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EXHIBIT 10.5    
  

November 22,
2002 

Boeing
Capital Corporation

500 Naches Avenue SW

3rd Floor

Renton, WA 98055 

Ladies
and Gentlemen: 

        Reference
is hereby made to: 

	1)
	The
Boeing Company 364-Day Credit Agreement dated as of November 22, 2002 among The Boeing Company ("TBC"), the lenders named therein, JPMorgan Chase Bank, as
syndication agent, Salomon Smith Barney Inc. and J.P. Morgan Securities, Inc., as joint lead arrangers and joint book managers, and Citibank N.A. as administrative agent for such lenders
(as amended or modified from time to time, the "364-day Credit Agreement"), and

	2)
	The
Boeing Company Five-Year Credit Agreement dated as of September 25, 2000 among The Boeing Company ("TBC"), the lenders named therein, The Chase Manhattan Bank,
as syndication agent, Salomon Smith Barney Inc. and Chase Securities, Inc., as joint lead arrangers and joint book managers, and Citibank N.A. as administrative agent for such lenders
(as amended or modified from time to time, the "5-year Credit Agreement"). Capitalized terms used in this letter agreement that are not defined herein have the respective meanings
specified in the 364-day Credit Agreement or the 5-year Credit Agreement. 

        This
letter agreement (the "Letter Agreement") sets forth terms and conditions whereby TBC and Boeing Capital Corporation ("BCC") agree to designate BCC as a Subsidiary Borrower under
the 364-day Credit Agreement and the 5-year Credit Agreement (collectively, the "Credit Agreements"). 

	1.
	BCC
shall have the irrevocable right to borrow up to $1,500,000,000 (the "364-day Maximum Amount") under the terms and conditions of the 364-day Credit
Agreement, and BCC shall have the irrevocable right to borrow up to $500,000,000 (the "5-year Maximum Amount," and together with the 364-day Maximum Amount, the "Maximum
Amounts") under the terms and conditions of the 5-year Credit Agreement.

	2.
	TBC
shall not terminate any of the Credit Agreements or take any other action that would impair BCC's ability to borrow the 364-day Maximum Amount or the 5-year
Maximum Amount under the Credit Agreements.

	3.
	Notwithstanding
the foregoing, TBC may take actions with regard to the Credit Agreements (e.g., amendment, restatement, cancellation and replacement) so long as the resulting credit
support available to BCC up to the Maximum Amounts is acceptable to the nationally recognized rating agencies providing credit ratings for BCC.

	4.
	TBC
agrees in advance to approve all BCC actions pursuant to its right as a Subsidiary Borrower under the Credit Agreements that would require TBC's consent. No written TBC approvals
to BCC actions under the Credit Agreements will be required except those written consents explicitly required by the terms of the Credit Agreements (e.g., notice of borrowing, guaranty, and legal
opinions).

	5.
	TBC
agrees to guaranty unconditionally BCC borrowings up to the Maximum Amounts and other obligations of BCC as a Subsidiary Borrower on terms consistent with Exhibit J to the
364-day Credit Agreement and Exhibit H to the 5-year Credit Agreement, respectively, including BCC's Notes thereunder.

	6.
	TBC
and BCC will promptly and duly execute and deliver such further documents and assurances and take such further actions as may from time to time be necessary to carry out the intent
and purpose of this Letter Agreement. 

	7.
	So
that BCC may make a representation in the Borrower Subsidiary Letter relating to each Credit Agreement, TBC certifies to BCC that TBC's Consolidated statement of financial position
as of December 31, 2001 and the related Consolidated statement of earnings and retained earnings for the year then ended (copies of which have been furnished to each Lender) correctly set forth
the Consolidated financial condition of TBC and its Subsidiaries as of such date and the result of the Consolidated operations for such year, and since such date there has been no material adverse
change in such condition or operations that is likely to impair the ability of TBC to repay the Advances.

	8.
	This
Letter Agreement sets forth in full the terms of our understanding with respect to the subject matter described herein and supercedes in its entirety the Letter Agreement, dated
November 4, 2002 entered into between TBC and BCC. 

        Please
acknowledge your agreement to the foregoing by signing in the space indicated below. 

	Sincerely,	 
	

The Boeing Company	

 
	

By:	

 	

 
	 	
 David A. Dohnalek
 Assistant Treasurer	 
	

Acknowledged and Agreed:	

 
	

Boeing Capital Corporation	

 
	

By:	

 	

 
	 	
 John F. Rosenthal
 Treasurer	 

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Exhibit 4.(b)    
  

ABC
  PROTECTIVE LIFE INSURANCE COMPANY / P. O. BOX 2606 / BIRMINGHAM, ALABAMA 35202  

  
 

    GUARANTEED INSURABILITY RIDER    
  

        The Company has issued this rider as a part of the policy to which it is attached. It is issued in return for the
application and the payment of the charge for this rider. All terms of the policy apply to this rider except those that disagree with this rider. 

        This
rider provides the right to buy additional insurance on the lives of the Joint Insureds ("the option") without evidence of insurability. The Company discusses this right and the
rules that apply to it in the provisions which follow. 

        Benefits.    On each Option Date, the Company will increase the Basic Face
Amount of the policy without evidence of insurability. The increase will be for an amount not to exceed the Benefit Amount of this rider for the Option Date shown on the Policy Specifications Page or
supplemental Policy Specifications Page. The increase will become effective only if the Company receives a timely election of option and at least one of the Joint Insureds is alive on the Option Date. 

        Option Date.    The Option Date is the date shown on the Policy
Specifications Page or supplemental Policy Specifications Page. If more than one date is shown, then the rider provisions apply to each such date. 

        Exercise of Option.    An option may be exercised by the Owner while at
least one of the Joint Insureds is living and the Exercise of Option is in effect by delivering to the Company a proper written request on or before an Option Date. If an option is not exercised on or
before an Option Date, it will expire. 

        Effective Date of Increase.    When an option is exercised, the increase
will be effective as of the corresponding Option Date. However, the increase will not be effective unless at least one of the Joint Insureds is alive on that Option Date. 

        Cost of Insurance For Increase in Basic Face Amount.    The Company will
compute the Cost of Insurance for the increase in Basic Face Amount on each Option Date of the policy using the same rate class of each Joint Insured as was used on the policy. 

        Administration Charge for Increase in Basic Face Amount.    The maximum
monthly administration charge is equal to the lesser of $250 or the sum of (a) plus (b) where: 

	(a)
	is
$23.50; and
        

	(b)
	is
$.06 per every $1,000 of increase in Basic Face Amount. 

        The
monthly administration charge applies during the twelve month period following the effective date of each increase in Basic Face Amount. The Company reserves the right to charge less
than the maximum charge. 

        Decreasing
the Face Amount after the Effective Date of an Increase under this Rider. Notwithstanding the provisions of the policy regarding the order of Face Amount decreases, any Face
Amount decrease requested by the Owner after the effective date of an increase under this rider, will first be applied against the Face Amount in the reverse order in which Face Amount increases
occurred, irrespective of
whether such increases were in Basic Face Amount under this rider or Supplemental Face Amount under the terms of the policy. 

1

 

        Withdrawals after the Effective Date of an Increase under this Rider. Notwithstanding the provisions of the policy regarding the order of Face Amount decreases after a Withdrawal, if a
Level Death Benefit Option is in effect, the order of any Face Amount reductions will be as provided in the provision "Decreasing the Face Amount after the Effective Date of an Increase under this
Rider". 

        Changing
the Death Benefit Option after the Effective Date of an Increase under this Rider. Notwithstanding the provisions of the policy regarding the order of Face Amount decreases
after a change from the Level Death Benefit Option to the Increasing Death Benefit Option, the order of Face Amount reductions will be as provided in the provision "Decreasing the Face Amount after
the Effective Date of an Increase under this Rider". 

        Restrictions and Exclusions.    Any increase will be subject to the same
restrictions and exclusions, if any, as were included in the policy when it was issued. 

        The
Suicide provision of the policy will apply to the increase from each Effective Date of Increase. The Representations and Contestability provision of the policy will apply from the
Rider Effective Date. 

        Rider Effective Date.    This rider shall be effective on the later of: 

	1.
	the
Policy Effective Date of the policy;
                

	2.
	the
date the Company approves a supplemental application for issue of this rider; or
                

	3.
	the
date the Company approves a reinstatement application for the policy. 

        Termination.    The Exercise of Option and rider charge terminate the
earlier of: 

	1.
	the
last Option Date;
                

	2.
	the
date the policy terminates; or
                

	3.
	the
Monthly Anniversary Day on or next following the receipt by the Company of a written request by the Owner. 

        Rider Charge.    The rider charge for each option is shown on the Policy
Specification Page or supplemental Policy Specifications Page. 

        Signed
for the Company as of the Rider Effective Date which is the Effective Date. 

PROTECTIVE
LIFE INSURANCE COMPANY 

ABCDEF  

Secretary 

2

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Exhibit 4.(b)

GUARANTEED INSURABILITY RIDER

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