Document:

Exhibit 10.5

 EXHIBIT 10.5 
 FIRST AMENDMENT TO LOAN AGREEMENT 
 THIS FIRST AMENDMENT TO LOAN AGREEMENT
(the “First Amendment”) dated as of the 31st day of December, 2005, to the Loan Agreement (the “Loan Agreement”), made and entered into as of December 31, 2004, by and among FIRST FINANCIAL BANKSHARES, INC., a Texas
corporation, (the “Borrower”) and THE FROST NATIONAL BANK (the “Lender”). All capitalized terms not otherwise defined herein shall have the meaning ascribed to each of them in the Loan Agreement. 

W I T N E S S E T H: 
 WHEREAS, Borrower executed the Loan Agreement to govern those certain promissory notes from Lender, specifically, that certain $50,000,000.00 Note (the “Note”); 

WHEREAS, the Borrower desires to renew and extend the unpaid principal balance of the Note; and 

WHEREAS, the Lender agrees to renew and extend the Note, all as hereinafter provided. 

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Borrower and Lender do hereby agree as follows: 
 ARTICLE I 

Amendment to Loan Agreement 
 1.1 Amendment to Section 2.02(a) of the Loan Agreement. Borrower and Lender agree to, and do hereby, amend the Loan Agreement by deleting Section 2.02(a) of the Loan Agreement in its entirety
and substituting therefore the following paragraphs: 
 “2.02 The Note. The obligation of Borrower to pay
the Loan shall be evidenced by a promissory note (the “Note”) executed by Borrower and payable to the order of Lender, in the principal amount of $50,000,000 bearing interest at the variable rate set forth in the Note. The Borrower shall
pay principal and interest in accordance with the terms of the Note, with the maturity date being as set forth in the Note. 
 (a) Advances. From Closing Date and continuing at all times through December 31, 2006 (the “Revolving Credit Period”) the Loan evidenced by the Note shall be a revolving credit facility
which will allow the Borrower to request such amounts as Borrower may elect from time to time (each such amount being herein called an “Advance”) so long as the aggregate amount of Advances outstanding at any time under the Note does not
exceed Fifty Million and No/100 Dollars ($50,000,000.00) provided however, the minimum Advance must be at least $500,000.00. The Borrower shall have the right to borrow, repay, and borrow again during the Revolving Credit Period. Interest shall be
due and payable quarterly and shall accrue at LIBOR plus 

  
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100 basis points. The outstanding principal balance of the Note on December 31, 2006 shall convert to a term facility and shall be payable quarterly in accordance with the terms of the Note,
with all unpaid principal plus all accrued and unpaid interest being due and payable on December 31, 2011. 
 ARTICLE II

 Conditions of Effectiveness 
 2.1 Effective Date. This First Amendment shall become effective as of December 31, 2005, when, and only when, Lender shall have received counterparts of this First Amendment executed and delivered by
Borrower and Lender, and when each of the following conditions shall have been met, all in form, substance, and date satisfactory to Lender: 
 (a) Closing Documents. Borrower shall have executed and delivered to Lender (I) a Renewal Promissory Note, payable to the order of Lender as set forth therein, duly executed on behalf of the
Borrower, dated effective December 31, 2005 in the principal amount of $50,000,000.00, (ii) Arbitration and Notice of Final Agreement, (iii) Certificate of Corporate Resolutions, and (iv) this First Amendment. 

(b) Additional Loan Documents. Borrower shall have executed and delivered to Lender such other documents as shall have
been requested by Lender to renew, and extend, the Loan Documents to secure payment of the Obligations of Borrower, all in form satisfactory to Lender and its counsel. 
 ARTICLE III 
 Representations and Warranties 

3.1 Representations and Warranties. In order to induce Lender to enter into this First Amendment, Borrower represents and warrants the
following: 
 (a) Borrower has the corporate power to execute and deliver this First Amendment, the Renewal
Promissory Note, and other Loan Documents and to perform all of its obligations in connection herewith and therewith. 
 (b) The execution and delivery by Borrower of this First Amendment, the Renewal Promissory Note, and other Loan Documents and the performance of its obligations in connection herewith and therewith:
(I) have been duly authorized or will be duly ratified and affirmed by all requisite corporate action; (ii) will not violate any provision of law, any order of any court or agency of government or the Articles of Incorporation or Bylaws of
such entity; (iii) will not be in conflict with, result in a breach of or constitute (alone or with due notice or lapse of time or both) a default under any indenture, agreement or other instrument; and (iv) will not require any
registration with, consent or approval of or other action by any federal, state, provincial or other governmental authority or regulatory body. 
 (c) There is no action, suit or proceeding at law or in equity or by or before any governmental instrumentality or other agency or regulatory 

  
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authority now pending or, to the knowledge of Borrower, threatened against or affecting Borrower, or any properties or rights of Borrower, or involving this First Amendment or the transactions
contemplated hereby which, if adversely determined, would materially impair the right of Borrower to carry on business substantially as now conducted or materially and adversely affect the financial condition of Borrower, or materially and adversely
affect the ability of Borrower to consummate the transactions contemplated by this First Amendment. 
 (d) The
representations and warranties of Borrower contained in the Loan Agreement, this First Amendment, the Renewal Promissory Note, and any other Loan Document securing Borrower’s Obligations and indebtedness to Lender are correct and accurate on
and as of the date hereof as though made on and as of the date hereof, except to the extent that the facts upon which such representations are based have been changed by the transactions herein contemplated. 

ARTICLE IV 

Ratification of Obligations 
 4.1 Ratification of Obligation. The Borrower does hereby acknowledge, ratify and confirm that it is obligated and indebted to Lender as evidenced by the Loan Agreement (as amended by the First Amendment),
the Renewal Promissory Note and all other Loan Documents. 
 4.2 Ratification of Agreements. The Loan Agreement, this First
Amendment, the Renewal Promissory Note, and each other Loan Document, as hereby amended, are acknowledged, ratified and confirmed in all respects as being valid, existing, and of full force and effect. Any reference to the Loan Agreement in any Loan
Document shall be deemed to be a reference to the Loan Agreement as amended by this First Amendment. The execution, delivery and effectiveness of this First Amendment shall not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of Lender under the Loan Agreement, nor constitute a waiver of any provision of the Loan Agreement. 
 ARTICLE
V 
 Miscellaneous 
 5.1 Survival of Agreements. All representations, warranties, covenants and agreements of Borrower, herein or in any other Loan Document shall survive the execution and delivery of this First Amendment,
and the other Loan Documents and the performance hereof and thereof, including without limitation the making or granting of the Loan and the delivery of the Renewal Promissory Note and all other Loan Documents, and shall further survive until all of
Borrower’s Obligations to Lender are paid in full. All statements and agreements contained in any certificate or instrument delivered by Borrower hereunder or under the Loan Documents to Lender shall be deemed to constitute the representations
and warranties by Borrower and/or agreements and covenants of Borrower under this First Amendment and under the Loan Agreement. 

5.2 Loan Document. This First Amendment, the Renewal Promissory Note, and 

  
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 each other Loan Document executed in connection herewith are each a Loan Document and all provisions in the
Loan Agreement, as amended, pertaining to Loan Documents apply hereto and thereto. 
 5.3 Governing Law. This First Amendment
shall be governed by and construed in all respects in accordance with the laws of the State of Texas and any applicable laws of the United States of America, including construction, validity and performance. 

5.4 Counterparts. This First Amendment may be separately executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to constitute one and the same First Amendment. 
 5.5
Release of Claims. Borrower, by its execution of this First Amendment, hereby declares that it has no set-offs, counterclaims, defenses or other causes of action against Lender arising out of the Loan, the renewal, modification and extension of the
Loan, any documents mentioned herein or otherwise; and, to the extent any such setoffs, counterclaims, defenses or other causes of action which may exist, whether known or unknown, such items are hereby expressly waived and released by Borrower.

 5.6 ENTIRE AGREEMENT. THIS FIRST AMENDMENT, TOGETHER WITH ANY LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH, CONTAINS THE
ENTIRE AGREEMENT BETWEEN THE PARTIES HERETO RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND ALL PRIOR AGREEMENTS RELATIVE THERETO WHICH ARE NOT CONTAINED HEREIN OR THEREIN ARE TERMINATED. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES. THIS FIRST AMENDMENT, AND THE LOAN DOCUMENTS MAY BE AMENDED, REVISED, WAIVED, DISCHARGED, RELEASED OR TERMINATED ONLY BY A WRITTEN INSTRUMENT OR INSTRUMENTS, EXECUTED BY THE PARTY AGAINST WHICH ENFORCEMENT OF THE AMENDMENT, REVISION,
WAIVER, DISCHARGE, RELEASE OR TERMINATION IS ASSERTED. ANY ALLEGED AMENDMENT, REVISION, WAIVER, DISCHARGE, RELEASE OR TERMINATION WHICH IS NOT SO DOCUMENTED SHALL NOT BE EFFECTIVE AS TO ANY PARTY. 

IN WITNESS WHEREOF, this First Amendment is executed effective as of the date first written above. 

 

							
	BORROWER:	 		 		 	FIRST FINANCIAL BANKSHARES, INC.
				
		 	 By:
	 		 	/S/ F. Scott Dueser            
		 		 		 	 F. SCOTT DUESER

		 		 		 	President and Chief Executive Officer
				
	LENDER:	 		 		 	THE FROST NATIONAL BANK
				
		 	 By:
	 		 	/S/ Jerry L. Crutsinger            
		 		 		 	Senior Vice President

 The Guarantor is executing this First Amendment to acknowledge the terms and conditions of the renewal.

  
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	GUARANTOR:	 		 		 	FIRST FINANCIAL BANKSHARES OF DELAWARE, INC.
				
		 	 By:
	 		 	 
		 		 		 	
		 	 Its:
	 		 	 

  
 Page 5Form of senior fixed rate note.

 Exhibit 4(g) 
 FORM OF SENIOR FIXED RATE NOTE 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO BOEING CAPITAL CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE THEREOF OR BY DTC OR ANY SUCH NOMINEE TO
A SUCCESSOR OF DTC OR SUCH SUCCESSOR’S NOMINEE, UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM AND TRANSFERS IN PART OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE HEREINAFTER REFERRED TO. 

			
	Registered	  	Principal Amount: $            
	No.    	  	CUSIP No.:            
		  	ISIN No.:            

 BOEING CAPITAL CORPORATION 
             % Senior Note due
                     
 1.
Principal and Interest. BOEING CAPITAL CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”, which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
                                         DOLLARS
($            ) on                      (the “Maturity Date”), unless earlier
redeemed, and to pay interest thereon from                     ,or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually in arrears on                      and
                     in each year (each an “Interest Payment Date”), commencing
                    , at the rate of             % per annum until the principal hereof
is paid or made available for payment. Interest will be computed on the basis of a 360 day year of twelve 30 day months. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date and on the Maturity Date will,
as provided in such Indenture, be paid to the Holder in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the          day of
         or the          day of          (each “Regular Record Date”), as the case may be, next preceding such Interest
Payment Date or the Maturity Date, as applicable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Holder in whose name this Note
(or one or more Predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee under the Indenture, notice whereof shall be given to Holders of Notes of this
series not less than 10 days prior to such Special Record Date, or be paid on a specified date in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in said Indenture. Interest payable on this Note on any Interest Payment Date and on the Maturity Date, as the case may be, will be the amount of interest accrued from and
including the immediately preceding Interest Payment Date (or from and including                     , in the case of the initial Interest Payment
Date) to but excluding the applicable Interest Payment Date or the Maturity Date, as the case may be. If an Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the payment will be made on the next Business Day as if
it were made on the date the payment was due, and no interest will accrue on the amount so payable for the period from and after that Interest Payment Date or the Maturity Date, as the case may be. A “Business Day” means any day which is
not a Saturday or Sunday or any day on which banking institutions are authorized or obligated by applicable law or regulation to close in the place in which payment on the Notes is required, as the case may be. 

The principal of this Note payable on the Maturity Date will be paid against presentation and surrender of this Note at the office or
agency of the issuer maintained for that purpose in the Borough of Manhattan, the City of New York. 

  
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 2. Indenture. This Note is one of a duly authorized series of securities of the
Company (herein called the “Notes”), issued and to be issued in one or more series under an indenture, dated as of August 31, 2000 (herein called the “Indenture”), between the Company, as issuer, and Deutsche Bank Trust
Company Americas, formerly Bankers Trust Company (in such capacity, the “Trustee”), and with respect to which, the terms of this Note were established pursuant to the Officers’ Certificate delivered pursuant to Section 301 (the
“Section 301 Certificate”) of the Indenture and dated the date hereof, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. 
 This Note is one of the series designated as the “            % Senior Notes due
                    ” of the Company, which series is unlimited in aggregate principal amount. The Company may issue additional notes of the
same series. The Notes are unsecured obligations of the Company and rank pari passu with all unsecured and unsubordinated obligations of the Company. 
 The terms of the Notes include those stated in the Indenture, the Section 301 Certificate and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the
“TIA”), as in effect on the date of the Indenture (except as otherwise indicated in the Indenture). Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and Holders of Notes are referred to the
Indenture and the TIA for a statement of them. 
 3. Method of Payment. Payment of the principal of, premium, if any, and
interest on the Notes shall be payable at the office or agency of the Company to be maintained in the Borough of Manhattan, the City of New York; provided, however, that such payments may be made, at the option of the Company, by check
mailed to the address of the person entitled thereto as of the Regular Record Date and as shown on the Security Register. Such payments shall be payable in U.S. Dollars. 
 4. Registrar and Paying Agent. The Security Registrar and Paying Agent shall be initially the Trustee. 
 [If applicable: 
 5. Optional Redemption. This Note will be
redeemable, as a whole or in part, at the Company’s option, at any time or from time to time, on at least 30 days, but not more than 60 days, prior notice to Holders of this Note, at a redemption price equal to the greater of: 

 

	 	•	 	 100% of the principal amount of this Note to be redeemed, together with any accrued and unpaid interest on the principal amount being redeemed to, but
not including, the redemption date; or 

  

	 	•	 	 the sum of the present values of the Remaining Scheduled Payments, as defined below, discounted to the redemption date on a semiannual basis, assuming
a 360-day year consisting of twelve 30-day months, at the Treasury Rate, as defined below, plus basis points, together with any accrued and unpaid interest on the principal amount being redeemed to, but not including, the redemption date, provided
that if the Company redeems this Note, in whole or in part, on or after                       , the redemption price shall equal 100% of
the principal amount of this Note being redeemed, together with any accrued and unpaid interest on the principal amount being redeemed to, but not including, the redemption date. 

  
 3 

 “Treasury Rate” means, with respect to any redemption date for the Notes:

  

	 	•	 	 the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical
release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to
constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue; provided that, if no maturity is within three months before or after the maturity date for the Notes,
yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis rounding to the nearest
month; or 

  

	 	•	 	 if that release, or any successor release, is not published during the week preceding the calculation date or does not contain such yields, the rate
per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price
for that redemption date. 

 The Treasury Rate will be calculated by the Company on the third business day
preceding the redemption date. 
 “Comparable Treasury Issue” means the United States Treasury security or
securities selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 

“Independent Investment Banker” means one of the Reference Treasury Dealers, to be appointed by the Company. 

“Comparable Treasury Price” means, with respect to any redemption date for the Notes: 

 

	 	•	 	 the average of four Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of such Reference Treasury
Dealer Quotations; or 

  

	 	•	 	 if the Company obtains fewer than four Reference Treasury Dealer Quotations, the average of all quotations obtained by the Company.

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount, quoted in writing to the Company by such
Reference Treasury Dealer at 3:30 p.m., New York City time on the third business day preceding such redemption date. 

  
 4 

 “Reference Treasury Dealer” means each of
                    ,                     ,
                    and one other Primary Treasury Dealer (as defined below) selected by the Company, and their respective successors;
provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer, which the Company refers to as a “Primary Treasury Dealer,” the Company will substitute therefor another
nationally recognized investment banking firm that is a Primary Treasury Dealer. 
 “Remaining Scheduled
Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption; provided,
however, that, if such redemption date is not an Interest Payment Date with respect to such Note, the amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of interest accrued thereon to
such redemption date. 
 On and after the redemption date, interest will cease to accrue on the Notes or any portion thereof
called for redemption, unless the Company defaults in the payment of the redemption price and accrued interest. On or before the redemption date, the Company will deposit with the Paying Agent, or the Trustee, money sufficient to pay the redemption
price of and accrued interest on the Notes to be redeemed on such date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected pro rata by the Trustee or by such method as the Trustee shall deem fair and
appropriate; provided, however, that a partial redemption must be in an amount not less than $1,000,000 principal amount of Notes.] 
 6. Sinking Fund. The Company shall have no sinking fund or analogous obligations in respect of the Notes. 
 7. Discharge and Defeasance. The Securities will be subject to satisfaction, discharge and defeasance as set forth in Section 403 of the Indenture. 

8. Denominations; Transfers; Exchange. The Notes are in fully registered form, in denominations of
$             and integral multiples of $1,000 in excess thereof. A Holder may register transfers of or exchange securities in accordance with the Indenture. No service charge shall be made
for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. Prior to due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Holder in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee
nor any such agent shall be affected by notice to the contrary. 
 9. Events of Default; Remedies. The Events of Default
are as set forth in Section 501 of the Indenture. If an Event of Default with respect to Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the
effect provided in the Indenture. Upon a declaration of acceleration of the Notes, the principal of the Notes may be declared due and payable in the manner, and with the effect, provided in the Indenture. 

  
 5 

 10. Amendments and Waivers. The Indenture permits, with certain
exceptions as therein provided, that with the written consent of the Holders of not less than 662/3% in principal
amount of the Outstanding Securities of each series to be adversely affected thereby, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee may enter into an indenture or indentures thereto to add any provisions or to
change or eliminate any provisions of the Indenture or any other indenture supplemental thereto or to modify the rights of the Holders of each such series. The Indenture also provides, with certain exceptions therein provided, that the Holders of
not less than a majority in principal amount of the Outstanding Securities of any series may waive on behalf of the Holders of all Securities of such series a past default, or Event of Default arising therefrom, with respect to that series and its
consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or
in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
 11. Obligations Absolute. No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed. 
 12. No Recourse Against Others. No recourse
shall be had for the payment of the principal of, or premium, if any, or interest on this Note, or for any claim based hereon or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against
any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 
 13. Defined Terms. All initially capitalized terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

14. Governing Law. THE INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. 
 15. Successors and Assigns. All covenants and agreements of the Company in the Indenture and the Notes shall
bind its successors and assigns. All agreements of the Trustee in the Indenture shall bind its successor. 
 16.
Authentication. Unless the certificate of authentication hereon has been executed by the Trustee or an Authenticating Agent, by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for
any purpose. 
 17. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as
TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants-with rights of survivorship and not as tenants in common), CUST (= custodian), and U/G/M/A (= Uniform Gift to Minors Act). 

  
 6 

 18. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices as a convenience to Holders. No representation is made as to the accuracy of such numbers
either as printed on the Notes or as contained in any notice and reliance may be placed only on the other identification numbers placed thereon. 

  
 7 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed and its corporate
seal to be hereunto affixed and attested. 
  

									
		 		 		 	BOEING CAPITAL CORPORATION
					
	Dated:	 		 		 	By:	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:
	Attest:	 	  
	 		 		 	
		 	Name:	 		 		 	
		 	Title:	 		 		 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	  

		 	Name:
		 	Title: Authorized Officer
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	  

		 	Name:
		 	Title: Authorized Officer

 Dated: 
 ******************************** 

 TRANSFER NOTICE 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
                      
 (Please
insert Social Security, Taxpayer Identification No. or other identifying number of Assignee) 
   

 
   

 
 (Please print or typewrite name and address
including postal zip code of Assignee) 
 the within Note of BOEING CAPITAL CORPORATION (the “Company”) and does hereby
irrevocably constitute and appoint                      attorney to transfer the said Note on the books of the Company, with full power of
substitution in the premises. 
  

			
	Dated:                     	 	  

		 	(The signature must be guaranteed by an eligible institution member of the medallion signature guarantee program.)

 [NOTICE. The signature of this assignment must correspond with the name as written upon the face of the within
investment in every particular, without alteration or enlargement or any change whatever.]

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