Document:

Exhibit 10.59

 

 

 

WILLIS ENGINE SECURITIZATION TRUST,

as issuer of Series 2007-A2 Notes,

 

and

 

WILLIS LEASE FINANCE CORPORATION,

as Administrative Agent,

 

and

 

THE PERSONS LISTED ON THE SIGNATURE
PAGE HEREOF,

as the initial Series 2007-A2
Holders

 

 

SERIES
2007-A2 NOTE PURCHASE AND LOAN AGREEMENT

 

Dated as of December 13, 2007

 

 

SERIES 2007-A2 NOTES

 

 

 

 

TABLE OF CONTENTS

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE I

  	
   

  
	
   

  	
   

  	
   

  
	
  DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 1.01.

  	
  Definitions

  	
  3

  
	
   

  	
   

  	
   

  
	
  Section 1.02.

  	
  Rules of Construction

  	
  6

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  II

  	
   

  
	
   

  	
   

  	
   

  
	
  PURCHASE
  AND SALE

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 2.01.

  	
  Sale and Delivery of Series 2007-A2 Notes

  	
  6

  
	
   

  	
   

  	
   

  
	
  Section 2.02.

  	
  Funding of Series 2007-A2 Loans

  	
  6

  
	
   

  	
   

  	
   

  
	
  Section 2.03.

  	
  Decrease in Maximum Commitments

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  
	
   

  	
   

  	
   

  
	
  CONDITIONS PRECEDENT TO OBLIGATIONS OF SERIES 2007-A2 HOLDERS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 3.01.

  	
  Conditions Precedent to Obligations of Initial
  Series 2007-A2 Holders to Purchase Series 2007-A2 Notes

  	
  8

  
	
   

  	
   

  	
   

  
	
  Section 3.02.     Conditions
  Precedent to Obligations of Series 2007-A2 Holders to Make
  Series 2007-A2 Loans on and after Effective Date

  	
  12

  
	
   

  	
   

  	
   

  
	
  Section 3.03.

  	
  Conditions Precedent to Acquisition of Additional
  Engines

  	
  14

  
	
   

  	
   

  	
   

  
	
  Section 3.04.

  	
  Conditions Precedent to Funding of Discretionary
  Engine Modification

  	
  14

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IV

  	
   

  
	
   

  	
   

  	
   

  
	
  REPRESENTATIONS
  AND WARRANTIES OF WEST AND ADMINISTRATIVE AGENT

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 4.01.

  	
  Representations and Warranties of WEST

  	
  14

  
	
   

  	
   

  	
   

  
	
  Section 4.02.

  	
  Representations and Warranties of Administrative
  Agent

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  
	
   

  	
   

  	
   

  
	
  REPRESENTATIONS
  AND WARRANTIES OF SERIES 2007-A2 HOLDERS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 5.01.

  	
  Execution, Delivery, Binding Obligation

  	
  20

  
	
   

  	
   

  	
   

  
	
  Section 5.02.

  	
  Securities Act

  	
  20

  
				

 

 

	
  ARTICLE
  VI

  	
   

  
	
   

  	
   

  	
   

  
	
  CERTAIN
  COVENANTS OF PARTIES

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 6.01.

  	
  Securities Act

  	
  22

  
	
   

  	
   

  	
   

  
	
  Section 6.02.

  	
  Legal Conditions to Closing

  	
  22

  
	
   

  	
   

  	
   

  
	
  Section 6.03.

  	
  Expenses and Fees

  	
  22

  
	
   

  	
   

  	
   

  
	
  Section 6.04.

  	
  Further Assurances

  	
  22

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VII

  	
   

  
	
   

  	
   

  	
   

  
	
  INDEMNIFICATION

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 7.01.

  	
  Indemnification by WEST

  	
  22

  
	
   

  	
   

  	
   

  
	
  Section 7.02.

  	
  Indemnification by Administrative Agent

  	
  23

  
	
   

  	
   

  	
   

  
	
  Section 7.03.

  	
  Procedure

  	
  23

  
	
   

  	
   

  	
   

  
	
  Section 7.04.

  	
  Defense of Claims

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VIII

  	
   

  
	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 8.01.

  	
  Amendments

  	
  24

  
	
   

  	
   

  	
   

  
	
  Section 8.02.

  	
  Notices

  	
  24

  
	
   

  	
   

  	
   

  
	
  Section 8.03.

  	
  No Waiver; Remedies

  	
  25

  
	
   

  	
   

  	
   

  
	
  Section 8.04.

  	
  Binding Effect; Assignability; Continuing Obligation

  	
  25

  
	
   

  	
   

  	
   

  
	
  Section 8.05.

  	
  GOVERNING LAW; JURISDICTION

  	
  25

  
	
   

  	
   

  	
   

  
	
  Section 8.06.

  	
  No Proceedings

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 8.07.

  	
  Execution in Counterparts

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 8.08.

  	
  Limited Recourse

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 8.09.

  	
  Survival

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 8.10.

  	
  Appointment of Agent for Service of Process

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 8.11.

  	
  Table of Contents; Headings

  	
  26

  
	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 1

  	
  Addresses of
  Series 2007-A2 Holders

  	
   

  
	
  SCHEDULE 2

  	
  Maximum Commitments of
  Series 2007-A2 Holders

  	
   

  
	
  SCHEDULE 3

  	
  Written Materials

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A

  	
  Form of Funding
  Request

  	
   

  
	
  EXHIBIT B

  	
  Form of Funding
  Date Controlling Trustee Certificate

  	
   

  
	
  EXHIBIT C

  	
  Form of Funding
  Date Administrative Agent Certificate

  	
   

  
				

 

2

 

This SERIES 2007-A2 NOTE PURCHASE AND LOAN AGREEMENT
(this “Agreement”), dated as of December 13,
2007, is made among WILLIS ENGINE SECURITIZATION TRUST, a Delaware statutory
trust (“WEST”), WILLIS LEASE FINANCE
CORPORATION, a Delaware corporation, as Administrative Agent (the “Administrative Agent”), and the Persons named on the
signature page hereof as initial Series 2007-A2 Holders, together
with any Person that becomes a Series 2007-A2 Holder in accordance with
the terms hereof (the “Series 2007-A2
Holders”).

 

PREAMBLE

 

WHEREAS, WEST and Deutsche Bank Trust Company
Americas, a New York banking corporation, as indenture trustee (“Indenture Trustee”), entered into the Indenture, dated as of
August 9, 2005 (the “Original Indenture”),
as thereafter supplemented by the Series 2005-A1 Supplement, the Series 2005-A2
Supplement, the Series 2005-B1 Supplement and the Series 2005-B2
Supplement and as amended and restated in its entirety by the Amended and
Restated Indenture, dated as of December 13, 2007, between WEST and the
Indenture Trustee (as supplemented by the Supplements, and as amended,
supplemented or otherwise modified from time to time, the “Indenture”);

 

WHEREAS, the Series 2005-A1 Term Notes, Series 2005-A2
Warehouse Notes, Series 2005-B1 Term Notes and Series 2005-B2
Warehouse Notes were issued on August 9, 2005 pursuant to the Series 2005-A1
Supplement, the Series 2005-A2 Supplement, the Series 2005-B1
Supplement and the Series 2005-B2 Supplement, respectively;

 

WHEREAS, WEST and the Indenture Trustee have entered
into the Series 2007-A2 Supplement to the Indenture, dated as of December 13,
2007 (as it may be amended or otherwise modified from time to time, the “Series 2007-A2 Supplement”), pursuant to which WEST is
to issue the Series 2007-A2 Notes in the aggregate Maximum Principal
Balance of $175,000,000;

 

WHEREAS, each of the Series 2007-A2 Holders is
willing to make Series 2007-A2 Loans to WEST to the extent of its Maximum
Commitment from time to time on and after the Effective Date until the
occurrence of a Conversion Event, and the obligation of WEST to repay such Series 2007-A2
Loans to each Series 2007-A2 Holder will be represented by the Series 2007-A2
Note held by such Series 2007-A2 Holder;

 

NOW THEREFORE, for good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto agree as
follows:

 

ARTICLE
I

 

DEFINITIONS

 

Section 1.01.                             Definitions.  (a)  Capitalized terms used herein and
not otherwise defined herein shall have the meaning set forth in the
Indenture.  Whenever used in this
Agreement, the following words and phrases shall have the following meanings,
and the definitions of such 

 

3

 

terms are applicable to
the singular as well as the plural forms of such terms and to the masculine as
well as to the feminine and neuter genders of such terms.

 

“Assignment and Assumption” means an assignment and
assumption agreement, in such other form as shall be reasonably acceptable to
WEST, pursuant to which the transferee of a Series 2007-A2 Note agrees to
make Series 2007-A2 Loans to the extent of the Unused Commitment allocable
to the Series 2007-A2 Note that is transferred to such transferee.

 

“Collections Loans”
means any Series 2007-A2 Loans made pursuant to Section 3.18 of the
Indenture, the Series 2007-A2 Supplement and this Agreement on any Payment
Date, to be included in the Available Collections Amount on such Payment Date.

 

“Conversion Date”
means December 15, 2010 or such later date to which the Conversion Date
may be extended (if extended) in the sole discretion of the Series 2007-A2
Holders in accordance with the terms of Section 2.02(e) hereof, but
not later than December 15, 2011 without a Rating Agency Confirmation.

 

“Effective Date”
means December 13, 2007 or, if later, the date on which the conditions set
forth in Section 3.01 hereof shall have been satisfied.

 

“Eligible Transferee” means (i) an Affiliate of a Series 2007-A2
Holder, or (ii) any other then existing Series 2007-A2 Holder, or (iii) a
commercial bank, insurance company or other financial institution that (x) complies
with the transfer provisions of Section 2.12 of the Indenture, and (y) if
such transfer is to occur prior to the Conversion Date, such transferee, in the
reasonable determination of WEST, has the capability to make the Series 2007-A2
Loans to WEST up to the Unused Commitment in respect of the Series 2007-A2
Note(s) being transferred to such financial institution and is otherwise
reasonably acceptable to WEST, as evidenced to the Indenture Trustee in writing
(which approval shall not be unreasonably withheld or delayed).

 

“Funding Date”
means, as to any Series 2007-A2 Loan, the Business Day that is specified
in the Funding Request for such Series 2007-A2 Loan in accordance with Section 2.02
hereof.

 

“Funding Request”
means a written request by WEST to obtain Series 2007-A2 Loans from the Series 2007-A2
Holders, such notice to be in the form of Exhibit A hereto and to
conform to requirements of Section 2.02 hereof.

 

“Indemnified Party”
has the meaning specified in Section 7.01 hereof.

 

“Material Adverse Effect”
has the meaning specified in Section 4.01(a) hereof.

 

“Maximum Commitment” shall mean (a), for all Series 2007-A2
Holders, $175,000,000 in the aggregate, and (b), for each Series 2007-A2
Holder, the amount set forth opposite the name of such Series 2007-A2
Holder in Schedule 2 attached hereto.

 

“Maximum Principal Balance” shall mean, with respect to any
Warehouse Note, the maximum amount that WEST may borrow from the holder of such
Warehouse Note, which shall be equal to the Maximum Commitment of such holder.

 

4

 

“Notes” means
the Series A Notes and the Series B Notes.

 

“Series A Notes”
means, collectively, (a) the $200,000,000 in original principal amount of
WEST’s Series 2005-A1 Term Notes, (b) the $150,000,000 in maximum
principal amount of WEST’s Series 2005-A2 Warehouse Notes, (c) the Series 2007-A2
Notes, and (d) any other note that is designated as a Series A Note
under the Indenture.

 

“Series 2007-A2 Commitment Fee Rate” means, for each
Interest Accrual Period, thirty five hundredths of one percent (.35%) per
annum.

 

“Series 2007-A2 Loan”
means a funding by a Series 2007-A2 Holder of a loan to WEST pursuant to Article II
hereof.

 

“Series 2007-A2 Holders” means, initially, the persons
named as initial Series 2007-A2 Holders on the signature page hereof
and, at any time of determination for the Series 2007-A2 Notes thereafter,
any person in whose name a Series 2007-A2 Note is registered in the
Register.

 

“Series 2007-A2 Notes” means the Series of Notes
designated as the “Willis Engine Securitization Trust Series 2007-A2
Floating Rate Secured Notes” to be issued on the Effective Date pursuant to the
Series 2007-A2 Supplement and having the terms and conditions specified
therein, and including any and all replacements, extensions, substitutions or
renewals of such Notes.

 

“Series 2007-A2
Related Documents” means the Series 2007-A2 Transaction
Documents, as defined in the Series 2007-A2 Supplement, and the Related
Documents, as the same may be amended, supplemented, restated, replaced or
otherwise modified from time to time.

 

“Series B Notes”
means, collectively, (a) the $28,276,878 in original principal amount of
WEST’s Series 2005-B1 Term Notes, (b) the $21,428,521 in maximum
principal amount of WEST’s Series 2005-B2 Warehouse Notes, (c) the Series 2007-B2
Notes, and (d) any other note that is designated as a Series B Note
under the Indenture.

 

“Series 2007-B2 Holders” means, on the Effective Date,
the Persons named as Series-B2 Holders in the Series 2007-B2 Note Purchase
Agreement and, at any time of determination thereafter, any person in whose
name a Series 2007-B2 Note is registered in the Register.

 

“Series 2007-B2 Loan” means a loan to WEST by a Series 2007-B2
Holder pursuant to the Series 2007-B2 Supplement and the Series 2007-B2
Note Purchase Agreement.

 

“Series 2007-B2 Note Purchase Agreement” means the Series 2007-B2
Note Purchase and Loan Agreement, dated as of December 13, 2007, among
WEST, the Administrative Agent and the Series 2007-B2 Holders, as amended,
modified or supplemented from time to time in accordance with its terms.

 

“Series 2007-B2 Notes” means the notes issued
pursuant to the Series 2007-B2 Note Purchase Agreement and the Series 2007-B2
Supplement.

 

5

 

“Series 2007-B2 Supplement” means the Series 2007-B2
Supplement to the Indenture, dated as of December 13, 2007,
between WEST and the Indenture Trustee.

 

“Third Party Claim”  has the meaning specified in Section 7.03 hereof.

 

“Warehouse Loans”
means any Series 2007-A2 Loans to be used to fund the Purchase Prices of
Additional Engines or Discretionary Engine Modifications.

 

Section 1.02.                             Rules of
Construction.  The conventions of
construction and usage set forth in Section 1.02 of the Indenture are
hereby incorporated by reference in this Agreement.

 

ARTICLE
II

 

PURCHASE AND SALE

 

Section 2.01.                             Sale
and Delivery of Series 2007-A2 Notes. 
In reliance on the representations, warranties and agreements and on the
terms and conditions set forth herein and in the Indenture and the Series 2007-A2
Supplement, WEST agrees to sell, and each of the Series 2007-A2 Holders
severally and not jointly agrees to purchase, on the Effective Date,  a  Series 2007-A2
Note with the Maximum Principal Balance for each Series 2007-A2 Holder set
forth in Schedule 2 hereto. The Series 2007-A2 Notes shall be duly
executed by WEST, duly authenticated by the Indenture Trustee and registered in
the names of the Series 2007-A2 Holders. The actual Outstanding Principal
Balance of each Series 2007-A2 Note will be equal to the principal amount
of the Series 2007-A2 Loans made by the Series 2007-A2 Holder of such
Series 2007-A2 Note from time to time in accordance with the terms hereof
and of the Series 2007-A2 Supplement minus any repayments of the principal
amount of such Series 2007-A2 Note made in accordance with the terms
thereof, the Series 2007-A2 Supplement and the Indenture.

 

Section 2.02.                             Funding
of Series 2007-A2 Loans.  (a) 
On the terms and conditions hereinafter set forth, each Series 2007-A2
Holder severally and not jointly agrees that it will make Series 2007-A2
Loans to WEST in a total amount outstanding at any time up to such Series 2007-A2
Holder’s Maximum Commitment, from time to time after the Effective Date and
until the occurrence of a Conversion Event, upon the receipt of a Funding
Request from WEST and otherwise as provided in this Section 2.02 and in
each case subject to satisfaction of the applicable conditions precedent set
forth in Article III hereof and in Article IV of the Series 2007-A2
Supplement.  It is expressly understood
and agreed that WEST shall not have any right to receive, and no Series 2007-A2
Holder shall have any obligation to disburse, (x) any amount in excess of
the Maximum Commitment of such Series 2007-A2 Holder or (y) any
amount whatsoever on or after the date on which a Conversion Event occurs that
has not been waived pursuant to Section 2.03(g) of the Series 2007-A2
Supplement. Under no circumstances shall the Series 2007-A2 Holders fund
any Series 2007-A2 Loans if, after giving effect to such Series 2007-A2
Loans, (i) the aggregate Outstanding Principal Balance of the Series 2007-A2
Notes would either (A) exceed the aggregate Maximum Commitment for the Series 2007-A2
Notes or (B) result in a Senior Borrowing Base Deficiency, or (ii) the
Aggregate Note Principal Balance would result in a Maximum Borrowing Base
Deficiency.

 

6

 

(b)                On any Business
Day after the Effective Date and prior to the date on which a Conversion Event
occurs, each of the Series 2007-A2 Holders agrees that it shall make a Series 2007-A2
Loan to WEST in the amount specified in a Funding Request delivered to the Series 2007-A2
Holders (with a copy to the Indenture Trustee) by WEST at least three (3) Business
Days (or such shorter period as may be agreed by the Series 2007-A2
Holders and the Indenture Trustee) prior to the Funding Date set forth in such
Funding Request, which shall specify (i) the aggregate amount of the Series 2007-A2
Loans to be made by the Series 2007-A2 Holders and the amount of the Series 2007-A2
Loan to be made by each individual Series 2007-A2 Holder on such Funding
Date, which individual Series 2007-A2 Loans shall be made by the Series 2007-A2
Holders in proportion to their respective Maximum Commitments, except as
provided in Section 2.02(d), (ii) the proposed Funding Date (which
shall be a Payment Date if such Funding Request includes a Collections Loan),
and (iii) the application of such Series 2007-A2 Loans as either
Collections Loans or Warehouse Loans or both. Each Funding Request delivered by
WEST pursuant to this Section 2.02 shall be irrevocable.

 

(c)                 On the Funding
Date specified in a Funding Request, each of the Series 2007-A2 Holders
shall, upon satisfaction of the applicable conditions set forth in Article III
hereof and in Article IV of the Series 2007-A2 Supplement, make
available to WEST by wire transfer in immediately available funds to the
Collections Account, an amount equal to the amount of the Series 2007-A2
Loan specified for such Series 2007-A2 Holder in such Funding Request. The
Administrative Agent shall direct the Indenture Trustee, in writing, to
transfer the portion of such Series 2007-A2 Loans constituting Warehouse
Loans to the Engine Acquisition Account, as provided in the Indenture, and the
portion of such Series 2007-A2 Loans constituting Collections Loans shall
be retained in the Collections Account and included in the Available
Collections Amount on the Payment Date on which such Collections Loans are
made.

 

(d)                If any Series 2007-A2
Holder shall default on its obligation to make a Series 2007-A2 Loan on
any Funding Date, one or more of the other Series 2007-A2 Holders may
elect (but shall not be required to) to make the Series 2007-A2 Loan of
the defaulting Series 2007-A2 Holder. 
In such event, the Maximum Principal Balance of the Series 2007-A2
Note held by the defaulting Series 2007-A2 Holder and the Maximum
Commitment of the defaulting Series 2007-A2 Holder shall be reduced by the
amount of the Series 2007-A2 Loan so made, and the Maximum Principal
Balance of the Series 2007-A2 Note held by the Series 2007-A2 Holder
making such Series 2007-A2 Loan and the Maximum Commitment of such Series 2007-A2
Holder shall be increased by the amount of such Series 2007-A2 Loan.

 

(e)                 WEST may, at any
time not later than thirty (30) days prior to the then existing Conversion
Date, by written notice to each Series 2007-A2 Holder, make written
request for the Series 2007-A2 Holders to extend the Conversion Date for
an additional period specified in such written notice. The Series 2007-A2
Holders shall make a determination, in their sole discretion and after a full
credit review, not more than thirty (30) days after such written notice is
delivered and, if earlier, not less than fifteen (15) days prior to the then
applicable Conversion Date as to whether or not they will agree to extend the
Conversion Date; provided, however, that the
failure of any Series 2007-A2 Holder to make a timely response to WEST’s
request for extension of the Conversion Date within the foregoing period shall
be deemed to constitute a refusal by such Series 2007-A2 Holder to extend
the Conversion Date. It shall be a condition to the extension of the Conversion
Date that (i) the Maximum Commitment of all of the Series 

 

7

 

2007-A2 Holders under this Agreement be extended to the same date, (ii) a
Rating Agency Confirmation shall have been received in respect of such
extension if it is later than the first anniversary of the initial Conversion
Date, (iii) the commitments of all Series 2007-B2 Holders under the Series 2007-B2
Note Purchase Agreement be extended to the same date, and (iv) written
notice of such extension shall have been delivered to the Indenture Trustee by
the Administrative Agent or WEST.

 

Section 2.03.                             Decrease
in Maximum Commitments.  WEST may,
upon at least five (5) Business Days’ notice to the Series 2007-A2
Holders, terminate in whole or reduce in part the aggregate Maximum Commitments
of the Series 2007-A2 Holders and the Maximum Principal Balances of the Series 2007-A2
Notes in an aggregate amount not to exceed the excess of such Maximum Principal
Balances over the then aggregate Outstanding Principal Balance of the Series 2007-A2
Notes; provided that any partial reduction of
the aggregate Maximum Commitments of the Series 2007-A2 Holders and the
Maximum Principal Balances of the Series 2007-A2 Notes shall be applied
pro rata to the individual Maximum Commitments of the Series 2007-A2
Holders and the Maximum Principal Balances of the Series 2007-A2 Notes,
respectively, and shall be accompanied by a proportionate partial reduction of
the aggregate maximum commitments of the Series 2007-B2 Holders. Each
notice of reduction or termination pursuant to this Section 2.03 shall be
irrevocable, and such reduction shall be deemed to occur without any Series 2007-A2
Holder having to surrender its Series 2007-A2 Note(s) in exchange for
a new Series 2007-A2 Note reflecting its reduced Maximum Commitment and
reduced Maximum Principal Balance. WEST shall cause the Administrative Agent
promptly to deliver to the Indenture Trustee notice of any such reduction or
termination.

 

ARTICLE
III

 

CONDITIONS PRECEDENT TO OBLIGATIONS OF SERIES 2007-A2 HOLDERS

 

Section 3.01.                             Conditions
Precedent to Obligations of Initial Series 2007-A2 Holders to Purchase Series 2007-A2
Notes.  The obligation of the initial
Series 2007-A2 Holders to purchase the Series 2007-A2 Notes is subject
to satisfaction of the following conditions precedent:

 

(a)                 WEST and the
Indenture Trustee shall have executed and delivered the Series 2007-A2
Supplement and the Series 2007-B2 Supplement.

 

(b)                WEST and the
Administrative Agent shall have executed and delivered this Agreement.

 

(c)                 WEST, the
Administrative Agent and the initial Series 2007-B2 Holders shall
have executed and delivered the Series 2007-B2 Note Purchase Agreement.

 

(d)                The initial Series 2007-A2
Holders shall have received from WEST a certificate, dated the Effective Date
and executed by any Controlling Trustee, to the effect that:

 

8

 

(i)                  the
representations and warranties of WEST in this Agreement and the Series 2007-A2
Supplement are accurate in all material respects as of the Effective Date; and

 

(ii)               WEST has complied
with all the agreements and satisfied all the conditions on its part to be
performed or satisfied at or before the Effective  Date.

 

(e)                 The initial Series 2007-A2
Holders shall have received from the Administrative Agent a certificate,
dated the Effective  Date and executed by
an authorized officer of the Administrative Agent, to the effect that:

 

(i)                  the
representations and warranties of the Administrative Agent in this Agreement
and in the Related Documents to which the Administrative Agent is a party are
accurate in all material respects as of the Effective  Date; and

 

(ii)               the
Administrative Agent has complied with all the agreements and satisfied
all the conditions on its part to be performed or satisfied at or before the
Effective  Date.

 

(f)                   The initial Series 2007-A2
Holders shall have received the following:

 

(i)                  with respect to the
Administrative Agent, a good standing certificate from the Secretary of
State of the State of Delaware, dated not earlier than ten (10) days
before the Effective Date;

 

(ii)               with respect to
WEST, a good standing certificate from the Secretary of State of the State of
Delaware, dated not earlier than ten (10) days before the Effective  Date; and

 

(iii)            with respect to WEST
Funding, a good standing certificate from the Secretary of State of the State
of Delaware, dated not earlier than ten (10) days before the
Effective  Date.

 

(g)                The initial Series 2007-A2
Holders shall have received from the Secretary or other authorized officer of the
Administrative Agent, in the officer’s individual capacity, a
certificate, dated the Effective  Date,
to the effect that:

 

(i)                  each individual
who, as an officer or representative of the Administrative Agent, signed this
Agreement, any Related Document or any other document or certificate delivered
on or before the Effective  Date in
connection with the transactions contemplated in this Agreement or in the
Related Documents was at the respective times of such signing and delivery, and
is as of the Effective  Date, duly
elected or appointed, qualified, and acting as such officer or representative,
and the signature of the individual appearing on the documents and certificates
is the officer’s genuine signature;

 

(ii)               no event (including
any act or omission on the part of the Administrative Agent) has occurred
since the date of the good standing certificate 

 

9

 

referred to in paragraph (f) above
that has affected the good standing of the Administrative Agent under
the laws of the State of Delaware; and

 

(iii)            attached to such
certificate are accurate copies of the organizational documents of the
Administrative Agent, as in effect on the Effective  Date, and of the resolutions of the
Administrative Agent and any required consent relating to the
transactions contemplated in this Agreement and the Related Documents.

 

(h)                The initial Series 2007-A2
Holders shall have received a certificate, signed by any Controlling Trustee of
WEST and dated the Effective  Date, to
the effect that:

 

(i)                  each individual
who, as such Controlling Trustee or other representative of WEST, signed this
Agreement, any Related Document, or any other document or certificate delivered
on or before the Effective  Date in
connection with the transactions contemplated in this Agreement or in the
Related Documents, was at the respective times of such signing and delivery,
and is as of the Effective  Date, duly
elected or appointed, qualified, and acting as such Controlling Trustee or
representative, and the signature of the individual appearing on the documents
and certificates is such Controlling Trustee’s genuine signature; and

 

(ii)               no event (including
any act or omission on the part of WEST) has occurred since the date of the
good standing certificate referred to in paragraph (f) above that has
affected the good standing of WEST under the laws of the State of Delaware.

 

(iii)            attached to such
certificate are accurate copies of the trust agreement of WEST, as in effect on
the Effective  Date, and of the
resolutions of WEST, and of any required consent relating to the transactions
contemplated in this Agreement and the Related Documents.

 

(i)                    The initial Series 2007-A2
Holders shall have received from the Secretary or other authorized officer of
WEST Funding, in the officer’s individual capacity, a certificate, dated the
Effective  Date, to the effect that:

 

(i)                  each individual
who, as an officer or representative of WEST Funding, signed any Related
Document or any other document or certificate delivered on or before the
Effective  Date in connection with the
transactions contemplated in the Related Documents, was at the respective times
of such signing and delivery, and is as of the Effective  Date, duly elected or appointed, qualified,
and acting as such officer or representative, and the signature of the
individual appearing on the documents and certificates is the officer’s genuine
signature; and

 

(ii)               no event (including
any act or omission on the part of WEST Funding) has occurred since the date of
the good standing certificate referred to in paragraph (f) above that has
affected the good standing of WEST Funding under the laws of  the State of Delaware; and

 

(iii)            attached to such
certificate are accurate copies of the relevant organizational documents of
WEST Funding, as in effect on the Effective 
Date, and of 

 

10

 

the resolutions of WEST
Funding, and of any required consent relating to the transactions contemplated
in the Related Documents.

 

(j)                    The initial Series 2007-A2
Holders shall have received from Thomas C. Nord, in his capacity as General
Counsel of
the Administrative Agent, and Pillsbury Winthrop Shaw Pittman LLP, in
its capacity as special New York counsel for the Administrative Agent, WEST
and WEST Funding, an opinion or opinions, dated the Effective  Date and addressed to the Series 2007-A2
Holders, addressing corporate/entity matters, enforceability, security
interest, tax and securities law matters, that is or are in form and substance
reasonably acceptable to the initial Series 2007-A2 Holders.

 

(k)                 The initial Series 2007-A2
Holders shall have received from Pillsbury Winthrop Shaw Pittman LLP, in its
capacity as special bankruptcy counsel for Willis, WEST and WEST Funding, an
opinion, dated the Effective Date and addressed to the Indenture Trustee, the
Security Trustee and the Series 2007-A2 Holders, addressing substantive
consolidation with respect to WEST and its subsidiaries and Willis, in each
case under the U.S. federal bankruptcy law, that is in form and substance
acceptable to the initial Series 2007-A2 Holders.

 

(l)                    The initial Series 2007-A2
Holders shall have received from Seward & Kissel, LLP, in its capacity
as special New York counsel for the Indenture Trustee, an opinion or opinions,
dated the Effective Date and addressed to the Series 2007-A2 Holders,
addressing corporate/entity and enforceability matters, that is or are in form
and substance reasonably acceptable to the initial Series 2007-A2 Holders.

 

(m)              The initial Series 2007-A2
Holders shall have received from McCann Fitzgerald, in its capacity as special
Irish counsel for WEST Engine Funding (Ireland) Limited, an opinion, dated the
Effective Date and addressed to the Series 2007-A2 Holders, addressing
corporate/entity and enforceability matters, that is in form and substance
reasonably acceptable to the initial Series 2007-A2 Holders.

 

(n)                The initial Series 2007-A2
Holders shall have received from Morris, James, Hitchens & Williams
LLP, in its capacity as special Delaware counsel for WEST and WEST Funding, an
opinion or opinions, dated the Effective Date and addressed to the Series 2007-A2
Holders, addressing Delaware entity and security interest perfection matters,
that is in form and substance reasonably acceptable to the initial Series 2007-A2
Holders.

 

(o)                The Series 2007-A2
Notes shall have been rated by Moody’s and Fitch not less than “Baa1” and “A”,
respectively, and such ratings shall not have been rescinded.

 

(p)                The Series 2007-A2
Related Documents shall have been duly executed and delivered by the parties
thereto.

 

(q)                The Series 2007-A2
Notes shall have been executed by WEST and authenticated by the Indenture
Trustee.

 

(r)                   All proceedings
in connection with the transactions contemplated by this Agreement and the
other Series 2007-A2 Related Documents shall be satisfactory in form and
substance to the initial Series 2007-A2 Holders.

 

11

 

(s)                 WEST
shall have paid all costs and expenses incurred in connection with the issuance
of the Series 2007-A2 Notes.

 

Section 3.02.                             Conditions
Precedent to Obligations of Series 2007-A2 Holders to Make Series 2007-A2
Loans on and after Effective Date.  The
obligations of the Series 2007-A2 Holders to make Series 2007-A2
Loans on any Funding Date after the Effective Date are subject to the following
conditions precedent:

 

(a)                 Funding Request.  WEST
shall have delivered a Funding Request to the Series 2007-A2 Holders (with
a copy to the Indenture Trustee) in respect of such Series 2007-A2 Loans
at least three (3) Business Days prior to the applicable Funding Date (or
such shorter period as may be agreed by the Series 2007-A2 Holders and the
Indenture Trustee).

 

(b)                Certificate.  Each of the following
shall be true, and the Indenture Trustee shall have received a certificate
substantially in the form of Exhibit B hereto signed and delivered
by any Controlling Trustee stating that:

 

(i)                  the representations and warranties of
WEST contained in this Agreement are true and correct on and as of such Funding
Date, as though made on and as of such date;

 

(ii)               WEST has performed
all agreements contained in the Series 2007-A2 Related Documents to be
performed on its part at or prior to such Funding Date;

 

(iii)            as of such Funding Date, no Event
of Default has occurred or is
continuing, and no fact, condition or event exists or has occurred which
would, upon the giving of notice or the passage of time or both, constitute an
Event of Default, unless Holders
representing one hundred percent (100%) of the Outstanding Principal Balance of
the Series 2007-A2 Notes and Series 2007-B2 Notes have waived the occurrence of each and
every Event of Default that has occurred or would occur;

 

(iv)           on such Funding Date, Series 2007-B2
Loans are also being made by the Series 2007-B2 Holders under the Series 2007-B2
Note Purchase Agreement in an amount that shall reduce the aggregate Maximum
Commitments of the Series 2007-B2 Holders under the Series 2007-B2
Note Purchase Agreement proportionately to the reduction of the Maximum
Commitments of the Series 2007-A2 Holders under this Agreement;

 

(v)              as of such Funding Date, no Conversion
Event has occurred, unless Holders representing one hundred percent (100%) of
the Outstanding Principal Balance of the Series 2007-A2 Notes and Series 2007-B2
Notes have waived the occurrence
of each and every Conversion Event as provided in Section 2.03(g) of
the Series 2007-A2 Supplement;

 

(vi)           before and after giving effect to the Series 2007-A2 Loans to be
made on such Funding Date, no Early Amortization Event has occurred or would
occur, unless Holders representing one hundred percent (100%) of the
Outstanding Principal Balance 

 

12

 

of the Series 2007-A2 Notes and Series 2007-B2 Notes have waived the occurrence of each and
every Early Amortization Event that has occurred or would occur;

 

(vii)        before and after giving effect to the Series 2007-A2 Loans to be made
on such Funding Date, no Servicer Termination Event has occurred  or would occur, unless Holders representing
one hundred percent (100%) of the Outstanding Principal Balance of the Series 2007-A2
Notes and Series 2007-B2 Notes have waived the occurrence of each and every Servicer Termination
Event that has occurred or would occur;

 

(viii)     before and after giving effect to the Series 2007-A2 Loans to be
made on such Funding Date, the aggregate Outstanding Principal Balance of the Series 2007-A2
Notes has not and will not exceed the aggregate Maximum Principal
Balances of the Series 2007-A2 Notes or aggregate Maximum Commitments of
the Series 2007-A2 Holders;

 

(ix)             before and after giving effect to the Series 2007-A2
Loans to be made on such Funding Date and the acquisition of any Additional
Engine with the proceeds thereof on the Funding Date, no Senior Borrowing Base
Deficiency exists or would exist;

 

(x)                before and after giving effect to the Series 2007-A2
Loans and Series 2007-B2 Loans to be made on such Funding Date and the
acquisition of any Additional Engine with the proceeds thereof on the Funding
Date, no Maximum Borrowing Base Deficiency exists or would exist; and

 

(xi)             no proceeding is
pending which would prohibit the making of such Series 2007-A2 Loans on
such Funding Date.

 

(c)                 Administrative Agent Certificate. 
The Administrative Agent shall have signed and delivered to the
Indenture Trustee and the Series 2007-A2 Holders, and the Indenture
Trustee and the Series 2007-A2 Holders shall have received, a certificate
substantially in the form of Exhibit C hereto to the effect that:

 

(i)                  the Outstanding Principal Balance under
the Series A Notes (after giving effect to the proposed Series 2007-A2
Loans on such Funding Date) will not exceed the Senior Borrowing Base
(calculated after giving effect to the acquisition of such Engine),

 

(ii)               the Outstanding Principal Balance under
the Series B Notes (after giving effect to the proposed Series 2007-B2
Loans on such Funding Date) will not exceed the Junior Borrowing Base and
complies with the requirements therefor set forth in the Indenture and the Series 2007-B2
Supplement; and

 

(iii)            if the proceeds of the Series 2007-A2
Loans are to be used to make a Collections Loan on a Payment Date, the
Available Collections Amount for such Payment Date without the inclusion of the
proceeds of such Collections Loan is in an amount sufficient to pay the Base
Interest on all Series B Notes due and payable on such Payment Date in
accordance with Section 3.14 of the Indenture.

 

13

 

(d)                Governmental Consents. 
The Indenture Trustee shall have received originals (or copies certified
to be true copies by a Responsible Officer of the Administrative Agent) of all
approvals or consents of Governmental Authorities or other third parties, if
any, necessary for WEST to execute, deliver and perform its obligations under
the Related Documents and the transactions contemplated thereby.

 

(e)                 Illegality. 
No change shall have occurred after the date of this Agreement in
Applicable Law or regulations thereunder or interpretations thereof by
appropriate regulatory authorities or any court that would make it illegal for
any party to execute, deliver and perform the Series 2007-A2 Related
Documents to which it is a party and no action or proceeding shall have been
instituted nor shall any action or proceeding be threatened before any court or
Governmental Authority, nor shall any order, judgment or decree have been
issued by any court or Governmental Authority prior to the Funding Date to set
aside, restrain, enjoin or prevent the completion and consummation of this
Agreement or any other Series 2007-A2 Related Document or the transactions
contemplated hereby or thereby.

 

Section 3.03.                             Conditions
Precedent to Acquisition of Additional Engines.    On any Delivery Date on which an Additional
Engine is to be acquired with the proceeds of a Warehouse Loan deposited in the
Engine Acquisition Account, such proceeds shall be released from the Engine
Acquisition Account for such purpose when the conditions specified in Section 3.03(c) of
the Indenture shall have been satisfied or waived as provided therein.

 

Section 3.04.                             Conditions
Precedent to Funding of Discretionary Engine Modification.    On any Delivery Date on which a
Discretionary Engine Modification is to be funded with the proceeds of a
Warehouse Loan deposited in the Engine Acquisition Account, such proceeds shall
be released from the Engine Acquisition Account for such purpose when the
conditions specified in Section 3.03(d) of the Indenture shall have
been satisfied or waived as provided therein.

 

ARTICLE IV

 

REPRESENTATIONS AND WARRANTIES OF
WEST AND ADMINISTRATIVE AGENT

 

Section 4.01.                             Representations
and Warranties of WEST.  WEST
represents and warrants to, as of the Effective Date and as of each Funding
Date, and agrees with, the Series 2007-A2 Holders that:

 

(a)                 WEST
has been duly formed and is validly existing as a Delaware statutory trust in
good standing under the laws of the State of Delaware with organizational power
and authority to own, lease and operate its properties and to conduct its
business as described in the Indenture, has been duly qualified as a foreign
trust to transact business and is in good standing in each jurisdiction in which
such qualification is required, whether by reason of the ownership or leasing
of property or the conduct of business, except where the failure to be so
qualified would not have a material adverse effect on (i) its condition
(financial or otherwise), results of operations, assets, affairs of WEST and
the WEST Subsidiaries taken as a whole, or (ii) the ability of WEST to
perform its obligations under any Related Document to which it is a party, or (iii) the
enforceability of any Related Document including the ability of the Indenture
Trustee to 

 

14

 

enforce its rights under
any Related Document (a material adverse effect on any of (i), (ii) and (iii) above,
a  “Material Adverse Effect”).

 

(b)                WEST
Funding has been duly formed and is validly existing as a Delaware limited
liability company in good standing under the laws of the State of Delaware with
corporate power and authority to own, lease and operate its properties and to
conduct its business as currently conducted, has been duly qualified as a
foreign limited liability company to transact business and is in good standing
in each jurisdiction in which such qualification is required, whether by reason
of the ownership or leasing of property or the conduct of business, except
where the failure to be so qualified would not have a Material Adverse Effect.

 

(c)                 WEST
has all requisite organizational power and authority to execute, deliver and
perform its obligations under this Agreement and the other Related Documents
and to consummate the transactions contemplated hereby and thereby, including,
without limitation, the organizational power and authority to issue, sell and
deliver the Series 2007-A2 Notes as provided herein and therein and to
borrow Series 2007-A2 Loans as provided herein.

 

(d)                This
Agreement, the Indenture and each of the other Related Documents to which WEST
is a party have been, or as of the Effective Date or any Funding Date will be,
duly authorized, executed and delivered by WEST and constitute or will
constitute valid and legally binding agreements enforceable against WEST in
accordance with their terms, except as enforceability may be limited by (A) bankruptcy,
insolvency, fraudulent conveyance, reorganization, receivership, moratorium or
other similar laws affecting the enforcement of the rights of creditors
generally, (B) general principles of equity, whether enforcement is sought
in a proceeding in equity or at law, and (C) public policy considerations
underlying the securities laws, to the extent that such public policy
considerations limit the enforceability of the provisions of such Related
Documents that purport to provide indemnification from securities law
liabilities.

 

(e)                 The
Series 2007-A2 Notes have been duly and validly authorized by WEST for
issuance and sale to the Series 2007-A2 Holders pursuant to this Agreement
and, when issued and authenticated in accordance with the terms of the
Indenture and the Series 2007-A2 Supplement and delivered against payment
therefor in accordance with the terms hereof, will constitute valid and legally
binding obligations of WEST, enforceable against WEST in accordance with their
terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar laws affecting creditors’ rights and
remedies, and to general principles of equity, including principles of
commercial reasonableness, good faith and fair dealing (whether considered in a
proceeding at law or in equity), and will be entitled to the benefits of the
Indenture.

 

(f)                   Neither
WEST nor any WEST Subsidiary is (A) in violation of its organizational
documents, (B) in default in the performance or observance of any material
obligation, agreement, covenant or condition contained in any contract,
indenture, mortgage, loan agreement, note, lease or other instrument to which
WEST or any WEST Subsidiary is a party, or to which any of the property or
assets of WEST or of any WEST Subsidiary may be subject, or by which it may be
bound, or (C) in violation of any applicable local, state or federal law,
statute, ordinance, rule, regulation, requirement, judgment or court decree
having 

 

15

 

jurisdiction over
any of them or any of their assets or properties (whether owned or leased)
other than, in the case of clauses (B) and (C), any default or violation
that could not reasonably be expected to (x) individually or in the
aggregate, result in a Material Adverse Effect, or (y) in any manner draw
into question the validity of this Agreement or any other Related Document.

 

(g)                None
of (A) the execution, delivery or performance by WEST or any WEST
Subsidiary of this Agreement and the other Related Documents, (B) the
issuance and sale of the Series 2007-A2 Notes, and (C) consummation
of the transactions contemplated hereby and thereby violates, conflicts with or
constitutes a breach of any of the terms or provisions of, or a default under
(or an event that with notice or the lapse of time, or both, would constitute a
default), or requires consent that has not been obtained under, or will result
in the imposition of a lien or encumbrance other than a Permitted Encumbrance,
on any properties of WEST or any WEST Subsidiary, or an acceleration of any
indebtedness of WEST or any WEST Subsidiary pursuant to (i) the
organizational documents of WEST or any WEST Subsidiary, (ii) material
obligation, agreement, covenant or condition contained in any contract,
indenture, mortgage, loan agreement, note, lease or other instrument to which
WEST or any WEST Subsidiary is a party, or to which any of the property or
assets of WEST or of any WEST Subsidiary may be subject, or by which it may be
bound, (iii) any statute, rule or regulation applicable to WEST or
any WEST Subsidiary or any of their assets or properties or (iv) any
judgment, order or decree of any court or Governmental Authority having
jurisdiction over WEST or any WEST Subsidiary or any of their assets or
properties, except in the case of clauses (ii), (iii) and (iv) for
such violations, conflicts, breaches, defaults, consent, impositions  of liens or accelerations that would not
singly, or in the aggregate, have a Material Adverse Effect.

 

(h)                There
is no action, suit or proceeding before or by any court or Governmental
Authority, domestic or foreign, now pending, or, to the knowledge of WEST,
threatened, against or affecting WEST or any of the WEST Subsidiaries or any of
their respective properties, at law or in equity, that, if adversely
determined, would have a Material Adverse Effect or that might materially and
adversely affect the consummation of the transactions contemplated by the
Related Documents to which WEST or any WEST Subsidiary is a party.

 

(i)                    No
authorization, approval, consent or order of or filing, registration, qualification,
license or permit of or with any court or Governmental Authority or agency or
any other Person is necessary in connection with (A) assuming the accuracy
of the representations, warranties, agreements and covenants of each of the Series 2007-A2
Holders contained in Article V hereof, the offering, issuance or sale of
the Series 2007-A2 Notes hereunder and (B) the execution, delivery
and performance by the Administrative Agent, WEST and the WEST Subsidiaries of
this Agreement and the other Related Documents, except such as have been, or as
of the Effective Date will have been, obtained, or such as may otherwise be
required under applicable state securities laws in connection with the offer
for sale and the purchase by the Series 2007-A2 Holders of the Series 2007-A2
Notes, any recordation of the pledge of the Collateral to the Security Trustee
pursuant to the Security Trust Agreement that has not yet been completed, or
other than as provided in the Series 2007-A2 Related Documents.

 

(j)                    Since
December 31, 2006, (A) there has been no material adverse change, or
any development that is reasonably likely to result in a Material Adverse
Effect, whether or not 

 

16

 

arising in the
ordinary course of business, and (B) there have been no transactions
entered into by WEST or any WEST Subsidiary, other than those in the ordinary
course of business, that are material with respect to WEST and the WEST
Subsidiaries taken as a whole.

 

(k)                 WEST
and each of the WEST Subsidiaries have on the Effective Date, and will have on
each Funding Date, good and marketable title to all properties and assets, free
and clear of all liens, charges, encumbrances or restrictions, except for
Permitted Encumbrances, that are material to the business of WEST and the WEST
Subsidiaries.

 

(l)                    WEST
and each WEST Subsidiary possesses on the Effective Date, and will possess on
each Funding Date, all material licenses, certificates, authorities or permits,
if any are required pursuant to prevailing Applicable Law, issued by the
appropriate state, federal or foreign regulatory agencies or bodies necessary
to conduct its business, and WEST has not received any notice of proceedings
relating to the revocation or modification of any such license, certificate,
authority or permit which, singly or in the aggregate, if the subject of an
unfavorable decision, ruling or finding, (A) would result in a Material
Adverse Effect, or (B) would materially and adversely affect the ability
of WEST to perform its obligations hereunder or under the Related Documents.

 

(m)              No
part of the proceeds of the Series 2007-A2 Loans or the Series 2007-B2
Loans will be used for “buying” or “carrying” any “margin stock” within the
respective meanings of each of the quoted terms under Regulation T, U and X as
now and from time to time hereafter in effect or for any purpose that violates
the provisions of such Regulations.

 

(n)                WEST
is not, and after giving effect to the sale of the Series 2007-A2 Notes to
the Series 2007-A2 Holders pursuant to this Agreement and the application
of the Series 2007-A2 Loans, will not be an “investment company” under the
Investment Companies Act of 1940, as amended (the “1940 Act”),
nor is WEST an entity “controlled” by an “investment company” as such term is defined
in the 1940 Act.

 

(o)                Other
than the insurance with respect to the Engines under Leases, which insurance is
maintained by the respective Lessees, WEST and the WEST Subsidiaries maintain
insurance with respect to the assets, properties and business of WEST and the
WEST Subsidiaries of the types and in amounts generally deemed adequate for
their businesses and consistent with insurance coverage maintained by similar
companies and businesses and as required by the Indenture and other Related
Documents, all of which insurance is in full force and effect.

 

(p)                Any
taxes, fees and other governmental charges in connection with the execution,
delivery and issuance of the Related Documents to which WEST is a party and of
the Series 2007-A2 Notes have been paid or will be paid at or prior to the
Effective Date.

 

(q)                Assuming
the accuracy of the representations, warranties, agreements and covenants of
each of the Series 2007-A2 Holders contained in Article V hereof, the
offer, sale and delivery of the Series 2007-A2 Notes in the manner
contemplated by this Agreement do not require registration under the Securities
Act and, in connection therewith, the Indenture is not required to be qualified
under the Trust Indenture Act of 1939, as amended.

 

17

 

(r)                   No
securities of the same class (within the meaning of paragraph (d)(3) of Rule 144A
under the Securities Act) as the Series 2007-A2 Notes are listed on any
national securities exchange registered under Section 6 of the Exchange
Act or quoted on any United States automated inter-dealer quotation system.

 

(s)                 Neither
WEST nor any of its affiliates (as defined for purposes of Rule 501(b) of
Regulation D) has, directly or through any agent (provided that no
representation is made as to the Series 2007-A2 Holders or any person
acting on their behalf), (i) sold, offered for sale, solicited offers to
buy or otherwise negotiated in respect of any security (as defined for purposes
of the Securities Act) that is or will be integrated with the offering and sale
of the Series 2007-A2 Notes in a manner that would require the
registration thereof under the Securities Act or (ii) solicited any offer
to buy or offer to sell the Series 2007-A2 Notes in any manner involving a
public offering (within the meaning of Section 4(2) of the Securities
Act), including by means of, or in connection with the offering of the Notes
otherwise engaging in, any form of general solicitation or general advertising
(within the meaning of Regulation D).

 

(t)                   WEST
and any “employee benefit plan” (as defined under the Employee Retirement
Income Security Act of 1974, as amended, and the regulations and published
interpretations thereunder (collectively, “ERISA”))
established or maintained by WEST, or its “ERISA Affiliates” (as
defined below) are in compliance in all material respects with ERISA.  “ERISA Affiliate”
means, with respect to WEST or a WEST Subsidiary, any member of any group of
organizations described in Sections 414(b), (c), (m) or (o) of the
Internal Revenue Code of 1986, as amended, and the regulations and published
interpretations thereunder (the “Code”) of
which WEST is a member.  No “reportable
event” (as defined under ERISA) has occurred or is reasonably expected to occur
with respect to any “employee benefit plan” established or maintained by WEST,
or any of its ERISA Affiliates.  No “employee
benefit plan” established or maintained by WEST, or any of its ERISA
Affiliates, if such “employee benefit plan” were terminated, would have any “amount
of unfunded benefit liabilities” (as defined under ERISA).  Neither WEST nor any of its ERISA Affiliates
has incurred or reasonably expects to incur any liability under (i) Title
IV of ERISA with respect to termination of, or withdrawal from, any “employee
benefit plan” or (ii) Sections 412, 4971, 4975 or 4980B of the Code.  Each “employee benefit plan” established or
maintained by WEST, or any of its ERISA Affiliates that is intended to be
qualified under Section 401(a) of the Code is so qualified and
nothing has occurred, whether by action or failure to act, which would cause
the loss of such qualification.

 

(u)                The
representations and warranties of WEST and each WEST Subsidiary in the Security
Trust Agreement are true and correct as of the Effective Date and each Funding
Date (unless such representation or warranty specifically relates to an earlier
date in which case it shall be true and correct as of such earlier date).

 

(v)                The
representations and warranties of WEST set forth in Section 5.01 of the
Indenture and in Section 4.01 of the Security Trust Agreement and of each
WEST Subsidiary in Section 4.02 of the Security Trust Agreement are true
and correct as of the Effective Date and each Funding Date (unless such
representation or warranty specifically relates to an earlier date, in which
case it was true and correct as of such earlier date), and neither WEST nor any
WEST Subsidiary has taken any action that would violate their respective
obligations under the Indenture, the Security Trust Agreement or any Engine
Mortgage.

 

18

 

(w)              The
sections in the written materials described in Schedule 3 hereto were
true and correct in all material respects as of the date of such written
materials specified in such Schedule 3.

 

Section 4.02.                             Representations
and Warranties of Administrative Agent. 
The
Administrative Agent hereby represents and warrants, as of the Effective
Date and as of each Funding Date, to the Series 2007-A2 Holders that:

 

(a)                 The
Administrative Agent has been duly formed and is validly existing as a
Delaware corporation in good standing under the laws of the State of Delaware
with corporate power and authority to own, lease and operate its properties and
to conduct its business as presently conducted, has been duly qualified as a
foreign corporation to transact business and is in good standing in each
jurisdiction in which such qualification is required, whether by reason of the
ownership or leasing of property or the conduct of business, except where the failure
to be so qualified would not have a Material Adverse Effect.

 

(b)                The
Administrative Agent has all requisite corporate power and authority to
execute, deliver and perform its obligations under this Agreement and the other
Related Documents to which it is a party and to consummate the transactions
contemplated hereby and thereby.

 

(c)                 This
Agreement and each of the other Related Documents to which the
Administrative Agent is a party have been duly authorized, executed and
delivered by the Administrative Agent and constitute valid and legally
binding agreements enforceable against the Administrative Agent in accordance
with their terms, except as enforceability may be limited by (A) bankruptcy,
insolvency, fraudulent conveyance, reorganization, receivership, moratorium or
other similar laws affecting the enforcement of the rights of creditors
generally, (B) general principles of equity, whether enforcement is sought
in a proceeding in equity or at law, and (C) public policy considerations
underlying the securities laws, to the extent that such public policy
considerations limit the enforceability of the provisions of such Related
Documents that purport to provide indemnification from securities law
liabilities.

 

(d)                The
Administrative Agent is not (A) in violation of its certificate of
incorporation or by-laws (or similar organizational documents), (B) in
default in the performance or observance of any material obligation, agreement,
covenant or condition contained in any contract, indenture, mortgage, loan
agreement, note, lease or other instrument to which the Administrative Agent is a
party, or to which any of the property or assets of the Administrative Agent may be
subject, or by which it may be bound, or (C) in violation of any
Applicable Law, statute, ordinance, rule, regulation, requirement, judgment or
court decree having jurisdiction over it or any of its assets or properties
(whether owned or leased) other than, in the case of clauses (B) and (C),
any default or violation that could not reasonably be expected to (x) individually
or in the aggregate, result in a Material Adverse Effect, (y) interfere
with or adversely affect the issuance or marketability of the Series 2007-A2
Notes issued hereunder, or (z) in any manner draw into question the validity
of this Agreement or any other Series 2007-A2 Related Document.

 

19

 

(e)                 No
authorization, approval, consent or order of or filing, registration,
qualification, license or permit of or with any court or Governmental Authority
or agency or any other Person is necessary in connection with (A) the
offering, issuance or sale of the Series 2007-A2 Notes hereunder and (B) the
execution, delivery and performance by the Administrative Agent, WEST and the
WEST Subsidiaries of this Agreement and the other Related Documents, except
such as have been, or as of the Effective Date will have been, obtained or such
as may otherwise be required under applicable state securities laws in
connection with the offer for sale and purchase by the Series 2007-A2
Holders of the Series 2007-A2 Notes, and any recordation of the pledge of
the Collateral to the Security Trustee pursuant to the Security Trust Agreement
that has not yet been completed, other than as provided in the Related
Documents.

 

(f)                   Other
than the insurance with respect to the Engines under Leases, which insurance is
maintained by the respective Lessees, the Administrative Agent maintains
insurance with respect to the assets, properties and business of the
Administrative Agent of the types and in amounts generally deemed
adequate for their businesses and consistent with insurance coverage maintained
by similar companies and businesses and as required by the Indenture and other
Related Documents, all of which insurance is in full force and effect.

 

ARTICLE V

 

REPRESENTATIONS AND WARRANTIES OF
SERIES 2007-A2 HOLDERS

 

Each of the Series 2007-A2 Holders hereby
severally and not jointly makes the following representations and warranties as
to itself to WEST and the Administrative
Agent as of the
Effective Date:

 

Section 5.01.                             Execution,
Delivery, Binding Obligation.  This Agreement has been duly and validly
executed and delivered by such Series 2007-A2 Holder and constitutes a
legal, valid and binding obligation of such Series 2007-A2 Holder,
enforceable against such Series 2007-A2 Holder in accordance with its
terms, subject as to enforcement to bankruptcy, reorganization, insolvency,
moratorium and other similar laws of general applicability relating to or
affecting creditors’ rights and to general principles of equity.

 

Section 5.02.                             Securities Act.  (a) 
As of the Effective Date, such Series 2007-A2 Holder is a “qualified
institutional buyer” as defined in Rule 144A under the Securities Act (a “QIB”), the Series 2007-A2
Note purchased by such Series 2007-A2 Holder pursuant to this Agreement
will be acquired for
its own account for investment only and not with a view to any public
distribution thereof, and such Series 2007-A2 Holder will not offer to
sell or otherwise dispose of its Series 2007-A2 Note (or any interest
therein) in violation of any of the registration requirements of the Securities
Act or any applicable state or other securities laws.

 

(b)                Such
Series 2007-A2 Holder acknowledges that it has no right to require WEST to
register the Series 2007-A2 Notes under the Securities Act or any other
securities law.  Such Series 2007-A2
Holder agrees that the Series 2007-A2 Notes may not be reoffered, resold,
pledged or otherwise transferred except in compliance with the Securities Act
and to a person that the Series 2007-A2 Holder reasonably believes is a
Qualified Institutional Buyer or Institutional Accredited Investor purchasing
for its own account.  Neither such Series 2007-A2

 

20

 

Holder nor any of
its Affiliates nor any persons acting on their behalf have engaged or will
engage in any general solicitation or general advertising with respect to the Series 2007-A2
Note.

 

(c)                 Such
Series 2007-A2 Holder (as to itself) is aware of the following:  (i) there are significant restrictions
on and conditions to the transferability of the Series 2007-A2 Notes (and
the Series 2007-A2 Notes will bear legends referring to such
restrictions), including the requirement, prior to the occurrence of a
Conversion Event, that any transferee, in the reasonable determination of WEST,
have the capability to make Series 2007-A2 Loans, and there is no market
for the Series 2007-A2 Notes and no market is expected to develop for the Series 2007-A2
Notes, and, accordingly, it may not be possible for such Series 2007-A2
Holder to liquidate its investment in the Series 2007-A2 Notes; (ii) no
Governmental Authority has made any findings as to the fairness of this
Agreement or the terms and conditions of the Series 2007-A2 Notes; (iii) there
are numerous risks and uncertainties involved in such Series 2007-A2
Holder’s acquisition of the Series 2007-A2 Notes and such Series 2007-A2
Holder has been advised of and understands such risks and uncertainties; and (iv) any
projections or predictions that may have been made available to such Series 2007-A2
Holder are based on estimates, assumptions, and forecasts which may prove to be
incorrect, and no assurance is given that actual results will correspond with
the results contemplated by the various projections.

 

(d)                Such Series 2007-A2 Holder further
represents and warrants to WEST and the Administrative Agent as of the
Effective Date that (i) it has knowledge and experience in financial and
business matters, is capable of evaluating the merits and risks of an
investment in the Series 2007-A2 Notes and has carefully considered the
suitability of an investment in such Notes and has determined that the Series 2007-A2
Notes are a suitable investment; (ii) it has made, either alone or together with its advisors, such
independent investigation of WEST and its management, assets and related
matters and such separate and independent investigation of the Engines, the
Leases and related matters, as such Series 2007-A2 Holder deems to be, or
such advisors have advised to be, necessary or advisable in connection with the
purchase of the Series 2007-A2 Notes pursuant to this Agreement; (iii) such
Series 2007-A2 Holder and its advisors have received all information and
data that it and such advisors believe to be necessary in order to reach an
informed decision as to the advisability of the purchase of the Series 2007-A2
Notes pursuant to the transactions contemplated by this Agreement; (iv) it
understands the nature of the potential risks and potential rewards of the
purchase of the Series 2007-A2 Notes; (v) such Series 2007-A2
Holder is a sophisticated investor with investment experience and, in the event
of a default on the Series 2007-A2 Notes or any liquidation or winding up
of WEST, has the ability to bear complete loss of its investment; (vi) such
Series 2007-A2 Holder acknowledges that any projections or predictions
that may have been made available to such Series 2007-A2 Holder are based
on estimates, assumptions, and forecasts which may prove to be incorrect, and
no assurance is given that actual results will correspond with the results
contemplated by the various projections; and (vii) such Series 2007-A2
Holder acknowledges and agrees that the information provided in all written
materials provided to such Series 2007-A2 Holder prior to the Effective
Date, including all marketing materials and preliminary term sheets, is
completely superseded by the Indenture, this Agreement and the other Related
Documents being delivered on the Effective Date or delivered prior to the
Effective Date.

 

21

 

ARTICLE VI

 

CERTAIN COVENANTS OF PARTIES

 

Section 6.01.                             Securities
Act.  WEST agrees not to sell, offer
for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in the Securities Act) that would be integrated with the
sale of the Series 2007-A2 Notes and the Series 2007-B2 Notes in a
manner that would require the registration under the Securities Act of the sale
to the Series 2007-A2 Holders and the Series 2007-B2 Holders of the Series 2007-A2
Notes and the Series 2007-B2 Notes, respectively.

 

Section 6.02.                             Legal
Conditions to Closing.  The Series 2007-A2
Holders,  WEST and the
Administrative Agent will take all reasonable actions necessary to
comply promptly with all legal requirements which may be imposed on any of them
with respect to the consummation of the transactions contemplated by this
Agreement and will promptly cooperate with and furnish information to one
another in connection with any such legal requirements.  The Series 2007-A2 Holders, WEST, and the Administrative
Agent will take all reasonable action necessary to obtain (and will
cooperate with one another in obtaining) any consent, authorization, permit,
license, franchise, order or approval of, or any exemption by, any Governmental
Authority or any other Person, required to be obtained or made by it in
connection with any of the transactions contemplated by this Agreement.

 

Section 6.03.                             Expenses
and Fees.  Except as otherwise
expressly provided herein, all Issuance Expenses incurred in connection with the
entering into this Agreement and the transactions contemplated hereby
shall  be paid by WEST.

 

Section 6.04.                             Further
Assurances.  On and after the date of
this Agreement, the Series 2007-A2 Holders, WEST and the
Administrative Agent will do, execute and perform all such other acts,
deeds and documents as the other party may from time to time reasonably require
in order to carry out the intent of this Agreement.

 

ARTICLE VII

 

INDEMNIFICATION

 

Section 7.01.                             Indemnification
by WEST.  WEST agrees to indemnify
and hold harmless the Series 2007-A2 Holders and any of their respective
officers, directors, employees, agents, representatives, assignees and
Affiliates (each, an “Indemnified Party”)
against any and all losses, claims, damages, liabilities or expenses (including
reasonable legal and accounting fees) (collectively, “Losses”),
as incurred (payable promptly upon written request), for or on account of or
arising from or in connection with any breach of any representation, warranty
or covenant of WEST in this Agreement or any other Related Document or in any
certificate or other written material delivered pursuant hereto; provided, however, that
WEST shall not be so required to indemnify any such Person or otherwise be
liable to any such Person hereunder for any Losses arising from such Person’s
gross negligence, willful misconduct or bad faith. Notwithstanding the
foregoing, WEST shall not be liable for any settlement of any proceeding
effected without its written consent. 
All amounts due to an Indemnified Party under this Article VII
shall be 

 

22

 

included in the
amounts due to the Series 2007-A2 Notes and the Indenture Trustee shall
pay such amounts to such Series 2007-A2 Holders as part of the increased
costs on the Series 2007-A2 Notes out of the Available Collections Amount
on each Payment Date as provided in Section 3.14 of the Indenture and Section 3.02
of the Series 2007-A2 Supplement.

 

Section 7.02.                             Indemnification
by Administrative Agent.  The Administrative
Agent agrees to indemnify and hold harmless an Indemnified Party against
all Losses, as incurred (payable promptly upon written request), for or on
account of or arising from or in connection with any breach of any
representation, warranty or covenant of the Administrative Agent in this
Agreement or any other Related Document or in any certificate or other written
material delivered pursuant hereto; provided, however, that the Administrative Agent shall not be so
required to indemnify any such Person or otherwise be liable to any such Person
hereunder for any Losses arising from such Person’s gross negligence, willful
misconduct or bad faith. Notwithstanding the foregoing, the Administrative Agent shall
not be liable for any settlement of any proceeding effected without its written
consent.

 

Section 7.03.                             Procedure.  In order for any Indemnified Party to be
entitled to any indemnification provided for under this Agreement in respect
of, arising out of, or involving a claim made by any Person against the
Indemnified Party (a “Third Party Claim”),
such Indemnified Party must notify WEST in writing of such Third Party Claim
within five Business Days of receipt of a summons, complaint or other written
notice of the commencement of litigation and within ten Business Days after
receipt by such Indemnified Party of any other written notice of the Third
Party Claim.  Thereafter, the Indemnified
Party shall deliver to WEST, within a reasonable time after the Indemnified
Party’s receipt thereof, copies of all notices and documents (including court
papers) received by the Indemnified Party relating to such Third Party Claim.

 

Section 7.04.                             Defense
of Claims. If a Third Party Claim is made against an Indemnified Party, (a) WEST
or the
Administrative Agent, as the case may be, will be entitled to
participate in the defense thereof and, (b) if it so chooses, to assume
the defense thereof with counsel selected by WEST or the Administrative Agent, as the
case may be, provided that in connection with such assumption (i) such
counsel is not reasonably objected to by the Indemnified Party and (ii) WEST
or the
Administrative Agent, as the case may be,  first admits in writing its liability to
indemnify the Indemnified Party with respect to all elements of such claim in
full.  Should WEST or the
Administrative Agent, as the case may be, so elect to assume the defense
of a Third Party Claim, WEST or the Administrative Agent, as the case
may be, will not be liable to the Indemnified Party for any legal expenses
subsequently incurred by the Indemnified Party in connection with the defense
thereof.  If WEST or the
Administrative Agent, as the case may be, elects to assume the defense
of a Third Party Claim, the Indemnified Party will (i) cooperate in all
reasonable respects with WEST or the Administrative Agent, as the case
may be, in connection with such defense and (ii) not admit any liability
with respect to, or settle, compromise or discharge, such Third Party Claim
without WEST’s or the Administrative Agent’s, as the case may be, prior written
consent.  If WEST or the
Administrative Agent, as the case may be, shall assume the defense of
any Third Party Claim, the Indemnified Party shall be entitled to participate
in (but not control) such defense with its own counsel at its own expense.  If WEST or the Administrative Agent, as the
case may be, does not assume the defense of any such Third Party Claim, the
Indemnified Party may defend the same in such manner as it may 

 

23

 

deem appropriate,
including settling such claim or litigation after giving notice to WEST or the
Administrative Agent, as the case may be, of such terms and, WEST or the
Administrative Agent, as the case may be, will promptly reimburse the
Indemnified Party upon written request.

 

ARTICLE VIII

 

MISCELLANEOUS

 

Section 8.01.                             Amendments.  No amendment or waiver of any provision of
this Agreement shall in any event be effective unless the same shall be in
writing and signed by all of the parties hereto, and then such amendment,
waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.

 

Section 8.02.                             Notices.  All notices and other communications provided
for hereunder shall, unless otherwise stated herein, be send by a telecopy or
delivered by overnight courier service, as to each party hereto, at its address
set forth below or at such other address as shall be designated by such party
in a written notice to the other parties hereto. All such notices and communications
shall, when telecopied or sent by overnight delivery service, be effective,
with respect to telecopy notices, when the sending machine receives
confirmation of the transmission, and, with respect to overnight delivery
service, when confirmed by signed receipt.

 

If to the Series 2007-A2
Holders, to the addresses set forth in Schedule 1 hereto.

 

If to WEST:

 

Willis Engine
Securitization Trust

c/o Willis Lease Finance Corporation

2320 Marinship Way

Suite 300

Sausalito, California 94965

Telephone No.  (415) 275-5100

Facsimile No.  (415) 275-5106

 

As of March 1, 2008
to:

 

Willis Engine
Securitization Trust

c/o Willis Lease Finance Corporation

773 San Marin Drive

Novato, California 94945

Attn: General Counsel

 

If to the Administrative
Agent:

 

Willis Lease Finance
Corporation

2320 Marinship Way

Suite 300

Sausalito, California 94965

Telephone No.  (415) 275-5100

Facsimile No.  (415) 275-5106

 

24

 

As of March 1, 2008
to:

 

Willis Lease Finance
Corporation

773 San Marin Drive

Novato, California 94945

Attn: General Counsel

 

If to the Indenture
Trustee:

 

Deutsche Bank Trust
Company Americas

60 Wall Street

MS NYC 60-2606

New York, New York 10005

Attention: Trust & Securities Services - Structured Finance
Services   

Facsimile No.  (212) 553-2460

 

Section 8.03.                             No
Waiver; Remedies.  No failure on the
part of any party hereto to exercise, and no delay in exercising, any right
hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any right hereunder preclude any other or further exercise thereof
or the exercise of any other right. The remedies herein provided are cumulative
and not exclusive of any remedies provided by any Applicable Law.

 

Section 8.04.                             Binding
Effect; Assignability; Continuing Obligation.  This Agreement shall be binding upon and
inure to the benefit of WEST, the Administrative Agent and the Series 2007-A2
Holders and their respective successors and assigns (including any subsequent
Holders of the Series 2007-A2 Notes, subject to their executing and
delivering an Assignment and Assumption); provided, however,
that WEST shall not have the right to assign its rights hereunder or any
interest herein (by operation of law or otherwise) without the prior written
consent of the Series 2007-A2 Holders and that, prior to the occurrence of
a Conversion Event, a Series 2007-A2 Holder shall not have the right to
assign its rights and obligations hereunder to any Person that is not an
Eligible Transferee. This Agreement shall create and constitute the continuing
obligation of the parties hereto in accordance with its terms, and shall remain
in full force and effect until such time as all amounts payable with respect to
the Series 2007-A2 Notes shall have been paid in full.

 

Section 8.05.                             GOVERNING
LAW; JURISDICTION.  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. Each of the parties hereto agrees that the United States federal
and New York State courts located in The City of New York 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 courts being nominated as the forum or venue to hear and 

 

25

 

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 the parties hereto
consents to the granting of such legal or equitable relief as is deemed
appropriate by such courts.

 

Section 8.06.                             No Proceedings.  Each of the Series 2007-A2 Holders
agrees that, so long as the Series 2007-A2 Notes shall be outstanding or
there shall not have elapsed one year plus one day since the last day on which
the Series 2007-A2 Notes shall have been outstanding, it shall not file,
or join in the filing of, a petition against WEST under the United Stated
Bankruptcy Code, as amended from time to time, or join in the commencement of
any bankruptcy, reorganization, arrangement, insolvency, liquidation or other
similar proceeding against WEST.

 

Section 8.07.                             Execution
in Counterparts.  This Agreement may
be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which when taken together shall constitute one and the same
agreement.

 

Section 8.08.                             Limited
Recourse.  The obligations of WEST
under this Agreement shall be payable only out of the Collateral and the Series 2007-A2
Holders shall not look to any property or assets of WEST or the
Administrative Agent, other than to the Collateral remaining after all
obligations of WEST under the Indenture are satisfied. To the extent that the
proceeds of the Collateral after application in accordance with the provisions
of the Indenture are insufficient to satisfy the obligations of WEST under the
Indenture and under this Agreement, WEST shall have no further obligation in
respect hereof and any remaining outstanding obligation shall be extinguished.

 

Section 8.09.                             Survival.  All representations, warranties, guaranties
and indemnifications (including the payment obligations in Article VII
hereof) contained in this Agreement and in any document, certificate or
statement delivered pursuant hereto or in connection herewith shall survive the
sale and transfer of the Series 2007-A2 Notes.

 

Section 8.10.                             Appointment
of Agent for Service of Process. 
WEST hereby appoints Corporation Service Company having an address at
1133 Avenue of the Americas, New York, New York 10036 as its agent for service
of process in the State of New York.

 

Section 8.11.                             Table
of Contents; Headings.  The Table of
Contents preceding the Agreement and headings of the Articles and Sections of
this Agreement have been inserted for convenience of reference only, are not to
be considered a part hereof and shall in no way modify or restrict any of the
terms and provisions hereof.

 

[Signatures follow]

 

26

 

IN WITNESS WHEREOF, the
parties have caused this Series 2007-A2 Note Purchase and Loan Agreement
to be executed by their respective officers thereunto duly authorized, as of
the date first above written.

 

	
   

  	
  WILLIS ENGINE
  SECURITIZATION TRUST

  
	
   

  	
   

  	
  as issuer of
  Series 2007-A2 Notes,

  

 

	
   

  	
  By:

  	
  /s/ Bradley S.
  Forsyth

  
	
   

  	
   

  	
  Title:
  Controlling Trustee

  

 

 

	
   

  	
  WILLIS LEASE
  FINANCE CORPORATION,

  
	
   

  	
   

  	
  as Administrative
  Agent,

  

 

	
   

  	
  By:

  	
  /s/ Bradley S.
  Forsyth

  
	
   

  	
   

  	
  Title: Senior
  Vice President

  
	
   

  	
   

  	
   

  	
  Chief Financial
  Officer

  

 

 

	
   

  	
  CALYON NEW YORK BRANCH,

  
	
   

  	
   

  	
  as an initial
  Series 2007-A2 Holder

  

 

	
   

  	
  By:

  	
  /s/ Brian
  Bolotin

  
	
   

  	
   

  	
  Title: Managing
  Director

  

 

	
   

  	
  By:

  	
  /s/ Charles
  Moran

  
	
   

  	
   

  	
  Title: Director

  

 

 

	
   

  	
  CRÉDIT INDUSTRIEL ET COMMERCIAL, NEW YORK

  
	
   

  	
  BRANCH,

  
	
   

  	
   

  	
  as an initial
  Series 2007-A2 Holder

  

 

	
   

  	
  By:

  	
  /s/ Alex Aupoix

  
	
   

  	
   

  	
  Title:Vice
  President

  

 

	
   

  	
  By:

  	
  /s/ Adrienne
  Molloy

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

 

	
  ,

  	
  EUROPE ARAB BANK PLC – PARIS BRANCH,

  
	
   

  	
   

  	
  as an initial
  Series 2007-A2 Holder

  

 

	
   

  	
  By:

  	
  /s/ Gilles
  Charmey

  
	
   

  	
   

  	
  Title: Director

  

 

 

	
   

  	
  BAYERISCHE
  LANDESBANK,

  
	
   

  	
   

  	
  as an initial
  Series 2007-A2 Holder

  

 

	
   

  	
  By:

  	
  /s/ Melanie
  Feger

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

	
   

  	
  By:

  	
  /s/ Peter
  Schubert

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

 

SERIES 2007-A2 NOTE
PURCHASE AND LOAN AGREEMENT

 

 

SERIES 2007-A2 NOTE
PURCHASE AND LOAN AGREEMENT

SCHEDULE 1

 

ADDRESSES
OF SERIES 2007-A2 HOLDERS

 

	
  Names of Series 2007-A2 Holders

  	
   

  	
  Addresses of Series 2007-A2 Holders

  
	
   

  	
   

  	
   

  
	
  CALYON NEW YORK BRANCH

  	
   

  	
  1301 Avenue of
  the Americas

  New York, NY 10019

  Attention: Neal Spier

  Facsimile:212-459-3258

  
	
   

  	
   

  	
   

  
	
  CRÉDIT INDUSTRIEL ET COMMERCIAL, NEW YORK BRANCH

  	
   

  	
  520 Madison
  Avenue, 37th Floor

  New York, NY 10022

  Attention: Laura
  Carosi, Loan Servicing Department

  Facsimile: 212-715-4477

  
	
   

  	
   

  	
   

  
	
  EUROPE ARAB BANK PLC – PARIS BRANCH

  	
   

  	
  26 Avenue des Champs Elysées

  75008 Paris, France

  Attention: Gilles Charmey, Head of Industry Corporate Banking Department

  Facsimile: 33-1-42-89-09-78

  
	
   

  	
   

  	
   

  
	
  BAYERISCHE
  LANDESBANK

  	
   

  	
  Brienner Straße 18

  80333 München, Germany
 Attention: Katri Koskinen-Grutza,
  Team Aircraft Finance
 Facsimile: 49-89-2171-23763

  

 

 

SERIES 2007-A2 NOTE
PURCHASE AND LOAN AGREEMENT

SCHEDULE 2

 

MAXIMUM
COMMITMENTS OF SERIES 2007-A2 HOLDERS

 

	
  Names of Series 2007-A2 Holders

  	
   

  	
  Individual Maximum Commitments of

  Series 2007-A2 Holders

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CALYON NEW YORK BRANCH

  	
   

  	
  $

  	
  46,250,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CRÉDIT INDUSTRIEL ET COMMERCIAL, NEW YORK BRANCH

  	
   

  	
  $

  	
  13,125,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EUROPE ARAB BANK PLC – PARIS BRANCH

  	
   

  	
  $

  	
  50,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  BAYERISCHE
  LANDESBANK

  	
   

  	
  $

  	
  65,625,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total:

  	
   

  	
  $

  	
  175,000,000

  	
   

  

 

 

SERIES 2007-A2 NOTE
PURCHASE AND LOAN AGREEMENT

SCHEDULE 3

 

WRITTEN
MATERIALS

 

Sections Two, Three and
Four of the written presentation by Calyon Corporate and Investment Bank
entitled “WEST Warehouse Notes, Series 2007-A2, Series 2007-B2” and
dated September 20, 2007.

 

 

SERIES
2007-A2 NOTE PURCHASE AND LOAN AGREEMENT

EXHIBIT
A

 

FORM OF
FUNDING REQUEST

 

	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [

  	
   

  	
  ]

  	
   

  	
   

  
	
  [

  	
   

  	
  ]

  	
   

  	
   

  
	
  [

  	
   

  	
  ]

  	
   

  	
   

  
	
  Attention:

  	
  [

  	
   

  	
  ]

  
	
  Fax:

  	
  [

  	
   

  	
  ]

  
										

 

RE:                            Series 2007-A2
Note Purchase and Loan Agreement (the “Agreement”),
dated as of December 13, 2007 among Willis Lease Finance Corporation,
Willis Engine Securitization Trust (“WEST”), and
the Series 2007-A2 Holders.

 

Pursuant to Section 2.02(a) of
the Agreement, WEST hereby requests Series 2007-A2 Loans to be made on the
date specified below (the “Funding Date”)
in the aggregate principal amount specified below, to be used as a Collection
Loan or a Warehouse Loan or both, as specified below.  The undersigned requests that such Series 2007-A2
Loan amount be deposited in the Collections Account on the Funding Date.

 

	
  Funding Date:

  	
   

  
	
   

  	
   

  	
   

  
	
  Collection Loan Amount:

  	
  $

  	
   

  
	
   

  	
   

  	
   

  
	
  Warehouse Loan Amount:

  	
  $

  	
   

  
	
   

  	
   

  	
   

  
	
  Total Series 2007-A2 Loan Amount:

  	
  $

  	
   

  

 

A schedule of the individual Series 2007-A2 Loans
to be made by the Series 2007-A2 Holders is attached hereto. Capitalized
terms used but not defined herein have the meanings set forth in the Agreement.

 

	
  Very truly yours,

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
						

 

CC:                          Deutsche
Bank Trust Company Americas

60 Wall Street

MS NYC 60-2606

New York, New York 10005

Attention: Trust & Securities Services - Structured Finance
Services   

Facsimile No.  (212) 553-2460

 

A-1

 

SCHEDULE TO SERIES 2007-A2 NOTE
FUNDING REQUEST

 

	
   

  	
  Dated

  	
   

  	
   

  

 

	
  Series 2007-A2 Holder

  	
   

  	
  Individual Maximum

  Commitment

  	
   

  	
  Amount of Series

  2007-A2 Loan

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-2

 

SERIES
2007-A2 NOTE PURCHASE AND LOAN AGREEMENT

EXHIBIT
B

 

FORM OF
CONTROLLING TRUSTEE FUNDING DATE CERTIFICATE

 

	
  Date: [

  	
   

  	
  ][ ], 20[

  	
  ]

  

 

The undersigned, a Controlling
Trustee of Willis Engine Securitization Trust, a Delaware statutory trust (“WEST”), does hereby certify to Deutsche Bank Trust Company
Americas, as Indenture Trustee under the Amended and Restated Indenture, dated
as of December 13, 2007, as amended and supplemented, in satisfaction of
one of the conditions for the making of Series 2007-A2 Loans under the Series 2007-A2
Note Purchase and Loan Agreement (the “Agreement”),
dated as of December 13, 2007 among Willis Lease Finance Corporation,
WEST, and the Series 2007-A2 Holders (as defined therein), on the date
first set forth above (the “Funding Date”),
as follows (capitalized terms used herein having the same meanings as in the
Agreement):

 

(i)                  the representations and warranties of
WEST contained in the Agreement are true and correct on and as of such Funding
Date, as though made on and as of such date;

 

(ii)               WEST
has performed all agreements contained in the Series 2007-A2 Related
Documents to be performed on its part at or prior to such Funding Date;

 

(iii)            no Event of Default has occurred or is continuing, and
no fact, condition or event exists or has occurred which would, upon the giving
of notice or the passage of time or both, constitute an Event of Default, unless Holders representing one hundred
percent (100%) of the Outstanding Principal Balance of the Series 2007-A2
Notes and Series 2007-B2 Notes have waived the occurrence of each and every Event of Default that has
occurred or would occur;

 

(iv)           on such Funding Date, Series 2007-B2
Loans are also being made by the Series 2007-B2 Holders under the Series 2007-B2
Note Purchase Agreement in an amount that shall reduce the aggregate Maximum
Commitments of the Series 2007-B2 Holders under the Series 2007-B2
Note Purchase Agreement proportionately to the reduction of the Maximum
Commitments of the Series 2007-A2 Holders under this Agreement;

 

(v)              as of such Funding Date, no Conversion
Event has occurred, unless Holders representing one hundred percent (100%) of
the Outstanding Principal Balance of the Series 2007-A2 Notes and Series 2007-B2
Notes have waived the occurrence
of each and every Conversion Event as provided in Section 2.03(g) of
the Series 2007-A2 Supplement;

 

(vi)           before and after giving effect to the Series 2007-A2
Loans to be made on such Funding Date, no Early Amortization Event has occurred
or would occur, unless

 

B-1

 

Holders representing
one hundred percent (100%) of the Outstanding Principal Balance of the Series 2007-A2
Notes and Series 2007-B2 Notes have waived the occurrence of each and every Early Amortization Event
that has occurred or would occur;

 

(vii)        before and after giving effect to the Series 2007-A2 Loans to be
made on such Funding Date, no Servicer Termination Event has occurred or would
occur, unless Holders representing one hundred percent (100%) of the
Outstanding Principal Balance of the Series 2007-A2 Notes and Series 2007-B2
Notes have waived the occurrence
of each and every Servicer Termination Event that has occurred or would occur;

 

(viii)     before and after giving effect to the Series 2007-A2 Loans to be
made on such Funding Date, the aggregate Outstanding Principal Balance of the Series 2007-A2
Notes has not and will not exceed the aggregate Maximum Principal Balances
of the Series 2007-A2 Notes or aggregate Maximum Commitments of the
holders of the Series 2007-A2 Notes;

 

(ix)             before and after giving effect to the Series 2007-A2
Loans to be made on such Funding Date and the acquisition of any Additional
Engine with the proceeds thereof on the Funding Date, no Senior Borrowing Base
Deficiency exists or would exist;

 

(x)                before and after giving effect to the Series 2007-A2
Loans and the Series 2007-B2 Loans to be made on such Funding Date and the
acquisition of any Additional Engine with the proceeds thereof on the Funding
Date, no Maximum Borrowing Base Deficiency exists or would exist; and

 

(xi)             no
proceeding is pending which would prohibit the making of such Series 2007-A2
Loans on such Funding Date.

 

Executed as of the date
first set forth above, by the undersigned, a Controlling Trustee of WEST.

 

 

	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  
	
   

  	
  Title: Controlling Trustee

  

 

B-2

 

SERIES
2007-A2 NOTE PURCHASE AND LOAN AGREEMENT

EXHIBIT
C

 

FORM OF
ADMINISTRATIVE AGENT

 FUNDING DATE CERTIFICATE

 

	
  Date:

  	
   

  	
  ][ ], 20[

  	
  ]

  

 

The undersigned, an
officer of Willis Lease Finance Corporation, as Administrative Agent for Willis
Engine Securitization Trust, a Delaware statutory trust (“WEST”),
does hereby certify to Deutsche Bank Trust Company Americas, as Indenture
Trustee under the Amended and Restated Indenture, dated as of December 13,
2007, as amended and supplemented, in satisfaction of one of the conditions for
the making of Series 2007-A2 Loans under the Series 2007-A2 Note
Purchase and Loan Agreement (the “Agreement”),
dated as of December 13, 2007 among Willis Lease Finance Corporation,
WEST, and the Series 2007-A2 Holders (as defined therein), on the date
first set forth above (the “Funding Date”),
as follows (capitalized terms used herein having the same meanings as in the
Agreement):

 

(i)                                     the Outstanding Principal Balance under
the Series A Notes (after giving effect to the proposed Series 2007-A2
Loans on such Funding Date) will not exceed the Senior Borrowing Base
(calculated after giving effect to the acquisition of any Additional  Engines being acquired on such Funding Date),

 

(ii)                                  the Outstanding Principal Balance under
the Series B Notes (after giving effect to the proposed Series 2007-B2
Loans on such Funding Date) will not exceed the Junior Borrowing Base and
complies with the requirements therefor set forth in the Indenture and the Series 2007-B2
Supplement; and

 

(iii)                               if the proceeds of the Series 2007-A2
Loans are to be used to make a Collections Loan on a Payment Date, the
Available Collections Amount for such Payment Date without the inclusion of the
proceeds of such Collections Loan is in an amount sufficient to pay the Base
Interest on all Series B Notes due and payable on such Payment Date in accordance
with Section 3.14 of the Indenture.

 

Executed as of the
date first set forth above, by the undersigned, an officer of the
Administrative Agent.

 

 

	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  

 

C-1Exhibit 10.60

 

 

WILLIS ENGINE SECURITIZATION TRUST,

as issuer of Series 2007-B2 Notes,

 

and

 

WILLIS LEASE FINANCE CORPORATION,

as Administrative Agent,

 

and

 

THE PERSONS LISTED ON THE SIGNATURE
PAGE HEREOF,

as the initial Series 2007-B2
Holders

 

 

SERIES 2007-B2
NOTE PURCHASE AND LOAN AGREEMENT

 

Dated as of December 13, 2007

 

 

SERIES 2007-B2 NOTES

 

 

 

TABLE OF CONTENTS

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE I

  	
   

  
	
   

  	
   

  	
   

  
	
  DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 1.01.

  	
  Definitions

  	
  3

  
	
   

  	
   

  	
   

  
	
  Section 1.02.

  	
  Rules of Construction

  	
  6

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  II

  	
   

  
	
   

  	
   

  	
   

  
	
  PURCHASE
  AND SALE

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 2.01.

  	
  Sale and Delivery of Series 2007-B2 Notes

  	
  6

  
	
   

  	
   

  	
   

  
	
  Section 2.02.

  	
  Funding of Series 2007-B2 Loans

  	
  6

  
	
   

  	
   

  	
   

  
	
  Section 2.03.

  	
  Decrease in Maximum Commitments

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  III

  	
   

  
	
   

  	
   

  	
   

  
	
  CONDITIONS
  PRECEDENT TO OBLIGATIONS OF SERIES 2007-B2 HOLDERS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 3.01.

  	
  Conditions Precedent to Obligations of Initial
  Series 2007-B2 Holders to Purchase Series 2007-B2 Notes

  	
  8

  
	
   

  	
   

  	
   

  
	
  Section 3.02.      Conditions
  Precedent to Obligations of Series 2007-B2 Holders to Make
  Series 2007-B2 Loans on and after Effective Date

  	
  12

  
	
   

  	
   

  	
   

  
	
  Section 3.03.

  	
  Conditions Precedent to Acquisition of Additional
  Engines

  	
  14

  
	
   

  	
   

  	
   

  
	
  Section 3.04.

  	
  Conditions Precedent to Funding of Discretionary
  Engine Modification

  	
  14

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IV

  	
   

  
	
   

  	
   

  	
   

  
	
  REPRESENTATIONS
  AND WARRANTIES OF WEST AND ADMINISTRATIVE AGENT

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 4.01.

  	
  Representations and Warranties of WEST

  	
  15

  
	
   

  	
   

  	
   

  
	
  Section 4.02.

  	
  Representations and Warranties of Administrative
  Agent

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  
	
   

  	
   

  	
   

  
	
  REPRESENTATIONS
  AND WARRANTIES OF SERIES 2007-B2 HOLDERS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 5.01.

  	
  Execution, Delivery, Binding Obligation

  	
  20

  
	
   

  	
   

  	
   

  
	
  Section 5.02.

  	
  Securities Act

  	
  20

  
				

 

 

	
  ARTICLE
  VI

  	
   

  
	
   

  	
   

  	
   

  
	
  CERTAIN
  COVENANTS OF PARTIES

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 6.01.

  	
  Securities Act

  	
  22

  
	
   

  	
   

  	
   

  
	
  Section 6.02.

  	
  Legal Conditions to Closing

  	
  22

  
	
   

  	
   

  	
   

  
	
  Section 6.03.

  	
  Expenses and Fees

  	
  22

  
	
   

  	
   

  	
   

  
	
  Section 6.04.

  	
  Further Assurances

  	
  22

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VII

  	
   

  
	
   

  	
   

  	
   

  
	
  INDEMNIFICATION

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 7.01.

  	
  Indemnification by WEST

  	
  22

  
	
   

  	
   

  	
   

  
	
  Section 7.02.

  	
  Indemnification by Administrative Agent

  	
  23

  
	
   

  	
   

  	
   

  
	
  Section 7.03.

  	
  Procedure

  	
  23

  
	
   

  	
   

  	
   

  
	
  Section 7.04.

  	
  Defense of Claims

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VIII

  	
   

  
	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 8.01.

  	
  Amendments

  	
  24

  
	
   

  	
   

  	
   

  
	
  Section 8.02.

  	
  Notices

  	
  24

  
	
   

  	
   

  	
   

  
	
  Section 8.03.

  	
  No Waiver; Remedies

  	
  25

  
	
   

  	
   

  	
   

  
	
  Section 8.04.

  	
  Binding Effect; Assignability; Continuing Obligation

  	
  25

  
	
   

  	
   

  	
   

  
	
  Section 8.05.

  	
  GOVERNING LAW; JURISDICTION

  	
  25

  
	
   

  	
   

  	
   

  
	
  Section 8.06.

  	
  No Proceedings

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 8.07.

  	
  Execution in Counterparts

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 8.08.

  	
  Limited Recourse

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 8.09.

  	
  Survival

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 8.10.

  	
  Appointment of Agent for Service of Process

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 8.11.

  	
  Table of Contents; Headings.

  	
  26

  
	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 1

  	
  Addresses of
  Series 2007-B2 Holders

  	
   

  
	
  SCHEDULE 2

  	
  Maximum Commitments of
  Series 2007-B2 Holders

  	
   

  
	
  SCHEDULE 3

  	
  Written Materials

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A

  	
  Form of Funding Request

  	
   

  
	
  EXHIBIT B

  	
  Form of Funding
  Date Controlling Trustee Certificate

  	
   

  
	
  EXHIBIT C

  	
  Form of Funding
  Date Administrative Agent Certificate

  	
   

  
				

 

2

 

This SERIES 2007-B2 NOTE PURCHASE AND LOAN AGREEMENT
(this “Agreement”), dated as of December 13,
2007, is made among WILLIS ENGINE SECURITIZATION TRUST, a Delaware statutory
trust (“WEST”), WILLIS LEASE FINANCE
CORPORATION, a Delaware corporation, as Administrative Agent (the “Administrative Agent”), and the Persons named on the
signature page hereof as initial Series 2007-B2 Holders, together
with any Person that becomes a Series 2007-B2 Holder in accordance with
the terms hereof (the “Series 2007-B2
Holders”).

 

PREAMBLE

 

WHEREAS, WEST and Deutsche Bank Trust Company
Americas, a New York banking corporation, as indenture trustee (“Indenture Trustee”), entered into the Indenture, dated as of
August 9, 2005 (the “Original Indenture”),
as thereafter supplemented by the Series 2005-A1 Supplement, the Series 2005-A2
Supplement, the Series 2005-B1 Supplement and the Series 2005-B2
Supplement and as amended and restated in its entirety by the Amended and
Restated Indenture, dated as of December 13, 2007, between WEST and the
Indenture Trustee (as supplemented by the Supplements, and as amended,
supplemented or otherwise modified from time to time, the “Indenture”);

 

WHEREAS, the Series 2005-A1 Term Notes, Series 2005-A2
Warehouse Notes, Series 2005-B1 Term Notes and Series 2005-B2
Warehouse Notes were issued on August 9, 2005 pursuant to the Series 2005-A1
Supplement, the Series 2005-A2 Supplement, the Series 2005-B1
Supplement and the Series 2005-B2 Supplement, respectively;

 

WHEREAS, WEST and the Indenture Trustee have entered
into the Series 2007-B2 Supplement to the Indenture, dated as of December 13,
2007 (as it may be amended or otherwise modified from time to time, the “Series 2007-B2 Supplement”), pursuant to which WEST is
to issue the Series 2007-B2 Notes in the aggregate Maximum Principal
Balance of $25,000,000;

 

WHEREAS, each of the Series 2007-B2 Holders is
willing to make Series 2007-B2 Loans to WEST to the extent of its Maximum
Commitment from time to time on and after the Effective Date until the
occurrence of a Conversion Event, and the obligation of WEST to repay such Series 2007-B2
Loans to each Series 2007-B2 Holder will be represented by the Series 2007-B2
Note held by such Series 2007-B2 Holder;

 

NOW THEREFORE, for good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto agree as
follows:

 

ARTICLE
I

 

DEFINITIONS

 

Section 1.01.          Definitions.  (a)  Capitalized terms used herein and
not otherwise defined herein shall have the meaning set forth in the Indenture.
Whenever used in this Agreement, the following words and phrases shall have the
following meanings, and the definitions of such 

 

3

 

terms are applicable to
the singular as well as the plural forms of such terms and to the masculine as
well as to the feminine and neuter genders of such terms.

 

“Assignment and Assumption” means an assignment and
assumption agreement, in such other form as shall be reasonably acceptable to
WEST, pursuant to which the transferee of a Series 2007-B2 Note agrees to
make Series 2007-B2 Loans to the extent of the Unused Commitment allocable
to the Series 2007-B2 Note that is transferred to such transferee.

 

“Collections Loans”
means any Series 2007-B2 Loans made pursuant to Section 3.18 of the
Indenture, the Series 2007-B2 Supplement and this Agreement on any Payment
Date, to be included in the Available Collections Amount on such Payment Date.

 

“Conversion Date”
means December 15, 2010 or such later date to which the Conversion Date
may be extended (if extended) in the sole discretion of the Series 2007-B2
Holders in accordance with the terms of Section 2.02(e) hereof, but
not later than December 15, 2011 without a Rating Agency Confirmation.

 

“Effective Date”
means December 13, 2007 or, if later, the date on which the conditions set
forth in Section 3.01 hereof shall have been satisfied.

 

“Eligible Transferee” means (i) an Affiliate of a Series 2007-B2
Holder, or (ii) any other then existing Series 2007-B2 Holder, or (iii) a
commercial bank, insurance company or other financial institution that (x) complies
with the transfer provisions of Section 2.12 of the Indenture, and (y) if
such transfer is to occur prior to the Conversion Date, such transferee, in the
reasonable determination of WEST, has the capability to make the Series 2007-B2
Loans to WEST up to the Unused Commitment in respect of the Series 2007-B2
Note(s) being transferred to such financial institution and is otherwise
reasonably acceptable to WEST, as evidenced to the Indenture Trustee in writing
(which approval shall not be unreasonably withheld or delayed).

 

“Funding Date”
means, as to any Series 2007-B2 Loan, the Business Day that is specified
in the Funding Request for such Series 2007-B2 Loan in accordance with Section 2.02
hereof.

 

 “Funding Request” means a written request by WEST to obtain Series 2007-B2
Loans from the Series 2007-B2 Holders, such notice to be in the form of Exhibit A
hereto and to conform to requirements of Section 2.02 hereof.

 

“Indemnified Party”
has the meaning specified in Section 7.01 hereof.

 

“Material Adverse Effect”
has the meaning specified in Section 4.01(a) hereof.

 

“Maximum Commitment” shall mean (a), for all Series 2007-B2
Holders, $25,000,000 in the aggregate, and (b), for each Series 2007-B2
Holder, the amount set forth opposite the name of such Series 2007-B2
Holder in Schedule 2 attached hereto.

 

“Maximum Principal Balance” shall mean, with respect to any
Warehouse Note, the maximum amount that WEST may borrow from the holder of such
Warehouse Note, which shall be equal to the Maximum Commitment of such holder.

 

4

 

“Notes” means
the Series A Notes and the Series B Notes.

 

“Series A Notes”
means, collectively, (a) the $200,000,000 in original principal amount of
WEST’s Series 2005-A1 Term Notes, (b) the $150,000,000 in maximum
principal amount of WEST’s Series 2005-A2 Warehouse Notes, (c) the Series 2007-A2
Notes, and (d) any other note that is designated as a Series A Note
under the Indenture.

 

“Series 2007-A2 Loan”
means, individually or in the aggregate, a loan to WEST by a Series 2007-A2
Holder pursuant to the Series 2007-A2 Supplement and the Series 2007-A2
Note Purchase Agreement.

 

“Series 2007-A2 Holders” means, on the Effective Date,
the persons named as initial Series 2007-A2 Holders on the signature page to
the Series 2007-A2 Note Purchase Agreement and, at any time of
determination for the Series 2007-A2 Notes thereafter, any person in whose
name a Series 2007-A2 Note is registered in the Register.

 

“Series 2007-A2 Notes” means the Series of Notes
designated as the “Willis Engine Securitization Trust Series 2007-A2
Floating Rate Secured Notes” to be issued on the Effective Date pursuant to the
Series 2007-A2 Supplement and having the terms and conditions specified
therein, and including any and all replacements, extensions, substitutions or
renewals of such Notes.

 

“Series 2007-A2 Note Purchase Agreement” means the Series 2007-A2
Note Purchase and Loan Agreement, dated as of December 13, 2007, among
WEST, the Administrative Agent and the Series 2007-A2 Holders, as may be
amended, modified or supplemented from time to time in accordance with its
terms.

 

“Series 2007-A2 Supplement” means the Series 2007-A2
Supplement to the Indenture, dated as of December 13, 2007,
between WEST and the Indenture Trustee.

 

“Series B Notes”
means, collectively, (a) the $28,276,878 in original principal amount of
WEST’s Series 2005-B1 Term Notes, (b) the $21,428,521 in maximum
principal amount of WEST’s Series 2005-B2 Warehouse Notes, (c) the Series 2007-B2
Notes, and (d) any other note that is designated as a Series B Note
under the Indenture.

 

“Series 2007-B2 Commitment Fee Rate” means, for each
Interest Accrual Period, one half of one percent (.50%) per annum.

 

“Series 2007-B2 Holders” means, on the Effective Date, the
Persons named as initial Series 2007-B2 Holders on the signature page hereto
and, at any time of determination thereafter, any person in whose name a Series 2007-B2
Note is registered in the Register.

 

“Series 2007-B2 Loan” means a funding by a Series 2007-B2
Holder of a loan to WEST pursuant to Article II hereof.

 

“Series 2007-B2 Notes” means the notes issued
pursuant to this Agreement and the Series 2007-B2 Supplement.

 

5

 

“Series 2007-B2
Related Documents” means the Series 2007-B2 Transaction
Documents, as defined in the Series 2007-B2 Supplement, and the Related
Documents, as the same may be amended, supplemented, restated, replaced or
otherwise modified from time to time.

 

“Third Party Claim”  has the meaning specified in Section 7.03 hereof.

 

“Warehouse Loans”
means any Series 2007-B2 Loans to be used to fund the Purchase Prices of
Additional Engines or Discretionary Engine Modifications.

 

Section 1.02.          Rules of Construction.  The conventions of construction and usage set
forth in Section 1.02 of the Indenture are hereby incorporated by
reference in this Agreement.

 

ARTICLE
II

 

PURCHASE AND SALE

 

Section 2.01.          Sale and Delivery of Series 2007-B2
Notes.  In reliance on the
representations, warranties and agreements and on the terms and conditions set
forth herein and in the Indenture and the Series 2007-B2 Supplement, WEST
agrees to sell, and each of the Series 2007-B2 Holders severally and not
jointly agrees to purchase, on the Effective Date,  a  Series 2007-B2 Note with the Maximum Principal Balance
for each Series 2007-B2 Holder set forth in Schedule 2 hereto. The Series 2007-B2
Notes shall be duly executed by WEST, duly authenticated by the Indenture
Trustee and registered in the names of the Series 2007-B2 Holders. The
actual Outstanding Principal Balance of each Series 2007-B2 Note will be
equal to the principal amount of the Series 2007-B2 Loans made by the Series 2007-B2
Holder of such Series 2007-B2 Note from time to time in accordance with
the terms hereof and of the Series 2007-B2 Supplement minus any repayments
of the principal amount of such Series 2007-B2 Note made in accordance
with the terms thereof, the Series 2007-B2 Supplement and the Indenture.

 

Section 2.02.          Funding
of Series 2007-B2 Loans.  (a) 
On the terms and conditions hereinafter set forth, each Series 2007-B2 Holder
severally and not jointly agrees that it will make Series 2007-B2 Loans to
WEST in a total amount outstanding at any time up to such Series 2007-B2
Holder’s Maximum Commitment, from time to time after the Effective Date and
until the occurrence of a Conversion Event, upon the receipt of a Funding
Request from WEST and otherwise as provided in this Section 2.02 and in
each case subject to satisfaction of the applicable conditions precedent set
forth in Article III hereof and in Article IV of the Series 2007-B2
Supplement.  It is expressly understood
and agreed that WEST shall not have any right to receive, and no Series 2007-B2
Holder shall have any obligation to disburse, (x) any amount in excess of
the Maximum Commitment of such Series 2007-B2 Holder or (y) any
amount whatsoever on or after the date on which a Conversion Event occurs that
has not been waived pursuant to Section 2.03(g) of the Series 2007-B2
Supplement. Under no circumstances shall the Series 2007-B2 Holders fund
any Series 2007-B2 Loans if, after giving effect to such Series 2007-B2
Loans, (i) the aggregate Outstanding Principal Balance of the Series 2007-B2
Notes would either (A) exceed the aggregate Maximum Commitment for the Series 2007-B2
Notes or (B) result in a Junior Borrowing Base Deficiency, or (ii) the
Aggregate Note Principal Balance would result in a Maximum Borrowing Base
Deficiency.

 

6

 

(b)     On any Business Day after the Effective
Date and prior to the date on which a Conversion Event occurs, each of the Series 2007-B2
Holders agrees that it shall make a Series 2007-B2 Loan to WEST in the
amount specified in a Funding Request delivered to the Series 2007-B2
Holders (with a copy to the Indenture Trustee) by WEST at least three (3) Business
Days (or such shorter period as may be agreed by the Series 2007-B2
Holders and the Indenture Trustee) prior to the Funding Date set forth in such
Funding Request, which shall specify (i) the aggregate amount of the Series 2007-B2
Loans to be made by the Series 2007-B2 Holders and the amount of the Series 2007-B2
Loan to be made by each individual Series 2007-B2 Holder on such Funding
Date, which individual Series 2007-B2 Loans shall be made by the Series 2007-B2
Holders in proportion to their respective Maximum Commitments, except as
provided in Section 2.02(d), (ii) the proposed Funding Date (which
shall be a Payment Date if such Funding Request includes a Collections Loan),
and (iii) the application of such Series 2007-B2 Loans as either
Collections Loans or Warehouse Loans or both. Each Funding Request delivered by
WEST pursuant to this Section 2.02 shall be irrevocable.

 

(c)      On the Funding Date specified in a Funding
Request, each of the Series 2007-B2 Holders shall, upon satisfaction of
the applicable conditions set forth in Article III hereof and in Article IV
of the Series 2007-B2 Supplement, make available to WEST by wire transfer
in immediately available funds to the Collections Account, an amount equal to
the amount of the Series 2007-B2 Loan specified for such Series 2007-B2
Holder in such Funding Request. The Administrative Agent shall direct the
Indenture Trustee, in writing, to transfer the portion of such Series 2007-B2
Loans constituting Warehouse Loans to the Engine Acquisition Account, as
provided in the Indenture, and the portion of such Series 2007-B2 Loans
constituting Collections Loans shall be retained in the Collections Account and
included in the Available Collections Amount on the Payment Date on which such
Collections Loans are made.

 

(d)     If any Series 2007-B2 Holder shall
default on its obligation to make a Series 2007-B2 Loan on any Funding
Date, one or more of the other Series 2007-B2 Holders may elect (but shall
not be required to) to make the Series 2007-B2 Loan of the defaulting Series 2007-B2
Holder.  In such event, the Maximum
Principal Balance of the Series 2007-B2 Note held by the defaulting Series 2007-B2
Holder and the Maximum Commitment of the defaulting Series 2007-B2 Holder
shall be reduced by the amount of the Series 2007-B2 Loan so made, and the
Maximum Principal Balance of the Series 2007-B2 Note held by the Series 2007-B2
Holder making such Series 2007-B2 Loan and the Maximum Commitment of such Series 2007-B2
Holder shall be increased by the amount of such Series 2007-B2 Loan.

 

(e)      WEST may, at any time not later than
thirty (30) days prior to the then existing Conversion Date, by written notice
to each Series 2007-B2 Holder, make written request for the Series 2007-B2
Holders to extend the Conversion Date for an additional period specified in
such written notice. The Series 2007-B2 Holders shall make a
determination, in their sole discretion and after a full credit review, not
more than thirty (30) days after such written notice is delivered and, if
earlier, not less than fifteen (15) days prior to the then applicable
Conversion Date as to whether or not they will agree to extend the Conversion
Date; provided, however, that the failure of
any Series 2007-B2 Holder to make a timely response to WEST’s request for
extension of the Conversion Date within the foregoing period shall be deemed to
constitute a refusal by such Series 2007-B2 Holder to extend the
Conversion Date. It shall be a condition to the extension of the Conversion
Date that (i) the Maximum Commitment of all of the Series 

 

7

 

2007-B2 Holders under this Agreement be extended to the same date, (ii) a
Rating Agency Confirmation shall have been received in respect of such
extension if it is later than the first anniversary of the initial Conversion
Date, (iii) the commitments of all Series 2007-A2 Holders under the Series 2007-A2
Note Purchase Agreement be extended to the same date, and (iv) written
notice of such extension shall have been delivered to the Indenture Trustee by
the Administrative Agent or WEST.

 

Section 2.03.          Decrease
in Maximum Commitments.  WEST may,
upon at least five (5) Business Days’ notice to the Series 2007-B2
Holders, terminate in whole or reduce in part the aggregate Maximum Commitments
of the Series 2007-B2 Holders and the Maximum Principal Balances of the Series 2007-B2
Notes in an aggregate amount not to exceed the excess of such Maximum Principal
Balances over the then aggregate Outstanding Principal Balance of the Series 2007-B2
Notes; provided that any partial reduction of
the aggregate Maximum Commitments of the Series 2007-B2 Holders and the
Maximum Principal Balances of the Series 2007-B2 Notes shall be applied
pro rata to the individual Maximum Commitments of the Series 2007-A2
Holders and the Maximum Principal Balances of the Series 2007-B2 Notes,
respectively, and shall be accompanied by a proportionate partial reduction
(based on the ratio of the Maximum Commitments of such Series prior to
such reduction) of the aggregate maximum commitments of the Series 2007-A2
Holders. Each notice of reduction or termination pursuant to this Section 2.03
shall be irrevocable, and such reduction shall be deemed to occur without any Series 2007-B2
Holder having to surrender its Series 2007-B2 Note(s) in exchange for
a new Series 2007-B2 Note reflecting its reduced Maximum Commitment and
reduced Maximum Principal Balance. WEST shall cause the Administrative Agent
promptly to deliver to the Indenture Trustee notice of any such reduction or
termination.

 

ARTICLE
III

 

CONDITIONS PRECEDENT TO OBLIGATIONS OF SERIES 2007-B2 HOLDERS

 

Section 3.01.          Conditions Precedent to Obligations
of Initial Series 2007-B2 Holders to Purchase Series 2007-B2 Notes.  The obligation of the initial Series 2007-B2
Holders to purchase the Series 2007-B2 Notes is subject to satisfaction of
the following conditions precedent:

 

(a)      WEST and the Indenture Trustee shall have
executed and delivered the Series 2007-B2 Supplement and the Series 2007-A2
Supplement.

 

(b)     WEST and the
Administrative Agent shall have executed and delivered this Agreement.

 

(c)      WEST, the
Administrative Agent and the initial Series 2007-A2 Holders shall
have executed and delivered the Series 2007-A2 Note Purchase Agreement.

 

(d)     The initial Series 2007-B2 Holders
shall have received from WEST a certificate, dated the Effective Date and
executed by any Controlling Trustee, to the effect that:

 

8

 

(i)      the representations and warranties of WEST
in this Agreement and the Series 2007-B2 Supplement are accurate in all
material respects as of the Effective Date; and

 

(ii)     WEST has complied with all the agreements
and satisfied all the conditions on its part to be performed or satisfied at or
before the Effective  Date.

 

(e)          The initial Series 2007-B2
Holders shall have received from the Administrative Agent a
certificate, dated the Effective  Date
and executed by an authorized officer of the Administrative Agent, to the effect
that:

 

(i)      the representations and warranties of the
Administrative Agent in this Agreement and in the Related Documents to
which the
Administrative Agent is a party are accurate in all material respects as
of the Effective  Date; and

 

(ii)     the Administrative Agent has
complied with all the agreements and satisfied all the conditions on its part
to be performed or satisfied at or before the Effective  Date.

 

(f)           The initial Series 2007-B2
Holders shall have received the following:

 

(i)      with respect to the
Administrative Agent, a good standing certificate from the Secretary of
State of the State of Delaware, dated not earlier than ten (10) days
before the Effective Date;

 

(ii)     with respect to WEST, a good standing certificate
from the Secretary of State of the State of Delaware, dated not earlier than
ten (10) days before the Effective 
Date; and

 

(iii)    with respect to WEST Funding, a good
standing certificate from the Secretary of State of the State of Delaware,
dated not earlier than ten (10) days before the Effective  Date.

 

(g)          The initial Series 2007-B2
Holders shall have received from the Secretary or other authorized officer of the
Administrative Agent, in the officer’s individual capacity, a
certificate, dated the Effective  Date,
to the effect that:

 

(i)      each individual who, as an officer or
representative of the Administrative Agent, signed this
Agreement, any Related Document or any other document or certificate delivered
on or before the Effective  Date in connection
with the transactions contemplated in this Agreement or in the Related
Documents was at the respective times of such signing and delivery, and is as
of the Effective  Date, duly elected or
appointed, qualified, and acting as such officer or representative, and the
signature of the individual appearing on the documents and certificates is the
officer’s genuine signature;

 

(ii)     no event (including any act or omission on
the part of the Administrative Agent) has occurred since the date of the
good standing certificate 

 

9

 

referred to in paragraph (f) above
that has affected the good standing of the Administrative Agent under
the laws of the State of Delaware; and

 

(iii)    attached to such certificate are accurate
copies of the organizational documents of the Administrative Agent, as in
effect on the Effective  Date, and of the
resolutions of the Administrative Agent and any required consent relating to
the transactions contemplated in this Agreement and the Related Documents.

 

(h)          The initial Series 2007-B2
Holders shall have received a certificate, signed by any Controlling Trustee of
WEST and dated the Effective  Date, to
the effect that:

 

(i)      each individual who, as such Controlling
Trustee or other representative of WEST, signed this Agreement, any Related
Document, or any other document or certificate delivered on or before the
Effective  Date in connection with the
transactions contemplated in this Agreement or in the Related Documents, was at
the respective times of such signing and delivery, and is as of the
Effective  Date, duly elected or
appointed, qualified, and acting as such Controlling Trustee or representative,
and the signature of the individual appearing on the documents and certificates
is such Controlling Trustee’s genuine signature; and

 

(ii)     no event (including any act or omission on
the part of WEST) has occurred since the date of the good standing certificate
referred to in paragraph (f) above that has affected the good standing of
WEST under the laws of the State of Delaware.

 

(iii)    attached to such certificate are accurate
copies of the trust agreement of WEST, as in effect on the Effective  Date, and of the resolutions of WEST, and of
any required consent relating to the transactions contemplated in this
Agreement and the Related Documents.

 

(i)           The initial Series 2007-B2
Holders shall have received from the Secretary or other authorized officer of
WEST Funding, in the officer’s individual capacity, a certificate, dated the
Effective  Date, to the effect that:

 

(i)      each individual who, as an officer or
representative of WEST Funding, signed any Related Document or any other
document or certificate delivered on or before the Effective  Date in connection with the transactions contemplated
in the Related Documents, was at the respective times of such signing and
delivery, and is as of the Effective 
Date, duly elected or appointed, qualified, and acting as such officer
or representative, and the signature of the individual appearing on the documents
and certificates is the officer’s genuine signature; and

 

(ii)     no event (including any act or omission on
the part of WEST Funding) has occurred since the date of the good standing
certificate referred to in paragraph (f) above that has affected the good
standing of WEST Funding under the laws of 
the State of Delaware; and

 

(iii)    attached to such certificate are accurate
copies of the relevant organizational documents of WEST Funding, as in effect
on the Effective  Date, and of 

 

10

 

the resolutions of WEST
Funding, and of any required consent relating to the transactions contemplated
in the Related Documents.

 

(j)       The initial Series 2007-B2 Holders
shall have received from Thomas C. Nord, in his capacity as General Counsel of the
Administrative Agent, and Pillsbury Winthrop Shaw Pittman LLP, in its
capacity as special New York counsel for the Administrative Agent, WEST and WEST
Funding, an opinion or opinions, dated the Effective  Date and addressed to the Series 2007-B2
Holders, addressing corporate/entity matters, enforceability, security
interest, tax and securities law matters, that is or are in form and substance
reasonably acceptable to the initial Series 2007-B2 Holders.

 

(k)      The initial Series 2007-B2 Holders
shall have received from Pillsbury Winthrop Shaw Pittman LLP, in its capacity
as special bankruptcy counsel for Willis, WEST and WEST Funding, an opinion,
dated the Effective Date and addressed to the Indenture Trustee, the Security
Trustee and the Series 2007-B2 Holders, addressing substantive
consolidation with respect to WEST and its subsidiaries and Willis, in each
case under the U.S. federal bankruptcy law, that is in form and substance
acceptable to the initial Series 2007-B2 Holders.

 

(l)       The initial Series 2007-B2 Holders
shall have received from Seward & Kissel, LLP, in its capacity as
special New York counsel for the Indenture Trustee, an opinion or opinions,
dated the Effective Date and addressed to the Series 2007-B2 Holders, addressing
corporate/entity and enforceability matters, that is or are in form and
substance reasonably acceptable to the initial Series 2007-B2 Holders.

 

(m)     The initial Series 2007-B2 Holders
shall have received from McCann Fitzgerald, in its capacity as special Irish
counsel for WEST Engine Funding (Ireland) Limited, an opinion, dated the
Effective Date and addressed to the Series 2007-B2 Holders, addressing
corporate/entity and enforceability matters, that is in form and substance
reasonably acceptable to the initial Series 2007-B2 Holders.

 

(n)     The initial Series 2007-B2 Holders
shall have received from Morris, James, Hitchens & Williams LLP, in
its capacity as special Delaware counsel for WEST and WEST Funding, an opinion
or opinions, dated the Effective  Date
and addressed to the Series 2007-B2 Holders, addressing Delaware
entity  and security interest perfection
matters, that is in form and substance reasonably acceptable to the initial Series 2007-B2
Holders.

 

(o)     The Series 2007-B2 Notes shall have
been rated by Moody’s and Fitch not less than “Baa3” and “BBB”, respectively,
and such ratings shall not have been rescinded.

 

(p)     The Series 2007-B2 Related Documents
shall have been duly executed and delivered by the parties thereto.

 

(q)     The Series 2007-B2 Notes shall have
been executed by WEST and authenticated by the Indenture Trustee.

 

(r)      All proceedings in connection with the
transactions contemplated by this Agreement and the other Series 2007-B2
Related Documents shall be satisfactory in form and substance to the initial Series 2007-B2
Holders.

 

11

 

(s)                 WEST
shall have paid all costs and expenses incurred in connection with the issuance
of the Series 2007-B2 Notes.

 

Section 3.02.                             Conditions
Precedent to Obligations of Series 2007-B2 Holders to Make Series 2007-B2
Loans on and after Effective Date.  The
obligations of the Series 2007-B2 Holders to make Series 2007-B2
Loans on any Funding Date after the Effective Date are subject to the following
conditions precedent:

 

(a)                 Funding Request.  WEST
shall have delivered a Funding Request to the Series 2007-B2 Holders (with
a copy to the Indenture Trustee) in respect of such Series 2007-B2 Loans
at least three (3) Business Days prior to the applicable Funding Date (or
such shorter period as may be agreed by the Series 2007-B2 Holders and the
Indenture Trustee).

 

(b)                Certificate.  Each of the following shall be true, and the Indenture Trustee shall
have received a certificate substantially in the form of Exhibit B
hereto signed and delivered by any Controlling Trustee stating that:

 

(i)                  the representations and warranties of
WEST contained in this Agreement are true and correct on and as of such Funding
Date, as though made on and as of such date;

 

(ii)               WEST has performed
all agreements contained in the Series 2007-B2 Related Documents to be
performed on its part at or prior to such Funding Date;

 

(iii)            as of such Funding Date, no Event
of Default has occurred or is
continuing, and no fact, condition or event exists or has occurred which
would, upon the giving of notice or the passage of time or both, constitute an
Event of Default, unless Holders
representing one hundred percent (100%) of the Outstanding Principal Balance of
the Series 2007-B2 Notes and Series 2007-A2 Notes have waived the occurrence of each and
every Event of Default that has occurred or would occur;

 

(iv)           on such Funding Date, Series 2007-A2
Loans are also being made by the Series 2007-A2 Holders under the Series 2007-A2
Note Purchase Agreement in an amount that shall reduce the aggregate Maximum
Commitments of the Series 2007-A2 Holders under the Series 2007-A2
Note Purchase Agreement proportionately to the reduction of the Maximum
Commitments of the Series 2007-B2 Holders under this Agreement;

 

(v)              as of such Funding Date, no Conversion
Event has occurred, unless Holders representing one hundred percent (100%) of
the Outstanding Principal Balance of the Series 2007-B2 Notes and Series 2007-A2
Notes have waived the occurrence
of each and every Conversion Event as provided in Section 2.03(g) of
the Series 2007-B2 Supplement;

 

(vi)           before and after giving effect to the Series 2007-B2 Loans to be
made on such Funding Date, no Early Amortization Event has occurred or would
occur, unless Holders representing one hundred percent (100%) of the
Outstanding Principal Balance 

 

12

 

of the Series 2007-B2 Notes and Series 2007-A2 Notes have waived the occurrence of each and
every Early Amortization Event that has occurred or would occur;

 

(vii)        before and after giving effect to the Series 2007-B2 Loans to be made
on such Funding Date, no Servicer Termination Event has occurred or would
occur, unless Holders representing one hundred percent (100%) of the
Outstanding Principal Balance of the Series 2007-B2 Notes and Series 2007-A2
Notes have waived the occurrence
of each and every Servicer Termination Event that has occurred or would occur;

 

(viii)     before and after giving effect to the Series 2007-B2 Loans to be
made on such Funding Date, the aggregate Outstanding Principal Balance of the Series 2007-B2
Notes has not and will not exceed the aggregate Maximum Principal
Balances of the Series 2007-B2 Notes or aggregate Maximum Commitments of
the Series 2007-B2 Holders;

 

(ix)             before and after giving effect to the Series 2007-B2
Loans to be made on such Funding Date and the acquisition of any Additional
Engine with the proceeds thereof on the Funding Date, no Junior Borrowing Base
Deficiency exists or would exist;

 

(x)                before and after giving effect to the Series 2007-A2
Loans and Series 2007-B2 Loans to be made on such Funding Date and the
acquisition of any Additional Engine with the proceeds thereof on the Funding
Date, no Maximum Borrowing Base Deficiency exists or would exist; and

 

(xi)             no proceeding is
pending which would prohibit the making of such Series 2007-B2 Loans on
such Funding Date.

 

(c)  Administrative Agent Certificate.  The Administrative Agent shall have signed
and delivered to the Indenture Trustee and the Series 2007-B2 Holders, and
the Indenture Trustee and the Series 2007-B2 Holders shall have received,
a certificate substantially in the form of Exhibit C hereto to the
effect that:

 

(i)                  the Outstanding Principal Balance under
the Series A Notes (after giving effect to the proposed Series 2007-A2
Loans on such Funding Date) will not exceed the Senior Borrowing Base
(calculated after giving effect to the acquisition of such Engine),

 

(ii)               the Outstanding Principal Balance under
the Series B Notes (after giving effect to the proposed Series 2007-B2
Loans on such Funding Date) will not exceed the Junior Borrowing Base and
complies with the requirements therefor set forth in the Indenture and the Series 2007-B2
Supplement; and

 

(iii)            If the proceeds of the Series 2007-B2
Loans are to be used to make a Collections Loan on a Payment Date, the
Available Collections Amount for such Payment Date without the inclusion of the
proceeds of such Collections Loan is in an amount sufficient to pay the Base
Interest on all Series B Notes due and payable on such Payment Date in
accordance with Section 3.14 of the Indenture.

 

13

 

(d)                Governmental Consents. 
The Indenture Trustee shall have received originals (or copies certified
to be true copies by a Responsible Officer of the Administrative Agent) of all
approvals or consents of Governmental Authorities or other third parties, if
any, necessary for WEST to execute, deliver and perform its obligations under
the Related Documents and the transactions contemplated thereby.

 

(e)                 Illegality. 
No change shall have occurred after the date of this Agreement in
Applicable Law or regulations thereunder or interpretations thereof by
appropriate regulatory authorities or any court that would make it illegal for
any party to execute, deliver and perform the Series 2007-B2 Related
Documents to which it is a party and no action or proceeding shall have been
instituted nor shall any action or proceeding be threatened before any court or
Governmental Authority, nor shall any order, judgment or decree have been
issued by any court or Governmental Authority prior to the Funding Date to set
aside, restrain, enjoin or prevent the completion and consummation of this
Agreement or any other Series 2007-B2 Related Document or the transactions
contemplated hereby or thereby.

 

Section 3.03.                             Conditions
Precedent to Acquisition of Additional Engines.    On any Delivery Date on which an Additional
Engine is to be acquired with the proceeds of a Warehouse Loan deposited in the
Engine Acquisition Account, such proceeds shall be released from the Engine
Acquisition Account for such purpose when the conditions specified in Section 3.03(c) of
the Indenture shall have been satisfied or waived as provided therein.

 

Section 3.04.                             Conditions
Precedent to Funding of Discretionary Engine Modification.      On any Delivery Date on which a
Discretionary Engine Modification is to be funded with the proceeds of a
Warehouse Loan deposited in the Engine Acquisition Account, such proceeds shall
be released from the Engine Acquisition Account for such purpose when the
conditions specified in Section 3.03(d) of the Indenture shall have
been satisfied or waived as provided therein.

 

ARTICLE IV

 

REPRESENTATIONS AND WARRANTIES OF
WEST AND ADMINISTRATIVE AGENT

 

Section 4.01.                             Representations
and Warranties of WEST.  WEST
represents and warrants to, as of the Effective Date and as of each Funding
Date, and agrees with, the Series 2007-B2 Holders that:

 

(a)                 WEST
has been duly formed and is validly existing as a Delaware statutory trust in
good standing under the laws of the State of Delaware with organizational power
and authority to own, lease and operate its properties and to conduct its
business as described in the Indenture, has been duly qualified as a foreign
trust to transact business and is in good standing in each jurisdiction in which
such qualification is required, whether by reason of the ownership or leasing
of property or the conduct of business, except where the failure to be so
qualified would not have a material adverse effect on (i) its condition
(financial or otherwise), results of operations, assets, affairs of WEST and
the WEST Subsidiaries taken as a whole, or (ii) the ability of WEST to
perform its obligations under any Related Document to which it is a party, or (iii) the
enforceability of any Related Document including the ability of the Indenture
Trustee to 

 

14

 

enforce its rights
under any Related Document (a material adverse effect on any of (i), (ii) and
(iii) above, a  “Material
Adverse Effect”).

 

(b)                WEST
Funding has been duly formed and is validly existing as a Delaware limited
liability company in good standing under the laws of the State of Delaware with
corporate power and authority to own, lease and operate its properties and to
conduct its business as currently conducted, has been duly qualified as a
foreign limited liability company to transact business and is in good standing
in each jurisdiction in which such qualification is required, whether by reason
of the ownership or leasing of property or the conduct of business, except
where the failure to be so qualified would not have a Material Adverse Effect.

 

(c)                 WEST
has all requisite organizational power and authority to execute, deliver and
perform its obligations under this Agreement and the other Related Documents
and to consummate the transactions contemplated hereby and thereby, including,
without limitation, the organizational power and authority to issue, sell and
deliver the Series 2007-B2 Notes as provided herein and therein and to
borrow Series 2007-B2 Loans as provided herein.

 

(d)                This
Agreement, the Indenture and each of the other Related Documents to which WEST
is a party have been, or as of the Effective Date or any Funding Date will be,
duly authorized, executed and delivered by WEST and constitute or will
constitute valid and legally binding agreements enforceable against WEST in
accordance with their terms, except as enforceability may be limited by (A) bankruptcy,
insolvency, fraudulent conveyance, reorganization, receivership, moratorium or
other similar laws affecting the enforcement of the rights of creditors
generally, (B) general principles of equity, whether enforcement is sought
in a proceeding in equity or at law, and (C) public policy considerations
underlying the securities laws, to the extent that such public policy
considerations limit the enforceability of the provisions of such Related
Documents that purport to provide indemnification from securities law
liabilities.

 

(e)                 The
Series 2007-B2 Notes have been duly and validly authorized by WEST for
issuance and sale to the Series 2007-B2 Holders pursuant to this Agreement
and, when issued and authenticated in accordance with the terms of the
Indenture and the Series 2007-B2 Supplement and delivered against payment
therefor in accordance with the terms hereof, will constitute valid and legally
binding obligations of WEST, enforceable against WEST in accordance with their
terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar laws affecting creditors’ rights and
remedies, and to general principles of equity, including principles of
commercial reasonableness, good faith and fair dealing (whether considered in a
proceeding at law or in equity), and will be entitled to the benefits of the
Indenture.

 

(f)                   Neither
WEST nor any WEST Subsidiary is (A) in violation of its organizational
documents, (B) in default in the performance or observance of any material
obligation, agreement, covenant or condition contained in any contract,
indenture, mortgage, loan agreement, note, lease or other instrument to which
WEST or any WEST Subsidiary is a party, or to which any of the property or
assets of WEST or of any WEST Subsidiary may be subject, or by which it may be
bound, or (C) in violation of any applicable local, state or federal law,
statute, ordinance, rule, regulation, requirement, judgment or court decree
having 

 

15

 

jurisdiction over
any of them or any of their assets or properties (whether owned or leased)
other than, in the case of clauses (B) and (C), any default or violation
that could not reasonably be expected to (x) individually or in the
aggregate, result in a Material Adverse Effect, or (y) in any manner draw
into question the validity of this Agreement or any other Related Document.

 

(g)                None
of (A) the execution, delivery or performance by WEST or any WEST
Subsidiary of this Agreement and the other Related Documents, (B) the
issuance and sale of the Series 2007-B2 Notes, and (C) consummation
of the transactions contemplated hereby and thereby violates, conflicts with or
constitutes a breach of any of the terms or provisions of, or a default under
(or an event that with notice or the lapse of time, or both, would constitute a
default), or requires consent that has not been obtained under, or will result
in the imposition of a lien or encumbrance other than a Permitted Encumbrance,
on any properties of WEST or any WEST Subsidiary, or an acceleration of any
indebtedness of WEST or any WEST Subsidiary pursuant to (i) the
organizational documents of WEST or any WEST Subsidiary, (ii) material
obligation, agreement, covenant or condition contained in any contract,
indenture, mortgage, loan agreement, note, lease or other instrument to which
WEST or any WEST Subsidiary is a party, or to which any of the property or
assets of WEST or of any WEST Subsidiary may be subject, or by which it may be
bound, (iii) any statute, rule or regulation applicable to WEST or
any WEST Subsidiary or any of their assets or properties or (iv) any
judgment, order or decree of any court or Governmental Authority having
jurisdiction over WEST or any WEST Subsidiary or any of their assets or
properties, except in the case of clauses (ii), (iii) and (iv) for
such violations, conflicts, breaches, defaults, consent, impositions  of liens or accelerations that would not
singly, or in the aggregate, have a Material Adverse Effect.

 

(h)                There
is no action, suit or proceeding before or by any court or Governmental
Authority, domestic or foreign, now pending, or, to the knowledge of WEST,
threatened, against or affecting WEST or any of the WEST Subsidiaries or any of
their respective properties, at law or in equity, that, if adversely
determined, would have a Material Adverse Effect or that might materially and
adversely affect the consummation of the transactions contemplated by the
Related Documents to which WEST or any WEST Subsidiary is a party.

 

(i)                    No
authorization, approval, consent or order of or filing, registration, qualification,
license or permit of or with any court or Governmental Authority or agency or
any other Person is necessary in connection with (A) assuming the accuracy
of the representations, warranties, agreements and covenants of each of the Series 2007-B2
Holders contained in Article V hereof, the offering, issuance or sale of
the Series 2007-B2 Notes hereunder and (B) the execution, delivery
and performance by the Administrative Agent, WEST and the WEST Subsidiaries of
this Agreement and the other Related Documents, except such as have been, or as
of the Effective Date will have been, obtained, or such as may otherwise be
required under applicable state securities laws in connection with the offer
for sale and the purchase by the Series 2007-B2 Holders of the Series 2007-B2
Notes, any recordation of the pledge of the Collateral to the Security Trustee
pursuant to the Security Trust Agreement that has not yet been completed, or
other than as provided in the Series 2007-B2 Related Documents.

 

(j)                    Since
December 31, 2006, (A) there has been no material adverse change, or
any development that is reasonably likely to result in a Material Adverse
Effect, whether or not 

 

16

 

arising in the
ordinary course of business, and (B) there have been no transactions
entered into by WEST or any WEST Subsidiary, other than those in the ordinary
course of business, that are material with respect to WEST and the WEST
Subsidiaries taken as a whole.

 

(k)                 WEST
and each of the WEST Subsidiaries have on the Effective Date, and will have on
each Funding Date, good and marketable title to all properties and assets, free
and clear of all liens, charges, encumbrances or restrictions, except for
Permitted Encumbrances, that are material to the business of WEST and the WEST
Subsidiaries.

 

(l)                    WEST
and each WEST Subsidiary possesses on the Effective Date, and will possess on
each Funding Date, all material licenses, certificates, authorities or permits,
if any are required pursuant to prevailing Applicable Law, issued by the
appropriate state, federal or foreign regulatory agencies or bodies necessary
to conduct its business, and WEST has not received any notice of proceedings
relating to the revocation or modification of any such license, certificate,
authority or permit which, singly or in the aggregate, if the subject of an
unfavorable decision, ruling or finding, (A) would result in a Material
Adverse Effect, or (B) would materially and adversely affect the ability
of WEST to perform its obligations hereunder or under the Related Documents.

 

(m)              No
part of the proceeds of the Series 2007-B2 Loans or the Series 2007-A2
Loans will be used for “buying” or “carrying” any “margin stock” within the
respective meanings of each of the quoted terms under Regulation T, U and X as
now and from time to time hereafter in effect or for any purpose that violates
the provisions of such Regulations.

 

(n)                WEST
is not, and after giving effect to the sale of the Series 2007-B2 Notes to
the Series 2007-B2 Holders pursuant to this Agreement and the application
of the Series 2007-B2 Loans, will not be an “investment company” under the
Investment Companies Act of 1940, as amended (the “1940 Act”),
nor is WEST an entity “controlled” by an “investment company” as such term is
defined in the 1940 Act.

 

(o)                Other
than the insurance with respect to the Engines under Leases, which insurance is
maintained by the respective Lessees, WEST and the WEST Subsidiaries maintain
insurance with respect to the assets, properties and business of WEST and the
WEST Subsidiaries of the types and in amounts generally deemed adequate for
their businesses and consistent with insurance coverage maintained by similar
companies and businesses and as required by the Indenture and other Related
Documents, all of which insurance is in full force and effect.

 

(p)                Any
taxes, fees and other governmental charges in connection with the execution,
delivery and issuance of the Related Documents to which WEST is a party and of
the Series 2007-B2 Notes have been paid or will be paid at or prior to the
Effective Date.

 

(q)                Assuming
the accuracy of the representations, warranties, agreements and covenants of
each of the Series 2007-B2 Holders contained in Article V hereof, the
offer, sale and delivery of the Series 2007-B2 Notes in the manner
contemplated by this Agreement do not require registration under the Securities
Act and, in connection therewith, the Indenture is not required to be qualified
under the Trust Indenture Act of 1939, as amended.

 

17

 

(r)                   No
securities of the same class (within the meaning of paragraph (d)(3) of Rule 144A
under the Securities Act) as the Series 2007-B2 Notes are listed on any
national securities exchange registered under Section 6 of the Exchange
Act or quoted on any United States automated inter-dealer quotation system.

 

(s)                 Neither
WEST nor any of its affiliates (as defined for purposes of Rule 501(b) of
Regulation D) has, directly or through any agent (provided that no
representation is made as to the Series 2007-B2 Holders or any person
acting on their behalf), (i) sold, offered for sale, solicited offers to
buy or otherwise negotiated in respect of any security (as defined for purposes
of the Securities Act) that is or will be integrated with the offering and sale
of the Series 2007-B2 Notes in a manner that would require the
registration thereof under the Securities Act or (ii) solicited any offer
to buy or offer to sell the Series 2007-B2 Notes in any manner involving a
public offering (within the meaning of Section 4(2) of the Securities
Act), including by means of, or in connection with the offering of the Notes
otherwise engaging in, any form of general solicitation or general advertising
(within the meaning of Regulation D).

 

(t)                   WEST
and any “employee benefit plan” (as defined under the Employee Retirement
Income Security Act of 1974, as amended, and the regulations and published
interpretations thereunder (collectively, “ERISA”))
established or maintained by WEST, or its “ERISA Affiliates” (as
defined below) are in compliance in all material respects with ERISA.  “ERISA Affiliate”
means, with respect to WEST or a WEST Subsidiary, any member of any group of
organizations described in Sections 414(b), (c), (m) or (o) of the
Internal Revenue Code of 1986, as amended, and the regulations and published
interpretations thereunder (the “Code”) of
which WEST is a member.  No “reportable
event” (as defined under ERISA) has occurred or is reasonably expected to occur
with respect to any “employee benefit plan” established or maintained by WEST,
or any of its ERISA Affiliates.  No “employee
benefit plan” established or maintained by WEST, or any of its ERISA
Affiliates, if such “employee benefit plan” were terminated, would have any “amount
of unfunded benefit liabilities” (as defined under ERISA).  Neither WEST nor any of its ERISA Affiliates
has incurred or reasonably expects to incur any liability under (i) Title
IV of ERISA with respect to termination of, or withdrawal from, any “employee benefit
plan” or (ii) Sections 412, 4971, 4975 or 4980B of the Code.  Each “employee benefit plan” established or
maintained by WEST, or any of its ERISA Affiliates that is intended to be
qualified under Section 401(a) of the Code is so qualified and nothing
has occurred, whether by action or failure to act, which would cause the loss
of such qualification.

 

(u)                The
representations and warranties of WEST and each WEST Subsidiary in the Security
Trust Agreement are true and correct as of the Effective Date and each Funding
Date (unless such representation or warranty specifically relates to an earlier
date in which case it shall be true and correct as of such earlier date).

 

(v)                The
representations and warranties of WEST set forth in Section 5.01 of the
Indenture and in Section 4.01 of the Security Trust Agreement and of each
WEST Subsidiary in Section 4.02 of the Security Trust Agreement are true
and correct as of the Effective Date and each Funding Date (unless such
representation or warranty specifically relates to an earlier date, in which
case it was true and correct as of such earlier date), and neither WEST nor any
WEST Subsidiary has taken any action that would violate their respective
obligations under the Indenture, the Security Trust Agreement or any Engine
Mortgage.

 

18

 

(w)              The
sections in the written materials described in Schedule 3 hereto were
true and correct in all material respects as of the date of such written
materials specified in such Schedule 3.

 

Section 4.02.                             Representations
and Warranties of Administrative Agent. 
The
Administrative Agent hereby represents and warrants, as of the Effective
Date and as of each Funding Date, to the Series 2007-B2 Holders that:

 

(a)                 The
Administrative Agent has been duly formed and is validly existing as a
Delaware corporation in good standing under the laws of the State of Delaware
with corporate power and authority to own, lease and operate its properties and
to conduct its business as presently conducted, has been duly qualified as a
foreign corporation to transact business and is in good standing in each
jurisdiction in which such qualification is required, whether by reason of the
ownership or leasing of property or the conduct of business, except where the
failure to be so qualified would not have a Material Adverse Effect.

 

(b)                The
Administrative Agent has all requisite corporate power and authority to
execute, deliver and perform its obligations under this Agreement and the other
Related Documents to which it is a party and to consummate the transactions
contemplated hereby and thereby.

 

(c)                 This
Agreement and each of the other Related Documents to which the
Administrative Agent is a party have been duly authorized, executed and
delivered by the Administrative Agent and constitute valid and legally
binding agreements enforceable against the Administrative Agent in accordance
with their terms, except as enforceability may be limited by (A) bankruptcy,
insolvency, fraudulent conveyance, reorganization, receivership, moratorium or
other similar laws affecting the enforcement of the rights of creditors
generally, (B) general principles of equity, whether enforcement is sought
in a proceeding in equity or at law, and (C) public policy considerations
underlying the securities laws, to the extent that such public policy
considerations limit the enforceability of the provisions of such Related
Documents that purport to provide indemnification from securities law
liabilities.

 

(d)                The
Administrative Agent is not (A) in violation of its certificate of
incorporation or by-laws (or similar organizational documents), (B) in
default in the performance or observance of any material obligation, agreement,
covenant or condition contained in any contract, indenture, mortgage, loan
agreement, note, lease or other instrument to which the Administrative Agent is a
party, or to which any of the property or assets of the Administrative Agent may be
subject, or by which it may be bound, or (C) in violation of any
Applicable Law, statute, ordinance, rule, regulation, requirement, judgment or
court decree having jurisdiction over it or any of its assets or properties
(whether owned or leased) other than, in the case of clauses (B) and (C),
any default or violation that could not reasonably be expected to (x) individually
or in the aggregate, result in a Material Adverse Effect, (y) interfere
with or adversely affect the issuance or marketability of the Series 2007-B2
Notes issued hereunder, or (z) in any manner draw into question the validity
of this Agreement or any other Series 2007-B2 Related Document.

 

19

 

(e)                 No
authorization, approval, consent or order of or filing, registration,
qualification, license or permit of or with any court or Governmental Authority
or agency or any other Person is necessary in connection with (A) the
offering, issuance or sale of the Series 2007-B2 Notes hereunder and (B) the
execution, delivery and performance by the Administrative Agent, WEST and the
WEST Subsidiaries of this Agreement and the other Related Documents, except
such as have been, or as of the Effective Date will have been, obtained or such
as may otherwise be required under applicable state securities laws in
connection with the offer for sale and purchase by the Series 2007-B2
Holders of the Series 2007-B2 Notes, and any recordation of the pledge of
the Collateral to the Security Trustee pursuant to the Security Trust Agreement
that has not yet been completed, other than as provided in the Related
Documents.

 

(f)                   Other
than the insurance with respect to the Engines under Leases, which insurance is
maintained by the respective Lessees, the Administrative Agent maintains
insurance with respect to the assets, properties and business of the Administrative
Agent of the types and in amounts generally deemed adequate for their
businesses and consistent with insurance coverage maintained by similar
companies and businesses and as required by the Indenture and other Related
Documents, all of which insurance is in full force and effect.

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF SERIES 2007-B2 HOLDERS

 

Each of the Series 2007-B2 Holders hereby
severally and not jointly makes the following representations and warranties as
to itself to WEST and the Administrative
Agent as of the
Effective Date:

 

Section 5.01.                             Execution,
Delivery, Binding Obligation.  This Agreement has been duly and validly
executed and delivered by such Series 2007-B2 Holder and constitutes a
legal, valid and binding obligation of such Series 2007-B2 Holder,
enforceable against such Series 2007-B2 Holder in accordance with its
terms, subject as to enforcement to bankruptcy, reorganization, insolvency,
moratorium and other similar laws of general applicability relating to or
affecting creditors’ rights and to general principles of equity.

 

Section 5.02.                             Securities Act.  (a)  As of the Effective Date, such Series 2007-B2 Holder is a “qualified
institutional buyer” as defined in Rule 144A under the Securities Act (a “QIB”), the Series 2007-B2
Note purchased by such Series 2007-B2 Holder pursuant to this Agreement
will be acquired for its own account for investment only and not with a
view to any public distribution thereof, and such Series 2007-B2 Holder
will not offer to sell or otherwise dispose of its Series 2007-B2 Note (or
any interest therein) in violation of any of the registration requirements of
the Securities Act or any applicable state or other securities laws.

 

(b)                Such
Series 2007-B2 Holder acknowledges that it has no right to require WEST to
register the Series 2007-B2 Notes under the Securities Act or any other
securities law.  Such Series 2007-B2
Holder agrees that the Series 2007-B2 Notes may not be reoffered, resold,
pledged or otherwise transferred except in compliance with the Securities Act
and to a person that the Series 2007-B2 Holder reasonably believes is a
Qualified Institutional Buyer or Institutional Accredited Investor purchasing
for its own account.  Neither such Series 2007-B2

 

20

 

Holder nor any of
its Affiliates nor any persons acting on their behalf have engaged or will
engage in any general solicitation or general advertising with respect to the Series 2007-B2
Note.

 

(c)                 Such
Series 2007-B2 Holder (as to itself) is aware of the following:  (i) there are significant restrictions
on and conditions to the transferability of the Series 2007-B2 Notes (and
the Series 2007-B2 Notes will bear legends referring to such
restrictions), including the requirement, prior to the occurrence of a
Conversion Event, that any transferee, in the reasonable determination of WEST,
have the capability to make Series 2007-B2 Loans, and there is no market
for the Series 2007-B2 Notes and no market is expected to develop for the Series 2007-B2
Notes, and, accordingly, it may not be possible for such Series 2007-B2
Holder to liquidate its investment in the Series 2007-B2 Notes; (ii) no
Governmental Authority has made any findings as to the fairness of this
Agreement or the terms and conditions of the Series 2007-B2 Notes; (iii) there
are numerous risks and uncertainties involved in such Series 2007-B2
Holder’s acquisition of the Series 2007-B2 Notes and such Series 2007-B2
Holder has been advised of and understands such risks and uncertainties; and (iv) any
projections or predictions that may have been made available to such Series 2007-B2
Holder are based on estimates, assumptions, and forecasts which may prove to be
incorrect, and no assurance is given that actual results will correspond with
the results contemplated by the various projections.

 

(d)                Such Series 2007-B2 Holder further
represents and warrants to WEST and the Administrative Agent as of the
Effective Date that (i) it has knowledge and experience in financial and
business matters, is capable of evaluating the merits and risks of an
investment in the Series 2007-B2 Notes and has carefully considered the
suitability of an investment in such Notes and has determined that the Series 2007-B2
Notes are a suitable investment; (ii) such Series 2007-B2 Holder has made, either alone or together with
its advisors, such independent investigation of WEST and its management, assets
and related matters and such separate and independent investigation of the
Engines, the Leases and related matters, as such Series 2007-B2 Holder
deems to be, or such advisors have advised to be, necessary or advisable in
connection with the purchase of the Series 2007-B2 Notes pursuant to this
Agreement; (iii) such Series 2007-B2 Holder and its advisors have
received all information and data that it and such advisors believe to be
necessary in order to reach an informed decision as to the advisability of the
purchase of the Series 2007-B2 Notes pursuant to the transactions
contemplated by this Agreement; (iv) it understands the nature of the
potential risks and potential rewards of the purchase of the Series 2007-B2
Notes, (v) such Series 2007-B2 Holder is a sophisticated investor
with investment experience and, in the event of a default on the Series 2007-B2
Notes or any liquidation or winding up of WEST, has the ability to bear
complete loss of its investment; (vi) such Series 2007-B2 Holder
acknowledges that any projections or predictions that may have been made
available to such Series 2007-B2 Holder are based on estimates,
assumptions, and forecasts which may prove to be incorrect, and no assurance is
given that actual results will correspond with the results contemplated by the
various projections; and (vii) such Series 2007-B2 Holder
acknowledges and agrees that the information provided in all written materials
provided to such Series 2007-B2 Holder prior to the Effective Date,
including all marketing materials and preliminary term sheets, is completely
superseded by the Indenture, this Agreement and the other Related Documents
being delivered on the Effective Date or delivered prior to the Effective Date.

 

21

 

ARTICLE VI

 

CERTAIN COVENANTS OF PARTIES

 

Section 6.01.                             Securities
Act.  WEST agrees not to sell, offer
for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in the Securities Act) that would be integrated with the
sale of the Series 2007-B2 Notes and the Series 2007-A2 Notes in a
manner that would require the registration under the Securities Act of the sale
to the Series 2007-B2 Holders and the Series 2007-A2 Holders of the Series 2007-B2
Notes and the Series 2007-A2 Notes, respectively.

 

Section 6.02.                             Legal
Conditions to Closing.  The Series 2007-B2
Holders,  WEST and the Administrative
Agent will take all reasonable actions necessary to comply promptly with
all legal requirements which may be imposed on any of them with respect to the
consummation of the transactions contemplated by this Agreement and will
promptly cooperate with and furnish information to one another in connection
with any such legal requirements.  The Series 2007-B2
Holders, WEST, and the Administrative Agent will take all reasonable action
necessary to obtain (and will cooperate with one another in obtaining) any
consent, authorization, permit, license, franchise, order or approval of, or
any exemption by, any Governmental Authority or any other Person, required to
be obtained or made by it in connection with any of the transactions
contemplated by this Agreement.

 

Section 6.03.                             Expenses
and Fees.  Except as otherwise
expressly provided herein, all Issuance Expenses incurred in connection with
the entering into this Agreement and the transactions contemplated hereby
shall  be paid by WEST.

 

Section 6.04.                             Further
Assurances.  On and after the date of
this Agreement, the Series 2007-B2 Holders, WEST and the
Administrative Agent will do, execute and perform all such other acts,
deeds and documents as the other party may from time to time reasonably require
in order to carry out the intent of this Agreement.

 

ARTICLE VII

INDEMNIFICATION

 

Section 7.01.                             Indemnification
by WEST.  WEST agrees to indemnify
and hold harmless the Series 2007-B2 Holders and any of their respective
officers, directors, employees, agents, representatives, assignees and
Affiliates (each, an “Indemnified Party”)
against any and all losses, claims, damages, liabilities or expenses (including
reasonable legal and accounting fees) (collectively, “Losses”),
as incurred (payable promptly upon written request), for or on account of or
arising from or in connection with any breach of any representation, warranty
or covenant of WEST in this Agreement or any other Related Document or in any
certificate or other written material delivered pursuant hereto; provided, however, that
WEST shall not be so required to indemnify any such Person or otherwise be
liable to any such Person hereunder for any Losses arising from such Person’s
gross negligence, willful misconduct or bad faith. Notwithstanding the foregoing,
WEST shall not be liable for any settlement of any proceeding effected without
its written consent.  All amounts due to
an Indemnified Party under this Article VII shall be 

 

22

 

included in the amounts due to the Series 2007-B2
Notes and the Indenture Trustee shall pay such amounts to such Series 2007-B2
Holders as part of the increased costs on the Series 2007-B2 Notes out of
the Available Collections Amount on each Payment Date as provided in Section 3.14
of the Indenture and Section 3.02 of the Series 2007-B2 Supplement.

 

Section 7.02.                             Indemnification
by Administrative Agent.  The
Administrative Agent agrees to indemnify and hold harmless an
Indemnified Party against all Losses, as incurred (payable promptly upon
written request), for or on account of or arising from or in connection with
any breach of any representation, warranty or covenant of the
Administrative Agent in this Agreement or any other Related Document or
in any certificate or other written material delivered pursuant hereto; provided, however, that the
Administrative Agent shall not be so required to indemnify any such
Person or otherwise be liable to any such Person hereunder for any Losses
arising from such Person’s gross negligence, willful misconduct or bad faith.
Notwithstanding the foregoing, the Administrative Agent shall not be
liable for any settlement of any proceeding effected without its written
consent.

 

Section 7.03.                             Procedure.  In order for any Indemnified Party to be
entitled to any indemnification provided for under this Agreement in respect
of, arising out of, or involving a claim made by any Person against the
Indemnified Party (a “Third Party Claim”),
such Indemnified Party must notify WEST in writing of such Third Party Claim
within five Business Days of receipt of a summons, complaint or other written
notice of the commencement of litigation and within ten Business Days after
receipt by such Indemnified Party of any other written notice of the Third
Party Claim.  Thereafter, the Indemnified
Party shall deliver to WEST, within a reasonable time after the Indemnified
Party’s receipt thereof, copies of all notices and documents (including court
papers) received by the Indemnified Party relating to such Third Party Claim.

 

Section 7.04.                             Defense
of Claims. If a Third Party Claim is made against an Indemnified Party, (a) WEST
or the
Administrative Agent, as the case may be, will be entitled to
participate in the defense thereof and, (b) if it so chooses, to assume
the defense thereof with counsel selected by WEST or the Administrative Agent, as the
case may be, provided that in connection with such assumption (i) such
counsel is not reasonably objected to by the Indemnified Party and (ii) WEST
or the
Administrative Agent, as the case may be,  first admits in writing its liability to
indemnify the Indemnified Party with respect to all elements of such claim in
full.  Should WEST or the
Administrative Agent, as the case may be, so elect to assume the defense
of a Third Party Claim, WEST or the Administrative Agent, as the case
may be, will not be liable to the Indemnified Party for any legal expenses
subsequently incurred by the Indemnified Party in connection with the defense
thereof.  If WEST or the
Administrative Agent, as the case may be, elects to assume the defense
of a Third Party Claim, the Indemnified Party will (i) cooperate in all
reasonable respects with WEST or the Administrative Agent, as the case
may be, in connection with such defense and (ii) not admit any liability
with respect to, or settle, compromise or discharge, such Third Party Claim
without WEST’s or the Administrative Agent’s, as the case may be, prior written
consent.  If WEST or the
Administrative Agent, as the case may be, shall assume the defense of
any Third Party Claim, the Indemnified Party shall be entitled to participate
in (but not control) such defense with its own counsel at its own expense.  If WEST or the Administrative Agent, as the
case may be, does not assume the defense of any such Third Party Claim, the
Indemnified Party may defend the same in such manner as it may 

 

23

 

deem appropriate, including settling such claim or
litigation after giving notice to WEST or the Administrative Agent, as the
case may be, of such terms and, WEST or the Administrative Agent, as the case
may be, will promptly reimburse the Indemnified Party upon written request.

 

ARTICLE VIII

MISCELLANEOUS

 

Section 8.01.                             Amendments.  No amendment or waiver of any provision of
this Agreement shall in any event be effective unless the same shall be in
writing and signed by all of the parties hereto, and then such amendment,
waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.

 

Section 8.02.                             Notices.  All notices and other communications provided
for hereunder shall, unless otherwise stated herein, be send by a telecopy or
delivered by overnight courier service, as to each party hereto, at its address
set forth below or at such other address as shall be designated by such party
in a written notice to the other parties hereto.  All such notices and communications shall,
when telecopied or sent by overnight delivery service, be effective, with
respect to telecopy notices, when the sending machine receives confirmation of
the transmission, and, with respect to overnight delivery service, when
confirmed by signed receipt.

 

If to the Series 2007-B2
Holders, to the addresses set forth in Schedule 1 hereto.

 

If to WEST:

 

Willis Engine Securitization
Trust

c/o Willis Lease Finance Corporation

2320 Marinship Way

Suite 300

Sausalito, California 94965

Telephone No.  (415) 275-5100

Facsimile No.  (415) 275-5106

 

As of March 1, 2008 to:

 

Willis Engine
Securitization Trust

c/o Willis Lease Finance
Corporation

773 San Marin Drive

Novato, California 94945

Attn: General Counsel

 

If to the Administrative
Agent:

 

Willis Lease Finance
Corporation

2320 Marinship Way

Suite 300

Sausalito, California
94965

Telephone No.  (415) 275-5100

Facsimile No.  (415) 275-5106

 

24

 

As of March 1, 2008
to:

 

Willis Lease Finance
Corporation

773 San Marin Drive

Novato, California 94945

Attn: General Counsel

 

If to the Indenture
Trustee:

 

Deutsche Bank Trust
Company Americas

60 Wall Street

MS NYC 60-2606

New York, New York 10005

Attention: Trust & Securities Services - Structured Finance
Services   

Facsimile No.  (212) 553-2460

 

Section 8.03.                             No
Waiver; Remedies.  No failure on the
part of any party hereto to exercise, and no delay in exercising, any right
hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any right hereunder preclude any other or further exercise thereof
or the exercise of any other right. The remedies herein provided are cumulative
and not exclusive of any remedies provided by any Applicable Law.

 

Section 8.04.                             Binding
Effect; Assignability; Continuing Obligation.  This Agreement shall be binding upon and
inure to the benefit of WEST, the Administrative Agent and the Series 2007-B2
Holders and their respective successors and assigns (including any subsequent
Holders of the Series 2007-B2 Notes, subject to their executing and
delivering an Assignment and Assumption); provided, however,
that WEST shall not have the right to assign its rights hereunder or any
interest herein (by operation of law or otherwise) without the prior written
consent of the Series 2007-B2 Holders and that, prior to the occurrence of
a Conversion Event, a Series 2007-B2 Holder shall not have the right to
assign its rights and obligations hereunder to any Person that is not an
Eligible Transferee. This Agreement shall create and constitute the continuing
obligation of the parties hereto in accordance with its terms, and shall remain
in full force and effect until such time as all amounts payable with respect to
the Series 2007-B2 Notes shall have been paid in full.

 

Section 8.05.                             GOVERNING
LAW; JURISDICTION.  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. Each of the parties hereto agrees that the United States federal
and New York State courts located in The City of New York 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 courts being nominated as the forum or venue to hear and 

 

25

 

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 the parties hereto consents to the granting of such
legal or equitable relief as is deemed appropriate by such courts.

 

Section 8.06.                             No Proceedings.  Each of the Series 2007-B2 Holders
agrees that, so long as the Series 2007-B2 Notes shall be outstanding or
there shall not have elapsed one year plus one day since the last day on which
the Series 2007-B2 Notes shall have been outstanding, it shall not file,
or join in the filing of, a petition against WEST under the United Stated
Bankruptcy Code, as amended from time to time, or join in the commencement of
any bankruptcy, reorganization, arrangement, insolvency, liquidation or other
similar proceeding against WEST.

 

Section 8.07.                             Execution
in Counterparts.  This Agreement may
be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which when taken together shall constitute one and the same
agreement.

 

Section 8.08.                             Limited
Recourse.  The obligations of WEST
under this Agreement shall be payable only out of the Collateral and the Series 2007-B2
Holders shall not look to any property or assets of WEST or the
Administrative Agent, other than to the Collateral remaining after all
obligations of WEST under the Indenture are satisfied. To the extent that the
proceeds of the Collateral after application in accordance with the provisions
of the Indenture are insufficient to satisfy the obligations of WEST under the
Indenture and under this Agreement, WEST shall have no further obligation in
respect hereof and any remaining outstanding obligation shall be extinguished.

 

Section 8.09.                             Survival.  All representations, warranties, guaranties
and indemnifications (including the payment obligations in Article VII
hereof) contained in this Agreement and in any document, certificate or
statement delivered pursuant hereto or in connection herewith shall survive the
sale and transfer of the Series 2007-B2 Notes.

 

Section 8.10.                             Appointment
of Agent for Service of Process. 
WEST hereby appoints Corporation Service Company having an address at
1133 Avenue of the Americas, New York, New York 10036 as its agent for service
of process in the State of New York.

 

Section 8.11.                             Table
of Contents; Headings.  The Table of
Contents preceding the Agreement and headings of the Articles and Sections of
this Agreement have been inserted for convenience of reference only, are not to
be considered a part hereof and shall in no way modify or restrict any of the
terms and provisions hereof.

 

[Signatures
follow]

 

26

 

IN WITNESS WHEREOF, the parties have caused this Series 2007-B2
Note Purchase and Loan Agreement to be executed by their respective officers
thereunto duly authorized, as of the date first above written.

 

	
   

  	
  WILLIS ENGINE SECURITIZATION TRUST

  
	
   

  	
   

  	
  as issuer of Series 2007-B2 Notes,

  

 

	
   

  	
  By:

  	
  /s/ Bradley S. Forsyth

  
	
   

  	
   

  	
  Title: Controlling Trustee

  

 

 

	
   

  	
  WILLIS LEASE FINANCE CORPORATION,

  
	
   

  	
   

  	
  as Administrative Agent,

  

 

	
   

  	
  By:

  	
  /s/ Bradley S. Forsyth

  
	
   

  	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
    Chief Financial Officer

  
				

 

 

	
   

  	
  CALYON NEW YORK BRANCH,

  
	
   

  	
   

  	
  as an initial Series 2007-B2 Holder

  

 

	
   

  	
  By:

  	
  /s/ Brian Bolotin

  
	
   

  	
   

  	
  Title: Managing Director

  

 

	
   

  	
  By:

  	
  /s/ Charles Moran

  
	
   

  	
   

  	
  Title: Director

  

 

 

	
   

  	
  CRÉDIT INDUSTRIEL ET
  COMMERCIAL, NEW

  YORK BRANCH,

  
	
   

  	
   

  	
  as an initial Series 2007-B2 Holder

  

 

	
   

  	
  By:

  	
  /s/ Alex Aupoix

  
	
   

  	
   

  	
  Title: Vice President

  

 

	
   

  	
  By:

  	
  /s/ Adrienne Molloy

  
	
   

  	
   

  	
  Title: Vice President

  

 

 

	
   

  	
  BAYERISCHE LANDESBANK,

  
	
   

  	
   

  	
  as an initial Series 2007-B2 Holder

  

 

	
   

  	
  By:

  	
  /s/ Melanie Feger

  
	
   

  	
   

  	
  Title: Vice President

  

 

	
   

  	
  By:

  	
  /s/ Peter Schubert

  
	
   

  	
   

  	
  Title: Vice President

  

 

 

SERIES 2007-B2
NOTE PURCHASE AND LOAN AGREEMENT

SCHEDULE 1

 

ADDRESSES
OF SERIES 2007-B2 HOLDERS

 

	
  Names of Series 2007-B2 Holders

  	
   

  	
  Addresses of Series 2007-B2 Holders

  
	
  CALYON NEW YORK BRANCH

  	
   

  	
  1301 Avenue of the
  Americas

  New York, NY 10019

  Attention: Neal Spier

  Facsimile:212-459-3258

  
	
  CRÉDIT INDUSTRIEL ET COMMERCIAL, NEW YORK BRANCH

  	
   

  	
  520 Madison Avenue,
  37th Floor

  New York, NY 10022

  Attention: Laura
  Carosi, Loan Servicing

  Department

  Facsimile: 212-715-4477

  
	
  BAYERISCHE LANDESBANK

  	
   

  	
  Brienner
  Straße 18

  80333 München, Germany
 Attention: Katri Koskinen-Grutza,
  Team

  Aircraft Finance
 Facsimile: 49-89-2171-23763

  

 

 

SERIES 2007-B2
NOTE PURCHASE AND LOAN AGREEMENT

SCHEDULE 2

 

MAXIMUM
COMMITMENTS OF SERIES 2007-B2 HOLDERS

 

	
  Names of Series 2007-B2 Holders

  	
   

  	
  Individual Maximum Commitments of

  Series 2007-B2 Holders

  	
   

  
	
  CALYON NEW YORK BRANCH

  	
   

  	
  $

  	
  13,750,000

  	
   

  
	
  CRÉDIT INDUSTRIEL ET COMMERCIAL, NEW YORK BRANCH

  	
   

  	
  $

  	
  1,875,000

  	
   

  
	
  BAYERISCHE
  LANDESBANK

  	
   

  	
  $

  	
  9,375,000

  	
   

  
	
  Total:

  	
   

  	
  $

  	
  25,000,000

  	
   

  

 

 

SERIES 2007-B2
NOTE PURCHASE AND LOAN AGREEMENT

SCHEDULE 3

 

WRITTEN
MATERIALS

 

Sections Two, Three and
Four of the written presentation by Calyon Corporate and Investment Bank
entitled “WEST Warehouse Notes, Series 2007-A2, Series 2007-B2” and
dated September 20, 2007.

 

 

SERIES 2007-B2
NOTE PURCHASE AND LOAN AGREEMENT

EXHIBIT A

 

FORM OF
FUNDING REQUEST

 

	
  Date:

  	
   

  	
   

  

 

[                           ]

[                           ]

[                           ]

Attention:     [                                  ]

Fax:                           [                                  ]

 

RE:          Series 2007-B2
Note Purchase and Loan Agreement (the “Agreement”),
dated as of December 13, 2007 among Willis Lease Finance Corporation,
Willis Engine Securitization Trust (“WEST”), and
the initial Series 2007-B2 Holders.

 

Pursuant to Section 2.02(a) of the Agreement, WEST hereby
requests Series 2007-B2 Loans to be made on the date specified below (the “Funding Date”) in the aggregate principal amount specified
below, to be used as a Collection Loan or a Warehouse Loan or both, as
specified below.  The undersigned
requests that such Series 2007-B2 Loan amount be deposited in the
Collections Account on the Funding Date.

 

	
  Funding Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Collection Loan
  Amount:

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Warehouse Loan
  Amount:

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total
  Series 2007-B2 Loan Amount:

  	
   

  	
  $

  	
   

  

 

A schedule of the
individual Series 20007-B2 Loans to be made by the Series 2007-B2
Holders is attached herefo.  Capitalized
terms used but not defined herein have the meanings set forth in the Agreement.

 

Very truly yours,

 

	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

CC:                             Deutsche
Bank Trust Company Americas

60 Wall Street

MS NYC 60-2606

New York, New York
10005

Attention: Trust & Securities Services - Structured Finance
Services   

Facsimile No.  (212) 553-2460

 

A-1

 

SCHEDULE TO SERIES 2007-B2 NOTE FUNDING REQUEST

 

Dated                      

 

	
  Series 2007-A2 Holder

  	
   

  	
  Individual Maximum

  Commitment

  	
   

  	
  Amount of Series

  2007-B2 Loan

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-2

 

SERIES 2007-B2
NOTE PURCHASE AND LOAN AGREEMENT

EXHIBIT B

 

FORM OF
CONTROLLING TRUSTEE FUNDING DATE CERTIFICATE

 

Date:  [                                  ][  ], 20[  
]

 

The undersigned, a Controlling Trustee of Willis Engine Securitization
Trust, a Delaware statutory trust (“WEST”), does
hereby certify to Deutsche Bank Trust Company Americas, as Indenture Trustee
under the Amended and Restated Indenture, dated as of December 13, 2007,
as amended and supplemented, in satisfaction of one of the conditions for the
making of Series 2007-B2 Loans under the Series 2007-B2 Note Purchase
and Loan Agreement (the “Agreement”),
dated as of December 13, 2007 among Willis Lease Finance Corporation,
WEST, and the Series 2007-B2 Holders (as defined therein), on the date
first set forth above (the “Funding Date”),
as follows (capitalized terms used herein having the same meanings as in the
Agreement):

 

(i)                  the representations and warranties of
WEST contained in the Agreement are true and correct on and as of such Funding
Date, as though made on and as of such date;

 

(ii)               WEST has performed
all agreements contained in the Series 2007-B2 Related Documents to be
performed on its part at or prior to such Funding Date;

 

(iii)            no Event of Default has occurred or is continuing, and
no fact, condition or event exists or has occurred which would, upon the giving
of notice or the passage of time or both, constitute an Event of Default, unless Holders representing one hundred
percent (100%) of the Outstanding Principal Balance of the Series 2007-B2
Notes and Series 2007-A2 Notes have waived the occurrence of each and every Event of Default that has
occurred or would occur;

 

(iv)           on such Funding Date, Series 2007-A2
Loans are also being made by the Series 2007-A2 Holders under the Series 2007-A2
Note Purchase Agreement in an amount that shall reduce the aggregate Maximum
Commitments of the Series 2007-A2 Holders under the Series 2007-A2
Note Purchase Agreement proportionately to the reduction of the Maximum
Commitments of the Series 2007-B2 Holders under this Agreement;

 

(v)              as of such Funding Date, no Conversion
Event has occurred, unless Holders representing one hundred percent (100%) of
the Outstanding Principal Balance of the Series 2007-B2 Notes and Series 2007-A2
Notes have waived the occurrence
of each and every Conversion Event as provided in Section 2.03(g) of
the Series 2007-B2 Supplement;

 

(vi)           before and after giving effect to the Series 2007-B2 Loans to be
made on such Funding Date, no Early Amortization Event has occurred or would
occur, unless

 

B-1

 

Holders representing one hundred percent (100%) of the Outstanding
Principal Balance of the Series 2007-B2 Notes and Series 2007-A2
Notes have waived the
occurrence of each and every Early Amortization Event that has occurred or
would occur;

 

(vii)        before and after giving effect to the Series 2007-B2 Loans to be
made on such Funding Date, no Servicer Termination Event has occurred or would
occur, unless Holders representing one hundred percent (100%) of the
Outstanding Principal Balance of the Series 2007-B2 Notes and Series 2007-A2
Notes have waived the occurrence
of each and every Servicer Termination Event that has occurred or would occur;

 

(viii)     before and after giving effect to the Series 2007-B2 Loans to be
made on such Funding Date, the aggregate Outstanding Principal Balance of the Series 2007-B2
Notes has not and will not exceed the aggregate Maximum Principal
Balances of the Series 2007-B2 Notes or aggregate Maximum Commitments of
the holders of the Series 2007-B2 Notes;

 

(ix)             before and after giving effect to the Series 2007-B2
Loans to be made on such Funding Date and the acquisition of any Additional
Engine with the proceeds thereof on the Funding Date, no Junior Borrowing Base
Deficiency exists or would exist;

 

(x)                before and after giving effect to the Series 2007-A2
Loans and Series 2007-B2 Loans to be made on such Funding Date and the
acquisition of any Additional Engine with the proceeds thereof on the Funding
Date, no Maximum Borrowing Base Deficiency exists or would exist; and

 

(xi)             no proceeding is
pending which would prohibit the making of such Series 2007-B2 Loans on
such Funding Date.

 

Executed as of the date
first set forth above, by the undersigned, a Controlling Trustee of WEST.

 

 

	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
   

  
	
   

  	
  Title:
  Controlling Trustee

  

 

B-2

 

SERIES 2007-B2
NOTE PURCHASE AND LOAN AGREEMENT

EXHIBIT C

 

FORM OF
ADMINISTRATIVE AGENT

FUNDING
DATE CERTIFICATE

 

Date:  [                              ][  ], 20[  
]

 

The undersigned, an officer of Willis Lease Finance Corporation, as
Administrative Agent for Willis Engine Securitization Trust, a Delaware
statutory trust (“WEST”), does hereby certify to
Deutsche Bank Trust Company Americas, as Indenture Trustee under the Amended
and Restated Indenture, dated as of December 13, 2007, as amended and
supplemented, in satisfaction of one of the conditions for the making of Series 2007-B2
Loans under the Series 2007-B2 Note Purchase and Loan Agreement (the “Agreement”), dated as of December 13, 2007 among Willis
Lease Finance Corporation, WEST, and the Series 2007-B2 Holders (as
defined therein), on the date first set forth above (the “Funding Date”),
as follows (capitalized terms used herein having the same meanings as in the
Agreement):

 

(i)                                     the Outstanding Principal Balance under
the Series A Notes (after giving effect to the proposed Series 2007-A2
Loans on such Funding Date) will not exceed the Senior Borrowing Base
(calculated after giving effect to the acquisition of any Additional  Engines being acquired on such Funding Date),

 

(ii)                                  the Outstanding Principal Balance under
the Series B Notes (after giving effect to the proposed Series 2007-B2
Loans on such Funding Date) will not exceed the Junior Borrowing Base and
complies with the requirements therefor set forth in the Indenture and the Series 2007-B2
Supplement; and

 

(iii)                               if the proceeds of the Series 2007-B2
Loans are to be used to make a Collections Loan on a Payment Date, the
Available Collections Amount for such Payment Date without the inclusion of the
proceeds of such Collections Loan is in an amount sufficient to pay the Base
Interest on all Series B Notes due and payable on such Payment Date in
accordance with Section 3.14 of the Indenture.

 

Executed as of the date first set forth above, by the
undersigned, an officer of the Administrative Agent.

 

 

	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
   

  
	
   

  	
  Title:

  

 

C-1

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