Document:

extension10_1.htm

    
      
        THIRD
          AMENDMENT, dated as of August 20, 2007 (this “Amendment”) to the Credit
          Agreement (2006-B), dated as of December 15, 2006 (as amended by the First
          Amendment dated as of January 22, 2007 and the Second Amendment dated as
          of
          April 5, 2007 and as further amended, supplemented or otherwise modified
          from
          time to time, the “Credit Agreement”), by and among AIRCASTLE LIMITED, an
          exempted company organized and existing under the laws of Bermuda (“Parent”),
          AIRCASTLE HOLDING CORPORATION LIMITED, an exempted company organized and
          existing under the laws of Bermuda (“AHCL”), AIRCASTLE IRELAND HOLDING LIMITED a
          limited liability company incorporated in Ireland (“AIHL”, and together with
          AHCL, the “Borrowers”), JPMORGAN CHASE BANK, N.A., as administrative agent (the
“Administrative Agent”) and certain lenders from time to time parties
          thereto.  Capitalized terms used but not otherwise defined in this
          Amendment shall have the meanings set forth in the Credit Agreement and
          the
          rules of interpretation set forth therein shall apply to this
          Amendment.

        

        W
          I T
          N E S S E T H:

        

        WHEREAS,
          Parent, the Borrowers, the Lenders and the Administrative Agent are parties
          to
          the Credit Agreement;

         

        WHEREAS,
          the Borrowers have requested that the Lenders amend the Credit Agreement,
          as
          more fully described herein; and

         

        WHEREAS,
          the Lenders are willing to agree to such amendment, but only upon the terms
          and
          subject to the conditions set forth herein;

         

        NOW,
          THEREFORE, in consideration of the mutual agreements herein contained and
          other
          good and valuable consideration, receipt and sufficiency of which are hereby
          acknowledged, the parties hereto hereby agree as follows:

        

        1.  Amendment
          to Section 1.1 of the Credit Agreement.  Subsection 1.1 of the
          Credit Agreement is hereby amended by deleting the definition “Stated
          Termination Date” in its entirety and substituting in lieu thereof the following
          new definition:

         

        “Stated
          Termination Date” means June
          15, 2008.

         

        2.  Conditions
          to Amendment Effective Date.  This Amendment shall become
          effective upon the date (the “Amendment Effective Date”) when the
          following conditions are satisfied:

         

        (a)  Counterparts.  The
          Administrative Agent shall have received counterparts of this Amendment,
          duly
          executed and delivered by Parent, the Borrowers and the Lenders;

         

        (b)  No
          Default.  No Default or Event of Default shall have occurred and
          be continuing on such date or after giving effect to the transactions
          contemplated herein; and

         

        (c)  Representations
          and Warranties.  Each of the representations and warranties made
          by the Credit Parties in or pursuant to the Loan Documents shall be true
          and
          correct in all material respects on and as of the date hereof, before and
          after
          giving effect to the effectiveness of this Amendment, as if made on and
          as of
          the date hereof, except to the extent such representations and warranties
          expressly relate to a specific earlier date, in which case such representations
          and warranties were true and correct as of such earlier date.

         

        
          
            Third
              Amendment

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        3.    
           Fees and Expenses.  The Borrower shall pay all fees,
          costs and expenses in connection with the Amendment and the transactions
          contemplated thereby, together with the reasonable legal fees and expenses
          of
          the Administrative Agent.

         

        4.  Continuing
          Effect of Loan Documents.  This Amendment shall not constitute an
          amendment or waiver of any
          provision of the Credit Agreement not expressly referred to herein and
          shall not
          be construed as an amendment, waiver or consent to any further or future
          action
          on the part of the Credit Parties that would require an amendment, waiver
          or
          consent of the Lenders or Administrative Agent.  Except as expressly
          amended hereby, the provisions of the Credit Agreement are and shall remain
          in
          full force and effect.

         

        5.  Counterparts.  This
          Amendment may be executed by one or more of the parties hereto on any number
          of
          separate counterparts (including by facsimile), and all of said counterparts
          taken together shall be deemed to constitute one and the same instrument.

         

        6.  Severability.  Any
          provision of this Amendment which is prohibited or unenforceable in any
          jurisdiction shall, as to such jurisdiction, be ineffective to the extent
          of
such prohibition or
          unenforceability without invalidating the remaining provisions hereof,
          and any
          such prohibition or unenforceability in any jurisdiction shall not invalidate
          or
          render unenforceable such provision in any other jurisdiction.

         

        7.  Integration.  This
          Amendment and the other Loan Documents represent the agreement of the Credit
          Parties, the Administrative Agent and the Lenders with respect to the subject
          matter hereof, and there are no promises, undertakings, representations or warranties by
          the Administrative Agent or any Lender relative to the subject matter hereof
          not
          expressly set forth or referred to herein or in the other Loan
          Documents.

         

        8.  GOVERNING
          LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
          AMENDMENT
          SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH,
          THE LAW
          OF THE STATE OF NEW YORK.

         

        
          
            Third
              Amendment

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

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

           

          
            	 	AIRCASTLE
                    LIMITED, as
                    Parent	 
	 	 	 	 
	
                     

                  	
                    By:
                      

                  	/s/ Ron
                    Wainshal	 
	 	 	Name: 
Ron
                    Wainshal	 
	 	 	Title:   
                    CEO 	 
	 	 	 	 

          

           

          
            	 	AIRCASTLE
                    HOLDING CORPORATION LIMITED, as Borrower	 
	 	 	 	 
	
                     

                  	
                    By:
                      

                  	/s/ Ron
                    Wainshal	 
	 	 	Name: 
                    Ron Wainshal	 
	 	 	Title:  
                    Chairman/CEO 	 
	 	 	 	 

          

        

      

    

     

    
      	 	AIRCASTLE
              IRELAND HOLDING LIMITED, as Borrower	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Ron
              Wainshal	 
	 	 	Name: Ron
              Wainshal 	 
	 	 	Title:  
              Managing Director	 
	 	 	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	JPMORGAN
              CHASE BANK, N.A.,  as Agent and as a Lender	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Matthew
              H. Massie	 
	 	 	Name: 
              Matthew H. Massie	 
	 	 	Title:   
              Managing Director	 
	 	 	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	BEAR
              STEARNS CORPORATE LENDING INC., as a Lender	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Victor
              Bulzacchelli	 
	 	 	Name: 
              Victor Bulzacchelli 	 
	 	 	Title:   
              Vice President	 
	 	 	 	 

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 	CITICORP
              NORTH AMERICA, INC.,	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Gaylord
              C. Holmes	 
	 	 	Name: 
              Gaylord C. Holmes 	 
	 	 	Title:   
              Vice President and DirectorFiled by Bowne Pure Compliance

 

Exhibit 10.1

SUMMARY COMPENSATION TABLE

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Stock	 	 	 	 	 	 	All	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Awards,	 	 	Non-Equity	 	 	Other	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Including	 	 	Incentive	 	 	Compensation	 	 	 	 
	Name and Principal Position	 	Year	 	 	Salary	 	 	Bonus	 	 	Warrants	 	 	Compensation	 	 	(a)	 	 	Total	 
	Nicholas J. Malino, Chief
	 	 	2007	 	 	$	90,000	 	 	$	0	 	 	$	0	 	 	$	0	 	 	$	0	 	 	$	90,000	 
	Executive Officer (1)
	 	 	2006	 	 	 	180,000	 	 	 	0	 	 	 	121,000	 	 	 	0	 	 	 	0	 	 	 	301,000	 
	Steve Onody. Chief
	 	 	2007	 	 	 	12,000	 	 	 	0	 	 	 	100,000	 	 	 	0	 	 	 	0	 	 	 	112,000	 
	Operating Officer (4)
	 	 	2006	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Ron Brewer, Chief Operating
	 	 	2007	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Officer (2)
	 	 	2006	 	 	 	110,000	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	110,000	 
	Craig McMahon, V.P. of
	 	 	2007	 	 	 	66,000	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	66,000	 
	Operations (3)
	 	 	2006	 	 	 	132,000	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	132,000	 

There were no stock option awards or nonqualified deferred compensation earnings during the periods
and the company has no pension plan. Therefore, these columns are not applicable and have been
omitted from the above table.

(a) There were no perquisites or other personal benefits provided to these employees that exceeded
$10,000 in the aggregate, and there were no company contributions to any defined contribution
plans, life insurance premiums paid by the company for the benefit of the employee or other
compensation.

(1) Mr. Malino receives an annual salary of $180,000. See “Employee Agreements”. In August 2005,
Mr. Malino received a stock award whereby he would receive 1,850,000 shares of common stock of
Amerex, which were issued in 2006. Vesting occurred immediately. The fair value of the Company’s
stock at the time of the award was minimal, since operations had not commenced and assets owned at
that time were insignificant. In 2006, Mr. Malino received, from a related party, warrants to
purchase 1,979,700 shares of the Company’s common stock for $0.50 per share with a five-year term.
The warrants were valued at $121,000 using a Black-Scholes model.

(2) Mr. Brewer voluntarily resigned from the company on December 1, 2006. See Form 8-K filed
December 4, 2006. In August 2005, Mr. Brewer received a stock award whereby he would receive
4,450,000 shares of common stock of Amerex, which were issued in 2006. Vesting occurred
immediately. The fair value of the Company’s stock at the time of the award was minimal, since
operations had not commenced and assets owned at that time were insignificant.

(3) Mr. McMahon receives an annual salary of $132,000. See “Employment Agreements.” In January
2006, Mr. McMahon received a stock award whereby he would receive 160,000 shares of common stock of
Amerex, which were subsequently issued in 2006.

(4) Mr. Onody receives an annual salary of $144,000. In June 2007, Mr. Onody received stock
options for 50,000 shares of common stock.

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