Document:

Exhibit 10.56

 

STOCK PURCHASE AGREEMENT

 

dated as of

 

December 8, 2006

 

between

 

FLIGHTTECHNICS LLC

 

as the Seller

 

and

 

WILLIS LEASE FINANCE CORPORATION

 

as the Buyer

 

 

STOCK PURCHASE AGREEMENT

 

STOCK PURCHASE
AGREEMENT (“ Agreement ”), dated
as of December 8, 2006 between Willis Lease Finance Corporation, a
Delaware corporation (“ Buyer ”),
and FlightTechnics LLC, a Delaware limited liability company (“ Seller ”).

 

RECITALS

 

A.            Seller owns and desires to sell 1,300,000 shares (“ Shares ”) of Common Stock.

 

B.            Seller has previously delivered a completed W-9 to Buyer.

 

C.            Buyer desires to purchase the Shares from Seller subject
to the terms and conditions hereinafter set forth.

 

AGREEMENT

 

In consideration
of the foregoing and the mutual covenants and agreements herein contained, and
intending to be legally bound hereby, the parties agree as follows:

 

ARTICLE 1: DEFINITIONS

 

SECTION 1.01.
Definitions .  The following terms, as used herein, have the
following meanings:

 

(a)           “Business Day” means any day that is
not a Saturday, a Sunday or other day on which banks are required or authorized
by Law to be closed in the city of San Francisco.

 

(b)           “Closing Date” means the date of the
Closing.

 

(c)           “Common Stock” means the common
stock, par value $0.01 per share, of Buyer.

 

(d)           “Lien” means, with respect to any
property or asset, any mortgage, lien, pledge, charge, security interest or
encumbrance in respect of such property or asset.

 

(e)           “Person” means an individual,
corporation, partnership, limited liability company, association, trust or
other entity or organization, including a government or political subdivision
or an agency or instrumentality thereof.

 

ARTICLE 2: PURCHASE AND SALE

 

SECTION 2.01.
Purchase and Sale .  Subject to the terms and conditions of this
Agreement, Seller agrees to sell to Buyer, and Buyer agrees to purchase from
Seller, all of the Shares at the Closing (as defined in Section 2.02
below).  The purchase price for the Shares (the “Purchase Price”) is $9.00
per share, for a total of $11,700,000 (the “ Aggregate
Purchase Price ”).

 

2

 

SECTION 2.02.
Closing .  The closing (the “ Closing
”) of the purchase and sale of the Shares hereunder shall take place
within 3 Business Days after the date hereof at the offices of Gibson, Dunn &
Crutcher LLP, located at One Montgomery Street, San Francisco,
California.  On the date hereof, Seller shall deliver to Gibson, Dunn &
Crutcher LLP a certificate or certificates representing the Shares (the “ Certificates ”) accompanied by stock powers
duly endorsed in blank, with any required transfer stamps affixed thereto to be
held in escrow until the Closing.  Buyer acknowledges that at any time
prior to closing, Seller may instruct Gibson, Dunn & Crutcher LLP to return
the Certificates and any accompanying stock powers to Seller.  At the
Closing:

 

(a)                                  Seller shall direct Gibson, Dunn &
Crutcher LLP to release and deliver the Certificates and any accompanying stock
powers to Buyer.

 

(b)                                 Buyer shall make payment of the Aggregate
Purchase Price for the Shares in U.S. dollars by wire transfer payable to
Thelen Reid & Priest LLP’s client trust account in an amount equal to
the Aggregate Purchase Price, pursuant to the wire instructions set forth on Exhibit A.

 

(c)                                  Upon release and delivery of the
Certificates and accompanying stock powers to Buyer, Gibson, Dunn &
Crutcher LLP shall inform Thelen Reid & Priest LLP of the release and
Thelen Reid & Priest LLP will thereupon release the Aggregate Purchase
Price to Seller.

 

SECTION 2.03.
Failure to Close .  If the parties shall fail to close the
transaction and consummate the purchase and sale of the Shares on or before the
third Business Day after each party has executed this Agreement, this Agreement
shall be void ab initio and be of no force and effect.

 

ARTICLE 3: REPRESENTATIONS AND
WARRANTIES OF SELLER

 

Seller represents
and warrants to Buyer as of the date hereof and as of the Closing Date that:

 

SECTION 3.01.
Existence and Power .  Seller is a limited liability company duly
organized, validly existing and in good standing under the laws of the State of
Delaware.

 

SECTION 3.02.
Authorization .  The execution, delivery and performance by Seller
of this Agreement and the consummation of the transactions contemplated hereby are
within the powers of Seller and have been duly authorized by all necessary
actions on the part of Seller, including any approvals required by its
members.  This Agreement constitutes a legal, valid and binding agreement
of Seller, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors’ rights and
remedies generally.

 

SECTION 3.03.
Ownership of Shares .  Seller is the record and beneficial owner of
the Shares, free and clear of any Lien, and will transfer and deliver to Buyer
at the Closing valid title to the Shares free and clear of any Lien. Seller has
not granted any option or other right to acquire the Shares to any Person.

 

3

 

SECTION 3.04.
Non-Contravention .  The execution and delivery by Seller of this
Agreement and the consummation of the transactions contemplated hereby will not
conflict with, constitute a default under or violate: (a) any of the
terms, conditions or provisions of its articles of formation or LLC operating
agreement; (b) any of the terms, conditions or provisions of any document,
agreement or other instrument to which Seller is a party or by which Seller’s
property is bound; or (c) any judgment, writ, injunction, decree, order or
ruling of any court or governmental authority binding on Seller or Seller’s
property.

 

SECTION 3.05.
Certain Acknowledgements .  In connection with the purchase and
sale contemplated by this Agreement, Seller hereby acknowledges that (a) Seller
has the capacity to protect its own interests based upon its own financial
expertise; and (b) Seller has been given the opportunity to review such
documents and information (including Buyer’s financial statements), and ask
such questions of management as Seller has deemed necessary or
appropriate.  Seller has done its own due diligence and research regarding
the valuation of Buyer, has made its own independent determination that the
Purchase Price is fair, adequate and in Seller’s best interests, and Seller has
not relied upon any statement, representation or warranty of Buyer or any of
its employees or agents in determining to sell the Shares for the Purchase
Price.

 

SECTION 3.06.
No Further Representations and Warranties . Other than the
Representations and Warranties set forth in Sections 3.01 to 3.05 above, no
additional representations and warranties are given or made by Seller.

 

ARTICLE 4: REPRESENTATIONS AND
WARRANTIES OF BUYER

 

Buyer represents
and warrants to Seller as of the date hereof and as of the Closing Date that:

 

SECTION 4.01.
Corporate Existence and Power .  Buyer is a corporation duly
incorporated, validly existing and in good standing under the laws of the State
of Delaware.

 

SECTION 4.02.
Corporate Authorization .  The execution, delivery and performance
by Buyer of this Agreement and the consummation of the transactions
contemplated hereby are within the corporate powers of Buyer and have been duly
authorized by all necessary corporate actions on the part of Buyer.  This
Agreement constitutes a legal, valid and binding agreement of Buyer,
enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency and similar laws affecting creditors’ rights and remedies generally.

 

SECTION 4.03.
Non-Contravention .  The execution and delivery by Buyer of this
Agreement and the consummation of the transactions contemplated hereby, and
compliance by Buyer with any of the provisions hereof, will not conflict with,
constitute a default under or violate (a) any of the terms, conditions or
provisions of its certificate of incorporation or by-laws; (b) any of the
terms, conditions or provisions of any document, agreement or other instrument
to which Buyer is a party or by which its property is bound; or (c) any
judgment, writ, injunction, decree, order or ruling of any court or
governmental authority binding on it or its property.

 

SECTION 4.04.
No Further Representations and Warranties . Other than the
Representations and Warranties set forth in Sections 4.01 to 4.03 above, no
additional representations and warranties are given or made by Buyer.

 

4

 

 

 

ARTICLE 5: FURTHER ASSURANCES

 

SECTION 5.01.
Further Assurances .  Subject to the terms and conditions of this
Agreement, Buyer and Seller will from time to time, after the Closing, take, or
cause to be taken, such other actions and execute and deliver to any other
party to this Agreement such further documents as may be reasonably requested
by any other party to the Agreement in order to assure and confirm to such
party

 

(a)                                  the rights created hereby or intended now
or hereafter so to be created by this Agreement; or

 

(b)                                 the validity of any assignment documents
or other documents of conveyance to be delivered at the Closing.

 

ARTICLE 6: MISCELLANEOUS

 

SECTION 6.01.
Notices .  All notices and other communications hereunder shall be
in writing and shall be deemed duly given (a) on the date of delivery if
delivered personally, or if by facsimile, upon written confirmation of receipt
by facsimile, e-mail or otherwise, or (b) on the first Business Day
following the date of dispatch if delivered utilizing a next-day service by a
recognized next-day courier.  All notices hereunder shall be delivered to
the addresses set forth below, or pursuant to such other instructions as may be
designated in writing by the party to receive such notice:

 

If to Buyer, at:                                                                    2320 Marinship Way, Suite 300 

Sausalito, California 94965 

Attention:  Thomas C. Nord, Esq. 

Facsimile:  (415) 331-5167

 

with a copy (which shall
not constitute notice) to:

 

                                                                                                                                                Gibson, Dunn & Crutcher LLP 

One Montgomery Street 

31st Floor 

San Francisco, California 94104 

Attention:  Peter T. Heilmann, Esq. 

Facsimile:  (415) 374-8450

 

If to Seller, at:                                                                       FlightTechnics LLC 

c/o Wenger Plattner 

Seestrasse 39 

Goldbach Center 

CH-8700 Kuesnacht 

Switzerland 

Attention: Rolf Winiger 

Facsimile: +41 43 222 39 24

 

 

5

 

 

with a copy (which shall
not constitute notice) to:

 

Thelen Reid and Priest 

875 Third Avenue 

New York, NY-10022 

Attention: Gregory Katz, Esq. 

Facsimile: (212) 829-2033

 

SECTION 6.02.
Amendments and Waivers .  (a) Any provision of this Agreement
may be amended or waived if, but only if, such amendment or waiver is in
writing and is signed, in the case of an amendment, by each party to this
Agreement, or in the case of a waiver, by the party against whom the waiver is
to be effective.

 

(b)                                 No failure or delay by any party in
exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein provided shall be cumulative and not
exclusive of any rights or remedies provided by law.

 

SECTION 6.03.
Expenses .  All costs and expenses incurred in connection with this
Agreement shall be paid by the party incurring such cost or expense.

 

SECTION 6.04.
Successors and Assigns .  The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns; provided that no party may assign, delegate
or otherwise transfer any of its rights or obligations under this Agreement
without the consent of each other party hereto.

 

SECTION 6.05.
Governing Law .  This Agreement and all disputes or controversies
arising out of or relating to this Agreement or the transactions contemplated
hereby shall be governed by, and construed in accordance with, the internal
laws of the State of New York, without regard to the laws of any other
jurisdiction that might be applied because of the conflicts of laws principles
of the State of New York (other than Section 5-1401 of the New York
General Obligations Law).

 

SECTION 6.06.
Jurisdiction .  Each of the parties irrevocably agrees that any
legal action or proceeding arising out of or relating to this Agreement brought
by the other party or its successors or assigns shall be brought and determined
in any New York State or federal court sitting in the Borough of Manhattan in
The City of New York (or, if such court lacks subject matter jurisdiction, in
any appropriate New York State or federal court), and each of the parties
hereby irrevocably submits to the exclusive jurisdiction of the aforesaid
courts for itself and with respect to its property, generally and
unconditionally, with regard to any such action or proceeding arising out of or
relating to this Agreement and the transactions contemplated hereby.  Each
of the parties agrees not to commence any action, suit or proceeding relating
thereto except in the courts described above in New York, other than actions in
any court of competent jurisdiction to enforce any judgment, decree or award
rendered by any such court in New York as described herein.  Each of the
parties further agrees that notice as provided herein shall constitute
sufficient service of process and the parties further waive any argument that
such

 

 

6

 

 

service is
insufficient.  Each of the parties hereby irrevocably and unconditionally
waives, and agrees not to assert, by way of motion or as a defense,
counterclaim or otherwise, in any action or proceeding arising out of or
relating to this Agreement or the transactions contemplated hereby, (a) any
claim that it is not personally subject to the jurisdiction of the courts in
New York as described herein for any reason, (b) that it or its property
is exempt or immune from jurisdiction of any such court or from any legal
process commenced in such courts (whether through service of notice, attachment
prior to judgment, attachment in aid of execution of judgment, execution of
judgment or otherwise) and (c) that (i) the suit, action or
proceeding in any such court is brought in an inconvenient forum, (ii) the
venue of such suit, action or proceeding is improper or (iii) this Agreement,
or the subject matter hereof, may not be enforced in or by such courts.

 

SECTION 6.07.
WAIVER OF JURY TRIAL .  EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

SECTION 6.08.
Counterparts; Third Party Beneficiaries .  This Agreement may be
signed in any number of counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same
instrument. This Agreement shall become effective when each party hereto shall
have received a counterpart hereof signed by the other party hereto.  No
provision of this Agreement is intended to confer upon any Person other than
the parties hereto any rights or remedies hereunder.

 

SECTION 6.09.
Entire Agreement .  This Agreement constitutes the entire agreement
between the parties with respect to the subject matter of this Agreement and
supersedes all prior agreements and understandings, both oral and written,
between the parties with respect to the subject matter of this Agreement.

 

 

7

 

 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above
written.

 

	
   

  	
  WILLIS
  LEASE FINANCE CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas C. Nord

  	
   

  
	
   

  	
   

  	
  Name:  Thomas C.
  Nord

  
	
   

  	
   

  	
  Title:   
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  FLIGHTTECHNICS
  LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ W. William
  Coon, Jr.

  	
   

  
	
   

  	
   

  	
  Name:  W. William
  Coon, Jr.

  
	
   

  	
   

  	
  Title:    
  Chairman & President

  

 

Signature page to Stock
Purchase Agreement

 

 

8

 

 

Exhibit A

 

Thelen Reid &
Priest, LLP - Attorney Special Account (Non-Interest Bearing)

 

Account # 53505184

 

ABA # 021-000-089
(Sometimes known as routing number)

 

SWIFT CODE: Citi US33

 

Citibank, N.A.

 

Citicorp Center

 

153 East 53rd Street

 

New York, New York 10043

 

 

9Exhibit 10.58

 

SECOND AMENDMENT TO SECOND AMENDED
AND RESTATED CREDIT AGREEMENT

 

This SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED
CREDIT AGREEMENT (this “ Amendment ”) is entered
into as of June 7, 2007 and amends in certain respects that certain Second
Amended and Restated Credit Agreement, dated as of June 29, 2006, by and
among WILLIS LEASE FINANCE CORPORATION ,
a Delaware corporation (the “ Borrower ”), each of the
financial institutions that is, or pursuant to the terms thereof may become, a party
as a Bank thereto (individually, a “ Bank ”, and collectively,
the “ Banks ”), NATIONAL
CITY BANK (“ NatCity ”), in its capacity as
Administrative Agent for the Banks (the “ Administrative Agent ”)
and as Security Agent for the Banks (as successor to Fortis Bank (Nederland)
N.V., the “ Security Agent ”), as amended by that certain
First Amendment to Second Amended and Restated Credit Agreement and Joinder
Agreement, dated as of December 13, 2006, by and among the Borrower, the
Banks, the Administrative Agent and the Security Agent (as the same may from
time to time be amended, supplemented or otherwise modified, the “ Credit
Agreement ”).

 

W I T N E S S E
T H :

 

WHEREAS
, pursuant to a
memorandum from the Borrower dated April 27, 2007 (the “ Amendment
Request ”), a copy of which is annexed here to as Exhibit A ,
the Borrower has requested the consent of the Agents and the Banks to reduce
the rate of interest on the Loans provided under the Credit Agreement and
extend the maturity date on the Loans, as well as certain other matters; and

 

WHEREAS
, the Agents and
the Banks are willing to provide such consent, subject to the terms and
conditions hereinafter set forth.

 

NOW,
THEREFORE , for
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

 

Section 1. 
Defined Terms .   Capitalized terms used and not otherwise defined herein shall
have the respective meanings ascribed to them in the Credit Agreement.

 

Section 2. 
Amendments to Credit Agreement .   Pursuant to section 11.05 of the Credit
Agreement, and subject to the terms and conditions of this Amendment,
including, without limitation, Section 3 and Section 4 hereof, the
Agents and the Banks by their signatures below hereby agree that the Credit
Agreement shall be amended as follows:

 

Section 2.1 .            Amendment
to Certain Defined Terms .  Section 1.01 of the Credit Agreement
is hereby amended as follows:

 

(a)           With respect to the definition of “ Applicable Margin ,” by amending and restating
the table therein to read in its entirety as follows:

 

	
   

  	
   

  	
  Base Rate Loans

  	
   

  	
  LIBOR Loans

  	
   

  
	
  If the Total Leverage
  Ratio is less than 4.0

  	
   

  	
  0.0

  	
  %

  	
  1.75

  	
  %

  
	
  If the Total Leverage
  Ratio is equal to or greater than 4.0

  	
   

  	
  0.25

  	
  %

  	
  2.25

  	
  %

  

 

(b)           With respect to the definition of “ Commitment Termination Date ,” by deleting
“June 30, 2008” and inserting in lieu thereof “June 30, 2009”.

 

(c)           With respect to the definition of “ LIBOR ,” by deleting the parenthetical “(rounded
upwards, if necessary, to the nearest 1/16 of 1%)” in each instance where it
appears therein.

 

 

 

 

(d)           With respect to the definition of “ LIBOR Loan ,” by deleting “LIBOR Rate” and
inserting in lieu thereof “Adjusted LIBOR Rate”.

 

(e)           With respect to the definition of “ LIBOR Reserve Percentage ,” by deleting “LIBOR
Rate” and inserting in lieu thereof “Adjusted LIBOR Rate”.

 

(f)            With respect to the definition of “ Post-Default Rate ,” by deleting “LIBOR
Rate” and inserting in lieu thereof “Adjusted LIBOR Rate”.

 

Section 2.2 .            Addition
of Certain Defined Terms .  Section 1.01 of the Credit Agreement
is hereby amended by inserting in the appropriate alphabetical order the
following defined term:

 

“‘ Adjusted LIBOR Rate
’ shall mean, with respect to any LIBOR Loan, LIBOR divided by one minus
the LIBOR Reserve Percentage.”

 

Section 2.3 .            Amendment
relating to Revolving Loans; Commitment; Term Loans .  Section 2.01(a) is
hereby amended by deleting “two hundred fifty million ($250,000,000)” and
inserting in lieu thereof “three hundred million ($300,000,000)”.

 

Section 2.4 .            Amendment
relating to Fees .  Section 2.05(a) is hereby amended by
deleting “0.50% per annum” and inserting in lieu thereof “(i) 0.50% per
annum, if the Unused Commitment is equal to or less than 50%, or (ii) 0.25%
per annum, in the Unused Commitment is greater than 50%,”.

 

Section  2.5.            Amendment relating to Interest .  Clause (i) of Section 2.10(a) is
hereby amended by deleting “LIBOR Rate” and inserting in lieu thereof “Adjusted
LIBOR Rate”.

 

Section 2.6 .            Amendment
relating to Indebtedness . Section 7.01(d) of the Credit
Agreement is hereby amended by deleting “$342,000,000” and inserting in lieu
thereof “$600,000,000”.

 

Section 2.7 .            Amendment
relating to Redemptions; Dividends .  The proviso in Section 7.07(a) of
the Credit Agreement is hereby amended by adding “its issued and outstanding
shares of Preferred Stock, at an aggregate cost to the Borrower for such
repurchase in any calendar year (commencing with the calendar year 2007) not to
exceed $5,000,000, or” immediately following the reference to “repurchase” in
the first line thereof.

 

Section 2.8.             Amendment relating to Additional Banks .  
Section 10.01 of the Credit Agreement is hereby amended by
adding “To the extent permitted by Section 2.01(a),” at the beginning of
the first sentence thereof.

 

Section 2.9.             Amendment relating to Modifications, Consents and
Waivers; Entire Agreement .   Section 11.05(a) of
the Credit Agreement is hereby amended by deleting “ Section 2.01 ”
and inserting in lieu thereof “ Section 2.01(a) ” in the first
proviso therein.

 

Section 2.10 .          Amendment
relating to Schedules .  Schedule 1.01(c) of the Credit Agreement
is hereby amended as follows:

 

(a)           With respect to clause (a) thereof,
by adding “, Mexico” immediately following the reference therein to “United
States”.

 

(b)           With respect to clause (d) thereof,
by (i) deleting the parenthetical “(including Mexico),” (ii) deleting
each other reference therein to “Mexico” and (iii) deleting “25%” and
inserting in lieu thereof “30%”.

 

(c)           With respect to clause (f) thereof:

 

(i)               by adding “in Mexico or”
immediately following the reference to “chief executive offices are” in the
third line thereof.

 

 

2

 

 

(ii)              by amending and restating the
first proviso therein to read in its entirety as follows:

 

“ provided that the aggregate amount includible
in the Asset Base of Net Book Value of Eligible Engines and Eligible Equipment
subject to Eligible Leases to Lessees domiciled or whose chief executive
offices are located in (A) any one of the following countries shall not
exceed 20% of the Asset Base: (I) the People’s Republic of China or (II) Brazil
and (B) any one of the following countries shall not exceed 15% of the
Asset Base: (I) Mexico, (II) Republic of India or (III) South
Korea.”

 

Section 3.              Representations and Warranties .  In order to induce the Agents and
the Banks to execute this Amendment, the Borrower hereby represents and
warrants to the Agents and the Banks as follows, which representations and
warranties shall survive the execution and delivery of this Amendment:

 

(a)           The
information provided in the Amendment Request is true and complete.

 

(b)           All
representations and warranties of the Borrower set forth in the Credit
Agreement are true and correct in all material respects as if made on and as of
the date hereof and will be true and correct after giving effect to Section 2
hereof as if restated at and as of the date thereof (except in each case for
representations and warranties which by their terms are expressly applicable to
an earlier date, in which event such representations and warranties shall be
true and correct as of such earlier date).

 

(c)           It
has power, and is duly authorized, to execute and deliver this Amendment, and
to perform its obligations hereunder.

 

(d)           It
has taken all necessary action (corporate or otherwise) to authorize this
Amendment, and the execution, delivery and performance by it of this Amendment
will not (i) violate or conflict with any provision of law or any rule or
regulation, (ii) violate or conflict with any provision of its certificate
of incorporation, or its by-laws or operating agreement, (iii) violate or
conflict with or result in a breach of any order, writ, injunction, ordinance,
resolution, decree, or other similar document or instrument of any court or
Governmental Authority, bureau or agency, domestic or foreign, or create (with
or without the giving of notice or lapse of time, or both) a default under or
breach of any agreement, bond, note or indenture to which it is a party, or by
which it is bound or any of its properties or assets are affected or (iv) result
in the imposition of any Lien of any nature whatsoever upon any of its
properties or assets owned by or used in connection with its business, except
for the Liens created and granted pursuant to the Security Documents.

 

(e)           This
Amendment has been duly executed and delivered by the Borrower and constitutes
the legal, valid and binding obligations of the Borrower, enforceable against
the Borrower in accordance with its terms.

 

(f)            No
consent or approval of any Person (including, without limitation, any
stockholder of the Borrower), other than any such consent or approval a copy of
which has been delivered in form and substance satisfactory to the
Administrative Agent, no filing with, action by, consent or approval of any
landlord or mortgagee, no waiver of any Lien or right of distraint or other
similar right and no filing with, action by, consent, license, approval,
authorization or declaration of any Governmental Authority, bureau or agency,
is or will be required in connection with the execution, delivery or
performance by the Borrower or the validity, enforcement or priority, of this
Amendment (or any Lien created and granted or reaffirmed hereunder).

 

(g)           No
Default or Event of Default has occurred and is continuing, or, after giving
effect to this Amendment, shall exist.

 

(h)           No
Material Adverse Change has occurred in the condition (financial or otherwise,
determined pursuant to GAAP), operations, assets, income or prospects of the
Borrower or its Subsidiaries since June 30, 2006.

 

 

3

 

Section 4. 
Effectiveness .   The effectiveness of the amendments set forth in Section 2
of this Amendment shall be conditioned upon the fulfillment to the satisfaction
of the Administrative Agent of each of the following conditions:

 

(a)          
The Administrative Agent shall have received counterparts of this Amendment
executed by each of the parties required to execute the same pursuant to the
Credit Agreement and the other Loan Documents.

 

(b)          
The Administrative Agent shall have received certificates of the Secretary or
an Assistant Secretary of the Borrower certifying (i) that attached
thereto is a true and complete copy of resolutions adopted by the its Board of
Directors authorizing the execution, delivery and performance of this Amendment
and any other instrument, agreement or document to be executed by it in
connection herewith, and (ii) as to the incumbency and genuineness of the
signature of the officer of the Borrower executing this Amendment and any other
instrument, agreement or documents executed in connection herewith, in form and
substance satisfactory to the Administrative Agent.

 

(c)          
Each of the Banks, or the Administrative Agent on behalf of each Bank, shall
have received the fee to which such Bank is entitled in accordance with Annex A
hereto.

 

Section 5. 
Reference to and Effect on Loan Documents .   On and after the effective date of
this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”,
“hereof”, “herein” or words of like import, and each reference in the other
Loan Documents to the Credit Agreement, shall mean and be a reference to the
Credit Agreement as amended hereby.  This Amendment shall constitute a
Loan Document within the definition thereof in the Credit Agreement.

 

Section 6.             
Miscellaneous Provisions .

 

Section 6.1           
Reaffirmation of Security Interest .   The Borrower hereby reaffirms as of the date
hereof each and every security interest and Lien granted in favor of the
Security Agent and the Banks under the Loan Documents, and agrees and
acknowledges that such security interests and Liens shall continue from and
after the date hereof and shall remain in full force and effect from and after
the date hereof, in each case after giving effect to the Credit Agreement as
amended by this Amendment, and the Obligations secured thereby and thereunder
shall include the Borrower’s obligations under the Credit Agreement as amended
by this Amendment.  Each such reaffirmed security interest and Lien
remains and shall continue to remain in full force and effect and is hereby in
all respects ratified and confirmed.

 

Section 6.2.          
Further Assurances .   Each of the parties hereto hereby agrees, at
the sole cost and expense of the Borrower, to do such further acts and things
and to execute, deliver and acknowledge such additional agreements, powers and
instruments as any party hereto may reasonably require to carry into effect the
purposes of this Amendment.

 

Section 6.3.          
Costs and Expenses .   The Borrower hereby agrees to pay all costs
and expenses of the Agents (including attorneys’ fees and expenses) incurred in
connection with the negotiation, preparation, execution and delivery of this
Amendment.

 

Section 6.4.          
Governing Law .   THIS AMENDMENT SHALL 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 LAW BUT OTHERWISE WITHOUT REGARD TO
CONFLICT OF LAWS PRINCIPLES.

 

Section 6.5.          
Severability .   The invalidity, illegality or unenforceability in any
jurisdiction of any provision in or obligation under this Amendment shall not
affect or impair the validity, legality or enforceability of the remaining
provisions or obligations under this Amendment or of such provision or
obligation in any other jurisdiction.  To the extent permitted by
applicable law, the parties hereby waive any provision of law which renders any
provision hereof prohibited or unenforceable in any respect.

 

Section 6.6.          
Counterparts .   This Amendment may
be executed in two or more counterparts

 

4

 

(and by
different parties on separate counterparts), each of which shall be an
original, but all of which together shall constitute one and the same
instrument.  Execution and delivery of this Amendment by facsimile
transmission shall constitute execution and delivery of this Amendment for all
purposes, with the same force and effect as execution and delivery of an
originally manually signed copy thereof.

 

Section 6.7.          
Headings; Binding Effect .   The headings of the several sections of this
Amendment are inserted for convenience only and shall not in any way affect the
meaning or construction of any provision of this Amendment.  The
provisions of this Amendment shall inure to the benefit of and be binding upon
the parties hereto and their respective permitted successors and assigns.

 

Section 6.8.          
Consultation with Advisors .   The Borrower acknowledges that it has
consulted with counsel and with such other experts and advisors as it has
deemed necessary in connection with the negotiation, execution and delivery of
this Amendment.  This Amendment shall be construed without regard to any
presumption or any rule requiring that it be construed against the party
causing this Amendment or any part hereof to be drafted.

 

Section 6.9.          
Entire Agreement .   This Amendment sets forth the entire understanding and
agreement of the parties hereto in relation to the subject matter hereof and
supersedes any prior negotiations and agreements among the parties relative to
such subject matter.  None of the terms or conditions of this Amendment
may be changed, modified, waived or canceled, orally or otherwise, except as
provided in the Credit Agreement.

 

[Remainder of page intentionally
left blank; signatures on following pages]

 

5

 

IN
WITNESS WHEREOF ,
the parties hereto have caused this Amendment to be executed as of the date
first above written.

 

	
   

  	
   

  	
  BORROWER :

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WILLIS
  LEASE FINANCE

  CORPORATION,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Brad Forsyth

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  Brad Forsyth

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  	
  Chief Financial Officer

  

 

SIGNATURE PAGE TO SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

 

 

	
   

  	
   

  	
  AGENTS : 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NATIONAL
  CITY BANK , 

  as Administrative Agent, Security Agent
  and 

  Swing Line Lender 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Christos Kytzidis 

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  Christos Kytzidis 

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  Senior Vice President 

  

 

SIGNATURE PAGE TO SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

 

 

	
   

  	
   

  	
  BANKS :

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NATIONAL CITY BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Christos Kytzidis

  
	
   

  	
   

  	
   

  	
  Name:
  

  	
  Christos
  Kytzidis

  
	
   

  	
   

  	
   

  	
  Title:
  

  	
  Senior
  Vice President

  

 

SIGNATURE PAGE TO SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CALYON
  NEW YORK BRANCH ,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Brian Bolotin

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  Brian Bolotin

  
	
   

  	
   

  	
   

  	
   

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
  Title: 

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Charles Moran

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  Charles Moran

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  Director

  

 

SIGNATURE PAGE TO SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CALIFORNIA
  BANK & TRUST,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ J. Michael Sullivan

  
	
   

  	
   

  	
   

  	
  Name:

  	
  J. Michael Sullivan

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

SIGNATURE PAGE TO SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  KfW

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Andreas Roth

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  Andreas Roth

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  Senior Project Manager

  

 

SIGNATURE PAGE TO SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CITY
  NATIONAL BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jeanine A. Smith

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  Jeanine A. Smith

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  Vice President

  

 

SIGNATURE PAGE TO SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ALLIANCE &
  LEICESTER

  COMMERCIAL FINANCE PLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Martin Webb

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Martin Webb

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Head of Aviation

  

 

SIGNATURE PAGE TO SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CREDIT
  INDUSTRIEL ET 

  COMMERCIAL, NEW YORK BRANCH 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Alex Aupoix

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Alex Aupoix 

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Adrienne
  Molloy

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Adrienne Molloy 

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President 

  

 

SIGNATURE PAGE TO SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HSH
  NORDBANK AG, NEW YORK 

  BRANCH 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Edward J.
  McGarvey 

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Edward J. McGarvey

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  	
  Head of Aviation
  Americas

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Eric Dollman 

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Eric Dollman

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
  Transportation Americas

  

 

SIGNATURE PAGE TO SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  STATE
  BANK OF INDIA, LOS ANGELES 

  AGENCY 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ K.S.S. Naidu 

  
	
   

  	
   

  	
   

  	
  Name:

  	
  K.S.S. Naidu 

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President 

  

 

SIGNATURE PAGE TO SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  LANDSBANKI
  ISLANDS HF.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Hlynur
  Sigursvenuon

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Hlynur Sigursvenuon

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Senior Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Arni Por
  Porbjörnsson

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Arni Por Porbjörnsson

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Senior Director-Legal
  Counsel

  

 

SIGNATURE PAGE TO SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BNP
  PARIBAS

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Antoine Treguer

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Antoine Treguer

  
	
   

  	
   

  	
   

  	
  Title:

  	
  VP Aviation Finance
  Group

  

 

SIGNATURE PAGE TO SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

 

 

 

ANNEX A

 

	
  Bank

  	
   

  	
  Commitment

  	
   

  	
  Closing Fee

  	
   

  
	
  National City Bank

  	
   

  	
  $

  	
  35,000,000

  	
   

  	
  $

  	
  17,500

  	
   

  
	
  California Bank &
  Trust

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  $

  	
  12,500

  	
   

  
	
  KfW

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  $

  	
  12,500

  	
   

  
	
  Calyon New York Branch

  	
   

  	
  $

  	
  20,000,000

  	
   

  	
  $

  	
  10,000

  	
   

  
	
  City National Bank

  	
   

  	
  $

  	
  20,000,000

  	
   

  	
  $

  	
  10,000

  	
   

  
	
  Alliance &
  Leicester Commercial Finance Plc

  	
   

  	
  $

  	
  20,000,000

  	
   

  	
  $

  	
  10,000

  	
   

  
	
  Credit Industriel et
  Commercial, New York Branch

  	
   

  	
  $

  	
  20,000,000

  	
   

  	
  $

  	
  10,000

  	
   

  
	
  HSH Nordbank AG, New York
  Branch

  	
   

  	
  $

  	
  15,000,000

  	
   

  	
  $

  	
  7,500

  	
   

  
	
  State Bank of India, Los
  Angeles Agency

  	
   

  	
  $

  	
  15,000,000

  	
   

  	
  $

  	
  7,500

  	
   

  
	
  Landsbanki Islands hf.

  	
   

  	
  $

  	
  12,000,000

  	
   

  	
  $

  	
  6,000

  	
   

  
	
  BNP Paribas

  	
   

  	
  $

  	
  10,000,000

  	
   

  	
  $

  	
  5,000

  	
   

  
	
  TOTAL:

  	
   

  	
  $

  	
  217,000,000

  	
   

  	
   

  	
   

  

 

 

 

EXHIBIT A

 

AMENDMENT REQUEST

 

[Attached hereto]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]