Document:

Five-Year Credit Agreement

 EXHIBIT 10(ii) 
  
 THE BOEING COMPANY 
  
 FIVE-YEAR 
 CREDIT AGREEMENT

  
 among 
  
 THE BOEING COMPANY 
 for itself and on behalf of its Subsidiaries, 
 as a Borrower 
  
 THE LENDERS PARTY HERETO 
  
 CITIBANK, N.A., 
 as Administrative Agent 
  
 JPMORGAN CHASE BANK, N.A. 
 as Syndication Agent 
  
 and 
  
 CITIGROUP GLOBAL MARKETS INC. 
 and 

J.P.MORGAN SECURITIES INC., 
 as Joint Lead
Arrangers and Joint Book Managers 
 dated as of November 18, 2005 

 TABLE OF CONTENTS 
  

							
	Article and Section

	  	Page

		
	ARTICLE 1 DEFINITIONS	  	 
				
	 	  	1.1	  	Definitions	  	1
	 	  	1.2	  	Use of Defined Terms; References	  	12
	 	  	1.3	  	Accounting Terms	  	12
		
	ARTICLE 2 AMOUNTS AND TERMS OF THE ADVANCES AND LETTERS OF CREDIT	  	 
				
	 	  	2.1	  	Committed Advances	  	13
	 	  	2.2	  	Making Committed Advances	  	13
	 	  	2.3	  	Issuance of and Drawings and Reimbursement Under Letters of Credit	  	14
	 	  	2.4	  	Repayment	  	17
	 	  	2.5	  	Interest Rate on Committed Advances	  	18
	 	  	2.6	  	Bid Advances	  	18
	 	  	2.7	  	Lender Assignment or Sale	  	22
	 	  	2.8	  	Fees and Commissions	  	22
	 	  	2.9	  	Reduction of the Commitments	  	23
	 	  	2.10	  	Additional Interest on Eurodollar Rate Committed Advances	  	23
	 	  	2.11	  	Eurodollar Interest Rate Determination	  	23
	 	  	2.12	  	Voluntary Conversion of Committed Advances	  	24
	 	  	2.13	  	Prepayments	  	24
	 	  	2.14	  	Increases in Costs	  	25
	 	  	2.15	  	Taxes	  	27
	 	  	2.16	  	Illegality	  	28
	 	  	2.17	  	Payments and Computations	  	29
	 	  	2.18	  	Sharing of Payments, Etc.	  	30
	 	  	2.19	  	Evidence of Debt	  	30
	 	  	2.20	  	Alteration of Commitments and Addition of Lenders	  	31
	 	  	2.21	  	Assignments; Sales of Participations and Other Interests in Advances	  	32
	 	  	2.22	  	Extension of Termination Date	  	35
	 	  	2.23	  	Subsidiary Borrowers	  	36
		
	ARTICLE 3 REPRESENTATIONS AND WARRANTIES	  	 
				
	 	  	3.1	  	Representations and Warranties by the Borrowers	  	38
		
	ARTICLE 4 COVENANTS OF TBC	  	 
				
	 	  	4.1	  	Affirmative Covenants of TBC	  	39
	 	  	4.2	  	General Negative Covenants of TBC	  	41

  

 i 

							
	 	  	4.3	  	Financial Statement Terms	  	43
	 	  	4.4	  	Waivers of Covenants	  	43
		
	ARTICLE 5 CONDITIONS PRECEDENT TO BORROWINGS AND ISSUANCES	  	 
				
	 	  	5.1	  	Conditions Precedent to the Initial Borrowing or Initial Issuance of TBC	  	43
	 	  	5.2	  	Conditions Precedent to Each Committed Borrowing and Each Issuance of TBC	  	44
	 	  	5.3	  	Conditions Precedent to Each Bid Borrowing of TBC	  	44
	 	  	5.4	  	Conditions Precedent to the Initial Borrowing and Issuance of a Subsidiary Borrower	  	45
	 	  	5.5	  	Conditions Precedent to Each Committed Borrowing or Issuance of a Subsidiary Borrower	  	46
	 	  	5.6	  	Conditions Precedent to Each Bid Borrowing of a Subsidiary Borrower	  	46
		
	ARTICLE 6 EVENTS OF DEFAULT	  	 
				
	 	  	6.1	  	Events of Default	  	47
	 	  	6.2	  	Lenders’ Rights upon Borrower Default	  	48
	 	  	6.3	  	Actions in Respect of the Letters of Credit upon Borrower Default	  	49
		
	ARTICLE 7 THE AGENT	  	 
				
	 	  	7.1	  	Authorization and Action	  	50
	 	  	7.2	  	Agent’s Reliance, Etc.	  	50
	 	  	7.3	  	Citibank, N.A. and its Affiliates	  	51
	 	  	7.4	  	Lender Credit Decision	  	51
	 	  	7.5	  	Indemnification	  	51
	 	  	7.6	  	Successor Agent	  	52
	 	  	7.7	  	Certain Obligations May Be Performed by Affiliates	  	52
	 	  	7.8	  	Other Agents	  	52
		
	ARTICLE 8 MISCELLANEOUS	  	 
				
	 	  	8.1	  	Modification, Consents and Waivers	  	53
	 	  	8.2	  	Notices	  	54
	 	  	8.3	  	Costs, Expenses and Taxes	  	55
	 	  	8.4	  	Binding Effect	  	56
	 	  	8.5	  	Severability	  	56
	 	  	8.6	  	Governing Law	  	56
	 	  	8.7	  	Headings	  	56
	 	  	8.8	  	Execution in Counterparts	  	56
	 	  	8.9	  	Right of Set-Off	  	56
	 	  	8.10	  	Confidentiality	  	57
	 	  	8.11	  	Agreement in Effect	  	57
	 	  	8.12	  	No Liability of the Issuing Banks	  	57
	 	  	8.13	  	Patriot Act Notice	  	57
	 	  	8.14	  	Jurisdiction, Etc.	  	58

  

 ii 

					
	 Exhibit A-1
	  	-	    	Committed Note
	 Exhibit A-2
	  	-	    	Bid Note
	 Exhibit B-1
	  	-	    	Notice of Committed Borrowing
	 Exhibit B-2
	  	-	    	Notice of Bid Borrowing
	 Exhibit C
	  	-	    	Request for Alteration
	 Exhibit D
	  	-	    	Borrower Subsidiary Letter
	 Exhibit E
	  	-	    	Extension Request
	 Exhibit F
	  	-	    	Continuation Notice
	 Exhibit G
	  	-	    	Opinion of Counsel of the Company
	 Exhibit H
	  	-	    	Opinion of Counsel for Agent
	 Exhibit I
	  	-	    	Opinion of in-house counsel to Subsidiary Borrower
	 Exhibit J
	  	-	    	Guaranty of TBC
	 Exhibit K
	  	-	    	Opinion of Counsel to TBC
			
	 Schedule I
	  	-	    	Commitments

  

 iii 

 CREDIT AGREEMENT 
  
 Dated as of November 18, 2005 
  

THE BOEING COMPANY, a Delaware corporation (“TBC” or the “Company”), for itself and on behalf of the other BORROWERS (as defined
below), the LENDERS (as defined below), CITIGROUP GLOBAL MARKETS INC. and J.P.MORGAN SECURITIES INC., as joint lead arrangers and joint book managers, JPMORGAN CHASE BANK, N.A., as syndication agent, and CITIBANK, N.A., in its capacity as
administrative agent for the Lenders (in such capacity, the “Agent”), agree as follows: 
  
 ARTICLE 1 
  
 Definitions 
  

	1.1	Definitions. As used in this Agreement, the following terms have the respective meanings set out below: 

  
 “2003 Credit Agreement” means the Five-Year Credit Agreement, dated as of
November 21, 2003, by and among TBC, Citibank, N.A., as administrative agent, and certain other banks as lenders. 
  
 “Advance” means a Committed Advance or a Bid Advance. 
  
 “Agent” means Citibank, N.A. acting in its capacity as administrative agent for the Lenders, or any successor administrative agent appointed pursuant to
Section 7.6. 
  
 “Agent’s Account” means the account of
the Agent maintained by the Agent with Citibank, N.A., at its office at 388 Greenwich Street, New York, New York 10013, Account 36852248, Attention: Bank Loan Syndications. 
  
 “Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under
common control with such Person or is a director or officer of such Person. (For purposes of this definition, the term “controls”, “controlling”, “controlled by” and “under common control with” mean, with
respect to a Person, the possession, direct or indirect, of the power to vote 5% or more of the Voting Stock of such Person or to direct or cause the direction of the management and policies of such Person, whether through the ownership of Voting
Stock, by contract, or otherwise.) 
  
 “Agreement” means this
agreement, as it may be amended or otherwise modified from time to time, and any written additions or supplements hereto. 
  
 “Applicable Lending Office” means, with respect to each Lender, such Lender’s Domestic Lending Office, in the case of a Base Rate Advance, and such
Lender’s Eurodollar Lending Office, in the case of a Eurodollar Rate Advance, and, in the case of a Bid Advance, the office of such Lender specified by such Lender in a notice to the Agent as its Applicable Lending Office with respect to such
Bid Advance. 
  

					
	 Five-Year Credit Agreement
	 	 	 	 

 “Applicable Letter of Credit Commissions” means, for any date, a fluctuating per annum rate equal to the
then-applicable rate set forth in the pricing grid below, depending upon the rating of the long-term senior unsecured debt of TBC then in effect: 
  

						
	 Level

	  	 Public Debt Rating: S&P, Moody’s and Fitch

	  	Applicable
Letter of Credit
Commission

	 
	 Level I
	  	AA- by S&P, Aa3 by Moody’s or AA- by Fitch or above	  	0.125	%
	 Level II
	  	 less than Level I
 but at least A+ by S&P, A1 by
Moody’s or A+ by Fitch or above
	  	0.165	%
	 Level III
	  	 less than Level II
 but at least A by S&P, A2 by
Moody’s or A by Fitch
	  	0.255	%
	 Level IV
	  	 less than Level III
 but at least A- by S&P, A3 by
Moody’s or A- by Fitch
	  	0.335	%
	 Level V
	  	 less than Level IV
 but at least BBB+ by S&P, Baa1 by
Moody’s or BBB+ by Fitch
	  	0.465	%
	 Level VI
	  	less than Level V	  	0.600	%

  
 provided,
however, that if the ratings from S&P, Moody’s and Fitch fall within different levels, (i) two of the ratings are at the same level and the other rating is one level higher or one level lower than the two same ratings, the
Applicable Letter of Credit Commission will be based on the two ratings at the same level, (ii) two of the ratings are at the same level and the other rating is two or more levels above the two same ratings, the Applicable Letter of Credit
Commission will be based on the rating that is one level above the two same ratings, (iii) two of the ratings are at the same level and the other rating is two or more levels below the two same ratings, the Applicable Letter of Credit
Commission will be based on the rating that is one level below the two same ratings and (iv) each of the three ratings fall within different levels, then the Applicable Letter of Credit Commission will be determined based on the rating level
that is in between the highest and the lowest ratings, and 
  
 provided further that if, at any time, no rating is available from S&P, Moody’s and Fitch or any other nationally recognized statistical rating organization designated by TBC and approved in writing by the Majority
Lenders, the Applicable Letter of Credit Commission for each period commencing during the thirty days following such ratings becoming unavailable shall be the Applicable Letter of Credit Commission in effect immediately prior to such ratings
becoming unavailable. Thereafter, the rating to be used until ratings from S&P, Moody’s and Fitch become available shall be as agreed between TBC and the Majority Lenders, and TBC and the Majority Lenders shall use good faith efforts to
reach such agreement within such thirty-day period, provided, however, that if no such agreement is reached within such thirty-day period the Applicable Letter of Credit Commission thereafter, until such agreement is reached, shall be
(a) if any such rating has become unavailable as a result of S&P, Moody’s or Fitch ceasing its business as a rating agency, the Applicable Letter of Credit Commission in effect immediately prior to such cessation or (b) otherwise,
the Applicable Letter of Credit Commission as set forth under Level VI above. 
  

					
	 Five-Year Credit Agreement
	 	2	 	 

 “Applicable Margin” means, 
  

	 	(i)	with respect to Base Rate Advances, 0% per annum; and 

  

	 	(ii)	with respect to Eurodollar Rate Advances for any date, a fluctuating per annum rate equal to the then-applicable rate set forth in the pricing grid below, depending upon the rating
of the long-term senior unsecured debt of TBC then in effect: 

  

						
	 Level

	  	 Public Debt Rating: S&P, Moody’s and Fitch

	  	 Applicable
 Margin

	 
	 Level I
	  	AA- by S&P, Aa3 by Moody’s or AA- by Fitch or above	  	0.050	%
	 Level II
	  	 less than Level I
 but at least A+ by S&P, A1 by
Moody’s or A+ by Fitch or above
	  	0.090	%
	 Level III
	  	 less than Level II
 but at least A by S&P, A2 by
Moody’s or A by Fitch
	  	0.180	%
	 Level IV
	  	 less than Level III
 but at least A- by S&P, A3 by
Moody’s or A- by Fitch
	  	0.260	%
	 Level V
	  	 less than Level IV
 but at least BBB+ by S&P, Baa1 by
Moody’s or BBB+ by Fitch
	  	0.390	%
	 Level VI
	  	less than Level V	  	0.450	%

  
 provided,
however, that if the ratings from S&P, Moody’s and Fitch fall within different levels, (i) two of the ratings are at the same level and the other rating is one level higher or one level lower than the two same ratings, the
Applicable Margin will be based on the two ratings at the same level, (ii) two of the ratings are at the same level and the other rating is two or more levels above the two same ratings, the Applicable Margin will be based on the rating that is
one level above the two same ratings, (iii) two of the ratings are at the same level and the other rating is two or more levels below the two same ratings, the Applicable Margin will be based on the rating that is one level below the two same
ratings and (iv) each of the three ratings fall within different levels, then the Applicable Margin will be determined based on the rating level that is in between the highest and the lowest ratings, and 
  
 provided further that if, at any time, no rating is available
from S&P, Moody’s and Fitch or any other nationally recognized statistical rating organization designated by TBC and approved in writing by the Majority Lenders, the Applicable Margin for each Interest Period or each other period commencing
during the thirty days following such ratings becoming unavailable shall be the Applicable Margin in effect immediately prior to such ratings becoming unavailable. Thereafter, the rating to be used until ratings from S&P, Moody’s and Fitch
become available shall be as agreed between TBC and the Majority Lenders, and TBC and the Majority Lenders shall use good faith efforts to reach such agreement within such thirty-day period, provided, however, that if no such agreement
is reached within such thirty-day period the Applicable Margin thereafter, until such agreement is reached, shall be (a) if any such rating has become unavailable as a result of S&P, Moody’s or Fitch ceasing its business as a rating
agency, the Applicable Margin in effect immediately prior to such cessation or (b) otherwise, the Applicable Margin as set forth under Level VI above. 
  

					
	 Five-Year Credit Agreement
	 	3	 	 

 “Applicable Percentage” means, for any date, a fluctuating per annum rate equal to the then-applicable
rate set forth in the pricing grid below, depending upon the rating of the long-term senior unsecured debt of TBC then in effect: 
  

						
	 Level

	  	 Public Debt Rating: S&P, Moody’s and Fitch

	  	Applicable
Percentage

	 
	 Level I
	  	AA- by S&P, Aa3 by Moody’s or AA- by Fitch or above	  	0.050	%
	 Level II
	  	 less than Level I
 but at least A+ by S&P, A1 by
Moody’s or A+ by Fitch or above
	  	0.060	%
	 Level III
	  	 less than Level II
 but at least A by S&P, A2 by
Moody’s or A by Fitch
	  	0.070	%
	 Level IV
	  	 less than Level III
 but at least A- by S&P, A3 by
Moody’s or A- by Fitch
	  	0.090	%
	 Level V
	  	 less than Level IV
 but at least BBB+ by S&P, Baa1 by
Moody’s or BBB+ by Fitch
	  	0.110	%
	 Level VI
	  	less than Level V	  	0.150	%

  
 provided,
however, that if the ratings from S&P, Moody’s and Fitch fall within different levels, (i) two of the ratings are at the same level and the other rating is one level higher or one level lower than the two same ratings, the
Applicable Percentage will be based on the two ratings at the same level, (ii) two of the ratings are at the same level and the other rating is two or more levels above the two same ratings, the Applicable Percentage will be based on the rating
that is one level above the two same ratings, (iii) two of the ratings are at the same level and the other rating is two or more levels below the two same ratings, the Applicable Percentage will be based on the rating that is one level below
the two same ratings and (iv) each of the three ratings fall within different levels, then the Applicable Percentage will be determined based on the rating level that is in between the highest and the lowest ratings, and 
  
 provided further that if, at any time, no rating is available
from S&P, Moody’s and Fitch or any other nationally recognized statistical rating organization designated by TBC and approved in writing by the Majority Lenders, the Applicable Percentage for each Interest Period or each other period
commencing during the thirty days following such ratings becoming unavailable shall be the Applicable Percentage in effect immediately prior to such ratings becoming unavailable. Thereafter, the rating to be used until ratings from S&P,
Moody’s and Fitch become available shall be as agreed between TBC and the Majority Lenders, and TBC and the Majority Lenders shall use good faith efforts to reach such agreement within such thirty-day period, provided, however,
that if no such agreement is reached within such thirty-day period the Applicable Percentage thereafter, until such agreement is reached, shall be (a) if any such rating has become unavailable as a result of S&P, Moody’s or Fitch
ceasing its business as a rating agency, the Applicable Percentage in effect immediately prior to such cessation or (b) otherwise, the Applicable Percentage as set forth under Level VI above. 
  
 “Applicable Utilization Fee” means, for any date that the aggregate
principal amount of outstanding Advances exceed 50% of the aggregate Commitments, a fluctuating per annum rate equal to the 
  

					
	 Five-Year Credit Agreement
	 	4	 	 

 then-applicable rate set forth in the pricing grid below, depending upon the rating of the long-term senior unsecured
debt of TBC then in effect: 
  

						
	 Level

	  	 Public Debt Rating: S&P, Moody’s and Fitch

	  	Applicable
Utilization Fee

	 
	 Level I
	  	AA- by S&P, Aa3 by Moody’s or AA- by Fitch or above	  	0.050	%
	 Level II
	  	 less than Level I
 but at least A+ by S&P, A1 by
Moody’s or A+ by Fitch or above
	  	0.050	%
	 Level III
	  	 less than Level II
 but at least A by S&P, A2 by
Moody’s or A by Fitch
	  	0.050	%
	 Level IV
	  	 less than Level III
 but at least A- by S&P, A3 by
Moody’s or A- by Fitch
	  	0.050	%
	 Level V
	  	 less than Level IV
 but at least BBB+ by S&P, Baa1
by Moody’s or BBB+ by Fitch
	  	0.050	%
	 Level VI
	  	less than Level V	  	0.150	%

  
 provided,
however, that if the ratings from S&P, Moody’s and Fitch fall within different levels, (i) two of the ratings are at the same level and the other rating is one level higher or one level lower than the two same ratings, the
Applicable Utilization Fee will be based on the two ratings at the same level, (ii) two of the ratings are at the same level and the other rating is two or more levels above the two same ratings, the Applicable Utilization Fee will be based on
the rating that is one level above the two same ratings, (iii) two of the ratings are at the same level and the other rating is two or more levels below the two same ratings, the Applicable Utilization Fee will be based on the rating that is
one level below the two same ratings and (iv) each of the three ratings fall within different levels, then the Applicable Utilization Fee will be determined based on the rating level that is in between the highest and the lowest ratings, and

  
 provided further that if, at any time, no
rating is available from S&P, Moody’s and Fitch or any other nationally recognized statistical rating organization designated by TBC and approved in writing by the Majority Lenders, the Applicable Utilization Fee for each Interest Period or
each other period commencing during the thirty days following such ratings becoming unavailable shall be the Applicable Utilization Fee in effect immediately prior to such ratings becoming unavailable. Thereafter, the rating to be used until ratings
from S&P, Moody’s and Fitch become available shall be as agreed between TBC and the Majority Lenders, and TBC and the Majority Lenders shall use good faith efforts to reach such agreement within such thirty-day period, provided,
however, that if no such agreement is reached within such thirty-day period the Applicable Utilization Fee thereafter, until such agreement is reached, shall be (a) if any such rating has become unavailable as a result of S&P,
Moody’s or Fitch ceasing its business as a rating agency, the Applicable Utilization Fee in effect immediately prior to such cessation or (b) otherwise, the Applicable Utilization Fee as set forth under Level VI above. 
  
 “Available Amount” of any Letter of Credit means, at any time, the maximum
amount available to be drawn under such Letter of Credit at such time (assuming compliance at such time with all conditions to drawing). 
  

					
	 Five-Year Credit Agreement
	 	5	 	 

 “Available Commitments” means, as of any date of determination, (a) the aggregate Commitments of
the Lenders, as such amount may be reduced, changed or terminated in accordance with the terms of this Agreement, reduced by (b) the aggregate Advances outstanding on such date of determination. 
  
 “Base Rate” means the higher of (a) the rate of interest announced
publicly by Citibank, N.A., in New York City, from time to time, as Citibank’s “base” rate and (b) the Federal Funds Rate plus 0.50% per annum. 
  
 “Base Rate Advance” means a Committed Advance which bears interest at the Base Rate. 
  
 “Bid Advance” means an advance by a Lender to a Borrower as part of a Bid
Borrowing resulting from the auction bidding procedure described in Section 2.6, and refers to a Fixed Rate Advance or a Eurodollar Rate Bid Advance, each of which shall be a “Type” of Bid Advance. 
  
 “Bid Borrowing” means a borrowing consisting of simultaneous Bid Advances
from each of the Lenders whose offers to make one or more Bid Advances as part of such borrowing has been accepted by a Borrower under the auction bidding procedure described in Section 2.6. 
  
 “Bid Note” means a promissory note of a Borrower payable to the order of a
Lender, in substantially the form of Exhibit A-2, evidencing the indebtedness of that Borrower to such Lender resulting from a Bid Advance made by such Lender to such Borrower. 
  
 “Borrower” means, individually and collectively, as the context requires, TBC and each Subsidiary Borrower (unless and
until it becomes a “Terminated Subsidiary Borrower” pursuant to Section 2.22). 
  
 “Borrower Subsidiary Letter” means, with respect to any Subsidiary Borrower, a letter in the form of Exhibit D, signed by such Subsidiary Borrower and TBC. 
  
 “Borrowing” means a Committed Borrowing or a Bid Borrowing. 
  
 “Business Day” means a day of the year on which banks are not required or
authorized to close in New York City and, if the applicable Business Day relates to any Eurodollar Rate Advance, on which dealings are carried on in the London interbank market. 
  
 “Commitment” means, for each Lender, the full amount set forth opposite the name of such Lender in Schedule I or, if such
Lender is a Replacement Lender or a Lender that has entered into one or more assignments pursuant to Section 2.21 or 2.22, the amount set forth for such Lender in the Register maintained by the Agent pursuant to Section 2.21(d), as such
amount may be reduced pursuant to Section 2.4, Section 2.9 or Section 2.20 or increased pursuant to Section 2.20. 
  
 “Committed Advance” means an advance made by a Lender to a Borrower as part of a Committed Borrowing and refers to a Base Rate Advance or a Eurodollar
Rate Committed Advance, each of which is a “Type” of Committed Advance. 
  
 “Committed Borrowing” means a borrowing consisting of simultaneous Committed Advances of the same Type made by each of the Lenders pursuant to Section 2.1 or Section 2.3. 
  

					
	 Five-Year Credit Agreement
	 	6	 	 

 “Committed Note” means a promissory note of a Borrower payable to the order of any Lender, in
substantially the form of Exhibit A-1, evidencing the indebtedness of that Borrower to such Lender resulting from the Committed Advances made by such Lender to that Borrower. 
  
 “Company” means The Boeing Company, a Delaware corporation. 
  
 “Confidential Information” means information that a Borrower furnishes to the Agent or any Lender in a writing designated
as confidential, but does not include any such information that is or becomes generally available to the public or that is or becomes available to the Agent or such Lender from a source other than a Borrower. 
  
 “Consolidated” refers to the consolidation of accounts in accordance with
generally accepted accounting principles. 
  
 “Consolidated Net Tangible
Assets” means the total amount of assets (less applicable reserves and other properly deductible items) after, deducting therefrom (i) all current liabilities (excluding any thereof which are by their terms extendible or renewable at
the option of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed), and (ii) all good will, trade names, trademarks, patents, unamortized debt discount and expenses and other like
intangibles, all as set forth on the most recent balance sheet of the Company and its consolidated Subsidiaries and computed in accordance with generally accepted accounting principles. 
  
 “Continuing Lender” has the meaning specified in Section 2.22(a). 
  
 “Convert”, “Conversion” and “Converted”
each means a conversion of Committed Advances of one Type into Committed Advances of another Type pursuant to Section 2.11, 2.12 or 2.16. 
  
 “Debt” of a Person means 
  

	 	(i)	indebtedness for borrowed money or for the deferred purchase price of property or services; 

  

	 	(ii)	financial obligations evidenced by bonds, debentures, notes or other similar instruments, 

  

	 	(iii)	financial obligations as lessee under leases which have been or should be, in accordance with generally accepted accounting principles, recorded as capital leases; and

  

	 	(iv)	obligations under direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against
loss in respect of, indebtedness or financial obligations of others of the kind referred to in clauses (i) through (iii) above. 

  
 “Default” means any Event of Default or any event that would constitute an Event of Default but for the requirement that notice be given or time elapse
or both. 
  
 “Domestic Lending Office” means with respect to any
Lender, the office of such Lender specified as its “Domestic Lending Office” opposite its name on Schedule I, or in the assignment or other agreement pursuant to which it became a Lender or such other office of such Lender as such Lender
may from time to time specify to TBC and the Agent. 
  

					
	 Five-Year Credit Agreement
	 	7	 	 

 “Effective Date” has the meaning specified in Section 2.20(d). 
  
 “Eligible Assignee” means 
  

	 	(i)	a commercial bank organized under the laws of the United States, or any state thereof, and having a combined capital and surplus in excess of $3,000,000,000;

  

	 	(ii)	a commercial bank organized under the laws of any other country which is a member of the OECD, or a political subdivision of any such country, and having a combined capital and
surplus in excess of $3,000,000,000, provided that such bank is acting through a branch or agency located in either (a) the country in which it is organized or (b) another country which is also a member of the OECD or the Cayman
Islands; 

  

	 	(iii)	the central bank of any country which is a member of the OECD; 

  

	 	(iv)	any Lender; 

  

	 	(v)	an Affiliate of any Lender; or 

  

	 	(vi)	any other Person approved in writing, so long as no Event of Default has occurred and is continuing, by TBC, which approval has been communicated in writing to the Agent, and
approved by each Issuing Bank, provided that neither TBC nor an Affiliate of TBC shall qualify as an Eligible Assignee. 

  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time and the regulations promulgated and rulings issued
thereunder. 
  
 “Eurocurrency Liabilities” has the meaning
assigned to that term in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time. 
  
 “Eurodollar Lending Office” means, with respect to any Lender, (a) the office of such Lender specified as its “Eurodollar Lending Office”
opposite its name on Schedule I (or, if no such office is specified, its Domestic Lending Office) or in the assignment or other agreement pursuant to which it became a Lender or (b) such other office of such Lender as such Lender may from time
to time specify to TBC and the Agent. 
  
 “Eurodollar Rate”
means, for an Interest Period for a Eurodollar Rate Committed Advance constituting part of a Committed Borrowing, and for the relevant period specified in the applicable Notice of Bid Borrowing for a Eurodollar Rate Bid Advance, an interest rate per
annum equal to either 
  

	 	(a)	the offered rate (rounded to the nearest whole multiple of 1/16 of 1% per annum, if such average is not such a multiple) for deposits in U.S. dollars for a period substantially
equal to such Interest Period (if a Committed Advance) or such relevant period specified in the applicable Notice of Bid Borrowing (if a Bid Advance), appearing on Telerate Markets Page 3750 (or any successor page or, if unavailable for any reason
by Telerate, then by reference to Reuters Screen) as of 11:00 a.m. (London time) two business days before the first day of such Interest Period or the first day of the relevant period specified in such Notice of Bid Borrowing; or

  

	 	(b)	if the foregoing rate is unavailable from Telerate or the Reuters Screen for any reason, the average (rounded to the nearest whole multiple of 1/16 of 1% per annum, if such
average 

  

					
	 Five-Year Credit Agreement
	 	8	 	 

 is not such a multiple) of the rates per annum are offered by the principal office of each of the
Reference Banks to prime banks in the London interbank market at 11:00 a.m. (London time) on deposits in U.S. dollars two Business Days before the first day of such Interest Period or the first day of such relevant period specified in the Notice of
Bid Borrowing 
  

	 	(i)	for such Eurodollar Committed Advance, on an amount substantially equal to such Reference Bank’s Eurodollar Rate Advance constituting part of such Committed Borrowing and for a
period equal to such Interest Period, or 

  

	 	(ii)	for such Eurodollar Rate Bid Advance, on an amount substantially equal to the amount of the Eurodollar Rate Bid Borrowing which includes such Bid Advance multiplied by a fraction
equal to such Reference Bank’s Ratable Share of the Commitments and for a period equal to the relevant period specified in such Notice of Bid Borrowing. 

  
 The Eurodollar Rate for any Interest Period for each Eurodollar Rate Committed Advance constituting part of the same
Borrowing and for the relevant period specified in a Notice of Bid Borrowing for each Eurodollar Rate Bid Advance shall be determined by the Agent on the basis of applicable rates furnished to and received by the Agent from the Reference Banks two
Business Days before the first day of such Interest Period or period, as the case may be, subject, however, to the provisions of Section 2.11. 
  
 “Eurodollar Rate Advance” means a Committed Advance (a “Eurodollar Rate Committed Advance”) or a Bid
Advance (a “Eurodollar Rate Bid Advance”) which bears interest at a rate of interest quoted as a margin (which shall be the Applicable Margin in the case of a Committed Advance or as offered by a Lender and accepted by a Borrower in
the case of a Bid Advance) over the Eurodollar Rate. 
  
 “Eurodollar Rate
Bid Borrowing” has the meaning specified in Section 2.6(b). 
  
 “Eurodollar Rate Reserve Percentage” means the reserve percentage applicable to a Lender for any Interest Period for a Eurodollar Rate Advance during such Interest Period (or if more than one such percentage shall be so
applicable, the daily average of such percentages for those days in such Interest Period during which any such percentage shall be so applicable) under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or
any successor) for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for such Lender with respect to liabilities or assets consisting of or including
Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on Eurodollar Rate Advances is determined) having a term equal to such Interest Period. 
  
 “Event of Default” means any of the events described in Section 6.1.

  
 “Extension Request” has the meaning specified in
Section 2.22. 
  
 “Facility Fee” has the meaning specified
in Section 2.8. 
  
 “Federal Funds Rate” means, for each day
during a period, an interest rate per annum equal to the weighted average of the fluctuating rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or,

  

					
	 Five-Year Credit Agreement
	 	9	 	 

 if such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York,
or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Agent from three Federal funds brokers of recognized standing selected by it. 
  
 “Fitch” means Fitch, Inc. 
  
 “Fixed Rate Advance” means an Advance made by a Lender to a Borrower as part
of a Fixed Rate Borrowing. 
  
 “Fixed Rate Borrowing” has the
meaning specified in Section 2.6(b). 
  
 “Guaranty” means
each Guaranty Agreement executed by TBC in favor of the Agent and the Lenders, unconditionally guaranteeing the payment of all obligations of a Subsidiary Borrower hereunder and under any Notes executed or to be executed by it. 
  
 “Indemnified Costs” has the meaning specified in Section 7.5.

  
 “Indemnified Party has the meaning specified in
Section 8.3(b). 
  
 “Interest Period” means, for each
Eurodollar Rate Committed Advance constituting part of the same Borrowing, the period commencing on the date of such Committed Advance or the date of the Conversion of a Base Rate Advance into such a Eurodollar Rate Committed Advance and ending on
the last day of the period selected by the applicable Borrower pursuant to the provisions below and, thereafter, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of the period
selected by such Borrower pursuant to the provisions below. The duration of each such Interest Period shall be one, two, three, or six months (or nine months, with the consent of all Lenders funding those particular Advances), as the applicable
Borrower may, upon notice received by the Agent not later than 11:00 a.m. (New York City time) on the third Business Day prior to the first day of such Interest Period, select, provided, however, that: 
  

	 	(i)	no Interest Period shall end on a date later than the Termination Date; 

  

	 	(ii)	Interest Periods commencing on the same date for Committed Advances constituting part of the same Committed Borrowing shall be of the same duration; and 

  

	 	(iii)	whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next
succeeding Business Day, provided that, if such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of the Interest Period shall occur on the immediately preceding Business
Day. 

  
 “Issuing Bank” means any Lender that has
issued a Letter of Credit pursuant to Section 2.3. 
  
 “L/C Cash
Deposit Account” means a cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent. 
  
 “L/C Related Documents” has the meaning specified in Section 2.4(b)(i).

  

					
	 Five-Year Credit Agreement
	 	10	 	 

 “Lender”, subject to Section 2.21, means any of the institutions that is a signatory hereto or
that, pursuant to Section 2.14, 2.20, 2.21 or 2.22, becomes a “Lender” hereunder. 
  
 “Letter of Credit” has the meaning specified in Section 2.3(a). 
  
 “Letter of Credit Agreement” has the meaning specified in Section 2.3(d). 
  
 “Letter of Credit Facility” means, at any time, an amount equal to the lesser of (a) $500,000,000 and (b) the
aggregate amount of the Commitments, as such amount may be reduced pursuant to Section 2.4, Section 2.9 or Section 2.20 or increased pursuant to Section 2.20. 
  
 “Loan Document” means this Agreement, the Notes and the other L/C Related Documents. 
  
 “Majority Lenders” means Lenders having greater than 50% of the total
Commitments or, if the Commitments have been terminated in full, Lenders holding greater than 50% of the then aggregate unpaid principal amount of the Advances. 
  

“Moody’s” means Moody’s Investor Services, Inc. 
  
 “Non-Extending Lender” has the meaning specified in Section 2.22(a). 
  
 “Note” means a Committed Note or a Bid Note. 
  
 “Notice of Bid Borrowing” has the meaning specified in Section 2.6(b). 
  
 “Notice of Borrowing” means a Notice of Committed Borrowing or a Notice of
Bid Borrowing. 
  
 “Notice of Committed Borrowing” has the
meaning specified in Section 2.2(a). 
  
 “Notice of
Issuance” has the meaning specified in Section 2.3(d). 
  
 “OECD” means the Organization for Economic Cooperation and Development. 
  
 “Person” means an individual, partnership, corporation (including a business trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity,
or a government or any political subdivision or agency thereof. 
  
 “Property, Plant and Equipment” means any item of real property, or any interest therein, buildings, improvements and machinery. 
  
 “Proposed Increased Commitment” has the meaning specified in Section 2.20(c). 
  
 “Ratable Share” of any amount means, with respect to any Lender at any time, the product of (a) a fraction the
numerator of which is the amount of such Lender’s Commitment at such time and the denominator of which is the aggregate Commitments at such time and (b) such amount. 
  
 “Reference Banks” means JPMorgan Chase Bank, N.A., Citibank, N.A., [Bank of America, N.A., and Deutsche Bank AG].

  
 “Register” has the meaning specified in Section 2.21(d).

  
 “Replacement Lenders” has the meaning specified in
Section 2.22(c). 
  

					
	 Five-Year Credit Agreement
	 	11	 	 

 “Request for Alteration” means a document substantially in the form of Exhibit C, duly executed by TBC,
pursuant to Section 2.20. 
  
 “Required Assignment” has the
meaning specified in Section 2.21(a). 
  
 “S&P” means
Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. 
  
 “Subsidiary” means any Person in which more than 50% of the Voting Stock or the interest in the capital or profits is owned by TBC, by TBC and any one or more other Subsidiaries, or by any one or more other Subsidiaries.

  
 “Subsidiary Borrower” means, individually and collectively,
as the context requires, each Subsidiary that is or becomes a “Borrower” in accordance with Section 2.23; in each case, unless and until it becomes a “Terminated Subsidiary Borrower”. 
  
 “TBC” means The Boeing Company, a Delaware corporation. 
  
 “Terminated Subsidiary Borrower” means, individually and collectively, as
the context requires, a Subsidiary Borrower that has ceased to be a “Borrower” in accordance with Section 2.23. 
  
 “Termination Date” means the earlier to occur of (i) November 18, 2010, as such date may be extended from time to time pursuant to
Section 2.22, and (ii) the date of termination in whole of the Commitments pursuant to Section 2.9 or Section 6.2. 
  
 “Total Capital” has the meaning specified in Section 4.2(b). 
  
 “Type”, as to Committed Borrowings, means either Base Rate Advances or Eurodollar Rate Committed Advances and, as to Bid
Borrowings, means either Fixed Rate Advances or Eurodollar Rate Bid Advances. 
  
 “Unused Commitment” means, with respect to each Lender at any time, (a) the amount of such Lender’s Commitment at such time minus (b) the sum of (i) the aggregate principal amount of all Committed
Advances made by such Lender (in its capacity as a Lender) and outstanding at such time, plus (ii) such Lender’s Ratable Share of the aggregate principal amount of all Bid Advances outstanding at such time plus
(iii) such Lender’s Ratable Share of the aggregate Available Amount of all the Letters of Credit outstanding at such time. 
  
 “Voting Stock” means, as to a corporation, all the issued and outstanding capital stock of such corporation having general voting power, under ordinary
circumstances, to elect a majority of the Board of Directors of such corporation (irrespective of whether or not any capital stock of any other class or classes shall or might have voting power upon the occurrence of any contingency). 
  

	1.2	Use of Defined Terms; References. Any defined term used in the plural preceded by the definite article encompasses all members of the relevant class. Any defined term
used in the singular preceded by “a”, “an” or “any” indicates any number of the members of the relevant class. All references in this Agreement to a Section, Article, Schedule or Exhibit are to a Section, Article,
Schedule or Exhibit of or to this Agreement, unless otherwise indicated. 

  

	1.3	Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles consistently applied.

  

					
	 Five-Year Credit Agreement
	 	12	 	 

 ARTICLE 2 
  

Amounts and Terms of the Advances and Letters of Credit 
  

	2.1	Committed Advances. 

  

	(a)	Obligation to Make Committed Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Committed Advances to the Borrowers from time
to time on any Business Day during the period from the date hereof until the Termination Date of such Lender in a principal amount not to exceed such Lender’s Unused Commitment. 

  

	(b)	Amount of Committed Advances. Each Committed Borrowing shall be in an aggregate amount not less than $10,000,000 or an integral multiple of $1,000,000 in excess thereof.

  

	(c)	Type of Committed Advances. Each Committed Borrowing shall consist of Committed Advances of the same Type made on the same day by the Lenders ratably according to their
respective Commitments. Within the limits of each Lender’s Commitment, the Borrowers may from time to time borrow, prepay pursuant to Section 2.13, and reborrow under this Section 2.1 and Section 2.2. 

  

	2.2	Making Committed Advances. 

  

	(a)	Notice of Committed Borrowing. Each Committed Borrowing shall be made on notice, given by a Borrower to the Agent not later than 11:00 a.m. (New York City time) on the day of
the proposed Committed Borrowing in the case of a Base Rate Borrowing and on the third Business Day prior to the date of the proposed Committed Borrowing in the case of a Eurodollar Rate Borrowing (a “Notice of Committed
Borrowing”). Each such Notice of Committed Borrowing shall be in substantially the form of Exhibit B-l, specifying the requested 

  

	 	(i)	date of such Committed Borrowing, 

  

	 	(ii)	Type of Committed Advances constituting such Committed Borrowing, 

  

	 	(iii)	aggregate amount of such Committed Borrowing, and 

  

	 	(iv)	in the case of a Committed Borrowing composed of Eurodollar Rate Advances, the initial Interest Period for each such Committed Advance, which Interest Period may be 1, 2, 3 or 6
months, at the option of the Borrower, or, if acceptable to all the Lenders, 9 months. 

  

	  	Every Notice of Committed Borrowing given by a Subsidiary Borrower must be countersigned by an authorized representative of TBC, in order to evidence the consent of TBC, in its sole
discretion, to that proposed Committed Borrowing. Upon receipt of a Notice of Committed Borrowing, the Agent shall promptly give notice to each Lender thereof. 

  

	(b)	Funding Committed Advances. Each Lender shall, before 1:00 p.m. (New York City time) on the date of such Committed Borrowing, make available for the account of its Applicable
Lending Office to the Agent at the Agent’s Account, in same day funds, such Lender’s ratable portion of such Committed Borrowing. After the Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in
Article 5, the Agent will make such funds available to the relevant Borrower at an account specified by such Borrower. 

  

					
	 Five-Year Credit Agreement
	 	13	 	 

	(c)	Irrevocable Notice. Each Notice of Committed Borrowing shall be irrevocable and binding. In the case of any Committed Borrowing that the related Notice of Committed Borrowing
specifies is to be composed of Eurodollar Rate Advances, the Borrower requesting such Committed Borrowing shall indemnify each Lender against any loss, cost or expense incurred by such Lender on account of any failure to fulfill on or before the
date specified for such Committed Borrowing in such Notice of Committed Borrowing the applicable conditions set forth in Article 5, including, without limitation, any loss (but excluding loss of anticipated profits), cost or expense incurred by
reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Committed Advance to be made by such Lender as part of such Committed Borrowing when such Committed Advance, as a result of such failure, is not
made on such date. 

  

	(d)	Lender’s Ratable Portion. Unless the Agent has received notice from a Lender prior to 1:00 p.m. (New York City time) on the day of any Committed Borrowing that such
Lender will not make available to the Agent such Lender’s ratable portion of such Committed Borrowing, the Agent may assume that such Lender has made such portion available to the Agent on the date of such Committed Borrowing in accordance with
subsection (b) of this Section 2.2 and the Agent may, in reliance upon such assumption, make available to the requesting Borrower on such date a corresponding amount. If and to the extent that a Lender has not so made such ratable portion
available to the Agent, such Lender and such Borrower shall severally repay to the Agent forthwith on demand an amount that in the aggregate equals such corresponding amount together with interest thereon for each day from the date such amount is
made available by the Agent to such Borrower until the date such amount is repaid to the Agent, at 

  

	 	(i)	in the case of such Borrower, the interest rate applicable at the time to Committed Advances constituting such Committed Borrowing, and 

  

	 	(ii)	in the case of such Lender, the Federal Funds Rate. 

  

	  	If such Lender shall repay to the Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Committed Advance as part of such Committed Borrowing
for purposes of this Agreement. 

  

	(e)	Independent Lender Obligations. The failure of any Lender to make the Committed Advance to be made by it as part of any Committed Borrowing shall not relieve any other Lender
of its obligation, if any, hereunder to make its Committed Advance on the date of such Committed Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Committed Advance to be made by such other Lender on the
date of any Committed Borrowing. 

  

	2.3	Issuance of and Drawings and Reimbursement Under Letters of Credit. 

  

	(a)	Request for Issuance. Any Borrower may request any Lender to issue, and any Lender may, if in its sole discretion it elects to do so, on the terms and conditions hereinafter
set forth, issue letters of credit (each, a “Letter of Credit”) for the account of the Borrowers from time to time on any Business Day during the period from the date hereof until 30 days before the Termination Date

  

	 	(i)	in an aggregate Available Amount for all Letters of Credit issued by all Issuing Banks not to exceed at any time the Letter of Credit Facility at such time, and

  

	 	(ii)	in an amount for each such Letter of Credit not to exceed an amount equal to the Unused Commitments of the Lenders at such time. 

  

					
	 Five-Year Credit Agreement
	 	14	 	 

	(b)	Amount of Letters of Credit. Each Letter of Credit shall be in an amount of $1,000,000 or more. 

  

	(c)	Duration of Letters of Credit. No Letter of Credit shall have an expiration date (including all rights of the applicable Borrower or the beneficiary to require renewal) later
than 30 days prior to the Termination Date, provided that if the Termination Date shall have been extended pursuant to Section 2.22 with respect to some but not all of the Lenders, the Available Amount of Letters of Credit with expiry dates
after any Termination Date applicable to any Non-Extending Lenders will not exceed the portion of the Commitments attributable to the Lenders with respect to which the Termination Date shall have been extended. Within the limits referred to above,
the Borrowers may request the issuance of Letters of Credit under this Section 2.3, repay any Advances resulting from drawings thereunder pursuant to Section 2.3(f) and request the issuance of additional Letters of Credit under this
Section 2.3. The terms “issue”, “issued”, “issuance” and all similar terms, when applied to a Letter of Credit, shall include any renewal, extension or amendment thereof. 

  

	(d)	Notice of Issuance. Each Letter of Credit shall be issued upon notice, given not later than 11:00 A.M. (New York City time) on the fifth Business Day prior to the
date of the proposed issuance of such Letter of Credit (or on such shorter notice as the applicable Issuing Bank may agree), by any Borrower to any Issuing Bank, and such Issuing Bank shall give the Agent, prompt notice thereof by facsimile. Each
such notice of issuance of a Letter of Credit (a “Notice of Issuance”) shall be by telephone, confirmed immediately in writing, or facsimile, specifying therein the requested 

  

	 	(i)	date of such issuance (which shall be a Business Day), 

  

	 	(ii)	Available Amount of such Letter of Credit, 

  

	 	(iii)	expiration date of such Letter of Credit (which shall not be later than 30 days prior to the Termination Date), 

  

	 	(iv)	name and address of the beneficiary of such Letter of Credit and 

  

	 	(v)	form of such Letter of Credit, and shall be accompanied by such customary application and agreement for letter of credit as such Issuing Bank may specify to the Borrower requesting
such issuance for use in connection with such requested Letter of Credit (a “Letter of Credit Agreement”). 

  

	 	Every Notice of Issuance given by a Subsidiary Borrower must be countersigned by an authorized representative of TBC, in order to evidence the consent of TBC, in its sole
discretion, to that proposed Letter of Credit. 

  

	 	If the requested form of such Letter of Credit is acceptable to such Issuing Bank in its sole discretion, such Issuing Bank may, upon fulfillment of the applicable conditions set
forth in Article 5, make such Letter of Credit available to the Borrower requesting such issuance at its office referred to in Section 8.2 or as otherwise agreed with such Borrower in connection with such issuance. In the event and to the
extent that the provisions of any Letter of Credit Agreement shall conflict with this Agreement, the provisions of this Agreement shall govern. 

  

	(e)	Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the
applicable Issuing Bank or the Lenders, such Issuing Bank hereby grants to each Lender, and each Lender hereby 

  

					
	 Five-Year Credit Agreement
	 	15	 	 

	  	acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Ratable Share of the Available Amount of such Letter of Credit. Each Borrower
hereby agrees to each such participation. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Agent, for the account of such Issuing Bank, such Lender’s Ratable Share of
each drawing made under a Letter of Credit funded by such Issuing Bank and not reimbursed by the applicable Borrower on the date made, or of any reimbursement payment required to be refunded to any Borrower for any reason. Each Lender acknowledges
and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension
of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender further
acknowledges and agrees that its participation in each Letter of Credit will be automatically adjusted to reflect such Lender’s Ratable Share of the Available Amount of such Letter of Credit at each time such Lender’s Commitment may be
reduced pursuant to Section 2.4, Section 2.9 or Section 2.20 or increased pursuant to Section 2.20 or otherwise amended pursuant to this Agreement. 

  

	(f)	Drawing and Reimbursement. The payment by an Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by any
such Issuing Bank of a Committed Advance, which shall be a Base Rate Advance in the amount of such draft. Each Issuing Bank shall give prompt notice (and such Issuing Bank will use its commercially reasonable efforts to deliver such notice within
one Business Day) of each drawing under any Letter of Credit issued by it to the Company, the applicable Borrower (if not the Company) and the Agent. Upon written demand by such Issuing Bank made to the Agent, with a copy of such demand to the
Company, and the Agent’s prompt notice thereof to each Lender, each Lender shall pay to the Agent such Lender’s Ratable Share of such outstanding Committed Advance, by making available for the account of its Applicable Lending Office to
the Agent for the account of such Issuing Bank, by deposit to the Agent’s Account, in same day funds, an amount equal to the portion of the outstanding principal amount of such Advance to be funded by such Lender. Each Lender acknowledges and
agrees that its obligation to make Committed Advances pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of
any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Promptly after receipt
thereof, the Agent shall transfer such funds to such Issuing Bank. Each Lender agrees to fund its Ratable Share of an outstanding Committed Advance on 

  

	 	(i)	the Business Day on which demand therefor is made by such Issuing Bank, provided that notice of such demand is given not later than 11:00 A.M. (New York City time)
on such Business Day, or 

  

	 	(ii)	the first Business Day next succeeding such demand if notice of such demand is given after such time. 

  

	  	If and to the extent that any Lender shall not have so made the amount of such Committed Advance available to the Agent, such Lender agrees to pay to the Agent forthwith on demand
such amount together with interest thereon, for each day from the date of demand by any such Issuing Bank until the date such amount is paid to the Agent, at the Federal Funds Rate for its account or the account of such Issuing Bank, as applicable.
If such Lender shall pay to the Agent 

  

					
	 Five-Year Credit Agreement
	 	16	 	 

	  	such amount for the account of any such Issuing Bank on any Business Day, such amount so paid in respect of principal shall constitute a Committed Advance made by such Lender on
such Business Day for purposes of this Agreement, and the outstanding principal amount of the Committed Advance made by such Issuing Bank shall be reduced by such amount on such Business Day. 

  

	(g)	Letter of Credit Reports. Each Issuing Bank shall furnish 

  

	 	(i)	to the Agent (with a copy to the Company) on the first Business Day of each month a written report summarizing issuance and expiration dates of Letters of Credit during the
preceding month and drawings during such month under all Letters of Credit and 

  

	 	(ii)	to the Agent (with a copy to the Company) on the first Business Day of each calendar quarter a written report setting forth the average daily aggregate Available Amount during the
preceding calendar quarter of all Letters of Credit. 

  

	(h)	Failure to Make Advances. The failure of any Lender to make the Committed Advance to be made by it on the date specified in Section 2.3(e) shall not relieve any other
Lender of its obligation hereunder to make its Committed Advance on such date, but no Lender shall be responsible for the failure of any other Lender to make the Committed Advance to be made by such other Lender on such date.

  

	2.4	Repayment. 

  

	(a)	Committed Advances. The Borrowers shall repay to the Agent for the ratable accounts of the Lenders on the Termination Date the unpaid principal amount of the Committed
Advances then outstanding. 

  

	(b)	Letter of Credit Reimbursements. The obligation of any Borrower under this Agreement, any Letter of Credit Agreement and any other agreement or instrument, in each case, to
repay any Committed Advance that results from payment of a drawing under a Letter of Credit shall be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement, such Letter of Credit Agreement and such
other agreement or instrument under all circumstances, including, without limitation, the following circumstances (it being understood that any such payment by a Borrower is without prejudice to, and does not constitute a waiver of, any rights such
Borrower might have or might acquire as a result of the payment by any Lender of any draft or the reimbursement by the Borrower thereof): 

  

	 	(i)	any lack of validity or enforceability of this Agreement, any Note, any Letter of Credit Agreement, any Letter of Credit or any other agreement or instrument relating thereto (all
of the foregoing being, collectively, the “L/C Related Documents”); 

  

	 	(ii)	any change in the time, manner or place of payment of any Letter of Credit; 

  

	 	(iii)	the existence of any claim, defense or other right that any Borrower may have at any time against any beneficiary or any transferee of a Letter of Credit (or any Persons for which
any such beneficiary or any such transferee may be acting), any Issuing Bank, the Agent, any Lender or any other Person, whether in connection with the transactions contemplated by the L/C Related Documents or any unrelated transaction;

  

					
	 Five-Year Credit Agreement
	 	17	 	 

	 	(iv)	any statement or any other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate
in any respect; 

  

	 	(v)	payment by any Issuing Bank under a Letter of Credit against presentation of a draft or certificate that does not comply with the terms of such Letter of Credit;

  

	 	(vi)	any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from any guarantee, for all or any of the obligations of
any Borrower in respect of the L/C Related Documents; or 

  

	 	(vii)	any other circumstance or happening whatsoever, whether or not similar to any of the foregoing that might, but for the provisions of this Section, constitute a legal or equitable
discharge of the Borrower’s obligations hereunder. 

  

	2.5	Interest Rate on Committed Advances. Each Borrower shall pay interest on the unpaid principal amount of each of its Committed Advances from the date of such Committed Advance
until such principal amount is paid in full, at the following rates per annum: 

  

	 	(i)	during each period in which such Committed Advance is a Base Rate Advance, at a rate per annum equal at all times to the Base Rate in effect from time to time plus the Applicable
Margin plus the Applicable Utilization Fee, if any, payable quarterly in arrears on the first day of each January, April, July and October and on the Termination Date, and 

  

	 	(ii)	during each period in which such Committed Advance is a Eurodollar Rate Advance, at a rate per annum equal at all times during each relevant Interest Period for such Committed
Advance to the Eurodollar Rate for such Interest Period plus the Applicable Margin plus the Applicable Utilization Fee, if any, payable on the last day of each such Interest Period, and if such Interest Period has a duration of more than three
months, quarterly on each day during such Interest Period that is three months from either (A) the first day of such Interest Period or (B) the last such interest payment date and on the date such Committed Advance is Converted or paid in
full; 

  

	 	 	provided that in the event and during the continuance of an Event of Default (x) the Applicable Margin shall immediately increase by 1.0% above the Applicable Margin
then in effect, and, in the case of a Eurodollar Rate Advance, such Advance shall automatically convert to a Base Rate Advance at the end of the Interest Period then in effect for such Eurodollar Rate Advance and (y) to the fullest extent
permitted by law, the Borrower shall pay interest on the amount of any interest, fee or other amount payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on
the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 1% above the Base Rate. 

  

	2.6	Bid Advances. 

  

	(a)	Bid Advances Impact on Commitments. The Borrowers may make Bid Borrowings from time to time on any Business Day during the period from the date hereof until the Termination
Date in the manner set forth below, provided that, following the making of each Bid Borrowing, the aggregate amount of the Advances then outstanding plus the Available Amount of the Letters of Credit then outstanding shall not exceed the
aggregate amount of the Commitments of the 

  

					
	 Five-Year Credit Agreement
	 	18	 	 

	  	Lenders. As provided in the definition of “Unused Commitment”, the aggregate amount of the Commitments of the Lenders shall be deemed used from time to time to the extent
of the aggregate amount of the Bid Advances then outstanding, and such deemed use of the aggregate amount of the Commitments shall be applied to the Lenders ratably according to their respective Commitments; provided, however, that any
Lender’s Bid Advances shall not otherwise reduce that Lender’s obligation to lend its pro rata share of the remaining Available Commitments. 

  

	(b)	Notice of Bid Borrowing. Any Borrower may request a Bid Borrowing by delivering to the Agent a notice of a Bid Borrowing (a “Notice of Bid Borrowing”), in
substantially the form of Exhibit B-2, specifying the following: 

  

	 	(i)	the date and aggregate amount of the proposed Bid Borrowing, 

  

	 	(ii)	the maturity date for repayment of each Bid Advance to be made as part of such Bid Borrowing, which maturity date 

  

	 	(A)	may not be later than 5 Business Days prior to the Termination Date, but may otherwise be 7 days or more from the date of such requested Bid Advance if the Borrower specifies in the
Notice of Bid Borrowing that the rates of interest to be offered by the Lenders will be fixed rates per annum (a “Fixed Rate Borrowing”), and 

  

	 	(B)	shall be either 1, 2, 3, 6 or 9 months from the date of such Bid Borrowing if the Borrower specifies in the Notice of Bid Borrowing that such Bid Borrowing is to consist of
Eurodollar Rate Bid Advances (a “Eurodollar Rate Bid Borrowing”), 

  

	 	(iii)	the interest payment date or dates relating thereto, and 

  

	 	(iv)	any other terms to be applicable to such Bid Borrowing. 

  

	  	A Borrower requesting a Bid Borrowing shall deliver a Notice of Bid Borrowing to the Agent not later than 11:00 a.m. (New York City time) (A) at least one Business Day prior to
the date of the proposed Bid Borrowing if the proposed Bid Borrowing is to be a Fixed Rate Borrowing, and (B) at least four Business Days prior to the date of the proposed Bid Borrowing, if the proposed Bid Borrowing is to be a Eurodollar Rate
Bid Borrowing. Every Notice of Bid Borrowing given by a Subsidiary Borrower must be countersigned by an authorized representative of TBC, in order to evidence the consent of TBC, in its sole discretion, to that proposed Bid Borrowing. The Agent
shall in turn promptly notify each Lender of each request for a Bid Borrowing by sending such Lender a copy of the related Notice of Bid Borrowing. 

  

	(c)	Discretion as to Bid Advances. Each Lender may, in its sole discretion, elect to irrevocably offer to make one or more Bid Advances to the applicable Borrower as part of such
proposed Bid Borrowing at a rate or rates of interest specified by such Lender in its sole discretion (each such rate of interest to be a fixed rate if the Borrower requested Fixed Rate Advances or a margin over the Eurodollar Rate if the Borrower
requested Eurodollar Rate Bid Advances), by notifying the Agent (which shall give prompt notice thereof to the Company and such Borrower), before 10:00 a.m. (New York City time) (A) on the date of such proposed Bid Borrowing, if the proposed
Bid Borrowing is to be a Fixed Rate Borrowing and (B) three Business Days before the date of such proposed Bid Borrowing, in the case of a Notice of Bid Borrowing is to be a Eurodollar Rate Bid Borrowing. In such notice the Lender shall specify
the following: 

  

	 	(i)	the minimum amount and maximum amount of each Bid Advance which such Lender would be willing to make as part of such proposed Bid Borrowing (which amounts may, subject to the first
proviso in this Section 2.6(a), exceed such Lender’s Commitment), 

  

 19 

	 	(ii)	the rate or rates of interest therefor (specified as stated in this paragraph (c)), and 

  

	 	(iii)	such Lender’s Applicable Lending Office with respect to such Bid Advance; 

  

	  	provided that if the Agent in its capacity as a Lender, in its sole discretion, elects to make any such offer, it shall notify such Borrower and the Company of such offer
before 9:30 a.m. (New York City time) on the date on which notice of such election is to be given to the Agent by the other Lenders. If, by 10:00 a.m. (New York City time) on the date on which notice of a Lender’s election under this
Section 2.6(c) is to be made, the Agent fails to receive, at its address specified in Section 8.2, a notice from a Lender provided for in this Section 2.6(c), the Agent may conclusively presume that such Lender has elected not to
offer to make any Bid Advances to such Borrower with respect to the related Notice of Bid Borrowing. 

  

	(d)	Borrower Selection of Lender Bids. The Borrower proposing the Bid Borrowing shall, in turn, (A) before 11:00 a.m. (New York City time) on the date of such proposed Bid
Borrowing, in the case of a proposed Bid Borrowing to be a Fixed Rate Borrowing, and (B) before 12:00 noon (New York City time) three Business Days before the date of such proposed Bid Borrowing, in the case of a proposed Bid Borrowing to be a
Eurodollar Rate Bid Borrowing, either: 

  

	 	(i)	cancel such Bid Borrowing by giving the Agent notice to that effect, or 

  

	 	(ii)	accept, in its sole discretion, one or more of the offers made by a Lender or Lenders pursuant to Section 2.6(c), by giving notice to the Agent of the amount of each Bid
Advance (which amount shall be equal to or greater than the minimum amount and equal to or less than the maximum amount, notified to such Borrower by the Agent on behalf of such Lender for such Bid Advance pursuant to Section 2.6(c)) to be made
by each Lender as part of such Bid Borrowing, and reject any remaining offers made by Lenders pursuant to Section 2.6(c) by giving the Agent notice to that effect; provided that offers will be accepted, if at all, in order of lowest to
highest interest rates, and, if two or more Lenders bid at the same rate, the Bid Borrowing with respect to such rate will be allocated among such Lenders in proportion to the amount bid by each such Lender. 

  

	  	If the Borrower proposing the Bid Borrowing notifies the Agent that such Bid Borrowing is canceled pursuant to Section 2.6(d)(i), the Agent shall give prompt notice thereof to
the Lenders and such Bid Borrowing shall not be made. 

  

	(e)	Bid Borrowing. If the Borrower proposing the Bid Borrowing accepts one or more of the offers made by a Lender or Lenders pursuant to Section 2.6(d)(ii), the Agent shall
in turn promptly 

  

	 	(i)	notify each Lender that has made an offer as described in Section 2.6(c), of the date and aggregate amount of such Bid Borrowing and whether or not any offer or offers made by
such Lender pursuant to Section 2.6(c) have been accepted by such Borrower, 

  

	 	(ii)	notify each Lender that is to make a Bid Advance, as part of such Bid Borrowing, of the amount of each Bid Advance to be made by such Lender as part of such Bid Borrowing, and

  

					
	 Five-Year Credit Agreement
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	 	(iii)	upon satisfaction of the conditions set forth in 5.3 or 5.6, as applicable, notify each Lender that is to make a Bid Advance as part of such Bid Borrowing that the applicable
conditions set forth in Article 5 appear to have been satisfied. 

  
 When each Lender that is to make a Bid Advance as part of such Bid Borrowing has received notice from the Agent pursuant to clause (iii) of the preceding sentence, such Lender shall, before 1:00 p.m. (New York
City time) on the date of such Bid Borrowing specified in the notice received from the Agent pursuant to clause (i) of the preceding sentence, make available for the account of its Applicable Lending Office to the Agent at the Agent’s
Account such Lender’s portion of such Bid Borrowing, in same day funds. Upon fulfillment of the applicable conditions set forth in Article 5 and after receipt by the Agent of such funds, the Agent will make such funds available to the relevant
Borrower at an account specified by such Borrower. Promptly after each Bid Borrowing the Agent shall notify each Lender of the amount and tenor of the Bid Borrowing. 
  

	(f)	If the Borrower proposing such Bid Borrowing notifies the Agent pursuant to Section 2.6(d)(ii) above that it accepts one or more of the offers made by any Lender or Lenders,
such notice of acceptance shall be irrevocable and binding on such Borrower. Such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified in
the related Notice of Bid Borrowing for such Bid Borrowing the applicable conditions set forth in Article 5, including, without limitation, any loss (but excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation
or reemployment of deposits or other funds acquired by such Lender to fund the Bid Advance to be made by such Lender as part of such Bid Borrowing when such Bid Advance, as a result of such failure, is not made on such date.

  

	(g)	Amount of Bid Borrowings. Each Notice of Bid Borrowing shall request an aggregate amount of Bid Advances not less than $10,000,000 or an integral multiple of $1,000,000
in excess thereof, provided that a Borrower may accept offers aggregating less than $10,000,000 and offers which are not an integral multiple of $1,000,000, and provided further that, as provided in Section 2.6(a),
following the making of each Bid Borrowing, the aggregate amount of the Advances then outstanding plus the Available Amount of the Letters of Credit then outstanding shall not exceed the aggregate amount of the Commitments of the Lenders. Within the
limits and on the conditions set forth in this Section 2.6, the Borrowers may from time to time borrow under this Section 2.6, repay pursuant to Section 2.6(g), and reborrow under this Section 2.6, provided that a Bid
Borrowing shall not be made within three Business Days of the date of any other Bid Borrowing. 

  

	(h)	Repayment of Bid Advances. On the maturity date of each Bid Advance specified by the relevant Borrower for repayment of such Bid Advance in the related Notice of Bid
Borrowing, the Borrower shall repay to the Agent for the account of the Lender which has made such Bid Advance the then unpaid principal amount of such Bid Advance. The Borrowers shall have no right to prepay any principal amount of any Bid Advance
without the consent of the Lender which extended such Bid Advance. 

  

	(i)	Interest on Bid Advances; Bid Notes. The relevant Borrower shall pay interest on the unpaid principal amount of each Bid Advance, from the date of such Bid Advance to the
date the principal amount of such Bid Advance is repaid in full, at the fixed rate of interest specified by the Lender making such Fixed Rate Advance in its notice with respect thereto delivered pursuant to Section 2.6(c) or, in the case of a
Eurodollar Rate Bid Advance, the margin specified by the Lender making such Bid Advance in its notice with respect thereto plus the Eurodollar Rate determined with respect to such Bid Borrowing pursuant to Section 2.11, payable on the interest

  

					
	 Five-Year Credit Agreement
	 	21	 	 

 payment date or dates specified by the Borrower for such Bid Advance in the related Notice of Bid
Borrowing. Upon the occurrence and during the continuance of an Event of Default, the applicable Borrower shall pay interest on the amount of unpaid principal of and interest on each Bid Advance owing to a Lender, payable in arrears on the date or
dates interest is payable thereon, at a rate per annum equal at all times to 1% per annum above the rate per annum required to be paid on such Bid Advance under the terms of the Bid Note evidencing such Bid Advance unless otherwise agreed in
such Bid Note. The indebtedness of the applicable Borrower resulting from each Bid Advance made to the Borrower as part of a Bid Borrowing shall be evidenced by a separate Bid Note of such Borrower payable to the order of the Lender making such Bid
Advance, which Bid Note shall be returned to the Borrower upon payment in full of such Bid Advance. 
  

	2.7	Lender Assignment or Sale. Any Lender may, without the prior written consent of the Borrowers, sell or assign all or any part of such Lender’s rights in any or all of
the Bid Advances made by such Lender or in the Bid Notes in connection with such Bid Advances as a participation, provided, however, that 

  

	 	(i)	any such sale or assignment shall not require any Borrower to file a registration statement with the Securities and Exchange Commission or apply to qualify the Advances or the Notes
under the blue sky laws of any state, and the selling or assigning Lender shall otherwise comply with all federal and state securities laws applicable to such transaction, 

  

	 	(ii)	no purchaser or assignee in such a transaction shall thereby become a “Lender” for any purpose under this Agreement, 

  

	 	(iii)	such Lender’s obligations under this Agreement (including, without limitation, its Commitment to the Borrowers) shall remain unchanged, 

  

	 	(iv)	such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and 

  

	 	(v)	the Borrowers, the Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement. 

  

	2.8	Fees and Commissions. 

  

	(a)	Facility Fees. TBC agrees to pay to the Agent for the account of each Lender a facility fee (“Facility Fee”) on such Lender’s Commitment, without regard
to usage. The Facility Fee shall be payable for the periods from the date hereof in the case of each Lender named in Schedule I, and from the effective date on which any other Lender becomes party hereto, until the Termination Date (or such earlier
date on which such Lender ceases to be a party hereto) at the rate per annum equal to the Applicable Percentage in effect from time to time. Facility Fees shall be payable in arrears on each January 1, April 1, July 1 and
October 1 during the term of this Agreement and on the Termination Date. The amount of the Facility Fee payable on January 1, 2006 and on the Termination Date shall be prorated based on the actual number of days elapsed either since the
date hereof (in the case of the January 1, 2006 payment) or since the date on which the last payment in respect of the Facility Fee was made (in the case of the payment made on the Termination Date). 

  

					
	 Five-Year Credit Agreement
	 	22	 	 

	(b)	Letter of Credit Commissions. 

  

	 	(i)	Each Borrower shall pay to the Agent for the account of each Lender a commission on such Lender’s Ratable Share of the average daily aggregate Available Amount of all Letters
of Credit issued at the request of such Borrower and outstanding from time to time at a rate per annum equal to the Applicable Letter of Credit Commission in effect from time to time during such calendar quarter, payable in arrears quarterly each
January 1, April 1, July 1 and October 1 during the term of this Agreement, and on and after the Termination Date, payable upon demand. 

  

	 	(ii)	Each Borrower shall pay to each Issuing Bank for its own account such reasonable fees as may from time to time be agreed in writing between TBC and such Issuing Bank.

  

	2.9	Reduction of the Commitments. TBC shall have the right, upon at least 3 Business Days’ notice to the Agent, to permanently terminate in whole or permanently reduce
ratably in part the Unused Commitments, provided that each partial reduction shall be in a minimum amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof. 

  

	2.10	Additional Interest on Eurodollar Rate Committed Advances. Each Borrower shall pay to each Lender, so long as such Lender is required under regulations of the Board of
Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid principal amount of each Eurodollar Rate Committed Advance of
such Lender to such Borrower, from the date of such Committed Advance until such principal amount is paid in full, at an interest rate per annum for each Interest Period equal to the remainder obtained by subtracting (i) the Eurodollar Rate for
such Interest Period for such Committed Advance from (ii) the rate obtained by dividing such Eurodollar Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage of such Lender for such Interest Period, payable on each
date on which interest is payable on such Committed Advance. Such additional interest shall be determined by such Lender and notified to the relevant Borrowers through the Agent. 

  

	2.11	Eurodollar Interest Rate Determination. 

  

	(a)	Methods to Determine Eurodollar Rate. The Agent shall determine the Eurodollar Rate for each Eurodollar Rate Advance by using the methods described in the definition of the
term “Eurodollar Rate,” and shall give prompt notice to the relevant Borrowers and the Lenders of each such Eurodollar Rate. 

  

	(b)	Role of Reference Banks. In the event the Eurodollar Rate cannot be determined by the first method described in the definition of “Eurodollar Rate,” each Reference
Bank shall furnish to the Agent timely information for the purpose of determining the Eurodollar Rate in accordance with the second method described therein. If any one or more of the Reference Banks does not furnish such timely information to the
Agent for the purpose of determining a Eurodollar Rate, the Agent shall determine such interest rate on the basis of timely information furnished by the remaining Reference Banks. In the event the rate cannot be determined by either of the methods
described in the definition of “Eurodollar Rate,” then: 

  

	 	(i)	the Agent shall forthwith notify the Borrowers and the Lenders that the interest rate cannot be determined for such Eurodollar Rate Advances, 

  

	 	(ii)	each such Advance, if a Committed Advance, will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance (or if the Borrower
was attempting to Convert a Base Rate Advance into a Eurodollar Rate Committed Advance, such Advance will continue as a Base Rate Advance), and 

  

 23 

	 	(iii)	the obligation of the Lenders to make Eurodollar Rate Bid Advances, or to make, or to Convert Base Rate Advances into, Eurodollar Rate Committed Advances shall be suspended until
the Agent notifies the Borrowers and the Lenders that the circumstances causing such suspension no longer exist. 

  

	(c)	Inadequate Eurodollar Rate. If, with respect to any Eurodollar Rate Committed Advances, the Majority Lenders notify the Agent that the Eurodollar Rate for any Interest Period
for such Committed Advances will not adequately reflect the cost to such Majority Lenders of making, funding or maintaining their respective Eurodollar Rate Committed Advances for such Interest Period, the Agent shall forthwith so notify the
relevant Borrowers and the Lenders, whereupon 

  

	 	(i)	each such Eurodollar Rate Committed Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance, and

  

	 	(ii)	the obligation of the Lenders to make, or to Convert Base Rate Advances into, Eurodollar Rate Committed Advances shall be suspended until the Agent notifies the Borrowers and the
Lenders that the circumstances causing such suspension no longer exist. 

  

	(d)	Absence of an Interest Period on a Eurodollar Rate Committed Advance. If a Borrower fails to select the duration of an Interest Period for a Eurodollar Rate Committed Advance
in accordance with the provisions contained in the definition of “Interest Period” in Section 1.1, the Agent will forthwith so notify the Borrower and the Lenders and such Committed Advances will automatically, on the last day of the
then existing Interest Period therefor, Convert into Base Rate Advances. 

  

	2.12	Voluntary Conversion of Committed Advances. Subject to the provisions of Sections 2.11 and 2.16, any Borrower may Convert all such Borrower’s Committed Advances of one
Type constituting the same Committed Borrowing into Advances of the other Type on any Business Day, upon notice given to the Agent not later than 11:00 a.m. (New York City time) on the third Business Day prior to the date of the proposed Conversion;
provided, however, that the Conversion of a Eurodollar Rate Committed Advance into a Base Rate Advance may be made on, and only on, the last day of an Interest Period for such Eurodollar Rate Committed Advance. Each such notice of a
Conversion shall, within the restrictions specified above, specify 

  

	 	(i)	the date of such Conversion, 

  

	 	(ii)	the Committed Advances to be Converted, and 

  

	 	(iii)	if such Conversion is into Eurodollar Rate Committed Advances, the duration of the Interest Period for each such Committed Advance. 

  

	2.13	Prepayments. Any Borrower shall have the right at any time and from time to time, upon prior written notice from such Borrower to the Agent, to prepay its outstanding
principal obligations with respect to its Committed Advances in whole or ratably in part (except as provided in Section 2.16 or 2.20), provided that every notice of prepayment given by a Subsidiary Borrower must be countersigned by an
authorized representative of TBC, in order to evidence the consent of TBC, in its sole discretion, to that prepayment. Such prepaying Borrower may be obligated to make certain prepayments of obligations with respect to one or more Committed Advances
subject to and in accordance with this Section 2.13. 

  

					
	 Five-Year Credit Agreement
	 	24	 	 

	(a)	Base Rate Borrowings Prepayments. With respect to Base Rate Borrowings, such prepayment shall be without premium or penalty, upon notice given to the Agent, and shall be made
not later than 11:00 a.m. (New York City time) on the date of such prepayment. The Borrower shall designate in such notice the amount and date of such prepayment. Accrued interest on the amount so prepaid shall be payable on the first Business Day
of the calendar quarter next following the prepayment. The minimum amount of Base Rate Borrowings which may be prepaid on any occasion shall be $10,000,000 or an integral multiple of $1,000,000 in excess thereof or, if less, the total amount of Base
Rate Advances then outstanding for that Borrower. 

  

	(b)	Eurodollar Rate Committed Borrowings Prepayments. With respect to Eurodollar Rate Committed Borrowings, such prepayment shall be made on at least 3 Business Days’ prior
written notice to the Agent not later than 11:00 a.m. (New York City time), and if such notice is given the applicable Borrower shall prepay the outstanding principal amount of the Committed Advances constituting part of the same Committed Borrowing
in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid. The minimum amount of Eurodollar Rate Committed Borrowings which may be prepaid on any occasion shall be $10,000,000 or an
integral multiple of $1,000,000 in excess thereof or, if less, the total amount of Eurodollar Rate Committed Advances then outstanding for that Borrower. 

  

	(c)	Additional Prepayment Payments. The prepaying Borrower shall, on the date of the prepayment of any Eurodollar Rate Committed Advances, pay to the Agent for the account of
each Lender interest accrued to such date of prepayment on the principal amount prepaid plus, in the case only of a prepayment on any date which is not the last day of an applicable Eurodollar Interest Period, any amounts which may be required to
compensate such Lender for any losses or out-of-pocket costs or expenses (including any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds, but excluding loss of anticipated profits) incurred by
such Lender as a result of such prepayment, provided that such Lender shall exercise reasonable efforts to minimize any such losses, costs and expenses. 

  

	(d)	Eurodollar Rate Committed Advance Prepayment Expense. If, due to the acceleration of any of the Committed Advances pursuant to Section 6.2(b), an assignment, repayment
or prepayment under Section 2.20, 2.21 or 2.22 or otherwise, any Lender receives payment of its portion of, or is subject to any Conversion from, any Eurodollar Rate Committed Advance on any day other than the last day of an Interest Period
with respect to such Committed Advance, the relevant Borrowers shall pay to the Agent for the account of such Lender any amounts which may be payable to such Lender by such Borrower by reason of payment on such day as provided in
Section 2.13(c). 

  

	2.14	Increases in Costs. 

  

	(a)	Costs from Law or Authorities. If, due to either 

  

	 	(1)	the introduction of, or any change (other than, in the case of Eurodollar Rate Borrowings, a change by way of imposition or an increase of reserve requirements described in
Section 2.10) in, or new interpretation of, any law or regulation effective at any time and from time to time on or after the date hereof, or 

  

					
	 Five-Year Credit Agreement
	 	25	 	 

	 	(2)	the compliance with any guideline or the request from or by any central bank or other governmental authority (whether or not having the force of law), 

  
 there is an increase in the cost incurred by a Lender in agreeing to make or
making, funding or maintaining any Eurodollar Rate Committed Advance or Eurodollar Rate Bid Advance then or at any time thereafter outstanding or agreeing to issue or of issuing or maintaining or participating in Letters of Credit (excluding for
purposes of this Section 2.14 any such increased costs resulting from (i) Taxes or Other Taxes (as to which Section 2.15 shall govern) and (ii) changes in the basis of taxation of overall net income or overall gross income by the
United States or by the foreign jurisdiction or state under the laws of which such Lender is organized or has its Applicable Lending Office (or any political subdivision thereof), then TBC shall from time to time, upon demand of such Lender (with a
copy of such demand to the Agent), pay to the Agent for the account of such Lender such amounts as are required to compensate such Lender for such increased cost, provided that such Lender shall exercise reasonable efforts (consistent with
its internal policy and legal and regulatory restrictions) to minimize any such increased cost and provided further that the Borrowers shall not be required to pay any such compensation with respect to any period prior to the 90th day
before the date of any such demand, unless such introduction, change, compliance or request shall have retroactive effect to a date prior to such 90th day. A certificate as to the amount of such increase in cost, submitted to the relevant Borrowers and the Agent by such Lender, shall be conclusive and binding for all purposes under this
Section 2.14(a), absent manifest error. 
  

	(b)	Increased Capital Requirements. If any Lender determines that compliance with any law or regulation or any guidelines or request from any central bank or other governmental
authority (whether or not having the force of law) which is enacted, adopted or issued at any time and from time to time after the date hereof affects or would affect the amount of capital required or expected to be maintained by such Lender (or any
corporation controlling such Lender) and that the amount of such capital is increased by or based upon the existence of such Lender’s commitment to lend or to issue or participate in Letters of Credit hereunder and other commitments of such
type or the issuance or participation in the Letters of Credit (or similar contingent obligations), then, upon demand by such Lender (with a copy of such demand to the Agent), the Borrowers shall immediately pay to the Agent for the account of such
Lender, from time to time as specified by such Lender, additional amounts sufficient to compensate such Lender in the light of such circumstances, to the extent that such Lender reasonably determines such increase in capital to be allocable to the
existence of such Lender’s commitment to lend or to issue or participate in Letters of Credit hereunder or to the issuance or maintenance of or participation in any Letters of Credit, provided that such Lender shall exercise reasonable
efforts (consistent with its internal policy and legal and regulatory restrictions) to minimize any such compensation payable by the Borrowers hereunder and provided further that the Borrowers shall not be required to pay any such
compensation with respect to any period prior to the 90th day before the date of any such demand, unless such introduction, change, compliance or request shall have retroactive effect to a date prior to such 90th day. A certificate as to such amounts submitted to the relevant Borrowers and the Agent by such Lender, shall be conclusive and binding for all
purposes, absent manifest error. 

  

	(c)	Borrower Rights Upon Cost Increases. Upon receipt of notice from any Lender claiming compensation pursuant to this Section 2.14 or Section 2.15 and as long as no
Default has occurred and is continuing, TBC shall have the right, on or before the 30th day after the date of receipt of any such notice, 

  

					
	 Five-Year Credit Agreement
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	 	(i)	to arrange for one or more Lenders or other commercial banks to assume the Commitment of such Lender; subject, however, to payment to the Agent by the assignor or the
assignee of a processing and recording fee of $3,500, in the event the assuming lender is not a Lender; or 

  

	 	(ii)	to arrange for the Commitment of such Lender to be terminated and all Committed Advances owed to such Lender to be prepaid; 

  
 and, in either case, subject to payment in full of all principal, accrued
and unpaid interest, fees, commissions and other amounts payable under this Agreement and then owing to such Lender immediately prior to the assignment or termination of the Commitment of such Lender. 
  

	2.15	Taxes. 

  

	(a)	Exclusion and Inclusion of Taxes. Any and all payments by each Borrower hereunder or with respect to any Advances or under any Notes shall be made, in accordance with
Section 2.17, free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, in the case of each Lender and the
Agent, taxes that are imposed on its overall net income by the United States and taxes that are imposed on its overall net income (and franchise taxes imposed in lieu thereof) by the state or foreign jurisdiction under the laws of which such Lender
or the Agent (as the case may be) is organized or any political subdivision thereof and, in the case of each Lender, taxes that are imposed on its overall net income ( and franchise taxes imposed in lieu thereof) by the state or foreign jurisdiction
of such Lender’s Applicable Lending Office or any political subdivision thereof (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities in respect of payments hereunder or with respect to any Advances or
under any Notes, hereinafter referred to as “Taxes”). If any Borrower shall be required by law to deduct any Taxes from or in respect to any sum payable hereunder or with respect to any Advances or under any Note to any Lender or
the Agent, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.15) such Lender or the Agent (as the case
may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Borrower shall make such deductions and (iii) such Borrower shall pay the full amount deducted to the relevant taxation
authority or other authority in accordance with applicable law. 

  

	(b)	Payment of Other Taxes. In addition, each Borrower shall pay any present or future stamp, documentary, excise, property or similar taxes, charges, or levies that arise from
any payment made hereunder or with respect to any Advances and under any Notes or from the execution, delivery or registration of, performance under, or otherwise with respect to, this Agreement or any Notes ( “Other Taxes”).

  

	(c)	Indemnification as to Taxes. Each Borrower shall indemnify each Lender and the Agent for and hold it harmless against the full amount of Taxes and Other Taxes, and for the
full amount of taxes of any kind imposed by any jurisdiction on amounts payable under this Section 2.15, imposed on or paid by such Lender or the Agent (as the case may be) and any liability ( including penalties, interest and expenses) arising
therefrom or with respect thereto. This indemnification shall be made within 30 days from the date such Lender or the Agent (as the case may be) makes written demand therefor. 

  

	(d)	Evidence of or Exemption from Taxes. Within 30 days after the date of any payment of Taxes, the Borrower which paid such Taxes shall furnish to the Agent, at its address
referred to in 

  

					
	 Five-Year Credit Agreement
	 	27	 	 

 Section 8.2, the original or a certified copy of a receipt evidencing such payment. In the case of
any payment hereunder or with respect to the Advances or under any Notes by or on behalf of any Borrower through an account or branch outside the United States or by or on behalf of any Borrower by a payor that is not a United States person, if the
Borrower determines that no taxes are payable in respect thereof, such Borrower shall furnish, or shall cause such payor to furnish, to the Agent, at such address, an opinion of counsel acceptable to the Agent stating that such payment is exempt
from Taxes. For purposes of this subsection (d) and subsection (e), the terms “United States” and “United States person” have the meanings specified in Section 7701 of the Internal Revenue Code.

  

	(e)	Non-U.S. Lenders. Each Lender organized under the laws of a jurisdiction outside the United States shall, on or prior to the date of its execution and delivery of this
Agreement (in the case of each Lender listed in Schedule I), and from the date on which any other Lender becomes a party hereto (in the case of each other Lender), and from time to time thereafter as requested in writing by TBC (but only so long
thereafter as such Lender remains lawfully able to do so), provide each of the Agent and TBC with two original Internal Revenue Service forms W-8BEN or W-8EC1, as appropriate, or any successor form prescribed by the Internal Revenue Service, to
establish that such Lender is not subject to, or is entitled to a reduced rate of, United States withholding tax on payments pursuant to this Agreement or with respect to any Advances or any Notes. If the forms provided by a Lender at the time such
Lender first becomes a party to this Agreement indicates a United States interest withholding tax rate in excess of zero, withholding tax at such rate shall be considered excluded from Taxes unless and until such Lender provides the appropriate form
certifying that a lower rate applies, whereupon withholding tax at such lower rate only shall be considered excluded from Taxes for periods governed by such form; provided, however, that, if at the date on which a Lender becomes a
party to this Agreement, the Lender assignor was entitled to payments under subsection 2.15(a) in respect of United States withholding tax with respect to interest paid at such date, then, to such extent, the term Taxes shall include (in addition to
withholding taxes that may be imposed in the future or other amounts otherwise includable in Taxes) United States withholding tax, if any, applicable with respect to the Lender assignee on such date. If any form or document referred to in this
subsection 2.15(e) requires the disclosure of information, other than information necessary to compute the tax payable and information required on the date hereof by Internal Revenue Service form W-8BEN or W-8EC1, that the Lender reasonably
considers to be confidential, the Lender shall give notice thereof to the relevant Borrowers and shall not be obligated to include in such form or document confidential information. 

  

	(f)	Lender Failure to Provide IRS Forms. For any period with respect to which any Lender has failed to provide TBC with the appropriate form described in subsection 2.15(e)
(other than if such failure is due to a change in law occurring after the date on which a form originally was required to be provided or if such form otherwise is not required under subsection 2.15(e)), such Lender shall not be entitled to
indemnification under subsection (a) or (c) with respect to Taxes imposed by the United States by reason of such failure; provided, however, that should a Lender become subject to Taxes because of its failure to deliver a
form required hereunder, TBC shall take such steps as such Lender shall reasonably request to assist such Lender to recover such Taxes. 

  

	2.16	Illegality. If any Lender shall notify the Agent that either 

  

	 	(a)	there is any introduction of, or change in or in the interpretation of, any law or regulation that in the opinion of counsel for such Lender in the relevant jurisdiction makes it
unlawful, or 

  

					
	 Five-Year Credit Agreement
	 	28	 	 

	 	(b)	any central bank or other governmental authority asserts that it is unlawful 

  

for such Lender to continue to fund or maintain any Eurodollar Rate Advances or to perform its obligations hereunder with respect to Eurodollar Rate
Advances hereunder, then, upon the issuance of such opinion of counsel or such assertion by a central bank or other governmental authority, the Agent shall give notice of such opinion or assertion to the Borrowers (accompanied by such opinion, if
applicable). The Borrowers shall forthwith either 
  

	 	(i)	prepay in full all Eurodollar Rate Committed Advances and all Eurodollar Rate Bid Advances made by such Lender, with accrued interest thereon or 

  

	 	(ii)	Convert each such Eurodollar Rate Committed Advance made by such Lender into a Base Rate Advance. 

  
 Upon such prepayment or Conversion, the obligation of such Lender to make Eurodollar Rate Committed Advances or Eurodollar
Rate Bid Advances, or to Convert Committed Advances into Eurodollar Rate Committed Advances, shall be suspended until the Agent shall notify the Borrowers that the circumstances causing such suspension no longer exists. 
  

	2.17	Payments and Computations. 

  

	(a)	Time and Distribution of Payments. The Borrowers shall make each payment hereunder and with respect to any Advances or under any Notes, without counterclaim or setoff, not
later than 11:00 a.m. (New York City time) on the day when due in U.S. dollars to the Agent at the Agent’s Account in same day funds. The Agent shall promptly thereafter cause to be distributed like funds relating to the payment of principal or
interest, fees or commissions ratably (other than amounts payable pursuant to Section 2.6, 2.10, 2.14, 2.15, 2.16 or 2.20) to the Lenders for the account of their respective Applicable Lending Offices, and like funds relating to the payment of
any other amount payable to any Lender to such Lender for the account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement. From and after the effective date of an assignment pursuant to
Section 2.21, the Agent shall make all payments hereunder and with respect to any Advances or under any Notes in respect of the interest assigned thereby to the Lender assignee thereunder, and the parties to such assignment shall make all
appropriate adjustments in such payments for the periods prior to such effective date directly between themselves. 

  

	(b)	Computation of Interest, Fees and Commissions. All computations of interest based on the Base Rate and utilization fees shall be made by the Agent on the basis of a year of
365 or 366 days, as the case may be. All computations of interest based on the Eurodollar Rate or the Federal Funds Rate and of Facility Fees and Letter of Credit commissions shall be made by the Agent, and all computations of interest pursuant to
Section 2.10 shall be made by a Lender, on the basis of a year of 360 days, in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest, fees or commissions are
payable. Each determination by the Agent (or, in the case of Section 2.10, by a Lender) of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error. 

  

	(c)	Payment Due Dates. Whenever any payment hereunder or with respect to any Advances or under any Notes shall be stated to be due on a day other than a Business Day, such
payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or fee, as the case may be, but not later than the Termination Date; provided,
however, if such extension would cause payment of interest on or principal of Eurodollar Rate Advances to be made in the next following calendar month, such payment shall be made on the immediately preceding Business Day.

  

					
	 Five-Year Credit Agreement
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	(d)	Presumption of Borrower Payment. Unless the Agent receives notice from a Borrower prior to the date on which any payment is due to any Lenders hereunder that such Borrower
will not make such payment in full, the Agent may assume that the Borrower has made such payment in full to the Agent on such date and the Agent may, in reliance upon such assumption, cause to be distributed to each such Lender on such due date an
amount equal to the amount then due such Lender. If and to the extent that such Borrower has not made such payment in full to the Agent, each such Lender shall repay to the Agent forthwith on demand such amount distributed to such Lender together
with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Agent, at the Federal Funds Rate. 

  

	2.18	Sharing of Payments, Etc. If any Lender obtains any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on account of the
Committed Advances made by it (other than pursuant to Sections 2.10, 2.14, 2.15, 2.16 or 2.20), in excess of its ratable share of payments on account of the Committed Advances obtained by all the Lenders, such Lender shall forthwith purchase from
the other Lenders such participations in the Committed Advances made by them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them, provided, however, that if all or any portion of
such excess payment is thereafter recovered from such purchasing Lender, such purchase from each other Lender shall be rescinded and each such other Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery
together with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or
other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. The Borrowers agree that any Lender so purchasing a participation from another Lender pursuant to this Section 2.18 may, to the fullest extent
permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Lender were a creditor of the Borrowers in the amount of such participation. 

  

	2.19	Evidence of Debt. 

  

	(a)	Lender Records; If Notes Required. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower to
such Lender resulting from each Committed Advance owing to such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder in respect of Committed Advances. Each Borrower
shall, upon notice by any Lender to such Borrower (with a copy of such notice to the Agent) to the effect that a Committed Note is required or appropriate in order for such Lender to evidence (whether for purposes of pledge, enforcement or
otherwise) the Committed Advances owing to, or to be made by, such Lender, such Borrower shall promptly execute and deliver to such Lender a Committed Note payable to the order of such Lender in a principal amount up to the Commitment of such
Lender. 

  

	(b)	Record of Borrowings, Payables and Payments. The Register maintained by the Agent pursuant to Section 2.21(d) shall include a control account, and a subsidiary
account for each Lender, in which accounts (taken together) shall be recorded 

  

					
	 Five-Year Credit Agreement
	 	30	 	 

	 	(i)	the date and amount of each Borrowing made hereunder to each Borrower, the Type of Advances constituting such Borrowing and, if appropriate, the Interest Period applicable thereto,

  

	 	(ii)	the terms of each assignment pursuant to Section 2.21, 

  

	 	(iii)	the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder, and 

  

	 	(iv)	the amount of any sum received by the Agent from a Borrower hereunder and each Lender’s share thereof. 

  

	(c)	Evidence of Payment Obligations. Entries made in good faith by the Agent in the Register pursuant to subsection (b) above, and by each Lender in its account or accounts
pursuant to subsection (a) above, shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from a Borrower to, in the case of the Register, each Lender and, in the case of
such account or accounts, such Lender, under this Agreement, absent manifest error; provided, however, that the failure of the Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such
account or accounts shall not limit or otherwise affect the obligations of the Borrowers under this Agreement. 

  

	2.20	Alteration of Commitments and Addition of Lenders. 

  

	(a)	Alter Lender Commitment. By a written agreement executed only by TBC, the Agent, each Issuing Bank and the affected Lender and any non-party lender involved,

  

	 	(i)	the Commitment of such affected Lender may be increased to the amount set forth in such agreement; 

  

	 	(ii)	such non-party lender may be added as a Lender with a Commitment as set forth in such agreement, provided that such lender agrees to be bound by all the terms and provisions
of this Agreement; and 

  

	 	(iii)	the unused portion of the Commitment of such affected Lender may be reduced or terminated and the Committed Advances owing to such Lender may be prepaid in whole or in part, all as
set forth in such agreement. 

  

	(b)	Conditions to Alteration. The Agent may execute any such agreement without the prior consent of any Lender other than the Lender affected, provided, however,
that if at the time the Agent proposes to execute such agreement either (A) TBC’s long-term senior unsecured debt is rated by any two of S&P, Moody’s and Fitch, lower than BBB+ by S&P, lower than Baa1 by Moody’s or lower
than BBB+ by Fitch or (B) a Default has occurred and is continuing, then the Agent shall not execute any such agreement unless it has first obtained the prior written consent of the Majority Lenders, and provided further that the
Agent shall not execute any such agreement without the prior written consent of the Majority Lenders if such agreement would increase the total of the Commitments to an amount in excess of $1,500,000,000 or, pursuant to Section 2.20(c),
$2,500,000,000. 

  

	(c)	Increase Total Commitment. The Company has the right, twice a year, to increase the total of the Commitments through a Request for Alteration, in minimum increments of
$25,000,000, up to a maximum aggregate of Commitments of $2,500,000,000, provided that, in addition to the 

  

					
	 Five-Year Credit Agreement
	 	31	 	 

 requirements specified in Section 2.20(b), at the time of and after giving effect to an increase,
TBC’s long-term senior unsecured non-credit-enhanced debt ratings from Moody’s and S&P are better than or equal to Baa1 and BBB+, respectively. The Company may offer the increases to 
  

	 	(i)	the Lenders, and each Lender shall have the right, but no obligation, to increase its Commitment, by giving notice thereof to the Agent, to all or a portion of the proposed increase
(the “Proposed Increased Commitment”), allocations to be at the sole discretion of the Company, and 

  

	 	(ii)	third party financial institutions reasonably acceptable to the Agent, the Company and each Issuing Bank, provided that the minimum commitment of each such institution equals
or exceeds $25,000,000. 

  

	(d)	Request for Alteration. The Agent shall give each Lender prompt notice of any such agreement becoming effective. All requests for Lender consent under the provisions of this
Section 2.20 shall specify the date upon which any such increase, addition, reduction, termination, or prepayment shall become effective (the “Effective Date”) and shall be made by means of a Request for Alteration
substantially in the form as set forth in Exhibit C. On the Effective Date on which the Commitment of any Lender is increased, decreased, terminated or created or on which prepayment is made, all as described in such Request for Alteration, the
Borrowers or such Lender, as the case may be, shall make available to the Agent not later than 12:30 p.m. (New York City time) on such date, in same day funds, the amount, if any, which may be required (and the Agent shall distribute such funds
received by it to the Borrowers or to such Lenders, as the case may be) so that at the close of business on such date the sum of the Committed Advances of each Lender then outstanding shall be in the same proportion to the total of the Committed
Advances of all the Lenders then outstanding as the Commitment of such Lender is to the total of the Commitments. The Agent shall give each Lender notice of the amount to be made available by, or to be distributed to, such Lender at least 3 Business
Days before such payment is made. 

  

	2.21	Assignments; Sales of Participations and Other Interests in Advances. 

  

	(a)	Assignment of Lender Obligations. From time to time each Lender may, with the prior written consent of TBC (so long as no Event of Default has occurred and is continuing) and
subject to the qualifications set forth below, assign to one or more Lenders or an Eligible Assignee all or any portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment, the
Committed Advances owing to it, its participations in Letters of Credit and the Committed Note, if any, held by it) and will, at any time, if arranged by the Company pursuant to clause (i)(A) below upon at least 30 days’ notice to such Lender
and the Agent, assign to one or more Eligible Assignees all of its rights and obligations under this Agreement (including without limitation, all of its Commitment, the Committed Advances owing to it, its participations in Letters of Credit and the
Committed Note, if any, held by it); subject to the following: 

  

	 	(i)	If such Lender notifies TBC and the Agent of its intent to request the consent of TBC to an assignment, TBC shall have the right, for 30 days after receipt of such notice and so
long as no Event of Default has occurred and is continuing, in its sole discretion either (A) to arrange for one or more Eligible Assignees to accept such assignment (a “Required Assignment”) or (B) to arrange for the
rights and obligations of such Lender (including, without limitation, such Lender’s Commitment), and the total Commitments, to be reduced by an amount equal to the amount of such Lender’s Commitment proposed to be assigned and, in
connection with such reduction, to prepay that portion of the Committed Advances owing to such Lender which it proposes to assign; 

  

					
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	 	(ii)	If TBC fails to notify such Lender within 30 days of TBC’s receipt of such Lender’s request for consent to assignment, the Borrowers shall be deemed to consent to the
proposed assignment; 

  

	 	(iii)	Any such assignment shall not require any Borrower to file a registration statement with the Securities and Exchange Commission or apply to qualify the interests in the Committed
Advances under the blue sky laws of any state and the assigning Lender shall otherwise comply with all federal and state securities laws applicable to such assignment; 

  

	 	(iv)	Unless TBC consents, the amount of the Commitment of the assigning Lender being assigned pursuant to any such assignment (determined as of the date of the assignment) shall either
(A) equal 50% of all such rights and obligations (or 100% in the case of a Required Assignment) or (B) not be less than $10,000,000 or an integral multiple of $1,000,000 in excess thereof; 

  

	 	(v)	Unless TBC consents, the aggregate amount of the Commitment assigned pursuant to all such assignments of such Lender (after giving effect to such assignment) shall in no event
exceed 50% (except in the case of a Required Assignment) of all such Lender’s Commitment (as set forth in Schedule I, in the case of each Lender that is a party hereto as of November 18, 2005, or as set forth in the Register as the
aggregate Commitment assigned to such Lender pursuant to one or more assignments, in the case of any assignee); and 

  

	 	(vi)	No Lender shall be obligated to make a Required Assignment unless such Lender has received payments in an aggregate amount at least equal to the outstanding principal amount of all
Committed Advances being assigned, together with accrued interest thereon to the date of payment of such principal amount and all other amounts payable to such Lender under this Agreement (including without limitation Section 2.13(c),
provided that such Lender shall receive its pro rata share of the Facility Fee on the next date on which the Facility Fee is payable). 

  

	(b)	Effect of Lender Assignment. From and after the effective date of any assignment pursuant to Section 2.21(a), (i) the assignee thereunder shall be a party hereto
and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such assignment, it shall have the rights and obligations of a Lender hereunder and (ii) the Lender assignor thereunder shall, to the extent that
rights and obligations hereunder have been assigned by it pursuant to such assignment, relinquish its rights (other than its rights under Section 2.14, 2.15, 2.20 or 8.3 to the extent any claim thereunder relates to an event arising prior to
such assignment) and be released from its obligations under this Agreement (and, in the case of an assignment covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to
be a party hereto). 

  

	(c)	Security Interest; Assignment to Lender Affiliate. Notwithstanding any other provision in this Agreement, any Lender may, upon prior or contemporaneous notice to TBC and the
Agent, at any time (i) create a security interest in all or any portion of its rights under this Agreement (including without limitation, the Advances owing to it and the Notes held by it, if any) in favor of any Federal Reserve Bank in
accordance with Regulation A of the Board of Governors of the Federal Reserve System, and (ii) assign all or any portion of its rights and obligations under this 

  

					
	 Five-Year Credit Agreement
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 Agreement (including, without limitation, all or a portion of its Commitment, the Committed Advances
owing to it, its participations in Letters of Credit and the Committed Note held by it, if any) to an Affiliate of such Lender unless the result of such an assignment would be to increase the cost to any Borrowers of requesting, borrowing,
continuing, maintaining, paying or converting any Advances. 
  

	(d)	Agent’s Register. The Agent shall maintain at its address referred to in Section 8.2 a copy of each assignment delivered to and accepted by it and a register for
the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of the Committed Advances of each Borrower owing to, each Lender from time to time (the “Register”). The entries in the Register
shall be conclusive and binding for all purposes, absent manifest error, and the Borrowers, the Agent and the Lenders may treat each entity whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register
shall be available for inspection by the Borrowers or any Lender at any reasonable time and from time to time upon reasonable prior notice. Upon receipt by the Agent from the assigning Lender of an assignment in form and substance satisfactory to
the Agent executed by an assigning Lender and an assignee representing that it is an Eligible Assignee, together with evidence of each Committed Advance subject to such assignment, and a processing and recording fee of $3,500 (payable by either the
assignor or the assignee), the Agent shall, if such assignment is a Required Assignment or has been consented to by TBC to the extent required by Section 2.21(a) or has been effected pursuant to Section 2.22(c), (i) accept such
assignment, (ii) record the information contained therein in the Register, and (iii) give prompt notice thereof to TBC. 

  

	(e)	Lender Sale of Participations. Each Lender may sell participations in all or a portion of its rights and obligations under this Agreement (including, without limitation, all
or a portion of its Commitment, the Advances owing to it, its participations in Letters of Credit and the Notes held by it, if any) to one or more Affiliates of such Lender or to one or more other commercial banks; provided, however,
that 

  

	 	(i)	any such participation shall not require any Borrowers to file a registration statement with the Securities and Exchange Commission or apply to qualify any interests in the Advances
or any Notes under the blue sky laws of any state and the Lender selling or granting such participation shall otherwise comply with all federal and state securities laws applicable to such transaction, 

  

	 	(ii)	no purchaser of such a participation shall be considered to be a “Lender” for any purpose under the Agreement, 

  

	 	(iii)	such Lender’s obligations under this Agreement (including, without limitation, its Commitment to the Borrowers) shall remain unchanged, 

  

	 	(iv)	such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, 

  

	 	(v)	such Lender shall remain the holder of any Notes issued with respect to its Advances for all purposes of this Agreement, 

  

	 	(vi)	the Borrowers, the Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement, and 

  

					
	 Five-Year Credit Agreement
	 	34	 	 

	 	(vii)	no participant under any such participation shall have any right to approve any amendment or waiver of any provision of this Agreement or any Note, or any consent to any departure
by any Borrower therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or interest on, the Notes or any fees or other amounts payable hereunder, in each case to the extent subject to such participation,
or postpone any date fixed for any payment of principal of, or interest on, the Notes or any fees or other amounts payable hereunder, in each case to the extent subject to such participation. 

  

	(f)	Confidential Borrower Information. Any Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to this
Section 2.21, disclose to the assignee or participant or proposed assignee or participant, any information relating to the Borrowers furnished to such Lender by or on behalf of the Borrowers; provided, however, that, prior to any
such disclosure of Confidential Information, such Lender shall obtain the written consent of the Borrowers, and the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality of any such Confidential
Information received by it from such Lender except as disclosure may be required or appropriate to governmental authorities, pursuant to legal process, or by law or governmental regulation or authority. 

  

	2.22	Extension of Termination Date. 

  

	(a)	Extension Request. TBC may, on behalf of itself and the Subsidiary Borrowers, by written notice to the Agent in the form of Exhibit E (each such notice being an
“Extension Request”) given no earlier than 60 days and no later than 45 days prior to any one or more anniversaries of the date hereof, request that the then applicable Termination Date be extended to a date one year after the then
applicable Termination Date. Such extension shall be effective with respect to each Lender which, by a written notice in the form of Exhibit F (a “Continuation Notice”) to TBC and the Agent given no earlier than 45 days and no later
than 28 days prior to such anniversary, consents, in its sole discretion, to such extension (each Lender giving a Continuation Notice being referred to sometimes as a “Continuing Lender” and each Lender other than a Continuing
Lender being a “Non-Extending Lender”), provided, however, that such extension shall be effective only if the aggregate Commitments of the Continuing Lenders, together with the Commitments of the Replacement Lenders,
are not less than 51% of the aggregate Commitments of the Lenders on the date of the Extension Request. No Lender shall have any obligation to consent to any such extension of the Termination Date. The Agent shall notify each Lender of the receipt
of an Extension Request within three (3) Business Days after receipt thereof. The Agent shall notify the Company and the Lenders no later than 15 days prior to the then applicable Termination Date whether the Agent has received Continuation
Notices from Lenders holding at least 51% of the aggregate Commitments on the date of the Extension Request. 

  

	(b)	Non-Extending Lenders. The Commitment of each Non-Extending Lender shall terminate at the close of business on the Termination Date in effect prior to the delivery of such
Extension Request without giving any effect to such proposed extension, provided that on the applicable anniversary date TBC may replace the Non-Extending Lenders pursuant to Section 2.22(c). On the Termination Date in effect prior to the
delivery of such Extension Request without giving any effect to such proposed extension TBC shall pay or cause to be paid to the Agent, for the account of the Non-Extending Lenders, an amount equal to the Non-Extending Lenders’ Committed
Advances, together with accrued but unpaid interest and fees thereon and all other amounts then payable hereunder to the Non-Extending Lenders. 

  

					
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	(c)	Replacement Lenders. A Non-Extending Lender shall be obligated, at the request of TBC, to assign at any time prior to the close of business on the applicable anniversary of
the date hereof all of its rights (other than rights that would survive the termination of the Agreement pursuant to Section 8.3) and obligations hereunder to one or more Lenders or other commercial banks nominated by TBC and willing to become
Lenders in place of such Non-Extending Lender (the “Replacement Lenders”). In order to qualify as a Replacement Lender, a Lender or lender must satisfy all of the requirements of this Agreement (including without limitation the
terms of Section 2.21 relating to Required Assignments). Such obligation of each Non-Extending Lenders is subject to such Non-Extending Lender’s receiving (i) payment in full from the Replacement Lenders of the principal amount of all
Advances owing to such Non-Extending Lender immediately prior to an assignment to the Replacement Lenders and (ii) payment in full from the relevant Borrowers of all accrued interest and fees and other amounts payable hereunder and then owing
to such Non-Extending Lender immediately prior to the assignment to the Replacement Lenders. Upon such assignment, the Non-Extending Lender shall no longer be a Lender, such Replacement Lender shall become a Continuing Lender, and the Agent shall
make appropriate entries in the Register to reflect the foregoing. 

  

	2.23	Subsidiary Borrowers. 

  

	(a)	Subsidiary Borrower Designation. TBC may at any time, and from time to time, by delivery to the Agent of a Borrower Subsidiary Letter substantially in the form of
Exhibit D, duly executed by TBC and the respective Subsidiary, designate such Subsidiary as a “Subsidiary Borrower” for purposes of this Agreement, and such Subsidiary shall thereupon become a “Subsidiary Borrower” for
purposes of this Agreement and, as such, shall have all of the rights and obligations of a Borrower hereunder; provided that any designation of a Subsidiary that is organized under the laws of a jurisdiction outside of the United States of
America shall be made only upon 30 days prior notice to the Agent. The Agent shall promptly notify each Lender of each such designation by TBC and the identity of the designated Subsidiary. As soon as possible and in any event within 10 Business
Days after notice of the designation of a Subsidiary Borrower that is organized under the laws of a jurisdiction outside of the United States of America, any Lender that may not legally lend to such Subsidiary Borrower (a “Protesting
Lender”) shall so notify TBC and the Agent in writing. With respect to each Protesting Lender, TBC shall, effective on or before the date that such Subsidiary Borrower shall have the right to borrower hereunder, either:

  

	 	(i)	arrange for one or more Lenders or other commercial banks to assume the Commitment of such Protesting Lender; subject, however, to payment to the Agent by the assignor
or the assignee of a processing and recording fee of $3,500, in the event the assuming lender is not a Lender; or 

  

	 	(ii)	arrange for the Commitment of such Protesting Lender to be terminated and all Committed Advances owed to such Lender to be prepaid; 

  
 subject, in either case, to payment in full of all principal, accrued and
unpaid interest, fees, commissions and other amounts payable under this Agreement and then owing to such Lender immediately prior to the assignment or termination of the Commitment of such Lender. 
  

	(b)	TBC Consent to Subsidiary Borrower Borrowings and Notices. No Advances shall be made to a Subsidiary Borrower, and no Conversion of any Advances at the request of a
Subsidiary Borrower shall be effective, without, in each and every instance, the prior consent of TBC, in its sole discretion, which shall be evidenced by the countersignature of TBC to the relevant Notice of 

  

					
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 Borrowing or notice of Conversion. In addition, no notices which are to be delivered by a Borrower
hereunder shall be effective, with respect to any Subsidiary Borrower, unless the notice is countersigned by TBC. 
  

	(c)	Subsidiary Borrower Termination Event. The occurrence of any of the following events with respect to any Subsidiary Borrower shall constitute a “Subsidiary Borrower
Termination Event” with respect to such Subsidiary Borrower: 

  

	 	(i)	such Subsidiary Borrower ceases to be a Subsidiary; 

  

	 	(ii)	such Subsidiary Borrower is liquidated or dissolved; 

  

	 	(iii)	such Subsidiary Borrower fails to preserve and maintain its existence; 

  

	 	(iv)	such Subsidiary Borrower merges or consolidates with or into another Person, or conveys, transfers, leases, or otherwise disposes of (whether in one transaction or in a series of
transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to any Person (except that a Subsidiary Borrower may merge into or dispose of assets to another Borrower); 

  

	 	(v)	any of the “Events of Default” described in Section 6.1(a) through (f) occurs to or with respect to such Subsidiary Borrower as if such Subsidiary Borrower were
“TBC”; or 

  

	 	(vi)	the Guaranty with respect to such Subsidiary Borrower ceases, for any reason, to be valid and binding on TBC or TBC so states in writing. 

  

	(d)	Terminated Subsidiary Borrower. Upon the occurrence of a Subsidiary Borrower Termination Event with respect to any Subsidiary Borrower, such Subsidiary Borrower (a
“Terminated Subsidiary Borrower”) shall cease to be a Borrower for purposes of this Agreement and shall no longer be entitled to request or borrow Advances hereunder. All outstanding Advances of a Terminated Subsidiary Borrower
shall be automatically due and payable as of the date on which the Subsidiary Borrower Termination Event of such Terminated Subsidiary Borrower occurred, together with accrued interest thereon and any other amounts then due and payable by that
Borrower hereunder, unless, in the case of a Subsidiary Borrower Termination Event described in paragraph (iv) of Section 2.22(c), the other Person party to the transaction is a Borrower and such other Borrower has assumed in writing all
of the outstanding Advances and other obligations under this Agreement and under any other Loan Document, of the Terminated Subsidiary Borrower. 

  

	(e)	TBC as Subsidiary Borrowers’ Agent. Each of the Subsidiary Borrowers hereby appoints and authorizes TBC to take such action as agent on its behalf and to exercise such
powers under this Agreement as are delegated to TBC by the terms hereof, together with such powers as are reasonably incidental thereto. 

  

	(f)	Subsidiaries’ Several Liabilities. Notwithstanding anything in this Agreement to the contrary, each of the Subsidiary Borrowers shall be severally liable for the
liabilities and obligations of such Subsidiary Borrower under this Agreement and its Borrowings, and other Loan Documents, if any. No Subsidiary Borrower shall be liable for the obligations of any other Borrower under this Agreement or any
Borrowings of any other Borrower or any other Borrower’s Notes, if any. Each Subsidiary Borrower shall be severally liable for all payments of the principal of and interest on Advances to such Subsidiary Borrower, and any other amounts due
hereunder that are 

  

					
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 specifically allocable to such Subsidiary Borrower or the Advances to such Subsidiary Borrower. With
respect to any amounts due hereunder, including fees and commissions, that are not specifically allocable to a particular Borrower, each Borrower shall be liable for such amount pro rata in the same proportion as such Borrower’s outstanding
Advances bear to the total of then-outstanding Advances to all Borrowers. 
  
 ARTICLE 3 
  
 Representations and Warranties 
  

	3.1	Representations and Warranties by the Borrowers. Each of the Borrowers represents and warrants as follows: 

  

	(a)	Corporate Standing. TBC is a duly organized corporation existing in good standing under the laws of the State of Delaware. Each Subsidiary Borrower is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization, and each of TBC and each Subsidiary Borrower is qualified to do business in every jurisdiction where such qualification is required, except where the failure to so
qualify would not have a material adverse effect on the financial condition of TBC and the Subsidiary Borrowers as a whole. 

  

	(b)	Corporate Powers; Governmental Approvals. The execution and delivery and the performance of the terms of this Agreement are, and the execution and delivery and the
performance of the terms of any other Loan Documents and of each Guaranty will be, within the corporate powers of each Borrower party thereto, have been or will have been (as appropriate) duly authorized by all necessary corporate action, have, or
will have, received (as appropriate) all necessary governmental approval, if any (which approval, if any, remains in full force and effect), and do not contravene any provision of the Certificate of Incorporation or By-Laws of any Borrower party
thereto, or do not contravene any law or any contractual restriction binding on any Borrower party thereto, except where such contravention would not have a material adverse effect on the financial condition of TBC and its Subsidiaries, taken as a
whole. 

  

	(c)	Enforceability. This Agreement and the other Loan Documents, if any, when duly executed and delivered by each Borrower party thereto, will constitute legal, valid and binding
obligations of such Borrower, enforceable against such Borrower in accordance with their respective terms, and each Guaranty, when duly executed and delivered by TBC, will constitute a legal, valid and binding obligation of TBC, enforceable against
TBC in accordance with its terms, subject to general equitable principles and except as the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws of general application relating
to creditors’ rights. 

  

	(d)	No Material Pending or Threatened Actions. In TBC’s opinion, there are no pending or threatened actions or proceedings before any court or administrative agency
(i) other than as disclosed in TBC’s filings with the Securities and Exchange Commission, that are reasonably likely to have a material adverse affect on the financial condition or operations of the Company which is likely to materially
impair the ability of the Company to repay the Advances or (ii) which would affect the legality, validity or enforceability of this Agreement or the Advances. 

  

	(e)	Consolidated Statements. The Consolidated statement of financial position as of December 31, 2004 and the related Consolidated statement of earnings and retained
earnings for the year then ended (copies of which have been furnished to each Lender) correctly set forth the Consolidated 

  

					
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 financial condition of TBC and its Subsidiaries as of such date and the result of the Consolidated
operations for such year. The Consolidated statement of financial position as of September 30, 2005 and the related Consolidated statement of earnings and retained earnings for the nine month period then ended (copies of which have been
furnished to each Lender) correctly set forth, subject to year-end audit adjustments, the Consolidated financial condition of TBC and its Subsidiaries as of such date and the result of the Consolidated operations for such nine month period.

  

	(f)	Regulation U. No Borrower is engaged in the business of extending credit for the purpose of purchasing or carrying margin stock within the meaning of Regulation U issued by
the Board of Governors of the Federal Reserve System, and no proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock. Following application
of the proceeds of each Advance, not more than 25 percent of the value of the assets (either of any Borrower only or of each Borrower and its subsidiaries on a Consolidated basis) subject to the provisions of Section 4.2(a) or subject to any
restriction contained in any agreement or instrument between any Borrower and any Lender or any Affiliate of a Lender relating to Debt within the scope of Section 6.1(d) will be margin stock (within the meaning of Regulation U issued by the
Board of Governors of the Federal Reserve System). 

  

	(g)	Investment Company Act. No Borrower is an “investment company,” or an “affiliated person” of, or “promoter” or “principal underwriter”
for, an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended. Neither the making of any Advances, nor the application of the proceeds or repayment thereof by any Borrower, nor the consummation
of the other transactions contemplated hereby, will violate any provision of such Act or any rule, regulation or order of the Securities and Exchange Commission thereunder. 

  

	(h)	No Material Adverse Change. Except as disclosed in filings with the Securities and Exchange Commission prior to the date hereof, there has been no material adverse change in
the Company’s financial condition or results of operations since December 31, 2004 that is likely to impair the ability of the Company to repay the Advances. 

  
 ARTICLE 4 
  
 Covenants of TBC 
  

	4.1	Affirmative Covenants of TBC. From the date of this Agreement and so long as any amount is payable by a Borrower to any Lender hereunder or any Commitment is outstanding, TBC
will: 

  

	(a)	Periodic Reports. Furnish to the Lenders: 

  

	 	(1)	within 60 days after the close of each of the first three quarters of each of TBC’s fiscal years, a Consolidated statement of financial position of TBC and the Subsidiaries as
of the end of such quarter and a Consolidated comparative statement of earnings and retained earnings of TBC and the Subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, each
certified by an authorized officer of TBC, 

  

	 	(2)	within 120 days after the close of each of TBC’s fiscal years, and with respect to any quarter thereof, if requested in writing by the Majority Lenders (with a copy to the

  

					
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 Agent), within 60 days after the later of (x) the close of any of the first three quarters thereof
subject of such request and (y) such request, a statement certified by an authorized officer of TBC showing in detail the computations required by the provisions of Sections 4.2(a) and 4.2(b), based on the figures which appear on the books of
account of TBC and the Subsidiaries at the close of such quarters, 
  

	 	(3)	within 120 days after the close of each of TBC’s fiscal years, a copy of the annual audit report of TBC, certified by independent public accountants of nationally recognized
standing, together with financial statements consisting of a Consolidated statement of financial position of TBC and the Subsidiaries as of the end of such fiscal year and a Consolidated statement of earnings and retained earnings of TBC and the
Subsidiaries for such fiscal year, 

  

	 	(4)	within 120 days after the close of each of TBC’s fiscal years, a statement certified by the independent public accountants who shall have prepared the corresponding audit
report furnished to the Lenders pursuant to the provisions of clause (3) of this subsection (a), to the effect that, in the course of preparing such audit report, such accountants had obtained no knowledge, except as specifically stated, that
TBC had been in violation of the provisions of any one of Sections 4.2(a), 4.2(b), 4.2(c) and 4.2(d), at any time during such fiscal year, 

  

	 	(5)	promptly upon their becoming available, all financial statements, reports and proxy statements which TBC sends to its stockholders, 

  

	 	(6)	promptly upon their becoming available, all regular and periodic financial reports which TBC or any Subsidiary files with the Securities and Exchange Commission or any national
securities exchange, 

  

	 	(7)	within 3 Business Days after the discovery of the occurrence of any event which constitutes a Default, notice of such occurrence together with a detailed statement by a responsible
officer of TBC of the steps being taken by TBC or the appropriate Subsidiary to cure the effect of such event, and 

  

	 	(8)	such other information respecting the financial condition and operations of TBC or the Subsidiaries as the Agent may from time to time reasonably request. 

 
 TBC shall be deemed to have furnished the information specified in
clauses (1), (3), (5) and (6) above on the date that such information is posted at the Company’s website on the Internet at www.boeing.com, at www.sec.gov or at such other website as notified to the Agent and the
Lenders. 
  

	(b)	Payment of Taxes, Etc. Duly pay and discharge, and cause each Subsidiary duly to pay and discharge, all material taxes, assessments and governmental charges upon it or
against its properties prior to a date which is 5 Business Days after the date on which penalties are attached thereto, except and to the extent only that the same shall be contested in good faith and by appropriate proceedings by TBC or the
appropriate Subsidiary. 

  

	(c)	Insurance. Maintain, and cause each Subsidiary to maintain, with financially sound and reputable insurance companies or associations, insurance of the kinds, covering the
risks and in the relative proportionate amounts usually carried by companies engaged in businesses similar to that of TBC or such Subsidiary, except, to the extent consistent with good business practices, such insurance may be provided by TBC
through its program of self insurance. 

  

					
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	(d)	Corporate Existence. Preserve and maintain its corporate existence. 

  

	(e)	Material Compliance With Laws. Comply, and cause each Subsidiary to comply, in all material respects with all applicable laws (including ERISA and applicable environmental
laws), except to the extent that failure to so comply would not have a material adverse effect on the financial condition or operations of the Company. 

  

	4.2	General Negative Covenants of TBC. From the date of this Agreement and so long as any amount shall be payable by TBC or any other Borrower to any Lender hereunder or any
Commitment shall be outstanding, TBC will not: 

  

	(a)	Mortgages, Liens, Etc. Create, incur, assume or suffer to exist any mortgage, pledge, lien, security interest or other charge or encumbrance (including the lien
or retained security title of a conditional vendor) upon or with respect to any of its Property, Plant and Equipment, or upon or with respect to the Property, Plant and Equipment of any Subsidiary, or assign or otherwise convey, or permit any
Subsidiary to assign or otherwise convey, any right to receive income from or with respect to its Property, Plant and Equipment, except 

  

	 	(1)	liens in connection with workmen’s compensation, unemployment insurance or other social security obligations; 

  

	 	(2)	liens securing the performance of bids, tenders, contracts (other than for the repayment of borrowed money), leases, statutory obligations, surety and appeal bonds, liens to secure
progress or partial payments made to TBC or such Subsidiary and other liens of like nature made in the ordinary course of business; 

  

	 	(3)	mechanics’, workmen’s, materialmen’s or other like liens arising in the ordinary course of business in respect of obligations which are not due or which are being
contested in good faith; 

  

	 	(4)	liens for taxes not yet due or being contested in good faith and by appropriate proceedings by TBC or the affected Subsidiary; 

  

	 	(5)	liens which arise in connection with the leasing of equipment in the ordinary course of business; 

  

	 	(6)	liens on Property, Plant and Equipment owned by TBC or any Subsidiary of TBC existing on the date of this Agreement; 

  

	 	(7)	liens on assets of a Person existing at the time such Person is merged into or consolidated with TBC or a Subsidiary of TBC or at the time of purchase, lease, or acquisition of the
property or Voting Stock of such Person as an entirety or substantially as an entirety by TBC or a Subsidiary of TBC, whether or not any Debt secured by such liens is assumed by TBC or such Subsidiary, provided that such liens are not created
in anticipation of such purchase, lease, acquisition or merger; 

  

	 	(8)	liens securing Debt of a Subsidiary of TBC owing to TBC or to another Subsidiary; 

  

					
	 Five-Year Credit Agreement
	 	41	 	 

	 	(9)	liens on assets existing at the time of acquisition of such property by TBC or a Subsidiary of TBC or purchase money liens to secure the payment of all or part of the purchase price
of property upon acquisition of such assets by TBC or such Subsidiary or to secure any Debt incurred or guaranteed by TBC or a Subsidiary prior to, at the time of, or within one year after the later of the acquisition, completion or construction
(including any improvements on existing property), or commencement of full operation, of such property, which Debt is incurred or guaranteed solely for the purpose of financing all or any part of the purchase price thereof or construction or
improvements thereon; provided, however, that in the case of any such acquisition, construction or improvement, the lien shall not apply to any property theretofore owned by TBC or such Subsidiary other than, in the case of such
construction or improvement, any theretofore unimproved real property on which the property so constructed or the improvement made is located; 

  

	 	(10)	liens securing obligations of TBC or a Subsidiary incurred in conjunction with industrial revenue bonds or other instruments utilized in connection with incentive structures for tax
purposes issued for the benefit of TBC or a Subsidiary in connection with any Property, Plant and Equipment used by TBC or a Subsidiary; 

  

	 	(11)	any extension, renewal or replacement (or successive extensions, renewals or replacements in whole or in part of any lien referred to in the foregoing; provided,
however, that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement and that such extension, renewal or replacement shall be limited to all or
any part of the property that secured the lien so extended, renewed or replace (plus improvements and construction on such property); and 

  

	 	(12)	other liens, charges and encumbrances, so long as the aggregate amount of the Consolidated Debt for which all such liens, charges and encumbrances serve as security does not exceed
15% of Consolidated Net Tangible Assets. 

  

	(b)	Consolidated Debt. Permit Consolidated Debt (subject to Section 4.3) to be at any time more than 60% of Total Capital, where “Total Capital” means the
sum of Shareholders’ Equity and Consolidated Debt. 

  

	(c)	Payment in Violation of an Agreement. Make any payment, or permit any Subsidiary to make any payment, of principal or interest, on any Debt which payment would constitute a
violation of the terms of this Agreement or of the terms of any indenture or agreement binding on such corporation or to which such corporation is a party except, in the case of any payment made by a Subsidiary, to the extent such payment is not
likely to impair the ability of TBC to repay the Advances. 

  

	(d)	Merger or Consolidation. Merge or consolidate with or into, or convey, transfer, lease, or otherwise dispose of (whether in one transaction or in a series of transactions)
all or substantially all of its assets (whether now owned or hereafter acquired) to any Person except that TBC may merge or consolidate with any Person so long as TBC is the surviving corporation and no Default has occurred and is continuing or
would result therefrom, and except that any direct or indirect Subsidiary of TBC may merge or consolidate with or into, or dispose of assets to, TBC or any other direct or indirect Subsidiary of TBC, provided, in each case, that no Event of
Default has occurred and is continuing at the time of such proposed transaction or would result there from. 

  

					
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	4.3	Financial Statement Terms. For purposes of Section 4.2(b), all capitalized terms not defined in this Agreement shall have the respective meanings used in TBC’s
published Consolidated financial statements and calculated under the generally accepted accounting principles and practices applied by TBC on the date hereof in the preparation of such financial statements. However, notwithstanding the foregoing,
(a) such terms shall exclude amounts attributable to Boeing Capital Services Corporation and its Subsidiaries and Boeing Financial Corporation, a Delaware corporation; and (b) Total Capital shall exclude the effects of (i) any
merger-related accounting adjustments which are attributable to the merger with or acquisition of McDonnell Douglas Corporation by TBC and (ii) any repurchase by TBC of its common stock. 

  

	4.4	Waivers of Covenants. The departure by TBC or any Subsidiary from the requirements of any of the provisions of this Article 4 shall be permitted only if such departure has
been consented to in advance in a writing signed by the Majority Lenders, and such writing shall be effective as a consent only to the specific departure described in such writing. Such departure by TBC or any Subsidiary when properly consented to
by the Majority Lenders shall not constitute an Event of Default under Section 6.1(c). 

  
 ARTICLE 5 
  
 Conditions Precedent to Borrowings and Issuances 
  

	5.1	Conditions Precedent to the Initial Borrowing or Initial Issuance of TBC. The obligation of each Lender to make its initial Advance to TBC and of each Issuing Bank to issue a
Letter of Credit for the account of TBC are subject to receipt by the Agent on or before the day of the initial Borrowing or initial issuance of all of the following, each dated as of the day hereof, in form and substance satisfactory to the Agent
and its counsel: 

  

	 	(a)	Documentation. Copies of all documents, certified by an officer of TBC, evidencing necessary corporate action by TBC and governmental approvals, if any, with respect to this
Agreement, to the other Loan Documents, if any, and to Guaranties to be delivered by TBC pursuant to Section 5.4(e); 

  

	 	(b)	Officer’s Certificate. A certificate of the Secretary or an Assistant Secretary of TBC which certifies the names of the officers of TBC authorized to sign the Notes, if
any, and the other documents to be delivered hereunder, together with true specimen signatures of such officers and facsimile signatures of officers authorized to sign by facsimile signature (on which certificate each Lender may conclusively rely
until it receives a further certificate of the Secretary or an Assistant Secretary of TBC canceling or amending the prior certificate and submitting specimen signatures of the officers named in such further certificate); 

  

	 	(c)	Opinion of Company Counsel. A favorable opinion of in-house counsel for TBC substantially in the form of Exhibit G and as to such other matters as the Agent may reasonably
request, which opinion TBC hereby expressly instructs such counsel to prepare and deliver; 

  

	 	(d)	Opinion of Agent’s Counsel. A favorable opinion of Shearman & Sterling LLP, counsel for the Agent, substantially in the form of Exhibit H;

  

					
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	 	(e)	Termination of 2003 Agreement. TBC shall have terminated in whole the commitments of the banks parties to the 2003 Credit Agreement; and 

  

	 	(f)	Satisfaction of 2003 Agreement Obligations. TBC and its Subsidiaries shall have satisfied all of their respective obligations under the 2003 Credit Agreement including,
without limitation, the payment of all fees under such agreement. 

  

	5.2	Conditions Precedent to Each Committed Borrowing and Each Issuance of TBC. The obligation of each Lender to make a Committed Advance on the occasion of each Committed
Borrowing (including the initial Borrowing) and the obligation of each Issuing Bank to issue a Letter of Credit (including the initial issuance) are subject to the further conditions precedent that on the date of the request for a Committed
Borrowing, date of the requested issuance and on the date of such Borrowing or issuance, the following statements shall be true, and both the giving of the applicable Notice of Committed Borrowing, Notice of Issuance and the acceptance by TBC of the
proceeds of such Committed Borrowing or such Letter of Credit shall be a representation by TBC that: 

  

	 	(a)	the representations and warranties contained in subsections (a) through (g) of Section 3.1 are true and accurate on and as of each such date as though made on and as
of each such date (except to the extent that such representations and warranties relate solely to an earlier date); and 

  

	 	(b)	as of each such date no event has occurred and is continuing, or would result from the proposed Committed Borrowing or issuance, which constitutes a Default.

  

	5.3	Conditions Precedent to Each Bid Borrowing of TBC. The obligation of any Lender to make a Bid Advance on the occasion of a Bid Borrowing (including the initial Borrowing) is
subject to the further conditions precedent that: 

  

	 	(a)	Notice of Bid Borrowing. The Agent shall have received the written confirmatory Notice of Bid Borrowing with respect thereto; 

  

	 	(b)	Bid Notes. On or before the date of such Bid Borrowing, but prior to such Bid Borrowing, the Agent shall have received a Bid Note payable to the order of such Lender for each
of the one or more Bid Advances to be made by such Lender as part of such Bid Borrowing, in a principal amount equal to the principal amount of the Bid Advance to be evidenced thereby and otherwise on such terms as were agreed to for such Bid
Advance in accordance with Section 2.6; 

  

	 	(c)	Periodic Reports. Each Lender intending to make a Bid Advance shall have received the statements provided (or deemed provided) by TBC pursuant to Section 4.1(a)(1),
(2) and (3); and 

  

	 	(d)	Representations. On the date of such request and the date of such Borrowing, the following statements shall be true, and each of the giving of the applicable Notice of
Borrowing and the acceptance by TBC of the proceeds of such Bid Borrowing shall be a representation by TBC that: 

  

	 	(i)	the representations and warranties contained in subsections (a) through (g) of Section 3.1 are true and accurate on and as of each such date as though made on and as
of each such date (except to the extent that such representations and warranties relate solely to an earlier date); 

  

					
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	 	(ii)	as of each such date no event has occurred and is continuing, or would result from the proposed Bid Borrowing, which constitutes a Default; and 

  

	 	(iii)	no event has occurred and no circumstance exists as a result of which any information concerning TBC that has been provided by TBC to the Agent or the Lenders in connection with
such Bid Borrowing would include an untrue statement of a material fact or omit to state any material fact or any fact necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading.

  

	5.4	Conditions Precedent to the Initial Borrowing and Issuance of a Subsidiary Borrower. The obligation of each Lender to make its initial Advance to any particular Subsidiary
Borrower and of each Issuing Bank to issue a Letter of Credit for the account of such Subsidiary Borrower are subject to the receipt by the Agent, on or before the day of the initial Borrowing or initial issuance by such Subsidiary Borrower, of all
of the following, each dated on or prior to the day of the initial Borrowing or issuance, in form and substance satisfactory to the Agent and its counsel: 

  

	 	(a)	Borrower Subsidiary Letter. A Borrower Subsidiary Letter, substantially in the form of Exhibit D, executed by such Subsidiary Borrower and TBC; 

  

	 	(b)	Documentation. Copies of all documents, certified by an officer of the Subsidiary Borrower, evidencing necessary corporate action by the Subsidiary Borrower and governmental
approvals, if any, with respect to this Agreement and any other Loan Documents; 

  

	 	(c)	Officer’s Certificate. A certificate of the Secretary or an Assistant Secretary of TBC or the Subsidiary Borrower which certifies the names of the officers of the
Subsidiary Borrower authorized to sign the Notes and the other documents to be delivered hereunder, together with true specimen signatures of such officers and facsimile signatures of officers authorized to sign by facsimile signature (on which
certificate each Lender may conclusively rely until it receives a further certificate of the Secretary or an Assistant Secretary of TBC or the Subsidiary Borrower canceling or amending the prior certificate and submitting signatures of the officers
named in such further certificate); 

  

	 	(d)	Opinion of Subsidiary Counsel. A favorable opinion of in-house counsel to the Subsidiary Borrower, substantially in the form of Exhibit I and as to such other matters as the
Agent may reasonably request; 

  

	 	(e)	TBC Guaranty. A Guaranty of TBC that unconditionally guarantees the payment of all obligations of such Subsidiary Borrower hereunder and under the Notes of such Subsidiary
Borrower, substantially in the form of Exhibit J, executed and delivered by TBC to the Agent; and 

  

	 	(f)	Opinion of TBC Counsel. A favorable opinion of in-house counsel to TBC, substantially in the form of Exhibit K and as to such other matters as the Agent may reasonably
request. 

  

					
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	5.5	Conditions Precedent to Each Committed Borrowing or Issuance of a Subsidiary Borrower. The obligation of each Lender to make a Committed Advance to a Subsidiary Borrower on
the occasion of each Committed Borrowing (including the initial Borrowing) and the obligation of each Issuing Bank to issue a Letter of Credit for the account of such Subsidiary Borrower (including the initial issuance) are subject to the further
conditions precedent that on the date of the request for such Committed Borrowing, date of the requested issuance and the date of such Borrowing or issuance, the following statements shall be true, and each of the giving of the applicable Notice of
Committed Borrowing, Notice of Issuance and the acceptance by such Subsidiary Borrower of the proceeds of such Committed Borrowing or such Letter of Credit shall be (a) a representation by such Subsidiary Borrower that:

  

	 	(i)	the representations and warranties of that Subsidiary Borrower contained (A) in subsections (a) through (g) of Section 3.1 are true and accurate on and as of
each such date as though made on and as of each such date (except to the extent that such representations and warranties relate solely to an earlier date), and (B) in its Borrower Subsidiary Letter are true and correct on and as of the date of
such Borrowing or issuance, before and after giving effect to such Borrowing or issuance; and 

  

	 	(ii)	as of each such date no event has occurred and is continuing, or would result from the proposed Committed Borrowing or issuance, which constitutes a Default;

  
 and (b) a representation by TBC that the
representations and warranties of TBC contained in subsections (a) through (g) of Section 3.1 are true and accurate on and as of each such date as though made on and as of each such date (except to the extent that such representations
and warranties relate solely to an earlier date), and that, as of each such date, no event has occurred and is continuing, or would result from the proposed Committed Borrowing or issuance, which constitutes a Default. 
  

	5.6	Conditions Precedent to Each Bid Borrowing of a Subsidiary Borrower. The obligation of any Lender to make a Bid Advance to any particular Subsidiary Borrower on the occasion
of each Bid Borrowing (including the initial Borrowing) is subject to the further conditions precedent that: 

  

	 	(a)	Notice of Bid Borrowing. The Agent shall have received the written confirmatory Notice of Bid Borrowing with respect thereto; 

  

	 	(b)	Bid Notes. On or before the date of such Bid Borrowing, but prior to such Bid Borrowing, the Agent shall have received a Bid Note payable to the order of such Lender for each
of the one or more Bid Advances to be made by such Lender as part of such Bid Borrowing, in a principal amount equal to the principal amount of the Bid Advance to be evidenced thereby and otherwise on such terms as were agreed to for such Bid
Advance in accordance with Section 2.6; 

  

	 	(c)	Periodic Reports. Each Lender intending to make a Bid Advance shall have received the statements provided (or deemed provided) by TBC pursuant to Section 4.1(a)(1),
(2) and (3); and 

  

	 	(d)	Subsidiary Representations. On the date of such request and the date of such Borrowing, the following statements shall be true, and each of the giving of the applicable
Notice of Bid Borrowing and the acceptance by the Subsidiary of the proceeds of such Bid Borrowing shall be (a) a representation by such Subsidiary Borrower that: 

  

					
	 Five-Year Credit Agreement
	 	46	 	 

	 	(i)	the representations and warranties contained (A) in subsections (a) through (g) of Section 3.1 hereof with respect to such Subsidiary Borrower are true and
accurate on and as of each such date as though made on and as of each such date (except to the extent that such representations and warranties relate solely to an earlier date), and (B) in its Borrower Subsidiary Letter are true and correct on
and as of the date of such Borrowing, before and after giving effect to such Borrowing; 

  

	 	(ii)	as of each such date no event has occurred and is continuing, or would result from the proposed Bid Borrowing which constitutes a Default; and 

  

	 	(iii)	no event has occurred and no circumstance exists as a result of which any information concerning TBC or the Subsidiary Borrower that has been provided by TBC or the Subsidiary
Borrower to the Agent or the Lenders in connection with such Bid Borrowing would include an untrue statement of a material fact or omit to state any material fact or any fact necessary to make the statements contained therein, in light of the
circumstances under which they were made, not misleading; and 

  

	 	(e)	TBC Representation. A representation by TBC that the representations and warranties of TBC contained in subsections (a) through (g) of Section 3.1 are true and
accurate on and as of each such date as though made on and as of each such date (except to the extent that such representations and warranties relate solely to an earlier date), and that, as of each such date, no event has occurred and is
continuing, or would result from the proposed Committed Borrowing which constitutes a Default. 

  
 ARTICLE 6 
  
 Events of Default 
  

	6.1	Events of Default. Each of the following shall constitute an Event of Default: 

  

	(a)	Failure by TBC to make when due any payment of principal of or interest on any Advance or under a Guaranty when the same becomes due and payable and such failure is not remedied
within 5 Business Days thereafter; 

  

	(b)	Any representation or warranty made by TBC in connection with the execution and delivery of this Agreement, the Borrowings or any Guaranty, or otherwise furnished pursuant hereto
proves to have been incorrect when made in any material respect; 

  

	(c)	Failure by TBC to perform any other term, covenant or agreement contained in this Agreement, and such failure is not remedied within 30 days after written notice thereof has been
given to TBC by the Agent, at the request, or with the consent, of the Majority Lenders; 

  

	(d)	Failure by TBC to pay when due (i) any obligation for the payment of borrowed money on any regularly scheduled payment date or following acceleration thereof or (ii) any
other monetary obligation if, in the case of either of clauses (i) or (ii), the aggregate unpaid principal amount of the obligations with respect to which such failure to pay or acceleration occurred equals or exceeds $150,000,000 and such
failure is not remedied within 5 Business Days after TBC receives notice thereof from the Agent or the creditor on such obligation; 

  

					
	 Five-Year Credit Agreement
	 	47	 	 

	(e)	TBC or any of its Subsidiaries 

  

	 	(1)	incurs liability with respect to any employee pension benefit plan in excess of $150,000,000 in the aggregate under 

  

	 	(A)	Sections 4062, 4063, 4064 or 4201 of ERISA; or 

  

	 	(B)	otherwise under Title IV of ERISA as a result of any reportable event within the meaning of ERISA (other than a reportable event as to which the provision of 30 days’ notice is
waived under applicable regulations); 

  

	 	(2)	has a lien imposed on its property and rights to property under Section 4068 of ERISA on account of a liability in excess of $150,000,000 in the aggregate; or

  

	 	(3)	incurs liability under Title IV of ERISA 

  

	 	(A)	in excess of $150,000,000 in the aggregate as a result of the Company or any Subsidiary or any Person that is a member of the “controlled group” (as defined in
Section 4001(a)(14) of ERISA) of the Company or any Subsidiary having filed a notice of intent to terminate any employee pension benefit plan under the “distress termination” provision of Section 4041 of ERISA, or

  

	 	(B)	in excess of $150,000,000 in the aggregate as a result of the Pension Benefit Guaranty Corporation having instituted proceedings to terminate, or to have a trustee appointed to
administer, any such plan; 

  

	(f)	The happening of any of the following events, provided such event has not then been cured or stayed: 

  

	 	(1)	the cessation by TBC of the payment of its Debts as they mature, 

  

	 	(2)	the making of an assignment for the benefit of the creditors of TBC, 

  

	 	(3)	the appointment of a trustee or receiver or liquidator for TBC or for a substantial part of its property, or 

  

	 	(4)	the institution of bankruptcy, reorganization, arrangement, insolvency or similar proceedings by or against TBC under the laws of any jurisdiction in which TBC is organized or has
material business, operations or assets and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 60 days, or any of the actions sought in
such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or any substantial part of its property and assets) shall occur; or

  

	(g)	So long as any Subsidiary is a Borrower hereunder, the Guaranty with respect to such Subsidiary Borrower for any reason ceases to be valid and binding on TBC or TBC so states in
writing. 

  

	6.2	Lenders’ Rights upon Borrower Default. If an Event of Default occurs or is continuing, then the Agent shall at the request, or may with the consent, of the Majority
Lenders, by notice to TBC, 

  

					
	 Five-Year Credit Agreement
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	 	(a)	declare the obligation of each Lender to make further Advances (other than Advances by an Issuing Bank or a Lender pursuant to Section 2.3(f)) and of the Issuing Banks to issue
Letters of Credit to be terminated, whereupon the same shall forthwith terminate, and 

  

	 	(b)	declare the Advances, all interest thereon, and all other amounts payable under this Agreement to be forthwith due and payable, whereupon the Advances, all such interest, and all
such other amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrowers, provided, however, that in the event of an
actual entry or, in the case of the institution by the Borrower of a proceeding described in Section 6.1(f)(4), a deemed entry, of an order for relief with respect to any Borrower under the Federal Bankruptcy Code (whether in connection with a
voluntary or an involuntary case), (i) the obligation of each Lender to make Advances (other than Advances by an Issuing Bank or a Lender pursuant to Section 2.3(f)) and of the Issuing Banks to issue Letters of Credit shall automatically
be terminated and (ii) the payment obligations of the Borrowers with respect to Advances, all such interest, and all such amounts shall automatically become and be due and payable, without presentment, demand, protest, or any notice of any
kind, all of which are hereby expressly waived by the Borrowers. 

  

	6.3	Actions in Respect of the Letters of Credit upon Borrower Default. If any Event of Default shall have occurred and be continuing, the Agent may with the consent, or shall at
the request, of the Majority Lenders, irrespective of whether it is taking any of the actions described in Section 6.2 or otherwise, make demand upon TBC to, and forthwith upon such demand TBC will 

  

	 	(a)	pay to the Agent on behalf of the Lenders in same day funds at the Agent’s office designated in such demand, for deposit in the L/C Cash Deposit Account, an amount equal to the
aggregate Available Amount of all Letters of Credit then outstanding or 

  

	 	(b)	make such other reasonable arrangements in respect of the outstanding Letters of Credit as shall be acceptable to the Required Lenders, provided, however, that in the
event of an actual or deemed entry of an order for relief with respect to any Borrower under the Federal Bankruptcy Code (whether in connection with a voluntary or an involuntary case), the obligation of TBC to pay to the Agent on behalf of the
Lenders in same day funds, for deposit in the L/C Cash Deposit Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding shall automatically become and be due and payable, without presentment, demand,
protest or notice of any kind, all of which are hereby expressly waived by the Borrowers. If at any time the Agent reasonably determines that any funds held in the L/C Cash Deposit Account are subject to any right or interest of any Person other
than the Agent and the Lenders or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Borrowers will, forthwith upon demand by the Agent, pay to the Agent, as additional funds to be deposited
and held in the L/C Cash Deposit Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the L/C Cash Deposit Account that are free and clear of any such right
and interest. Upon the drawing of any Letter of Credit, to the extent funds are on deposit in the L/C Cash Deposit Account, such funds shall be applied to reimburse the Issuing Banks to the extent permitted by applicable law, and if so applied, then
such reimbursement shall be deemed a repayment of the corresponding Advance in respect of such Letter of Credit. After all such Letters of Credit shall have expired or been fully drawn upon and all other obligations of the Borrowers hereunder and
under the Notes shall have been paid in full, the balance, if any, in such L/C Cash Deposit Account shall be promptly returned to TBC. 

  

					
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 ARTICLE 7 
  

The Agent 
  

	7.1	Authorization and Action. Each Lender (in its capacities as a Lender and Issuing Bank, as applicable) hereby appoints and authorizes the Agent to take such action as agent on
its behalf and to exercise such powers under this Agreement as are delegated to the Agent by the terms hereof, together with such powers as are reasonably incidental thereto. As to any matters not expressly provided for by this Agreement (including
without limitation, enforcement or collection of any Notes), the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or
refraining from acting) upon the instructions of the Majority Lenders or as otherwise required by Section 8.1(b) and such instructions shall be binding upon all Lenders and all holders of interests in Advances; provided, however,
that the Agent shall not be required to take any action which exposes the Agent to personal liability or which is contrary to this Agreement or applicable law. The Agent agrees to give to each Lender prompt notice of each notice given to it by the
Borrowers pursuant to the terms of this Agreement. 

  

	7.2	Agent’s Reliance, Etc. Neither the Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or
them under or in connection with this Agreement, except for its or their own gross negligence or willful misconduct. Without limiting the generality of the foregoing, the Agent: 

  

	 	(a)	may treat the Lender that made any Advance as the payee thereof until the Agent receives and accepts an assignment entered into by such Lender, as assignor, and an Eligible
Assignee, as assignee, as provided in Section 2.21; 

  

	 	(b)	may consult with legal counsel (including counsel for the Borrowers), independent public accountants and other experts selected by it and shall not be liable for any action taken or
omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or other experts; 

  

	 	(c)	makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations (whether written or oral) made in or
in connection with this Agreement; 

  

	 	(d)	shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement on the part of any Borrower or
to inspect the property (including the books and records) of any Borrower; 

  

	 	(e)	shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or
security interest created or purported to be created under or in connection with, this Agreement or any other instrument or document furnished pursuant hereto; and 

  

					
	 Five-Year Credit Agreement
	 	50	 	 

	 	(f)	shall incur no liability under or in respect of this Agreement by acting upon any notice, consent, certificate or other instrument or writing (which may be by telecopier, cable or
telex) believed by it to be genuine and signed or sent by the proper party or parties. 

  

	7.3	Citibank, N.A. and its Affiliates. With respect to its Commitment, the Advances made by it, and any Notes issued to it, Citibank, N.A. shall have the same rights and powers
under this Agreement as any other Lender and may exercise the same as though it were not the Agent hereunder; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include Citibank, N.A., in its
individual capacity. Citibank, N.A. and its Affiliates may accept deposits from, lend money to, accept drafts drawn by, act as trustee under indentures of, and generally engage in any kind of business with, the Company, any of its Subsidiaries and
any person or entity who may do business with or own securities of the Company or any Subsidiary, all as if Citibank, N.A. were not the Agent hereunder and without any duty to account therefor to the other Lenders. 

  

	7.4	Lender Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the Agent or any other Lender and based on the financial statements
referred to in Section 3.1(e) and the representations and warranties contained in Sections 3.1 and 3.2 and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this
Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under this Agreement. 

  

	7.5	Indemnification. 

  

	 	(a)	Each Lender agrees to indemnify the Agent (to the extent not reimbursed by TBC or any other Borrower), from and against its Ratable Share of any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Agent in any way relating to or arising out of this Agreement or
any action taken or omitted by the Agent under this Agreement (collectively, the “Indemnified Costs”), provided that no Lender shall be liable for any portion of the Indemnified Costs resulting from the Agent’s gross
negligence or willful misconduct. Without limitation of the foregoing, each Lender agrees to reimburse the Agent promptly upon demand for its Ratable Share of any out-of-pocket expenses (including counsel fees) incurred by the Agent in connection
with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement to
the extent that the Agent is not reimbursed for such expenses by TBC or any other Borrower. 

  

	 	(b)	Each Lender severally agrees to indemnify the Issuing Banks (to the extent not promptly reimbursed by TBC) from and against such Lender’s Ratable Share of any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against any Issuing Bank in any way relating to or
arising out of this Agreement or any action taken or omitted by such Issuing Bank hereunder or in connection herewith; provided, that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements resulting from such Issuing Bank’s gross negligence or willful 

  

					
	 Five-Year Credit Agreement
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 misconduct. Without limitation of the foregoing, each Lender agrees to reimburse any such Issuing Bank
promptly upon demand for its Ratable Share of any out-of-pocket expenses (including counsel fees) payable by TBC under Section 8.3, to the extent that such Issuing Bank is not promptly reimbursed for such costs and expenses by TBC. 

 

	 	(c)	The failure of any Lender to reimburse the Agent or any Issuing Bank promptly upon demand for its Ratable Share of any amount required to be paid by the Lenders to the Agent as
provided herein shall not relieve any other Lender of its obligation hereunder to reimburse the Agent or any Issuing Bank for its Ratable Share of such amount, but no Lender shall be responsible for the failure of any other Lender to reimburse the
Agent or any Issuing Bank for such other Lender’s Ratable Share of such amount. Without prejudice to the survival of any other agreement of any Lender hereunder, the agreement and obligations of each Lender contained in this Section 7.5
shall survive the payment in full of principal, interest and all other amounts payable hereunder and under the Notes. Each of the Agent and each Issuing Bank agrees to return to the Lenders their respective Ratable Shares of any amounts paid under
this Section 7.5 that are subsequently reimbursed by TBC or any Borrower. In the case of any investigation, litigation or proceeding giving rise to any Indemnified Costs, this Section 7.5 applies whether any such investigation, litigation
or proceeding is brought by the Agent, any Lender or a third party. 

  

	7.6	Successor Agent. The Agent may resign at any time by giving written notice thereof to the Lenders and TBC and may be removed at any time with or without cause by the Majority
Lenders. Upon any such resignation or removal, the Majority Lenders shall have the right, with the consent of TBC (if no Event of Default has occurred and is continuing), which shall not be unreasonably withheld, to appoint a successor Agent, which
shall be a commercial bank organized or licensed under the laws of the United States of America or of any state thereof and having a combined capital and surplus of at least $50,000,000. If no successor Agent has been so appointed by the Majority
Lenders, and has accepted such appointment, within 30 days after the retiring Agent’s giving of notice of resignation or the removal of the retiring Agent as provided herein, then the retiring Agent may, on behalf of the Lenders, appoint a
successor Agent which meets the requirements set out in the previous sentence. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Agent’s resignation or removal hereunder as Agent, the provisions of this
Article 7 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement. 

  

	7.7	Certain Obligations May Be Performed by Affiliates. The Agent may appoint any of its Affiliates to perform its obligations hereunder other than any obligation requiring the
Agent to receive, pay, or otherwise handle funds or Notes, and provided that the Agent shall continue to be responsible to the Borrowers and the Lenders for the due performance of the Agent’s obligations under this Agreement.

  

	7.8	Other Agents. Each Lender hereby acknowledges that neither the documentation agent, syndication agent nor any other Lender designated as any “Agent” (other than the
Agent) on the signature pages hereof has any liability hereunder other than in its capacity as a Lender. 

  

					
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 ARTICLE 8 
  

Miscellaneous 
  

	8.1	Modification, Consents and Waivers. 

  

	(a)	Waiver. No failure or delay on the part of any Lender in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any such right or power preclude any other or further exercise thereof or the exercise of any other right or power hereunder. No notice to or demand on the Borrowers in any case shall entitle the Borrowers to any other or further notice or demand
in similar or other circumstances. 

  

	(b)	Amendment. No amendment or waiver of any provision of this Agreement or of any Committed Notes, nor consent to any departure by the Borrowers therefrom, shall in any event be
effective unless such amendment, waiver or consent is in writing and signed by the Company and the Majority Lenders, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which
given; provided, however, that no amendment, waiver or consent shall, unless in writing and signed by all the Lenders, do any of the following: 

  

	 	(i)	waive any of the conditions specified in Section 5.1 or 5.4, 

  

	 	(ii)	except as provided in Section 2.20 or Section 2.22, increase the Commitments of the Lenders or subject the Lenders to any additional obligations, 

 

	 	(iii)	reduce the principal of, or interest on, the Committed Advances or any fees, commissions or other amounts payable hereunder, 

  

	 	(iv)	except as provided in Section 2.22, postpone any date fixed for any payment of principal of, or interest on, the Committed Advances or any fees, commissions or other amounts
payable hereunder, 

  

	 	(v)	change the percentage of the Commitments or of the aggregate unpaid principal amount of the Committed Advances or the number of Lenders required for the Lenders or any of them to
take any action hereunder, 

  

	 	(vi)	amend this Section 8.1, or 

  

	 	(vii)	release TBC from any of its obligations under any Guaranty or limit the liability of TBC as guarantor thereunder; 

  
 and provided further that no amendment, waiver, or consent
shall, unless in writing and signed by the Agent in addition to the Lenders required above to take such action, affect the rights or duties of the Agent under this Agreement or any Note and no amendment, waiver or consent shall, unless in writing
and signed by the Issuing Banks in addition to the Lenders required above to take such action, adversely affect the rights or obligations of the Issuing Banks in their capacities as such under this Agreement. 
  

	(c)	Majority Lenders. Notwithstanding the foregoing, this Section 8.1 shall not affect the provisions of Section 4.4, “Waivers of Covenants”, or Article 6,
“Events of Default”. 

  

					
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	8.2	Notices. 

  

	(a)	Addresses. All communications and notices provided for hereunder shall be in writing and mailed, telecopied, telexed or delivered and, 

  
 if to the Agent, 
  
 Citibank, N.A. 
 Two Penns Way, Suite 200 
 New Castle,
Delaware 19720 
 Attention: Bank Loans Syndications Department 
  
 facsimile number (212) 994 0961; 
  
 if to any Borrower, 
  
 care of The Boeing Company 
 100 N. Riverside

 Mail Code: 5003 3648 
 Chicago,
Illinois 
 Attention: Assistant Treasurer, Corporate Finance and Banking 
  
 facsimile number (312) 544-2399 
  
 if to any Lender, to its office at the address given on the signature pages of this Agreement; or, 
  
 as to each party, at such other address as designated by such party in a
written notice to each other party referring specifically to this Agreement. 
  

	(b)	Effectiveness of Notices. All communications and notices shall, when mailed, telecopied, or telexed, be effective when deposited in the mail, telecopied, or confirmed by
telex answerback, respectively. Delivery by telecopier of an executed counterpart of any amendment or waiver of any provision of this Agreement or any Notes or of any Exhibit to be executed and delivered hereunder shall be effective as delivery of a
manually executed counterpart thereof. 

  

	(c)	Electronic Mail. Electronic mail may be used to distribute routine communications, such as financial statements and other information, and documents to be signed by the
parties hereto; provided, however, that no Notice of Borrowing, signature, or other notice or document intended to be legally binding shall be effective if sent by electronic mail. 

  

	(d)	Internet Distributions. 

  

	 	(1)	So long as Citibank or any of its Affiliates is the Agent, such materials as may be agreed between the Borrowers and the Agent may be delivered to the Agent in an electronic medium
in a format acceptable to the Agent and the Lenders by e-mail at oploanswebadmin@citigroup.com. The Borrowers agree that the Agent may make such materials, as well as any other written information, documents, instruments and other material relating
to the Company, any of its Subsidiaries or any other materials or matters relating to this Agreement, the Notes or any of the transactions contemplated hereby (collectively, the “Communications”) available to the Lenders by posting
such notices on Intralinks or a substantially similar electronic system (the “Platform”). The Borrowers acknowledge that (i) the distribution of material through an electronic medium is not 

  

					
	 Five-Year Credit Agreement
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 necessarily secure and that there are confidentiality and other risks associated with such distribution,
(ii) the Platform is provided “as is” and “as available” and (iii) neither the Agent nor any of its Affiliates warrants the accuracy, adequacy or completeness of the Communications or the Platform and each expressly
disclaims liability for errors or omissions in the Communications or the Platform. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose,
non-infringement of third party rights or freedom from viruses or other code defects, is made by the Agent or any of its Affiliates in connection with the Platform. 
  

	 	(2)	Each Lender agrees that notice to it (as provided in the next sentence) (a “Notice”) specifying that any Communications have been posted to the Platform shall
constitute effective delivery of such information, documents or other materials to such Lender for purposes of this Agreement; provided that if requested by any Lender the Agent shall deliver a copy of the Communications to such Lender by
email or telecopier. Each Lender agrees (i) to notify the Agent in writing of such Lender’s e-mail address to which a Notice may be sent by electronic transmission (including by electronic communication) on or before the date such Lender
becomes a party to this Agreement (and from time to time thereafter to ensure that the Agent has on record an effective e-mail address for such Lender) and (ii) that any Notice may be sent to such e-mail address. 

  

	8.3	Costs, Expenses and Taxes. 

  

	(a)	TBC shall pay upon written request all reasonable costs and expenses in connection with the preparation, execution, delivery, modification and amendment requested by any of the
Borrowers of this Agreement, any Notes and the Guaranties (including, without limitation, printing costs and the reasonable fees and out-of-pocket expenses of counsel for the Agent) and costs and expenses, if any, in connection with the enforcement
of this Agreement, any Notes and the Guaranties (whether through negotiations, legal proceedings or otherwise and including, without limitation, the reasonable fees and out-of-pocket expenses of counsel), as well as any and all stamp and other
taxes, and to save the Lenders and other holders of interests in the Advances or any Notes harmless from any and all liabilities with respect to or resulting from any delay by or omission of the Borrowers to pay such taxes, if any, which may be
payable or determined to be payable in connection with the execution and delivery of this Agreement, any Notes and the Guaranties. 

  

	(b)	TBC agrees to indemnify the Agent and each Lender and each of their Affiliates and their officers, directors, employees, agents and advisors (each, an “Indemnified
Party”) from and against any and all claims, damages, losses, liabilities, penalties and expenses (including, without limitation, reasonable fees and expenses of counsel) incurred by or asserted or awarded against any Indemnified Party, in
each case arising out of or in connection with or by reason of (including, without limitation, in connection with any investigation, litigation or proceeding or preparation of a defense in connection therewith) the Advances, this Agreement, the
Notes, any of the transactions contemplated herein or the actual or proposed use of the proceeds of the Advances, except to the extent such claim, damage, loss, liability or expense resulted from such Indemnified Party’s gross negligence or
willful misconduct and except that no Indemnified Party shall have the right to be indemnified hereunder to the extent such indemnification relates to relationships of, between or among each of, or any of, the Agent, the Lenders, any assignee of a
Lender or any participant. In the case of any investigation, litigation or other proceeding to which this Section 8.3 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by TBC, its
directors, shareholders or creditors or an Indemnified Party or any other Person or an Indemnified Party is otherwise a party thereto and 

  

					
	 Five-Year Credit Agreement
	 	55	 	 

 whether or not the transactions contemplated hereby are consummated. The Borrowers also agree not to
assert any claim on any theory of liability for special, indirect, consequential or punitive damages against the Agent, any Lender, any of their Affiliates, or any of their respective directors, officers, employees, attorneys and agents, arising out
of or otherwise relating to the Notes, this Agreement, any of the transactions contemplated herein or the actual or proposed use of the proceeds of Advances. 
  

	(c)	Without prejudice to the survival of any other agreement of the Borrowers hereunder, the agreements and obligations of the Borrowers contained in Sections 2.14, 2.15 and 8.3
shall survive the payment in full of principal, interest and all other amounts payable hereunder and under the Notes for a period of seven years. 

  

	(d)	

  

	8.4	Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Borrowers, the Lenders and the Agent, and their respective successors and assigns, except
that the Borrowers may not assign or transfer their rights hereunder without the prior written consent of the Lenders. 

  

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

  

	8.6	Governing Law. This Agreement, any Notes, the Guaranties and each Borrower Subsidiary Letter shall be deemed to be contracts under the laws of the State of New York and for
all purposes shall be construed in accordance with the laws of such State. 

  

	8.7	Headings. The Table of Contents and Article and Section headings used in this Agreement are for convenience only and shall not affect the construction of this Agreement.

  

	8.8	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 taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier shall be effective as delivery of a
manually executed counterpart of this Agreement. 

  

	8.9	Right of Set-Off. Each Lender and each of its Affiliates that is or was at one time a Lender hereunder is authorized at any time and from time to time, upon

  

	 	(i)	the occurrence and during the continuance of any Event of Default and 

  

	 	(ii)	the making of the request or the granting of the consent specified by Section 6.2 to authorize the Agent to declare any Advances due and payable pursuant to the provisions of
Section 6.2, 

  
 to the fullest extent
permitted by law, without notice to any Borrower (any such notice being expressly waived by each Borrower), to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness
at any time owing by such Lender or such Affiliate to or for the credit or the account of any Borrower against any and all of the obligations to such Lender or such Affiliate of such Borrower now or hereafter 
  

					
	 Five-Year Credit Agreement
	 	56	 	 

 existing under this Agreement and any Notes held by such Lender, whether or not such Lender has made a
demand under this Agreement or such Notes and although such obligations may be unmatured. Each Lender shall promptly notify any Borrower after any such setoff and application made by such Lender, provided that the failure to give such notice
shall not affect the validity of such setoff and application. The rights of each Lender under this Section are in addition to other rights and remedies (including, without limitation, other rights of setoff) which such Lender and its Affiliates may
have. 
  

	8.10	Confidentiality. Neither the Agent nor any Lender shall disclose any Confidential Information to any other Person without the consent of a Borrower, other than

  

	 	(a)	to the Agent’s or such Lender’s Affiliates and their officers, directors, employees, agents and advisors and, as contemplated by Section 2.21(f), to actual or
prospective assignees and participants, and then only on a confidential basis, 

  

	 	(b)	as required by any law, rule or regulation or judicial process, and 

  

	 	(c)	as requested or required by any state, federal or foreign authority or examiner regulating banks or banking or other financial institutions. 

  

	8.11	Agreement in Effect. This Agreement shall become effective upon its execution and delivery, respectively, to the Agent and TBC by TBC and the Agent, and when the Agent shall
have been notified by each Lender listed on Schedule I that such Lender has executed it. 

  

	8.12	No Liability of the Issuing Banks. None of the Agent, the Lenders nor any Issuing Bank, nor any of their Affiliates, or the respective directors, officers, employees, agents
and advisors of such Person or such Affiliate, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder, or any error,
omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of
technical terms or any consequence arising from causes beyond the control of the applicable Issuing Bank; provided that the foregoing shall not be construed to excuse any Issuing Bank from liability to the applicable Borrower to the extent of
any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrowers to the extent permitted by applicable law) suffered by such Borrower that are caused by such Issuing Bank’s failure to
exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof or any failure to honor a Letter of Credit where such Issuing Bank is, under applicable law, required to honor it. The
parties hereto expressly agree that, as long as the Issuing Bank has not acted with gross negligence or willful misconduct, such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and
without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in compliance with the terms of a Letter of Credit, an Issuing Bank may, in its sole discretion, either accept and
make payment upon such documents without responsibility for further investigation or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

  

	8.13	Patriot Act Notice. Each Lender and the Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of Section 326
of the USA Patriot Act (Title III of Pub.L. 107-56 (signed into law October 26, 2001)) and the promulgated 

  

					
	 Five-Year Credit Agreement
	 	57	 	 

 regulations thereto (the “Patriot Act”), it is required to obtain, verify and record
information that identifies each Borrower, which information includes the name and address of such Borrower and other information that will allow such Lender or the Agent, as applicable, to identify such Borrower in accordance with the Patriot Act.
Each Borrower shall provide, to the extent commercially reasonable, such information and take such actions as are reasonably requested by the Agent or any Lenders in order to assist the Agent and the Lenders in maintaining compliance with the
Patriot Act. 
  

	8.14	Jurisdiction, Etc. 

  

	 	(a)	Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or federal
court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the Notes, or for recognition or enforcement of any judgment,
and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such New York State court or, to the extent permitted by law, in such
federal court. The Borrower hereby further irrevocably consents to the service of process in any action or proceeding in such courts by the mailing thereof by any parties hereto by registered or certified mail, postage prepaid, to the Borrower at
its address specified pursuant to Section 8.2. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this Agreement shall affect any right that any party may otherwise have to bring any action or proceeding relating to this Agreement or the Notes in the courts of any jurisdiction. 

  

	 	(b)	Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the
laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the Notes in any New York State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law,
the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

  

					
	 Five-Year Credit Agreement
	 	58	 	 

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

			
	 THE BOEING COMPANY

		
	 By
	 	  

	 Title:
	 	 Assistant Treasurer

	
	 CITIBANK, N.A., Individually and as Agent

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 Syndication Agent

	
	 JPMORGAN CHASE BANK, N.A.

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 Documentation Agents

	
	 BANK OF AMERICA, N.A.

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 THE BANK OF TOKYO-MITSUBISHI, LTD. SEATTLE BRANCH

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	SUMITOMO MITSUI BANKING CORPORATION
		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

					
	 Five-Year Credit Agreement
	 	 	 	 

			
	 Lenders

	
	 MIZUHO CORPORATE BANK, LTD.

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 DEUTSCHE BANK AG NEW YORK BRANCH

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 BARCLAYS BANK PLC

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	CREDIT SUISSE, CAYMAN ISLANDS BRANCH
		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 MERRILL LYNCH BANK USA

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 MORGAN STANLEY BANK

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 WILLIAM STREET COMMITMENT CORPORATION (Recourse only to assets of William Street Commitment Corporation)

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

					
	 Five-Year Credit Agreement
	 	2	 	 

			
	UBS LOAN FINANCE LLC
		
	By	 	  

	Name:	 	 
	Title:	 	 
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	BNP PARIBAS
		
	By	 	  

	Name:	 	 
	Title:	 	 
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	 BAYERISCHE LANDESBANK, CAYMAN ISLANDS BRANCH

		
	By	 	  

	Name:	 	 
	Title:	 	 
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	THE ROYAL BANK OF SCOTLAND PLC
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	CALYON NEW YORK BRANCH
		
	By	 	  

	Name:	 	 
	Title:	 	 

  

					
	 Five-Year Credit Agreement
	 	3	 	 

			
	STATE STREET BANK AND TRUST COMPANY
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	STANDARD CHARTERED BANK
		
	By	 	  

	Name:	 	 
	Title:	 	 
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	HSBC BANK USA, NATIONAL ASSOCIATION
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	ING CAPITAL LLC
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	LLOYDS TSB BANK PLC
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	THE NORTHERN TRUST COMPANY
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	BANCO BILBAO VIZCAYA ARGENTARIA S.A.
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	WESTPAC BANKING CORPORATION
		
	By	 	  

	Name:	 	 
	Title:	 	 

  

					
	 Five-Year Credit Agreement
	 	4	 	 

			
	THE BANK OF NEW YORK
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	ABN AMRO BANK N.V.
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	SOCIETE GENERALE
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	U.S. BANK, NATIONAL ASSOCIATION
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	KEYBANK NATIONAL ASSOCIATION
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	HARRIS NESBITT FINANCING, INC.
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	KBC BANK, N.V.
		
	By	 	  

	Name:	 	 
	Title:	 	 

  

					
	 Five-Year Credit Agreement
	 	5	 	 

			
	SAN PAOLO IMI S.P.A.
		
	By	 	  

	Name:	 	 
	Title:	 	 
		
	By	 	  

	Name:	 	 
	Title:	 	 

  

					
	 Five-Year Credit Agreement
	 	6	 	 

 SCHEDULE I 
 APPLICABLE LENDING OFFICES 
  

								
	 Name of Initial Lender

	  	Commitment

	    	 Domestic Lending Office

	  	 Eurodollar Lending Office

	 ABN Amro Bank N.V.
	  	$	18,750,000	    	 540 West Madison Street
 Suite 2100
 Chicago, IL 60661
 Attn: Loan Administration
 T: 312 992-5152
 F: 312 992-5157
	  	 540 West Madison Street
 Suite 2100
 Chicago, IL 60661
 Attn: Loan Administration
 T: 312 992-5152
 F: 312 992-5157

				
	 Australia and New Zealand Banking Group Limited
	  	$	13,125,000	    	 1177 Avenue of the Americas
 New York, NY
10036
 Attn: Venkatesan Srinivasan
 T: 212 801-9880
 F: 212 536-9247
	  	 1177 Avenue of the Americas
 New York, NY
10036
 Attn: Venkatesan Srinivasan
 T: 212 801-9880
 F: 212 536-9247

				
	 Banco Bilbao Vizcaya Argentaria
	  	$	18,750,000	    	 1345 Avenue of the Americas
 45th Floor
 New York, NY
10105
 Attn: Santiago Hernandez
 T: 212 728-1677
 F: 212 333-2904
	  	 1345 Avenue of the Americas
 45th Floor
 New York, NY
10105
 Attn: Santiago Hernandez
 T: 212 728-1677
 F: 212 333-2904

				
	 Bank of America, N.A.
	  	$	82,500,000	    	 1850 Gateway Blvd.
 CA4-707-05-11
 Concord, CA 94520
 Attn: Vilma Tang
 T: 925 675-7336
 F: 925 969-2865
	  	 1850 Gateway Blvd.
 CA4-707-05-11
 Concord, CA 94520
 Attn: Vilma Tang
 T: 925 675-7336
 F: 925 969-2865

				
	 The Bank of New York
	  	$	25,000,000	    	 One Wall Street
 New York, NY 10286
 Attn: Kathy D’Elena
 T: 212 635-6691
 F: 212 635-7923
	  	 One Wall Street
 New York, NY 10286
 Attn: Kathy D’Elena
 T: 212 635-6691
 F: 212 635-7923

				
	 The Bank of Tokyo-Mitsubishi, Ltd., Seattle Branch
	  	$	75,000,000	    	 900 Fourth Avenue
 Suite 4000
 Seattle, WA 98164
 Attn: Ellen Yuson
 T: 213 488-3796
 F: 213 613-1136
	  	 900 Fourth Avenue
 Suite 4000
 Seattle, WA 98164
 Attn: Ellen Yuson
 T: 213 488-3796
 F: 213 613-1136

				
	 Barclays Bank PLC
	  	$	56,250,000	    	 200 Park Avenue
 New York, NY 10166
 Attn: Nicholas A. Bell
 T: 212 412 4029
 F: 212 412 7600
	  	 200 Park Avenue
 New York, NY 10166
 Attn: Nicholas A. Bell
 T: 212 412 4029
 F: 212 412 7600

  

					
	 Five-Year Credit Agreement
	 	 	 	 

								
	 Bayerische Landesbank, Cayman Island Branch
	  	$	37,500,000	    	 560 Lexington Avenue
 New York, NY 10022
 Attn: James Fox
 T: 212 310-9986
 F: 212 310-9868
	  	 560 Lexington Avenue
 New York, NY 10022
 Attn: James Fox
 T: 212 310-9986
 F: 212 310-9868

				
	 BNP Paribas
	  	$	46,875,000	    	 209 South LaSalle Suite 500
 Chicago, IL
60604
 Attn: Catherine Lui
 T: 312 977-2200
 F: 312 977-1380
	  	 209 South LaSalle Suite 500
 Chicago, IL
60604
 Attn: Catherine Lui
 T: 312 977-2200
 F: 312 977-1380

				
	 Calyon New York Branch
	  	$	46,875,000	    	 1301 Avenue of the Americas
 New York, NY
10019
 Attn: Bertrand Cousin
 T: 212 261-7363
 F: 212 261-7368
	  	 1301 Avenue of the Americas
 New York, NY
10019
 Attn: Bertrand Cousin
 T: 212 261-7363
 F: 212 261-7368

				
	 Citibank, N.A.
	  	$	95,000,000	    	 388 Greenwich Street
 New York, NY 10013
 Attn: Philippa Portnoy
 T: 212 559-5812
 F: 212 793-1246
	  	 388 Greenwich Street
 New York, NY 10013
 Attn: Philippa Portnoy
 T: 212 559-5812
 F: 212 793-1246

				
	 Credit Suisse, Cayman Islands Branch
	  	$	56,250,000	    	 11 Madison Avenue
 New York, NY 10010
 Attn: Robert Finney
 T: 212 325-9038
 F: 212 325-8319
	  	 11 Madison Avenue
 New York, NY 10010
 Attn: Robert Finney
 T: 212 325-9038
 F: 212 325-8319

				
	 Deutsche Bank AG New York Branch
	  	$	75,000,000	    	 60 Wall Street
 New York, NY 10005
 Attn: Mary Zadroga
 T: 201-593-2360
 F: 201-593-2313
	  	 60 Wall Street
 New York, NY 10005
 Attn: Mary Zadroga
 T: 201-593-2360
 F: 201-593-2313

				
	 Harris Nesbitt Financing, Inc.
	  	$	9,375,000	    	 115 S. LaSalle Street, 12W
 Chicago, IL
60603
 Attn: Ellen Dancer
 T: 312 750-3453
 F: 312 750-6061
	  	 115 S. LaSalle Street, 12W
 Chicago, IL
60603
 Attn: Ellen Dancer
 T: 312 750-3453
 F: 312 750-6061

				
	 HSBC Bank USA, National Association
	  	$	25,000,000	    	 One HSBC Center, 26th Floor
 Buffalo, NY 14203
 Attn: Donna
Riley
 T: 716 841-4178
 F: 716 841-0269
	  	 One HSBC Center, 26th Floor
 Buffalo, NY 14203
 Attn: Donna
Riley
 T: 716 841-4178
 F: 716 841-0269

				
	 ING Capital LLC
	  	$	25,000,000	    	 1325 Avenue of the Americas
 New York, NY
10019
 Attn: Ermelinda Young
 T: 646-424-8240
 F: 646-424-8251
	  	 1325 Avenue of the Americas
 New York, NY
10019
 Attn: Ermelinda Young
 T: 646-424-8240
 F: 646-424-8251

  

					
	 Five-Year Credit Agreement
	 	2	 	 

								
	 JPMorgan Chase Bank, N.A.
	  	$	95,000,000	    	 270 Park Avenue
 New York, NY 10017
 Attn: Matt Massie
 T: 212 270-5432
 F: 212 270-5100
	  	 270 Park Avenue
 New York, NY 10017
 Attn: Matt Massie
 T: 212 270-5432
 F: 212 270-5100

				
	 KBC Bank, N.V.
	  	$	9,375,000	    	 125 West 55th
Street
 10th
Floor
 New York, NY 10019
 Attn: Robert Pacifici
 T: 212 541-0671
 F: 212 956-5581
	  	 125 West 55th
Street
 10th
Floor
 New York, NY 10019
 Attn: Robert Pacifici
 T: 212 541-0671
 F: 212 956-5581

				
	 KeyBank National Association
	  	$	13,125,000	    	 127 Public Square
 Cleveland, OH 44114
 Attn: Diane Cox
 T: 216 689-4450
 F: 216 689-4981
	  	 127 Public Square
 Cleveland, OH 44114
 Attn: Diane Cox
 T: 216 689-4450
 F: 216 689-4981

				
	 Lloyds TSB Bank Plc
	  	$	18,750,000	    	 1251 Avenue of the Americas
 39th Floor
 New York, NY
10020
 Attn: Patricia Kilian
 T: 212 930-8914
 F: 212 930-5098
	  	 1251 Avenue of the Americas
 39th Floor
 New York, NY
10020
 Attn: Patricia Kilian
 T: 212 930-8914
 F: 212 930-5098

				
	 Merrill Lynch Bank USA
	  	$	56,250,000	    	 15 W. South Temple
 Suite 300
 Salt Lake City, UT 84101
 Attn: Derek Befus
 T: 801 526-8324
 F: 801 531-7470
	  	 15 W. South Temple
 Suite 300
 Salt Lake City, UT 84101
 Attn: Derek Befus
 T: 801 526-8324
 F: 801 531-7470

				
	 Mizuho Corporate Bank, Ltd.
	  	$	75,000,000	    	 Harborside Financial Center
 1800 Plaza Ten,
16th Floor
 Jersey City,
NJ 07311
 Attn: Nate Spivey
 T: 201 626-9161
 F: 201 626-9944
	  	 Harborside Financial Center
 1800 Plaza Ten,
16th Floor
 Jersey City,
NJ 07311
 Attn: Nate Spivey
 T: 201 626-9161
 F: 201 626-9944

				
	 Morgan Stanley Bank
	  	$	56,250,000	    	 750 Seventh Avenue
 11th Floor
 New York, NY
10020
 Attn: Joseph DiTomaso
 T: 212 762-2320
 F: 212 762-0346
	  	 750 Seventh Avenue
 11th Floor
 New York, NY
10020
 Attn: Joseph DiTomaso
 T: 212 762-2320
 F: 212 762-0346

				
	 The Northern Trust Company
	  	$	18,750,000	    	 801 S. Canal Street
 Chicago, IL 60607
 Attn: Linda Honda
 T: 312 444-3532
 F: 312 630-1566
	  	 801 S. Canal Street
 Chicago, IL 60607
 Attn: Linda Honda
 T: 312 444-3532
 F: 312 630-1566

  

					
	 Five-Year Credit Agreement
	 	3	 	 

								
	 PNC Bank, National Association
	  	$	31,875,000	    	 One PNC Plaza
 249 Fifth Avenue, 2nd Floor
 Mailstop
P1-POPP-2-3
 Pittsburgh, PA 15222
 Attn: Philip K.
Liebscher
 T: (412) 762-3202
 F: (412) 762-6484
	  	 One PNC Plaza
 249 Fifth Avenue, 2nd Floor
 Mailstop
P1-POPP-2-3
 Pittsburgh, PA 15222
 Attn: Philip K.
Liebscher
 T: (412) 762-3202
 F: (412)
762-6484

				
	 The Royal Bank of Scotland plc
	  	$	37,500,000	    	 101 Park Avenue
 New York, NY 10178
 Attn: Li Yao Li
 T: 212.401.1335
 F: 212.401.1494
	  	 101 Park Avenue
 New York, NY 10178
 Attn: Li Yao Li
 T: 212.401.1335
 F: 212.401.1494

				
	 SANPAOLO IMI S.p.a.
	  	$	9,375,000	    	 245 Park Avenue
 New York, NY 10167
 Attn: Manuela Insana
 T: 212 692-3128
 F: 212 692-3178
	  	 245 Park Avenue
 New York, NY 10167
 Attn: Manuela Insana
 T: 212 692-3128
 F: 212 692-3178

				
	 Societe Generale
	  	$	18,750,000	    	 2001 Ross Avenue
 Dallas, TX 75201
 Attn: Deborah McNealey
 T: 214 979-2762
 F: 214 754-0171
	  	 2001 Ross Avenue
 Dallas, TX 75201
 Attn: Deborah McNealey
 T: 214 979-2762
 F: 214 754-0171

				
	 Standard Chartered Bank
	  	$	22,500,000	    	 One Evertrust Plaza
 Jersey City, NJ 07302

Attn: Victoria Faltine
 T: 201 633-3454
 F: 201 536-04478
	  	 One Evertrust Plaza
 Jersey City, NJ 07302

Attn: Victoria Faltine
 T: 201 633-3454
 F: 201 536-04478

				
	 State Street Bank and Trust Company
	  	$	50,000,000	    	 225 Franklin Street, MAO11
 Boston, MA
02110
 Attn: Nicole Bertone
 T: 617 664-3833
 F: 617 664-3941
	  	 225 Franklin Street, MAO11
 Boston, MA
02110
 Attn: Nicole Bertone
 T: 617 664-3833
 F: 617 664-3941

				
	 Sumitomo Mitsui Banking Corporation
	  	$	75,000,000	    	 277 Park Avenue
 New York, NY 10172
 Attn: Noel Swift
 T: 212 224-4328
 F: 212 224-5197
	  	 277 Park Avenue
 New York, NY 10172
 Attn: Noel Swift
 T: 212 224-4328
 F: 212 224-5197

				
	 UBS Loan Finance LLC
	  	$	37,500,000	    	 677 Washington Blvd.
 Stamford, Connecticut
06901
 Attn: Marie Haddad
 Banking Product Services
 T: 203 719-5609
 F: 203 719-3888
	  	 677 Washington Blvd.
 Stamford, Connecticut
06901
 Attn: Marie Haddad
 Banking Product Services
 T: 203 719-5609
 F: 203 719-3888

				
	 U.S. Bank, National Association
	  	$	18,750,000	    	 1420 Fifth Avenue, 11th Floor
 Seattle, WA 98101
 Attn: James
Farmer
 T: 206 587-5237
 F: 206 344-3654
	  	 1420 Fifth Avenue, 11th Floor
 Seattle, WA 98101
 Attn: James
Farmer
 T: 206 587-5237
 F: 206 344-3654

  

					
	 Five-Year Credit Agreement
	 	4	 	 

								
	 Wachovia Bank, National Association
	  	$	75,000,000	    	 191 Peachtree Street NE
 Atlanta, GA 30303

Attn: Joe Baschuite
 T: 404 332-5178
 F: 404 332-4136
	  	 191 Peachtree Street NE
 Atlanta, GA 30303
 Attn: Joe Baschuite
 T: 404 332-5178
 F: 404 332-4136

				
	 Westpac Banking Corporation
	  	$	18,750,000	    	 GMO Nightshift Operations
 255 Elizabeth Street,
3rd Floor
 Sydney,
Australia 2000
 Attn: London Operations
 T: 61 29
284-8241
 F: 011 44 207 621-7608
	  	 GMO Nightshift Operations
 255 Elizabeth Street,
3rd Floor
 Sydney,
Australia 2000
 Attn: London Operations
 T: 61 29
284-8241
 F: 011 44 207 621-7608

				
	 William Street Commitment Corporation
	  	$	56,250,000	    	 85 Broad Street, 6th Floor
 New York, NY 10004
 Attn: Pedro
Ramirez
 T: 212 343-8319
 F: 212 357-6240
	  	 85 Broad Street, 6th Floor
 New York, NY 10004
 Attn: Pedro
Ramirez
 T: 212 343-8319
 F: 212 357-6240

				
	Total of Commitments:	  	$	1,500,000,000	    	 	  	 

  

					
	 Five-Year Credit Agreement
	 	5ShareValue Program

 EXHIBIT 10.XXII 
  
 THE BOEING COMPANY 
  
 SHAREVALUE PROGRAM 
  
 Working Copy 
 Reflecting Amendments Adopted through September 7, 2004 
  
 ARTICLE I. THE BOEING COMPANY SHAREVALUE PROGRAM 
  
 1. Purpose 
  

	1.1	 	 The purpose of this Program is to provide an opportunity for Employees of the Company and of Participating Subsidiaries to share in the profits of the Company by
benefiting from increases in shareholder value over a multiple-year period, to reinforce the focus of Employees on shareholder value, and to encourage Employees to view their actions and responsibilities as those of “owners” of the
Company. 

  
 2. Definitions 
  
 As used in the Program, the following words and phrases have the meanings indicated:

  

	2.1	 	 “Active Payroll” means the status of an Employee who is not on layoff and has not otherwise terminated employment with the Company or Participating
Subsidiary and, unless otherwise required by law, shall not include the time during which an Employee is on an approved leave of absence after the end of the full third full calendar month of such leave. 

  

	2.2	 	 “Board of Directors” means the Board of Directors of the Company. 

  

	2.3	 	 “Boeing Common Stock” means the Company’s common stock, par value $5 per share. 

  

	2.4	 	 “Code” means the Internal Revenue Code of 1986, as amended. 

  

	2.5	 	 “Committee” means a committee of directors or officers of the Company charged by the Board of Directors to administer the Plan as set forth in
Section 4.1 and Section 4.3 of the Plan. 

  

	2.6	 	 “Company” means The Boeing Company. 

  

	2.7	 	 “Designated Beneficiary” means a beneficiary, designated by a Participant pursuant to Section 6.3 of the Plan, who is to receive benefits under the
Plan upon the Participant’s death. 

  

	2.8	 	 “Effective Date” means July 1, 1996. 

  

	2.9	 	 “Eligible Employee” has the meaning specified in Section 1 of the Plan. 

  

	2.10	 	 “Employee” means any person on the Active Payroll of the Company or a Participating Subsidiary and paid through the Company’s or Participating
Subsidiary’s Payroll Department. “Employee” does not include any person who, in the sole judgment of the Committee, is deemed either contract labor or hired on a temporary basis. 

  

	2.11	 	 “Executive Payroll” means the payroll identified by the Company or a Participating Subsidiary as its executive payroll. 

  

	2.12	 	 “Final Investment Value” has the meaning specified in Section 3.2.2 of the Plan. 

	2.13	 	 “Fair Market Value” means the mean of the high and low pershare trading prices for the Boeing Common Stock as reported by the New York Stock Exchange for
the New York Stock Exchange trading for a single trading day. 

  

	2.14	 	 “Fund” means the account established in the Trust Fund for each Investment Period. Each Fund shall be numbered to correspond with the Investment Period to
which it relates. 

  

	2.15	 	 “Initial Investment” has the meaning specified in Section 2.1 of the Plan. 

  

	2.16	 	 “Insolvent” or “Insolvency” means (a) inability to pay debts as they become due or (b) being subject to a pending proceeding as
a debtor under the provisions of Title 11 of the United States Code (the Bankruptcy Code). 

  

	2.17	 	 “Investment Period” means a period of four years commencing on July 1 of the first year of the four-year period and ending on June 30 of the
fourth year of the same four-year period; provided that two Investment Periods shall commence on July 1, 1996, one of such Investment Periods being a two-year Investment Period terminating on June 30, 1998 (“Investment
Period 1”) and the other a four-year Investment Period terminating on June 30, 2000 (“Investment Period 2”). New four-year Investment Periods shall commence on July 1, 1998 and on every second July 1
thereafter up to and including July 1, 2006. A new Investment Period shall not commence on July 1, 2008, however, unless prior to that date the Plan and the Trust Agreement have been amended, in accordance with their terms, to extend the
term of the Plan and the Trust Agreement. 

  

	2.18	 	 “Participant” means an Eligible Employee who is on the Active Payroll any month during an Investment Period. 

  

	2.19	 	 “Participant Distribution” means the portion of the ShareValue Distribution for an Investment Period that is awarded to a Participant with respect to that
Investment Period. 

  

	2.20	 	 “Participating Subsidiary” means (a) a company that is included with the Company in a “controlled group of corporations” as determined
under Section 1563 of the Code without regard to subsections (a)(4) and (e)(3)(C) thereof or (b) any other trade or business, whether or not incorporated, that, based on principles similar to those defining a “controlled group of
corporations” for purposes of clause (a) hereof, is under common control with the Company; provided that such company, trade or business has adopted the Plan pursuant to its terms and the Committee, in its sole discretion, approves
such participation. 

  

	2.21	 	 “Plan” means The Boeing Company ShareValue Plan, including all amendments thereto, which is included as Article II of the Program.

  

	2.22	 	 “Program” means The Boeing Company ShareValue Program, including the Plan and the Trust, and including all amendments thereto.

  

	2.23	 	 “ShareValue Distribution” means the aggregate amount to be distributed to all Participants at the conclusion of an Investment Period.

  

	2.24	 	 “Stock Purchase and Restriction Agreement” means the Stock Purchase and Restriction Agreement dated as of the date hereof between the Company and the
Trustee. 

  

	2.25	 	 “Threshold Amount” has the meaning specified in Section 3.2.1 of the Plan. 

  

	2.26	 	 “Trust” means The Boeing Company ShareValue Trust established by the Trust Agreement. 

  

	2.27	 	 “Trust Agreement” means The Boeing Company ShareValue Trust Agreement executed between the Company and the Trustee named therein, effective as of
July 1, 1996, including all amendments thereto, which is included as Article III of the Program. 

  

 2 

	2.28	 	 “Trust Fund” means the trust fund held by the Trustee consisting of all contributions received by the Trustee together with all proceeds of any
investments and reinvestments thereof, any earnings and increase thereon, and proceeds of sales of Boeing Common Stock awaiting distribution, less disbursements from the Trust Fund, expenses charged to the Trust Fund, and any contributions received
by the Trustee that are designated by the Company to be set aside in a special account until future direction is provided as to the use of such contributions and the earnings and income thereon. 

  

	2.29	 	 “Trust Termination Date” means the date on which the Trust is terminated. 

  

	2.30	 	 “Trustee” means Wachovia Bank of North Carolina, N.A. (not in its corporate capacity but as trustee of the Trust), or any successor trustee.

  

	2.31	 	 “Year” means the period beginning on the Effective Date and ending on June 30, 1997, and each 12-month period thereafter beginning on July 1 and
ending on June 30. 

  

 3 

 ARTICLE II. THE BOEING COMPANY SHAREVALUE PLAN 
  
 1. Eligibility and Participation 
  

	1.1	 	 An Employee shall be an Eligible Employee for purposes of the Plan during 

  

	 	1.1.1	 	 the period or periods that he or she is not within a group of Employees covered by a collective bargaining agreement between the Company or a Participating Subsidiary and
a collective bargaining representative certified under the Labor-Management Relations Act, in the negotiation of which agreement employee benefits were the subject of good-faith bargaining, or 

  

	 	1.1.2	 	 the period or periods that he or she is within such a collective bargaining unit to the extent that such period or periods are included within the time for which the Plan
is effective as to such unit, in accordance with the terms of the collective bargaining agreement between the Company or a Participating Subsidiary and the collective bargaining representative certified under such act. 

 

	1.2	 	 An Employee of a Participating Subsidiary who is not a resident of the United States and who receives no earned income from such Participating Subsidiary for services
performed within the United States shall not be an Eligible Employee unless the Plan has been made applicable to such Employee by the Participating Subsidiary. 

  

	1.3	 	 An Employee of a Participating Subsidiary who is a citizen of the United States and who (a) at the time of his or her employment by the Participating Subsidiary was a
bona fide resident of a country other than the United States or (b) is hired directly by an operation of such Participating Subsidiary to perform services outside the United States shall not be an Eligible Employee, unless the Plan has been
made applicable to such Employee by the Participating Subsidiary. 

  

	1.4	 	 A person who is included on the Executive Payroll, or who is a participant in an executive bonus or compensation plan of the Company or a Participating Subsidiary, shall
not be an Eligible Employee for any period of time during which such person is so included or so participates. 

  

	1.5	 	 An Eligible Employee shall be a Participant in any Investment Period during which such Eligible Employee is on the Active Payroll and receives at least one hour of pay
from the Company or a Participating Subsidiary. A Participant shall be entitled to a Participant Distribution for an Investment Period as described in Section 3.2.4 of the Plan, notwithstanding his or her death, retirement, disability or
termination of employment during the Investment Period. 

  

	1.6	 	 A person who is an Eligible Employee with respect to one Investment Period does not, for that reason, become an Eligible Employee with respect to any other Investment
Period. 

  
 2. Contributions and Dividends 
  

	2.1	 	 Contributions for Initial Investment Periods. On the Effective Date or within 30 days thereafter, the Company shall contribute to the Trust such number of shares of
Boeing Common Stock as equals $1 billion divided by the Fair Market Value on June 28, 1996; provided that the Company may, in lieu thereof, contribute either (a) cash in an amount sufficient to enable the Trustee to purchase such
number of shares of Boeing Common Stock or (b) a combination of Boeing Common Stock and cash sufficient for the Trustee to purchase Boeing Common Stock so that the aggregate number of shares acquired by the Trust through (i) contribution
of shares by the Company and (ii) purchases of shares by the Trustee is equal to the number of shares that equals $1 billion divided by the Fair Market Value on June 28, 1996. 

  

	2.2	 	 Acquisition of Boeing Common Stock. If either (a) or (b) of Section 2.1 applies, the cash portion of the contribution shall be used by the Trustee to
purchase shares of Boeing Common 

  

 4 

	 	 
Stock pursuant to the Trust Agreement and the Stock Purchase and Restriction Agreement. If the Trustee requires additional case to purchase Boeing Common Stock so that
the Trustee will hold the number of shares of Boeing Common Stock required under Section 2.1, the Company shall contribute such case to the Trustee on a timely basis. If less cash is required to purchase the number of share of Boeing common
Stock required under Section 2.1, the Trustee shall, on a timely basis, refund any excess contributions to the Company. 

  

	2.3	 	 Initial Funds. After any cash portions of the Company’s contributions to the Trust have been invested by the Trustee in Boeing Common Stock, the Trust Fund
shall be divided into two equal parts, one part of which shall constitute the Initial Investment for Investment Period 1 and the other part of which shall constitute the Initial Investment for Investment Period 2. The Initial Investments for each of
Investment Period 1 and Investment Period 2, together with all proceeds of any investments and reinvestments thereof, the earnings and income thereon, and proceeds of sales of Boeing Common Stock awaiting distribution, less disbursements therefrom
and expenses charged thereto, shall be segregated into separate accounts (“Fund 1” and “Fund 2,” respectively) within the Trust. 

  

	2.4	 	 Subsequent Investment Periods. The Initial Investment for each subsequent Investment Period shall be equal to the lesser of the Threshold Amount or the Final
Investment Value for the Investment Period that terminates on the June 30 immediately preceding the beginning of such succeeding Investment Period. The Initial Investment for each subsequent Investment Period shall be segregated into a separate
account, such Fund to be numbered the number following the number of the most recently initiated Fund within the Trust. 

  

	2.5	 	 Additional Contributions. The Trustee shall at any time, or from time to time, accept from any person or entity, including the Company, additional contributions of
cash or Boeing Common Stock to the Trust to augment the principal to be held, administered and disposed of by the Trustee as provided in the Trust Agreement; provided that the Board of Directors, in its sole discretion, shall have approved
such additional contributions to the Trust. Neither the Trustee nor any Participant or beneficiary shall have the right to compel such additional contributions. Such additional contributions shall be divided equally among the Funds then existing in
the Trust, unless the Board of Directors, in its sole discretion, shall have prescribed a different allocation method with respect to such additional contributions or shall have directed the Trustee to set aside any or all of such additional
contributions in a special account(s) outside the Funds and to await further directions as to the use of such contributions and any earnings and income thereon. Any such additional contributions made in cash shall be invested by the Trustee in
Boeing Common Stock pursuant to the Trust Agreement and the Stock Purchase and Restriction Agreement. 

  

	2.6	 	 Dividends. Except as otherwise provided herein, dividends paid in cash on the Boeing Common Stock held by the Trust shall be invested by the Trustee in additional
Boeing Common Stock as soon as practicable. Dividends that are not paid in cash or in Boeing Common Stock shall be reduced to cash by the Trustee and reinvested in Boeing Common Stock as soon as practicable. Dividends shall be allocated to the Fund
or special account holding the Boeing Common Stock with respect to which such dividends are payable. Investments in Boeing Common Stock may be made through open-market purchases, the Company’s Dividend Reinvestment and Stock Purchase Plan,
private transactions or (with the Company’s consent) purchases from the Company, in the Trustee’s discretion and subject to the Stock Purchase and Restriction Agreement. 

  
 3. Distributions to Participants 
  

	3.1	 	 Information to Be Provided to Trustee. The Committee shall, no less than two months prior to the end of each Investment Period, inform the Trustee in writing of the
Committee’s estimate of 

  

 5 

	 	 
the amount of any required or permitted withholding from the Participant Distributions for all Participants for that Investment Period. 

 
 The Committee shall, within 90 days following the end of each
Investment Period, inform the Trustee in writing of (a) the name and last known mailing address of each Participant for the Investment Period, (b) the name and last known mailing address of the Designated Beneficiary of each Participant
who has died during the Investment Period or, in the absence of a Designated Beneficiary, the name and last known mailing address of the person to whom such Participant’s Participant Distribution should be paid, and, if more than one person is
so designated to receive such Participant’s Participant Distribution, the share thereof to be paid to each, (c) with respect to each Participant for the Investment Period, the number of months during such Investment Period in which such
individual was a Participant, and (d) the total number of months of participation in the Plan by all Participants during the Investment Period. 
  

	3.2	 	 Trustee’s Determination of Distributions. The Trustee shall be responsible for determining the amount of any ShareValue Distribution for each Investment Period
and any Participant Distribution for each Participant. Such determination shall be made as follows: 

  

	 	3.2.1	 	 The Threshold Amount for an Investment Period shall be equal to the Initial Investment for that Investment Period increased and compounded by 3% per annum for each
Year of the Investment Period. If for any reason an Investment Period does not terminate at the end of a Year, the Threshold Amount for such Investment Period shall be prorated. 

  

	 	3.2.2	 	 During the last two months of an Investment Period, the Trustee shall sell, in accordance with the Trust Agreement and the Stock Purchase and Restriction Agreement, such
number of shares of Boeing Common Stock held in the Fund for that Investment Period as the Trustee estimates will be sufficient (in combination with any cash on hand in the appropriate Fund) to pay the appropriate withholding and cash payments on
the estimated Participant Distributions for that Investment Period. (Notwithstanding the foregoing, if the Trustee is unable for any reason to sell sufficient shares of Boeing Common Stock to pay the appropriate withholding and cash payments on the
Participant Distributions before the end of the Investment Period, the Trustee shall sell such shares as soon as practicable after the end of such Investment Period.) The fair market value of all cash and Boeing Common Stock held in the Fund on the
last day of the Investment Period (with the Boeing Common Stock valued at the Fair Market Value for the last day of the Investment Period or, if that day is not a trading day, for the next preceding trading day) shall constitute the Final Investment
Value for such Investment Period. 

  

	 	3.2.3	 	 The Final Investment Value for that Investment Period shall then be reduced (but not below zero) by the Threshold Amount for that Investment Period. The result shall be
the ShareValue Distribution for that Investment Period. 

  

	 	3.2.4	 	 The ShareValue Distribution for an Investment Period shall be proportionately distributed among the Participants for that Investment Period as Participant Distributions,
in the ratio that the number of months in that Investment Period in which the individual was a Participant bears to the total number of months of Plan participation by all Participants in that Investment Period. 

  

	 	3.2.5	 	 A Participant Distribution shall be payable only in shares of Boeing Common Stock after appropriate withholding calculated in accordance with Section 3.3 of the Plan
and Section 4.3 of the Trust Agreement; provided that a Participant Distribution of less than one full share of Boeing Common Stock after appropriate withholding calculated in accordance with Section 3.3 of the Plan and
Section 4.3 of the Trust Agreement may be paid in cash and that a Participant Distribution may be paid in cash when so approved by the Committee as they deem appropriate in order to address administrative concerns. 

 

 6 

	3.3	 	 Payment of Participant Distributions. Following the Trustee’s determination of the ShareValue Distribution for an Investment Period pursuant to
Section 3.2 of the Plan, the Trustee shall report to the Committee in writing the amount of any ShareValue Distribution as so determined. Within 90 days following the report from the Trustee, the Committee shall instruct the Trustee in writing
of the amount of any required or permitted withholding from the Participant Distribution of each Participant. As soon as practicable following receipt of such information from the Committee, the Trustee shall remit to the Company the amount of the
withholding as instructed and distribute the Participant Distributions to Participants (or their beneficiaries) for such Investment Period. The number of shares of Boeing Common Stock payable to a Participant (or beneficiary) shall equal the amount
of the Participant Distribution (as determined by the Trustee pursuant to Section 3.2 of the Plan) reduced by any withholding as provided herein (and further reduced by any withholding determined by the Trustee pursuant to Section 4.3 of
the Trust Agreement) divided by the Fair Market Value for the last day of the Investment Period or, if that day is not a trading day, for the next preceding trading day. No payment of a Participant Distribution may be deferred or paid in
installments. 

  
 The Trustee may, by
contract with the Company, on such terms as they may mutually agree, delegate to the Committee such of its functions under the Plan as it may determine. The Trustee may, with the consent of the Committee, delegate to agents such functions under the
Plan as the Trustee and the Committee determine. 
  
 4. Administration of the Plan

  

	4.1	 	 The Board of Directors shall have full power and authority to administer the Plan. The Board of Directors, in its sole discretion, may delegate some or all of its
authority and duties under the Plan to the Committee. (Where such delegation does not exist, the term “Committee” as used in the Program shall also refer to the Board of Directors.) Decisions of the Committee shall be final, conclusive and
binding on the Participants and their Designated Beneficiaries and all other persons. Any action taken by the Committee in respect of any election or request made by a Participant or Designated Beneficiary pursuant to the Plan shall be taken at the
sole discretion of the Committee. 

  

	4.2	 	 The Committee shall have the exclusive right to interpret the terms and provisions of the Plan; to take all steps deemed necessary or advisable by the Committee to correct
mistakes in administering the Plan; to determine any and all questions arising under the Plan or in connection with the administration thereof or the applicability thereof to any and all individuals; and to remedy possible ambiguities,
inconsistencies or omissions. All interpretations, corrections and decisions of the Committee in respect of any matter or question relating to the Plan or the administration thereof shall be final, conclusive and binding on all persons affected
thereby. 

  

	4.3	 	 The Committee may delegate all or part of its functions hereunder to a committee appointed by the Board of Directors for such purpose. 

  

	4.4	 	 Each member of the Committee or its delegate, if any, shall use ordinary care and diligence in the performance of such person’s duties, but no such person shall be
personally liable by reason of any contract, agreement or other instrument made or executed by such person, or on behalf of such person, or for any loss, unless resulting from the willful misconduct of such person or failure to exercise good faith
in performing such functions. No such person shall be liable for the neglect, omission or wrongdoing of any other such person, or of the agents of or counsel to the Company or such persons. The Company shall indemnify each member of the Committee
and of its delegate, if any, against, and save him or her harmless from and against, any and all expenses and liabilities arising out of any act or omission to act hereunder, except 

  

 7 

	 	 
such expenses and liabilities as are due to such person’s willful misconduct or failure to exercise good faith in performing such functions.

  
 5. Amendment and Termination 
  

	5.1	 	 Except as provided in Section 5.3 of the Plan, Article I and this Article II of the Program may be amended only by the Committee and only to the extent such amendment
is required by law or is necessary or desirable to (a) prevent adverse tax consequences to Participants or the Company, (b) provide for financial reporting treatment deemed appropriate and desirable by the Committee, or (c) cure
administrative deficiencies. 

  

	5.2	 	 No modification, amendment or termination of the Plan shall (a) retroactively deprive a Participant of rights theretofore accrued to the Participant under the . Plan
or (b) result in a change in the duties of the Trustee under the Trust Agreement without the Trustee’s consent (to the extent and in the form required by the Trust Agreement), except in either case to the extent that any change is made
necessary by law or governmental regulation. 

  

	5.3	 	 The Plan shall terminate on June 30, 2010, unless the Board of Directors, in its sole discretion, amends the Plan prior to that date to extend its term.

  

	5.4	 	 Upon termination of the Plan, the interests of the Participants under the Plan shall be fully vested and nonforfeitable. Upon such termination, the Trustee shall make the
calculations required pursuant to the Plan and shall pay Participant Distributions to Participants based on such calculations, as provided in Section 3.3 of the Plan. All assets remaining in the Trust after completion of all Participant
Distributions for all Investment Periods and after payment of all amounts required to be paid from the Trust pursuant to Section 4 of the Trust Agreement shall be transferred to the Company. 

  

	5.5	 	 In the event of any merger, consolidation or reorganization of the Company in which the Company is not the surviving corporation, the successor corporation shall continue
the Plan and shall be substituted for the Company under the Plan. 

  
 6. Miscellaneous 
  

	6.1	 	 Notices. Each Participant eligible to receive a Participant Distribution under the Plan shall file with the Company or the appropriate Participating Subsidiary, in
writing, his or her post office address and each change of post office address until receipt of the benefit payment. Any communication, statement or notice addressed to such Participant at his or her last post office address filed with the Company
or the Participating Subsidiary (or if no post office address was filed with the Company or the Participating Subsidiary, then the Participant’s last post office address shown by the Company’s or the Participating Subsidiary’s payroll
records) shall be binding on such Participant for all purposes of the Plan, and the Company or the Participating Subsidiary shall not be obligated to search for or ascertain the whereabouts of any such Participant. Participant Distributions and any
dividends or earnings attached thereon that are undeliverable to a Participant or Beneficiary shall be remitted to the Company. 

  

	6.2	 	 No Employment Contract. Nothing contained in the Plan shall confer upon any person the right to be retained in the employ of the Company or any Participating
Subsidiary or shall interfere with the right of the Company or a Participating Subsidiary to discharge or otherwise deal with such person without regard to the existence of the Plan. 

  

	6.3	 	 Designation of Beneficiary. A Participant may designate a beneficiary to receive benefits under the Plan upon the Participant’s death. The Participant may
revoke or change such designation at any time; notwithstanding any state law that purports to provide otherwise, a Participant’s beneficiary designation will not be revoked upon his or her divorce, even if that 

  

 8 

	 	 
designation names the ex-spouse as the beneficiary. A designation by a married Participant of a beneficiary other than the Participant’s spouse shall not be valid
without the written consent of the Participant’s spouse. Benefits payable under the Plan after the death of a Participant shall be paid to the Designated Beneficiary. If there is no valid designation of a beneficiary or no living Designated
Beneficiary at the Participant’s death, the benefits shall be paid to the Participant’s surviving spouse or, if none, to the Participant’s children in equal shares or, if none, to the Participant’s estate. Beneficiary
designations, revocations or changes of a beneficiary hereunder must be on forms provided by the Company or the Participating Subsidiary and filed with the Company or the Participating Subsidiary during the Participant’s lifetime. Any
beneficiary designation filed by a Participant under the Company’s Voluntary Investment Plan or any similar plans of Participating Subsidiaries, shall constitute a designation under the Plan until revoked or changed by the Participant.

  

	6.4	 	 No Rights to Assign or Alienate. No right or interest of a Participant to receive distributions under the Plan shall be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, charge, execution, attachment, or any other legal process, and any attempt to make any such benefit so subject shall be void. Notwithstanding the preceding sentence, distributions under
the Plan shall be subject to any garnishment order that applies to payroll items of the Company or a Participating Subsidiary and is effective at the time the Plan distribution is made. 

  

	6.5	 	 No Rights as Shareholder. No right or interest of a Participant to receive distributions under the Plan shall entitle a Participant to any dividend, voting or other
right of a shareholder of the Company unless and until shares of Boeing Common Stock are issued under the Plan in payment of a Participant Distribution. 

  

	6.6	 	 No Rights Under Other Plans. Participant Distributions under the Plan shall not be considered as compensation or wages, or otherwise included in the determination
of contributions or benefits, under any other plan or benefit program maintained by the Company, including, without limitation, the Employee Retirement Plan and the Voluntary Investment Plan or any similar plans of Participating Subsidiaries.

  

	6.7	 	 Plan Not Subject to ERISA. The Plan is not subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), because
it is neither an employee pension benefit plan nor an employee welfare benefit plan under the terms of ERISA. 

  

	6.8	 	 Program. The Plan is included in the Program, and the definitions of terms in Section 2 of the Program apply to the Plan. 

  

	6.9	 	 Governing Law. The Plan shall be construed according to the laws of the State of Washington, without regard to conflict of law rules. 

 

	6.10	 	 Headings. Headings and subheadings in the Plan are inserted for reference only and are not to be considered in construction of the provisions of the Plan.

  

 9 

 ARTICLE III. THE BOEING COMPANY SHAREVALUE TRUST AGREEMENT 
  
 THIS TRUST AGREEMENT (the “Trust Agreement”) is made effective as of
July 1, 1996 between The Boeing Company, a Delaware corporation, and Wachovia Bank of North Carolina, N.A., a national banking association with trust powers, as trustee. 
  
 Recitals 
  
 A. The Company desires to establish the Trust in accordance with the laws of the State of Washington and for the purposes stated in the Trust Agreement. 

 
 B. The Trustee desires to act as trustee of the Trust, and to hold legal title to
the assets of the Trust, in trust, for the purposes hereinafter stated and in accordance with the terms hereof. 
  
 C. The Company desires that the assets to be held in the Trust Fund should be principally or exclusively securities of the Company and, therefore, it expressly waives any diversification of investments
that might otherwise be necessary, appropriate or required pursuant to applicable provisions of law. 
  
 D. The Trustee has been appointed as trustee and has accepted such appointment as of the date first set forth above. 
  

Accordingly, the parties hereto hereby establish the Trust and agree that the Trust will be comprised, held and disposed of as follows: 
  
 Agreements 
  
 1. Trust, Trustee and Trust Assets 
  

	1.1	 	 Trust 

  
 The Trust Agreement and the Trust shall be known as The Boeing Company ShareValue Trust. The parties intend that the Trust will be an independent
legal entity with title to and power to convey all of its assets. The assets of the Trust will be held, invested and disposed of by the Trustee, in accordance with the terms of the Trust. 
  

	1.2	 	 Trustee 

  
 The trustee named above, and its successor or successors, is hereby designated as the Trustee hereunder, to receive, hold, invest, administer and
distribute the Trust Fund in accordance with the Trust Agreement, the provisions of which shall govern the powers, duties and responsibilities of the Trustee. 
  

	1.3	 	 Trust Assets 

  
 The assets held at any time and from time to time under the Trust collectively shall consist of contributions received by the Trustee, proceeds of
any investments and reinvestments thereof, the earnings and income thereon, and proceeds of sales of Boeing Common Stock awaiting distribution to meet cash requirements as described in Section 3.3 of the Plan and Section 4.3 of the Trust
Agreement, less disbursements therefrom and expenses charged thereto. Except as herein otherwise provided, title to the assets of the Trust shall at all times be vested in the Trustee, and securities that are part of the Trust shall be held in such
manner that the Trustee’s name and the fiduciary capacity in which the securities are held are fully disclosed, subject to the right of the Trustee to hold title in bearer form or in the name of a nominee. 
  

 10 

	1.4	 	 Trust Assets Subject to Creditor Claims 

  
 Notwithstanding any provision of the Trust Agreement to the contrary, the assets of the Trust shall as provided herein at all times remain subject
to the claims of the general creditors of the Company and of any Participating Subsidiary, under federal and state law. 
  

	 	1.4.1	 	 Information to Trustee 

  
 The Committee shall inform the Trustee in writing of the Insolvency of the Company or of any Participating Subsidiary. If a person claiming to be a
creditor of the Company or of a Participating Subsidiary alleges in writing to the Trustee that the Company or such Participating Subsidiary has become Insolvent, the Trustee shall determine whether the Company or such Participating Subsidiary is
Insolvent and, pending such determination, the Trustee shall discontinue distributions pursuant to Section 3 of the Trust Agreement to Participants employed by the Company or the Participating Subsidiary, as the case may be. 
  

	 	1.4.2	 	 Duty of Trustee 

  
 Unless the Trustee has actual knowledge of the Insolvency of the Company or a Participating Subsidiary, or has received notice from the Company or
a Participating Subsidiary, or from a person claiming to be a creditor alleging that the Company or a Participating Subsidiary is Insolvent, the Trustee shall have no duty to inquire whether the Company or any Participating Subsidiary is Insolvent.
The Trustee may in all events rely on such evidence concerning the solvency of the Company or any Participating Subsidiary as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning
Insolvency. 
  

	 	1.4.3	 	 Separate Account 

  
 If the Committee advises the Trustee that a Participating Subsidiary is Insolvent, the Committee may at any time thereafter direct the Trustee to
establish an account (the “Separate Account”) as part of the Trust Fund. The Separate Account shall be allocated a portion of the Trust Fund equal to (i) the ratio of the number of Eligible Employees of such Insolvent Participating
Subsidiary to the number of all Eligible Employees for each Investment Period then existing and for which distributions to Participants have not yet been made, as reported by the Committee to the Trustee, (ii) multiplied by, for each Investment
Period then existing and for which distributions to Participants have not yet been made, the sum of (A) the Fair Market Value of all shares of Boeing Common Stock in the Trust Fund and (B) any cash held in the Trust Fund. Fair Market Value
shall be determined for these purposes as of the date such Participating Subsidiary became Insolvent. The Separate Account shall also be allocated a portion of the Trust Fund, calculated in the manner just described, for any Investment Period that
commences after the date on which such Participating Subsidiary becomes Insolvent if such Participating Subsidiary remains Insolvent at the time such Investment Period commences. The calculation shall be made as of the last work day of the month in
which the Investment Period commences. In such event, the Committee shall advise the Trustee of the ratio to be used in determining the amount to be allocated to the Separate Account. 
  
 Once a Separate Account is established, the assets thereof (but no other assets of the Trust) shall at all times
remain subject to the claims of the general creditors of such Insolvent Participating Subsidiary, under federal and state law, for as long as such Participating Subsidiary remains Insolvent. The Committee may from time to time direct the Trustee to
allocate such additional funds from the Trust Fund to such Special Account as it may direct. The Separate Account shall be terminated as soon as the period of Insolvency ends. 
  

 11 

	 	1.4.4	 	 Payments to Participants 

  
 If at any time the Trustee has determined that the Company or a Participating Subsidiary is Insolvent, the Trustee shall discontinue payments
pursuant to Section 3 of the Trust Agreement to Participants who are Employees of the Company or the Participating Subsidiary, as the case may be, and shall hold the assets of the Trust (or, if a Separate Account has been established pursuant
to Section 1.4.3, the assets of such Separate Account) for the benefit of the general creditors of the Company or of such Participating Subsidiary. 
  
 The Trustee shall resume payments pursuant to Section 3 of the Trust Agreement only after the Trustee has determined that the Company or such
Participating Subsidiary, as the case may be, is not Insolvent. 
  

	1.5	 	 Program 

  
 The definitions of terms in Section 2 of the Program apply to the Trust Agreement. 
  
 2. Contributions and Dividends 
  

	2.1	 	 Contributions and Accounts 

  
 The Company shall make contributions and the Trustee shall establish accounts and invest contributions as set forth in Sections 2.1 and 2.2 of the
Plan, which are incorporated herein by reference. 
  
 All
contributions made to the Trust shall be delivered to the Trustee. The Trustee shall be accountable for all contributions received by it, but shall have no duty to require any contributions to be made to it. 
  

	2.2	 	 Additional Contributions 

  
 Additional contributions to the Trust may be made as set forth in Section 2.5 of the Plan, which is incorporated herein by reference.

  

	2.3	 	 Dividends 

  
 Dividends paid other than in Boeing Common Stock shall be reinvested as set forth in Section 2.6 of the Plan, which is incorporated herein by
reference. 
  
 3. Distributions Under the Plan 
  
 Distributions shall be determined and paid as set forth in Section 3 of the Plan,
which is incorporated herein by reference. 
  
 4. Compensation, Expenses and Tax
Withholding 
  

	4.1	 	 Compensation and Expenses 

  
 The Trustee shall be entitled to such reasonable compensation for its services as may be agreed upon from time to time by the Committee and the
Trustee, and to be reimbursed for its reasonable legal, accounting and appraisal fees, expenses and other charges reasonably incurred in connection with the administration, management, investment and distribution of the Trust. Such compensation
shall be paid, and such reimbursement shall be made out of the Trust, and shall be allocated among the Funds within the Trust as the Trustee in its sole discretion shall determine. The Trustee is authorized to sell Boeing Common Stock in an amount
equal to its compensation and other amounts required to be paid from the Trust 

  

 12 

 
pursuant to Section 4.2 of the Trust Agreement and to hold cash dividends for the payment of such compensation and amounts required to be paid from the Trust. To
the extent the assets in the Trust are insufficient to pay the compensation and expenses of the Trustee, the Trustee shall be entitled to seek payment thereof directly from the Company, and the Company agrees to pay the same directly to the Trustee.

  

	4.2	 	 Expenses of the Trust or the Company 

  
 Any amounts required to be paid by the Trustee or by the Company or any Participating Subsidiary, as a result of the Trust Agreement or the
establishment and operation of the Trust, whether by reason of any distributions and payments provided for herein or otherwise, including, without limitation, any amounts payable as taxes, interest, penalties or damages, any amounts payable in
settlement of any claims against the Trust, the Trustee, the Company or any Participating Subsidiary, any additional amounts due to Employees of the Company or any Participating Subsidiary as a direct or indirect result of the payments and
distributions provided for herein, all expenses (including reasonable attorneys’ fees) incurred by the Trustee or by the Company or any Participating Subsidiary as a result of the investigation and defense of any claims hereunder, and any
amounts due from the Company to the Trustee pursuant to the indemnification provisions of Section 5.7 of the Trust Agreement, shall be paid from the Trust; provided that, in the case of the Company and any Participating Subsidiary, the
Company or such Participating Subsidiary, in its sole discretion, shall have submitted a claim for reimbursement for such amounts in accordance with this Section 4.2. The Trustee, in its sole discretion, shall allocate such payments to the
appropriate Fund or Funds or Separate or special account(s). Company claims for reimbursement shall be submitted to the Trustee either prior to the date on which the Company pays the reimbursable expense or within one year following the date of such
payment. The Trustee shall pay the Company’s claim for reimbursement within 60 days following the date on which it is submitted. The Trustee shall have no duty to inquire into the basis for any Company claim for reimbursement hereunder, or to
challenge or refuse to honor the same. 
  

	4.3	 	 Withholding of Taxes 

  
 While it is anticipated that the Company will make provisions for complying with all applicable withholding requirements, the Trustee may, on any
distribution that it makes pursuant hereto, withhold, require withholding of, or otherwise satisfy its withholding obligation for such amount as it may deem reasonably necessary to comply with applicable federal, state and local withholding
requirements. Upon settlement of such tax liability, the Trustee shall distribute the balance of such amount, if any, in shares of Boeing Common Stock or, for Participant Distributions of less than one full share of Boeing Common Stock, in cash to
the Participants entitled thereto. Prior to making any distribution hereunder, the Trustee may require such release or documents from any taxing authority, or may require such indemnity, as the Trustee shall reasonably deem necessary for its
protection. 
  
 5. Administration of Trust Assets 
  

	5.1	 	 Management and Control of Trust Assets 

  
 Subject to the terms of the Trust Agreement, the Trustee shall have exclusive authority, discretion and responsibility to manage and control the
assets of the Trust Fund. 
  

	5.2	 	 Investment of Funds 

  
 Except as otherwise provided in Section 2.2 of the Trust Agreement and in this Section 5.2, the Trustee shall invest and reinvest the
assets of the Trust exclusively in Boeing Common Stock. The Trustee shall invest any portion of the Trust temporarily pending investment in Boeing 

  

 13 

 
Common Stock, distribution or payment of expenses in (a) investments in U.S. Government obligations with maturities of less than one year,
(b) interest-bearing accounts, including, but not limited to, certificates of deposit, time deposits, saving accounts and money market accounts with maturities of less than one year in any bank, including the Trustee’s, with aggregate
capital in excess of $1 billion and a Moody’s Investor Services rating of at least P1, or an equivalent rating from a nationally recognized ratings agency, which accounts are insured by the Federal Deposit Insurance Corporation or other similar
federal agency, (c) obligations issued or guaranteed by any agency or instrumentality of the United States of America with maturities of less than one year, (d) short-term discount obligations of the Federal National Mortgage Association,
or (e) mutual funds, including the Trustee’s proprietary mutual funds, which are composed of the assets described in (a), (b), (c) and (d) of this Section 5.2. 
  

	5.3	 	 Trustee’s Administrative Powers 

  
 Except as otherwise provided herein, and subject to the Trustee’s duties hereunder, the Trustee shall have the following powers and rights, in
addition to those provided elsewhere in the Trust Agreement or by law: 
  
 (a) to retain any asset of the Trust for the purposes set forth herein; 
  
 (b) subject to Sections 2.3, 3, 5.2 and 5.4 of the Trust Agreement, to sell, transfer or otherwise dispose of any Trust assets at public or private sale; 
  
 (c) upon direction from the Committee or as provided herein, to
acquire Boeing Common Stock as authorized by the Stock Purchase and Restriction Agreement and by the Trust Agreement; 
  
 (d) with the consent of the Committee, to settle, submit to arbitration, compromise, contest, prosecute or abandon claims and demands in favor of
or against the Trust; 
  
 (e) to vote or to give any
consent with respect to any securities, including any Boeing Common Stock, held by the Trust either in person or by proxy for any purpose; provided that the Trustee shall vote, tender or exchange all shares of Boeing Common Stock as provided
in Section 5.4 of the Trust Agreement; 
  
 (f) to
exercise any of the powers and rights of an individual owner with respect to any assets of the Trust and to perform any and all other acts that in its judgment are necessary or appropriate for the proper administration of the Trust, even though such
powers, rights and acts are not specifically enumerated in the Trust Agreement; 
  
 (g) to employ such accountants, actuaries, investment bankers, appraisers, other advisors and agents as may be advisable in collecting, managing, administering, investing, valuing, distributing and
protecting the Trust or the assets thereof; and to pay their reasonable fees and expenses, which shall be reimbursed in accordance with Section 4.1 of the Trust Agreement; 
  
 (h) to cause any asset of the Trust to be issued, held or registered in the Trustee’s name or in the name of the
nominee, or in such form that title will pass by delivery; provided that the records of the Trustee shall indicate the true ownership of such asset; 
  
 (i) to utilize another entity as custodian to hold, but not invest or otherwise manage or control, some or all of the assets of the Trust;

  
 (j) to consult with legal counsel (who may also be
counsel for the Trustee or the Company generally) with respect to any of its duties or obligations hereunder; and to pay reasonable fees and expenses of such counsel, which shall be deemed to be expenses of the Trust and for which the Trustee shall
be reimbursed in accordance with Section 4.1 of the Trust Agreement; and 
  
  

 14 

 (k) to enter agreements from time to time with the Company pursuant to which the Company contracts
to provide services to the Trustee in connection with the Trust. 
  
 Notwithstanding the foregoing, neither the Trust nor the Trustee shall have any power to, and shall not, engage in any trade or business. 
  

	5.4	 	 Rights Regarding Boeing Common Stock 

  

	 	5.4.1	 	 Voting Rights 

  
 To the extent permitted by the Delaware General Corporation Law, the Trustee shall give its proxy, with respect to the shares of Boeing Common
Stock held in the Trust, to the Secretary of the Company (or to such other person as the Committee may from time to time designate in writing) with respect to any matter pending before an annual or special meeting of stockholders of the Company and
with respect to any action proposed to be taken by written consent of the stockholders in lieu of a meeting, with instructions to vote all of such shares in accordance with the recommendation of the Board of Directors as set forth in the related
proxy statement. 
  

	 	5.4.2	 	 Tender or Exchange Offer 

  
 If a tender or exchange offer is commenced for Boeing Common Stock, the Trustee shall, with respect to the shares of Boeing Common Stock held in
the Trust, tender or exchange, or not tender or exchange, such shares as directed in writing by the Board of Directors. In the absence of such written instructions, the Trustee shall not tender or exchange such shares. 
  

	 	5.4.3	 	 Trustee Action 

  
 The Trustee shall not make any recommendations regarding the manner of exercising any rights under this Section 5.4, including whether or not
any rights should be exercised. 
  

	5.5	 	 Purchase of Boeing Common Stock by Trustee 

  
 All purchases of Boeing Common Stock by the Trustee pursuant to the Trust Agreement shall be made in accordance with the Stock Purchase and
Restriction Agreement and shall be made by the Trustee in a manner and with the timing of purchases to not cause or contribute to significant movements in the price of the Boeing Common Stock. Subject to Section 2.1 of the Plan, the Trustee is
empowered to make purchases over such period of time as is reasonable to accomplish the purpose of the Trust and not cause or contribute to significant movements in the price of the Boeing Common Stock. The Trustee may make block purchases of Boeing
Common Stock at appropriate discounts. 
  

	5.6	 	 Sale of Boeing Common Stock by Trustee 

  
 All sales of Boeing Common Stock by the Trustee pursuant to the Trust Agreement shall be made in accordance with the Stock Purchase and Restriction
Agreement and shall be made by the Trustee in a manner and with the timing of sales to not cause or contribute to significant movements in the price of Boeing Common Stock. Subject to Section 3.2.1 of the Plan, the Trustee is empowered to make
sales over such period of time as is reasonable to accomplish the purpose of the Trust and not cause or contribute to significant movements in the price of the Boeing Common Stock. The Trustee may make blocks of Boeing Common Stock available at
appropriate discounts. The Trustee shall refrain from sales of Boeing Common Stock on any trading day in which the most recent sales price is 5% less than the opening price of the Boeing Common Stock. To facilitate any such sales, the Company shall
register sales of Boeing Common Stock by the Trust under the Securities Act of 1933, as amended, pursuant to the terms and conditions of the Stock Purchase and Restriction Agreement. 
  

 15 

	5.7	 	 Indemnification 

  
 (a) To the extent lawfully allowable, the Company shall and hereby does indemnify and hold harmless the Trustee from and against any claims,
demands, actions, administrative or other proceedings, causes of action, liability, loss, costs, damage or expense (including reasonable attorneys’ fees), which may be asserted against it, in any way arising out of or incurred as a result of
its action or failure to act in connection with the operation and administration of the Trust; provided that such indemnification shall not apply to the extent that the Trustee has acted in willful or negligent violation of applicable law or
its duties under the Trust Agreement or in bad faith. The Trustee shall be under no liability to any person for any loss of any kind that may result by reason of (i) any action taken by it in accordance with any direction of the Committee
pursuant to Section 3 or 5.4 of the Trust Agreement, (ii) its failure to exercise any power or authority or to take any action hereunder because of the failure of the Committee to provide information to the Trustee, as provided for in the
Trust Agreement, or (iii) any act or omission of the Committee with respect to its duties under the Trust Agreement. The Trustee shall be fully protected in acting upon any instrument, certificate or paper delivered by the Committee, the
administrator of the Plan or any Participant or beneficiary and believed in good faith by the Trustee to be genuine and to be signed or presented by the proper person or persons, and the Trustee shall be under no duty to make any investigation or
inquiry as to any statement contained in any such writing, but may accept the same as conclusive evidence of the truth and accuracy of the statements therein contained. The indemnity provided by this Section 5.7 shall survive the termination of
the Trust Agreement. 
  
 (b) The Company may, but shall not
be required to, maintain liability insurance to insure its obligations hereunder. If any payments made by the Company or the Trust pursuant to this indemnity are covered by insurance, the Company or the Trust (as applicable) shall be subrogated to
the rights of the indemnified party against the insurance company. 
  
 (c) Without limiting the generality of the foregoing, the Company may, at the request of the Trustee, advance to the Trustee reasonable amounts of expenses, including reasonable attorneys’ fees and expenses, that the
Trustee advises have been incurred in connection with its investigation or defense of any claim, demand, action, cause of action, administrative or other proceeding arising out of or in connection with the Trustee’s performance of its duties
under the Trust Agreement. 
  
 (d) Any amounts due the
Trustee pursuant to the indemnification provisions of clause (a) of this Section 5.7, and any advances made by the Company to the Trustee pursuant to clause (c) of this Section 5.7, shall at the request of the Committee be
reimbursed to the Company from the assets of the Trust, pursuant to Section 4.2 of the Trust Agreement. 
  

	5.8	 	 General Duty to Communicate to Committee 

  
 The Trustee shall promptly notify the Committee of all communications with or from any government agency or with respect to any legal proceeding
with regard to the Trust and with or from any Participants concerning their entitlements under the Plan or the Trust Agreement. 
  
 6. Accounts and Reports of Trustee 
  

	6.1	 	 Records and Accounts of Trustee 

  
 The Trustee shall maintain accurate and detailed records and accounts of all transactions of the Trust, which shall be available at all reasonable
times for inspection or audit by any person designated by the Company and which shall be retained as required by applicable law. 
  

 16 

	6.2	 	 Reports of Trustee 

  
 The Trustee shall prepare and present to the Committee a report for the period ending on the last day of each calendar month, and for such shorter
periods as the Committee may reasonably request, listing all securities and other property acquired or disposed of and all receipts, disbursements and other transactions effected by the Trust after the date of the Trustee’s last account, and
further listing all cash, securities and other property held by the Trust, together with the value thereof, as determined by the Trustee as of the end of such period. Boeing Common Stock held as part of the Trust shall be valued at its Fair Market
Value for the last day of the Year or the period covered by the report, except that if such day is not a trading day, for the next preceding trading day. In addition to the foregoing, the report shall contain such information regarding Trust assets
and transactions as the Committee in its discretion may reasonably request. 
  

	6.3	 	 Final Report 

  
 In the event of the resignation or removal of a Trustee hereunder, the Committee may request, and the Trustee shall with reasonable promptness
submit, for the period ending on the effective date of such resignation or removal, a report similar in form and purpose to that described in Section 6.2 of the Trust Agreement. 
  
 7. Succession of Trustee 
  

	7.1	 	 Resignation of Trustee 

  
 The Trustee or any successor thereto may resign as Trustee hereunder at any time upon delivering a written notice of such resignation, to take
effect 60 days after the delivery thereof to the Committee, unless the Committee accepts shorter notice; provided that no such resignation shall be effective until a successor Trustee has assumed the office of Trustee hereunder. 

 

	7.2	 	 Removal of Trustee 

  
 The Trustee or any successor thereto may be removed by the Committee by delivering to the Trustee so removed an instrument executed by the
Committee. Such removal shall take effect at the date specified in such instrument, which shall not be less than 60 days after delivery of the instrument, unless the Trustee accepts shorter notice; provided that no such removal shall be
effective until a successor Trustee has assumed the office of Trustee hereunder. 
  

	7.3	 	 Appointment of Successor Trustee 

  
 Whenever the Trustee or any successor thereto shall resign or be removed or a vacancy in the position shall otherwise occur, the Committee shall use
its best efforts to appoint a successor Trustee as soon as practicable after receipt by the Committee of a notice described in Section 7.1 of the Trust Agreement, or the delivery to the Trustee of an instrument described in Section 7.2 of
the Trust Agreement, as the case may be, but in no event more than 75 days after receipt or delivery, as the case may be, of such notice. A successor Trustee’s appointment shall not become effective until such successor shall accept such
appointment by delivering its acceptance in writing to the Committee. If a successor is not appointed within such 75-day period, the Trustee, at the Committee’s expense, may petition a court of competent jurisdiction for appointment of a
successor. In any event, only a corporation with trust powers under applicable law, which is not an affiliate of the Company, may be a successor trustee hereunder. 
  

	7.4	 	 Succession to Trust Assets 

  
 The title to all property held hereunder shall vest in any successor Trustee acting pursuant to the provisions hereof without the execution or
filing of any further instrument, but a resigning or removed Trustee shall execute all instruments and do all acts necessary to vest title in the 

  

 17 

 
successor Trustee. Each successor Trustee shall have, exercise and enjoy all of the powers, both discretionary and ministerial, herein conferred upon its predecessor.
A successor Trustee shall not be obliged to examine or review the accounts, records or acts of, or property delivered by, any previous Trustee and shall not be responsible for any action or any failure to act on the part of any previous Trustee.

  

	7.5	 	 Continuation of Trust 

  
 In no event shall the legal disability, resignation or removal of a Trustee terminate the Trust, but the Committee shall forthwith appoint a
successor Trustee in accordance with Section 7.3 of the Trust Agreement to carry out the terms of the Trust. 
  

	7.6	 	 Changes to Organization of Trustee 

  
 In the event that any corporate Trustee hereunder shall be converted into, shall merge or consolidate with, or shall sell or transfer substantially
all of its assets and business to, another corporation, state or federal, the corporation resulting from such conversion, merger or consolidation, or the corporation to which such sale or transfer shall be made, shall thereafter become and be the
Trustee under the Trust with the same effect as though originally so named but only if such corporation is qualified to be a successor trustee hereunder. 
  
 8. Amendment, Revocation or Termination 
  

	8.1	 	 Amendments 

  
 The Committee may amend the Trust Agreement at any time and from time to time with the written consent of the Trustee, but only (a) to extend
the term of the Trust Agreement or (b) to the extent such amendment is required by law or is necessary or desirable to (i) prevent adverse tax consequences to Participants or the Company, (ii) provide for financial reporting treatment
deemed appropriate and desirable by the Committee, or (iii) cure administrative deficiencies; provided that no amendment may change the duties of the Trustee without the Trustee’s consent, which consent shall not be unreasonably
withheld. 
  

	8.2	 	 Revocability 

  
 The Trust shall be irrevocable, and the Trust Fund shall be held for the exclusive purpose of providing distributions to the Participants and their
beneficiaries and defraying expenses of the Trust in accordance with the provisions of the Trust Agreement, until the date on which all Participant Distributions for all Investment Periods and all amounts required to be paid from the Trust pursuant
to Section 4 of the Trust Agreement shall have been paid in full. 
  

	8.3	 	 Termination 

  
 The Trust Termination Date shall be the earlier of (a) December 31, 2010, unless the Trust Agreement is amended prior to that date to
extend its term, or (b) the date on which the Trust no longer holds any assets. 
  
 Any assets remaining in the Trust after completion of all Participant Distributions for all Investment Periods, and after payment of all of the Trustee’s fees and expenses and all other amounts
required to be paid from the Trust pursuant to Section 4 of the Trust Agreement, shall be transferred to the Company. 
  

	8.4	 	 Merger 

  
 In the event of any merger, consolidation or reorganization of the Company in which the Company is not the surviving corporation, (a) the
successor corporation shall become the grantor of the Trust, (b) the assets of the Trust shall be subject to the claims of the creditors of the successor corporation in accordance with Section 1.4 of the Trust Agreement, and (c) the

  

 18 

 
provisions of the Trust that apply to Boeing Common Stock (including, without limitation, the provisions of Section 3 of the Trust Agreement) shall apply to the
stock of the successor corporation held hereunder. 
  

	8.5	 	 Form of Amendment 

  
 Any amendment of the Trust Agreement shall be evidenced by an instrument in writing signed by an authorized officer of the Company, certifying that
said amendment or termination has been authorized and directed by the Committee and, in the case of any amendment, shall be consented to by signature of an authorized officer of the Trustee, if required by Section 8.1 of the Trust Agreement.

  
 9. Miscellaneous 
  

	9.1	 	 Notices to the Company and Trustee 

  
 All notices, requests or other communications required or permitted to be delivered hereunder shall be in writing, delivered by registered or
certified mail, return receipt requested, as follows: 
  
 To the Company or the Committee: 
  
 The Boeing
Company 
 7755 East Marginal Way 
 Seattle, WA 98108 
 Attention: Corporate Secretary MS 10-13 
  
 To the Trustee: 
  
 Wachovia Bank of North Carolina, N.A. 
 301 N. Main Street 
 Winston-Salem, NC 27102 
  
 Any party hereto may
from time to time, by written notice given as aforesaid, designate any other address to which notices, requests or other communications addressed to it shall be sent. 
  

	9.2	 	 Trust Agreement Not Subject to ERISA 

  
 The Trust Agreement is not subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), because
it is neither an employee pension benefit plan nor an employee welfare benefit plan under the terms of ERISA. 
  

	9.3	 	 No Rights in Trust Fund 

  
 No Participant in the Plan, or any other person, shall have any right, title or interest in or to any assets of the Trust or any Fund, except to the
extent of any right to receive Participant Distributions to the extent specifically set forth in the Plan and in the Trust Agreement. Benefits payable to Plan participants and their beneficiaries under this Trust Agreement may not be anticipated,
assigned (either at law or in equity), alienated, pledged, encumbered or subjected to attachment, levy, execution or other legal or equitable process. Notwithstanding the preceding sentence, distributions under the Plan shall be subject to any
garnishment order that applies to payroll items of the Company or a Participating Subsidiary and is effective at the time the Plan distribution is made. 
  

	9.4	 	 Protection of Persons Dealing With the Trustee 

  
 No person dealing with the Trustee shall be required or entitled to monitor the application of any money paid or property delivered to the Trustee,
or determine whether or not the Trustee is acting pursuant to authorities granted to it hereunder or to authorizations or directions herein required. 
  

 19 

	9.5	 	 Tax Status of Trust 

  
 The Trust is intended to be a grantor trust of which the Company is the grantor, within the meaning of subpart E, part I, subchapter J. chapter 1,
subtitle A of the Code, and shall be construed accordingly. For federal income tax purposes, the Company, as grantor hereunder, shall be treated as the owner of the entire Trust and trust assets as provided in Section 671 et seq. of the Code.
Until advised otherwise by the Company, the Trustee may presume that the Trust is so characterized for federal income tax purposes and shall make all filings of tax returns, if any, on that presumption. Participants and their beneficiaries shall
have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust but shall have mere unsecured contractual rights against the Company and the Participating Subsidiaries. The Trust shall constitute an unfunded arrangement
and shall not affect the status of the Plan as an unfunded plan under the Code. Notwithstanding any other provision hereof, the Company shall have the right, in a nonfiduciary capacity and without the approval or consent of any person in a fiduciary
capacity, to exercise the power of administration set forth in Section 675(4)(C) of the Code with respect to all assets of the Trust. 
  

	9.6	 	 Governing Law 

  
 The Trust Agreement shall be construed according to the laws of the State of Washington, without regard to conflict of law rules. 
  

	9.7	 	 Severability 

  
 If any provision of the Trust Agreement shall be held illegal, invalid or unenforceable for any reason, such provision shall not affect the
remaining parts hereof, but the Trust Agreement shall be construed and enforced as if said provision had never been inserted herein. 
  

	9.8	 	 Headings 

  
 Headings and subheadings in the Trust Agreement are inserted for reference only and are not to be considered in construction of the provisions of
the Trust. 
  
 IN WITNESS WHEREOF, the Company and the Trustee have caused
the Trust Agreement to be signed, and their seals affixed hereto, by their authorized officers all as of the day, month and year first above written. 
  

			
	THE BOEING COMPANY
		
	By	 	 
	Its	 	 
	
	WACHOVIA BANK OF NORTH CAROLINA, N.A.
		
	By	 	 
	Its	 	 

  

 20

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