Document:

Exhibit 10.3

                    AMENDMENT OF CHANGE OF CONTROL AGREEMENT

     WHEREAS,  Everest Reinsurance Company (the "Company"),  Everest Reinsurance
Holdings,  Inc. ("Holdings") and Joseph V. Taranto ("Taranto") were parties to a
Change of  Control  Agreement  effective  as of July 15,  1998 (the  "Change  of
Control Agreement");

     WHEREAS,  pursuant  to a  restructuring  of  Holdings,  Holdings  became  a
wholly-owned subsidiary of Everest Re Group, Ltd. ("Everest Group");

     WHEREAS, in connection with the restructuring,  Everest Group established a
subsidiary, Everest Global Services, Inc. ("Everest Services");

     WHEREAS, the Change of Control Agreement was amended in connection with the
restructuring  to  reflect  provisions  relating  to the  restructuring  and the
establishment of Everest Services;

     WHEREAS,  Taranto has been transferred to employment with Everest Services,
Everest  Services was  substituted  for the Company  under the Change of Control
Agreement  and Everest  Services has adopted and become a party to the Change of
Control Agreement, all effective as of the date on which Taranto was transferred
to employment with Everest Services (the "Transfer Date");

     WHEREAS,  it is now  desirable to amend the Change of Control  Agreement to
reflect the actions  taken with  respect  thereto  effective  as of the Transfer
Date;

     NOW,  THEREFORE,  the  Change  of  Control  Agreement  is  hereby  amended,
effective as of the Transfer  Date,  by  substituting  the following for Section
1.J. of the Change of Control Agreement:

     "1.J.  For  periods on and after the  effective  date of the  restructuring
transaction  described  in the  Registration  Statement on Form S-4 (File Number
333-87361)  filed with the Securities  Exchange  Commission by Everest Re Group,
Ltd.  (`Everest  Group')  pursuant  to  which  Holdings  became  a  wholly-owned
subsidiary  of  Everest  Group (the  `Restructuring'),  Everest  Group  shall be
substituted  for Holdings  hereunder and all  references  to Holdings  hereunder
shall be changed to references to Everest Group. In addition,  for periods after
the date  that  Taranto  was  transferred  to  employment  with  Everest  Global
Services,  Inc. (`Everest  Services') (which date shall be referred to herein as
the  `Transfer  Date'),  all  references  herein to the  Company  (other than in
paragraph  1.C  hereof)  shall be changed  to  references  to Everest  Services;
provided, however, that (i) Taranto's transfer of employment from the Company to
Everest  Services  shall not be  treated  as a  termination  of  employment  for
purposes of this Agreement,  and (ii) to the extent that Everest Services fails,
for any  reason,  to meet  its  financial  obligations  hereunder,  the  Everest

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Reinsurance  Company shall have full  responsibility  and liability for all such
obligations."

     IN WITNESS WHEREOF,  the parties have executed this amendment to the Change
of Control Agreement on 30th day of March, 2001.

                                    Everest Reinsurance Company

                                    By: /S/ JANET J. BURAK
                                    -------------------------------------------
                                    Janet J. Burak
                                    Senior Vice President

                                    Everest Reinsurance Holdings, Inc.

                                    By: /S/ JANET J. BURAK
                                    -------------------------------------------
                                    Janet J. Burak
                                    Senior Vice President

                                    Everest Re Group, Ltd.

                                    By: /S/ JANET J. BURAK
                                    -------------------------------------------
                                    Janet J. Burak
                                    Senior Vice President

                                    Everest Global Services, Inc.

                                    By: /S/ JANET J. BURAK
                                    -------------------------------------------
                                    Janet J. Burak
                                    Senior Vice President

                                    /S/ JOSEPH V. TARANTO
                                    -------------------------------------------
                                    Joseph V. Taranto

                                      -2-<PAGE>   1
                      OFFICER'S CERTIFICATE -- EXHIBIT 4.1

                                 CERTIFICATE OF
                            EXECUTIVE VICE PRESIDENT,
                         CO-CHIEF OPERATING OFFICER AND
                           CHIEF FINANCIAL OFFICER AND
                            VICE PRESIDENT, TREASURER
                             AND ASSISTANT SECRETARY
                      PURSUANT TO SECTIONS 201, 301 AND 303
                                OF THE INDENTURE

                                                             Dated: May 10, 2001

               The undersigned, ALAN H. LUND and PAMELA S. HENDRY, do hereby
certify that they are the duly appointed and acting Executive Vice President,
Co-Chief Operating Officer and Chief Financial Officer and Vice President,
Treasurer and Assistant Secretary, respectively, of INTERNATIONAL LEASE FINANCE
CORPORATION, a California corporation (the "Company"). Each of the undersigned
also hereby certifies, pursuant to Sections 201, 301 and 303 of the Indenture,
dated as of November 1, 2000 (the "Indenture"), between the Company and The Bank
of New York, as Trustee, that:

               A. There has been established pursuant to resolutions duly
adopted by the Board of Directors of the Company (a copy of such resolutions
being attached hereto as Exhibit B) and by a Special Committee of the Board of
Directors (a copy of such resolutions being attached hereto as Exhibit C) a
series of Securities (as that term is defined in the Indenture) to be issued
under the Indenture, with the following terms:

               1. The title of the Securities of the series is "4-3/4% Notes due
        June 2, 2003" (the "Notes").

               2. The limit upon the aggregate principal amount of the Notes
        which may be authenticated and delivered under the Indenture (except for
        Notes authenticated and delivered upon registration of, transfer of, or
        in exchange for, or in lieu of other Notes pursuant to Sections 304,
        305, 306, 906 or 1107 of the Indenture) is $250,000,000.

               3. Interest on the Notes shall be payable to the persons in whose
        name the Notes are registered at the close of business on the Regular
        Record Date (as defined in the Indenture) for such interest payment,
        except that interest payable on June 2, 2003 shall be payable to the
        persons to whom principal is payable on such date.

               4. The date on which the principal of the Notes is payable,
        unless accelerated pursuant to the Indenture, shall be June 2, 2003.

               5. The rate at which each of the Notes shall bear interest shall
        be 4-3/4% per annum. The date from which interest shall accrue for the
        Notes shall be May 10, 2001. The interest payment dates on which
        interest on the Notes shall be payable are each December 2 and June 2
        commencing December 2, 2001. The regular record dates for the

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        interest payable on the Notes on any interest payment date shall be the
        date 15 calendar days prior to such interest payment date.

               6. The place or places where the principal of and interest on the
        Notes shall be payable is at the office of the Trustee, 101 Barclay
        Street, Floor 7E, New York, New York 10286, provided that payment of
        interest, other than at Stated Maturity (as defined in the Indenture),
        may be made at the option of the Company by check mailed to the address
        of the person entitled thereto as such address shall appear in the
        Security Register (as defined in the Indenture).

               7. The Notes are not redeemable prior to June 2, 2003.

               8. There is no obligation of the Company to redeem or purchase
        the Notes pursuant to any sinking fund or analogous provisions, or to
        repay any of the Notes prior to Stated Maturity at the option of a
        holder thereof.

               9. The Notes shall be issued as Global Securities (as defined in
        the Indenture) under the Indenture and The Depository Trust Company is
        hereby designated as the Depositary for the Notes under the Indenture.

               10. The principal amount of the Notes shall be payable upon
        declaration of acceleration of the maturity thereof pursuant to Section
        502 of the Indenture.

               11. Interest on the Notes shall be computed on the basis of a
        360-day year of twelve 30-day months.

               B. The form of the Note is attached hereto as Exhibit A.

               C. The Trustee is appointed as Paying Agent (as defined in the
Indenture).

               D. The foregoing form and terms of the Notes have been
established in conformity with the provisions of the Indenture.

               E. Each of the undersigned has read the provisions of Sections
301 and 303 of the Indenture and the definitions relating thereto and the
resolutions adopted by the Board of Directors of the Company and delivered
herewith. In the opinion of each of the undersigned, he or she has made such
examination or investigation as is necessary to enable him or her to express an
informed opinion as to whether or not all conditions precedent provided in the
Indenture relating to the establishment, authentication and delivery of a series
of Securities under the Indenture, designated as the Notes in this Certificate,
have been complied with. In the opinion of each of the undersigned, all such
conditions precedent have been complied with.

               F. The undersigned Assistant Secretary, by execution of this
Certificate, thereby certifies the actions taken by the Special Committee of the
Board of Directors of the Company in determining and setting the specific terms
of the Notes, and hereby further certifies that attached hereto as Exhibits A, B
and C, respectively, are the form of certificate representing the Notes as duly
approved by the Special Committee of the Board of Directors of the Company, a
copy of resolutions duly adopted by the Board of Directors of the Company on
November 1,

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2000 and a copy of resolutions duly adopted by the Special Committee of the
Board of Directors as of May 7, 2001, pursuant to which the terms of the Notes
set forth above have been established.

                IN WITNESS WHEREOF, the undersigned have hereunto executed this
Certificate as of the date first above written.

                                    /s/ Alan H. Lund
                                    --------------------------------------------
                                    Alan H. Lund
                                    Executive Vice President, Co-Chief Operating
                                    Officer and Chief Financial Officer

                                    /s/ Pamela S. Hendry
                                    --------------------------------------------
                                    Pamela S. Hendry
                                    Vice President, Treasurer and
                                    Assistant Secretary

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