Document:

Exhibit
10.43

 

SECOND AMENDMENT TO AMENDED

AND RESTATED CREDIT AGREEMENT

 

Dated as of
December 9, 2004

 

among

 

WILLIS LEASE FINANCE CORPORATION,

as Borrower,

 

CERTAIN BANKING INSTITUTIONS NAMED HEREIN,

 

NATIONAL CITY BANK,

as Administrative Agent,

 

and

 

FORTIS BANK (NEDERLAND) N.V.,

as Structuring Agent and Security Agent,

 

 

Vedder, Price, Kaufman & Kammholz

Chicago, Illinois

 

 

 

SECOND AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT

 

THIS SECOND AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT, dated as of December 9, 2004
(this “Amendment”), is entered
into by and among WILLIS LEASE FINANCE
CORPORATION, a Delaware corporation (the “Borrower”), the banking institutions signatories hereto and
named in Exhibit A attached hereto and such other institutions that
hereafter become a “Bank” pursuant to Section 11.4 of the Agreement (as
defined below) (collectively the “Banks” and individually a “Bank”), NATIONAL CITY BANK, as Administrative Agent
and FORTIS BANK (NEDERLAND) N.V.,
as Security Agent and Structuring Agent.

 

RECITALS

 

WHEREAS, the
Borrower, the Administrative Agent, the Structuring Agent, and the Security
Agent (in their respective capacities as Agents and as Banks) and the Banks
have entered into that certain Amended and Restated Credit Agreement dated as
of June 29, 2004 (the “Original
Agreement”), as amended by the First Amendment to Amended and
Restated Credit Agreement dated as of September 24, 2004 (the “First
Amendment”; the Original Agreement as amended by the First Amendment is referred
to as the “Agreement”) pursuant to which the Banks have agreed to make
available to the Borrower a revolving credit facility used for the purchase or
refinance of Engines and Equipment;

 

WHEREAS,
Kaupthing Bank has agreed to commit the amount of Ten Million Dollars
(US$10,000,000) towards the Aggregate Revolving Loan Commitment, as set forth
herein;

 

WHEREAS,
the amount of the Aggregate Revolving Loan Commitment will be increased to One
Hundred Forty Eight Million Five Hundred Thousand Dollars (US$148,500,000);

 

WHEREAS,
all of the Banks have approved such increase; and

 

WHEREAS,
CDC Finance – CDC IXIS, a corporation organized and existing under the laws of
the Republic of France (“CDC IXIS”), desires to assign its Revolving Loan
Commitment.

 

NOW, THEREFORE,
in consideration of the premises and promises hereinafter set forth and
intending to be legally bound hereby, the parties hereto agree as follows:

 

AGREEMENT

 

Section 1.               Definitions.  Terms not defined herein shall have the
meanings ascribed thereto in the Agreement.

 

Section 2.               Exhibits.  Exhibit A to the Agreement is hereby deleted
in its entirety and replaced with Exhibit A attached hereto.

 

Section 3.               Assignment.  The Borrower and the Structuring Agent hereby
consent for the purposes of Section 11.4 of the Agreement (and as
previously described in Section 2 of the

 

 

First Amendment) to CDC
IXIS’s assignment of its Revolving Loan Commitment in the amount of
US$10,000,000 to IXIS Corporate & Investment Bank, a company incorporated
in France whose registered office is at 47 Quai d’Austerlitz, 75648 Paris Cedex
13, France, effective as of the date hereof.

 

Section 4.               Ratification.  Except as amended hereby, the Agreement, as
heretofore supplemented, amended, assigned and modified shall continue and
shall remain in full force and effect and is hereby ratified in all
respects.  From and after the date
hereof, any and all references to the “Agreement” shall be deemed to refer to
the Agreement as amended hereby.

 

Section 5.               Governing Law; Severability;
Construction of Amendment.  THIS
AMENDMENT SHALL BE GOVERNED BY AND BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REGARD TO CALIFORNIA OR FEDERAL
PRINCIPLES OF CONFLICTS OF LAWS.  To the
extent permitted by applicable law, the parties hereby waive any provision of
law which renders any provision hereof prohibited or unenforceable in any
respect.  Otherwise, 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 any of the remaining provisions hereof,
and any such prohibition or unenforceability in any one or more jurisdictions
shall not invalidate or render unenforceable such provisions in other
jurisdictions.

 

Section 6.               Counterparts; Effectiveness.  This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if
the signatures thereto and hereto were upon the same instrument.  This Amendment shall become effective when
the Administrative Agent shall have received signed counterparts or notice by
fax of the signature page that the counterpart has been signed and is being
delivered to it or by facsimile that such counterparts have been signed by all
the parties hereto or thereto.

 

Section 7.               Headings.  All section headings contained herein
are for convenience of reference only and are not intended to define or limit
the scope of any provision of this Amendment.

 

Section 8.               Representations and Warranties.  The Borrower hereby represents and warrants
to each of the other parties hereto that (i) this Amendment has been duly
authorized, executed and delivered by it and (ii) this Amendment
constitutes its legal, valid and binding obligation, enforceable against it in
accordance with its terms.

 

*    *   
*

 

2

 

IN WITNESS WHEREOF, the parties hereto have
each caused this Amendment to be duly executed by their duly authorized
representatives as of the date first above written.

 

 

	
   

  	
  WILLIS LEASE
  FINANCE CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Monica J. Burke

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Monica J. Burke

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President

  Chief Financial Officer

  
						

 

 

Notices to:

 

2320 Marinship Way

Suite 300

Sausalito, CA  94965

Fax No. (415) 331-5167

Attention:  General Counsel

Email: tnord@willislease.com

 

3

 

	
   

  	
  NATIONAL CITY BANK,

  
	
   

  	
  as Administrative Agent

  
	
   

  
	
   

  
	
   

  	
  By

  	
  /s/ Christos Kytzidis 

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Christos Kytzidis

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

Notices To:

 

Christos Kytzidis

Vice President

National City Bank

One South Broad

14th Floor, Locator 01-5997

Philadelphia, PA 19107

Telephone:  267-256-4092

Facsimile:  267-256-4001

Email: 
chris.kytzidis@nationalcity.com

 

With a copy to:

 

Scott Lankford

Sr. Loan Administrator

National City Bank

1900 East Ninth Street

Cleveland, Ohio 44114

 

4

 

	
   

  	
  NATIONAL CITY BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Christos Kytzidis 

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Christos Kytzidis

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

Notices To:

 

Christos Kytzidis

Vice President

National City Bank

One South Broad

14th Floor, Locator 01-5997

Philadelphia, PA 19107

Telephone:  267-256-4092

Facsimile:  267-256-4001

Email: 
chris.kytzidis@nationalcity.com

 

With a copy to:

 

Scott Lankford

Sr. Loan Administrator

National City Bank

1900 East Ninth Street

Cleveland, Ohio 44114

 

5

 

	
   

  	
  FORTIS BANK (NEDERLAND) N.V.,

  
	
   

  	
  as Structuring Agent

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ P.R.G. Zaman

  /s/ M.P.A. Zondag

  	
   

  
	
   

  	
   

  	
  Name:

  	
  P.R.G. Zaman

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  M.P.A. Zondag

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

 

Notices To:

 

Fortis Bank (Nederland) N.V.

Coolsingel 93

3012 AE Rotterdam

The Netherlands

Attention:  Maarten H. Schipper

Telephone:  31 10 401 9522

Facsimile:  31 10 401 9529

 

With a copy to:

 

Vedder, Price, Kaufman & Kammholz, P.C.

Attention:  Lynne A. Gochanour

222 North LaSalle Street

Suite 2600

Chicago, Illinois  60601

Telephone:  312-609-7500

Facsimile:  312-609-5005

 

6

 

	
   

  	
  FORTIS BANK (NEDERLAND) N.V.,

  
	
   

  	
  as Security Agent

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ P.R.G. Zaman

  /s/ M.P.A. Zondag

  	
   

  
	
   

  	
   

  	
  Name:

  	
  P.R.G. Zaman

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  M.P.A. Zondag

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

 

Notices To:

 

Fortis Bank (Nederland) N.V.

Coolsingel 93

3012 AE Rotterdam

The Netherlands

Attention:  Maarten H. Schipper

Telephone:  31 10 401 9522

Facsimile:  31 10 401 9529

 

With a copy to:

 

Vedder, Price, Kaufman & Kammholz, P.C.

Attention:  Lynne A. Gochanour

222 North LaSalle Street

Suite 2600

Chicago, Illinois  60601

Telephone:  312-609-7500

Facsimile:  312-609-5005

 

7

 

	
   

  	
  FORTIS BANK (NEDERLAND) N.V.,

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ P.R.G. Zaman

  /s/ M.P.A. Zondag

  	
   

  
	
   

  	
   

  	
  Name:

  	
  P.R.G. Zaman

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  M.P.A. Zondag

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 

Notices To:

 

Fortis Bank (Nederland) N.V.

Coolsingel 93

3012 AE Rotterdam

The Netherlands

Attention:  Maarten H. Schipper

Telephone:  31 10 401 9522

Facsimile:  31 10 401 9529

 

With a copy to:

 

Vedder, Price, Kaufman & Kammholz, P.C.

Attention:  Lynne A. Gochanour

222 North LaSalle Street

Suite 2600

Chicago, Illinois  60601

Telephone:  312-609-7500

Facsimile:  312-609-5005

 

8

 

	
   

  	
  CALIFORNIA BANK AND TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ J. Michael Sullivan

  	
   

  
	
   

  	
   

  	
  Name:

  	
  J. Michael Sullivan

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

Notices To:

 

J. Michael Sullivan

Vice President

California Bank & Trust

South Bay Corporate Banking Office

1690 South El Camino Real

San Mateo, CA  94402

Telephone:  650-294-2026

Facsimile:  650-294-2029

Email: sullivanm@calbt.com

 

With a copy to:

 

Loan Administrator

California Bank & Trust

San Francisco Corporate Banking Office

465 California Street, 1st Floor

San Francisco, CA  94104

Telephone:  415-875-1441

Facsimile:  415-875-1457

 

9

 

	
   

  	
  CITY NATIONAL BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Nanci Brusati Dias

  	
   

  	 

	
   

  	
   

  	
  Name:

  	
  Nanci Brusati Dias

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
						

 

 

Notices To:

 

Nanci Brusati-Dias, Senior Vice President

City National Bank – San Francisco CBC

150 California Street, 12th Floor

San Francisco, CA  94111

Telephone:  415-576-2801

Facsimile:  415-576-3961

Email: nanci.dias@cnb.com

 

10

 

	
   

  	
  WELLS FARGO BANK, NATIONAL

  ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Peter Hsu

  	
   

  	 

	
   

  	
   

  	
  Name:

  	
  Peter Hsu

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
						

 

 

Notices To:

 

Wells Fargo Bank, National Association

200 B Street, Suite 300

Santa Rosa, CA  95401

Telephone:  707-584-3142

Facsimile:  707-584-3235

Email: 
peter.r.hsu@wellsfargo.com

 

11

 

	
   

  	
  HSH NORDBANK

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Jack Campbell

  
	
   

  	
   

  	
  Name:

  	
   
  Jack Campbell

  
	
   

  	
   

  	
  Title:

  	
   
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   
  Head of Transportation Americas

  
	
   

  	
  By

  	
  /s/ Hari Raghavan

  
	
   

  	
   

  	
  Name:

  	
  Hari Raghavan

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
  Transportation

  

 

 

Notices To:

 

HSH Nordbank

590 Madison Avenue

New York, NY  10022-2540

Telephone:  212-407-6000

Facsimile:  212-407-6033

	
  Email:

  	
  hari.raghavan@hsh-nordbank.com

  
	
   

  	
   and eric.dollman@hsh-nordbank.com

  

 

12

 

	
   

  	
  STATE BANK OF INDIA ( LOS ANGELES AGENCY)

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Sunil K Kowshal

  
	
   

  	
   

  	
  Name:

  	
  Sunil K Kowshal

  
	
   

  	
   

  	
  Title:

  	
  VP & Manager

  

 

 

Notices To:

 

State Bank of India

Los Angeles Agency

707 Wilshire Boulevard, Suite 1995

Los Angeles, California  90017

Telephone:  213-623-7250

Facsimile:  213-622-2069

	
  Email:

  	
  ravi@sbical.com

  
	
   

  	
  sbilaa@yahoo.com

  

 

13

 

	
   

  	
  STATE BANK OF INDIA

  (CALIFORNIA)

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Soundara Kumar

  
	
   

  	
   

  	
  Name:

  	
     Soundara Kumar

  
	
   

  	
   

  	
  Title:

  	
     Chief Executive Officer

  

 

 

Notices To:

 

State Bank of India (California)

707 Wilshire Boulevard, Suite 1995

Los Angeles, California  90017

Telephone:  213-623-7250

Facsimile:  213-622-2069

	
  Email:

  	
  ravi@sbical.com

  
	
   

  	
  sbilaa@yahoo.com

  

 

14

 

	
   

  	
  IXIS CORPORATE & INVESTMENT 

  BANK (as successor in interest to CDC

  Finance – CDC IXIS)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Henri Malick

  
	
   

  	
   

  	
  Name: 
  Henri MALICK

  
	
   

  	
   

  	
  Title:   
  Managing Director for Financing
  Activities

  

 

 

Notices To:

 

Jean-Michel Chatel

Bank Offices Loans and Structured Finance Manager

IXIS CORPORATE & INVESTMENT

BANK

26-28 Rue Neuve Tolbiac

75658 Paris Cedex 13

France

Telephone:  +33 1 58 55 60 71

Facsimile:  +33 1 58 55 60 82

Email:  jmchatel@ixis-cib.com

 

15

 

	
   

  	
  KAUPTHING BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Bjarki H Diego

  
	
   

  	
   

  	
  Name:

  	
  Bjarki H Diego

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
  Corporate Banking

  
	
   

  	
  By

  	
  /s/ Byörk Thorarinsdottir

  
	
   

  	
   

  	
  Name:

  	
  Byörk Thorarinsdottir

  
	
   

  	
   

  	
  Title:

  	
  Deputy Managing Director

  
	
   

  	
   

  	
   

  	
  Corporate Banking

  

 

 

Notices To:

 

Asthildur Otharsdottir

Kaupthing Bunadarbanki hf.

Corporate Banking

Borgartuni 19 – IS 105 Reykjavik – Iceland

Telephone:  (+354) 444 6544

Facsimile:    (+354) 444 6589

Email:    amo@kbbanki.is

 

16

 

EXHIBIT A

 

BANKS’ REVOLVING LOAN COMMITMENTS AND PERCENTAGES

 

 

	
   

  	
   

  	
  Revolving 

  Loan Commitment

  	
   

  	
  Revolving

  Loan Commitment

  Percentage

  	
   

  	
  Closing

  Fee

  	
   

  	
   

  	
   

  
	
  Fortis Bank
  (Agent)

  	
   

  	
  30,000,000

  	
   

  	
  20.2020

  	
  %

  	
  0.004

  	
   

  	
  120,000

  	
   

  
	
  National
  City Bank (Agent)

  	
   

  	
  30,000,000

  	
   

  	
  20.2020

  	
  %

  	
  0.004

  	
   

  	
  110,000

  	
   

  
	
  California
  Bank & Trust

  	
   

  	
  20,000,000

  	
   

  	
  13.4680

  	
  %

  	
  0.004

  	
   

  	
  80,000

  	
   

  
	
  Wells Fargo
  Bank

  	
   

  	
  15,500,000

  	
   

  	
  10.4377

  	
  %

  	
  0.004

  	
   

  	
  62,000

  	
   

  
	
  HSH Nordbank

  	
   

  	
  15,000,000

  	
   

  	
  10.1010

  	
  %

  	
  0.0025

  	
   

  	
  37,500

  	
   

  
	
  City
  National Bank

  	
   

  	
  10,000,000

  	
   

  	
  6.7340

  	
  %

  	
  0.0025

  	
   

  	
  25,000

  	
   

  
	
  CDC Finance –
  CDC IXIS

  	
   

  	
  10,000,000

  	
   

  	
  6.7340

  	
  %

  	
  0.0025

  	
   

  	
  25,000

  	
   

  
	
  Kaupthing
  Bank

  	
   

  	
  10,000,000

  	
   

  	
  6.7340

  	
  %

  	
  0.0025

  	
   

  	
  25,000

  	
   

  
	
  State Bank
  of India – Los Angeles Agency

  	
   

  	
  5,000,000

  	
   

  	
  3.3670

  	
  %

  	
  0.0025

  	
   

  	
  12,500

  	
   

  
	
  State Bank
  of India (California)

  	
   

  	
  3,000,000

  	
   

  	
  2.0202

  	
  %

  	
  0.0025

  	
   

  	
  7,500

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  148,500,000

  	
   

  	
  100

  	
  %

  	
   

  	
   

  	
  $

  	
  504,500

  	
   

  
												

 

1Exhibit
10.44

 

AMENDMENT
No. 1 TO LOAN AND AIRCRAFT SECURITY AGREEMENT

 

This
Amendment No. 1 is dated as of December 9, 2004 and amends the Loan and
Aircraft Security Agreement (S/N 3004) dated as of October 29, 2004, as amended
(the “Loan”), entered into by and between Fleet Capital Corporation, as
lender, (“Lender”) and Willis Lease finance Corporation, a Delaware
corporation, as customer, (“Customer”).

 

RECITALS

 

A.            Capitalized terms not
otherwise defined herein shall have the meanings ascribed to them in the Loan.

 

B.            Lender and Customer
entered into that certain Loan dated as of October 29, 2004, which document was
recorded with the Federal Aviation Administration (“FAA”) on November
30, 2004 and assigned conveyance number M005128 regarding a certain Canadair
Ltd. Model CL-600 (Challenger 601-1A) aircraft bearing U.S. Registration Mark
N45PH and manufacturer’s serial number 3004 (the “Aircraft”);

 

C.            Pursuant
to the Loan, Customer is required to operate the Aircraft in accordance with
Part 91 of the FARs and to maintain operational control at all times, and is
prohibited from operating the Aircraft for air taxi operations or otherwise
under Part 135 of the FARs;

 

D.            Customer has notified
Lender of its intention to enter into an Aircraft Management and Charter
Agreement with TWC Aviation, Inc. (“TWC”) and has requested that Lender give
its consent to the Aircraft Management and Charter Agreement and amend the Loan
to allow for operation under Part 135 of the FARs, including consent for
operational control by TWC during both Part 91 and Part 135 operations; and

 

E.             Lender has given its
consent to Customer’s request and has agreed to amend the Loan.

 

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

 

1.               Subsection 4.4 is hereby deleted in its
entirety, and the following new Subsection 4.4 is inserted in substitution:

 

4.4                                 No Disposition of
Collateral or Liens; Title and Security Interest.  Customer shall not sell, assign, enter into
any Third Party Agreement, convey, mortgage, exchange or otherwise transfer or
relinquish possession of or dispose of the Aircraft, any part thereof or any of
the other Collateral or attempt or offer to do any of the foregoing except
that, provided that no Event of Default has occurred and is continuing,
Customer may enter into an aircraft management and charter agreement
(“Management Agreement”), with TWC or other qualified aviation management and
charter operator (“Manager”), pursuant to which the Aircraft may be operated
under Part 135 of the FARs, subject to the satisfaction of the following
conditions: (i) the Management Agreement shall provide that it shall terminate,
or be canceled, at the option of Lender, upon the occurrence of an Event of
Default; (ii) the Management Agreement shall be expressly, and at all times
remain, subject and subordinate to this Agreement and the rights of Lender
hereunder and in and to the Aircraft; (iii) in no event shall the Management
Agreement (including as amended from time to time) contain provisions that are
inconsistent with the provisions of this Agreement or cause Customer to

 

 

breach any of its representations, warranties or agreements under this
Agreement; and (iv) Customer shall deliver to Lender a Consent to Management
Agreement, in form and substance satisfactory to Lender, duly executed by
Customer and Manager (the “Consent”), together with a copy of the executed
Management Agreement and a copy of a valid Air Carrier Certificate FAA Form
8430-18, if applicable. The Management Agreement will not reduce any of the
obligations of Customer hereunder or the rights of Lender hereunder, under the
Note or under any of the other documents executed and/or delivered in
connection herewith, and Customer acknowledges that all of its obligations
shall be and remain primary and shall continue in full force and effect as the
obligations of a principal and not of a guarantor or surety. Any delegation of
duties hereunder or any assumption of the same shall be effective only as
between Customer and Manager.

 

The foregoing shall not be deemed to prohibit the delivery of
possession of the Aircraft, any APU, Engine or Part to another Person for
testing, service, repair, maintenance, overhaul or, to the extent permitted
hereby, for alteration or modification. 
Customer will not create, assume or suffer to exist any Liens on or with
respect to the Aircraft, any APU, Engine, Part or any of the other Collateral,
or Customer’s interest therein other than Permitted Liens.  Customer will promptly take such action as
directed by Lender to duly discharge any such Lien.  Customer will warrant and defend its good and
marketable title to the Aircraft and Lender’s first and only perfected security
interest in the Collateral, against all claims and demands whatsoever.

 

2.                                       Affirmation.  Customer hereby affirms and ratifies its
obligations under the Loan and agrees that the Loan is in full force and
effect, except as otherwise amended hereby.

 

3.                                       Representations.
Customer hereby represents, warrants and covenants to Lender that (i) this
Amendment is enforceable against Customer in accordance with its terms; (ii)
Customer’s execution and delivery of this Amendment, the Consent to Aircraft
Management (Charter) Agreement and any other documents, agreements and
instruments executed or delivered in connection herewith have been, or will be,
duly authorized on their parts; and (iii) that no Default or Event of Default
presently exists.

 

4.                                       Miscellaneous.  This Amendment, together with the Loan,
constitute the entire agreement between the parties hereto, and supersede all
prior or contemporaneous agreements, communications and understandings, both
written or oral with respect to the subject matter of this Amendment.  This Amendment may be executed in any number
of counterparts and by the parties hereto in separate counterparts.  Only Counterpart No. 1 of this Amendment
shall be considered “Chattel Paper” for purposes of the UCC.  THIS AMENDMENT IS GOVERNED BY NEW YORK LAW.

 

Except as expressly modified or amended by this Amendment, the terms
and conditions of the Loan shall remain in full force and effect.

 

2

 

IN WITNESS WHEREOF, the parties have executed this Amendment by their
respective duly authorized representatives as of the date and year first above
written.

 

 

	
  FLEET CAPITAL CORPORATION

  	
  WILLIS LEASE FINANCE CORPORATION

  
	
   

  	
   

  
	
  BY:

  	
   

  	
   

  	
  BY:

  	
   

  	
   

  
	
   

  	
   

  
	
  NAME:

  	
   

  	
   

  	
  NAME:

  	
   

  	
   

  
	
   

  	
   

  
	
  TITLE:

  	
   

  	
   

  	
  TITLE:

  	
   

  	
   

  
										

 

 

This is Counterpart No.       of a total of 3
counterparts. Only Counterpart No. 1 shall be considered chattel paper for
purposes of the Uniform Commercial Code and a security interest may be
perfected only by possession of Counterpart No. 1.

 

3

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