Document:

Borrower Subsidiary Letter, Five-Year Credit Agreement

 Exhibit 10.4 
 November 10, 2011 
 To each of the Lenders parties, as of the date hereof, 

    to the Credit Agreement 

    (as defined below) and to Citibank N.A., 
     as Agent for such Lenders 
 Ladies and Gentlemen: 

Reference is made to the Five-Year Credit Agreement dated as of November 10, 2011 among The Boeing Company, the lenders parties
thereto, JPMorgan Chase Bank, N.A., as syndication agent, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as joint lead arrangers and joint book managers, and Citibank, N.A., as Agent for such lenders (as amended or modified from time
to time, the “Credit Agreement”). Capitalized terms used in this letter that are not defined herein have the respective meanings specified in the Credit Agreement. 

Please be advised that the Company hereby designates its undersigned Subsidiary, Boeing Capital Corporation (the “Subsidiary
Borrower”), as a “Subsidiary Borrower” under and for all purposes of the Credit Agreement. 
 The Subsidiary
Borrower, in consideration of each Lender’s agreement to extend credit to it under and on the terms and conditions set forth in the Credit Agreement, does hereby assume each of the obligations imposed upon a “Subsidiary Borrower” as a
“Borrower” under the Credit Agreement and agrees to be bound by the terms and conditions of the Credit Agreement. In furtherance of the foregoing, the Subsidiary Borrower hereby represents and warrants to each Lender as follows:

 (a) The Subsidiary Borrower is a corporation duly organized, validly existing and in good standing under the
laws of Delaware. The 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 materially adverse effect on the financial condition of the
Company and the Subsidiary Borrowers as a whole. 
 (b) The execution, delivery and performance by the Subsidiary
Borrower of this Subsidiary Borrower Letter and its Notes, if any, are within the Subsidiary Borrower’s corporate powers, have been duly authorized by all necessary corporate action, have received all necessary governmental approval, if any
(which approval remains in full force and effect), and do not contravene any provision of the charter or by-laws of the Subsidiary Borrower, and do not contravene any law or any contractual restriction binding on the Subsidiary Borrower, except
where such contravention would not have a material adverse effect on the financial condition of the Company and the Subsidiary Borrowers, taken as a whole. 
 (c) This Subsidiary Borrower Letter does, and the Notes of the Subsidiary Borrower when duly executed and delivered by the Subsidiary Borrower will, constitute legal, valid and binding obligations of the
Subsidiary Borrower, enforceable against the Subsidiary Borrower in accordance with their respective 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. 

  
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 (d) In the Subsidiary Borrower’s opinion, there are no pending or
threatened actions or proceedings before any court or administrative agency which would affect the legality, validity or enforceability of such Advances or its Notes, if any. 

(e) The Consolidated statement of financial position as of December 31, 2010 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 financial condition of the Company and its Subsidiaries as of such date and the result of the
Consolidated operations for such year. 
 (f) The Subsidiary Borrower is not 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 to the Subsidiary Borrower 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 the Subsidiary
Borrower only or of the Subsidiary Borrower and its subsidiaries on a consolidated basis) subject to the provisions of Section 4.2(a) of the Credit Agreement or subject to any restriction contained in any agreement or instrument between the
Subsidiary Borrower and any Lender or any Affiliate of a Lender relating to Debt within the scope of Section 6.1(d) of the Credit Agreement will be margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal
Reserve System). 
 (g) The Subsidiary Borrower is not 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 the Subsidiary 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. 
  

			
	Very truly yours,
	
	THE BOEING COMPANY
		
	By	 	/s/ Ruud P. Roggekamp
		 	Ruud P. Roggekamp
		 	Assistant Treasurer

  

			
	BOEING CAPITAL CORPORATION
		
	By	 	/s/ Kelvin E. Council
		 	Kelvin E. Council
		 	 Vice President and
 Chief Financial Officer

  
 2Letter Agreement dated as of November 10,2011

 Exhibit 10.5 
 November 10, 2011                 
 Boeing Capital Corporation 
 500 Naches Avenue SW 

3rd
 Floor 
 Renton, WA 98057 
 Ladies and Gentlemen: 
 Reference is hereby made to: 

 

	 	1)	The Boeing Company 364-Day Credit Agreement dated as of November 10, 2011 among The Boeing Company (“TBC”), the lenders named therein, JPMorgan Chase
Bank, N.A., as syndication agent, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as joint lead arrangers and joint book managers, and Citibank, N.A., as administrative agent for such lenders (as amended or modified from time to time,
the “364-day Credit Agreement”), and 

  

	 	2)	The Boeing Company Five-Year Credit Agreement dated as of November 10, 2011 among The Boeing Company (“TBC”), the lenders named therein, JPMorgan Chase
Bank, N.A., as syndication agent, Citigroup Global Markets Inc. and J. P. Morgan Securities LLC, as joint lead arrangers and joint book managers, and Citibank, N.A., as administrative agent for such lenders (as amended or modified from time to time,
the “5-year Credit Agreement”). 

 Capitalized terms used in this letter agreement that are not defined herein have the
respective meanings specified in the 364-day Credit Agreement or the 5-year Credit Agreement. This letter agreement (the “Letter Agreement”) sets forth terms and conditions whereby TBC and Boeing Capital Corporation (“BCC”) agree
to designate BCC as a Subsidiary Borrower under the 364-day Credit Agreement and the 5-year Credit Agreement (collectively, the “Credit Agreements”). 
  

	1.	BCC shall have the irrevocable right to borrow up to $750,000,000 (the “364-day Maximum Amount”) under the terms and conditions of the 364-day Credit
Agreement, and BCC shall have the irrevocable right to borrow up to $750,000,000 (the “5-year Maximum Amount,” and together with the 364-day Maximum Amount, the “Maximum Amounts”) under the terms and conditions of the 5-year
Credit Agreement. 

	2.	TBC shall not terminate any of the Credit Agreements or take any other action that would impair BCC’s ability to borrow the 364-day Maximum Amount or the 5-year
Maximum Amount under the Credit Agreements. 

  

	3.	Notwithstanding the foregoing, TBC may take actions with regard to the Credit Agreements (e.g., amendment, restatement, cancellation and replacement) so long as the
resulting credit support available to BCC up to the Maximum Amounts is acceptable to the nationally recognized rating agencies providing credit ratings for BCC. 

 

	4.	TBC agrees in advance to approve all BCC actions pursuant to its right as a Subsidiary Borrower under the Credit Agreements that would require TBC’s consent. No
written TBC approvals to BCC actions under the Credit Agreements will be required except those written consents explicitly required by the terms of the Credit Agreements (e.g., subsidiary borrower letter, notice of borrowing, guaranty, and legal
opinions). 

  

	5.	TBC agrees to guaranty unconditionally BCC borrowings up to the Maximum Amounts and other obligations of BCC as a Subsidiary Borrower on terms consistent with Exhibit J
to the 364-day Credit Agreement and Exhibit J to the 5-year Credit Agreement, respectively, including BCC’s Notes thereunder. 

  

	6.	TBC and BCC will promptly and duly execute and deliver such further documents and assurances and take such further actions as may from time to time be necessary to
carry out the intent and purpose of this Letter Agreement. 

  

	7.	So that BCC may make a representation in the Borrower Subsidiary Letter relating to each Credit Agreement, TBC certifies to BCC that TBC’s Consolidated statement
of financial position as of December 31, 2010 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 financial
condition of TBC and its Subsidiaries as of such date and the result of the Consolidated operations for such year. 

  
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	8.	This Letter Agreement sets forth in full the terms of our understanding with respect to the subject matter described herein and supercedes in its entirety the Letter
Agreement, dated November 12, 2010 entered into between TBC and BCC. 

 Please acknowledge your agreement to the foregoing by
signing in the space indicated below. 
 Sincerely, 
  

			
	The Boeing Company
		
	By:	 	/s/  Ruud P. Roggekamp        
		 	 Ruud P. Roggekamp
 Assistant
Treasurer

 Acknowledged and Agreed: 
  

			
	Boeing Capital Corporation
		
	By:	 	/s/  Kelvin E. Council        
		 	 Kelvin E. Council
 Vice
President and Chief Financial Officer

  
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