Document:

Exhibit 10.15

 

Confidential portions of this exhibit have been omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.  The redacted material has been marked at the appropriate places with three asterisks (***).

 

SECURITY TRUST AGREEMENT

 

Dated as of September 14, 2012

 

by and among

 

WILLIS ENGINE SECURITIZATION TRUST II

 

and

 

WILLIS ENGINE SECURITIZATION (IRELAND) LIMITED

 

and

 

the ENGINE TRUSTS LISTED ON SCHEDULE V

 

and

 

EACH OF THE ADDITIONAL GRANTORS REFERRED TO HEREIN
 AND FROM TIME TO TIME MADE A PARTY HERETO

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS
 as Security Trustee

 

 

Table of Contents

 

	
 
    	
 
    	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE I DEFINITIONS
    	
 
    	
1
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 1.01
    	
 
    	
Definitions
    	
 
    	
1
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 1.02
    	
 
    	
Construction and Usage
    	
 
    	
2
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE II SECURITY
    	
 
    	
2
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 2.01
    	
 
    	
Grant of Security
    	
 
    	
2
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 2.02
    	
 
    	
Security for Obligations
    	
 
    	
3
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 2.03
    	
 
    	
Grantors Remain Liable
    	
 
    	
3
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 2.04
    	
 
    	
Security Trustee Appointed Attorney-in-Fact
    	
 
    	
4
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 2.05
    	
 
    	
Voting Rights; Dividends; Etc.
    	
 
    	
4
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 2.06
    	
 
    	
Performance of Obligations
    	
 
    	
5
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE III COVENANTS
    	
 
    	
5
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 3.01
    	
 
    	
Collateral Supplements and Grantor Supplements
    	
 
    	
5
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 3.02
    	
 
    	
Delivery of Collateral
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 3.03
    	
 
    	
Accounts
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 3.04
    	
 
    	
Covenants Regarding Assigned Documents
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 3.05
    	
 
    	
Covenants Regarding Intangible Collateral
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 3.06
    	
 
    	
Further Assurances
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 3.07
    	
 
    	
Place of Perfection; Records
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 3.08
    	
 
    	
Transfers and Other Encumbrances; Additional Shares or   Interests
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 3.09
    	
 
    	
Security Trustee May Perform
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 3.10
    	
 
    	
Covenant to Pay and Perform
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 3.11
    	
 
    	
Annual Opinion
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE IV REPRESENTATIONS   AND WARRANTIES
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 4.01
    	
 
    	
Representations and Warranties of WEST
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 4.02
    	
 
    	
Representations and Warranties of the Grantors
    	
 
    	
14
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE V REMEDIES
    	
 
    	
15
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 5.01
    	
 
    	
Remedies
    	
 
    	
15
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 5.02
    	
 
    	
Delivery of Collateral, Power of Sale, etc.
    	
 
    	
16
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 5.03
    	
 
    	
Right to Possession, etc.
    	
 
    	
17
    

 

i

 

	
Section 5.04
    	
 
    	
Application of Proceeds
    	
 
    	
17
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 5.05
    	
 
    	
Matters Involving Manner of Sale
    	
 
    	
18
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE VI SECURITY INTEREST   ABSOLUTE
    	
 
    	
19
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 6.01
    	
 
    	
Security Interest Absolute
    	
 
    	
19
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE VII THE SECURITY   TRUSTEE
    	
 
    	
20
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 7.01
    	
 
    	
Authorization and Action
    	
 
    	
20
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 7.02
    	
 
    	
Absence of Duties
    	
 
    	
20
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 7.03
    	
 
    	
Representations or Warranties
    	
 
    	
20
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 7.04
    	
 
    	
Reliance; Agents; Advice of Counsel
    	
 
    	
21
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 7.05
    	
 
    	
No Individual Liability
    	
 
    	
23
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE VIII SUCCESSOR   TRUSTEES
    	
 
    	
23
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 8.01
    	
 
    	
Resignation and Removal of Security Trustee
    	
 
    	
23
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 8.02
    	
 
    	
Appointment of Successor
    	
 
    	
23
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE IX INDEMNITY AND   EXPENSES
    	
 
    	
24
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 9.01
    	
 
    	
Indemnity
    	
 
    	
24
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 9.02
    	
 
    	
Survival
    	
 
    	
25
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 9.03
    	
 
    	
No Compensation from Secured Parties
    	
 
    	
25
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 9.04
    	
 
    	
Security Trustee Fees
    	
 
    	
25
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE X MISCELLANEOUS
    	
 
    	
25
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 10.01
    	
 
    	
Amendments; Waivers; Etc.
    	
 
    	
25
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 10.02
    	
 
    	
Addresses for Notices
    	
 
    	
26
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 10.03
    	
 
    	
No Waiver; Remedies
    	
 
    	
27
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 10.04
    	
 
    	
Severability
    	
 
    	
27
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 10.05
    	
 
    	
Continuing Security Interest; Assignments
    	
 
    	
27
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 10.06
    	
 
    	
Release and Termination
    	
 
    	
27
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 10.07
    	
 
    	
Currency Conversion
    	
 
    	
28
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 10.08
    	
 
    	
Governing Law
    	
 
    	
28
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 10.09
    	
 
    	
Jurisdiction
    	
 
    	
28
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 10.10
    	
 
    	
Counterparts
    	
 
    	
29
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 10.11
    	
 
    	
Table of Contents, Headings, Etc.
    	
 
    	
29
    

 

ii

 

APPENDIX

 

	
Appendix   A
    	
 
    	
Definitions
    
	
 
    	
 
    	
 
    
	
SCHEDULES
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Schedule   I
    	
 
    	
Pledged   Stock, Pledged Beneficial Interest, Pledged Membership Interest and Pledged   Debt
    
	
Schedule   II
    	
 
    	
Account   Information
    
	
Schedule   III
    	
 
    	
Principal   Offices
    
	
Schedule   IV
    	
 
    	
Process   Agent
    
	
Schedule   V
    	
 
    	
Engine   Trusts
    
	
 
    	
 
    	
 
    
	
EXHIBITS
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Exhibit A-1
    	
 
    	
Form of   Collateral Supplement
    
	
Exhibit A-2
    	
 
    	
Form of   Grantor Supplement
    
	
Exhibit B
    	
 
    	
Form of   Account Letter
    
	
Exhibit C
    	
 
    	
Form of   Consent and Agreement
    
	
Exhibit D-1
    	
 
    	
Form of   Engine Mortgage
    
	
Exhibit D-2
    	
 
    	
Form of   Lease Security Assignment
    
	
Exhibit E
    	
 
    	
Form of   Irish Charge of Shares
    

 

iii

 

SECURITY TRUST AGREEMENT

 

This SECURITY TRUST AGREEMENT (as amended, supplemented and otherwise modified from time to time, this “Agreement”), dated as of September 14, 2012, is made by and among WILLIS ENGINE SECURITIZATION TRUST II, a Delaware statutory trust (“WEST”), WILLIS ENGINE SECURITIZATION (IRELAND) LIMITED, an Irish company (“WEST Ireland”), each of the ENGINE TRUSTS listed in Schedule V attached hereto (the “Engine Trusts”), and each other Subsidiary of WEST that becomes a party hereto as a grantor (such Subsidiaries, together with WEST, WEST Ireland and the Engine Trusts, the “Grantors”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation (“Deutsche Bank”), as Security Trustee (in such capacity, the “Security Trustee”).

 

WITNESSETH THAT:

 

WHEREAS, WEST and Deutsche Bank, as Indenture Trustee, have entered into the Trust Indenture, dated as of the date hereof (the “Indenture”), pursuant to which WEST is issuing the Initial Notes;

 

WHEREAS, WEST is the owner, directly or indirectly, of all of the beneficial, membership and equity interests, as applicable, in WEST Ireland, the Engine Trusts and the other Subsidiaries, including any Subsidiary that becomes a party to this Agreement by the execution and delivery of a Grantor Supplement;

 

WHEREAS, in order to secure the payment of the Notes by WEST and the payment and performance of all obligations of WEST and the other Grantors under the Related Documents, WEST and the other Grantors are entering into this Agreement to grant a security interest in the Collateral in favor of the Security Trustee for the benefit of the Secured Parties;

 

WHEREAS, each Grantor will derive substantial direct and indirect benefit from the issuance of the Notes by WEST and from the execution, delivery and performance of the Related Documents, whether or not such Grantor is a party thereto; and

 

WHEREAS, it is a condition precedent to the issuance of the Notes by WEST and the making of any Loans to WEST that each Grantor grant the security interests contemplated by this Agreement and, if applicable, the Engine Mortgages;

 

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the Security Trustee and each of the Grantors, each Grantor hereby agrees with the Security Trustee, for its benefit and for the benefit of the other Secured Parties, as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section 1.01                                Definitions.  For all purposes of this Agreement, the capitalized terms set forth in Appendix A shall have the meanings specified therein, and all other capitalized terms used, but not defined, in this Agreement shall have the respective meanings assigned to such terms in the Indenture.

 

 

Section 1.02                                Construction and Usage.  The conventions of construction and usage set forth in Section 1.02 of the Indenture are hereby incorporated by reference in this Agreement.

 

ARTICLE II

 

SECURITY

 

Section 2.01                                Grant of Security.  To secure the payment and performance of the Secured Obligations, each Grantor hereby grants, assigns, conveys, mortgages, pledges, hypothecates and transfers to the Security Trustee, for the benefit of the Secured Parties (except as limited by the proviso at the end of this section in respect of certain Secured Parties in their capacity as Collateral Obligors), a security interest in and to all of such Grantor’s right, title and interest in, to and under the following, whether now existing or hereafter created or acquired:

 

(a)                                  all Stock Collateral now owned or hereafter from time to time acquired by such Grantor;

 

(b)                                 all Debt Collateral now owned or hereafter from time to time acquired by such Grantor:

 

(c)                                  all Beneficial Interest Collateral now owned or hereafter from time to time acquired by such Grantor;

 

(d)                                 all Membership Interest Collateral now owned or hereafter from time to time acquired by such Grantor;

 

(e)                                  all Account Collateral now owned or hereafter from time to time acquired by such Grantor;

 

(f)                                    all Assigned Agreement Collateral now owned or hereafter from time to time acquired by such Grantor;

 

(g)                                 all of such Grantor’s right, title and interest in and to all Service Provider Documents (the “Servicing Collateral”), subject to the proviso set forth below in respect of any Collateral Obligor with obligations to such Grantor under the Service Provider Documents;

 

(h)                                 all of such Grantor’s right, title and interest in and to the Asset Transfer Agreement and all Acquisition Agreements (the “Engine Purchase Collateral”), subject to the proviso set forth below in respect of any Collateral Obligor with obligations to such Grantor under the Engine Purchase Collateral;

 

(i)                                     all of such Grantor’s right, title and interest in and to all Hedge Agreements, and all rights to administer and otherwise deal with each such Hedge Agreement (the “Hedge Collateral”), subject to the proviso set forth below in respect of any Collateral Obligor with obligations to such Grantor under the Hedge Collateral;

 

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(j)                                     all of such Grantor’s right, title and interest in and to the personal property identified in a Grantor Supplement or a Collateral Supplement executed and delivered by such Grantor to the Security Trustee;

 

(k)                                  all of such Grantor’s right, title and interest in and to all other accounts, chattel paper, payment intangibles, commercial tort claims, documents, goods, fixtures, general intangibles, instruments, inventory, investment property, letters of credit, supporting obligations, deposit account rights and other property not described in clauses (a) through (j) of Section 2.01, but excluding the Mortgage Collateral described in any Engine Mortgage and the Leasehold Collateral described in any Lease Security Assignment to which such Grantor is a party; and

 

(l)                                     all income, payments and proceeds of any and all of the foregoing (including income, payments and proceeds that constitute property of the types described in any of the subsections of this Section 2.01);

 

all of the foregoing constituting the “Trust  Collateral,” and, together with the Mortgage Collateral and the Leasehold Collateral, the “Collateral,” provided, however, that, to the extent the Trust Collateral consists of the obligations of any Collateral Obligor to such Grantor, such security interest in such Trust Collateral shall not be for the benefit of such Collateral Obligor.

 

Section 2.02                                Security for Obligations.  This Agreement, the Engine Mortgages and Lease Security Assignments secure the payment and performance of all Secured Obligations of each of the Grantors to each of the Secured Parties (subject to the subordination provisions of this Agreement and the Indenture) and shall be held by the Security Trustee in trust for the Secured Parties.  Without limiting the generality of the foregoing, this Agreement, the Engine Mortgages and the Lease Security Assignments secure the payment of all amounts that constitute part of the Secured Obligations and would be owed by any Grantor to any Secured Party without regard to the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving such Grantor.  Each of the Secured Parties is an express intended third party beneficiary of this Agreement, the Engine Mortgages and the Lease Security Assignments,  provided that the rights of each individual Secured Party shall be subject to the terms and conditions of the Indenture, including without limitation the provisions of Article III and Sections 4.02 and 4.03 of the Indenture with respect to the manner in which proceeds of the Collateral will be distributed, Article IV of the Indenture governing the exercise of remedies under the Indenture and this Agreement, and Article X of the Indenture providing for the subordination of claims to Senior Claims.

 

Section 2.03                                Grantors Remain Liable.  Anything contained herein to the contrary notwithstanding, (a) each Grantor shall remain liable under the contracts and agreements included in the Collateral to which it is a party or by which it is bound to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement, the Engine Mortgages and the Lease Security Assignments had not been executed, (b) the exercise by the Security Trustee of any of its rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral to which it is a party or by which it is bound, and (c) no Secured Party shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement, the Engine Mortgages or the Lease Security Assignments, nor shall any Secured Party be obligated to perform any of the obligations or duties of any Grantor under the contracts and agreements included in the Collateral or to take any action to collect or enforce any claim for payment assigned under this Agreement.

 

3

 

Section 2.04                                Security Trustee Appointed Attorney-in-Fact. Each Grantor hereby irrevocably appoints the Security Trustee by way of security such Grantor’s attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor or otherwise, following the delivery of a Default Notice or the occurrence and continuation of an Acceleration Default, to take any action and to execute any instrument that the Security Trustee may deem necessary, advisable or desirable to accomplish the purposes of this Agreement or any other Related Document, including:

 

(i)                  to ask for, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for monies due and to become due under or in respect of any of the Trust Collateral;

 

(ii)               to receive, indorse and collect any drafts or other instruments and documents in connection included in the Trust Collateral;

 

(iii)            to file any claims or take any action or institute any proceedings that the Security Trustee may deem necessary, advisable or desirable for the collection of any of the Trust Collateral or otherwise to enforce the rights of the Security Trustee with respect to any of the Trust Collateral.

 

Section 2.05                                Voting Rights; Dividends; Etc.  (a)  So long as no Default Notice shall have been delivered to WEST and no Acceleration Default shall have occurred and be continuing:

 

(i)                                     Each of the Grantors shall be entitled to exercise any and all voting and other consensual rights pertaining to all or any part of the Stock Collateral, Debt Collateral, Membership Interest Collateral and Beneficial Interest Collateral pledged by such Grantor for any purpose not inconsistent with the terms of this Agreement, the organizational documents of such Grantor, the Indenture or any other Related Document; provided, however, that such Grantor shall not exercise or shall refrain from exercising any such right if such action would reasonably be expected to have a material adverse effect on the value of all or any part of the Stock Collateral, Debt Collateral, Membership Interest Collateral or the Beneficial Interest Collateral; and

 

(ii)                                  The Security Trustee shall execute and deliver (or cause to be executed and delivered) to such Grantor all such proxies and other instruments as such Grantor may reasonably request in writing and provide for the purpose of enabling such Grantor to exercise the voting and other rights that it is entitled to exercise pursuant to Section 2.05(a)(i).

 

(b)                                 Whether or not any Default or Event of Default shall have occurred, any and all distributions, dividends, interest, income, payments and proceeds paid or received in respect of the Trust Collateral, including any and all (i) distributions, dividends and interest paid or payable other than in cash in respect of, and instruments and other property received, receivable or otherwise distributed in respect of, or in exchange for, such Trust Collateral; (ii) distributions, dividends and other distributions paid or payable in cash in respect of such Stock Collateral, Membership Interest Collateral or Beneficial Interest Collateral in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in surplus; and (iii) cash paid, payable or otherwise distributed in respect of principal of, or in redemption of, or in exchange for, any Trust Collateral shall be paid into the Collections Account or shall be forthwith delivered to the Security Trustee, as applicable and, if received by such Grantor, shall be received in trust for the benefit of the Security Trustee, be segregated from the other property or funds of such Grantor and be forthwith paid to the Collections Account or delivered to the Security Trustee in the same form as so received (with any necessary indorsement).

 

4

 

(c)                                  Upon the delivery of a Default Notice to WEST or any of its Subsidiaries or during the continuance of an Acceleration Default, all rights of each Grantor to exercise or refrain from exercising the voting and other consensual rights that it would otherwise be entitled to exercise pursuant to Section 2.05(a)(i) shall cease, and the Security Trustee thereupon shall have the sole right to exercise or refrain from exercising such voting and other consensual rights (including, but not limited to, the right, subject to the restrictions set forth in the applicable organizational documents, to remove or appoint any trustee, directors and officers of any direct or indirect subsidiary of WEST or any of its Subsidiaries), provided, however, the Security Trustee shall have no obligation to exercise such voting or consensual right without instruction from the Noteholders.

 

Section 2.06                                Performance of Obligations.  If any Grantor fails to perform or comply with any of its agreements contained in the Related Documents, then the Security Trustee may perform or comply with such agreement but shall not be obligated to do so, and the amount of such payment and the amount of the reasonable expenses of Security Trustee incurred in connection with the performance of or compliance with such agreement, as the case may be shall be deemed an Operating Expense, to be paid out of the Available Collections Amount on the next succeeding Payment Date in accordance with Section 3.09 of the Indenture.

 

ARTICLE III

 

COVENANTS

 

Section 3.01                                Collateral Supplements and Grantor Supplements.  (a)     Upon the acquisition by any Grantor of any Trust Collateral, such Grantor shall concurrently execute and deliver to the Security Trustee a Collateral Supplement duly completed with respect to such Trust Collateral and shall take such steps with respect to the perfection of the security interest in such Collateral as are called for by this Agreement for Trust Collateral of the same type; provided that the foregoing shall not be construed to impair or otherwise derogate from any restriction on any such action in any Related Document and provided, further that the failure of any Grantor to deliver any Collateral Supplement as to any such Trust Collateral shall not impair the lien of this Agreement to attach and otherwise extend as to such Trust Collateral.

 

(b)                                 Each Grantor that owns or hereafter acquires an Engine or that leases an Engine from an Issuer Subsidiary and leases such Engine to a Lessee agrees that it (i) shall execute and deliver an Engine Mortgage or a Lease Security Assignment, as applicable, in favor of the Security Trustee, (ii) shall cause such Engine Mortgage to be filed with the FAA and, if such Lessee is a U.S. Lessee, shall cause such Lease Security Assignment to be filed with the FAA, (iii) shall register or cause to be registered or consent to the registration with the International Registry of the Contract of Sale with respect to any Engine to be acquired pursuant to an Acquisition Agreement with a seller that is situated in a Contracting State, and (iv) shall take such additional steps with respect to the perfection of the security interest in the Mortgage Collateral or the Leasehold Collateral subject to such Engine Mortgage or such Lease Security Assignment, as applicable, as are called for by the Engine Mortgage or the Lease Security Assignment, as applicable.

 

5

 

(c)                                  Upon the acquisition, formation or other organization of any Issuer Subsidiary, WEST shall cause such Issuer Subsidiary to execute and deliver to the Security Trustee a Grantor Supplement, and upon such acquisition, formation or other organization, each such Issuer Subsidiary (i) shall be referred to as an “Additional Grantor” and shall be and become a Grantor hereunder, and each reference in this Agreement to “Grantor” shall also mean and be a reference to such Additional Grantor, (ii) shall be deemed to have granted a security interest to the Security Trustee in all of its assets and other property, including, without limitation, all of its right, title and interest in, to and under each type of Trust Collateral described in Section 2.01, and (iii) shall be a Grantor for all purposes under this Agreement and shall be bound by the obligations of the Grantors hereunder.

 

(d)                                 The Issuer undertakes with the Security Trustee to enter into an Irish share mortgage substantially in the form of Exhibit E in respect of the Stock held by it in any Issuer Subsidiary incorporated under the laws of Ireland on the Initial Closing Date if the Issuer owns such shares on such date or on the date on which the Issuer acquires such shares.  Each Grantor incorporated in Ireland or having assets located in Ireland shall file particulars of the security interest created by this Agreement or by an Irish share mortgage substantially in the form of Exhibit E with the Registrar of Companies in Ireland within the statutorily prescribed period therefore.

 

Section 3.02                                Delivery of Collateral.  All certificates, instruments, documents or chattel paper representing or evidencing any Collateral (other than Account Collateral) shall be delivered to and held by the Custodial Agent on behalf of the Security Trustee, in Rocklin, California pursuant to the terms of the Custodial Agreement and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the Security Trustee.  Upon the delivery of a Default Notice or the occurrence and continuation of an Acceleration Default, the Security Trustee shall have the right, pursuant to the terms of the Custodial Agreement without notice to any Grantor, to transfer to or to register in the name of the Security Trustee or any of its nominees any or all of the Pledged Stock, the Pledged Debt, Pledged Membership Interest and Pledged Beneficial Interest, subject only to the revocable rights specified in Section 2.05(a).  In addition, the Security Trustee shall have the right at any time to exchange certificates or instruments representing or evidencing any Collateral (other than Account Collateral) for certificates or instruments of smaller or larger denominations.

 

6

 

Section 3.03                                Accounts.   (a)  Each Grantor that maintains an Account with an Operating Bank shall cause such Operating Bank to establish and maintain such Account in the name of such Grantor on its books and records and to enter into a letter agreement in substantially the form of Exhibit  B hereto (or make such other arrangements as are acceptable to the Security Trustee) between such Grantor and the Security Trustee (the “Account Letter”).

 

(b)                Upon any termination of any Account Letter or other agreement with respect to the maintenance of an Account by any Grantor or the Operating Bank, or an Account not constituting an Eligible Account, such Grantor shall immediately notify all Persons obligated to make any payment to such Grantor to such Account, to make all future payments to another Account meeting the requirements of this Section 3.03.

 

(c)                 Each Grantor shall ensure in respect of each Account that (i) any Operating Bank is a “bank” (as defined in Section 9-102(a)(8) of the UCC) and a Securities Intermediary, (ii) each Account is and will be maintained as a Securities Account of which the Operating Bank is the Securities Intermediary and in respect of which WEST is the “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC) of the “security entitlement” (as defined in Section 8-102(a)(17) of the UCC) with respect to each “financial asset” (as defined in Section 8-102(a)(9) of the UCC) credited to such Account and the Operating Bank shall comply with all entitlement orders (as defined in Section 8-102 of the UCC) issued by WEST without further consent of the Grantors or any other person, (iii) all Collections and other cash required to be deposited in any such Account and Permitted Investments and other property acquired with cash credited to any such Account will be credited to such Account, (iv) all items of property (whether cash, investment property, Permitted Investments, other investments, securities, instruments or other property credited to each Account will be treated as a “financial asset” (as defined in Section 8-102(a)(9) of the UCC) under Article 8 of the UCC, (v) its “securities intermediary’s jurisdiction” (as defined in Section 8-110(e) of the UCC) and the “bank’s jurisdiction” (within the meaning of Section 9-304 of the UCC) with respect to each Account is the State of New York and (vi) all securities, instruments, investment property and other property in order or registered from and credited to any Account shall be payable to or to the order of, or registered in the name of, the Operating Bank on behalf of WEST or shall be indorsed to the Operating Bank on behalf of WEST or in blank.

 

(d)                No Grantor shall cause or permit any Person other than the Security Trustee to have “control” (as defined in Section 9-104, 9-105, 9 106, or 9-107 of the UCC) of any Collateral consisting of a “deposit account,” “electronic chattel paper,” “investment property,” “supporting obligations” or “letter of credit right” (as such terms are defined in Article 9 of the UCC).

 

Section 3.04                                Covenants Regarding Assigned Documents.  (a)  Upon the inclusion of any Assigned Document in the Collateral, the relevant Grantor will deliver to the Security Trustee a consent, in substantially the form of Exhibit C and executed by each party to such Assigned Document or (where the terms of such Assigned Document expressly provide for a consent to its assignment for security purposes to substantially the same effect as Exhibit C) will give due notice to each such other party to such Assigned Document of its assignment pursuant to this Agreement.  Each Grantor also ratifies its authorization for the Security Trustee to have filed in any jurisdiction any UCC financing statement or amendments thereto if filed prior to the date hereof.

 

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(b)                Upon (i) the inclusion of any Assigned Document in the Collateral, (ii) the amendment or replacement of any Assigned Document or (iii) the entering into of any new Assigned Document, the relevant Grantor will deliver a copy thereof to the Custodial Agent on behalf of the Security Trustee and will take such other action as may be necessary, advisable or, at the request of the Security Trustee, desirable to perfect the lien of this Agreement as to such Assigned Document.

 

(c)                                  Each Grantor shall, at its expense but subject to the Indenture and other Related Documents:

 

(i)                  perform and observe (or cause to be performed or observed) all the terms and provisions of the Assigned Documents to be performed or observed by it, enforce (or cause to be enforced) the Assigned Documents in accordance with their terms and take all such action to such end as may be from time to time requested by the Security Trustee; and

 

(ii)               furnish (or cause to be furnished) to the Security Trustee promptly upon receipt copies of all notices, requests and other documents received by such Grantor under or pursuant to the Assigned Documents, and from time to time, furnish (or cause to be furnished) to the Security Trustee such information and reports regarding the Collateral as the Security Trustee may reasonably request and, upon request of the Security Trustee make (or cause to be made) to each other party to any Assigned Document such demands and requests for information and reports or for action as such Grantor is entitled to make thereunder.

 

(d)                Each Grantor will, at is expense and upon the request of the Security Trustee on behalf of any Secured Party that is a Service Provider, pursue for the benefit of such Secured Party and each other Secured Party that is a Service Provider any claim that such Secured Party (or the Security Trustee on their behalf) has or may have under any Assigned Document for indemnity or otherwise.

 

Section 3.05                                Covenants Regarding Intangible Collateral.  (a)  All Intangible Collateral shall be delivered to the Custodial Agent, on behalf of the Security Trustee, as follows:

 

(i)                                     in the case of each Certificated Security, Instrument or other item of Intangible Collateral for which a security interest is granted and/or perfected by delivery to or possession by the Security Trustee or its Indemnitee, by (A) causing the delivery of such Certificated Security, Instrument or other item of Intangible Collateral to the Custodial Agent in the State of California registered in the name of the Security Trustee or duly endorsed by an appropriate person to the Security Trustee or in blank and, in each case, held by the Custodial Agent in the State of California, or (B) if such Certificated Security, Instrument or other item of Intangible Collateral is registered in the name of any securities intermediary of any Securities Intermediary on the books of the issuer thereof or on the books of any securities intermediary of a Securities Intermediary, by causing such Securities Intermediary to continuously credit by book entry such Certificated Security, Instrument or other item of Intangible Collateral to a Securities Account maintained by such Securities Intermediary in the name of the Security Trustee and confirming to the Security Trustee that it has been so credited;

 

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(ii)                                  in the case of each Uncertificated Security not perfected by delivery thereof to the Custodial Agent, on behalf of the Security Trustee, by (A) causing such Uncertificated Security to be continuously registered on the books of the issuer thereof in the name of the Security Trustee and causing such issuer to agree that it will comply with the instructions originated by the Security Trustee without further consent of any other Person or (B) if such Uncertificated Security is registered in the name of a Securities Intermediary on the books of the issuer thereof or on the books of any securities intermediary of a Securities Intermediary, by causing such Securities Intermediary to continuously credit by book entry such Uncertificated Security to a Securities Account maintained by such Securities Intermediary in the name of the Security Trustee and confirming to the Security Trustee that it has been so credited and causing each such securities intermediary to agree that it will comply with the instructions originated by the Security Trustee without further consent of any other Person;

 

(iii)                               in the case of each Government Security registered in the name of any Securities Intermediary on the books of the Federal Reserve Bank of New York or on the books of any securities intermediary of such Securities Intermediary or any “securities entitlement” (as defined in Section 8-102(a)(17) of the UCC), by causing such Securities Intermediary to continuously credit by book entry such security to the Securities Account maintained by such Securities Intermediary in the name of the Security Trustee, confirming to the Security Trustee that it has been so credited and confirming that it will comply with the “entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) originated by the Security Trustee without further consent of any other Person; and

 

(iv)                              in the case of any Instrument, Beneficial Interest Collateral or Membership Interest Collateral by (A) to the extent that the grant of the security interest to the Security Trustee in any Instrument, Beneficial Interest Collateral or Membership Interest Collateral or the transfer of any Instrument, Beneficial Interest Collateral or Membership Interest Collateral upon exercise of remedies by the Security Trustee is subject to any restrictions on transfer or any consent requirements, by obtaining all necessary consents and approvals thereof and (B)(1) if any Instrument, Beneficial Interest Collateral or Membership Interest Collateral constitutes a securities entitlement (as defined above), Certificated Security, Instrument or Uncertificated Security, complying with clauses (i) or (ii) above, as applicable or (2) if Beneficial Interest Collateral or Membership Interest Collateral constitutes a general intangible, by causing an appropriate financing statement covering each such Beneficial Interest Collateral or Membership Interest Collateral to be filed in the appropriate office necessary to perfect the security interest of the Security Trustee therein.

 

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(b)                                 Each of WEST and the Security Trustee hereby represents and warrants, with respect to the Intangible Collateral, that it has not entered into, and hereby agrees that it will not enter into, any agreement (i) with any Person specifying any jurisdiction other than the State of New York or California as the jurisdiction of each Securities Intermediary in connection with each Securities Account for purposes of 31 C.F.R. Section 357.11(b), Section 8-110(e) of the UCC or any similar state or Federal or Applicable Law, or (ii) with any other person relating to any Securities Account or the financial assets credited thereto pursuant to which it has agreed that any Securities Intermediary may comply with entitlement orders made by such Person.  The Security Trustee represents that it will, by express agreement with each Securities Intermediary, provide for each item of property constituting Intangible Collateral held in and/or credited to the applicable Securities Account, including cash, to be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC for the purposes of Article 8 of the UCC.

 

(c)                                  Without limiting the foregoing, WEST and the Security Trustee agree, and the Security Trustee shall cause each Securities Intermediary, to take such different or additional action as may be required based upon any Opinion of Counsel received pursuant to Section 3.11 in order to maintain the perfection and priority of the security interest of the Security Trustee in the Intangible Collateral in the event of any change in Applicable Law or regulation, including Articles 8 and 9 of the UCC and regulations of the U.S. Department of the Treasury governing transfers of interests in Government Securities.

 

(d)                                 Each Grantor agrees that it will not acquire an ownership, equity or any similar interest in any Person that would not be described in the definitions of “Beneficial Interest Collateral,” “Membership Interest Collateral” or “Stock Collateral.”

 

Section 3.06                                Further Assurances.  (a)  Each Grantor agrees that from time to time, at the expense of such Grantor and WEST, such Grantor shall promptly execute and deliver all further instruments and documents, and take all further action (including under the laws of any foreign jurisdiction), that may be necessary, advisable or desirable, or that the Security Trustee may reasonably request, in order to better assure, grant or perfect, protect the priority of and protect any pledge, assignment or security interest granted or purported to be granted hereby or any other Related Document or to enable the Security Trustee to exercise and enforce its rights, powers and remedies hereunder or with respect to any Collateral. Without limiting the generality of the foregoing, each Grantor shall:  (i) if any Collateral shall be evidenced by a promissory note or other instrument or tangible chattel paper (as defined in Section 9-102(a)(78) of the UCC), deliver to the Custodial Agent, on behalf of the Security Trustee, and pledge to the Security Trustee hereunder such note or instrument or tangible chattel paper duly indorsed and accompanied by duly executed instruments of transfer or assignment; (ii) execute and file such financing or continuation statements, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as the Security Trustee may reasonably request, in order better to assure, grant, perfect, protect the priority of and/or preserve the pledge, assignment and security interest granted or purported to be granted hereby and (iii) execute, file, record, or register such additional instruments, documents and supplements to this Agreement, including any further assignments, security agreements pledges, grants and transfers, as may be required by or desirable under the laws of any foreign jurisdiction, or as the Security Trustee may reasonably request, to create, attach, perfect, validate, render enforceable, protect or establish the priority of the security interest and lien of this Agreement.

 

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(b)                                 Each Grantor hereby irrevocably authorizes the Security Trustee to file one or more financing or continuation statements, and amendments thereto, from time to time relating to all or any part of the Collateral without the signature of such Grantor where permitted by law, and such other instruments or notices, as may be necessary or desirable, including as identified to the Security Trustee pursuant to the Opinion of Counsel described in Section 3.11 hereof in order to better assure, grant, perfect, perfect the priority of and preserve the pledge, assignment and security interest granted hereby.  A photocopy or other reproduction of this Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by law.  Each Grantor also ratifies its authorization for the Security Trustee to have filed in any jurisdiction any UCC financing statement or amendments thereto if filed prior to the date hereof.

 

(c)                                  Each Grantor shall furnish or cause to be furnished to the Security Trustee from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as the Security Trustee may reasonably request, all in reasonable detail; provided that, to the extent that (in the case of any Assigned Lease) such statements, schedules or reports (or the data needed to prepare them) can be obtained only from the Servicer, no Grantor shall be required to obtain any such statements, schedules, reports or data beyond those to which it is entitled under the Servicing Agreement.

 

(d)                                 Each Grantor shall, immediately upon the organization or acquisition by such Grantor of any Subsidiary, including, without limitation, any Engine Trusts, cause such Subsidiary to enter into a Grantor Supplement.

 

Section 3.07                                Place of Perfection; Records.  Each Grantor shall keep its jurisdiction of organization or incorporation, as the case may be, chief place of business and chief executive office (if any) and the office where it keeps its records concerning the Collateral at the location therefor specified in Schedule III or, upon 30 days’ prior written notice to the Security Trustee, at such other locations in a jurisdiction where all actions required to maintain the Security Trustee’s first priority perfected security interest in, to and under the Collateral shall have been taken.  Each Grantor shall hold and preserve such records and shall permit representatives of the Security Trustee at any time during normal business hours to inspect and make abstracts from such records, all at the sole cost and expense of such Grantor.

 

Section 3.08                                Transfers and Other Encumbrances; Additional Shares or Interests.  (a) No Grantor shall (i) sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect to, any of the Collateral or (ii) create or suffer to exist any Encumbrance upon or with respect to any of the Collateral other than the pledge, assignment and security interest created by this Agreement and as otherwise provided herein or any other Related Document.

 

(b)                                 Except as otherwise provided pursuant to Section 5.02(i) of the Indenture, the WEST Subsidiaries shall not, and WEST shall not permit the WEST Subsidiaries to, issue, deliver or sell any shares, interests, participations, options, warrants or other equivalents.  Any beneficial interest or capital stock or other securities or interests issued in respect of or in substitution for the Pledged Stock, Pledged Membership Interest or Pledged Beneficial Interest shall be issued (with any necessary endorsement) to the Security Trustee or delivered to the Custodial Agent, on behalf of the Security Trustee.

 

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Section 3.09                                Security Trustee May Perform.  If any Grantor fails to perform any agreement contained in this Agreement, the Security Trustee may (but shall not be obligated to) itself perform, or cause performance of, such agreement, and the expenses of the Security Trustee incurred in connection with doing so shall be payable by the Grantors.

 

Section 3.10                                Covenant to Pay and Perform.  Each Grantor covenants with the Security Trustee (for the benefit of the Security Trustee and the Secured Parties) that (a) it will pay any monies or discharge any liabilities whatsoever that are now, or at any time hereafter may be, due, owing or payable by such Grantor in any currency, actually or contingently, solely and/or jointly, and/or severally with another or others, as principal or surety on any account whatsoever pursuant to the Notes, the Indenture, the Service Provider Documents, the Hedge Agreements and the other Related Documents in accordance with their terms and (b) it will perform and comply with all covenants in the Indenture that by their terms obligate WEST to cause such Grantor to take or not to take specified actions, including without limitation all covenants relating to the ownership, leasing, disposition, acquisition and maintenance of the Engines.

 

Section 3.11                                Annual Opinion.  Upon each anniversary of the Initial Closing Date, WEST shall cause to be delivered to the Security Trustee an Opinion of Counsel to the effect that (i) during the preceding year there has not occurred any change in New York, California, Delaware or other Applicable Law that would require the taking of any action in order to maintain the perfection or priority of the lien of this Agreement on the Collateral (it being agreed that each such opinion shall not be required to address the actual priority of such lien) or, if there has been such a change, setting forth the actions so to be taken and (ii) no additional financing statement, continuation statement or amendment thereof will be necessary during the next twelve months to maintain the perfected security interest of the Security Trustee or identify any such required financing statement, continuation statement or amendment.  WEST agrees to take all such actions as may be indicated in any such opinion, except that, as provided in Section 3.03, the Security Trustee shall take any such actions as may be required with respect to any Securities Intermediary.

 

ARTICLE IV

 

REPRESENTATIONS AND WARRANTIES

 

Section 4.01                                Representations and Warranties of WEST.  WEST hereby represents and warrants as of the date of this Agreement, and as of each subsequent Closing Date and Delivery Date on which WEST or any Issuer Subsidiary acquires an Engine (or the related Engine Interest), as follows:

 

(a)                                  Each Grantor is the legal and beneficial owner of the Collateral pledged by it hereunder free and clear of any and all Encumbrances (other than Permitted Encumbrances).  No effective financing statement or other instrument similar in effect covering all or any part of the Collateral is on file in any recording office or otherwise exists, except such as may have been filed in favor of the Security Trustee relating to the Collateral.

 

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(b)                                 This Agreement creates a valid and (upon the taking of the actions required hereby) perfected security interest in the Collateral as security for the Secured Obligations subject in priority to no other Encumbrances (other than Permitted Encumbrances), and all filings and other actions necessary or desirable to perfect and protect such security interest have been and will be duly taken.  Other than the security interest granted to the Security Trustee pursuant to this Agreement or any security interest previously granted that shall be terminated as of the date hereof, no Grantor has pledged, assigned, sold or granted a security interest in any of the Collateral or authorized the filing of, and is not aware of, any financing statements or other instruments similar in effect against any Grantor or the Collateral that include a description of collateral covering the Collateral other than any financing statement relating to the security interest granted to the Security Trustee hereunder or that has been terminated.  WEST is not aware of any judgment or tax lien filings against any Grantor.

 

(c)                                  The name of each Grantor as it appears on the signature pages hereto is its name as it appears on the public record of its jurisdiction of organization or incorporation, as the case may be, or, in the case of a trust, provides the name specified for the trust in its organizational documents and indicates that it is a trust.

 

(d)                                 No consent of any other Person and no authorization, approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body or other third party is required either (i) for the grant by each Grantor of the assignment and security interest granted hereby, (ii) for the execution, delivery or performance of this Agreement or any other Related Document by each Grantor, or (iii) for the perfection or maintenance of the pledge, assignment and security interest created hereby, except for the filing of financing and continuation statements under the UCC or any filing, recording or registration under Applicable Law in each applicable jurisdiction.

 

(e)                                  The jurisdiction of organization or incorporation, as the case may be, organizational identification number or company registration number (if applicable), the chief place of business and chief executive or registered office of each Grantor and the office where each Grantor keeps records of or relating to the Collateral are located at the address specified opposite the name of such Grantor on the attached Schedule III.

 

(f)                                    The Pledged Stock constitutes the percentages of the issued and outstanding shares of capital stock of the issuers thereof indicated on the attached Schedule I.  The Pledged Membership Interests constitute the percentage of the membership interests of the issuers thereof indicated on the attached Schedule I.  The Pledged Beneficial Interests constitute the percentages of the beneficial interests of the issuers thereof indicated on Schedule I hereto.

 

(g)                                 The Pledged Stock, the Pledged Membership Interests and the Pledged Beneficial Interests have been duly authorized and validly issued and are fully paid up and nonassessable.  The Pledged Debt has been duly authorized, authenticated or issued and delivered, is the legal, valid and binding obligation of each obligor thereunder and is not in default.

 

(h)                                 Each Assigned Agreement as of the Initial Closing Date or upon its later inclusion in the Collateral, as applicable, will have been duly authorized, executed and delivered by the relevant Grantors, will be in full force and effect and will be binding upon and enforceable against all parties thereto in accordance with its terms.

 

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(i)                                     Each Lease (including any subleases) constitutes “tangible chattel paper” within the meaning of Section 9-102(a)(78) of the UCC.

 

(j)                                     Each Account that exists on the Closing Date or that is established and maintained thereafter in accordance with Section 3.01 of the Indenture constitutes a “deposit account” within the meaning of Section 9-102(a)(29) of the UCC and, to the extent that the Indenture Trustee invests the Balance therein in Permitted Investments, a “securities account” within the meaning of Section 8-501 of the UCC.

 

(k)                                  Each of the Hedge Agreements and the Engine Interests constitute “general intangibles” within the meaning of Section 9-102(a)(42) of the UCC.

 

Section 4.02                                Representations and Warranties of the Grantors.  Each Grantor represents and warrants as of the date of this Agreement, and as of each subsequent Closing Date and Delivery Date on which such Grantor executes and delivers a Grantor Supplement or a Collateral Supplement, as follows:

 

(a)                                  Such Grantor is the legal and beneficial owner of the Collateral pledged, charged or assigned by it hereunder free and clear of any and all Encumbrances (other than Permitted Encumbrances).  No effective financing statement or other instrument similar in effect covering all or any part of the Collateral is on file in any recording office or otherwise exists, except such as may have been filed in favor of the Security Trustee relating to the Collateral.

 

(b)                                 This Agreement creates a valid and (upon the taking of the actions required hereby) perfected security interest in the Collateral pledged by such Grantor as security for the Secured Obligations subject in priority to no other Encumbrances (other than Permitted Encumbrances), and all filings and other actions necessary or desirable to perfect and protect such security interest have been and will be duly taken.  Other than the security interest granted to the Security Trustee pursuant to this Agreement or any security interest previously granted that shall be terminated as of the date hereof, such Grantor has not pledged, assigned, sold or granted a security interest in any of the Collateral or authorized the filing of, and is not aware of, any financing statements or other instruments similar in effect against such Grantor or the Collateral that include a description of collateral covering the Collateral other than any financing statement relating to the security interest granted to the Security Trustee hereunder or that has been terminated.  Such Grantor is not aware of any judgment or tax lien filings against any Grantor.

 

(c)                                  The name of such Grantor as it appears on the signature pages hereto is its name as it appears on the public record of its jurisdiction of organization or incorporation, as the case may be, or, in the case of a trust, provides the name specified for the trust in its organizational documents and indicates that it is a trust.

 

(d)                                 No consent of any other Person and no authorization, approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body or other third party is required either (i) for the grant by such Grantor of the assignment and security interest granted hereby, (ii) for the execution, delivery or performance of this Agreement or any other Related Document by such Grantor, or (iii) for the perfection or maintenance of the pledge, assignment and security interest created hereby, except for the filing of financing and continuation statements under the UCC or any filing, recording or registration under Applicable Law in each applicable jurisdiction.

 

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(e)                                  The jurisdiction of organization, organizational identification number or company registration number (if applicable), the chief place of business and chief executive or registered office of such Grantor and the office where such Grantor keeps records of or relating to the Collateral are located at the address specified opposite the name of such Grantor on the attached Schedule III.

 

(f)                                    Each Assigned Agreement to which such Grantor is a party has been duly authorized, executed and delivered by such Grantors, is in full force and effect and is binding upon and enforceable against all parties thereto in accordance with its terms.

 

(g)                                 Each Lease (including any subleases) constitutes “tangible chattel paper” within the meaning of Section 9-102(a)(78) of the UCC.

 

(h)                                 Each Account that exists on the Closing Date or that is established and maintained thereafter in accordance with Section 3.01 of the Indenture constitutes a “deposit account” within the meaning of Section 9-102(a)(29) of the UCC and, to the extent that the Indenture Trustee invests the Balance therein in Permitted Investments, a “securities account” within the meaning of Section 8-501 of the UCC.

 

(i)                                     Each of the Hedge Agreements and the Engine Interests constitute “general intangibles” within the meaning of Section 9-102(a)(42) of the UCC.

 

ARTICLE V

 

REMEDIES

 

Section 5.01                                Remedies.  Upon delivery of a Default Notice to the Security Trustee pursuant to Section 4.02 of the Indenture or if any Acceleration Default shall have occurred and be continuing, the Security Trustee may, and upon the direction of the Indenture Trustee, shall:

 

(a)                                  apply to a court of competent jurisdiction to obtain specific performance or observance by WEST and any or all of the other Grantors of any covenant, agreement or undertaking on the part of WEST or any such Grantor hereunder that WEST or any such Grantor shall have failed to observe or perform or to obtain to aid in the execution of any power granted herein; and/or

 

(b)                                 proceed to foreclose against the Trust Collateral or any part thereof pursuant to this Agreement, and according to the Applicable Law of the jurisdiction or jurisdictions in which such Trust Collateral or part thereof shall at the time be located, by doing any one or more or all of the following acts, as the Security Trustee, in its sole and complete discretion (acting in good faith), may then elect, or as directed by the Indenture Trustee:

 

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(i)                                     exercise all the rights and remedies, in foreclosure and otherwise, available to it as a Security Trustee and secured party under the provisions of Applicable Law;

 

(ii)                                  institute legal proceedings to foreclose upon and against the security interest granted in and by this Agreement, the Engine Mortgages and the Lease Security Assignments, to recover judgment for all amounts then due and owing as indebtedness secured hereby, and to collect the same out of any of the Trust Collateral or the proceeds of any sale thereof;

 

(iii)                               institute legal proceedings for the sale, under the judgment or decree of any court of competent jurisdiction, of any or all of the Trust Collateral;

 

(iv)                              without regard to the adequacy of the Collateral for the Indenture or any other agreement between the Security Trustee and WEST, any Grantor and their Affiliates, by virtue of this Agreement, the Engine Mortgages or the Lease Security Assignments or otherwise, or any other collateral or other security or to the solvency of the Grantor, institute legal proceedings for the appointment of a receiver or receivers pending foreclosure hereunder or for the sale of any of the Trust Collateral under the order of a court of competent jurisdiction or under other legal process; or

 

(v)                                 personally, or by agents or attorneys, enter upon any premises where the Trust Collateral or any part thereof may then be located, and take possession of all or any part thereof or render it unusable; and without being responsible for loss or damage to such Trust Collateral, hold, store and keep idle, or lease, operate or otherwise use or permit the use of, the same or any part thereof, for such time and upon such terms as the Security Trustee may in its sole and complete discretion deem to be in its own best interests, and demand, collect and retain all hire, earnings and other sums due and to become due in respect of the same from any party whomsoever, accounting for net earnings, if any, arising from such use and charging against all receipts from the use of the same or from the sale thereof, by court proceedings or pursuant to Section 5.02, all other costs, reasonable expenses, charges, damages and other losses resulting from such use in good faith.

 

All reasonable expenses of obtaining any such judgment, bringing any such legal proceeding or of pursuing, searching for and taking the Trust Collateral shall, until paid, be secured by the Lien of this Agreement, the Engine Mortgages and the Lease Security Assignments.  Each Grantor shall permit representatives of the Security Trustee to be present at such Grantor’s place of business to receive copies of all communications and remittances relating to the Collateral and shall forward copies of any notices or communications received with respect to the Collateral, all in such manner as the Security Trustee may require.

 

Section 5.02                                Delivery of Collateral, Power of Sale, etc.  If the Security Trustee should elect to foreclose upon and against the security interest created in and by this Agreement, each Grantor shall, upon demand of the Security Trustee, deliver to the Security Trustee all or any part of the Trust Collateral at such time or times and place or places as the Security Trustee may specify; and the Security Trustee is hereby authorized and empowered, in accordance with Applicable Law and without being responsible for loss or damage to such Trust Collateral incurred other than solely by reason of the Security Trustee’s gross negligence or willful misconduct, to enter upon any premises where the Trust Collateral or any part thereof may be located and take possession of and remove the same.  

 

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The Security Trustee may thereafter sell and dispose of, or cause to be sold and disposed of, all or any part of the Trust Collateral pledged by any Grantor at one or more public or private sales, at such places and times and on such terms and conditions as the Security Trustee may deem fit in good faith, with or without any previous demand to WEST, such Grantor or any other person, or advertisement of any such sale or other disposal upon notice to such Grantor (it being understood and agreed that such provision of notice to such Grantor shall not be deemed to limit or otherwise restrict the Security Trustee’s rights and remedies hereunder or under any other agreement); and for the aforesaid purpose, any other notice of sale, any advertisement and other notice or demand, any right of equity of redemption and any obligation of a prospective purchaser to inquire as to the power and authority of the Security Trustee to sell or the application by the Security Trustee of the proceeds of sale or otherwise that would otherwise be required by, or available to such Grantor under, Applicable Law are hereby expressly waived by WEST and each other Grantor to the fullest extent permitted by such Law.  In the event that any mandatory requirement of Applicable Law shall obligate the Security Trustee to give different, additional or prior notice to WEST or any Grantor of any of the foregoing acts, WEST and each Grantor hereby agrees that, to the extent permitted by Applicable Law, a written notice sent to it by mail or by facsimile, so as reasonably to be expected to be delivered to WEST or such Grantor at least five (5) Business Days before the date of any such act shall be deemed to be reasonable notice of such act and, specifically, reasonable notification of the time after which any private sale or other disposition intended to be made hereunder is to be made.

 

Section 5.03                                Right to Possession, etc.  To the fullest extent each Grantor may lawfully agree, the right of the Security Trustee to take possession of and sell any of the Trust Collateral in compliance with the provisions of this Article V shall not be affected by the provisions of any applicable reorganization or other similar law of any jurisdiction; and WEST and each Grantor shall not take advantage of any such law or agree to allow any agent, assignee or other party to take advantage of such law in its place, to which end WEST and each Grantor, for itself and all who may claim through it, as far as it or they now or hereafter lawfully may do so, hereby waives, to the fullest extent permitted under Applicable Law, any rights or defenses arising under any such law, and all rights to have the Collateral marshalled upon any foreclosure hereof, and hereby agrees that any court having jurisdiction to foreclose upon and against the security interest created in this Agreement or by the Engine Mortgages or the Lease Security Assignments may order the sale of the Trust Collateral subject to such jurisdiction as an entirety or severally.

 

Section 5.04                                Application of Proceeds.  (a)  Following the occurrence and continuance of an Event of Default, all proceeds received by the Security Trustee under or pursuant to this Agreement, and all amounts received by the Indenture Trustee pursuant to the Indenture, shall be applied in the first place to pay all such payments, disbursements, expenses and losses whatsoever (together with interest thereon as hereinbefore provided for) as may have been incurred by the Security Trustee in or about or incidental to the exercise by the Security Trustee of the rights and powers specified in this Agreement, the Indenture, the Related Documents or in any other agreement or any of them and the balance shall be applied by the Indenture Trustee as provided in Sections 3.09 and 4.02 of the Indenture.

 

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(b)                                 Subject to the terms and conditions of this Agreement, the Security Trustee shall distribute to WEST and each Grantor, or any other Person entitled thereto, any payments in respect of Excluded Payments (as defined in the Mortgage in respect of the Engine and Lease subject to the Lien of such Mortgage) received by the Security Trustee promptly upon receipt thereof by the Security Trustee.

 

Section 5.05                                Matters Involving Manner of Sale.  (a)  At any sale pursuant to this Article V, whether by virtue of judicial proceedings contemplated in Section 5.01 or under the power of sale granted in Section 5.02, it shall not be necessary for the Security Trustee or a public officer under order of a court to have present physical or constructive possession of the Trust Collateral to be sold.  The recitals contained in any conveyances and receipts made and given by the Security Trustee in good faith or such public officer to any purchaser at any sale made pursuant to this Agreement shall, to the extent permitted by Applicable Law, conclusively establish the truth and accuracy of the matters therein stated (including, without limiting the generality of the foregoing, the amounts due and payable under the Indenture and the Related Documents and any other indebtedness secured hereby, the accrual and nonpayment thereof and advertisement and conduct of such sale in the manner provided herein and by Applicable Law) other than in the case of manifest error; and all prerequisites to such sale shall be presumed to have been satisfied and performed.

 

(b)                                 At any sale or sales made pursuant to this Section 2, the Security Trustee or its agents may bid for or purchase, free from any right or equity of redemption in favor of WEST, the relevant Grantor and any person claiming by, through or under them (all such rights being in this Article V waived and released), any part of or all the Trust Collateral offered for sale, and may make payment on account thereof by using any claim for moneys then due and payable to the Security Trustee by WEST and such Grantor as a credit against the purchase price; and the Security Trustee upon compliance with the terms of sale, may hold, retain and dispose of such Trust Collateral without further accountability therefor to WEST, the Grantor or any third party, except as expressly required by Applicable Law.  In any such sale the Security Trustee shall not be obligated to make any representations or warranties with respect to the Collateral or any part thereof, and the Security Trustee shall not be chargeable with any of the obligations or liabilities of WEST or such Grantor with respect thereto.  WEST and each Grantor hereby agrees (i) that it will indemnify and hold the Security Trustee harmless from and against any and all claims with respect to the Trust Collateral asserted before the taking of actual possession or control thereof by the Security Trustee or its agents pursuant to this Article V, or arising out of any act of, or omission to act on the part of, any party other than the Security Trustee or any of its agents prior to such taking of actual possession or control by the Security Trustee, or arising out of any act of, or omission to act on the part of, WEST, the Grantor or any person claiming by, through or under WEST or such Grantor (not including the Security Trustee or any Person claiming by, through or under the Security Trustee) or any of their Affiliates or agents before or after the commencement of such actual possession or control by the Security Trustee or any of its agents; and (ii) that the Security Trustee shall have no liability or obligation arising out of any such claim.

 

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(c)                                  Nothing herein contained shall be deemed to impair in any manner the absolute right of the Security Trustee to sell and convey title to the Trust Collateral to the purchaser(s) at such sale(s) or to grant options with respect to or otherwise to realize upon all or such portion of the Trust Collateral, at such time, and in such order, as it may elect in its sole and complete discretion in good faith, or to enforce any one or more remedies relative hereto either successively or concurrently; and the Grantor hereby agrees that the security interest, options and other rights hereby given to the Security Trustee shall remain unimpaired and unprejudiced until all the Trust Collateral shall have been sold or this Agreement shall otherwise have ceased to be of any force or effect according to its terms, and that the enforcement of any right or remedy shall not operate to bar or estop the Security Trustee from exercising any other right or remedy available hereunder or under any other agreement between the Security Trustee and any of its Affiliates, on the one hand, and the Grantor, WEST or any person claiming by, through or under the Grantor, WEST and their Affiliates on the other hand, or otherwise, available at law, in equity or otherwise.

 

ARTICLE VI

 

SECURITY INTEREST ABSOLUTE

 

Section 6.01                                Security Interest Absolute.  A separate action or actions may be brought and prosecuted against each Grantor to enforce this Agreement, irrespective of whether any action is brought against any other Grantor or whether any other Grantor is joined in any such action or actions.  All rights of the Security Trustee and the security interest and lien granted under, and all obligations of each Grantor under, this Agreement shall be absolute and unconditional, irrespective of:

 

(a)                                  any lack of validity or enforceability of any Related Document, Assigned Document, or Hedge Agreement or any other agreement or instrument relating thereto;

 

(b)                                 any change in the time, manner or place of payment of, the security for, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from any Related Document, Assigned Document, or Hedge Agreement or any other agreement or instrument relating thereto;

 

(c)                                  any taking, exchange, release or non-perfection of the Collateral or any other collateral or taking, release or amendment or waiver of or consent to departure from any guaranty, for all or any of the Secured Obligations;

 

(d)                                 any manner of application of collateral, or proceeds thereof, to all or any of the Secured Obligations, or any manner of sale or other disposition of any collateral for all or any of the Secured Obligations or any other assets of such Grantor;

 

(e)                                  any change, restructuring or termination of the corporate structure, partnership or trust or existence as applicable of any Grantor; or

 

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(f)                                    any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor or a third-party grantor of a security interest or a Person deemed to be a surety.

 

ARTICLE VII

 

THE SECURITY TRUSTEE

 

Section 7.01                                Authorization and Action.  (a)  Each Secured Party by its acceptance of the benefits of this Agreement shall be deemed to have appointed and authorized Deutsche Bank as the Security Trustee to take such action as trustee on behalf of the Secured Parties and to exercise such powers and discretion under this Agreement, the Engine Mortgages, the Lease Security Assignments and the other Related Documents as are specifically delegated to the Security Trustee by the terms of this Agreement, the Engine Mortgages, the Lease Security Assignments and of the other Related Documents, and no implied duties and covenants shall be deemed to arise against the Security Trustee. For the avoidance of doubt, each Secured Party by its acceptance of the benefits of this Agreement hereby requests and instructs the Security Trustee to enter into all Assigned Lease-related documents and instruments which it is requested by any Grantor to enter into on this date and as may arise from time to time for the purpose of establishing and maintaining its security interest for itself and for the benefit of the other Security Parties in respect of any Assigned Lease.

 

(b)                                 The Security Trustee accepts such appointment and agrees to perform the same but only upon the terms of this Agreement, the Engine Mortgages, the Lease Security Assignments and the Indenture and agrees to receive and disburse all moneys received by it in accordance with the terms of this Agreement and the Indenture.  The Security Trustee in its individual capacity shall not be answerable or accountable under any circumstances, except for its own willful misconduct or gross negligence (or simple negligence in the handling of funds or breach of any of its representations or warranties set forth in this Agreement) and the Security Trustee shall not be liable for any action or inaction of any Grantor or any other parties to any of the Related Documents.

 

Section 7.02                                Absence of Duties.  The powers conferred on the Security Trustee under this Agreement, the Engine Mortgages and the Lease Security Assignments with respect to the Collateral are solely to protect its interest in this Agreement and shall not impose any duty upon it to exercise any such powers.  Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it under this Agreement, the Engine Mortgages or the Lease Security Assignments, the Security Trustee shall have no duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not any Secured Party has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve or perfect rights against any parties or any other rights pertaining to any Collateral.  The Security Trustee shall have no duty to ascertain or inquire as to the performance or observance of any covenants, conditions or agreements on the part of any Grantor or Lessee.

 

Section 7.03                                Representations or Warranties.  The Security Trustee does not make, and shall not be deemed to have made, any representation or warranty as to the validity, legality or enforceability of this Agreement, any Engine Mortgage, any Lease Security Assignment, any other Related Document or any other document or instrument or as to the correctness of any statement contained in any thereof, or as to the validity or sufficiency of any of the pledge and security interests granted hereby, except that the Security Trustee in its individual capacity hereby represents and warrants (a) that each such specified document to which it is a party has been or will be duly executed and delivered by one of its officers who is and will be duly authorized to execute and deliver such document on its behalf, and (b) this Agreement, each Engine Mortgage and each Lease Security Assignment is the legal, valid and binding obligation of Deutsche Bank, enforceable against Deutsche Bank in accordance with its terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally.

 

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Section 7.04                                Reliance; Agents; Advice of Counsel.  (a)  The Security Trustee shall incur no liability to anyone as a result of acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document believed by it to be genuine and believed by it to be signed by the proper party or parties.  The Security Trustee may accept a copy of a resolution of the board or other governing body of any party to this Agreement, any Engine Mortgage, any Lease Security Assignment or any Related Document, certified by the Secretary or an Assistant Secretary thereof or other duly authorized Person of such party as duly adopted and in full force and effect, as conclusive evidence that such resolution has been duly adopted by said board or other governing body and that the same is in full force and effect.  As to any fact or matter the manner of ascertainment of which is not specifically described in this Agreement, any Engine Mortgage and any Lease Security Assignment, the Security Trustee shall be entitled to receive and may for all purposes hereof conclusively rely on a certificate, and shall be fully protected in acting or refraining from acting upon, signed by an officer of any duly authorized Person, as to such fact or matter, and such certificate shall constitute full protection to the Security Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.  The Security Trustee shall furnish to each Service Provider upon request such information and copies of such documents as the Security Trustee may have and as are necessary for such Service Provider to perform its duties under the applicable Related Documents.  The Security Trustee shall assume, and shall be fully protected in assuming, that each other party to this Agreement, any Engine Mortgage and any Lease Security Assignment is authorized by its organizational documents to enter into this Agreement, any such Engine Mortgage or any such Lease Security Assignment and to take all action permitted to be taken by it pursuant to the provisions of this Agreement or such Engine Mortgage or such Lease Security Assignment, as applicable, and shall not inquire into the authorization of such party with respect thereto.

 

(b)                                 The Security Trustee may execute any of the powers hereunder or perform any duties under this Agreement, any Engine Mortgage or any Lease Security Assignment either directly or by or through agents, including financial advisors, or attorneys or a custodian or nominee, and the Security Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder.

 

(c)                                  The Security Trustee may consult with counsel, and any written opinion of counsel addressed to the Security Trustee or the Indenture Trustee shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it under this Agreement, any Engine Mortgage or any Lease Security Assignment in good faith and in accordance with such opinion of counsel.

 

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(d)                                 The Security Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, any Engine Mortgage or any Lease Security Assignment, or to institute, conduct or defend any litigation under this Agreement, any Engine Mortgage or any Lease Security Assignment or in relation hereto or thereto, at the request, order or direction of any of the Secured Parties, pursuant to the provisions of this Agreement, unless such Secured Party shall have offered to the Security Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred therein or thereby.

 

(e)                                  The Security Trustee shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it, and none of the provisions contained in this Agreement, any Engine Mortgage or any Lease Security Assignment shall in any event require the Security Trustee to perform, or be responsible or liable for the manner of performance of, any obligations of WEST or the Administrative Agent under any of the Related Documents.

 

(f)                                    The Security Trustee shall not be liable for any costs, Taxes or the selection of Permitted Investments made in accordance with this Agreement, the Engine Mortgages, the Lease Security Assignments and the Indenture or for any investment losses resulting from Permitted Investments made in accordance with this Agreement, the Engine Mortgages, the Lease Security Assignments and the Indenture.

 

(g)                                 When the Security Trustee incurs expenses or renders services in connection with an exercise of remedies specified in Section 5.01 or during an insolvency case or proceeding, such expenses (including the fees and expenses of its counsel) and the compensation for such services are intended to constitute expenses of administration under any bankruptcy law or law relating to creditors’ rights generally.

 

(h)                                 The Security Trustee shall not be charged with knowledge of an Indenture Event of Default unless a Responsible Officer of the Security Trustee obtains actual knowledge of such event or the Security Trustee receives written notice of such event from any of the Secured Parties or the Administrative Agent.

 

(i)                                     The Security Trustee shall have no duty to monitor the performance of WEST, the Administrative Agent or any other party to the Related Documents, nor shall it have any liability in connection with the appointment of the Administrative Agent, or the malfeasance or nonfeasance by such parties.  The Security Trustee shall have no liability in connection with non-compliance by WEST, the Administrative Agent or any Lessee under a Lease with statutory or regulatory requirements related to the Collateral, any Engine or any Lease.  The Security Trustee shall not make or be deemed to have made any representations or warranties with respect to the Collateral, any Engine or any Lease or the validity or sufficiency of any assignment or other disposition of the Collateral, any Engine, or any Lease.

 

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Section 7.05                                No Individual Liability.  The Security Trustee shall have no individual liability in respect of all or any part of the Secured Obligations, and all shall look, subject to the lien and priorities of payment provided herein and in the Indenture, only to the property of the Grantors for payment or satisfaction of the Secured Obligations.

 

ARTICLE VIII

 

SUCCESSOR TRUSTEES

 

Section 8.01                                Resignation and Removal of Security Trustee.  The Security Trustee may resign at any time without cause by giving at least sixty (60) days’ prior written notice to WEST, the Servicer, the Administrative Agent and the Noteholders.  The Controlling Party may at any time remove the Security Trustee without cause by an instrument in writing delivered to WEST, the Servicer, the Administrative Agent and the Security Trustee.  In addition, if the Security Trustee is also the Indenture Trustee, any removal of the Indenture Trustee pursuant to Section 7.01 of the Indenture shall (unless otherwise provided in the document or instrument removing the Indenture Trustee) be automatically a removal of the Security Trustee under this Agreement.  No termination of or resignation by the Security Trustee pursuant to this Section 6.01 shall become effective prior to the date of appointment by the Controlling Party of a successor Security Trustee and the acceptance of such appointment by such successor Security Trustee.

 

Section 8.02                                Appointment of Successor.  (a)  In the case of the resignation or removal of the Security Trustee, WEST shall promptly appoint a successor Security Trustee; provided that the Controlling Party, on behalf of the Secured Parties, may appoint, within one year after such resignation or removal, a successor Security Trustee.  If a successor Security Trustee shall not have been appointed and accepted its appointment hereunder within sixty (60) days after the Security Trustee gives notice of resignation or is removed, the retiring or removed Security Trustee, WEST, the Administrative Agent, the Servicer or a Controlling Party may petition any court of competent jurisdiction for the appointment of a successor Security Trustee.  Any successor Security Trustee so appointed by such court shall immediately and without further act be superseded by any successor Security Trustee appointed as provided in the first sentence of this paragraph within one year from the date of the appointment by such court.

 

(b)                                 Any successor Security Trustee shall execute and deliver to the Secured Parties an instrument accepting such appointment.  Upon the acceptance of any appointment as Security Trustee hereunder, a successor Security Trustee, upon the execution and filing or recording of such financing statements, or amendments thereto, and such amendments or supplements to this Agreement, the Engine Mortgages and the Lease Security Assignments, and such other instruments or notices, as may be necessary or desirable, or as the Senior Trustee may request, in order to continue the perfection (if any) of the liens granted or purported to be granted hereby, shall succeed to and become vested with all the rights, powers, discretion, privileges and duties of the retiring Security Trustee, and the retiring Security Trustee shall be discharged from its duties and obligations under this Agreement, the Engine Mortgages, the Lease Security Assignments and the other Related Documents.  The retiring Security Trustee shall take all steps necessary to transfer all Collateral in its possession and all its control over the Collateral to the successor Security Trustee. 

 

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After any retiring Security Trustee’s resignation or removal hereunder as to any actions taken or omitted to be taken by it while it was Security Trustee, the provisions of all of Article VII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Security Trustee under this Agreement.

 

(c)                                  Each Security Trustee shall be an Eligible Institution and shall meet the Eligibility Requirements; provided that the Rating Agencies shall receive notice of any replacement Security Trustee.

 

(d)                                 Subject to Section 6.02(c), any corporation into which the Security Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Security Trustee shall be a party, or any corporation to which substantially all the business of the Security Trustee may be transferred, shall be the Security Trustee under this Agreement without further act.

 

(e)                                  Following the resignation or removal of the Security Trustee, and the appointment and acceptance of such appointment by a successor Security Trustee, all references to “New York” herein shall be deemed to refer to the state in which the Security Trustee is physically located.

 

ARTICLE IX

 

INDEMNITY AND EXPENSES

 

Section 9.01                                Indemnity.  (a)  WEST shall indemnify the Security Trustee (and its officers, directors, employees and agents) for, and hold it harmless against, any loss, liability or expense (including reasonable legal fees and expenses) incurred by it without negligence or bad faith on its part in connection with the acceptance or administration of this Agreement, the Engine Mortgages, the Lease Security Assignments and any other Security Documents and its duties hereunder and thereunder, including the costs and expenses of defending itself against any claim or liability and of complying with any process served upon it or any of its officers in connection with the exercise or performance of any of its powers or duties hereunder and hold it harmless against, any loss, liability or reasonable expense incurred without negligence or bad faith on its part.  The Security Trustee shall notify WEST promptly of any claim asserted against the Security Trustee for which it may seek indemnity; provided, however, that failure to provide such notice shall not invalidate any right to indemnity hereunder.  WEST shall defend the claim and the Security Trustee shall cooperate in the defense.  The Security Trustee may have separate counsel and WEST shall pay reasonable fees and expenses of such counsel.  WEST need not pay for any settlements made without its consent; provided that such consent shall not be unreasonably withheld or delayed.  WEST need not reimburse any expense or indemnity against any loss or liability incurred by the Security Trustee through negligence or willful misconduct.

 

(b)                                 WEST shall on the Payment Date following demand therefor pay to the Security Trustee the amount of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and of any experts and agents, that the Security Trustee may incur in connection with (i) the administration of this Agreement, (ii) the custody, preservation, use or operation of, or the sale of, collection from or other realization upon, any of the Collateral, (iii) the exercise or enforcement of any of the rights of the Security Trustee or any other Secured Party against any Grantor hereunder, or (iv) the failure by any Grantor to perform or observe any of the provisions hereof.

 

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Section 9.02                                Survival.  The provisions of Section 9.01 and this Section 9.02 shall survive the termination of this Agreement or the earlier resignation or removal of the Security Trustee.

 

Section 9.03                                No Compensation from Secured Parties.  Each of the Security Trustee and each Operating Bank agrees that it shall have no right against the Secured Parties for any fee as compensation for its services in such capacity.

 

Section 9.04                                Security Trustee Fees.  In consideration of the Security Trustee’s performance of the services provided for under this Agreement, the Engine Mortgages and the Lease Security Assignments, WEST shall pay to the Security Trustee an annual fee set forth under a separate agreement between WEST and the Security Trustee in accordance with Article III of the Indenture.

 

ARTICLE X

 

MISCELLANEOUS

 

Section 10.01                          Amendments; Waivers; Etc.  (a)                      No amendment or waiver of any provision of this Agreement, and no consent to any departure by any party from the provisions of this Agreement, shall in any event be effective unless the same shall be in writing and signed by the Security Trustee, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.  In executing and delivering any amendment or modification to this Agreement, the Security Trustee shall be entitled to (i) an Opinion of Counsel stating that such amendment is authorized and permitted pursuant to the Indenture and this Agreement and that such amendment or modification complies with the terms thereof and hereof and (ii) an Officer’s Certificate stating that all conditions precedent to the execution, delivery and performance of such amendment have been satisfied in full.  The Security Trustee may, but shall have no obligation to, execute and deliver any amendment or modification which would affect its duties, powers, rights, immunities or indemnities hereunder.

 

(b)                                 Upon the execution and delivery by an Additional Grantor of a Grantor Supplement, Annexes I, II, III, IV and V attached to such Grantor Supplement shall be incorporated into, become a part of and supplement Section 2.01 and Schedules I, II, III, IV and V, respectively, and the Security Trustee may attach such Annexes as supplements to such Schedules; and each reference to such Schedules shall be a reference to such Schedules as so supplemented.

 

(c)                                  Upon the execution and delivery by a Grantor of a Collateral Supplement, Annexes I, II and V attached to such Collateral Supplement shall be incorporated into, become a part of and supplement Schedules I, II and V, respectively, and the Security Trustee may attach such Annexes as supplements to such Schedules; and each reference to such Schedules shall be a reference to such Schedules as so supplemented.

 

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Section 10.02                          Addresses for Notices.  All notices, demands, certificates, requests, directions, instructions and communications hereunder shall be in writing and shall be effective (a) upon receipt when sent through the mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return receipt, or (b) one Business Day after delivery to an overnight courier, or (c) on the date personally delivered to an authorized officer of the party to which sent, or (d) on the date transmitted by legible telecopier transmission with a confirmation of receipt, in all cases addressed to the recipient as follows:

 

For each Grantor:

 

Willis Engine Securitization Trust II

c/o Wilmington Trust Company

1100 North Market Street

Rodney Square North

Wilmington, DE  19890

Attention:  Corporate Trust Administrator

Facsimile:  (302) 651-8882

 

With a copy to:

 

Willis Lease Finance Corporation

773 San Marin Drive
 Suite 2215
  Novato, California 94998 
 Attention:  General Counsel
 Fax:  (415) 408-4701

 

For the Security Trustee:

 

Deutsche Bank Trust Company Americas

60 Wall Street, 27th Floor

MS NYC 60-2720

New York, New York 10005

Attention: Trust and Agency Services

Facsimile: (212) 553-2458

 

For the Indenture Trustee:

 

Deutsche Bank Trust Company Americas

60 Wall Street, 27th Floor

MS NYC 60-2720

New York, New York 10005

 

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Attention: Trust and Agency Services

Facsimile: (212) 553-2458

 

or, as to each party, at such other address as shall be designated by such party in a written notice to each other party complying as to delivery with the terms of this Section 8.02.  Each party also shall provide a copy of each notice, demand, certificate, request, direction, instruction and communication to the Indenture Trustee, but the failure to do so shall not affect the validity of such notice, demand, certificate, request, direction, instruction or communication.

 

Section 10.03                          No Waiver; Remedies.  No failure on the part of the Security Trustee (or any beneficiary of the security interest in favor of the Secured Party pursuant to this Agreement) to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 

Section 10.04                          Severability.  If any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired.

 

Section 10.05                          Continuing Security Interest; Assignments.  Subject to Section 8.06(c), this Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the earlier of the payment in full in cash of the Secured Obligations and the circumstances specified in Section 10.06(c), (b) be binding upon each Grantor, its successors and assigns and (c) inure, together with the rights and remedies of the Security Trustee hereunder, to the benefit of the Secured Parties and their respective successors, transferees and assigns.  Without limiting the generality of the foregoing subsection (c), any Secured Party may assign or otherwise transfer all or any portion of its rights and obligations under any Related Document to which it is a party in accordance with the terms thereof to any other Person or entity, and such other Person or entity shall thereupon become vested with all the rights in respect thereof granted to such Secured Party herein or otherwise.

 

Section 10.06                          Release and Termination.  (a)  Upon any sale, lease, re-lease, transfer, release or other disposition of any item of Collateral or the Security Trustee’s security interest therein in accordance with the terms of the Related Documents, the Security Trustee will, at WEST’s expense, execute and deliver to the Grantor of such item of Collateral such documents as such Grantor shall reasonably request in writing and provide to the Security Trustee to evidence the release of such item of Collateral from the assignment and security interest granted hereby.

 

(b)                                 Except as otherwise provided in Section 10.06(c), upon the payment in full in cash of the Secured Obligations, the pledge, assignment and security interest granted hereby shall terminate and all rights to the Collateral shall revert to the Grantors and all Collateral held by the Security Trustee shall be returned to WEST.  Upon any such termination, the Security Trustee will, at WEST’s expense, execute and deliver to each relevant Grantor such documents as such Grantor shall prepare and reasonably request in writing to evidence such termination.

 

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(c)                                  If at any time all Notes have been defeased pursuant to Article XII of the Indenture, the pledge, assignment and security interest in the Collateral shall be released and the certificates or other instruments representing or evidencing any of the Collateral held by the Custodial Agent, on behalf of the Security Trustee, shall be returned to WEST and the Security Trustee shall, at the expense of WEST, execute and deliver to WEST such documents as WEST shall prepare and reasonably request in writing to evidence such termination.

 

Section 10.07                          Currency Conversion.  If any amount is received or recovered by the Security Trustee in a Received Currency other than the Agreed Currency, then the amount in the Received Currency actually received or recovered by the Security Trustee, to the extent permitted by law, shall, to the fullest extent permitted by Applicable Law, only constitute a discharge of the relevant Grantor to the extent of the amount of the Agreed Currency which the Security Trustee was or would have been able in accordance with its or his normal procedures to purchase on the date of actual receipt or recovery (or, if that is not practicable, on the next date on which it is so practicable), and, if the amount of the Agreed Currency which the Security Trustee is or would have been so able to purchase is less than the amount of the Agreed Currency which was originally payable by the relevant Grantor, such Grantor shall pay to the Security Trustee such amount as it shall determine to be necessary to indemnify the Security Trustee against any Loss sustained by it as a result (including the cost of making any such purchase and any premiums, commissions or other charges paid or incurred in connection therewith) and so that, to the fullest extent permitted by Applicable Law, (i) such indemnity shall constitute a separate and independent obligation of each Grantor distinct from its obligation to discharge the amount which was originally payable by such Grantor and (ii) shall give rise to a separate and independent cause of action and apply irrespective of any indulgence granted by the Security Trustee and continue in full force and effect notwithstanding any judgment, order, claim or proof for a liquidated amount in respect of the amount originally payable by any Grantor or any judgment or order and no proof or evidence of any actual loss shall be required.

 

Section 10.08                          Governing Law.  THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAWS BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

 

Section 10.09                          Jurisdiction.  (a)  Each of the parties hereto agrees that the United States federal and New York State courts located in The City of New York shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and, for such purposes, submits to the jurisdiction of such courts.  Each of the parties hereto waives any objection which it might now or hereafter have to the United States federal or New York State courts located in The City of New York being nominated as the forum to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and agrees not to claim that any such court is not a convenient or appropriate forum.  Each of the parties hereto agrees that the process by which any suit, action or proceeding is begun may be served on it by being delivered in connection with any suit, action or proceeding in The City of New York to the Person named as the process agent of such party in Schedule IV hereto or in a Grantor Supplement at the address set out therein or at the principal New York City office of such process agent, if not the same (the “Process Agent”).

 

28

 

(b)                                 The submission to the jurisdiction of the courts referred to in Section 10.09(a) shall not (and shall not be construed so as to) limit the right of the Security Trustee to take proceedings against any Grantor in any other court of competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction, whether concurrently or not.

 

(c)                                  Each of the parties hereto hereby consents generally in respect of any legal action or proceeding arising out of or in connection with this Agreement to the giving of any relief or the issue of any process in connection with such action or proceeding, including the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such action or proceeding.

 

Section 10.10                          Counterparts.  This Agreement may be executed in two or more counterparts by the parties hereto, and each such counterpart shall be considered an original and all such counterparts shall constitute one and the same instrument.

 

Section 10.11                          Table of Contents, Headings, Etc.  The Table of Contents and headings of the Articles and Sections of this Agreement have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms and provisions hereof.

 

Section 10.12.                       Limited Recourse.  Notwithstanding any other provision of this Agreement, the Indenture or any Related Document, the obligations of WEST,  WEST Ireland and each Additional Grantor to make any payments under the Notes, this Agreement, the Indenture or any Related Document shall be equal to the nominal amount of each payment or, if less, the actual amount received or recovered from time to time by or on behalf of WEST, WEST Ireland or each Additional Grantor, as applicable, which consists of funds which are entitled to be applied by WEST, WEST Ireland or each Additional Grantor, as applicable, in making such payment in accordance with this Agreement and the Indenture from the Collateral, including the proceeds of any contingent claims that are included in the Collateral, and no Secured Party will have further recourse to WEST, WEST Ireland or each Additional Grantor in respect of such obligations beyond its rights under this Agreement, the Indenture or the Related Documents.  On enforcement of this Agreement, after realization of the Collateral, including liquidation of any contingent claims that are included in the Collateral, and distribution of all proceeds the Collateral, including the proceeds of any such contingent claims, in accordance with this Agreement and the Indenture, none of the Secured Parties may take any further steps against WEST, WEST Ireland or each Additional Grantor or against any shareholder, director or officer of WEST, WEST Ireland or each Additional Grantor in respect of such obligations.  This provision shall not prevent any payment becoming due for the purposes of an Event of Default.

 

29

 

Section 10.13.                       Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations.  In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Regulations”), the Security Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with.  Accordingly, each of the parties agrees to provide to Security Trustee upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Security Trustee to comply with Applicable Regulations.

 

[Signature Pages Follow]

 

30

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as a deed by Willis Engine Securitization (Ireland) Limited and under hand by the other parties, in each case, by its representative or officer thereunto duly authorized as of the date first above written.

 

	
 
    	
DEUTSCHE   BANK TRUST COMPANY AMERICAS, not in its individual capacity, but solely as   Security Trustee
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Irene Siegel
    
	
 
    	
 
    	
Name:
    	
 Irene Siegel
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Maria Inoa
    
	
 
    	
 
    	
Name:   
    	
Maria   Inoa
    
	
 
    	
 
    	
Title:   
    	
Associate
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
WILLIS   ENGINE SECURITIZATION TRUST II
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas C. Nord
    
	
 
    	
 
    	
Name:
    	
Thomas   C. Nord
    
	
 
    	
 
    	
Title:
    	
Controlling   Trustee
    

 

[Security Trust Agreement]

 

 

	
 
    	
SIGNED   AND DELIVERED AS A DEED
    
	
 
    	
 
    
	
 
    	
by   
    	
/s/   Thomas C. Nord
    
	
 
    	
 
    
	
 
    	
for   and on behalf of
    
	
 
    	
 
    
	
 
    	
WILLIS   ENGINE SECURITIZATION (IRELAND) LIMITED
    
	
 
    	
 
    
	
 
    	
in   the presence of :
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Witness:
    	
/s/   Annie Mason
    
	
 
    	
 
    
	
 
    	
Name: Annie Mason
    
	
 
    	
 
    	
 
    
	
 
    	
Address: 773 San   Marin Dr., Ste. 2215, 

               Novato,   CA 94998
    
	
 
    	
 
    
	
 
    	
Occupation: Legal   Assistant
    
				

 

[Security Trust Agreement]

 

 

APPENDIX A

SECURITY TRUST AGREEMENT

 

DEFINITIONS

 

For all purposes of this Agreement, all capitalized terms used, but not defined, in this Agreement shall have the respective meanings assigned to such terms in the Indenture, and the following terms have the meanings indicated below:

 

“Acceleration Default” means any Event of Default under Section 4.01(d) or (e) of the Indenture.

 

“Account Collateral” means (i) all right of a Grantor in and to each Account, deposit account and/or securities account at any time or from time to time established; (ii) all cash, investment property, Permitted Investments, other investments, securities, instruments, investment property or other property (including all “financial assets” within the meaning of Section 8-102(a)(9) of the UCC) at any time or from time to time on deposit in or credited to, or required to be deposited or credited to, any such Account, deposit account and/or securities account, and (iii) all interest, dividends, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing.

 

“Account Letters” has the meaning specified in Section 3.03(a).

 

“Additional Grantor” means each Issuer Subsidiary that executes and delivers a Grantor Supplement in accordance with Section 3.01(c).

 

“Agreement” has the meaning specified in the recital of parties to this Agreement.

 

“Asset Transfer Agreement Obligations” means the obligations of the Issuer and each Issuer Subsidiary now or hereafter existing under the Asset Transfer to the Secured Seller.

 

“Assigned Agreement Collateral” means (i) all of each Grantor’s right, title and interest in and to all Assigned Agreements; and (ii) all of each Grantor’s right, title and interest in and to all deposit accounts, all funds or other property held in such deposit accounts, all certificates and instruments, if any, from time to time representing or evidencing such deposit accounts and all other property of whatever nature, in each case pledged, assigned or transferred to it or mortgaged or charged in its favor pursuant to any Assigned Agreement and all supporting obligations (as defined in Section 9-102(a)(77) of the UCC) relating to any Assigned Agreement.

 

“Assigned Agreements” means, in respect of any Grantor, all security assignments, cash deposit agreements and other security agreements executed in its favor, in each case as such agreements may be amended or otherwise modified from time to time.

 

“Assigned Documents” means, collectively, the Assigned Agreements, the Service Provider Documents included in the Servicing Collateral and the Asset Transfer Agreement and Acquisition Agreements included in the Engine Purchase Collateral.

 

1

 

“Assigned Leases” means, with respect to an Engine, the Current Lease of such Engine and any other Lease of such Engine to which the Grantor that owns or leases in such Engine is or may from time to time be a party and any leasing arrangements among WEST Group Members with respect to such Leases together with all Related Collateral Documents in respect of such Engine.

 

“Beneficial Interest Collateral” means (i) the Pledged Beneficial Interests, all certificates, if any, from time to time representing such Pledged Beneficial Interests, any contracts and instruments pursuant to which any such Pledged Beneficial Interests are created or issued and all distributions, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Beneficial Interest after the Closing Date; and (ii) all additional beneficial interests in any Issuer Subsidiary (including any Engine Trust or Leasing Subsidiary the ownership of which is represented by beneficial interests), from time to time acquired by each Grantor in any manner, including the beneficial interests in any Issuer Subsidiary that may be formed from time to time, and all options and other rights to acquire beneficial interests, and all certificates and/or instruments, if any, from time to time representing such additional beneficial interests and all distributions, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all such additional beneficial interests.

 

“Book-Entry Rules” means 31 C.F.R. § 357 (Treasury bills, notes and bonds); 12 C.F.R. § 615 (book-entry securities of the Farm Credit Administration); 12 C.F.R. §§ 910 and 912 (book-entry securities of the Federal Home Loan Banks); 24 C.F.R. § 81 (book-entry securities of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation); 12 C.F.R. § 1511 (book-entry securities of the Resolution Funding Corporation or any successor thereto); 31 C.F.R. § 354 (book-entry securities of the Student Loan Marketing Association); and any substantially comparable book-entry rules of any other Federal agency or instrumentality.

 

“Certificated Security” means a certificated security (as defined in Section 8-102(a)(4) of the UCC) other than a Government Security.

 

“Collateral” has the meaning specified in Section 2.01.

 

“Collateral Obligors” means the parties, other than WEST or any Issuer Subsidiary, to the Service Provider Documents, the Hedge Agreements, the Initial Liquidity Facility or any Eligible Credit Facility, the Asset Transfer Agreement and any Acquisition Agreement.

 

“Collateral Supplement” means a supplement to this Agreement in substantially the form attached hereto as Exhibit A-1 executed and delivered by a Grantor.

 

“Contracting State” has the meaning set forth in the Cape Town Convention.

 

“Contract of Sale” has the meaning set forth in the Cape Town Convention.

 

“Current Lease” has, with respect to any Engine, the meaning assigned to such term in the Engine Mortgage or Lease Security Assignment relating to such Engine.

 

2

 

“Custodial Agent” means U.S. Bank National Association, a national banking association, in its capacity as custodial agent under the Custodial Agreement, including its successors in interest and permitted assigns, until another Person shall have become the custodial agent under such agreement, after which “Custodial Agent” shall mean such other Person.

 

“Custodial Agreement” means the Custodial Agreement, dated as of the date hereof, between the Custodial Agent, WEST and the Security Trustee, or any replacement custodial agreement between the Security Trustee, WEST and any Person that becomes the Custodial Agent.

 

“Debt Collateral” means the following: (i) the Pledged Debt and all instruments evidencing the Pledged Debt, and all interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Debt after the Closing Date; and (ii) all additional indebtedness from time to time owed to each Grantor by any Issuer Subsidiary and the certificates and/or instruments evidencing such indebtedness, and all interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such indebtedness.

 

“Deutsche Bank” has the meaning specified in the recital of parties to this Agreement.

 

“Engine Mortgage” means a Mortgage and Security Agreement substantially in the form of Exhibit D-1 attached hereto.

 

“Engine Purchase Collateral” has the meaning specified in Section 2.01(h).

 

“Engine Trusts” has the meaning specified in the recital of parties to this Agreement.

 

“Government Security” means any security that is issued or guaranteed by the United States of America or an agency or instrumentality thereof and that is maintained in book-entry on the records of the Federal Reserve Bank of New York and is subject to the Book-Entry Rules.

 

“Grantors” has the meaning specified in the recital of parties to this Agreement.

 

“Grantor Supplement” means a supplement to this Agreement in substantially the form attached hereto as Exhibit A-2 executed and delivered by an Issuer Subsidiary.

 

“Hedge Agreements” means any interest rate or currency swap, cap, floor, Swaption, or other interest rate or currency hedging agreement between WEST and any hedge provider entered into in accordance with Section 5.02(f)(iv) of the Indenture.

 

“Hedge Agreement Obligations” means all obligations of WEST and of each Issuer Subsidiary to each Hedge Provider under and in respect of all Hedge Agreements.

 

“Hedge Collateral” has the meaning specified in Section 2.01(i).

 

“Indenture” has the meaning specified in the preliminary statements to this Agreement.

 

3

 

“Indenture Obligations” means all obligations of WEST under and in respect of all Notes and/or the Indenture including all obligations of WEST to make payments of principal of and interest (including the Step-Up Interest Amount and interest following the filing of a petition initiating any insolvency proceeding) and premium, if any, on the Notes and all obligations of WEST to pay any fees, expenses or other amounts under or in respect of the Notes, the Indenture, or any other Related Document in respect of the Notes, and all obligations in respect of any amendment, modification, extension, renewal or refinancing of the Notes.

 

“Initial Liquidity Facility Provider” means Crédit Agricole Corporate and Investment Bank, a limited liability company incorporated as a société anonyme under French law, and its successors and permitted assigns, or any provider of an Eligible Credit Facility so designated by a Trustee Resolution.

 

“Instrument” means any “instrument” as defined in Section 9-102(a)(47) of the UCC.

 

“Intangible Collateral” means, collectively or individually as the context may require, the Stock Collateral, the Debt Collateral, the Beneficial Interest Collateral and the Membership Collateral.

 

“Lease Security Assignment” means a Lease Security Assignment substantially in the form of Exhibit D-2 attached hereto.

 

“Leasehold Collateral” means the leasehold interest in an Engine, the Lease and other property described in any Lease Security Assignment and subject to the security interest created or intended to be created by such Lease Security Assignment and the Related Collateral Documents.

 

“Liquidity Obligations” means all obligations of WEST and of each Issuer Subsidiary to the Initial Liquidity Facility Provider (or any successor thereto) under and in respect of the Initial Liquidity Facility, any Eligible Credit Facility and the Fee Letter.

 

“Membership Interest Collateral” means (i) the Pledged Membership Interests, all certificates, if any, from time to time representing such Pledged Membership Interests, any contracts and instruments pursuant to which any such Pledged Membership Interests are created or issued and all distributions, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Membership Interest after the Closing Date; and (ii) all additional membership interests in any Issuer Subsidiary (including any Engine Subsidiary or Leasing Subsidiary the ownership of which is represented by membership interests) from time to time acquired by each Grantor in any manner, all certificates and/or instruments, if any, from time to time representing such additional membership interests, and all warrants, options and other rights to acquire membership interests and all distributions, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all such additional membership interests.

 

“Mortgage Collateral” means the Engine, Lease and other property described in an Engine Mortgage and subject to the security interest created or intended to be created by such Engine Mortgage and the Related Collateral Documents.

 

4

 

“Pledged Beneficial Interests” means the beneficial interests identified in any of Schedule I hereto and the Engine Interests in the Engine Trusts identified on Schedule V hereto, any Collateral Supplement or Grantor Supplement, including the beneficial interests in any Engine Subsidiary or Leasing Subsidiary that is a statutory or common law trust.

 

“Pledged Debt” means the indebtedness identified in any of Schedule I hereto, any Collateral Supplement or Grantor Supplement.

 

“Pledged Membership Interests” means the membership interests identified in any of Schedule I hereto, any Collateral Supplement or Grantor Supplement, including the membership interests in any Engine Subsidiary or Leasing Subsidiary that is an entity in which the ownership interests are represented by membership interests.

 

“Pledged Stock” means the capital stock, warrants, options or other notes to acquire capital stock identified in any of Schedule I hereto, any Collateral Supplement or Grantor Supplement, including the stock of any Engine Subsidiary or Leasing Subsidiary in which the ownership interests are represented by stock or any similar equity interest (other than membership interests that would be included in Pledged Membership Interests or beneficial interests that would be included in Pledged Beneficial Interests).

 

“Process Agent” has the meaning assigned to such term in Section 10.09 hereof.

 

“Related Collateral Documents” means all of a Grantor’s right, title and interest in the technical documents, manuals, log books and records that relate to an Engine and all of such Grantor’s right, title and interest, present and future, therein and thereto and any sale or other transfer agreement relating to such Engine or any Assigned Lease, any lease assignments, novations, renewals, extensions or assumption agreements, relating to the Engine or any Assigned Lease, any acceptance certificate and/or bill of sale relating to such Engine or any Assigned Lease, any guaranties, letters of credit or other credit support relating to such Engine or any Assigned Lease, and any other certificate, instrument or agreement relating to such Engine or a Lessee, user or Lessor of such Engine.

 

“Related Documents Obligations” means all obligations of WEST and of each Issuer Subsidiary under and in respect of all Related Documents to any Secured Party that are not otherwise included in the Indenture Obligations, Service Provider Document Obligations, Liquidity Obligations, Hedge Agreement Obligations and Asset Transfer Agreement Obligations.

 

“Secured Obligations” means, collectively, the Indenture Obligations, the Service Provider Document Obligations, the Liquidity Obligations, the Hedge Agreement Obligations, the Asset Transfer Agreement Obligations and the Related Documents Obligations.

 

“Secured Parties” means the Noteholders, the Service Providers (including the Indenture Trustee), the Liquidity Facility Provider, the Hedge Providers and the Secured Seller.

 

“Secured Seller” means Willis Lease Finance Corporation as seller under the Asset Transfer Agreement.

 

5

 

“Securities Account” means a securities account as defined in Section 8-501(a) of the UCC maintained in the name of the Security Trustee as “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC) on the books and records of the Operating Bank or another Securities Intermediary who has agreed that its securities intermediary jurisdiction (within the meaning of Section 8-110 of the UCC) is the State of New York.

 

“Securities Intermediary” means any “securities intermediary” of the Security Trustee as defined in 31 C.F.R. Section 357.2 or Section 8-102(a)(14) of the UCC.

 

“Service Provider Document Obligations” means, collectively, the obligations now or hereafter existing of WEST and each Issuer Subsidiary to a Service Provider under a Service Provider Document.

 

“Service Provider Documents” means (a) the Administrative Agency Agreement and the Servicing Agreement and (b) any other agreement entered into by WEST or any Issuer Subsidiary that is designated as a Service Provider Document in a writing signed by the Security Trustee and WEST.

 

“Servicing Collateral” has the meaning specified in Section 2.01(g).

 

“Stock Collateral” means:  (i) the Pledged Stock and all certificates and instruments, if any, from time to time representing such Pledged Stock, any contracts and instruments pursuant to which such Pledged Stock is created or issued, and all dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Stock after the Closing Date; and (ii) all additional shares of the capital stock of any Issuer Subsidiary (including any Engine Subsidiary and Leasing Subsidiary that issues capital stock) from time to time acquired by a Grantor or issued by an issuer listed on Schedule I in any manner, including the capital stock of any Issuer Subsidiary that may be formed from time to time, and all warrants, options or other rights to acquire shares, and all certificates and instruments, if any, representing such additional shares of the capital stock and all dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all such additional shares.

 

“Trust  Collateral” has the meaning specified in Section 2.01.

 

“UCC” means the Uniform Commercial Code as in effect on the date of determination in the State of New York; provided that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “UCC” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions of this Agreement relating to such perfection or effect of perfection or non-perfection.

 

“Uncertificated Security” means an uncertificated security (as defined in Section 8-102(a)(18) of the UCC) other than a Government Security.

 

“U.S. Lessee” means a Lessee that has its principal place of business in the United States of America.

 

“WEST” has the meaning specified in the recital of parties to this Agreement.

 

6

 

SCHEDULE I

SECURITY TRUST AGREEMENT

 

PLEDGED STOCK

 

	
Issuer
    	
 
    	
Shares
    	
 
    	
Percentage of
   Ownership Interest
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Willis Engine   Securitization (Ireland) Limited
    	
 
    	
1
    	
 
    	
100
    	
%
    

 

PLEDGED MEMBERSHIP INTERESTS

 

None

 

PLEDGED BENEFICIAL INTERESTS

 

None

 

PLEDGED DEBT

 

None

 

 

SCHEDULE II

SECURITY TRUST AGREEMENT

 

ACCOUNT INFORMATION

 

Deutsche Bank Trust Company Americas

ABA# ***

DDA# ***

Beneficiary: Trust and Securities Services

Payment Details: PORT [space] [Portfolio # - as listed below] (e.g. PORT ***)

Attn: Rosemary Cabrera/Irene Siegel

 

Portfolio #

 

	
***
    	
 
    	
Collection   Account
    
	
***
    	
 
    	
Lessee   Funded Account
    
	
***
    	
 
    	
Security   Deposit Account
    
	
***
    	
 
    	
Expense   Account
    
	
***
    	
 
    	
Note   Account
    
	
***
    	
 
    	
Engine   Purchase Account
    
	
***
    	
 
    	
Engine   Replacement Account
    
	
***
    	
 
    	
Liquidity   Facility Reserve Account
    
	
***
    	
 
    	
Initial   Liquidity Payment Account
    

 

*** Confidential information omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

 

 

SCHEDULE III

SECURITY TRUST AGREEMENT

 

PRINCIPAL OFFICES

 

	
Name of Grantor
    	
 
    	
Chief Executive Office, Chief Place of
   Business and Registered Office
    
	
Willis Engine Securitization (Ireland)   Limited
    	
 
    	
Ashley   House
   Morehampton Road
   Dublin 4
   Ireland
    
	
 
    	
 
    	
 
    
	
Willis   Engine Securitization Trust II
    	
 
    	
1100 North Market Street
   Wilmington, DE, 18990-1605
   USA
    

 

 

SCHEDULE IV

SECURITY TRUST AGREEMENT

 

PROCESS AGENT

 

	
Willis Engine Securitization (Ireland)   Limited
    	
 
    	
Corporation   Service Company
   1133 Avenue of the Americas
   New York, NY 10036
    
	
Willis   Engine Securitization Trust II
    	
 
    	
Corporation   Service Company
   1133 Avenue of the Americas
   New York, NY 10036
    

 

 

SCHEDULE V

SECURITY TRUST AGREEMENT

 

ENGINE TRUSTS

 

None

 

2

 

EXHIBIT A-1

SECURITY AGREEMENT SUPPLEMENT

 

FORM OF COLLATERAL SUPPLEMENT

 

Deutsche Bank Trust Company Americas, as Security Trustee

60 Wall Street

27th Floor MS NYC 60-2720

New York, New York 10005

 

[Date]

 

Attention:              Trust and Agency Services – Ms. Irene Siegel

 

Re:  Security Trust Agreement, dated as of September 14, 2012

 

Ladies and Gentlemen:

 

Reference is made to the Security Trust Agreement (as amended from time to time, the “Security Trust Agreement”), dated as of September 14, 2012 among WILLIS ENGINE SECURITIZATION TRUST II, a Delaware statutory trust (“WEST”), WILLIS ENGINE SECURITIZATION (IRELAND) LIMITED (“WEST Ireland”), each of the ENGINE TRUSTS listed in Schedule V attached to the Security Trust Agreement (the “Engine Trusts”), and each other Subsidiary of WEST that becomes a party to the Security Trust Agreement as a grantor (such Subsidiaries, together with WEST, WEST Ireland and the Engine Trusts, the “Grantors”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation (“Deutsche Bank”), as Security Trustee (in such capacity, the “Security Trustee”).  Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Security Trust Agreement.

 

The undersigned Grantor hereby delivers, as of the date first above written, the attached Annexes I, II and V pursuant to Section 3.01 of the Security Trust Agreement.

 

The undersigned Grantor hereby confirms that the property included in the attached Annexes constitutes part of the Trust Collateral and hereby makes each representation and warranty set forth in Section 4.02 of the Security Trust Agreement (as supplemented by the attached Annexes).

 

If and to the extent applicable, the undersigned Grantor makes the following representations and warranties:  The Pledged Stock, the Pledged Beneficial Interests and the Pledged Membership Interests described in Annex I hereto constitute “certificated securities” within the meaning of Section 8-102(4) of the UCC.  Such Pledged Stock, Pledged Beneficial Interests and Pledged Membership Interests have been delivered to the Security Trustee or the Custodial Agent on behalf of the Security Trustee.  Such Pledged Stock, Pledged Beneficial Interests and Pledged Membership Interests either (i) are in bearer form, (ii) have been indorsed, by an effective indorsement, to the Security Trustee or in blank or (iii) have been registered in the name of the Security Trustee.  

 

 

None of such Pledged Stock, Pledged Beneficial Interests and Pledged Membership Interests that constitute or evidence the Trust Collateral have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Security Trustee.

 

Attached are (i) an Account Letter in substantially the form of Exhibit B to the Security Trust Agreement from each Account Bank at which each Account included in the foregoing Trust Collateral is maintained, (ii) where required with respect to any Assigned Document included in the foregoing Trust Collateral, a Consent and Agreement in substantially the form of Exhibit C to the Security Trust Agreement from the counterparty thereto or, with respect to any Assigned Lease included in the foregoing Trust Collateral, such consents, acknowledgements and/or notices as are called for under Section 3.04(a) of the Security Trust Agreement and (iii) duly completed copies of Annexes I, II and V hereto.

 

2

 

This Collateral Supplement shall in all respects be governed by, and construed in accordance with, the internal substantive laws of the State of New York (without giving effect to conflicts of law principles thereof), including all matters of construction, validity and performance.

 

	
 
    	
 
    	
Very   truly yours,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
[NAME   OF GRANTOR]
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    

 

Acknowledged and agreed to as of the date first above written:

 

Deutsche Bank Trust Company Americas, not in its individual capacity, but solely as the Security Trustee

 

 

	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    

 

3

 

ANNEX I
 COLLATERAL SUPPLEMENT

 

PLEDGED STOCK

 

	
Stock Issuer
    	
 
    	
Par Value
    	
 
    	
Certificate No(s).
    	
 
    	
Number of
   Shares
    	
 
    	
Percentage of
   Outstanding
   Shares
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

PLEDGED MEMBERSHIP INTERESTS

 

	
Issuer
    	
 
    	
Certificate No.
    	
 
    	
Percentage of
   Membership Interest
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

PLEDGED BENEFICIAL INTERESTS

 

	
Issuer 
    	
 
    	
Certificate No.
    	
 
    	
Percentage of
   Beneficial Interest
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

PLEDGED DEBT

 

	
Debt Issuer
    	
 
    	
Description of Debt
    	
 
    	
Date
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    

 

 

ANNEX II

COLLATERAL SUPPLEMENT

 

ACCOUNT INFORMATION

 

	
NAME AND ADDRESS
   OF BANK
    	
 
    	
NAME AND ADDRESS OF
   ACCOUNT HOLDER
    	
 
    	
ACCOUNT NUMBER
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    

 

 

ANNEX V

COLLATERAL SUPPLEMENT

 

ENGINE TRUSTS

 

2

 

EXHIBIT A-2

SECURITY TRUST AGREEMENT

 

FORM OF GRANTOR SUPPLEMENT

 

Deutsche Bank Trust Company Americas, as Security Trustee

60 Wall Street

27th Floor MS NYC 60-2720

New York, New York 10005

 

[Date]

 

Attention:              Trust and Agency Services — Ms. Irene Siegel

 

Re:  Security Trust Agreement, dated as of September 14, 2012

 

Ladies and Gentlemen:

 

Reference is made to the Security Trust Agreement (as amended from time to time, the “Security Trust Agreement”), dated as of September 14, 2012 among WILLIS ENGINE SECURITIZATION TRUST II, a Delaware statutory trust (“WEST”), WILLIS ENGINE SECURITIZATION (IRELAND) LIMITED (“WEST Ireland”), each of the ENGINE TRUSTS listed in Schedule V attached to the Security Trust Agreement (the “Engine Trusts”), and each other Subsidiary of WEST that becomes a party to the Security Trust Agreement as a grantor (such Subsidiaries, together with WEST, WEST Ireland and the Engine Trusts, the “Grantors”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation (“Deutsche Bank”), as Security Trustee (in such capacity, the “Security Trustee”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Security Trust Agreement.

 

The undersigned hereby agrees, as of the date first above written, to become a Grantor under the Security Trust Agreement as if it were an original party thereto and agrees that each reference in the Security Trust Agreement to “Grantor” shall also mean and be a reference to the undersigned. To secure the payment and performance of the Secured Obligations, the undersigned hereby grants, assigns, conveys, mortgages, pledges, hypothecates and transfers to the Security Trustee, for the benefit of the Secured Parties, a security interest in and to all of the undersigned’s right, title and interest in, to and under the Trust Collateral now or hereafter owned by the undersigned, whether now existing or hereafter created, provided, however, that, to the extent the Trust Collateral consists of the obligations of any Collateral Obligor to the undersigned, such security interest in such Trust Collateral shall not be for the benefit of such Collateral Obligor.

 

The undersigned hereby makes each representation and warranty set forth in Section 4.02 of the Security Trust Agreement (as supplemented by the attached Annexes) and hereby agrees to be bound as a Grantor by all of the terms and provisions of the Security Trust Agreement.

 

 

Each reference in the Security Trust Agreement to the Pledged Stock, the Pledged Debt, the Pledged Beneficial Interests, the Pledged Membership Interests, the Stock Collateral, the Debt Collateral, the Beneficial Interest Collateral, the Membership Interest Collateral, the Account Collateral, the Assigned Agreements, the Acquisition Agreements, the Engine Purchase Collateral, the Service Provider Documents, the Servicing Collateral and the Assigned Documents shall be construed to include a reference to the corresponding Trust Collateral hereunder.

 

If and to the extent applicable, the undersigned makes the following representations and warranties:   The Pledged Stock, the Pledged Beneficial Interests and the Pledged Membership Interests described in Annex I hereto constitute “certificated securities” within the meaning of Section 8-102(4) of the UCC.  Such Pledged Stock, Pledged Beneficial Interests and Pledged Membership Interests have been delivered to the Security Trustee or the Custodial Agent on behalf of the Security Trustee.  Such Pledged Stock, Pledged Beneficial Interests and Pledged Membership Interests either (i) are in bearer form, (ii) have been indorsed, by an effective indorsement, to the Security Trustee or in blank or (iii) have been registered in the name of the Security Trustee.  None of such Pledged Stock, Pledged Beneficial Interests and Pledged Membership Interests that constitute or evidence the Collateral have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Security Trustee.

 

[The undersigned hereby agrees, together with WEST, jointly and severally to indemnify the Security Trustee, its officers, directors, employees and agents in the manner set forth in Section 9.01 of the Security Trust Agreement.]

 

[Each of the Grantor and WEST Engine Acquisition LLC hereby agrees that all assets of the Trust Collateral held by the Grantor in trust pursuant to the Trust Agreement shall be used to, together with WEST, jointly and severally indemnify the Security Trustee, its officers, directors, employees and agents in the manner set forth in Section 9.01 of the Security Trust Agreement.  WEST Engine Acquisition LLC hereby further agrees to direct the Grantor to apply funds held in the Trust Collateral to promptly pay on any such indemnity claim in accordance with the provisions of Section 9.01 of the Security Trust Agreement, and the Grantor hereby agrees to make such payment in accordance with such instructions, to the extent of available funds in the Trust Collateral.  The Grantor and WEST Engine Acquisition LLC hereby acknowledge and agree that the Security Trustee shall have a lien on the Trust Collateral, prior to the interests of WEST Engine Acquisition LLC to secure the payment of any such indemnity as may be due and owing to Security Trustee.](1)

 

Attached are (i) an Account Letter in substantially the form of Exhibit B to the Security Trust Agreement from each Account Bank at which each Account included in the foregoing Collateral is maintained, (ii) where required with respect to any Assigned Document included in the foregoing Collateral, a Consent and Agreement in substantially the form of Exhibit C to the Security Trust Agreement from the counterparty thereto and (iii) duly completed copies of Annexes I, II, III, IV and V hereto.

 

(1)               For Grantor Supplements for individual Engine Trusts.

 

2

 

It is understood and agreed that U.S. Bank National Association is entering into this Agreement solely in its capacity as Owner Trustee under the Trust Agreements with respect to each Engine Trust and that U.S. Bank National Association shall not be liable or accountable in its individual capacity in any circumstances whatsoever except for its own gross negligence or willful misconduct and as otherwise expressly provided in such Trust Agreement, all such individual liability being hereby waived, but otherwise shall be liable or accountable solely to the extent of the assets of the Trust Collateral (as defined in the Trust Agreement).

 

3

 

This Grantor Supplement shall in all respects be governed by, and construed in accordance with, the laws of the State of New York, including all matters of construction, validity and performance.

 

	
 
    	
 
    	
Very   truly yours,
    
	
 
    	
 
    	
[NAME   OF GRANTOR]
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
Title:
    	
 
    

 

Acknowledged and agreed to as of the date first above written:

 

 

Deutsche Bank Trust Company Americas, not in its individual capacity, but solely as the Security Trustee

 

	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    	
 
    

 

4

 

Acknowledged and agreed to as of the date first above written:

 

WEST ENGINE ACQUISITION LLC

 

 

	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    

 

 

ANNEX I

GRANTOR SUPPLEMENT

 

PLEDGED STOCK

 

	
Stock Issuer
    	
 
    	
Par Value
    	
 
    	
Certificate No(s).
    	
 
    	
Number of
   Shares
    	
 
    	
Percentage of
   Outstanding
   Shares
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

PLEDGED MEMBERSHIP INTERESTS

 

	
Issuer
    	
 
    	
Certificate No.
    	
 
    	
Percentage of
   Membership Interest
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

PLEDGED BENEFICIAL INTERESTS

 

	
Issuer 
    	
 
    	
Certificate No.
    	
 
    	
Percentage of
   Beneficial Interest
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

PLEDGED DEBT

 

	
Debt Issuer
    	
 
    	
Description of Debt
    	
 
    	
Date
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    

 

 

ANNEX II

GRANTOR SUPPLEMENT

 

ACCOUNT INFORMATION

 

	
NAME AND ADDRESS
   OF BANK
    	
 
    	
NAME AND ADDRESS OF
   ACCOUNT HOLDER
    	
 
    	
ACCOUNT NUMBER
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    

 

 

ANNEX III

GRANTOR SUPPLEMENT

 

PRINCIPAL OFFICES

 

	
Name of Grantor
    	
 
    	
Chief Executive Office, Chief Place of
   Business and Registered Office
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

 

ANNEX IV

GRANTOR SUPPLEMENT

 

PROCESS AGENT

 

 

ANNEX V

GRANTOR SUPPLEMENT

 

ENGINE TRUSTS

 

2

 

EXHIBIT B

SECURITY TRUST AGREEMENT

 

FORM OF ACCOUNT LETTER

 

 

EXHIBIT C

SECURITY TRUST AGREEMENT

 

FORM OF CONSENT AND AGREEMENT

 

, [2012]

 

[Name of the Grantor]

 

Ladies and Gentlemen:

 

Reference is made to the agreement between you and the Grantor dated (the “Assigned Document”).

 

Pursuant to the Security Trust Agreement, dated as of September 14, 2012 (the “Security Trust Agreement”), among the Grantor, certain other Grantors and Deutsche Bank Trust Company Americas, as the Security Trustee (the “Security Trustee”), the Grantor has granted to the Security Trustee a security interest in certain property of the Grantor, including, among other things, the following (the “Collateral”): all of such Grantor’s right, title and interest in and to the Assigned Document, including without limitation all rights of such Grantor to receive moneys due and to become due under or pursuant to the Assigned Document, all rights of such Grantor to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Assigned Document, claims of such Grantor for damages arising out of or for breach or default under the Assigned Document and the right of such Grantor to terminate the Assigned Document, to perform thereunder and to compel performance and otherwise exercise all remedies thereunder, whether arising under the Assigned Document or by statute or at law or in equity.  Capitalized terms used herein, unless otherwise defined herein, have the meanings assigned to them in the Security Trust Agreement.

 

By signing this Consent and Agreement, you acknowledge notice of, and consent to the terms and provisions of, the Security Trust Agreement and confirm to the Security Trustee that you have received no notice of any other pledge or assignment of the Assigned Document.  Further, you hereby agree with the Security Trustee that:

 

(a)  You will make all payments to be made by you under or in connection with the Assigned Document directly to the Collections Account or otherwise in accordance with the instructions of the Security Trustee.

 

(b)  The Security Trustee shall be entitled to exercise any and all rights and remedies of the Grantor under the Assigned Document in accordance with the terms of the Security Trust Agreement, and you will comply in all respects with such exercise.

 

(c)  You will not, without the prior written consent of the Security Trustee, (i) cancel or terminate the Assigned Document or consent to or accept any cancellation or termination thereof or (ii) amend or otherwise modify the Assigned Document.

 

 

This Consent and Agreement shall be binding upon you and your successors and assigns and shall inure to the benefit of the Security Trustee, the Secured Parties and their successors, transferees and assigns.

 

This Consent and Agreement shall in all respects, be governed by and construed in accordance with the laws of the State of New York, including all matters of construction, validity and performance.

 

	
 
    	
 
    	
Very   truly yours,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
[NAME   OF GRANTOR]
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
DEUTSCHE   BANK TRUST COMPANY AMERICAS,
    
	
 
    	
 
    	
not   in its individual capacity, but solely as the Security Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    

 

Acknowledged and agreed to as of the date first above written:

 

	
[NAME OF OBLIGOR]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    

 

[LIST ALL PARTIES TO ASSIGNED DOCUMENTS NOT ALREADY PARTY HERETO]

 

2

 

EXHIBIT D-1
 SECURITY TRUST AGREEMENT

 

FORM OF ENGINE MORTGAGE

 

 

EXHIBIT D-2

 

SECURITY TRUST AGREEMENT

 

FORM OF LEASE SECURITY ASSIGNMENT

 

 

EXHIBIT E

 

SECURITY TRUST AGREEMENT

 

FORM OF IRISH CHARGE OF SHARES

 

2Exhibit 10.16

 

Confidential portions of this exhibit have been omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.  The redacted material has been marked at the appropriate places with three asterisks (***).

 

WILLIS ENGINE SECURITIZATION TRUST II

 

$390,000,000 CLASS 2012-A TERM NOTES

 

NOTE PURCHASE AGREEMENT

 

September 6, 2012

 

Credit Agricole Securities (USA) Inc.

1301 Avenue of the Americas

New York, New York 10019

 

Goldman, Sachs & Co.

200 West Street

New York, New York 10282-2198

 

Ladies and Gentlemen:

 

Willis Engine Securitization Trust II, a Delaware statutory trust (the “Company”), proposes to issue and sell to the addressees referred to above (the “Initial Purchasers”) $390,000,000 in aggregate principal amount of Class 2012-A Term Notes (the “Notes”) on the Closing Date (as hereinafter defined) secured by (among other things) the Company’s indirect ownership interests in certain aircraft engines (“Engines”) and operating leases thereon (the “Offering”).  The Company will acquire its indirect ownership interest in the Engines and related leases and other assets from Willis Lease Finance Corporation, a Delaware corporation (“Willis”) pursuant to an acquisition transfer agreement to be dated as of September 14, 2012 (the “Acquisition Transfer Agreement”).  The Notes will be issued pursuant to the Trust Indenture to be dated as of September 14, 2012 (as amended or supplemented from time to time the “Indenture”), among the Company, Deutsche Bank Trust Company Americas (“DBTCA”), as operating bank and as trustee (the “Trustee”), Willis, as administrative agent (the “Administrative Agent”) and Crédit Agricole Corporate and Investment Bank, as initial liquidity facility provider (the “Initial Liquidity Facility Provider”), and secured pursuant to a security trust agreement to be entered into as of the Closing Date among the Company and certain of its direct and indirect subsidiaries as grantors, and DBTCA as security trustee (in such capacity, the “Security Trustee”).  The Initial Purchasers propose to purchase $390,000,000 aggregate principal amount of the Notes and resell such Notes as set forth in Schedule I to this Note Purchase Agreement (this “Agreement”).

 

The Notes will be offered and sold to the Initial Purchasers pursuant to exemptions from the registration requirements under the United States Securities Act of 1933, as amended (the “Securities Act”).  The Company has prepared a preliminary offering memorandum dated September 6, 2012, as amended and supplemented by the Pricing Supplement dated September 6, 2012 (as so amended and supplemented, the “Preliminary Offering Memorandum”), and a final offering memorandum to be dated September 17, 2012 relating to the Company and the Notes (the “Offering Memorandum”). As described in the Offering Memorandum, the Company and its Affiliates (as defined below) will use the net proceeds from the Offering to make a cash payment to Willis for the Company’s acquisition of indirect ownership interests in the Engines and related leases and other assets from Willis and pay certain expenses in connection with the Offering and the foregoing transactions.

 

1

 

Upon original issuance thereof, and until such time as the same is no longer required under the applicable requirements of the Securities Act, the Notes (and all securities issued in exchange therefor or in substitution thereof) shall contain such applicable legends as will be set forth in the Indenture.  Global note certificates representing the Notes will be registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), duly executed by the Company and authenticated by and deposited with the Trustee as custodian.

 

Each Initial Purchaser has advised the Company that such Initial Purchaser will make offers (the “Exempt Resales”) of the Notes purchased by such Initial Purchaser hereunder on the terms set forth in the Offering Memorandum, as may be amended or supplemented, solely (i) in the United States, to persons or entities that such Initial Purchaser reasonably believes to be “qualified institutional buyers,” as defined in Rule 144A under the Securities Act (“QIBs”), (ii) in the United States,  to a limited number of entities or persons whom such Initial Purchaser reasonably believes to be institutional “accredited investors,” that, prior to the purchase of the Notes, sign an agreement in the form attached to the Offering Memorandum as Appendix 2 (each, an “Institutional Accredited Investor”) and (iii) to persons or entities who are not “U.S. persons” and who acquire the Notes outside the United States in offshore transactions meeting the requirements of Rule 904 of Regulation S under the Securities Act (“Regulation S” and each such person or entity, a “Regulation S Purchaser”) (such persons or entities specified in clauses (i), (ii) and (iii) being referred to herein, with respect to the Notes, as the “Eligible Purchasers”).  As used herein, the term “offshore transaction” has the meaning given to it in Regulation S.  The Initial Purchasers will offer the Notes to Eligible Purchasers initially at the price set forth on the cover page of the Offering Memorandum.  Such price subsequently may be changed at any time without notice.

 

1.               Defined Terms.  For purposes of this Agreement, the term “Operative Documents” includes this Agreement and the Related Documents, and the following terms have the meanings indicated below:

 

(a)          “Administrative Agency Agreement” means the Administrative Agency Agreement to be dated as of September 17, 2012 among Willis, the Company, the Issuer Subsidiaries (as defined below) party thereto, the Trustee and the Security Trustee.

 

(b)         “Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with, such Person or is a director or officer of such Person; “control” of a Person means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting Stock, by contract or otherwise.

 

(c)          “Aircraft Engine” means a basic power jet propulsion or turboprop engine assembly for an aircraft that is Stage 3 or later compliant (without reliance on a noise reduction or “hush” kit), including its essential accessories as supplied by the manufacturer of such Aircraft Engine, but excluding the nacelle, and including any QEC Kit and any and all modules and Parts incorporated in, installed on or attached to each such engine from time to time and any substitutions therefor.

 

(d)         “Encumbrances” means any mortgage, pledge, lien, encumbrance, charge or security interest, including, without limitation, any conditional sale, any sale without recourse against the sellers, or any agreement to give any security interest over or with respect to any Issuer Group Member’s assets (excluding any security deposits provided by a lessee under a lease and any usage fees that a lessee is obligated to pay under a lease that are Segregated Funds (as defined below)), including, without limitation, all stock and any indebtedness of any Issuer Subsidiary held by the Company or any other Issuer Group Member.

 

2

 

(e)          “Engine Trustee” means, as of the Closing Date, U.S. Bank National Association, and its successors as owner trustee or statutory trustee under the Engine Trust Agreements to be set forth on Schedule 4 to the Indenture.

 

(f)            “Engine Trusts” means the owner trust or statutory trust estates created pursuant to the Engine Trust Agreements.

 

(g)         “Engine Trust Agreement” means, as of the Closing Date, each owner trust agreement with an Engine Trustee in effect on the Closing Date, to be set forth on Schedule 4 to the Indenture.

 

(h)         “Facility Engine Trusts” means the Engine Trusts in which Facility Acquisition holds the beneficial interest.

 

(i)             “Initial Engine” means each of the Aircraft Engines identified in Schedule II (including any related Parts).

 

(j)             “Initial Lease” means, with respect to each Initial Engine, each engine lease agreement, conditional sale agreement, hire purchase agreement or other similar arrangement with respect to such Initial Engine in existence at the Closing Date and specified in Schedule II.

 

(k)          “Initial Liquidity Facility” means the Revolving Credit Agreement to be dated as of September 17, 2012 among the Initial Liquidity Facility Provider, the Company and Willis.

 

(l)             “Lessee” means each Person who is the lessee of an Aircraft Engine from time to time leased from an Issuer Group Member pursuant to a lease.

 

(m)       “Material Adverse Change” means a material adverse change in (a) the condition (financial or otherwise), operations, performance, business, properties, liabilities (actual or contingent) or prospects of Willis and its Subsidiaries, taken as a whole, (b) the rights and remedies of the Security Trustee or the Secured Parties under the Related Documents, (c) the ability of Willis to repay the Notes, (d) the ability of Willis or any of its Subsidiaries to perform their respective obligations under the Related Documents, (e) the legality, validity or enforceability of any Related Document, or (f) the Encumbrances granted to the Security Trustee for the benefit of the Secured Parties pursuant to the Security Documents.

 

(n)         “Part” means any and all parts, avionics, attachments, accessions, appurtenances, furnishings, components, appliances, accessories, instruments and other equipment installed in, or attached to (or constituting a spare for any such item installed in or attached to) any Aircraft Engine.

 

(o)         “Person” means any natural person, firm, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, government or any political subdivision thereof or any other legal entity, including public bodies.

 

(p)         “QEC Kit” means a quick engine change kit, consisting of components and accessories installed or capable of being installed on an engine to speed the removal and installation of the engine on an aircraft.

 

(q)         “Related Documents” means the Administrative Agency Agreement, the Initial Liquidity Facility, the Indenture, the Notes, the Security Documents, the Servicing Agreement, the Acquisition Transfer Agreement and the constitutional documents (including trust documents) of the Issuer Group Members, that are executed on or before, and as existing on, the Closing Date.

 

3

 

(r)            “Remaining Initial Engines” means each of the Initial Engines that is not owned by a Facility Engine Trust or a WEST Engine Trust as of the opening of business in New York, New York on the Closing Date as described in Schedule II.

 

(s)          “Secured Parties” means each of the holders of the Notes, each Service Provider, the Initial Liquidity Facility Provider and Willis, as the seller under the Acquisition Transfer Agreement.

 

(t)            “Security Documents” means the Security Trust Agreement to be dated as of September 14, 2012, among the Company, WEST Engine Acquisition LLC (“WEST Acquisition”), Facility Engine Acquisition LLC (“Facility Acquisition”), WEST Engine Securitization (Ireland) Limited (“WEST Ireland”), each other party thereto and the Security Trustee (the “Security Trust Agreement”), each mortgage executed and delivered by the Company or an Issuer Subsidiary substantially in the form attached to the Security Trust Agreement (the “Engine Mortgages”), and each pledge, share charge, guarantee, security assignment, consent, letter, acknowledgement, notice, power of attorney and any document or certificate executed pursuant to or in connection with the Security Trust Agreement or in the Security Trustee’s capacity as Security Trustee thereunder.

 

(u)         “Segregated Funds” means, with respect to each lease, (a) all security deposits provided for under such lease that have been received from the relevant lessee or pursuant to the Acquisition Transfer Agreement with respect to such lease, (b) any security deposit pledged to the relevant lessee by an Issuer Group Member and (c) all other funds, including any usage fee payments, received from the relevant lessee or pursuant to the Acquisition Transfer Agreement with respect to such lease and in each case of clause (a), (b) and (c) not permitted, pursuant to the terms of such lease, to be commingled with the funds of the Issuer Group Members.

 

(v)         “Service Provider” means DBTCA, as Trustee, Security Trustee and operating bank, Willis, as servicer and administrative agent, or any other service provider retained from time to time by an Issuer Group Member pursuant to the Related Documents.

 

(w)       “Servicing Agreement” means the Servicing Agreement to be dated as of September 17, 2012 among Willis, as servicer, the Issuer Subsidiaries party thereto and the Company.

 

(x)           “Stock” means all shares of capital stock, all beneficial interests in trusts, all ordinary shares and preferred shares and any options, warrants and other rights to acquire such shares or interests.

 

(y)         “Subsidiary” means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person.

 

(z)           “Time of Sale” shall mean 2:00 p.m. (New York City time) on September 6, 2012, which shall be the time when sales of the Notes are first made by either Initial Purchaser.

 

(aa)    “WEST Engine Trusts” means the Engine Trusts in which WEST Acquisition holds the beneficial interest.

 

4

 

2.               Representations, Warranties and Agreements of the Company and Willis.

 

(a)          Each of the Company and Willis represents and warrants to, and agrees with, the Initial Purchasers, as of the date hereof (or as of the date set forth below, as applicable) that:

 

(i)                                     The Initial Purchasers have been furnished with a copy of each of the Preliminary Offering Memorandum and the Offering Memorandum for use by the Initial Purchasers in connection with the Exempt Resales.  No order or decree preventing or suspending the use of the Preliminary Offering Memorandum or the Offering Memorandum, or any order asserting that the transactions contemplated by this Agreement are subject to the registration requirements of the Securities Act, has been issued and no proceeding for that purpose has commenced or is pending or, to the knowledge of the Company or Willis, is contemplated.

 

(ii)                                  The Preliminary Offering Memorandum as of the Time of Sale did not (and, if amended or supplemented thereafter, at the date thereof) contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.  The Offering Memorandum, at the date thereof, does not (or, if amended or supplemented thereafter, at the date thereof) and (taken together with any amendments or supplements thereto) at the Closing Date will not, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.  The summary of terms dated July 3, 2012, including the exhibits thereto, the undated preliminary offering memorandum initially distributed to prospective investors on July 26, 2012 (the “Initial Preliminary Offering Memorandum”) and the slides and recorded voiceover in the Net Roadshow investor presentation made available electronically to investors or, in the case of such slides, made available in physical form, by or on behalf of the Company dated August 1, 2012 (collectively, the “Marketing Materials”), at the dates of initial distribution thereof, each did not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.  Notwithstanding the foregoing, the representations and warranties in Section 2(a)(ii) do not apply to statements in or omissions from the Initial Preliminary Offering Memorandum, the summary of terms dated July 3, 2012, the Preliminary Offering Memorandum and the Offering Memorandum, as applicable, (A) in the second, third and last sentences of the sixteenth paragraph, the seventeenth paragraph and the penultimate sentence of the last paragraph under the caption “Plan of Distribution” (the “Initial Purchasers’ Information”), (B) under the caption “Types of Aircraft Engines” provided by the International Bureau of Aviation in the Initial Preliminary  Offering Memorandum, the Preliminary Offering Memorandum and the Offering Memorandum, (C) under the caption “The Aircraft Engine Leasing Market” provided by ICF SH&E, Inc., (D) in the appraisals included as Schedules C, D, E, F, G and H thereto or (E)  the initial appraisals referred to in, and the ICF SH&E, Inc. report accompanying, the summary of terms dated July 3, 2012; for the avoidance of doubt, exclusion of the provisions in Section 2(a)(ii) (A)-(E) does not diminish the indemnity provided under Section 9.

 

(iii)                               The descriptions in the Preliminary Offering Memorandum and the Offering Memorandum of the Notes, the other Operative Documents, and all other agreements, contracts, indentures, leases or other instruments are true and correct in all material respects and fairly present the information purported to be described therein.

 

(iv)                              The Relevant Engine and Lease Information (as defined below) that was furnished to the Initial Purchasers, the Appraisers, Fitch, Inc. and Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies, Inc. (“Standard & Poor’s” and, together with Fitch, Inc., the “Rating Agencies”) by the Company, Willis or any of their Affiliates, in addition to other information, that provided or supported the assumptions underlying (A) the financial models prepared by the Initial Purchasers for the use by the Initial Purchasers, the Appraisers and the Rating Agencies for their evaluation of the cash flows in connection with the transactions contemplated by the Operative Documents, (B) the Appraisers’ appraisal of the Engines and (C) the rating of the Notes, as of the respective dates of such information, was true and correct in all material respects.  

 

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For purposes hereof, “Relevant Engine and Lease Information” shall mean, with respect to the Engine and Initial Leases, the information described on Schedule II relating to such Engine and Initial Lease.

 

(v)                                 Each of the Company and Willis will be solvent immediately prior to, and will not be rendered insolvent by, the sale of the Notes to the Initial Purchasers.  The Company and Willis are not selling the Notes to the Initial Purchasers with any intent to hinder, delay or defraud any of the creditors of either of the Company or Willis.

 

(vi)                              The Company and Willis each maintain a system of internal accounting controls sufficient to provide reasonable assurance that (A) transactions are executed in accordance with management’s general or specific authorizations; (B) transactions are recorded as necessary to permit preparation of financial statements and to maintain asset accountability; (C) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

 

(b)         Willis represents and warrants to, and agrees with, the Initial Purchasers, as of the date hereof (or as of the date set forth below, as applicable) that:

 

(i)                                     Willis is a corporation, duly organized, validly existing, and in good standing under the laws of the State of Delaware, and on the Closing Date will have all requisite power and authority to own, lease and operate its properties and to conduct its business as described in the Preliminary Offering Memorandum and the Offering Memorandum and as presently conducted, and will be duly registered and qualified to conduct its business in each jurisdiction in which the ownership or leasing of its properties, the conduct of its business or its performance of the Operative Documents to which it is or will be a party requires such registration or qualification, and Willis is conducting its business so as to comply in all material respects with all applicable statutes, ordinances, rules, and regulations of the jurisdictions in which it is conducting business.

 

(ii)                                  This Agreement has been duly authorized by all necessary action on the part of Willis and has been duly executed and delivered by Willis.

 

(iii)                               On or prior to the Closing Date, each of the other Operative Documents to which Willis is a party will have been duly authorized by all necessary action on the part of Willis, will have been duly executed and delivered by Willis, and, assuming their due authorization, execution and delivery by the other parties to the Operative Documents other than Willis, will constitute the legal, valid and binding agreement of Willis, enforceable against Willis in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws affecting creditors’ rights generally from time to time in effect, subject, as to enforceability, to general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law and subject to public policy considerations underlying the securities laws, to the extent that such public policy considerations limit the enforceability of the provisions of any of those agreements that provide indemnification or contribution from securities law liabilities).

 

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(iv)                              There has not been any material adverse change in the business, operations, financial condition, properties, or assets of Willis, nor, to the knowledge of Willis, the prospects of Willis that would have a material adverse effect on its ability to perform its obligations under this Agreement, or any other Operative Document to which it is a party.

 

(v)                                 The execution, delivery and performance of this Agreement, the other Operative Documents to which it is a party and the issuance and sale of the Notes and the consummation of the transactions contemplated hereby and thereby will not conflict with, or result in a breach or violation of any of the terms or provisions of, or (including with the giving of notice or the lapse of time or both) constitute a default under (A) any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Willis or any subsidiary thereof is a party or by which Willis or such subsidiary is bound or to which any of Willis’ or any subsidiary’s properties or assets is subject, (B) the certificate of incorporation of or trust agreement or limited liability company agreement of, or other constitutive documents of, or any statute or regulation applicable to, Willis or any subsidiary thereof or (C) any law or any order, decree, rule or regulation of any court, arbitrator, regulatory body, administrative agency or other governmental body or agency having jurisdiction over Willis or any subsidiary thereof or any of their properties or assets, except such breaches, violations or defaults that, individually or in the aggregate, are not reasonably likely to have a material adverse effect on Willis’ or any subsidiary’s ability to perform its obligations under this Agreement, or any other Operative Document to which it is a party.

 

(vi)                              There are no legal or governmental proceedings pending or, to the knowledge of Willis, threatened, against Willis or to which any of its properties is subject, that are not disclosed in the Preliminary Offering Memorandum and the Offering Memorandum and which are reasonably likely to have a material adverse effect on Willis’ ability to perform its obligations under this Agreement, or any other Operative Document to which it is a party, or the issuance and sale of the Notes.  There are no actions or proceedings against, or investigations of Willis pending, or, to the knowledge of Willis, threatened, before any court, administrative agency or other tribunal (A) asserting the invalidity of any of any of the Operative Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by the Operative Documents, (C) that have a reasonable likelihood of materially and adversely affect the performance by Willis of its obligations under, or the validity or enforceability of this Agreement, or any of the other Operative Documents to which it is a party, or (D) that have a reasonable likelihood of affecting adversely the federal income tax or United States Employee Retirement Income Security Act of 1974 (“ERISA”) attributes of the Notes or classification of the Notes as debt for U.S. federal income tax purposes.

 

(vii)                           No authorization, approval, or consent of, or filing with, any court or governmental authority or agency is necessary in connection with (A) Willis’ or any subsidiary’s execution and delivery of any Operative Document to which it is a party, or (B) the offering, issuance, or sale of the Notes as contemplated in this Agreement and the Indenture, except such as may be required under state securities laws, such security interest filings as may be contemplated in the Security Trust Agreement or the Indenture or other applicable Operative Document, and any disclosures with respect to the transactions contemplated hereby required of Willis under the federal securities laws.

 

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(viii)                        Willis is not required to be registered as an “investment company” within the meaning of the United States Investment Company Act of 1940, as amended (the “Investment Company Act”).

 

(ix)                                Neither Willis nor any “Affiliate” (as defined in Rule 501(b) of Regulation D under the Securities Act) of Willis has directly, or through any agent (provided that no representation is made as to the Initial Purchasers or any person or entity acting on their behalf), (A) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which is or could be integrated with the offering and sale of the Notes in a manner that would require the registration of the Notes under the Securities Act or (B) engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act, including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine, or similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising) in connection with the offering of the Notes.

 

(x)                                   Neither Willis, any of its Affiliates nor any person acting on its or their behalf (provided that no representation is made as to actions of the Initial Purchasers or any person or entity acting on their behalf) has engaged or will engage in any directed selling efforts within the meaning of Rule 902(c) of Regulation S with respect to the Notes, and Willis, its Affiliates and all persons acting on its or their behalf (provided that no representation is made as to actions of the Initial Purchasers or any person or entity acting on their behalf) have complied with the offering restrictions requirements of Regulation S in connection with the offering of the Notes outside of the United States.

 

(xi)                                Except as permitted by the Securities Act, Willis (provided that no representation is made as to actions of the Initial Purchasers or any person or entity acting on their behalf) has not distributed any offering material in connection with the offering and sale of the Notes other than the Marketing Materials, the Preliminary Offering Memorandum and the Offering Memorandum.

 

(xii)                             The operations of Willis and its Affiliates are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 (“USA PATRIOT Act”), and the applicable anti-money laundering statutes of jurisdictions where the Company conducts business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving Willis with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of Willis, threatened.

 

(xiii)                          Neither Willis nor to the knowledge of Willis, any director, officer, agent, employee or representative of Willis or any of its Affiliates (A) has used or is using any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (B) has made any direct or indirect unlawful payment to any foreign or domestic government official (including any officer or employee of a government or government owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) from corporate funds to influence official action or secure an improper advantage; or (C) is in violation of any provision of applicable anti-corruption laws.  

 

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Willis and its Affiliates have instituted and maintain and will continue to maintain policies and procedures designed to promote and achieve compliance with such laws and with the representation and warranty herein. For the avoidance of doubt, neither Initial Purchaser is an agent or representative for purposes of this paragraph.

 

(xiv)                         Willis is not and, to the knowledge of Willis, no director, officer, employee, agent, Affiliate or representative of Willis is an individual or entity that is, or is owned or controlled by a Person that is:  (A)  the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”), the United Nations Security Council (“UNSC”), the European Union (“EU”), Her Majesty’s Treasury (“HMT”), or other relevant sanctions authority (collectively, “Sanctions”), nor (B)  located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria), and Willis will not, directly or indirectly, use the proceeds of the Offering of the Notes, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:  (x) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions, or (y) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the Offering of the Notes, whether as underwriter, advisor, investor or otherwise).  For the avoidance of doubt, neither Initial Purchaser is an agent or representative for purposes of this paragraph.

 

(c)          The Company represents and warrants to, and agrees with, the Initial Purchasers, as of the date hereof (or as of the date set forth below, as applicable) that:

 

(i)                                     The Company is a statutory trust duly formed under the laws of Delaware and on or prior to the Closing Date will have all requisite power and authority to own, lease and operate its properties and to conduct its business as described in the Preliminary Offering Memorandum and the Offering Memorandum and as presently conducted, and will be duly registered and qualified to conduct its business in each jurisdiction in which the ownership or leasing of its properties, the conduct of its business or its performance of this Agreement, the Notes and the other Operative Documents to which it is or will be a party requires such registration or qualification, and the Company is conducting its business so as to comply in all material respects with all applicable statutes, ordinances, rules, and regulations of the jurisdictions in which it is conducting business.

 

(ii)                                  Each direct or indirect Subsidiary of the Issuer (including each Engine Trust of which the Issuer or a Subsidiary thereof is the holder of the beneficial interest) existing on the Closing Date and to be listed on Schedule 2 to the Indenture as of the Closing Date (each, an “Issuer Subsidiary”) is, or on or prior to the Closing Date will be, duly organized and validly existing under the laws of its place of formation with all requisite power and authority to own, lease and operate its properties and to conduct its business as described in the Preliminary Offering Memorandum and the Offering Memorandum and as presently conducted, and is or will be (as applicable) on or prior to the Closing Date duly registered and qualified to conduct its business in each jurisdiction in which the ownership or leasing of its properties, the conduct of its business or its performance of the Operative Documents to which it is or will be a party requires such registration or qualification, and each such subsidiary is conducting its business so as to comply in all material respects with all applicable statutes, ordinances, rules, and regulations of the jurisdictions in which it is conducting business.

 

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(iii)                               On or prior to the Closing Date, the Company will have all requisite power and authority to authorize, issue and sell the Notes as contemplated by this Agreement and to execute and deliver, and perform its obligations under, this Agreement, the Notes and the other Operative Documents to which it is or will be a party.  Each Issuer Subsidiary has, or on or prior to the Closing Date will have, all requisite power and authority to execute and deliver, and perform its obligations under, the Operative Documents to which it is or will be a party.

 

(iv)                              This Agreement has been duly authorized by all necessary action on the part of the Company and has been duly executed and delivered by the Company.

 

(v)                                 On or prior to the Closing Date, the Indenture shall have been duly authorized by all necessary action on the part of the Company, and by the time of closing on the Closing Date will have been duly executed and delivered by the Company and upon due execution and delivery thereof, and assuming its due authorization, execution and delivery by the other parties to the Indenture other than the Company, will constitute the legal, valid and binding agreement of the Company, enforceable against the Company in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws affecting creditors’ rights generally from time to time in effect, subject, as to enforceability, to general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law and subject to public policy considerations underlying the securities laws, to the extent that such public policy considerations limit the enforceability of the provisions of any of those agreements that provide indemnification or contribution from securities law liabilities); and, assuming the Initial Purchasers’ representations and warranties in Section 3 hereof are true, no qualification of the Indenture under the United States Trust Indenture Act of 1939, as amended (the “TIA”) is required in connection with the offer and sale of the Notes contemplated hereby and in the Offering Memorandum or in connection with the Exempt Resales.

 

(vi)                              On or prior to the Closing Date, the Security Trust Agreement shall have been duly authorized by all necessary action on the part of each grantor (as defined therein) which becomes a party to the Security Trust Agreement on or prior to the Closing Date, and by the time of closing on the Closing Date shall have been duly executed and delivered by each such grantor and, and assuming its due authorization, execution and delivery by the other parties to the Security Trust Agreement other such grantor, shall constitute the legal, valid and binding agreement of each such grantor, enforceable against each such grantor in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws affecting creditors’ rights generally from time to time in effect, subject, as to enforceability, to general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law and subject to public policy considerations underlying the securities laws, to the extent that such public policy considerations limit the enforceability of the provisions of any of those agreements that provide indemnification or contribution from securities law liabilities).

 

(vii)                           Upon due execution and delivery thereof by all parties thereto, the Security Trust Agreement and the Engine Mortgages will be effective to create in favor of the Security Trustee for the benefit of itself and the other Secured Parties a valid security interest and lien in and upon the collateral identified therein to secure the obligations that will constitute “Secured Obligations” under the Security Trust Agreement.  The security interests and liens of the Security Trust Agreement and the Engine Mortgages will be, when created and upon the filings and the taking of the other actions required by the Security Trust Agreement and the Engine Mortgages, perfected and (subject to Encumbrances that will constitute “Permitted Encumbrances” under the Indenture) prior to all other Encumbrances theretofore or thereafter created and free of the adverse claims of all other persons; as of the Closing Date, the security interests and liens of the Security Trust Agreement and the Engine Mortgages will have been created, and all such required filings and other actions will have been duly effected (including the payment of all taxes, recording and filing fees required to be paid), as to all of the collateral identified therein as to which any of the Company or any Issuer Subsidiary (each, an “Issuer Group Member” and, collectively, the “Issuer Group Members”) will have rights as of the Closing Date.  

 

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Following the termination of certain existing security interests and after the application of funds received on the Closing Date, no financing statements or other lien filings or recordings shall have been made with, and no liens shall have otherwise been registered with, any governmental body of the States of Connecticut, Delaware, Ohio or Utah or the Republic of Ireland or with respect to all or any part of the collateral identified therein, except in favor of the Security Trustee.

 

(viii)                        On or prior to the Closing Date, each of the other Operative Documents to which any Issuer Group Member is a party will have been duly authorized by all necessary action on the part of each such person, will have been duly executed and delivered by such Issuer Group Member, as the case may be, and, assuming their due authorization, execution and delivery by the other parties to the Operative Documents other than such Issuer Group Member, will constitute the legal, valid and binding agreement of such Issuer Group Member, as the case may be, enforceable against such Issuer Group Member, as the case may be, in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws affecting creditors’ rights generally from time to time in effect, subject, as to enforceability, to general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law and subject to public policy considerations underlying the securities laws, to the extent that such public policy considerations limit the enforceability of the provisions of any of those agreements that provide indemnification or contribution from securities law liabilities).

 

(ix)                                On or prior to the Closing Date, the issuance and sale of the Notes will have been duly authorized by all necessary action on the part of the Company, and, on the Closing Date, will be duly executed and delivered by the Company in accordance with the terms of the Indenture and, upon due authentication of the Notes by the Trustee and upon delivery thereof against payment therefor in accordance with the terms hereof, will have been validly issued and delivered, will be entitled to the benefits of the Indenture and will constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws affecting creditors’ rights generally from time to time in effect and subject, as to enforceability, to general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

(x)                                   There are no legal or governmental actions or proceedings against, or investigations of any Issuer Group Member pending, or, to the knowledge of the Company, threatened, before any court, administrative agency or other tribunal (A) asserting the invalidity of any of the Operative Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by the Operative Documents, (C) that have a reasonable likelihood of materially and adversely affecting the performance by any Issuer Group Member of its obligations under, or the validity or enforceability of this Agreement, or any of the other Operative Documents to which it is a party or the Notes, (D) that have a reasonable likelihood of affecting adversely the federal income tax or United States ERISA attributes of the Notes or the classification of the Notes as debt for U.S. federal income tax purposes, or (E) that have a reasonable likelihood of resulting in a Material Adverse Change.

 

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(xi)                                There has not been any material adverse change in the business, operations, financial condition, properties, or assets of any Issuer Group Member that would have a material adverse effect on the ability of any of them to perform its obligations under this Agreement, or any other Operative Document to which it is a party (as applicable).

 

(xii)                             The execution, delivery and performance of this Agreement, the other Operative Documents and the issuance and sale of the Notes and the consummation of the transactions contemplated hereby and thereby (x) will not conflict with, or result in a breach or violation of any of the terms or provisions of, or (including with the giving of notice or the lapse of time or both) constitute a default under (A) any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which any Issuer Group Member is a party or by which any Issuer Group Member is bound or to which any of the properties or assets of any Issuer Group Member is subject, (B) the certificate of incorporation or by-laws or trust agreement or limited liability company agreement of any Issuer Group Member or other constitutive documents of any Issuer Group Member or (C) any law or any order, decree, rule or regulation of any court, arbitrator, regulatory body, administrative agency or other governmental body or agency having jurisdiction over any Issuer Group Member or any of their properties or assets, except such breaches, violations or defaults that, individually or in the aggregate, are not reasonably likely to constitute a Material Adverse Change, and (y) will not result in the creation or imposition of any Encumbrance upon any property or assets of any Issuer Group Member pursuant to the terms of any agreement or instrument to which any of them is a party or by which any of them may be bound or under any to which any of their respective property or assets is subject (except for Encumbrances created pursuant to the Security Trust Agreement and the other Security Documents and “Permitted Encumbrances” under the Indenture).

 

(xiii)                          Each Issuer Group Member has or will have, on the date of transfer thereof, good and indefeasible title to all property (real and personal) transferred by it, including but not limited to, the Initial Engines other than the Remaining Initial Engines, free and clear of all Encumbrances (other than encumbrances permitted under the Indenture), with only such exceptions as would not, individually or in the aggregate, constitute a Material Adverse Change.

 

(xiv)                         No consent, approval, authorization or order of, or filing or registration with, any court, regulatory body, administrative agency or governmental body, agency or official is required for the execution, delivery and performance of this Agreement, the other Operative Documents and the issuance and sale of the Notes and the consummation of the transactions contemplated hereby and thereby other than such consents, approvals, authorizations, orders or filings or registrations of or other qualifications with any governmental or regulatory authority (“Consents”) as may be required by the securities or “blue sky” laws of any state of the United States or any other jurisdiction in connection with the purchase and sale of the Notes and as are necessary under applicable law to own its properties, to conduct its business and to consummate the transactions contemplated by this Agreement and the other Operative Documents in the manner described in the Preliminary Offering Memorandum and the Offering Memorandum or such security interest filings as may be contemplated in the Security Trust Agreement or the Indenture or other applicable Operative Document, or which individually or in the aggregate, are not reasonably likely to constitute a Material Adverse Change.

 

(xv)                            None of the Issuer Group Members is and, upon sale of the Notes to be issued and sold in accordance with the terms of this Agreement and the application of the net proceeds to the Company of such sales as described in the Preliminary Offering Memorandum and the Offering Memorandum under the caption “Use of Proceeds,” will be required to be registered as an “investment company” within the meaning of the Investment Company Act.

 

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(xvi)                         Neither the Company nor any “Affiliate” (as defined in Rule 501(b) of Regulation D under the Securities Act) of the Company has directly, or through any agent (provided that no representation is made as to the Initial Purchasers or any person or entity acting on their behalf), (A) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which is or could be integrated with the offering and sale of the Notes in a manner that would require the registration of the Notes under the Securities Act or (B) engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act, including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine, or similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising) in connection with the offering of the Notes.  No securities of the same class as the Notes have been issued and sold by the Company within the six-month period immediately prior to the date hereof.

 

(xvii)                      Neither the Company, any of its Affiliates nor, to the knowledge of the Company, any person acting on its or their behalf (provided that no representation is made as to actions of the Initial Purchasers or any person or entity acting on their behalf) has engaged or will engage in any directed selling efforts within the meaning of Rule 902(c) of Regulation S with respect to the Notes, and the Company, its Affiliates and, to the knowledge of the Company, all persons acting on its or their behalf (provided that no representation is made as to actions of the Initial Purchasers or any person or entity acting on their behalf) have complied and will comply with the offering restrictions requirements of Regulation S in connection with the offering of the Notes outside of the United States.

 

(xviii)                   Except as permitted by the Securities Act, the Company has not distributed and, prior to the later to occur of the Closing Date and completion of the distribution of the Notes, will not distribute any offering material in connection with the offering and sale of the Notes other than the Marketing Materials, the Preliminary Offering Memorandum and the Offering Memorandum, as amended or supplemented (provided that no representation is made as to actions of the Initial Purchasers or any person or entity acting on their behalf).

 

(xix)                           The Notes in the Offering are eligible for resale pursuant to Rule 144A under the Securities Act (“Rule 144A”) and shall not be, on the Closing Date, of the same class as securities listed on a national securities exchange registered under Section 6 of the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”), or quoted in a United States automated interdealer quotation system.

 

(xx)                              Assuming (A) that the representations and warranties of the Initial Purchasers in Section 3 hereof are true, (B) compliance by the Initial Purchasers with the agreements set forth in Section 3 hereof, (C) that each of the Eligible Purchasers is either (x) an entity that the Initial Purchasers reasonably believe to be a QIB, (y) an Institutional Accredited Investor or (z) a Regulation S Purchaser and (D) that the representations of each Institutional Accredited Investor set forth in the certificate of such Institutional Accredited Investor in the form set forth in the Offering Memorandum as Appendix 2 are true, the purchase of the Notes by the Initial Purchasers pursuant hereto and the resale of the Notes pursuant to the Exempt Resales is exempt from the registration requirements of the Securities Act.

 

(xxi)                           The execution and delivery of this Agreement, the Notes and the other Operative Documents and the sale of the Notes to be purchased by the Eligible Purchasers will not involve any nonexempt prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”).  

 

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The representation made by the Company in the preceding sentence is made in reliance upon and subject to the accuracy of, and compliance with, the representations and covenants made or deemed made by the Eligible Purchasers as set forth in the Preliminary Offering Memorandum and the Offering Memorandum under the section entitled “Transfer Restrictions.”

 

(xxii)                        Except as described in the Preliminary Offering Memorandum and the Offering Memorandum, there are no contracts, agreements or understandings between any Issuer Group Member and any person granting such person the right to require any Issuer Group Member to file a registration statement under the Securities Act with respect to any securities of the Issuer Group Members owned or to be owned by such person or to require any Issuer Group Member to include such securities in any securities being registered pursuant to any registration statement filed by any Issuer Group Member under the Securities Act.

 

(xxiii)                     Each of the Issuer Group Members carries, or is covered by, insurance in such amounts and covering such risks as is adequate for the conduct of its business and the value of its properties and as is customary for prudent companies engaged in similar businesses in similar industries.

 

(xxiv)                    Each of the Issuer Group Members has filed all federal, state and local income and franchise tax returns, if any, required to be filed through the date hereof that the failure to file would have a material adverse effect on the ability of any of them to perform its obligations under this Agreement, or any other Operative Document to which it is a party (as applicable), and have paid all taxes shown to be due thereon, if any, and no tax deficiency in respect of any Issuer Group Member has been determined adversely to such Issuer Group Member nor does the Company have any knowledge of any tax deficiency on any such returns that is being asserted by any taxing authority that, if determined adversely to such Issuer Group Member, would constitute a Material Adverse Change.

 

(xxv)                       None of the Issuer Group Members (A) is in violation of its operating agreement, trust agreement, by-laws or other constitutive documents, (B) is in default under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which it is a party or by which it is bound or to which any of its properties or assets is subject, or (C) is in violation of any law or any order, decree, rule or regulation of any court, arbitrator, regulatory body, administrative agency or other governmental body or agency having jurisdiction over it or any of its properties or assets, except for such violations or defaults that, individually or in the aggregate, would not constitute a Material Adverse Change.

 

(xxvi)                    Except pursuant to this Agreement (including the Fee Letter described in Section 4 hereof), there are no contracts, agreements or understandings between any of the Issuer Group Members and any other person that would give rise to a valid claim against the Company or the Initial Purchasers for a brokerage commission, finder’s fee or like payment in connection with the issuance, purchase and sale of the Notes (provided that no representation is made as to actions of the Initial Purchasers or any person or entity acting on their behalf).

 

(xxvii)                 The Company has not engaged in any activities since its organization, other than those incidental to its formation, organization and registration under applicable laws and the authorization, issuance and sale of the Notes, all of the business activities conducted since the Company’s organization as described in the Preliminary Offering Memorandum and the Offering Memorandum and the authorization, execution, delivery and performance of this Agreement and the other Operative Documents.

 

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(xxviii)              Neither the Company nor any of its Affiliates nor any person acting on its or their behalf (provided that no representation is made as to actions of the Initial Purchasers or any person or entity acting on their behalf) has issued any press releases or made any announcements other than in accordance with Rule 135c under the Securities Act.

 

(xxix)                      All of the representations and warranties of the Company to be contained in the Acquisition Transfer Agreement, when made, shall be incorporated by reference in this Agreement as if set forth herein, and shall be true and correct on and as of the date they are made by the Company pursuant to the Acquisition Transfer Agreement and on and as of the Closing Date.

 

(xxx)                         Neither the Company nor any of its Affiliates has offered, and the Company and its Affiliates shall not offer for initial sale, the Notes except in accordance with this Agreement.

 

(xxxi)                      None of the proceeds of the sale of the Notes will be used, directly or indirectly, for the purpose of purchasing or carrying any “margin security” as that term is defined in Regulation T of the Board of Governors of the Federal Reserve System, as amended (the “Federal Reserve Board”), for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security, or for any other purpose which might cause any of the Notes to be considered a “purpose credit” within the meanings of Regulations T, U or X of the Federal Reserve Board.

 

(xxxii)                   Neither the Company, nor any of its Affiliates has taken, directly or indirectly, any action prohibited by Regulation M under the Exchange Act in connection with the offering of the Notes (provided that no representation is made as to actions of the Initial Purchasers or any person or entity acting on their behalf).

 

(xxxiii)                Any taxes, fees, and other governmental charges payable by Willis in connection with the execution and delivery of the Operative Documents to which it is a party, and the issuance and sale of the Notes (other than federal, state, local and foreign taxes payable on the income or gain recognized therefrom), have been or will be paid on or before the Closing Date.

 

(xxxiv)               The operations of the Company and its Affiliates are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the USA PATRIOT Act, and the applicable Anti-Money Laundering Laws, and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.

 

(xxxv)                  Neither the Company nor to the knowledge of the Company, any director, officer, agent, employee or representative of the Company or any of its Affiliates (A) has used or is using any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (B) has made any direct or indirect unlawful payment to any foreign or domestic government official (including any officer or employee of a government or government owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) from corporate funds to influence official action or secure an improper advantage; or (C) is in violation of any provision of applicable anti-corruption laws.  The Company and its Affiliates have instituted and maintain and will continue to maintain policies and procedures designed to promote and achieve compliance with such laws and with the representation and warranty herein.

 

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(xxxvi)               The Company is not and, to the knowledge of the Company, no director, officer, employee, agent, Affiliate or representative of the Company is an individual or entity that is, or is owned or controlled by a Person that is:  (A)  the subject of any Sanctions, nor (B)  located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria), and the Company will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:  (x) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions, or (y) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).

 

(xxxvii)            The Company has given a written representation and undertaking to each Rating Agency that it will take the actions specified in paragraphs (a)(3)(iii)(A) through (D) of Rule 17g-5 under the Exchange Act (“Rule 17g-5” and, each such representation and undertaking, a “17g-5 Representation”), and it has complied with each 17g-5 Representation, other than any breach of any 17g-5 Representation that would not have a material adverse effect on the Notes.

 

(xxxviii)         The Company will continue to comply with each 17g-5 Representation made by it to each Rating Agency, other than any breach of any 17g-5 Representation that would not have a material adverse effect on the Notes.

 

3.               Representations, Warranties and Agreements of the Initial Purchasers.  Each of the Initial Purchasers, severally but not jointly, represents and warrants to, and agrees with, the Company and Willis as follows:

 

(a)          Such Initial Purchaser is an Institutional Accredited Investor or a QIB with such knowledge and experience in financial and business matters as are necessary in order to evaluate the merits and risks of an investment in the Notes.

 

(b)         Such Initial Purchaser (i) is not acquiring the Notes with a view to any distribution thereof or with any present intention of offering or selling any of the Notes in a transaction that would violate the Securities Act or the securities laws of any state of the United States or any other applicable jurisdiction, (ii) in connection with the Exempt Resales, will solicit offers to buy the Notes only from, and will sell the Notes only to, Eligible Purchasers in accordance with this Agreement and on the terms contemplated by the Offering Memorandum, and (iii) will not offer or sell the Notes pursuant to, nor has it offered or sold the Notes by, or otherwise engaged in, any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act, including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine, or similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising) or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act.

 

(c)          The Notes have not been registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S or pursuant to an exemption from the registration requirements of the Securities Act.  Such Initial Purchaser has not offered, sold or delivered the Notes and will not offer, sell or deliver the Notes (i) as part of its distribution at any time or (ii) otherwise until the expiration of the “distribution compliance period” as defined in Regulation S (the “Distribution Compliance Period”), only in accordance with Regulation S, pursuant to registration under the Securities Act or pursuant to an available exemption from such registration.  

 

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Accordingly, neither such Initial Purchaser, its affiliates nor any persons or entities acting on their behalf has engaged or will engage in any directed selling efforts within the meaning of Rule 902(c) of Regulation S with respect to the Notes, and it, its affiliates and all persons and entities acting on its behalf have complied and will comply with the offering restrictions requirements of Regulation S in connection with the offering of the Notes outside of the United States.

 

(d)         Such Initial Purchaser (i) prior to the expiration of the 40-day period (as set forth in the Preliminary Offering Memorandum and the Offering Memorandum) (the “40-Day Period”), will not re-offer, resell or deliver any Notes initially offered pursuant to Regulation S, within the United States or to, or for the benefit of, U.S. persons except pursuant to Rule 144A or another exemption from the registration requirements under the Securities Act, and (ii) at or prior to confirmation of a sale of Notes (other than a sale pursuant to Rule 144A), will have sent to each distributor, dealer or person or entity receiving a selling concession, fee or other remuneration to which it sells Notes during the applicable Distribution Compliance Period (whether or not such person or entity participated in the Offering of the Notes) a confirmation or other notice stating that the purchaser is subject to the same restrictions on offers and sales that apply to such Initial Purchaser during the Distribution Compliance Period.

 

(e)          Such Initial Purchaser has not offered and will not offer or sell any Notes to investors except as contemplated in, and in accordance with, the Preliminary Offering Memorandum and the Offering Memorandum under the caption “Plan of Distribution”.

 

(f)            Such Initial Purchaser will not cause any advertisement (including any “tombstone” advertisement) of the Notes to be published in any newspaper or periodical or posted in any public place and not issue any circular relating to the Notes, except such advertisements as permitted by and including the statements required by Regulation S.

 

(g)         The sale of the Notes offered and sold by such Initial Purchaser pursuant hereto in reliance on Regulation S will be effected only in “offshore transactions” and is not part of a plan or scheme to evade the registration provisions of the Securities Act.

 

(h)         Such Initial Purchaser acknowledges that the Notes offered and sold in reliance on Regulation S will be represented upon issuance by a global security that may not be exchanged for definitive securities until the expiration of the 40-Day Period and only upon certification of beneficial ownership of such Notes by non-U.S. persons or U.S. persons who purchased such Notes in transactions that were exempt from the registration requirements of the Securities Act.

 

(i)             (i) Such Initial Purchaser is duly authorized and empowered to execute, deliver and perform this Agreement and to purchase the Notes, and has duly taken all requisite action in connection therewith; (ii) the person(s) signing this Agreement on its behalf has been duly authorized by it to do so; and (iii) the execution, delivery and performance of this Agreement do not and will not conflict with, violate or constitute a default under its articles of association or other organizational document, by-laws or any material agreement or arrangement to which it is a party or by which it may be bound.

 

The terms used in this Section 3 that have meanings assigned to them in Regulation S are used herein as so defined.

 

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4.               Purchase, Sale, Payment and Delivery of Notes.

 

On the basis of the representations and warranties contained in, and subject to the terms and conditions of, this Agreement, the Company agrees to sell the Notes to the Initial Purchasers and the Initial Purchasers, severally and not jointly, agree to purchase the $390,000,000 aggregate principal amount of Notes pursuant to this Section 4 at the purchase price set forth on Schedule I hereto and designated as the purchase price for the Notes after satisfaction of all conditions precedents herein.

 

As compensation to the Initial Purchasers for their purchase of the Notes, the Company will pay to the Initial Purchasers all of the fees as set forth in the fee letter dated September 6, 2012 (the “Fee Letter”).

 

The Company shall not be obligated to deliver any of the Notes to be delivered, except upon payment for all the Notes to be purchased on the Closing Date as provided herein.

 

5.               Delivery of and Payment for the Notes.

 

(a)          Delivery to the Initial Purchasers of and payment of the purchase price for the Notes shall be made at or prior to 10:00 a.m., New York City time, on September 17, 2012 at the offices of Pillsbury Winthrop Shaw Pittman LLP, New York, New York, or such other place or time not later than seven full business days thereafter as the Initial Purchasers and the Company shall designate, such time being herein referred to as the “Closing Date.”

 

(b)         The Company shall execute and deliver (i) one or more global Notes (the “Global Notes”) in registered form, authenticated by and deposited with the Trustee, as custodian for and on behalf of DTC, representing beneficial interests in the Global Notes registered in the name of Cede & Co., as nominee of DTC, to be credited for the account of the Initial Purchasers, as well as (ii) any definitive certificates representing interests in the Notes to be sold to Institutional Accredited Investors (the “Definitive Notes”) against payment by the Initial Purchasers of the purchase price therefor by wire transfer of immediately available funds as the Company may direct by written notice delivered to the Initial Purchasers at least two business days prior to the Closing Date.  The Global Notes and any Definitive Notes shall be made available to the Initial Purchasers for inspection not later than 9:30 a.m. on the business day immediately preceding the Closing Date.

 

6.               Certain Agreements of the Company.  The Company covenants and agrees with the Initial Purchasers as follows:

 

(a)          To advise the Initial Purchasers promptly and, if requested by the Initial Purchasers, to confirm such advice in writing, of (i) the issuance by any state securities commission of any stop order suspending the qualification or exemption from qualification of any Notes for offering or sale in any jurisdiction, or the initiation of any proceeding for such purpose by the Securities and Exchange Commission (the “Commission”) or any state securities commission or other regulatory authority, and (ii) the happening of any event that makes any statement of a material fact made in the Preliminary Offering Memorandum or the Offering Memorandum untrue or that requires the making of any additions to or changes in the Preliminary Offering Memorandum or the Offering Memorandum in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.  The Company shall use its best efforts to prevent the issuance of any stop order or order suspending the exemption of the Notes under any state securities or “blue sky” laws and, if at any time any state securities commission shall issue any stop order suspending the exemption of the Notes under any state securities or “blue sky” laws, the Company shall use every reasonable effort to obtain the withdrawal or lifting of such order at the earliest possible time.

 

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(b)         To furnish to the Initial Purchasers, without charge, as many copies of the Preliminary Offering Memorandum and the Offering Memorandum, and any amendments or supplements thereto, as the Initial Purchasers may reasonably request.  The Company consents to the use of the Preliminary Offering Memorandum and the Offering Memorandum, and any amendments and supplements thereto required pursuant to this Agreement, by the Initial Purchasers in connection with the Exempt Resales that are in compliance with this Agreement.

 

(c)          Not to amend or supplement the Offering Memorandum prior to the Closing Date unless the Initial Purchasers shall previously have been advised of, and the Initial Purchasers shall not have reasonably objected to, such amendment or supplement within a reasonable time, but in any event not longer than five business days after being furnished a copy of such amendment or supplement.  If, in connection with any Exempt Resales or market making transactions after the date of this Agreement, any event shall occur that, in the reasonable judgment of the Company or Willis or in the reasonable judgment of counsel to the Initial Purchasers, makes any statement of a material fact in the Offering Memorandum, as then amended or supplemented, untrue or that requires the making of any additions to or changes in the Offering Memorandum, in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary to amend or supplement the Offering Memorandum to comply with any applicable laws, the Company shall (in the case of an event identified as such in the Company’s reasonable judgment) promptly notify the Initial Purchasers of such event and promptly prepare (provided that the Initial Purchasers have not reasonably objected to such amendment or supplement pursuant to the first sentence of this subsection (c)), at its own expense an appropriate amendment or supplement to correct such statement or omission or effect such compliance.  Notwithstanding the foregoing, the Company shall not be obligated to prepare any amendments or supplements to the Offering Memorandum to reflect any reductions in the principal balances of the Notes occurring after the Closing Date (or any information based on the reduced principal balances, including any hypothetical scenarios).

 

(d)         To use its reasonable best efforts to do and perform all things required to be done and performed under this Agreement by it prior to or after the Closing Date and to satisfy all conditions precedent on its part to the delivery of the Notes hereunder.

 

(e)          Neither the Company nor any of its Affiliates or any person acting on its behalf (other than the Initial Purchasers and their Affiliates) will engage in any directed selling efforts (as that term is defined in Regulation S) with respect to the Notes, and the Company and its Affiliates and each person acting on its behalf will comply with the offering restrictions requirements of Rule 903 of Regulation S.  In addition, the Company will not enter into any contractual agreement with respect to the initial distribution of the Notes except for this Agreement.

 

(f)            Not to solicit and not to cause the Company and any of its Affiliates (as defined in Rule 501(b) of Regulation D under the Securities Act) to solicit any offer to buy or make any offer or sale of, or otherwise negotiate in respect of any security (as defined in the Securities Act) if, as a result of the doctrine of “integration” referred to in Rule 502 under the Securities Act, such offer or sale would render invalid (for the purpose of (i) the sale of the Notes by the Company to the Initial Purchasers, (ii) the resale of the Notes by the Initial Purchasers to Eligible Purchasers or (iii) the resale of the Notes by such Eligible Purchasers to others) the exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof, by Rule 144A, by Regulation S or otherwise.

 

(g)         For a period of 60 days from the date of the Offering Memorandum, not to, directly or indirectly, sell, contract to sell, grant any option to purchase, issue any instrument convertible into or exchangeable for, or otherwise transfer or dispose of, any securities of the Company substantially similar to the Notes, except with the prior consent of the Initial Purchasers, which consent shall not be unreasonably withheld or delayed.

 

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(h)         For the period that is two years after the Closing Date or for so long as it is necessary to comply with Rule 144A in connection with resales by registered holders or beneficial owners of the Notes, whichever is longer, to make available to such registered holder or beneficial owner of the Notes in connection with any sale thereof and any prospective purchaser of such Notes from such registered holder or beneficial owner, the information required by Rule 144A(d)(4) under the Securities Act (or any successor provision thereto).

 

(i)             To cooperate with the Initial Purchasers and use its best efforts to permit the depositary interests related to the Notes (other than interests in Notes sold to Institutional Accredited Investors) to be made eligible for clearance and settlement through DTC, and to comply with all agreements set forth in the representation letter of the Company to DTC relating to the approval of the Notes by DTC for “book-entry” transfer.

 

(j)             To promptly from time to time take such action as the Initial Purchasers may reasonably request to qualify the Notes for offering and sale under the securities laws of such jurisdictions as the Initial Purchasers may reasonably request and comply with such laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the Notes; provided that in connection therewith the Company shall not be required to qualify as a foreign corporation or trust or to file a general consent to service of process in any jurisdiction.

 

(k)          To the extent, if any, that the ratings provided with respect to the Notes by any Rating Agency are conditional upon the furnishing of documents or the taking of any other actions by the Company, to furnish such documents and take any such other actions.

 

(l)             To apply the net proceeds from the sale of the Notes being sold by the Company as set forth in the Preliminary Offering Memorandum and the Offering Memorandum under the caption “Use of Proceeds.”

 

(m)       To ensure that the Company does not become an “investment company” within the meaning of such term under the Investment Company Act and the rules and regulations of the Commission thereunder.

 

(n)         In connection with the offering of the Notes, until the Initial Purchasers shall have notified the Company of the completion of the resale of the Notes, not to, and to cause its affiliated purchasers (as defined in Regulation M under the Exchange Act) not to, either alone or with one or more other persons, bid for or purchase, for any account in which it or any of its affiliated purchasers has a beneficial interest, any Notes, or attempt to induce any person to purchase any Notes; and not to, and to cause its affiliated purchasers not to, make bids or purchases for the purpose of creating actual, or apparent, active trading in or of raising the price of the Notes.

 

(o)         Not to, nor to permit any of its Affiliates (as defined in Rule 501(b) of Regulation D under the Securities Act) to, directly or through any agent, engage in any form of general solicitation or general advertising (as those terms are used in Regulation D under the Securities Act) in connection with the offering or sale of the Notes in the United States or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act.

 

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(p)         Not to publish or disseminate any material other than the Preliminary Offering Memorandum, the Offering Memorandum and the Marketing Materials in connection with the offering or sale of the Notes, unless the Initial Purchasers shall have consented in writing prior to the publication or dissemination thereof.

 

7.               Payment of Expenses.  The Company agrees, whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, to pay all costs, expenses, fees and taxes (other than taxes imposed on income, fees or compensation of a Person) incident to and in connection with: (i) the preparation, printing, filing and distribution of the Preliminary Offering Memorandum and the Offering Memorandum including, without limitation, the cost of all copies thereof and any amendment or supplement thereto supplied to the Initial Purchasers in such quantities as the Initial Purchasers reasonably require and the cost of printing any other documents in connection with the offering, purchase, sale and delivery of the Notes, (ii) the preparation, printing (including, without limitation, word processing and duplication costs) and delivery of any “blue sky” memoranda and any other agreements, memoranda, correspondence and other documents printed and delivered in connection herewith, (iii) the preparation, issuance and delivery by the Company of the Notes and the Definitive Notes, if any, (iv) furnishing such copies of the Preliminary Offering Memorandum and the Offering Memorandum, and any amendments and supplements thereto, as may be reasonably requested by the Initial Purchasers for use in connection with the initial Exempt Resales, (v) the fees, disbursements and expenses of the Company’s counsel and accountants, (vi) all fees and expenses (including fees and expenses of counsel) of the Company in connection with approval of the depositary interests in the Notes by DTC for “book-entry” transfer, (vii) any fees charged by the Rating Agencies for rating the Notes, (viii) the cost and charges of any transfer agent, registrar or paying agent, (ix) the fees and expenses of the Trustee and any agent of the Trustee and the fees and disbursements of counsel for the Trustee in connection with the Indenture and the Notes, (x) all fees and disbursements of the Initial Liquidity Facility Provider and DTC, in its capacity as depositary, (xi) the reasonable fees and disbursements of counsel for the Initial Purchasers which shall, to the extent the transactions contemplated by this Agreement are consummated, be paid out of the proceeds of the Offering on the Closing Date, (xii) all fees and expenses relating to appraisals of the Engines, (xiii) all travel expenses of the Initial Purchasers, and the officers, trustees and employees of Willis (in their capacities as administrative agent and servicer) and the Company (to the extent incurred by them), and any other expenses of the Initial Purchasers, Willis (in their capacities as administrative agent and servicer) and the Company, in connection with attending or hosting meetings with prospective purchasers of the Notes, and (xiv) the performance by the Company of its other obligations under this Agreement to the extent not provided for above.  Notwithstanding anything to the contrary herein, in consideration of Credit Agricole Securities (USA) Inc. acting as structuring agent (“Structuring Agent”) and an Initial Purchaser of the Notes and Goldman, Sachs & Co. acting as an Initial Purchaser of the Notes, Willis agrees to pay unconditionally the reasonable legal fees and due diligence expenses incurred by Credit Agricole Securities (USA) Inc. and Goldman, Sachs & Co. or their in-house counsel in an amount agreed between Credit Agricole Securities (USA) Inc., Goldman, Sachs & Co. and Willis, irrespective of whether the sale of the Notes to the Initial Purchasers is consummated or not.

 

8.               Conditions of the Obligations of the Initial Purchasers.  The respective obligations of the Initial Purchasers hereunder are subject to the accuracy, when made and again on the Closing Date (as if made again on and as of such date), of the representations and warranties of the Company contained herein except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties of the Company contained herein shall be true and correct in all material respects on and as of such earlier date), to the performance by the Company of its obligations hereunder required to be performed by the Company at or prior to the Closing Date, and to each of the following additional terms and conditions compliance with which shall be determined by the Initial Purchasers in their sole discretion:

 

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(a)          The Offering Memorandum shall have been printed and copies made available to the Initial Purchasers not later than 10:00 a.m., New York City time, on or about September 12, 2012, or at such later date and time as the Initial Purchasers may approve in writing.

 

(b)         The Notes shall have been rated by the Rating Agencies as specified in the Preliminary Offering Memorandum and such ratings shall not have been rescinded.

 

(c)          On or after the date hereof (i) no downgrading shall have occurred in the rating of the Notes by any of the Rating Agencies and (ii) none of the Rating Agencies shall have informed the Company or the Initial Purchasers or publicly announced that it has under surveillance or review with negative implications its rating of the Notes.

 

(d)         Pillsbury Winthrop Shaw Pittman LLP shall have furnished to the Initial Purchasers its written opinion, as special New York counsel to Willis and the Company, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.

 

(e)          Pillsbury Winthrop Shaw Pittman LLP shall have furnished to the Initial Purchasers its written opinion with respect to (i) the “true-sale” of the Engines and Engine Interests contemplated by the Operative Documents and (ii) with respect to the non-consolidation of the Issuer Group Members such that in the event of a bankruptcy case involving Willis as debtor under Title 11 of the United States Code, 11 U.S.C. §§ 101 et seq., a court properly presented with the facts would not grant an order consolidating the Company’s assets and liabilities or those of any other Issuer Group Member with those of Willis assuming that a party in interest would timely present an objection to substantive consolidation, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.  “Engine Interest” means (a) the Stock in any Person, including, without limitation, a trust that owns an Engine or (b) the Person that holds, directly or indirectly, the interest referred to in clause (a) above.

 

(f)            Morris James LLP shall have furnished to the Initial Purchasers its written opinion, as special Delaware counsel to the Company, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.

 

(g)         Thomas C. Nord, shall have furnished to the Initial Purchasers his written opinion, as General Counsel of Willis and the Company, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.

 

(h)         Seward & Kissel LLP shall have furnished to the Initial Purchasers its written opinion, as special New York counsel to the Trustee, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.

 

(i)             Ray, Quinney & Nebeker shall have furnished to the Initial Purchasers its written opinion, as special Utah counsel to the Company, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.

 

(j)             Shipman & Goodwin LLP shall have furnished to the Initial Purchasers its written opinion, as special Connecticut counsel to the Company, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.

 

(k)          Pillsbury Winthrop Shaw Pittman LLP shall have furnished to the Initial Purchasers its written opinion, as special counsel to the Company regarding tax matters, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.

 

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(l)             McAfee & Taft, a Professional Corporation, shall have furnished to the Initial Purchasers its written opinion, as special Federal Aviation Administration to the Company, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.

 

(m)       Pillsbury Winthrop Shaw Pittman LLP shall have furnished to the Initial Purchasers a memorandum, as special New York counsel to Willis and the Company, regarding the Cape Town Convention and the applicability of the Cape Town Convention to the transactions contemplated by the Operative Documents, dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.

 

(n)         The Initial Purchasers shall have received completed copies of jurisdictional surveys from local counsel in the jurisdictions listed in Schedule III, in form and substance reasonably satisfactory to the Initial Purchasers.

 

(o)         The Initial Purchasers shall have received from Clifford Chance US LLP, counsel for the Initial Purchasers, such opinion or opinions, dated the Closing Date, with respect to the issuance and sale of the Notes, the Offering Memorandum and other related matters as the Initial Purchasers may reasonably require, and the Company shall have furnished to such counsel such documents as it reasonably requests for the purpose of enabling it to pass upon such matters.

 

(p)         The Company, the Administrative Agent, the Initial Liquidity Facility Provider and the Trustee shall have entered into the Indenture and the Initial Purchasers shall have received counterparts, conformed as executed, thereof.

 

(q)         The Initial Liquidity Facility Provider shall have delivered the Initial Liquidity Facility.

 

(r)            The Company, the grantors (as defined therein) which become parties to the Security Trust Agreement on or prior to the Closing Date, and DBTCA as the security trustee and the operating bank shall have entered into the Security Trust Agreement and the Initial Purchasers shall have received counterparts, conformed as executed, thereof.

 

(s)          The parties as at the Closing Date to each of the other Operative Documents shall have entered into each of the other Operative Documents and the Initial Purchasers shall have received counterparts, conformed as executed, thereof.

 

(t)            The Initial Purchasers shall have received a letter or letters addressed to the Initial Purchasers, from Deloitte & Touche, certified public accountants (“Deloitte”) in form and substance satisfactory to the Initial Purchasers, confirming they are independent public accountants within the meaning of the Securities Act and the Exchange Act and the applicable rules and regulations thereunder and Rule 101 of the American Institute of Certified Public Accountants (“AICPA”), confirming certain information contained in the Preliminary Offering Memorandum and otherwise satisfactory in form and substance to the Initial Purchasers.

 

(u)         The Initial Purchasers shall have received a letter or letters addressed to the Initial Purchasers, from Deloitte in form and substance satisfactory to the Initial Purchasers, confirming they are independent public accountants within the meaning of the Securities Act and the Exchange Act and the applicable rules and regulations thereunder and Rule 101 of the AICPA, confirming certain information contained in the Offering Memorandum and otherwise satisfactory in form and substance to the Initial Purchasers.

 

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(v)         The Initial Purchasers shall have received a letter or letters addressed to the Initial Purchasers, from KPMG LLP, certified public accountants (“KPMG”) on or before the Closing Date, in form and substance satisfactory to the Initial Purchasers, confirming they are independent public accountants within the meaning of the Securities Act and the Exchange Act and the applicable rules and regulations thereunder and Rule 101 of the AICPA, confirming certain information contained in the Preliminary Offering Memorandum and the Offering Memorandum and otherwise satisfactory in form and substance to the Initial Purchasers.

 

(w)       The Initial Purchasers shall have received a letter addressed to the Initial Purchasers and the Company from ICF SH&E, Inc. in form and substance satisfactory to the Initial Purchasers, consenting to the inclusion of its report in the Preliminary Offering Memorandum and the Offering Memorandum and to their reference as experts in the Preliminary Offering Memorandum and the Offering Memorandum.

 

(x)           The Initial Purchasers shall have received a letter addressed to the Initial Purchasers and the Company from each of AVITAS, Inc., IBA Group Limited, and BK Associates, Inc. (the “Appraisers”), in form and substance satisfactory to the Initial Purchasers, consenting to the inclusion of their appraisal letters in the Preliminary Offering Memorandum and the Offering Memorandum and to their reference as experts in the Preliminary Offering Memorandum and the Offering Memorandum.

 

(y)         The Initial Purchasers shall have received from each of Willis and the Company a certificate, dated the Closing Date and executed by their respective executive officers (or, in the case of the Company, a trustee), to the effect that:

 

(i)                                     the representations and warranties of Willis or the Company, as applicable, in this Agreement and any other Operative Documents to which any of the Issuer Group Members is a party are accurate in all respects as of the Closing Date with the same effect as if made on the Closing Date or, in the case of the representations and warranties in the Operative Documents, on and as of the dates specified in such agreements; and

 

(ii)                                  Willis or each of the Issuer Group Members, as applicable, has complied with all the agreements and satisfied all the conditions on its part to be performed hereunder or under the other Operative Documents required to be performed on or before the Closing Date.

 

(z)           The Initial Purchasers shall have received:

 

(i)                                     with respect to Willis a good standing certificate from the Secretary of State of the State of Delaware, dated not earlier than ten days before the Closing Date,

 

(ii)                                  with respect to the Company a good standing certificate from the Secretary of State of the State of Delaware, dated not earlier than ten days before the Closing Date, and

 

(iii)                               with respect to each direct subsidiary of the Company (each, a “WEST Subentity”), a good standing certificate (or jurisdictional equivalent) from applicable certifying authorities, dated not earlier than ten days before the Closing Date.

 

(aa)    The Initial Purchasers shall have received from the Secretary or an assistant secretary (or equivalent officer) of Willis, in the officer’s individual capacity, a certificate, dated the Closing Date, to the effect that:

 

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(i)                                     each individual who, as an officer or representative of Willis, signed this Agreement, any other Operative Document or any other document or certificate delivered on or before the Closing Date in connection with the transactions contemplated in this Agreement or in the other Operative Documents, was at the respective times of such signing and delivery, and is as of the Closing Date, duly elected or appointed, qualified, and acting as such officer or representative, and the signature of the individual appearing on the documents and certificates is the officer’s genuine signature; and

 

(ii)                                  no event (including any act or omission on the part of Willis) has occurred since the date of the good standing certificate referred to in paragraph (cc) above that has affected the good standing of Willis under the laws of the State of Delaware.

 

Such certificate shall be accompanied by accurate copies (certified as such by the Secretary or an assistant secretary of Willis) of the organizational documents of Willis, as in effect on the Closing Date, and of the resolutions of Willis and any required consent relating to the transactions contemplated in this Agreement and the other Operative Documents.

 

(bb)                          The Initial Purchasers shall have received from a trustee for the Company, a certificate, dated the Closing Date, to the effect that:

 

(i)                                     each individual who, as an officer, representative or trustee of the Company, signed this Agreement, any other Operative Document, or any other document or certificate delivered on or before the Closing Date in connection with the transactions contemplated in the Operative Documents, was at the respective times of such signing and delivery, and is as of the Closing Date, duly elected or appointed, qualified, and acting as such officer, representative or trustee, and the signature of the individual appearing on the documents and certificates is such officer, representative or trustee’s genuine signature; and

 

(ii)                                  no event (including any act or omission on the part of the Company) has occurred since the date of the good standing certificate referred to in paragraph (cc) above that has affected the good standing of the Company under the laws of the State of Delaware.

 

Such certificate shall be accompanied by accurate copies (certified as such by the Secretary or an assistant secretary of the Company) of the trust agreement of the Company, as in effect on the Closing Date, and of the resolutions of the Company, and of any required consent relating to the transactions contemplated in the Operative Documents.

 

(cc)    The Initial Purchasers shall have received from the Secretary or an assistant secretary of each WEST Subentity (or of a trustee therefor), in the officer or trustee’s individual capacity, a certificate, dated the Closing Date, to the effect that:

 

(i)                                     each individual who, as an officer, representative or trustee of such WEST Subentity, signed the relevant Operative Document to which it is a party, or any other document or certificate delivered on or before the Closing Date in connection with the transactions contemplated in the Operative Documents, was at the respective times of such signing and delivery, and is as of the Closing Date, duly elected or appointed, qualified, and acting as such officer, representative or trustee, and the signature of the individual appearing on the documents and certificates is the officer’s genuine signature; and

 

(ii)                                  no event (including any act or omission on the part of such WEST Subentity) has occurred since the date of the good standing certificate referred to in paragraph (cc) above that has affected the good standing of it or such subsidiary under the laws of its chartering jurisdiction (to the extent such concept is relevant to such subsidiary).

 

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Such certificate shall be accompanied by accurate copies (certified as such by the Secretary or an assistant secretary of such WEST Subentity (or of a trustee therefor)) of the relevant organizational documents of each such WEST Subentity, as in effect on the Closing Date, and of the resolutions of such WEST Subentity (if relevant), and of any required consent relating to the transactions contemplated in the Operative Documents.

 

(dd)                          (i) None of Willis and any Issuer Group Member shall have sustained since the date of the Preliminary Offering Memorandum any material loss or interference with its business from any court or governmental action, order or decree, other than as set forth in or contemplated by the Preliminary Offering Memorandum or (ii) since such date there shall not have been any change in the equity capital or debt of any of the Issuer Group Members (other than as a result of the issuance and delivery of the Notes), or any change, or any development which would reasonably be expected to result in a prospective change, in or affecting the consolidated financial condition, results of operations, business,  properties or assets of Willis, any of the Issuer Group Members or any Initial Engine, or the ability of Willis or any Issuer Group Member to perform their respective obligations under the Operative Documents to which they are a party, other than as set forth in or contemplated by the Preliminary Offering Memorandum, the effect of which, in any such case described in clause (i) or (ii), is, in the judgment of the Initial Purchasers, so material and adverse as to make it impracticable or inadvisable to proceed with the sale or the delivery of the Notes on the Closing Date on the terms and in the manner contemplated by the Preliminary Offering Memorandum.

 

(ee)    The Initial Purchasers shall have received all opinions, certificates, and other documents required under any other Operative Document to be delivered by Willis, the Company or any subsidiary thereof and/or its counsel in connection with the transactions contemplated thereby, and each such opinion shall be dated the Closing Date and addressed to the Initial Purchasers.

 

(ff)        Clifford Chance US LLP shall have been furnished with such other documents and opinions, in addition to those set forth above, as they may reasonably require for the purpose of enabling them to review or pass upon the matters referred to in this Agreement and in order to evidence the accuracy, completeness or satisfaction in all material respects of any of the representations, warranties or conditions herein contained.

 

(gg)                          On or prior to the Closing Date, the accounts required to be established by the Closing Date pursuant to Section 3.01 of the Indenture shall have been established as required thereby.

 

(hh)                          On or prior to the Closing Date, the certificateless depositary interests related to the Global Notes shall have been accepted for settlement through the facilities of DTC.

 

(ii)          Subsequent to the date and time that this Agreement was executed there shall not have occurred any of the following: (i) trading in securities generally on the New York Stock Exchange or the American Stock Exchange or in the over-the-counter market, or trading in any securities of the Company on any exchange or in the over-the-counter market, shall have been suspended or minimum prices shall have been established on any such exchange or such market by the Commission, by such exchange or by any other regulatory body or governmental authority having jurisdiction, (ii) a banking moratorium shall have been declared by Federal or state authorities, (iii)  the United States shall have become engaged in hostilities, there shall have been an escalation in hostilities involving the United States or there shall have been a declaration of a national emergency or war by the United States, (iv) any major disruption of settlements of securities or clearance services in the United States, (v) a material adverse change in general economic, political or financial conditions (or the effect of international conditions on the financial markets in the United States shall be such), or (vi) a change or development involving a prospective change in United States taxation affecting the Company, the Notes or the transfer thereof or the imposition of exchange controls by the United States, the effect of which, in case of either clause (iii), clause (v) or clause (vi), is to make it, in the reasonable judgment of the Initial Purchasers, impracticable or inadvisable to proceed with the sale or delivery of the Notes on the terms and in the manner contemplated in the Offering Memorandum.

 

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All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance satisfactory to Clifford Chance US LLP.

 

9.               Indemnification.  (a)  Each of Willis and the Company, jointly and severally, will indemnify and hold harmless each Initial Purchaser and each person or entity, if any, who controls any Initial Purchaser within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, or is under direct or indirect common control with, or is directly or indirectly controlled by, any Initial Purchaser, and each of the respective directors, officers, agents and employees of each such person and each Initial Purchaser (excluding any Affiliate of any Initial Purchaser which purchases Notes from any Initial Purchaser as a principal and not for resale) (the “Initial Purchaser Indemnified Party”), from and against any losses, claims, damages or liabilities, joint or several, to which such Initial Purchaser Indemnified Party may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Memorandum, the Offering Memorandum or any Marketing Materials (in each case as amended or supplemented), or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and will reimburse each Initial Purchaser Indemnified Party for any legal or other expenses reasonably incurred by such Initial Purchaser Indemnified Party in connection with investigating or defending any such action or claim as such expenses are incurred; provided,  however, that none of Willis or the Company shall be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement in or omission or alleged omission from the Preliminary Offering Memorandum, the Offering Memorandum or any Marketing Materials (in each case as amended or supplemented), in reliance upon and in conformity with the Initial Purchasers’ Information concerning the Initial Purchasers; provided further, however, that in the event (x) an untrue statement or alleged untrue statement of a material fact is contained in the Initial Preliminary Offering Memorandum or the Initial Preliminary Offering Memorandum omits or allegedly omits to state therein a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and such untrue statement or alleged untrue statement of a material fact is subsequently corrected or such omitted fact or alleged omitted fact is subsequently included in the Preliminary Offering Memorandum (a “Material Disclosure Change”), (y) the Initial Purchasers do not provide an investor in the Notes with the Preliminary Offering Memorandum, or otherwise inform such investor of such Material Disclosure Change, and (z) it is finally judicially determined that a loss, claim, damage or liability arose from the facts described in clauses (x) and (y) above, then, to the extent that such loss, claim, damage or liability arose from such Material Disclosure Change, neither Willis nor the Company shall have any obligation to any Initial Purchaser Indemnified Party under this Section 9(a) in respect of such loss, claim, damage or liability.

 

(b)         Each Initial Purchaser will severally indemnify and hold harmless each of Willis and the Company and each person and entity, if any, who controls Willis or the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, or is under direct or indirect common control with, or is directly or indirectly controlled by, Willis or the Company, and each of the respective directors, officers, agents and employees of each such person, entity, Willis or the Company (each, a “Willis Indemnified Party”) against any losses, claims, damages or liabilities to which such Willis Indemnified Party may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Memorandum, the Offering Memorandum or any Marketing Materials (in each case as amended or supplemented) or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Preliminary Offering Memorandum, the Offering Memorandum or any Marketing Materials (in each case as amended or supplemented) in reliance upon and in conformity with the Initial Purchasers’ Information concerning the Initial Purchasers; and will reimburse such Willis Indemnified Party for any legal or other expenses reasonably incurred by such Willis Indemnified Party in connection with investigating or defending such action or claim as such expenses are incurred.  

 

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Notwithstanding the provisions of this Section 9, no Initial Purchaser shall be required to contribute or indemnify any amount in excess of the amount by which the initial purchaser fee received by such Initial Purchaser with respect to the Notes initially purchased by it exceeds the amount of any damages which such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. The Initial Purchasers’ obligations in this Section 9 to contribute are several in proportion to their respective purchasing obligations and not joint.

 

(c)          Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under such subsection.  In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation.  No indemnifying party shall, without the written consent of the indemnified party, which shall not be unreasonably withheld or delayed, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure to act, by or on behalf of any indemnified party, but if settled with the consent of the indemnifying party or if there is a final judgment of the plaintiff in any such action, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment.

 

(d)         If the indemnification provided for in this Section 9 is unavailable to or insufficient to hold harmless an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages, liabilities or expenses (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by Willis and the Company on the one hand and the Initial Purchasers on the other from the offering of the Notes.  

 

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If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice required under subsection (c) above (where such failure did not materially prejudice the indemnifying party), then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of Willis and the Company on the one hand and the Initial Purchasers on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations.  The relative benefits received by Willis and the Company on the one hand and the Initial Purchasers on the other shall be deemed to be in the same proportion as the total net proceeds from the Offering of the Notes (before deducting expenses) received by Willis and the Company bear to the total fees, discounts and commissions received by the Initial Purchasers.  The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading relates to information supplied by Willis and the Company on the one hand or by the Initial Purchasers on the other and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  Each of Willis, the Company and the Initial Purchasers agree that it would not be just and equitable if contribution pursuant to this Section 9(d) were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 9(d).  The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this Section 9(d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.  Notwithstanding the provisions of this Section 9(d), no Initial Purchaser shall be required to contribute or indemnify any amount in excess of the amount by which the initial purchaser fee received by such Initial Purchaser with respect to the Notes initially purchased by it exceeds the amount of any damages which such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. The Initial Purchasers’ obligations in this Section 9(d) to contribute are several in proportion to their respective purchasing obligations and not joint.

 

(e)          The obligations of each of Willis and the Company under this Section 9 shall be in addition to any liability which Willis and the Company may otherwise have and shall extend, upon the same terms and conditions, to any affiliate of any Initial Purchaser and each person or entity, if any, who controls any Initial Purchaser within the meaning of the Securities Act; and the obligations of the Initial Purchasers under this Section 9 shall be in addition to any liability which the Initial Purchasers may otherwise have and shall extend, upon the same terms and conditions, to each Affiliate, officer and director of Willis or the Company and to each person or entity, if any, who controls any of Willis or the Company within the meaning of the Securities Act.

 

10.         Termination.  The obligations of the Initial Purchasers hereunder may be terminated by the Initial Purchasers by notice given to the Company prior to delivery of and payment for the Notes, if, prior to that time, any of the events described in Section 8(dd) shall have occurred or if the Initial Purchasers shall decline to purchase the Notes because any other condition of the Initial Purchasers’ obligations hereunder required to be fulfilled by the Company is not fulfilled.

 

11.         Survival.  The respective indemnities, agreements, representations, warranties and other statements of each of Willis, the Company, the Initial Purchasers and their respective successors, officers, directors, employees, agents, representatives and assigns set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation or statement as to the results thereof, made by or on behalf of Willis, the Company, the Initial Purchasers or any of their respective successors, officers, directors, employees, agents, representatives, controlling persons referred to in Section 9 hereof or assignees, and will survive delivery of and payment for the Notes and the termination of this Agreement.

 

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12.         Notices.  All communications provided for or permitted hereunder shall be in writing and will be mailed, delivered or sent by facsimile transmission:

 

	
 
    	
 
    	
if   to the Initial Purchasers, at:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Credit Agricole Securities (USA) Inc.
    
	
 
    	
 
    	
1301   Avenue of the Americas
    
	
 
    	
 
    	
New   York, NY 10019
    
	
 
    	
 
    	
Attention:
    	
Debt   Capital Markets — Securitization
    
	
 
    	
 
    	
Facsimile   No.:
    	
+1   917-849-5584
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Goldman,   Sachs & Co.
    
	
 
    	
 
    	
200   West Street
    
	
 
    	
 
    	
New   York, NY 10282
    
	
 
    	
 
    	
Attention:
    	
John   Wikoff
    
	
 
    	
 
    	
Facsimile   No.:
    	
+1   212-902-0373
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
with   a copy to:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Clifford   Chance US LLP
    
	
 
    	
 
    	
31   West 52nd Street
    
	
 
    	
 
    	
New   York, New York 10019
    
	
 
    	
 
    	
Attention:
    	
Zarrar   Sehgal
    
	
 
    	
 
    	
Facsimile   No.:
    	
+1   212 878 8375
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
if   to Willis at:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Willis   Lease Finance Corporation
    
	
 
    	
 
    	
773   San Marin Drive
    
	
 
    	
 
    	
Novato, CA 94945
    
	
 
    	
 
    	
Attention: General Counsel
    
	
 
    	
 
    	
Facsimile: (415) 408-4702
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
with   a copy to:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Pillsbury   Winthrop Shaw Pittman LLP
    
	
 
    	
 
    	
1540   Broadway
    
	
 
    	
 
    	
New   York, NY 10036
    
	
 
    	
 
    	
Attention:   William C. Bowers
    
	
 
    	
 
    	
Facsimile:   (917) 464-6642
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
and
    

 

30

 

	
 
    	
 
    	
if   to the Company at:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Willis   Engine Securitization Trust II
    
	
 
    	
 
    	
c/o   Wilmington Trust Company
    
	
 
    	
 
    	
1100   North Market Street
    
	
 
    	
 
    	
Wilmington,   Delaware 19890-1605
    
	
 
    	
 
    	
Attention:   Corporate   Trust Administrator
    
	
 
    	
 
    	
Facsimile:    (302) 651-8882
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
With   a copy to:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Willis   Lease Finance Corporation
    
	
 
    	
 
    	
773 San Marin Drive, Suite 2215
    
	
 
    	
 
    	
Novato, CA 94945
    
	
 
    	
 
    	
Attention:   General Counsel
    
	
 
    	
 
    	
Facsimile:   (415) 408-4702
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Pillsbury   Winthrop Shaw Pittman LLP
    
	
 
    	
 
    	
1540   Broadway
    
	
 
    	
 
    	
New   York, NY 10036
    
	
 
    	
 
    	
Attention:   William C. Bowers
    
	
 
    	
 
    	
Facsimile:   (917) 464-6642
    

 

or to such other address as any party to this Agreement may designate in writing to the other parties hereto.

 

13.         Successors.  This Agreement shall be binding upon the Initial Purchasers, Willis, the Company and its respective successors and assigns and shall inure to the benefit of the Initial Purchasers, Willis, the Company and its respective successors and assigns and the persons referred to in Section 9 as and to the extent specified therein.  The term “successors and assigns” shall not include a purchaser of the Notes from the Initial Purchasers merely because of such purchase.  This Agreement and the terms and provisions hereof are for the sole benefit of only those persons, except that the representations, warranties, indemnities and agreements of Willis and the Company contained in this Agreement shall also be deemed to be for the benefit of the person or persons or entity or entities, if any, who control the Initial Purchasers within the meaning of Section 15 of the Securities Act and except that the representations, warranties, indemnities and agreements of the Initial Purchasers contained in this Agreement shall also be deemed to be for the benefit of the person or persons or entity or entities, if any, who control Willis or the Company within the meaning of Section 15 of the Securities Act.

 

14.         Severability of Provisions.  Any covenant, provision, agreement or term of this Agreement that is prohibited or is held to be void 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.

 

15.         Entire Agreement.  This Agreement and the Fee Letter constitute the entire agreement and understanding of the parties hereto with respect to the matters and transactions contemplated hereby and supersedes all prior agreements and understandings whatsoever relating to such matters and transactions.

 

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16.         Amendment.  Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought.

 

17.         Headings.  The headings in this Agreement are for the purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

18.         Counterparts.  This Agreement may be executed by each of the parties hereto in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

 

19.         Consent to Jurisdiction.  Each of Willis and the Company (i) agrees that any legal suit, action or proceeding brought by the Initial Purchasers or any party indemnified under Section 9 hereof to enforce any rights under or with respect to this Agreement or any other document to which any Initial Purchasers or any party indemnified under Section 9 hereof is a party with Willis or the Company or the transactions contemplated hereby or thereby may be instituted in any federal court in The City of New York, State of New York, U.S.A.; provided, however, that if a federal court in the City of New York declines jurisdiction for any reason, any legal suit, action or proceeding brought by the Initial Purchasers or any party who is indemnified under Section 9 hereof to enforce any rights under or with respect to this Agreement or any other such document or the transactions contemplated hereby or thereby may be instituted in any state court in the City of New York, State of New York, U.S.A., (ii) irrevocably waives to the fullest extent permitted by law any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding instituted in the City of New York, State of New York, U.S.A., (iii) irrevocably waives to the fullest extent permitted by law any claim that and agrees not to claim or plead in any court that any such action, suit or proceeding brought in a court in the City of New York, State of New York, U.S.A. has been brought in an inconvenient forum and (iv) irrevocably submits to the non-exclusive jurisdiction of any such court in any such suit, action or proceeding or for recognition and enforcement of any judgment in respect thereof.

 

The Initial Purchasers (i) agree that any legal suit, action or proceeding brought by Willis, the Company or any other Willis Indemnified Party to enforce any rights under or with respect to this Agreement or any other document to which Willis, the Company or any other Willis Indemnified Party is a party with the Initial Purchasers or any party indemnified under Section 9 hereof or the transactions contemplated hereby or thereby may be instituted in any federal court in The City of New York, State of New York, U.S.A.; provided, however, that if a federal court in the City of New York declines jurisdiction for any reason, any legal suit, action or proceeding brought by Willis, the Company or any other Willis Indemnified Party to enforce any rights under or with respect to this Agreement or any other such document or the transactions contemplated hereby or thereby may be instituted in any state court in the City of New York, State of New York, U.S.A., (ii) irrevocably waive to the fullest extent permitted by law any objection which they may now or hereafter have to the laying of venue of any such suit, action or proceeding instituted in the City of New York, State of New York, U.S.A., (iii) irrevocably waive to the fullest extent permitted by law any claim that and agree not to claim or plead in any court that any such action, suit or proceeding brought in a court in the City of New York, State of New York, U.S.A. has been brought in an inconvenient forum and (iv) irrevocably submit to the non-exclusive jurisdiction of any such court in any such suit, action or proceeding or for recognition and enforcement of any judgment in respect thereof.

 

32

 

Each of Willis and the Company hereby irrevocably and unconditionally designates and appoints Corporation Service Company (with an office on the date hereof at 1133 Avenue of the Americas, Suite 3100, New York, New York 10036) (the “Agent”) (and any successor entity), as its authorized agent to receive and forward on its behalf service of any and all process which may be served in any such suit, action or proceeding in any such court and agrees that service of process upon the Agent shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and shall be taken and held to be valid personal service upon it during the period ending five years from the date of this Agreement.  Said designation and appointment shall be irrevocable until the end of such five-year period.  Nothing in this Section 19 shall affect the right of the Initial Purchasers, their affiliates or any indemnified party to serve process in any manner permitted by law.  Each of Willis and the Company further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of the Agent in full force and effect so long as the Notes are outstanding but in no event for a period longer than five years from the date of this Agreement.  The Company hereby irrevocably and unconditionally authorizes and directs the Agent to accept such service on their behalf.  If for any reason the Agent ceases to be available to act as such within the period ending five years from the date of this Agreement, each of Willis and the Company agrees to designate a new agent in New York City on the terms and for the purposes of this provision reasonably satisfactory to the Initial Purchasers.

 

To the extent that either Willis or the Company has or hereafter may acquire any immunity from jurisdiction of any court (including, without limitation, any court in the United States or the State of New York) or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property or assets, this Agreement, or any other documents or actions to enforce judgments in respect of any thereof, it hereby irrevocably waives such immunity, and any defense based on such immunity, in respect of its obligations under the above-referenced documents and the transactions contemplated thereby, to the extent permitted by law.

 

20.         WAIVER OF JURY TRIAL.  THE PARTIES HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY (BUT NO OTHER JUDICIAL REMEDIES) IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.

 

21.         GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS THEREOF TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WILL BE REQUIRED THEREBY.

 

22.         Definition of the Term “Business Day”.  For purposes of this Agreement, “business day” means any day on which The New York Stock Exchange, Inc. is open for trading.

 

33

 

23.         Fiduciary Responsibility.  Each of Willis and the Company acknowledges and agrees that: (i) the purchase and sale of the Notes pursuant to this Agreement, including the determination of the offering price of such Notes and any related discounts and commissions, is an arm’s-length commercial transaction between the Company and the Initial Purchasers and the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement; (ii) in connection with each transaction contemplated hereby and the process leading to such transaction each Initial Purchaser is and has been acting solely as a principal and is not the agent, with the exception of Credit Agricole Securities (USA) Inc. in its capacity as Structuring Agent of the Company in connection with the Offering, or fiduciary of the Company or its Affiliates, beneficial interest holder(s), creditors or employees or any other party; (iii) the Initial Purchasers have not assumed and will not assume a fiduciary responsibility in favor of either of Willis or the Company with respect to any of the transactions contemplated hereby or the process leading thereto (irrespective of whether any such Initial Purchaser has advised or is currently advising the Company on other matters) or any other obligation to the Company except for the obligations expressly set forth in this Agreement, with the exception of Credit Agricole Securities (USA) Inc. in its capacity as Structuring Agent in connection with this transaction; (iv) the Initial Purchasers and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company and that the Initial Purchasers have no obligation to disclose any of such interests by virtue of any fiduciary or advisory relationship; and (v) the Initial Purchasers have not provided, and the Company and Willis have not relied on the Initial Purchasers for, any legal, accounting, regulatory or tax advice with respect to compliance with or registration under any statute, rule or regulation of any governmental, regulatory, administrative or other agency or authority or the Offering contemplated hereby and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.

 

[Signature Pages Follow]

 

34

 

If the foregoing correctly sets forth the agreement between the parties please indicate your acceptance in the space provided for that purpose below.

 

	
 
    	
 
    	
Very   truly yours,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
WILLIS   ENGINE SECURITIZATION TRUST II
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Thomas C. Nord
    
	
 
    	
 
    	
 
    	
Name:   
    	
Thomas   C. Nord
    
	
 
    	
 
    	
 
    	
Title:
    	
Controlling   Trustee
    
	
 
    	
 
    	
 
    	
 
    	
Willis   Engine Securitization Trust
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
WILLIS   LEASE FINANCE CORPORATION
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Bradley S. Forsyth
    
	
 
    	
 
    	
 
    	
Name:
    	
Bradley   S. Forsyth
    
	
 
    	
 
    	
 
    	
Title:
    	
Senior   Vice President
    
	
 
    	
 
    	
 
    	
 
    	
Chief   Financial Officer
    

 

Accepted:

 

CREDIT AGRICOLE SECURITIES (USA) INC.

as an Initial Purchaser and Structuring Agent

 

 

	
By:
    	
/s/   Leo Burrell
    	
 
    	
 
    
	
 
    	
Name:
    	
Leo   Burrell
    	
 
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
GOLDMAN,   SACHS & CO.
    	
 
    	
 
    
	
as   an Initial Purchaser
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/   Goldman, Sachs & Co. / Greg Lee
    	
 
    	
 
    
	
 
    	
Name:
    	
Greg   Lee
    	
 
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    	
 
    	
 
    

 

[Signature Page to Note Purchase Agreement]

 

 

SCHEDULE I

 

	
 
    	
 
    	
Principal Amount
   Class 2012-A Term Notes
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Notes to be resold to QIBs under Rule 144A
    	
 
    	
$
    	
390,000,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Notes to be resold in offshore transactions   meeting the requirements of Regulation S
    	
 
    	
$
    	
0
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Notes to be resold to Institutional Accredited   Investors
    	
 
    	
$
    	
0
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Total
    	
 
    	
$
    	
390,000,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Purchase Price
    	
 
    	
100.0000
    	
%
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Principal
    	
 
    
	
 
    	
 
    	
Amount of
    	
 
    
	
Name
    	
 
    	
Class 2012-A Term Notes
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Credit Agricole   Securities (USA) Inc.
    	
 
    	
$
    	
292,500,000
    	
 
    
	
Goldman, Sachs & Co.
    	
 
    	
$
    	
97,500,000
    	
 
    
	
Total
    	
 
    	
$
    	
390,000,000
    	
 
    

 

 

SCHEDULE II

 

RELEVANT ENGINE AND LEASE INFORMATION

 

Initial Engines

 

	
Manufacturer
    	
 
    	
Model
    	
 
    	
ESN
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Rolls Royce
    	
 
    	
3007A
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Rolls Royce
    	
 
    	
3007A
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Rolls Royce
    	
 
    	
RB211-535
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Rolls Royce
    	
 
    	
RB211-535
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Rolls-Royce
    	
 
    	
RB211-535
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
General Electric
    	
 
    	
CF34-3B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
General Electric
    	
 
    	
CF34-3B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
General Electric
    	
 
    	
CF34-10E
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
General Electric
    	
 
    	
CF6-80C2B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
General Electric
    	
 
    	
CF6-80C2B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
General Electric
    	
 
    	
CF6-80C2B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
General Electric
    	
 
    	
CF6-80C2B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
General Electric
    	
 
    	
CF6-80C2B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
General Electric
    	
 
    	
CF6-80C2B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
General Electric
    	
 
    	
CF6-80C2B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
General Electric
    	
 
    	
CF6-80C2B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
General Electric
    	
 
    	
CF6-80C2B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-3C1
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-3C1
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-3C1
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5A
    	
 
    	
***
    

 

*** Confidential information omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

 

Sch. II-1

 

	
CFM International
    	
 
    	
CFM56-5A
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5A
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5C
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5C
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5C
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5C
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5C
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-5C
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    

 

*** Confidential information omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

 

Sch. II-2

 

	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
CFM International
    	
 
    	
CFM56-7B
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Pratt & Whitney
    	
 
    	
PW2000
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Pratt & Whitney
    	
 
    	
PW2000
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Pratt & Whitney
    	
 
    	
PW4060
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Pratt & Whitney
    	
 
    	
PW4060
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Pratt & Whitney
    	
 
    	
PW4062
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Pratt & Whitney
    	
 
    	
PW4100
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Pratt & Whitney
    	
 
    	
PW4100
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Pratt & Whitney
    	
 
    	
PW4100
    	
 
    	
***
    

 

*** Confidential information omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

 

Sch. II-3

 

	
Pratt & Whitney
    	
 
    	
PW150A
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Pratt & Whitney
    	
 
    	
PW150A
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
International Aero Engines
    	
 
    	
V2500
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
International Aero Engines
    	
 
    	
V2500
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
International Aero Engines
    	
 
    	
V2500
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
International Aero Engines
    	
 
    	
V2500
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
International Aero Engines
    	
 
    	
V2500
    	
 
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
International Aero Engines
    	
 
    	
V2500
    	
 
    	
***
    

 

Lease Documents

 

Each Lease Assignment, Lease Novation (each, as defined in the WEST Engine Transfer Agreement or the Facility Engine Transfer Agreement, as applicable) and any amendments or other documents related thereto (as and when so delivered), together with all of the following documents:

 

	
Ref No.
    	
 
    	
Manufacturer,
   Model and
   Serial No.
    	
 
    	
Lessee
    	
 
    	
Lease Documents
    
	
1
    	
 
    	
CFM International, CFM56-5B4/P,   ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
2
    	
 
    	
CFM International, CFM56-5B4/3, ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
3
    	
 
    	
CFM International, CFM56-5B4/3, ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
4
    	
 
    	
CFM   International, CFM56-5B4/3, ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
5
    	
 
    	
CFM   International, CFM56-5B4/3, ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    

 

*** Confidential information omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

 

Sch. II-4

 

	
Ref No.
    	
 
    	
Manufacturer,
   Model and
   Serial No.
    	
 
    	
Lessee
    	
 
    	
Lease Documents
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
6
    	
 
    	
Pratt &   Whitney PW4060-3 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
7
    	
 
    	
CFM International,  CFM56-7B22, ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
9
    	
 
    	
Pratt &   Whitney, PW4168A, ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
10
    	
 
    	
CFM International  CFM56-7B24  ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
11
    	
 
    	
CFM56-7B24/3   ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
12
    	
 
    	
General   Electric CF6-80C2B1F ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    

 

*** Confidential information omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

 

Sch. II-5

 

	
Ref No.
    	
 
    	
Manufacturer,
   Model and
   Serial No.
    	
 
    	
Lessee
    	
 
    	
Lease Documents
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
13
    	
 
    	
CFM   International CFM56-3C-1 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
14
    	
 
    	
General   Electric CF680C2B2F ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
15
    	
 
    	
CFM International  CFM56-7B24  ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
16
    	
 
    	
CFM International  CFM56-7B26/3  ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
17
    	
 
    	
CFM International  CFM56-7B24  ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
18
    	
 
    	
CFM International  CFM56-7B24/3  ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    

 

*** Confidential information omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

 

Sch. II-6

 

	
Ref No.
    	
 
    	
Manufacturer,
   Model and
   Serial No.
    	
 
    	
Lessee
    	
 
    	
Lease Documents
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
19
    	
 
    	
CFM International  CFM56-7B24/3  ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
20
    	
 
    	
CFM International  CFM56-7B26/3  ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
21
    	
 
    	
Pratt &   Whitney PW2040 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
22
    	
 
    	
CFM   International Inc. CFM56-7B27/3B1F ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
24
    	
 
    	
CFM   International CFM56-3C1 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
25
    	
 
    	
CFM International  CFM56-7B27/B1  ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    

 

*** Confidential information omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

 

Sch. II-7

 

	
Ref No.
    	
 
    	
Manufacturer,
   Model and
   Serial No.
    	
 
    	
Lessee
    	
 
    	
Lease Documents
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
26
    	
 
    	
IAE   International Aero Engines V2528-D5 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
27
    	
 
    	
CFM   International CFM56-5C4 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
28
    	
 
    	
CFM   International CFM56-5C3F 
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    

 

*** Confidential information omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

 

Sch. II-8

 

	
Ref No.
    	
 
    	
Manufacturer,
   Model and
   Serial No.
    	
 
    	
Lessee
    	
 
    	
Lease Documents
    
	
 
    	
 
    	
ESN   ***
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
29
    	
 
    	
Rolls-Royce   RB211-535E4 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
31
    	
 
    	
CFM International  CFM56-7B26/3  ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
32
    	
 
    	
CFM   International CFM56-5A5/F ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
33
    	
 
    	
CFM   International CFM56-5A1 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
34
    	
 
    	
CFM International  CFM56-7B24
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    

 

*** Confidential information omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

 

Sch. II-9

 

	
Ref No.
    	
 
    	
Manufacturer,
   Model and
   Serial No.
    	
 
    	
Lessee
    	
 
    	
Lease Documents
    
	
 
    	
 
    	
ESN ***
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
35
    	
 
    	
General   Electric CF6-80E1A3 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
36
    	
 
    	
General   Electric CF6-80C2B6 ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
37
    	
 
    	
General   Electric CF6-80C2B6 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
38
    	
 
    	
CFM   International CFM56-5A3 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    

 

*** Confidential information omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

 

Sch. II-10

 

	
Ref No.
    	
 
    	
Manufacturer,
   Model and
   Serial No.
    	
 
    	
Lessee
    	
 
    	
Lease Documents
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
39
    	
 
    	
IAE   International Aero Engines V2527-A5 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
40
    	
 
    	
CFM International  CFM56-5B4/3  ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
41
    	
 
    	
CFM International  CFM56-5B4/3  ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
42
    	
 
    	
CFM International  CFM56-7B24/3  ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
44
    	
 
    	
CFM International  CFM56-7B20  ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    

 

*** Confidential information omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

 

Sch. II-11

 

	
Ref No.
    	
 
    	
Manufacturer,
   Model and
   Serial No.
    	
 
    	
Lessee
    	
 
    	
Lease Documents
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
45
    	
 
    	
Pratt &   Whitney PW2037 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
46
    	
 
    	
CFM International  CFM56-7B26  ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
47
    	
 
    	
CFM   International, CFM56-7B27, ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
48
    	
 
    	
CFM   International, CFM56-7B24/3, 
    	
 
    	
***
    	
 
    	
·
    	
***
    

 

*** Confidential information omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

 

Sch. II-12

 

	
Ref No.
    	
 
    	
Manufacturer,
   Model and
   Serial No.
    	
 
    	
Lessee
    	
 
    	
Lease Documents
    
	
 
    	
 
    	
***
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
49
    	
 
    	
Pratt &   Whitney PW4168A ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
50
    	
 
    	
CFM International  CFM56-7B  ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
51
    	
 
    	
CFM   International CFM56-5B4/P ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
52
    	
 
    	
CFM   International CFM56-5C4/P ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
53
    	
 
    	
CFM   International CFM56-5C4/P ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
54
    	
 
    	
General   Electric CF6-80C2B6F ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
55
    	
 
    	
IAE   International Aero Engines 
    	
 
    	
***
    	
 
    	
·
    	
***
    

 

*** Confidential information omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

 

Sch. II-13

 

	
Ref No.
    	
 
    	
Manufacturer,
   Model and
   Serial No.
    	
 
    	
Lessee
    	
 
    	
Lease Documents
    
	
 
    	
 
    	
V2527-A5   ESN ***
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
56
    	
 
    	
Pratt &   Whitney PW4060-3 (may be operated as a PW4062-3) ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
57
    	
 
    	
IAE   International Aero Engines V2527-A5 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
58
    	
 
    	
CFM   International CFM56-3C1 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
59
    	
 
    	
CFM   International CFM56-5C4 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
60
    	
 
    	
CFM   International Inc. CFM56-7B27/3 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
61
    	
 
    	
CFM   International CF6-80C2B6F ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    

 

*** Confidential information omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

 

Sch. II-14

 

	
Ref No.
    	
 
    	
Manufacturer,
   Model and
   Serial No.
    	
 
    	
Lessee
    	
 
    	
Lease Documents
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
62
    	
 
    	
Pratt &   Whitney PW150A ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
63
    	
 
    	
CFM International  CFM56-5B4/3 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
64
    	
 
    	
Rolls   Royce RB211-535E4 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
65
    	
 
    	
CFM   International CF34-10E6 ESN ***
    	
 
    	
***
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·
    	
***
    

 

*** Confidential information omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

 

Sch. II-15

 

SCHEDULE III

 

	
 
    	
1.
    	
Brazil
    
	
 
    	
 
    	
 
    
	
 
    	
2.
    	
China
    
	
 
    	
 
    	
 
    
	
 
    	
3.
    	
Hungary
    
	
 
    	
 
    	
 
    
	
 
    	
4.
    	
Ireland
    
	
 
    	
 
    	
 
    
	
 
    	
5.
    	
Korea
    
	
 
    	
 
    	
 
    
	
 
    	
6.
    	
Mexico
    
	
 
    	
 
    	
 
    
	
 
    	
7.
    	
Norway
    
	
 
    	
 
    	
 
    
	
 
    	
8.
    	
Russia
    
	
 
    	
 
    	
 
    
	
 
    	
9.
    	
Saudi   Arabia
    
	
 
    	
 
    	
 
    
	
 
    	
10.
    	
Switzerland
    
	
 
    	
 
    	
 
    
	
 
    	
11.
    	
United Arab Emirates

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}]]