Document:

Borrower Subsidiary Letter relating to the 364 Day Credit Agreement, dated

 Exhibit 10.2 
  
 BORROWER SUBSIDIARY LETTER 
  
 November 19, 2004 
  
 To each of the Lenders 
 parties to the Credit Agreement 
 (as defined below) and to Citibank N.A., 
 as Agent for such Lenders 
  
 Ladies and Gentlemen: 
  
 Reference is made to the 364-Day Credit Agreement dated as of November 19, 2004, among The Boeing Company, the lenders
parties thereto, JPMorgan Chase Bank, as syndication agent, Citigroup Global Markets Inc. and J.P. Morgan Securities, Inc., as joint lead arrangers and joint book managers, and Citibank, N.A., as Agent for such lenders (as amended or modified from
time to time, the “Credit Agreement”). Capitalized terms used in this letter that are not defined herein have the respective meanings specified in the Credit Agreement. 
  
 Please be advised that the Company hereby designates its undersigned Subsidiary, Boeing Capital Corporation (the
“Subsidiary Borrower”), as a “Subsidiary Borrower” under and for all purposes of the Credit Agreement. 
  
 The Subsidiary Borrower, in consideration of each Lender’s agreement to extend credit to it under and on the terms and conditions set forth in the
Credit Agreement, does hereby assume each of the obligations imposed upon a “Subsidiary Borrower” as a “Borrower” under the Credit Agreement and agrees to be bound by the terms and conditions of the Credit Agreement. In
furtherance of the foregoing, the Subsidiary Borrower hereby represents and warrants to each Lender as follows: 
  
 (a) The Subsidiary Borrower is a corporation duly organized, validly existing and in good standing under the laws of Delaware. The
Subsidiary Borrower is qualified to do business in every jurisdiction where such qualification is required, except where the failure to so qualify would not have a materially adverse effect on the financial condition of the Company and the
Subsidiary Borrowers as a whole. 
  
 (b) The
execution, delivery and performance by the Subsidiary Borrower of this Subsidiary Borrower Letter and its Notes, if any, are within the Subsidiary Borrower’s corporate powers, have been duly authorized by all necessary corporate action, have
received all necessary governmental approval, if any (which approval remains in full force and effect), and do not contravene any provision of the charter or by-laws of the Subsidiary Borrower, and do not contravene any law or any contractual
restriction binding on the Subsidiary Borrower, except where such contravention would not have a material adverse effect on the financial condition of the Company and the Subsidiary Borrowers, taken as a whole. 
  

 (c) This Subsidiary Borrower Letter does, and the Notes of the Subsidiary Borrower when
duly executed and delivered by the Subsidiary Borrower will, constitute legal, valid and binding obligations of the Subsidiary Borrower, enforceable against the Subsidiary Borrower in accordance with their respective terms, subject to general
equitable principles and except as the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws of general application relating to creditors’ rights. 
  
 (d) In the Subsidiary Borrower’s opinion, there are no
pending or threatened actions or proceedings before any court or administrative agency that are reasonably likely to have a material adverse affect on the financial condition or operations of the Subsidiary Borrower which is likely to impair the
ability of the Subsidiary Borrower to repay the Advances to it or which would affect the legality, validity or enforceability of such Advances or its Notes, if any. 
  
 (e) The Consolidated statement of financial position as of December 31, 2003 and the related Consolidated
statement of earnings and retained earnings for the year then ended (copies of which have been furnished to each Lender) correctly set forth the Consolidated financial condition of the Company and its Subsidiaries as of such date and the result of
the Consolidated operations for such year. 
  
 (f) The Subsidiary Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System, and no
proceeds of any Advance to the Subsidiary Borrower will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock. Following application of the proceeds of each Advance,
not more than 25 percent of the value of the assets (either of the Subsidiary Borrower only or of the Subsidiary Borrower and its subsidiaries on a consolidated basis) subject to the provisions of Section 4.2(a) of the Credit Agreement or subject to
any restriction contained in any agreement or instrument between the Subsidiary Borrower and any Lender or any Affiliate of a Lender relating to Debt within the scope of Section 6.1(d) of the Credit Agreement will be margin stock (within the meaning
of Regulation U issued by the Board of Governors of the Federal Reserve System). 
  
 (g) The Subsidiary Borrower is not an “investment company,” or an “affiliated person” of, or “promoter” or
“principal underwriter” for, an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended. Neither the making of any Advances, nor the application of the proceeds or repayment thereof by
the Subsidiary Borrower, nor the consummation of the other transactions contemplated hereby, will violate any provision of such Act or any rule, regulation or order of the Securities and Exchange Commission thereunder. 
  
 This Subsidiary Borrower Letter may be executed by the parties hereto on
separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 
  

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	 Very truly yours,

	
	 THE BOEING COMPANY

		
	 By
	 	 /s/ Ruud P. Roggekamp

	 	 	 Name:
	 	 Ruud P. Roggekamp

	 	 	 Title:
	 	 Assistant Treasurer

	
	 BOEING CAPITAL CORPORATION

		
	 By
	 	 /s/ G. L. Carpenter

	 	 	 Name:
	 	 G. L. Carpenter

	 	 	 Title:
	 	 Treasurer

  

 3Letter agreement relating to the 364 Day Credit Agreement

 Exhibit 10.5 
  
 November 19, 2004 
  
 Boeing Capital Corporation 
 500 Naches Avenue SW 
 3rd Floor 
 Renton, WA 98055 
  
 Ladies and Gentlemen: 
  
 Reference is hereby made
to: 
  

	 	1)	The Boeing Company 364-Day Credit Agreement dated as of November 19, 2004 among The Boeing Company (“TBC”), the lenders named therein, JPMorgan Chase Bank, as
syndication agent, Citigroup Global Markets Inc. and J.P. Morgan Securities, Inc., as joint lead arrangers and joint book managers, and Citibank, N.A. as administrative agent for such lenders (as amended or modified from time to time, the
“364-day Credit Agreement”), and 

  

	 	2)	The Boeing Company Five-Year Credit Agreement dated as of November 21, 2003 and Amendment No. 1 to the Five-Year Credit Agreement dated as of November 19, 2004 among TBC, the
lenders named therein, JPMorgan Chase Bank, as syndication agent, Citigroup Global Markets Inc. and J. P. Morgan Securities, Inc., as joint lead arrangers and joint book managers, and Citibank, N.A. as administrative agent for such lenders (as
amended or modified from time to time, the “5-year Credit Agreement”). Capitalized terms used in this letter agreement that are not defined herein have the respective meanings specified in the 364-day Credit Agreement or the 5-year
Credit Agreement. 

  
 This letter agreement (the “Letter
Agreement”) sets forth terms and conditions whereby TBC and Boeing Capital Corporation (“BCC”) agree to designate BCC as a Subsidiary Borrower under the 364-day Credit Agreement and the 5-year Credit Agreement
(collectively, the “Credit Agreements”). 
  

	1.	BCC shall have the irrevocable right to borrow up to $1,250,000,000 (the “364-day Maximum Amount”) under the terms and conditions of the 364-day Credit Agreement,
and BCC shall have the irrevocable right to borrow up to $750,000,000 (the “5-year Maximum Amount,” and together with the 364-day Maximum Amount, the “Maximum Amounts”) under the terms and conditions of the 5-year
Credit Agreement. 

  

	2.	TBC shall not terminate any of the Credit Agreements or take any other action that would impair BCC’s ability to borrow the 364-day Maximum Amount or the 5-year Maximum Amount
under the Credit Agreements. 

  

	3.	Notwithstanding the foregoing, TBC may take actions with regard to the Credit Agreements (e.g., amendment, restatement, cancellation and replacement) so long as the resulting credit
support available to BCC up to the Maximum Amounts is acceptable to the nationally recognized rating agencies providing credit ratings for BCC. 

  

	4.	TBC agrees in advance to approve all BCC actions pursuant to its right as a Subsidiary Borrower under the Credit Agreements that would require TBC’s consent. No written TBC
approvals to BCC actions under the Credit Agreements will be required except those written consents explicitly required by the terms of the Credit Agreements (e.g., notice of borrowing, guaranty, and legal opinions). 

  

	5.	TBC agrees to guaranty unconditionally BCC borrowings up to the Maximum Amounts and other obligations of BCC as a Subsidiary Borrower on terms consistent with Exhibit J to the
364-day Credit Agreement and Exhibit H to the 5-year Credit Agreement, respectively, including BCC’s Notes thereunder. 

  

	6.	TBC and BCC will promptly and duly execute and deliver such further documents and assurances and take such further actions as may from time to time be necessary to carry out the
intent and purpose of this Letter Agreement. 

  

	7.	So that BCC may make a representation in the Borrower Subsidiary Letter relating to each Credit Agreement, TBC certifies to BCC that TBC’s Consolidated statement of financial
position as of December 31, 2003 and the related Consolidated statement of earnings and retained earnings for the year then ended (copies of which have been furnished to each Lender) correctly set forth the Consolidated financial condition of TBC
and its Subsidiaries as of such date and the result of the Consolidated operations for such year, and since such date there has been no material adverse change in such condition or operations that is likely to impair the ability of TBC to repay the
Advances. 

  

	8.	This Letter Agreement sets forth in full the terms of our understanding with respect to the subject matter described herein and supercedes in its entirety the Letter Agreement,
dated November 21, 2003 entered into between TBC and BCC. 

  

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 Please acknowledge your agreement to the foregoing by signing in the space indicated below. 
  
 Sincerely, 
  

			
	 The Boeing Company

		
	By	 	 /s/ Ruud P. Roggekamp

	 	 	 Ruud P. Roggekamp

  
 Acknowledged and Agreed: 

 

			
	 Boeing Capital Corporation

		
	 By
	 	 /s/ G.L. Carpenter

	 	 	 G.L. Carpenter

  

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