each payment or, if less, the actual amount received or recovered from time to time by or on behalf of the Issuer which consists of funds which are entitled to be applied by the Issuer in making such payment in accordance with the Security Trust Agreement and the Indenture from the Collateral, including the proceeds of any contingent claims that are included in the Collateral, and no Secured Party will have further recourse to the Issuer in respect of such obligations beyond its rights under the Security Trust Agreement and the Indenture. On enforcement of the Security Trust Agreement, after realization of the Collateral, including liquidation of any contingent claims that are included in the Collateral, and distribution of all proceeds of the Collateral, including the proceeds of any such contingent claims, in accordance with the Security Trust Agreement and the Indenture, none of the Secured Parties may take any further steps against the Issuer or against any shareholder, director or officer of the Issuer in respect of such obligations. This provision shall not prevent any payment becoming due for the purposes of an Event of Default. This Secured Party Supplement may be executed in two or more counterparts by the parties hereto, and each such counterpart shall be considered an original and all such counterparts shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Secured Party Supplement by facsimile or in electronic format (e.g., "pdf" or "tif") shall be effective as delivery of a manually executed counterpart of this Secured Party. [Signature pages follow] 75 4916-2421-6404.v2 This Secured Party Supplement shall in all respects be governed by, and construed in accordance with, the laws of the State of New York, including Sections 5-1401 and 5-1402 of the New York General Obligations Laws but otherwise without regard to conflict of laws principles. Very truly yours, [NAME OF SECURED PARTY] By: ____________________________________ Name: Title: Acknowledged and agreed to as of the date first above written: U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as the Security Trustee By: ____________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;81 4916-2421-6404.v2 Exhibit A-2 SECURITY TRUST AGREEMENT FORM OF COLLATERAL SUPPLEMENT U.S. Bank National Association, as Security Trustee Global Corporate Trust 190 South LaSalle Street Chicago, IL 60603 Attention: Juan Hernandez (West VIII Administrator) Email: juan.hernandez3@usbank.com [Date] Re: Security Trust Agreement, dated as of June 18, 2025 Ladies and Gentlemen: Reference is made to the Security Trust Agreement (as amended from time to time, the "Security Trust Agreement"), dated as of June 18, 2025 among WILLIS ENGINE STRUCTURED TRUST VIII, a Delaware statutory trust (the "Issuer"), each of the ISSUER SUBSIDIARIES (including each Asset Trust) party thereto from time to time as a grantor (such Subsidiaries, together with the Issuer and the Asset Trusts, the "Grantors"), and U.S. BANK NATIONAL ASSOCIATION, a national banking association ("USB"), as Security Trustee (in such capacity, the "Security Trustee") and as operating bank. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Security Trust Agreement. The undersigned Grantor hereby delivers, as of the date first above written, the attached Annexes I through VIII pursuant to Section 3.01 of the Security Trust Agreement. The undersigned Grantor hereby confirms that the property included in the attached Annexes constitutes part of the Collateral and hereby makes each representation and warranty set forth in Section 4.02 of the Security Trust Agreement (as supplemented by the attached Annexes). If and to the extent applicable, the undersigned Grantor makes the following representations and warranties: The Pledged Stock, the Pledged Beneficial Interests and the Pledged Membership Interests described in Annex I hereto constitute "certificated securities" within the meaning of Section 8-102(4) of the UCC. Such Pledged Stock, Pledged Beneficial Interests and Pledged Membership Interests have been delivered to the Security Trustee. Such Pledged Stock, Pledged Beneficial Interests and Pledged Membership Interests either (i) are in bearer form, (ii) have been indorsed, by an effective indorsement, to the Security Trustee or in blank or (iii) have been registered in the name of the Security Trustee. None of such Pledged Stock, Pledged Beneficial Interests and Pledged Membership Interests that constitute or evidence the Collateral have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Security Trustee. 77 4916-2421-6404.v2 Attached are [(i) an Account Letter in substantially the form of Exhibit B to the Security Trust Agreement from each Account Bank at which each Account included in the foregoing Collateral is maintained, (ii) where required with respect to any Assigned Document included in the foregoing Collateral, a Consent and Agreement in substantially the form of Exhibit C to the Security Trust Agreement from the counterparty thereto or, with respect to any Assigned Lease included in the foregoing Collateral, such consents, acknowledgements and/or notices as are called for under Section 3.04(a) of the Security Trust Agreement and (iii)] duly completed copies of Annexes I through VIII hereto only to the extent setting forth information not previously provided in the corresponding Schedule of the Security Trust Agreement (as supplemented prior to the date hereof). This Collateral Supplement may be executed in two or more counterparts by the parties hereto, and each such counterpart shall be considered an original and all such counterparts shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Collateral Supplement by facsimile or in electronic format (e.g., "pdf" or "tif") shall be effective as delivery of a manually executed counterpart of this Collateral Supplement. [Signature pages follow] 78 4916-2421-6404.v2 This Collateral Supplement shall in all respects be governed by, and construed in accordance with, the laws of the State of New York, including Sections 5-1401 and 5-1402 of the New York General Obligations Laws but otherwise without regard to conflict of laws principles. Very truly yours, [NAME OF GRANTOR] By: ____________________________________ Name: Title: Acknowledged and agreed to as of the date first above written: U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as the Security Trustee By: ____________________________________ Name: Title: 79 4916-2421-6404.v2 Annex I COLLATERAL SUPPLEMENT PLEDGED STOCK Stock Issuer Par Value Certificate No(s). Number of Issued Shares Percentage of Issued Shares PLEDGED MEMBERSHIP INTERESTS Issuer Certificate No. Percentage of Membership Interest PLEDGED BENEFICIAL INTERESTS Issuer Certificate No. Percentage of Beneficial Interest PLEDGED DEBT Debt Issuer Description of Debt Date

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 4916-2421-6404.v2 ANNEX II COLLATERAL SUPPLEMENT ACCOUNT INFORMATION NAME AND ADDRESS OF BANK NAME OF ACCOUNT HOLDER ACCOUNT NUMBER 81 4916-2421-6404.v2 ANNEX V COLLATERAL SUPPLEMENT ASSET TRUSTS 82 4916-2421-6404.v2 ANNEX VI COLLATERAL SUPPLEMENT OTHER ISSUER SUBSIDIARIES 83 4916-2421-6404.v2 ANNEX VII COLLATERAL SUPPLEMENT LEASES

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 4916-2421-6404.v2 ANNEX VIII COLLATERAL SUPPLEMENT ASSETS 85 4916-2421-6404.v2 Exhibit A-3 SECURITY TRUST AGREEMENT FORM OF GRANTOR SUPPLEMENT U.S. Bank National Association, as Security Trustee Global Corporate Trust 190 South LaSalle Street Chicago, IL 60603 Attention: Juan Hernandez (West VIII Administrator) Email: juan.hernandez3@usbank.com [Date] Re: Security Trust Agreement, dated as of June 18, 2025 Ladies and Gentlemen: Reference is made to the Security Trust Agreement (as amended from time to time, the "Security Trust Agreement"), dated as of June 18, 2025 among WILLIS ENGINE STRUCTURED TRUST VIII, a Delaware statutory trust (the "Issuer"), each of the ISSUER SUBSIDIARIES (including each Asset Trust) party thereto from time to time as a grantor (such Subsidiaries, together with the Issuer and the Asset Trusts, the "Grantors"), and U.S. BANK NATIONAL ASSOCIATION, a national banking association ("USB"), as Security Trustee (in such capacity, the "Security Trustee") and as operating bank. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Security Trust Agreement. The undersigned hereby agrees, as of the date first above written, to become a Grantor under the Security Trust Agreement as if it were an original party thereto and agrees that each reference in the Security Trust Agreement to "Grantor" shall also mean and be a reference to the undersigned. To secure the payment and performance of the Secured Obligations, the undersigned hereby grants, assigns, conveys, mortgages, pledges, hypothecates and transfers to the Security Trustee, for the benefit of the Secured Parties, a security interest in and to all of the undersigned's right, title and interest in, to and under the Collateral now or hereafter owned by the undersigned, whether now existing or hereafter created, provided, however, that, to the extent the Collateral consists of the obligations of any Collateral Obligor to the undersigned, such security interest in such Collateral shall not be for the benefit of such Collateral Obligor. The undersigned hereby makes each representation and warranty set forth in Section 4.02 of the Security Trust Agreement (as supplemented by the attached Annexes) and hereby agrees to be bound as a Grantor by all of the terms and provisions of the Security Trust Agreement. Each reference in the Security Trust Agreement to the Asset Collateral, the Pledged Stock, the Pledged Debt, the Pledged Beneficial Interests, the Pledged Membership Interests, the Stock Collateral, the Debt Collateral, the Beneficial Interest Collateral, the Membership Interest Collateral, the Account Collateral, the Assigned Agreements, the Acquisition Agreements, the Asset Purchase Collateral, the Service Provider Documents, the Servicing Collateral and the 86 4916-2421-6404.v2 Assigned Documents shall be construed to include a reference to the corresponding Collateral hereunder. If and to the extent applicable, the undersigned makes the following representations and warranties: The Pledged Stock, the Pledged Beneficial Interests and the Pledged Membership Interests described in Annex I hereto constitute "certificated securities" within the meaning of Section 8-102(4) of the UCC. Such Pledged Stock, Pledged Beneficial Interests and Pledged Membership Interests have been delivered to the Security Trustee. Such Pledged Stock, Pledged Beneficial Interests and Pledged Membership Interests either (i) are in bearer form, (ii) have been indorsed, by an effective indorsement, to the Security Trustee or in blank or (iii) have been registered in the name of the Security Trustee. None of such Pledged Stock, Pledged Beneficial Interests and Pledged Membership Interests that constitute or evidence the Collateral have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Security Trustee. The undersigned hereby agrees, together with the Issuer, jointly and severally to indemnify the Security Trustee, its officers, directors, employees and agents in the manner set forth in Section 9.01 of the Security Trust Agreement. Attached are [(i) an Account Letter in substantially the form of Exhibit B to the Security Trust Agreement from each Account Bank at which each Account included in the foregoing Collateral is maintained, (ii) where required with respect to any Assigned Document included in the foregoing Collateral, a Consent and Agreement in substantially the form of Exhibit C to the Security Trust Agreement from the counterparty thereto and (iii)] duly completed copies of Annexes I through VIII hereto only to the extent setting forth information not previously provided in the corresponding Schedule of the Security Trust Agreement (as supplemented prior to the date hereof). This Grantor Supplement may be executed in two or more counterparts by the parties hereto, and each such counterpart shall be considered an original and all such counterparts shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Grantor Supplement by facsimile or in electronic format (e.g., "pdf" or "tif") shall be effective as delivery of a manually executed counterpart of this Grantor Supplement. This Grantor Supplement shall in all respects be governed by, and construed in accordance with, the laws of the State of New York, including Sections 5-1401 and 5-1402 of the New York General Obligations Laws but otherwise without regard to conflict of laws principles. [The Granter confirms for the benefit of each other party to the Security Trust Agreement that, pursuant to and as required by Section 10.09(a) of the Security Trust Agreement, it has appointed the Process Agent named on Annex IV.]1 [Signature pages follow] 1 To be deleted if Grantor has a place of business in the United States. 87 4916-2421-6404.v2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 4916-2421-6404.v2 Very truly yours, [ _ ] By: ____________________________________ Name: Title: Acknowledged and agreed to as of the date first above written: U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as the Security Trustee By: ____________________________________ Name: Title: 89 4916-2421-6404.v2 ANNEX I GRANTOR SUPPLEMENT PLEDGED STOCK Stock Issuer Par Value Certificate No(s). Number of Issued Shares Percentage of Issued Shares PLEDGED MEMBERSHIP INTERESTS Issuer Certificate No. Percentage of Membership Interest PLEDGED BENEFICIAL INTERESTS Issuer Certificate No. Percentage of Beneficial Interest PLEDGED DEBT Debt Issuer Description of Debt Date 90 4916-2421-6404.v2 ANNEX II GRANTOR SUPPLEMENT ACCOUNT INFORMATION NAME AND ADDRESS OF BANK NAME OF ACCOUNT HOLDER ACCOUNT NUMBER 91 4916-2421-6404.v2 ANNEX III GRANTOR SUPPLEMENT PRINCIPAL OFFICES Name of Grantor Chief Executive Office, Chief Place of Business and Registered Office

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 4916-2421-6404.v2 ANNEX IV GRANTOR SUPPLEMENT PROCESS AGENT 93 4916-2421-6404.v2 ANNEX V GRANTOR SUPPLEMENT ASSET TRUSTS 94 4916-2421-6404.v2 ANNEX VI GRANTOR SUPPLEMENT OTHER ISSUER SUBSIDIARIES 95 4916-2421-6404.v2 ANNEX VII GRANTOR SUPPLEMENT LEASES

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 4916-2421-6404.v2 ANNEX VIII GRANTOR SUPPLEMENT ASSETS 97 4916-2421-6404.v2 Exhibit B SECURITY TRUST AGREEMENT FORM OF ACCOUNT LETTER _______________, 20__ [Name and address of Account Bank] [Name of the Grantor] Ladies and Gentlemen: Reference is made to Account No. __________ into which certain monies, instruments and other properties are deposited from time to time (the "Pledged Account") maintained with you by ____________________ (the "Grantor"). Pursuant to the Security Trust Agreement, dated as of June 18, 2025 (as amended, supplemented or otherwise modified, the "Security Trust Agreement"), among the Grantor, other "Grantors" and U.S. Bank National Association, as the Security Trustee (the "Security Trustee") and the Operating Bank. Capitalized terms used herein, unless otherwise defined herein, have the meanings assigned to them in (or by reference in) the Security Trust Agreement. Pursuant to the Security Trust Agreement, the Grantor has granted to the Security Trustee a security interest in certain property of the Grantor, including, among other things, the following (the "Collateral"): the Pledged Account, all funds held or required by the terms of the Indenture to be held therein and all certificates and instruments, if any, from time to time representing or evidencing such Pledged Account, all notes, certificates of deposit, deposit accounts, checks and other instruments from time to time hereafter delivered to or otherwise possessed by the Security Trustee for or on behalf of such Grantor in substitution for or in addition to any or all of the then existing Collateral, and all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the then existing Collateral, and all proceeds of any and all of the foregoing Collateral. It is a condition to the continued maintenance of the Pledged Account with you that you agree to this letter agreement. By signing this letter agreement, you acknowledge notice of, and consent to the terms and provisions of, the Security Trust Agreement and confirm to the Security Trustee that you have received no notice of any other pledge or assignment of the Pledged Account. Further, you hereby agree with the Security Trustee that: (a) Notwithstanding anything to the contrary in any other agreement relating to the Pledged Account, the Pledged Account is and will be subject to the terms and conditions of the Security Trust Agreement, and will henceforth be subject to written instructions only from a Responsible Officer of the Security Trustee or (unless you are otherwise notified by the Security Trustee) from a Responsible Officer of the Administrative Agent as the agent of the Security Trustee. In the event of any conflicting instructions, those of the Security Trustee shall prevail. 98 4916-2421-6404.v2 (b) You will follow your usual operating procedures for the handling of any remittance received in the Pledged Account, including any remittance that contains restrictive endorsements, irregularities (such as a variance between the written and numerical amounts), undated or postdated items, missing signatures, incorrect payees, etc. (c) You will transfer, in same day funds, on each of your business days, an amount equal to the credit balance of the Pledged Account (other than any amount required to be left on deposit for local tax or other regulatory or legal purposes) on such day to the following account (the "Collections Account"): U.S. Bank National Association [_________] ABA: [_________] CR: [_________] ACCT: [_________] REF: [_________] SWIFT: [_________] Each such transfer of funds shall neither comprise only part of a remittance nor reflect the rounding off of any funds so transferred. [The foregoing clause (c) shall be revised to reflect a less frequent funds transfer permitted under the Indenture to the extent applicable for the Pledged Account.] (d) All service charges and fees with respect to the Pledged Account shall be payable by the Grantor, and deposited checks returned for any reason shall not be charged to such account. (e) The Security Trustee and the Administrative Agent as the agent of the Security Trustee shall be entitled to exercise any and all rights of the Grantor in respect of the Pledged Account in accordance with the terms of the Security Trust Agreement, and the undersigned shall comply in all respects with such exercise. (f) In the event that you have or subsequently obtain by agreement, by operation of law or otherwise a security interest in the Pledged Account or any cash or other property credited thereto, such security interest shall be subordinated to the security interest of the Security Trustee. It is the intention of the parties to grant "control" of the Pledged Account and the other Collateral to the Security Trustee for purposes of perfection of the Security Trustee's security interest in such Collateral pursuant to Article 8 and Article 9 of the UCC. You hereby agree (i) that your "jurisdiction" (within the meaning of Article 8 or Article 9 of the UCC, as applicable) as the securities intermediary or the bank, as applicable, with respect to each Pledged Account is the State of New York, (ii) (A) that the law of the State of New York governs all issues specified in Article 2(1) of the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary and, to the extent not so provided in any account agreement governing the Pledged Account, such account agreement is hereby amended to so provide and (B) that you will not modify the law applicable to such issues or (so 99 4916-2421-6404.v2 long as this letter agreement is in effect) under such account agreement, and (iii) to the extent that any Pledged Account is a "securities account" (as defined in Article 8 of the UCC), (A) you are the "securities intermediary" (as defined in Article 8 of the UCC) of such securities account, (B) all items of property credited thereto from time to time (whether cash, investment property, Permitted Account Investments, other investments, securities, instruments or other property) will be treated as a "financial asset" as defined in Article 8 of the UCC and (B) all securities, instruments and other property in order or registered from and credited to the Pledged Account shall be payable to you or to your order, or registered in your name, or shall be indorsed to you or in blank, and in no case whatsoever shall any "financial asset" as defined in Article 8 of the UCC credited to the Pledged Account be registered in the name of any Grantor, payable to or to the order of any Grantor or specially indorsed to any Grantor except to the extent the foregoing have been specially indorsed by a Grantor to you or in blank. This letter agreement shall be binding upon you and your successors and assigns and shall inure to the benefit of the Security Trustee, the Secured Parties and their successors, transferees and assigns. You may terminate this letter agreement only upon 30 days' prior written notice to the Grantor and the Security Trustee. Upon such termination you shall close the Pledged Account and transfer all funds in the Pledged Account to the Collections Account. After any such termination, you shall nonetheless remain obligated promptly to transfer to the Collections Account all funds and other property received in respect of the Pledged Account. [To be inserted if Grantor is an Asset Trustee: The parties hereto agree that all of the statements, representations, covenants and agreements made by Grantor as Asset Trustee contained in this letter agreement and any agreement referred to herein, unless expressly otherwise stated, are made and intended only for the purpose of binding the Trust Estate (as such expression is defined in the Asset Trust Agreement) and establishing the existence of rights and remedies which can be exercised and enforced against such Trust Estate. Therefore, anything contained in this Agreement or such other agreements to the contrary notwithstanding (except for any express provisions that Asset Trustee is responsible for in its individual capacity), no recourse shall be had with respect to this letter agreement or such other agreements against Grantor in its individual capacity or against any institution or person which becomes a successor trustee or co-trustee or any officer, director, trustee, servant or direct or indirect parent or controlling person or persons of any of them.] [Signature pages follow]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 4916-2421-6404.v2 This letter agreement shall in all respects be governed by, and construed in accordance with, the laws of the State of New York, including Sections 5-1401 and 5-1402 of the New York General Obligations Laws but otherwise without regard to conflict of laws principles. [NAME OF GRANTOR] By: Name: Title: U.S. BANK NATIONAL ASSOCIATION, as Security Trustee and not in its individual capacity By:_________________________________ Name: Title: [NAME OF ACCOUNT BANK] By:_________________________________ Name: Title: 101 4916-2421-6404.v2 Exhibit C SECURITY TRUST AGREEMENT FORM OF CONSENT AND AGREEMENT _______________, [20__] [Name of the Grantor] Ladies and Gentlemen: Reference is made to the agreement between you and the Grantor dated (the "Assigned Document"). Pursuant to the Security Trust Agreement, dated as of June 18, 2025 (the "Security Trust Agreement"), among the Grantor, certain other Grantors and U.S. Bank National Association, as the Security Trustee (the "Security Trustee") and Operating Bank, the Grantor has granted to the Security Trustee a security interest in certain property of the Grantor, including, among other things, the following (the "Collateral"): all of such Grantor's right, title and interest in and to the Assigned Document, including without limitation all rights of such Grantor to receive moneys due and to become due under or pursuant to the Assigned Document, all rights of such Grantor to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Assigned Document, claims of such Grantor for damages arising out of or for breach or default under the Assigned Document and the right of such Grantor to terminate the Assigned Document, to perform thereunder and to compel performance and otherwise exercise all remedies thereunder, whether arising under the Assigned Document or by statute or at law or in equity. Capitalized terms used herein, unless otherwise defined herein, have the meanings assigned to them in the Security Trust Agreement. By signing this Consent and Agreement, you acknowledge notice of, and consent to the terms and provisions of, the Security Trust Agreement and confirm to the Security Trustee that you have received no notice of any other pledge or assignment of the Assigned Document. Further, you hereby agree with the Security Trustee that: (a) You will make all payments to be made by you under or in connection with the Assigned Document directly to the Collections Account or otherwise in accordance with the instructions of the Security Trustee. (b) The Security Trustee shall be entitled to exercise any and all rights and remedies of the Grantor under the Assigned Document in accordance with the terms of the Security Trust Agreement, and you will comply in all respects with such exercise. (c) You will not, without the prior written consent of the Security Trustee, (i) cancel or terminate the Assigned Document or consent to or accept any cancellation or termination thereof or (ii) amend or otherwise modify the Assigned Document. 102 4916-2421-6404.v2 This Consent and Agreement shall be binding upon you and your successors and assigns and shall inure to the benefit of the Security Trustee, the Secured Parties and their successors, transferees and assigns. This Consent and Agreement shall in all respects be governed by, and construed in accordance with, the laws of the State of New York, including Sections 5-1401 and 5-1402 of the New York General Obligations Laws but otherwise without regard to conflict of laws principles. Very truly yours, [NAME OF GRANTOR] By: ____________________________________ Name: Title: U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as the Security Trustee By: ____________________________________ Name: Title: Acknowledged and agreed to as of the date first above written: [NAME OF OBLIGOR] By: ____________________________________ Name: Title: [LIST ALL PARTIES TO ASSIGNED DOCUMENTS NOT ALREADY PARTY HERETO] 103 4916-2421-6404.v2 Exhibit D-1 SECURITY TRUST AGREEMENT FORM OF ASSET MORTGAGE MORTGAGE AND SECURITY AGREEMENT NO. [_] MORTGAGE AND SECURITY AGREEMENT NO. [_] (the "Agreement") dated as of ______________, 20__ between [__________] ("[__________]"), not in its individual capacity, but solely as Owner Trustee (the "Grantor"), and U.S. BANK NATIONAL ASSOCIATION ("USB"), as security trustee (in such capacity, the "Security Trustee"). Capitalized terms used and not defined herein are used as defined in Appendix A hereto. W I T N E S S E T H: WHEREAS, Willis Engine Structured Trust VIII, a Delaware statutory trust (the "Issuer"), USB, as Trustee, and certain other parties have entered into the Trust Indenture, dated as of June 18, 2025 (as amended, supplemented or otherwise modified, the "Indenture"); WHEREAS, the Issuer, the Security Trustee, the Grantor and certain other Issuer Subsidiaries have entered into the Security Trust Agreement, dated as of June 18, 2025 (as amended, supplemented or otherwise modified, the "Security Trust Agreement"), in order to secure, among other things, the payment of the Notes and the Beneficial Interest Certificates issued by the Issuer and the payment and performance of all Secured Obligations; WHEREAS, the Grantor has agreed to secure the Secured Obligations under the Notes, the Beneficial Interest Certificates and the other Related Documents by granting to the Security Trustee for the benefit of the Secured Parties a Lien on its interest in the [Airframe and the] Engine[s] described in Schedule 1 hereto ([collectively, ]the "Asset") and on certain other property and rights relating thereto; and WHEREAS, the Grantor will derive substantial direct and indirect benefit from the proceeds of the Notes and the Beneficial Interest Certificates and from the execution, delivery and performance of the Related Documents, whether or not the Grantor is a party thereto. NOW, THEREFORE, in order to (a) induce the Secured Parties to enter into the Related Documents and (b) secure the prompt payment and performance of all the Secured Obligations, the Grantor and the Security Trustee hereby agree as follows: 1. SECURITY INTEREST. The Grantor does hereby transfer, convey, pledge, mortgage, hypothecate, assign and grant a first priority security interest to the Security Trustee, for its benefit and the benefit of the Secured Parties, subject to no prior interests of any Person whatsoever except for a lessee under any Lease of the Asset, in all of such Grantor's right, title and interest in and to the following collateral, whether now existing or hereafter created or acquired (collectively, the "Mortgage Collateral") attaching on the date of this Agreement:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 4916-2421-6404.v2 (a) the Asset; (b) all Parts, equipment, attachments, accessories, replacement and added Parts and components now or hereafter placed thereon, installed therein or attached thereto, whether or not any of such Parts, equipment, attachments, accessories, replacements or added parts or components may from time to time no longer be installed on the Asset [or on any component Engine thereof] or may be installed in any other aircraft or aircraft engine; (c) the technical data, technical documents, manuals, log books and all inspection, modification, overhaul, service, repair, maintenance, technical and other records that relate to the Asset and all the Grantor's right, title and interest, present and future, therein and thereto and any sale or other transfer agreement relating to the Asset, any acceptance certificate, and/or bill of sale relating to the Asset, any guaranties, letters of credit or other credit support relating to the Asset, and any other certificate, instrument or agreement relating to the Asset or a lessee, user or lessor of the Asset (collectively, the "Asset Related Documents"); (d) all proceeds from the sale or other disposition of, all proceeds of insurance due to the Grantor on, and all proceeds of the total or partial loss or physical destruction, confiscation, condemnation or requisition due to the Grantor with respect to, any of the equipment described in clauses (a), (b) and (c) above; (e) all rents, issues, profits, revenues and other income of the property intended, subjected or required to be subjected to the Lien of this Agreement hereby, by the other Related Documents or by any supplement to this Agreement in form and substance satisfactory to the Security Trustee (a "Mortgage Supplement"), and all of the estate, right, title and interest of every nature whatsoever of the Grantor in and to the same and every part thereof; and (f) all proceeds, howsoever arising, of the foregoing. BUT EXCLUDING, HOWEVER, the Excluded Payments. TO HAVE AND TO HOLD the Mortgage Collateral unto the Security Trustee, and its successors and assigns, as security for the Secured Obligations. 2. INCORPORATION BY REFERENCE. The security interest in the Mortgage Collateral created under this Agreement is granted in accordance with the Security Trust Agreement and all of the terms and conditions thereof, including but not limited to provisions relating to the exercise of remedies, shall be incorporated herein by reference. 3. MISCELLANEOUS 3.1 Successors and Assigns. All the terms, provisions, conditions and covenants herein contained shall be binding upon and shall inure to the benefit of the Grantor, the Security Trustee and their respective successors, assigns and transferees. 105 4916-2421-6404.v2 3.2 Severability. Any provision of this Agreement prohibited by the laws of any jurisdiction or otherwise held to be invalid by any court of law of any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, or modified to conform with such laws, without invalidating the remaining provisions hereof; and any such prohibition in any jurisdiction shall not invalidate such provisions in any other jurisdiction. 3.2 Governing Law. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAWS. 3.4 Further Assurances. At any time and from time to time, upon the request of the Security Trustee, the Grantor shall promptly and duly execute and deliver any and all such further instruments and documents as the Security Trustee may reasonably deem desirable in obtaining the full benefits of security interests and assignments created or intended to be created hereby and of the rights and powers granted herein and in the Security Trust Agreement. 3.5 Notices. All notices, requests, demands or other communications required hereunder or given pursuant hereto shall be in writing unless otherwise expressly provided to the following specified address or to such other address as either party may from time to time hereafter designate to the other party in writing: If to the Grantor: [__________] Telephone: Facsimile: Attention: If to the Security Trustee: U.S. Bank National Association Global Corporate Trust 190 South LaSalle Street Chicago, IL 60603 Attention: Juan Hernandez (West VIII Administrator) Email: juan.hernandez3@usbank.com 3.6 Owner Trustee. [__________] is entering into this Agreement solely in its capacity as Owner Trustee under the Trust Agreement and not in its individual capacity, except as expressly set forth herein. Accordingly, each of the representations, warranties, undertakings and agreements herein made on the part of [__________], is made and intended not as a personal representation, warranty, undertaking or agreement by or for the purpose or with the intention of binding [__________] personally, but is made solely in its capacity as Owner Trustee. This Agreement is executed and delivered by [__________] solely in the exercise of the powers expressly conferred upon it as trustee under the Trust Agreement; and no personal liability or 106 4916-2421-6404.v2 responsibility is assumed hereunder by or shall at any time be enforceable against [__________] or any successor in trust on account of any action taken or omitted to be taken or any representation, warranty, undertaking or agreement hereunder of [__________], either expressed or implied, all such personal liability, if any, being expressly waived by the parties hereto, except that the parties hereto, or any Person acting by, through or under them, making a claim hereunder, may look to the Trust Estate for satisfaction of the same and [__________] or its successor in trust, as applicable, shall be personally liable for its own gross negligence or willful misconduct in the performance of its duties as Owner Trustee or otherwise. 3.7 Security Trustee. The Security Trustee shall be afforded all of the rights, protections, immunities and indemnities set forth in the Security Trust Agreement as if such rights, protections, immunities and indemnities were specifically set forth herein. 3.8 Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures were upon the same instrument. [Remainder of page intentionally left blank] 107 4916-2421-6404.v2 IN WITNESS WHEREOF, the parties hereto have, by their indicated officers thereunto duly authorized, caused this Mortgage and Security Agreement to be executed as of the day and year first above written and to be delivered in the State of New York. GRANTOR: [__________], not in its individual capacity but solely as Owner Trustee By: ____________________________________ Name: Title: SECURITY TRUSTEE: U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as Security Trustee By: ____________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 4916-2421-6404.v2 APPENDIX A MORTGAGE AND SECURITY AGREEMENT DEFINITIONS For all purposes of this Agreement, all capitalized terms used, but not defined, in this Agreement shall have the respective meanings assigned to such terms in (or by reference in) the Security Trust Agreement, and the following terms have the meanings indicated below: "Agreement" has the meaning specified in the recital of parties to this Agreement. "Asset" has the meaning specified in the recitals to this Agreement. ["Airframe" has the meaning assigned to such term in Schedule 1 attached hereto.] "Asset Related Documents" has the meaning assigned to such term in Section 1(c) of this Agreement. "Beneficial Interest Certificates" has the meaning specified in the Indenture. "Closing Date" means June 18, 2025. "USB" has the meaning specified in the recital of parties to this Agreement. "Engine[s]" has the meaning assigned to such term in Schedule 1 attached hereto. "Excluded Payments" means payments in respect of (i) indemnities (including interest thereon, if applicable) payable (directly or indirectly) by a Lessee to an indemnitee (other than to a Grantor for its own account) pursuant to a Lease and (ii) proceeds of public liability insurance in respect of the Assets payable, directly or indirectly, as a result of insurance claims paid, or losses suffered, by a Person (other than a Grantor for its own account) and including, for the avoidance of doubt, the Lessee. "Grantor" has the meaning specified in the recital of parties to this Agreement. "Indenture" has the meaning specified in the recitals to this Agreement. "Issuer" has the meaning specified in the recitals to this Agreement. "Issuer Group Member" means the Issuer or any Issuer Subsidiary. "Issuer Subsidiary" means either or both, as the context may require, of (i) each Subsidiary of the Issuer existing on the Closing Date and listed on Schedule 2 to the Indenture, and (ii) each other direct or indirect Subsidiary of the Issuer. "Lease" means, with respect to any Portfolio Asset, any lease agreement (including, without limitation, any future aircraft lease agreement), conditional sale agreement, hire purchase 109 4916-2421-6404.v2 agreement or other similar arrangement, as may be in effect between an Issuer Group Member that owns or leases-in such Portfolio Asset (as Lessor) and a Person that is not an Issuer Group Member (as Lessee), as such agreement or arrangement may be amended, modified, extended, supplemented, assigned or novated from time to time in accordance with the Related Documents; provided that if, under any sub-leasing arrangement with respect to a Portfolio Asset permitted by the Lease of such Portfolio Asset and executed by the Lessee and a sub-lessee, the Lessor of such Portfolio Asset agrees to receive payments or collateral directly from, or is to make payments directly to, such sub-lessee, in any such case to the exclusion of the related Lessee, then the relevant sub-lease shall constitute the "Lease" of such Portfolio Asset, and the sub-lessee shall constitute the related "Lessee" with respect to such Portfolio Asset, but only to the extent of the provisions of such sub-lease agreement relevant to such payments and collateral and to the extent agreed by the relevant Lessor. "Lessee" means the Lessee under a Lease. "Lessor" means the Lessor under a Lease. "Lien" means any mortgage, pledge, lien, encumbrance, international interest, charge or security interest, including without limitation any prospective contract of sale or other prospective international interest. "Notes" means any one of the notes issued pursuant to the Indenture. "Mortgage Collateral" has the meaning specified in Section 1 of this Agreement. "Mortgage Supplement" has the meaning specified in Section 1 of this Agreement. "Obligor" means, with respect to a Grantor, each Lessee or any other Person obligated at any time to make any payment under a Lease to such Grantor for any reason. "Part" means any and all parts, avionics, attachments, accessions, appurtenances, furnishings, components, appliances, accessories, instruments and other equipment installed in, or attached to (or constituting a spare for any such item installed in or attached to) the Asset. "Person" means any natural person, firm, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, government or any political subdivision thereof or any other legal entity, including public bodies. "Portfolio Asset" means any "Asset" as defined in the Indenture. "Related Documents" has the meaning specified in the Indenture. "Secured Obligations" means, inter alia, all obligations owed to the Secured Parties by each Issuer Group Member and by each Obligor, as more particularly defined and described in the Security Trust Agreement. "Secured Party" has the meaning specified in the Security Trust Agreement. 110 4916-2421-6404.v2 "Security Trust Agreement" has the meaning specified in the preliminary statements to this Agreement and is attached hereto as Schedule 2. "Security Trustee" has the meaning specified in the recital of parties to this Agreement. "Subsidiary" means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. "Trust Agreement" means the Amended and Restated Trust Agreement No. [_], dated as of [__________], between the Grantor and [__] (as successor to _____________). "Trust Estate" has the meaning specified in the Trust Agreement. "Trustee" means USB, in its capacity as trustee under the Indenture. 111 4916-2421-6404.v2 SCHEDULE 1 MORTGAGE AND SECURITY AGREEMENT MORTGAGE COLLATERAL ["Airframe" means one (1) [__________] model [__________] aircraft bearing manufacturer's serial number [_____].] "Engine[s]" means [one (1)][two (2)] [__________] model [__________] aircraft engines bearing manufacturer's serial number[s] [_____] [and [_____] respectively].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 4916-2421-6404.v2 SCHEDULE 2 MORTGAGE AND SECURITY AGREEMENT SECURITY TRUST AGREEMENT (INTENTIONALLY OMITTED AS CONTAINING CONFIDENTIAL INFORMATION) 113 4916-2421-6404.v2 Exhibit D-2 SECURITY TRUST AGREEMENT FORM OF ASSET MORTGAGE AND LEASE SECURITY ASSIGNMENT MORTGAGE AND SECURITY AGREEMENT NO. [_] MORTGAGE AND SECURITY AGREEMENT NO. [_] (the "Agreement") dated as of ______________, 20__ between [__________] ("[__________]"), not in its individual capacity, but solely as Owner Trustee (the "Grantor"), and U.S. BANK NATIONAL ASSOCIATION ("USB"), as security trustee (in such capacity, the "Security Trustee"). Capitalized terms used and not defined herein are used as defined in Appendix A hereto. W I T N E S S E T H: WHEREAS, Willis Engine Structured Trust VIII, a Delaware statutory trust (the "Issuer"), USB, as Trustee, and certain other parties have entered into the Trust Indenture, dated as of June 18, 2025 (as amended, supplemented or otherwise modified, the "Indenture"); WHEREAS, the Issuer, the Security Trustee, the Grantor and certain other Issuer Subsidiaries have entered into the Security Trust Agreement, dated as of June 18, 2025 (as amended, supplemented or otherwise modified, the "Security Trust Agreement"), in order to secure, among other things, the payment of the Notes and the Beneficial Interest Certificates issued by the Issuer and the payment and performance of all Secured Obligations; WHEREAS, the Grantor has agreed to secure the Secured Obligations under the Notes, the Beneficial Interest Certificates and the other Related Documents by granting to the Security Trustee for the benefit of the Secured Parties a Lien on its interest in the [Airframe and the] Engine[s] described in Schedule 1 hereto ([collectively, ]the "Asset") and on certain other property and rights relating thereto; and WHEREAS, the Grantor will derive substantial direct and indirect benefit from the proceeds of the Notes and the Beneficial Interest Certificates and from the execution, delivery and performance of the Related Documents, whether or not the Grantor is a party thereto. NOW, THEREFORE, in order to (a) induce the Secured Parties to enter into the Related Documents and (b) secure the prompt payment and performance of all the Secured Obligations, the Grantor and the Security Trustee hereby agree as follows: 1. SECURITY INTEREST. The Grantor does hereby transfer, convey, pledge, mortgage, hypothecate, assign and grant a first priority security interest to the Security Trustee, for its benefit and the benefit of the Secured Parties, subject to no prior interests of any Person whatsoever except for a lessee under any Lease of the Asset, in all of such Grantor's right, title and interest in and to the following collateral, whether now existing or hereafter 114 4916-2421-6404.v2 created or acquired (collectively, the "Mortgage Collateral") attaching on the date of this Agreement: (a) the Asset; (b) all Parts, equipment, attachments, accessories, replacement and added Parts and components now or hereafter placed thereon, installed therein or attached thereto, whether or not any of such Parts, equipment, attachments, accessories, replacements or added parts or components may from time to time no longer be installed on the Asset [or on any component Engine thereof] or may be installed in any other aircraft or aircraft engine; (c) the technical data, technical documents, manuals, log books and all inspection, modification, overhaul, service, repair, maintenance, technical and other records that relate to the Asset and all the Grantor's right, title and interest, present and future, therein and thereto and any sale or other transfer agreement relating to the Asset or any Assigned Lease, any lease assignments, novations or assumption agreements, relating to the Asset or any Assigned Lease, any acceptance certificate, and/or bill of sale relating to the Asset or any Assigned Lease, any guaranties, letters of credit or other credit support or collateral security relating to the Asset or any Assigned Lease, and any other certificate, instrument or agreement relating to the Asset or a lessee, user or lessor of the Asset (collectively, the "Asset Related Documents"); (d) all proceeds from the sale or other disposition of, all proceeds of insurance due to the Grantor on, and all proceeds of the total or partial loss or physical destruction, confiscation, condemnation or requisition due to the Grantor with respect to, any of the equipment described in clauses (a), (b) and (c) above; (e) the Initial Lease and each other Lease of the Asset, whether or not owned by the Grantor, under which the Grantor is or may from time to time be the Lessor, together with any and all Asset Related Documents relating to such Initial Lease and each other Lease (any such Initial Lease and other Leases and Asset Related Documents being referred to individually as an "Assigned Lease" and collectively as the "Assigned Leases"), including without limitation, (A) all rights of the Grantor to all Lease Payments, however denominated, under such Assigned Leases, (B) all rights of the Grantor to receive proceeds of any insurance, indemnity, warranty or guaranty pursuant to or with respect to such Assigned Leases, (C) claims of the Grantor for damages arising out of or for breach or default under such Assigned Leases, (D) all rights of the Grantor to receive and any and all rights to amend, waive, modify and give notices, approvals and consents under such Assigned Leases, (E) all rights of the Grantor under any such Assigned Lease with respect to any sublease of any such Asset, (F) all rights of the Grantor to terminate any such Assigned Lease, whether arising under such Assigned Lease or by statute or at law or in equity, (G) all rights of the Grantor to possession of any Asset under an Assigned Lease and (H) all other rights and property of the Grantor included therein together with all payments, including without limitation all rent, damages, 115 4916-2421-6404.v2 expenses, indemnities and other amounts due to the Grantor (or any Person claiming by, through or under the Grantor) thereunder; (f) all rents, issues, profits, revenues and other income of the property intended, subjected or required to be subjected to the Lien of this Agreement hereby, by the other Related Documents or by any supplement to this Agreement in form and substance satisfactory to the Security Trustee (a "Mortgage Supplement"), and all of the estate, right, title and interest of every nature whatsoever of the Grantor in and to the same and every part thereof; and (g) all proceeds, howsoever arising, of the foregoing. BUT EXCLUDING, HOWEVER, the Excluded Payments. TO HAVE AND TO HOLD the Mortgage Collateral unto the Security Trustee, and its successors and assigns, as security for the Secured Obligations. 2. INCORPORATION BY REFERENCE. The security interest in the Mortgage Collateral created under this Agreement is granted in accordance with the Security Trust Agreement and all of the terms and conditions thereof, including but not limited to provisions relating to the exercise of remedies, shall be incorporated herein by reference. 3. MISCELLANEOUS 3.1 Successors and Assigns. All the terms, provisions, conditions and covenants herein contained shall be binding upon and shall inure to the benefit of the Grantor, the Security Trustee and their respective successors, assigns and transferees. 3.2 Severability. Any provision of this Agreement prohibited by the laws of any jurisdiction or otherwise held to be invalid by any court of law of any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, or modified to conform with such laws, without invalidating the remaining provisions hereof; and any such prohibition in any jurisdiction shall not invalidate such provisions in any other jurisdiction. 3.2 Governing Law. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAWS. 3.4 Further Assurances. At any time and from time to time, upon the request of the Security Trustee, the Grantor shall promptly and duly execute and deliver any and all such further instruments and documents as the Security Trustee may reasonably deem desirable in obtaining the full benefits of security interests and assignments created or intended to be created hereby and of the rights and powers granted herein and in the Security Trust Agreement. 3.5 Notices. All notices, requests, demands or other communications required hereunder or given pursuant hereto shall be in writing unless otherwise expressly provided to the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 4916-2421-6404.v2 following specified address or to such other address as either party may from time to time hereafter designate to the other party in writing: If to the Grantor: [__________] Telephone: Facsimile: Attention: If to the Security Trustee: U.S. Bank National Association Global Corporate Trust 190 South LaSalle Street Chicago, IL 60603 Attention: Juan Hernandez (West VIII Administrator) Email: juan.hernandez3@usbank.com 3.6 Owner Trustee. [__________] is entering into this Agreement solely in its capacity as Owner Trustee under the Trust Agreement and not in its individual capacity, except as expressly set forth herein. Accordingly, each of the representations, warranties, undertakings and agreements herein made on the part of [__________], is made and intended not as a personal representation, warranty, undertaking or agreement by or for the purpose or with the intention of binding [__________] personally, but is made solely in its capacity as Owner Trustee. This Agreement is executed and delivered by [__________] solely in the exercise of the powers expressly conferred upon it as trustee under the Trust Agreement; and no personal liability or responsibility is assumed hereunder by or shall at any time be enforceable against [__________] or any successor in trust on account of any action taken or omitted to be taken or any representation, warranty, undertaking or agreement hereunder of [__________], either expressed or implied, all such personal liability, if any, being expressly waived by the parties hereto, except that the parties hereto, or any Person acting by, through or under them, making a claim hereunder, may look to the Trust Estate for satisfaction of the same and [__________] or its successor in trust, as applicable, shall be personally liable for its own gross negligence or willful misconduct in the performance of its duties as Owner Trustee or otherwise. 3.7 Security Trustee. The Security Trustee shall be afforded all of the rights, protections, immunities and indemnities set forth in the Security Trust Agreement as if such rights, protections, immunities and indemnities were specifically set forth herein. 3.8 Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures were upon the same instrument. 117 4916-2421-6404.v2 [Remainder of page intentionally left blank] 118 4916-2421-6404.v2 IN WITNESS WHEREOF, the parties hereto have, by their indicated officers thereunto duly authorized, caused this Mortgage and Security Agreement to be executed as of the day and year first above written and to be delivered in the State of New York. GRANTOR: [__________], not in its individual capacity but solely as Owner Trustee By: ____________________________________ Name: Title: SECURITY TRUSTEE: U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as Security Trustee By: ____________________________________ Name: Title: 119 4916-2421-6404.v2 APPENDIX A MORTGAGE AND SECURITY AGREEMENT DEFINITIONS For all purposes of this Agreement, all capitalized terms used, but not defined, in this Agreement shall have the respective meanings assigned to such terms in (or by reference in) the Security Trust Agreement, and the following terms have the meanings indicated below: "Agreement" has the meaning specified in the recital of parties to this Agreement. "Asset" has the meaning specified in the recitals to this Agreement. ["Airframe" has the meaning assigned to such term in Schedule 1 attached hereto.] "Asset Related Documents" has the meaning assigned to such term in Section 1(c) of this Agreement. "Assigned Lease" has the meaning assigned to such term in Section 1(e) of this Agreement. "Beneficial Interest Certificates" has the meaning specified in the Indenture. "Closing Date" means June 18, 2025. "USB" has the meaning specified in the recital of parties to this Agreement. "Engine[s]" has the meaning assigned to such term in Schedule 1 attached hereto. "Excluded Payments" means payments in respect of (i) indemnities (including interest thereon, if applicable) payable (directly or indirectly) by a Lessee to an indemnitee (other than to a Grantor for its own account) pursuant to a Lease and (ii) proceeds of public liability insurance in respect of the Assets payable, directly or indirectly, as a result of insurance claims paid, or losses suffered, by a Person (other than a Grantor for its own account) and including, for the avoidance of doubt, the Lessee. "Grantor" has the meaning specified in the recital of parties to this Agreement. "Indenture" has the meaning specified in the recitals to this Agreement. "Initial Lease" has the meaning assigned to such term in Schedule 1 attached hereto. "Issuer" has the meaning specified in the recitals to this Agreement. "Issuer Group Member" means the Issuer or any Issuer Subsidiary.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 4916-2421-6404.v2 "Issuer Subsidiary" means either or both, as the context may require, of (i) each Subsidiary of the Issuer existing on the Closing Date and listed on Schedule 2 to the Indenture, and (ii) each other direct or indirect Subsidiary of the Issuer. "Lease" means, with respect to any Portfolio Asset, any lease agreement (including, without limitation, any future aircraft or engine lease agreement), conditional sale agreement, hire purchase agreement or other similar arrangement, as may be in effect between an Issuer Group Member that owns or leases-in such Portfolio Asset (as Lessor) and a Person that is not an Issuer Group Member (as Lessee), as such agreement or arrangement may be amended, modified, extended, supplemented, assigned or novated from time to time in accordance with the Related Documents; provided that if, under any sub-leasing arrangement with respect to a Portfolio Asset permitted by the Lease of such Portfolio Asset and executed by the Lessee and a sub-lessee, the Lessor of such Portfolio Asset agrees to receive payments or collateral directly from, or is to make payments directly to, such sub-lessee, in any such case to the exclusion of the related Lessee, then the relevant sub-lease shall constitute the "Lease" of such Portfolio Asset, and the sub-lessee shall constitute the related "Lessee" with respect to such Portfolio Asset, but only to the extent of the provisions of such sub-lease agreement relevant to such payments and collateral and to the extent agreed by the relevant Lessor. "Lease Payments" means all lease payments and other amounts payable by or on behalf of a Lessee under a Lease, and all rights of Grantor to receive moneys due and to become due under or pursuant to such Lease, including, without limitation, Rent Payments, Utilization Rents and Security Deposits. "Lessee" means the Lessee under a Lease. "Lessor" means the Lessor under a Lease. "Lien" means any mortgage, pledge, lien, encumbrance, international interest, charge or security interest, including without limitation any prospective contract of sale or other prospective international interest. "Notes" means any one of the notes issued pursuant to the Indenture. "Mortgage Collateral" has the meaning specified in Section 1 of this Agreement. "Mortgage Supplement" has the meaning specified in Section 1 of this Agreement. "Obligor" means, with respect to a Grantor, each Lessee or any other Person obligated at any time to make any Lease Payments to such Grantor for any reason. "Part" means any and all parts, avionics, attachments, accessions, appurtenances, furnishings, components, appliances, accessories, instruments and other equipment installed in, or attached to (or constituting a spare for any such item installed in or attached to) the Asset. 121 4916-2421-6404.v2 "Person" means any natural person, firm, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, government or any political subdivision thereof or any other legal entity, including public bodies. "Portfolio Asset" means any "Asset" as defined in the Indenture, including, for the avoidance of doubt, the Asset. "Related Documents" has the meaning specified in the Indenture. "Rent Payments" means all payments of basic rent under a Lease that are payable in respect of periods specified under such Lease. "Secured Obligations" means, inter alia, all obligations owed to the Secured Parties by each Issuer Group Member and by each Obligor, as more particularly defined and described in the Security Trust Agreement. "Secured Party" has the meaning specified in the Security Trust Agreement. "Security Deposits" means any cash deposits and other collateral provided by, or on behalf of, a Lessee to secure the obligations of such Lessee under a Lease. "Security Trust Agreement" has the meaning specified in the preliminary statements to this Agreement and is attached hereto as Schedule 2. "Security Trustee" has the meaning specified in the recital of parties to this Agreement. "Subsidiary" means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. "Trust Agreement" means the Amended and Restated Trust Agreement No. [_], dated as of [__________], between the Grantor and [__] (as successor to _____________). "Trust Estate" has the meaning specified in the Trust Agreement. "Trustee" means USB, in its capacity as trustee under the Indenture. "Utilization Rent" means any payment (including any use payment) under a Lease that is based on the usage of the Portfolio Asset subject to such Lease or which is based on, or in respect of which, the Lessor under a Lease may be obligated to reimburse the Lessee under such Lease for specified maintenance activities with respect to such Portfolio Asset. 122 4916-2421-6404.v2 SCHEDULE 1 MORTGAGE AND SECURITY AGREEMENT MORTGAGE COLLATERAL ["Airframe" means one (1) [__________] model [__________] aircraft bearing manufacturer's serial number [_____].] "Engine[s]" means [one (1)][two (2)] [__________] model [__________] aircraft engines bearing manufacturer's serial number[s] [_____] [and [_____] respectively]. "Initial Lease" means [__________]. 123 4916-2421-6404.v2 SCHEDULE 2 MORTGAGE AND SECURITY AGREEMENT SECURITY TRUST AGREEMENT (INTENTIONALLY OMITTED AS CONTAINING CONFIDENTIAL INFORMATION)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 4916-2421-6404.v2 Exhibit D-3 SECURITY TRUST AGREEMENT FORM OF LEASE SECURITY ASSIGNMENT LEASE SECURITY ASSIGNMENT NO. [_] LEASE SECURITY ASSIGNMENT NO. [_] (the "Agreement") dated as of ______________, 20__ between [__________] ("[__________]")[, not in its individual capacity, but solely as Owner Trustee] (the "Grantor"), and U.S. BANK NATIONAL ASSOCIATION ("USB"), as security trustee (in such capacity, the "Security Trustee"). Capitalized terms used and not defined herein are used as defined in in the Security Trust Agreement (as defined below), including those incorporated therein by reference to another document. W I T N E S S E T H: WHEREAS, Willis Engine Structured Trust VIII, a Delaware statutory trust (the "Issuer"), USB, as Trustee, and certain other parties have entered into the Trust Indenture, dated as of [_________], 2025 (as amended, supplemented or otherwise modified, the "Indenture"); WHEREAS, the Issuer, the Security Trustee, the Grantor and certain other Issuer Subsidiaries have entered into the Security Trust Agreement, dated as of [_________], 2025 (as amended, supplemented or otherwise modified, the "Security Trust Agreement"), in order to secure, among other things, the payment of the Notes and the Beneficial Interest Certificates issued by the Issuer and the payment and performance of all Secured Obligations; WHEREAS, the Grantor has agreed to secure the Secured Obligations under the Notes, the Beneficial Interest Certificates and the other Related Documents by granting to the Security Trustee for the benefit of the Secured Parties a Lien on its interest in any Assigned Lease and on certain other property and rights relating thereto; and WHEREAS, the Grantor will derive substantial direct and indirect benefit from the proceeds of the Notes and the Beneficial Interest Certificates and from the execution, delivery and performance of the Related Documents, whether or not the Grantor is a party thereto. NOW, THEREFORE, in order to (a) induce the Secured Parties to enter into the Related Documents and (b) secure the prompt payment and performance of all the Secured Obligations, the Grantor and the Security Trustee hereby agree as follows: 1. LEASE SECURITY ASSIGNMENT. The Grantor hereby bargains, sells, transfers and conveys to the Security Trustee, for the benefit of the Secured Parties, and grants to the Security Trustee for the benefit of the Secured Parties, a first priority security interest in and to the Assigned Lease, and all amendments, supplements, schedules, receipts and acceptance certificates executed or delivered pursuant thereto, together with all of the Grantor's rights as lessor thereunder including without limitation: (a) all rights, if any, under § 1110 of the Bankruptcy Code of the United States or any statute of similar import 125 4916-2421-6404.v2 (whether of the United States or any other jurisdiction and whether now in effect or hereinafter enacted); (b) all rights to receive payment of insurance proceeds and payments with respect to any manufacturer's warranty, in each case payable with respect to the aircraft, the aircraft engines or other property which is the subject of the Assigned Lease; and (c) upon the occurrence of an Event of Default to demand, collect, receive and retain all rent and other sums which become payable under or in connection with the Assigned Lease, but excluding in each case any Excluded Payments. 2. INCORPORATION BY REFERENCE. The security interest in the Assigned Lease created under this Agreement is granted in accordance with the Security Trust Agreement and all of the terms and conditions thereof, including but not limited to provisions relating to the exercise of remedies, shall be incorporated herein by reference. 3. REPRESENTATIONS AND WARRANTIES. The Grantor represents and warrants that: (f) the Assigned Lease is in full force and effect; (b) there has occurred no event under the Assigned Lease which constitutes a default or event of default thereunder or which with the giving of notice or lapse of time or both would constitute a default thereunder; (c) no rent or other sum payable under the Assigned Lease has been prepaid; (d) the Assigned Lease is the entire agreement of lease with respect to the aircraft, aircraft engines and other property which are the subject thereof, and the Assigned Lease has not been amended, supplemented, or modified nor has any provision thereof been waived by either party thereto; (e) by this assignment, the Security Trustee assumes none of the obligations of the lessor under the Assigned Lease and lessor shall remain solely responsible for the performance of each and every term and provision of the Assigned Lease on its part to be performed; and (f) upon the occurrence and continuation of an Event of Default and in addition to any other rights and remedies provided in the Indenture or arising by operation of law, the Security Trustee may send notice to the lessee under the Assigned Lease demanding that such lessee perform all obligations required to be performed thereunder including, but not limited to, the obligation to pay all rent and other sums which may thereafter become payable under the Assigned Lease, solely to and for the benefit of the Security Trustee to the exclusion of Grantor and any other party who may claim entitlement to the payment thereof. 4. MISCELLANEOUS 4.1 Successors and Assigns. All the terms, provisions, conditions and covenants herein contained shall be binding upon and shall inure to the benefit of the Grantor, the Security Trustee and their respective successors, assigns and transferees. 126 4916-2421-6404.v2 4.2 Severability. Any provision of this Agreement prohibited by the laws of any jurisdiction or otherwise held to be invalid by any court of law of any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, or modified to conform with such laws, without invalidating the remaining provisions hereof; and any such prohibition in any jurisdiction shall not invalidate such provisions in any other jurisdiction. 4.2 Governing Law. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAWS. 4.4 Further Assurances. At any time and from time to time, upon the request of the Security Trustee, the Grantor shall promptly and duly execute and deliver any and all such further instruments and documents as the Security Trustee may reasonably deem desirable in obtaining the full benefits of security interests and assignments created or intended to be created hereby and of the rights and powers granted herein and in the Security Trust Agreement. 4.5 Notices. All notices, requests, demands or other communications required hereunder or given pursuant hereto shall be in writing unless otherwise expressly provided to the following specified address or to such other address as either party may from time to time hereafter designate to the other party in writing: If to the Grantor: [__________] Telephone: Facsimile: Attention: If to the Security Trustee: U.S. Bank National Association Global Corporate Trust 190 South LaSalle Street Chicago, IL 60603 Attention: Juan Hernandez (West VIII Administrator) Email: juan.hernandez3@usbank.com [4.6 Owner Trustee. [__________] is entering into this Agreement solely in its capacity as Owner Trustee under the Amended and Restated Trust Agreement No. [_], dated as of [__________], between the Grantor and [__________] (as successor to ________________) (the "Trust Agreement") and not in its individual capacity, except as expressly set forth herein. Accordingly, each of the representations, warranties, undertakings and agreements herein made on the part of [__________], is made and intended not as a personal representation, warranty, undertaking or agreement by or for the purpose or with the intention of binding [__________] personally, but is made solely in its capacity as Owner Trustee. This Agreement is executed and 127 4916-2421-6404.v2 delivered by [__________] solely in the exercise of the powers expressly conferred upon it as trustee under the Trust Agreement; and no personal liability or responsibility is assumed hereunder by or shall at any time be enforceable against [__________] or any successor in trust on account of any action taken or omitted to be taken or any representation, warranty, undertaking or agreement hereunder of [__________], either expressed or implied, all such personal liability, if any, being expressly waived by the parties hereto, except that the parties hereto, or any Person acting by, through or under them, making a claim hereunder, may look to the Trust Estate (as defined in the Trust Agreement) for satisfaction of the same and [__________] or its successor in trust, as applicable, shall be personally liable for its own gross negligence or willful misconduct in the performance of its duties as Owner Trustee or otherwise.] 4.7 Security Trustee. The Security Trustee shall be afforded all of the rights, protections, immunities and indemnities set forth in the Security Trust Agreement as if such rights, protections, immunities and indemnities were specifically set forth herein. 4.8 Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures were upon the same instrument. [Remainder of page intentionally left blank]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 4916-2421-6404.v2 IN WITNESS WHEREOF, the parties hereto have, by their indicated officers thereunto duly authorized, caused this Mortgage and Security Agreement to be executed as of the day and year first above written and to be delivered in the State of New York. GRANTOR: [__________][, not in its individual capacity but solely as Owner Trustee] By: ____________________________________ Name: Title: SECURITY TRUSTEE: U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as Security Trustee By: ____________________________________ Name: Title: 129 4916-2421-6404.v2 APPENDIX A LEASE SECURITY ASSIGNMENT DEFINITIONS For all purposes of this Agreement, all capitalized terms used, but not defined, in this Agreement shall have the respective meanings assigned to such terms in (or by reference in) the Security Trust Agreement, and the following terms have the meanings indicated below: "Asset Related Documents" means the technical data, technical documents, manuals, log books and all inspection, modification, overhaul, service, repair, maintenance, technical and other records that relate to a Portfolio Asset and all the Grantor's right, title and interest, present and future, therein and thereto and any sale or other transfer agreement relating to any Assigned Lease, any lease assignments, novations or assumption agreements, relating to any Assigned Lease, any acceptance certificate relating to any Assigned Lease, any guaranties, letters of credit or other credit support or collateral security relating to any Assigned Lease, and any other certificate, instrument or agreement relating to any Assigned Lease. "Assigned Lease" means each Initial Lease and each other Lease of a Portfolio Asset, whether or not owned by the Grantor, under which the Grantor is or may from time to time be the Lessor, together with any and all Asset Related Documents relating to such Lease. "Closing Date" means June 18, 2025. "Excluded Payments" means payments in respect of (i) indemnities (including interest thereon, if applicable) payable (directly or indirectly) by a Lessee to an indemnitee (other than to a Grantor for its own account) pursuant to a Lease and (ii) proceeds of public liability insurance in respect of the Assets payable, directly or indirectly, as a result of insurance claims paid, or losses suffered, by a Person (other than a Grantor for its own account) and including, for the avoidance of doubt, the Lessee. "Initial Lease" has the meaning assigned to such term in Schedule 1 attached hereto. "Issuer Group Member" means the Issuer or any Issuer Subsidiary. "Issuer Subsidiary" means either or both, as the context may require, of (i) each Subsidiary of the Issuer existing on the Closing Date and listed on Schedule 2 to the Indenture, and (ii) each other direct or indirect Subsidiary of the Issuer. "Lease" means, with respect to any Portfolio Asset, any lease agreement (including, without limitation, any future aircraft or engine lease agreement), conditional sale agreement, hire purchase agreement or other similar arrangement, as may be in effect between an Issuer Group Member that owns or leases-in such Portfolio Asset (as Lessor) and a Person that is not an Issuer Group Member (as Lessee), as such agreement or arrangement may be amended, modified, extended, supplemented, assigned or novated from time to time in accordance with the Related Documents; provided that if, under any sub-leasing arrangement with respect to a Portfolio Asset 130 4916-2421-6404.v2 permitted by the Lease of such Portfolio Asset and executed by the Lessee and a sub-lessee, the Lessor of such Portfolio Asset agrees to receive payments or collateral directly from, or is to make payments directly to, such sub-lessee, in any such case to the exclusion of the related Lessee, then the relevant sub-lease shall constitute the "Lease" of such Portfolio Asset, and the sub-lessee shall constitute the related "Lessee" with respect to such Portfolio Asset, but only to the extent of the provisions of such sub-lease agreement relevant to such payments and collateral and to the extent agreed by the relevant Lessor. "Lease Payments" means all lease payments and other amounts payable by or on behalf of a Lessee under a Lease, and all rights of Grantor to receive moneys due and to become due under or pursuant to such Lease, including, without limitation, Rent Payments, Utilization Rents and Security Deposits. "Lessee" means the Lessee under a Lease. "Lessor" means the Lessor under a Lease. "Lien" means any mortgage, pledge, lien, encumbrance, international interest, charge or security interest, including without limitation any prospective contract of sale or other prospective international interest. "Notes" means any one of the notes issued pursuant to the Indenture. "Obligor" means, with respect to a Grantor, each Lessee or any other Person obligated at any time to make any Lease Payments to such Grantor for any reason. "Person" means any natural person, firm, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, government or any political subdivision thereof or any other legal entity, including public bodies. "Portfolio Asset" means any "Asset" as defined in the Indenture, including, for the avoidance of doubt, the Asset. "Related Documents" has the meaning specified in the Indenture. "Rent Payments" means all payments of basic rent under a Lease that are payable in respect of periods specified under such Lease. "Secured Obligations" means, inter alia, all obligations owed to the Secured Parties by each Issuer Group Member and by each Obligor, as more particularly defined and described in the Security Trust Agreement. "Secured Party" has the meaning specified in the Security Trust Agreement. "Security Deposits" means any cash deposits and other collateral provided by, or on behalf of, a Lessee to secure the obligations of such Lessee under a Lease. 131 4916-2421-6404.v2 "Security Trust Agreement" has the meaning specified in the preliminary statements to this Agreement and is attached hereto as Schedule 2. "Security Trustee" has the meaning specified in the recital of parties to this Agreement. "Subsidiary" means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. "Trustee" means USB, in its capacity as trustee under the Indenture. "Utilization Rent" means any payment (including any use payment) under a Lease that is based on the usage of the Portfolio Asset subject to such Lease or which is based on, or in respect of which, the Lessor under a Lease may be obligated to reimburse the Lessee under such Lease for specified maintenance activities with respect to such Portfolio Asset.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 4916-2421-6404.v2 SCHEDULE 1 LEASE SECURITY ASSIGNMENT DESCRIPTION OF INITIAL LEASE 133 4916-2421-6404.v2 SCHEDULE 2 LEASE SECURITY ASSIGNMENT SECURITY TRUST AGREEMENT (INTENTIONALLY OMITTED AS CONTAINING CONFIDENTIAL INFORMATION) 134 4916-2421-6404.v2 Exhibit E SECURITY TRUST AGREEMENT FORM OF FAA OPINION

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## Exhibit 10.5

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Execution Version 4898-6267-4260.v2 SERVICING AGREEMENT dated as of June 18, 2025 among WILLIS ENGINE STRUCTURED TRUST VIII, WILLIS LEASE FINANCE CORPORATION, as Servicer and Administrative Agent, and EACH SERVICED GROUP MEMBER ii 4898-6267-4260.v2 **TABLE OF CONTENTS** Page ARTICLE 1 DEFINITIONS ........................................................................................................... 1 SECTION 1.01. Definitions............................................................................................. 1 ARTICLE 2 APPOINTMENT; SERVICES .................................................................................. 1 SECTION 2.01. Appointment ......................................................................................... 1 SECTION 2.02. Services ................................................................................................. 2 SECTION 2.03. Limitations ............................................................................................ 2 ARTICLE 3 STANDARD OF CARE; CONFLICTS OF INTEREST; STANDARD OF LIABILITY ............................................................................................................. 2 SECTION 3.01. Standard of Care ................................................................................... 2 SECTION 3.02. Conflicts of Interest............................................................................... 2 SECTION 3.03. Standard of Liability ............................................................................. 3 SECTION 3.04. Waiver of Implied Standard .................................................................. 4 ARTICLE 4 REPRESENTATIONS AND WARRANTIES .......................................................... 4 SECTION 4.01. Representations and Warranties by WEST and each other Person in Serviced Group ..................................................................... 4 SECTION 4.02. Representations and Warranties by Servicer ........................................ 4 ARTICLE 5 SERVICER UNDERTAKINGS ................................................................................ 5 SECTION 5.01. Staff and Resources............................................................................... 5 SECTION 5.02. Access ................................................................................................... 5 SECTION 5.03. Compliance with Law ........................................................................... 5 SECTION 5.04. Commingling ........................................................................................ 5 SECTION 5.05. Notes Offering ...................................................................................... 6 SECTION 5.06. Notification of Defaults ........................................................................ 7 SECTION 5.07. Ownership Placards .............................................................................. 7 ARTICLE 6 UNDERTAKINGS OF WEST AND SERVICED GROUP...................................... 7 SECTION 6.01. Cooperation ........................................................................................... 7 SECTION 6.02. No Representation with Respect to Third Parties ................................. 7 SECTION 6.03. Related Document Amendments .......................................................... 7 SECTION 6.04. Other Servicing Arrangements ............................................................. 7 SECTION 6.05. Communications ................................................................................... 8 SECTION 6.06. Ratification ............................................................................................ 8 SECTION 6.07. Execution, Amendment, Modification or Termination of Asset Documents ............................................................................................ 8 iii 4898-6267-4260.v2 SECTION 6.08. Accounts and Cash Arrangements of the Serviced Group.................... 8 SECTION 6.09. Notification of Bankruptcy ................................................................... 8 SECTION 6.10. Further Assurances................................................................................ 9 SECTION 6.11. Covenants .............................................................................................. 9 SECTION 6.12. Limitation of Obligation ..................................................................... 10 SECTION 6.13. New Issuer Subsidiaries ...................................................................... 10 ARTICLE 7 RESPONSIBILITY OF SERVICED GROUP; BUDGETS; DIRECTIONS .......... 10 SECTION 7.01. Responsibility of Serviced Group ....................................................... 10 SECTION 7.02. Instructions by WEST ......................................................................... 10 SECTION 7.03. Request for Authority ......................................................................... 10 SECTION 7.04. Overall Business Objectives with Respect to Asset ........................... 10 SECTION 7.05. Operating Budget; Asset Expenses Budget ........................................ 11 SECTION 7.06. Transaction Approval Requirements .................................................. 12 ARTICLE 8 EFFECTIVENESS ................................................................................................... 14 SECTION 8.01. Effectiveness ....................................................................................... 14 ARTICLE 9 SERVICING FEES; EXPENSES ............................................................................ 14 SECTION 9.01. Servicing Fees ..................................................................................... 14 SECTION 9.02. Rent Based Fee ................................................................................... 14 SECTION 9.03. Disposition Fee ................................................................................... 14 SECTION 9.04. Expenses ............................................................................................. 15 ARTICLE 10 TERM; RIGHT TO TERMINATE; CONSEQUENCES OF TERMINATION; SURVIVAL ............................................................................ 15 SECTION 10.01. Term .................................................................................................... 15 SECTION 10.02. Right to Terminate. ............................................................................. 15 SECTION 10.03. Consequences of Termination............................................................. 18 SECTION 10.04. Survival ............................................................................................... 19 ARTICLE 11 INDEMNIFICATION ............................................................................................ 19 SECTION 11.01. Indemnity ............................................................................................ 19 SECTION 11.02. Procedures for Defense of Claims ...................................................... 20 SECTION 11.03. Reimbursement of Costs ..................................................................... 21 ARTICLE 12 ASSIGNMENT AND DELEGATION .................................................................. 21 SECTION 12.01. Assignment and Delegation ................................................................ 21 ARTICLE 13 MISCELLANEOUS .............................................................................................. 22 SECTION 13.01. Reasonable Efforts .............................................................................. 22 iv 4898-6267-4260.v2 SECTION 13.02. Notices ................................................................................................ 22 SECTION 13.03. Governing Law ................................................................................... 23 SECTION 13.04. Jurisdiction .......................................................................................... 23 SECTION 13.05. Waiver of Jury Trial ............................................................................ 24 SECTION 13.06. Counterparts; Third Party Beneficiaries ............................................. 24 SECTION 13.07. Entire Agreement ................................................................................ 24 SECTION 13.08. Power of Attorney ............................................................................... 24 SECTION 13.09. Restrictions on Disclosure .................................................................. 24 SECTION 13.10. Rights of Setoff ................................................................................... 25 SECTION 13.11. Nonpetition ......................................................................................... 25 SECTION 13.12. Severability ......................................................................................... 25 SECTION 13.13. Amendments ....................................................................................... 25 SECTION 13.14. Asset Trustee Liability ........................................................................ 26 Appendices Appendix A Definitions Schedules Schedule 2.02(a) Services Schedule 4.01(a) Assets Schedule 8.01 Conditions to Effectiveness Exhibits Exhibit A Form of Operating Budget and Asset Expenses Budget for the Initial Period Exhibit B Form of Serviced Group Member Supplement.

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&nbsp;&nbsp;&nbsp;&nbsp;1 4898-6267-4260.v2 SERVICING AGREEMENT (as amended, modified or supplemented from time to time in accordance with the terms hereof, the "Agreement" or the "Servicing Agreement") dated as of June 18, 2025, among WILLIS ENGINE STRUCTURED TRUST VIII, a Delaware statutory trust ("WEST"), WILLIS LEASE FINANCE CORPORATION, a Delaware corporation incorporated under the laws of Delaware, in its capacity as Servicer (together with its successors and permitted assigns, the "Servicer") and as the Administrative Agent, and each member of the Serviced Group from time to time party hereto. NOW, THEREFORE, for the consideration set forth herein and other good and valuable consideration, the receipt of which is hereby acknowledged, each of the parties hereto, and each Person that becomes a party hereto pursuant to a Serviced Group Member Supplement, hereby agrees as follows: ARTICLE 1 DEFINITIONS SECTION 1.01. Definitions. The terms used herein have the meaning assigned to them in Appendix A hereto. Unless otherwise defined herein, all capitalized terms used but not defined herein have the meanings assigned to such terms in the Indenture. ARTICLE 2 APPOINTMENT; SERVICES SECTION 2.01. Appointment. (a) Each Person within the Serviced Group hereby appoints the Servicer as the exclusive provider of the Services (as defined in Section 2.02(a) below) to each such Person in respect of the Assets on the terms and subject to the conditions set forth in this Agreement. (b) The Servicer hereby accepts such appointment and agrees to perform the Services on the terms and subject to the conditions set forth in this Agreement. In connection with the provision of the Services with respect to the Assets, the Servicer generally shall, where and to the extent practicable and in the case of Services that are not performed by the Servicer directly, contract for or otherwise obtain goods and services from third party providers in the name of, or as disclosed agent for, the relevant Person within the Serviced Group. If the Servicer shall not have contracted for or otherwise obtained such goods and services in the name of, or as disclosed agent for, the relevant Person within the Serviced Group, the Servicer shall use its reasonable efforts to cause WEST or such Subsidiary to be in a position to have direct recourse against any such third party provider providing goods and services for WEST or such Subsidiary for any breaches by such third party provider related to the provision of such goods and services. (c) WEST hereby warrants and represents to the Servicer that it and each Subsidiary has appointed or will appoint the Administrative Agent to act as its representative with respect to any matter in respect of which any Person within the Serviced Group is required or permitted to take any action pursuant to the terms of this Agreement. Accordingly, in connection with the performance of the Services, unless an Administrative Agent Event of Default shall have 2 4898-6267-4260.v2 occurred and be continuing, or unless earlier notified by WEST that the appointment of the Administrative Agent to act on behalf of each Person within the Serviced Group has not become effective or has been revoked or terminated, the Servicer shall in all cases be entitled to rely on the instructions (or other actions) of the Administrative Agent as representative of each Person within the Serviced Group other than the actions specified in Section 7.06(a)(i) and 7.06(a)(iv). SECTION 2.02. Services. (a) The services to be provided by the Servicer in respect of the Assets (the "Services") are as set forth in Schedule 2.02(a) and under this Agreement. (b) Except with respect to the obligations expressly provided herein, in connection with the performance of the Services, the Servicer shall in all cases only be obligated to act upon, and shall be entitled to rely on, the instructions of WEST or, as provided above in Section 2.01(c), the Administrative Agent, on behalf of each Person within the Serviced Group. The Servicer shall not be liable to WEST, any Subsidiary, the Indenture Trustee or any other Person for any act or omission to act taken in accordance with such instructions, except to the extent provided in Section 3.03. SECTION 2.03. Limitations. (a) Neither the Servicer nor any of its Affiliates (other than each Person within the Serviced Group) shall assume any WEST Liabilities. In connection with the performance of the Services and its other obligations hereunder, the Servicer shall not be obligated to take or refrain from taking any action which is reasonably likely to (A) violate any Applicable Law, (B) lead to an investigation by any Governmental Authority or (C) expose the Servicer to any liabilities for which, in the Servicer's good faith opinion, adequate bond or indemnity has not been provided. (b) Each Person within the Serviced Group shall at all times retain full legal and equitable title to the Assets, notwithstanding the management thereof by the Servicer hereunder. ARTICLE 3 STANDARD OF CARE; CONFLICTS OF INTEREST; STANDARD OF LIABILITY SECTION 3.01. Standard of Care. The Servicer shall perform the Services with reasonable care and diligence at all times as is customary in the engine operating leasing industry and, for so long as there are any Assets that are Airframes, the aircraft operating leasing industry, as if it were the owner of each such Engine or Airframe, as applicable (the "Standard of Care"). The Standard of Care shall be implemented in a manner which is consistent with the reasonable commercial practices of leading international Aircraft Engine operating lessors and, for so long as there is any Asset that that is an Airframe, leading international aircraft operating lessors, and is consistent with the Indenture. SECTION 3.02. Conflicts of Interest. 3 4898-6267-4260.v2 (a) Each Person within the Serviced Group acknowledges and agrees that (i) in addition to managing the Assets under this Agreement, the Servicer may manage, and shall be entitled to manage, from time to time, the separate assets owned by it or its Affiliates (other than each Person within the Serviced Group) and third parties ("Other Assets"); (ii) in addition to the management of the Assets and the Other Assets, the Servicer shall, and shall be entitled to, carry on its commercial businesses, including the financing, purchase or other acquisition, leasing and sale of Other Assets; (iii) in the course of conducting such activities, the Servicer may from time to time have conflicts of interest in performing its duties on behalf of the various entities to whom it provides management services and with respect to the various assets in respect of which it provides management services; and (iv) the Controlling Trustees of WEST have approved the transactions contemplated by this Agreement and desire that such transactions be consummated and, in giving such approval, the Controlling Trustees of WEST have expressly recognized that such conflicts of interest may arise and that when such conflicts of interest arise the Servicer shall perform the Services in accordance with the Standard of Care and the Servicer Conflicts Standard set forth below in Section 3.02(b) (b) If conflicts of interest arise regarding the management or remarketing of any Asset, on the one hand, and any Other Asset, on the other hand, the Servicer shall promptly notify WEST and the Indenture Trustee (but in no later than the date on which the next Monthly Report is delivered). The Servicer shall perform the Services in good faith and to the extent such Asset and such Other Asset are substantially similar in terms of objectively identifiable characteristics relevant for purposes of the particular Services to be performed, the Servicer shall not discriminate between such Asset and such Other Asset on an unreasonable basis (the standard set forth in this Section 3.02(b) shall be referred to collectively as the "Servicer Conflicts Standard"). SECTION 3.03. Standard of Liability. The Servicer shall not be liable to any Person within the Serviced Group for any Losses arising (i) as a result of an Asset being sold, leased or purchased on less favorable terms than might have been achieved at any time, provided such transactions were entered into on the basis of an arm's-length commercial decision of the Servicer, or (ii) in respect of the Servicer's obligation to apply the Servicer Conflicts Standard in respect of its performance of the Services, except, in either case, in the case of willful misconduct, negligence or fraud on the part of the Servicer. The Servicer shall not be liable to any Person within the Serviced Group for any Loss arising as a result of the performance of any of the Servicer's obligations as Servicer or as a result of any action which the Servicer is requested to take or refrain from taking by WEST (or the Administrative Agent), unless (A) such Loss has arisen as a result of the willful misconduct, negligence or fraud of the Servicer, (B) such Loss has directly resulted from a breach by the Servicer of the express terms and conditions of this Agreement or (C) such Loss is a Loss for which the Servicer has indemnified WEST and its Affiliates and arises as a result of any material misstatements or omissions in any public filing or offering memorandum relating to information on the Assets, the Servicer and the Services provided by the Servicer for disclosure in such public filing or offering memorandum, provided that the Servicer may reasonably rely on information from third parties without incurring liability (the liability standards set forth in this Section 3.03, the "Standard of Liability"). 4 4898-6267-4260.v2 SECTION 3.04. Waiver of Implied Standard. Except as expressly stated above in this Article 3, all other warranties, conditions and representations, express or implied, statutory or otherwise, arising under Delaware or New York law or any other Applicable Law in relation to either the skill, care, diligence or otherwise in respect of any Service to be performed hereunder or to the quality or fitness for any particular purpose of any goods are hereby to the fullest extent permitted by Applicable Law excluded and the Servicer shall not be liable in contract, tort or otherwise under Delaware or New York law or any other Applicable Law for any Loss arising out of or in connection with the Services to be supplied pursuant to this Agreement or any goods to be provided or sold in conjunction with such Services. ARTICLE 4 REPRESENTATIONS AND WARRANTIES SECTION 4.01. Representations and Warranties by WEST and each other Person in Serviced Group. Each Person within the Serviced Group represents and warrants to the Servicer as follows: (a) Assets: Schedule 4.01(a) contains a true and complete list of all Assets as of the Initial Closing Date, notwithstanding that WEST may not have, as of such date, acquired the Asset Interests relating to such Assets. (b) Asset Documents: WEST shall deliver to the Servicer on the Initial Closing Date a true, correct and complete copy of all material Asset Documents as of such Initial Closing Date in the possession of any Person within the Serviced Group. (c) Accounts and Cash Flow: WEST shall, prior to the Initial Closing Date, provide to the Servicer a true and complete list of all the Existing Accounts of each Person within the Serviced Group included among the Assets as of such Initial Closing Date with respect to which any Person within the Serviced Group has authority. SECTION 4.02. Representations and Warranties by Servicer. The Servicer represents and warrants to each Person within the Serviced Group as follows: (a) The Servicer is a corporation duly organized and validly existing under the laws of the State of Delaware. (b) The Servicer has all requisite power and authority to execute this Agreement and to perform its obligations under this Agreement. All corporate acts and other proceedings required to be taken by the Servicer to authorize the execution and delivery of this Agreement and the performance of its obligations contemplated under this Agreement have been duly and properly taken. (c) This Agreement has been duly executed and delivered by the Servicer and is a legal, valid and binding obligation of the Servicer enforceable against it in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization or other laws of general application affecting the enforcement of creditors' rights or by general principles of equity.

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&nbsp;&nbsp;&nbsp;&nbsp;5 4898-6267-4260.v2 (d) Neither the execution and delivery of this Agreement by the Servicer nor the performance by the Servicer of any of its obligations under this Agreement will (i) violate any provision of the organizational documents of the Servicer, (ii) violate any order, writ, injunction, judgment or decree applicable to the Servicer or any of its property or assets, (iii) violate in any material respect any Applicable Law, or (iv) result in any conflict with, breach of or default (or give rise to any right of termination, cancellation or acceleration) under, any of the terms, conditions or provisions of any material note, bond, mortgage, indenture, warrant or other similar instrument or any material license, permit, agreement or other obligation to which the Servicer is a party or by which the Servicer or any of its properties or assets may be bound. (e) There are no Proceedings or investigations to which the Servicer or any of its Affiliates is a party pending, or to the best of the Servicer's knowledge, threatened, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality (A) asserting the invalidity of this Agreement or any other Related Document, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Related Document or (C) seeking any determination or ruling that is reasonably likely to materially and adversely affect the performance by the Servicer of its obligations under or the validity or enforceability of, this Agreement or any other Related Document to which it is a party. ARTICLE 5 SERVICER UNDERTAKINGS SECTION 5.01. Staff and Resources. In performing the Services, the Servicer shall employ or otherwise engage such staff (including in-house legal staff) and maintain such supporting resources as the Servicer shall deem necessary in accordance with its usual business practices with respect to its own aircraft and Aircraft Engines, both in number and in quality, to enable the Servicer to perform the Services in accordance with the terms of this Agreement. SECTION 5.02. Access. The Servicer at such times as WEST may reasonably request shall make available to the Serviced Group and their agents (including auditors) (A) reports, ledgers, documents, and other records (including computer records), its books and other information related to the Assets or the business of the Serviced Group and (B) the officers and employees of the Servicer, subject to their reasonable availability, in each case, to enable the Serviced Group to monitor the performance of the Servicer under this Agreement. SECTION 5.03. Compliance with Law. The Servicer shall, in connection with the performance of the Services, comply with all laws, rules and regulations applicable to the Servicer and with the laws, rules and regulations applicable to the Assets. SECTION 5.04. Commingling. The Servicer shall not commingle with its own funds, (i) any funds of any Person within the Serviced Group or (ii) any misdirected funds received from Lessees and others. Any such misdirected funds shall be promptly redirected to a Bank Account. The Servicer hereby covenants with the Serviced Group that it will conduct its business such that it is a separate and readily identifiable business from, and independent of, each Person within the Serviced Group (it being understood that the Servicer and any of its 6 4898-6267-4260.v2 Affiliates may publish financial statements that consolidate those of the Serviced Group, if to do so is required by any Applicable Law or GAAP and the Servicer and any of its Affiliates may, if applicable file consolidated, combined or unitary tax returns with any Person within the Serviced Group) and further covenants that, during the term of this Agreement: (a) it will observe all corporate formalities necessary to remain a legal entity separate and distinct from, and independent of, each Person within the Serviced Group; (b) it will maintain its assets and liabilities separate and distinct from each Person within the Serviced Group; (c) it will maintain records, books, accounts and minutes separate from those of each Person within the Serviced Group; (d) it will pay its obligations in the ordinary course of its business as a legal entity separate from each Person within the Serviced Group; (e) it will keep its funds separate and distinct from the funds of each Person within the Serviced Group, and it will receive, deposit, withdraw and disburse such funds separately from the funds of each Person within the Serviced Group; (f) it will conduct its business in its own name, and not in the name of any Person within the Serviced Group; (g) it will not pay or become liable for any debt of any Person within the Serviced Group, other than to make payments in the form of indemnity as required by the express terms of this Agreement; (h) it will not hold out that it is a division of WEST or its Subsidiaries or that any Person within the Serviced Group is a division of it; (i) it will not induce any third party to rely on the creditworthiness of any Person within the Serviced Group in order that such third party will be induced to contract with it; (j) it will not enter into any transaction between it and any Person within the Serviced Group that is as a whole materially more favorable to either party than an agreement that the parties would have been able to enter into at such time on an arm's-length basis with a non-affiliated third party, other than any Related Document in effect on the Initial Closing Date (it being understood that the parties hereto do not intend by this covenant to ratify any self- dealing transaction); and (k) it will observe all corporate formalities necessary to treat each Person within the Serviced Group as a legal entity separate from each other Subsidiary. SECTION 5.05. Notes Offering. The Servicer agrees to cooperate with the Serviced Group in connection with the public or private offering and sale of any securities of WEST or any of its Affiliates (a "Notes Offering"). 7 4898-6267-4260.v2 SECTION 5.06. Notification of Defaults. Promptly, but in any case within five (5) Business Days of becoming aware of the existence of any condition or event which constitutes a Servicer Termination Event, Early Amortization Event or an Event of Default, or any event which, with the lapse of time or the giving of notice or both, would constitute a Servicer Termination Event, Early Amortization Event or an Event of Default and which, in each case, has not been waived in writing by the Controlling Party, the Servicer shall deliver to each Person within the Serviced Group and the Indenture Trustee a written notice describing the nature of such event and period of existence and, in the case of a Servicer Termination Event, the action the Servicer is taking or proposed to take with respect thereto. SECTION 5.07. Ownership Placards. The Servicer shall use commercially reasonable efforts to cause each Lessee to affix an ownership placard on each related Airframe and Engine stating that such Airframe or Engine is owned by the applicable Asset Trust. ARTICLE 6 UNDERTAKINGS OF WEST AND SERVICED GROUP SECTION 6.01. Cooperation. WEST and each other Person within the Serviced Group shall at all times use commercially reasonable efforts to cooperate with the Servicer to enable the Servicer to provide the Services, including providing the Servicer with all powers of attorney as may be reasonably necessary or appropriate to perform the Services. SECTION 6.02. No Representation with Respect to Third Parties. WEST and each other Person within the Serviced Group agree that as between the Servicer, on the one hand, and any Person within the Serviced Group, on the other hand, no representation is made as to the financial condition and affairs of any Lessee of, or purchaser of, any Asset or any manufacturer, representative, maintenance facility, contractor, vendor or supplier utilized by the Servicer in connection with its performance of the Services and, subject to the Standard of Liability, the Servicer shall have no liability with respect to such third parties. SECTION 6.03. Related Document Amendments. Neither WEST nor any other Person in the Serviced Group shall amend, without the prior consent of the Servicer in each instance, any Related Document in such a manner that would increase in any respect the scope, nature or level of the Services to be provided under this Agreement nor change the Standard of Liability without the Servicer's prior written consent, which consent may be conditioned upon, among other things, a proper adjustment in the compensation payable to the Servicer in order to take into account the increased Services to be provided by the Servicer. SECTION 6.04. Other Servicing Arrangements. Without the prior written consent of the Servicer, neither WEST nor any other Person in the Serviced Group shall (a) enter into, or cause or permit any Person (other than the Servicer) to enter into on their behalf, any transaction for the lease or sale of any Asset in respect of which the Servicer is at such time performing Services, or (b) employ any Person other than the Servicer to perform any of the Services with respect to the Assets, except as provided in Article 10 of this Agreement. 8 4898-6267-4260.v2 SECTION 6.05. Communications. WEST and each other Person within the Serviced Group shall forward promptly to the Servicer a copy of any written communication received from any Person in relation to any Asset. SECTION 6.06. Ratification. WEST and each other Person within the Serviced Group hereby ratifies and confirms, and agrees to ratify and confirm, any action the Servicer takes or refrains from taking in accordance with this Agreement, the Indenture and the Related Documents in the exercise of any of the powers or authorities conferred upon the Servicer pursuant to the terms of this Agreement and the Indenture. SECTION 6.07. Execution, Amendment, Modification or Termination of Asset Documents. (a) If (i) any agreement, instrument or other document becomes an Asset Document or any Asset Document shall have been amended, modified or terminated and (ii) the Servicer was not substantially involved in the preparation and execution of such new, amended, modified or terminated agreement, instrument or other document, WEST shall deliver written notice thereof to the Servicer together with (A) in the case of any newly executed Asset Document, a true and complete copy of such Asset Document, a list of all Assets to which it relates and a description, in reasonable detail, of the relevance of such Asset Document to such Assets or (B) in the case of any amendment, modification or termination of an Asset Document, a true and complete copy of any related agreement, instrument or other document. (b) WEST shall promptly deliver to the Servicer a complete copy of the Indenture. (c) At all times, WEST shall promptly notify the Servicer of the name, identity and contact details of the Controlling Trustees and of any changes thereto and any other relevant information relating to such Controlling Trustees reasonably requested by the Servicer. SECTION 6.08. Accounts and Cash Arrangements of the Serviced Group. At all times, WEST shall promptly notify the Servicer of any New Account established by or on behalf of any Person within the Serviced Group or otherwise relating to the Assets and of any Existing Account relating to any aircraft or Aircraft Engine that becomes an Asset after the date of this Agreement and of the closing of any such account in any case not established or closed by the Servicer. SECTION 6.09. Notification of Bankruptcy. If any Person within the Serviced Group shall take any action to: (a) file any petition or application, commence any proceeding, pass any resolution or convene a meeting with respect to itself or any of its Affiliates under any United States federal, state or foreign or international law relating to the appointment of a trustee in bankruptcy, liquidator, examiner, assignee, custodian, trustee, sequestrator or receiver with respect to any Person within the Serviced Group or over the whole or any part of any properties or assets of any Person within the Serviced Group or any bankruptcy, reorganization, compromise arrangements or insolvency of any Person within the Serviced Group; or (b) make an assignment for the benefit of its creditors generally;

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&nbsp;&nbsp;&nbsp;&nbsp;9 4898-6267-4260.v2 then WEST shall notify the Servicer, to the extent practicable, of the taking of any such action. If any Person within the Serviced Group becomes aware of the intent or action of any Person (whether a creditor or member of any Person within the Serviced Group) to appoint a trustee in bankruptcy, liquidator, examiner, custodian, sequestrator or receiver, WEST shall promptly notify the Servicer. SECTION 6.10. Further Assurances. Each Person within the Serviced Group agrees that at any time and from time to time upon the written request of the Servicer, it will execute and deliver such further documents and do such further acts and things as the Servicer may reasonably request in order to effect the purposes of this Agreement. SECTION 6.11. Covenants. Each Person within the Serviced Group covenants with the Servicer that it will conduct its business such that it is a separate and readily identifiable business from, and independent of, the Servicer and any of its Affiliates (it being understood that the financial statements of any Person within the Serviced Group may be consolidated or combined with those of the Servicer or any of its Affiliates, if to do so is required by any Applicable Law or GAAP and that the tax returns of any Person within the Serviced Group may be consolidated with those of the Servicer and any of its Affiliates in accordance with applicable United States or foreign tax laws) and further covenant that, during the term of this Agreement: (a) it will observe all corporate formalities necessary to remain a legal entity separate and distinct from, and independent of, the Servicer and any of its subsidiaries; (b) it will maintain its assets and liabilities separate and distinct from those of the Servicer; (c) it will maintain records, books, accounts and minutes separate from those of the Servicer; (d) it will pay its obligations in the ordinary course of its business as a legal entity separate from the Servicer; (e) it will keep its funds separate and distinct from any funds of the Servicer, and it will receive, deposit, withdraw and disburse such funds separately from any funds of the Servicer; (f) it will conduct its business in its own name, and not in the name of the Servicer; (g) it will not agree to pay or become liable for any debt of the Servicer, other than to make payments in the form of indemnity as required by the express terms of this Agreement; (h) it will not hold out that it is a division of the Servicer, or that the Servicer is a division of it; (i) it will not induce any third party to rely on the creditworthiness of the Servicer in order that such third party will be induced to contract with it; 10 4898-6267-4260.v2 (j) it will not enter into any transaction between it and the Servicer that is as a whole materially more favorable to either party than a transaction that the parties would have been able to enter into at such time on an arm's-length basis with a non-affiliated third party, other than any Related Document in effect on the Initial Closing Date (it being understood that the parties hereto do not intend by this covenant to ratify any self-dealing transaction); and (k) it will observe all material corporate or other procedures required under Applicable Law and under its organizational documents. SECTION 6.12. Limitation of Obligation. Notwithstanding anything to the contrary in Section 4.01(b) and 6.07, the Servicer shall have no obligation with respect to any agreement, instrument or document that becomes an Asset Document, or any such amendment, modification or termination, until the date that a copy of the agreement, instrument or document constituting such Asset Document, or setting forth the terms of such amendment, modification or termination, is received by the Servicer. SECTION 6.13. New Issuer Subsidiaries. WEST hereby undertakes to procure that any Issuer Subsidiary formed or acquired after the date hereof shall execute a Serviced Group Member Supplement. Such Serviced Group Member Supplement shall specify the notice information for such Issuer Subsidiary and an executed version thereof shall be promptly delivered to each of the parties hereto. ARTICLE 7 RESPONSIBILITY OF SERVICED GROUP; BUDGETS; DIRECTIONS SECTION 7.01. Responsibility of Serviced Group. Notwithstanding the appointment of the Servicer to perform the Services and the related delegation of authority and responsibility to the Servicer pursuant to this Agreement, each Person within the Serviced Group shall remain responsible for all matters related to its business, operations, assets and liabilities. SECTION 7.02. Instructions by WEST. WEST may at any time, other than following the delivery of a Default Notice pursuant to Section 4.02 of the Indenture (that has not been withdrawn or rescinded), in which case the Indenture Trustee may, direct the Servicer to limit or terminate any action being taken by it under this Agreement or to take any action authorized or contemplated by this Agreement (including sale or disposal of any Asset) or the applicable Lease and the Servicer shall use commercially reasonable efforts to comply with such directions. SECTION 7.03. Request for Authority. If the Servicer wishes to take or approve any action which it is not authorized under this Agreement to take or approve, it shall request authority from WEST to take or approve the action. SECTION 7.04. Overall Business Objectives with Respect to Asset. The Servicer will perform the Services with a view towards maximizing the present value of the cash flows over the life of the Assets from leasing and re-leasing or selling or otherwise disposing of Assets, taking into account the then-existing and anticipated market conditions affecting the operating 11 4898-6267-4260.v2 leasing of used aircraft and Aircraft Engines and the commercial aviation industry generally and any restrictions within the Indenture. SECTION 7.05. Operating Budget; Asset Expenses Budget. (a) WEST, on its own behalf and on behalf of each other Person in the Serviced Group, shall adopt with respect to the period from the Initial Closing Date through December 31, 2025 (the "Initial Period") and, thereafter, each one Year period during the term of this Agreement (a "One Year Period"): (A) an operating budget with respect to the Assets (an "Operating Budget"); and (B) a budget with respect to Asset Expenses related to the Assets (an "Asset Expenses Budget"). The initial Operating Budget and the initial Asset Expenses Budget for the Initial Period (together, the "Initial Budgets") shall be adopted by each Person within the Serviced Group by the Initial Closing Date in substantially the form attached hereto as Exhibit A. The Operating Budget and Asset Expenses Budget for each One Year Period during the term of this Agreement shall be adopted by each Person within the Serviced Group in accordance with Section 7.05(c). The Servicer shall, in the course of providing the Services hereunder, use reasonable efforts to achieve the Initial Budgets during the Initial Period and to achieve the Operating Budget and the Asset Expenses Budgets for and during each One Year Period. The Initial Budgets and the Operating Budgets and Asset Expenses Budgets are collectively referred to herein as the "Budgets." (b) To assist the Administrative Agent in the preparation and review of a proposed Operating Budget and a proposed Asset Expenses Budget for each One Year Period, the Servicer shall provide the Administrative Agent, by the November 1 immediately preceding such One Year Period, information in a form to be agreed from time to time relating to (i) lease rates, (ii) utilization rate, (iii) expected technical expenditures (including any costs to be capitalized) relating to the Assets, (iv) planned sales, (v) costs relating to insurance, legal, consulting and other similar expenses, including anticipated litigation expenses and (vi) such other information related to Asset Expenses as may be requested by the Administrative Agent for purposes of the preparation and review of such budgets, in each case including the assumptions relating thereto. (c) Based on the information provided by the Servicer to the Administrative Agent in accordance with Section 7.05(b), the Administrative Agent shall prepare and deliver to the Servicer and WEST by the November 30 immediately preceding each One Year Period, a proposed Operating Budget and Asset Expenses Budget for such One Year Period, together with reasonably detailed supporting information and the assumptions underlying such proposed Operating Budget and Asset Expenses Budget. (d) Following the receipt by the Servicer and WEST of the proposed Operating Budget and Asset Expenses Budget for a One Year Period as provided in Section 7.05(c), the Servicer and the Administrative Agent, on behalf of each Person within the Serviced Group, shall consult with each other to agree on a final Operating Budget and a final Asset Expenses 12 4898-6267-4260.v2 Budget for such One Year Period, and taking into account such consultation, WEST shall approve and deliver to the Servicer, by the December 20 immediately preceding the commencement of each One Year Period, a final Operating Budget and Asset Expenses Budget for such One Year Period. (e) If at any time the Servicer reasonably believes that an incurrence of Asset Expenses is reasonably likely to cause actual aggregate Asset Expenses in the Initial Period or any One Year Period, as the case may be, to exceed 125% of the budgeted amount of aggregate Asset Expenses for such period as set forth in the applicable Budget, the Servicer shall not incur such Asset Expense without prior approval by WEST, and such excess payment and approval thereof shall be reported in the Annual Report for the relevant Initial Period or One Year Period, as the case may be. SECTION 7.06. Transaction Approval Requirements. (a) The Servicer shall not do any of the following without the express prior written approval of WEST: (i) Except as required in accordance with the terms of any Lease or any other agreement with the Lessee or an Acquisition Agreement, and in any event in accordance with the terms and conditions of the Related Documents, sell (or enter into any commitment or agreement to sell) or otherwise transfer or dispose of any Asset (excluding any sale or exchange of spare parts or ancillary equipment or devices furnished therewith) forming part of the Assets; provided, however, that, the Servicer may transfer title or another interest in an Asset, or cause an Asset to be subject to a Lease: (A) to or in favor of a trust or an entity for the purpose of addressing tax, regulatory or other objectives under the laws of an applicable jurisdiction so long as a Person in the Serviced Group retains the beneficial or economic ownership of such Asset; (B) from such trust or entity to a Person within the Serviced Group or (C) within or among the Persons in the same Issuer Group without limitation (provided that a Person in such Issuer Group retains the beneficial or economic ownership of such Asset and related Lease); provided further that, unless the Servicer has been notified in writing that an Event of Default has occurred (or has been notified in writing that such Event of Default has been waived or has otherwise ceased to exist), the Servicer may enter into Part-Out Agreements, agreements for the leasing of engines and components or for the swapping of engines, if determined by the Servicer in good faith to be in the best interests of maximizing returns in respect of such Asset, subject always to the limitations on parting-out and consignments set forth in the Indenture. (ii) Enter into any new Lease (or any renewal or extension of an existing Lease or other agreement with a Lessee) of any Asset if the Lease does not comply with the requirements of the Indenture or amend any existing Lease in a manner that does not comply with the requirements of the Indenture.

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&nbsp;&nbsp;&nbsp;&nbsp;13 4898-6267-4260.v2 (iii) Unless provided for in the then applicable Budgets, enter into any contract for the modification or maintenance of any Asset if the costs to be incurred thereunder by the relevant Person within the Serviced Group are not economically justifiable in light of then current and reasonably anticipated market conditions for used aircraft and Aircraft Engines. (iv) Subject to Section 4.02(e) of Schedule 2.02(a), enter into on behalf of any Person within the Serviced Group, any capital commitment or confirm any order or commitment to acquire, or acquire on behalf of any Person within the Serviced Group, aircraft or Aircraft Engines, except that the Servicer may enter into any such capital commitment or order or commitment to acquire a Replacement Asset or spare parts for an Asset so long as the same is provided for in the then applicable Budgets. (v) Issue any guarantee on behalf of, or otherwise pledge the credit of any Person within the Serviced Group, other than any guarantee of any Subsidiary obligation by WEST. (vi) Unless permitted by any other provision of this Section 7.06, enter into any agreement for services to be provided in respect of Assets by third parties the cost of which is to be borne by each Person within the Serviced Group, except in each case (A) to the extent that the same is an Asset Expense provided for in the then applicable Budgets, or (B) for third party service providers (including legal counsel) that would be used by the Servicer in the ordinary course of the Servicer's business. (vii) Incur on behalf of any Person within the Serviced Group any liability (actual or contingent) or cause any such liability (actual or contingent) to be incurred, except for a liability (A) contemplated in the then applicable Budgets, (B) pursuant to a transaction of a type which is subject to another Transaction Approval Requirement which Transaction Approval Requirement is satisfied or is otherwise authorized by such Transaction Approval Requirement or (C) incurred in the ordinary course of the business of each Person within the Serviced Group. (b) Any transaction entered into by the Servicer on behalf of each Person within the Serviced Group shall be on an arm's-length basis and on market terms, provided that any transaction approved by the Controlling Trustees shall be deemed to satisfy this clause (b). (c) The actions specified in clauses (a)(i) and (a)(iv) of this Section 7.06 must be approved by a majority of the Controlling Trustees, including the Independent Controlling Trustee. (d) The transaction approval requirements (the "Transaction Approval Requirements") set forth in clauses (i) through (vii) of Section 7.06(a) may only be amended by mutual agreement of the parties hereto and with the written consent of the Indenture Trustee (acting at the direction of the Controlling Party), and shall not in any event be amended to reduce or circumscribe the delegation to the Servicer of the level of autonomy, authority and responsibility contemplated by the Transaction Approval Requirements with respect to the performance of the Services. The Servicer shall provide notice to the Indenture Trustee of any 14 4898-6267-4260.v2 amendment to the Transaction Approval Requirements for inclusion of such notice by the Indenture Trustee in the next Annual Report. ARTICLE 8 EFFECTIVENESS SECTION 8.01. Effectiveness. (a) The effectiveness of this Agreement and all obligations of the parties hereunder shall be conditioned upon satisfaction (or waiver by the appropriate party) of the conditions set forth in Schedule 8.01. (b) The effectiveness of this Agreement with respect to any Issuer Subsidiary which executes and delivers a Serviced Group Member Supplement shall be conditioned upon the execution thereof in acknowledgement and agreement by WEST and the Servicer and the satisfaction (or waiver by the appropriate party) of the conditions set forth in Schedule 8.01 applicable to such Issuer Subsidiary. Such Serviced Group Member Supplement shall be effective without the need for any other party hereto to execute such Serviced Group Member Supplement in acknowledgement and agreement. ARTICLE 9 SERVICING FEES; EXPENSES SECTION 9.01. Servicing Fees. In consideration of the Servicer's performance of the Services, WEST shall pay to the Servicer on a monthly basis pursuant to Section 3.09 of the Indenture servicing fees consisting of the fees set forth in (i) Section 9.02 comprising the Senior Rent Based Fees and the Subordinated Rent Based Fees (collectively, the "Rent Based Fees") and (ii) Section 9.03 (the "Disposition Fee", and together with the Rent Based Fees, the "Servicing Fees"). SECTION 9.02. Rent Based Fee. A Rent Based Fee shall be paid by WEST to the Servicer on a monthly basis pursuant to Section 3.09 of the Indenture in the amount equal to: (a) 8.0% of the aggregate rent actually received for any month (or portion of a month) in which any Person within the Serviced Group owns the related Assets (the "Senior Rent Based Fees"); and (b) 3.5% of the aggregate rent actually received for any month (or portion of a month) in which any Person within the Serviced Group owns the related Assets (the "Subordinated Rent Based Fees"). SECTION 9.03. Disposition Fee. A Disposition Fee shall be paid by WEST to the Servicer with respect to each Asset Disposition (other than (a) an Asset Disposition referred to in clauses (ii) or (iii) of Section 5.02(p) of the Indenture or (b) an Asset Disposition referred to in clause (iv) of Section 5.02(p) if (x) the purchaser in such Asset Disposition is the Servicer or is an Affiliate of the Servicer or (y) the payment of a Disposition Fee in connection with an Asset 15 4898-6267-4260.v2 Disposition referred to in clause (iv) of Section 5.02(p) would result in there being insufficient amounts available to pay the Outstanding Principal Balance of the Notes in full), in an amount equal to the product of (i) 3.0% and (ii) the Net Sale Proceeds in respect of such Asset Disposition (such Net Sale Proceeds to be calculated without deducting the amount of the Disposition Fee). SECTION 9.04. Expenses. (a) The Servicer shall be responsible for, and shall not be entitled to reimbursement for, the Servicer's overhead expenses ("Overhead Expenses") which shall include all expenses other than Asset Expenses, including: (i) salary, bonuses, company cars and benefits of the Servicer's employees; (ii) office, office equipment and rental expenses other than office and office equipment rental expense charged by independent advisors retained by the Servicer with respect to the Assets; (iii) telecommunications expenses; and (iv) taxes on the income, receipts, profits, gains, net worth or franchise of the Servicer and payroll, employment and social security taxes for employees of the Servicer. (b) Each Person within the Serviced Group shall be responsible for all costs and expenses relating to or associated with the Assets other than Overhead Expenses ("Asset Expenses"). ARTICLE 10 TERM; RIGHT TO TERMINATE; CONSEQUENCES OF TERMINATION; SURVIVAL SECTION 10.01. Term. This Agreement shall expire on the later of (i) the date of payment in full of all amounts outstanding to be paid under the Notes (and other similar obligations issued under the Indenture or other debt instrument or otherwise secured under the Security Trust Agreement), and of all amounts outstanding to be paid to the holders of the Beneficial Interest Certificates and (ii) the date on which neither WEST nor any Subsidiary shall own or lease any Asset. SECTION 10.02. Right to Terminate. (a) At any time during the term of this Agreement, the Servicer shall in accordance with Section 10.02(c) be entitled to terminate this Agreement if: (i) all of the Notes and other obligations of WEST secured under the Security Trust Agreement are repaid or defeased in full in accordance with the terms of the Indenture or other applicable agreement evidencing such obligation; or 16 4898-6267-4260.v2 (ii) all of the Assets of each Person within the Serviced Group are sold and there are no Notes outstanding. (b) At any time during the term of this Agreement, WEST or the Controlling Party shall in accordance with Section 10.02(c) be entitled to terminate this Agreement if: (i) Servicer shall fail to perform or observe, or cause to be performed or observed, any covenant or agreement which failure materially and adversely affects the rights of WEST; (ii) any representation or warranty made by the Servicer in this Agreement proves to have been untrue or incorrect in any material and adverse respect when made; (iii) the Servicer shall cease or has notified WEST that it intends to cease to be engaged in the Aircraft Engine leasing business or, for so long as there are any Assets that are Airframes, the aircraft leasing business; (iv) either (A) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking relief in respect of the Servicer or in respect of a substantial part of the property or assets of the Servicer, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other U.S. federal or state or foreign bankruptcy, insolvency, receivership, examinership or similar law, and such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered, or (B) the Servicer shall go into liquidation, suffer a receiver or mortgagee to take possession of all or substantially all of its assets or have an examiner appointed over it or if a petition or proceeding is presented for any of the foregoing and not discharged within sixty (60) days; (v) the Servicer shall (A) voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other U.S. federal or state or foreign bankruptcy, insolvency, receivership, examinership or similar law, (B) consent to the institution of, or fail within sixty (60) days to contest the filing of, any petition described in clause 10.02(b)(v) above, (C) file an answer admitting the material allegations of a petition filed against it in any such proceeding described in clause 10.02(b)(v) above or (D) make a general assignment for the benefit of its creditors; and (vi) there shall have occurred and be continuing an Event of Default under Section 4.01(a) of the Indenture that has occurred and is continuing in respect of the payment of interest (other than Step-Up Interest Amount) on the Senior Series due to an insufficiency of funds in the Collections Account on the relevant date: (A) when no amount is available for drawing under the Initial Liquidity Facility, and (B) which Event of Default shall have continued unremedied by the Issuer for 60 days. (c) (i) The Servicer, WEST or the Controlling Party (the "Terminating Party") may, at any time during the term of this Agreement, subject to the terms of this Article 10 by written notice ("Termination Notice") to WEST and the Indenture Trustee, in the case of the

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&nbsp;&nbsp;&nbsp;&nbsp;17 4898-6267-4260.v2 Servicer, or to the Servicer, in the case of WEST or the Controlling Party, with a copy to the Rating Agencies (the "Notice Recipients"), set forth its determination to terminate this Agreement pursuant to clause (a) of this Section 10.02 (in the case of the Servicer) or clause (b) of this Section 10.02 (in the case of WEST or the Controlling Party); provided, however, that this Agreement shall not terminate until and unless a Replacement Servicer shall have been appointed and shall have accepted such appointment in accordance with Section 10.03; provided further that failure by the Terminating Party to provide such Termination Notice shall not affect such party's rights under Section 10.02(a) or Section 10.02(b), as the case may be. Any Termination Notice shall set forth in reasonable detail the basis for such termination. (ii) If the Termination Notice is provided by WEST or the Controlling Party to the Servicer based on an event described in Section 10.02(b)(i) or (b)(ii) (each a "Curable Termination Event"), then no later than the fifth Business Day following the delivery of the Termination Notice (the "Effectiveness Date"), the Servicer shall advise WEST or the Controlling Party, as applicable, in writing whether the Servicer (A) intends to cure the basis for such Termination Notice and, if so, the action the Servicer intends to take to effectuate such cure or (B) does not intend to cure the basis for such Termination Notice (it being understood that failure of the Servicer to deliver such written advice by such day shall be deemed to constitute notice that it does not intend to cure the basis for termination). In the event (x) that the Servicer notifies (or is deemed to have notified) WEST or the Controlling Party, as applicable, that it does not intend to cure the basis for such termination, and (y) of a Termination Notice from (I) the Servicer based on any event described in Section 10.02(a) or (II) WEST or the Controlling Party based on any event described in Section 10.02(b) other than a Curable Termination Event, then this Agreement shall terminate, subject to Section 10.03(c)(ii), immediately or on such later date that WEST or the Controlling Party, as applicable, shall have indicated in the Termination Notice. In the event that the Servicer notifies WEST or the Controlling Party, as applicable, by the applicable Effectiveness Day that it intends to cure the basis for any Curable Termination Event, then the Servicer shall (1) have ninety (90) days from such Effectiveness Date to effectuate such cure to the satisfaction of WEST or the Controlling Party, as applicable, or (2) if such cure cannot reasonably be expected to be effectuated within a 90-day period, (x) demonstrate to the satisfaction of WEST or the Controlling Party, as applicable, that substantial progress is being made toward the effectuation of such cure and (y) effectuate such cure to the reasonable satisfaction of WEST or the Controlling Party, as applicable, no later than the one hundred twentieth day following such Effectiveness Date. Upon the failure of the Servicer to effectuate a cure in accordance with the immediately preceding sentence, this Agreement shall terminate on the latest of (I) the day immediately following the expiration of such 90 or 120-day period, as the case may be, (II) such later date as shall be indicated in the Termination Notice and (III) the date on which a Replacement Servicer has been engaged to perform the Services with respect to the Assets and has accepted such appointment in accordance with the provisions of Section 10.03(c). (d) The Servicer and WEST acknowledge and agree that the Independent Controlling Trustee of WEST has been authorized by WEST to exercise all rights and powers of WEST under this Agreement, including the right to deliver a Termination Notice on behalf of WEST and to exercise all rights of WEST under Section 10.03 upon the expiration or termination of this 18 4898-6267-4260.v2 Agreement. The Servicer shall provide at all times (upon reasonable notice) WEST with access to the books and records of the Servicer relating to the Assets and the Leases and to the Asset Documents and shall provide electronic copies of its records relating to the operation and maintenance of the Assets, the performance of the Lessees under the Leases and such other matters as WEST shall reasonably request. SECTION 10.03. Consequences of Termination. (a) (i) Upon the expiration or termination of this Agreement in accordance with this Article 10, the Servicer will promptly forward to WEST any notices, reports and communications received by it from any relevant Lessee after the termination or expiration of this Agreement or the removal of the Servicer. (ii) WEST will notify promptly each relevant Lessee and any relevant third party of the termination of the Servicer under this Agreement or expiration of this Agreement in relation to any of the Assets and will request that all such notices, reports and communications from such third parties thereafter be made or given directly to the Replacement Servicer. (b) A termination or expiration in relation to any or all Assets shall not affect the respective rights and liabilities of either party accrued prior to such termination or expiration in respect of any prior breaches hereof or otherwise. (c) (i) Notwithstanding the occurrence of an event described in Section 10.02(b), the Servicer shall continue to perform its duties under this Agreement until a Replacement Servicer has been appointed and has accepted such appointment. It is understood and agreed that the Independent Controlling Trustee shall have the right to appoint a Replacement Servicer on behalf of WEST upon the termination of this Agreement. In the event that a Replacement Servicer has not been appointed within ninety (90) days after any termination of this Agreement or resignation by the Servicer, the Indenture Trustee may, and acting at the direction of the Controlling Party, shall, petition any court of competent jurisdiction for the appointment of a Replacement Servicer. (ii) Upon the expiration or termination of this Agreement in accordance with this Article 10, or upon the removal of the Servicer by WEST or the Controlling Party, the Servicer will cooperate (A) in the case of expiration, with any Replacement Servicer or (B) in the case of termination or removal, the Replacement Servicer, including providing to the Replacement Servicer all information, documents and records relating to the Assets. (d) Upon the termination of this Agreement in accordance with this Article 10, WEST shall pay the Servicing Fees then accrued to the Servicer from amounts available therefor under Section 3.09 of the Indenture. WEST shall continue to pay the Servicing Fees to the Servicer until a Replacement Servicer shall have been appointed and shall have accepted such appointment in accordance with the provisions of Section 10.03(c) and such appointment has become effective. Upon any resignation or termination of the Servicer in accordance with the 19 4898-6267-4260.v2 terms of this Agreement, such resigning or terminated Servicer shall not be entitled to receive any Servicing Fee accruing on or after the effective date of such termination or resignation. (e) Upon the termination of this Agreement in accordance with this Article 10, the removal of the Servicer with respect to the performance of the Services for any Asset or the expiration of this Agreement, the Servicer shall promptly return the originals within its possession of all applicable Asset Documents and other documents related to the Assets to WEST and, in addition to its obligation to cooperate with the Replacement Servicer, shall provide access to other documentation and information relating to the business of each Person within the Serviced Group (and, to the extent practicable, copies thereof) within its possession as is reasonably necessary to the conduct of the business of each Person within the Serviced Group. (f) Upon the expiration or termination of this Agreement in accordance with this Article 10, the parties shall, subject to Section 10.04 and Section 10.03(b), be relieved of any obligations hereunder. SECTION 10.04. Survival. Notwithstanding any termination or the expiration of this Agreement, the provisions of Section 3.03, Section 3.04, Section 10.03, Section 10.04, Article 11, Section 13.09, Section 13.10 and Section 13.11 shall survive such termination or expiration, as the case may be. ARTICLE 11 INDEMNIFICATION SECTION 11.01. Indemnity. (a) Each Person within the Serviced Group (excluding any Asset Trustee) do hereby assume liability for, and do hereby agree to indemnify, reimburse and hold harmless on an After- Tax Basis, the Servicer from any and all Losses, to the extent that the Losses exceed recoveries under insurance policies maintained by WEST or the Servicer, that arise (A) as a result of the Servicer's performance of any of its obligations as Servicer, and (B) as a result of any action which the Servicer is requested to take or requested to refrain from taking by WEST; provided that such indemnity shall not extend to (i) any Loss which arises as a result of the willful misconduct, negligence or fraud of the Servicer, (ii) any Loss which results from a material breach by the Servicer of the express terms and conditions of this Agreement, (iii) any Loss arising as a result of any material misstatement or omissions in any public filing or offering memorandum relating to written information on the Assets and the Servicer provided by the Servicer for disclosure in such public filing or offering memorandum, (iv) any Loss arising from the violation by Servicer of the Standards of Liability, (v) any Tax imposed on net income by the revenue authorities of the United States or the State of California in respect of any payment by any Person within the Serviced Group to the Servicer due to the performance of the Services, or (vi) any Taxes imposed on net income of the Servicer by any Government Authority other than the revenue authorities of the United States or the State of California to the extent such Taxes would not have been imposed in the absence of any connection of the Servicer with such jurisdiction imposing such Taxes other than any connection that results from the performance by the Servicer of its obligations under this Agreement. 20 4898-6267-4260.v2 (b) Each Person within the Serviced Group acknowledge and agree that amounts payable to or for the benefit of the Servicer under Section 11.01 shall constitute Expenses (subject to the limitation set forth in such definition on indemnification amounts payable to Service Providers). (c) The Servicer agrees to give WEST prompt notice of any action, claim, demand, discovery of fact, proceeding or suit for which the Servicer intends to assert a right to indemnification under this Agreement; provided, however, that failure to give such notification shall not affect the Servicer's entitlement to indemnification under this Section 11.01 unless and only to the extent such failure results in actual material prejudice to any Person within the Serviced Group with respect to the action, claim, demand, discovery of fact, proceeding or suit for which a right of indemnification is asserted. (d) For the avoidance of doubt, all payments owed to the Servicer pursuant to this Article 11 shall be paid from amounts available therefor under Section 3.09 of the Indenture and any recoveries pursuant to insurance policies maintained by WEST or the Servicer in respect of such amounts (after payment of such amounts to the Servicer) shall be deposited in the Collections Account. (e) The Servicer does hereby assume liability for, and does hereby agree to indemnify, reimburse and hold harmless on an After-Tax Basis, each Person within the Serviced Group from any and all Losses, to the extent that the Losses exceed recoveries under insurance policies maintained by WEST or the Servicer, that arise (A) as a result of the willful misconduct, negligence or fraud of the Servicer, (B) any Loss which results from a material breach by the Servicer of the express terms and conditions of this Agreement, (C) any Loss arising as a result of any material misstatement or omissions in any public filing or offering memorandum relating to written information on the Assets and the Servicer provided by the Servicer for disclosure in such public filing or offering memorandum, (D) any Loss arising from the violation by Servicer of the Standards of Liability; provided that, notwithstanding anything to the contrary contained in this Agreement, the maximum amount of indemnifiable Losses which may be recovered from the Servicer arising out of or resulting from the causes enumerated in this Section 11.01(e) shall be an amount equal to the sum of the Servicing Fees actually received by the Servicer. SECTION 11.02. Procedures for Defense of Claims. (a) If a Third Party Claim is made against the Servicer, the Servicer shall promptly notify WEST of such claim, and the Servicer or WEST (as agreed between them) will undertake the defense thereof. The failure to notify WEST promptly shall not relieve it of its obligations under this Article 11 unless such failure results in actual material prejudice to any Person within the Serviced Group with respect to the action, claim, demand, discovery of fact, proceeding or suit for which a right of indemnification is asserted. (b) If agreed and accepted by WEST and the Servicer, WEST shall within thirty (30) days undertake the conduct and control, through counsel of its own choosing and at the sole risk and expense of each Person within the Serviced Group, of the good faith settlement or defense of such claim, and the Servicer shall cooperate fully with WEST in connection therewith; provided that (i) at all times the Servicer shall be entitled to participate in such

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&nbsp;&nbsp;&nbsp;&nbsp;21 4898-6267-4260.v2 settlement or defense through counsel chosen by it, and the fees and expenses of such counsel shall be borne by the Servicer, and (ii) no Person within the Serviced Group shall be entitled to settle such claims unless it shall have confirmed in writing the obligation of such Person to indemnify the Servicer for the liability asserted in such claim. (c) So long as WEST is reasonably contesting any such claim in good faith, the Servicer shall fully cooperate with WEST in the defense of such claim as reasonably required by WEST, and WEST shall reimburse the Servicer for reasonable out-of-pocket expenses incurred in connection with such cooperation. Such cooperation shall include the retention and the provision of records and information which are reasonably relevant to such Third Party Claim and the availability on a mutually convenient basis of directors, officers and employees to provide additional information. The Servicer shall not settle or compromise any claim without the written consent of WEST unless the Servicer agrees in writing to forego any and all claims for indemnification from each Person within the Serviced Group with respect to such claims. SECTION 11.03. Reimbursement of Costs. The costs and expenses, including fees and disbursements of counsel (except as provided in Section 11.02(b)(i)) and expenses of investigation, incurred by the Servicer in connection with any Third Party Claim, shall be reimbursed on each Payment Date by WEST upon the submission of evidence reasonably satisfactory to WEST that such expenses have been incurred in the preceding month, without prejudice to WEST's right to contest the Servicer's right to indemnification and subject to refund in the event that each Person within the Serviced Group are ultimately held not to be obligated to indemnify the Servicer. ARTICLE 12 ASSIGNMENT AND DELEGATION SECTION 12.01. Assignment and Delegation. (a) No party to this Agreement shall assign or delegate this Agreement or all or any part of its rights or obligations hereunder to any Person without the prior written consent of each of the other parties; provided, however, the foregoing provisions on assignment and delegation shall not limit the ability of the Servicer to contract with any Person, including any of its Affiliates, for Services in respect of Assets in accordance with Section 2.01(c) so long as the Servicer remains primarily liable for the performance of such Services; provided, further, that (x) the Servicer may assign substantially all of its obligations under this Agreement (subject to a Rating Agency Confirmation) so long as it will remain primarily liable for the performance of such obligations and (y) WEST may assign its rights hereunder to the Indenture Trustee pursuant to the Security Trust Agreement. (b) Without limiting the foregoing, any Person who shall become a successor (excluding any collateral assignment and any third party providers) by assignment or otherwise of any Person within the Serviced Group or the Servicer (or any of their respective successors) in accordance with this Section 12.01 shall be required as a condition to the effectiveness of any such assignment or other arrangement to become a party to this Agreement. 22 4898-6267-4260.v2 ARTICLE 13 MISCELLANEOUS SECTION 13.01. Reasonable Efforts. In this Agreement the term "reasonable efforts" shall mean reasonable efforts under the commercial circumstances at the time. SECTION 13.02. Notices. All notices, demands, certificates, requests, directions, instructions and communications hereunder shall be in writing and in English and shall be effective (i) upon receipt when sent through the mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return receipt, or (ii) one Business Day after delivery to an overnight courier, or (iii) on the date personally delivered to an authorized officer of the party to which sent, (iv) on the date transmitted by legible telecopier transmission with a confirmation of receipt, or (v) on the date transmitted by e-mail, in all cases addressed to the recipient as follows (or as set forth in the Indenture): (a) If to any Person within the Serviced Group, to: Willis Engine Structured Trust VIII c/o Wilmington Trust Company Rodney Square North Wilmington, Delaware 19890 Attention: Corporate Trust Administrator Fax: (301) 651 -8882 with a copy to: Willis Lease Finance Corporation 4700 Lyons Technology Parkway Coconut Creek, Florida 33073 Attention: General Counsel Telephone: +1 (561) 349-9989 (b) If to the Servicer or the Administrative Agent, to: Willis Lease Finance Corporation 4700 Lyons Technology Parkway Coconut Creek, Florida 33073 Attention: General Counsel Telephone: +1 (561) 349-9989 (c) If to the Indenture Trustee, to: U.S. Bank National Association Global Corporate Trust 190 South LaSalle Street Chicago, IL 60603 23 4898-6267-4260.v2 Attention: Juan Hernandez (West VIII Administrator) E-mail: juan.hernandez3@usbank.com or to such other address as any party hereto shall from time to time designate in writing to the other parties. In connection with the performance of their respective duties hereunder, each party may give notices, consents, directions, approvals, instructions and requests to, and otherwise communicate with, each other using electronic means, including email transmission to such email addresses as each such party shall designate to the other parties, and, if by electronic means to the Indenture Trustee, unless otherwise agreed by the applicable parties, delivered as a .PDF (Portable Document Format) or other attachment to email including a manual authorized signature on such attached notice, consent, direction, approval, instruction, request or other communication SECTION 13.03. Governing Law. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAWS BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. SECTION 13.04. Jurisdiction. Each of the parties hereto agrees that the Supreme Court of the State of New York sitting in the Borough of Manhattan, and of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan, and any appellate court from any thereof, shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and, for such purposes, submits to the jurisdiction of such courts. Each of the parties hereto waives any objection which it might now or hereafter have to such New York State or, to the extent permitted by law, such U.S. federal court being nominated as the forum to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and agrees not to claim that any such court is not a convenient or appropriate forum. Each of the parties hereto agrees that the process by which any suit, action or proceeding is begun in such New York State or U.S. federal court may be served on it by being delivered in connection with any such suit, action or proceeding directly to its address determined for such party pursuant to Section 13.02 or in the applicable Serviced Group Member Supplement or, in the case of any Serviced Group Member who does not have a place of business in the United States, executing a Serviced Group Member Supplement, to the Person named as the process agent of such party (each such process agent, a "Process Agent") in such Serviced Group Member Supplement. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. Each of the parties hereto hereby consents generally in respect of any legal action or proceeding arising out of or in connection with this Agreement to the giving of any relief or the issue of any process in connection with such action or proceeding, including the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such action or proceeding. 24 4898-6267-4260.v2 SECTION 13.05. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. SECTION 13.06. Counterparts; Third Party Beneficiaries. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Each of the Indenture Trustee and the holders of the Notes are express third party beneficiaries of this Agreement, and, as such, the Indenture Trustee or the Controlling Party acting on behalf of the holders of the Notes (subject to the terms and conditions of the Indenture) shall have full power and authority to enforce the provisions of this Agreement against the parties hereto. No provision of this Agreement is intended to confer any rights or remedies hereunder upon any Person other than the Indenture Trustee and any holders of the Notes and the parties hereto. SECTION 13.07. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter of this Agreement. SECTION 13.08. Power of Attorney. Each Person within the Serviced Group shall appoint the Servicer and its successors, and its permitted designees and assigns, as their true and lawful attorney-in-fact. All Services to be performed and actions to be taken by the Servicer pursuant to this Agreement shall be performed for and on behalf of each Person within the Serviced Group. The Servicer shall be entitled to seek and obtain from each Person within the Serviced Group a power of attorney in respect of the execution of any specific action as the Servicer deems appropriate. SECTION 13.09. Restrictions on Disclosure. The Servicer agrees that it shall not, prior to the termination or expiration of this Agreement or within three (3) years after such termination or expiration, disclose to any Person any confidential or proprietary information, whether of a technical, financial, commercial or other nature, received directly or indirectly from any Person within the Serviced Group regarding the business of each Person within the Serviced Group or the Assets, except as authorized in writing by WEST, and except: (a) to representatives of the Servicer and any of its Affiliates in furtherance of the purpose of this Agreement provided that any such representatives shall have agreed to be bound by the restrictions on disclosure set forth in this Section 13.09; (b) to the extent required by Applicable Law or by judicial or administrative process, but in the event of proposed disclosure, the Servicer shall seek the assistance of WEST to protect information in which WEST has an interest to the maximum extent achievable; (c) to the extent that the information: (i) was generally available in the public domain;

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&nbsp;&nbsp;&nbsp;&nbsp;25 4898-6267-4260.v2 (ii) was lawfully obtained from a source under no obligation of confidentiality, directly or indirectly, to any Person within the Serviced Group; (iii) was disclosed to the general public with the approval of any Person within the Serviced Group; (iv) was in the files, records or knowledge of the Servicer or any of the Servicer's Affiliates prior to initial disclosure thereof to the Servicer or any of the Servicer's Affiliates by any Person within the Serviced Group; (v) was provided by any Person within the Serviced Group to the Servicer or any of the Servicer's Affiliates without any express written (or, to the extent such information was provided in an oral communication, oral) restriction on use of or access to such information, and such information would not reasonably be expected to be confidential, proprietary or otherwise privileged; or (vi) was developed independently by the Servicer or any of the Servicer's Affiliates; and (d) is reasonably deemed necessary by the Servicer to protect and enforce its rights and remedies under this Agreement; provided, however, that in such an event the Servicer shall act in a manner reasonably designed to prevent disclosure of such confidential information; and provided, further, that prior to disclosure of such information, the Servicer shall inform each Person within the Serviced Group of such disclosure. SECTION 13.10. Rights of Setoff. To the extent permitted by Applicable Law, the Servicer hereby waives any right it may have under Applicable Law to exercise any rights of setoff with respect to any assets it holds owned by, or money or monies it owes to, any Person within the Serviced Group pursuant to and in accordance with the terms and conditions of this Agreement. SECTION 13.11. Nonpetition. During the term of this Agreement and for one year and one day after payment in full of the Notes, none of the parties hereto or any Affiliate thereof will file any involuntary petition or otherwise institute any bankruptcy, reorganization, arrangement, insolvency, examinership or liquidation proceeding or other proceeding under any federal or state bankruptcy or similar law against any Person within the Serviced Group thereof. SECTION 13.12. Severability. If any term or provision of this Agreement or the performance thereof shall to any extent be or become invalid or unenforceable, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provisions of this Agreement, and this Agreement shall continue to be valid and enforceable to the fullest extent permitted by law. SECTION 13.13. Amendments. This Agreement may not be terminated, amended, supplemented, waived or modified, except by an instrument in writing signed by WEST and the Servicer; provided that WEST may only terminate, amend, supplement, waive or modify this Agreement in accordance with Section 5.02(a) of the Indenture. No failure or delay of any party in exercising any power or right thereunder shall operate as a waiver thereof, nor shall any single 26 4898-6267-4260.v2 or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. SECTION 13.14. Asset Trustee Liability. It is understood and agreed that each Asset Trustee that becomes a party to this Agreement pursuant to a Serviced Group Member Supplement does so solely in its capacity as owner trustee under the relevant Asset Trust Agreement and that such Asset Trustee shall not be liable or accountable in its individual capacity in any circumstances whatsoever except for its own gross negligence or willful misconduct and as otherwise expressly provided in the such Asset Trust Agreement, all such individual liability being hereby waived, but otherwise shall be liable or accountable solely to the extent of the assets of the "Trust Estate" (as or howsoever defined in the relevant Asset Trust Agreement). [Signature Pages Follow] - Signature Page - Servicing Agreement WEST VIII 4898-6267-4260.v2 IN WITNESS WHEREOF, this Agreement has been duly executed on the date first written above. WILLIS ENGINE STRUCTURED TRUST VIII By: /s/ Z. Clifton Dameron IV Name: Z. Clifton Dameron IV Title: Controlling Trustee - Signature Page - Servicing Agreement WEST VIII 4898-6267-4260.v2 WILLIS LEASE FINANCE CORPORATION, as Servicer and Administrative Agent By: /s/ Scott B. Flaherty Name: Scott B. Flaherty Title: Executive Vice President

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4898-6267-4260.v2 APPENDIX A DEFINITIONS "Administrative Agent Event of Default" means the occurrence of one of the events set forth in Section 8.02(d) of the Administrative Agency Agreement. "After-Tax Basis" means on a basis such that any payment received, deemed to have been received or receivable by any Person shall, if necessary, be supplemented by a further payment to that Person so that the sum of the two payments shall, after deduction of all U.S. federal, state, local or foreign Taxes and other charges resulting from the receipt (actual or constructive) or accrual of such payments imposed by or under any U.S. federal, state, local or other foreign law or Governmental Authority (after taking into account any current deduction to which such Person shall be entitled with respect to the amount that gave rise to the underlying payment), be equal to the payment received, deemed to have been received or receivable. "Agreement" has the meaning assigned to such term in the preamble hereof. "Asset Documents" means all Leases and related documents and other contracts and agreements of any Person within the Serviced Group the terms of which relate to or affect any of the Assets. "Asset Expenses" has the meaning assigned to such term in Section 9.04(b)(i) of this Agreement. "Asset Expenses Budget" has the meaning assigned to such term in Section 7.05(a)(B) of this Agreement. "Assets" means all Airframes and Engines and related lease interests owned by any Person within the Serviced Group as of the Initial Closing Date or, in the case of any Asset acquired by any Person within the Serviced Group after the Initial Closing Date, including any Replacement Assets, as of the applicable Delivery Date; provided, however, that Assets shall not include any Asset (x) that shall have ceased to be an Asset pursuant to this Agreement, or (y) in respect of which the Servicer, WEST or the Noteholders shall have terminated the Servicer's obligation to provide Services in accordance with Article 10 of this Agreement. "Assigned Leases" has the meaning assigned to such term in Section 2.01 of the Security Trust Agreement. "Bank Accounts" has the meaning assigned to such term in Section 6.01(b) of Schedule 2.02(a) to this Agreement. "Board", with respect to any Person, means the board of directors, board of managers or board of trustees, as applicable, of such Person. "Budgets" has the meaning assigned to such term in Section 7.05(a) of this Agreement. 2 4898-6267-4260.v2 "Cape Town Convention" means the Convention on International Interests in Mobile Equipment and its Protocol on Matters Specific to Aircraft Equipment, concluded in Cape Town on 16 November 2001. "Consolidated Interest" shall mean with respect to Willis and its Subsidiaries as of the last day of any fiscal period, the sum of all interest, fees, charges and related expenses (in each case as such expenses are calculated according to GAAP) paid or payable (without duplication) for that fiscal period to a lender in connection with borrowed money (including net payment obligations pursuant to Interest Rate Protection Agreements and any obligations for fees, charges and related expenses payable to the issuer of any letter of credit) or the deferred purchase price of assets that are considered "interest expense" under GAAP; provided that "Consolidated Interest" shall not include any gains or losses resulting from changes in the fair market value of derivative instruments (within the meaning of SFAS 133). "EBITDA" means, with respect to any fiscal period for Willis, the sum of (a) Net Income for that period, plus (b) any extraordinary loss reflected in such Net Income, minus (c) any extraordinary gain reflected in such Net Income, plus (d) interest expense of Willis and its Subsidiaries for that period, including net payment obligations pursuant to Interest Rate Protection Agreements plus (e) the aggregate amount of federal and state taxes on or measured by income of Willis and its Subsidiaries for that period (whether or not payable during that period), minus (f) the aggregate amount of federal and state credits against taxes on or measured by income of such Willis and its Subsidiaries for that period (whether or not usable during that period), plus (g) depreciation and amortization of Willis and its Subsidiaries for that period and any write-downs of aircraft or Aircraft Engines owned by Willis and its Subsidiaries, in each case as determined in accordance with GAAP, consistently applied; provided that "EBITDA" shall not include any gains or losses resulting from changes in the fair market value of derivative instruments (within the meaning of SFAS 133). "Effectiveness Date" has the meaning assigned to such term in Section 10.02(c)(ii) of this Agreement. "Existing Accounts" has the meaning assigned to such term in Section 6.01(a) of Schedule 2.02(a) to this Agreement. "Fiscal Quarter" means any of the quarterly accounting periods of Willis, specifically ending March 31, June 30, September 30, and December 31 of each year. "Forecast" has the meaning assigned to such term in Section 8.01(c) of Schedule 2.02(a) to this Agreement. "Generally Accepted Accounting Principles" or "GAAP" means generally accepted accounting principles as in effect from time to time in the United States, consistently applied, provided that if GAAP shall change from the basis used by Willis in calculating EBITDA on or before the date of this Agreement, EBITDA shall be calculated based upon GAAP as in effect on the date of this Agreement. 3 4898-6267-4260.v2 "Governmental Authority" means any court, administrative agency or commission or other governmental agency or instrumentality (or any officer or representative thereof) domestic, foreign or international, of competent jurisdiction including the European Union. "Indenture" means the Trust Indenture dated as of the Initial Closing Date, among, inter alia, WEST and the Indenture Trustee, and each successor indenture, if any, thereto (as such indenture may be amended, restated, supplemented or otherwise modified from time to time). "Initial Budgets" has the meaning assigned to such term in Section 7.05(a) of this Agreement. "Initial Period" has the meaning assigned to such term in Section 7.05(a) of this Agreement. "Interest Rate Protection Agreement" means a written agreement providing for "swap", "cap", "collar" or other interest rate protection with respect to any Indebtedness. "International Interest" has the meaning given to such term in the Cape Town Convention. "International Registry" means the registry established pursuant to the Cape Town Convention. "Loss" means any and all damage, loss, liability and expense (including reasonable legal fees, expenses and related charges and costs of investigation); provided, however, that the term "Loss" shall not include any indemnified party's management time or overhead expenses or any income taxes payable in respect of fees paid or payable. "Monthly Payment Period" has the meaning assigned to such term in Section 6.02(a) of Schedule 2.02(a) to this Agreement. "Net Income" means, with respect to any fiscal period, the consolidated net income (or loss) of Willis and its Subsidiaries attributable to common shareholders for that period (after taxes), determined in accordance with GAAP, consistently applied, provided that "Net Income" shall not take into account gains or losses resulting from changes in the fair market value of derivative instruments (within the meaning of SFAS 133). "New Accounts" has the meaning assigned to such term in Section 6.01(b) of Schedule 2.02(a) to this Agreement. "Notes Offering" has the meaning assigned to such term in Section 5.05 of this Agreement. "Notice Recipients" has the meaning assigned to such term in Section 10.02(c)(i) of this Agreement. 4 4898-6267-4260.v2 "Officer's Certificate" means, as to any trust, a certificate of a trustee or an officer of the trustee of such trust; and as to any other Person, a certificate of an officer, director or manager of such Person. "One Year Period" has the meaning assigned to such term in Section 7.05(a) of this Agreement. "Operating Budget" has the meaning assigned to such term in Section 7.05(a)(A) of this Agreement. "Other Assets" has the meaning assigned to such term in Section 3.02(a) of this Agreement. "Overhead Expenses" has the meaning assigned to such term in Section 9.04(a) of this Agreement. "Prospective International Interest" has the meaning given to such term in the Cape Town Convention. "Rent Based Fee" has the meaning assigned to such term in Section 9.01 of this Agreement. "Replacement Servicer" means a replacement servicer to perform some or all of the Services under this Agreement formerly performed by the Servicer, which is appointed in accordance with Section 10.03(c) of this Agreement. "Security Trust Agreement" means the Security Trust Agreement dated as of the Initial Closing Date among, inter alios, WEST, the Security Trustee and the other parties thereto. "Serviced Group Member Supplement" means an agreement substantially in the form of Exhibit B to the Servicing Agreement. "Servicer Conflicts Standard" has the meaning assigned to such terms in Section 3.02(b) of this Agreement. "Standard of Care" has the meaning assigned to such term in Section 3.01 of this Agreement. "Serviced Group" means WEST and each Issuer Subsidiary that is a signatory to this Agreement or becomes a party to the Servicing Agreement from time to time pursuant to a Serviced Group Member Supplement (but only for so long as such Issuer Subsidiary remains a party hereto). "Servicer Report" means a report that the Servicer is required to provide to WEST pursuant to Sections 8.01 and 8.02 of Schedule 2.02(a) to this Agreement. "Servicer Termination Event" means any event listed in Section 10.02(b).

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&nbsp;&nbsp;&nbsp;&nbsp;5 4898-6267-4260.v2 "Services" has the meaning assigned to such term in Section 2.02(a) of this Agreement. "Servicing Fees" has the meaning assigned to such term in Section 9.01 of this Agreement. "SFAS 133" means the Statement of Financial Account Standards 133, as issued by the Financial Accounting Standards Board. "Standard of Liability" has the meaning assigned to such term in Section 3.03 of this Agreement. "Termination Notice" has the meaning assigned to such term in Section 10.02(c)(i) of this Agreement. "Third Party Claim" means a claim by a third party arising out of a matter for which an indemnified party is entitled to be indemnified pursuant to Article 11 of this Agreement. "Transaction Approval Requirements" has the meaning assigned to such term in Section 7.06(d) of this Agreement. "WEST" has the meaning assigned to such term in the preamble to this Agreement. "WEST's broker" has the meaning assigned to such term in Section 1.03(i) of Schedule 2.02(a) to this Agreement. "WEST Liabilities" means any obligations or liabilities of each Person within the Serviced Group (whether accrued, absolute, contingent, unasserted, known or unknown or otherwise). "Year" means each twelve month period commencing on January 1 and ending on December 31. 4898-6267-4260.v2 SCHEDULE 2.02(a) ASSET SERVICES This Schedule 2.02(a) is a part of, and shall be incorporated into the Servicing Agreement to which this Schedule 2.02(a) is attached (the "Agreement"). The provision of the Services set forth in this Schedule 2.02(a) will be subject in all cases to such approval as may be required or such limitations as may be imposed pursuant to Section 7.06 of the Agreement and the provisions of this Schedule 2.02(a) shall be deemed to be so qualified. Unless otherwise defined herein, all capitalized terms used in this Schedule 2.02(a) have the meanings assigned to such terms in the Indenture. ARTICLE 1 LEASE SERVICES SECTION 1.01. Collections and Disbursements. In connection with each Lease of an Asset under which any Person within the Serviced Group is the lessor, the Servicer will: (a) invoice the Lessee (if contemplated by the applicable Lease) or otherwise arrange, on behalf of such Person, for all payments due from the Lessee, including Rental Payments, late payment charges and any payments in respect of Taxes and other payments (including technical, engineering, transportation, insurance and other charges) due under the relevant Lease, direct the Lessee to make such payments to such accounts as are required pursuant to the Indenture and take reasonable steps to enforce the rights and remedies of the Lessor under the Lease in the event of a nonpayment by the relevant due date; (b) review from time to time, as deemed necessary by the Servicer, the level of Usage Fees and other amounts payable under a Lease (to the extent that such Usage Fees and other amounts may be adjusted under the Lease) and propose to the relevant Lessee or make such adjustments to the Usage Fees and other amounts as are required or that the terms of the relevant Lease and practices that the Servicer believes are prevalent in the aircraft or Aircraft Engine operating lease market, as applicable; (c) maintain appropriate records regarding payments under the Leases; (d) subject to the terms of any applicable Asset Document, take such actions as are necessary to apply any payment of any type received from any Lessee on a basis consistent with the terms of such Asset Document, including at the direction of such Lessee to the extent authorized by such Asset Document or as otherwise reasonably determined by the Servicer, and, to the extent that any such payments are made to an account other than the account to which such payment should have been directed pursuant to such terms or direction, to take such further actions as are necessary to give effect to such terms or direction, as applicable; and (e) provide or arrange for the safekeeping and recording of any letters of credit, guarantees or other credit support (other than cash and cash equivalents) held as part of security deposits or Usage Fees and the timely renewal or drawing on or disbursement thereof as provided under the applicable Asset Document or otherwise in accordance with Section 1.06 of this Schedule 2.02(a). 2 4898-6267-4260.v2 SECTION 1.02. Maintenance. The Servicer will perform the following technical services relating to the maintenance of the Assets: (a) Monitor or arrange for the monitoring of, by technical consultants selected by the Servicer, the performance of maintenance obligations by Lessees under all Leases relating to the Assets by including the Assets in the Servicer's technical audit program (which shall include, if deemed necessary based on the reasonable determination of the Servicer, inspection of each Asset and maintenance of a record of all written reports generated in connection with such inspections) consistent with practices employed from time to time by the Servicer and its Affiliates with respect to their own aircraft and Aircraft Engines; (b) Monitor and document the monthly usage of each Asset reported by the Lessee in accordance with the Asset Documents and provide a combined report of such usage to WEST, if requested; (c) [reserved]; (d) In connection with a termination or expiration of a Lease of an Asset under which any Person within the Serviced Group is the lessor: (i) arrange for the appropriate technical inspection of such Asset for the purpose of determining if the re-delivery conditions under the Lease have been satisfied; (ii) maintain a record of the return acceptance certificate and related written materials normally received and retained or generated by the Servicer in connection with such inspection and provide reasonable access to such certificates and written materials to the relevant Person within the Serviced Group; (iii) on the basis of the final inspection and available records, determine whether the Lessee has complied with the return condition and maintenance requirements of the applicable Lease; (iv) (A) determine whether the Lessee has satisfied the re-delivery conditions applicable to the Asset specified in the Lease and negotiate any modifications, repairs, refurbishments, inspections or overhauls to or compromises of such conditions that the Servicer deems reasonably necessary or appropriate, (B) negotiate and agree on any financial payment due from the Lessee or from the Lessor under the terms of the Lease; (C) determine the application of any available security deposits, Usage Fees or other payments under the Lease and (D) maintain a record of the satisfaction of such conditions and accept redelivery of the Asset; and (v) determine the need for and procure any maintenance or refurbishment of the Asset upon redelivery, including compliance with applicable airworthiness directives, service bulletins and other modifications in all cases which the Servicer may deem reasonably necessary or appropriate for the marketing of the Asset consistent with its own practice with respect to its own aircraft and Aircraft Engines; (e) Consider and, to the extent the Servicer deems reasonably necessary or appropriate, approve any Lessee-originated modification (including, any such modification in compliance with applicable airworthiness directives, service bulletins and other modifications 3 4898-6267-4260.v2 specified by an aircraft or an Aircraft Engine manufacturer) to any Asset submitted by any Lessee: (i) to the extent authorized by the terms of the relevant Lease; or (ii) which the Servicer reasonably determines would not result in a material diminution in value of the Asset; (f) Estimate the amount (if any) WEST is obliged to contribute pursuant to the provisions of a Lease (taking into account the amount of Usage Fees available with respect to such Lease and the receivables position of the related Lessee) to maintenance work performed, the cost of complying with any modification requirements, airworthiness directives and similar requirements; (g) Arrange appropriate storage and any required on-going maintenance of any Asset, at the expense of WEST, following termination of a Lease or any re-lease and redelivery of the Asset thereunder and prior to delivery of such Asset to a new lessee or purchaser, consistent with the Servicer's own practice with respect to its own aircraft and Aircraft Engines; and (h) Determine the aggregate amount of the Maintenance and Modification Expenses that are due and payable on each Payment Date or reasonably expected by the Servicer to become due and payable before the next succeeding Payment Date and the Projected Maintenance Costs (as defined in the Indenture) for such Payment Date and the next five succeeding Payment Dates. The Servicer shall adjust the Maintenance Required Amount for each successive Payment Date, taking into account additional information as to actual and Projected Maintenance Costs and may re-allocate the accrual of Projected Maintenance Costs among such Payment Date and the next five succeeding Payment Dates. The Servicer shall generally provide the technical/maintenance advisory services set forth in this Section 1.02 of this Schedule 2.02(a) through the use of its own staff, consistent with the Servicer's own practice with respect to its own aircraft and Aircraft Engines; provided that it shall utilize third parties to provide such technical/maintenance services where it shall deem appropriate as its own expense with regard to its normal business practices. SECTION 1.03. Insurance. (a) The Servicer will provide the following insurance services: (i) assist WEST in the appointment of an independent insurance broker to act for WEST ("WEST's broker"), which broker may also be the broker to the Servicer; (ii) negotiate the insurance provisions of any proposed Lease or other agreement affecting any of the Assets, with such provisions to include such minimum coverage amounts with respect to hull and liability insurance as are consistent with the Servicer's commercially reasonable practice with respect to its own aircraft and Aircraft Engines with any differences in such amounts to be notified to WEST by the Servicer; (iii) monitor the performance of the obligations of Lessees relating to insurance under Leases of any Assets and ensure that appropriate evidence of insurance exists with respect to any Asset and insurance and evidence of insurance is appropriately

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&nbsp;&nbsp;&nbsp;&nbsp;4 4898-6267-4260.v2 provided by maintenance facilities providing maintenance work on such Asset paid for by the Servicer; (iv) to the extent hull and liability insurance is not maintained by any Lessee, assist in arranging, through WEST's broker, a group aviation insurance program covering the Assets (it being understood that any savings resulting from a group policy covering both Assets and Other Assets shall be shared pro rata based on the Adjusted Appraised Value of the Assets and the net book value of the Other Assets, as determined on a basis consistent with the determination of Adjusted Appraised Value), with such minimum coverage amounts with respect to hull and liability insurance as are consistent with the Servicer's commercially reasonable practice with respect to its own aircraft and Aircraft Engines with any differences in such amounts to be notified in writing to WEST and the Indenture Trustee by the Servicer; (v) arrange, through WEST's broker, at the expense and written direction of WEST, such political risk insurance for Assets habitually based or registered in those countries in a list to be determined from time to time by WEST and such other insurance related thereto from the sources and with such minimum coverage amounts with respect to hull insurance as are consistent with the Servicer's commercially reasonable practice with respect to its own aircraft and Aircraft Engines with any differences in such amounts and the amounts set forth in Section 5.03(f) of the Indenture to be notified to WEST by the Servicer; (vi) the Servicer will maintain at all times through WEST's broker, at the direction and expense of WEST, contingent insurance coverage, with such minimum coverage amounts with respect to hull and liability insurance as are set forth in Section 5.03(f) of the Indenture, except as notified to WEST by the Servicer; (vii) advise WEST of any settlement offers received by the Servicer from a Lessee or its insurer with respect to any claim of damage or loss, including a Total Loss, of an Asset and provide WEST with copies of all relevant documentation related thereto and such other additional information and advice from the Lessee's or the insurer's agents, brokers or adjusters as WEST may reasonably request; and (viii) unless WEST notifies the Servicer within five (5) Business Days after WEST is advised of any settlement offer in accordance with clause (vii) that WEST will itself negotiate the settlement offer, the Servicer shall be authorized to accept or continue to negotiate such settlement offer or such advisement and, upon acceptance of a settlement offer, to forward to WEST's broker the appropriate documentation, including releases and any indemnities required in connection with such releases, to give effect to such settlement offer and procure the execution of such documentation by WEST; provided, however, that, in each case where insurance is to be obtained by the Servicer through WEST's broker, such insurance is reasonably available in the relevant insurance market using reasonable sourcing techniques consistent with the techniques for the Servicer's then current practice for obtaining such insurance. Any decision or action implemented by or on behalf of WEST as a result of the insurance services provided by the Servicer is solely the decision of WEST. The foregoing provisions shall apply to any 5 4898-6267-4260.v2 arrangements in which Persons other than Lessees have possession of, or insurance responsibility for, an Asset. (b) The Servicer shall provide to WEST such periodic reports regarding insurance matters relating to the Assets as the Servicer shall generate internally or deliver to WEST's broker from time to time or as WEST shall request. (c) All insurance provided under this Section 1.03 shall include a provision naming the Indenture Trustee as, in the case of property insurance, loss payee and, in the case of liability insurance, additional insured. The Servicer shall use commercially reasonable efforts to continue to have the Indenture Trustee named as an additional insured on all liability insurance of the purchaser of any Asset for a period of two years following the disposition of such Asset. All insurance provided under this Section 1.03 shall indicate that (x) the proceeds are payable to the Indenture Trustee notwithstanding any action, inaction or breach of representation or warranty by the insured, (y) there shall be no recourse against any Noteholder or the Indenture Trustee for payment of premiums or other amounts with respect to such insurance, and (z) at least 30 days' prior written notice of cancellation, lapse or material change in coverage be given to the Indenture Trustee by the insurer and that the Indenture Trustee or the Noteholders shall have the right to pay any unpaid premium thereunder. As soon as available (but not later than the related Delivery Date or renewal or replacement dates), the Servicer shall provide WEST and the Indenture Trustee to a certificate of insurance consistent with the requirements of this Section 1.03. Notwithstanding this Section 1.03 or any other provision of this Agreement, the Servicer shall not provide, and shall not be required to provide, under any term of this Agreement or otherwise, any service that may be considered to be the carrying on of "insurance mediation" in Ireland for the purposes of the Irish European Communities (Insurance Mediation) Regulations 2005, as same may be amended or replaced from time to time. For the avoidance of doubt, "insurance mediation" means any activity involved in proposing or undertaking preparatory work for entering into insurance contracts, or of assisting in the administration and performance of insurance contracts that have been entered into (including dealing with claims under insurance contracts). SECTION 1.04. Administration. The Servicer is authorized to and shall administer each Lease in accordance with its terms and as otherwise specifically addressed herein. SECTION 1.05. Necessary Filings. On or about the time when any Person within the Serviced Group enters into a Future Lease, the Servicer shall make the necessary filings, if any, and obtain the necessary opinions, if any, required by Section 3.06 of the Security Trust Agreement. SECTION 1.06. Enforcement. The Servicer is authorized to and shall take reasonable steps to enforce the rights and remedies of the Lessor under each Lease and under any agreements ancillary thereto delivered by WEST to the Servicer (including any guarantees of the obligations of the Lessee) in order to cause the Lessee and any other party (other than the Servicer or WEST) under such Lease to perform their respective obligations owed to the Lessor by such Lessee and such other parties under such Lease and under such ancillary agreements. Following any default by a Lessee under the applicable Lease, the Servicer will provide notice thereof to the Controlling Trustees and will take all steps as it deems reasonably necessary or 6 4898-6267-4260.v2 appropriate to preserve and enforce the rights of the Lessor under the applicable Lease and the Security Trustee, including entering into negotiations with such Lessee with respect to the restructuring of such Lease or declaration of an event of default under the applicable Lease, drawing on or making disbursement or application of any security deposits, Usage Fees or any letters of credit, guarantees or other credit support thereunder, voluntary or involuntary termination of the Lease and repossession of the Asset that is the subject of the Lease, and pursuing such legal action with respect thereto as the Servicer deems reasonably necessary or appropriate. The Servicer shall be authorized to apply any security deposit available under a Lease, if provided therefor in the Lease or permitted by Applicable Law, to the obligations of the Lessee under such Lease and to direct the Indenture Trustee to transfer or liquidate the relevant security deposit for such purpose. SECTION 1.07. Lease Modifications. (a) The Servicer shall be authorized to make such amendments and modifications to any Lease as it shall deem reasonably necessary or appropriate; provided, however, that such amendment or modification shall require the approval of WEST pursuant to Section 7.06 of the Agreement if the provisions of such amendment or modification, were they to be included in a new Lease to be entered into after the date hereof, would, on their own, cause the entering into of such new Lease to require the approval of WEST pursuant to Section 7.06(a)(ii) of the Agreement. Such amendments or modifications may be made without regard to whether there is a default by the Lessee or other party under or with respect to any such Lease. (b) The Servicer may waive overdue interest due from any Lessee under any Lease on any default in payment of rent, Usage Fees or other amounts due thereunder. SECTION 1.08. Options and Other Rights. (a) The Servicer shall take such action as it shall deem reasonably necessary or appropriate with respect to the exercise by any Lessee of any option or right affecting any Asset according to the terms of the related Asset Document; and (b) The Servicer is authorized to take such action as it shall deem reasonably necessary or appropriate with the approval of WEST if so required by Section 7.06 or any other Person in the Serviced Group or, if time is of the essence, without such approval, with respect to the exercise on behalf of any Person within the Serviced Group of any right or option that any Person within the Serviced Group may have with respect to any of the Assets provided that such exercise is in accordance with the terms of the relevant Asset Document. SECTION 1.09. Lessee Solicitations. Upon WEST's request, with respect to the Assets, the Servicer shall on behalf of the Lessor use commercially reasonable efforts to obtain at such times as the Servicer shall deem reasonably necessary or as required pursuant to the terms of this Agreement, Lessee consents, novations, assignments, amendments and related documentation (including insurance certificates, title transfer documents, assignment of warranties and legal opinions) and the issue (or reissue) or amendment of letters of credit, guarantees and related documentation. SECTION 1.10. Other Lease Services. To the extent not otherwise provided herein, the Servicer shall use commercially reasonable efforts to cause the Lessors to perform their obligations under the Leases. 7 4898-6267-4260.v2 ARTICLE 2 COMPLIANCE WITH COVENANTS SECTION 2.01. Compliance Generally. The Servicer shall take such actions as it shall deem reasonably necessary or appropriate to keep each Person within the Serviced Group in compliance with their obligations and covenants under the Indenture solely to the extent that such obligations and covenants specifically relate to the status, insurance, maintenance or operation of the relevant Asset and at the cost of WEST; provided, however, that the foregoing shall only apply to any Indenture covenants that are set forth in full in the copy of the Indenture delivered by WEST to the Servicer and to any amendments, supplements and waivers thereto that are so delivered to the Servicer, in each case certified by WEST to be true, correct and complete. SECTION 2.02. International Interests. (a) In connection with the obligation of any Person within the Serviced Group under the Security Trust Agreement to register at the International Registry any International Interest (or Prospective International Interest) provided for under any Lease of an Asset, the Servicer's sole responsibility in respect thereof shall be to direct the International Registry administrator of the applicable Person within the Serviced Group that is lessor under such Lease to register such International Interest with the International Registry and seek the consent of the Lessee to such registration. (b) In connection with the obligation of any Person within the Serviced Group under the Security Trust Agreement to register the assignment to the Security Trustee of any International Interest (or Prospective International Interest) provided for under any Lease of an Asset, the Servicer's sole responsibility in respect thereof shall be to, upon request by the Security Trustee, direct the International Registry administrator of the applicable Person within the Serviced Group that is lessor under such Lease to consent to the registration of the assignment in favor of the Security Trustee of any International Interest (or Prospective International Interest) that has been registered with the International Registry in respect of such Lease and is then held by such lessor, and request the consent of the lessee under such Assigned Lease to such assignment (which consent may be set forth in the Assigned Lease). (c) In connection with the obligation of any Person within the Serviced Group under the Security Trust Agreement to register any contract of sale with respect to an Asset, the Servicer's sole responsibility in respect thereof shall be to direct the International Registry administrator of the applicable Person within the Serviced Group that is a party to such contract of sale to register such contract of sale with the International Registry and seek the consent of the other party to such contract of sale to such registration. (d) In connection with the obligation of any Person within the Serviced Group under the Security Trust Agreement to register any International Interest created under a Security Trust Agreement in an Asset, the Servicer's sole responsibility in respect thereof shall be to, upon request by the Security Trustee, direct the International Registry administrator of the applicable Person within the Serviced Group that is owner of such Asset to consent to the registration in favor of the Security Trustee of such International Interest with the International Registry.

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&nbsp;&nbsp;&nbsp;&nbsp;8 4898-6267-4260.v2 SECTION 2.03. Certain Matters Relating to Concentration Limits. (a) Concentration Limits Generally. The Servicer shall comply with the Concentration Limits and shall promptly inform WEST of any proposed transaction that it determines may result in such Concentration Limits being exceeded beyond the Concentration Variance Limits provisions of the Indenture, and WEST shall promptly provide to the Servicer any information that the Servicer may reasonably require in connection with such Concentration Limits in order to comply with the provisions of this Section 2.03 of this Schedule 2.02(a). The Servicer shall not enter into any such transaction other than pursuant to the terms of Section 2.02(b) above. (b) Directions to Servicer. The Servicer shall not enter into any transaction with respect to which it has provided notice pursuant to Section 2.03(a) of this Schedule 2.02(a) until WEST has provided a written certification to the Servicer to the effect that such transaction will not result in any violation of the Concentration Limits (or that such violation has been waived or is curable within the time permitted by the Indenture) and the Servicer shall be entitled to rely upon such certification for all purposes of the Agreement and this Schedule 2.02(a); provided that if the Servicer has not received such written certification within five (5) Business Days of notification by the Servicer to WEST, the Servicer shall not enter into any such transaction. ARTICLE 3 LEASE MARKETING AND NEGOTIATION SECTION 3.01. Lease Marketing. (a) The Servicer shall provide and perform lease marketing services with respect to the Assets and in connection therewith and is authorized to negotiate and enter into any commitment for a Lease of an Asset on behalf of and (through the power of attorney) in the name of the relevant Person within the Serviced Group. (b) The Servicer shall negotiate any commitment for a Lease of an Asset in a manner consistent with the practices employed by the Servicer with respect to its aircraft and Aircraft Engine operating leasing services business generally and shall use the Pro Forma Lease, on behalf of any Person within the Serviced Group as a starting point in the negotiation of Future Leases, provided that, with respect to any Future Lease entered into in connection with (x) the renewal or extension of a Lease, (y) the leasing of an Asset to a Person that is or was a Lessee under a pre-existing Lease or (z) the leasing of an Asset to a Person that is or was a Lessee under an operating lease of an aircraft or an engine that is being managed or serviced by the Servicer, a form of lease substantially similar to such pre-existing Lease or operating lease, as the case may be, may, in lieu of the Pro Forma Lease, be used by it, on behalf of any Person within the Serviced Group as a starting point in the negotiation of such Future Lease. Subject to Section (c) of this Section 3.01 of this Schedule 2.02(a) and to the approval requirements of Section 7.06 hereof, the Servicer is authorized to execute and deliver binding leases and related agreements on behalf of the relevant Person within the Serviced Group based on the foregoing procedures. Following the execution and delivery of any Lease with respect to any Asset, the Servicer shall deliver a copy of the executed Lease, together with a copy thereof marked to reflect changes from the Pro Forma Lease or the Precedent Lease, as applicable, to WEST within 25 Business Days of such execution and delivery (it being understood that in any event, such executed (and marked) Leases shall be delivered in such a manner so as not to materially 9 4898-6267-4260.v2 adversely impair WEST's ability to satisfy its obligations with respect to the Core Lease Provisions of the Indenture. (c) The Servicer shall be authorized to agree to such changes, additions and deletions in any Pro Forma Lease or Precedent Lease being used as the basis of negotiations with a Lessee for a Future Lease as it shall deem necessary and desirable in the context of such negotiation, provided that the form of the Future Lease, as agreed with a Lessee, shall comply with the Core Lease Provisions of the Indenture. The Servicer also shall be authorized to make such changes to the Pro Forma Lease as it shall deem necessary or appropriate from time to time to conform to current marketing practices or standards or for any other reason, provided that any such Pro Forma Lease, as so changed, shall comply with the Core Lease Provisions in the Indenture. (d) The Servicer shall deliver any Asset pursuant to the terms of the documentation of the Lease of such Asset, including upon an extension of such Lease. (e) The Servicer shall generally provide the marketing services set forth in this Section 3.01 through the use of its own marketing staff where it shall deem appropriate and shall utilize third parties to provide such marketing services where it shall deem appropriate (it being understood that while the obligations set forth in this Section 3.01 are, to the extent possible, generally anticipated to be discharged by the Servicer without resorting to third party service providers, the Servicer retains the flexibility to engage third party service providers as it determines in its sole discretion to be appropriate). ARTICLE 4 PURCHASES AND SALES OF ASSETS SECTION 4.01. Sales of Assets. (a) The Servicer shall provide and perform sales services with respect to the Assets at, and on a basis consistent with, the written direction from time to time of WEST, and, in connection therewith, is authorized to enter into any non-binding commitment for a sale of an Asset or any commitment for sale of an Asset subject to WEST approval and in compliance with Section 5.02(p) of the Indenture, in each case on behalf of and (through a power of attorney) in the name of the relevant Person within the Serviced Group; provided, however, that, except as otherwise required in accordance with the terms of a Lease (including the replacement of an Engine by a Lessee in accordance with the terms of a Lease), the Servicer shall not consummate any sale of any Assets or enter into any binding agreement to sell any Assets without obtaining the approval of WEST pursuant to Section 7.06 of the Agreement and in compliance with Section 5.02(p) of the Indenture. (b) The Servicer shall negotiate documentation of any sale and, subject to Section 4.01(a) of this Schedule 2.02(a) and the approval requirements of Section 7.06 of the Agreement, is authorized to execute and deliver binding agreements on behalf and (through a power of attorney) in the name of the relevant Person within the Serviced Group. (c) The Servicer shall deliver any Asset pursuant to the terms of the documentation of the sale. SECTION 4.02. Purchases of Assets and Parts. (a) The Servicer shall provide and perform services with respect to the purchase of Assets or parts for Airframes and Engines at, 10 4898-6267-4260.v2 and on a basis consistent with, the written direction from time to time of WEST, and, in connection therewith, is authorized to enter into any non-binding commitment for a purchase of an Asset or parts for Airframes and Engines or any commitment for a purchase of an Asset or parts for Airframes and Engines subject to WEST approval and in compliance with Section 5.02(q) of the Indenture, in each case on behalf of and (through a power of attorney) in the name of the relevant Person within the Serviced Group; provided, however, that, except as otherwise required in accordance with the terms of a Lease (including the replacement of an Engine by a Lessee in accordance with the terms of a Lease) and as otherwise provided in Section 4.02(b) and (c), the Servicer shall not consummate any purchase of any Assets or parts or enter into any binding agreement to purchase any Assets or parts without obtaining the approval of WEST pursuant to Section 7.06 of the Agreement and in compliance with Section 5.02(q) of the Indenture. (b) Notwithstanding any other provision in Section 7.06 of the Agreement to the contrary, the Servicer shall be permitted to purchase, sell or exchange on behalf of WEST any part or component relating to an Asset or spare parts or ancillary equipment or devices furnished with an Asset at such times and on such terms and conditions as the Servicer deems reasonably necessary or appropriate in connection with its performance of the Services. (c) Notwithstanding any other provision in Section 7.06 of the Agreement to the contrary, the Servicer shall be permitted to purchase, sell or exchange on behalf of WEST any Asset to the extent authorized by the then applicable Budgets or as part of a Replacement Exchange but in any event in accordance with Section 5.02(p) of the Indenture. (d) The Servicer shall negotiate documentation of any purchase and, subject to Section 4.02(a) of this Schedule 2.02(a) and the approval requirements of Section 7.06 of the Agreement, is authorized to execute and deliver binding agreements on behalf and (through a power of attorney) in the name of the relevant Person within the Serviced Group. Any purchase of Assets pursuant to this Section 4.02 may take the form of the purchase of an Asset Trust. (e) The Servicer shall arrange for the delivery of any Asset being purchased by any Person within the Serviced Group pursuant to the terms of the documentation of the purchase, the Indenture and the Security Trust Agreement. In connection with any such delivery, the Servicer shall make the necessary filings and obtain the necessary opinions required by Section 3.06 of the Security Trust Agreement. ARTICLE 5 MARKET AND OTHER RESEARCH SECTION 5.01. Appraisals. From time to time, and not more than annually, WEST may obtain current or projected appraisals of the Assets from any one or more Appraiser and the Servicer shall, upon request, provide such information and assistance relating to such appraisal services with respect to the Assets as shall be reasonably necessary or appropriate in connection with such appraisals. SECTION 5.02. Regulatory Changes. The Servicer shall (a) monitor regulatory developments applicable to Aircraft Engines and (so long as there are any Assets that are Airframes, applicable to aircraft) and the Aircraft Engine operating leasing industry and, if 11 4898-6267-4260.v2 applicable, the aircraft operating leasing industry, (b) advise WEST on a timely basis in summary form of such information regarding legal and regulatory material changes and developments with respect to each Asset (which changes or developments occur after the relevant Delivery Date) of which the Servicer has knowledge, but only if the Servicer reasonably determines that such legal or regulatory developments are applicable to the Assets, and (c) take such action as may be necessary or appropriate to comply therewith. SECTION 5.03. Market Research. The Servicer shall provide reasonable face to face or telephone access to executives, officers and employees of the Servicer as reasonably requested by WEST in order to confer with such executives, officers and employees regarding the market information of which any such person is aware with respect to commercial aviation demand in terms of traffic growth, new aircraft and Aircraft Engine requirements and other information relevant to the long-term planning of each Person within the Serviced Group with respect to Leases, purchases and sales, market conditions, industry trends and the Assets, provided that the Servicer shall not be obligated to disclose any confidential information. SECTION 5.04. Lessee Information. Following WEST's request therefor, the Servicer shall provide to WEST in summary form such information regarding default history or other material Lessee information of which the Servicer has knowledge. ARTICLE 6 ASSET CASH SERVICES SECTION 6.01. Accounts and Account Information. (a) Existing Accounts. In the event that WEST desires to modify any of the arrangements relating to any of the existing bank accounts related to the Assets (the "Existing Accounts"), WEST shall deliver a certificate to the Servicer specifying in reasonable detail the modifications to be made with respect to any such Existing Accounts and the Servicer shall, to the extent necessary to transfer signing and related authority, cooperate with each Person within the Serviced Group and the relevant banking institution to effect such modifications and shall take such other actions as are incidental thereto in order to give effect to the foregoing. (b) New Accounts. The Servicer shall notify WEST in the event that any new bank account needs to be established on behalf of any Person within the Serviced Group in connection with the execution of a Lease with a new Lessee and WEST shall deliver a certificate to the Servicer specifying in reasonable detail (v) the name and location of the bank at which such account should be established, (w) the name(s) in which such account should be established, (x) the names of the beneficiaries of such account, (y) the names of the Persons authorized to make withdrawals from such account and (z) such other information (including with respect to any security arrangements) as WEST deems appropriate. The Servicer shall, to the extent necessary to create signing and related authority, cooperate with WEST and the relevant banking institution and take such other actions as are incidental thereto in order to give effect to the foregoing (the "New Accounts" and, together with the Existing Accounts, the "Bank Accounts"). In the event that the Servicer is required to transfer funds from any Bank Account to the account of another Person (other than any Person within the Serviced Group) as provided in

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&nbsp;&nbsp;&nbsp;&nbsp;12 4898-6267-4260.v2 Section 1.01(d) of this Schedule 2.02(a), the Servicer shall provide WEST with written notice setting forth the (i) name of the transferor, (ii) name of the transferee, (iii) accounts from and to which funds are to be transferred, (iv) amounts to be transferred and (v) anticipated date of transfer. SECTION 6.02. Payments. (a) Anticipated Payments. For purposes of the calculation of the Required Expense Amount by the Administrative Agent, the Servicer shall deliver to the Administrative Agent, not less than one Business Day prior to each Calculation Date, a written projection of payment obligations for Asset Expenses and a written projection of disbursements of Usage Fees and security deposits in accordance with the terms of any Lease, in each case reasonably anticipated by the Servicer to be necessary to be paid or disbursed in connection with the Servicer's performance of the Services under the Agreement during the period extending from the Payment Date immediately following such Calculation Date to but not including the next succeeding Payment Date (the "Monthly Payment Period"). The Servicer shall be authorized to direct the Indenture Trustee in writing to make disbursements from the Expense Account of all Expenses on such projection and of all Usage Fees and security deposits on such projection from time to time during such Monthly Payment Period. (b) Unanticipated Payments. During any Monthly Payment Period, the Servicer may request in writing the approval of the Administrative Agent for the Servicer to pay or cause to be paid expenses that had not been reasonably anticipated by the Servicer at the time the projection required to be provided to the Administrative Agent pursuant to Section 6.02(a) of this Schedule 2.02(a) with respect to such Monthly Payment Period was delivered to the Administrative Agent. Any such request shall specify for each such payment obligation (i) the anticipated date of such payment, (ii) the payee, (iii) the amount of such payment, (iv) the nature of the obligation and (v) the Bank Account from which such payment should be made. No later than the next Business Day following such request by the Servicer, the Administrative Agent shall notify the Servicer in writing whether such payment request is approved or disapproved. If approved, the Servicer shall pay or cause such payment to be made to the relevant payee from the funds then available in the relevant account. In the event that the funds then available in such account are insufficient to make any such payment, the Administrative Agent shall take such actions as are necessary to cause funds sufficient to make any such payments to be transferred as soon as practicable from the Collections Account to such account. Following the transfer of such funds, the Servicer shall pay or cause such payments to be made in accordance with the foregoing provisions. (c) Delegation of Authority. The Administrative Agent hereby authorizes the Servicer to make, or cause to be made, payments from the specified Bank Accounts in accordance with the foregoing procedures. In order to give effect to the foregoing provisions of this Article 6 of this Schedule 2.02(a), the Administrative Agent shall take such other actions as are necessary or appropriate, including by delegation or otherwise, pursuant to the terms of the Administrative Agency Agreement, the Indenture, the agreements between any Person within the Serviced Group and the relevant banking institutions with respect to the Bank Accounts or otherwise, or as the Servicer shall reasonably request, to authorize the Servicer to take such actions with respect to such Bank Accounts as the Administrative Agent determines to be necessary or appropriate as are set forth above. 13 4898-6267-4260.v2 ARTICLE 7 PROFESSIONAL AND OTHER SERVICES SECTION 7.01. Legal Services. The Servicer shall provide or procure legal services, in all relevant jurisdictions, on behalf of the relevant Person within the Serviced Group with respect to the lease, sale or financing of the Assets, any amendment or modification of any Lease, the enforcement of the rights of any Person within the Serviced Group under any Lease, any disputes that arise with respect to the Assets or for any other purpose that the Servicer reasonably determines is necessary in connection with the performance of the Services. The Servicer shall provide such legal services by using its in-house legal staff where it shall deem appropriate and shall authorize outside counsel to provide such legal services where it shall deem appropriate (including litigation) and in accordance with its practices with respect to aircraft and Aircraft Engines owned by it or its Affiliates (other than each Person within the Serviced Group). SECTION 7.02. Accounting and Tax Services. The Servicer shall arrange for such accounting and tax services and advice and other professional services (which may be provided by the Servicer's internal staff, to the extent available) as shall be reasonably necessary or appropriate in connection with the structuring of lease, sale or financing transactions with respect to the Assets or for any other purpose that the Servicer reasonably determines is necessary in connection with the performance of the Services. SECTION 7.03. Legal Opinions. The Servicer shall provide or procure the legal opinions required by Section 5.02(s) of the Indenture with respect to Future Leases. ARTICLE 8 INFORMATION; REPORTS; CUSTODY SECTION 8.01. Monthly Reports. Ten (10) Business Days after the first Business Day of each month (or, to the extent impracticable, promptly thereafter), the Servicer shall provide to WEST: (a) A written report of (i) the leasing, sales and purchasing activities that were completed during the preceding month, which shall include a summary of the principal financial terms related to any new or amended lease transactions, including floating rate and fixed Rental Payments and, in the case of floating rate Rental Payments, the index applicable thereto (attaching a copy of the factual portions of the applicable transaction overview, if any), and (ii) any default notices issued, in each case with respect to the Assets, in such detail as WEST may request from time to time. (b) A detailed statement of the cash receipts and disbursements with respect to the Assets for the preceding month in such details as WEST may request from time to time. (c) A detailed statement of certain expected cash disbursements in respect of technical and other leasing expenditures, overheads and Usage Fees expenditures on a monthly basis for three months (a "Forecast") (it being understood that any such Forecast may be based upon historical cash flow patterns), in such detail as WEST and the Servicer may agree from time to time. 14 4898-6267-4260.v2 (d) A detailed statement of receivables (including details, if any, of any set-offs among Lessee receivables, Usage Fees and security deposits) analyzed by Lessee and by region for each account balance outstanding (including with respect to restructured Leases), categorized by number of days outstanding, in such detail as WEST may request from time to time. (e) A report on all pending and potential litigation (with respect to which the Servicer has received written notice of threatening litigation, which, in the reasonable judgment of the Servicer, is material) involving any Asset of which the Servicer has written notice. (f) Such other information as may be required pursuant to Section 2.14 of the Indenture. SECTION 8.02. Other Information. (a) To the extent the Servicer is in possession of the relevant information, the Servicer shall prepare and submit to WEST the following information with respect to each Person within the Serviced Group: (i) promptly after the occurrence thereof, notify WEST of any accident or incident of which the Servicer has notice involving any Asset; and (ii) upon WEST's request therefor, information with respect to transactions relating to Assets necessary for any Person within the Serviced Group to prepare statutory returns with respect to contractors engaged by the Servicer on behalf of such Person. (b) The Servicer will make available to WEST and its advisers and designees, subject to their reasonable availability, and at reasonable times and upon reasonable notice, the Servicer's directors, officers, employees, representatives, advisers and other agents, in order to provide to WEST and its advisers and designees information (to the extent the Servicer has possession thereof) with regard to the Assets (including in response to inquiries with respect to the reports provided to WEST by the Servicer pursuant to Sections 8.01 and 8.02 of this Schedule 2.02(a)) which may be required by WEST. In furtherance thereof, in order to facilitate each Person within the Serviced Group carrying out its responsibilities upon the request of WEST, the Servicer shall make available (through physical attendance or telephonic conference) such officers and employees, depending on such persons' reasonable availability, that WEST shall reasonably deem appropriate for meetings with WEST's representatives to provide to WEST information, and response to inquiries, with respect to the reports provided to WEST by the Servicer pursuant to Sections 8.01 and 8.02 of this Schedule 2.02(a). SECTION 8.03. Ratings Information. Upon request by WEST, the Servicer shall provide to WEST such information and data (to the extent the Servicer has possession thereof) about the Assets and other assistance relating to the Assets as WEST and the Servicer shall deem reasonably necessary or appropriate in connection with providing information to the Rating Agencies for WEST's debt ratings or the ratings of any public securitization debt issued by an Affiliate of WEST. SECTION 8.04. Custody of Documents. The Servicer agrees to hold all original documents of any Person within the Serviced Group that relate to the Assets in the possession of the Servicer in safe custody, by application of the measures comparable to those the Servicer uses in the retention of its own original documents of a similar nature. 15 4898-6267-4260.v2 SECTION 8.05. Financial Statements. The Servicer shall promptly notify and provide a copy to the Indenture Trustee within ten days upon its filing of any Form 10-K and Form 10-Q with the SEC.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4898-6267-4260.v2 Schedule 4.01(a) ASSETS None 1 4898-6267-4260.v2 Schedule 8.01 CONDITIONS TO EFFECTIVENESS 1. Each appendix, annex, exhibit or schedule to the Servicing Agreement shall have been completed, to the reasonable satisfaction of the Servicer and delivered with the Servicing Agreement, on the Initial Closing Date. 2. Each Person within the Serviced Group shall have executed and delivered to the Servicer a power of attorney contemplated by Section 13.08. 3. WEST and each other Person within the Serviced Group shall have delivered to the Servicer, in form and substance reasonably satisfactory to the Servicer: (A) an Officer's Certificate dated the Initial Closing Date or, as applicable, the date such Person accedes to the Servicing Agreement pursuant to a Serviced Group Member Supplement, certifying as to: (1) the attached certificates of incorporation, corporate charter, memorandum and articles of association, memorandum of association, constitution, by- laws, bye-laws, certificate of trust, trust agreement and other constituent documents of such Person, recently certified, in the case of any such document filed with the secretary of state or similar Governmental Authority of the jurisdiction in which such Person is organized by such Governmental Authority; (2) the absence of amendments to any constituent document since the date of the last amendment (a) shown on the official evidence as to filed constituent documents furnished pursuant to (1) above if such official evidence is available and (b) in any event reflected in the constituent documents furnished pursuant to (1) above; (3) resolutions or other written evidence of corporate or trustee action of the Board and, if applicable, the shareholders of such Person duly authorizing or ratifying the execution, delivery and performance by such Person of the Servicing Agreement and the absence of any modification, amendment or revocation thereof or any other resolutions relating thereto; (4) the absence of proceedings for the dissolution, liquidation, receivership or similar proceedings with respect to such Person; (5) if applicable, its corporate seal; and (6) the incumbency and signatures of the individuals authorized to execute and deliver documents on such Person's behalf; and (B) to the extent available from appropriate Governmental Authorities, recent official evidence from appropriate Governmental Authorities of appropriate jurisdictions as to constituent documents on file, good standing, payment of franchise taxes and qualification to do business in the jurisdiction in which such Person is organized. 4. WEST and each other Person within the Serviced Group shall have delivered to the Servicer an Officer's Certificate dated the Initial Closing Date or, as applicable, the date such 2 4898-6267-4260.v2 Person accedes to the Servicing Agreement pursuant to a Serviced Group Member Supplement, in form and substance reasonably satisfactory to the Servicer, stating that, to the knowledge of the signatory: (A) each representation and warranty of such Person contained in the Servicing Agreement is true and correct in all material respects as of such date; (B) such Person has duly performed and complied in all material respects with all covenants, agreements and conditions contained in the Servicing Agreement required to be performed or complied with by it on or before such date; and (C) no event has occurred and is continuing or condition exists or would result from the consummation of any transaction contemplated by the Servicing Agreement that constitutes, or with the giving of notice or lapse of time or both would constitute, a default in any material respect under the Servicing Agreement or a breach thereof or would give any party thereto the right to terminate, or not to perform any material obligation under, any thereof. 5. The Servicer shall have delivered to WEST, in form and substance reasonably satisfactory to WEST: (A) a certificate dated the Initial Closing Date of the secretary, any assistant secretary or other appropriate officer of the Servicer certifying as to: (1) the attached constituent documents of the Servicer, recently certified, in the case of any such document filed with the secretary of state or similar Governmental Authority of the jurisdiction in which the Servicer is organized by such Governmental Authority; (2) the absence of amendments to any constituent document since the date of the last amendment (a) shown on the official evidence as to filed constituent documents furnished pursuant to (1) above if such official evidence is available and (b) in any event reflected in the constituent documents furnished pursuant to (1) above; (3) resolutions or other written evidence of corporate action of the Servicer duly authorizing or ratifying the execution, delivery and performance by the Servicer of the Servicing Agreement and the absence of any modification, amendment or revocation thereof or any other resolutions relating thereto; (4) the absence of proceedings for the dissolution, liquidation, receivership or similar proceedings with respect to the Servicer; (5) if applicable, its corporate seal; (6) the incumbency and signatures of the individuals authorized to execute and deliver documents on the Servicer's behalf; and (7) to the extent available from appropriate Governmental Authorities, recent official evidence from appropriate Governmental Authorities of appropriate jurisdictions as to constituent documents on file, payment of franchise taxes and qualification to do business in the jurisdiction in which the Servicer is organized. 3 4898-6267-4260.v2 6. The Servicer shall have delivered to WEST an Officer's Certificate dated the Initial Closing Date, in form and substance reasonably satisfactory to WEST, stating that, to the knowledge of the signatory: (A) each representation and warranty of the Servicer contained in the Servicing Agreement is true and correct in all material respects as of the Initial Closing Date; (B) the Servicer has duly performed and complied in all material respects with all covenants, agreements and conditions contained in the Servicing Agreement required to be performed or complied with by it on or before the Initial Closing Date; and (C) no event has occurred and is continuing or condition exists or would result from the consummation of any transaction contemplated by the Servicing Agreement that constitutes, or with the giving of notice or lapse of time or both would constitute, a default in any material respect under the Servicing Agreement by the Servicer or a breach thereof by the Servicer or would give any party thereto the right to terminate, or not to perform any material obligation under, the Servicing Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4898-6267-4260.v2 EXHIBIT A FORM OF OPERATING BUDGET AND ASSET EXPENSES BUDGET FOR THE INITIAL PERIOD Projected Required Maintenance (Airworthiness Directives/Service Bulletins): Serial Number Required Maintenance Projected Cost Maintenance Reserves Net Reserves Comment Period: Cash Income: Lease Revenues Interest Income Sales Proceeds Subtotal Cash Operating Expenses: Servicer Fees Administrative Agent Fees Independent Controlling Trustee Fees: Security Filing Fees Office rent, file storage, transport [2025] Insurance Premiums\*\* Subtotal Prepaid or Accruals (see detail): Owner Trustee Fees\* Indenture Trustee Fees\* Engine Trustee Fees\*\* [2025] Insurance Premium Accruals\*\*\* Appraisals\*\*\* Audit\*\*\* Maintenance Reserve Evaluation\*\*\* Subtotal Depreciation Interest Expense: Series A Interest Series B Interest Subtotal Pre-tax Cash Income Detail of Prepaids/Accruals (WEST V Expenses): Owner Trustee Annual Fee\* Indenture Trustee Annual Fee\* Security Trustee Annual Fee\* Appraisals\*\*\* Audit\*\*\* Detail of Prepaids/Accruals (Asset Expenses): [2025] Insurance Premiums\*\* [2026] Insurance Premium Accruals\*\*\* Budgeted Assets Expenses per Month: Asset Trustee Fees per Engine\*\* Legal Opinions ($[_____] each, 4 per year) Annual Technical Advisors Annual Shipping 4898-6267-4260.v2 EXHIBIT B FORM OF SERVICED GROUP MEMBER SUPPLEMENT [_________], 20[_] Reference is made to the Servicing Agreement dated as of June 18, 2025 (as amended, supplemented or otherwise modified, the "Servicing Agreement"), among Willis Lease Finance Corporation, Willis Engine Structured Trust VIII, and the other parties thereto, including any party thereto which has heretofore signed an agreement in substantially the form of this Serviced Group Member Supplement. The undersigned (the "New Party") agrees, as of the date of this Serviced Group Member Supplement, to be considered a party to the Servicing Agreement for all purposes, as if an original signatory to the Servicing Agreement, and to be bound by the terms of the Servicing Agreement. The New Party hereby makes the representations and warranties set forth in Section 4.01 of the Servicing Agreement as if such representations and warranties were set forth herein, except that for this purpose all references in such Sections to "the Initial Closing Date" or "the date hereof" shall be deemed to refer instead to the date of this Serviced Group Member Supplement. [The New Party confirms for the benefit of each other party to the Servicing Agreement that, pursuant to and as required by Section 13.04 of the Servicing Agreement, it has appointed [insert name and address of process agent] as its Process Agent.]1 This Serviced Group Member Supplement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. THIS SERVICED GROUP MEMBER SUPPLEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAWS. IN WITNESS WHEREOF, this Serviced Group Member Supplement has been duly executed on the date first written above. [ ] By: Name: Title: 1 To be deleted if the New Party has a place of business in the United States.

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## Exhibit 10.6

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[\*] Indicates that certain information in this exhibit has been excluded because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential. Execution Version ADMINISTRATIVE AGENCY AGREEMENT dated as of June 18, 2025 among WILLIS ENGINE STRUCTURED TRUST VIII, WILLIS LEASE FINANCE CORPORATION, as the Administrative Agent U.S. BANK NATIONAL ASSOCIATION, as the Indenture Trustee and the Security Trustee and EACH MANAGED GROUP MEMBER i **Table of Contents** Page ARTICLE 1 DEFINITIONS ............................................................................................................1 SECTION 1.01 Definitions..............................................................................................1 ARTICLE 2 APPOINTMENT; ADMINISTRATIVE SERVICES ................................................1 SECTION 2.01 Appointment ..........................................................................................1 SECTION 2.02 Limitations .............................................................................................2 SECTION 2.03 General Services ....................................................................................3 SECTION 2.04 Bank Account Management and Calculation Services ..........................8 SECTION 2.05 Accounting Services ............................................................................12 SECTION 2.06 Additional Administrative Services .....................................................14 SECTION 2.07 Replacement Asset ...............................................................................14 SECTION 2.08 New Subsidiaries .................................................................................15 SECTION 2.09 Responsibility of WEST and each other Managed Group Member ................................................................................................15 ARTICLE 3 STANDARD OF PERFORMANCE; LIABILITY AND INDEMNITY .................16 SECTION 3.01 Standard of Performance......................................................................16 SECTION 3.02 Conflicts of Interest..............................................................................16 SECTION 3.03 Liability and Indemnity........................................................................16 ARTICLE 4 REPRESENTATIONS AND WARRANTIES .........................................................18 SECTION 4.01 Representations and Warranties by Administrative Agent ..................18 ARTICLE 5 ADMINISTRATIVE AGENT UNDERTAKINGS..................................................18 SECTION 5.01 Administrative Agent Undertakings ....................................................18 ARTICLE 6 UNDERTAKINGS OF ISSUER GROUP ................................................................21 SECTION 6.01 Cooperation ..........................................................................................21 SECTION 6.02 Information ..........................................................................................21 SECTION 6.03 Scope of Services .................................................................................21 SECTION 6.04 Ratification ...........................................................................................22 SECTION 6.05 Covenants .............................................................................................22 SECTION 6.06 Ratification by Subsidiaries .................................................................23 ARTICLE 7 ADMINISTRATION FEES AND EXPENSES .......................................................23 SECTION 7.01 Administration Fees .............................................................................23 SECTION 7.02 Expenses ..............................................................................................24 ii SECTION 7.03 Payment of Expenses ...........................................................................24 ARTICLE 8 TERM; REMOVAL OF OR TERMINATION BY THE ADMINISTRATIVE AGENT ...............................................................................24 SECTION 8.01 Term .....................................................................................................24 SECTION 8.02 Right to Terminate ...............................................................................24 SECTION 8.03 Consequences of Termination..............................................................26 SECTION 8.04 Survival ................................................................................................27 ARTICLE 9 ASSIGNMENT AND DELEGATION .....................................................................27 SECTION 9.01 Assignment and Delegation .................................................................27 ARTICLE 10 MISCELLANEOUS ...............................................................................................27 SECTION 10.01 Notices .................................................................................................27 SECTION 10.02 Governing Law ....................................................................................29 SECTION 10.03 Jurisdiction ...........................................................................................29 SECTION 10.04 Waiver of Jury Trial .............................................................................29 SECTION 10.05 Counterparts; Third Party Beneficiaries .............................................30 SECTION 10.06 Entire Agreement .................................................................................30 SECTION 10.07 Power of Attorney ................................................................................30 SECTION 10.08 **Table of Contents**; Headings ...............................................................30 SECTION 10.09 Restrictions on Disclosure ...................................................................30 SECTION 10.10 No Partnership .....................................................................................31 SECTION 10.11 Nonpetition ..........................................................................................32 SECTION 10.12 Concerning the Indenture Trustee and Security Trustee ......................32 SECTION 10.13 Amendments ........................................................................................32 SECTION 10.14 Asset Trustee Liability .........................................................................32 Appendices Appendix A Definitions Schedules Schedule I Account Information Exhibits Exhibit A Form of Managed Group Member Supplement ADMINISTRATIVE AGENCY AGREEMENT (as amended, modified or supplemented from time to time in accordance with the terms hereof, the "Agreement") dated as of June 18, 2025, among WILLIS ENGINE STRUCTURED TRUST VIII ("WEST"), a Delaware statutory trust, WILLIS LEASE FINANCE CORPORATION, a Delaware corporation (together with its successors and permitted assigns, the "Administrative Agent" or "Willis"), U.S. BANK NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as trustee under the Indenture (the "Indenture Trustee") and as security trustee (the "Security Trustee"), and each Issuer Subsidiary signatory to this Agreement or that becomes a party under Section 6.06 (collectively with WEST, the "Managed Group Members"). NOW, THEREFORE, for the consideration set forth herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the Administrative Agent, the Indenture Trustee, the Security Trustee, WEST and each other Managed Group Member agree as follows: ARTICLE 1 DEFINITIONS SECTION 1.01 Definitions. Capitalized terms used herein have the meanings assigned thereto in Appendix A hereto. Unless otherwise defined herein, all capitalized terms used but not defined herein have the meanings assigned to such terms in the Indenture. ARTICLE 2 APPOINTMENT; ADMINISTRATIVE SERVICES SECTION 2.01 Appointment. (a) WEST and each other Managed Group Member hereby appoints the Administrative Agent as the provider of the general services set forth in Section 2.03, the accounting services set forth in Section 2.05 and the additional administrative services set forth in Section 2.06 (together with the Bank Account Management Services referred to in subsection (b) below, the "Administrative Services") to WEST and each other Managed Group Member on the terms and subject to the conditions set forth in this Agreement. (b) WEST hereby directs the Indenture Trustee and the Security Trustee to appoint, and the Indenture Trustee and the Security Trustee, on behalf of the Secured Parties, hereby appoint, the Administrative Agent as the provider of the bank account management and calculation services set forth in Section 2.04 and in the Indenture (the "Bank Account Management Services") and delegates to the Administrative Agent its authority to administer the Accounts and to otherwise perform the Bank Account Management Services on behalf of WEST and each other Managed Group Member on the terms and subject to the conditions set forth in this Agreement. (c) The Administrative Agent hereby accepts such appointments and agrees to perform the Administrative Services on the terms and subject to the conditions set forth in this Agreement.

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2 (d) The Administrative Services do not include any service or matter which is the responsibility of the Servicer under the Servicing Agreement or the company secretaries of WEST or any other Managed Group Member. SECTION 2.02 Limitations. (a) The Administrative Agent agrees (with respect to the Administrative Services agreed by it to be carried out hereunder) to perform the Administrative Services in a manner that does not violate the terms of the articles of incorporation, by-laws, trust agreements or similar constitutional documents of WEST and each other Managed Group Member and all agreements to which WEST or any other Managed Group Member is a party (including all Related Documents), provided that copies of such documents and agreements have been delivered or are otherwise available to the Administrative Agent and, without prejudice to the foregoing, not to enter into, on behalf of WEST or any other Managed Group Member, any commitments, loans or obligations or charge, mortgage, pledge, encumber or otherwise restrict or dispose of the property or assets or expend any funds of WEST or any other Managed Group Member save (i) as expressly permitted by the terms of this Agreement or (ii) upon the express direction of the Controlling Trustees, subject to the limitations in Section 2.02(b) hereof. (b) In connection with the performance of the Administrative Services and its other obligations hereunder, the Administrative Agent shall (i) have no responsibility for the failure of any other Person (other than any Person acting as a delegate of the Administrative Agent under this Agreement pursuant to Section 9.01 hereof) providing services directly to WEST and each other Managed Group Member to perform its obligations to WEST and each other Managed Group Member, (ii) in all cases be entitled to rely upon the instructions of WEST and each other Managed Group Member with respect to any Administrative Services other than the Bank Account Management Services or upon the instructions of the Indenture Trustee or Security Trustee on behalf of WEST and each other Managed Group Member with respect to any Bank Account Management Services, and upon notices, reports or other communications made by any Person providing services to WEST and each other Managed Group Member (other than any Affiliate of the Administrative Agent) and shall not be responsible for the accuracy or completeness of any such notices, reports or other communications except to the extent that the Administrative Agent has actual notice of any matter to the contrary and (iii) not be obligated to act in any manner which is reasonably likely to (A) violate any Applicable Law, (B) lead to an investigation by any Governmental Authority or (C) expose the Administrative Agent to any liabilities for which, in the Administrative Agent's good faith opinion, adequate bond or indemnity has not been provided. (c) Subject to the limitations set forth in Section 2.02(a), in connection with the performance of the Administrative Services, the Administrative Agent is expressly authorized by WEST and each other Managed Group Member, (i) to engage in and conclude commercial negotiations with the Persons providing services to WEST and each other Managed Group Member, including, without limitation, where the context admits, the Servicer (unless the Servicer is Willis) and other Persons performing similar services or advising WEST and each other Managed Group Member (the "Service Providers") and with their Representatives, and (ii) after such consultation, if any, as the Administrative Agent deems necessary under the circumstances, to act on behalf of WEST or such Managed Group Member with regard to any and all matters requiring any action on the part of the Administrative Agent under the Servicing Agreement. WEST and each other Managed Group Member agrees that it will give the 3 Administrative Agent, the Servicer and the Indenture Trustee 60 days' prior written notice of any limitation or modification of the authority set forth in this Section 2.02(c). (d) The Administrative Agent may rely on the advice of any law firm, accounting firm, risk management adviser, tax adviser, insurance adviser, technical adviser, aircraft or aircraft engine appraiser or other professional adviser appointed by WEST and any Person appointed in good faith by the Administrative Agent and shall not be liable for any claim by WEST or any other Managed Group Member to the extent that it was acting in good faith upon the advice of any such Persons. (e) Notwithstanding the appointment of, and the delegation of authority and responsibility to, the Administrative Agent hereunder, WEST and each other Managed Group Member shall continue to have and exercise through its respective Controlling Trustees real and effective control and management of all matters related to its ongoing business operations, assets and liabilities, subject to matters that are expressly the responsibility of the Administrative Agent in accordance with the terms of this Agreement, and WEST and each other Managed Group Member shall at all times conduct its separate ongoing business in such a manner as the same shall at all times be readily identifiable from the separate business of the Administrative Agent, and neither WEST nor any other Managed Group Member is merely lending its name to decisions taken by others. SECTION 2.03 General Services. The Administrative Agent hereby agrees to perform and provide the following general services for WEST and each other Managed Group Member and their respective governing body: (a) General Services. The Administrative Agent shall provide the following general services: (i) Board papers; except in such instances in which such preparation and distribution is required to be done by another party by Applicable Law, preparation and distribution, at such time as shall be agreed with the Administrative Agent, of draft trustees or board meeting agendas and any other papers required in connection with such meetings; (ii) Books, records and filings; maintaining, or monitoring the maintenance of, the books, records, registers and associated filings of WEST and each other Managed Group Member, other than those required to be maintained by the Delaware Trustee; (iii) General administrative assistance; providing any administrative assistance reasonably necessary to assist WEST or any other Managed Group Member in carrying out its obligations, including providing timely notice of decisions to be made, or actions to be taken, under any of the Related Documents; provided that if the obligations of WEST or any other Managed Group Member under any of the Related Documents are only required upon receipt of notice to the Administrative Agent, then the Administrative Agent shall provide such administrative assistance only to the extent it has received such notice or is otherwise aware of such obligations; 4 (iv) Lease, sale and capital investment decisions; assisting WEST and each other Managed Group Member in making its aircraft and aircraft engine lease, sale and capital investment decisions in relation to aircraft and aircraft engine leases and sales including to the extent (A) such assistance is not contemplated to be provided by the Servicer pursuant to the Servicing Agreement and (B) such decisions are not required by any Related Document or Applicable Law to be made by the Controlling Trustees; (v) Professional advisors; procuring, when the Administrative Agent considers in good faith that it is appropriate or necessary to do so, and coordinating the advice of, legal counsel, accounting, tax and other professional advisers at the expense of WEST or such other relevant Managed Group Member, to assist WEST or such Managed Group Member in carrying out its obligations, and supervising, in accordance with instructions from WEST or such Managed Group Member, such legal counsel and other advisers; (vi) Appraisal services; as frequently as is necessary for WEST and each other Managed Group Member to comply with its obligations under the Related Documents, arranging for the appraisals to be made and providing the appraisals to the relevant Service Providers; (vii) Servicer; providing assistance to the Servicer with respect to matters for which such assistance is contemplated by the Servicing Agreement or is reasonably necessary in order for the Servicer to perform its duties in accordance with the Servicing Agreement; and (viii) Supervisory services; supervising outside counsel and other professional advisers and coordinating legal and other professional advice received by WEST and each other Managed Group Member other than with respect to any service or matter which is the responsibility of the Servicer under the Servicing Agreement; and (ix) International Registry: registrations and consents on behalf of the WEST and the Managed Group Members with the International Registry contemplated by Section 2.02 of Schedule 2.02(a) to the Servicing Agreement and/or Section 3.06 and/or Section 3.12 of the Security Trust Agreement, and in connection therewith, acting as the International Registry administrator of WEST and, except to the extent such function is performed by the Asset Trustee for the relevant Asset Trust, each other Managed Group Member. (x) Website: to the extent WEST or any other Managed Group Member is required to do so pursuant to Section 5.03(j) of an Indenture, maintaining or causing to be maintained a password protected Internet website containing the information described in Section 5.03(j) of the Indenture. (b) Monitoring Services. The Administrative Agent shall monitor the performance of the other Service Providers and report on such performance to the Controlling Trustees on a quarterly basis, including: 5 (i) to the extent not provided for in the relevant agreement, assisting in establishing standards for performance evaluation and compliance with the terms of such agreement; (ii) assisting in evaluating the performance and compliance of each Service Provider against its obligations under the relevant agreement or such standards as are established pursuant to subsection Section 2.03(b)(i) above; and (iii) implementing any other request by WEST and each other Managed Group Member to evaluate the performance of the Service Providers under the relevant agreements with WEST and each other Managed Group Member, which shall be at the expense of WEST and each other Managed Group Member, to the extent services are required that are materially greater in scope than those being provided pursuant to the express terms of this Agreement. (c) Rating Agency Services. To the extent that (x) the following services are not provided by the other Service Providers, and (y) the relevant information is provided to the Administrative Agent by WEST and each other Managed Group Member or the Service Providers or is otherwise available to the Administrative Agent, acting as liaison with the Rating Agencies with respect to the rating impact of any decisions on behalf of WEST and each other Managed Group Member, the Administrative Agent shall perform the following supplemental services: (i) Portfolio information; advising the Rating Agencies from time to time of any material changes in the Portfolio, coordinating with WEST and each other Managed Group Member and the Service Providers and providing the Rating Agencies with such statistical and other information as they may from time to time request (such information to be provided at the expense of WEST and each other Managed Group Member to the extent that providing such information requires services that are materially greater in scope than those being provided pursuant to the express terms of this Agreement); and (ii) Notes information; providing the Rating Agencies with the Outstanding Principal Balance of the Notes and loan-to-value ratios. (d) Documentation and Letters of Credit. To the extent that the following services are not provided by the Servicer, providing assistance to WEST and each other Managed Group Member in procuring Lessee consents, novations and other documentation and in taking all other actions necessary in connection with the reissue or amendment of letters of credit. (e) Closing Services. To the extent that the following services are not provided by the Servicer, providing assistance to WEST and each other Managed Group Member in (1) the re-lease and/or sale of the Assets, (2) the acquisition of Replacement Assets and (3) financing transactions relating to WEST and each other Managed Group Member after the Initial Closing Date, including:

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6 (i) Coordination; coordinating with the Service Providers, legal and other professional advisers to monitor the protection of the interests and rights of WEST and each other Managed Group Member, coordinating the execution of documentation required at closings, and assisting in the management of the closing process so that closings will occur on a timely basis; (ii) Closing support; providing qualified personnel to attend and provide administrative support (including the preparation of any certificates required pursuant to the Servicing Agreement) at the closings in connection with sales or re-leases of the Assets and the acquisition of any Remaining Initial Assets (including any Substitute Assets therefor) and any Replacement Assets, if required (it being understood that the Administrative Agent will not be obligated to provide legal counsel or legal or technical services to WEST and each other Managed Group Member); (iii) Documentation support; providing all necessary administrative support to complete any documentation and other related matters; and (iv) Appointments; appointing counsel and other appropriate professional advisers to represent WEST and each other Managed Group Member in connection with any such closings. (f) Filings and Reports. Based on information produced or provided to it, the Administrative Agent shall cause all reports to be prepared, filed and/or distributed by WEST or any other Managed Group Member or its governing bodies with the assistance of outside counsel and auditors, if appropriate, including: (i) Investor reports; reports required or recommended to be distributed to investors (including reports substantially in the form of Exhibit E-1 to the Indenture, which shall be provided to the Indenture Trustee by the fifth Business Day before any Payment Date or any other date for distribution of any payments with respect to any Notes then Outstanding), and in connection therewith, managing investor relations on behalf of WEST and each other Managed Group Member with the assistance of outside counsel and auditors, if appropriate, and preparing or arranging for the preparation and distribution of such reports at the expense of WEST and each other Managed Group Member; and (ii) Governmental reports; reports required to be filed with any Governmental Authorities, and in connection therewith, preparing on behalf of WEST or any other Managed Group Member or arranging for the preparation of and arranging for the filing of any reports required to be filed with any other entity in order for WEST or such Managed Group Member not to be in violation of Applicable Law or any applicable covenants. (g) Amendments. The Administrative Agent shall provide the following services with respect to amendments of the Related Documents and the Leases: (i) Related Documents; reporting on the substance of any proposed amendments to any Related Documents; 7 (ii) Execution and delivery of amendments; to the extent requested by WEST and each other Managed Group Member or by the parties to Related Documents and subject to approval by the appropriate Controlling Trustees, coordinating with the legal counsel of WEST and each other Managed Group Member, the other parties thereto and their counsel the preparation and execution of any amendments to the Related Documents (other than amendments relating to the Assets or the Leases), and providing assistance in the implementation of such amendments; and (iii) Lease amendments; to the extent reasonably requested by the Servicer, coordinating and providing assistance on behalf of WEST and each other Managed Group Member with such party and seeking to obtain appropriate approvals to take any action which may be required to amend the terms of the Leases. (h) Lease Defaults. To the extent reasonably requested by the Servicer, the Administrative Agent shall coordinate and provide assistance on behalf of WEST and each other Managed Group Member with such party and outside counsel in a Lessee default or repossession situation. (i) Payment of Bills. The Administrative Agent shall authorize payment of bills and expenses (i) payable to legal and professional advisers authorized to be engaged or consulted pursuant to this Agreement or (ii) approved by the Controlling Trustees. (j) Servicing Agreement. The Administrative Agent shall provide assistance to WEST with respect to matters for which action by WEST is required under the Servicing Agreement or the Indenture, including such assistance that may be necessary for WEST to: (i) comply with Sections 6.07, 7.05(a) and 7.06 of the Servicing Agreement; (ii) provide such instructions to the Servicer as the Servicer may require in interpreting the Indenture and the Concentration Limits; (iii) direct the Servicer to amend the minimum hull and liability insurance coverage amounts set forth in Section 5.03(f) of the Indenture; (iv) direct the Servicer as to whether settlement offers received by such party with respect to claims for damage or loss in excess of $500,000 with respect to an Asset are acceptable; (v) request periodic reports from the Servicer regarding insurance matters; (vi) provide the Servicer with such information as such party may reasonably request in connection with the Concentration Limits and certify to such party that proposed Asset-related transactions will not result in the violation of such Concentration Limits; 8 (vii) advise the Servicer as required by Schedule 2.02(a) to the Servicing Agreement ("Schedule 2.02(a)"); (viii) direct the Servicer to arrange for the sale of an Asset and certify to such party that such sale complies with the terms of the Indenture; (ix) make any discretionary decisions, judgments or assumptions necessary in connection with the preparation of any projections, and provide the Servicer with any written policies and guidelines that such party shall require in connection with such preparation; and (x) request information and assistance from the Servicer in regard to appraisals of Assets in accordance with Section 5.01 of Schedule 2.02(a). (k) Events of Default. The Administrative Agent shall inform the Controlling Trustees as soon as is reasonably practicable if the Administrative Agent believes that (i) net revenues generated by the Leases will be insufficient to satisfy the payment obligations of WEST and each other Managed Group Member and (ii) an Event of Default will result from such insufficiency, and advise the Controlling Trustees as to any appropriate action to be taken (subject to the provisions of the Related Documents) with respect to such insufficiency and cause the actions directed by the Controlling Trustees to be implemented so as to avoid an Event of Default, if it is possible to do so. (l) Letters of Credit. The Administrative Agent shall determine whether it is necessary at any time that WEST make a drawing under any back-up letter of credit of which WEST is the beneficiary in accordance with the applicable letter of credit agreement and the terms of the Related Documents and, if so, administer such drawing on WEST's behalf. SECTION 2.04 Bank Account Management and Calculation Services. The Administrative Agent hereby agrees to perform and provide the following bank account management and calculation services: (a) (i) Operating Banks. The Operating Bank shall be the Indenture Trustee, initially (as of the Initial Closing Date) U.S. Bank National Association, and such other Eligible Institutions as WEST shall designate in accordance with the requirements of the Indenture. (ii) Maintenance of Accounts. The Administrative Agent shall maintain each of the Accounts set forth on Schedule I hereto, in each case in the manner described herein and in Section 3.01 of the Indenture. The Administrative Agent shall take all actions necessary to establish, and shall establish, additional or replacement Accounts from time to time as required by and in accordance with the terms of Section 3.01 of the Indenture. In addition, the Administrative Agent shall take all actions necessary to cause the Security Trustee to be granted, to the extent possible and required under the terms of the Security Trust Agreement and the Indenture, a security interest pursuant to Section 2.01 of the Security Trust Agreement in the interest of WEST and each other Managed Group Member in the cash balances from time to time deposited in the Accounts. 9 (iii) Successor Operating Bank. If any Operating Bank should change as a result of (A) the resignation of the Indenture Trustee or replacement of the Indenture Trustee by an Eligible Institution pursuant to the terms of the Indenture or (B) such Operating Bank's failure to meet the criteria necessary to qualify as an Eligible Institution, the Administrative Agent, acting on behalf of the Indenture Trustee, shall thereupon promptly establish replacement Accounts as necessary at a successor Operating Bank and transfer the balance of funds in each Account then maintained at the former Operating Bank to such successor Operating Bank. (b) Description of Accounts. (i) Accounts. The Administrative Agent shall maintain at an Operating Bank in the name of WEST or the applicable Managed Group Member and pledged to the Security Trustee pursuant to the Security Trust Agreement the following Accounts: (A) the Collections Account in accordance with Section 3.01(c) of the Indenture; (B) the Lessee Funded Account in accordance with Section 3.01(d) of the Indenture; (C) the Security Deposit Account in accordance with Section 3.01(e) of the Indenture; (D) the Expense Account in accordance with Section 3.01(f) of the Indenture; (E) a Series Account for each of the Series A Notes and the Series B Notes and, upon the issuance of any Additional Notes, the Series C Notes, each in accordance with Section 3.01(g) of the Indenture; (F) the Asset Purchase Account in accordance with Section 3.01(h) of the Indenture; (G) the Asset Replacement Account in accordance with Section 3.01(i) of the Indenture; (H) the Liquidity Facility Reserve Account in accordance with Section 3.01(j) of the Indenture; (I) the Initial Liquidity Payment Account in accordance with Section 3.01(k) of the Indenture; (J) the Asset Disposition Contribution Account in accordance with Section 3.01(r) of the Indenture; (K) the Hedge Termination Payment Account in accordance with Section 3.01(t) of the Indenture;

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10 (L) the Maintenance Reserve Account in accordance with Section 3.01(p) of the Indenture; (M) the DSCR Cash Trap Account in accordance with Section 3.01(s) of the Indenture; (N) Upon the issuance of any Additional Notes, the Series C Reserve Account in accordance with Section 3.01(q) of the Indenture; (O) the Lessor Accounts in accordance with Section 3.01(l) of the Indenture; (P) the Defeasance/Redemption Account in accordance with Section 3.01(m) of the Indenture; and (Q) the Refinancing Account in accordance with Section 3.01(n) of the Indenture. (ii) Bank Account Statements. The Administrative Agent shall take all necessary steps to ensure that the Indenture Trustee, as an Operating Bank, and each Operating Bank at which an Account is located shall furnish as of the close of business on each Calculation Date a statement providing the then current Balance of each applicable Account to the Indenture Trustee, WEST or the Servicer. (iii) Maintaining the Accounts. So long as any Secured Obligations (as defined in the Security Trust Agreement) remain Outstanding: (A) To the extent required by the Security Trust Agreement and the Indenture, the Administrative Agent shall maintain, or cause to be maintained, each Account in the name of the related Grantor (as defined in the Security Trust Agreement) only with a bank (an "Account Bank") that has entered into a letter agreement in substantially the form of Exhibit B to the Security Trust Agreement (or made such other arrangements as are acceptable to the Administrative Agent and the Security Trustee as contemplated by Section 3.03(b)(ii) of the Security Trust Agreement) with such Grantor and the Security Trustee (an "Account Letter"). (B) The Administrative Agent shall promptly instruct each Person obligated at any time to make any payment to any Grantor for any reason (an "Obligor") to make such payment to an Account meeting the requirements of clause 2.04(b)(iii)(A) above. (C) Upon the termination of any Account Letter or other arrangement with respect to the maintenance of an Account by any Grantor or any Account Bank, the Administrative Agent shall immediately notify all Obligors (as defined in the Security Trust Agreement) that were making payments to such Account to make all future payments to another Account meeting the requirements of clause (A) above. 11 (c) Calculations. Pursuant to Section 3.07 of the Indenture, the Administrative Agent shall, at the times and in the manner set forth therein, determine or calculate each of the amounts required to be determined or calculated by it pursuant to Section 3.07 of the Indenture. (d) Withdrawals and Transfers. The Administrative Agent shall direct the Operating Bank in writing to make the following withdrawals and transfers in accordance with the terms of the Indenture: (i) Closing Date Deposits, Withdrawals and Transfers. On the Initial Closing Date and each other Issuance Date, as applicable, the Administrative Agent shall make each of the transfers described in Sections 3.03 and 3.08 of the Indenture, as applicable, in accordance therewith and the relevant clauses in Section 3.01 of the Indenture, as applicable. (ii) Interim Deposits and Withdrawals. From time to time, the Administrative Agent shall make the withdrawals, deposits and transfers provided for in Sections 3.04, 3.05 and 3.06 of the Indenture, as applicable, in accordance with such respective Section and the relevant clauses in Section 3.01 of the Indenture, as applicable. (iii) Payment Date Withdrawals and Transfers. On each Payment Date and each Delivery Date, as applicable, the Administrative Agent shall instruct the Indenture Trustee to make the withdrawals and transfers provided for in Sections 3.08 and 3.09 of the Indenture in accordance with such respective Section and the relevant clauses in Section 3.01 of the Indenture, as applicable. (iv) Defeasance/Redemption Transfers. The Administrative Agent shall transfer from time to time amounts on deposit in the Redemption Account or Refinancing Account, as applicable, to the Series Account in connection with either the redemption or refinancing of Notes in accordance with the relevant clauses in Sections 3.01 and 3.11 of the Indenture or the exercise of the defeasance provisions set forth in Article XI of the Indenture. (v) Currency Conversions. If and to the extent that WEST incurs any payment obligation or other cost in a currency other than U.S. dollars, the Administrative Agent shall, to the extent practicable, convert U.S. dollars into such other currency at the then prevailing market rate as necessary to discharge such payment obligations or costs, at the expense of WEST in accordance with Section 12.07 of the Indenture. (e) Ratings and the Accounts. Each Account shall at all times be maintained at an Operating Bank or another Eligible Institution selected by the Administrative Agent to the extent required by and in accordance with the Security Trust Agreement and the Indenture. (f) Records. The Administrative Agent shall provide such information relating to the Accounts to the Indenture Trustee or the Rating Agencies as any of them may reasonably request from time to time. 12 (g) Reports. The Administrative Agent shall provide the reports and other information required to be provided by it pursuant to Section 2.14 of the Indenture, together with copies of such additional reports or other information as the Indenture Trustee may reasonably request, all in accordance with the terms of the Indenture. (h) Investment Directions. In relation only to subsidiaries which are incorporated outside of Ireland, upon written instructions from WEST, the Administrative Agent shall provide the directions to the Operating Bank to invest the funds on deposit in the Accounts in Permitted Account Investments as contemplated by Section 3.02 of the Indenture. SECTION 2.05 Accounting Services. The Administrative Agent hereby agrees to perform and provide the following accounting services: (a) Budgeting Process. The Administrative Agent shall, in accordance with the procedures, policies and guidelines described below and on the basis of information generated by the Administrative Agent and information provided by the Service Providers and WEST and each other Managed Group Member: (i) by the November 30 immediately preceding each One Year Period, prepare and deliver to the Servicer and WEST a proposed Operating Budget and a proposed Asset Expenses Budget for such One Year Period, together with reasonably detailed supporting information and the assumptions underlying such proposed Operating Budget and Asset Expenses Budget, to be based, in part, on the information provided by the Servicer pursuant to Section 7.05(b) of the Servicing Agreement (with the first such delivery being due by November 30, 2025 in respect of the One Year Period ending December 31, 2026); (ii) on behalf of WEST and each other Managed Group Member, consult with the Servicer to agree on a final Operating Budget and a final Asset Expenses Budget for such One Year Period; and (iii) submit to WEST for approval and delivery to the Servicer by the December 20 immediately preceding such One Year Period, a final Operating Budget and a final Asset Expenses Budget for such One Year Period (with the first such delivery being due by December 20, 2025 in respect of the One Year Period ending December 31, 2026). (b) Management Accounts and Financial Statements. The Administrative Agent shall, in accordance with the procedures, policies and guidelines described below and on the basis of information generated by the Administrative Agent and information provided by the Service Providers, WEST and each other Managed Group Member: (i) establish an accounting system and maintain the accounting ledgers of and for WEST and each other Managed Group Member in accordance with GAAP, unless otherwise required by Applicable Law and specified by the Controlling Trustees (collectively, the "Ledgers"); 13 (ii) prepare and deliver (within 40 days after the end of the relevant Quarter or, if the end of such Quarter coincides with the end of a Year, within 75 days after the end of such Year), with respect to WEST and each other Managed Group Member, on a consolidated basis, a draft balance sheet and draft statement of changes in shareholders' equity or residual trust interest as of the end of each Quarter and Year, as applicable, and draft statements of income and cash flows for each such Quarter and Year, as applicable (the "Consolidated Quarterly Draft Accounts"); (iii) to the extent required by Applicable Law, prepare and deliver (within 60 days after the end of the relevant Quarter or, if the end of such Quarter coincides with the end of a Year, within 120 days after the end of such Year), with respect to WEST and each other Managed Group Member on a combined basis and such of WEST and each other Managed Group Member as are specified by the Controlling Trustees in a written schedule provided to the Administrative Agent (which schedule may be updated by the Controlling Trustees to the Administrative Agent delivered at least 30 days prior to the commencement of the relevant Quarter), on a consolidating company-by-company basis, a draft balance sheet and statement of changes in shareholders' equity or residual trust interest as of the end of each Quarter and Year, as applicable, with respect to WEST or such Managed Group Member and draft statements of income and cash flows for such Quarter and Year, as applicable (together with the Consolidated Quarterly Draft Accounts, the "Draft Accounts"); (iv) arrange and manage the quarterly review of the Draft Accounts by the auditors of WEST and each other Managed Group Member; (v) arrange for, coordinate with and assist the auditors of WEST and each other Managed Group Member in preparing annual audits; (vi) prepare or arrange for the preparation of and arrange for the filing of the tax returns of WEST and each other Managed Group Member in conjunction with tax advisers of WEST and each other Managed Group Member after submission to the Controlling Trustees to the extent required by the Controlling Trustees or Applicable Law; (vii) liaise with the Servicer for the purpose of preparing the monthly reports in accordance with Sections 8.01 and 8.02 of Schedule 2.02(a) of the Servicing Agreement; and (viii) compare the expected cash flows of WEST and each other Managed Group Member and the Budgets to actual results; provided, however, that WEST and each other Managed Group Member shall retain responsibility for the Ledgers and Draft Accounts, including all discretionary decisions and judgments relating to the preparation and maintenance thereof, and WEST and each other Managed Group Member shall retain responsibility for its financial statements. (c) Accounting Standards. The Administrative Agent shall prepare the Draft Accounts in accordance with GAAP unless otherwise required by Applicable Law and specified

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14 by the Controlling Trustees. In connection with the preparation of the Consolidated Quarterly Draft Accounts, the Controlling Trustees will provide to the Administrative Agent, at such times as the Administrative Agent may require, a review report (as defined by the Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants) of the independent public accountants of WEST and each other Managed Group Member with respect to the financial statements of WEST and each other Managed Group Member for, or as of the end of, such Quarter, including in such report such accountants' statement that, based on its review of such financial statements, it is not aware of any material modifications that should be made to such financial statements in order for them to be in conformity with GAAP or other applicable accounting principles; provided, however, that, with respect to such financial statements for, or as of the end of, any Quarter (other than the last Quarter of any Year), in the event that WEST and each other Managed Group Member do not include (or cause to be included) any material disclosure required by GAAP or other applicable accounting principles to be included within footnotes to such financial statements, such review report may be qualified solely by stating that the only modification that should be made to such financial statements in order for them to be in conformity with GAAP or other applicable accounting principles is the inclusion of such disclosure; provided further, however, that such qualification may not relate to any footnote to such financial statements. (d) Guidelines for Draft Accounts. The Administrative Agent shall be entitled to request instructions from the Controlling Trustees as to general guidelines or principles to be followed in preparing Draft Accounts and as to amending or supplementing any such guidelines or principles. SECTION 2.06 Additional Administrative Services. The Administrative Agent will provide additional Administrative Services, including (a) providing assistance in the issuance of any Additional Notes or Refinancing Notes, (b) undertaking efforts to procure that WEST and each other Managed Group Member that is a "foreign entity" within the meaning of Treasury regulation section 1.1473-1(e) shall (1) be a deemed-compliant foreign financial institution or a passive non-financial foreign entity (as such terms are defined under FATCA) and have identified, and obtained any required documentation and information from, its substantial U.S. owners (as such term is defined under FATCA) to the extent required under FATCA and (2) to the extent required by FATCA, taking into account the provisions of any applicable intergovernmental agreement, shall have appointed a FATCA Responsible Officer to supervise its compliance with FATCA, and (c) undertaking efforts to avoid any adverse change in the tax status of WEST or any other Managed Group Member. In addition, upon a request by WEST or any other Managed Group Member, the Administrative Agent will take such other actions as may be appropriate to facilitate the business operations of WEST or such Managed Group Member and assist the Controlling Trustees in carrying out their obligations; provided, however, that the Administrative Agent will not be obligated or permitted to take any action that might reasonably be expected to result in the business of WEST or such Managed Group Member ceasing to be separate and readily identifiable from, and independent of, the Administrative Agent and any of its Affiliates. SECTION 2.07 Replacement Asset. In the event that WEST and each other Managed Group Member shall acquire any Replacement Assets and notwithstanding that WEST and each other Managed Group Member may retain different Service Providers for such Replacement 15 Assets, the Administrative Agent hereby agrees to provide the Administrative Services specified herein with respect to all such Replacement Assets. SECTION 2.08 New Subsidiaries. The Administrative Agent shall be responsible for coordinating with outside legal counsel, auditors, tax advisers and other professional advisers with respect to all corporate and administrative matters relating to the formation, operation, corporate affairs and related matters with respect to all Subsidiaries which are or may become a Managed Group Member, including identifying such outside advisers, a potential company secretary and candidates for trustee to the extent necessary, and shall be permitted to incur expenses in respect of such Subsidiaries without the consent of WEST and each other Managed Group Member up to such aggregate amount as shall be authorized from time to time by the Controlling Trustees. To the extent that the Administrative Agent shall deem it necessary or desirable in order for WEST and each other Managed Group Member to carry on its business, the Administrative Agent shall have the authority to assist in the formation of new Subsidiaries of WEST and to select any director for appointment to any such Subsidiary without the consent of WEST or another Managed Group Member; provided that if so appointed by the Administrative Agent without consent, then such directors shall be the Controlling Trustees, including the Independent Controlling Trustee, of WEST then in office unless otherwise required by applicable local law mandating a particular citizenship or residency for directors. The Administrative Agent and its personnel may act as company secretary for any such Subsidiary. The Administrative Agent shall not be required to perform any services under this Section 2.08 (a) which would cause it to be in breach of The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 of Ireland, or (b) until it has obtained the requisite authorization from the Irish Minister for Justice and Law Reform. SECTION 2.09 Responsibility of WEST and each other Managed Group Member. (a) The obligations of the Administrative Agent hereunder are limited to those matters that are expressly the responsibility of the Administrative Agent in accordance with the terms of this Agreement. Notwithstanding the appointment of the Administrative Agent to perform the Administrative Services, WEST and each other Managed Group Member shall remain responsible for all matters and decisions related to its business, operations, assets and liabilities. (b) Without derogating from the authority and responsibility of the Administrative Agent with respect to the performance of certain of the Administrative Services as set forth in this Agreement, it is hereby expressly agreed and acknowledged that the Administrative Agent is not authorized or empowered to make or enter into any agreement, contract or other legally binding arrangement, in respect of or relating to the business or affairs of WEST or any other Managed Group Member, or pledge the credit of, incur any indebtedness on behalf of or expend any funds of WEST or any other Managed Group Member other than as expressly permitted in accordance with the terms of this Agreement, all such authority and power being reserved to WEST, the appropriate Managed Group Member or the Indenture Trustee, as the case may be. 16 ARTICLE 3 STANDARD OF PERFORMANCE; LIABILITY AND INDEMNITY SECTION 3.01 Standard of Performance. The Administrative Agent will devote the same amount of time, attention and resources to and will be required to exercise the same level of skill, care and diligence in the performance of its services as it would if it were administering such services on its own behalf (the "Standard of Performance"). SECTION 3.02 Conflicts of Interest. (a) WEST and each other Managed Group Member acknowledge and agree that (i) in addition to the Administrative Services under this Agreement, the Administrative Agent may provide, and shall be entitled to provide, from time to time, the administrative services for itself or its Affiliates (other than WEST and each other Managed Group Member) ("Other Administrative Services"); (ii) in addition to the Administrative Services and Other Administrative Services, the Administrative Agent shall, and shall be entitled to, carry on its commercial businesses, including the financing, purchase or other acquisition, leasing and sale of Assets; (iii) notwithstanding Section 3.02(b) below, in the course of conducting such activities, the Administrative Agent may from time to time have conflicts of interest in performing its duties on behalf of the various entities to whom it provides the administrative or management services; and (iv) the Controlling Trustees of WEST have approved the transactions contemplated by this Agreement and desire that such transactions be consummated and, in giving such approval, the Controlling Trustees of WEST have expressly recognized that such conflicts of interest may arise and that when such conflicts of interest arise the Administrative Agent shall perform the Administrative Services in accordance with the Standard of Performance and the Administrative Agent Conflicts Standard set forth in Section 3.02(b). (b) If conflicts of interest arise regarding any Administrative Service, on the one hand, and any Other Administrative Service, on the other hand, the Administrative Agent shall promptly notify WEST. The Administrative Agent shall perform the Administrative Services in good faith and the Administrative Agent shall not discriminate between such Administrative Service and such Other Administrative Service on an unreasonable basis (the standard set forth in this Section 3.02(b) shall be referred to collectively as the "Administrative Agent Conflicts Standard"). SECTION 3.03 Liability and Indemnity. (a) The Administrative Agent shall not be liable for any losses or Taxes to or of, or payable by, WEST or any other Managed Group Member (excluding any Asset Trustee) at any time from any cause whatsoever or any losses or Taxes directly or indirectly arising out of or in connection with or related to the performance by the Administrative Agent of this Agreement unless such losses or Taxes are the result of the Administrative Agent's own willful misconduct, negligence, deceit or fraud or that of any of its directors, officers, agents or employees, as the case may be. (b) Notwithstanding anything to the contrary set forth in any other agreement to which WEST or any other Managed Group Member is a party, WEST and each other Managed Group Member (excluding any Asset Trustee) do hereby assume liability for and do hereby agree to indemnify, reimburse and hold harmless on an After-Tax Basis the 17 Administrative Agent, its directors, officers, employees and agents and each of them from any and all losses, to the extent that the losses exceed recoveries under insurance policies maintained by WEST or the Servicer, or Taxes that may be imposed on, incurred by or asserted against any of them arising out of, in connection with or related to the Administrative Agent's performance under this Agreement (including any losses or Taxes incurred by the Administrative Agent as a result of indemnifying any Person to whom it shall have delegated its obligations hereunder in accordance with Section 9.01, but only to the extent the Administrative Agent would have been indemnified had it performed such obligations), except as a result of the willful misconduct, deceit, gross negligence or fraud of the Administrative Agent or any of its directors, officers, employees or agents. This indemnity shall not apply to: (i) Taxes imposed on net income by the revenue authorities of the United States or the State of California in respect of any payment by WEST or any other Managed Group Member to the Administrative Agent due to the performance of the Administrative Services; or (ii) Taxes imposed on net income of the Administrative Agent by any Government Authority other than the revenue authorities of the United States or the State of California to the extent such Taxes would not have been imposed in the absence of any connection of the Administrative Agent with such jurisdiction imposing such Taxes other than any connection that results from the performance by the Administrative Agent of its obligations under this Agreement. This indemnity shall expressly inure to the benefit of any director, officer, agent or employee of the Administrative Agent now existing or in the future and to the benefit of any successor of the Administrative Agent and shall survive the expiration of this Agreement. (c) The Administrative Agent agrees to indemnify, reimburse and hold harmless on an After-Tax Basis WEST and each other Managed Group Member and its respective trustees, directors and agents for any losses whatsoever which they or any of them may incur or be subject to in consequence of the performance of the Administrative Services or any breach of the terms of this Agreement by the Administrative Agent, but only to the extent such losses arise due to the willful misconduct, negligence, deceit or fraud of the Administrative Agent or any of its directors, officers or employees, as the case may be; provided, however, that this indemnity shall not apply and the Administrative Agent shall have no liability in respect of losses to the extent that they arise from (i) the willful misconduct, negligence, deceit or fraud of WEST or any other Managed Group Member or their respective directors, trustees or agents, (ii) any breach by the Administrative Agent of its obligations under this Agreement to the extent such breach is a result of a Service Provider's failure to perform its obligations to WEST and each other Managed Group Member or a failure by WEST and each other Managed Group Member to comply with their obligations under this Agreement, (iii) any action that WEST and each other Managed Group Member require the Administrative Agent to take pursuant to a direction but only to the extent that the Administrative Agent takes such action in accordance with such direction and in accordance with the provisions hereof or (iv) a refusal by WEST and each other Managed Group Member to take action upon a recommendation made in good faith by the Administrative Agent in accordance with the terms hereof.

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18 (d) The Administrative Agent, WEST and each other Managed Group Member and the Indenture Trustee acknowledge and agree that the terms of this Agreement contemplate that the Administrative Agent shall receive the Relevant Information in order for the Administrative Agent to make required credit and debit entries and to make the calculations and supply the information and reports required herein, and that the Administrative Agent will do the foregoing to the extent such information is so provided by such relevant parties and on the basis of such information, without undertaking any independent verification or recalculation of such information. ARTICLE 4 REPRESENTATIONS AND WARRANTIES SECTION 4.01 Representations and Warranties by Administrative Agent. The Administrative Agent represents and warrants to WEST and each other Managed Group Member as follows: (a) The Administrative Agent has all requisite power and authority to execute this Agreement and to perform its obligations under this Agreement. All corporate acts and other proceedings required to be taken by the Administrative Agent to authorize the execution and delivery of this Agreement and the performance of its obligations contemplated under this Agreement have been duly and properly taken. (b) This Agreement has been duly executed and delivered by the Administrative Agent and is a legal, valid and binding obligation of the Administrative Agent enforceable against it in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization or other laws of general application affecting the enforcement of creditors' rights or by general principles of equity. (c) Neither the execution and delivery of this Agreement by the Administrative Agent nor the performance by the Administrative Agent of any of its obligations under this Agreement will (i) violate any provision of the constituent documents of the Administrative Agent, (ii) violate any order, writ, injunction, judgment or decree applicable to the Administrative Agent or any of its property or assets, (iii) violate in any material respect any Applicable Law, or (iv) result in any conflict with, breach of or default (or give rise to any right of termination, cancellation or acceleration) under, any of the terms, conditions or provisions of any material note, bond, mortgage, indenture, warrant or other similar instrument or any material license, permit, agreement or other obligation to which the Administrative Agent is a party or by which the Administrative Agent or any of its properties or assets may be bound. ARTICLE 5 ADMINISTRATIVE AGENT UNDERTAKINGS SECTION 5.01 Administrative Agent Undertakings. The Administrative Agent hereby covenants with WEST and each other Managed Group Member that, during the term of this Agreement, it will conduct its business such that it is a separate and readily identifiable 19 business from, and independent of, WEST and each other Managed Group Member and further covenants as follows (it being understood that these covenants shall not prevent the Administrative Agent or any of its Affiliates from publishing financial statements that are consolidated with those of WEST or any other Managed Group Member, if to do so is required by Applicable Law or GAAP, and that the Administrative Agent and any of its Affiliates and WEST or any other Managed Group Member may file a consolidated, combined or unitary tax return for United States federal, state and local and foreign income tax purposes: (a) if the Administrative Agent receives any money whatsoever, which money belongs to WEST or any other Managed Group Member or the Indenture Trustee or is to be paid to WEST or any other Managed Group Member or the Indenture Trustee or into any account pursuant to any Related Document or otherwise, it will hold such money in trust for WEST or such Managed Group Member or the Indenture Trustee, as the case may be, and shall keep such money separate from all other money belonging to the Administrative Agent and shall as promptly as practicable thereafter pay the same into the relevant account in accordance with the terms of the Indenture without exercising any right of setoff; (b) it will perform all of its obligations set forth in the Indenture and the other Related Documents and it will comply with any proper directions, orders and instructions which WEST or any other Managed Group Member or the Indenture Trustee may from time to time give to it in accordance with the provisions of this Agreement and the Indenture; provided that to the extent any conflicts arise between instructions received from WEST or a Managed Group Member and the Indenture Trustee or the Security Trustee, the Administrative Agent shall comply with the instructions of WEST or such Managed Group Member, unless such instructions relate to the Bank Account Management Services described in Section 2.04 and then in such case the Administrative Agent shall comply only with the instructions of the Indenture Trustee or the Security Trustee, as applicable; (c) it will not knowingly fail to comply with any legal requirements in the performance of the Administrative Services; (d) it will make all payments required to be made by it at any time and from time to time pursuant to this Agreement on the required date for payment thereof and shall turn over any amounts owed to the Indenture Trustee, WEST or any other Managed Group Member or the Indenture Trustee without set-off or counterclaim; (e) it will not take any steps for the purpose of procuring the appointment of any administrative receiver, examiner or the making of an administrative or examinership order or for instituting any bankruptcy, reorganization, arrangement, insolvency, winding up, liquidation, composition or any like proceedings under the laws of any jurisdiction in respect of WEST or any other Managed Group Member or in respect of any of their respective liabilities, including, without limitation, as a result of any claim or interest of the Administrative Agent or any of its Affiliates; (f) it will cooperate with WEST and each other Managed Group Member and its respective trustees, directors and agents and the Indenture Trustee, including by providing such information as may reasonably be requested, to permit WEST and each other Managed 20 Group Member or their authorized agents to monitor the Administrative Agent's compliance with its obligations under this Agreement; (g) it will observe all corporate formalities necessary to remain a legal entity separate and distinct from, and independent of, WEST and each other Managed Group Member; (h) it will maintain its assets and liabilities separate and distinct from WEST and each other Managed Group Member; (i) it will maintain records, books, accounts and minutes separate from those of WEST and each other Managed Group Member; (j) it will pay its obligations in the ordinary course of its business as a legal entity separate from WEST and each other Managed Group Member; (k) it will keep its funds separate and distinct from the funds of WEST and each other Managed Group Member, and it will receive, deposit, withdraw and disburse such funds separately from the funds of WEST and each other Managed Group Member; (l) it will conduct its business in its own name, and not in the name of WEST or any other Managed Group Member; (m) it will not pay or become liable for any debt of WEST or any other Managed Group Member, other than to make payments in the form of indemnity as required by the express terms of this Agreement; (n) it will not hold out that it is a division of WEST or any other Managed Group Member or that WEST or any other Managed Group Member is a division of it; (o) it will not induce any third party to rely on the creditworthiness of WEST or any other Managed Group Member in order that such third party will be induced to contract with it; (p) it will not enter into any agreements between it and WEST or any other Managed Group Member that are more favorable to either party than agreements that the parties would have been able to enter into at such time on an arm's-length basis with a non-affiliated third party, other than any Related Documents in effect on the date hereof (it being understood that the parties hereto do not intend by this covenant to ratify any self-dealing transactions); and (q) it will (i) forward promptly to the Servicer a copy of any material communication received from any Person in relation to any Lease or Asset; (ii) grant such access to the Servicer to its books of account, documents and other records and to U.S. employees to the extent that the same relate to the obligations of the Administrative Agent hereunder; provided, however, that the Servicer shall not have access to the minutes of the Administrative Agent's board meetings or to any privileged, confidential or proprietary information or materials (except to the extent that such information or materials are generated by the Administrative Agent in the course of the performance of its obligations hereunder); and (iii) execute and deliver such 21 documents and do such acts and things as the Servicer may reasonably request in order to effect the purposes of the Servicing Agreement. ARTICLE 6 UNDERTAKINGS OF ISSUER GROUP SECTION 6.01 Cooperation. WEST and each other Managed Group Member shall use commercially reasonable efforts to cause any Service Provider to, at all times cooperate with the Administrative Agent to enable the Administrative Agent to provide the Administrative Services, including providing the Administrative Agent with all powers of attorney as may be reasonably necessary or appropriate for the Administrative Agent to perform the Administrative Services in accordance with this Agreement. SECTION 6.02 Information. WEST will provide the Administrative Agent with the following information in respect of itself and each Managed Group Member: (a) copies of all Related Documents, including the articles of incorporation, by-laws, trust agreements (or equivalent documents) of WEST and each other Managed Group Member, and copies of all books and records maintained on behalf of WEST and each such Managed Group Member; (b) details of all bank accounts and bank mandates maintained by WEST or any other Managed Group Member; (c) names of and contact information with respect to the controlling trustees or board members for WEST and each other Managed Group Member; (d) such other information as is necessary to the Administrative Agent's performance of the Administrative Services; and (e) a copy of any information provided to WEST and each other Managed Group Member pursuant to the Servicing Agreement; provided that such information as is referred to in this Section 6.02 (with the exception of paragraphs (d) and (e)) shall be provided to the Administrative Agent upon execution of this Agreement and, in respect of any amendment or changes to the information provided to the Administrative Agent upon execution of this Agreement, promptly following the effectiveness of such amendments or changes. SECTION 6.03 Scope of Services. (a) WEST or any other Managed Group Member shall consult with the Administrative Agent and obtain its express written consent prior to entering into any agreement, amendment or other modification of any Lease or taking any other action that has the effect of increasing in any material respect the scope, nature or level of the Administrative Services to be provided under this Agreement. The Administrative Agent shall not be obligated to perform the affected Administrative Services to the extent of such increase unless and until the Administrative Agent and WEST and each other Managed Group Member shall agree on the terms of such increased Administrative Services (it being understood that

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22 (i) the Administrative Agent shall have no liability to WEST or any other Managed Group Member directly or indirectly arising out of, in connection with or related to the Administrative Agent's failure to perform such increased Administrative Services prior to any such agreement and (ii) WEST and each other Managed Group Member shall not be permitted to engage another Person to perform the affected Administrative Services without the prior written consent of the Administrative Agent unless the Administrative Agent has indicated it is unable or unwilling to act in respect of the affected Administrative Service or the Administrative Agent requires payment of more than reasonable additional compensation for such additional Administrative Services). (b) In the event that WEST and each other Managed Group Member shall acquire Replacement Assets, WEST and each other Managed Group Member shall so notify the Administrative Agent and the Administrative Agent shall be obligated to provide the Administrative Services with respect to such Replacement Assets in accordance with Section 2.06 hereof. SECTION 6.04 Ratification. WEST and each other Managed Group Member hereby ratifies and confirms and agrees to ratify and confirm (and shall furnish written evidence thereof upon request of the Administrative Agent) any act or omission by the Administrative Agent in accordance with this Agreement in the exercise of any of the powers or authorities conferred upon the Administrative Agent under the terms of this Agreement, it being expressly understood and agreed that none of the foregoing shall have any obligation to ratify and confirm, and expressly does not ratify and confirm, any act or omission of the Administrative Agent in violation of this Agreement, the Standard of Performance or for which the Administrative Agent is obligated to indemnify WEST or any other Managed Group Member under Article III hereof. SECTION 6.05 Covenants. WEST and each other Managed Group Member covenants with the Administrative Agent that it, during the term of this Agreement, will conduct its business such that it is a separate and readily identifiable business from, and independent of, the Administrative Agent and any of its Affiliates and further covenants as follows: (a) it will observe all corporate formalities necessary to remain a legal entity separate and distinct from, and independent of, the Administrative Agent and any of its subsidiaries; (b) it will maintain its assets and liabilities separate and distinct from those of the Administrative Agent; (c) it will maintain records, books, accounts, and minutes separate from those of the Administrative Agent; (d) it will pay its obligations in the ordinary course of business as a legal entity separate from the Administrative Agent; (e) it will keep its funds separate and distinct from any funds of the Administrative Agent, and will receive, deposit, withdraw and disburse such funds separately from any funds of the Administrative Agent; 23 (f) it will conduct its business in its own name, and not in the name of the Administrative Agent; (g) it will not agree to pay or become liable for any debt of the Administrative Agent, other than to make payments in the form of indemnity as required by the express terms of this Agreement; (h) it will not hold out that it is a division of the Administrative Agent, or that the Administrative Agent is a division of it; (i) it will not induce any third party to rely on the creditworthiness of the Administrative Agent in order that such third party will be induced to contract with it; (j) it will not enter into any transactions between it and the Administrative Agent that are more favorable to either party than transactions that the parties would have been able to enter into at such time on an arm's-length basis with a non-affiliated third party, other than any agreements in effect on the date hereof (it being understood that the parties hereto do not intend by this covenant to ratify any self-dealing transactions); (k) it will observe all corporate or other procedures required under Applicable Law and under its organizational documents; and (l) it will observe all corporate formalities necessary to keep its business separate and readily identifiable from, and independent of, each other Managed Group Member, including keeping the funds, assets and liabilities of WEST and each other Managed Group Member separate and distinct from those of each other Managed Group Member and by maintaining separate records, books, accounts and minutes for WEST and each other Managed Group Member. SECTION 6.06 Ratification by Subsidiaries. WEST hereby undertakes to procure that any Subsidiary of WEST formed or acquired after the date hereof shall execute a Managed Group Member Supplement in the form of Exhibit A confirming, as regards such Subsidiary, the terms and provisions of this Agreement, and agreeing to ratify anything done by the Administrative Agent in connection herewith on the terms of Section 6.04. Such joinder agreement shall specify the notice information for such Subsidiary and an executed version thereof shall be promptly delivered to each of the parties hereto. ARTICLE 7 ADMINISTRATION FEES AND EXPENSES SECTION 7.01 Administration Fees. In consideration of the Administrative Agent's performance of the Administrative Services, WEST shall pay to the Administrative Agent a monthly fee (the "Administrative Fee") equal to 2.0% of aggregate rents actually received during such month (or portion of a month) in which the each Asset is owned by WEST and each other Managed Group Member. 24 SECTION 7.02 Expenses. WEST and each other Managed Group Member shall be responsible for the following expenses incurred by the Administrative Agent in the performance of its obligations ("Reimbursable Expenses"): (a) reasonable out of pocket expenses, including travel, accommodation and subsistence and approved expenditures in respect of insurance coverage for the Administrative Agent; (b) expenses expressly authorized by (i) the Controlling Trustees or (ii) any Person to whom such authority has been delegated, other than the Administrative Agent or its Affiliates; and (c) expenses expressly authorized pursuant to other provisions of this Agreement. SECTION 7.03 Payment of Expenses. No later than each Calculation Date, the Administrative Agent shall deliver a notice to WEST and each other Managed Group Member, setting forth the amounts of expenses paid by the Administrative Agent in connection with the performance of its obligations under this Agreement through and including such Calculation Date (it being understood that if there are no such expenses the Administrative Agent will be under no obligation to provide such notice). On the next Payment Date following such Calculation Date, WEST and each other Managed Group Member agrees to pay to the Administrative Agent all such amounts. ARTICLE 8 TERM; REMOVAL OF OR TERMINATION BY THE ADMINISTRATIVE AGENT SECTION 8.01 Term. This Agreement shall have a term commencing on the Initial Closing Date and expiring on the date of payment in full of all amounts outstanding to be paid on the Notes (and any other obligations secured by the Security Trust Agreement) and all amounts outstanding to be paid to the holders of the Beneficial Interest Certificates. SECTION 8.02 Right to Terminate. (a) At any time during the term of this Agreement, WEST shall be entitled to terminate this Agreement on 120 days' written notice, with or without cause. (b) Upon the occurrence of an Insolvency Event with respect to the Administrative Agent, the Indenture Trustee and the Security Trustee, on behalf of the Secured Parties, shall be entitled to terminate on five (5) days' written notice the authority granted to the Administrative Agent to perform the Bank Account Management Services set forth in Section 2.04 hereof and in the Indenture. (c) At any time during the term of this Agreement, the Administrative Agent shall be entitled to terminate this Agreement on 120 days' written notice if: (i) WEST or any other Managed Group Member shall fail to pay in full when due (A) any Administrative Fee or any Reimbursable Expenses in an aggregate 25 amount in excess of $50,000 and such failure continues for a period of 30 days, in either case, after the effectiveness of written notice from the Administrative Agent of such failure or (B) any other amount payable to the Administrative Agent hereunder, and such failure continues for a period of 30 days after written notice from the Administrative Agent of such failure; (ii) WEST or any other Managed Group Member shall fail to perform or observe or shall violate in any material respect any material term, covenant, condition or agreement to be performed or observed by it in respect of this Agreement and such failure continues for a period of 30 days after WEST and each other Managed Group Member shall have received notice of such failure (other than with respect to payment obligations referred to in clause (c)(i) of this Section 8.02); (iii) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking relief in respect of WEST or any other Managed Group Member, or of a substantial part of the property or assets of WEST or any other Managed Group Member, under Title 11 of the United States Code, as now constituted or hereafter amended (the "U.S. Bankruptcy Code"), or any other U.S. federal or state or foreign bankruptcy, insolvency, receivership or similar law, and such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered or WEST or any other Managed Group Member shall go into liquidation, suffer a receiver or mortgagee to take possession of all or substantially all of its assets or have an examiner appointed over it or if a petition or proceeding is presented for any of the foregoing and not discharged within sixty (60) days; or (iv) WEST or any other Managed Group Member shall (A) voluntarily commence any proceeding or file any petition seeking relief under the U.S. Bankruptcy Code, or any other U.S. federal or state or foreign bankruptcy, insolvency, receivership or similar law, (B) consent to the institution of, or fail within sixty (60) days to contest the filing of, any petition described in clause (c)(iii) above, (C) file an answer admitting the material allegations of a petition filed against it in any such proceeding or (D) make a general assignment for the benefit of its creditors. (d) The Controlling Party may at any time (i) direct the Indenture Trustee to remove the Administrative Agent, and (ii) terminate this Agreement by delivering written notice of such removal to WEST, the Administrative Agent, the Servicer and the Indenture Trustee if: (i) the Administrative Agent fails to perform or observe, or cause to be performed or observed, in any material respect any covenant or agreement which failure materially and adversely affects the rights of WEST, Noteholders or the Indenture Trustee, and provided that such failure shall continue unremedied for a period of thirty (30) days or more (or, if such failure or breach is capable of remedy and the Administrative Agent has promptly provided WEST and the Indenture Trustee with a certificate stating that the Administrative Agent has commenced, or will promptly commence, and diligently pursue all reasonable efforts to remedy such failure or breach, so long as the Administrative Agent is diligently pursuing such remedy but in any event

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26 for a total period no longer than ninety (90) days) after written notice thereof has been given to the Administrative Agent or the Administrative Agent has actual knowledge of such event; or (ii) any representation or warranty made by the Administrative Agent in this Agreement or in any Related Document, or in any certificate, report or financial statement delivered by it pursuant hereto, proves to have been untrue or incorrect in any material and adverse respect when made and continues unremedied for a period of thirty (30) days or more (or, if such untruth or incorrectness is capable of remedy and the Administrative Agent has promptly provided WEST and the Indenture Trustee with a certificate stating that the Administrative Agent has commenced, or will promptly commence, and diligently pursue all reasonable efforts to remedy such untruth or incorrectness so long as the Administrative Agent is diligently pursuing such remedy but in any event for a total period no longer than ninety (90) days) after written notice thereof has been given to the Administrative Agent or the Administrative Agent has actual knowledge of such untruth or incorrectness. (iii) the Administrative Agent shall cease to be engaged in the engine and, for so long as there are any Assets that are Airframes, the aircraft leasing business; or (iv) Willis shall have been terminated and removed as the Servicer. (e) No termination of this Agreement by WEST pursuant to Section 8.02(a), the Administrative Agent pursuant to Section 8.02(c) or the Controlling Party pursuant to Section 8.02(d) shall become effective prior to the date of appointment of, and acceptance of such appointment by, a successor Administrative Agent, provided that the Controlling Party shall have the right to appoint a successor Administrative Agent in the case of a termination pursuant to Section 8.02(d). In the event a successor Administrative Agent shall not have been appointed within 90 days after any termination of this Agreement pursuant to Section 8.02(a), (c) or (d), the Administrative Agent may petition any court of competent jurisdiction for the appointment of a successor Administrative Agent. Upon action by either party pursuant to the provisions of this Section 8.02(e), the Administrative Agent shall be entitled to the payment of any compensation owed to it hereunder and to the reimbursement of all Reimbursable Expenses incurred in connection with all services rendered by it hereunder, as provided in Article 7 hereof, and for so long as the Administrative Agent is continuing to perform any of the Administrative Services for WEST or any other Managed Group Member, the Administrative Agent shall be entitled to continue to be paid all amounts due to it hereunder, net of any amounts that shall have been finally adjudicated by a court of competent jurisdiction to be owed by the Administrative Agent to WEST and each other Managed Group Member or not to be due to the Administrative Agent, until a successor Administrative Agent shall have been appointed and shall have accepted such appointment in accordance with the provisions of Section 8.03(c). SECTION 8.03 Consequences of Termination. (a) Notices. (i) Following the termination of this Agreement by the Noteholders, by WEST or by the Administrative Agent pursuant to Section 8.02, the Administrative Agent will promptly forward to the successor Administrative Agent any notices received by it during the year immediately after termination. 27 (ii) WEST and each other Managed Group Member will notify promptly any relevant third party, including each Rating Agency, the Indenture Trustee and the Servicer, of the termination of this Agreement by the holders of Notes, by WEST or by the Administrative Agent and will request that any such notices and accounting reports and communications thereafter be made or given directly to the entity engaged to serve as Administrative Agent, and to WEST and each other Managed Group Member. (b) Accrued Rights. A termination of this Agreement by WEST, the Administrative Agent or the Controlling Party hereunder shall not affect the respective rights and liabilities of any party accrued prior to such termination in respect of any prior breaches hereof or otherwise. (c) Replacement. If this Agreement is terminated by WEST, the Administrative Agent or the Controlling Party under Section 8.02, the Administrative Agent will cooperate with any person appointed to perform the Administrative Services, including providing such person with all information and documents reasonably requested. SECTION 8.04 Survival. Notwithstanding any termination or the expiration of this Agreement, the obligations of WEST and each other Managed Group Member and the Administrative Agent under Section 3.03 and this Section 8.04 and of the Administrative Agent under Sections 8.03(c) and 10.09 shall survive such termination or expiration, as the case may be. ARTICLE 9 ASSIGNMENT AND DELEGATION SECTION 9.01 Assignment and Delegation. (a) Except as provided in subsection (b) below, no party to this Agreement shall assign or delegate or otherwise subcontract this Agreement or all or any part of its rights or obligations hereunder to any Person without the prior written consent of the other parties, such consent not to be unreasonably withheld. (b) The Administrative Agent may assign its right to perform and receive compensation for the performance of all or any part of the services set forth in Article 2, including without limitation, the establishment and maintenance of the Ledgers and the preparation of the Draft Accounts. (c) Without limiting the foregoing, any Person who shall become a successor by assignment or otherwise of any party hereto shall be required as a condition to the effectiveness of any such assignment or other arrangement to become a party to this Agreement. ARTICLE 10 MISCELLANEOUS SECTION 10.01 Notices. All notices, demands, certificates, requests, directions, instructions and communications hereunder shall be in writing and shall be effective (a) upon receipt when sent through the mails, registered or certified mail, return receipt requested, postage 28 prepaid, with such receipt to be effective the date of delivery indicated on the return receipt, or (b) one Business Day after delivery to an overnight courier, or (c) on the date personally delivered to an authorized officer of the party to which sent, (d) on the date transmitted by legible telecopier transmission with a confirmation of receipt, or (e) on the date transmitted by e-mail, in all cases addressed to the applicable recipient as follows: (a) If to WEST and each other Managed Group Member, to: Willis Engine Structured Trust VIII c/o Wilmington Trust Company 1100 North Market Street Rodney Square North Wilmington, Delaware 19890 Attention: Corporate Trust Administrator Fax: (301) 651-8882 with a copy to: Willis Lease Finance Corporation 4700 Lyons Technology Parkway Coconut Creek, Florida 33073 Attention: General Counsel Telephone: +1 (561) 349-9989 (b) If to the Administrative Agent, to it at: Willis Lease Finance Corporation 4700 Lyons Technology Parkway Coconut Creek, Florida 33073 Attention: General Counsel Telephone: +1 (561) 349-9989 (c) If to the Indenture Trustee or the Security Trustee, to it at: U.S. Bank National Association Global Corporate Trust 190 South LaSalle Street Chicago, IL 60603 Attention: Juan Hernandez (West VIII Administrator) E-mail: juan.hernandez3@usbank.com From time to time, any party to such agreement may designate a new address or number for purposes of notice thereunder by notice to each of the other parties thereto. In connection with the performance of their respective duties hereunder, each party may give notices, consents, directions, approvals, instructions and requests to, and otherwise communicate with, each other using electronic means, including email transmission to such email addresses as each such party shall designate to the other parties, and, if by electronic 29 means to the Indenture Trustee or Security Trustee, unless otherwise agreed by the applicable parties, delivered as a .PDF (Portable Document Format) or other attachment to email including a manual authorized signature on such attached notice, consent, direction, approval, instruction, request or other communication. Neither the Indenture Trustee nor the Security Trustee shall have liability for the use of digital signatures and electronic methods to submit communications to the Indenture Trustee or the Security Trustee, including without limitation as a result of the risk of the Indenture Trustee or the Security Trustee acting on unauthorized instructions as a result of such use, and the risk of interception and misuse by third parties. SECTION 10.02 Governing Law. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAWS BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. SECTION 10.03 Jurisdiction. Each of the parties hereto agrees that the Supreme Court of the State of New York sitting in the Borough of Manhattan, and of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan, and any appellate court from any thereof, shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and, for such purposes, submits to the jurisdiction of such courts. Each of the parties hereto waives any objection which it might now or hereafter have to such New York State or, to the extent permitted by law, such U.S. federal court being nominated as the forum to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and agrees not to claim that any such court is not a convenient or appropriate forum. Each of WEST, the other Managed Group Members and the Administrative Agent agrees that the process by which any suit, action or proceeding is begun in such New York State or U.S. federal court may be served on it by being delivered in connection with any such suit, action or proceeding directly to its address determined for such party pursuant to Section 10.01 or in the applicable Managed Group Member Supplement or, in the case of any Managed Group Member who does not have a place of business in the United States executing a Managed Group Member Supplement to the Person named as the process agent of such party (each such process agent, a "Process Agent") in such Managed Group Member Supplement. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. Each of the parties hereto hereby consents generally in respect of any legal action or proceeding arising out of or in connection with this Agreement to the giving of any relief or the issue of any process in connection with such action or proceeding, including the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such action or proceeding. SECTION 10.04 Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

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30 SECTION 10.05 Counterparts; Third Party Beneficiaries. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. The Indenture Trustee, in its own capacity and acting on behalf of the Noteholders, is an express third party beneficiary of this Agreement, and, as such, shall have full power and authority to enforce the provisions of this Agreement against the parties hereto. No provision of this Agreement is intended to confer any rights or remedies hereunder upon any Person other than the Indenture Trustee and any holders of the Notes (to the extent described in the preceding sentence) and the parties hereto. SECTION 10.06 Entire Agreement. This Agreement constitutes the entire agreement among the parties with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings, both oral and written, among the parties with respect to the subject matter of this Agreement. SECTION 10.07 Power of Attorney. WEST and each other Managed Group Member shall appoint the Administrative Agent and its successors, and its permitted designees, as their true and lawful attorney-in-fact. All services to be performed and actions to be taken by the Administrative Agent pursuant to this Agreement shall be performed on behalf of WEST and each other Managed Group Member. The Administrative Agent shall be entitled to seek and obtain from WEST and each other Managed Group Member a power of attorney in respect of the execution of any specific action as the Administrative Agent deems appropriate. SECTION 10.08 **Table of Contents**; Headings. The table of contents and headings of the various articles, sections and other subdivisions of such agreement are for convenience of reference only and shall not modify, define or limit any of the terms or provisions of such agreement. SECTION 10.09 Restrictions on Disclosure. The Administrative Agent agrees that it shall not, prior to the termination or expiration of this Agreement or within three year after such termination or expiration, disclose to any Person any confidential or proprietary information, whether of a technical, financial, commercial or other nature, received directly or indirectly from WEST and each other Managed Group Member regarding WEST and each other Managed Group Member or their business or the Assets, except as authorized in writing by WEST and each other Managed Group Member or otherwise permitted by this Agreement, and except: (a) to representatives of the Administrative Agent and any of its Affiliates in furtherance of the purposes of this Agreement; provided that any such representatives shall have agreed to be bound by the restrictions on disclosure set forth in this Section 10.09; (b) to the extent required by Applicable Law or by judicial or administrative process, but in the event of proposed disclosure, the Administrative Agent shall use reasonable efforts to protect information in which WEST and each other Managed Group Member have an interest to the maximum extent achievable; and (c) to the extent that the information: (i) was generally available in the public domain; 31 (ii) was lawfully obtained from a source under no obligation of confidentiality, directly or indirectly, to WEST and each other Managed Group Member; (iii) was disclosed to the general public with the approval of WEST and each other Managed Group Member; (iv) was in the files, records or knowledge of the Administrative Agent or any Affiliates of the Administrative Agent prior to initial disclosure thereof to the Administrative Agent or any Affiliates of the Administrative Agent by WEST and each other Managed Group Member; (v) was provided by a member of a governing body of WEST or any other Managed Group Member to the Administrative Agent or any Affiliates of the Administrative Agent without any express written (or, to the extent such information was provided in an oral communication, oral) restriction on use of or access to such information, and such information would not reasonably be expected to be confidential, proprietary or otherwise privileged; or (vi) was developed independently by the Administrative Agent or any Affiliates of the Administrative Agent; and (vii) is reasonably deemed necessary by the Administrative Agent to protect and enforce its rights and remedies under this Agreement; provided, however, that in such an event the Administrative Agent shall act in a manner reasonably designed to prevent disclosure of such confidential information; and provided further, that prior to disclosure of such information the Administrative Agent shall inform WEST and each other Managed Group Member of such disclosure. SECTION 10.10 No Partnership. (a) It is expressly recognized and acknowledged that this Agreement is not intended to create a partnership, joint venture or other similar arrangement between WEST or any other Managed Group Member on the one part and the Administrative Agent on the other part. It is also expressly understood that any actions taken on behalf of WEST or any other Managed Group Member by the Administrative Agent shall be taken as agent for WEST or such Managed Group Member, either naming WEST or such other relevant Managed Group Member, or naming the Administrative Agent as agent for an undisclosed principal. Neither WEST nor any other Managed Group Member shall hold itself out as a partner of the Administrative Agent, and the Administrative Agent will not hold itself out as a partner of WEST or any other Managed Group Member. The words "execution," "signed," "signature," and words of like import in this Agreement and any other Related Document shall be deemed to include electronic signatures or the keeping of records in electronic form (including, but not limited to DocuSign), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 32 (b) The Administrative Agent shall not have any fiduciary duty or other implied obligations or duties to WEST or any other Managed Group Member, any Lessee or any other Person arising out of this Agreement. SECTION 10.11 Nonpetition. During the term of this Agreement and for one year and one day after payment in full of the Notes, none of the parties hereto or any Affiliate thereof will file any involuntary petition or otherwise institute any bankruptcy, reorganization, arrangement, insolvency, examinership or liquidation proceeding or other proceeding under any federal or state bankruptcy or similar law against WEST or any other Managed Group Member thereof; provided, however, that nothing shall prevent the Administrative Agent from otherwise participating in such bankruptcy or other proceeding instituted by any other Secured Party or other Person. SECTION 10.12 Concerning the Indenture Trustee and Security Trustee. In respect of the Indenture Trustee's and Security Trustee's performance of appointing the Administrative Agent to provide the Bank Account Management Services set forth in Section 2.04 and in the Indenture, the Indenture Trustee and the Security Trustee shall be afforded all of the rights, protections, immunities and indemnities contained in the Indenture and Security Trust Agreement, respectively, as if such rights, protections, immunities and indemnities were specifically set forth herein. SECTION 10.13 Amendments. This Agreement may not be terminated, amended, supplemented, waived or modified, except by an instrument in writing signed by WEST and the Administrative Agent with notice to the Indenture Trustee and the Security Trustee; provided that WEST may only terminate, amend, supplement, waive or modify this Agreement in accordance with Section 5.02(a) of the Indenture; provided further that no amendment, supplement, waiver or modification which affects the Indenture Trustee's or Security Trustee's rights, duties, indemnities or immunities hereunder may be made without the express written consent of the Indenture Trustee or Security Trustee, respectively. No failure or delay of any party in exercising any power or right thereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. SECTION 10.14 Asset Trustee Liability. It is understood and agreed that each Asset Trustee is entering into this Agreement as a Managed Group Member solely in their capacity as owner trustee under the relevant Asset Trust Agreement and that the Asset Trustee thereunder shall not be liable or accountable in its individual capacity in any circumstances whatsoever except for its own gross negligence or willful misconduct and as otherwise expressly provided in the such Asset Trust Agreement, all such individual liability being hereby waived, but otherwise shall be liable or accountable solely to the extent of the assets of the Trust Estate (as defined in each Asset Trust Agreement). [Signature Pages Follow] - Signature Page - Administrative Agency Agreement WEST VIII IN WITNESS WHEREOF, this Agreement has been duly executed on the date first written above. WILLIS ENGINE STRUCTURED TRUST VIII By: /s/ Z. Clifton Dameron IV Name: Z. Clifton Dameron IV Title: Controlling Trustee

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- Signature Page - Administrative Agency Agreement WEST VIII WILLIS LEASE FINANCE CORPORATION, as Administrative Agent By: /s/ Scott B. Flaherty Name: Scott B. Flaherty Title: Executive Vice President - Signature Page - Administrative Agency Agreement WEST VIII U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as Indenture Trustee By: /s/ Maritza Hernandez Name: Maritza Hernandez Title: Vice President U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as Security Trustee By: /s/ Maritza Hernandez Name: Maritza Hernandez Title: Vice President Appendix A-1 APPENDIX A DEFINITIONS "Account Bank" has the meaning assigned to such term in Section 2.04(b)(iii)(A) hereof. "Account Letter" has the meaning assigned to such term in Section 2.04(b)(iii)(A) hereof. "Administrative Agent" has the meaning assigned to such term in the preamble to this Agreement. "Administrative Agent Conflicts Standard" has the meaning assigned to such term in Section 3.02(b) hereof. "Administrative Fee" has the meaning assigned to such term in Section 7.01 hereof. "Administrative Services" has the meaning assigned to such term in Section 2.01(a) hereof. "After-Tax Basis" means on a basis such that any payment received, deemed to have been received or receivable by any Person shall, if necessary, be supplemented by a further payment to that Person so that the sum of the two payments shall, after deduction of all U.S. federal, state, local and foreign Taxes and other charges resulting from the receipt (actual or constructive) or accrual of such payments imposed by or under any U.S. federal, state, local or foreign law or Governmental Authority (after taking into account any current deduction to which such Person shall be entitled with respect to the amount that gave rise to the underlying payment) be equal to the payment received, deemed to have been received or receivable. "Agreement" has the meaning assigned to such term in the preamble hereof. "Asset Expenses Budget" has the meaning assigned to such term in Section 7.05(a)(B) of the Servicing Agreement. "Bank Account Management Services" has the meaning assigned to such term in Section 2.01(b) hereof. "Budgets" has the meaning assigned to such term in Section 7.05(a) of the Servicing Agreement. "Consolidated Quarterly Draft Accounts" has the meaning assigned to such term in Section 2.05(b)(ii) hereof. "Delaware Trustee" means the Wilmington Trust Company, as trustee of WEST. "Draft Accounts" has the meaning assigned to such term in Section 2.05(b)(iii) hereof. Appendix A-2 "Indenture" means the Trust Indenture dated as of the Initial Closing Date, among, inter alios, WEST and the Indenture Trustee, and each successor indenture, if any, thereto (as such indenture may be amended, restated, supplemented or otherwise modified from time to time). "Indenture Trustee" has the meaning assigned to such term in the preamble to this Agreement. "Initial Period" has the meaning assigned to such term in Section 7.05(a) of the Servicing Agreement. "Insolvency Event" means: (i) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking relief in respect of the Administrative Agent or in respect of a substantial part of the property or assets of the Administrative Agent, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other U.S. federal or state or foreign bankruptcy, insolvency, receivership, examinership or similar law, and such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered or the Administrative Agent shall go into liquidation, suffer a receiver or mortgagee to take possession of all or substantially all of its assets or have an examiner appointed over it or if a petition or proceeding is presented for any of the foregoing and not discharged within sixty (60) days; or (ii) the Administrative Agent shall (A) voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other U.S. federal or state or foreign bankruptcy, insolvency, receivership, examinership or similar law, (B) consent to the institution of, or fail within sixty (60) days to contest the filing of, any petition described in clause (i) above, (C) file an answer admitting the material allegations of a petition filed against it in any such proceeding or (D) make a general assignment for the benefit of its creditors. "Ledgers" has the meaning assigned to such term in Section 2.05(b)(i) hereof. "Managed Group Members" has the meaning assigned to such term in the preamble to this Agreement. "Obligor" has the meaning assigned to such term in Section 2.04(b)(iii)(B) hereof. "One Year Period" has the meaning assigned to such term in Section 7.05(a) of the Servicing Agreement. "Operating Budget" has the meaning assigned to such term in Section 7.05(a)(A) of the Servicing Agreement. "Other Administrative Services" has the meaning assigned to such term in Section 3.02(a) hereof. "Quarter" means the fiscal quarter of WEST and each other Managed Group Member, as applicable. "Ratings" means the ratings assigned to the Notes by the Rating Agencies.

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Appendix A-3 "Reimbursable Expenses" has the meaning assigned to such term in Section 7.02 hereof. "Representatives" with respect to any Person means the officers, directors, employees, advisors and agents of such Person. "Schedule 2.02(a)" has the meaning assigned to such term in Section 2.03(j)(vii) hereof. "Service Providers" has the meaning assigned to such term in Section 2.02(c) hereof. "Standard of Performance" has the meaning assigned to such term in Section 3.01 hereof. "U.S. Bankruptcy Code" has the meaning assigned to such term in Section 8.02(c)(iii). "WEST" has the meaning assigned to such term in the preamble to this Agreement. "Willis" means Willis Lease Finance Corporation, a Delaware corporation. "Year" has the meaning assigned to such term in the Servicing Agreement. Schedule I-1 SCHEDULE I ACCOUNTS The following are the wire instructions for all payments: U.S. Bank N.A ABA: [\*] BNF: U.S. Bank N.A. A/C: [\*] OBI: WEST VIII ACCT # (See table below) Portfolio Number Account [\*] Collections Account [\*] Lessee Funded Account [\*] Security Deposit Account [\*] Expense Account [\*] Series Account for Series A Notes [\*] Series Account for Series B Notes [\*] Asset Purchase Account [\*] Asset Replacement Account [\*] Liquidity Facility Reserve Account [\*] Initial Liquidity Payment Account [\*] Maintenance Reserve Account [\*] Asset Disposition Contribution Account [\*] DSCR Cash Trap Account [\*] Hedge Termination Payment Account Exhibit A-1 EXHIBIT A FORM OF MANAGED GROUP MEMBER SUPPLEMENT WILLIS LEASE FINANCE CORPORATION, as Managing Agent U.S. BANK NATIONAL ASSOCIATION as Trustee [Date] Re: Administrative Agency Agreement, dated as of June 18, 2025 Ladies and Gentlemen: Reference is made to the Administrative Agency Agreement dated as of June 18, 2025 (the "Administrative Agency Agreement"), by and among WILLIS ENGINE STRUCTURED TRUST VIII ("WEST"), a Delaware statutory trust, WILLIS LEASE FINANCE CORPORATION, a Delaware corporation (together with its successors and permitted assigns, the "Administrative Agent" or "Willis"), U.S. BANK NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as trustee under the Indenture (as defined in the Administrative Agency Agreement) and as Security Trustee under the Security Trust Agreement (as defined in the Indenture), and each Issuer Subsidiary signatory to this Agreement or that becomes a party under Section 6.06 (collectively with WEST, the "Managed Group Members") Capitalized terms used but not defined herein shall have the meanings set forth in the Administrative Agency Agreement. The undersigned is an Issuer Subsidiary formed or acquired by [WEST][_________] after the Initial Closing Date and hereby agrees, as of the date first above written, to become a Managed Group Member under the Administrative Agency Agreement as if it were an original party thereto and agrees that each reference in the Administrative Agency Agreement to "Managed Group Member" shall also mean and be a reference to the undersigned. [insert notice information for Issuer Subsidiary] [The undersigned confirms for the benefit of each other party to the Administrative Agency Agreement that, pursuant to and as required by Section 10.03 of the Administrative Agency Agreement, it has appointed [insert name and address of process agent] as its Process Exhibit A-2 Agent.] 1 [continued on next page] A-2 501055749v1 1 To be deleted if the undersigned has a place of business in the United States.

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Exhibit A-3 This Managed Group Member Supplement shall in all respects be governed by, and construed in accordance with, the laws of the State of New York, including Sections 5-1401 and 5-1402 of the New York General Obligations Laws. Very truly yours, [NAME OF MANAGED GROUP MEMBER] By: Name: Title: Acknowledged and agreed to as of the date first above written: WILLIS LEASE FINANCE CORPORATION, as Administrative Agent By: _________________________________ Name: Title:

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## Exhibit 10.7

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[\*] Indicates that certain information in this exhibit has been excluded because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential. Executed Version 4900-8084-3604.v2 REVOLVING CREDIT AGREEMENT dated as of June 18, 2025 among WILLIS ENGINE STRUCTURED TRUST VIII, as Borrower MUFG BANK, LTD., as the Initial Liquidity Facility Provider and WILLIS LEASE FINANCE CORPORATION, as the Administrative Agent relating to Willis Engine Structured Trust VIII Series A Notes and Series B Notes

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&nbsp;&nbsp;&nbsp;&nbsp;- i - 4900-8084-3604.v2 **TABLE OF CONTENTS** Page ARTICLE I DEFINITIONS ............................................................................................................3 Section 1.01. Definitions....................................................................................................3 Section 1.02. Disclaimer of Liability; SOFR Rate ..........................................................15 ARTICLE II AMOUNT AND TERMS OF THE COMMITMENT .............................................16 Section 2.01. The Advances.............................................................................................16 Section 2.02. Making of Advances ..................................................................................16 Section 2.03. Fees ............................................................................................................18 Section 2.04. Termination of the Maximum Facility Commitment.................................18 Section 2.05. Repayments of Facility Advances .............................................................19 Section 2.06. Repayments of Provider Advances ............................................................19 Section 2.07. Payments to the Initial Liquidity Facility Provider Under the Indenture ....................................................................................................20 Section 2.08. Book Entries...............................................................................................21 Section 2.09. Payments from Available Funds Only .......................................................21 Section 2.10. Extension of the Expiry Date; Replacement Liquidity Facility; Non-Extension Advance ............................................................................21 Section 2.11. Use of Downgrade Advances and Non-Extension Advances ....................22 ARTICLE III OBLIGATIONS OF THE BORROWER ...............................................................22 Section 3.01. Increased Costs ..........................................................................................22 Section 3.02. [Intentionally omitted] ...............................................................................23 Section 3.03. Withholding Taxes .....................................................................................23 Section 3.04. Payments ....................................................................................................26 Section 3.05. Computations .............................................................................................27 Section 3.06. Payment on Non-Business Days ................................................................27 Section 3.07. Interest........................................................................................................27 Section 3.08. Benchmark Replacement Setting ...............................................................28 Section 3.09. Funding Loss Indemnification ...................................................................30 Section 3.10. Illegality .....................................................................................................30 Section 3.11. Inability to Determine Rates ......................................................................31 ARTICLE IV CONDITIONS PRECEDENT ................................................................................31 Section 4.01. Conditions Precedent to Effectiveness of Section 2.01 .............................31

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&nbsp;&nbsp;&nbsp;&nbsp;- ii - 4900-8084-3604.v2 Section 4.02. Conditions Precedent to Borrowing ...........................................................32 ARTICLE V COVENANTS..........................................................................................................32 Section 5.01. Affirmative Covenants of the Borrower ....................................................32 Section 5.02. Covenants Regarding Notices ....................................................................33 ARTICLE VI LIQUIDITY EVENTS OF DEFAULT ..................................................................33 Section 6.01. Liquidity Events of Default .......................................................................33 ARTICLE VII MISCELLANEOUS ..............................................................................................34 Section 7.01. No Oral Modifications or Continuing Waivers .........................................34 Section 7.02. Notices .......................................................................................................34 Section 7.03. No Waiver; Remedies ................................................................................35 Section 7.04. Further Assurances.....................................................................................35 Section 7.05. Indemnification Survival of Certain Provisions ........................................35 Section 7.06. Liability of the Initial Liquidity Facility Provider .....................................36 Section 7.07. Nonpetition ................................................................................................36 Section 7.08. Certain Costs and Disbursements ..............................................................36 Section 7.09. Binding Effect; Participations ....................................................................37 Section 7.10. Severability ................................................................................................38 Section 7.11. Governing Law ..........................................................................................38 Section 7.12. Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity ....................................................................................................38 Section 7.13. Counterparts ...............................................................................................39 Section 7.14. Entirety .......................................................................................................39 Section 7.15. Headings ....................................................................................................39 Section 7.16. Patriot Act ..................................................................................................39 Section 7.17. Initial Liquidity Facility Provider's Obligation to Make Advances ..........39 Annex I - Facility Advance Notice of Borrowing Annex II - Non-Extension Advance Notice of Borrowing Annex III - Downgrade Advance Notice of Borrowing Annex IV - Final Advance Notice of Borrowing Annex V - Notice of Termination

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&nbsp;&nbsp;&nbsp;&nbsp;- 3 - 4900-8084-3604.v2 REVOLVING CREDIT AGREEMENT This REVOLVING CREDIT AGREEMENT dated as of June 18, 2025 (as amended, supplemented, amended and restated or otherwise modified from time to time, this "Agreement"), is made by and among WILLIS ENGINE STRUCTURED TRUST VIII, a Delaware statutory trust (the "Borrower"), MUFG BANK, LTD. ("MUFG"), as Initial Liquidity Facility Provider (the "Initial Liquidity Facility Provider"), and WILLIS LEASE FINANCE CORPORATION, a Delaware corporation, in its capacity as the Administrative Agent (the "Administrative Agent"). W I T N E S S E T H: WHEREAS, the Borrower and U.S. Bank National Association, a national banking association, not in its individual capacity but as Trustee (the "Trustee"), the Administrative Agent and the Initial Liquidity Facility Provider entered into the Trust Indenture dated as of June 18, 2025 (the "Indenture") and pursuant to the Indenture the Borrower is issuing Series A Notes, and Series B Notes; and WHEREAS, the Indenture provides for the Borrower to enter into an "Initial Liquidity Facility" (as defined in the Indenture), in order to, inter alia, support the timely payment of a portion of the interest on the Initial Series A Notes and the Initial Series B Notes (the "Specified Series") in accordance with their terms, and the Borrower has requested MUFG to enter into this Agreement as the Initial Liquidity Facility providing for (among other things) the Administrative Agent on behalf of the Borrower to request in specified circumstances that Advances be made hereunder; NOW, THEREFORE, in consideration of the mutual agreements herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: ARTICLE I DEFINITIONS Section 1.01. Definitions. (a) The definitions stated herein apply equally to both the singular and the plural forms of the terms defined. (b) All references in this Agreement to designated "Articles", "Sections", "Annexes" and other subdivisions are to the designated Article, Section, Annex or other subdivision of this Agreement, unless otherwise specifically stated. (c) The words "herein", "hereof" and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section, Annex or other subdivision. (d) Unless the context otherwise requires, whenever the words "including", "include" or "includes" are used herein, it shall be deemed to be followed by the phrase "without limitation".

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&nbsp;&nbsp;&nbsp;&nbsp;- 4 - 4900-8084-3604.v2 (e) Any capitalized terms used in this Agreement, but not otherwise defined herein, shall have the meaning set forth in the Indenture. Any capitalized terms used in any Schedule, but not otherwise defined in that Schedule, shall have the meaning set forth in this Agreement. (f) For the purposes of this Agreement, unless the context otherwise requires, the following capitalized terms shall have the following meanings: "ABR" means, for any day, as determined by the Initial Liquidity Facility Provider, a rate per annum equal to the highest of (a) the Prime Rate in effect on such day and (b) the Federal Funds Rate in effect on such day plus 0.50%. Any change in the ABR due to a change in the Prime Rate or the Federal Funds Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Rate, respectively. "ABR Advance" means any Advance that bears interest based on the ABR. "Advance" means a Facility Advance, a Downgrade Advance, a Non-Extension Advance or a Final Advance as the case may be. "Agreement" means this Revolving Credit Agreement, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. "Applicable Liquidity Rate" has the meaning specified in Section 3.07(g). "Applicable Margin" means (a) in the case of any SOFR Advance, 2.25% per annum and (b) in the case of any ABR Advance, 1.25% per annum. "Applied Downgrade Advance" has the meaning specified in Section 2.06(a). "Applied Non-Extension Advance" has the meaning specified in Section 2.06(a). "Applied Provider Advance" means an Applied Downgrade Advance or an Applied Non- Extension Advance. "Available Tenor" means, as of any date of determination and with respect to the then- current Benchmark, as applicable, if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to Section 3.08(d). "Available Amount" means, subject to the proviso contained in Section 3.14(g) of the Indenture, at any date of determination, (a) the Maximum Facility Commitment at such time less (b) the aggregate amount of all Facility Advances under the Initial Liquidity Facility outstanding at such time; provided that following a Downgrade Advance, a Final Advance or a Non-Extension Advance, the Available Amount shall be zero, provided further that, in the case of a Downgrade Advance, if the Initial Liquidity Facility ceases to be a Downgraded Facility, the Available Amount shall initially be reinstated to an amount equal to the amount of any Unapplied Provider Advance that is reimbursed to the Initial Liquidity Facility Provider pursuant to Section 2.06(c)

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&nbsp;&nbsp;&nbsp;&nbsp;- 5 - 4900-8084-3604.v2 and thereafter the Available Amount shall be determined as if no Downgrade Advance had occurred. "Benchmark" means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 3.08(a). "Benchmark Replacement" means with respect to any Benchmark Transition Event, the first alternative set forth in the order below that can be determined by the Initial Liquidity Facility Provider for the applicable Benchmark Replacement Date: (a) Daily Simple SOFR; or (b) the sum of: (i) the alternate benchmark rate that has been selected by the Initial Liquidity Facility Provider and the Borrower giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar- denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment. If the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement. "Benchmark Replacement Adjustment" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities at such time. "Benchmark Replacement Date" means a date and time determined by the Initial Liquidity Facility Provider, which date shall be no later than the earliest to occur of the following events with respect to the then-current Benchmark: (a) in the case of clause (a) or (b) of the definition of "Benchmark Transition Event", the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide such Benchmark (or

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&nbsp;&nbsp;&nbsp;&nbsp;- 6 - 4900-8084-3604.v2 such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof); or (b) in the case of clause (c) of the definition of "Benchmark Transition Event," the first date on which all Available Tenors of such Benchmark (or the published component used in the calculation thereof) has been or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) have been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non- representative; provided that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. For the avoidance of doubt, if such Benchmark is a term rate, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). "Benchmark Transition Event" means the occurrence of one or more of the following events with respect to the then-current Benchmark: (a) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof); (b) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof); or (c) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or such component thereof) or, if such Benchmark is

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&nbsp;&nbsp;&nbsp;&nbsp;- 7 - 4900-8084-3604.v2 a term rate, all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative. For the avoidance of doubt, if such Benchmark is a term rate, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). "Benchmark Unavailability Period" means the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder in accordance with Section 3.08 and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder in accordance with Section 3.08. "Beneficial Ownership Certification" means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation. "Beneficial Ownership Regulation" means 31 C.F.R. § 1010.230, as amended from time to time. "Borrower" has the meaning specified in the introductory paragraph to this Agreement. "Borrowing" means the making of Advances requested by delivery of a Notice of Borrowing. "Code" means the Internal Revenue Code of 1986, as amended. "Conforming Changes" means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "ABR," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Interest Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions and other technical, administrative or operational matters) that the Initial Liquidity Facility Provider decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Initial Liquidity Facility Provider in a manner substantially consistent with market practice (or, if the Initial Liquidity Facility Provider decides that adoption of any portion of such market practice is not administratively feasible or if the Liquidity Facility Provider determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Initial Liquidity Facility Provider decides is reasonably necessary in connection with the administration of this Agreement). "CRD IV" means:

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&nbsp;&nbsp;&nbsp;&nbsp;- 8 - 4900-8084-3604.v2 (i) Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms; and (ii) Directive 2013/36/EU of the European Parliament and of the Council of June 26, 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC. "Daily Simple SOFR" means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Initial Liquidity Facility Provider in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for syndicated business loans; provided that if the Initial Liquidity Facility Provider decides that any such convention is not administratively feasible for the Initial Liquidity Facility Provider, then the Initial Liquidity Facility Provider may establish another convention in its reasonable discretion. "Disbursements" means liabilities, losses, damages, costs and expenses (including, without limitation, reasonable fees and disbursements of legal counsel), provided that Disbursements shall not include any Taxes other than sales, use and value added taxes imposed on fees and expenses payable pursuant to Section 7.07. "Dollars" means the lawful currency of the United States. "Downgrade Advance" means an Advance made pursuant to Section 2.02(c). "Downgrade Event" means (A) in the case of the initial Initial Liquidity Facility Provider, a downgrading of the Initial Liquidity Facility Provider's published long-term issuer credit, long-term issuer default or senior unsecured debt rating, issued by either Fitch or KBRA (in each case, if any), or (B) in the case of any assignee or successor Initial Liquidity Facility Provider (including any provider of a Replacement Liquidity Facility), a downgrading of such provider's published long-term issuer credit, long-term issuer default or senior unsecured debt rating, issued by either Fitch or KBRA (in each case, if any), or, if such provider qualifies as an Eligible Provider based upon its obligations under the Replacement Liquidity Facility being guaranteed by an Affiliate who meets the applicable Threshold Rating requirements, then a Downgrade Event with respect to such provider shall mean (i) a downgrading of such Affiliate's published long-term issuer credit, long-term issuer default or senior unsecured debt rating, issued by either Fitch or KBRA (in each case, if any) below the applicable Threshold Rating, or (ii) such Affiliate's guarantee (so long as such successor Initial Liquidity Facility Provider has not been replaced pursuant to an assignment or Replacement Liquidity Facility permitted hereunder) ceasing to be in full force and effect or becoming invalid or unenforceable or such Affiliate denying its liability thereunder. "Downgrade Period" has the meaning specified in Section 2.02(c). "Downgraded Facility" has the meaning specified in Section 2.02(c).

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&nbsp;&nbsp;&nbsp;&nbsp;- 9 - 4900-8084-3604.v2 "Effective Date" has the meaning specified in Section 4.01. The delivery of the certificate of the Initial Liquidity Facility Provider contemplated by Section 4.01(e) shall be conclusive evidence that the Effective Date has occurred. "Excluded Taxes" means any of the following Taxes imposed on or with respect to an Initial Liquidity Facility Provider or required to be withheld or deducted from a payment to the Initial Liquidity Facility Provider, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of the Initial Liquidity Facility Provider being organized under the laws of, or having its principal office or its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of the Initial Liquidity Facility Provider with respect to an applicable interest in this Agreement or any Related Documents pursuant to a law in effect on the date on which (i) the initial Liquidity Facility Provider acquires such interest or (ii) the Initial Liquidity Facility Provider changes its Lending Office, except in each case to the extent that, pursuant to Section 3.03, amounts with respect to such Taxes were payable either to the Initial Liquidity Facility Provider's assignor immediately before the Initial Liquidity Facility Provider became a party hereto or to the Initial Liquidity Facility Provider immediately before it changed its Lending Office, (c) Taxes attributable to the Initial Liquidity Facility Provider's failure to comply with Section 3.03(e) and (f), (d) any U.S. federal withholding Taxes imposed under FATCA and (e) any Tax attributable to the inaccuracy in or breach by the Initial Liquidity Facility Provider of any of its representations, warranties or covenants contained in any Related Document to which it is a party or the inaccuracy of any form or document furnished pursuant thereto. "Expiry Date" means June 17, 2026, initially, or any date to which the Expiry Date is extended pursuant to Section 2.10. "Extension Request" means a written request, from a Responsible Officer of the Administrative Agent on behalf of the Borrower, to the Initial Liquidity Facility Provider requesting that the Initial Liquidity Facility Provider extend the Expiry Date. "Facility Advance" means an Advance made pursuant to Section 2.02(a). "FATCA" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with either the implementation of such sections of the Code. "Federal Funds Rate" means, for any day, the greater of (a) the rate calculated by the Federal Reserve Bank of New York based on such day's Federal funds transactions by depositary institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the Federal funds effective rate and (b) 0%.

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&nbsp;&nbsp;&nbsp;&nbsp;- 10 - 4900-8084-3604.v2 "Federal Reserve Board" means the Board of Governors of the Federal Reserve System of the United States. "Fee Letter" means the Fee Letter between the Initial Liquidity Facility Provider and the Borrower with respect to the Initial Liquidity Facility. "Final Advance" means an Advance made pursuant to Section 2.02(d). "Final Repayment Date" means the date that is 15 days after the Final Maturity Date of the Specified Series. "Floor" means a rate of interest equal to 0.0%. "Increased Cost" has the meaning specified in Section 3.01. "Indemnified Taxes" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under this Agreement or any Related Document and (b) to the extent not otherwise described in (a), Other Taxes. "Indenture" has the meaning specified in the recitals to this Agreement. "Initial Liquidity Facility" means the financial accommodation made available by the Initial Liquidity Facility Provider to the Borrower pursuant to the terms of this Agreement. "Initial Liquidity Facility Interest Rate" means a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times (except pursuant to Section 3.07(e)) be equal to Term SOFR plus the Applicable Margin. "Initial Liquidity Facility Provider" has the meaning specified in the introductory paragraph to this Agreement. "Insolvency Proceeding" means any proceeding of the type referred to in clause (e) or (f) of Section 4.01 of the Indenture in respect of the Borrower. "Interest Period" means, with respect to any Advance, each of the following periods: (i) the period beginning on (and including) the third U.S. Government Securities Business Day following either (A) the date of the Initial Liquidity Facility Provider's receipt of the Notice of Borrowing for such Advance or (B) the date of the withdrawal of funds from the Liquidity Facility Reserve Account, for the purpose of paying part or all of any Shortfall as contemplated by Section 2.06(a) hereof and, in each case, ending on (but excluding) the next succeeding Payment Date; and (ii) each subsequent period commencing on (and including) the last day of the immediately preceding Interest Period and ending on (but excluding) the next Payment Date (or if such Payment Date is not a U.S. Government Securities Business Day, the next succeeding U.S. Government Securities Business Day);

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&nbsp;&nbsp;&nbsp;&nbsp;- 11 - 4900-8084-3604.v2 provided, however, that if (a) the Final Advance shall have been made pursuant to Section 2.02(d) hereof or (b) other outstanding Advances shall have been converted into the Final Advance pursuant to Section 6.01, then the Interest Periods for such Advances shall be successive periods of one month from and including the third U.S. Government Securities Business Day following the Initial Liquidity Facility Provider's receipt of the Notice of Borrowing for such Final Advance (in the case of clause (a) above) or the Payment Date following such conversion (in the case of clause (b) above), each such one month period to be subject to the "following business day" methodology set forth in clause (ii) above; provided further, however, that notwithstanding the Interest Period for purposes of determining Term SOFR with respect to the Final Advance in the case of clause (a) above, all payments to be made by the Borrower shall be made on Payment Dates in accordance with Section 2.05 hereof and Article III of the Indenture. "IRS" means the United States Internal Revenue Service. "Lending Office" means the lending office of the Initial Liquidity Facility Provider presently located at Charlotte, North Carolina or such other lending office as the Initial Liquidity Facility Provider from time to time shall notify the Administrative Agent as its lending office hereunder; provided that unless the Initial Liquidity Facility Provider changes the lending office subsequent to any Tax being imposed by the United States or any political subdivision or taxing authority thereof or therein, the Initial Liquidity Facility Provider shall not change its Lending Office without the prior written consent of the Borrower (such consent not to be unreasonably withheld). "Liquidity Facility Event of Default" means (i) the serving of a Default Notice to the Borrower following the occurrence of an Event of Default or (ii) the occurrence of an Acceleration Default under the Indenture. "Liquidity Facility Non-Use Fee" has the meaning specified in the fee letter dated the date hereof between the Borrower and the Initial Liquidity Facility Provider. "Liquidity Facility Reserve Account" has the meaning specified in the Indenture. "Liquidity Indemnitee" means (i) the Initial Liquidity Facility Provider, (ii) the directors, officers, employees and agents of the Initial Liquidity Provider and (iii) the successors and permitted assigns of the persons described in clauses (i) and (ii), inclusive. "Maximum Facility Commitment" means initially $25,215,060 and, at any time thereafter, an amount (not exceeding such initial amount) equal to 12 months of interest at the Stated Rate (but not including any Step-Up Interest) on the actual Outstanding Principal Balance of the Specified Series as of the most recent Payment Date after all payments of principal on such Payment Date. "Non-Extension Advance" means an Advance made pursuant to Section 2.02(b). "Non-Extended Facility" means the facility provided for in this Agreement after the delivery of a Non-Extension Notice pursuant to Section 2.10. "Notice of Borrowing" has the meaning specified in Section 2.02(e).

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&nbsp;&nbsp;&nbsp;&nbsp;- 12 - 4900-8084-3604.v2 "Other Connection Taxes" means, with respect to the Initial Liquidity Facility Provider, Taxes imposed as a result of a present or former connection between the Initial Liquidity Facility Provider and the jurisdiction imposing such Tax (other than connections arising from the Initial Liquidity Facility Provider having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced this Agreement or any Related Document, or sold or assigned an interest in this Agreement or any Related Document). "Other Taxes" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement or any other Related Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. "Participant Register" has the meaning specified in Section 7.09(c). "Participation" has the meaning specified in Section 7.09(b). "Periodic Term SOFR Determination Day" has the meaning specified in the definition of "Term SOFR". "Permitted Participant" means any Person that: (a) is not an aviation portfolio investment company, Willis or any affiliate of Willis; and (b) is a commercial banking institution that is a body corporate and is engaged in the active conduct of a banking business in such jurisdiction of its organization, holds its Participation in connection with such banking business in such jurisdiction, is regulated as a commercial banking institution by the appropriate regulatory authorities in such jurisdiction. "Prime Rate" means, at any time, the rate of interest per annum publicly announced from time to time by the Initial Liquidity Facility Provider as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs. The parties hereto acknowledge that the rate announced publicly by the Initial Liquidity Facility Provider as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks. "Provider Advance" means a Downgrade Advance or a Non-Extension Advance. "Regulatory Change" means (a) the enactment, adoption or promulgation, after the date of this Agreement, of any law, rule, regulation or treaty by a United States federal or state government or by any government having jurisdiction over the Initial Liquidity Facility Provider, (b) any change, after the date of this Agreement, in any such law, rule, regulation or treaty, or in the administration, interpretation, implementation or application thereof by any governmental authority, central bank or comparable agency of the United States or any government having jurisdiction over the Initial Liquidity Facility Provider charged with responsibility for the

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&nbsp;&nbsp;&nbsp;&nbsp;- 13 - 4900-8084-3604.v2 administration or application thereof, that shall impose, modify or deem applicable for the compliance by the Initial Liquidity Facility Provider (or its head office) with any applicable direction or requirement (whether or not having the force of law) of any central bank or competent governmental or other authority with respect to: (i) any reserve, special deposit or similar requirement against extensions of credit or other assets of, or deposits with or other liabilities of, the Initial Liquidity Facility Provider including, or by reason of, the Advances or (ii) any capital adequacy or liquidity requirement requiring the maintenance by the Initial Liquidity Facility Provider of additional capital or liquid assets in respect of any Advances or the Initial Liquidity Facility Provider's obligation to make any such Advances or (iii) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any governmental authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith shall in each case be deemed to be a "Regulatory Change", regardless of the date enacted, adopted or issued, and (y) any requests, rules, guidelines or directives based on the consultative papers of The Basel Committee on Banking Supervision entitled "Basel III, a global regulatory framework for more resilient banks and banking systems" dated December 2010 (revised June 2011) and "Basel III: the liquidity coverage ratio and liquidity risk monitoring tools" dated January 2013, in each case together with amendments thereto (collectively, "Basel III") or "Standardised Measurement Approach (SMA) for operational risk Consultative Document", in each case together with any amendments thereto (collectively, "Basel IV") or arising out of any proposals or standards that affect or change how Basel III or Basel IV is to be implemented will not be treated as having been adopted or having come into effect before the date of this Agreement, and any such Regulatory Changes (including CRD IV) or requests, rules, guidelines or directives based on Basel III or Basel IV or any such proposals or standards shall be determined to be adopted only when the national banking supervisory authorities, or other relevant administrative or legislative bodies having jurisdiction or regulatory authority over the Initial Liquidity Facility Provider, adopt any such requests, rules, guidelines or directives based on Basel III or Basel IV or any such proposals or standards in a jurisdiction applicable to the Initial Liquidity Facility Provider. "Relevant Governmental Body" means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto. "Replacement Liquidity Facility" has the meaning specified in the Indenture. "Replenishment Amount" has the meaning specified in Section 2.06(b). "Shortfall" has the meaning specified in the Indenture. "SOFR" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator. "SOFR Administrator" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate). "SOFR Advance" means an Advance that bears interest at a rate based on Term SOFR.

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&nbsp;&nbsp;&nbsp;&nbsp;- 14 - 4900-8084-3604.v2 "Specified Series" has the meaning specified in the recitals to this Agreement. "Taxes" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any governmental authority, including any interest, additions to tax or penalties applicable thereto. "Termination Date" means the earliest to occur of the following: (i) the Expiry Date; (ii) the date on which the Administrative Agent (acting at the written direction of the Borrower) delivers to the Initial Liquidity Facility Provider a certificate, signed by a Responsible Officer of the Administrative Agent, certifying that (x) all of the Specified Series have been paid in full (or provision has been made for such payment in accordance with the Indenture), (y) the Indenture has been discharged with respect to all of the Specified Series issued thereunder as contemplated by Section 11.01(a) of the Indenture, or (z) the Specified Series are otherwise no longer entitled to the benefits of this Agreement; (iii) the date on which the Administrative Agent (acting at the written direction of the Borrower) delivers to the Initial Liquidity Facility Provider a certificate, signed by a Responsible Officer of the Administrative Agent, certifying that a Replacement Liquidity Facility has been substituted for this Agreement in full pursuant to Section 3.14(e) of the Indenture; (iv) at the close of business on the fifth Business Day following the receipt by the Administrative Agent of a Termination Notice from the Initial Liquidity Facility Provider pursuant to Section 6.01; (v) the date on which no Advance is or may (including by reason of reinstatement as herein provided) become available for a Borrowing hereunder; and (vi) the Final Repayment Date. "Termination Notice" means the Notice of Termination substantially in the form of Annex V to this Agreement. "Term SOFR" means, for any calculation with respect to a SOFR Advance, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "Periodic Term SOFR Determination Day") that is two U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, provided that if Term SOFR determined as provided above shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor "Term SOFR Administrator" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Liquidity Facility Provider with the consent of the Borrower, each acting reasonably).

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&nbsp;&nbsp;&nbsp;&nbsp;- 15 - 4900-8084-3604.v2 "Term SOFR Reference Rate" means the forward-looking term rate based on SOFR. "Threshold Rating" has the meaning specified in the Indenture. "Unadjusted Benchmark Replacement" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment. "Unapplied Downgrade Advance" means any portion of a Downgrade Advance which is not an Applied Downgrade Advance. "Unapplied Non-Extension Advance" means any portion of a Non-Extension Advance which is not an Applied Non-Extension Advance. "Unapplied Provider Advance" means any Provider Advance other than an Applied Provider Advance. "United States" means the United States of America. "Unpaid Advance" has the meaning specified in Section 2.05. "U.S. Government Securities Business Day" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities. "U.S. Person" means any Person that is a "United States Person" as defined in Section 7701(a)(30) of the Code. "Withholding Agent" means the Borrower and the Administrative Agent. Section 1.02. Disclaimer of Liability; SOFR Rate. The Initial Liquidity Facility Provider does not warrant or accept any responsibility for, and shall not have any liability with respect to, (a) the continuation of, administration of, submission of, calculation of or any other matter related to ABR, the Term SOFR Reference Rate, Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, ABR, the Term SOFR Reference Rate, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Initial Liquidity Facility Provider and its affiliates or other related entities may engage in transactions that affect the calculation of ABR, the Term SOFR Reference Rate, Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Initial Liquidity Facility Provider may select information sources or services in its reasonable discretion to ascertain ABR, the Term

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&nbsp;&nbsp;&nbsp;&nbsp;- 16 - 4900-8084-3604.v2 SOFR Reference Rate, Term SOFR or any other Benchmark, or any component definition thereof or rates referred to in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, the Administrative Agent or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. ARTICLE II AMOUNT AND TERMS OF THE COMMITMENT Section 2.01. The Advances. The Initial Liquidity Facility Provider hereby irrevocably agrees, on the terms and conditions hereinafter set forth, to make Advances to the Borrower from time to time on any Business Day as set forth in this Article II during the period from the Effective Date until 12:00 noon (New York time) on the Expiry Date (unless the obligations of the Initial Liquidity Facility Provider shall be earlier terminated in accordance with the terms of Section 2.04) in an aggregate amount at any time outstanding not to exceed the Maximum Facility Commitment. Section 2.02. Making of Advances. (a) Each Facility Advance shall be made by the Initial Liquidity Facility Provider, in accordance with the provisions of Section 3.14(a) of the Indenture, upon delivery to the Initial Liquidity Facility Provider of a written and completed Notice of Borrowing in substantially the form of Annex I, signed by a Responsible Officer of the Administrative Agent. The Initial Liquidity Facility Provider will make a Facility Advance in respect of any Payment Date only if there are one or more Shortfalls on such Payment Date. The amount of the Facility Advance will be the lesser of such Shortfalls on such Payment Date and the Available Amount at such time. Each Facility Advance shall be deposited in the Initial Liquidity Payment Account, as provided in Sections 3.01(k) and 3.14(b) of the Indenture. The Initial Liquidity Facility Provider shall not be obligated to make Facility Advances after the Termination Date. Each Facility Advance made hereunder shall automatically reduce the Available Amount and the amount available to be borrowed hereunder by subsequent Advances by the amount of such Facility Advance (subject to reinstatement as provided in the next sentence). Subject to the provisions of Section 3.14(g) of the Indenture, upon repayment to the Initial Liquidity Facility Provider in full or in part of the amount of any Facility Advance made pursuant to this Section 2.02(a), together with accrued interest thereon (as provided herein), the Available Amount shall be reinstated by an amount equal to the amount of such Facility Advance so repaid, but not to exceed the Maximum Facility Commitment; provided, however, that the Available Amount shall not be so reinstated at any time if (x) a Liquidity Facility Event of Default shall have occurred and be continuing or (y) a Downgrade Advance, a Non-Extension Advance or a Final Advance shall have occurred (unless, in the case of a Downgrade Advance, the Liquidity Facility has ceased to be a Downgraded Facility). (b) Subject to Section 2.10, a Non-Extension Advance shall be made by the Initial Liquidity Facility Provider if the Liquidity Facility is not extended in accordance with Section 2.10 (unless a Replacement Liquidity Facility to replace this Agreement shall have been delivered to the Administrative Agent as contemplated, and within the time period specified, by Section 2.10),

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&nbsp;&nbsp;&nbsp;&nbsp;- 17 - 4900-8084-3604.v2 in accordance with the provisions of Section 3.14(d) of the Indenture, upon delivery to the Initial Liquidity Facility Provider of a written and completed Notice of Borrowing in substantially the form of ANNEX II, signed by a Responsible Officer of the Administrative Agent. The amount of the Non-Extension Advance shall be equal to the Available Amount at the time of delivery, and shall be used to fund the Liquidity Facility Reserve Account in accordance with Sections 3.14(d) and 3.14(f) of the Indenture. (c) Upon the occurrence of a Downgrade Event (a) the Initial Liquidity Facility Provider agrees to provide a notice of such occurrence in accordance with Section 3.14(c) of the Indenture and (b) the Initial Liquidity Facility Provider or the Administrative Agent, on behalf of the Borrower, may request (in writing) that the Initial Liquidity Facility be replaced by a Replacement Liquidity Facility pursuant to Section 3.14(e)(ii) of the Indenture. Following the occurrence of a Downgrade Event, if the Initial Liquidity Facility is not replaced with a Replacement Liquidity Facility within a period (the "Downgrade Period") beginning on the Downgrade Date and ending 60 days after the Downgrade Date (or if such 60th day is not a Business Day, on the immediately preceding Business Day) but not later than the then applicable Expiry Date, and if the Initial Liquidity Facility Provider does not obtain a Rating Agency Confirmation to the effect that such Downgrade Event will not cause the downgrading, withdrawal or suspension of the ratings of the Specified Series during such Downgrade Period, the Initial Liquidity Facility shall become a "Downgraded Facility" on the last day of the Downgrade Period and a Downgrade Advance shall be made by the Initial Liquidity Facility Provider, in accordance with the provisions of Section 3.14(c) of the Indenture, upon delivery to the Initial Liquidity Facility Provider of a written and completed Notice of Borrowing in substantially the form of ANNEX III, signed by a Responsible Officer of the Administrative Agent, in an amount equal to the Available Amount at the time of delivery, and shall be used to fund the Liquidity Facility Reserve Account in accordance with Sections 3.14(c) and 3.14(f) of the Indenture. (d) So long as the Termination Date has not occurred, a Final Advance shall be made by the Initial Liquidity Facility Provider following the receipt by the Administrative Agent of a Termination Notice from the Initial Liquidity Facility Provider pursuant to Section 6.01, in accordance with the provisions of Section 3.14(i) of the Indenture, upon delivery to the Initial Liquidity Facility Provider of a written and completed Notice of Borrowing in substantially the form of ANNEX IV, signed by the Administrative Agent, in an amount equal to the Available Amount at the time of delivery, and shall be used to fund the Liquidity Facility Reserve Account (in accordance with Sections 3.14(i) and 3.14(f) of the Indenture). (e) Each Borrowing shall be made by notice in writing (a "Notice of Borrowing") in substantially the form required by Section 2.02(a), 2.02(b), 2.02(c) or 2.02(d), as the case may be, given to the Initial Liquidity Facility Provider by the Administrative Agent on behalf of the Borrower, at least three (3) Business Days prior to the day on which the Borrowing is to be made available to the Administrative Agent. If a Notice of Borrowing is delivered by the Administrative Agent in respect of any Borrowing no later than 6 p.m. (New York time) on a Business Day, upon satisfaction of the conditions precedent set forth in Section 4.02 with respect to a requested Borrowing, the Initial Liquidity Facility Provider shall make available to the Administrative Agent, in accordance with its payment instructions, the amount of such Borrowing in Dollars and immediately available funds, before 12 noon (New York time) on the third Business Day next following the day of receipt of such Notice of Borrowing or on such later Business Day specified

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&nbsp;&nbsp;&nbsp;&nbsp;- 18 - 4900-8084-3604.v2 by the Administrative Agent in such Notice of Borrowing. If a Notice of Borrowing is delivered by the Administrative Agent in respect of any Borrowing after 6 p.m. (New York time) on a Business Day, upon satisfaction of the conditions precedent set forth in Section 4.02 with respect to a requested Borrowing, the Initial Liquidity Facility Provider shall make available to the Administrative Agent, in accordance with its payment instructions, the amount of such Borrowing in Dollars and immediately available funds, before 12 noon (New York time) on the fourth Business Day next following the day of receipt of such Notice of Borrowing or on such later Business Day specified by the Administrative Agent in such Notice of Borrowing. Payments of proceeds of a Borrowing shall be made by wire transfer of immediately available funds to the account or accounts specified in the applicable Notice of Borrowing in accordance with such wire transfer instructions as shall be specified in such Notice of Borrowing for such purpose. Each Notice of Borrowing shall be irrevocable and binding on the Administrative Agent. Each Notice of Borrowing shall be effective upon delivery of a copy thereof to the Initial Liquidity Facility Provider at the address and in the manner specified in Section 7.02 hereof. (f) Upon the making of any Advance requested pursuant to a Notice of Borrowing in accordance with the Administrative Agent's payment instructions, the Initial Liquidity Facility Provider shall be fully discharged of its obligation hereunder with respect to such Notice of Borrowing, and the Initial Liquidity Facility Provider shall not thereafter be obligated to make any further Advances available hereunder in respect of such Notice of Borrowing to the Administrative Agent or to any other Person (including the Trustee or any holder of a Note in a Specified Series). If the Initial Liquidity Facility Provider makes an Advance requested pursuant to a Notice of Borrowing before 6 p.m. (New York time) on the third Business Day (or fourth Business Day, as applicable) after the date of receipt of the Notice of Borrowing in accordance with Section 2.02(e), the Initial Liquidity Facility Provider shall have fully discharged its obligations hereunder with respect to such Advance and an event of default shall not have occurred hereunder. Following the making of any Advance pursuant to Section 2.02(b), 2.02(c) or 2.02(d) to fund the Liquidity Facility Reserve Account, the Initial Liquidity Facility Provider shall have no interest in or rights to the Liquidity Facility Reserve Account, such Advance or any other amounts from time to time on deposit in the Liquidity Facility Reserve Account; provided that the foregoing shall not affect or impair the obligations of the Administrative Agent to make the distributions contemplated by Section 3.14(f) of the Indenture on behalf of the Borrower, and provided further, that the foregoing shall not affect or impair the rights of the Initial Liquidity Facility Provider to provide written instructions with respect to the investment and reinvestment of amounts in the Liquidity Facility Reserve Account to the extent provided in Section 3.02 of the Indenture. By paying to the account or accounts specified by the Administrative Agent in a Notice of Borrowing the proceeds of Advances requested by the Administrative Agent in accordance with the provisions of this Agreement, the Initial Liquidity Facility Provider makes no representation as to, and assumes no responsibility for, the correctness or sufficiency for any purpose of the amount of the Advances so made and requested. Section 2.03. Fees. The Borrower agrees to pay to the Initial Liquidity Facility Provider the fees set forth herein and in the Fee Letter. Section 2.04. Termination of the Maximum Facility Commitment. Upon the making of a Downgrade Advance, a Non-Extension Advance or a Final Advance hereunder or the occurrence of the Termination Date, the obligation of the Initial Liquidity Facility Provider to make further

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&nbsp;&nbsp;&nbsp;&nbsp;- 19 - 4900-8084-3604.v2 Advances hereunder with respect to the Maximum Facility Commitment shall automatically and irrevocably terminate, and the Administrative Agent (on behalf of the Borrower) shall not be entitled to request any further Borrowing hereunder with respect to the Maximum Facility Commitment (except to the extent the Maximum Facility Commitment is reinstated pursuant to Section 2.06(c)). Section 2.05. Repayments of Facility Advances. Subject to Sections 2.06, 2.07 and 2.09 hereof, the Borrower hereby agrees, without notice of an Advance or demand for repayment from the Initial Liquidity Facility Provider (which notice and demand are hereby waived by the Borrower), to pay, or to cause to be paid, to the Initial Liquidity Facility Provider (a) on each Payment Date, an amount equal to the amount of a Facility Advance or the Final Advance (any such Facility Advance or the Final Advance, until repaid, is referred to herein as an "Unpaid Advance"), plus (b) interest on the amount of each such Unpaid Advance in the amounts and on the dates determined as provided in Section 3.07; provided that if (i) the Initial Liquidity Facility Provider shall make a Provider Advance at any time after making one or more Facility Advances which shall not have been repaid in accordance with this Section 2.05 or (ii) this Initial Liquidity Facility shall become a Downgraded Facility or Non-Extended Facility at any time when unreimbursed Facility Advances have reduced the Available Amount to zero, then such Facility Advances shall cease to constitute Unpaid Advances and shall be deemed to have been changed into a Applied Downgrade Advances or Applied Non-Extension Advances, as the case may be, for all purposes of this Agreement (including, without limitation, for the purpose of determining when such Facility Advance is required to be repaid to the Initial Liquidity Facility Provider in accordance with Section 2.06 and for the purposes of Section 2.06(b)). The Borrower and the Initial Liquidity Facility Provider agree that the repayment in full of each Facility Advance and Final Advance on the date such Advance is made is intended to be a contemporaneous exchange for new value given to the Borrower by the Initial Liquidity Facility Provider. For the avoidance of doubt, interest payable on a Facility Advance or the Final Advance shall not be regarded as overdue unless such interest is not paid when due under Section 3.07. Section 2.06. Repayments of Provider Advances. (a) Amounts advanced hereunder in respect of a Provider Advance shall be deposited in the Liquidity Facility Reserve Account and invested and withdrawn from the Liquidity Facility Reserve Account as set forth in Sections 3.14(c), 3.14(d) and 3.14(f) of the Indenture. Subject to Sections 2.07 and 2.09, the Borrower agrees to pay to the Initial Liquidity Facility Provider, on each Payment Date, commencing on the first Payment Date after the making of a Provider Advance, interest on the principal amount of any such Provider Advance, in the amounts and on the dates determined as provided in Section 3.07; provided, however, that amounts in respect of a Provider Advance withdrawn from the Liquidity Facility Reserve Account for the purpose of paying part or all of a Shortfall in accordance with Section 3.14(a), of the Indenture (the amount of any such withdrawal being (y) in the case of a Downgrade Advance, an "Applied Downgrade Advance" and (z) in the case of a Non-Extension Advance, an "Applied Non-Extension Advance") shall thereafter (subject to Section 2.06(b)) be treated as a Facility Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon and the dates on which such interest is payable; provided further, however, that if, following the making of a Provider Advance, the Initial Liquidity Facility Provider delivers a Termination Notice to the Administrative Agent pursuant to Section 6.01, such Provider Advance shall

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&nbsp;&nbsp;&nbsp;&nbsp;- 20 - 4900-8084-3604.v2 thereafter be deemed converted to as a Final Advance under this Agreement solely for purposes of determining the Applicable Liquidity Rate for interest payable thereon and the dates on which such interest is payable. Subject to Sections 2.07 and 2.09 hereof, immediately upon the withdrawal of any amounts from the Liquidity Facility Reserve Account on account of excess amounts in such account, as determined by and in accordance with Section 3.14(f)(ii) of the Indenture, the Borrower shall repay or cause to be repaid to the Initial Liquidity Facility Provider any Provider Advance in a principal amount equal to such excess amount so withdrawn, plus interest on such principal amount as provided in Section 3.07. Upon the termination of this Agreement pursuant to Section 6.01, the Borrower shall apply the amounts on deposit in the Liquidity Facility Reserve Account to repayment of any Unapplied Provider Advances as of the date of such expiration. (b) At any time when an Applied Provider Advance (or any portion thereof) is outstanding, upon the deposit in the Liquidity Facility Reserve Account of any amount pursuant to Section 3.09(a)(iv) of the Indenture (any such amount being a "Replenishment Amount") for the purpose of replenishing or increasing the balance thereof up to the Maximum Facility Commitment at such time, (i) the aggregate outstanding principal amount of all Applied Provider Advances (and of Provider Advances treated as a Facility Advance for purposes of determining the Applicable Liquidity Rate for interest payable thereon) shall be automatically reduced by the amount of such Replenishment Amount and (ii) the aggregate outstanding principal amount of all Unapplied Provider Advances shall be automatically increased by the amount of such Replenishment Amount. (c) After making a Downgrade Advance, if the Liquidity Facility is no longer a Downgraded Facility and the Initial Liquidity Facility Provider delivers a notice stating that the Liquidity Facility is no longer a Downgraded Facility to the Administrative Agent, any Unapplied Downgrade Advance shall be withdrawn from the Liquidity Facility Reserve Account and reimbursed to the Initial Liquidity Facility Provider and the Available Amount shall be reinstated by an amount equal to the amount of any Unapplied Downgrade Advance that is reimbursed to the Initial Liquidity Facility Provider from the Liquidity Facility Reserve Account and reimbursed to the Initial Liquidity Facility Provider. (d) Upon the provision of a Replacement Liquidity Facility in replacement of this Agreement in accordance with Section 3.14(e) of the Indenture, as provided in Section 3.14(f) of the Indenture, amounts remaining on deposit in the Liquidity Facility Reserve Account after giving effect to any Applied Provider Advance on the date of such replacement shall be reimbursed to the Initial Liquidity Facility Provider, but only to the extent such amounts are necessary to repay in full to the Initial Liquidity Facility Provider all amounts owing to it hereunder. Section 2.07. Payments to the Initial Liquidity Facility Provider Under the Indenture. In order to provide for payment or repayment to the Initial Liquidity Facility Provider of any amounts hereunder, the Indenture provides that amounts available and referred to in Article III of the Indenture, to the extent payable to the Initial Liquidity Facility Provider pursuant to the terms of the Indenture (including, without limitation, Section 3.14(f) of the Indenture), shall be paid to the Initial Liquidity Facility Provider in accordance with the terms thereof (but, for the avoidance of doubt, without duplication of or increase in any amounts payable hereunder). Amounts so paid to the Initial Liquidity Facility Provider shall be applied by the Initial Liquidity Facility Provider in

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&nbsp;&nbsp;&nbsp;&nbsp;- 21 - 4900-8084-3604.v2 the order of priority required by the applicable provisions of Article III of the Indenture and shall discharge in full the corresponding obligations of the Borrower hereunder. Section 2.08. Book Entries. The Initial Liquidity Facility Provider shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower resulting from Advances made from time to time and the amounts of principal and interest payable hereunder and paid from time to time in respect thereof; provided, however, that the failure by the Initial Liquidity Facility Provider to maintain such account or accounts shall not affect the obligations of the Borrower and the Administrative Agent in respect of such Advances. Section 2.09. Payments from Available Funds Only. All payments to be made by the Borrower to the Initial Liquidity Facility Provider under this Agreement shall be made only from the amounts on deposit in Accounts and the other Collateral as defined in the Indenture and described in the Security Trust Agreement and only to the extent that such Accounts and Collateral shall have sufficient income or proceeds therefrom to enable the Administrative Agent to make payments on behalf of the Borrower in accordance with the terms hereof after giving effect to the priority of payments provisions set forth in the Indenture. The Initial Liquidity Facility Provider agrees that it will look solely to such amounts to the extent available for distribution to it as provided in the Indenture and this Agreement and that the Borrower and the Administrative Agent, in their respective individual capacities, are not personally liable to it for any amounts payable or liability under this Agreement except as expressly provided in this Agreement, the Indenture or the Security Trust Agreement. Amounts on deposit in the Liquidity Facility Reserve Account shall be available to the Administrative Agent to make payments under this Agreement only to the extent and for the purposes expressly contemplated in Section 3.14(f) of the Indenture. Amounts on deposit in the Liquidity Facility Reserve Account constituting Provider Advances, shall be promptly returned to the Initial Liquidity Facility Provider following the Termination Date (other than in the circumstances described in clauses (i), (iv) or (v) of the definition of Termination Date) until all amounts owed to the Initial Liquidity Facility Provider hereunder have been paid in full, and the balance remaining in the Liquidity Facility Reserve Account shall be deposited by the Administrative Agent into the Collections Account. Section 2.10. Extension of the Expiry Date; Replacement Liquidity Facility; Non- Extension Advance. (a) No earlier than the 75th day and no later than the 30th day prior to the then effective Expiry Date (the "Stated Expiration Date"), the Borrower or the Administrative Agent may (but shall not be obligated to) make an Extension Request requesting that the Initial Liquidity Facility Provider extend the Expiry Date to the earlier of (i) the date that is 15 days after the Final Maturity Date, and (ii) the first anniversary of the Stated Expiration Date (unless the obligations of the Initial Liquidity Facility Provider hereunder have been earlier terminated in accordance herewith) (such extended Expiry Date, the "New Expiration Date"). (b) Whether or not the Borrower or the Administrative Agent has made such request, the Initial Liquidity Facility Provider shall have the right to advise the Borrower no earlier than the 40th day (or, if earlier, the date of the Initial Liquidity Facility Provider's receipt of such request, if any, from the Borrower or the Administrative Agent) and no later than the 25th day prior to the then effective Expiry Date, whether, in its sole discretion, it has elected not to extend

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&nbsp;&nbsp;&nbsp;&nbsp;- 22 - 4900-8084-3604.v2 the Expiry Date or has rejected an Extension Request (a "Non-Extension Notice"). If the Initial Liquidity Facility Provider does not give a Non-Extension Notice in accordance with the foregoing sentence (whether or not the Borrower or the Administrative Agent has made any request pursuant to this paragraph), then the effective Expiry Date shall be automatically extended to the earlier of (i) the date that is 15 days after the Final Maturity Date for the Specified Notes, and (ii) the first anniversary of the then effective Expiry Date. (c) If the Initial Liquidity Facility Provider rejects the Extension Request or elects not to extend the then effective Expiry Date, then the Initial Liquidity Facility Provider may, at its option in accordance with Section 3.14(e)(i) of the Indenture, arrange for a Replacement Liquidity Facility to replace the Initial Liquidity Facility during the period no earlier than 45 days and no later than 10 days prior to the Stated Expiration Date. In addition, the Initial Liquidity Facility Provider may, at its option in accordance with Sections 3.14(e)(ii) and 3.14(e)(iii)(A) of the Indenture, arrange for a Replacement Liquidity Facility to replace the Initial Liquidity Facility at any time (regardless of whether a Downgrade Event or the Expiry Date has occurred). If a Replacement Liquidity Facility is provided at any time after the making of a Downgrade Advance or a Non-Extension Advance under the Initial Liquidity Facility, the funds with respect to such Initial Liquidity Facility on deposit in the Liquidity Facility Reserve Account (with any accrued interest on such funds computed in accordance with Section 3.07) will be returned to the Initial Liquidity Facility Provider being replaced. (d) If the Initial Liquidity Facility Provider neither agrees to the Extension Request contemplated by clause (a) of this Section 2.10 nor provides for a Replacement Liquidity Facility, the Administrative Agent (on behalf of the Borrower) shall immediately request a Non-Extension Advance in accordance with Section 2.02(b) hereof and Section 3.14(d) of the Indenture. Section 2.11. Use of Downgrade Advances and Non-Extension Advances. The proceeds of Non-Extension Advances and Downgrade Advances to the extent of the Available Amount will be held in the Liquidity Facility Reserve Account as cash collateral to be used for the same purposes and under the same circumstances, and subject to the same conditions, as cash payments of Facility Advances under the Initial Liquidity Facility would be used. ARTICLE III OBLIGATIONS OF THE BORROWER Section 3.01. Increased Costs. If as a result of any Regulatory Change there shall be any increase by an amount reasonably deemed by the Initial Liquidity Facility Provider to be material in the actual cost to the Initial Liquidity Facility Provider of making, funding or maintaining any Advances or its obligation to make any such Advances or there shall be any reduction by an amount reasonably deemed by the Initial Liquidity Facility Provider to be material in (x) its return on capital or equity or (y) the amount receivable by the Initial Liquidity Facility Provider under this Agreement or the Indenture in respect thereof (taking into consideration the Initial Liquidity Facility Provider's policies with respect to capital adequacy), and in case of either such an increase or reduction, such event does not arise from the gross negligence or willful misconduct of the Initial Liquidity Facility Provider, from its breach of any of its representations, warranties, covenants or agreements contained herein or from its failure to comply with any such Regulatory

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&nbsp;&nbsp;&nbsp;&nbsp;- 23 - 4900-8084-3604.v2 Change (any such increase or reduction being referred to herein as an "Increased Cost"), then the Borrower shall subject to Section 2.09 from time to time pay to the Initial Liquidity Facility Provider an amount equal to such Increased Cost within 10 Business Days after delivery to the Borrower and the Administrative Agent of a certificate of an officer of the Initial Liquidity Facility Provider describing in reasonable detail the event by reason of which it claims such Increased Cost and the basis for the determination of the amount of such Increased Cost; provided that, the Borrower shall be obligated to pay amounts only with respect to any Increased Costs accruing from the date 180 days prior to the date of delivery of such certificate. Such certificate, in the absence of manifest error, shall be considered prima facie evidence of the amount of the Increased Costs for purposes of this Agreement; provided that any determinations and allocations by the Initial Liquidity Facility Provider of the effect of any Regulatory Change on the costs of maintaining the Advances are made on a reasonable basis. The Initial Liquidity Facility Provider shall not be entitled to assert any claim under this Section 3.01 in respect of any Indemnified Tax or Excluded Taxes. The Initial Liquidity Facility Provider will notify the Borrower and the Administrative Agent as promptly as practicable of any event occurring after the date of this Agreement that will entitle the Initial Liquidity Facility Provider to compensation under this Section 3.01. The Initial Liquidity Facility Provider agrees to investigate all commercially reasonable alternatives for reducing any Increased Costs and to use all commercially reasonable efforts to avoid or reduce, to the greatest extent possible, any claim in respect of Increased Costs, including, without limitation, by designating a different Lending Office, if such designation or other action would avoid the need for, or reduce the amount of, any such claim; provided that the foregoing shall not obligate the Initial Liquidity Facility Provider to take any action that would, in its reasonable judgment, cause the Initial Liquidity Facility Provider to take any action that is not materially consistent with its internal policies or is otherwise materially disadvantageous to the Initial Liquidity Facility Provider or that would cause the Initial Liquidity Facility Provider to incur any material loss or cost, unless the Borrower agrees to reimburse or indemnify the Initial Liquidity Facility Provider therefor. If no such designation or other action is effected, or, if effected, fails to avoid the need for any claim in respect of Increased Costs, the Borrower may arrange for a Replacement Liquidity Facility in accordance with Section 3.14(e) of the Indenture. Notwithstanding the foregoing provisions, in no event shall the Borrower be required to make payments under this Section 3.01: (a) in respect of any Regulatory Change proposed by any applicable governmental authority (including any branch of a legislature), central bank or comparable agency of the United States or the Initial Liquidity Facility Provider's jurisdiction of organization and pending as of the date of this Agreement; (b) if a claim hereunder in respect of an Increased Cost arises through circumstances peculiar to the Initial Liquidity Facility Provider and that do not affect similarly organized commercial banking institutions in the same jurisdiction generally that are in compliance with the law, rule, regulation or interpretation giving rise to the Regulatory Change relating to such Increased Cost; or (c) if the Initial Liquidity Facility Provider shall fail to comply with its obligations under this Section 3.01. Section 3.02. [Intentionally omitted]. Section 3.03. Withholding Taxes. (a) All payments made by or on account of any obligation of the Borrower under this Agreement shall be made without deduction or withholding for or on account of any Taxes, unless

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&nbsp;&nbsp;&nbsp;&nbsp;- 24 - 4900-8084-3604.v2 such deduction or withholding is required by law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant governmental authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 3.03) the Initial Liquidity Facility Provider receives an amount equal to the sum it would have received had no such deduction or withholding been made. (b) The Borrower shall timely pay to the relevant governmental authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. (c) The Borrower shall indemnify the Initial Liquidity Facility Provider, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by the Initial Liquidity Facility Provider or required to be withheld or deducted from a payment to the Initial Liquidity Facility Provider and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant governmental authority. A certificate as to the amount of such payment or liability delivered to the Borrower by the Initial Liquidity Facility Provider (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of the Initial Liquidity Facility Provider, shall be conclusive absent manifest error. (d) As soon as practicable after any payment of Taxes by the Borrower to a governmental authority pursuant to this Section 3.03, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such governmental authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. (e) If the Initial Liquidity Facility Provider is entitled to an exemption from or reduction of withholding Tax with respect to payments made under this Agreement or any other Related Document, it shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, the Initial Liquidity Facility Provider, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not the Initial Liquidity Facility Provider is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 3.03(f)(i), (f)(ii) and (f)(iv) below) shall not be required if in the Initial Liquidity Facility Provider's reasonable judgment such

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&nbsp;&nbsp;&nbsp;&nbsp;- 25 - 4900-8084-3604.v2 completion, execution or submission would subject it to any material unreimbursed cost or expense or would materially prejudice the Initial Liquidity Facility Provider's legal or commercial position. (f) Without limiting the generality of the foregoing of clause (e) above: (i) if the Initial Liquidity Facility Provider is a U.S. Person, it shall deliver to the Borrower and the Administrative Agent on or prior to the date it is to receive any payment under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that the Initial Liquidity Facility Provider is exempt from U.S. federal backup withholding tax; (ii) if the Initial Liquidity Facility Provider is not a U.S. Person, it shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date hereof or, if later, the date it becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: (A) in the case it is claiming the benefits of an income Tax treaty to which the United States is a party (x) with respect to payments of interest, executed originals of the IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments, the IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty; (B) executed originals of IRS Form W-8ECI; or (C) to the extent it is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, or W-8BEN-E, as applicable, a certificate substantially in the form of Annex VI-A or Annex VI-B (a "U.S. Tax Compliance Certificate"), IRS Form W-9 (or any successor form), and/or other certification documents from each beneficial owner, as applicable. (iii) If the Initial Liquidity Facility Provider is not a U.S. Person, it shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date hereof or, if later, the date it becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made. (iv) If a payment made to the Initial Liquidity Facility Provider under this Agreement or any other Related Document would be subject to U.S. federal withholding Tax imposed by FATCA if it were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), it shall deliver to the Borrower and the Administrative Agent at the

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&nbsp;&nbsp;&nbsp;&nbsp;- 26 - 4900-8084-3604.v2 time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that it has complied with such its obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (iv), "FATCA" shall include any amendments made to FATCA after the date of this Agreement. The Initial Liquidity Facility Provider agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. (g) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.03 (including by the payment of additional amounts pursuant to this Section 3.03) it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of- pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant governmental authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this clause (g) (plus any penalties, interest or other charges imposed by the relevant governmental authority) in the event that such indemnified party is required to repay such refund to such governmental authority. Notwithstanding anything to the contrary in this clause (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this clause (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This clause (g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. Section 3.04. Payments. The Administrative Agent shall make available, or shall cause to be made available, each payment to the Initial Liquidity Facility Provider under this Agreement no later than 3:00 p.m. (New York time) on the day when due. The Administrative Agent shall make all such payments in Dollars, to the Initial Liquidity Facility Provider in immediately available funds, by wire transfer to the following account: MUFG BANK, LTD., New York Branch SWIFT ID: [\*] ABA No: [\*] A/C #: [\*] Attention: [\*] Reference: [\*]

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&nbsp;&nbsp;&nbsp;&nbsp;- 27 - 4900-8084-3604.v2 Section 3.05. Computations. All interest hereunder shall be computed on the basis of a year of 360 days (or in the case of interest computed by reference to the ABR at times when the ABR is based on the Prime Rate, such interest shall be computed on the basis of a year of 365 days (or 366 days in a leap year)), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. The applicable ABR or Term SOFR shall be determined by the Initial Liquidity Facility Provider, and such determination shall be conclusive absent manifest error. Section 3.06. Payment on Non-Business Days. Whenever any payment to be made hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day and no additional interest shall be due as a result (and if so made, shall be deemed to have been made when due). If any payment in respect of interest on an Advance is so deferred to the next succeeding Business Day, such deferral shall not delay the commencement of the next Interest Period for such Advance (if such Advance is a SOFR Advance) or reduce the number of days for which interest will be payable on such Advance on the next interest payment date for such Advance. Section 3.07. Interest. (a) Subject to Sections 2.07 and 2.09, the Borrower shall pay, or shall cause to be paid, without duplication, interest on (i) the unpaid principal amount of each Advance from and including the date of such Advance and, in the case of any Applied Provider Advance, from and including the date on which the amount thereof was withdrawn from the Liquidity Facility Reserve Account to pay the amounts set forth in Section 2.01) to but excluding the date such principal amount shall be paid in full (or, in the case of an Applied Provider Advance, the date on which the Liquidity Facility Reserve Account is fully replenished in respect of such Advance) and (ii) any other amount due hereunder (whether fees, commissions, expenses or other amounts or, to the extent permitted by law, installments of interest on Advances or any such other amount) that is not paid when due (whether at stated maturity, by acceleration or otherwise) from and including the due date thereof to but excluding the date such amount is paid in full, in each such case, at the interest rate per annum for each day equal to the Applicable Liquidity Rate (as defined below) for such Advance or Applied Provider Advance or such other amount, as the case may be, as in effect for such day, but in no event at a rate per annum greater than the maximum rate permitted by applicable law, provided, however, that, if at any time the otherwise applicable interest rate as set forth in this Section 3.07 shall exceed the maximum rate permitted by applicable law, then to the maximum extent permitted by applicable law any subsequent reduction in such interest rate will not reduce the rate of interest payable pursuant to this Section 3.07 below the maximum rate permitted by applicable law until the total amount of interest accrued equals the absolute amount of interest that would have accrued (without additional interest thereon) if such otherwise applicable interest rate as set forth in this Section 3.07 had at all relevant times been in effect. (b) Except as provided in Sections 3.07(e), 3.08 and 3.10, each Advance (other than an Unapplied Non-Extension Advance or an Unapplied Downgrade Advance) will be a SOFR Advance.

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&nbsp;&nbsp;&nbsp;&nbsp;- 28 - 4900-8084-3604.v2 (c) Each SOFR Advance shall bear interest during each Interest Period at a rate per annum equal to the Term SOFR for such Interest Period plus the Applicable Margin, payable in arrears on the last day of such Interest Period and, in the event of the payment of principal of such SOFR Advance on a day other than such last day, on the date of such payment (to the extent of interest accrued on the amount of principal repaid). (d) Subject to Section 3.08, each ABR Advance shall bear interest during each Interest Period at a rate per annum equal to ABR for such Interest Period plus the Applicable Margin, payable in arrears on the last day of such Interest Period and, in the event of the payment of principal of such ABR Advance on a day other than such last day, on the date of such payment (to the extent of interest accrued on the amount of principal repaid. (e) Each Unapplied Non-Extension Advance and Unapplied Downgrade Advance will be invested by the Administrative Agent in Permitted Account Investments. The Initial Liquidity Facility Provider shall direct the Administrative Agent's investments in writing in Permitted Account Investments. Each Unapplied Non-Extension Advances and Unapplied Downgrade Advances will bear interest in an amount equal to the Investment Earnings on amounts deposited in the Liquidity Facility Reserve Account. The Administrative Agent will apply such Investment Earnings, calculated as of the applicable Determination Date, to satisfy the Borrower's interest payment obligation (payable in arrears on each Payment Date) to the Initial Liquidity Facility Provider. Each outstanding Unapplied Non-Extension Advance and each outstanding Unapplied Downgrade Advance will continue to be subject to payment of the Liquidity Facility Non-Use Fee as if no Downgrade Advance nor Non-Extension Advance is outstanding. On the Termination Date, the Borrower shall, subject to Section 2.09, fully repay any Downgrade Advance or Non- Extension Advance remaining outstanding, together with accrued interest (including accrued Liquidity Facility Non-Use Fees) to the Initial Liquidity Facility Provider. (f) Each amount not paid when due hereunder (whether fees, commissions, expenses or other amounts or, to the extent permitted by applicable law, installments of interest on Advances but excluding Advances) shall bear interest at a rate per annum equal to the Initial Liquidity Facility Interest Rate for such Interest Period. (g) The rates of interest specified in this Section 3.07 with respect to any Advance or other amount shall be referred to as the "Applicable Liquidity Rate". Section 3.08. Benchmark Replacement Setting. (a) Benchmark Replacement. Notwithstanding anything to the contrary herein, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder in respect of any Benchmark

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&nbsp;&nbsp;&nbsp;&nbsp;- 29 - 4900-8084-3604.v2 setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Borrower and the Administrative Agent without any amendment to, or further action or consent of any other party to, this Agreement or any other Related Document so long as the Liquidity Facility Provider has not received, by such time, written notice of objection to such Benchmark Replacement from the Borrower. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis. (b) Benchmark Replacement Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Initial Liquidity Facility Provider will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Related Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Related Document. (c) Notices; Standards for Decisions and Determinations. The Initial Liquidity Facility Provider will promptly notify the Borrower and the Administrative Agent of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Liquidity Facility Provider will notify the Borrower and the Administrative Agent of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 3.08(d) and (y) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Initial Liquidity Facility Provider pursuant to this Section 3.08, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Related Document, except, in each case, as expressly required pursuant to this Section 3.08. (d) Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Initial Liquidity Facility Provider in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Initial Liquidity Facility Provider may modify the definition of "Interest Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Initial Liquidity Facility Provider may modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

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&nbsp;&nbsp;&nbsp;&nbsp;- 30 - 4900-8084-3604.v2 (e) Benchmark Unavailability Period. Upon the Borrower's and the Administrative Agent's receipt of notice of the commencement of a Benchmark Unavailability Period, (i) the Administrative Agent will be deemed to have converted any pending notice for a borrowing of or continuation of SOFR Advances to be made or continued during any Benchmark Unavailability Period into a notice for a borrowing of or conversion to ABR Advances, and (ii) if the Liquidity Facility Provider is then otherwise required to make an Advance in accordance with Section 2.02, such Advance shall be an ABR Advance. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR. Section 3.09. Funding Loss Indemnification. Subject to Section 2.09, the Borrower shall pay (or cause to be paid) to the Initial Liquidity Facility Provider, upon the request of the Initial Liquidity Facility Provider, such amount or amounts as shall be sufficient (in the reasonable opinion of the Initial Liquidity Facility Provider) to compensate it for any loss, cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by the Initial Liquidity Facility Provider to fund or maintain any Advance (but excluding loss of the Applicable Margin or anticipated profits) incurred as a result of: i. any repayment of an Advance on a date other than the last day of the Interest Period for such Advance; ii. any failure by the Borrower to borrow an Advance on the date for borrowing specified in the relevant Notice of Borrowing delivered by the Administrative Agent under Section 2.02; or iii. the conversion of any SOFR Advance other than on the last day of the Interest Period applicable thereto. Section 3.10. Illegality. Notwithstanding any other provision in this Agreement, if any change in any law, rule or regulation applicable to or binding on the Initial Liquidity Facility Provider, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by the Initial Liquidity Facility Provider with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall make it unlawful or impossible for the Initial Liquidity Facility Provider to maintain or fund its Advances, then the Initial Liquidity Facility Provider, after using all reasonable endeavors to make alternative arrangements satisfactory to the Borrower to meet its obligations as contemplated hereby, may give notice to the Borrower and the Administrative Agent specifying: (a) the relevant change; (b) its effect upon the Initial Liquidity Facility Provider; and (c) if the illegality or prohibition may be avoided by repayment of only part of the Advance, then the amount of the Advance required to be repaid for that purpose shall (subject to Section 2.09) be repaid without penalty, or if the illegality or prohibition cannot be avoided as aforesaid, declaring that the Initial Liquidity Facility Provider's obligations to permit further Advances under this Agreement up to the Available Amount shall be terminated forthwith provided that all sums already advanced to the Borrower shall continue to be repayable on the terms and in the manner provided in this

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&nbsp;&nbsp;&nbsp;&nbsp;- 31 - 4900-8084-3604.v2 Agreement. The Initial Liquidity Facility Provider agrees to investigate all commercially reasonable alternatives for avoiding the need for such actions, including, without limitation, designating a different Lending Office; provided, that the foregoing shall not obligate the Initial Liquidity Facility Provider to take any action that would, in its reasonable judgment, cause the Initial Liquidity Facility Provider to incur any material loss or cost, unless the Borrower agrees to reimburse or indemnify the Initial Liquidity Facility Provider therefor. If no such designation or other action is effected, or, if effected, fails to avoid the need for such actions, the Borrower may arrange for a Replacement Liquidity Facility in accordance with Section 3.14(e) of the Indenture. Section 3.11. Inability to Determine Rates. Subject to Section 3.08, if, on or prior to the first day of any Interest Period for any SOFR Advance: (a) the Initial Liquidity Facility Provider determines (which determination shall be conclusive and binding absent manifest error) that "Term SOFR" cannot be determined pursuant to the definition thereof, or (b) the Initial Liquidity Facility Provider determines that for any reason in connection with any request for a SOFR Advance or a continuation thereof that Term SOFR for any requested Interest Period with respect to a proposed SOFR Advance does not adequately and fairly reflect the cost to the Initial Liquidity Facility Provider of making and maintaining such SOFR Advance, the Initial Liquidity Facility Provider will promptly so notify the Borrower and the Administrative Agent. Upon receipt of such notice, (i) the Administrative Agent will be deemed to have converted any pending request for a borrowing of, or continuation of SOFR Advances (to the extent of the affected SOFR Advances or affected Interest Periods) into a request for a Borrowing of or conversion to ABR Advances in the amount specified therein and (ii) any outstanding affected SOFR Advances will be deemed to have been converted into ABR Advances at the end of the applicable Interest Period. Upon any such conversion, the Borrower shall, jointly and severally, also pay accrued interest on the amount so converted, together with any additional amounts required pursuant to Section 3.09. ARTICLE IV CONDITIONS PRECEDENT Section 4.01. Conditions Precedent to Effectiveness of Section 2.01. Section 2.01 of this Agreement shall become effective on and as of the first date (the "Effective Date") on which the following conditions precedent have been satisfied (or waived by the appropriate party or parties): (a) The Initial Liquidity Facility Provider shall have received on or before the Initial Closing Date each of the following, and in the case of each document delivered pursuant to paragraphs (i), (ii), (iii) and (iv) below, each in form and substance satisfactory to the Initial Liquidity Facility Provider: (i) This Agreement and the Fee Letter duly executed on behalf of each of the parties thereto (other than the Initial Liquidity Facility Provider);

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&nbsp;&nbsp;&nbsp;&nbsp;- 32 - 4900-8084-3604.v2 (ii) The Indenture duly executed on behalf of each of the parties thereto (other than the Initial Liquidity Facility Provider); (iii) Fully executed copies of the Security Trust Agreement, the Administrative Agency Agreement and the Servicing Agreement; (iv) If the Borrower qualified as a "legal entity customer" under the Beneficial Ownership Regulation, the Borrower shall have delivered to the Initial Liquidity Facility Provider a Beneficial Ownership Certification to the extent requested by the Initial Liquidity Facility Provider prior to the Effective Date; and (v) An executed copy of each document, instrument, certificate and opinion delivered on or before the Initial Closing Date pursuant to the Indenture and the other Related Documents (in the case of each such opinion, either addressed to the Initial Liquidity Facility Provider or accompanied by a letter from the counsel rendering such opinion to the effect that the Initial Liquidity Facility Provider is entitled to rely on such opinion as of its date as if it were addressed to the Initial Liquidity Facility Provider). (b) On and as of the Effective Date no event shall have occurred and be continuing, or would result from the entering into of this Agreement or the making of any Advance, which constitutes a Liquidity Facility Event of Default. (c) The Initial Liquidity Facility Provider shall have received payment in full of the fees and other sums required to be paid to or for the account of the Initial Liquidity Facility Provider on or prior to the Effective Date pursuant to this Agreement and the Fee Letter. (d) All conditions precedent to the issuance of the Specified Series under the Indenture shall have been satisfied or waived and all conditions precedent to the purchase of the Initial Notes by the Initial Purchasers under the Note Purchase Agreement (other than the effectiveness of this Agreement) shall have been satisfied (unless any of such conditions precedent under the Note Purchase Agreement shall have been waived by the Initial Purchasers). (e) The Borrower and the Administrative Agent shall have received a certificate, dated the Effective Date signed by a duly authorized representative of the Initial Liquidity Facility Provider, certifying that the Effective Date has occurred. Section 4.02. Conditions Precedent to Borrowing. The obligation of the Initial Liquidity Facility Provider to make an Advance on the occasion of each Borrowing shall be subject to the conditions precedent that the Effective Date shall have occurred and, prior to the time of such Borrowing, the Administrative Agent shall have delivered a Notice of Borrowing which conforms to the terms and conditions of this Agreement. ARTICLE V COVENANTS Section 5.01. Affirmative Covenants of the Borrower. So long as any Advance shall remain unpaid or the Initial Liquidity Facility Provider shall have any Maximum Facility

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&nbsp;&nbsp;&nbsp;&nbsp;- 33 - 4900-8084-3604.v2 Commitment hereunder or the Borrower shall have any obligation to pay any amount to the Initial Liquidity Facility Provider hereunder, the Borrower will, unless the Initial Liquidity Facility Provider shall otherwise consent in writing: (a) Performance of Agreements. Punctually pay or cause to be paid all amounts payable by it under this Agreement and the Indenture and observe and perform in all material respects the conditions, covenants and requirements applicable to it contained in this Agreement and the Indenture. (b) Reporting Requirements. Furnish to the Initial Liquidity Facility Provider with reasonable promptness, such other information and data with respect to the transactions contemplated by the Related Documents as from time to time may be reasonably requested by the Initial Liquidity Facility Provider; and permit the Initial Liquidity Facility Provider, upon reasonable notice, to inspect the Borrower's books and records with respect to such transactions and to meet with the Administrative Agent and other representatives of the Borrower to discuss such transactions contemplated by this Agreement and the Related Documents. (c) Certain Related Documents. Furnish to the Initial Liquidity Facility Provider with reasonable promptness, copies of such Related Documents entered into after the date hereof as from time to time may be reasonably requested by the Initial Liquidity Facility Provider. Section 5.02. Covenants Regarding Notices. Promptly following any time that (x) the Specified Series have been paid in full (or provision has been made for such payment in accordance with the Indenture), (y) the Indenture has been terminated with respect to all of the Specified Series issued thereunder as contemplated by Section 11.01(a) of the Indenture, or (z) the Specified Series are otherwise no longer entitled to the benefits of this Agreement, the Administrative Agent shall deliver to the Initial Liquidity Facility Provider the certificate referred to in clause (ii) of the definition of Termination Date. Promptly following any time that a Replacement Liquidity Facility has been substituted for this Agreement pursuant to Section 3.14(e) of the Indenture, the Administrative Agent shall deliver to the Initial Liquidity Facility Provider the certificate referred to in clause (iii) of the definition of Termination Date. ARTICLE VI LIQUIDITY EVENTS OF DEFAULT Section 6.01. Liquidity Events of Default. If any Liquidity Facility Event of Default has occurred and is continuing, then the Initial Liquidity Facility Provider may, in its discretion, deliver to the Administrative Agent a Termination Notice, and this Agreement shall expire at the close of business on the fifth Business Day after the date on which such Termination Notice is received by the Administrative Agent. Upon receipt of such Termination Notice, (i) the Administrative Agent shall promptly request, and the Initial Liquidity Facility Provider shall promptly make, a Final Advance in accordance with Section 2.02(d) hereof and Section 3.14(i) of the Indenture, (ii) all other outstanding Advances shall be automatically converted into Final Advances for purposes of determining the interest payable thereon and (iii) subject to Sections 2.07 and 2.09, all Advances, any accrued interest thereon and any other amounts outstanding hereunder shall become immediately due and payable to the Initial Liquidity Facility Provider.

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&nbsp;&nbsp;&nbsp;&nbsp;- 34 - 4900-8084-3604.v2 ARTICLE VII MISCELLANEOUS Section 7.01. No Oral Modifications or Continuing Waivers. No terms or provisions of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the Borrower, the Administrative Agent, and the Initial Liquidity Facility Provider and any other Person whose consent is required pursuant to this Agreement. Any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given. Section 7.02. Notices. Unless otherwise expressly specified or permitted by the terms hereof, all notices, requests, demands, authorizations, directions, consents, waivers or documents required or permitted under the terms and provisions of this Agreement shall be in English and in writing, and given by registered or certified mail, courier service, facsimile or e-mail, and any such notice shall be effective when delivered (or, if delivered by facsimile, upon completion of transmission and confirmation by the sender (by a telephone call to a representative of the recipient or by machine confirmation) that such transmission was received) addressed as follows: (a) if to the Borrower, to: Willis Engine Structured Trust VIII c/o Wilmington Trust Company 1100 North Market Street Wilmington, Delaware 19890 Attention: Corporate Trust Administrator Facsimile: +1 (302) 651-8882 with a copy to: Willis Lease Finance Corporation 4700 Lyons Technology Parkway Coconut Creek, Florida 33073 Attention: General Counsel Telephone: +1 (561) 349-9989 (b) if to the Administrative Agent, to: Willis Lease Finance Corporation 4700 Lyons Technology Parkway Coconut Creek, Florida 33073 Attention: General Counsel Telephone: +1 (561) 349-9989 (c) if to the Initial Liquidity Facility Provider, to: MUFG BANK, LTD. 1251 Avenue of the Americas

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&nbsp;&nbsp;&nbsp;&nbsp;- 35 - 4900-8084-3604.v2 New York, NY 10020-1104 Attention: Aqmar Chowdhury, Gordon Cook, Gianna Peko Email: AqChowdhury@us.mufg.jp; Gcook@us.mufg.jp; gpeko@us.mufg.jp; aviationfo@us.mufg.jp Any party, by notice to the other parties hereto, may designate additional or different addresses for subsequent notices or communications. Whenever the words "notice" or "notify" or similar words are used herein, they mean the provision of formal notice as set forth in this Section 7.02. In connection with the performance of their respective duties hereunder, each party may give notices, consents, directions, approvals, instructions and requests to, and otherwise communicate with, each other using electronic means, including email transmission to such email addresses as each such party shall designate to the other parties. Section 7.03. No Waiver; Remedies. No failure on the part of the Initial Liquidity Facility Provider to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right under this Agreement preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. Section 7.04. Further Assurances. The Borrower agrees to do such further acts and things and to execute and deliver to the Initial Liquidity Facility Provider such additional assignments, agreements, powers and instruments as the Initial Liquidity Facility Provider may reasonably require or deem advisable to carry into effect the purposes of this Agreement and the other Related Documents or to better assure and confirm unto the Initial Liquidity Facility Provider its rights, powers and remedies hereunder and under the other Related Documents. Section 7.05. Indemnification Survival of Certain Provisions. The Initial Liquidity Facility Provider shall be indemnified hereunder to the extent and in the manner described in the Indenture. In addition, the Borrower agrees to indemnify, protect, defend and hold harmless each Liquidity Indemnitee from and against all Disbursements of any kind or nature whatsoever that may be imposed on or incurred by such Liquidity Indemnitee, in any way relating to, resulting from, or arising out of or in connection with, any action, suit or proceeding by any third party against such Liquidity Indemnitee and relating to this Agreement, the Fee Letter, the Indenture or any Related Document; provided, however, that the Borrower shall not be required to indemnify, protect, defend and hold harmless any Liquidity Indemnitee in respect of any Disbursement of such Liquidity Indemnitee to the extent such Disbursement is (i) attributable to the gross negligence or willful misconduct of such Liquidity Indemnitee or any other Liquidity Indemnitee, (ii) an ordinary and usual operating overhead expense, or (iii) attributable to the failure by such Liquidity Indemnitee or any other Liquidity Indemnitee to perform or observe any agreement, covenant or condition on its part to be performed or observed in this Agreement, the Indenture, the Fee Letter or any other Related Document to which it is a party. The provisions of Sections 3.01, 3.03, 3.09, 7.05 and 7.07 and the right to indemnification under the Indenture shall survive the termination of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;- 36 - 4900-8084-3604.v2 Section 7.06. Liability of the Initial Liquidity Facility Provider. (a) No Liquidity Indemnitee shall be liable or responsible for: (i) the use which may be made of the Advances or any acts or omissions of the Borrower or any beneficiary or transferee in connection therewith; (ii) the validity, sufficiency or genuineness of documents, or of any endorsement thereon, even if such documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; or (iii) the making of Advances by the Initial Liquidity Facility Provider against delivery of a Notice of Borrowing and other documents which do not comply with the terms hereof; provided, however, that the Borrower shall have a claim against the Initial Liquidity Facility Provider, and the Initial Liquidity Facility Provider shall be liable to the Borrower, to the extent of any damages suffered by the Borrower that are the result of (A) the Initial Liquidity Facility Provider's willful misconduct or gross negligence in determining whether documents presented hereunder comply with the terms hereof or (B) any breach by the Initial Liquidity Facility Provider of any of the terms of this Agreement or the Indenture, including, but not limited to, the Initial Liquidity Facility Provider's failure to make lawful payment hereunder after the delivery to it by the Administrative Agent of a Notice of Borrowing complying with the terms and conditions hereof. (b) Neither the Initial Liquidity Facility Provider nor any of its officers, employees or directors or affiliates shall be liable or responsible in any respect for (i) any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with this Agreement or any Notice of Borrowing delivered hereunder or (ii) any action, inaction or omission which may be taken by it in good faith, absent willful misconduct or negligence (in which event the extent of the Initial Liquidity Facility Provider's potential liability to the Borrower shall be limited as set forth in the immediately preceding paragraph), in connection with this Agreement or any Notice of Borrowing. Section 7.07. Nonpetition. During the term of this Agreement and for one year and one day after payment in full of the Notes, none of the parties hereto or any Affiliate thereof will file any involuntary petition or otherwise institute any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or state bankruptcy or similar law against the Borrower or any Subsidiary thereof. Section 7.08. Certain Costs and Disbursements. The Borrower agrees promptly to pay, or cause to be paid, (a) the reasonable fees, expenses and disbursements of Pillsbury Winthrop Shaw Pittman LLP, special counsel for the Initial Liquidity Facility Provider, in connection with the preparation, negotiation, execution, delivery, filing and recording of the Related Documents, any waiver or consent hereunder or any amendment thereof and (b) if a Liquidity Facility Event of Default occurs, all out-of-pocket expenses incurred by the Initial Liquidity Facility Provider, including reasonable fees and disbursements of counsel, in connection with such Liquidity Facility Event of Default and any collection, bankruptcy, insolvency and other enforcement proceedings in connection therewith. In addition, the Borrower shall pay (or cause to be paid) any and all recording, stamp and other similar taxes and fees payable or determined to be payable in the United States in connection with the execution, delivery, filing and recording of this Agreement, any other Related Document and such other documents, and agrees to save the Initial Liquidity Facility Provider harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such taxes or fees.

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&nbsp;&nbsp;&nbsp;&nbsp;- 37 - 4900-8084-3604.v2 Section 7.09. Binding Effect; Participations. (a) This Agreement shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent and the Initial Liquidity Facility Provider and their respective successors and permitted assigns, except that neither the Administrative Agent, the Initial Liquidity Facility Provider (except as otherwise provided in this Section 7.09) nor (except as contemplated by the Security Trust Agreement) the Borrower shall have the right to assign, pledge or otherwise transfer its rights or obligations hereunder or any interest herein, subject to (i) the Initial Liquidity Facility Provider's right to assign all of its rights and obligations hereunder pursuant to an assignment agreement that constitutes a Replacement Liquidity Facility and satisfies all of the conditions for a Replacement Liquidity Facility set forth herein and in the Indenture to a Person that qualifies as an Eligible Provider (with written notification of such assignment to the Rating Agencies)and (ii) the Initial Liquidity Facility Provider's right to grant Participations pursuant to Section 7.09(b). Following any assignment in accordance with the provisions hereof and Section 3.14 of the Indenture, the assignee Initial Liquidity Facility Provider shall be deemed to be the "Initial Liquidity Facility Provider" for all purposes of the Related Documents. (b) The Initial Liquidity Facility Provider agrees that it will not grant any participation (including, without limitation, a "risk participation") (any such participation, a "Participation") in or to all or a portion of its rights and obligations hereunder or under the other Related Documents, unless all of the following conditions are satisfied: (i) such Participation is to a Permitted Participant, (ii) such Participation is made in accordance with all applicable laws, including, without limitation, the Securities Act, and any other applicable laws relating to the transfer of similar interests and (iii) such Participation shall not be made under circumstances that require registration under the Securities Act. Notwithstanding any such Participation, the Initial Liquidity Facility Provider agrees that (1) the Initial Liquidity Facility Provider's obligations under the Related Documents shall remain unchanged, and such participant shall have no rights or benefits as against the Borrower or under any Related Document, (2) the Initial Liquidity Facility Provider shall remain solely responsible to the other parties to the Related Documents for the performance of such obligations, (3) the Initial Liquidity Facility Provider shall remain the maker of any Advances, and the other parties to the Related Documents shall continue to deal solely and directly with the Initial Liquidity Facility Provider in connection with the Advances and the Initial Liquidity Facility Provider's rights and obligations under the Related Documents, (4) the Initial Liquidity Facility Provider shall be solely responsible for any withholding Taxes or any filing or reporting requirements relating to such Participation and shall hold and indemnify the Borrower and its successors, permitted assigns, affiliates, agents and servants harmless against the same and (5) the Borrower shall not be required to pay to the Initial Liquidity Facility Provider any amount under Section 3.01 or Section 3.03 greater than it would have been required to pay had there not been any grant of a Participation by the Initial Liquidity Facility Provider. The Initial Liquidity Facility Provider may, in connection with any Participation or proposed Participation pursuant to this Section 7.09(b), disclose to the Permitted Participant or proposed Permitted Participant any information relating to the Related Documents or to the parties thereto furnished to the Initial Liquidity Facility Provider hereunder or in connection therewith and permitted to be disclosed by the Initial Liquidity Facility Provider; provided, however, that prior to any such disclosure, the Permitted Participant or proposed Permitted Participant shall agree in writing for the express benefit of the Borrower to preserve the confidentiality of any confidential information included therein (subject to customary exceptions).

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&nbsp;&nbsp;&nbsp;&nbsp;- 38 - 4900-8084-3604.v2 (c) The Initial Liquidity Facility Provider shall, acting solely for this purpose as a non- fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest under this Agreement (the "Participant Register"); provided that the Initial Liquidity Facility Provider shall not have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations and Section 1.163-5(b) of the Proposed United States Treasury Regulation. The entries in the Participant Register shall be conclusive absent manifest error, and the Initial Liquidity Facility Provider shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. (d) Notwithstanding the other provisions of this Section 7.09, the Initial Liquidity Facility Provider may assign and pledge all or any portion of the Advances owing to it to any Federal Reserve Bank or the United States Treasury as collateral security pursuant to Regulation A of the Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned Advances made by the Administrative Agent to the Initial Liquidity Facility Provider in accordance with the terms of this Agreement shall satisfy the Borrower's obligations hereunder in respect of such assigned Advance to the extent of such payment. No such assignment shall release the Initial Liquidity Facility Provider from its obligations hereunder. Section 7.10. Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Section 7.11. Governing Law. THIS AGREEMENT HAS BEEN DELIVERED IN THE STATE OF NEW YORK AND THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. Section 7.12. Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity. (a) Each of the parties hereto, to the extent it may do so under applicable law, for purposes hereof hereby (i) irrevocably submits itself to the non-exclusive jurisdiction of the courts of the State of New York sitting in the City of New York and to the non-exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan, for the purposes of any suit, action or other proceeding arising out of this Agreement, the subject matter hereof or any of the transactions contemplated hereby brought by any party or parties hereto or thereto, or their successors or permitted assigns and (ii) waives, and agrees not to

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&nbsp;&nbsp;&nbsp;&nbsp;- 39 - 4900-8084-3604.v2 assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof or any of the transactions contemplated hereby may not be enforced in or by such courts. (b) THE BORROWER, THE ADMINISTRATIVE AGENT AND THE INITIAL LIQUIDITY FACILITY PROVIDER EACH HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP THAT IS BEING ESTABLISHED, including, without limitation, contract claims, tort claims, breach of duty claims and all other common law and statutory claims. The Borrower, the Administrative Agent and the Initial Liquidity Facility Provider each warrant and represent that it has reviewed this waiver with its legal counsel, and that it knowingly and voluntarily waives its jury trial rights following consultation with such legal counsel. THIS WAIVER IS IRREVOCABLE, AND CANNOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. Section 7.13. Counterparts. This Agreement may be executed in any number of counterparts (and each party shall not be required to execute the same counterpart). Each counterpart of this Agreement including a signature page or pages executed by each of the parties hereto shall be an original counterpart of this Agreement, but all of such counterparts together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or electronic format (e.g., "pdf" or "tif") shall be as effective as delivery of a manually executed counterpart of this Agreement. Section 7.14. Entirety. This Agreement, the Fee Letter and the Related Documents constitute the entire agreement of the parties hereto with respect to the subject matter hereof and supersede all prior understandings and agreements of such parties. Section 7.15. Headings. The headings of the various Articles and Sections herein and in the **Table of Contents** hereto are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. Section 7.16. Patriot Act. In compliance with the USA Patriot Act and 31 CFR Part 103.121 and any other similar laws, rules, regulations or orders in effect from time to time applicable to the Initial Liquidity Facility Provider, when requested the Issuer shall provide to the Initial Liquidity Facility Provider certain information relating to the Issuer that the Initial Liquidity Facility Provider may be required to obtain and keep on file, including the Issuer's name, address and various identifying documents. Section 7.17. Initial Liquidity Facility Provider's Obligation to Make Advances. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE OBLIGATIONS OF THE INITIAL LIQUIDITY FACILITY PROVIDER TO MAKE ADVANCES HEREUNDER, AND THE ADMINISTRATIVE AGENT'S RIGHTS TO DELIVER NOTICES OF BORROWING ON BEHALF OF THE BORROWER REQUESTING THE MAKING OF

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&nbsp;&nbsp;&nbsp;&nbsp;- 40 - 4900-8084-3604.v2 ADVANCES HEREUNDER, SHALL BE ABSOLUTE, UNCONDITIONAL AND IRREVOCABLE, AND SHALL BE PAID OR PERFORMED, IN EACH CASE STRICTLY IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT.

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&nbsp;&nbsp;&nbsp;&nbsp;- Signature Page - Revolving Credit Agreement WEST VIII 4900-8084-3604.v2 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered by their respective officers or authorized representatives thereunto duly authorized as of the date first set forth above. WILLIS ENGINE STRUCTURED TRUST VIII, as Borrower By: /s/ Z. Clifton Dameron IV Name: Z. Clifton Dameron IV Title: Controlling Trustee

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&nbsp;&nbsp;&nbsp;&nbsp;- Signature Page - Revolving Credit Agreement WEST VIII 4900-8084-3604.v2 MUFG BANK, LTD., as the Initial Liquidity Facility Provider By: /s/ Aqmar Chowdhury Name: AQMAR CHOWDHURY Title: DIRECTOR

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&nbsp;&nbsp;&nbsp;&nbsp;- Signature Page - Revolving Credit Agreement WEST VIII 4900-8084-3604.v2 WILLIS LEASE FINANCE CORPORATION, as Administrative Agent By: /s/ Scott B. Flaherty Name: Scott B. Flaherty Title: Executive Vice President

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&nbsp;&nbsp;&nbsp;&nbsp;- 44 - 4900-8084-3604.v2 ANNEX I to REVOLVING CREDIT AGREEMENT FACILITY ADVANCE NOTICE OF BORROWING The undersigned, a duly authorized signatory of the undersigned Administrative Agent (the "Administrative Agent"), hereby certifies on behalf of Willis Engine Structured Trust VIII, as the Borrower, to MUFG Bank, Ltd. (the "Initial Liquidity Facility Provider"), with reference to the Revolving Credit Agreement dated as of June 18, 2025, among the Borrower, the Administrative Agent, and the Initial Liquidity Facility Provider (as amended from time to time, the "Liquidity Agreement"; the terms defined therein and not otherwise defined herein being used herein as therein defined or referenced), that: (1) The Administrative Agent is delivering this Notice of Borrowing for the making of a Facility Advance by the Initial Liquidity Facility Provider to be used for a Shortfall the payment of which is payable on __________, _____ (the "Payment Date") in accordance with the terms and provisions of the Specified Series and the Indenture, which Advance is requested to be made on __________, _____. The Facility Advance should be remitted to the Initial Liquidity Payment Account, the details of which are [insert wire and account details]. (2) The amount of the Facility Advance requested hereby (i) is $___________.__, to be applied in respect of funding the Initial Liquidity Payment Account in accordance with Section 3.14(b) and (f) of the Indenture, (ii) does not include any amount with respect to the payment of the principal of, Redemption Premium on, or breakage costs with respect to, the Specified Series, (iii) was computed in accordance with the provisions of the Specified Series, the Indenture (a copy of which computation is attached hereto as Schedule I), (iv) does not exceed the Available Amount on the date hereof, and (v) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing. (3) Upon receipt by the Administrative Agent of the amount requested hereby, (a) the Administrative Agent will apply the same in accordance with the terms of Section 3.14(b) of the Indenture, (b) no portion of such amount shall be applied by the Administrative Agent for any other purpose, and (c) no portion of such amount until so applied shall be commingled with other funds held by the Administrative Agent. The Administrative Agent, for itself and on behalf of the Borrower, hereby acknowledges that, pursuant to the Liquidity Agreement, the making of the Facility Advance as requested by this Notice of Borrowing shall automatically reduce, subject to reinstatement in accordance with the terms of the Liquidity Agreement, the Available Amount by an amount equal to the amount of the Facility Advance requested to be made hereby as set forth in clause (i) of paragraph (2) of this Notice of Borrowing and such reduction shall automatically result in corresponding reductions in the amounts available to be borrowed pursuant to a subsequent Advance.

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&nbsp;&nbsp;&nbsp;&nbsp;- 45 - 4900-8084-3604.v2 IN WITNESS WHEREOF, the Administrative Agent has executed and delivered this Notice of Borrowing as of the _____ day of________ WILLIS LEASE FINANCE CORPORATION, as Administrative Agent By: ____________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;- 40 - 4900-8084-3604.v2 SCHEDULE I TO LIQUIDITY ADVANCE NOTICE OF BORROWING [Insert Copy of Computations in accordance with Facility Advance Notice of Borrowing]

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&nbsp;&nbsp;&nbsp;&nbsp;- 47 - 4900-8084-3604.v2 ANNEX II to REVOLVING CREDIT AGREEMENT NON-EXTENSION ADVANCE NOTICE OF BORROWING The undersigned, a duly authorized signatory of the undersigned Administrative Agent (the "Administrative Agent"), hereby certifies on behalf of Willis Engine Structured Trust VIII, as the Borrower, to MUFG Bank, Ltd. (the "Initial Liquidity Facility Provider"), with reference to the Revolving Credit Agreement dated as of June 18, 2025, among the Borrower, the Administrative Agent, and the Initial Liquidity Facility Provider (as amended from time to time, the "Liquidity Agreement"; the terms defined therein and not otherwise defined herein being used herein as therein defined or referenced), that: (1) The Administrative Agent is delivering this Notice of Borrowing for the making of the Non-Extension Advance by the Initial Liquidity Facility Provider to be used for the funding of the Liquidity Facility Reserve Account in accordance with Section 3.14(d) of the Indenture, which Advance is requested to be made on __________, _____. The Non-Extension Advance should be remitted to the Liquidity Facility Reserve Account the details of which are [insert wire and account details]. (2) The amount of the Non-Extension Advance requested hereby (i) is $___________.__, which equals the Available Amount on the date hereof and is to be applied in respect of the funding of the Liquidity Facility Reserve Account in accordance with Section 3.14(d) of the Indenture, (ii) does not include any amount with respect to the payment of the principal of, Redemption Premium on, or breakage costs with respect to, the Specified Series, (iii) was computed in accordance with the provisions of the Specified Series and the Indenture (a copy of which computation is attached hereto as Schedule I) and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing under the Liquidity Agreement. (3) Upon receipt by the Administrative Agent of the amount requested hereby, (a) the Administrative Agent will deposit such amount in the Liquidity Facility Reserve Account and apply the same in accordance with the terms of Section 3.14(f) of the Indenture, (b) no portion of such amount shall be applied by the Administrative Agent for any other purpose, and (c) no portion of such amount until so applied shall be commingled with other funds held by the Administrative Agent. The Administrative Agent, for itself and on behalf of the Borrower, hereby acknowledges that, pursuant to the Liquidity Agreement, (A) the making of the Non-Extension Advance as requested by this Notice of Borrowing shall automatically and irrevocably terminate the obligation of the Initial Liquidity Facility Provider to make further Advances under the Liquidity Agreement and (B) following the making by the Initial Liquidity Facility Provider of the Non-Extension Advance requested by this Notice of Borrowing, the Administrative Agent shall not be entitled to request any further Advances under the Liquidity Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;- 48 - 4900-8084-3604.v2 IN WITNESS WHEREOF, the Administrative Agent has executed and delivered this Notice of Borrowing as of _____ the day of ________. WILLIS LEASE FINANCE CORPORATION, as Administrative Agent By: ____________________________________ Name: Title:

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![](a107-westviiixrevolvingc050.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;- 43 - 4900-8084-3604.v2 SCHEDULE I TO NON-EXTENSION ADVANCE NOTICE OF BORROWING [Insert Copy of computations in accordance with Non-Extension Advance Notice of Borrowing]

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&nbsp;&nbsp;&nbsp;&nbsp;- 50 - 4900-8084-3604.v2 ANNEX III to REVOLVING CREDIT AGREEMENT DOWNGRADE ADVANCE NOTICE OF BORROWING The undersigned, a duly authorized signatory of the undersigned Administrative Agent (the "Administrative Agent"), hereby certifies on behalf of Willis Engine Structured Trust VIII, as the Borrower, to MUFG Bank, Ltd. (the "Initial Liquidity Facility Provider"), with reference to the Revolving Credit Agreement, dated as of June 18, 2025, among the Borrower, the Administrative Agent, and the Initial Liquidity Facility Provider (as amended from time to time, the "Liquidity Agreement"; the terms defined therein and not otherwise defined herein being used herein as therein defined or referenced), that: (1) The Administrative Agent is delivering this Notice of Borrowing for the making of the Downgrade Advance by the Initial Liquidity Facility Provider to be used for the funding of the Liquidity Facility Reserve Account in accordance with Section 3.14(c) of the Indenture by reason of a Downgrade Event, which Advance is requested to be made on __________, _____. The Downgrade Advance should be remitted to the Liquidity Facility Reserve Account the details of which are [insert wire and account details]. (2) The amount of the Downgrade Advance requested hereby (i) is $___________.__, which equals the Available Amount on the date hereof and is to be applied in respect of the funding of the Liquidity Facility Reserve Account in accordance with Section 3.14(c) of the Indenture, (ii) does not include any amount with respect to the payment of the principal of, Redemption Premium on, or breakage costs with respect to, the Specified Series, (iii) was computed in accordance with the provisions of the Specified Series and the Indenture (a copy of which computation is attached hereto as Schedule I), and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing under the Liquidity Agreement. (3) Upon receipt by the Administrative Agent of the amount requested hereby, (a) the Administrative Agent will deposit such amount in the Liquidity Facility Reserve Account and apply the same in accordance with the terms of Section 3.14(f) of the Indenture, (b) no portion of such amount shall be applied by the Administrative Agent for any other purpose, and (c) no portion of such amount until so applied shall be commingled with other funds held by the Administrative Agent. The Administrative Agent, for itself and on behalf of the Borrower, hereby acknowledges that, pursuant to the Liquidity Agreement, (A) the making of the Downgrade Advance as requested by this Notice of Borrowing shall automatically and irrevocably terminate the obligation of the Initial Liquidity Facility Provider to make further Advances under the Liquidity Agreement, and (B) following the making by the Initial Liquidity Facility Provider of the Downgrade Advance requested by this Notice of Borrowing, the Administrative Agent shall not be entitled to request any further Advances under the Liquidity Agreement.

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![](a107-westviiixrevolvingc052.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;- 51 - 4900-8084-3604.v2 IN WITNESS WHEREOF, the Administrative Agent has executed and delivered this Notice of Borrowing as of the _____ day of _______________. WILLIS LEASE FINANCE CORPORATION, as Administrative Agent By: ____________________________________ Name: Title:

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![](a107-westviiixrevolvingc053.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;- 46 - 4900-8084-3604.v2 SCHEDULE I TO DOWNGRADE ADVANCE NOTICE OF BORROWING [Insert Copy of computations in accordance with Downgrade Advance Notice of Borrowing]

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![](a107-westviiixrevolvingc054.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;- 52 - 4900-8084-3604.v2 ANNEX IV to REVOLVING CREDIT AGREEMENT FINAL ADVANCE NOTICE OF BORROWING The undersigned, a duly authorized signatory of the undersigned Administrative Agent (the "Administrative Agent"), hereby certifies on behalf of Willis Engine Structured Trust VIII, as the Borrower, to MUFG Bank, Ltd. (the "Initial Liquidity Facility Provider"), with reference to the Revolving Credit Agreement, dated as of June 18, 2025, among the Borrower, the Administrative Agent, and the Initial Liquidity Facility Provider (as amended from time to time, the "Liquidity Agreement"; the terms defined therein and not otherwise defined herein being used herein as therein defined or referenced), that: (1) The Administrative Agent is delivering this Notice of Borrowing for the making of the Final Advance by the Initial Liquidity Facility Provider to be used for the funding of the Liquidity Facility Reserve Account in accordance with Section 3.14(i) of the Indenture by reason of the receipt by the Administrative Agent of a Termination Notice from the Initial Liquidity Facility Provider with respect to the Liquidity Agreement, which Advance is requested to be made on __________, _____. The Final Advance should be remitted to the Liquidity Facility Reserve Account the details of which are [insert wire and account details]. (2) The amount of the Final Advance requested hereby (i) is $___________.__, which equals the Available Amount on the date hereof and is to be applied in respect of the funding of the Liquidity Facility Reserve Account in accordance with Section 3.14(i) of the Indenture, (ii) does not include any amount with respect to the payment of the principal of, Redemption Premium on, or breakage costs with respect to, the Specified Series, (iii) was computed in accordance with the provisions of the Specified Series and the Indenture (a copy of which computation is attached hereto as Schedule I), and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing under the Liquidity Agreement. (3) Upon receipt by the Administrative Agent of the amount requested hereby, (a) the Administrative Agent will deposit such amount in the Liquidity Facility Reserve Account and apply the same in accordance with the terms of Section 3.14(i) of the Indenture, (b) no portion of such amount shall be applied by the Administrative Agent for any other purpose, and (c) no portion of such amount until so applied shall be commingled with other funds held by the Administrative Agent. The Administrative Agent, for itself and on behalf of the Borrower, hereby acknowledges that, pursuant to the Liquidity Agreement, (A) the making of the Final Advance as requested by this Notice of Borrowing shall automatically and irrevocably terminate the obligation of the Initial Liquidity Facility Provider to make further Advances under the Liquidity Agreement, and (B) following the making by the Initial Liquidity Facility Provider of the Final Advance requested by this Notice of Borrowing, the Administrative Agent shall not be entitled to request any further Advances under the Liquidity Agreement.

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![](a107-westviiixrevolvingc055.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;- 54 - 4900-8084-3604.v2 IN WITNESS WHEREOF, the Administrative Agent has executed and delivered this Notice of Borrowing as of the _____ day of _______________. WILLIS LEASE FINANCE CORPORATION, as Administrative Agent By: ____________________________________ Name: Title:

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![](a107-westviiixrevolvingc056.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;- 55 - 4900-8084-3604.v2 SCHEDULE I TO FINAL ADVANCE NOTICE OF BORROWING [Insert Copy of computations in accordance with Final Advance Notice of Borrowing]

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&nbsp;&nbsp;&nbsp;&nbsp;- 56 - 4900-8084-3604.v2 ANNEX V TO REVOLVING CREDIT AGREEMENT NOTICE OF TERMINATION Willis Lease Finance Corporation 773 San Marin Drive Novato, CA 94945 Attention: General Counsel Re: Revolving Credit Agreement dated as of June 18, 2025, among Willis Engine Structured Trust VIII, as Borrower, Willis Lease Finance Corporation, as Administrative Agent, and MUFG Bank, Ltd., as Initial Liquidity Facility Provider (the "Liquidity Agreement") Ladies and Gentlemen: You are hereby notified that pursuant to Section 6.01 of the Liquidity Agreement, by reason of the occurrence and continuance of a Liquidity Facility Event of Default (as defined therein), we are giving this notice to you in order to cause (i) our obligations to make Advances (as defined therein) under such Liquidity Agreement to terminate at the close of business on the fifth Business Day after the date on which you receive this notice and (ii) you to request a Final Advance under the Liquidity Agreement pursuant to Section 3.14(i) of the Indenture (as defined in the Liquidity Agreement) as a consequence of your receipt of this notice. THIS NOTICE IS THE "NOTICE OF TERMINATION" PROVIDED FOR UNDER THE LIQUIDITY AGREEMENT. OUR OBLIGATIONS TO MAKE ADVANCES UNDER THE CREDIT AGREEMENT WILL TERMINATE AT THE CLOSE OF BUSINESS ON THE FIFTH BUSINESS DAY AFTER THE DATE ON WHICH YOU RECEIVE THIS NOTICE. [PAGE INTENTIONALLY LEFT BLANK]

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&nbsp;&nbsp;&nbsp;&nbsp;- 57 - 4900-8084-3604.v2 Very truly yours, MUFG BANK, LTD., as the Initial Liquidity Facility Provider By: ____________________________________ Name: Title: cc: Willis Engine Structured Trust VIII

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&nbsp;&nbsp;&nbsp;&nbsp;- 52 - 4900-8084-3604.v2 ANNEX VI-A TO REVOLVING CREDIT AGREEMENT FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Not Partnerships for U.S. Federal Income Tax Purposes) Reference is hereby made to the Revolving Credit Agreement dated as of June 18, 2025, the "Liquidity Agreement", among Willis Engine Structured Trust VIII, (the "Borrower"), Willis Lease Finance Corporation, (the "Administrative Agent"), and MUFG Bank, Ltd., (the "Initial Liquidity Facility Provider"). Pursuant to the provisions of Section 3.03 of the Liquidity Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished its participating Initial Liquidity Facility Provider with a certificate of its non-U.S. Person status on IRS Form W-8BEN, or W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Initial Liquidity Facility Provider in writing, and (2) the undersigned shall have at all times furnished the Initial Liquidity Facility Provider with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the Liquidity Agreement and used herein shall have the meanings given to them in the Liquidity Agreement. [NAME OF PARTICIPANT] By: Name: Title: Date: ________ __, 20[ ]

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&nbsp;&nbsp;&nbsp;&nbsp;- 59 - 4900-8084-3604.v2 ANNEX VI-B TO REVOLVING CREDIT AGREEMENT FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Partnerships for U.S. Federal Income Tax Purposes) Reference is hereby made to the Revolving Credit Agreement dated as of June 18, 2025, the "Liquidity Agreement", among Willis Engine Structured Trust VIII, (the "Borrower"), Willis Lease Finance Corporation, (the "Administrative Agent"), and MUFG Bank, Ltd. (the "Initial Liquidity Facility Provider"). Pursuant to the provisions of Section 3.03 of the Liquidity Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished its participating Initial Liquidity Facility Provider with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E, as applicable, from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Initial Liquidity Facility Provider and (2) the undersigned shall have at all times furnished the Initial Liquidity Facility Provider with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the Liquidity Agreement and used herein shall have the meanings given to them in the Liquidity Agreement. [NAME OF PARTICIPANT] By: Name: Title: Date: ________ __, 20[ ]

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## Exhibit 31.1

**Exhibit 31.1**

**<u>CERTIFICATIONS</u>**

I, Austin C. Willis, certify that:

1. I have reviewed this report on Form 10-Q of Willis Lease Finance Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | August 5, 2025 | /s/ Austin C. Willis |
| | | Austin C. Willis |
| | | Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**<u>CERTIFICATIONS</u>**

I, Scott B. Flaherty, certify that:

1. I have reviewed this report on Form 10-Q of Willis Lease Finance Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | August 5, 2025 | /s/ Scott B. Flaherty |
| | | Scott B. Flaherty |
| | | Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Each of the undersigned hereby certifies, in his or her capacity as an officer of Willis Lease Finance Corporation (the "Company"), for purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his or her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Quarterly Report of the Company on Form 10-Q for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information contained in such report fairly presents, in all material respects, the financial condition and results of operation of the Company.

---

| |
|:---|
| Dated: August 5, 2025 |
| /s/ Austin C. Willis |
| Austin C. Willis |
| Chief Executive Officer |
| /s/ Scott B. Flaherty |
| Scott B. Flaherty |
| Chief Financial Officer |

---

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