Document:

Exhibit 10.2

 

AMENDMENT NO. 2 TO LEASE
AGREEMENT (N475HA)

 

This Amendment No. 2
to Lease Agreement N475HA (this “Amendment”), is entered into as of September 30,
2004, between (1) Wells Fargo Bank Northwest, National Association, a
national banking association (“WFBN”), not in its individual capacity (except
as expressly provided herein) but solely as Owner Trustee (“Lessor”), and (2) Hawaiian
Airlines, Inc. (“Lessee”), a Hawaii corporation, acting by and through
Joshua Gotbaum, as Chapter 11 Trustee for the Lessee (the “Trustee”), and
consented and agreed to by BCC Equipment Leasing Corporation (formerly MDFC
Equipment Leasing Corporation), a Delaware corporation (“Owner Participant”).

 

RECITALS

 

A.            Lessor and Lessee have heretofore
entered into that (i) certain Lease Agreement N475HA, dated as of February 28,
2001, as supplemented by that certain Lease N475HA Supplement No. 1, dated
February 28, 2001, which were both recorded with the Federal Aviation
Administration as one document on March 22, 2001, and assigned Conveyance
Number Q67231 (together, the “Lease”), and (ii) that certain Amendment No. 1
to Lease Agreement, dated as of September 30, 2004 (the “First Amendment”),
which was recorded with the Federal Aviation Administration on October 27,
2004, and assigned Conveyance Number NN028152, pursuant to which Lessor has
leased to Lessee one Boeing Model 717-200 aircraft bearing manufacturer’s
serial number 55121 and US Registration Number N475HA, together with two
Rolls-Royce Deutschland Ltd & Co KG Model BR 700-715 A1-30 engines
installed thereon bearing manufacturer’s serial numbers 13218 and 13219,
respectively.  Lessor and Lessee,
together with “Owner Participant, have also heretofore entered into that
certain Participation Agreement, dated as of February 28, 2001 (the “Participation
Agreement”), relating to the Lease and the described aircraft; and Owner
Participant and Lessee have also heretofore entered into that certain Tax
Indemnity Agreement, dated as of February 28, 2001 (the “Tax Indemnity
Agreement”), relating to the Lease and the described aircraft.

 

B.            On March 21, 2003, Lessee commenced a bankruptcy
case, Bankruptcy Case No. 03-00817, in the United States Bankruptcy Court
for the District of Hawaii (the “Bankruptcy Court”) seeking relief under Chapter
11 of Title 11 of the United States Code (the “Pending Case”).

 

C.            In connection with the Pending Case, Lessor and Lessee entered
into the First Amendment and wish to make certain technical corrections to the
Lease as amended.

 

1.             DEFINITIONS
AND CONSTRUCTION

 

Capitalized
terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Lease and, unless otherwise specifically noted,
reference to “Sections” herein shall be construed to refer to Sections of the Lease.  The rules or usage and construction set
forth in the “General Provisions” of Part 1 of Annex A to the Lease shall
also apply to this Amendment (including the capitalized terms defined herein),
and this Amendment shall be a Lessee Operative Agreement.

 

 

2.                                      AMENDMENT

 

(a)           All references contained in Section 3.2.1(a) of
the Lease and Section 2(c) of the First Amendment to the caption that
describes the rent as “Rent Allocable for Period From and Including Last
Preceding Payment Date Through and Excluding Specified Date” shall be changed
to “Rent Allocable to Period.”

 

(b)           The reference in the fourth paragraph
of the new Section F.2 (Adjustment of Maintenance Reserves) of Appendix B
to the date “November 15, 2004” shall be changed to “March 15, 2005”.

 

3              LEASE ASSUMED, RATIFIED AND
CONFIRMED

 

On and
after the Effective Date of this Amendment, (i) each reference in the
Lease to “this Lease”, “hereunder”, “hereof”, or words of like import referring
to the Lease shall be deemed to mean, and be a reference to, the Lease as
amended by this Amendment, (ii) the Lease, as amended hereby, shall be
deemed to be ratified and confirmed in all respects and in full force and
effect, and (iii) the Lease shall be deemed to be, and shall be assumed
for all purposes by Lessee.

 

4.             MISCELLANEOUS

 

(a)           No
provision of this Amendment may be modified, amended or supplemented, or
waived, released or discharged, except in a writing signed by Lessor and Lessee
and specifying the provision intended to be modified, amended, supplemented,
waived, released or discharged.

 

(b)           All
notices, requests, demands, authorizations, directions, consents, waivers and
other communications relating to this Amendment shall be made, given,
furnished, or filed, and shall become effective, in the manner prescribed in § 14.7
of the Participation Agreement.

 

(c)           If any provision of this Amendment
shall be invalid, inoperative or unenforceable as applied in any particular
case in any jurisdiction because it conflicts with any other provision hereof
or any constitution or statute or rule or public policy, or for any other
reason, such circumstance shall not have the effect of rendering the provision
in question inoperative or unenforceable in any other case or circumstance or
in any other jurisdiction or of rendering any other provision herein contained
invalid, inoperative, or unenforceable to any extent whatever.  The parties agree that they shall promptly
replace any invalid, inoperative or unenforceable provision with a valid,
operative and enforceable provision.

 

(d)           The
headings of the sections and clauses of this Amendment are inserted for
convenience only and shall not affect the interpretation hereof.

 

(e)           This
Amendment shall be binding upon, and shall inure to the benefit of and
shall be enforceable by, the parties hereto
and their respective permitted successors and assigns; and for purposes of
determining permitted successors and assigns, the terms of the Participation
Agreement, the Lease and the other Operative Agreements shall govern and
control.

 

2

 

(f)            The failure of any
party hereto to exercise any right, power, or remedy provided under this
Amendment or otherwise available in respect hereof at law or in equity, or to
insist upon compliance by any other party hereto with its obligations
hereunder, and any custom or practice of the parties at variance with the terms
hereof, shall not constitute a waiver by such party of its right to exercise
any such or other right, power, or remedy or to demand such compliance.

 

(g)           This
Amendment may be executed in one or more counterparts, each of which shall be
deemed an original and all of which together shall constitute one and the same
agreement.  Delivery of an executed
signature page of this Amendment by facsimile or e-mail shall be as
effective as delivery of a manually executed signature page of this
Amendment.  Any party hereto delivering an executed counterpart of
this Amendment by facsimile shall also deliver an originally executed
counterpart but the failure to so deliver a manually executed counterpart shall
not affect the validity, enforceability or binding effect hereof.

 

(h)           This
Amendment shall be solely for the benefit of the parties hereto and the Owner
Participant, and no other person or entity shall be a third-party beneficiary
hereof.

 

(i)            The specific terms
of the Lease that are amended and supplemented by this Amendment, shall be
subject to the confidentiality restrictions set forth in § 8 of the Participation Agreement.

 

(j)            This Amendment
shall in all respects be governed by, and construed in accordance with, the
internal laws of the State of New York, United States of America (without
regard to any conflict of laws rule that might result in the application
of the laws of any other jurisdiction), including all matters of construction,
validity and performance.

 

(k)           For purposes of the
last sentence of § 17.7(g) of the Lease, this Amendment, and the
terms and provisions hereof, shall constitute an amendment, supplement and
modification to the Operative Agreements.

 

(l)            Lessee shall cause
this Amendment, so far as required or permitted by applicable law or
regulation, to be kept, filed, registered and recorded at all times in
accordance with § 7.1.3 of the Participation Agreement and the other
applicable provisions of the Operative Agreements.

 

(m)          This Amendment
constitutes, on and as of the date hereof, the full and entire understanding
and agreement among the parties hereto with regard to the subject matter
hereof, and supersedes all prior or contemporaneous understandings and
agreements, whether written or oral, between or among any of the parties hereto
with respect to the subject matter hereof.

 

(Signature Page Follows)

 

3

 

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

 

 

	
  WELLS
  FARGO BANK NORTHWEST,

  	
   

  
	
  NATIONAL
  ASSOCIATION, not in its individual

  	
   

  
	
  capacity
  but solely as Owner Trustee, as Lessor

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Nancy M. Dahl

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  HAWAIIAN
  AIRLINES, INC., as Lessee

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Joshua Gotbaum

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CONSENTED
  AND AGREED TO BY

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BCC
  EQUIPMENT LEASING CORPORATION,

  	
   

  
	
  as
  Owner Participant

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Scott Scherer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
					

 

4Exhibit
10.3

 

AMENDMENT TO LEASE
AGREEMENT

 

This Amendment to Lease Agreement (“Amendment”), dated
as of May 7, 2003, is entered into by and between AWMS I, a Delaware
statutory business trust, having a place of business at c/o Ansett Worldwide
Aviation Services, Inc., 445 Park Avenue, 20th Floor, New York,
New York 10022 (herein called “Lessor”), and Hawaiian Airlines, Inc., a
Hawaii corporation, having its principal place of business at 3375 Koapaka
Street, Suite G350, Honolulu, Hawaii 96819 (herein called “Lessee”).

 

RECITALS

 

A.            Lessor and Lessee have heretofore entered
into a Lease Agreement dated as of June 8, 2001, as supplemented by a
Lease Supplement dated October 5, 2001, which were both recorded with the
Federal Aviation Administration as one document on October 10, 2001, and
assigned Conveyance Number DD022488 (hereafter, jointly, the “Lease”), pursuant
to which Lessor has leased to Lessee one Boeing Model 767-33AER aircraft
bearing manufacturer’s serial number 28140 and US Registration Number N580HA,
together with two Pratt & Whitney Model PW4060 engines installed
thereon bearing manufacturer’s serial numbers P729023 and P729024,
respectively.

 

B.            On
March 21, 2003, Lessee commenced a bankruptcy case, Bankruptcy Case No. 03-00817,
in the United States Bankruptcy Court for the District of Hawaii (the “Bankruptcy
Court”) seeking relief under Chapter 11 of Title 11 of the United States Code.

 

C.            In
connection with the Lessee’s Chapter 11 Bankruptcy Case, Lessor and Lessee wish
to amend the terms of the Lease and, in consideration thereof, Lessee wishes to
assume all of the rights, benefits and obligations of the Lease, as amended
hereby, and to obtain the necessary approval of the Bankruptcy Court approving
the terms of this Amendment and the assumption of the Lease, as amended hereby,
by Lessee.

 

D.            Capitalized
terms used herein and not otherwise defined herein shall have the meaning
assigned to such terms in the Lease and reference to “Articles” herein shall be
construed to refer to Articles of the Lease.

 

TERMS
AND CONDITIONS

 

Therefore,
in consideration of the premises, and for good and valuable consideration,
receipt of which is hereby acknowledged, the parties hereto hereby agree as
follows:

 

1.             The
definition of “Companion Lease” in Article 1 of the Lease is amended and
restated as follows:

 

 

“Companion Lease” means: (i) the Lease Agreement
dated as of June 8, 2001, between Lessor and Lessee, pursuant to which
Lessor has leased to Lessee one Boeing Model 767-33AER aircraft bearing
Manufacturer’s Serial Number 28139, (ii) the Lease Agreement dated as of June 8,
2001, between Lessor and Lessee, pursuant to which Lessor has leased to Lessee
one Boeing Model 767-33AER aircraft bearing Manufacturer’s Serial Number 28141,
(iii) the Lease Agreement dated as of September 20, 2001, between
Lessor and Lessee, pursuant to which Lessor has leased to Lessee one Boeing
Model 767-33AER aircraft bearing Manufacturer’s Serial Number 33421, (iv) the
Lease Agreement dated as of September 20, 2001, between Lessor and Lessee,
pursuant to which Lessor has leased to Lessee one Boeing Model 767-33AER
aircraft bearing Manufacturer’s Serial Number 33422, (v) the Lease
Agreement dated as of September 20, 2001, between Lessor and Lessee,
pursuant to which Lessor has leased to Lessee one Boeing Model 767-33AER
aircraft bearing Manufacturer’s Serial Number 33423, and (vi) the Lease
Agreement dated as of September 20, 2001, between Lessor and Lessee,
pursuant to which Lessor has leased to Lessee one Boeing Model 767-33AER
aircraft bearing Manufacturer’s Serial Number 33424.

 

2.             The
second paragraph of Article 3(a) of the Lease is amended and restated
in its entirety as follows:

 

“Notwithstanding anything herein to the contrary,
without further approval of the Bankruptcy Court, Lessor may elect to terminate
the Term of this Lease, and all of Lessee’s rights in respect of the Aircraft
hereunder, on any date (such date being hereafter referred to as the “Early
Termination Date”) occurring on or after March 21, 2007, subject to the
following conditions:

 

(i)            Lessor
shall give Lessee at least 180 days’ prior written notice of Lessor’s election
to terminate the Term pursuant to this paragraph, specifying the Early
Termination Date in such written notice (and, for the avoidance of doubt, such
written notice may be given to Lessee at any time prior to or after March 21,
2007); and

 

(ii)           Lessor may
terminate the Term of this Lease pursuant to this paragraph during the period March 21,
2007, through September 20, 2007, only if, during the period March 21,
2007, through September 20, 2007, Lessor has not terminated the lease term
of more than one of the Companion Leases pursuant to the second paragraph of Article 3(a) of
any of the Companion Leases.  Lessor may
terminate the Term of this Lease pursuant to this paragraph during the period September 21,
2007, through March 20, 2008, only if, during the period September 21,
2007, through March 20, 2008, Lessor has not terminated the lease term of
more than two of the Companion Leases pursuant to the second paragraph of Article 3(a) of
any of the Companion Leases.  Lessor may
terminate the Term of this Lease pursuant to this paragraph during the period

 

2

 

March 21, 2008, through September 20, 2009,
only if, during the period March 21, 2008, through September 20,
2009, Lessor has not terminated the lease term of more than one of the
Companion Leases pursuant to the second paragraph of Article 3(a) of
any of the Companion Leases.  On or after
September 21, 2009, Lessor shall be entitled to terminate the Term of this
Lease without any restrictions under this clause (ii) or under clause (ii) of
the second paragraph of Article 3(a) of any of the Companion
Leases.  For the avoidance of doubt,
during the period set forth below, Lessor may terminate the Term of this Lease
and the lease term of Companion Leases in a maximum number set forth below:

 

	
  Period

  	
   

  	
  Number of Terms of Companion 

  Leases and this Lease That May Be

  Terminated

  
	
  March 21, 2007 to September 20, 2007

  	
   

  	
  2

  
	
  September 21, 2007 to March 20, 2008

  	
   

  	
  3

  
	
  March 21, 2008 to September 20, 2009

  	
   

  	
  2

  
	
  On or after September 21, 2009

  	
   

  	
  No limitation.

  

 

“Following Lessee’s receipt of Lessor’s notice of its
election to terminate the Term of this Lease, Lessee shall, on the Early
Termination Date, return the Aircraft and Aircraft Documentation to Lessor in
compliance with the terms of Article 13 hereof as if the Aircraft were
being returned at the normal expiration of the 15-year Term, whereupon the Term
shall end and Lessee shall have no further obligation to pay Basic Rent for any
period after the date on which the Early Termination Date occurs and the
Aircraft is returned to Lessor in compliance with the terms of this Lease.  For the avoidance of doubt, if the Term of this
Lease is terminated as contemplated in this second paragraph of Article 3(a),
such termination shall not be deemed a termination as the result of an Event of
Default and, therefore, damages measured by reference to Stipulated Loss Values
shall not become payable hereunder.”

 

3.             With
effect from the “Effective Date” (as defined in paragraph 9 of this Amendment),
and as contemplated by the order of the Bankruptcy Court approving this
Amendment, Lessor shall be relieved of the automatic stay under Section 362
of the Bankruptcy

 

3

 

Code
and be entitled to retain the Security Deposit, and any interest accrued
thereon, in full, as additional consideration for the agreements of Lessor
contained in this Amendment, including Lessor’s agreement to accept a reduction
in Basic Rent payments contemplated hereby. 
Consequently, from and after the Effective Date, Lessor shall no longer
be deemed to hold the Security Deposit, any interest accrued thereon, or any
other property of Lessee as security for the performance of Lessee’s
obligations under the Lease, Lessee shall not have any obligation to pay any
additional amounts to Lessor as a Security Deposit pursuant to the terms of the
Lease, and all references in the Lease to “Security Deposit” shall be deemed
deleted.

 

4.             Lessee
represents and warrants to Lessor on the date this Amendment is signed by
Lessor and Lessee, and on the Effective Date, that:

 

(i)            Lessee
is a corporation duly organized and existing in good standing under the laws of
Hawaii, has full power, authority and legal right to own its properties and to
carry on its business as presently conducted and to perform its obligations
under the Lease, as amended hereby, holds all licenses, certificates and
permits from all governmental authorities necessary for the conduct of its
business, and is duly qualified to do business as a corporation in good
standing in each jurisdiction in which the failure to be so qualified would
have a materially adverse effect on Lessee or on its ability to perform its
obligations under the Lease, as amended hereby.

 

(ii)           This
Amendment has been duly authorized by all necessary action on the part of
Lessee, and neither the execution and delivery hereof nor the consummation of
the transactions contemplated hereby nor compliance by Lessee with any of the
terms and provisions hereof does or will violate any provision of the articles
of incorporation or by-laws of Lessee or any law, rule, regulation, judgment,
order or decree of any government or governmental instrumentality or court
having jurisdiction over Lessee, or any of its activities or properties, or
does or will result in any breach of, or constitute any default under, or
result in the creation of any Lien upon any property of Lessee under, any
indenture, mortgage, deed of trust, conditional sale contract, loan or credit
agreement, or other agreement or instrument to which Lessee is a party or by
which Lessee or its properties may be bound or affected.

 

(iii)          Neither
the execution and delivery by Lessee of this Amendment nor the performance by
Lessee of any of the transactions contemplated hereby require the consent,
approval, order or authorization of, or registration with, or the giving of
notice to, the Aeronautics Authority or any other domestic or foreign
governmental authority, except for the approvals, authorizations and consents
that have heretofore been obtained, including the order of the Bankruptcy Court
approving the terms hereof and the transactions contemplated hereby, true and
complete copies of which have been delivered to Lessor.

 

(iv)          This
Amendment has been duly executed and delivered by Lessee and, subject to
obtaining the order of the Bankruptcy Court contemplated herein, constitutes
the legal, valid, binding and enforceable obligation of Lessee.

 

(v)           Lessee
is a Certificated Air Carrier within the meaning of Section 41102 of Title
49 of the United States Code Annotated, and Lessor is entitled to the benefits
and protections of Section 1110 of the Bankruptcy Code (11 U.S.C.
Section 1110) in respect of the Aircraft leased to Lessee under the Lease,
as amended hereby.

 

4

 

5.             The
phrase “Article 10(d), or Article 12” in Article 14(c) of
the Lease is replaced with the phrase “ Article 10(d), Article 12, or
Schedule ‘2’”.

 

6.             Lessee
shall cause this Amendment, so far as required or permitted by applicable law
or regulation, to be kept, filed, registered and recorded at all times in
accordance with Article 12 of the Lease.

 

7.             Paragraph
2 of Schedule “1” to the Lease is amended and restated in its entirety as
provided in Schedule “1” hereto.

 

8.             The
Lease is hereby amended by adding a new Schedule “2” as provided in Schedule “2”
hereto which shall be incorporated into the Lease as Schedule “2”.  Lessee agrees to comply with the terms and
conditions of the new Schedule “2.”

 

9.             This
Amendment shall become effective, and Lessee will be deemed to have assumed the
rights and obligations of the Lease, as amended hereby, on the date (the “Effective
Date”) that Lessee complies with the following conditions to the reasonable
satisfaction of Lessor:

 

(i) Lessee
shall have provided Lessor with a copy of a resolution of the Board of
Directors of Lessee, certified by the Secretary or an Assistant Secretary of
Lessee, duly authorizing and ratifying the execution, delivery and performance
by Lessee of the obligations of Lessee contemplated by this Amendment, together
with an incumbency certificate as to the person or persons authorized to execute
and deliver this Amendment and related documents on behalf of Lessee;

 

(ii) Lessor
shall have received satisfactory evidence that the Bankruptcy Court has entered
a final, non-appealable order, in form and substance satisfactory to Lessor,
approving this Amendment and the transactions contemplated hereby;

 

(iii) Lessor
shall have received satisfactory legal opinions from FAA counsel, and New York
and Hawaii counsel as to the matters referred to in Paragraph 4(i) through
(v) and Paragraph 6, above, and as to such other matters as Lessor may
reasonably request;

 

(iv) Lessee
shall have reimbursed (and from time to time after the Effective Date will
reimburse) Lessor for all its reasonable costs and expenses, including legal
fees, incurred in connection with Lessee’s bankruptcy case, this Amendment and
the amendment of each Companion Lease, up to a maximum sum of $200,000; and

 

(v) All
conditions precedent to the effectiveness of each “Amendment to Lease
Agreement,” dated as of the date hereof, between Lessor and Lessee, amending
each of the Companion Leases on substantially the same terms and conditions as
set forth herein, shall have been fulfilled and the same shall be in full force
and effect.  If Lessee fails to comply
with the conditions set forth in the foregoing clauses (i) through
(v) on or before May 19, 2003, this Amendment shall become null and
void.

 

5

 

10.           Lessee
acknowledges that Lessee’s failure to perform the terms of the Lease as they
existed prior to this Amendment has resulted in aggregate damages to Lessor in
the sum of $12,529,775.  Lessee agrees
that Lessor shall apply the $1,150,000 Security Deposit paid to Lessor at the
time of entering into the Lease to reduce the amount of such damages to $11,379,775,
and that Lessor shall be allowed an unsecured claim for damages against Lessee’s
bankruptcy estate in the sum of $11,379,775. 
Lessee acknowledges that Lessor’s claim for such damages is an accurate
and liquidated claim for damages incurred by Lessor as the result of Lessee’s
failure to perform the terms of the Lease without giving effect to this
Amendment, and that the foregoing agreements constitute an integral part of the
consideration between the parties to enter into this Amendment.

 

11.           In
all other respects, the Lease, as amended hereby, is hereby ratified and
confirmed and remains in full force and effect, and is hereby assumed for all
purposes by Lessee.

 

12.           On
and after the Effective Date of this Amendment, each reference in the Lease to “this
Lease”, “hereunder”, “hereof”, or words of like import referring to the Lease
shall mean and be a reference to the Lease as amended by this Amendment.  The Lease, except to the extent amended by
this Amendment, remains in full force and effect and is hereby in all respects
ratified and confirmed.

 

13.           This
Amendment may be executed in any number of 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 this Amendment by facsimile shall
be equally as effective as delivery of an originally executed counterpart.  Any party hereto delivering an executed
counterpart of this Amendment by facsimile shall also deliver an originally
executed counterpart but the failure to so deliver a manually executed
counterpart shall not affect the validity, enforceability or binding effect
hereof.

 

14.           This
Amendment shall in all respects be governed by, and construed in accordance with,
the internal laws of the State of California, United States of America (without
regard to any conflict of laws rule that might result in the application
of the laws of any other jurisdiction), including all matters of construction,
validity and performance.

 

15.           Lessor
and Lessee acknowledge and agree that upon Lessee’s assumption of the Lease (as
amended hereby), as contemplated herein, the obligations of Lessee under the
Lease, as amended hereby, constitute obligations of Lessee that have priority
as an administrative expense in Lessee’s Chapter 11 Bankruptcy Case.  Lessor agrees, however, that, during the
pendency of Lessee’s bankruptcy case, in the event Lessee ceases operations and
liquidates its assets pursuant to a liquidating plan of reorganization in its
Chapter 11 Bankruptcy Case or through the conversion of its Chapter 11
Bankruptcy Case to a Chapter 7 Bankruptcy Case (and, for the avoidance of
doubt, the transfer of Lessee’s assets to a successor company in connection
with a plan of reorganization shall not be deemed a ceasing of business by
Lessee or a liquidation of Lessee’s assets), Lessor agrees that, provided
Lessee returns the Aircraft to Lessor in

 

6

 

accordance
with the requirements of the Lease, Lessor’s administrative claim for damages
under the Lease measured by Lessee’s non-payment of Basic Rent shall be limited
to $1,500,000, and the balance of Lessor’s claim for damages under the Lease
will be classified as a general unsecured claim.  Except as provided in the preceding sentence,
if an Event of Default occurs (other than an Event of Default based on the
existence of Lessee’s Chapter 11 case) or Lessee attempts to reject this Lease,
whether in a plan of reorganization or otherwise, Lessee and its assets shall
be fully liable for all damages incurred by Lessor as the result of such Event
of Default and Lessor shall be entitled to exercise all its rights and remedies
as provided in the Lease to the same extent as if this Paragraph 15 did not
exist.

 

 

[signature page follows]

 

7

 

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

 

 

	
   

  	
  AWMS I

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kimberly Karavasilis

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HAWAIIAN AIRLINES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark B. Dunkerley

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christine Deister

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  

 

8

 

Schedule I

 

Intentionally omitted as containing confidential
information, which has been filed separately with the Securities and Exchange
Commission.

 

S-1

 

Schedule 2

 

Intentionally omitted as containing confidential
information, which has been filed separately with the Securities and Exchange
Commission.

 

S-1

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