Document:

Document

[***] 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

AMENDMENT NO. 2
to
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT
Dated as of June 23, 2021
This AMENDMENT NO. 2 TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), is entered into as of June 23, 2021, by and among WILLIS LEASE FINANCE CORPORATION, a Delaware corporation (“Borrower”) and MUFG BANK, LTD., in its capacity as administrative agent (in such capacity, “Administrative Agent”) and MUFG UNION BANK, N.A. (formerly known as Union Bank, N.A.), in its capacity as security agent (in such capacity, “Security Agent”; together with the Administrative Agent, the “Agents”) and the Lenders (as hereinafter defined) party hereto.  
RECITALS
A.Borrower, the Agents and certain financial institutions and other persons from time to time party thereto (collectively, the “Lenders”), have entered into that certain Fourth Amended and Restated Credit Agreement dated as of June 7, 2019, as amended by that certain Letter Agreement dated as of November 8, 2019, by that certain Amendment No 1 to Fourth Amended and Restated Credit Agreement and Amendment No. 5 to Security Agreement dated as of December 13, 2019, and as modified by that certain Limited Waiver to Fourth Amended and Restated Credit Agreement dated as of October 30, 2020 (as the same may be further amended, restated, supplemented or otherwise modified, the “Credit Agreement”; capitalized terms used herein but not defined shall be used herein as defined in the Credit Agreement), pursuant to which the Lenders have made available to Borrower the Revolving Commitment in the aggregate maximum principal amount of One Billion Dollars ($1,000,000,000).
B.Borrower, Agents and the Lenders have agreed, subject to the terms and conditions set forth below, to amend the Credit Agreement in certain respects as set forth below.
NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree and covenant as follows:
AGREEMENT
1.Recitals.   The recitals set forth above are true, accurate and correct.
2.Reaffirmation of the Obligations and Guaranties.   Subject to any limitation set forth in any Loan Document, each of Borrower, each Subsidiary and Owner Trustee party hereto, and Willis Lease France (“WLF”), hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party, (ii) ratifies and reaffirms each grant of a lien on, or security interest in, its property made pursuant to the Loan Documents to which it is a party (including, without limitation, the grant of security made by such party pursuant to the Collateral Documents to which it is a party) and confirms that such liens and security interests continue to secure the Obligations under such Loan Documents, in each case subject to the terms thereof and (iii) in the case of each guarantor that has executed a Subsidiary Guaranty or Owner Trustee Guaranty, ratifies and reaffirms its guaranty of the Obligations.
									
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3.Amendment of Credit Agreement.  
3.1.As of the Effective Date (as defined below), the following definitions in Section 1.1 of the Credit Agreement shall be modified as follows: 
3.1.1.The term “aggregate” shall be deleted in the instance where it appears in the definition of “Appraisal Deficiency.”
3.1.2.The second “the” shall be deleted from subsection (f) of the definition of “Borrowing Base.”
3.1.3.The first “all” that appears in subsection (x) of the definition of “Borrowing Base” shall be moved to appear immediately after the “(a)” that appears in that subsection.
3.2.As of the Effective Date (as defined below), the following definitions in Section 1.1 of the Credit Agreement shall be deleted in their entirety and replaced with the following: 
 “Margin Value” means:
(i)    in the case of Eligible Engines, the value of the sum of (a) [***]% multiplied by the Net Book Value of all Eligible Engines that have not been Off-Lease for a period of greater than 180 days as of the date of determination plus (b) [***]% multiplied by the Net Book Value of all other Eligible Engines not described in clause (i)(a) of this definition;
(ii)    in the case of Eligible Equipment (other than Eligible Corporate Aircraft), the value of the sum of (a) [***]% multiplied by the Net Book Value of all Eligible Equipment that have not been Off-Lease for a period of greater than 180 days as of the date of determination plus (b) [***]% multiplied by the Net Book Value of all other Eligible Equipment not described in clause (ii)(a) of this definition; 
(iii)    in the case of Eligible Saleable Assets, the value of [***]% multiplied by the Net Book Value of all Eligible Saleable Assets; 
(iv)    in the case of Eligible Corporate Aircraft, the product of [***]% multiplied by the Net Book Value of all Eligible Corporate Aircraft; and
(v)    in the case of Eligible Specified Assets, the product of [***]% multiplied by the sum of the Net Book Value of the Specified Real Properties and the Net Book Value of the Specified Vessel.
“Net Book Value” means, (a) with respect to all Engines and all items of Equipment included in the Borrowing Base, the aggregate value calculated as the lesser of: (i) the sum of the book values of all such Engines and items of Equipment, including any associated maintenance right intangible assets, as determined in accordance with GAAP as set forth on Borrower and its Subsidiaries financial statements, which for the avoidance of doubt is inclusive of any net investment in Lease receivable (finance or sales-type Lease) or note receivable (failed sale-leaseback) recognized in place of such Engine or item of Equipment’s net book value and (ii) the sum all of such Engines’ Adjusted Base Values and all of such items’ of Equipment Market Values or Parts Market Values, as the case may be, in each case reduced utilizing depreciation 
									
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methods consistent with current practice and GAAP, and (b) with respect to Specified Assets included in the Borrowing Base, the aggregate value calculated as the lesser of: (i) the sum of the book values of all such Specified Assets determined in accordance with GAAP as set forth on Borrower and its Subsidiaries financial statements and (ii) the sum of the Specified Asset Market Values for all such Specified Assets, in each case reduced utilizing depreciation methods consistent with current practice and GAAP.
3.3.As of the Effective Date (as defined below), the following definitions shall be added to Section 1.1 of the Credit Agreement in proper alphabetical order:
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark is a term rate, any tenor for such Benchmark or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an LIBOR Loan 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 “LIBOR Loan Period” pursuant to clause (d) of Section 2.4.3 below.

“Benchmark” means, initially, LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date has occurred with respect to LIBOR 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 clause (a) of Section 2.4.3 below.

“Benchmark Replacement” means, for any Available Tenor, (a) with respect to any Benchmark Transition Event or Early Opt-in Election, the first alternative set forth in the order below that can be determined by Administrative Agent for the applicable Benchmark Replacement Date: 

(1)the sum of: (A) Term SOFR and (B) the related Benchmark Replacement Adjustment; 
(2)the sum of: (A) Daily Simple SOFR and (B) the related Benchmark Replacement Adjustment; 
(3)the sum of: (A) the alternate benchmark rate that has been selected by Administrative Agent and Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for Dollar-denominated syndicated credit facilities at such time and (B) the related Benchmark Replacement Adjustment; or
(b) with respect to any Term SOFR Transition Event, the sum of (i) Term SOFR and (ii) the related Benchmark Replacement Adjustment;

									
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provided that, in the case of clause (a)(1) or clause (b), the applicable Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by Administrative Agent in its reasonable discretion and
approved by Borrower; and provided further that any Benchmark Replacement shall meet the
standards set forth in Proposed United States Treasury Regulations under Section 1.1001-6 (or
any successor United States Treasury Regulations or other official IRS guidance promulgated that supersedes such Proposed United States Treasury Regulations) so as not to be treated as a
“modification” (and therefor an exchange) of any loans for purposes of Treasury Regulations
Section 1.1001-3.  If the Benchmark Replacement as determined pursuant to clause (a)(1), (a)(2) or (a)(3) or clause (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable LIBOR Loan Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: 

(1)for purposes of clauses (a)(1) and (a)(2) of the definition of “Benchmark Replacement” set forth in this Section 1.1, the first alternative set forth in the order below that can be determined by the Administrative Agent in consultation with Borrower:
(a)    the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such LIBOR Loan Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement;

(b)    the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such LIBOR Loan Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Available Tenor of such Benchmark; 

(2)for purposes of clause (a)(3) of the definition of “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 Administrative Agent and Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) 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 Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities; and
(3)for purposes of clause (b) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may 
									
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be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Available Tenor of USD LIBOR with a SOFR-based rate;
provided that, (x) in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by Administrative Agent in its reasonable discretion and (y) if the then-current Benchmark is a term rate, more than one tenor of such Benchmark is available as of the applicable Benchmark Replacement Date and the applicable Unadjusted Benchmark Replacement that will replace such Benchmark in accordance with Section 2.4.3 will not be a term rate, the Available Tenor of such Benchmark for purposes of this definition of “Benchmark Replacement Adjustment” shall be deemed to be, with respect to each Unadjusted Benchmark Replacement having a payment period for interest calculated with reference thereto, the Available Tenor that has approximately the same length (disregarding business day adjustments) as such payment period; and provided further that any Benchmark Replacement Adjustment shall meet the standards set forth in Proposed United States Treasury Regulations under Section 1.1001-6
(or any successor United States Treasury Regulations or other official IRS guidance promulgated
that supersedes such Proposed United States Treasury Regulations) so as not to be treated as a
“modification” (and therefor an exchange) of any loans for purposes of Treasury Regulations
Section 1.1001-3.

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “LIBOR Loan Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that Administrative Agent reasonably decides, after consultation with Borrower, may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by Administrative Agent in a manner substantially consistent with market practice (or, if Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as Administrative Agent reasonably decides, after consultation with Borrower, is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents); provided that any Benchmark Replacement Conforming Changes shall meet the standards set forth in Proposed United States Treasury Regulations under Section 1.1001-6 (or any successor United States Treasury Regulations or other official IRS guidance promulgated that supersedes such Proposed United States Treasury Regulations) so as not to be treated as a “modification” (and therefor an exchange) of any loans for purposes of Treasury Regulations Section 1.1001-3. 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

									
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(1)in the case of clause (a) or (b) of the definition of “Benchmark Transition Event” set forth in this Section 1.1, 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 all Available Tenors of such Benchmark (or such component thereof);
(2)in the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein; 
(3)in the case of a Term SOFR Transition Event, the date that is thirty (30) days after Administrative Agent has provided a Term SOFR Notice to the Lenders and Borrower pursuant to clause (a)(ii) of Section 2.4.3 below; or
(4)in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as Administrative Agent has not received, by 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Requisite Lenders.
For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) 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 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 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 Board of Governors of the Federal Reserve System, 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 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 any Available Tenor of such Benchmark (or such component thereof); or
									
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    (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 all Available Tenors of such Benchmark (or such component thereof) are no longer representative.
For the avoidance of doubt, 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) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.4.3(a) below and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.4.3(a) below.
“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.
“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by Administrative Agent 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 Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then Administrative Agent may establish another convention in its reasonable discretion.
“Early Opt-in Election” means, if the then-current Benchmark is LIBOR, the occurrence of each of the following:

(1)a notification by Administrative Agent to (or the request by Borrower to Administrative Agent to notify) each of the other parties hereto that at least five (5) currently outstanding Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term-based SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and
(2)the election, jointly, by each of Administrative Agent and Borrower to trigger a fallback from LIBOR and the provision by Administrative Agent of written notice of such election to the Lenders.
“Floor” means zero percent (0%) per annum.  
“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.
									
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“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is LIBOR, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not LIBOR, the time determined by Administrative Agent in its reasonable discretion.
“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.
“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.
“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
“SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.
“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. 
 “Term SOFR Notice” means a notification by Administrative Agent to the other parties hereto of the occurrence of a Term SOFR Transition Event.
 “Term SOFR Transition Event” means the determination by Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for Administrative Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in the replacement of the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.4.3(a) below with a Benchmark Replacement the Unadjusted Benchmark Replacement component of which is not Term SOFR.
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

3.4.As of the Effective Date, the definition of “LIBOR Loan Period” set forth in Section 1.1 of the Credit Agreement is amended by deleting the word “LIBOR” in the third line thereof (preceding “applicable to such LIBOR Loan”) and substituting in its place “the Benchmark”.
3.5.As of the Effective Date, Section 2.4.3 of the Credit Agreement is hereby deleted in its entirety and replaced with the following:
“2.4.3 Benchmark Replacement.  
									
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(a)(i)    Notwithstanding anything to the contrary herein (but without limitation of Section 15.1.2 below) or in any of the Loan Documents, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a)(1) or (a)(2) of the definition of “Benchmark Replacement” set forth in Section 1.1 above for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document 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 or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (a)(3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark 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 Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Requisite Lenders.
(ii)    Notwithstanding anything to the contrary herein or in any other Loan Document, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan Document 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 or any other Loan Document; provided that this clause (ii) shall not be effective unless the Administrative Agent has delivered to the Lenders and Borrower a Term SOFR Notice. 
(b) Benchmark Replacement Conforming Changes.  In connection with the implementation of a Benchmark Replacement, Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time in consultation with Borrower and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.
(c) Notices; Standards for Decisions and Determinations.  Administrative Agent will promptly notify Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (d) below and (v) the commencement or conclusion of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by Administrative Agent or, if applicable, Borrower or any Lender (or group of Lenders) pursuant to this Section 2.4.3, 
									
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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 discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.4.3.
(d) Unavailability of Tenor of Benchmark.  Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR) 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 Administrative Agent 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 or will be no longer representative, then Administrative Agent may modify the definition of “LIBOR Loan Period” set forth in Section 1.1 above 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 or will no longer be representative for a Benchmark (including a Benchmark Replacement), then Administrative Agent may modify the definition of “LIBOR Loan Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.
(e) Benchmark Unavailability Period.  Upon Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, Borrower may revoke any request for a borrowing of a LIBOR Loan or a conversion to or continuation of LIBOR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans.  During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate in accordance with Section 2.4.1(a) above. 
(f) London Interbank Offered Rate Benchmark Transition Event.  On March 5, 2021, the ICE Benchmark Administration (the "IBA"), the administrator of the London interbank offered rate, and the Financial Conduct Authority (the "FCA"), the regulatory supervisor of the IBA, announced in public statements (the "Announcements") that the final publication or representativeness date for (i) 1-week and 2-month London interbank offered rate tenor settings will be December 31, 2021 and (ii) overnight, 1-month, 3-month, 6-month and 12-month London interbank offered rate tenor settings will be June 30, 2023.  No successor administrator for the IBA was identified in such Announcements.  The parties hereto agree and acknowledge that the Announcements resulted in the occurrence of a Benchmark Transition Event with respect to LIBOR.
									
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3.6.Section 15.1.3 of the Credit Agreement is hereby deleted in its entirety and replaced with the following:
15.1.3    [Intentionally Omitted]. 
4.Conditions.
1.1.This Amendment shall become effective as of the date by which the Agents shall have received a counterpart of this Amendment duly executed by Borrower, the Agents and the Lenders, and agreed to and accepted by each Guarantor (such date, the “Effective Date”).
5.Borrower’s Representations and Warranties.  Borrower represents and warrants, for the benefit of the Lenders and the Agents, as follows: 
5.1.Borrower has all requisite power and authority under applicable law and under its certificate of incorporation and bylaws to execute, deliver and perform this Amendment, and to perform the Loan Documents as amended hereby.  There have been no changes in the certificate of incorporation and bylaws of Borrower since the Closing Date.
5.2.all actions, waivers and consents (corporate, regulatory and otherwise) necessary or appropriate for Borrower to execute, deliver and perform this Amendment, and to perform the Loan Documents as amended hereby, have been taken and/or received; 
5.3.this Amendment, and the Loan Documents, as amended by this Amendment, constitute the legal, valid and binding obligation of Borrower enforceable against it in accordance with the terms hereof (except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles, whether enforcement is sought by proceedings in equity or at law);
5.4.the execution, delivery and performance of this Amendment, and the performance of the Loan Documents, as amended hereby, will not (a) violate or contravene any material requirement of Applicable Law or (b) result in any material breach or violation of, or constitute a material default under, any agreement or instrument by which Borrower or any of its property may be bound; 
5.5.the representations and warranties contained in the Credit Agreement and the other Loan Documents are correct in all material respects on and as of the date of this Amendment, before and after giving effect to the same, as though made on and as of such date (other than any such representations or warranties that, by their terms, are specifically made as of a date other than the date hereof); and
5.6.no Default has occurred and is continuing.
6.Reference to and Effect on the Credit Agreement and the Other Loan Documents.
6.1.Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof”, “therein” or words of like import, shall mean and be a reference to the Credit Agreement as amended hereby.
									
	SMRH:4835-5724-5646.9	-11-
	
	051121		0A22-196038

6.2.Except as specifically amended herein, the Credit Agreement and the other Loan Documents are and shall continue to be in full force and effect and are hereby reaffirmed, ratified and confirmed in all respects.  Borrower acknowledges that it has no claims, offsets or defenses with respect to the payment of sums due under the Notes or any other Loan Document.
6.3.The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agents or the Lenders under the Credit Agreement or any other Loan Document or constitute a waiver of any provision of the Credit Agreement or any other Loan Document, except as specifically set forth herein.
7.Payment of Expenses.  Borrower shall pay the fees and expenses of the Agents in connection with this Amendment in accordance with Section 12.2 of the Credit Agreement.
8.Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of the signature page to this Amendment by facsimile or electronic means (including as a .pdf or .tif document) shall be as effective as delivery of a manually executed counterpart of this Amendment.  
9.Governing Law.  This Amendment shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York, without reference to its choice-of-law rules (other than Section 5-1401 of the New York General Obligations Law).  If any court of competent jurisdiction in the state of New York determines any provision of this Amendment or any of the other Loan Documents to be invalid, illegal or unenforceable, that portion shall be deemed severed from the rest, which shall remain in full force and effect as though the invalid, illegal or unenforceable portion had never been a part of the Loan Documents.  
10.No Impairment; No Novation.  Except as specifically hereby amended, the Loan Documents shall each remain unaffected by this Amendment and all Loan Documents shall remain in full force and effect.  The execution and delivery of this Amendment is not intended to, and shall not, constitute a novation of any Loan Document.
11.Integration.  The Loan Documents, including this Amendment: (a) integrate all the terms and conditions mentioned in or incidental to the Loan Documents; (b) supersede all oral negotiations and prior and other writings with respect to their subject matter; and (c) are intended by the parties as the final expression of the agreement with respect to the terms and conditions set forth in those documents and as the complete and exclusive statement of the terms agreed to by the parties.  If there is any conflict between the terms, conditions and provisions of this Amendment and those of any other agreement or instrument, including any of the other Loan Documents, the terms, conditions and provisions of this Amendment shall prevail.
[Signature Pages Follow]
									
	SMRH:4835-5724-5646.9	-12-
	
	051121		0A22-196038

IN WITNESS WHEREOF, the parties have agreed to the foregoing as of the date first set forth above.

BORROWER

WILLIS LEASE FINANCE CORPORATION,
a Delaware corporation

By:    /s/ Dean M. Poulakidas
Name:    Dean M. Poulakidas
Title:    Senior Vice President
    General Counsel

									
		[Signature Page to Amendment No. 2]	
			0A22-196038

ADMINISTRATIVE AGENT: 
MUFG BANK, LTD.
By:    /s/ Gordon R. Cook
Name:    Gordon R. Cook
Title:    Director

SECURITY AGENT:
MUFG UNION BANK, N.A.
By:    /s/ Gordon R. Cook
Name:    Gordon R. Cook
Title:    Director

									
		[Signature Page to Amendment No. 2]	
			

 REQUISITE LENDERS:
MUFG BANK, LTD.
By:    /s/ Gordon R. Cook
Name:    Gordon R. Cook
Title:    Director
									
		[Signature Page to Amendment No. 2]	
			

BANK OF AMERICA, N.A.
By:    /s/ Jason Eshler
Name:    Jason Eshler
Title:    Vice President
									
		[Signature Page to Amendment No. 2]	
			

WELLS FARGO BANK, NATIONAL ASSOCIATION

By:    /s/ Carlos Lua
Name:    Carlos Lua
Title:    SVP
									
		[Signature Page to Amendment No. 2]	
			

U.S. BANK NATIONAL ASSOCIATION
By:    /s/ Questin Yamamoto
Name:    Questin Yamamoto
Title:    Vice President

									
		[Signature Page to Amendment No. 2]	
			

CITY NATIONAL BANK, A NATIONAL BANKING ASSOCIATION

By:    /s/ Jeanine Smith
Name:    Jeanine Smith
Title:    Senior Vice President
									
		[Signature Page to Amendment No. 2]	
			

THE HUNTINGTON NATIONAL BANK

By:    /s/ Alexandra E. Dressman
Name:    Alexandra E. Dressman
Title:    Authorized Signer

									
		[Signature Page to Amendment No. 2]	
			

KEYBANK NATIONAL ASSOCIATION

By:    /s/ James A. Gelle
Name:    James A. Gelle
Title:    Senior Vice President
									
		[Signature Page to Amendment No. 2]	
			

UMPQUA BANK

By:    /s/ Greg M. Robinson
Name:    Greg M. Robinson
Title:    Senior Vice President
									
		[Signature Page to Amendment No. 2]	
			

BMO HARRIS BANK, N.A.

By:    /s/ Eric Bellindir
Name:    Eric Bellindir
Title:    Vice President
									
		[Signature Page to Amendment No. 2]	
			

FIFTH THIRD BANK

By:    /s/ Pete Samboul
Name:    Pete Samboul
Title:    Managing Director

									
		[Signature Page to Amendment No. 2]	
			

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

By:    /s/ Cecilia Park
Name:    Cecilia Park
Title:    Managing Director

By:    /s/ Brian Bolotin
Name:    Brian Bolotin
Title:    Managing Director
									
		[Signature Page to Amendment No. 2]	
			

HSBC BANK USA, N.A.

By:    /s/ Tyler J. Mei
Name:    Tyler J. Mei
Title:    Vice President
									
		[Signature Page to Amendment No. 2]	
			

APPLE BANK FOR SAVINGS

By:    /s/ Dana R. MacKinnon
Name:    Dana R. MacKinnon
Title:    Senior Vice President
									
		[Signature Page to Amendment No. 2]	
			

CIT BANK, N.A.

By:    /s/ Brian Miner
Name:    Brian Miner
Title:    Director

									
		[Signature Page to Amendment No. 2]	
			

BNP PARIBAS

By:    /s/ Robert Papas
Name:    Robert Papas
Title:    Managing Director
By:    /s/ Thomas Iacono
Name:    Thomas Iacono
Title:    Director

									
		[Signature Page to Amendment No. 2]	
			

CRÉDIT INDUSTRIEL ET COMMERCIAL, NEW YORK BRANCH

By:    /s/ Andrew McKuln
Name:    Andrew McKuln
Title:    Managing Director
By:    /s/ Mark D. Palin
Name:    Mark D. Palin
Title:    First Vice President
									
		[Signature Page to Amendment No. 2]	
			

COLUMBIA STATE BANK

By:    /s/ Colin Duffy
Name:    Colin Duffy
Title:    Senior Vice President
									
		[Signature Page to Amendment No. 2]	
			

The undersigned hereby consents to the terms and provisions of this Amendment and ratifies and reaffirms the full force and effectiveness of the guaranty it has executed and delivered to the Agents, as of the date first set forth above.
						
	COCONUT CREEK AVIATION ASSETS LLC,
by Willis Lease Finance Corporation, its sole member

By:    /s/ Dean M. Poulakidas
Name: Dean M. Poulakidas
Title: Senior Vice President
	

									
		[Signature Page to Amendment No. 2]	
			

The undersigned hereby consents to the terms and provisions of this Amendment and ratifies and reaffirms the full force and effectiveness of the guaranty it has executed and delivered to the Agents, as of the date first set forth above.
						
	WILLIS LEASE (IRELAND) LIMITED

By:    /s/ Brian R. Hole
Name: Brian R. Hole
Title: Alternate Director
	

									
		[Signature Page to Amendment No. 2]	
			

The undersigned hereby consents to the terms and provisions of this Amendment and ratifies and reaffirms the full force and effectiveness of the guaranty it has executed and delivered to the Agents, as of the date first set forth above.
						
	WILLIS ASSET MANAGEMENT LIMITED

By:    /s/ Brian R. Hole
Name: Brian R. Hole
Title: Director
	

									
		[Signature Page to Amendment No. 2]	
			0A22-196038

The undersigned hereby consents to the terms and provisions of this Amendment and ratifies and reaffirms the full force and effectiveness of the guaranty it has executed and delivered to the Agents, as of the date first set forth above.
						
	WEST ENGINE FUNDING LLC

By:    /s/ Brian R. Hole
Name: Brian R. Hole
Title: Senior Vice President
	

									
		[Signature Page to Amendment No. 2]	
			

The undersigned hereby consents to the terms and provisions of this Amendment and ratifies and reaffirms the full force and effectiveness of the guaranty it has executed and delivered to the Agents, as of the date first set forth above.
						
	WILLIS LEASE MARINE LLC,
by Willis Lease Finance Corporation, its sole member

By:    /s/ Dean M. Poulakidas
Name: Dean M. Poulakidas
Title: Senior Vice President

	

									
		[Signature Page to Amendment No. 2]	
			

The undersigned hereby consents to the terms and provisions of this Amendment and ratifies and reaffirms the full force and effectiveness of the guaranty it has executed and delivered to the Agents, as of the date first set forth above.

						
	WILLIS AERONAUTICAL SERVICES, INC.

By:    /s/ Dean M. Poulakidas
Name: Dean M. Poulakidas
Title: Senior Vice President
	

									
		[Signature Page to Amendment No. 2]	
			

The undersigned hereby consents to the terms and provisions of this Amendment and ratifies and reaffirms the full force and effectiveness of the guaranty it has executed and delivered to the Agents, as of the date first set forth above.
						
	WLFC (IRELAND) LIMITED

By:    /s/ Brian R. Hole
Name: Brian R. Hole
Title: Alternate Director
	

									
		[Signature Page to Amendment No. 2]	
			

The undersigned hereby consents to the terms and provisions of this Amendment and ratifies and reaffirms the full force and effectiveness of the guaranty it has executed and delivered to the Agents, as of the date first set forth above.
						
	WILLIS LEASE FRANCE

By:    /s/ Brian R. Hole
Name:  Brian R. Hole
Title:  President
	

									
		[Signature Page to Amendment No. 2]	
			

The undersigned hereby consents to the terms and provisions of this Amendment and ratifies and reaffirms the full force and effectiveness of the guaranty it has executed and delivered to the Agents, as of the date first set forth above.

						
		WELLS FARGO TRUST COMPANY, NATIONAL ASSOCIATION, not individually but solely as Owner Trustee under the Trust Agreements

By:    /s/ Todd Duncan
Name:  Todd Duncan
Title:  Vice President

									
		[Signature Page to Amendment No. 2]	
			

The undersigned hereby consents to the terms and provisions of this Amendment and ratifies and reaffirms the full force and effectiveness of the guaranty it has executed and delivered to the Agents, as of the date first set forth above.

						
		U.S. BANK NATIONAL ASSOCIATION, not individually but solely as Owner Trustee under the Trust Agreements

By:    /s/ Christopher J. Nuxoll
Name:  Christopher J. Nuxoll
Title:  Vice President
    

									
		[Signature Page to Amendment No. 2]	
			

The undersigned hereby consents to the terms and provisions of this Amendment and ratifies and reaffirms the full force and effectiveness of the guaranty it has executed and delivered to the Agents, as of the date first set forth above.

						
		BANK OF UTAH, not individually but solely as Owner Trustee under the Trust Agreements

By:    /s/ John H. Pugsley
Name:  John H. Pugsley
Title:  Vice President
    

									
		[Signature Page to Amendment No. 2]Document

[*] 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 May 17, 2021
among
WILLIS ENGINE STRUCTURED TRUST VI,
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
			
	

#4839-8494-1028v3

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	15
	SECTION 2.07	Replacement Asset	15
	SECTION 2.08	New Subsidiaries	15
	SECTION 2.09	Responsibility of WEST and each other Managed Group Member	16
			
	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	17
			
	ARTICLE 4 REPRESENTATIONS AND WARRANTIES	18
			
	SECTION 4.01	Representations and Warranties by Administrative Agent	18
			
	ARTICLE 5 ADMINISTRATIVE AGENT UNDERTAKINGS	19
			
	SECTION 5.01	Administrative Agent Undertakings	19
			
	ARTICLE 6 UNDERTAKINGS OF ISSUER GROUP	21
			
	SECTION 6.01	Cooperation	21
	SECTION 6.02	Information	21
	SECTION 6.03	Scope of Services	22
	SECTION 6.04	Ratification	22
	SECTION 6.05	Covenants	23
	SECTION 6.06	Ratification by Subsidiaries	24
			

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#4839-8494-1028v3

									
	ARTICLE 7 ADMINISTRATION FEES AND EXPENSES	24
			
	SECTION 7.01	Administration Fees	24
	SECTION 7.02	Expenses	24
	SECTION 7.03	Payment of Expenses	24
			
	ARTICLE 8 TERM; REMOVAL OF OR TERMINATION BY THE ADMINISTRATIVE AGENT	25
			
	SECTION 8.01	Term	25
	SECTION 8.02	Right to Terminate	25
	SECTION 8.03	Consequences of Termination	27
	SECTION 8.04	Survival	28
			
	ARTICLE 9 ASSIGNMENT AND DELEGATION	28
			
	SECTION 9.01	Assignment and Delegation	28
			
	ARTICLE 10 MISCELLANEOUS	28
			
	SECTION 10.01	Notices	28
	SECTION 10.02	Governing Law	30
	SECTION 10.03	Jurisdiction	30
	SECTION 10.04	Waiver of Jury Trial	30
	SECTION 10.05	Counterparts;  Third Party Beneficiaries	31
	SECTION 10.06	Entire Agreement	31
	SECTION 10.07	Power of Attorney	31
	SECTION 10.08	Table of Contents;  Headings	31
	SECTION 10.09	Restrictions on Disclosure	31
	SECTION 10.10	No Partnership	32
	SECTION 10.11	Nonpetition	33
	SECTION 10.12	Concerning the Indenture Trustee and Security Trustee	33
	SECTION 10.13	Amendments	33
	SECTION 10.14	Asset Trustee Liability	33

						
	Appendices	
	Appendix A	Definitions
	Schedules	
	Schedule I	Account Information
	Schedule II	Process Agent
	Exhibits	
	Exhibit A	Form of Managed Group Member Supplement

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#4839-8494-1028v3

ADMINISTRATIVE AGENCY AGREEMENT (as amended, modified or supplemented from time to time in accordance with the terms hereof, the “Agreement”) dated as of May 17, 2021, among WILLIS ENGINE STRUCTURED TRUST VI (“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 1.01Definitions.  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 2.01Appointment.  (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.
(a)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.
#4839-8494-1028v3

(b)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.
(c)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 2.02Limitations.  (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.
(a)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.
(b)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 

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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 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).
(c)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.
(d)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 2.03General 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;

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(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;
(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.

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(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:
(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 

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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:
(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

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(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;
(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;

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(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;
(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 2.04Bank Account Management and Calculation Services.  The Administrative Agent hereby agrees to perform and provide the following bank account management and calculation services:

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(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.
(i)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.
(ii)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, the Series B Notes and the Series C Notes, each in accordance with Section 3.01(g) of the Indenture;

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(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;
(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)the Lessor Accounts in accordance with Section 3.01(l) of the Indenture;
(O)the Defeasance/Redemption Account in accordance with Section 3.01(m) of the Indenture; and
(P)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 C to the Security Trust Agreement 

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(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.
(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 Closing 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 

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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.
(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 2.05Accounting 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, 2021 in respect of the One Year Period ending December 31, 2022);

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(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, 2021 in respect of the One Year Period ending December 31, 2022).
(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”);
(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;

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(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 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.

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Section 2.06Additional Administrative Services.  The Administrative Agent will provide additional Administrative Services, including (a) providing assistance in the issuance of any Additional 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 2.07Replacement 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 Assets, the Administrative Agent hereby agrees to provide the Administrative Services specified herein with respect to all such Replacement Assets.
Section 2.08New 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 

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Financing) Act 2010 of Ireland, or (b) until it has obtained the requisite authorization from the Irish Minister for Justice and Law Reform.
Section 2.09Responsibility 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.
(a)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.
ARTICLE 3
STANDARD OF PERFORMANCE; LIABILITY AND INDEMNITY

Section 3.01Standard 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 3.02Conflicts 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 

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Standard of Performance and the Administrative Agent Conflicts Standard set forth in Section 3.02(b).
(a)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 3.03Liability 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.
(a)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 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.

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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.
(b)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.
(c)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 4.01Representations 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.

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(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 5.01Administrative 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 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 

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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 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;

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(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 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 6.01Cooperation.  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 6.02Information.  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;

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(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 6.03Scope 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 (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).
(a)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 6.04Ratification.  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 

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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 6.05Covenants.  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;
(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);

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(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 6.06Ratification 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 7.01Administration 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.
Section 7.02Expenses.  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 7.03Payment 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 

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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 8.01Term.  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 8.02Right 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.
(a)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.
(b)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 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 

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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.
(c)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 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 

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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.
(d)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 8.03Consequences 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.
(i)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.

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(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 8.04Survival.  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 9.01Assignment 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.
(a)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.
(b)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 10.01Notices.  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 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:

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(a)If to WEST and each other Managed Group Member, to:
Willis Engine Structured Trust VI 
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
60 East Sir Francis Drake Boulevard, Suite 209
Larkspur, CA 94939
Attention:  General Counsel
Fax:  +1 (415) 408-4701
(b)If to the Administrative Agent, to it at:
Willis Lease Finance Corporation
60 East Sir Francis Drake Boulevard, Suite 209
Larkspur, CA 94939
Attention:  General Counsel
Fax:  +1 (415) 408-4701
(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:  N. Xeros (West VI Administrator)
E-mail:  Nicholas.Xeros@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 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, 

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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 10.02Governing 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 10.03Jurisdiction.  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, (a) in the case of each such Managed Group Member party to this Agreement on the date hereof, to Corporation Service Company, 1180 Avenue of the Americas, Suite 210, New York, NY 10036 as process agent thereof and (b) in the case of each such Managed Group Member executing a Managed Group Member Supplement to the Person named as the process agent of such party (each such process agent, a “Process Agent”) herein or 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 10.04Waiver 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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Section 10.05Counterparts;  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 10.06Entire 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 10.07Power 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 10.08Table 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 10.09Restrictions 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 

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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;
(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 10.10No 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 

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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.
(a)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 10.11Nonpetition.  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 10.12Concerning 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 10.13Amendments.  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 10.14Asset 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 

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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]

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IN WITNESS WHEREOF, this Agreement has been duly executed on the date first written above.
WILLIS ENGINE STRUCTURED TRUST VI

By: /s/ Brian R. Hole                          
Name: Brian R. Hole
Title: Controlling Trustee

									
		- Signature Page -
Administrative Agency Agreement
WEST VI
	

#4839-8494-1028v3

WILLIS LEASE FINANCE CORPORATION,
as Administrative Agent
By:    /s/ Dean M. Poulakidas                  
Name: Dean M. Poulakidas
Title:  Senior Vice President
									
		- Signature Page -
Administrative Agency Agreement
WEST V
	

#4839-8494-1028v3

WEST VI ENGINES (IRELAND) LIMITED
By:    /s/ Daniel Coulcher               
Name: Daniel Coulcher
Title:   Director

									
		- Signature Page -
Administrative Agency Agreement
WEST VI
	

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U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as Indenture Trustee
By:    /s/ Jose A. Galarza                
Name:  Jose A. Galarza
Title:    Vice President

U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as Security Trustee
By:    /s/ Jose A. Galarza                
Name:  Jose A. Galarza
Title:    Vice President 

									
		- Signature Page -
Administrative Agency Agreement
WEST VI
	

#4839-8494-1028v3

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-1
#4839-8494-1028v3

“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.
Appendix A-2
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“Ratings” means the ratings assigned to the Notes by the Rating Agencies.
“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.

Appendix A-3
#4839-8494-1028v3

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 VI SEI # (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
	[*]	Series Account for Series C 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
	[*]	Series C Reserve Account
	[*]	Hedge Termination Payment Account
	[*]	Unowned Assets Reserve Account

Exhibit I-1
#4839-8494-1028v3

SCHEDULE II
PROCESS AGENT
						
	Name of Grantor	Process Agent
	WEST VI Engines (Ireland) Limited	Corporation Service Company
1180 Avenue of the Americas, Suite 210
New York, NY 10036

Exhibit II-1
#4839-8494-1028v3

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 May 17, 2021
Ladies and Gentlemen:
Reference is made to the Administrative Agency Agreement dated as of May 17, 2021  (the “Administrative Agency Agreement”), by and among WILLIS ENGINE STRUCTURED TRUST VI (“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 Agent.] 1

1 To be deleted if the undersigned has a place of business in the United States.
Exhibit A-1
#4839-8494-1028v3

[continued on next page]
Exhibit A-2
#4839-8494-1028v3

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:
Exhibit A-3
#4839-8494-1028v3

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