Document:

ex10-1.htm

    Exhibit
10.1

     

    EXECUTION VERSION

     

    FOURTH
AMENDMENT, dated as of March 19, 2008 (this “Amendment”) to the
Credit Agreement (2006-B), dated as of December 15, 2006 (as heretofore amended,
the “Agreement”), by and
among AIRCASTLE LIMITED, an exempted company organized and existing under the
laws of Bermuda (“Parent”), AIRCASTLE HOLDING CORPORATION LIMITED, an exempted
company organized and existing under the laws of Bermuda (“AHCL”), AIRCASTLE
IRELAND HOLDING LIMITED a limited liability company incorporated in Ireland
(“AIHL”, and together with AHCL, the “Borrowers”), JPMORGAN CHASE BANK, N.A., as
administrative agent (the “Administrative
Agent”) and certain lenders from time to time parties
thereto.  Capitalized terms used but not otherwise defined in this
Amendment shall have the meanings set forth in the Agreement and the rules of
interpretation set forth therein shall apply to this Amendment.

    

    W I T N E S S E T
H:

     

    WHEREAS,
Parent, the Borrowers, the Lenders and the Administrative Agent are parties to
the Agreement;

     

    WHEREAS,
the Borrowers have requested that the Lenders amend the Agreement, as more fully
described herein; and

     

    WHEREAS,
the Lenders are willing to agree to such amendment, but only upon the terms and
subject to the conditions set forth herein;

     

    NOW,
THEREFORE, in consideration of the mutual agreements herein contained and other
good and valuable consideration, receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

     

    
                              
1.      Amendment to Section 1.1 of the
Agreement.

       

    

             (a)     Section
1.1 of the Agreement is hereby amended by amending and restating the following
defined terms:

     

                
(i)      “Applicable Margin” means:

     

                  
(a)     with respect to the Eurodollar Rate, 2.00%;
and

     

                  
(b)     with respect to the Base Rate,
1.00%;

     

                
(ii)     “Stated Termination Date” means December 11,
2008; and

     

                
(iii)    “Total Revolving Credit Commitment” means a
principal amount equal to (a) on any date occurring before June 30, 2008,
$150,000,000, (b) on any date occurring on or after June 30, 2008 to and
including August 30, 2008, $100,000,000, (c) on any date occurring on or after
August 31, 2008, to and including September 29, 2008, $80,000,000, (d) on any
date occurring on or after September 30, 2008, to and including October 30,
2008, $60,000,000 and (e) on any date occurring on or after October 31, 2008,
$40,000,000, in each case as may be reduced from time to time in accordance with
Section
2.7.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

             (b)     The
following term is added to Section 1.1 of the Agreement:

     

                 (i)      “Fourth
Amendment” means the Fourth Amendment dated as of March 19, 2008 to the
Agreement, among Parent, the Borrowers, the Lenders and the Administrative
Agent.

     

           
(c)      Exhibit A to the Agreement is amended and
restated in its entirety as set forth in Exhibit A hereto.

     

    2.      
Outstanding
Loans.  Upon the effectiveness of this Amendment, (a) the
Borrowers shall be deemed to have repaid, immediately prior to the effectiveness
of this Amendment, to the Lenders an amount equal to $45,000,000, which amount
represents the total amount of outstanding Loans existing as of such time,
(b)  JPMorgan Chase Bank, N.A. and Citicorp North America, Inc., as
Lenders, shall be deemed to have made, as of the effectiveness of this
Amendment, Loans to the Borrowers in the amount of $45,000,000, each in the
amount of its pro rata share, determined according to such Lender’s Applicable
Commitment Percentage of such Loans and (c)  each of JPMorgan Chase
Bank, N.A. and Citicorp North America, Inc., as Lenders, shall pay to Bear
Stearns Corporate Lending Inc. its Applicable Commitment Percentage of the
$15,000,000 in principal amount owing to Bear Stearns Corporate Lending Inc. as
of the date hereof under the Agreement.

     

    3.       Bear
Stearns.  Bear Stearns Corporate Lending Inc. shall be a party
to the Agreement solely to confirm that, as of the effectiveness of this
Amendment: (a) it has no further obligation to make Loans under the Agreement,
(b) it has no further right to receive repayment of principal of any Loans made
under the Agreement (other than the amount to be paid to it by JPMorgan Chase
Bank, N.A. and Citicorp North America, Inc. pursuant to Section 2 (c) above) ,
(c) the Applicable Commitment Percentage applicable to it is zero and (d) it is
no longer a Lender under the Agreement.

     

    4.       Fees.  Upon
the effectiveness of this Amendment, the Borrowers shall pay to each Lender a
one time fee equal to 0.25% of such Lender’s Revolving Credit Commitment as of
such date.

     

    5.       Effectiveness.  This
Amendment shall become effective upon the execution of this Amendment by the
duly authorized representatives of the Parent, the Borrower and the
Lenders.

     

    6.       Fees and
Expenses.  The Borrower shall pay all accrued and unpaid fees,
costs and expenses in connection with this Amendment and the transactions
contemplated thereby to the extent then due and payable, together with the
reasonable legal fees and expenses of the Administrative Agent.

    
       

                               7.      
Continuing Effect of Loan
Documents.  This Amendment shall not constitute an
amendment or waiver of any provision of the Agreement not expressly referred to
herein and shall not be construed as an amendment, waiver or consent to any
further or future action on the part of the Credit Parties that would require an
amendment, waiver or consent of the Lenders or Administrative
Agent.  Except as expressly amended hereby, the provisions of the
Agreement are and shall remain in full force and effect.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
                                
8.       Counterparts.  This
Amendment may be executed by one or more of the parties hereto on any number of
separate counterparts (including by facsimile), and all of said counterparts
taken together shall be deemed to constitute one and the same
instrument

         

         

                                 9.     
 Severability.  Any
provision of this Amendment which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating 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.

        
           

                                  
10.     Integration.  This
Amendment and the other Loan Documents represent the agreement of the Credit
Parties, the Administrative Agent and the Lenders with respect to the subject
matter hereof, and there are no promises, undertakings, representations or
warranties by the Administrative Agent or any Lender relative to the subject
matter hereof not expressly set forth or referred to herein or in the other Loan
Documents.

        

      

    

     

                             11.    
GOVERNING
LAW.  THIS
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

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

    

    
      	 
    	
              AIRCASTLE
      LIMITED, as Parent

            
	 
    	 
    
	 
    	 
      
	 
      	 
      
	 
      	
              By:

            	/s/
      Ron Wainshal
	 
      	 
      	
              Name:  Ron
      Wainshal

            
	 
      	 
      	
              Title: 
      Chief Executive Officer

            

    

     

    
 

    
      	 
      	
              AIRCASTLE
      HOLDING CORPORATION LIMITED, as Borrower

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	/s/
      Ron Wainshal  
	 
      	 
      	
              Name:  Ron
      Wainshal

            
	 
      	 
      	
              Title: 
      Chairman and Chief Executive
Officer

            

    

     

    
 

    
      	 
      	
              AIRCASTLE
      IRELAND HOLDING LIMITED, as Borrower

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	/s/
      Ron Wainshal  
	 
      	 
      	
              Name:  Ron
      Wainshal

            
	 
      	 
      	
              Title: 
      Director

            

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    

    
      	 
    	
              JPMORGAN
      CHASE BANK, N.A., as Agent and as a Lender

            
	 
    	 
    
	 
    	 
    
	 
    	 
    
	 
    	
              By:

            	/s/
      Matthew H. Massie  
	 
      	 
      	
              Name:  Matthew H.
      Massie 

            
	 
      	 
      	
              Title: 
      Managing Director

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    

    

    
      	 
    	
              BEAR
      STEARNS CORPORATE LENDING INC., as a Lender

            
	 
    	 
    
	 
    	 
    
	 
    	 
      
	 
      	
              By:

            	/s/
      Linda A. Carper  
	 
      	 
      	
              Name:  Linda A.
      Carper

            
	 
      	 
      	
              Title: 
      Vice President

            

    

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    

    
      	 
    	
              CITICORP
      NORTH AMERICA, INC.,

              as
      a Lender

            
	 
    	 
    
	 
    	 
      
	 
      	 
      
	 
      	
              By:

            	/s/
      Thomas Hollahan  
	 
      	 
      	
              Name:  Thomas
      Hollahan

            
	 
      	 
      	
              Title: 
      VP

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    EXHIBIT
A

    

    Applicable Commitment
Percentages

    

    

    

    
      	 
    	
              Revolving
      Credit

            	
              Applicable
      Commitment

            
	
              Lenders

            	
              Commitment

            	
              Percentage

            

    

    

    on
any date occurring before June 30, 2008:

    

    
      	
              JPMorgan
      Chase Bank, N.A.

            	
              $75,000,000

            	
              50.00%

            
	
              Citicorp
      North America, Inc.

            	
              $75,000,000

            	
              50.00%

            

    

    

    on
any date occurring on or after June 30, 2008 to and including August 30,
2008:

    

    
      	
              JPMorgan
      Chase Bank, N.A.

            	
              $50,000,000

            	
              50.00%

            
	
              Citicorp
      North America, Inc.

            	
              $50,000,000

            	
              50.00%

            

    

    

    on
any date occurring on or after August 31, 2008, to and including September 29,
2008:

    

    
      	
              JPMorgan
      Chase Bank, N.A.

            	
              $40,000,000

            	
              50.00%

            
	
              Citicorp
      North America, Inc.

            	
              $40,000,000

            	
              50.00%

            

    

    

    on
any date occurring on or after September 30, 2008, to and including October 30,
2008:

    

    
      	
              JPMorgan
      Chase Bank, N.A.

            	
              $30,000,000

            	
              50.00%

            
	
              Citicorp
      North America, Inc.

            	
              $30,000,000

            	
              50.00%

            

    

    

    on
any date occurring on or after October 31, 2008:

    

    
      	
              JPMorgan
      Chase Bank, N.A.

            	
              $20,000,000

            	
              50.00%

            
	
              Citicorp
      North America, Inc.

            	
              $20,000,000

            	
              50.00%ex10-2.htm

     

    Exhibit
10.2

     

    EXECUTION
VERSION

     

    THIRD
AMENDMENT, dated as of March 19, 2008 (this “Amendment”)
to the Amended and Restated Credit Agreement (2006-A), dated as of December 15,
2006 (as heretofore amended, the “Agreement”),
by and among AIRCASTLE INVESTMENT HOLDINGS 2 LIMITED (“Bermuda
Holding 2 Limited”), an exempted company organized and existing under the
laws of Bermuda, AIRCASTLE IRELAND NO. 1 LIMITED (“AI
1 Ltd.”), a limited liability company incorporated in Ireland, AIRCASTLE
IRELAND NO. 3 LIMITED (“AI
3 Ltd.”), a limited liability company incorporated in Ireland, and
certain Holdings Subsidiary Trusts and Holdings SPCs designated as Borrowing
Affiliates (such Holdings Subsidiary Trusts and Holdings SPCs being referred to
individually as a “Borrower”
or collectively as the “Borrowers”),
JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative
Agent”) and certain lenders from time to time parties
thereto.  Capitalized terms used but not otherwise defined in this
Amendment shall have the meanings set forth in the Agreement and the rules of
interpretation set forth therein shall apply to this Amendment.

    

    W I T N E S S E T
H:

     

    WHEREAS,
Bermuda Holding 2 Limited, AI 1 Ltd., AI 2 Ltd., the Borrowers, the Lenders and
the Administrative Agent are parties to the Agreement;

     

    WHEREAS,
the Borrowers have requested that the Lenders amend the Agreement, as more fully
described herein; and

     

    WHEREAS,
the Lenders are willing to agree to such amendment, but only upon the terms and
subject to the conditions set forth herein;

     

    NOW,
THEREFORE, in consideration of the mutual agreements herein contained and other
good and valuable consideration, receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

     

    1. Amendment to Section 1.1 of
the Agreement. Subsection 1.1 of the Agreement is hereby amended
by amending and restating the definition of “Total Revolving Credit Commitment”
as set forth below and inserting, in proper alphabetical order, the below
definition of “Third Amendment”:

     

    (a) “Third
Amendment” means the Third Amendment dated as of March 19, 2008 to the
Agreement, among Bermuda Holding 2 Limited, AI 1 Ltd., AI 2 Ltd., the Borrowers,
the Lenders and the Administrative Agent.

     

    (b) “Total
Revolving Credit Commitment” means (a) initially, a principal amount equal to
$1,000,000 and (b) on any date after March 19, 2008 on which the aggregate
outstanding principal amount of the Loans is less than $500,000,000, a principal
amount equal to $500,000,000, in each case as may be reduced from time to time
in accordance with Section
2.7.

     

    2. Effectiveness.  This
Amendment shall become effective upon the execution of this Amendment by the
duly authorized representatives of Bermuda Holding 2 Limited, AI 1 Ltd., AI 2
Ltd., the Borrowers and the Lenders.

     

    3. Fees and
Expenses.  The Borrower shall pay all accrued and unpaid fees,
costs and expenses in connection with this Amendment and the transactions
contemplated thereby to the extent then due and payable, together with the
reasonable legal fees and expenses of the Administrative Agent.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

               
4.  Continuing Effect of Loan
Documents. 
This Amendment shall not constitute an amendment or waiver of any provision of
the Agreement not expressly referred to herein and shall not be construed as an
amendment, waiver or consent to any further or future action on the part of the
Credit Parties that would require an amendment, waiver or consent of the Lenders
or Administrative Agent.  Except as expressly amended hereby, the
provisions of the Agreement are and shall remain in full force and
effect.

     

               
5.  Counterparts.  This
Amendment may be executed by one or more of the parties hereto on any number of
separate counterparts (including by facsimile), and all of said counterparts
taken together shall be deemed to constitute one and the same
instrument.

     

               
6.  Severability.  Any
provision of this Amendment which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating 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.

     

                7.  Integration.
This Amendment and the other Loan Documents represent the agreement of
the Credit Parties, the Administrative Agent and the Lenders with respect to the
subject matter hereof, and there are no promises, undertakings, representations
or warranties by the Administrative Agent or any Lender relative to the subject
matter hereof not expressly set forth or referred to herein or in the other Loan
Documents.

     

               
8.  GOVERNING
LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

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

    

    
      	 
    	
              AIRCASTLE
      INVESTMENT HOLDINGS 2 LIMITED

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	/s/
      Ron Wainshal
	 
      	 
      	
              Name:
      Ron Wainshal

            
	 
      	 
      	
              Title:  Chairman
      and Chief Executive Officer

            

    

     

    
      	 
      	
              AIRCASTLE
      IRELAND NO. 1 LIMITED

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	/s/ Ron
      Wainshal
	 
      	 
      	
              Name: 
      Ron Wainshal

            
	 
      	 
      	
              Title: 
      Director

            

    

     

    
      	 
      	
              AIRCASTLE
      IRELAND NO. 3 LIMITED

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	/s/ Ron
      Wainshal  
	 
      	 
      	
              Name: 
      Ron Wainshal

            
	 
      	 
      	
              Title: 
      Director

            

    

     

    
      	 
      	
              CONSTITUTION
      AIRCRAFT LEASING (IRELAND) 4 LIMITED

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	/s/ Ron
      Wainshal  
	 
      	 
      	
              Name: 
      Ron Wainshal

            
	 
      	 
      	
              Title: 
      Director

            

    

     

    
      	 
      	
              JIMIN
      AIRCRAFT LEASING LIMITED

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	/s/ Ron
      Wainshal  
	 
      	 
      	
              Name: 
      Ron Wainshal

            
	 
      	 
      	
              Title: 
      Director

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    

    
      	 
    	
              WELLS
      FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, as Owner Trustee under the
      various Trust Agreements

            
	 
    	 
    
	 
    	 
    
	 
    	
              By:

            	/s/
      Val T. Orton
	 
      	 
      	
              Name:  Val T.
      Orton

            
	 
      	 
      	
              Title: 
      Vice President

            

    

    

    
      	 
    	
              AIRCRAFT
      MSN 138 LLC

            
	 
    	
              AIRCRAFT
      MSN 139 LLC

            
	 
    	
              AIRCRAFT
      MSN 25076 LLC

              AIRCRAFT
      MSN 25117 LLC

              AIRCRAFT
      MSN 29916 LLC

              AIRCRAFT
      MSN 29917 LLC

              AIRCRAFT
      MSN 29918 LLC

              AIRCRAFT
      MSN 29919 LLC

              AIRCRAFT
      MSN 29920 LLC

              AIRCRAFT
      MSN 27137 LLC

              AIRCRAFT
      MSN 368 LLC

              AIRCRAFT
      MSN 1047 LLC

              AIRCRAFT
      MSN 1059 LLC

              AIRCRAFT
      MSN 1067 LLC

              AIRCRAFT
      MSN 1099 LLC

              AIRCRAFT
      MSN 1101 LLC

            
	 
    	 
    
	 
    	
              By:

            	/s/
      Ron Wainshal  
	 
      	 
      	
              Name: 
      Ron Wainshal

            
	 
      	 
      	
              Title: 
      Manager

            

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	 
    	
              AIRCRAFT
      MSN 1119 LLC

              AIRCRAFT
      MSN 24952 LLC

              AIRCRAFT
      MSN 25000 LLC

              AIRCRAFT
      MSN 148 LLC

              AIRCRAFT
      MSN 637 LLC

              AIRCRAFT
      MSN 27152 LLC

              AIRCRAFT
      MSN 27183 LLC

              AIRCRAFT
      MSN 27342 LLC

              AIRCRAFT
      MSN 27681 LLC

              AIRCRAFT
      MSN 324 LLC

              AIRCRAFT
      MSN 28231 LLC

              AIRCRAFT
      MSN 29345 LLC

              GAP
      INVESTMENT ONE, LLC

              GAP
      INVESTMENT TWO, LLC

              GAP
      INVESTMENT TWENTY-NINE, LLC

              GAP
      INVESTMENT ONE, LLC

            
	 
    	 
    
	 
    	 
    
	 
    	
              By:

            	/s/ Ron
      Wainshal    
	 
      	 
      	
              Name: 
      Ron Wainshal

            
	 
      	 
      	
              Title: 
      Manager

            

    

     

    
      	 
      	
              ENDEAVOR
      AIRCRAFT LEASING (SWEDEN) 3 AB

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	/s/
      Peter Plunkett  
	 
      	 
      	
              Name: 
      Peter Plunkett

            
	 
      	 
      	
              Title: 
      Director

            

    

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    
      	 
    	
              JPMORGAN
      CHASE BANK, N.A., as Agent and as a Lender

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	/s/
      Matthew H. Massie  
	 
      	 
      	
              Name:  Matthew H.
      Massie

            
	 
      	 
      	
              Title: 
      Managing Director

            

    

     

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 
    	
              BEAR
      STEARNS CORPORATE LENDING INC., as a Lender

            
	 
    	 
    
	 
    	 
    
	 
    	
              By:

            	/s/
      Linda A. Carper  
	 
      	 
      	
              Name:  Linda A.
      Carper

            
	 
      	 
      	
              Title: 
      Vice President

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    

    
      	 
    	
              CITICORP
      NORTH AMERICA, INC.,

              as
      a Lender

            
	 
    	 
    
	 
    	 
    
	 
    	
              By:

            	/s/
      Thomas Hollahan  
	 
      	 
      	
              Name:  Thomas
      Hollahan

            
	 
      	 
      	
              Title: 
      VP

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