Document:

Exhibit 10.34

 

 

INDEPENDENT CONTRACTOR AGREEMENT

 

 

THIS INDEPENDENT CONTRACTOR AGREEMENT

(the “Agreement”) is entered into on this 13th day of September,

2002 by and between Hans

Jörg Hunziker (or a company which is majority-owned by Mr. Hunziker) (“Contractor”) whose address is Luxweg

13, 8155 Niederhasle, Switzerland, and Willis Lease Finance Corporation

(“WLFC”) whose address is 2320 Marinship Way, Suite 300, Sausalito, CA  94965 USA. 

Contractor and WLFC are sometimes referred to in this Agreement as the

“Party” or collectively as the “Parties.”

 

R E C I T A L S

 

A.            Contractor

is knowledgeable in the aircraft and engine

leasing area and holds contacts in this regard in Europe and elsewhere

throughout the world.

 

B.            WLFC

desires to retain the services of Contractor, and Contractor desires to perform

services for WLFC, upon the terms and conditions hereinafter set forth.

 

A G R E E M E N T

 

The Parties agree as follows:

 

1.             Services.  During the term of this Agreement, and

subject to the terms and conditions hereinafter set forth, Contractor shall

perform services within his area of expertise for WLFC, including, but not

necessarily limited to, helping WLFC raise debt/equity in Europe, representing

WLFC at SR Technics, assisting in the identification and solicitation of

potential strategic partners, and performing

consulting services consisting of assisting in the sale, acquisition, or lease

of aircraft engines, and at WLFC’s option, aircraft, in Europe, or other

activities as Willis may reasonably request. 

Contractor agrees to work on this engagement and to keep Willis

regularly informed of the progress of his work by written monthly status

reports.   Such

services shall be performed from time to time as requested by the WLFC CEO

and/or COO or their designees.

 

 

2.             Term

and Termination.

 

(a)           Term.  The term of this Agreement shall commence

effective as of 15 September, 2002 and shall continue through 14 September,

2003 subject to termination at will, with or without cause, by either party

upon six (6) month’s advance written notice.

 

(b)           This Agreement shall

terminate upon the occurrence of any of the following events:

 

 

                                (i)                                     The dissolution

or liquidation of WLFC;

 

                                (ii)           The death or total disability of

Contractor.  Total disability is any

disability which prevents Contractor from performing services hereunder for a

period of fifteen (15) consecutive days, or twenty (20) nonconsecutive days;

 

                                (iii)          A breach by Contractor of any of

Contractor’s covenants under this Agreement which Contractor fails to cure

within ten (10) days after written notice of default;

 

                                (iv)                              The mutual

written agreement of the Parties to this Agreement; or

 

                                (v)           Six (6) months after prior written

notice by either Party to the other Party.

 

(c)           Upon termination of

this Agreement for any reason whatsoever, (i) WLFC shall pay to Contractor all

amounts accrued under paragraph 3 hereof up to the date of termination; (ii)

Contractor shall deliver to WLFC any and all completed and uncompleted tasks

which Contractor may have been performing at the time of the termination as

well as all WLFC data and information, in written, recorded or physical form

concerning the subject of this Agreement and entrusted to or developed by

Contractor during this Agreement; and (iii) the terms and provisions of this

Agreement shall have no further force or effect.

 

(d)           The

Parties reserve the right to amend this Agreement at any time upon three (3)

days prior written notice to the other Party. 

All amendments must be in writing and executed by both Parties prior to

the amendment taking effect.

 

3.             Payment.

 

(a)           In consideration of

the services performed by Contractor hereunder, and upon completion of services

performed on terms satisfactory to WLFC, Contractor shall be entitled to the

compensation as set forth in the form of Exhibit A attached hereto. Contractor shall be paid in arrears based

upon receipt of his monthly invoice (to be paid within 30 days), without

deductions or withholdings.

 

(b)           Contractor shall be reimbursed within

fifteen (15) days of invoice for all reasonable out-of-pocket expenses incurred

solely in connection with his performance of services under this Agreement,

including office rental, travel expenses, presentation preparation costs,

telephone, facsimile and other communication expenses and other out-of-pocket

expenses.  All other costs and expenses

incurred in connection with the performance of Contractor’s obligations

hereunder, including without limitation, costs and expenses associated with employees

or agents of Contractor, insurance, licenses, taxes, accounting and bookkeeping

costs, and legal representation, shall be for the account of, and paid by,

Contractor.

 

 

Contractor will travel coach class within the

E.U. and purchase the most reasonable flights available.  Overseas travel will be in business class,

if available.

 

Contractor

will submit itemized bills to WLFC monthly following the end of each calendar

month, together with invoices, receipts and other evidence of all expenses

included in each such bill.  All trips

which are expected to cost in excess of US$2,500.00 must be approved in advance

by WLFC.

 

 

4.             Relationship of

the Parties.

 

(a)           The Parties intend that the

relationship between them created by this Agreement is that of employer and

independent contractor.  Neither

Contractor nor any agent, employee, or servant of Contractor shall be or shall

be deemed to be an agent, employee, or servant of WLFC.  The manner and means of performing services

under this Agreement shall be under the sole control of Contractor.  None of the benefits provided by WLFC to its

employees (including, but not limited to, compensation, insurance, vacation

pay, sick leave, pension, profit sharing, health insurance and workers’

compensation insurance) shall be available to Contractor or any agent, employee

or servant of Contractor.  Contractor

shall be solely and entirely responsible for his acts and for the acts of his

agents, employees, servants, and subcontractors during the performance of

services under this Agreement, and Contractor specifically acknowledges he is

covered under his own workers’ compensation and will not be covered under the

workers’ compensation of WLFC.

 

(b)           During the term of this Agreement,

including any extensions or renewals thereof, Contractor shall perform all of

the duties required of him under the terms of this Agreement.

 

(c)           Contractor does not have the

authority to bind WLFC to any contract, nor does Contractor have the authority

to enter into contracts on behalf of WLFC. 

Each Party agrees not to represent in any way the existence of (i) any

authority to bind the other Party, or (ii) any relationship between the Parties

hereto other than the independent contractor arrangement specified herein.

 

5.             Compliance with

Laws and Regulations.  In the

performance of services hereunder, Contractor agrees to act in full compliance

with any and all applicable laws, rules and regulations adopted or promulgated

by any governmental agency or regulatory body, including state, federal and

provincial.  Contractor assumes full

responsibility for the payment of any and all contributions, payroll taxes or

assessments, state or federal or provincial, imposed with respect to Contractor

and/or any employees of Contractor engaged in the performance of services

hereunder. Contractor assumes and agrees to pay any and all gross receipts,

compensating, use, transaction, sales, or other taxes or assessments of

whatever nature or kind levied or assessed as a consequence of services

performed or compensation paid under this Agreement.

 

 

6.             Indemnification.  Contractor shall indemnify, hold harmless,

protect, and defend WLFC from and against any and all damages, losses,

liabilities, obligations, or deficiencies resulting from, arising out of, or

connected with, (i) the nonfulfillment of any obligation on the part of

Contractor to be observed or performed under this Agreement, (ii) any and all

claims made against WLFC by any third party, or third parties, at any time

after the execution and delivery of this Agreement, arising out of, or

connected with, any gross negligent act, or gross negligent omission, or

willful misconduct of Contractor, or (iii) any demands, assessments, judgments,

costs, reasonable attorneys’ fees, or other expenses arising out of, or

connected with, any action, suit, proceeding or claim incident to any of the

foregoing.

 

7.             Arbitration.  Any and all claims arising out of or related

to the performance of services under this Agreement, any provision or aspect of

this Agreement, or any alleged breach thereof, including any dispute as to any

amount owed under this Agreement, shall be settled by arbitration in San

Francisco, California in accordance with the rules then prevailing of the

American Arbitration Association for Commercial Disputes; provided, however,

that (i) in the event of any conflict between this and any other provision of

this Agreement and such rules, the provisions of this Agreement shall prevail,

and (ii) any claim must be presented for arbitration within six (6) months

of the date upon which the aggrieved Party became aware of, or should have

become aware of, the alleged claim. 

Failure to assert a claim within six (6) months shall forever bar

assertion of the claim.  The results of

any arbitration shall be final and binding upon the Parties and judgment

thereon may be entered in any California court.

 

8.             Tax Effects.  Both Parties hereto intend all payments,

when made hereunder, to be fully deductible by WLFC and income to Contractor.

Contractor agrees to report all payments made hereunder in full compliance with

the tax legislation in Switzerland. Contractor shall be issued an IRS Form 1099

at year-end for all such income, if required.

 

9.             Authority.  Contractor represents and warrants that he

has the right to enter into and perform this Agreement and that any consent or

approval of any third party required for Contractor to do so has been obtained.

 

10.                                 Confidentiality.

 

(a)           Contractor acknowledges that in the course of performance

under this Agreement he will receive, develop and have access to the valuable,

proprietary and trade secret information of WLFC and that the unauthorized

disclosure of WLFC’s proprietary and trade secret information would irreparably

damage WLFC.  Accordingly, Contractor

agrees that all proprietary and trade secret information received or developed

by Contractor as a consequence of this Agreement shall be maintained in

confidence and will not be used, published or disclosed by Contractor without

the prior written consent of WLFC.

 

 

(b)           The financial terms of this Agreement

are also to be considered Confidential Information, subject to required

reporting to authorities according to applicable local legislation.

 

(c)           Except in any

proceeding to enforce provisions of this Agreement, Contractor, its employees,

officers, directors and agents shall not publicize or disclose to any third

party any of the terms or conditions of this Agreement without the prior

written consent of WLFC, subject to required reporting to authorities according

to applicable local legislation.

 

(d)           If either Party, or

any one of its employees, officers, directors or agents is served with a

subpoena or other process requiring production or disclosure of this Agreement

or any of its terms or conditions, then the person or entity receiving such a

subpoena or other process, before complying with such subpoena or other

process, shall immediately notify the other of the same and permit the other a

reasonable period of time (taking into account the terms of the subpoena or

other process) to intervene and to contest such production.

 

(e)           The obligations of confidentiality

discussed in this Agreement shall survive the termination of this Agreement.

 

11.           Copyright.  Unless otherwise specified, all work

performed by Contractor under this Agreement, and all materials, products and

deliverables prepared by Contractor for WLFC shall be the property of WLFC and

all title and interest therein shall vest in WLFC and shall be deemed to be a

“work for hire” made in the course of the services rendered hereunder.  To the extent that title to any such works

may not by operation of law vest in WLFC, all rights, title and interest

therein are hereby irrevocably assigned to WLFC.

 

12.           Inventions.  Any inventions which arise from the performance of Contractor’s

services, and which are conceived or made in whole or in part by Contractor

during the term of this Agreement, shall belong to WLFC, provided such

inventions grow out of Contractor’s work with WLFC or are related in any manner

to the business (commercial or experimental) of WLFC.  Contractor agrees to aid and cooperate with WLFC in obtaining and

enforcing valid patents on such inventions and agrees to do all acts and

execute all documents reasonably necessary to obtain and enforce such patents

at WLFC’s request and expense.

 

13.           Conflicts of Interest. 

During the term of this Agreement, Contractor shall be under no

restriction with regard to entering into consulting arrangements with other

persons or organizations, except that Contractor shall not engage in any

activities which might be in conflict with WLFC’s interest, for example,

working for a competitor of WLFC. 

Contractor agrees to present any questions or concerns about the

implementation of this provision to WLFC and the parties agree to reach a mutually

satisfactory resolution of the issue.

 

 

14.           Miscellaneous.

 

(a)           No Waiver.  No waiver of any breach or of any one or

more of the conditions or covenants in this Agreement by any Party hereto shall

be deemed to imply or constitute a further waiver of any other like breach or

condition or covenant.

 

(b)           Entire

Agreement.  This Agreement sets forth

the sole entire agreement and understanding between the Parties hereto as to

the subject matter hereof, and merges with and supersedes all prior

discussions, agreements and understandings of every and any nature between them

with respect to such sub­ject matter.

 

(c)           Binding Effect.  All terms and provisions of this Agreement

shall be binding upon and inure to the benefit of and be enforceable by the

Parties hereto and their successors and permitted assigns.

 

(d)           Assignment.  This Agreement can neither be assigned nor

can the performance of any duties be delegated by the Contractor without the

specific written authorization of WLFC.

 

(e)           Headings;

Severability.  The headings in the

sections of this Agreement are inserted for convenience only and shall not be

considered or referred to in resolving any questions of interpretation.  The provisions of this Agreement are

severable, and if any one or more provisions may be deter­mined to be

judicially unenforceable, in whole or in part, the remaining provisions, and

any partially unenforceable provisions, to the extent enforceable, shall

nevertheless be binding and enforceable upon the Parties hereto.

 

(f)            Notices.  All notices, requests, demands, and other communications

hereunder shall be in writing and shall be effective upon receipt.  All notices shall be given or served

personally or sent by facsimile or first class mail, postage prepaid, addressed

as follows:

 

	

  If to WLFC:

  	

  Willis

  Lease Finance Corporation

  Attn: Legal Department

  2320 Marinship Way, Suite 300

  Sausalito, CA  94965 U.S.A.

  Tel.:  415-331-5281

  Fax.: 415-331-5167

  
	

  

  	

   

  
	

  If to Contractor:

  	

  Hans

  Jörg Hunziker

  Luxweg 13

  8155 Niederhasli/ZH

  Zurich, Switzerland

  Tel:  _+41 1 850 66

  69_________________

  Email: hunziker@hotmail.com

  

 

 

or to such other address which the Party receiving the notice has

notified the Party giving the notice in the manner aforesaid.

 

(g)           Trading in Willis

Lease Stock  Contractor acknowledges

that while working under this Agreement and for 60 (sixty) days thereafter,

Contractor shall act in compliance with the insider trading rules that apply to

any trades in the publicly traded stock of Willis Lease Finance Corporation.

 

(h)           Force Majeure.  Neither Party shall be liable for delay or

failure in the performance in whole or in

part of this Agreement if such failure is caused by acts of God or public

enemy, fire, flood, hurricanes, strikes or other labor disputes, riots,

insurrection, war, governmental orders or actions, delays occasioned by

suppliers or subcontractors or any cause beyond the control of either Party.

 

(i)            Governing Law.  This Agreement shall be con­strued and

interpreted according to the laws of the State of California.

 

 

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement

effective as of the date first written above.

 

 

WILLIS LEASE FINANCE CORPORATION

 

 

 

/s/ Donald A. Nunemaker

Executive Vice President

Chief Operating Officer

 

 

/s/ Hans Jörg Hunziker

Independent

Contractor

 

 

 

Exhibit A

to Independent Contractor Agreement

 

1.              For business purposes,

Contractor may use the title “Chairman, European Advisory Board”, or such other

title as may be agreed to between the Parties.

 

2.               Monthly payments for services performed shall

be equal to $19,583.33, which would equate to $235,000.00 on an annual basis.

 

3.               Monthly allowance for automobile expenses

shall be equal to $1,250.00.

 

4.               Contractor shall be eligible to receive an

annual performance bonus (“Bonus”) in an amount not to exceed $117,500.00

Bonus, if awarded, to be paid proportionally as per June 30 and December 31,

the first time as per December 31, 2002 per rata. Bonus shall be based upon

specific performance criteria to be agreed between Contractor and WLFC.

 

5.               Contractor shall be required to perform

services for 46 out of 52 weeks during the original term of the Agreement.Exhibit 10.35

 

AMENDMENT

NO. 1 TO CREDIT AGREEMENT

 

                This AMENDMENT NO. 1 TO CREDIT AGREEMENT (the

“Amendment”) is dated as of November 12, 2002 between Willis Lease Finance

Corporation, a Delaware corporation (“Borrower”) and ABB New Finance AB, as

lender (the “Lender”).

 

W I T N E S S E T H

 

                WHEREAS, Borrower

entered into a Credit Agreement dated as of September 21, 2001 (the “Credit

Agreement”) with ABB Credit Finans AB (publ) (“Old ABB”);

 

                WHEREAS, on November 5, 2002 Old ABB assigned its

entire interest in and to the Loans (as defined in the Credit Agreement) and

every Loan Document (as defined in the Credit Agreement) to Lender, and Lender

agreed to accept the assignment and to be bound by each and every provision

thereof;

 

                WHEREAS,

Borrower  has requested that Lender

amend the definition of “EBIT” so as to add back to Net Income the amount

deducted for the non-cash write-off of $781,000 in previously paid legal and

bank fees related to the former WLFC Funding Corporation loan from Wachovia

Bank, N.A. (the “Write-Off”) and make certain other changes to the Credit

Agreement and the other Loan Documents, and Lender is willing to do so.

 

                NOW, THEREFORE, in consideration of the

foregoing and for other good and valuable consideration, the receipt of which

is hereby acknowledged, the parties hereto agree as follows:

 

                SECTION 1. 

Definitions.  Capitalized terms not defined herein shall

have the meanings assigned to those terms in the Credit Agreement.

 

                SECTION 2.  Amendment to Definitions of “EBIT” and “Interest

Coverage Ratio.”

 

(a)           The definition of “EBIT” contained in

Section 1.1 of the Credit Agreement is hereby amended and restated in its

entirety to read as follows:

 

                ““EBIT” shall mean the sum of (i) Net Income

less any extraordinary gain or loss included in the calculation thereof, plus

(ii) amounts deducted for interest expense and income taxes, plus (iii) to the

extent not included in clause (ii), amortization or write-off of capitalized

financing or debt issuance costs; capitalized financing or debt issuance costs

include without limitation amounts deducted for the non-cash write-off of

$781,000 in previously paid legal and bank fees related to the former WLFC

Funding Corporation loan from Wachovia Bank, N.A.”

 

                                (b)           The

definition of “Interest Coverage Ratio” contained in Section 1.1 of the Credit

Agreement is hereby amended and restated in its entirety to read as follows:

 

                ““Interest Coverage Ratio” shall mean the

ratio of EBIT of the Willis Companies plus rent expenses of the Willis

Companies to interest expense (excluding, to the extent otherwise included

therein, amortization or write-off of capitalized financing or debt issuance

costs;

 

1

 

capitalized financing or

debt issuance costs include without limitation amounts deducted for the

non-cash write-off of $781,000 in previously paid legal and bank fees related

to the former WLFC Funding Corporation loan from Wachovia Bank, N.A.) of the

Willis Companies plus rent expenses of the Willis Companies.”

 

                SECTION

3.         Other Amendments.  In addition to the

amendments contained in Section 2 above, the Credit Agreement and the other

Loan Documents are hereby amended in the following respects:

 

                                (a)           All

references in the Credit Agreement and the other Loan Documents to “WLFC

Funding Corporation” are hereby deleted and replaced by “Willis Engine Funding

LLC, a Delaware limited liability company”; and all references in the Credit

Agreement and the other Loan Documents to the “WLFC Funding Facility” are hereby

deleted and replaced by “Willis Engine Funding Facility.”

 

                                (b)           The

definition of “Contribution Agreement” contained in Section 1.1 of the Credit

Agreement is hereby amended and restated in its entirety to read as follows:

 

                ““Contribution Agreement” shall have the

meaning ascribed thereto in the definition of “Willis Engine Funding Facility,”

as amended, waived, restated and supplemented from time to time.”

 

                                (c)           The

definition of “Debt” contained in Section 1.1 of the Credit Agreement is hereby

amended by adding the following language to the end of clause (v) thereof:

 

                “, except for guaranties of the

obligations of Owner Trustees as lessor under Leases entered into in the

ordinary course of business”

                                (d)           The

following new definition of “Willis Engine Funding Facility” is hereby added to

Section 1.1 of the Credit Agreement in alphabetical order:

 

““Willis Engine

Funding Facility” shall mean the transactions contemplated by (i) that

certain Indenture dated as of September 12, 2002 (the “Indenture”) between

Willis Engine Funding LLC, a Delaware limited liability company (“WEF”) and The

Bank of New York, as indenture trustee (the “Indenture Trustee”), as

supplemented by that certain Series 2002-1 Supplement dated as of September 12,

2002 (the “Supplement”) between WEF and the Indenture Trustee, (ii) that

certain Class A Note Purchase Agreement dated as of September 12, 2002 (the

“Class A Note Purchase Agreement”) by and among Borrower, WEF, Sheffield

Receivables Corporation (“Sheffield”) (“Class A Purchaser,” together with Class

B Purchasers (as defined below), each individually a “Purchaser” and

collectively, the “Purchasers”), and Barclays Bank PLC (“Barclays”), as agent

on behalf of the Class A Purchasers, (iii) that certain Class B Note Purchase

Agreement dated as of September 12, 2002 (the “Class B Note Purchase

Agreement”; together with the Class A Note Purchase Agreement, the “Note

Purchase Agreement”) by and among Borrower, WEF, Fortis Bank [Nederland] N.V.

(“Fortis”) (a “Class B Purchaser”), and Barclays, as a Class B Purchaser and as

agent on behalf of the Class B Purchasers, (iv) that certain Contribution and

Sale Agreement dated as of September 12, 2002 (the “Contribution Agreement”) by

and between Borrower and WEF, (v) that certain Administration Agreement

 

2

 

dated as of September 12,

2002 (the “Administration Agreement”) by and among WEF, as issuer, Borrower, as

servicer, Barclays, as administrative agent, and the Indenture Trustee, (vi)

that certain Guaranty dated as of September 12, 2002 (the “Willis Engine

Funding Guaranty”) by Borrower in favor of Barclays, as deal agent and as a

Class B Purchaser, and Fortis as a Class B Purchaser, (vii) that certain

Reimbursement Agreement dated as of September 12, 2002 (the “Reimbursement

Agreement”) by and between Borrower and WEF, (viii) that certain letter

regarding indemnification obligations dated September 12, 2002 (the

“Indemnification Letter”) by Borrower in favor of Indenture Trustee, (ix) that

certain Custodial Agreement dated as of September 12, 2002 (the “Custodial

Agreement”) by and among Borrower, BNY Midwest Trust Company, as custodian,

WEF, Indenture Trustee, and Barclays, as deal agent on behalf of the

Purchasers, (x) that certain Servicing Agreement dated as of September 12, 2002

(the “Servicing Agreement”) by and between Borrower and WEF, (xi) that certain

Agreement and Limited Waiver dated as of September 12, 2002 (the “Agreement and

Limited Waiver”) by and among WEF, Barclays, as deal agent and a Class B

Purchaser, Sheffield, as a Class A Purchaser, and Fortis, as a Class B Note

Purchaser;  (xii) that certain First

Transfer Master Assignment and Assumption Agreement and Bill of Sale dated as

of September 16, 2002 (the “First Transfer Master Agreement”) by and between

Borrower and Wells Fargo Bank Northwest, National Association, not in its

individual capacity, but solely in its capacity as owner trustee under the

trust agreements listed in Exhibit A thereto, (xiii) that certain Engine or Beneficial

Interest Transfer Certificate dated as of September 16, 2002 (the “Engine

Transfer Certificate”) by and between Borrower and WEF, and (xiv) certain other

documents and agreements ancillary thereto; in each of cases (i), (ii), (iii),

(iv), (v), (vi), (vii), (viii), (ix), (x), (xi), (xii), (xiii), and (xiv) as

amended, waived, restated and supplemented from time to time.”

 

                SECTION

4.  Full Force and Effect; Entire

Agreement.  Except to the extent expressly provided

in this Amendment, the terms and conditions of the Credit Agreement and each of

the other Loan Documents shall remain unchanged and in full force and

effect.  This Amendment constitutes the

final agreement of the parties hereto with respect to the matters set forth

herein and supersedes any prior agreement or understanding, written or oral,

with respect to the matters contained herein.

 

                SECTION 5.  Effective Date of Amendment.  This Amendment shall be deemed effective retroactively

to September 16, 2002.  From and after

such date, any and all references to the “Credit Agreement” and the other Loan

Documents shall be deemed to refer to the Credit Agreement and the other Loan

Documents as amended hereby.

 

                SECTION

6.  Governing Law; Severability;

Construction of Amendment.  This Amendment and all rights and

obligations of the parties hereunder shall be governed by and be construed and

enforced in accordance with the laws of the State of New York without regard to

New York or federal principles of conflict 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.  The parties’ failure at

 

3

 

any time to require

strict performance of any of the provisions of this Amendment shall not waive

or diminish any right thereafter to demand strict compliance therewith or with

any other provision of this Amendment.

 

                SECTION

7.  Counterparts.  This Amendment may be signed in any number of

counterparts, and by different parties in separate counterparts, with the same

effect as if the signatures to each such counterpart were upon a single

instrument.  All counterparts shall be

deemed an original of this Amendment.

 

                SECTION 8.  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 9.  Representations and Warranties.  Borrower hereby represents and warrants to Lender 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.

 

                SECTION 10. 

Facsimile Signatures. The parties agree that this Amendment

will be considered executed and delivered when the signature of a party is

delivered to the other party by facsimile transmission.  Such facsimile signature shall be treated in

all respects as having the same effect as an original signature.

 

 

 

 

 

 

 

[Remainder of page

intentionally blank]

 

4

 

IN WITNESS WHEREOF, the parties have caused this Amendment to

be duly executed and delivered by their proper and duly authorized officers as

of the date and year first written above.

 

	

   

  	

  WILLIS LEASE FINANCE

  CORPORATION

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ MONICA J. BURKE

  	

   

  
	

   

  	

  Name:

  	

  Monica J. Burke

  
	

   

  	

  Title:

  	

  Executive Vice

  President and Chief Financial Officer

  
	

   

  	

   

  
	

   

  	

  ABB NEW FINANCE AB

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ ANDERS LIDEFELT,

  ULF LUNDSTROM

  	

   

  
	

   

  	

  Name:

  	

  Anders Lidefelt, Ulf

  Lundstrom

  
	

   

  	

  Title:

  	

   

  
					

 

 

5

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