Document:

Exhibit 10.25

      

       

      Letter Agreement

       

      NordLB / Fly Leasing – Loan Agreements

       

      [   ] Airbus and Boeing Aircraft

       

      Aphrodite Aviation Limited (the MSN [   ] Borrower)

       

      Artemis Aviation Limited (the MSN [   ] Borrower)

       

      Clementine Aviation Limited (the MSN [   ] Borrower)

       

      Panda Aviation Limited (the MSN [   ] Borrower)

       

      Victoria Peak Aviation Limited (the MSN [   ] Borrower)

       

      Hobart Aviation Holdings Limited (the Shareholder)

       

      Norddeutsche Landesbank Girozentrale, as lender in relation to the financing of the Aircraft (the Lender)

       

      Norddeutsche Landesbank Girozentrale, as facility agent in relation to the financing of the Aircraft (the Facility Agent)

       

      Norddeutsche Landesbank Girozentrale, as security agent and trustee in relation to the financing of the Aircraft (the Security Trustee)

       

      [   ], 2019

       

      Dear Sirs

       

      [   ] Airbus and Boeing Aircraft

       

      Background

       

      
        
          	1	
                  We refer to:

                

        

      

       

      
        
          	

                	(a)	
                  the loan agreement relating to MSN [   ] dated 6 February 2012 between the MSN [   ] Borrower, the Shareholder, the Lender, the Facility Agent and the Security Trustee (as amended, supplemented or varied from time to time (including
                    without limitation pursuant to the letter agreement dated 13 November 2018 between, inter alios, the MSN [   ] Borrower and the Finance Parties), the MSN [   ]
                      Loan Agreement);

                

        

      

       

      
        
          	

                	(b)	
                  the loan agreement relating to MSN [   ] dated 6 February 2012 between the MSN [   ] Borrower, the Shareholder, the Lender, the Facility Agent and the Security Trustee (as amended, supplemented or varied from time to time (including
                    without limitation pursuant to the letter agreement dated 13 November 2018 between, inter alios, the MSN [   ] Borrower and the Finance Parties), the MSN [   ]
                      Loan Agreement);

                

        

      

       

      
        
          	

                	(c)	
                  the loan agreement relating to MSN [   ] dated 6 February 2012 between the MSN [   ] Borrower, the Shareholder, the Lender, the Facility Agent and the Security Trustee (as amended, supplemented or varied from time to time (including
                    without limitation pursuant to the letter agreement dated 13 November 2018 between, inter alios, the MSN [   ] Borrower and the Finance Parties), the MSN [   ]
                      Loan Agreement);

                

        

      

       

      
        1

        
          

      

      
        
          	

                	(d)	
                  the loan agreement relating to MSN [   ] dated 6 February 2012 between the MSN [   ] Borrower, the Shareholder, the Lender, the Facility Agent and the Security Trustee (as amended, supplemented or varied from time to time (including
                    without limitation pursuant to the letter agreement dated 13 November 2018 between, inter alios, the MSN [   ] Borrower and the Finance Parties), the MSN [   ]
                      Loan Agreement); and

                

        

      

       

      
        
          	

                	(e)	
                  the loan agreement relating to MSN [   ] dated 6 February 2012 between the MSN [   ] Borrower, the Shareholder, the Lender, the Facility Agent and the Security Trustee (as amended, supplemented or varied from time to time (including
                    without limitation pursuant to the letter agreement dated 13 November 2018 between, inter alios, the MSN [   ] Borrower and the Finance Parties), the MSN [   ]
                      Loan Agreement),

                

        

      

       

      (together, the Loan Agreements; each, a Loan Agreement).

       

      
        
          	2	
                  In this letter agreement:

                

        

      

       

      
        
          	

                	(a)	
                  Aircraft means, together, MSN [   ], MSN [   ], MSN [   ], MSN [   ] and MSN [   ];

                

        

      

       

      
        
          	

                	(b)	
                  Collateral Agreement means the collateral agreement relating to, inter alia, the Aircraft dated 6 February 2012 between, inter alios, the Parties (as amended pursuant to the related letter agreement dated 14 November 2018);

                

        

      

       

      
        
          	

                	(c)	
                  Collateral Agreement Amendment Letter means the letter agreement relating to the Collateral Agreement dated on or about the date hereof between, inter alios,
                    the Parties,

                

        

      

       

      
        
          	

                	(d)	
                  Effective Time means the time at which the Facility Agent delivers the Effective Time Notice to the Parties confirming that each of the conditions specified in paragraph 8 has been satisfied
                    (or waived or postponed) in accordance with the provisions of paragraphs 8 to 11;

                

        

      

       

      
        
          	

                	(e)	
                  Effective Time Notice means a notice from the Facility Agent substantially in the form of the Exhibit;

                

        

      

       

      
        
          	

                	(f)	
                  Final Repayment Date has the meaning given to that term in each Relevant Loan Agreement;

                

        

      

       

      
        
          	

                	(g)	
                  Finance Parties means, together, the Lender, the Facility Agent and the Security Trustee;

                

        

      

       

      
        
          	

                	(h)	
                  MSN [   ] means the [   ] aircraft with manufacturer’s serial number [   ];

                

        

      

       

      
        
          	

                	(i)	
                  MSN [   ] Advance has the meaning given to the term “Advance” in the MSN [   ] Loan Agreement;

                

        

      

       

      
        
          	

                	(j)	
                  MSN [   ] Loan Amount means the outstanding principal amount of the MSN [   ] Advance (being the balance remaining follow the application of, inter alia,
                    the Net Sale Proceeds from the sale of MSN [   ] to partially prepay the MSN [   ] Advance) as at the Effective Time (immediately prior to the MSN [   ] Loan Transfer);

                

        

      

       

      
        2

        
          

      

      
        
          	

                	(k)	
                  MSN [   ] Loan Transfer means the transfer of the MSN [   ] Advance pursuant to paragraphs 4.1 to 4.3 inclusive;

                

        

      

       

      
        
          	

                	(l)	
                  MSN [   ] means the [   ] aircraft with manufacturer’s serial number [   ];

                

        

      

       

      
        
          	

                	(m)	
                  MSN [   ] Advance has the meaning given to the term “Advance” in the MSN [   ] Loan Agreement;

                

        

      

       

      
        
          	

                	(n)	
                  MSN [   ] Loan Amount means the outstanding principal amount of the MSN [   ] Advance (being the balance remaining follow the application of, inter alia,
                    the Net Sale Proceeds from the sale of MSN [   ] to partially prepay the MSN [   ] Advance) as at the Effective Time (immediately prior to the MSN [   ] Loan Transfer);

                

        

      

       

      
        
          	

                	(o)	
                  MSN [   ] Loan Transfer means the transfer of the MSN [   ] Advance pursuant to paragraphs 5.1 to 5.3 inclusive;

                

        

      

       

      
        
          	

                	(p)	
                  MSN [   ] means the [   ] aircraft with manufacturer’s serial number [   ];

                

        

      

       

      
        
          	

                	(q)	
                  MSN [   ] Advance has the meaning given to the term “Advance” in the MSN [   ] Loan Agreement;

                

        

      

       

      
        
          	

                	(r)	
                  MSN [   ] means the [   ] aircraft with manufacturer’s serial number [   ];

                

        

      

       

      
        
          	

                	(s)	
                  MSN [   ] Advance has the meaning given to the term “Advance” in the MSN [   ] Loan Agreement;

                

        

      

       

      
        
          	

                	(t)	
                  MSN [   ] means the [   ] aircraft with manufacturer’s serial number [   ];

                

        

      

       

      
        
          	

                	(u)	
                  MSN [   ] Advance has the meaning given to the term “Advance” in the MSN [   ] Loan Agreement;

                

        

      

       

      
        
          	

                	(v)	
                  Obligors means, together, the MSN [   ] Borrower, the MSN [   ] Borrower, the MSN [   ] Borrower, the MSN [   ] Borrower, the MSN [   ] Borrower and the Shareholder;

                

        

      

       

      
        
          	

                	(w)	
                  Parties means, together, the parties to this letter agreement;

                

        

      

       

      
        
          	

                	(x)	
                  Relevant Advances means, together, the MSN [   ] Advance, the MSN [   ] Advance and the MSN [   ] Advance;

                

        

      

       

      
        
          	

                	(y)	
                  Relevant Aircraft means, together, MSN [   ], MSN [   ] and MSN [   ];

                

        

      

       

      
        
          	

                	(z)	
                  Relevant Aircraft Mortgages has the meaning given to the term “Aircraft Mortgages” in each Relevant Loan Agreement;

                

        

      

       

      
        
          	

                	(aa)	
                  Relevant Loan Agreements means, together, the MSN [   ] Loan Agreement, the MSN [   ] Loan Agreement and the MSN [   ] Loan Agreement;

                

        

      

       

      
        
          	

                	(bb)	
                  Relevant Obligors means, together, the MSN [   ] Borrower, the MSN [   ] Borrower, the MSN [   ] Borrower and the Shareholder;

                

        

      

       

      
        
          	

                	(cc)	
                  Relevant Security Documents has the meaning given to the term “Security Documents” in each Relevant Loan Agreement;

                

        

      

       

      
        
          	

                	(dd)	
                  Representatives means, together, the Facility Agent and the Security Trustee;

                

        

      

       

      
        3

        
          

      

      
        
          	

                	(ee)	
                  Secured Obligations has the meaning given to that term in each Relevant Loan Agreement;

                

        

      

       

      
        
          	

                	(ff)	
                  Transaction Documents has the meaning given to that term in each Relevant Loan Agreement;

                

        

      

       

      
        
          	

                	(gg)	
                  any reference to a paragraph or an Exhibit means a paragraph of or exhibit to, respectively, this letter agreement; and

                

        

      

       

      
        
          	

                	(hh)	
                  words importing the plural shall include the singular and vice versa.

                

        

      

       

      
        
          	3	
                  The Parties have agreed to enter into this letter agreement in connection with:

                

        

      

       

      
        
          	

                	(a)	
                  following the sale of MSN [   ], the transfer of the MSN [   ] Advance to the MSN [   ] Borrower, the related termination of the MSN [   ] Loan Agreement and the related increase in the outstanding principal amount of the MSN [   ]
                    Advance;

                

        

      

       

      
        
          	

                	(b)	
                  following the sale of MSN [   ], the transfer of the MSN [   ] Advance to the MSN [   ] Borrower, the related termination of the MSN [   ] Loan Agreement and the related increase in the outstanding principal amount of the MSN [   ]
                    Advance; and

                

        

      

       

      
        
          	

                	(c)	
                  the extension of the Final Repayment Date for each Relevant Advance from 14 January 2020 to 14 May 2021.

                

        

      

       

      
        
          	4	
                  MSN [   ] Loan Transfer

                

        

      

       

      
        
          	4.1	
                  With effect from the Effective Time, the MSN [   ] Borrower hereby:

                

        

      

       

      
        
          	

                	(a)	
                  assigns absolutely to the MSN [   ] Borrower all of its right, title and interest in and to the MSN [   ] Loan Agreement;

                

        

      

       

      
        
          	

                	(b)	
                  consents to the assumption of obligations pursuant to paragraph 4.2(b); and

                

        

      

       

      
        
          	

                	(c)	
                  releases each Finance Party from further performance under the MSN [   ] Loan Agreement.

                

        

      

       

      
        
          	4.2	
                  With effect from the Effective Time, the MSN [   ] Borrower hereby:

                

        

      

       

      
        
          	

                	(a)	
                  accepts the assignment of rights pursuant to paragraph 4.1(a); and

                

        

      

       

      
        
          	

                	(b)	
                  agrees to assume and perform all of the obligations of the MSN [   ] Borrower under the MSN [   ] Loan Agreement and to be bound by the terms of the MSN [   ] Loan Agreement instead of the MSN [   ] Borrower.

                

        

      

       

      
        
          	4.3	
                  With effect from the Effective Time, each Finance Party hereby:

                

        

      

       

      
        
          	

                	(a)	
                  consents to the assignment of rights pursuant to paragraph 4.1(a) and the assumption of obligations pursuant to paragraph 4.2(b);

                

        

      

       

      
        
          	

                	(b)	
                  agrees that all rights of the MSN [   ] Borrower under the MSN [   ] Loan Agreement are vested in (and are exercisable by) the MSN [   ] Borrower (to the exclusion of the MSN [   ] Borrower); and

                

        

      

       

      
        
          	

                	(c)	
                  releases the MSN [   ] Borrower from further performance under the MSN [   ] Loan Agreement.

                

        

      

       

      
        4

        
          

      

      
        
          	4.4	
                  With effect from the Effective Time (immediately following the MSN [   ] Loan Transfer):

                

        

      

       

      
        
          	

                	(a)	
                  each Finance Party hereby releases the MSN [   ] Borrower (as transferee of the MSN [   ] Borrower) and the Shareholder from performance under the MSN [   ] Loan Agreement (as transferred pursuant to the preceding provisions of this
                    paragraph 4);

                

        

      

       

      
        
          	

                	(b)	
                  each Party hereby agrees that the MSN [   ] Loan Agreement, and all of the rights and obligations of the parties thereto, shall automatically and without further act terminate (in each case except to the extent relating to any
                    provisions which are expressly stated in the MSN [   ] Loan Agreement to survive its termination); and

                

        

      

       

      
        
          	

                	(c)	
                  in consideration of the foregoing, each Party hereby agrees that the outstanding principal amount of the MSN [   ] Advance will be increased by an amount equal to the MSN [   ] Loan Amount for all purposes of the MSN [   ] Loan
                    Agreement and the other Transaction Documents.

                

        

      

       

      
        
          	5	
                  MSN [   ] Loan Transfer

                

        

      

       

      
        
          	5.1	
                  With effect from the Effective Time, the MSN [   ] Borrower hereby:

                

        

      

       

      
        
          	

                	(a)	
                  assigns absolutely to the MSN [   ] Borrower all of its right, title and interest in and to the MSN [   ] Loan Agreement;

                

        

      

       

      
        
          	

                	(b)	
                  consents to the assumption of obligations pursuant to paragraph 5.2(b); and

                

        

      

       

      
        
          	

                	(c)	
                  releases each Finance Party from further performance under the MSN [   ] Loan Agreement.

                

        

      

       

      
        
          	5.2	
                  With effect from the Effective Time, the MSN [   ] Borrower hereby:

                

        

      

       

      
        
          	

                	(a)	
                  accepts the assignment of rights pursuant to paragraph 5.1(a); and

                

        

      

       

      
        
          	

                	(b)	
                  agrees to assume and perform all of the obligations of the MSN [   ] Borrower under the MSN [   ] Loan Agreement and to be bound by the terms of the MSN [   ] Loan Agreement instead of the MSN [   ] Borrower.

                

        

      

       

      
        
          	5.3	
                  With effect from the Effective Time, each Finance Party hereby:

                

        

      

       

      
        
          	

                	(a)	
                  consents to the assignment of rights pursuant to paragraph 5.1(a) and the assumption of obligations pursuant to paragraph 5.2(b);

                

        

      

       

      
        
          	

                	(b)	
                  agrees that all rights of the MSN [   ] Borrower under the MSN [   ] Loan Agreement are vested in (and are exercisable by) the MSN [   ] Borrower (to the exclusion of the MSN [   ] Borrower); and

                

        

      

       

      
        
          	

                	(c)	
                  releases the MSN [   ] Borrower from further performance under the MSN [   ] Loan Agreement.

                

        

      

       

      
        
          	5.4	
                  With effect from the Effective Time (immediately following the MSN [   ] Loan Transfer):

                

        

      

       

      
        
          	

                	(a)	
                  each Finance Party hereby releases the MSN [   ] Borrower (as transferee of the MSN [   ] Borrower) and the Shareholder from performance under the MSN [   ] Loan Agreement (as transferred pursuant to the preceding provisions of this
                    paragraph 5);

                

        

      

       

      
        5

        
          

      

      
        
          	

                	(b)	
                  each Party hereby agrees that the MSN [   ] Loan Agreement, and all of the rights and obligations of the parties thereto, shall automatically and without further act terminate (in each case except to the extent relating to any
                    provisions which are expressly stated in the MSN [   ] Loan Agreement to survive its termination); and

                

        

      

       

      
        
          	

                	(c)	
                  in consideration of the foregoing, each Party hereby agrees that the outstanding principal amount of the MSN [   ] Advance will be increased by an amount equal to the MSN [   ] Loan Amount for all purposes of the MSN [   ] Loan
                    Agreement and the other Transaction Documents.

                

        

      

       

      
        
          	6	
                  Relevant Advances and Relevant Aircraft

                

        

      

       

      
        
          	6.1	
                  With effect from the Effective Time, each Party hereby agrees:

                

        

      

       

      
        
          	

                	(a)	
                  that the Final Repayment Date for each Relevant Advance will be extended from 14 January 2020 to 14 May 2021; and

                

        

      

       

      
        
          	

                	(b)	
                  as a result, that the definition of “Final Repayment Date” in clause 1.1 of each Relevant Loan Agreement is deleted in its entirety and replaced with the following new definition:

                

        

      

       

      “Final Repayment Date means 14 May 2021 provided that if such date is not a Business Day, it shall be the next
        succeeding Business Day.”.

       

      
        
          	6.2	
                  With effect from the Effective Time, each Party hereby further agrees and confirms that:

                

        

      

       

      
        
          	

                	(a)	
                  principal and interest in relation to each Relevant Advance will continue to be repaid or paid (as applicable) on a “pay as you earn” basis in accordance with the provisions of schedule 11 to each Relevant Loan Agreement (and
                    otherwise in accordance with the provisions of each Relevant Loan Agreement); and

                

        

      

       

      
        
          	

                	(b)	
                  except as contemplated by paragraphs 4.4(c), 5.4(c) and 6.1, the economic terms applicable to each Relevant Advance will remain unaltered.

                

        

      

       

      
        
          	7	
                  Security Confirmation

                

        

      

       

      Each Relevant Obligor hereby:

       

      
        
          	

                	(a)	
                  confirms that all of the security granted in favour of the Security Trustee pursuant to the Relevant Security Documents for the Secured Obligations (as amended pursuant to this letter agreement) remains in full force and effect; and

                

        

      

       

      
        
          	

                	(b)	
                  acknowledges that the security granted by it pursuant to or in connection with the Relevant Aircraft Mortgages and each other Relevant Security Document shall remain unaffected and any reference to a Relevant Loan Agreement in the
                    Relevant Aircraft Mortgages and each other Relevant Security Document shall be a reference to that Relevant Loan Agreement as amended by this letter agreement.

                

        

      

       

      
        6

        
          

      

      Conditions Precedent

       

      
        
          	8	
                  The occurrence of the Effective Time shall be subject to the satisfaction (or waiver or postponement in accordance with the terms of this letter agreement) of each of the following conditions precedent (except for the items specified
                    in paragraph 8(f)):

                

        

      

       

      Amendment Agreement:

       

      
        
          	

                	(a)	
                  The Facility Agent shall have received a fully executed copy of this letter agreement and the Collateral Agreement Letter Agreement.

                

        

      

       

      Corporate Documents:

       

      
        
          	

                	(b)	
                  The Facility Agent shall have received each of the following corporate documents:

                

        

      

       

      
        
          	

                	(i)	
                  a copy of a corporate certificate of each Obligor attaching:

                

        

      

       

      
        
          	

                	(A)	
                  a certified true copy of its constitutive documents;

                

        

      

       

      
        
          	

                	(B)	
                  a certified true copy of its board resolutions that authorise the execution by it of this letter agreement and the transactions contemplated thereby;

                

        

      

       

      
        
          	

                	(C)	
                  a certified true copy of the power of attorney or letter of delegation of authority relating to the execution by it of this letter agreement;

                

        

      

       

      
        
          	

                	(D)	
                  an incumbency certificate detailing the persons entitled to execute this letter agreement on its behalf; and

                

        

      

       

      
        
          	

                	(E)	
                  a list of its directors and secretary; and

                

        

      

       

      
        
          	

                	(ii)	
                  evidence that the process agent appointed by each Relevant Obligor in England in relation to this letter agreement shall have accepted such appointment.

                

        

      

       

      Legal Opinions:

       

      
        
          	

                	(c)	
                  The Facility Agent shall have received each of the following signed legal opinions (each addressed and delivered to each Finance Party):

                

        

      

       

      
        
          	

                	(i)	
                  Irish legal opinion of McCann FitzGerald; and

                

        

      

       

      
        
          	

                	(ii)	
                  English legal opinion of Vedder Price LLP.

                

        

      

       

      Sale of MSN [   ] and MSN [   ]:

       

      
        
          	

                	(d)	
                  The sale of each of MSN [   ] and MSN [   ] must have completed and the related Net Sale Proceeds (as defined in each of the MSN [   ] Loan Agreement and the MSN [   ] Loan Agreement) must have been paid and applied in accordance
                    with the provisions of the Collateral Agreement.

                

        

      

       

      Other:

       

      
        
          	

                	(e)	
                  The following further conditions precedent shall have been satisfied:

                

        

      

       

      
        
          	

                	(i)	
                  no Total Loss shall have occurred in relation to any Relevant Aircraft;

                

        

      

       

      
        7

        
          

      

      
        
          	

                	(ii)	
                  no Event of Default shall have occurred and be continuing under any Loan Agreement;

                

        

      

       

      
        
          	

                	(iii)	
                  no Illegality Event shall have occurred and be continuing under any Loan Agreement; and

                

        

      

       

      
        
          	

                	(iv)	
                  the Facility Agent shall have received such documentation and other evidence as it shall have required (acting reasonably) in relation to each Obligor so as to comply with all applicable “know your customer” or similar identification
                    procedures.

                

        

      

       

      MSN [   ] and MSN [   ] – CAAC Mortgage Registration:

       

      
        
          	

                	(f)	
                  Within thirty (30) days of the date upon which the Effective Time occurs, the MSN [   ] Borrower and the MSN [   ] Borrower, as applicable, will deliver to the Security Trustee CAAC countersigned copies of the mortgage application
                    update forms relating to MSN [   ] and MSN [   ], necessary to update the expiry date of the mortgage interests of the Security Trustee with respect to MSN [   ] and MSN [   ] with the CAAC.

                

        

      

       

      
        
          	9	
                  When making any determination with respect to any condition precedent set forth in paragraph 8, the Facility Agent will act on the instructions of the Lender.

                

        

      

       

      
        
          	10	
                  Each document or other written item to be delivered to the Facility Agent pursuant to paragraph 8 must be in form and substance satisfactory to the Facility Agent (acting reasonably).

                

        

      

       

      
        
          	11	
                  If any of the conditions precedent set forth in paragraph 8 are not satisfied in accordance with the provisions of paragraph 8, the Facility Agent (acting on the instructions of the Lender) shall be entitled to waive or postpone (in
                    whole or in part) satisfaction of any such condition upon such terms as it may think fit.  Any such waiver or postponement must be made in writing.

                

        

      

       

      Miscellaneous

       

      
        
          	12	
                  Each Party hereby represents and warrants that:

                

        

      

       

      
        
          	

                	(a)	
                  this letter agreement has been duly authorised and executed by it; and

                

        

      

       

      
        
          	

                	(b)	
                  this letter agreement constitutes its legal, valid and binding obligations, enforceable against it in accordance with its terms (except to the extent that enforcement may be limited by applicable insolvency and similar laws affecting
                    the rights of creditors generally).

                

        

      

       

      
        
          	13	
                  Each of the Parties hereby agrees and confirms that this letter agreement is a “Loan Document” (and, accordingly, a “Transaction Document”) for the purposes of each Relevant Loan Agreement (as amended by this letter agreement) and
                    the other Transaction Documents.

                

        

      

       

      
        
          	14	
                  The Parties agree that, save as amended by this letter agreement, each Relevant Loan Agreement remains in full force and effect.

                

        

      

       

      
        
          	15	
                  A person who is not a party to this letter agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term of this letter agreement.

                

        

      

       

      
        8

        
          

      

      
        
          	16	
                  This letter agreement may be executed in any number of counterparts and on separate counterparts, each of which when executed shall constitute an original, and all counterparts shall together constitute one and the same instrument.
                    Delivery of an executed counterpart signature page of this letter agreement by e-mail (pdf) or fax shall be as effective as delivery of a manually executed counterpart of this letter agreement.  In relation to each counterpart, upon
                    confirmation by or on behalf of the signatory that the signatory authorises the attachment of such counterpart signature page to the final text of this letter agreement, such counterpart signature page shall take effect together with
                    such final text as a complete authoritative counterpart.

                

        

      

       

      Governing Law and Jurisdiction

       

      
        
          	17	
                  This letter agreement and any non-contractual obligations arising out of or in connection with it are governed by and shall be construed in accordance with English law.

                

        

      

       

      
        
          	18	
                  The provisions of clauses 35.2 to 35.6 inclusive of each Relevant Loan Agreement apply mutatis mutandis to this letter agreement.

                

        

      

       

      IN WITNESS WHEREOF the Parties have caused this letter agreement to be executed as a deed by the duly authorised representatives of the Parties and this letter agreement is
        intended to be and is hereby delivered the day and year first above written.

       

      
        9

        
          

      

      Execution Page 1

       

      Letter Agreement

       

      NordLB / Fly Leasing – Loan Agreements

       

      [   ] Airbus and Boeing Aircraft

       

      	
              MSN [   ] Borrower

                  

            	 	

            	

            
	 	 	 	 
	
              SIGNED AND DELIVERED AS A DEED by

            	 	)

            	

            
	
              

              

            	 	)

            	

            
	 	 	)

            	 
	
              as attorney for

            	 	)

            	

            
	
              APHRODITE AVIATION LIMITED

            	 	)

            	

            
	
              in the presence of:

            	 	)

            	

            

      

      

      	
              Signature of Witness:

            	

            	

            
	
              Name of Witness:

            	

            	

            
	
              Address of Witness:

            	

            	
              

              

            
	

            	

            	

            
	
              Occupation of Witness:

            	

            	

            

      

      

      	
              MSN [   ] Borrower

            	 	
              

              

            	

            
	 	 	

            	 
	
              SIGNED AND DELIVERED AS A DEED by

            	 	)

            	

            
	

            	 	)

            	

            
	 	 	)

            	 
	
              as attorney for

            	 	)

            	

            
	
              ARTEMIS AVIATION LIMITED

            	 	)

            	

            
	
              in the presence of:

            	 	)

            	

            

      

      

      	
              Signature of Witness:

            	

            	 
	
              Name of Witness:

            	

            	 
	
              Address of Witness:

            	

            	 
	

            	

            	 
	
              Occupation of Witness:

            	

            	 

      

      

      
        10

        
          

      

      Execution Page 2

       

      Letter Agreement

       

      NordLB / Fly Leasing – Loan Agreements

       

      [   ] Airbus and Boeing Aircraft

       

      	
              MSN [   ] Borrower

            	 	
              

              

            	

            
	 	 	

            	 
	
              SIGNED AND DELIVERED AS A DEED by

            	 	)

            	

            
	

            	 	
              )

              

            	

            
	 	 	)

            	 
	
              as attorney for

            	 	)

            	

            
	
              CLEMENTINE AVIATION LIMITED

            	 	)

            	

            
	
              in the presence of:

            	 	)

            	

            

      

      

      	
              Signature of Witness:

            	 	

            
	
              Name of Witness:

            	 	

            
	
              Address of Witness:

            	 	

            
	

            	 	

            
	
              Occupation of Witness:

            	 	

            

      

      

      	
              MSN [   ] Borrower

            	 	

            	

            
	 	 	

            	 
	
              SIGNED AND DELIVERED AS A DEED by

            	 	)

            	

            
	

            	 	)

            	

            
	 	 	)

            	 
	
               as attorney for

            	 	)

            	

            
	
              PANDA AVIATION LIMITED

            	 	)

            	

            
	
              in the presence of:

            	 	)

            	

            

      

      

      	
              Signature of Witness:

            	

            	

            
	
              Name of Witness:

            	

            	

            
	
              Address of Witness:

            	

            	

            
	

            	

            	

            
	
              Occupation of Witness:

            	

            	
              

              

            

      

      

      
        11

        
          

      

      Execution Page 3

       

      Letter Agreement

       

      NordLB / Fly Leasing – Loan Agreements

       

      [   ] Airbus and Boeing Aircraft

       

      	
              MSN [   ] Borrower

            	 	

            	

            
	 	 	

            	

            
	
              SIGNED AND DELIVERED AS A DEED by

            	 	)

            	

            
	

            	 	)

            	

            
	 	 	)

            	 
	
              as attorney for

            	 	)

            	

            
	
              VICTORIA PEAK AVIATION LIMITED

            	 	)

            	

            
	
              in the presence of:

            	 	)

            	

            

      

      

      	
              Signature of Witness:

            	

            	

            
	
              Name of Witness:

            	

            	

            
	
              Address of Witness:

            	

            	

            
	
               

              

            	

            	

            
	
              Occupation of Witness:

            	
              

              

            	

            

      

      

      	
              Shareholder

            	 	

            	
               

            
	 	 	

            	 
	
              SIGNED AND DELIVERED AS A DEED by

            	 	)

            	

            
	

            	 	)

            	

            
	 	 	)

            	 
	
              as attorney for

            	 	)

            	
              

              

            
	
              HOBART AVIATION HOLDINGS LIMITED

            	 	)

            	

            
	
              in the presence of:

            	 	)

            	

            

      

      

      	
              Signature of Witness:

            	

            	

            
	
              Name of Witness:

            	

            	

            
	
              Address of Witness:

            	

            	

            
	

            	

            	

            
	
              Occupation of Witness:

            	

            	

            

      

      

      
        12

        
          

      

      
      Execution Page 4

       

      Letter Agreement

       

      NordLB / Fly Leasing – Loan Agreements

       

      [   ] Airbus and Boeing Aircraft

       

      	
              Lender

            	
               

            
	 	 
	
              EXECUTED AS A DEED by

            	)

            
	
              NORDDEUTSCHE LANDESBANK GIROZENTRALE

            	)

            
	
              acting by:

            	
              )

            

      

      

      	
              Name:

            	

            	
              Name:

            	

            
	
              Title:   Authorised Signatory

            	
              

              

            	
              Title:  Authorised Signatory

            	

            

       

      

      	
              Facility Agent

            	

            
	 	 
	
              EXECUTED AS A DEED by

            	)

            
	
              NORDDEUTSCHE LANDESBANK GIROZENTRALE

            	)

            
	
              acting by:

            	)

            

      

      

      	
              Name:

            	
               

            	
              Name:

            	

            
	
              Title:  Authorised Signatory

            	

            	
              Title:   Authorised Signatory

            	
              

              

            

      

      

      	
              Security Trustee

            	
               

            
	 	 
	
              EXECUTED AS A DEED by

            	)

            
	
              NORDDEUTSCHE LANDESBANK GIROZENTRALE

            	)

            
	
              acting by:

            	)

            

      

      

      	
              Name:

            	

            	
              Name:

            	

            
	
              Title:  Authorised Signatory

            	

            	
              Title:  Authorised Signatory

            	
              

              

            

       

      

      

      
        13Exhibit (4)(b)

DESCRIPTION
OF CAPITAL STOCK

INTRODUCTION

The
following summary description of Rollins’ capital stock is qualified by reference to the provisions of its certificate of incorporation
and bylaws.

The
authorized capital stock of Rollins consists of 550 million shares of common stock, par value $1.00 per share, and 500,000 shares
of preferred stock, no par value per share.

COMMON
STOCK

Subject
to the rights of stockholders of Rollins preferred stock, the stockholders of Rollins common stock:

		·	are
                                         entitled to dividends if they are declared by our board of directors out of funds legally
                                         available therefor;

		·	are
                                         entitled to one vote per share on all matters brought before them (voting is noncumulative
                                         in the election of directors);

		·	have
                                         no preemptive or conversion rights;

		·	are
                                         not subject to, or entitled to the benefits of, any redemption or sinking fund provision;
                                         and

		·	are
                                         entitled upon liquidation to receive the remainder of our assets after the payment of
                                         corporate debts and the satisfaction of the liquidation preference of our preferred stock.

PREFERRED
STOCK

Rollins’
board of directors is empowered, without approval of the stockholders, to cause shares of preferred stock to be issued in one
or more series, with the number of shares of each series and the rights, preferences and limitations of each series to be determined
by it at the time of issuance. Among the specific matters that our board of directors may determine are the rate of dividends,
redemption and conversion prices and terms and amounts payable in the event of liquidation and special voting rights. Such rights
of the board of directors to issue preferred stock may be viewed as having an anti-takeover effect.

    	 

    	 

    

BUSINESS
COMBINATIONS WITH INTERESTED SHAREHOLDERS

As
a public Delaware corporation, Rollins is subject to Section 203 of the Delaware General Corporation Law. In general, Section
203 prevents an “interested stockholder” (defined generally as a person owning 15 percent or more of a corporation’s
outstanding voting stock) from engaging in a “business combination” with a Delaware corporation for three years following
the time such person became an interested stockholder unless:

		·	before
                                         such person became an interested stockholder, the board of directors of the corporation
                                         approved the transaction in which the interested stockholder became an interested stockholder
                                         or approved the business combination;

		·	upon
                                         consummation of the transaction that resulted in the stockholder becoming an interested
                                         stockholder, the interested stockholder owns at least 85 percent of the voting stock
                                         of the corporation outstanding at the time the transaction commenced (excluding stock
                                         held by directors who are also officers of the corporation and by employee stock plans
                                         that do not provide employees with the rights to determine confidentially whether shares
                                         held subject to the plan will be tendered in a tender or exchange offer); or

		·	following
                                         the transaction in which such person became an interested stockholder, the business combination
                                         is approved by the board of directors of the corporation and authorized at a meeting
                                         of stockholders by the affirmative vote of the holders of two-thirds of the outstanding
                                         voting stock of the corporation not owned by the interested stockholder.

 

CERTAIN PROVISIONS
OF THE CERTIFICATE OF INCORPORATION AND BYLAWS OF ROLLINS

General

A
number of provisions of the certificate of incorporation and bylaws deal with matters of corporate governance and the rights of
stockholders including, among others, provisions for the classification of the board of directors into three classes having terms
of three years. Certain of these provisions may be deemed to have an anti-takeover effect and may discourage takeover attempts
not first approved by the board of directors, including takeovers which certain stockholders may deem to be in their best interest.
These provisions also could delay or frustrate the removal of incumbent directors or the assumption of control by stockholders,
even if such removal or assumption would be beneficial to stockholders of Rollins. These provisions also could discourage or make
more difficult a merger, tender offer or proxy contest, even if they could be favorable to the interests of stockholders, and
could potentially depress the market price of the common stock. The board of directors believes that these provisions are appropriate
to protect the interests of Rollins and all of its stockholders.

Meetings
of Stockholders

The
bylaws provide that only those matters set forth in the notice of the special meeting may be considered or acted upon at that
special meeting, unless otherwise provided by law. In addition, the bylaws set forth certain advance notice and informational
requirements and time limitations on any director nomination or any new business which a stockholder wishes to propose for consideration
at an annual meeting or special meeting of stockholders.

    	2

    	 

    

Indemnification
and Limitation of Liability

The
bylaws provide that directors and officers shall be, and at the discretion of the board of directors, others serving at the request
of Rollins may be, indemnified by Rollins to the fullest extent authorized by Delaware law, as it now exists or may in the future
be amended, against all expenses and liabilities reasonably incurred in connection with service for or on behalf of Rollins and
further requires the advancing of expenses incurred in defending claims. The bylaws also provide that the right of directors and
officers to indemnification shall not be exclusive of any other right now possessed or hereafter acquired under any bylaw, agreement,
vote of stockholders or otherwise. The certificate contains a provision permitted by Delaware law that generally eliminates the
personal liability of directors for monetary damages for breaches of their fiduciary duty. This provision does not alter a director’s
liability under the federal securities laws. In addition, this provision does not affect the availability of equitable remedies,
such as an injunction or rescission, for breach of fiduciary duty.

Amendment
of Bylaws

The
certificate of incorporation provides that Rollins’ bylaws may be adopted, amended or repealed by the board of directors and any
bylaws adopted by the directors may be altered, amended or repealed by the directors or by the stockholders.

    	3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}]]